UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-22649
iShares U.S. ETF Trust
(Exact name of registrant as specified in charter)
c/o: State Street Bank and Trust Company
100 Summer Street, 4th Floor, Boston, MA 02110
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
1209 Orange Street, Wilmington, DE 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415)670-2000
Date of fiscal year end: October 31, 2020
Date of reporting period: April 30, 2020
Item 1. | Reports to Stockholders. |
Copies of the semi-annual reports transmitted to shareholders pursuant to Rule30e-1 under the Investment Company
Act of 1940 are attached.
Information Classification: Limited Access
APRIL 30, 2020 |
2020 Semi-Annual Report (Unaudited) |
iShares U.S. ETF Trust
· | iShares Short Maturity Bond ETF | NEAR | Cboe BZX |
· | iShares Short Maturity Municipal Bond ETF | MEAR | Cboe BZX |
· | iShares Ultra Short-Term Bond ETF | ICSH | Cboe BZX |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of April 30, 2020 | iShares® Short Maturity Bond ETF |
Investment Objective
TheiShares Short Maturity Bond ETF(the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||
Fund NAV | (0.84 | )% | 0.71 | % | 1.44 | % | 1.31 | % | 0.71 | % | 7.41 | % | 9.00 | % | ||||||||||||||
Fund Market | (1.06 | ) | 0.51 | 1.39 | 1.28 | 0.51 | 7.12 | 8.75 | ||||||||||||||||||||
Bloomberg Barclays Short-Term Government/Corporate Index | 1.27 | 2.73 | 1.52 | 1.20 | 2.73 | 7.81 | 8.19 |
The inception date of the Fund was 9/25/13. The first day of secondary market trading was 9/26/13.
The Bloomberg Barclays Short-Term Government/Corporate Index an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.
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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 991.60 | $ | 1.24 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.26 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | | Percent of Total Investments | (a) | |
Corporate Bonds & Notes | 69.4 | % | ||
Asset-Backed Securities | 18.6 | |||
Collaterized Mortgage Obligations | 7.5 | |||
Commercial Paper | 4.3 | |||
Certificates of Deposit | 0.2 |
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aaa | 18.2 | % | ||
Aa | 8.5 | |||
A | 18.8 | |||
Baa | 35.7 | |||
Ba | 6.0 | |||
P-1 | 0.4 | |||
P-2 | 2.6 | |||
Not Rated | 9.8 |
* | 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. |
FUND SUMMARY | 3 |
Fund Summary as of April 30, 2020 | iShares® Short Maturity Municipal Bond ETF |
Investment Objective
TheiShares Short Maturity Municipal Bond ETF(the “Fund”) seeks to maximizetax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 0.15 | % | 1.15 | % | 1.09 | % | 1.04 | % | 1.15 | % | 5.55 | % | 5.49 | % | ||||||||||||||||||
Fund Market | 0.19 | 1.29 | 1.10 | 1.06 | 1.29 | 5.63 | 5.59 | |||||||||||||||||||||||||
Bloomberg Barclays Municipal Bond: 1 Year(1-2) Index | 0.61 | 1.85 | 1.22 | 1.18 | 1.85 | 6.23 | 6.23 |
The inception date of the Fund was 3/3/15. The first day of secondary market trading was 3/5/15.
The Bloomberg Barclays Municipal Bond: 1 Year(1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.
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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,001.50 | $ | 1.24 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.26 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
S&P Credit Rating* | | Percent of Total Investments | (a) | |
AA+ | 0.5 | % | ||
AA | 1.7 | |||
AA- | 1.9 | |||
A+ | 3.8 | |||
A | 22.4 | |||
A- | 4.7 | |||
BBB+ | 14.0 | |||
BBB | 0.4 | |||
Not Rated | 50.6 |
TEN LARGEST STATES
State | | Percent of Total Investments | (a) | |
New Jersey | 16.4 | % | ||
New York | 15.5 | |||
Georgia | 12.9 | |||
Ohio | 8.2 | |||
District of Columbia | 4.5 | |||
Indiana | 4.0 | |||
Illinois | 4.0 | |||
Kansas | 3.8 | |||
Connecticut | 3.7 | |||
Iowa | 3.7 |
* | Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general credit worthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
4 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of April 30, 2020 | iShares® Short Maturity Bond ETF |
Investment Objective
TheiShares Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 0.94 | % | 2.53 | % | 1.74 | % | 1.46 | % | 2.53 | % | 9.00 | % | 9.71 | % | ||||||||||||||||||
Fund Market | 0.94 | 2.53 | 1.76 | 1.47 | 2.53 | 9.11 | 9.75 | |||||||||||||||||||||||||
ICE BofAML6-Month US Treasury Bill Index | 1.22 | 2.64 | 1.43 | 1.16 | 2.64 | 7.38 | 7.62 |
The inception date of the Fund was 12/11/13. The first day of secondary market trading was 12/13/13.
The ICE BofAML6-Month US Treasury Bill Index is an unmanaged index that measures the performance of government securities with less than 6 months remaining to maturity.
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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20 | ) | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19 | ) | | Ending Account Value (04/30/20 | ) | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,009.40 | $ | 0.40 | $ | 1,000.00 | $ | 1,024.50 | $ | 0.40 | 0.08 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | | Percent of Total Investments | (a) | |
Corporate Bonds & Notes | 45.2 | % | ||
Commercial Paper | 28.9 | |||
Certificates of Deposit | 23.1 | |||
Repurchase Agreements | 2.5 | |||
Asset-Backed Securities | 0.3 | |||
Municipal Debt Obligations | 0.0 | (b) |
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aaa | 0.1 | % | ||
Aa | 19.4 | |||
A | 26.0 | |||
Baa | 5.6 | |||
P-1 | 5.6 | |||
P-2 | 4.8 | |||
P-3 | 0.3 | |||
Not Rated | 38.2 |
* | 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 credit worthiness. 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. |
(b) | Rounds to less than 0.1%. |
FUND SUMMARY | 5 |
Past performance is no guarantee 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 the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading,as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions 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.
6 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Asset-Backed Securities |
| |||||||
Adams Mill CLO Ltd., Series2014-1A, Class A2R, 2.32%, 07/15/26 (Call 07/15/20), | $ | 4,150 | $ | 4,105,366 | ||||
Ally Auto Receivables Trust, Series2017-4, Class A3, 1.75%, 12/15/21 (Call 02/15/21) | 2,288 | 2,292,613 | ||||||
ALM VII Ltd., Series2012-7A, Class A1A2, 2.39%, 07/15/29 (Call 07/15/20), | 9,000 | 8,557,988 | ||||||
ALM XVII Ltd., Series2015-17A, Class A1AR, 2.15%, 01/15/28 (Call 07/15/20), | 22,500 | 21,779,937 | ||||||
American Express Credit Account Master Trust, Series2018-9, Class A, 1.19%, 04/15/26, | 17,650 | 17,401,172 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
Series2017-3, Class A3, 1.90%, 03/18/22 (Call 01/18/22) | 3,772 | 3,774,031 | ||||||
Series2018-3, Class A2A, 3.11%, 01/18/22 (Call 02/18/23) | 5,294 | 5,302,635 | ||||||
Series2019-1, Class A2A, 2.93%, 06/20/22 (Call 02/18/23) | 12,625 | 12,665,448 | ||||||
Series2020-1, Class A2B, 1.07%, 03/20/23 (Call 11/18/23), (1 mo. LIBOR US + 0.350%)(b) | 8,000 | 7,932,996 | ||||||
Anchorage Capital CLO4-R Ltd., Series2014-4RA, Class A, 1.94%, 01/28/31 (Call 04/28/20), | 2,500 | 2,367,843 | ||||||
Anchorage Capital CLO 7 Ltd., Series2015-7A, Class AR2, 2.11%, 01/28/31, | 10,740 | 10,277,700 | ||||||
Anchorage Capital CLO 8 Ltd., Series2016-8A, Class AR, 1.89%, 07/28/28 (Call 04/28/20), | 6,305 | 6,163,140 | ||||||
Ares XXIX CLO Ltd., Series2014-1A, Class A1R, 2.32%, 04/17/26 (Call 07/17/20), | 1,904 | 1,892,881 | ||||||
Atlas Senior Loan Fund III Ltd., Series2013-1A, Class AR, 2.52%, 11/17/27 (Call 05/17/20), | 15,255 | 14,835,106 | ||||||
Avery Point IV CLO Ltd., Series2014-1A, Class AR, 2.09%, 04/25/26 (Call 07/25/20), | 1,707 | 1,690,931 | ||||||
Bain Capital Credit Clo Ltd., Series2016-2A, Class AR, 2.36%, 01/15/29 (Call 07/15/20), | 7,620 | 7,162,766 | ||||||
BlueMountain CLO Ltd., Series2012-2A, Class AR2, 2.74%, 11/20/28 (Call 05/20/20), | 11,310 | 10,806,276 | ||||||
BMW Floorplan Master Owner Trust, Series2018-1, Class A2, 1.13%, 05/15/23, | 21,060 | 20,744,262 | ||||||
BMW Vehicle Owner Trust | ||||||||
Series2016-A, Class A4, 1.37%, 12/27/22 (Call 06/25/20) | 3,377 | 3,378,994 | ||||||
Series2019-A, Class A2, 2.05%, 05/25/22 (Call 09/25/22) | 16,569 | 16,637,331 | ||||||
Carlyle Global Market Strategies CLO Ltd., Series2013-2A, Class AR, 2.03%, 01/18/29 (Call 07/18/20), (3 mo. LIBOR US + 0.890%)(a)(b) | 4,590 | 4,343,441 |
Security | Par (000) | Value | ||||||
CarMax Auto Owner Trust, Series2019-1, Class A2A, 3.02%, 07/15/22 (Call 12/15/22) | $ | 10,174 | $ | 10,220,323 | ||||
Catamaran CLO Ltd., Series2015-1A, Class AR, 2.00%, 04/22/27 (Call 07/22/20), | 2,525 | 2,475,204 | ||||||
Cedar Funding II CLO Ltd., Series2013-1A, Class A1R, 2.23%, 06/09/30 (Call 06/09/20), | 8,000 | 7,743,161 | ||||||
Cedar Funding VI CLO Ltd., Series2016-6A, Class AR, 2.23%, 10/20/28 (Call 07/20/20), | 20,500 | 19,592,428 | ||||||
Chase Issuance Trust, Series2018-A1, Class A1, 1.01%, 04/17/23, (1 mo. LIBOR US + 0.200%)(b) | 2,310 | 2,303,337 | ||||||
CIFC Funding Ltd. | ||||||||
Series2015-2A, Class AR2, 2.23%, 04/15/30, | 17,000 | 16,178,900 | ||||||
Series2017-2A, Class A, 2.38%, 04/20/30 (Call 07/20/20), (3 mo. LIBOR US + 1.240%)(a)(b) | 6,375 | 6,122,083 | ||||||
Citibank Credit Card Issuance Trust | ||||||||
Series2018-A2, Class A2, 1.05%, 01/20/25, | 10,000 | 9,889,006 | ||||||
Series2019-A5, Class A5, 1.29%, 04/22/26, | 40,505 | 39,812,304 | ||||||
CNH Equipment Trust | ||||||||
Series2017-B, Class A3, 1.86%, 09/15/22 | 8,459 | 8,467,067 | ||||||
Series2019-A, Class A2, 2.96%, 05/16/22 (Call 01/15/23) | 4,259 | 4,280,147 | ||||||
Drive Auto Receivables Trust | ||||||||
Series2019-2, Class A3, 3.04%, 03/15/23 (Call 02/15/22) | 12,903 | 12,944,839 | ||||||
Series2019-4, Class A3, 2.16%, 05/15/23 (Call 03/15/23) | 8,200 | 8,231,912 | ||||||
Dryden 43 Senior Loan Fund, Series2016-43A, Class AR, 2.28%, 07/20/29 (Call 07/20/20), (3 mo. LIBOR US + 1.140%)(a)(b) | 20,000 | 19,122,486 | ||||||
Dryden XXVI Senior Loan Fund, Series2013-26A, Class AR, 2.12%, 04/15/29 (Call 07/15/20), | 16,350 | 15,366,991 | ||||||
Eaton Vance CLO Ltd., Series2013-1A, Class A1RR, 2.38%, 01/15/28 (Call 07/15/20), | 6,000 | 5,807,548 | ||||||
Enterprise Fleet Financing LLC | ||||||||
Series2017-2, Class A2, 1.97%, 01/20/23(a) | 679 | 679,002 | ||||||
Series2017-3, Class A2, 2.13%, 05/22/23(a) | 1,674 | 1,672,692 | ||||||
Ford Credit Auto Owner Trust, Series2019-C, Class A2B, 1.00%, 07/15/22 (Call 06/15/23), | 31,000 | 30,951,287 | ||||||
Ford Credit Floorplan Master Owner Trust, Series2019-1, Class A, 2.84%, 03/15/24 | 26,550 | 26,320,834 | ||||||
Ford Credit Floorplan Master Owner Trust A | ||||||||
Series2017-2, Class A1, 2.16%, 09/15/22 | 14,518 | 14,413,489 | ||||||
Series2019-3, Class A2, 1.41%, 09/15/24, | 59,321 | 56,380,933 | ||||||
Galaxy XXIII CLO Ltd., Series2017-23, Class A, 2.30%, 04/24/29 (Call 07/24/20), | 14,580 | 13,982,205 | ||||||
GM Financial Consumer Automobile Receivables Trust Series2018-2, Class A3, 2.81%, 12/16/22 (Call 03/16/22) | 4,336 | 4,374,883 |
SCHEDULES OF INVESTMENTS | 7 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Series2018-4, Class A2, 2.93%, 11/16/21 (Call 10/16/22) | $ | 2,000 | $ | 2,002,944 | ||||
GoldenTree Loan Opportunities IX Ltd., Series2014-9A, Class AR2, 2.88%, 10/29/29 (Call 10/29/20), (3 mo. LIBOR US +1.110%)(a)(b) | 16,680 | 15,967,204 | ||||||
Halcyon Loan Advisors Funding Ltd., Series2015-2A, Class AR, 2.07%, 07/25/27 (Call 07/25/20), (3 mo. LIBOR US + 1.080%)(a)(b) | 9,951 | 9,794,439 | ||||||
Honda Auto Receivables Owner Trust, Series2017-2, Class A3, 1.68%, 08/16/21 | 7,954 | 7,974,346 | ||||||
HPS Loan Management10-2016 Ltd., Series10A-16, Class A1R, 2.28%, 01/20/28 (Call 10/20/20), (3 mo. LIBOR US + 1.140%)(a)(b) | 16,850 | 16,325,079 | ||||||
John Deere Owner Trust, Series2017-B, Class A3, 1.82%, 10/15/21 (Call 01/15/21) | 2,125 | 2,128,856 | ||||||
LCM XX LP, Series 20A, Class AR, 2.18%, 10/20/27 (Call 07/20/20), | 13,750 | 13,159,843 | ||||||
LCM XXIV Ltd., Series 24A, Class A, 2.45%, 03/20/30 (Call 07/20/20), | 2,000 | 1,882,768 | ||||||
LMREC Inc., Series 2016-CRE2, Class A, 2.63%, 11/24/31, | 430 | 428,590 | ||||||
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, 1.94%, 05/15/28 (Call 05/15/20), | 9,450 | 9,004,640 | ||||||
Madison Park Funding X Ltd., Series2012-10A, Class AR2, 2.36%, 01/20/29 (Call 07/20/20), | 6,250 | 6,018,898 | ||||||
Madison Park Funding XIII Ltd., Series2014-13A, Class AR2, 2.09%, 04/19/30 (Call 07/19/20), | 4,000 | 3,825,417 | ||||||
Marathon CRE Ltd., Series2018-FL1, Class A, 1.96%, 06/15/28 (Call 06/15/20), | 20,640 | 18,917,639 | ||||||
Mercedes-Benz Master Owner Trust Series2017-BA, Class A, 1.23%, 05/16/22, | 14,540 | 14,529,301 | ||||||
Series2018-BA, Class A, 1.15%, 05/15/23, | 21,820 | 21,289,045 | ||||||
Series2019-AA, Class A, 1.16%, 05/15/23, | 1,890 | 1,859,584 | ||||||
Navient Private Education Loan Trust | ||||||||
Series2017-A, Class A2B, 1.71%, 12/16/58 (Call 03/15/28), | 1,579 | 1,515,770 | ||||||
Series2018-BA, Class A1, 1.16%, 12/15/59 (Call 11/15/27), | 1,126 | 1,125,246 | ||||||
Navient Private Education Refi Loan Trust | ||||||||
Series2018-CA, Class A1, 3.01%, 06/16/42 (Call 01/15/26)(a) | 3,798 | 3,803,600 | ||||||
Series2018-DA, Class A1, 1.11%, 12/15/59 (Call 01/15/29), | 2,459 | 2,455,109 | ||||||
Series2019-A, Class A1, 3.03%, 01/15/43 | 796 | 797,179 | ||||||
Series2019-FA, Class A1, 2.18%, 08/15/68 | 28,317 | 28,395,197 | ||||||
Series2020-A, Class A1, 1.16%, 11/15/68 (Call 04/15/29), (1 mo. LIBOR US + 0.350%)(a)(b) | 13,006 | 12,834,957 | ||||||
Nissan Auto Receivables Owner Trust, Series2017-B, Class A3, 1.75%, 10/15/21 (Call 08/15/21) | 4,229 | 4,238,826 | ||||||
Nissan Master Owner Trust Receivables Series2017-C, Class A, 1.13%, 10/17/22, | 19,405 | 19,297,586 |
Security | Par (000) | Value | ||||||
Series2019-A, Class A, 1.37%, 02/15/24, | $ | 23,950 | $ | 23,319,452 | ||||
Series2019-B, Class A, 1.24%, 11/15/23, | 24,000 | 23,352,461 | ||||||
NLY Commercial Mortgage Trust, Series2019-FL2, Class A, 2.11%, 02/15/36 (Call 03/15/21), | 5,291 | 5,185,868 | ||||||
OCP CLO Ltd., Series2016-12A, Class A1R, 2.26%, 10/18/28 (Call 07/18/20), | 21,095 | 20,485,013 | ||||||
OneMain Financial Issuance Trust, Series2016-3A, Class A, 3.83%, 06/18/31 (Call 05/18/21)(a) | 1,700 | 1,599,533 | ||||||
OZLM Funding Ltd., Series2012-1A, Class A1R2, 2.33%, 07/22/29 (Call 07/22/20), | 994 | 958,342 | ||||||
OZLM XIV Ltd., Series2015-14A, Class A1AR, 2.38%, 01/15/29 (Call 07/15/20), | 10,035 | 9,577,424 | ||||||
Palmer Square Loan Funding Ltd. | ||||||||
Series2018-4A, Class A1, 2.59%, 11/15/26 (Call 05/15/20), (3 mo. LIBOR US + 0.900%)(a)(b) | 8,499 | 8,286,156 | ||||||
Series2018-5A, Class A1, 1.99%, 01/20/27 (Call 07/20/20), (3 mo. LIBOR US + 0.850%)(a)(b) | 13,113 | 12,739,758 | ||||||
PFS Financing Corp. | ||||||||
Series2019-A, Class A1, 1.36%, 04/15/24, | 40,000 | 38,372,916 | ||||||
Series2019-B, Class A, 1.36%, 09/15/23, | 14,650 | 14,194,740 | ||||||
Regatta VI Funding Ltd., Series2016-1A, Class AR, 2.22%, 07/20/28 (Call 07/20/20), | 15,130 | 14,602,753 | ||||||
Santander Retail Auto Lease Trust, Series2019-B, Class A2B, 1.08%, 04/20/22 (Call 11/20/22), | 12,581 | 12,451,866 | ||||||
SLM Private Credit Student Loan Trust | ||||||||
Series2004-A, Class A3, 1.14%, 06/15/33 (Call 03/15/22), (3 mo. LIBOR US + 0.400%)(b) | 6,286 | 5,920,999 | ||||||
Series2004-B, Class A3, 1.07%, 03/15/24 (Call 06/15/24), (3 mo. LIBOR US + 0.330%)(b) | 11,069 | 10,931,749 | ||||||
Series2005-A, Class A3, 0.94%, 06/15/23 (Call 09/15/27), (3 mo. LIBOR US + 0.200%)(b) | 1,200 | 1,197,267 | ||||||
Series2005-A, Class A4, 1.05%, 12/15/38 (Call 09/15/27), (3 mo. LIBOR US + 0.310%)(b) | 10,500 | 9,134,597 | ||||||
Series2005-B, Class A4, 1.07%, 06/15/39 (Call 12/15/26), (3 mo. LIBOR US + 0.330%)(b) | 7,857 | 7,183,271 | ||||||
Series2006-A, Class A5, 1.03%, 06/15/39 (Call 06/15/28), (3 mo. LIBOR US + 0.290%)(b) | 16,982 | 15,702,160 | ||||||
Series2006-B, Class A5, 1.01%, 12/15/39 (Call 09/15/27), (3 mo. LIBOR US + 0.270%)(b) | 12,059 | 11,566,792 | ||||||
SLM Student Loan Trust, Series2011-2, Class A1, 1.09%, 11/25/27 (Call 10/25/31), | 199 | 197,497 | ||||||
SMB Private Education Loan Trust | ||||||||
Series2015-A, Class A2A, 2.49%, 06/15/27 | 5,238 | 5,241,792 | ||||||
Series2017-A, Class A2B, 1.71%, 09/15/34, | 21,440 | 20,656,888 | ||||||
Series2018-A, Class A1, 1.16%, 03/16/26, | 238 | 237,996 | ||||||
Series2018-C, Class A1, 1.11%, 09/15/25, | 875 | 874,193 |
8 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Series2019-A, Class A1, 1.16%, 02/16/26, | $ | 5,514 | $ | 5,501,477 | ||||
Series2020-A, Class A1, 1.11%, 03/15/27, | 11,564 | 11,428,738 | ||||||
SoFi Professional Loan Program LLC | ||||||||
Series16-C, Class A1, 1.59%, 10/27/36 (Call 02/25/24), (1 mo. LIBOR US + 1.100%)(a)(b) | 1,428 | 1,394,658 | ||||||
Series2015-B, Class A1, 1.54%, 04/25/35 (Call 08/25/21), | 1,331 | 1,309,707 | ||||||
Sound Point Clo XIV Ltd., Series2016-3A, Class AR, 2.19%, 01/23/29 (Call 07/23/20), (3 mo. LIBOR US + 1.150%)(a)(b) | 7,255 | 6,923,217 | ||||||
Sound Point Clo XV Ltd., Series2017-1A, Class AR, 2.19%, 01/23/29 (Call 07/23/20), (3 mo. LIBOR US + 1.150%)(a)(b) | 1,100 | 1,064,099 | ||||||
Symphony CLO XVIII Ltd., Series2016-18A, Class AR, 2.19%, 01/23/28, | 2,400 | 2,306,389 | ||||||
TCI-Symphony CLO Ltd., Series2016-1A, Class AR, 2.47%, 10/13/29 (Call 07/13/20), | 5,235 | 4,993,637 | ||||||
TICP CLO I Ltd., Series2015-1A, Class AR, 1.94%, 07/20/27 (Call 07/20/20), | 3,633 | 3,579,651 | ||||||
TICP CLO VI Ltd., Series2016-6A, Class AR, 2.42%, 01/15/29 (Call 07/15/20), | 6,380 | 6,280,124 | ||||||
Toyota Auto Receivables, Series2016-C, Class A4, 1.32%, 11/15/21 (Call 05/15/20) | 2,653 | 2,653,193 | ||||||
Toyota Auto Receivables Owner Trust, Series2019-A, Class A2A, 2.83%, 10/15/21 | 11,687 | 11,738,187 | ||||||
Venture XXIV CLO Ltd., Series2016-24A, Class AR, 2.32%, 10/20/28 (Call 07/20/20), (3 mo. LIBOR US + 1.180%)(a)(b) | 2,065 | 1,992,255 | ||||||
Verizon Owner Trust, Series2020-A, Class A1B, 0.99%, 07/22/24 (Call 03/20/23), (1 mo. LIBOR US + 0.270%)(b) | 9,290 | 9,152,656 | ||||||
Volvo Financial Equipment LLC, Series2019-1A, Class A2, 2.90%, 11/15/21 | 8,794 | 8,828,481 | ||||||
VOYA CLO, Series2017-2A, Class A1, 2.43%, 06/07/30 (Call 07/15/20), | 5,330 | 5,190,218 | ||||||
Westlake Automobile Receivables Trust, Series2019-3A, Class A2, 2.15%, 02/15/23 | 15,040 | 15,091,356 | ||||||
|
| |||||||
Total Asset-Backed Securities — 17.1% |
| 1,114,417,507 | ||||||
|
| |||||||
Certificates of Deposit |
| |||||||
MUFG Bank Ltd., 1.49%, 01/25/21, | 15,000 | 15,016,423 | ||||||
|
| |||||||
Total Certificates of Deposit — 0.2% |
| 15,016,423 | ||||||
|
| |||||||
Collaterized Mortgage Obligations |
| |||||||
Mortgage-Backed Securities — 6.9% | ||||||||
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 1.69%, 09/15/34, | 32,100 | 30,573,074 | ||||||
Americold LLC, Series 2010-ARTA, Class A1, 3.85%, 01/14/29(a) | 1,150 | 1,152,953 |
Security | Par (000) | Value | ||||||
Mortgage-Backed Securities (continued) | ||||||||
AOA Mortgage Trust, Series 2015-1177, Class A, 2.96%, 12/13/29(a) | $ | 11,835 | $ | 11,820,448 | ||||
AREIT Trust, Series 2019-CRE3, Class A, 1.81%, 09/14/36, (1 mo. LIBOR US + 1.020%)(a)(b) | 30,000 | 27,558,807 | ||||||
Aventura Mall Trust, Series2013-AVM, Class A, 3.87%, 12/05/32(a)(b) | 4,650 | 4,707,699 | ||||||
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 1.66%, 09/15/34, | 19,220 | 17,525,897 | ||||||
Bancorp Commercial Mortgage Trust | ||||||||
Series 2018-CRE4, Class A, 1.71%, 09/15/35, | 4,904 | 4,608,616 | ||||||
Series 2019-CRE5, Class A, 1.81%, 03/15/36, | 9,481 | 9,026,021 | ||||||
BBCMS Mortgage Trust, Series 2019-BWAY, Class A, 1.77%, 11/25/34, (1 mo. LIBOR US + 0.956%)(a)(b) | 11,305 | 10,763,038 | ||||||
BBCMS Trust | ||||||||
Series 2018-TYSN, Class A2, 3.76%, 09/05/32(a) | 13,495 | 13,491,194 | ||||||
Series2019-CLP, Class A, 1.50%, 12/15/31, | 9,727 | 9,281,716 | ||||||
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10, Class AJ, 5.78%, 12/11/40(b) | 4,982 | 4,976,954 | ||||||
BX Commercial Mortgage Trust | ||||||||
Series 2018-BIOA, Class A, 1.49%, 03/15/37, | 23,190 | 22,178,118 | ||||||
Series2018-IND, Class A, 1.56%, 11/15/35, | 28,273 | 27,329,614 | ||||||
BX Trust | ||||||||
Series2019-ATL, Class A, 1.90%, 10/15/36, | 5,000 | 4,546,321 | ||||||
Series 2019-CALM, Class A, 1.69%, 11/15/32, | 6,798 | 6,453,047 | ||||||
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 1.60%, 07/15/32, (1 mo. LIBOR US + 0.790%)(a)(b) | 12,150 | 11,804,260 | ||||||
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 1.39%, 07/25/49 (Call 12/25/23), (1 mo. LIBOR US + 0.900%)(a)(b) | 5,504 | 5,322,103 | ||||||
COMM Mortgage Trust, Series 2014-CR15, Class A2, 2.93%, 02/10/47 . | 3,772 | 3,777,618 | ||||||
Commission, Series 2013- GAM, Class A2, | 7,695 | 7,643,317 | ||||||
Commission Mortgage Trust, Series2013-CR6, Class A3FL, 1.46%, 03/10/46, (1 mo. LIBOR US + 0.630%)(a)(b) | 788 | 789,778 | ||||||
Four Times Square Trust Commercial Mortgage Pass-Through Certificates, Series2006-4TS, Class A, 5.40%, 12/13/28(a) | 10,682 | 10,834,172 | ||||||
Gosforth Funding PLC, Series2018-1A, Class A1, 2.13%, 08/25/60 (Call 08/25/23), (3 mo. LIBOR US + 0.450%)(a)(b) | 6,609 | 6,481,984 | ||||||
GPMT Ltd., Series2018-FL1, Class A, 1.57%, 11/21/35, (1 mo. LIBOR US + 0.900%)(a)(b) | 2,892 | 2,807,048 | ||||||
GS Mortgage Securities Corp. Trust | ||||||||
Series 2018-LUAU, Class A, 1.81%, 11/15/32, | 7,600 | 6,875,894 | ||||||
Series 2019-SOHO, Class A, 1.71%, 06/15/36, | 19,046 | 18,177,405 |
SCHEDULES OF INVESTMENTS | 9 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mortgage-Backed Securities (continued) | ||||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2019-BKWD, Class A, 1.81%, 09/15/29, (1 mo. LIBOR US + 1.000%)(a)(b) | $ | 1,911 | $ | 1,832,503 | ||||
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 1.61%, 05/15/36, (1 mo. LIBOR US + 0.800%)(a)(b) | 8,533 | 8,148,494 | ||||||
Madison Avenue Trust, Series 2013-650M, Class A, 3.84%, 10/12/32(a) | 7,500 | 7,507,433 | ||||||
Morgan Stanley Capital I Trust | ||||||||
Series2014-CPT, Class A, | 14,480 | 14,715,501 | ||||||
Series2017-CLS, Class A, 1.51%, 11/15/34, (1 mo. LIBOR US + | 34,512 | 33,346,551 | ||||||
Series2018-BOP, Class A, 1.66%, 08/15/33, (1 mo. LIBOR US + | 6,860 | 6,544,650 | ||||||
Series2018-SUN, Class A, 1.71%, 07/15/35, (1 mo. LIBOR US + | 19,045 | 17,468,952 | ||||||
Series 2019-AGLN, Class A, 1.76%, 03/15/34, (1 mo. LIBOR US + | 8,247 | 7,549,111 | ||||||
Natixis Commercial Mortgage Securities Trust, Series 2018-RIVA, Class A, 1.56%, 02/15/33, (1 mo. LIBOR US + 0.750%)(a)(b) | 7,650 | 6,723,649 | ||||||
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A, 1.94%, 06/15/33, (1 mo. LIBOR US + 0.950%)(a)(b) | 3,390 | 3,260,088 | ||||||
VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.81%, 12/13/29(a) | 10,200 | 10,210,757 | ||||||
Wells Fargo Commercial Mortgage Trust, Series2017-SMP, Class A, 1.56%, 12/15/34, (1 mo. LIBOR US + 0.750%)(a)(b) | 17,280 | 16,141,682 | ||||||
WFRBS Commercial Mortgage Trust | ||||||||
Series2012-C6, Class AS, | 12,986 | 13,105,687 | ||||||
Series2012-C8, Class AFL, | 19,450 | 19,361,194 | ||||||
|
| |||||||
Total Collaterized Mortgage Obligations — 6.9% |
| 446,423,348 | ||||||
|
| |||||||
Commercial Paper | ||||||||
AstraZeneca PLC, 1.42%, 11/03/20(d) | 31,000 | 30,773,273 | ||||||
Bayer Corp., 1.91%, 09/01/20 | 15,000 | 14,901,833 | ||||||
BoeingCo. (The) | ||||||||
2.36%, 05/19/20(d) | 30,000 | 29,962,602 | ||||||
2.53%, 07/31/20(d) | 25,000 | 24,839,447 | ||||||
3.08%, 11/18/20(d) | 42,000 | 41,287,344 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.74%, 07/31/20(d) | 24,000 | 23,772,883 | ||||||
3.85%, 09/25/20(d) | 20,000 | 19,688,296 | ||||||
Nissan Motor Acceptance Corp., | 35,000 | 34,875,921 | ||||||
TELUS Corp., 0.80%, 05/08/20(d) | 11,250 | 11,248,000 | ||||||
Toyota Motor Credit Corp., | 25,000 | 24,804,558 | ||||||
|
| |||||||
Total Commercial Paper—3.9% |
| 256,154,157 | ||||||
|
| |||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.1% | ||||||||
Interpublic Group ofCompanies Inc. (The), 3.50%, 10/01/20 | 4,465 | 4,493,708 | ||||||
|
| |||||||
Aerospace & Defense — 1.2% | ||||||||
Boeing Co. (The), 2.13%, 03/01/22 (Call 02/01/22)(e) | 10,000 | 9,497,888 | ||||||
Northrop Grumman Corp., 2.08%, 10/15/20 | 40,733 | 40,951,245 |
Security | Par (000) | Value | ||||||
Aerospace & Defense (continued) | ||||||||
Rolls-Royce PLC, 2.38%, 10/14/20 (Call 09/14/20)(a) | $ | 30,000 | $ | 29,657,195 | ||||
|
| |||||||
80,106,328 | ||||||||
Agriculture — 1.5% | ||||||||
Altria Group Inc., 2.85%, 08/09/22(e) | 16,918 | 17,397,321 | ||||||
BAT Capital Corp. | ||||||||
2.29%, 08/14/20, (3 mo. LIBORUS + | 24,000 | 23,905,260 | ||||||
2.57%, 08/15/22 (Call 07/15/22), (3 mo. LIBORUS + 0.880%)(b)(e) | 10,000 | 9,603,099 | ||||||
2.76%, 08/15/22 (Call 07/15/22)(e) | 40,000 | 40,527,899 | ||||||
Reynolds American Inc., 6.88%, 05/01/20 | 10,000 | 10,000,000 | ||||||
|
| |||||||
101,433,579 | ||||||||
Auto Manufacturers — 4.9% | ||||||||
American Honda Finance Corp. | ||||||||
1.95%, 05/20/22 | 15,773 | 15,760,011 | ||||||
2.20%, 06/27/22 | 6,136 | 6,159,959 | ||||||
BMW Finance NV, 2.25%, 08/12/22(a) | 12,000 | 11,961,483 | ||||||
BMW U.S. Capital LLC, 3.25%, 08/14/20(a)(e) | 13,665 | 13,673,310 | ||||||
Daimler Finance North America LLC | ||||||||
2.14%, 02/12/21, (3 mo. LIBOR US + | 5,000 | 4,865,418 | ||||||
2.55%, 08/15/22(a) | 10,000 | 9,873,293 | ||||||
Ford Motor Credit Co. LLC | ||||||||
2.13%, 09/24/20, (3 mo. LIBOR US + | 15,000 | 14,781,012 | ||||||
3.16%, 08/04/20 . | 58,995 | 58,552,537 | ||||||
3.34%, 03/28/22 (Call 02/28/22)(e) | 10,000 | 9,203,000 | ||||||
5.88%, 08/02/21(e) | 15,000 | 14,850,000 | ||||||
General Motors Financial Co. Inc. | ||||||||
2.68%, 06/30/22, (3 mo. LIBOR US + | 5,545 | 5,032,781 | ||||||
3.20%, 07/13/20 (Call 06/13/20) | 30,000 | 29,944,242 | ||||||
3.45%, 04/10/22 (Call 02/10/22) | 20,000 | 19,260,400 | ||||||
3.55%, 04/09/21(e) | 10,000 | 9,847,689 | ||||||
3.70%, 11/24/20 (Call 10/24/20). | 25,000 | 24,932,187 | ||||||
4.20%, 03/01/21 (Call 02/01/21) | 10,000 | 9,931,905 | ||||||
4.20%, 11/06/21 . | 40,000 | 39,195,414 | ||||||
Hyundai Capital America, 1.89%, 09/18/20, | 3,000 | 2,989,670 | ||||||
Nissan Motor Acceptance Corp., 1.76%, 09/28/20, (3 mo. LIBOR US + 0.390%)(a)(b) | 18,968 | 18,552,169 | ||||||
Volkswagen Group of America Finance LLC, 2.70%, 09/26/22(a)(e) | 2,145 | 2,153,224 | ||||||
|
| |||||||
321,519,704 | ||||||||
Banks — 24.8% | ||||||||
Australia & New Zealand Banking Group Ltd. | ||||||||
2.19%, 08/19/20, (3 mo. LIBOR US + | 19,745 | 19,746,826 | ||||||
2.31%, 11/09/22, (3 mo. LIBOR US | 2,000 | 1,974,100 | ||||||
4.88%, 01/12/21(a) | 13,000 | 13,356,082 | ||||||
Australia & New Zealand Banking Group Ltd./New York NY, 2.70%, 11/16/20 | 15,000 | 15,144,803 | ||||||
Banco Santander SA, 2.43%, 04/12/23, | 10,000 | 9,641,479 | ||||||
Bank of America Corp. | ||||||||
1.87%, 06/25/22 (Call 06/25/21), | 10,000 | 9,873,748 | ||||||
2.02%, 04/24/23 (Call 04/24/22), | 12,500 | 12,388,923 | ||||||
2.30%, 01/20/23 (Call 01/20/22), | 25,000 | 24,913,779 | ||||||
2.33%, 10/01/21 (Call 10/01/20)(f) | 17,500 | 17,524,645 | ||||||
2.37%, 07/21/21 (Call 07/21/20)(f) | 11,600 | 11,606,421 |
10 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Bank of Montreal, 2.43%, 08/27/21, (3 mo. LIBOR US + 0.790%)(b) | $ | 7,000 | $ | 7,004,612 | ||||
Bank of New York Mellon Corp. (The), | 34,250 | 34,357,984 | ||||||
Bank of Nova Scotia (The), | 10,000 | 9,904,208 | ||||||
Banque Federative du Credit Mutuel SA, 2.13%, 11/21/22(a) | 20,000 | 20,170,129 | ||||||
Barclays Bank PLC, 5.14%, 10/14/20 | 8,170 | 8,269,186 | ||||||
Barclays PLC | ||||||||
2.88%, 06/08/20 | 22,000 | 22,022,930 | ||||||
3.12%, 02/15/23 (Call 02/15/22), (3 mo. LIBOR US + 1.430%)(b) | 20,000 | 19,549,783 | ||||||
BPCE SA, 3.00%, 05/22/22(a) | 17,993 | 18,245,802 | ||||||
Capital One N.A. | ||||||||
1.91%, 01/30/23 (Call 01/30/22), (3 mo. LIBOR US + 1.150%)(b) | 8,000 | 7,714,601 | ||||||
2.15%, 09/06/22 (Call 08/06/22) | 25,000 | 24,914,021 | ||||||
2.65%, 08/08/22 (Call 07/08/22) | 10,000 | 10,109,159 | ||||||
Citibank N.A. | ||||||||
2.13%, 10/20/20 (Call 09/20/20) | 34,390 | 34,534,173 | ||||||
3.17%, 02/19/22 (Call 02/19/21)(f) | 15,000 | 15,188,068 | ||||||
Citigroup Inc. | ||||||||
1.68%, 10/27/22 (Call 09/27/22), (3 mo. LIBOR US + 0.690%)(b) | 10,000 | 9,833,849 | ||||||
2.65%, 10/26/20 | 25,000 | 25,174,889 | ||||||
2.90%, 12/08/21 (Call 11/08/21)(e) | 18,350 | 18,718,092 | ||||||
Citizens Bank N.A./Providence RI, | 30,000 | 29,583,951 | ||||||
Commonwealth Bank of Australia, | 38,810 | 38,963,676 | ||||||
Commonwealth Bank of Australia/New York NY, 2.40%, 11/02/20 | 20,000 | 20,128,435 | ||||||
Cooperatieve Rabobank UA | ||||||||
2.09%, 09/26/23, (3 mo. LIBOR US + | 10,000 | 9,668,693 | ||||||
4.50%, 01/11/21 | 6,372 | 6,527,974 | ||||||
Credit Suisse AG/New York NY | ||||||||
3.00%, 10/29/21(e) | 10,450 | 10,716,203 | ||||||
4.38%, 08/05/20 | 16,932 | 17,067,526 | ||||||
Credit Suisse Group AG, 3.57%, 01/09/23 (Call 01/09/22)(a) | 10,000 | 10,234,754 | ||||||
Credit Suisse Group Funding Guernsey Ltd., 3.13%, 12/10/20 | 5,870 | 5,912,344 | ||||||
Danske Bank A/S, 2.75%, 09/17/20(a) | 20,000 | 20,090,993 | ||||||
Deutsche Bank AG/New York NY | ||||||||
1.91%, 01/22/21, (3 mo. LIBOR US + 0.815%)(b) | 5,000 | 4,882,049 | ||||||
4.25%, 02/04/21 | 9,905 | 9,924,396 | ||||||
Federation des Caisses Desjardins du Quebec, 2.25%, 10/30/20(a)(e) | 26,445 | 26,625,233 | ||||||
Fifth Third Bank/Cincinnati OH, 1.01%, 10/30/20 (Call 09/30/20), (3 mo. LIBORUS + 0.250%)(b) | 10,000 | 9,968,300 | ||||||
Goldman Sachs Group Inc. (The) | ||||||||
1.54%, 10/31/22 (Call 10/31/21), (3 mo. LIBOR US + 0.780%)(b) | 4,000 | 3,939,186 | ||||||
1.94%, 09/15/20 (Call 08/15/20), (3 mo. LIBOR US + 1.200%)(b) | 1,750 | 1,752,343 | ||||||
2.02%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 1.000%)(b)(e) | 5,000 | 4,909,573 | ||||||
2.10%, 04/26/22 (Call 04/26/21), (3 mo. LIBOR US +1.110%)(b) | 10,000 | 9,952,900 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
2.35%, 04/23/21 (Call 03/23/21), (3 mo. LIBOR US + 1.360%)(b) | $ | 7,000 | $ | 7,021,596 | ||||
2.88%, 02/25/21 (Call 01/25/21) | 25,000 | 25,250,658 | ||||||
3.21%, 11/29/23, (3 mo. LIBOR US + 1.600%)(b) | 15,000 | 14,976,554 | ||||||
3.45%, 02/25/21, (3 mo. LIBOR US + 1.770%)(b) | 10,000 | 10,054,528 | ||||||
HSBC Bank PLC, 4.13%, 08/12/20(a)(e) | 10,000 | 10,079,319 | ||||||
HSBC Holdings PLC | ||||||||
2.29%, 05/18/21 (Call 05/18/20), (3 mo. LIBOR US + 0.600%)(b) | 24,695 | 24,693,405 | ||||||
2.65%, 01/05/22 | 6,110 | 6,188,958 | ||||||
3.24%, 03/08/21, (3 mo. LIBOR US + 2.240%)(b) | 6,815 | 6,864,453 | ||||||
3.34%, 05/25/21, (3 mo. LIBOR US + 1.660%)(b) | 10,000 | 10,033,666 | ||||||
4.00%, 03/30/22 | 8,870 | 9,265,108 | ||||||
Huntington National Bank (The), 2.50%, 08/07/22 (Call 07/07/22) | 15,430 | 15,813,348 | ||||||
ING Groep NV, 2.52%, 03/29/22, (3 mo. LIBOR US + 1.150%)(b) | 3,500 | 3,467,306 | ||||||
JPMorgan Chase &Co. | ||||||||
1.50%, 06/18/22 (Call 06/18/21), (3 mo. LIBOR US + 0.610%)(b) | 12,500 | 12,396,749 | ||||||
1.89%, 04/25/23 (Call 04/25/22), (3 mo. LIBOR US + 0.900%)(b) | 10,000 | 9,911,835 | ||||||
2.26%, 06/01/21 (Call 06/01/20), (3 mo. LIBOR US + 0.680%)(b) | 19,985 | 19,980,535 | ||||||
2.78%, 04/25/23 (Call 04/25/22)(f) | 10,000 | 10,239,334 | ||||||
4.25%, 10/15/20 | 10,000 | 10,144,547 | ||||||
Lloyds Bank PLC, 6.38%, 01/21/21 | 9,000 | 9,307,654 | ||||||
Mitsubishi UFJ Financial Group Inc. | ||||||||
1.64%, 07/26/21, (3 mo. LIBORUS + 0.650%)(b) | 10,000 | 9,949,517 | ||||||
1.78%, 07/25/22, (3 mo. LIBOR US + 0.790%)(b) | 4,000 | 3,922,873 | ||||||
2.62%, 07/18/22 | 5,000 | 5,101,246 | ||||||
3.00%, 02/22/22 | 5,000 | 5,117,552 | ||||||
Mitsubishi UFJ Trust & BankingCorp., 2.65%, 10/19/20(a) | 26,010 | 26,174,453 | ||||||
Mizuho Financial Group Inc. | ||||||||
1.62%, 09/13/23 (Call 09/13/22), (3 mo. LIBOR US + 0.850%)(b) | 25,000 | 24,142,203 | ||||||
1.91%, 09/13/21, (3 mo. LIBOR US + | 20,000 | 19,995,023 | ||||||
2.10%, 03/05/23, (3 mo. LIBOR US + 0.790%)(b) | 3,000 | 2,918,314 | ||||||
Morgan Stanley | ||||||||
2.32%, 01/20/22 (Call 01/20/21), (3 mo. LIBOR US + 1.180%)(b) | 15,000 | 14,961,015 | ||||||
2.42%, 10/24/23 (Call 10/24/22), (3 mo. LIBOR US + 1.400%)(b) | 25,000 | 24,966,679 | ||||||
2.63%, 11/17/21 | 30,000 | 30,477,215 | ||||||
MUFG Americas Holdings Corp., 3.50%, 06/18/22 | 2,885 | 2,973,392 | ||||||
Regions Bank/Birmingham AL, 3.37%, 08/13/21 (Call 08/13/20)(f) | 8,853 | 8,862,563 | ||||||
Royal Bank of Scotland Group PLC, 3.16%, 05/15/23 (Call 05/15/22), (3 mo. LIBOR US + 1.470%)(b) | 9,895 | 9,574,378 | ||||||
Santander Holdings USA Inc., 4.45%, 12/03/21 (Call 11/03/21) | 5,000 | 5,146,497 | ||||||
Santander UK Group Holdings PLC | ||||||||
2.88%, 10/16/20 | 62,600 | 62,961,833 | ||||||
2.88%, 08/05/21 | 17,619 | 17,828,802 | ||||||
3.13%, 01/08/21 | 10,000 | 10,093,002 | ||||||
Skandinaviska Enskilda Banken AB | ||||||||
1.43%, 12/12/22, (3 mo. LIBOR US + | 15,000 | 14,805,332 | ||||||
2.12%, 05/17/21, (3 mo. LIBOR US + | 10,000 | 9,960,473 | ||||||
2.63%, 11/17/20(a)(e) | 20,000 | 20,177,445 | ||||||
2.63%, 03/15/21(e) | 9,900 | 10,046,331 |
SCHEDULES OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Standard Chartered PLC | ||||||||
2.74%, 09/10/22 (Call 09/10/21)(a)(f) | $ | 18,100 | $ | 18,144,922 | ||||
3.05%, 01/15/21(a)(e) | 20,000 | 20,127,014 | ||||||
Sumitomo Mitsui Financial Group Inc., 1.98%,10/16/23, (3 mo. LIBOR US + 0.800%)(b)(e) | 4,000 | 3,861,071 | ||||||
Suncorp-Metway Ltd., 2.38%,11/09/20(a) | 17,500 | 17,579,350 | ||||||
Svenska Handelsbanken AB | ||||||||
1.36%, 09/08/20, (3 mo. LIBOR US + 0.360%)(b) | 5,000 | 4,997,844 | ||||||
1.95%, 09/08/20 | 33,495 | 33,602,149 | ||||||
2.15%, 05/24/21, (3 mo. LIBOR US + 0.470%)(b)(e) | 12,500 | 12,457,577 | ||||||
2.45%,03/30/21 | 14,674 | 14,869,639 | ||||||
Truist Bank, 1.49%, 10/26/21 (Call 10/26/20), | 32,020 | 31,766,603 | ||||||
U.S. Bank N.A./Cincinnati OH, 3.00%,02/04/21 (Call 01/04/21) | 6,760 | 6,846,557 | ||||||
UBS AG/London | ||||||||
1.75%,04/21/22 (Call 03/21/22)(a) | 12,680 | 12,733,538 | ||||||
2.06%,12/01/20 (Call 11/01/20), | 5,000 | 4,996,995 | ||||||
2.45%,12/01/20 (Call 11/01/20)(a)(e) | 28,574 | 28,738,304 | ||||||
UBS Group AG | ||||||||
2.90%,05/23/23 (Call 05/23/22), | 20,000 | 19,842,587 | ||||||
3.49%,05/23/23 (Call 05/23/22)(a) | 20,000 | 20,582,381 | ||||||
Wells Fargo & Co. | ||||||||
1.98%,07/22/20, (3 mo. LIBOR US + 0.880%)(b) | 5,000 | 5,005,004 | ||||||
1.99%,10/31/23 (Call 10/31/22), | 15,000 | 14,898,000 | ||||||
2.55%, 12/07/20 | 15,000 | 15,118,891 | ||||||
2.59%, 03/04/21, (3 mo. LIBOR US + 1.340%)(b) | 30,000 | 30,082,534 | ||||||
2.63%,07/22/22 | 15,000 | 15,360,625 | ||||||
Wells Fargo Bank N.A. | ||||||||
1.54%,07/23/21 (Call 07/23/20), (3 mo. LIBOR US + 0.500%)(b) | 15,000 | 14,925,431 | ||||||
1.61%,10/22/21 (Call 09/21/21), (3 mo. LIBOR US + 0.510%)(b)(e) | 30,000 | 29,819,100 | ||||||
Westpac Banking Corp., 2.60%,11/23/20 | 21,585 | 21,798,742 | ||||||
|
| |||||||
1,616,731,370 | ||||||||
Beverages — 0.4% | ||||||||
Keurig Dr Pepper Inc., 3.55%,05/25/21 | 25,000 | 25,511,459 | ||||||
|
| |||||||
Biotechnology —0.4% | ||||||||
Gilead Sciences Inc. | ||||||||
2.55%,09/01/20 | 15,000 | 15,090,591 | ||||||
4.50%,04/01/21 (Call 01/01/21) | 8,000 | 8,200,724 | ||||||
|
| |||||||
23,291,315 | ||||||||
Chemicals — 1.0% | ||||||||
DuPont de Nemours Inc. | ||||||||
2.17%,05/01/23 | 7,290 | 7,338,635 | ||||||
2.40%,11/15/20, (3 mo. LIBOR US + 0.710%)(b) | 47,500 | 47,347,642 | ||||||
3.77%,11/15/20 | 9,000 | 9,090,816 | ||||||
Sherwin-Williams Co. (The), 2.75%,06/01/22 (Call 05/01/22) | 1,254 | 1,266,745 | ||||||
|
| |||||||
65,043,838 | ||||||||
Commercial Services — 0.2% | ||||||||
Moody’s Corp., 2.75%, 12/15/21 (Call 11/15/21)(e) | 12,150 | 12,383,314 | ||||||
|
|
Security | Par (000) | Value | ||||||
Computers — 1.2% | ||||||||
Dell International LLC/EMC Corp. | ||||||||
4.42%,06/15/21 (Call 05/15/21)(a) | $ | 2,665 | $ | 2,708,277 | ||||
5.45%,06/15/23 (Call 04/15/23)(a) | 25,000 | 26,459,554 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
2.09%,10/05/21 (Call 05/14/20), (3 mo. LIBOR US + 0.720%)(b) | 20,000 | 19,656,889 | ||||||
3.60%, 10/15/20 (Call 09/15/20)(g) | 10,000 | 10,063,194 | ||||||
IBM Credit LLC, 2.08%, 11/30/20, (3 mo. LIBOR US + 0.470%)(b) | 7,250 | 7,255,874 | ||||||
International Business Machines Corp., 2.85%, 05/13/22 | 15,000 | 15,596,700 | ||||||
|
| |||||||
81,740,488 | ||||||||
Diversified Financial Services — 4.2% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
4.25%,07/01/20 | 35,000 | 34,901,497 | ||||||
4.50%,05/15/21 | 12,000 | 11,646,785 | ||||||
4.63%,10/30/20 | 20,000 | 19,745,517 | ||||||
5.00%,10/01/21 | 18,975 | 18,145,533 | ||||||
AIG Global Funding, 1.93%,07/02/20, | 3,695 | 3,698,233 | ||||||
Ally Financial Inc., 4.13%, 02/13/22(e) | 25,585 | 25,923,745 | ||||||
American Express Co. | ||||||||
1.09%,10/30/20 (Call 09/29/20), (3 mo. LIBOR US + 0.330%)(b) | 7,750 | 7,740,329 | ||||||
2.20%,10/30/20 (Call 09/29/20) | 8,985 | 9,023,007 | ||||||
2.29%,02/27/23 (Call 01/27/23), (3 mo. LIBOR US + 0.650%)(b) | 4,000 | 3,912,260 | ||||||
2.34%,11/05/21 (Call 10/05/21), (3 mo. LIBOR US + 0.600%)(b) | 10,000 | 9,913,380 | ||||||
Capital One Bank USA N.A., 2.01%,01/27/23 (Call 01/27/22)(f) | 10,000 | 9,895,873 | ||||||
Capital One Financial Corp. | ||||||||
1.21%,10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.450%)(b) | 5,000 | 4,986,489 | ||||||
1.95%,03/09/22 (Call 02/09/22), (3 mo. LIBOR US + 0.950%)(b) | 24,635 | 24,215,588 | ||||||
3.45%,04/30/21 (Call 03/30/21)(e) | 10,000 | 10,143,296 | ||||||
GE Capital International Funding Co. Unlimited Co., 2.34%,11/15/20 | 53,250 | 53,358,412 | ||||||
International Lease Finance Corp. | ||||||||
4.63%,04/15/21 | 7,990 | 7,854,234 | ||||||
5.88%, 08/15/22 | 22,625 | 22,085,218 | ||||||
|
| |||||||
277,189,396 | ||||||||
Electric — 1.0% | ||||||||
Duke Energy Progress LLC, 1.18%,09/08/20, | 9,835 | 9,824,030 | ||||||
Florida Power & Light Co., 2.14%,05/06/22 (Call 05/11/20), (3 mo. LIBOR US + 0.400%)(b)(e) | 8,645 | 8,568,146 | ||||||
NextEra Energy Capital Holdings Inc. | ||||||||
2.40%,09/01/21 | 14,400 | 14,638,608 | ||||||
2.90%, 04/01/22 | 13,665 | 14,116,545 | ||||||
3.30%,08/15/22 | 12,025 | 12,549,248 | ||||||
Sempra Energy, 1.72%, 01/15/21 (Call 05/29/20), (3 mo. LIBOR US + 0.500%)(b) | 5,065 | 5,013,084 | ||||||
|
| |||||||
64,709,661 | ||||||||
Electronics — 0.4% | ||||||||
Roper Technologies Inc., 3.00%,12/15/20 (Call 11/15/20) | 8,500 | 8,566,456 | ||||||
Tyco Electronics Group SA, 1.76%,06/05/20, | 15,000 | 14,990,643 | ||||||
|
| |||||||
23,557,099 |
12 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Environmental Control — 0.1% | ||||||||
Republic Services Inc., 3.55%, 06/01/22 (Call 03/01/22) | $ | 5,895 | $ | 6,152,205 | ||||
|
| |||||||
Food — 1.5% | ||||||||
Campbell Soup Co., 1.37%, 03/15/21, | 15,000 | 14,868,731 | ||||||
Conagra Brands Inc. | ||||||||
1.82%,10/09/20, | 7,000 | 6,962,146 | ||||||
1.85%,10/22/20 (Call 05/11/20), | 5,208 | 5,201,088 | ||||||
General Mills Inc. | ||||||||
1.72%,04/16/21, | 26,636 | 26,495,828 | ||||||
2.60%,10/12/22 (Call 09/12/22) | 9,135 | 9,346,183 | ||||||
Kraft Heinz Foods Co. | ||||||||
2.30%,02/10/21, | 4,010 | 3,952,249 | ||||||
2.55%,08/10/22, | 5,000 | 4,818,750 | ||||||
Tyson Foods Inc. | ||||||||
2.13%,06/02/20, | 5,475 | 5,476,845 | ||||||
2.15%,08/21/20, | 14,160 | 14,145,514 | ||||||
4.50%,06/15/22 (Call 03/15/22) | 7,930 | 8,380,542 | ||||||
|
| |||||||
99,647,876 | ||||||||
Health Care—Services — 0.7% | ||||||||
Anthem Inc. | ||||||||
2.50%,11/21/20 | 25,000 | 25,183,723 | ||||||
3.13%,05/15/22 | 19,425 | 20,139,020 | ||||||
|
| |||||||
45,322,743 | ||||||||
Household Products & Wares — 0.3% | ||||||||
Kimberly-Clark Corp. | ||||||||
2.15%,08/15/20 | 9,686 | 9,724,536 | ||||||
3.63%,08/01/20 | 8,503 | 8,561,733 | ||||||
|
| |||||||
18,286,269 | ||||||||
Insurance — 0.4% | ||||||||
Allstate Corp. (The), 1.80%,03/29/21, | 5,710 | 5,677,288 | ||||||
American International Group Inc., | 2,997 | 3,014,021 | ||||||
Marsh & McLennan Companies Inc., | 13,380 | 13,380,002 | ||||||
MassMutual Global Funding II, | 7,500 | 7,528,294 | ||||||
|
| |||||||
29,599,605 | ||||||||
Lodging —0.7% | ||||||||
Marriott International Inc./MD | ||||||||
Series N, 3.13%,10/15/21 (Call 07/15/21) | 35,000 | 34,148,116 | ||||||
Series Y, 2.18%,12/01/20, (3 mo. LIBOR US + 0.600%)(b) | 10,000 | 9,831,410 | ||||||
|
| |||||||
43,979,526 | ||||||||
Machinery —0.2% | ||||||||
Caterpillar Financial Services Corp., 2.20%,05/15/23, | 10,000 | 9,747,270 | ||||||
John Deere Capital Corp., 1.40%,06/07/21, | 6,480 | 6,457,463 | ||||||
|
| |||||||
16,204,733 | ||||||||
Manufacturing —0.7% | ||||||||
General Electric Co. | ||||||||
3.15%,09/07/22 | 10,000 | 10,233,564 | ||||||
4.63%,01/07/21 | 34,500 | 35,078,910 | ||||||
|
| |||||||
45,312,474 |
Security | Par (000) | Value | ||||||
Media — 2.7% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
3.58%,07/23/20 (Call 06/23/20) | $ | 76,750 | $ | 76,855,147 | ||||
4.46%,07/23/22 (Call 05/23/22) | 45,920 | 48,374,944 | ||||||
Comcast Corp., 1.87%,10/01/21, | 42,930 | 42,804,344 | ||||||
ViacomCBS Inc., 4.50%,03/01/21 | 6,515 | 6,738,080 | ||||||
|
| |||||||
174,772,515 | ||||||||
Oil & Gas — 1.4% | ||||||||
Marathon Petroleum Corp., 3.40%,12/15/20 (Call 11/15/20) | 16,543 | 16,571,526 | ||||||
Newfield Exploration Co., 5.75%,01/30/22 | 28,049 | 23,893,412 | ||||||
Occidental Petroleum Corp., 3.14%,08/15/22 (Call 08/15/20), (3 mo. LIBOR US + 1.450%)(b) | 37,570 | 29,316,309 | ||||||
Ovintiv Inc, 3.90%,11/15/21 (Call 08/15/21) | 22,358 | 20,303,402 | ||||||
|
| |||||||
90,084,649 | ||||||||
Oil & Gas Services — 0.1% | ||||||||
Halliburton Co., 3.25%,11/15/21 (Call 08/15/21) | 10,000 | 9,976,032 | ||||||
|
| |||||||
Pharmaceuticals — 6.7% | ||||||||
AbbVie Inc. | ||||||||
2.05%,05/21/21, | 20,000 | 19,892,385 | ||||||
2.15%, 11/19/21(a) | 25,000 | 25,321,124 | ||||||
Allergan Funding SCS, 3.45%,03/15/22 (Call 01/15/22) | 10,000 | 10,249,067 | ||||||
Allergan Inc./U.S., 3.38%,09/15/20 | 15,732 | 15,760,050 | ||||||
Bayer U.S. Finance LLC, 3.00%,10/08/21(a) | 45,000 | 45,802,584 | ||||||
Becton Dickinson and Co. | ||||||||
2.25%,12/29/20 (Call 05/29/20), (3 mo. LIBOR US + 0.875%)(b)(e) | 21,378 | 21,220,758 | ||||||
2.40%,06/05/20 . | 25,000 | 24,995,781 | ||||||
Bristol-Myers Squibb Co., 2.60%,05/16/22(a) | 20,000 | 20,670,239 | ||||||
Cigna Corp., 3.20%,09/17/20 | 53,920 | 54,283,046 | ||||||
CVS Health Corp. | ||||||||
2.75%,12/01/22 (Call 09/01/22) | 15,000 | 15,520,869 | ||||||
2.80%,07/20/20 (Call 06/20/20) | 46,485 | 46,479,422 | ||||||
3.35%,03/09/21 | 20,000 | 20,325,947 | ||||||
3.50%,07/20/22 (Call 05/20/22) | 34,190 | 35,560,335 | ||||||
Express Scripts Holding Co., 2.60%,11/30/20 | 8,200 | 8,245,299 | ||||||
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/21 (Call 08/23/21) | 52,690 | 53,484,763 | ||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||
2.45%,01/18/22 (Call 12/17/21)(a)(e) | 10,000 | 10,192,265 | ||||||
4.00%,11/26/21 (Call 10/26/21). | 12,435 | 12,981,809 | ||||||
|
| |||||||
440,985,743 | ||||||||
Pipelines — 2.1% | ||||||||
Enterprise Products Operating LLC, 5.20%,09/01/20 | 10,000 | 10,099,406 | ||||||
Kinder Morgan Energy Partners LP, 5.00%,10/01/21 (Call 07/01/21) | 6,552 | 6,685,553 | ||||||
Kinder Morgan Inc./DE, 5.00%,02/15/21 (Call 01/15/21)(a) | 12,000 | 12,162,550 | ||||||
MPLX LP | ||||||||
1.90%,09/09/21 (Call 09/09/20), (3 mo. LIBOR US + 0.900%)(b) | 6,825 | 6,420,911 | ||||||
6.25%,10/15/22 (Call 05/14/20)(a) | 2,000 | 1,998,144 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., 5.00%, 02/01/21 (Call 11/01/20). | 16,130 | 15,774,758 | ||||||
Spectra Energy Partners LP, 2.01%,06/05/20, | 32,000 | 31,929,129 | ||||||
TransCanada PipeLines Ltd., 3.80%,10/01/20 | 5,127 | 5,154,644 |
SCHEDULES OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
Williams Companies Inc. (The), | $ | 44,174 | $ | 44,686,187 | ||||
|
| |||||||
134,911,282 | ||||||||
Real Estate Investment Trusts — 0.5% | ||||||||
American Tower Corp., 3.30%, 02/15/21 (Call 01/15/21) | 5,168 | 5,227,848 | ||||||
Crown Castle International Corp., | 25,000 | 25,230,762 | ||||||
|
| |||||||
30,458,610 | ||||||||
Retail — 0.2% | ||||||||
McDonald’s Corp., 2.75%, 12/09/20 (Call 11/09/20) | 10,843 | 10,952,795 | ||||||
|
| |||||||
Semiconductors — 1.0% | ||||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.20%, 01/15/21 | 35,000 | 34,886,323 | ||||||
Broadcom Inc., 3.13%, 04/15/21(a) | 30,800 | 31,007,127 | ||||||
|
| |||||||
65,893,450 | ||||||||
Telecommunications — 2.5% | ||||||||
AT&T Inc. | ||||||||
1.96%, 06/12/24, (3 mo. LIBOR US + 1.180%)(b) | 10,000 | 9,801,260 | ||||||
2.17%, 07/15/21, (3 mo. LIBOR US + 0.950%)(b) | 25,000 | 24,964,425 | ||||||
2.33%, 06/01/21, (3 mo. LIBOR US + 0.750%)(b) | 13,250 | 13,203,896 | ||||||
2.45%, 06/30/20 (Call 05/30/20) | 20,000 | 20,020,419 | ||||||
2.80%, 02/17/21 (Call 01/17/21) | 26,900 | 27,187,191 | ||||||
3.88%, 08/15/21 | 10,000 | 10,313,095 | ||||||
4.60%, 02/15/21 (Call 11/15/20) | 20,000 | 20,292,278 | ||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 09/20/21(a) | 3,488 | 3,496,971 | ||||||
Verizon Communications Inc., 1.74%, 03/16/22, (3 mo. LIBOR US + 1.000%)(b)(e) | 15,373 | 15,392,677 | ||||||
Vodafone Group PLC, 2.17%, 01/16/24, | 20,000 | 19,490,727 | ||||||
|
| |||||||
164,162,939 | ||||||||
Transportation — 0.2% | ||||||||
Ryder System Inc., 2.80%, 03/01/22 (Call 02/01/22) | 5,000 | 4,965,961 | ||||||
Union Pacific Corp., 3.20%, 06/08/21 | 7,210 | 7,373,033 | ||||||
|
| |||||||
12,338,994 | ||||||||
Trucking & Leasing — 0.3% | ||||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | ||||||||
3.20%, 07/15/20 (Call 06/15/20)(a) | 12,000 | 12,003,427 | ||||||
4.88%,07/11/22(a) | 4,901 | 5,134,669 | ||||||
|
| |||||||
17,138,096 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 63.6% |
| 4,153,891,795 | ||||||
|
|
Security | Shares (000) | Value | ||||||
Money Market Funds | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%(h)(i)(j) | 38,926 | $ | 38,968,967 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%(h)(i) | 537,124 | 537,124,183 | ||||||
|
| |||||||
Total Money Market Funds — 8.8% | 576,093,150 | |||||||
|
| |||||||
Total Investments in Securities — 100.5% | 6,561,996,380 | |||||||
Other Assets, Less Liabilities — (0.5)% | (33,981,379 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 6,528,015,001 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Variable or floating rate security. Rate shown is the rate in effect as ofperiod-end. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Rates are discount rates or a range of discount rates at the time of purchase. |
(e) | All or a portion of this security is on loan. |
(f) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(g) | Step coupon security. Coupon rate will either increase(step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(h) | Affiliate of the Fund. |
(i) | Annualized7-day yield as ofperiod-end. |
(j) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
14 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Bond ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 10/31/19 (000) | Net Activity (000) | Shares Held at 04/30/20 (000) | Value at 04/30/20 | Income | Net Realized Gain (Loss)(a) | Change in (Depreciation) | |||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 25,595 | 13,331 |
| 38,926 |
| $ | 38,968,967 | $ | 93,319 | (b) | $ | (19,514 | ) | $ | 22,551 | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 114,910 | 422,214 | 537,124 | 537,124,183 | 2,241,188 | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 576,093,150 | $ | 2,334,507 | $ | (19,514 | ) | $ | 22,551 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Derivative Financial Instruments Categorized by Risk Exposure
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Foreign Currency Exchange Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Forward foreign currency exchange contracts | $ | (685,268 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts: | ||||
Average amounts sold — in USD | $ | 51,325,218 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 1,098,238,607 | $ | 16,178,900 | $ | 1,114,417,507 | ||||||||
Certificates of Deposit | — | 15,016,423 | — | 15,016,423 | ||||||||||||
Collaterized Mortgage Obligations | — | 446,423,348 | — | 446,423,348 | ||||||||||||
Commercial Paper | — | 256,154,157 | — | 256,154,157 | ||||||||||||
Corporate Bonds & Notes | — | 4,153,891,795 | — | 4,153,891,795 | ||||||||||||
Money Market Funds | 576,093,150 | — | — | 576,093,150 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 576,093,150 | $ | 5,969,724,330 | $ | 16,178,900 | $ | 6,561,996,380 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) April 30, 2020 | iShares® Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Debt Obligations |
| |||||||
Alabama — 2.6% | ||||||||
Bessemer Governmental Utility Services Corp. RB, 5.00%, 06/01/20 (BAM) | $ | 515 | $ | 516,380 | ||||
Black Belt Energy Gas District RB | ||||||||
4.00%, 06/01/20 | 1,605 | 1,606,990 | ||||||
4.00%, 06/01/21 | 835 | 849,863 | ||||||
Lower Alabama Gas District (The) RB, | 200 | 204,596 | ||||||
Southeast Alabama Gas Supply District (The) RB, 4.00%, 06/01/22 | 1,500 | 1,547,865 | ||||||
|
| |||||||
4,725,694 | ||||||||
Arizona — 0.7% | ||||||||
Arizona State University RB, 0.20%, 07/01/34 (Put 05/07/20)(a). | 670 | 670,000 | ||||||
Glendale Union High School District No. 205 GO, 5.00%, 07/01/21 | 500 | 522,930 | ||||||
|
| |||||||
1,192,930 | ||||||||
California — 0.4% | ||||||||
Lancaster Redevelopment Agency Successor Agency TA, 3.00%, 08/01/20 | 700 | 703,143 | ||||||
|
| |||||||
Connecticut — 3.7% | ||||||||
State of Connecticut GO | ||||||||
5.00%, 06/01/21 | 670 | 693,597 | ||||||
5.00%, 07/15/22 | 900 | 957,123 | ||||||
Series C, 0.29%, 05/15/34 (Put 05/07/20)(a) | 2,325 | 2,325,000 | ||||||
Series C, 5.00%, 06/01/20 | 720 | 721,779 | ||||||
State of Connecticut Special Tax Revenue RB, Series A, 5.00%, 09/01/21 | 2,000 | 2,093,680 | ||||||
|
| |||||||
6,791,179 | ||||||||
District of Columbia — 4.5% | ||||||||
District of Columbia RB, 0.27%, 04/01/38 (Put 05/07/20)(a) | 2,800 | 2,800,000 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.30%, 10/01/53 (Put 05/07/20)(a)(b) | 5,545 | 5,545,000 | ||||||
|
| |||||||
8,345,000 | ||||||||
Florida — 1.0% | ||||||||
Alachua County Health Facilities Authority RB | ||||||||
5.00%, 12/01/20 | 645 | 654,552 | ||||||
5.00%, 12/01/21 | 390 | 405,514 | ||||||
County of Osceola FL Transportation Revenue RB, 5.00%, 10/01/21 | 300 | 310,560 | ||||||
Palm Beach County Health Facilities Authority RB, 5.00%, 08/15/20 | 530 | 535,115 | ||||||
|
| |||||||
1,905,741 | ||||||||
Georgia — 13.0% | ||||||||
Atlanta Urban Residential Finance Authority RB, 1.36%, 12/01/22 (Put 12/01/21)(a) | 2,000 | 2,002,260 | ||||||
Bartow County Development Authority RB, 1.55%, 08/01/43 (Put 08/19/22)(a) | 2,000 | 1,948,680 | ||||||
Burke County Development Authority RB, 2.25%, 10/01/32 (Put 05/25/23)(a) | 2,000 | 1,970,660 | ||||||
Cobb County Development Authority RB, 5.00%, 07/15/20 | 545 | 548,810 | ||||||
Main Street Natural Gas Inc. RB | ||||||||
1.49%, 08/01/48 (Put 12/01/23)(a) | 5,000 | 4,779,580 | ||||||
4.00%, 06/01/20 | 500 | 500,710 | ||||||
4.00%, 04/01/48 (Put 09/01/23)(a) | 3,685 | 3,890,512 | ||||||
5.00%, 05/15/20 | 500 | 500,405 | ||||||
5.00%, 05/15/21 | 1,000 | 1,027,460 | ||||||
5.00%, 09/01/21 | 300 | 310,494 |
Security | Par (000) | Value | ||||||
Georgia (continued) | ||||||||
Monroe County Development Authority RB, | $ | 3,700 | $ | 3,700,000 | ||||
Municipal Electric Authority of Georgia RB, 0.23%, 01/01/48 (Put 05/07/20)(a) | 1,000 | 1,000,000 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, 0.30%, 01/01/44 (Put 05/07/20) (AGM)(a)(b) | 1,700 | 1,700,000 | ||||||
|
| |||||||
23,879,571 | ||||||||
Illinois — 4.0% | ||||||||
Chicago Transit Authority RB, 5.00%, 06/01/20 | 750 | 751,868 | ||||||
Illinois Development Finance Authority RB, 0.26%, 06/01/29 (Put 05/07/20)(a) | 1,100 | 1,100,000 | ||||||
Illinois Finance Authority RB, 5.00%, 08/15/20 | 1,500 | 1,514,235 | ||||||
Tender Option Bond Trust Receipts/Certificates GO, 0.28%, 03/01/33 (Put 05/07/20)(a)(b) | 4,000 | 4,000,000 | ||||||
|
| |||||||
7,366,103 | ||||||||
Indiana — 4.0% | ||||||||
City of Rockport IN RB, Series B, 1.35%, 07/01/25 (Put 09/01/22)(a) | 2,250 | 2,184,278 | ||||||
Indianapolis Local Public Improvement Bond Bank RB, 1.45%, 06/01/21 (Call 06/01/20) | 5,190 | 5,191,505 | ||||||
|
| |||||||
7,375,783 | ||||||||
Iowa — 3.7% | ||||||||
Iowa Finance Authority RB, 0.47%, 04/01/22 (Put 05/07/20)(a) | 6,780 | 6,780,000 | ||||||
|
| |||||||
Kansas — 3.8% | ||||||||
City of Burlington KS RB 0.50%, 09/01/35 (Put 05/07/20)(a) | 4,000 | 4,000,000 | ||||||
0.50%, 09/01/35 (Put 05/07/20)(a) | 3,000 | 3,000,000 | ||||||
|
| |||||||
7,000,000 | ||||||||
Kentucky — 3.2% | ||||||||
City of Owensboro KY Electric Light & Power System Revenue RB, 5.00%, 01/01/21 | 1,550 | 1,587,494 | ||||||
Kentucky Public Energy Authority RB | ||||||||
4.00%, 06/01/20 | 650 | 650,793 | ||||||
4.00%, 12/01/20 | 1,070 | 1,080,144 | ||||||
4.00%, 06/01/21 | 1,060 | 1,078,603 | ||||||
4.00%, 08/01/21 | 300 | 306,036 | ||||||
Kentucky State Property & Building Commission RB, Series D, 5.00%, 05/01/21 | 600 | 622,584 | ||||||
Tender Option Bond Trust Receipts/Certificates RB, Series 2018, 0.28%, 12/01/41 (Put 05/07/20) (AGM)(a)(b) | 500 | 500,000 | ||||||
|
| |||||||
5,825,654 | ||||||||
Louisiana — 0.4% | ||||||||
Louisiana Offshore Terminal Authority RB, | 400 | 400,580 | ||||||
Louisiana Public Facilities Authority RB, | 400 | 410,468 | ||||||
|
| |||||||
811,048 | ||||||||
Maryland — 0.3% | ||||||||
Maryland Health & Higher Educational Facilities Authority RB, 5.00%, 04/15/21 | 450 | 463,986 | ||||||
|
| |||||||
Massachusetts — 1.6% | ||||||||
Massachusetts Development Finance Agency RB, 5.00%, 07/01/21 | 975 | 1,000,945 | ||||||
Town of Salisbury MA GOL, 2.00%, 09/11/20 | 1,000 | 1,003,990 | ||||||
University of Massachusetts Building Authority RB, VRDN, 0.21%, 11/01/34 (Put 05/07/20)(a) | 1,000 | 1,000,000 | ||||||
|
| |||||||
3,004,935 |
16 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Michigan — 0.5% | ||||||||
Wayne-Westland Community Schools GO | $ | 175 | $ | 179,811 | ||||
4.00%, 11/01/21(Q-SBLF) | 780 | 811,613 | ||||||
|
| |||||||
991,424 | ||||||||
Missouri — 1.3% | ||||||||
City of Washington MO COP, 5.00%, 03/01/22 | 350 | 374,822 | ||||||
RBC Municipal Products Inc. Trust RB, 0.29%, 09/01/39 (Put 05/07/20)(a)(b) | 2,000 | 2,000,000 | ||||||
|
| |||||||
2,374,822 | ||||||||
Nebraska — 1.6% | ||||||||
Central Plains Energy Project RB | ||||||||
4.00%, 08/01/20 | 2,000 | 2,009,300 | ||||||
4.00%, 02/01/21 | 250 | 253,513 | ||||||
4.00%, 08/01/21 | 750 | 767,422 | ||||||
|
| |||||||
3,030,235 | ||||||||
New Jersey — 16.5% | ||||||||
Borough of Tinton Falls NJ GO, 2.00%, 10/29/20 | 900 | 904,023 | ||||||
Garden State Preservation Trust RB, | 1,690 | 1,711,598 | ||||||
New Jersey Economic Development Authority RB | ||||||||
5.00%, 06/15/20 | 190 | 190,889 | ||||||
5.00%, 06/15/20 | 1,285 | 1,286,555 | ||||||
5.00%, 03/01/21, (ETM) | 340 | 350,581 | ||||||
5.00%, 06/15/21 | 4,250 | 4,315,322 | ||||||
5.00%, 06/15/21 | 1,500 | 1,517,265 | ||||||
5.50%, 09/01/21 (Call 03/01/21) | 675 | 683,566 | ||||||
Series A, 4.00%, 07/01/22 | 2,000 | 2,015,020 | ||||||
Series K, 5.25%, 12/15/20 (AMBAC) | 2,250 | 2,268,135 | ||||||
Series NN, 5.00%, 03/01/21 | 875 | 882,595 | ||||||
Series NN, 5.00%, 03/01/22 | 3,200 | 3,257,920 | ||||||
Series UU, 5.00%, 06/15/23 | 1,270 | 1,302,741 | ||||||
Series XX, 5.00%, 06/15/20 | 200 | 200,242 | ||||||
New Jersey Health Care Facilities Financing Authority RB | ||||||||
5.00%, 10/01/20 | 1,600 | 1,607,072 | ||||||
Series A, 5.00%, 07/01/20 | 500 | 502,630 | ||||||
New Jersey Sports & Exposition Authority RB, 5.00%, 09/01/20 | 1,250 | 1,255,838 | ||||||
New Jersey Transportation Trust Fund Authority RB | ||||||||
5.25%, 12/15/20 (AGM) | 500 | 506,540 | ||||||
Series A, 5.00%, 06/15/20 | 665 | 665,805 | ||||||
Series A, 5.00%, 06/15/21 | 500 | 512,855 | ||||||
Series A, 5.50%, 12/15/21 | 425 | 436,186 | ||||||
Series A, 5.50%, 12/15/23 | 155 | 162,863 | ||||||
SeriesA-1, 5.00%, 06/15/20 | 1,275 | 1,278,442 | ||||||
Series B, 5.50%, 12/15/20 (NPFGC) | 155 | 157,165 | ||||||
Series B, 5.50%, 12/15/21 (NPFGC) | 625 | 648,144 | ||||||
Series D, 5.00%, 12/15/23 | 225 | 231,138 | ||||||
North East Independent School District RB, | 1,500 | 1,501,917 | ||||||
|
| |||||||
30,353,047 | ||||||||
New Mexico — 0.3% | ||||||||
New Mexico Municipal Energy Acquisition Authority RB, 4.00%, 05/01/22 | 600 | 621,534 | ||||||
|
| |||||||
New York — 15.5% | ||||||||
Adirondack Central School District GO, | 1,133 | 1,136,003 | ||||||
Albany Industrial Development Agency RB, | 1,110 | 1,110,000 | ||||||
Amherst Development Corp. RB, Series A, | 1,745 | 1,745,000 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
City of Tonawanda NY GOL, 2.50%, 06/04/20 | $ | 1,219 | $ | 1,220,414 | ||||
City of Yonkers NY, 2.00%, 06/29/20 | 4,855 | 4,860,583 | ||||||
County of Suffolk NY GOL | ||||||||
2.50%, 07/23/20 | 6,000 | 6,019,560 | ||||||
2.50%, 08/20/20 | 1,335 | 1,337,550 | ||||||
East Islip Union Free School District GO, | 1,100 | 1,102,332 | ||||||
Honeoye Falls-Lima Central School District GO, 2.25%, 06/18/20 (SAW) | 1,425 | 1,427,009 | ||||||
Rhinebeck Central School District GO, | 1,500 | 1,502,490 | ||||||
Sandy Creek Central School District GO, | 1,100 | 1,101,826 | ||||||
South Jefferson Central School District GO, | 1,700 | 1,703,536 | ||||||
Town of New Windsor New York GOL, | 1,300 | 1,302,145 | ||||||
Watkins Glen Central School District GO, | 1,300 | 1,302,028 | ||||||
Windsor Central School District GO, 2.25%, 07/24/20 (SAW) | 1,700 | 1,704,335 | ||||||
|
| |||||||
28,574,811 | ||||||||
North Carolina — 1.1% | ||||||||
City of Charlotte NC COP, VRDN, 0.15%, 06/01/33 | 500 | 500,000 | ||||||
City of Raleigh NC COP, VRDN, 0.22%, 02/01/34 (Put 05/07/20)(a) | 830 | 830,000 | ||||||
North Carolina Turnpike Authority RB | ||||||||
5.00%, 01/01/21 | 425 | 429,802 | ||||||
5.00%, 01/01/22 | 215 | 220,870 | ||||||
|
| |||||||
1,980,672 | ||||||||
Ohio — 8.2% | ||||||||
City of Berea OH GOL, 2.00%, 03/11/21 | 1,500 | 1,510,410 | ||||||
City of Kirtland OH GOL, 2.75%, 06/18/20 (ST STANDBY NT PURCHASE) | 600 | 601,140 | ||||||
City of Miamisburg OH GOL, 3.00%, 06/24/20 (ST STANDBY NT PURCHASE) | 1,500 | 1,503,915 | ||||||
City of North Olmsted OH GOL, 2.00%, 03/10/21 | 1,000 | 1,006,910 | ||||||
City of Parma OH GOL, 2.50%, 07/23/20 (ST STANDBY NT PURCHASE) | 1,200 | 1,203,660 | ||||||
County of Allen OH Hospital Facilities Revenue RB, 5.00%, 12/01/20 | 1,500 | 1,529,040 | ||||||
County of Belmont OH GOL, 2.00%, 08/27/20 | 1,510 | 1,511,178 | ||||||
County of Franklin OH RB, 0.25%, 11/15/41 (Put 05/07/20)(a) | 2,000 | 2,000,000 | ||||||
Lancaster Port Authority RB, 5.00%, 02/01/21 | 300 | 306,369 | ||||||
State of Ohio RB, 1.10%, 11/01/35 (Put 06/01/20)(a) | 4,000 | 4,000,000 | ||||||
|
| |||||||
15,172,622 | ||||||||
Pennsylvania — 2.2% | ||||||||
Boyertown Area School District GOL | ||||||||
1.33%, 09/01/20 (SAW) | 150 | 150,087 | ||||||
2.00%, 09/01/21 (SAW) | 400 | 404,288 | ||||||
Connellsville Area School District GOL | ||||||||
4.00%, 08/15/21 (BAM SAW) | 500 | 517,325 | ||||||
4.00%, 08/15/22 (BAM SAW) | 500 | 529,575 | ||||||
Palmyra Area School District GOL, 4.00%, 04/01/21 (SAW) | 900 | 924,435 | ||||||
Pennsylvania Economic Development Financing Authority RB | ||||||||
2.15%, 11/01/21 | 1,000 | 996,710 | ||||||
5.00%, 04/15/21 | 425 | 437,903 | ||||||
|
| |||||||
3,960,323 |
SCHEDULES OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Carolina — 0.5% | ||||||||
South Carolina Public Service Authority RB, VRDN, 0.30%, 01/01/36 (Put 05/07/20)(a) | $ | 1,000 | $ | 1,000,000 | ||||
|
| |||||||
Texas — 3.6% | ||||||||
Port of Arthur Navigation District Industrial Development Corp. RB, 0.43%, 03/01/42 (Put 05/07/20)(a) | 3,000 | 3,000,000 | ||||||
Tender Option Bond Trust Receipts/Certificates RB | ||||||||
0.32%, 06/15/27 (Put 05/07/20)(a)(b) | 1,500 | 1,500,000 | ||||||
0.38%, 01/01/28 (Put 05/07/20)(a)(b) | 2,190 | 2,190,000 | ||||||
|
| |||||||
6,690,000 | ||||||||
Virginia — 1.1% | ||||||||
University of Virginia RB, 1.29%, 05/27/20 | 2,000 | 2,001,326 | ||||||
|
| |||||||
Washington — 0.5% | ||||||||
Grant County Public Utility District No. 2 RB, 2.00%, 01/01/44 (Put 12/02/20)(a) | 1,000 | 1,003,840 | ||||||
|
| |||||||
Wisconsin — 0.4% | ||||||||
Public Finance Authority RB, VRDN, 0.18%,10/01/49(a) | 400 | 400,000 | ||||||
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 10/01/21 | 400 | 420,652 | ||||||
|
| |||||||
820,652 | ||||||||
|
| |||||||
Total Municipal Debt Obligations — 100.2% |
| 184,746,075 | ||||||
|
|
Security | Shares (000) | Value | ||||||
Money Market Funds |
| |||||||
BlackRock Liquidity Funds: MuniCash, 0.15%(c)(d) | 6 | $ | 5,682 | |||||
|
| |||||||
Total Money Market Funds — 0.0% |
| 5,682 | ||||||
|
| |||||||
Total Investments in Securities — 100.2% |
| 184,751,757 | ||||||
Other Assets, Less Liabilities — (0.2)% |
| (322,856 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 184,428,901 | |||||
|
|
(a) | Security is payable upon demand on each reset date. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 10/31/19 (000) | Net Activity (000) | Shares Held at 04/30/20 (000) | Value at 04/30/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds: MuniCash | 60 | (54 | ) | 6 | $ | 5,682 | $ | 22,809 | $ | 37 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Fair Value Measurements
Various inputs are used in determining the fair value offinancial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Municipal Debt Obligations | $ | — | $ | 184,746,075 | $ | — | $ | 184,746,075 | ||||||||
Money Market Funds | 5,682 | — | — | 5,682 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,682 | $ | 184,746,075 | $ | — | $ | 184,751,757 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
18 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Asset-Backed Securities | ||||||||
CarMax Auto Owner Trust | $ | 3,150 | $ | 3,168,117 | ||||
Series2019-1, Class A2A, 3.02%, 07/15/22 | 1,455 | 1,461,236 | ||||||
CNH Equipment Trust, Series2019-A, Class A2, 2.96%, 05/16/22 | 1,870 | 1,879,308 | ||||||
Toyota Auto Receivables Owner Trust, Class A2, 2.77%, 08/16/21 | 654 | 655,079 | ||||||
|
| |||||||
Total Asset-Backed Securities — 0.3% |
| 7,163,740 | ||||||
|
| |||||||
Certificates of Deposit |
| |||||||
ABN AMRO Bank NV, 1.85%, 05/11/20 | 13,000 | 13,005,434 | ||||||
Banco Santander SA/New York | ||||||||
1.89%, 02/11/21, (3 mo. LIBOR US + | 4,500 | 4,490,009 | ||||||
1.95%, 01/29/21, (3 mo. LIBOR US + | 6,000 | 5,987,448 | ||||||
Bank of Montreal, 1.25%, 01/11/21 | 15,000 | 15,075,303 | ||||||
Bank of Montreal/Chicago IL, 1.93%, 02/12/21, | 7,700 | 7,691,116 | ||||||
Bank of Nova Scotia/Houston, 0.49%, 10/23/20, | ||||||||
(FEDL01 + 0.450%)(a) | 8,000 | 7,992,462 | ||||||
Barclays Bank PLC 1.25%, 03/03/21 | 7,000 | 6,996,302 | ||||||
1.31%, 08/10/20(a) | 2,000 | 1,999,924 | ||||||
1.80%, 10/08/20, (3 mo. LIBOR US + | 5,000 | 5,002,143 | ||||||
2.01%, 12/08/20 | 9,000 | 9,042,529 | ||||||
Bayerische Landesbank/New York 1.07%, 01/28/21, (3 mo. LIBOR US + 0.180%)(a) | 13,800 | 13,772,706 | ||||||
2.22%, 02/03/22, (3 mo. LIBOR US + | 20,000 | 19,747,747 | ||||||
BNP Paribas SA/New York NY, | 17,000 | 16,980,893 | ||||||
Canadian Imperial Bank of Commerce 1.23%, 01/04/21, (1 mo. LIBOR US + 0.250%)(a) | 10,000 | 9,997,041 | ||||||
2.16%, 05/02/20(a)(b) | 2,000 | 2,000,000 | ||||||
Credit Agricole Corporate and Investment Bank/New York 1.43%, 07/15/21, (3 mo. LIBOR US + 0.210%)(a) | 7,000 | 6,950,919 | ||||||
1.48%, 09/09/21, (3 mo. LIBOR US + | 6,000 | 6,000,009 | ||||||
1.58%, 01/11/21, (3 mo. LIBOR US + | 3,000 | 2,998,339 | ||||||
1.60%, 09/24/20, (3 mo. LIBOR US + | 1,800 | 1,800,348 | ||||||
1.78%, 07/13/20, (3 mo. LIBOR US + | 6,000 | 6,002,557 | ||||||
1.91%, 01/14/21, (3 mo. LIBOR US + | 3,145 | 3,150,436 | ||||||
1.97%, 08/25/20(a) | 5,000 | 4,999,844 | ||||||
1.98%, 11/15/21, (SOFRRATE + 0.400%)(a) | 6,500 | 6,317,667 | ||||||
2.12%, 05/11/20, (3 mo. LIBOR US + | 2,000 | 2,000,157 | ||||||
Credit Industriel Et Commercial, | 8,000 | 7,952,939 | ||||||
Credit Industriel ET Commercial, NY, | 8,000 | 8,014,522 | ||||||
Credit Suisse AG/New York NY 0.38%, 05/22/20, (SOFRRATE + 0.370%)(a) | 5,000 | 5,000,452 | ||||||
0.46%, 09/25/20, (SOFRRATE + 0.450%)(a) | 7,000 | 6,990,751 | ||||||
1.48%, 12/11/20, (3 mo. LIBOR US + | 3,000 | 2,999,272 | ||||||
1.60%, 12/30/20, (3 mo. LIBOR US + | 5,000 | 5,000,982 | ||||||
1.97%, 11/20/20 | 3,000 | 3,024,175 | ||||||
2.70%, 05/01/20 | 4,000 | 4,000,288 | ||||||
DNB Bank ASA/New York, 1.36%, 07/19/21, | 13,000 | 12,932,733 | ||||||
DZ Bank AG Deutsche Zentral-Genossenschaftsbank/New York, 1.89%, 02/17/22, (3 mo. LIBOR US + 0.200%)(a) | 20,000 | 19,647,994 | ||||||
Goldman Sachs Bank USA/New York NY 1.98%, 02/26/21, (SOFRRATE + 0.430%)(a) | 4,000 | 3,989,570 | ||||||
2.73%, 06/29/20, (SOFRRATE + 0.250%)(a) | 2,750 | 2,745,985 |
Security | Par (000) | Value | ||||||
HSBC Bank USA N.A., 1.86%, 02/04/21, |
| |||||||
(3 mo. LIBOR US +0.110%)(a) | $ | 9,000 | $ | 8,980,374 | ||||
Kookmin Bank/New York, 2.17%, 02/17/21, | ||||||||
(3 mo. LIBOR US + 0.370%)(a) | 30,000 | 29,981,080 | ||||||
Lloyds Bank Corporate Markets PLC, | 5,000 | 5,011,237 | ||||||
Lloyds Bank Corporate Markets PLC/New York NY 1.51%, 04/26/21(a) | 7,000 | 6,991,141 | ||||||
1.69%, 07/19/21(a) | 4,000 | 3,983,182 | ||||||
1.70%, 09/24/20, (3 mo. LIBOR US + 0.500%)(a) | 2,800 | 2,800,001 | ||||||
1.93%, 01/06/21 | 3,500 | 3,522,437 | ||||||
2.03%, 12/18/20 | 5,500 | 5,536,829 | ||||||
Morgan Stanley Bank N.A. 0.59%, 02/19/21(a)(b) | 4,400 | 4,393,062 | ||||||
2.15%, 08/25/21(a)(b) | 15,000 | 15,044,660 | ||||||
MUFG Bank Ltd. 1.49%, 01/25/21, (3 mo. LIBOR US + 0.500%)(a) | 2,000 | 2,002,190 | ||||||
1.68%, 07/16/21, (3 mo. LIBOR US + 0.500%)(a) | 3,000 | 2,989,279 | ||||||
1.96%, 10/15/20 | 8,000 | 8,050,419 | ||||||
1.98%, 10/15/20 | 6,000 | 6,038,352 | ||||||
2.02%, 08/26/20 | 4,000 | 4,019,045 | ||||||
2.06%, 08/18/20 | 5,500 | 5,525,335 | ||||||
Natixis SA/New York NY 0.31%, 06/05/20, (SOFRRATE + 0.300%)(a) | 3,000 | 2,999,628 | ||||||
1.43%, 07/23/20(a) | 4,000 | 3,999,397 | ||||||
1.93%, 11/12/20 | 6,000 | 6,043,527 | ||||||
Nordea Bank Abp/New York NY 1.12%, 01/28/22(a) | 10,000 | 9,868,359 | ||||||
1.60%, 07/10/20, (3 mo. LIBOR US + 0.290%)(a) | 4,000 | 3,999,998 | ||||||
1.65%, 01/07/22, (3 mo. LIBOR US + 0.260%)(a) | 6,500 | 6,420,490 | ||||||
2.00%, 08/10/20, (3 mo. LIBOR US + 0.270%)(a) | 1,000 | 999,918 | ||||||
2.03%, 02/05/21, (3 mo. LIBOR US + 0.290%)(a) | 9,848 | 9,839,884 | ||||||
Royal Bank of Canada/New York NY, 1.49%, 04/23/21, | 8,000 | 8,003,863 | ||||||
Skandinaviska Enskilda Banken AB/New York NY 1.60%, 10/02/20, (3 mo. LIBOR US + 0.150%)(a) | 5,000 | 4,999,998 | ||||||
1.93%, 10/16/20. | 6,000 | 6,040,265 | ||||||
Standard Chartered Bank, 1.99%, 05/01/20 | 15,000 | 15,000,790 | ||||||
Standard Chartered Bank/New York, 1.16%, 06/08/20, | ||||||||
(1 mo. LIBOR US + 0.300%)(a) | 6,500 | 6,501,013 | ||||||
Sumitomo Mitsui Banking Corp./New York 1.30%, 06/18/20, (3 mo. LIBOR US + 0.410%)(a) | 8,200 | 8,202,141 | ||||||
1.34%, 09/10/21, (3 mo. LIBOR US + 0.440%)(a) | 5,000 | 4,963,914 | ||||||
1.44%, 07/24/20, (3 mo. LIBOR US + 0.420%)(a) | 2,000 | 2,000,763 | ||||||
1.66%, 07/12/21, (3 mo. LIBOR US + 0.350%)(a) | 5,000 | 4,973,383 | ||||||
1.69%, 10/12/21, (3 mo. LIBOR US + 0.380%)(a) | 3,000 | 3,000,001 | ||||||
1.73%, 04/06/21, (3 mo. LIBOR US + 0.355%)(a) | 6,476 | 6,464,390 | ||||||
2.04%, 11/12/21, (3 mo. LIBOR US + 0.350%)(a) | 5,000 | 4,940,020 | ||||||
2.09%, 11/05/21, (3 mo. LIBOR US + 0.350%)(a) | 8,500 | 8,399,321 | ||||||
2.10%, 02/12/21(a) | 14,474 | 14,467,325 | ||||||
Sumitomo Mitsui Trust Bank Ltd./ New York, | 10,000 | 10,012,448 | ||||||
Sumitomo Mitsui Trust Bank Ltd./New York, | 6,000 | 6,000,005 | ||||||
Svenska Handelsbanken/New York NY 1.23%, 01/04/21, (1 mo. LIBOR US + 0.250%)(a) | 10,000 | 9,985,323 | ||||||
1.60%, 10/02/20, (3 mo. LIBOR US + 0.150%)(a) | 10,000 | 9,999,996 | ||||||
1.63%, 01/06/22, (3 mo. LIBOR US + 0.260%)(a) | 7,000 | 6,914,514 | ||||||
Toronto-Dominion Bank/NY 1.13%, 04/14/21. | 10,000 | 10,045,049 | ||||||
1.42%, 04/26/21, (3 mo. LIBOR US + 0.400%)(a) | 5,000 | 4,999,999 | ||||||
UBS AG/Stamford CT, 1.38%, 04/16/21 | 10,000 | 10,005,997 |
SCHEDULES OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Westpac Banking Corp./NY, 1.15%, 12/09/20, (3 mo. LIBOR US + 0.150%)(a) | $ | 12,000 | $ | 11,996,406 | ||||
Total Certificates of Deposit — 22.4% | 599,257,744 | |||||||
|
| |||||||
Commercial Paper |
| |||||||
ABB Treasury Center USA Inc., 1.71%, 05/22/20(c) | 11,000 | 10,994,568 | ||||||
Airbus Group Finance BV, 1.22%, 05/22/20(c) | 20,000 | 19,997,971 | ||||||
Albion Capital Corp., 1.35%, 07/09/20(c) | 7,000 | 6,995,467 | ||||||
American Electric Power Co. Inc. | ||||||||
1.86%, 05/28/20(c) | 10,000 | 9,989,399 | ||||||
1.86%, 05/29/20(c) | 7,000 | 6,992,066 | ||||||
AstraZeneca PLC, 2.11%, 07/16/20(c) | 10,000 | 9,967,639 | ||||||
AT&T Inc., 1.51%, 08/04/20(c) | 6,730 | 6,703,331 | ||||||
Banco Santander SA, 1.98%, 06/26/20(c) | 6,000 | 5,997,150 | ||||||
Barclays Bank PLC, 1.85%, 01/28/21(c) | 15,000 | 14,887,387 | ||||||
Barton Capital Corp., 1.37%, 07/02/20(c) | 24,000 | 23,979,756 | ||||||
Bedford Row Funding Corp., 1.16%, 04/12/21(c) | 10,000 | 9,920,961 | ||||||
BP Capital Markets PLC, 1.77%, 08/05/20(c) | 20,000 | 19,971,493 | ||||||
BPCE SA | ||||||||
1.06%, 12/01/20(c) | 8,000 | 7,972,958 | ||||||
2.04%, 12/23/20(c) | 8,000 | 7,968,242 | ||||||
British Aerospace Pub Ltd. Co. | ||||||||
1.61%, 06/11/20(c) | 17,100 | 17,072,669 | ||||||
1.61%, 06/17/20(c) | 11,000 | 10,979,173 | ||||||
Cancara Asset Securitisation LLC, | 3,000 | 2,999,130 | ||||||
Cargill Inc., 1.26%, 10/13/20(c) | 20,000 | 19,944,667 | ||||||
Coca-Cola Co. | ||||||||
1.21%, 09/24/20(c) | 3,000 | 2,996,447 | ||||||
1.63%, 02/11/21(c) | 5,000 | 4,982,063 | ||||||
Compass Group PLC, 1.81%, 07/31/20(c) | 13,900 | 13,885,436 | ||||||
Duke Energy Corp. | ||||||||
1.05%, 06/24/20(c) | 12,000 | 11,974,187 | ||||||
1.20%, 06/17/20(c) | 5,000 | 4,990,533 | ||||||
1.76%, 05/08/20(c) | 12,000 | 11,997,867 | ||||||
Eaton Capital Unlimited Co., 0.60%, 05/01/20(c) | 10,500 | 10,499,812 | ||||||
Electricite de France SA, 1.76%, 05/08/20(c) | 12,000 | 11,997,867 | ||||||
Enbridge Inc. | ||||||||
1.81%, 05/26/20(c) | 6,400 | 6,394,097 | ||||||
1.82%, 05/20/20(c) | 8,000 | 7,995,480 | ||||||
General Dynamics Corp., 2.03%, 07/13/20(c) | 16,000 | 15,958,988 | ||||||
GlaxoSmithKline LLC, 1.00%, 09/01/20(c) | 9,850 | 9,818,006 | ||||||
HSBC Bank PLC | 5,000 | 4,993,269 | ||||||
1.45%, 10/13/20, (3 mo. LIBOR US + | 10,000 | 9,999,110 | ||||||
Hyundai Capital America 1.83%, 06/18/20(c) | 3,800 | 3,792,666 | ||||||
1.83%, 06/19/20(c) | 4,500 | 4,491,144 | ||||||
2.22%, 06/09/20(c) | 13,000 | 12,979,301 | ||||||
ING U.S. Funding LLC 0.89%, 09/14/20, (3 mo. LIBOR US + 0.150%)(a) | 5,000 | 4,996,313 | ||||||
1.37%, 09/23/20, (3 mo. LIBOR US + | 10,000 | 9,993,019 | ||||||
Macquarie Bank Ltd., 1.76%, 02/16/21, (3 mo. LIBOR US + 0.070%)(a)(d) | 10,000 | 9,974,093 | ||||||
National Australia Bank Ltd., 1.12%, 12/09/20, (3 mo. LIBOR US + 0.120%)(a)(d) | 12,000 | 11,994,254 | ||||||
National Grid PLC, 1.76%, 05/27/20(c) | 10,000 | 9,990,100 |
Security | Par (000) | Value | ||||||
Nissan Motor Acceptance Corp. | $ | 6,950 | $ | 6,914,846 | ||||
2.98%, 06/12/20(c) | 7,000 | 6,975,184 | ||||||
Nutrien Ltd. 1.17%, 05/04/20(c) | 11,000 | 10,998,961 | ||||||
1.23%, 05/12/20(c) | 6,000 | 5,998,300 | ||||||
1.63%, 05/26/20(c) | 4,000 | 3,996,311 | ||||||
2.03%, 05/13/20(c) | 4,000 | 3,998,772 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 5,000 | 4,996,740 | ||||||
1.87%, 08/04/20. | 12,000 | 12,041,692 | ||||||
1.94%, 10/19/20(c) | 8,000 | 7,961,396 | ||||||
Reckitt Benckiser Treasury Services PLC, | 3,000 | 2,999,174 | ||||||
Salisbury Receivables Co. LLC, 0.31%, 02/19/21, (SOFRRATE + 0.300%)(a)(d) | 9,000 | 8,967,806 | ||||||
Shell International Finance BV, 1.97%, 06/26/20(c) | 6,500 | 6,488,885 | ||||||
Societe Generale SA, 1.10%,08/20/20, (1 mo. LIBOR US + 0.380%)(a)(d) | 10,000 | 10,006,838 | ||||||
Starbird Funding Corp., 1.10%, 08/14/20(c) | 5,000 | 4,992,330 | ||||||
Starbucks Corp., 1.91%, 06/16/20(c) | 7,000 | 6,987,206 | ||||||
Suncor Energy Inc. 1.37%, 06/03/20(c) | 6,000 | 5,991,823 | ||||||
1.80%, 05/27/20(c) | 5,250 | 5,244,802 | ||||||
1.81%, 05/07/20(c) | 9,500 | 9,498,522 | ||||||
1.81%, 05/11/20(c) | 3,200 | 3,199,218 | ||||||
1.81%, 05/26/20(c) | 10,000 | 9,990,777 | ||||||
1.84%, 08/18/20(c) | 8,750 | 8,699,656 | ||||||
1.85%, 05/04/20(c) | 4,000 | 3,999,644 | ||||||
Suncorp Group Ltd. 1.92%, 05/11/20(c) | 9,000 | 8,998,790 | ||||||
1.92%, 06/09/20(c) | 7,000 | 6,996,399 | ||||||
1.94%, 05/26/20(c) | 2,000 | 1,999,425 | ||||||
Svenska Handelsbanken AB, 1.94%, 10/16/20(c) | 4,000 | 3,990,517 | ||||||
Telstra Corp. Ltd. 0.82%, 09/28/20(c) | 9,750 | 9,716,687 | ||||||
1.28%, 12/21/20(c) | 8,140 | 8,094,250 | ||||||
TransCanada PipeLines Ltd 1.15%, 05/01/20(c) | 23,000 | 22,999,489 | ||||||
1.32%, 05/06/20(c) | 11,000 | 10,998,533 | ||||||
1.85%, 05/05/20(c) | 36,000 | 35,996,000 | ||||||
UBS AG/London, 1.51%, 07/10/20 (Call 06/01/21), | 5,000 | 5,000,462 | ||||||
Verizon Communications Inc. 1.41%, 06/23/20(c) | 9,000 | 8,980,965 | ||||||
1.75%, 05/07/20(c) | 10,000 | 9,998,833 | ||||||
2.01%, 06/08/20(c) | 5,665 | 5,656,193 | ||||||
Versailles CDS LLC, 1.16%, 08/19/20(c) | 10,000 | 9,981,346 | ||||||
VW CR Inc. 1.85%, 08/14/20(c) | 6,700 | 6,662,971 | ||||||
1.89%, 08/10/20(c) | 10,000 | 9,947,017 | ||||||
VW Credit Inc., 2.04%, 01/29/21(c) | 12,900 | 12,713,452 | ||||||
Walt Disney Co. (The), 1.86%, 09/09/20(c) | 8,750 | 8,711,500 | ||||||
|
| |||||||
Total Commercial Paper — 28.0% |
| 748,419,791 | ||||||
|
| |||||||
Corporate Bonds & Notes |
| |||||||
Aerospace & Defense — 0.7% | ||||||||
General Dynamics Corp., 2.88%, 05/11/20 | 2,000 | 2,000,904 | ||||||
Lockheed Martin Corp., 2.50%, 11/23/20 (Call 10/23/20) | 12,000 | 12,070,920 |
20 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Aerospace & Defense (continued) |
| |||||||
Raytheon Co., 3.13%, 10/15/20 | $ | 4,600 | $ | 4,647,086 | ||||
|
| |||||||
18,718,910 | ||||||||
Auto Manufacturers — 4.2% | ||||||||
American Honda Finance Corp. 1.00%, 06/16/20, (3 mo. LIBORUS + 0.260%)(a) | 4,000 | 3,997,742 | ||||||
1.12%, 06/11/21, (3 mo. LIBOR US + | 4,120 | 4,081,556 | ||||||
1.92%, 02/12/21, (3 mo. LIBOR US + | 1,000 | 991,885 | ||||||
2.20%, 06/27/22 | 10,100 | 10,139,438 | ||||||
BMW U.S. Capital LLC 1.72%, 04/12/21, (3 mo. LIBOR US + 0.410%)(a)(d) | 2,000 | 1,965,857 | ||||||
1.85%, 09/15/21 (Call 08/15/21)(d) | 10,000 | 9,969,163 | ||||||
2.21%, 08/13/21, (3 mo. LIBOR US + | 5,000 | 4,873,447 | ||||||
3.25%, 08/14/20(d) | 1,850 | 1,851,125 | ||||||
Daimler Finance North America LLC 2.13%, 02/22/21, (3 mo. LIBOR US + 0.450%)(a)(d) | 3,000 | 2,929,560 | ||||||
2.30%, 02/12/21(d) | 1,535 | 1,520,217 | ||||||
3.10%, 05/04/20(d) | 9,325 | 9,325,000 | ||||||
3.40%, 02/22/22(d) | 5,000 | 5,003,944 | ||||||
Harley-Davidson Financial Services Inc., | 2,000 | 1,999,916 | ||||||
Hyundai Capital America 1.60%, 03/12/21, (3 mo. LIBOR US + 0.820%)(a)(d) | 1,000 | 975,843 | ||||||
2.38%, 02/10/23(d) | 7,560 | 7,295,400 | ||||||
2.85%,11/01/22(d) | 3,440 | 3,377,650 | ||||||
3.00%,10/30/20(d) | 6,794 | 6,757,907 | ||||||
3.45%, 03/12/21(d) | 2,200 | 2,195,875 | ||||||
Nissan Motor Acceptance Corp., | 750 | 733,558 | ||||||
PACCAR Financial Corp. 1.99%, 05/10/21, (3 mo. LIBOR US + 0.260%)(a) | 680 | 675,722 | ||||||
2.05%, 11/13/20 | 580 | 583,639 | ||||||
3.10%, 05/10/21 | 915 | 936,076 | ||||||
Toyota Motor Credit Corp. 1.83%, 08/13/21, (3 mo. LIBOR US + 0.125%)(a) | 15,345 | 15,142,802 | ||||||
3.05%, 01/08/21 | 2,435 | 2,462,432 | ||||||
Volkswagen Group of America Finance LLC 2.06%, 09/24/21, (3 mo. LIBOR US + | 3,870 | 3,759,554 | ||||||
2.50%, 09/24/21(d) | 430 | 428,727 | ||||||
3.88%, 11/13/20(d) | 7,000 | 7,011,372 | ||||||
|
| |||||||
110,985,407 | ||||||||
Auto Parts & Equipment — 0.0% | ||||||||
Toyota Industries Corp., 3.11%, 03/12/22 (Call 02/12/22)(d) | 1,000 | 1,018,320 | ||||||
|
| |||||||
Banks — 27.3% | ||||||||
ABN AMRO Bank NV 2.21%, 08/27/21, (3 mo. LIBOR US + 0.570%)(a)(d) | 3,000 | 2,983,764 | ||||||
2.45%, 06/04/20(d) | 5,000 | 5,004,400 | ||||||
2.65%, 01/19/21(d) | 14,955 | 15,090,791 | ||||||
3.40%, 08/27/21(d) | 4,060 | 4,169,219 | ||||||
ANZ New Zealand Int’l Ltd./London 1.90%, 07/28/21, (3 mo. LIBOR US + 1.010%)(a)(d) | 4,000 | 3,984,800 | ||||||
2.13%, 07/28/21(d) | 2,619 | 2,648,700 | ||||||
2.20%, 07/17/20(d) | 1,351 | 1,354,246 | ||||||
Australia & New Zealand Banking Group Ltd. 2.05%, 11/09/20, (3 mo. LIBOR US + | 1,000 | 998,338 | ||||||
4.88%, 01/12/21(d) | 4,000 | 4,109,564 | ||||||
Australia & New Zealand Banking Group Ltd./New York NY, 2.25%, 11/09/20 | 4,500 | 4,532,313 | ||||||
Bank of America Corp. 2.33%, 10/01/21 (Call 10/01/20)(b) | 7,287 | 7,297,262 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
2.63%, 10/19/20 | $ | 6,000 | $ | 6,040,840 | ||||
5.63%, 07/01/20. | 1,450 | 1,460,911 | ||||||
5.88%, 01/05/21. | 3,000 | 3,094,426 | ||||||
Bank of America N.A. 0.57%, 06/21/21 (Call 06/21/20), | ||||||||
(SOFRRATE + 0.550%)(a) | 7,000 | 6,877,313 | ||||||
2.03%, 05/24/21 (Call 04/24/21), | ||||||||
(3 mo. LIBOR US + 0.350%)(a) | 5,000 | 4,970,004 | ||||||
Bank of Montreal, Series D, 3.10%, 04/13/21 | 2,020 | 2,062,110 | ||||||
Bank of New York Mellon (The), 1.53%, 06/04/21 (Call 06/04/20), (3 mo. LIBOR US + 0.280%)(a) | 12,000 | 11,934,235 | ||||||
Bank of Nova Scotia (The) 1.58%, 04/20/21, (3 mo. LIBOR US + 0.440%)(a) | 2,000 | 1,995,342 | ||||||
1.64%, 01/08/21, (3 mo. LIBORUS + 0.290%)(a) | 1,000 | 996,497 | ||||||
2.35%, 10/21/20 | 6,000 | 6,049,301 | ||||||
3.13%, 04/20/21 | 6,021 | 6,148,923 | ||||||
Banque Federative du Credit Mutuel SA 1.96%, 07/21/21(d) | 7,000 | 7,076,721 | ||||||
2.20%, 07/20/20(d) | 14,385 | 14,427,853 | ||||||
2.75%, 10/15/20(d) | 3,000 | 3,023,432 | ||||||
BNP Paribas SA 2.38%, 05/21/20. | 4,900 | 4,903,155 | ||||||
5.00%,01/15/21 | 18,500 | 19,017,838 | ||||||
BNZ International Funding Ltd./London, 2.90%,02/21/22(d). | 3,700 | 3,780,084 | ||||||
BPCE SA 0.90%, 02/17/22, | 7,300 | 7,131,892 | ||||||
2.65%, 02/03/21 | 1,200 | 1,209,324 | ||||||
2.75%, 12/02/21 | 11,945 | 12,160,010 | ||||||
3.15%, 07/31/20(d) | 3,000 | 3,014,015 | ||||||
Canadian Imperial Bank of Commerce, | 1,680 | 1,701,053 | ||||||
Capital One N.A. 2.15%, 09/06/22 (Call 05/06/22) | 4,550 | 4,534,352 | ||||||
2.95%, 07/23/21 (Call 06/23/21) | 4,500 | 4,541,220 | ||||||
Citibank N.A. 1.61%, 07/23/21 (Call 06/23/21), | ||||||||
(3 mo. LIBOR US + 0.570%)(a) | 2,000 | 1,988,350 | ||||||
2.06%,02/12/21 (Call 01/12/21), | ||||||||
(3 mo. LIBOR US + 0.350%)(a) | 1,000 | 996,865 | ||||||
2.10%, 06/12/20 (Call 05/12/20) | 3,000 | 3,000,644 | ||||||
2.85%, 02/12/21 (Call 01/12/21) | 6,300 | 6,384,509 | ||||||
3.05%, 05/01/20 | 3,000 | 3,000,000 | ||||||
3.17%, 02/19/22 (Call 02/19/21)(b) | 2,000 | 2,025,076 | ||||||
Citigroup Inc. 1.55%,11/04/22 (Call 11/04/21), | ||||||||
(SOFRRATE + 0.870%)(a) | 5,000 | 4,845,582 | ||||||
2.31%, 11/04/22 (Call 11/04/21)(b) | 5,000 | 5,044,544 | ||||||
2.75%, 04/25/22 (Call 03/25/22) | 5,000 | 5,119,477 | ||||||
Citizens Bank N.A./Providence RI, 2.20%, 05/26/20 | 5,815 | 5,817,491 | ||||||
Commonwealth Bank of Australia, | 4,000 | 4,020,758 | ||||||
Commonwealth Bank of Australia/New York NY, 2.55%, 03/15/21 | 11,575 | 11,747,264 | ||||||
Cooperatieve Rabobank UA, 3.88%, 02/08/22 | 1,925 | 2,005,100 | ||||||
Cooperatieve Rabobank UA/NY 1.42%, 04/26/21, (3 mo. LIBOR US + 0.430%)(a) | 1,000 | 1,000,120 | ||||||
2.50%, 01/19/21 | 4,080 | 4,126,150 | ||||||
Credit Agricole SA/London, 2.61%, 07/01/21, (3 mo. LIBORUS + 1.180%)(a)(d) | 4,000 | 4,000,815 | ||||||
Credit Suisse AG/New York NY 1.20%, 02/04/22, (SOFRRATE + 0.450%)(a) | 16,000 | 15,558,828 | ||||||
2.10%, 11/12/21 | 6,855 | 6,927,520 |
SCHEDULES OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
4.38%, 08/05/20 | $ | 5,020 | $ | 5,060,181 | ||||
DBS Group Holdings Ltd., 2.85%, 04/16/22(d) | 3,267 | 3,328,256 | ||||||
DNB Bank ASA | 6,000 | 6,128,600 | ||||||
2.20%,12/02/22, (3 mo. LIBOR US + | 5,000 | 4,914,853 | ||||||
2.38%, 06/02/21(d) | 4,450 | 4,503,547 | ||||||
Fifth Third Bank/Cincinnati OH 1.01%, 10/30/20 (Call 09/30/20), | 1,000 | 996,830 | ||||||
1.80%, 01/30/23 (Call 12/30/22) | 4,560 | 4,598,809 | ||||||
Goldman Sachs Bank USA/New York NY | 4,915 | 4,878,506 | ||||||
3.20%, 06/05/20 | 445 | 445,842 | ||||||
Goldman Sachs Group Inc. (The) 2.60%, 12/27/20 (Call 06/27/20) | 21,300 | 21,342,874 | ||||||
2.88%, 02/25/21 (Call 01/25/21) | 10,000 | 10,100,263 | ||||||
HSBC Holdings PLC 1.43%, 09/11/21 (Call 09/11/20), | ||||||||
(3 mo. LIBOR US + 0.650%)(a) | 4,000 | 3,969,912 | ||||||
2.29%, 05/18/21 (Call 05/18/20), | ||||||||
(3 mo. LIBOR US + 0.600%)(a) | 7,563 | 7,562,512 | ||||||
3.40%, 03/08/21 | 5,000 | 5,087,699 | ||||||
ING Bank NV, 2.05%, 08/15/21(d) | 5,865 | 5,881,619 | ||||||
KeyBank N.A./Cleveland OH, 3.30%, 02/01/22 | 2,115 | 2,182,204 | ||||||
Korea Development Bank (The), 2.04%, 02/18/23, | ||||||||
(3 mo. LIBOR US + 0.350%)(a) | 16,455 | 16,124,118 | ||||||
Lloyds Bank PLC | 7,829 | 7,865,614 | ||||||
3.30%, 05/07/21 | 3,000 | 3,062,564 | ||||||
6.38%, 01/21/21 | 3,500 | 3,619,643 | ||||||
Macquarie Bank Ltd. | 8,400 | 8,480,147 | ||||||
2.13%, 11/24/21, (3 mo. LIBOR US + 0.450%)(a)(d) | 26,000 | 25,692,008 | ||||||
Mitsubishi UFJ Trust & Banking Corp., | 8,500 | 8,553,743 | ||||||
Mizuho Bank Ltd., 2.70%, 10/20/20(d) | 3,700 | 3,729,577 | ||||||
Morgan Stanley 0.73%, 01/20/23 (Call 01/20/22), | ||||||||
(SOFRRATE + 0.700%)(a) | 10,000 | 9,642,145 | ||||||
0.94%, 06/10/22 (Call 06/10/21), | ||||||||
(SOFRRATE + 0.830%)(a) | 5,000 | 4,895,211 | ||||||
2.50%, 04/21/21 | 3,000 | 3,036,697 | ||||||
2.51%, 04/21/21, (3 mo. LIBOR US + 1.400%)(a) | 2,000 | 2,006,915 | ||||||
2.80%, 06/16/20 | 5,000 | 5,009,100 | ||||||
MUFG Bank Ltd. | 3,000 | 3,019,705 | ||||||
2.85%, 09/08/21(d) | 1,400 | 1,421,384 | ||||||
MUFG Union Bank N.A., 3.15%, 04/01/22 (Call 03/01/22) | 4,000 | 4,117,573 | ||||||
National Australia Bank Ltd., 1.66%, 01/12/21, (3 mo. LIBOR US + 0.350%)(a)(d) | 2,000 | 1,996,560 | ||||||
National Australia Bank Ltd./New York | 5,000 | 5,048,032 | ||||||
1.88%, 12/13/22 | 4,460 | 4,524,338 | ||||||
2.13%, 05/22/20 | 5,000 | 5,003,242 | ||||||
2.50%, 01/12/21 | 1,000 | 1,007,960 | ||||||
2.63%, 07/23/20 | 3,000 | 3,011,742 | ||||||
3.70%, 11/04/21 | 3,035 | 3,133,880 | ||||||
National Bank of Canada, 2.20%, 11/02/20 (Call 10/02/20) | 2,000 | 2,012,521 | ||||||
Nordea Bank Abp 2.08%, 05/29/20, (3 mo. LIBOR US + 0.470%)(a)(d) | 2,000 | 2,001,889 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
2.13%, 05/29/20(d) | $ | 8,350 | $ | 8,359,352 | ||||
2.25%, 05/27/21(d) | 4,000 | 4,057,547 | ||||||
2.50%, 09/17/20(d) | 4,000 | 4,018,780 | ||||||
Royal Bank of Canada 1.40%, 07/22/20, (3 mo. LIBOR US + 0.300%)(a) | 2,000 | 1,997,389 | ||||||
3.20%, 04/30/21 | 5,000 | 5,114,843 | ||||||
Santander UK PLC 2.06%, 11/03/20, (3 mo. LIBORUS + 0.300%)(a) | 500 | 498,659 | ||||||
2.10%, 01/13/23 | 2,670 | 2,688,354 | ||||||
2.13%, 11/03/20 | 19,579 | 19,639,279 | ||||||
3.40%, 06/01/21 | 4,000 | 4,074,400 | ||||||
Skandinaviska Enskilda Banken AB | 3,000 | 2,961,066 | ||||||
2.12%, 05/17/21, (3 mo. LIBOR US + 0.430%)(a)(d) | 4,000 | 3,984,189 | ||||||
2.20%, 12/12/22(d) | 2,845 | 2,899,066 | ||||||
2.30%, 12/01/20, (3 mo. LIBOR US + 0.720%)(a)(d) | 5,000 | 4,994,825 | ||||||
2.45%, 05/27/20(d) | 3,000 | 3,001,740 | ||||||
2.63%, 03/15/21 | 6,000 | 6,088,685 | ||||||
3.05%, 03/25/22(d) | 3,000 | 3,080,712 | ||||||
Societe Generale SA 2.50%, 04/08/21(d) | 5,460 | 5,500,677 | ||||||
2.63%, 09/16/20(d) | 2,000 | 2,008,723 | ||||||
5.20%, 04/15/21(d) | 3,571 | 3,704,755 | ||||||
Sumitomo Mitsui Banking Corp., 3.95%, 01/12/22(d) | 2,000 | 2,074,735 | ||||||
Suncorp-Metway Ltd. 1.64%, 10/19/20, (3 mo. LIBORUS + 0.500%)(a)(d) | 7,000 | 6,967,565 | ||||||
2.38%, 11/09/20(d) | 1,250 | 1,255,668 | ||||||
2.80%, 05/04/22(d) | 895 | 917,020 | ||||||
Svenska Handelsbanken AB 1.36%, 09/08/20, (3 mo. LIBOR US + 0.360%)(a) | 745 | 744,679 | ||||||
2.40%, 10/01/20 | 3,000 | 3,022,879 | ||||||
Toronto-Dominion Bank (The), 3.00%, 06/11/20 | 1,000 | 1,002,501 | ||||||
Truist Bank 1.25%, 03/09/23 (Call 02/09/23) | 15,000 | 14,968,971 | ||||||
2.25%, 06/01/20 (Call 05/01/20) | 7,600 | 7,600,000 | ||||||
3.53%, 10/26/21 (Call 10/26/20)(b) | 5,000 | 5,053,114 | ||||||
Truist Financial Corp., 2.15%, 02/01/21 (Call 01/01/21) | 6,172 | 6,219,051 | ||||||
UBS AG/London 1.75%, 04/21/22 (Call 03/21/22)(d) | 6,085 | 6,110,692 | ||||||
2.20%, 06/08/20 (Call 05/08/20)(d) | 2,300 | 2,302,227 | ||||||
2.45%, 12/01/20 (Call 11/01/20)(d) | 14,200 | 14,281,652 | ||||||
UBS AG/Stamford CT, 4.88%, 08/04/20 | 1,000 | 1,009,669 | ||||||
United Overseas Bank Ltd., 1.52%, 04/23/21, | 2,000 | 1,994,891 | ||||||
Wells Fargo &Co. | 2,200 | 2,223,797 | ||||||
2.59%, 03/04/21, (3 mo. LIBOR US + 1.340%)(a) | 5,000 | 5,013,756 | ||||||
2.60%, 07/22/20 | 1,000 | 1,003,475 | ||||||
Wells Fargo Bank N.A. 1.53%, 01/15/21, (3 mo. LIBOR US + 0.310%)(a) | 2,000 | 1,996,020 | ||||||
1.54%, 07/23/21 (Call 07/23/20), | 5,000 | 4,975,144 | ||||||
1.61%, 10/22/21 (Call 09/21/21), | 2,000 | 1,987,940 | ||||||
1.66%, 09/09/22 (Call 09/09/21), | 15,000 | 14,860,314 | ||||||
2.08%, 05/21/21 (Call 05/21/20), | 5,000 | 4,972,512 | ||||||
3.33%, 07/23/21 (Call 07/23/20)(b) | 2,000 | 2,006,171 |
22 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
Westpac Banking Corp. | $ | 5,000 | $ | 5,051,548 | ||||
2.00%, 01/13/23 | 2,375 | 2,426,801 | ||||||
2.60%, 11/23/20 | 11,160 | 11,270,510 | ||||||
|
| |||||||
728,918,499 | ||||||||
Beverages — 0.1% | ||||||||
PepsiCo Inc., 0.75%, 05/01/23 | 1,615 | 1,612,020 | ||||||
|
| |||||||
Chemicals — 0.1% | ||||||||
Air Liquide Finance SA, 1.75%, 09/27/21 (Call 08/27/21)(d) | 3,000 | 3,018,695 | ||||||
|
| |||||||
Computers — 0.5% | ||||||||
International Business Machines Corp., 2.11%, 05/13/21, (3 mo. LIBOR US + 0.400%)(a) | 14,000 | 13,996,719 | ||||||
|
| |||||||
Diversified Financial Services — 1.1% | ||||||||
American Express Co., 3.00%, 02/22/21 | 3,200 | 3,235,271 | ||||||
Capital One Bank USA N.A., 2.01%, 01/27/23 | 27,500 | 27,213,652 | ||||||
|
| |||||||
30,448,923 | ||||||||
Electric — 1.5% | ||||||||
Electricite de France SA, 2.35%, 10/13/20 | 12,100 | 12,127,962 | ||||||
NextEra Energy Capital Holdings Inc. 1.82%, 09/28/20, (3 mo. LIBOR US + 0.450%)(a) | 9,000 | 8,980,995 | ||||||
2.23%, 05/04/21, (3 mo. LIBOR US + | 10,000 | 9,923,441 | ||||||
2.40%, 09/01/21 | 5,925 | 6,023,177 | ||||||
2.90%, 04/01/22 | 2,260 | 2,334,679 | ||||||
Series H, 3.34%, 09/01/20 | 1,795 | 1,806,569 | ||||||
|
| |||||||
41,196,823 | ||||||||
Health Care - Services — 0.2% | ||||||||
UnitedHealth Group Inc., 1.95%,10/15/20 | 5,000 | 5,000,115 | ||||||
|
| |||||||
Insurance — 2.0% | ||||||||
Jackson National Life Global Funding 0.63%,01/06/23, (SOFRRATE + 0.600%)(a)(d) | 26,000 | 24,954,308 | ||||||
1.52%, 10/15/20, (3 mo. LIBOR US + | 5,000 | 4,984,804 | ||||||
MassMutual Global Funding II, | 6,900 | 6,964,789 | ||||||
Metropolitan Life Global Funding I, | 16,460 | 15,876,493 | ||||||
|
| |||||||
52,780,394 | ||||||||
Machinery —1.4% | ||||||||
Caterpillar Financial Services Corp. | 1,000 | 996,522 | ||||||
1.30%, 03/08/21, (3 mo. LIBOR US + | 7,000 | 6,967,082 | ||||||
1.90%, 08/26/20, (3 mo. LIBOR US + | 9,000 | 8,999,673 | ||||||
1.91%,11/12/21, (3 mo. LIBOR US + | 7,000 | 6,897,854 | ||||||
2.90%, 03/15/21 | 1,500 | 1,525,106 | ||||||
Series I, 2.65%, 05/17/21 | 3,810 | 3,876,806 | ||||||
John Deere Capital Corp. | 1,000 | 994,912 | ||||||
1.49%,10/09/20, (3 mo. LIBOR US + | 3,000 | 2,990,909 | ||||||
1.73%, 07/10/20, (3 mo. LIBOR US + | 3,000 | 2,998,741 | ||||||
|
| |||||||
36,247,605 | ||||||||
Manufacturing —0.2% | ||||||||
3M Co., 3.00%, 09/14/21 (Call 08/14/21) | 1,075 | 1,116,868 | ||||||
Siemens Financieringsmaatschappij NV, 2.15%,05/27/20(d). | 3,000 | 3,002,437 | ||||||
|
| |||||||
4,119,305 | ||||||||
Media — 0.4% | ||||||||
Comcast Corp., 1.76%, 10/01/20, | ||||||||
(3 mo. LIBOR US + 0.330%)(a) | 2,000 | 2,001,116 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
NBCUniversal Enterprise Inc., 1.83%, 04/01/21, | $ | 5,000 | $ | 5,000,403 | ||||
Walt Disney Co. (The), 1.83%, 09/01/21, | 4,320 | 4,296,248 | ||||||
|
| |||||||
11,297,767 | ||||||||
Oil & Gas — 0.4% | ||||||||
BP Capital Markets PLC, 1.93%, 11/24/20, | 10,000 | 9,921,618 | ||||||
|
| |||||||
Oil & Gas Services — 0.1% | ||||||||
Schlumberger Finance Canada Ltd., | 2,500 | 2,466,929 | ||||||
|
| |||||||
Pharmaceuticals — 1.7% | ||||||||
AbbVie Inc. 2.05%, 05/21/21, (3 mo. LIBOR US + 0.350%)(a)(d) | 9,000 | 8,951,573 | ||||||
2.15%,11/19/21(d) | 13,000 | 13,166,984 | ||||||
Bristol-Myers Squibb Co., 2.88%, 08/15/20(d) | 12,500 | 12,564,994 | ||||||
Pfizer Inc., 3.00%, 09/15/21 | 1,670 | 1,720,285 | ||||||
Sanofi, 4.00%, 03/29/21 | 8,000 | 8,226,642 | ||||||
|
| |||||||
44,630,478 | ||||||||
Pipelines — 0.6% | ||||||||
Enterprise Products Operating LLC 2.85%, 04/15/21 (Call 03/15/21) | 5,716 | 5,720,845 | ||||||
3.50%, 02/01/22. | 7,565 | 7,739,127 | ||||||
TransCanada PipeLines Ltd., 3.80%, 10/01/20 | 1,886 | 1,896,169 | ||||||
|
| |||||||
15,356,141 | ||||||||
Savings & Loans — 0.4% | ||||||||
Nationwide Building Society, 2.00%, 01/27/23(d) | 10,890 | 10,958,894 | ||||||
|
| |||||||
Semiconductors — 0.4% | ||||||||
Lam Research Corp., 2.80%, 06/15/21 | 9,905 | 10,093,329 | ||||||
|
| |||||||
Software — 0.1% | ||||||||
Adobe Inc., 1.70%, 02/01/23 | 4,010 | 4,112,905 | ||||||
|
| |||||||
Transportation — 0.5% | ||||||||
Ryder System Inc. | 4,186 | 4,164,534 | ||||||
2.50%, 05/11/20 | 5,500 | 5,499,518 | ||||||
2.88%, 06/01/22 (Call 05/01/22) | 4,899 | 4,892,317 | ||||||
|
| |||||||
14,556,369 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 43.9% |
| 1,171,456,165 | ||||||
|
| |||||||
Municipal Debt Obligations |
| |||||||
Michigan — 0.0% | ||||||||
Michigan Finance Authority RB, 2.03%, 12/01/20 | 450 | 451,408 | ||||||
|
| |||||||
Total Municipal Debt Obligations — 0.0% |
| 451,408 | ||||||
|
| |||||||
Repurchase Agreements |
| |||||||
Bank of America Securities Inc., 0.74%, 05/01/20 | 7,000 | 7,000,000 |
SCHEDULES OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Citigroup Global Markets Inc., 1.11%,05/01/20 (Purchased on 04/30/20 to be repurchased at $12,000,370, collateralized bynon-agency mortgage-backed security, 4.00% to 6.81%, due 02/01/35 to 06/30/58, par and fair value of $11,902,992 and $12,600,000, respectively)(a)(e) | $ | 12,000 | $ | 12,000,000 | ||||
Credit Suisse Securities (USA) LLC, 1.31%,05/01/20 (Purchased on 04/30/20 to be repurchased at $10,000,364, collateralized bynon-agency mortgage-backed security, 0.00% to 3.88%, due 04/30/22 to 01/25/46, par and fair value of $13,275,016 and $11,500,000, respectively)(a)(e) | 10,000 | 10,000,000 | ||||||
JP Morgan Securities, 1.99%, 05/01/20 (Purchased on 04/30/20 to be repurchased at $15,000,829, collateralized bynon-agency mortgage-backed security, 3.00% to 7.13%, due 06/15/21 to 10/15/39, par and fair value of $15,150,925 and $15,750,001, respectively)(a)(e) | 15,000 | 15,000,000 | ||||||
Mizuho Securities USA Inc., 0.95%,05/01/20 (Purchased on 04/30/20 to be repurchased at $6,000,159, collateralized by U.S. Treasury obligations, 2.00% to 2.75%, due 04/30/23 to 06/30/24, par and fair value of $5,694,900 and $6,120,058, respectively)(a)(e) | 6,000 | 6,000,000 | ||||||
Wells Fargo Securities, 1.65%,05/01/20 (Purchased on 04/30/20 to be repurchased at $15,000,688, collateralized bynon-agency mortgage-backed security, 2.81% to 4.79%, due 05/10/39 to 11/15/62, par and fair value of $16,359,969 and $16,989,696, respectively)(a)(e) | 15,000 | 15,000,000 | ||||||
|
| |||||||
Total Repurchase Agreements — 2.4% |
| 65,000,000 | ||||||
|
|
Security | Shares (000) | Value | ||||||
Money Market Funds |
| |||||||
BlackRock Cash Funds: Treasury, SLAgency Shares, 0.18%(f)(g) | 49,140 | $ | 49,140,000 | |||||
|
| |||||||
Total Money Market Funds — 1.9% |
| 49,140,000 | ||||||
|
| |||||||
Total Investments in Securities — 98.9% |
| 2,640,888,848 | ||||||
Other Assets, Less Liabilities — 1.1% |
| 30,172,862 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 2,671,061,710 | |||||
|
|
(a) | Variable or floating rate security. Rate shown is the rate in effect as ofperiod-end. |
(b) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(c) | Rates are discount rates or a range of discount rates at the time of purchase. |
(d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) | Maturity date represents next reset date. |
(f) | Affiliate of the Fund. |
(g) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 10/31/19 (000) | Net Activity (000) | Shares Held at 04/30/20 (000) | Value at 04/30/20 | Income | Net Realized Gain (Loss)(a) | Change in (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SLAgency Shares | — | 49,140 | 49,140 | $ | 49,140,000 | $ | 7,150,252 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
24 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Ultra Short-Term Bond ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 7,163,740 | $ | — | $ | 7,163,740 | ||||||||
Certificates of Deposit | — | 599,257,744 | — | 599,257,744 | ||||||||||||
Commercial Paper | — | 748,419,791 | — | 748,419,791 | ||||||||||||
Corporate Bonds & Notes | — | 1,171,456,165 | — | 1,171,456,165 | ||||||||||||
Municipal Debt Obligations | — | 451,408 | — | 451,408 | ||||||||||||
Repurchase Agreements | — | 65,000,000 | — | 65,000,000 | ||||||||||||
Money Market Funds | 49,140,000 | — | — | 49,140,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 49,140,000 | $ | 2,591,748,848 | $ | — | $ | 2,640,888,848 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 25 |
Statements of Assets and Liabilities (unaudited)
April 30, 2020
iShares Short Maturity Bond ETF | iShares Short Maturity Municipal Bond ETF | iShares Ultra Short-Term Bond ETF | ||||||||||
ASSETS | ||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||
Unaffiliated(b) | $ | 5,985,903,230 | $ | 184,746,075 | $ | 2,526,748,848 | ||||||
Affiliated(c) | 576,093,150 | 5,682 | 49,140,000 | |||||||||
Repurchase agreements, at value — Unaffiliated(d) | — | — | 65,000,000 | |||||||||
Cash | — | 575 | 36,073,134 | |||||||||
Foreign currency, at value(e) | 352,073 | — | — | |||||||||
Receivables: | ||||||||||||
Investments sold | — | 18,002,803 | — | |||||||||
Securities lending income — Affiliated | 27,152 | — | — | |||||||||
Capital shares sold | — | — | 5,036,496 | |||||||||
Dividends | 179,378 | 21,032 | 2,150,681 | |||||||||
Interest | 27,664,477 | 1,645,778 | 6,666,912 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 6,590,219,460 | 204,421,945 | 2,690,816,071 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Bank overdraft | 14,672,279 | — | — | |||||||||
Collateral on securities loaned, at value | 38,917,225 | — | — | |||||||||
Payables: | ||||||||||||
Investments purchased | 7,290,896 | — | 19,583,494 | |||||||||
Capital shares redeemed | — | 19,950,075 | — | |||||||||
Investment advisory fees | 1,324,059 | 42,969 | 170,867 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 62,204,459 | 19,993,044 | 19,754,361 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 6,528,015,001 | $ | 184,428,901 | $ | 2,671,061,710 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 6,647,070,969 | $ | 185,162,830 | $ | 2,669,921,560 | ||||||
Accumulated earnings (loss) | (119,055,968 | ) | (733,929 | ) | 1,140,150 | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 6,528,015,001 | $ | 184,428,901 | $ | 2,671,061,710 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 132,300,000 | 3,700,000 | 53,050,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 49.34 | $ | 49.85 | $ | 50.35 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
| |||||||
Par value | None | None | None | |||||||||
|
|
|
|
|
| |||||||
(a) Securities loaned, at value | $ | 37,911,248 | $ | — | $ | — | ||||||
(b) Investments, at cost — Unaffiliated | $ | 6,077,149,543 | $ | 185,628,712 | $ | 2,528,559,905 | ||||||
(c) Investments, at cost — Affiliated | $ | 576,058,188 | $ | 5,682 | $ | 49,140,000 | ||||||
(d) Repurchase agreements, at cost — Unaffiliated | $ | — | $ | — | $ | 65,000,000 | ||||||
(e) Foreign currency, at cost | $ | 356,179 | $ | — | $ | — |
See notes to financial statements.
26 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended April 30, 2020
iShares Short Maturity Bond ETF | iShares Short Maturity Municipal Bond ETF | iShares Ultra Short-Term Bond ETF | ||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — Affiliated | $ | 2,241,188 | $ | 22,809 | $ | 7,150,252 | ||||||
Interest — Unaffiliated | 79,195,565 | 1,837,568 | 21,711,267 | |||||||||
Securities lending income — Affiliated — net | 93,319 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 81,530,072 | 1,860,377 | 28,861,519 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees | 8,070,728 | 276,580 | 1,062,010 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 8,070,728 | 276,580 | 1,062,010 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 73,459,344 | 1,583,797 | 27,799,509 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — Unaffiliated | (35,554,822 | ) | — | (1,241,502 | ) | |||||||
Investments — Affiliated | (19,514 | ) | 37 | — | ||||||||
Forward foreign currency exchange contracts | (685,268 | ) | — | — | ||||||||
Foreign currency transactions | (267,561 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (36,527,165 | ) | 37 | (1,241,502 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — Unaffiliated | (108,350,406 | ) | (1,394,027 | ) | (6,875,328 | ) | ||||||
Investments — Affiliated | 22,551 | — | — | |||||||||
Foreign currency translations | (1,991 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (108,329,846 | ) | (1,394,027 | ) | (6,875,328 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (144,857,011 | ) | (1,393,990 | ) | (8,116,830 | ) | ||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (71,397,667 | ) | $ | 189,807 | $ | 19,682,679 | |||||
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 27 |
Statements of Changes in Net Assets
iShares Short Maturity Bond ETF | iShares Short Maturity Municipal Bond ETF | |||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 73,459,344 | $ | 168,420,702 | $ | 1,583,797 | $ | 2,860,235 | ||||||||
Net realized gain (loss) | (36,527,165 | ) | 834,614 | 37 | (33,334 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (108,329,846 | ) | 27,059,079 | (1,394,027 | ) | 777,657 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (71,397,667 | ) | 196,314,395 | 189,807 | 3,604,558 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (77,921,938 | ) | (164,081,359 | ) | (1,584,058 | ) | (2,725,134 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 417,075,921 | 1,246,207,753 | (24,709,324 | ) | 82,541,776 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 267,756,316 | 1,278,440,789 | (26,103,575 | ) | 83,421,200 | |||||||||||
Beginning of period | 6,260,258,685 | 4,981,817,896 | 210,532,476 | 127,111,276 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 6,528,015,001 | $ | 6,260,258,685 | $ | 184,428,901 | $ | 210,532,476 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
28 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares Ultra Short-Term Bond ETF | ||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 27,799,509 | $ | 36,913,104 | ||||
Net realized gain (loss) | (1,241,502 | ) | 44,667 | |||||
Net change in unrealized appreciation (depreciation) | (6,875,328 | ) | 5,425,140 | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 19,682,679 | 42,382,911 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (27,411,579 | ) | (34,253,107 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 483,399,462 | 1,585,467,333 | ||||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase in net assets | 475,670,562 | 1,593,597,137 | ||||||
Beginning of period | 2,195,391,148 | 601,794,011 | ||||||
|
|
|
| |||||
End of period | $ | 2,671,061,710 | $ | 2,195,391,148 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 29 |
(For a share outstanding throughout each period)
iShares Short Maturity Bond ETF | ||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.36 | $ | 50.12 | $ | 50.25 | $ | 50.17 | $ | 50.04 | $ | 50.15 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.56 | 1.37 | 1.11 | 0.74 | 0.50 | 0.44 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.98 | ) | 0.21 | (0.23 | ) | 0.04 | 0.14 | (0.13 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations . | (0.42 | ) | 1.58 | 0.88 | 0.78 | 0.64 | 0.31 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.60 | ) | (1.34 | ) | (1.01 | ) | (0.70 | ) | (0.51 | ) | (0.42 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.60 | ) | (1.34 | ) | (1.01 | ) | (0.70 | ) | (0.51 | ) | (0.42 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 49.34 | $ | 50.36 | $ | 50.12 | $ | 50.25 | $ | 50.17 | $ | 50.04 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (0.84 | )%(d) | 3.19 | % | 1.78 | % | 1.57 | % | 1.28 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.25 | %(e) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 2.28 | %(e) | 2.73 | % | 2.21 | % | 1.47 | % | 1.01 | % | 0.87 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,528,015 | $ | 6,260,259 | $ | 4,981,818 | $ | 2,909,738 | $ | 2,021,893 | $ | 1,781,306 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 47 | %(d)(g) | 58 | %(g) | 48 | % | 56 | % | 79 | % | 23 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
(g) | Portfolio turnover rate includesto-be-announced (TBA) transactions. |
See notes to financial statements.
30 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Short Maturity Municipal Bond ETF | ||||||||||||||||||||||||
| Six Months Ended 04/30/20 (unaudited) | | | Year Ended 10/31/19 | | | Year Ended 10/31/18 | | | Year Ended 10/31/17 | | | Year Ended 10/31/16 | | | Period From 03/03/15 to 10/31/15 | (a)
| |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.13 | $ | 49.85 | $ | 50.01 | $ | 50.02 | $ | 50.07 | $ | 50.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(b) | 0.36 | 0.81 | 0.68 | 0.49 | 0.39 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.28 | ) | 0.26 | (0.21 | ) | (0.03 | ) | (0.04 | ) | 0.04 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase from investment operations | 0.08 | 1.07 | 0.47 | 0.46 | 0.35 | 0.24 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.36 | ) | (0.79 | ) | (0.63 | ) | (0.47 | ) | (0.40 | ) | (0.17 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.36 | ) | (0.79 | ) | (0.63 | ) | (0.47 | ) | (0.40 | ) | (0.17 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 49.85 | $ | 50.13 | $ | 49.85 | $ | 50.01 | $ | 50.02 | $ | 50.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.15 | %(e) | 2.16 | % | 0.95 | % | 0.93 | % | 0.69 | % | 0.48 | %(e) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | %(f) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses after fees waived | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | %(f) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.43 | %(f) | 1.63 | % | 1.35 | % | 0.99 | % | 0.79 | % | 0.59 | %(f) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 184,429 | $ | 210,532 | $ | 127,111 | $ | 52,507 | $ | 35,012 | $ | 35,049 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(g) | 61 | %(e) | 170 | % | 221 | % | 163 | % | 100 | % | 184 | %(e) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 31 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Ultra Short-Term Bond ETF | ||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.41 | $ | 50.15 | $ | 50.12 | $ | 50.04 | $ | 49.97 | $ | 50.08 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.52 | 1.38 | 1.16 | 0.71 | 0.47 | 0.24 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.05 | ) | 0.23 | (0.16 | ) | 0.02 | (0.02 | ) | (0.07 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase from investment operations | 0.47 | 1.61 | 1.00 | 0.73 | 0.45 | 0.17 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.53 | ) | (1.35 | ) | (0.97 | ) | (0.65 | ) | (0.38 | ) | (0.24 | ) | ||||||||||||
From net realized gain | — | — | — | — | — | (0.04 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.53 | ) | (1.35 | ) | (0.97 | ) | (0.65 | ) | (0.38 | ) | (0.28 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 50.35 | $ | 50.41 | $ | 50.15 | $ | 50.12 | $ | 50.04 | $ | 49.97 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.94 | %(d) | 3.25 | % | 2.02 | % | 1.47 | % | 0.90 | % | 0.32 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.08 | %(e) | 0.08 | % | 0.08 | % | 0.09 | % | 0.18 | % | 0.18 | % | ||||||||||||
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Net investment income | 2.09 | %(e) | 2.74 | % | 2.33 | % | 1.43 | % | 0.93 | % | 0.47 | % | ||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,671,062 | $ | 2,195,391 | $ | 601,794 | $ | 187,932 | $ | 25,018 | $ | 12,493 | ||||||||||||
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Portfolio turnover rate(f) | 25 | %(d) | 16 | % | 32 | % | 11 | % | 139 | % | 41 | % | ||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
32 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
Short Maturity Bond | Diversified | |
Short Maturity Municipal Bond | Diversified | |
Ultra Short-Term Bond | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, andpayment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2020, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:The Funds have adopted Financial Accounting Standards Board Accounting Standards Update2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities withnon-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 are as follows:
iShares ETF | ||
Short Maturity Bond | $ 6,128,214,860 | |
Short Maturity Municipal Bond | 208,434,085 | |
Ultra Short-Term Bond | 2,039,246,181 |
NOTESTO FINANCIAL STATEMENTS | 33 |
Notes to Financial Statements (unaudited) (continued)
This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. |
• | Repurchase agreements are valued at amortized cost, which approximates market value. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
34 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
4. | SECURITIES AND OTHER INVESTMENTS |
TBA Commitments:A fund may purchase mortgage pass-through securities on a when-issued orto-be-announced (“TBA”) basis, with payment and delivery scheduled for a future date. The underlying mortgage pools to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. A fund could be exposed to possible risk if there are adverse market actions, expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
TBA Roll Transactions: A fund may enter into a TBA agreement, sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities (a “TBA roll”). TBA rolls are treated as purchase and sale transactions in which the fund realizes gains and losses. A fund’s use of TBA rolls may cause the fund to experience higher portfolio turnover and higher transactions costs. TBA rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon purchase price of those securities.
Repurchase Agreements:Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in atri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with atri-party repurchase arrangement and for centrally cleared agreements, a third party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell,re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.
Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty.
The following table summarizes the open repurchase agreements as of April 30, 2020 which are subject to offset under an MRA:
iShares ETF and Counterparty | | Market Value of Repurchase Agreements | | | Cash Collateral Received | | Non-Cash Collateral Received | (a) | Net Amount | |||||||
Ultra Short-Term Bond | ||||||||||||||||
Bank of America Securities Inc. | $ | 7,000,000 | $ | — | $ | 7,000,000 | $ | — | ||||||||
Citigroup Global Markets Inc. | 12,000,000 | — | 12,000,000 | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 10,000,000 | — | 10,000,000 | — | ||||||||||||
JP Morgan Securities LLC | 15,000,000 | — | 15,000,000 | — | ||||||||||||
Mizuho Securities USA Inc. | 6,000,000 | — | 6,000,000 | — | ||||||||||||
Wells Fargo Securities LLC | 15,000,000 | — | 15,000,000 | — | ||||||||||||
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$ | 65,000,000 | $ | — | $ | 65,000,000 | $ | — | |||||||||
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(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or
NOTESTO FINANCIAL STATEMENTS | 35 |
Notes to Financial Statements (unaudited) (continued)
insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
Short Maturity Bond | ||||||||||||||||
BofA Securities, Inc | $ | 1,509,103 | $ | 1,509,103 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 1,710,796 | 1,710,796 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 2,003,005 | 2,003,005 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 594,162 | 594,162 | — | — | ||||||||||||
Goldman Sachs & Co. | 3,088,708 | 3,088,708 | — | — | ||||||||||||
HSBC Securities (USA) Inc. | 4,507,716 | 4,507,716 | — | — | ||||||||||||
JPMorgan Securities LLC | 6,729,887 | 6,729,887 | — | — | ||||||||||||
Morgan Stanley &Co. LLC | 2,885,403 | 2,885,403 | — | — | ||||||||||||
MUFG Securities Americas Inc. | 10,568,636 | 10,568,636 | — | — | ||||||||||||
Wells Fargo Securities LLC | 4,313,832 | 4,313,832 | — | — | ||||||||||||
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$ | 37,911,248 | $ | 37,911,248 | $ | — | $ | — | |||||||||
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(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Forward Foreign Currency Exchange Contracts:The iShares Short Maturity Bond ETF uses forward foreign currency exchange contracts to hedge the currency exposure ofnon-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are tradedover-the-counter (“OTC”) and not on an organized exchange.
The contract ismarked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities.When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed.Non-deliverable forward foreign currency exchange contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Short Maturity Bond | 0.25 | % | ||
Short Maturity Municipal Bond | 0.25 | |||
Ultra Short-Term Bond | 0.08 |
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational
36 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended April 30, 2020, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
Short Maturity Bond | $ | 27,387 |
Officers and Trustees:Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions:Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | NetRealized Gain (Loss) | |||||||||
Short Maturity Bond | $ | 291,674,885 | $ | 104,942,969 | $ | (6,695,899 | ) | |||||
Short Maturity Municipal Bond | 8,425,042 | 42,677,034 | — |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.
7. | PURCHASES AND SALES |
For the six months ended April 30, 2020, purchases and sales of investments, including TBA rolls and excludingin-kind transactions and short-term investments, were as follows:
U.S. Government Securities | Other Securities | |||||||||||||||
iShares ETF | Purchases | Sales | Purchases | Sales | ||||||||||||
Short Maturity Bond | $ | 503,098,594 | $ | 507,650,774 | $ | 1,997,763,339 | $ | 2,214,215,741 | ||||||||
Short Maturity Municipal Bond | — | — | 117,579,983 | 146,422,000 | ||||||||||||
Ultra Short-Term Bond | 9,998,000 | 10,000,000 | 427,439,060 | 254,566,227 |
There were noin-kind transactions for the six months ended April 30, 2020.
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of October 31, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:
NOTESTO FINANCIAL STATEMENTS | 37 |
Notes to Financial Statements (unaudited) (continued)
iShares ETF | Non-Expiring | |||
Short Maturity Municipal Bond | $ | 125,178 |
As of April 30, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Short Maturity Bond | $ | 6,653,976,403 | $ | 9,803,777 | $ | (101,783,800 | ) | $ | (91,980,023 | ) | ||||||
Short Maturity Municipal Bond | 185,636,230 | 102,349 | (986,822 | ) | (884,473 | ) | ||||||||||
Ultra Short-Term Bond | 2,642,761,374 | 6,230,452 | (8,102,978 | ) | (1,872,526 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
38 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Short Maturity Bond | ||||||||||||||||
Shares sold | 30,000,000 | $ | 1,503,435,252 | 58,100,000 | $ | 2,911,443,708 | ||||||||||
Shares redeemed | (22,000,000 | ) | (1,086,359,331 | ) | (33,200,000 | )�� | (1,665,235,955 | ) | ||||||||
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|
|
|
|
| |||||||||
Net increase | 8,000,000 | $ | 417,075,921 | 24,900,000 | $ | 1,246,207,753 | ||||||||||
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| |||||||||
Short Maturity Municipal Bond | ||||||||||||||||
Shares sold | 500,000 | $ | 25,068,605 | 2,100,000 | $ | 105,050,323 | ||||||||||
Shares redeemed | (1,000,000 | ) | (49,777,929 | ) | (450,000 | ) | (22,508,547 | ) | ||||||||
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| |||||||||
Net increase (decrease) | (500,000 | ) | $ | (24,709,324 | ) | 1,650,000 | $ | 82,541,776 | ||||||||
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Ultra Short-Term Bond | ||||||||||||||||
Shares sold | 21,150,000 | $ | 1,066,392,550 | 33,600,000 | $ | 1,688,678,880 | ||||||||||
Shares redeemed | (11,650,000 | ) | (582,993,088 | ) | (2,050,000 | ) | (103,211,547 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Net increase | 9,500,000 | $ | 483,399,462 | 31,550,000 | $ | 1,585,467,333 | ||||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges,ifany, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
11. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF)filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a’ flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.
12. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS | 39 |
Statement Regarding Liquidity Risk Management Program (unaudited)
The Securities and Exchange Commission adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Trustees (the “Board”) of iShares Short Maturity Bond ETF, iShares Short Maturity Municipal Bond ETF and iShares Ultra Short-Term Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for anopen-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements.The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants.The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio.In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
40 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being providedfor tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Short Maturity Bond(a) | $ | 0.597659 | $ | — | $ | 0.006732 | $ | 0.604391 | 99 | % | — | % | 1 | % | 100 | % | ||||||||||||||||
Short Maturity Municipal Bond | 0.355824 | — | — | 0.355824 | 100 | — | — | 100 | ||||||||||||||||||||||||
Ultra Short-Term Bond | 0.531943 | — | — | 0.531943 | 100 | — | — | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
SUPPLEMENTAL INFORMATION | 41 |
Electronic Delivery
Shareholders can signup for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
42 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Fixed Income | ||
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | Ambac Assurance Corp. | |
BAM | Build America Mutual Assurance Co. | |
CLO | Collateralized Loan Obligation | |
COP | Certificates of Participation | |
CR | Custodian Receipt | |
ETM | Escrowed to Maturity | |
GO | General Obligation | |
GOL | General Obligation Limited | |
LIBOR | London Interbank Offered Rate | |
NPFGC | National Public Finance Guarantee Corp. | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond | |
SAW | State Aid Withholding | |
ST | Special Tax | |
TA | Tax Allocation |
GLOSSARYOF TERMS USEDINTHIS REPORT | 43 |
Want to knowmore?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2020 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1008-0420
APRIL 30, 2020 |
2020 Semi-Annual Report (Unaudited) |
iShares U.S. ETF Trust
· | iShares Inflation Hedged Corporate Bond ETF | LQDI | Cboe BZX |
· | iShares Interest Rate Hedged Corporate Bond ETF | LQDH | NYSE Arca |
· | iShares Interest Rate Hedged High Yield Bond ETF | HYGH | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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34 |
Fund Summary as of April 30, 2020 | iShares® Inflation Hedged Corporate Bond ETF |
Investment Objective
TheiShares Inflation Hedged Corporate Bond ETF(the “Fund”) seeks to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment- grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (2.82 | )% | 2.38 | % | 3.79% | 2.38 | % | 7.64 | % | |||||||||||||||
Fund Market | (2.32 | ) | 3.36 | 4.35 | 3.36 | 8.79 | ||||||||||||||||||
Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index | (2.80 | ) | 2.54 | 4.00 | 2.54 | 8.06 |
The inception date of the Fund was 5/8/18. The first day of secondary market trading was 5/10/18.
The Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index is an unmanaged index that is designed to reflect the inflation hedged performance of U.S. dollar-denominated investment-grade corporate debt.
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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) |
| | Ending Account Value (04/30/20) |
| | Expenses Paid During the Period | (a)(b) | | Beginning Account Value (11/01/19) |
| | Ending Account Value (04/30/20) |
| | Expenses Paid During the Period |
(a)(b) | | Annualized Expense Ratio | (a) | ||||||||||
$ | 1,000.00 | $ | 971.80 | $ | 0.25 | $ | 1,000.00 | $ | 1,024.60 | $ | 0.25 | 0.05 | % |
(a) | Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
Tables shown are for the underlying fund in which the Fund invests.
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aaa | 2.4 | % | ||
Aa | 8.1 | |||
A | 42.5 | |||
Baa | 43.6 | |||
Ba | 2.7 | |||
Not Rated | 0.7 |
ALLOCATION BY MATURITY
Maturity | | Percent of Total Investments | (a) | |
1-5 Years | 16.5 | % | ||
5-10 Years | 38.6 | |||
10-15 Years | 4.5 | |||
15-20 Years | 10.8 | |||
More than 20 Years | 29.6 |
* | 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. |
FUND SUMMARY | 3 |
Fund Summary as of April 30, 2020 | iShares® Interest Rate Hedged Corporate Bond ETF |
Investment Objective
TheiShares Interest Rate Hedged Corporate Bond ETF(the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (6.44 | )% | (5.73 | )% | 1.07 | % | 0.58 | % | (5.73 | )% | 5.46 | % | 3.52 | % | ||||||||||||||||||
Fund Market | (6.33 | ) | (5.39 | ) | 0.87 | 0.63 | (5.39 | ) | 4.44 | 3.80 | ||||||||||||||||||||||
Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index(a) | (7.47 | ) | (7.45 | ) | 1.43 | 0.95 | (7.45 | ) | 7.35 | 5.79 |
The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.
The Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index is an unmanaged index that is designed to reflect the duration hedged performance of U.S. dollar-denominated investment-grade corporate debt.
(a) | The Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index reflects the performance of the Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index through June 16, 2016 and beginning June 17, 2016 reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps 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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value | | | Ending Account Value (04/30/20) |
| | Expenses Paid During the Period | (a)(b) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During | | | Annualized Expense Ratio | (a) | ||||||||||
$ | 1,000.00 | $ | 935.60 | $ | 0.48 | $ | 1,000.00 | $ | 1,024.40 | $ | 0.50 | 0.10 | % |
(a) | Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
Tables shown are for the underlying fund in which the Fund invests.
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aaa | 2.4 | % | ||
Aa | 8.1 | |||
A | 42.5 | |||
Baa | 43.6 | |||
Ba | 2.7 | |||
Not Rated | 0.7 |
ALLOCATION BY MATURITY
Maturity | | Percent of Total Investments | (a) | |
1-5 Years | 16.5 | % | ||
5-10 Years | 38.6 | |||
10-15 Years | 4.5 | |||
15-20 Years | 10.8 | |||
More than 20 Years | 29.6 |
* | 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. |
4 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of April 30, 2020 | iShares® Interest Rate Hedged High Yield Bond ETF |
Investment Objective
TheiShares Interest Rate Hedged High Yield Bond ETF(the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (7.61 | )% | (7.66 | )% | 1.82 | % | 1.25 | % | (7.66 | )% | 9.43 | % | 7.64 | % | ||||||||||||||||||
Fund Market | (7.80 | ) | (7.77 | ) | 1.79 | 1.22 | (7.77 | ) | 9.27 | 7.47 | ||||||||||||||||||||||
Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index | (9.79 | ) | (9.40 | ) | 1.80 | 1.37 | (9.40 | ) | 9.34 | 8.43 |
The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.
The Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index is an unmanaged index that reflects the duration hedged performance of U.S. dollar-denominated high yield corporate debt.
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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a)(b) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) |
| | Expenses Paid During the Period | (a)(b) | | Annualized Expense Ratio |
(a) | ||||||||||
$ | 1,000.00 | $ | 923.90 | $ | 0.24 | $ | 1,000.00 | $ | 1,024.60 | $ | 0.25 | 0.05 | % |
(a) | Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
Tables shown are for the underlying fund in which the Fund invests.
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
A | 0.2 | % | ||
Baa | 0.5 | |||
Ba | 47.8 | |||
B | 37.7 | |||
Caa | 11.8 | |||
Ca | 0.6 | |||
C | 0.1 | |||
Not Rated | 1.3 |
ALLOCATION BY MATURITY
Maturity | | Percent of Total Investments | (a) | |
0-1 Year | 0.2 | % | ||
1-5 Years | 40.9 | |||
5-10 Years | 57.0 | |||
10-15 Years | 1.2 | |||
More than 20 Years | 0.7 |
* | 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. |
FUND SUMMARY | 5 |
Past performance is no guarantee 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 the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions 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.
6 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® Inflation Hedged Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies |
| |||||||
Exchange-Traded Funds — 90.2% | ||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF(a) | 52,821 | $ | 6,822,889 | |||||
|
| |||||||
Total Investment Companies — 90.2% |
| 6,822,889 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 1.6% | ||||||||
BlackRock Cash Funds: Treasury, | 120,000 | 120,000 | ||||||
|
| |||||||
Total Short-Term Investments — 1.6% |
| 120,000 | ||||||
|
| |||||||
Total Investments in Securities — 91.8% |
| 6,942,889 | ||||||
Other Assets, Less Liabilities — 8.2% |
| 617,139 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 7,560,028 | |||||
|
|
(a) | Affiliate of the Fund. |
(b) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 |
| | Shares Purchased |
| | Shares Sold |
| | Shares Held at 04/30/20 |
| | Value at 04/30/20 |
| Income | | Net Realized Gain (Loss) |
(a) | | Change in Unrealized Appreciation (Depreciation | ) | ||||||||||
BlackRock Cash Funds: Institutional, | — | 0 | (b) | — | — | $ | — | $ | 2,059 | (c) | $ | (2,748 | ) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, | 118,000 | 2,000 | (b) | — | 120,000 | 120,000 | 3,108 | — | — | |||||||||||||||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 58,664 | 2,960 | (8,803 | ) | 52,821 | 6,822,889 | 116,432 | 60,124 | (16,272 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 6,942,889 | $ | 121,599 | $ | 57,376 | $ | (16,272 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 3 | 06/19/20 | $ | 417 | $ | 10,651 | ||||||||||
10-Year Ultra Long U.S. Treasury Bond | 4 | 06/19/20 | 628 | 26,903 | ||||||||||||
2-Year U.S. Treasury Note | 1 | 06/30/20 | 220 | 93 | ||||||||||||
5-Year U.S. Treasury Note | 1 | 06/30/20 | 126 | 1,491 | ||||||||||||
Ultra Long U.S. Treasury Bond | 2 | 06/19/20 | 450 | 47,012 | ||||||||||||
|
| |||||||||||||||
86,150 | ||||||||||||||||
|
| |||||||||||||||
Short Contracts | ||||||||||||||||
Long U.S. Treasury Bond | (1 | ) | 06/19/20 | (181 | ) | (14,168 | ) | |||||||||
|
| |||||||||||||||
$ | 71,982 | |||||||||||||||
|
|
SCHEDULES OF INVESTMENTS | 7 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Inflation Hedged Corporate Bond ETF |
Centrally Cleared Inflation Swaps
Paid by the Fund | Received by the Fund | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | ||||||||||||||||||||
Rate | Frequency | Reference | Frequency | Date | (000) | Value | (Received) | (Depreciation) | ||||||||||||||||||
0.25% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 04/03/23 | $ | (100 | ) | $ | 345 | $ | 1 | $ | 344 | |||||||||||||
2.29 | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 05/15/23 | (3,084 | ) | (210,760 | ) | (14,054 | ) | (196,706 | ) | ||||||||||||||
0.88 | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 04/09/27 | (100 | ) | 1,317 | 2 | 1,315 | |||||||||||||||||
2.37 | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 05/15/28 | (1,825 | ) | (220,627 | ) | 42 | (220,669 | ) | |||||||||||||||
2.19 | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/03/28 | (2,663 | ) | (265,445 | ) | (74,540 | ) | (190,905 | ) | ||||||||||||||
2.40 | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 05/15/48 | (362 | ) | (126,451 | ) | (30,782 | ) | (95,669 | ) | ||||||||||||||
1.83 | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/18/49 | (187 | ) | (16,106 | ) | 2,109 | (18,215 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$ | (837,727 | ) | $ | (117,222 | ) | $ | (720,505 | ) | ||||||||||||||||||
|
|
|
|
|
|
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
�� | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||
Centrally Cleared Swaps(a) | $ | 2,154 | $ | (119,376 | ) | $ | 1,659 | $ | (722,164 | ) |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Interest Rate Contracts | Inflation Linked Contracts | Total | ||||||||||
Assets — Derivative Financial Instruments | ||||||||||||
Futures contracts | ||||||||||||
Unrealized appreciation on futures contracts(a) | $ | 86,150 | $ | — | $ | 86,150 | ||||||
Swaps — centrally cleared | ||||||||||||
Unrealized appreciation on centrally cleared swaps(a) | $ | — | $ | 1,659 | $ | 1,659 | ||||||
|
|
|
|
|
| |||||||
$ | 86,150 | $ | 1,659 | $ | 87,809 | |||||||
|
|
|
|
|
| |||||||
Liabilities — Derivative Financial Instruments | ||||||||||||
Futures contracts | ||||||||||||
Unrealized depreciation on futures contracts(a) | $ | 14,168 | $ | — | $ | 14,168 | ||||||
Swaps — centrally cleared | ||||||||||||
Unrealized depreciation on centrally cleared swaps(a) | $ | — | $ | 722,164 | $ | 722,164 | ||||||
|
|
|
|
|
| |||||||
$ | 14,168 | $ | 722,164 | $ | 736,332 | |||||||
|
|
|
|
|
|
(a) | Net cumulative appreciation (depreciation) on futures contracts and centrally cleared inflation swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
8 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Inflation Hedged Corporate Bond ETF |
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Interest Rate Contracts | Inflation Linked Contracts | Total | ||||||||||
Net Realized Gain (Loss) from: | ||||||||||||
Futures contracts | $ | 9,677 | $ | — | $ | 9,677 | ||||||
Swaps | — | (144,985 | ) | (144,985 | ) | |||||||
|
|
|
|
|
| |||||||
$ | 9,677 | $ | (144,985 | ) | $ | (135,308 | ) | |||||
|
|
|
|
|
| |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures contracts | $ | 87,947 | $ | — | $ | 87,947 | ||||||
Swaps | — | (334,506 | ) | (334,506 | ) | |||||||
|
|
|
|
|
| |||||||
$ | 87,947 | $ | (334,506 | ) | $ | (246,559 | ) | |||||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,246,466 | ||
Average notional value of contracts — short | $ | (258,589 | ) | |
Inflation swaps: | ||||
Average notional value — pays fixed rate | $ | 8,864,000 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 6,822,889 | $ | — | $ | — | $ | 6,822,889 | ||||||||
Money Market Funds | 120,000 | — | — | 120,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 6,942,889 | $ | — | $ | — | $ | 6,942,889 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 86,150 | $ | — | $ | — | $ | 86,150 | ||||||||
Swaps | — | 1,659 | — | 1,659 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (14,168 | ) | — | — | (14,168 | ) | ||||||||||
Swaps | — | (722,164 | ) | — | (722,164 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 71,982 | $ | (720,505 | ) | $ | — | $ | (648,523 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 9 |
Schedule of Investments (unaudited) April 30, 2020 | iShares® Interest Rate Hedged Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies |
| |||||||
Exchange-Traded Funds — 99.8% | ||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)(c) | 2,098,192 | $ | 271,023,460 | |||||
|
| |||||||
Total Investment Companies — 99.8% |
| 271,023,460 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 2.5% | ||||||||
BlackRock Cash Funds: Institutional, | 6,707,899 | 6,715,278 | ||||||
BlackRock Cash Funds: Treasury, | 150,000 | 150,000 | ||||||
|
| |||||||
6,865,278 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.5% |
| 6,865,278 | ||||||
|
| |||||||
Total Investments in Securities — 102.3% |
| 277,888,738 | ||||||
Other Assets, Less Liabilities — (2.3)% |
| (6,163,162 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 271,725,576 | |||||
|
|
(a) | Affiliate of the Fund. |
(b) | All or a portion of the security has been pledged in connection with outstanding centrally cleared swaps. |
(c) | All or a portion of this security is on loan. |
(d) | Annualized7-day yield as ofperiod-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 |
| | Shares Purchased |
| | Shares Sold |
| | Shares Held at 04/30/20 |
| | Value at 04/30/20 |
| Income | | Net Realized Gain (Loss) |
(a) | | Change in Unrealized Appreciation (Depreciation) |
| ||||||||||
BlackRock Cash Funds: Institutional, | 1,294,451 | 5,413,448 | (b) | — | 6,707,899 | $ | 6,715,278 | $ | 51,492 | (c) | $ | (54,444 | ) | $ | 2,654 | |||||||||||||||||
BlackRock Cash Funds: Treasury, | 2,321,000 | — | (2,171,000 | )(b) | 150,000 | 150,000 | 15,066 | — | — | |||||||||||||||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 982,545 | 1,533,814 | (418,167 | ) | 2,098,192 | 271,023,460 | 1,846,541 | 2,969,726 | 2,766,476 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 277,888,738 | $ | 1,913,099 | $ | 2,915,282 | $ | 2,769,130 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Centrally Cleared Interest Rate Swaps
Paid by the Fund | Received by the Fund | Effective | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | |||||||||||||||||||||||||
Rate | Frequency | Rate(a) | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||||
1.17% | Semi-annual | 0.56% | Quarterly | N/A | 12/08/21 | $ | (84,031 | ) | $ | (1,112,477 | ) | $ | (888,244 | ) | $ | (224,233 | ) | |||||||||||||||
2.38 | Semi-annual | 0.56 | Quarterly | N/A | 01/12/23 | (12,088 | ) | (654,705 | ) | (137,015 | ) | (517,690 | ) | |||||||||||||||||||
2.46 | Semi-annual | 0.56 | Quarterly | N/A | 01/12/25 | (52,048 | ) | (5,003,828 | ) | (3,271,729 | ) | (1,732,099 | ) | |||||||||||||||||||
1.44 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/26 | (2,789 | ) | (172,828 | ) | 201,400 | (374,228 | ) | ||||||||||||||||||||
3.25 | Semi-annual | 0.56 | Quarterly | N/A | 10/18/28 | (52,460 | ) | (11,672,011 | ) | (8,584,072 | ) | (3,087,939 | ) | |||||||||||||||||||
0.77 | Semi-annual | 0.56 | Quarterly | N/A | 04/01/30 | (11,350 | ) | (140,829 | ) | (127,027 | ) | (13,802 | ) | |||||||||||||||||||
2.34 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/36 | (23,376 | ) | (5,876,092 | ) | (2,395,882 | ) | (3,480,210 | ) | |||||||||||||||||||
2.41 | Semi-annual | 0.56 | Quarterly | N/A | 06/19/37 | (10,000 | ) | (2,698,554 | ) | (2,647,887 | ) | (50,667 | ) | |||||||||||||||||||
0.86 | Semi-annual | 0.56 | Quarterly | N/A | 03/30/45 | (5,090 | ) | (53,346 | ) | 101,599 | (154,945 | ) | ||||||||||||||||||||
1.77 | Semi-annual | 0.56 | Quarterly | N/A | 12/10/46 | (3,020 | ) | (715,418 | ) | (719,498 | ) | 4,080 |
10 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Interest Rate Hedged Corporate Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund | Received by the Fund | Effective | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | |||||||||||||||||||||||||
Rate | Frequency | Rate(a) | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||||
3.33% | Semi-annual | 0.56% | Quarterly | N/A | 10/26/48 | $(18,001) | $ | (11,954,181 | ) | $ | (10,490,145 | ) | $ | (1,464,036 | ) | |||||||||||||||||
0.87 | Semi-annual | 0.56 | Quarterly | N/A | 03/30/50 | (1,432 | ) | (20,669 | ) | 11,500 | (32,169 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (40,074,938 | ) | $ | (28,947,000 | ) | $ | (11,127,938 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
(a) | Represents3-month LIBOR. Rate shown is the rate in effect as ofperiod-end. |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Centrally Cleared Swaps(a) | $314,499 | $ | (29,261,499 | ) | $4,080 | $ | (11,132,018 | ) |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Interest Rate Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized appreciation on centrally cleared swaps(a) | $ | 4,080 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized depreciation on centrally cleared swaps(a) | $ | 11,132,018 | ||
|
|
(a) | Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Interest Rate Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Swaps | $ | (10,687,402 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | (223,467 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 166,536,000 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
SCHEDULES OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Interest Rate Hedged Corporate Bond ETF |
Fair Value Measurements (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 271,023,460 | $ | — | $ | — | $ | 271,023,460 | ||||||||
Money Market Funds | 6,865,278 | — | — | 6,865,278 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 277,888,738 | $ | — | $ | — | $ | 277,888,738 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Swaps | $ | — | $ | 4,080 | $ | — | $ | 4,080 | ||||||||
Liabilities | ||||||||||||||||
Swaps | — | (11,132,018 | ) | — | (11,132,018 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (11,127,938 | ) | $ | — | $ | (11,127,938 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
12 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® Interest Rate Hedged High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 96.8% | ||||||||
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b) | 812,109 | $ | 65,317,927 | |||||
|
| |||||||
Total Investment Companies — 96.8% | 65,317,927 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 46.4% | ||||||||
BlackRock Cash Funds: Institutional, | 30,543,914 | 30,577,512 | ||||||
BlackRock Cash Funds: Treasury, | 705,000 | 705,000 | ||||||
|
| |||||||
31,282,512 | ||||||||
|
| |||||||
Total Short-Term Investments — 46.4% | 31,282,512 | |||||||
|
| |||||||
Total Investments in Securities — 143.2% | 96,600,439 | |||||||
Other Assets, Less Liabilities — (43.2)% | (29,159,293 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 67,441,146 | ||||||
|
|
(a) | Affiliate of the Fund. |
(b) | All or a portion of this security is on loan. |
(c) | Annualized7-day yield as ofperiod-end. |
(d) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 |
| | Shares Purchased |
| | Shares Sold |
| | Shares Held at | | | Value at 04/30/20 |
| Income | | Net Realized Gain (Loss) |
(a) | | Change in Unrealized Appreciation (Depreciation) |
| ||||||||||||||||
BlackRock Cash Funds: Institutional, | 49,926,142 | — | (19,382,228 | )(b) | 30,543,914 | $ | 30,577,512 | $ | 150,823 | (c) | $ | (20,441 | ) | $ | 18,555 | |||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, | 1,324,000 | — | (619,000 | )(b) | 705,000 | 705,000 | 12,435 | — | — | ||||||||||||||||||||||||||||
iShares iBoxx $ High Yield Corporate Bond ETF | 1,285,719 | — | (473,610 | ) | 812,109 | 65,317,927 | 2,651,628 | (3,509,168 | ) | (4,591,527 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 96,600,439 | $ | 2,814,886 | $ | (3,529,609 | ) | $ | (4,572,972 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Centrally Cleared Interest Rate Swaps
Paid by the Fund | Received by the Fund | Effective | Termination | Notional |
| Upfront | Unrealized | |||||||||||||||||||||||
Rate | Frequency | Rate(a) | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||
1.82% | Semi-annual | 0.56% | Quarterly | N/A | 12/09/21 | $ | (34,036 | ) | $ | (806,709 | ) | $ | (522,631 | ) | $ | (284,078 | ) | |||||||||||||
2.38 | Semi-annual | 0.56 | Quarterly | N/A | 01/12/23 | (11,135 | ) | (603,089 | ) | 155,250 | (758,339 | ) | ||||||||||||||||||
2.46 | Semi-annual | 0.56 | Quarterly | N/A | 01/12/25 | (11,744 | ) | (1,129,053 | ) | 82,503 | (1,211,556 | ) | ||||||||||||||||||
1.44 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/26 | (138 | ) | (8,552 | ) | 2,542 | (11,094 | ) | ||||||||||||||||||
2.23 | Semi-annual | 0.56 | Quarterly | N/A | 12/09/26 | (14,275 | ) | (1,628,114 | ) | 453,024 | (2,081,138 | ) | ||||||||||||||||||
3.25 | Semi-annual | 0.56 | Quarterly | N/A | 10/18/28 | (1,062 | ) | (236,288 | ) | (218,519 | ) | (17,769 | ) | |||||||||||||||||
0.77 | Semi-annual | 0.56 | Quarterly | N/A | 04/01/30 | (10 | ) | (124 | ) | 0 | (124 | ) | ||||||||||||||||||
0.86 | Semi-annual | 0.56 | Quarterly | N/A | 03/30/45 | (10 | ) | (105 | ) | 0 | (105 | ) |
SCHEDULES OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Interest Rate Hedged High Yield Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund | Received by the Fund | Effective | Termination | Notional |
| Upfront | Unrealized | |||||||||||||||||||||||||||||
Rate | Frequency | Rate(a) | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||||||||
3.33% | Semi-annual | 0.56% | Quarterly | N/A | 10/24/48 | $ | (10 | ) | $ | (6,641 | ) | $ | (14,359 | ) | $ | 7,718 | ||||||||||||||||||||
0.87 | Semi-annual | 0.56 | Quarterly | N/A | 03/30/50 | (10 | ) | (144 | ) | 1 | (145 | ) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | (4,418,819 | ) | $ | (62,189 | ) | $ | (4,356,630 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
(a) | Represents3-month LIBOR. Rate shown is the rate in effect as ofperiod-end. |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Centrally Cleared Swaps(a) | $693,320 | $(755,509 | ) | $7,718 | $(4,364,348 | ) |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Interest Rate Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized appreciation on centrally cleared swaps(a) | $ | 7,718 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized depreciation on centrally cleared swaps(a) | $ | 4,364,348 | ||
|
|
(a) | Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:
Interest Rate Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Swaps | $ | (2,522,926 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | (706,951 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 96,936,333 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
14 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Interest Rate Hedged High Yield Bond ETF |
Fair Value Measurements (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 65,317,927 | $ | — | $ | — | $ | 65,317,927 | ||||||||
Money Market Funds | 31,282,512 | — | — | 31,282,512 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 96,600,439 | $ | — | $ | — | $ | 96,600,439 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Swaps | $ | — | $ | 7,718 | $ | — | $ | 7,718 | ||||||||
Liabilities | ||||||||||||||||
Swaps | — | (4,364,348 | ) | — | (4,364,348 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (4,356,630 | ) | $ | — | $ | (4,356,630 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
SCHEDULES OF INVESTMENTS | 15 |
Statements of Assets and Liabilities (unaudited)
April 30, 2020
iShares Inflation Hedged | iShares Interest Rate Hedged Corporate Bond ETF | iShares Interest Rate Hedged High Yield Bond ETF | ||||||||||
ASSETS | ||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||
Affiliated(b) | $ | 6,942,889 | $ | 277,888,738 | $ | 96,600,439 | ||||||
Cash | 21,336 | 516,729 | 2,719 | |||||||||
Cash pledged: | ||||||||||||
Futures contracts | 44,000 | — | — | |||||||||
Centrally cleared swaps | 575,000 | — | 1,358,000 | |||||||||
Receivables: | ||||||||||||
Securities lending income — Affiliated | — | 2,098 | 36,315 | |||||||||
Variation margin on centrally cleared swaps | — | 14,719 | — | |||||||||
Dividends | 91 | 33,471 | 244 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 7,583,316 | 278,455,755 | 97,997,717 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Collateral on securities loaned, at value | — | 6,712,596 | 30,536,554 | |||||||||
Payables: | ||||||||||||
Variation margin on futures contracts | 493 | — | — | |||||||||
Variation margin on centrally cleared swaps | 22,488 | — | 16,692 | |||||||||
Investment advisory fees | 307 | 17,583 | 3,325 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 23,288 | 6,730,179 | 30,556,571 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 7,560,028 | $ | 271,725,576 | $ | 67,441,146 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 7,532,270 | $ | 287,391,090 | $ | 88,807,424 | ||||||
Accumulated earnings (loss) | 27,758 | (15,665,514 | ) | (21,366,278 | ) | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 7,560,028 | $ | 271,725,576 | $ | 67,441,146 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 300,000 | 3,150,000 | 850,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 25.20 | $ | 86.26 | $ | 79.34 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
| |||||||
Par value | None | None | None | |||||||||
|
|
|
|
|
| |||||||
(a) Securities loaned, at value | $ | — | $ | 6,536,002 | $ | 29,951,890 | ||||||
(b) Investments, at cost — Affiliated | $ | 6,183,987 | $ | 265,806,130 | $ | 102,842,974 |
See notes to financial statements.
16 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended April 30, 2020
iShares Inflation Hedged Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF | iShares Interest Rate Yield Bond ETF | ||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Affiliated | $ | 119,540 | $ | 1,861,607 | $ | 2,664,063 | ||||||||||
Interest — Unaffiliated | 84 | — | — | |||||||||||||
Securities lending income — Affiliated — net | 2,059 | 51,492 | 150,823 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total investment income | 121,683 | 1,913,099 | 2,814,886 | |||||||||||||
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 7,771 | 193,543 | 342,378 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total expenses | 7,771 | 193,543 | 342,378 | |||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (5,828 | ) | (129,029 | ) | (316,040 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Total expenses after fees waived | 1,943 | 64,514 | 26,338 | |||||||||||||
|
|
|
|
|
| |||||||||||
Net investment income | 119,740 | 1,848,585 | 2,788,548 | |||||||||||||
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Affiliated | 57,376 | 10,692 | (392,002 | ) | ||||||||||||
In-kind redemptions — Affiliated | — | 2,904,590 | (3,137,607 | ) | ||||||||||||
Futures contracts | 9,677 | — | — | |||||||||||||
Swaps | (144,985 | ) | (10,687,402 | ) | (2,522,926 | ) | ||||||||||
Payment by affiliate | 3,562 | — | — | |||||||||||||
|
|
|
|
|
| |||||||||||
Net realized loss | (74,370 | ) | (7,772,120 | ) | (6,052,535 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Affiliated | (16,272 | ) | 2,769,130 | (4,572,972 | ) | |||||||||||
Futures contracts | 87,947 | — | — | |||||||||||||
Swaps | (334,506 | ) | (223,467 | ) | (706,951 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) | (262,831 | ) | 2,545,663 | (5,279,923 | ) | |||||||||||
|
|
|
|
|
| �� | ||||||||||
Net realized and unrealized loss | (337,201 | ) | (5,226,457 | ) | (11,332,458 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (217,461 | ) | $ | (3,377,872 | ) | $ | (8,543,910 | ) | |||||||
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 17 |
Statements of Changes in Net Assets
iShares Inflation Hedged Corporate Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF | |||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended 10/31/19 | Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 119,740 | $ | 303,371 | $ | 1,848,585 | $ | 6,618,354 | ||||||||||||
Net realized loss | (74,370 | ) | (1,634 | ) | (7,772,120 | ) | (3,499,689 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | (262,831 | ) | 648,378 | 2,545,663 | 2,750,880 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (217,461 | ) | 950,115 | (3,377,872 | ) | 5,869,545 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (120,852 | ) | (309,024 | ) | (1,669,589 | ) | (9,510,227 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | — | (2,467,730 | ) | 150,541,433 | (85,657,446 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (338,313 | ) | (1,826,639 | ) | 145,493,972 | (89,298,128 | ) | |||||||||||||
Beginning of period | 7,898,341 | 9,724,980 | 126,231,604 | 215,529,732 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 7,560,028 | $ | 7,898,341 | $ | 271,725,576 | $ | 126,231,604 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
18 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares Interest Rate Hedged High Yield Bond ETF | ||||||||||||
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income | $ | 2,788,548 | $ | 13,698,860 | ||||||||
Net realized loss | (6,052,535 | ) | (15,436,502 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (5,279,923 | ) | (60,696 | ) | ||||||||
|
|
|
| |||||||||
Net decrease in net assets resulting from operations | (8,543,910 | ) | (1,798,338 | ) | ||||||||
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||
From net investment income | (2,425,993 | ) | (13,632,971 | ) | ||||||||
Return of capital | — | (46,369 | ) | |||||||||
|
|
|
| |||||||||
Decrease in net assets resulting from distributions to shareholders | (2,425,993 | ) | (13,679,340 | ) | ||||||||
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Net decrease in net assets derived from capital share transactions | (35,800,536 | ) | (286,489,209 | ) | ||||||||
|
|
|
| |||||||||
NET ASSETS | ||||||||||||
Total decrease in net assets | (46,770,439 | ) | (301,966,887 | ) | ||||||||
Beginning of period | 114,211,585 | 416,178,472 | ||||||||||
|
|
|
| |||||||||
End of period | $ | 67,441,146 | $ | 114,211,585 | ||||||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 19 |
(For a share outstanding throughout each period)
iShares Inflation Hedged Corporate Bond ETF | ||||||||||||||||||||||||
| Six Months Ended | | | Period From | | |||||||||||||||||||
04/30/20 | Year Ended | 05/08/18 | (a) | |||||||||||||||||||||
(unaudited) | 10/31/19 | to 10/31/18 | ||||||||||||||||||||||
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Net asset value, beginning of period | $ | 26.33 | $ | 24.31 | $ | 25.00 | ||||||||||||||||||
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Net investment income(b) | 0.40 | 0.91 | 0.37 | |||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.13 | ) | 2.01 | (0.70 | ) | |||||||||||||||||||
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Net increase (decrease) from investment operations | (0.73 | ) | 2.92 | (0.33 | ) | |||||||||||||||||||
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Distributions(d) | ||||||||||||||||||||||||
From net investment income | (0.40 | ) | (0.90 | ) | (0.36 | ) | ||||||||||||||||||
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Total distributions | (0.40 | ) | (0.90 | ) | (0.36 | ) | ||||||||||||||||||
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Net asset value, end of period | $ | 25.20 | $ | 26.33 | $ | 24.31 | ||||||||||||||||||
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Total Return | ||||||||||||||||||||||||
Based on net asset value | (2.82 | )%(e)(f) | 12.26 | %(f) | (1.34 | )%(e) | ||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses(g) | 0.20 | %(h) | 0.20 | % | 0.20 | %(h) | ||||||||||||||||||
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Total expenses after fees waived(g) | 0.05 | %(h) | 0.05 | % | 0.05 | %(h) | ||||||||||||||||||
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Net investment income | 3.08 | %(h) | 3.60 | % | 3.04 | %(h) | ||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 7,560 | $ | 7,898 | $ | 9,725 | ||||||||||||||||||
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Portfolio turnover rate(i)(j) | 5 | %(e) | 0 | % | 0 | %(e)(k) | ||||||||||||||||||
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(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return for the six months ended April 30, 2020 and year ended October 31, 2019, would have been-2.86% and 12.22%. |
(g) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(h) | Annualized. |
(i) | Portfolio turnover rate excludesin-kind transactions. |
(j) | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
(k) | Rounds to less than 1%. |
See notes to financial statements.
20 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Interest Rate Hedged Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 93.50 | $ | 95.79 | $ | 96.62 | $ | 92.49 | $ | 92.13 | $ | 97.95 | ||||||||||||||||||||||||||||||||||||
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Net investment income(a) | 1.28 | 3.35 | 3.16 | 2.76 | 2.74 | 2.95 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (7.23 | ) | (0.97 | ) | (1.16 | ) | 3.73 | (0.29 | ) | (5.82 | ) | |||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (5.95 | ) | 2.38 | 2.00 | 6.49 | 2.45 | (2.87 | ) | ||||||||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.29 | ) | (3.12 | ) | (2.83 | ) | (2.36 | ) | (2.09 | ) | (2.81 | ) | ||||||||||||||||||||||||||||||||||||
From net realized gain | — | (1.55 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Return of capital | — | — | — | — | — | (0.14 | ) | |||||||||||||||||||||||||||||||||||||||||
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Total distributions | (1.29 | ) | (4.67 | ) | (2.83 | ) | (2.36 | ) | (2.09 | ) | (2.95 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 86.26 | $ | 93.50 | $ | 95.79 | $ | 96.62 | $ | 92.49 | $ | 92.13 | ||||||||||||||||||||||||||||||||||||
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Total Return | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (6.44 | )%(d) | 2.63 | % | 2.08 | % | 7.11 | % | 2.70 | % | (2.97 | )% | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses(e) | 0.30 | %(f) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||||||||||||||||||||||||||
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Total expenses after fees waived(e) | 0.10 | %(f) | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.11 | % | ||||||||||||||||||||||||||||||||||||
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Net investment income | 2.87 | %(f) | 3.59 | % | 3.27 | % | 2.91 | % | 3.01 | % | 3.12 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 271,726 | $ | 126,232 | $ | 215,530 | $ | 77,295 | $ | 32,372 | $ | 18,427 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(g)(h) | 2 | %(d) | 4 | % | 2 | % | 0 | %(i) | 2 | % | 8 | % | ||||||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
(h) | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
(i) | Rounds to less than 1%. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 21 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Interest Rate Hedged High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 87.86 | $ | 90.47 | $ | 91.78 | $ | 87.42 | $ | 87.66 | $ | 96.93 | ||||||||||||||||||||||||||||||||||||
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Net investment income(a) | 2.26 | 5.51 | 4.98 | 4.57 | 4.86 | 4.80 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (8.84 | ) | (2.92 | ) | (1.46 | ) | 4.21 | (0.94 | ) | (9.29 | ) | |||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (6.58 | ) | 2.59 | 3.52 | 8.78 | 3.92 | (4.49 | ) | ||||||||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.94 | ) | (5.18 | ) | (4.83 | ) | (4.42 | ) | (4.16 | ) | (4.74 | ) | ||||||||||||||||||||||||||||||||||||
Return of capital | — | (0.02 | ) | — | — | — | (0.04 | ) | ||||||||||||||||||||||||||||||||||||||||
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Total distributions | (1.94 | ) | (5.20 | ) | (4.83 | ) | (4.42 | ) | (4.16 | ) | (4.78 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 79.34 | $ | 87.86 | $ | 90.47 | $ | 91.78 | $ | 87.42 | $ | 87.66 | ||||||||||||||||||||||||||||||||||||
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Total Return | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (7.61 | )%(d) | 3.00 | % | 3.93 | % | 10.26 | % | 4.73 | % | (4.77 | )% | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses(e) | 0.65 | %(f) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||||||||||||||
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Total expenses after fees waived(e) | 0.05 | %(f) | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.06 | % | ||||||||||||||||||||||||||||||||||||
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Net investment income | 5.29 | %(f) | 6.22 | % | 5.46 | % | 5.04 | % | 5.78 | % | 5.21 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 67,441 | $ | 114,212 | $ | 416,178 | $ | 137,670 | $ | 30,596 | $ | 48,215 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(g)(h) | 0 | %(d) | 1 | % | 0 | %(i) | 0 | % | 0 | %(i) | 3 | % | ||||||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
(h) | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
(i) | Rounds to less than 1%. |
See notes to financial statements.
22 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
Inflation Hedged Corporate Bond | Non-diversified | |||
Interest Rate Hedged Corporate Bond | Diversified | |||
Interest Rate Hedged High Yield Bond | Diversified |
Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedules of investments for the underlying funds are included elsewhere in this report and should be read in conjunction with the Funds’ financial statements.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on theex-dividend date. Interest income is accrued daily.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Exchange-traded funds andclosed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
NOTESTO FINANCIAL STATEMENTS | 23 |
Notes to Financial Statements (unaudited) (continued)
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any ,are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
Interest Rate Hedged Corporate Bond | ||||||||||||||||
Credit Suisse AG | $ | 6,536,002 | $ | 6,536,002 | $ | — | $ | — | ||||||||
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24 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
Interest Rate Hedged High Yield Bond | ||||||||||||||||
BofA Securities, Inc. | $ | 499,309 | $ | 499,309 | $ | — | $ | — | ||||||||
Wells Fargo Securities LLC | 29,452,581 | 29,452,581 | — | — | ||||||||||||
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$ | 29,951,890 | $ | 29,951,890 | $ | — | $ | — | |||||||||
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(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:U.S. Treasury futures are used by the iShares Inflation Hedged Corporate Bond ETF to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
Swaps:Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The iShares Inflation Hedged Corporate Bond ETF uses inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.
Swap agreements are privately negotiated in theover-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Each Fund enters into centrally cleared swaps.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is shown as cash pledged for centrally cleared swaps on the statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the operations.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
NOTESTO FINANCIAL STATEMENTS | 25 |
Notes to Financial Statements (unaudited) (continued)
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Inflation Hedged Corporate Bond | 0.20 | % | ||
Interest Rate Hedged Corporate Bond | 0.30 | |||
Interest Rate Hedged High Yield Bond | 0.65 |
Expense Waivers:A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expenses.
For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”),after taking into account any fee waivers by LQD, plus 0.05%.
For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.
For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended April 30, 2020, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
Inflation Hedged Corporate Bond | $ | 631 | ||
Interest Rate Hedged Corporate Bond | 15,689 | |||
Interest Rate Hedged High Yield Bond | 39,394 |
Officers and Trustees:Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
During the six month ended April 30, 2020, iShares Inflation Hedged Corporate Bond ETF received a reimbursement of $3,562 from an affiliate, which is included in payment by affiliate in the statements of operations, related to an operating event.
26 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
7. | PURCHASES AND SALES |
For the six months ended April 30, 2020, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Inflation Hedged Corporate Bond | $ | 368,218 | $ | 1,081,161 | ||||
Interest Rate Hedged Corporate Bond | 3,298,518 | 12,716,033 | ||||||
Interest Rate Hedged High Yield Bond | — | 3,592,274 |
For the six months ended April 30, 2020,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Interest Rate Hedged Corporate Bond | $ | 189,253,322 | $ | 40,029,372 | ||||
Interest Rate Hedged High Yield Bond | — | 34,602,371 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of October 31, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Inflation Hedged Corporate Bond | $ | 23,976 | ||
Interest Rate Hedged Corporate Bond | 9,006,965 | |||
Interest Rate Hedged High Yield Bond | 5,070,240 |
As of April 30, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Inflation Hedged Corporate Bond | $ | 6,183,987 | $ | 846,711 | $ | (736,332 | ) | $ | 110,379 | |||||||
Interest Rate Hedged Corporate Bond | 265,826,225 | 12,086,688 | (11,152,113 | ) | 934,575 | |||||||||||
Interest Rate Hedged High Yield Bond | 102,849,867 | 34,806 | (10,640,864 | ) | (10,606,058 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
NOTESTO FINANCIAL STATEMENTS | 27 |
Notes to Financial Statements (unaudited) (continued)
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally
of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
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Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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Inflation Hedged Corporate Bond | ||||||||||||||||
Shares redeemed | — | $ | — | (100,000 | ) | $ | (2,467,730 | ) | ||||||||
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Interest Rate Hedged Corporate Bond | ||||||||||||||||
Shares sold | 2,250,000 | $ | 191,353,676 | 1,100,000 | $ | 101,230,335 | ||||||||||
Shares redeemed | (450,000 | ) | (40,812,243 | ) | (2,000,000 | ) | (186,887,781 | ) | ||||||||
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Net increase(decrease) | 1,800,000 | $ | 150,541,433 | (900,000 | ) | $ | (85,657,446 | ) | ||||||||
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Interest Rate Hedged High Yield Bond | ||||||||||||||||
Shares sold | — | $ | — | 550,000 | $ | 49,117,336 | ||||||||||
Shares redeemed | (450,000 | ) | (35,800,536 | ) | (3,850,000 | ) | (335,606,545 | ) | ||||||||
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Net decrease | (450,000 | ) | $ | (35,800,536 | ) | (3,300,000 | ) | $ | (286,489,209 | ) | ||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
28 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
11. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.
12. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS | 29 |
Statement Regarding Liquidity Risk Management Program (unaudited)
The Securities and Exchange Commission adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Trustees (the “Board”) of iShares Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for anopen-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements.The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants.The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio.In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
30 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Inflation Hedged Corporate Bond | $ | 0.402841 | $ | — | $ | — | $ | 0.402841 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||
Interest Rate Hedged Corporate Bond | 1.289718 | — | — | 1.289718 | 100 | — | — | 100 | ||||||||||||||||||||||||
Interest Rate Hedged High Yield Bond | 1.936563 | — | — | 1.936563 | 100 | — | — | 100 |
SUPPLEMENTAL INFORMATION | 31 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
32 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Fixed Income | ||
CPI | Consumer Price Index | |
LIBOR | London Interbank Offered Rate |
GLOSSARYOF TERMS USEDINTHIS REPORT | 33 |
Additional Financial Information
Schedules of Investments (Unaudited)
April 30, 2020
Statements of Assets and Liabilities (Unaudited)
April 30, 2020
Audited Financial Statements
February 28, 2020
iShares Trust
iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca
iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca
Schedule of Investments (unaudited) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.6% | ||||||||
Lamar Media Corp. | ||||||||
3.75%, 02/15/28 (Call 02/15/23)(a) | $ | 14,276 | $ | 13,133,920 | ||||
4.00%, 02/15/30 (Call 02/15/25)(a) | 10,036 | 9,213,308 | ||||||
5.00%, 05/01/23 (Call 05/01/20)(b) | 13,860 | 13,860,000 | ||||||
5.75%, 02/01/26 (Call 02/01/21)(b) | 15,792 | 16,101,523 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||
4.63%, 03/15/30 (Call 03/15/25)(a)(b) | 12,899 | 11,811,185 | ||||||
5.00%, 08/15/27 (Call 08/15/22)(a)(b) | 15,825 | 14,875,500 | ||||||
5.63%, 02/15/24 (Call 02/15/21)(b) | 13,473 | 13,438,021 | ||||||
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a) | 24,430 | 20,154,750 | ||||||
|
| |||||||
112,588,207 | ||||||||
Aerospace & Defense — 2.8% | ||||||||
Bombardier Inc. | ||||||||
5.75%, 03/15/22(a)(b) | 15,368 | 11,416,541 | ||||||
6.00%, 10/15/22 (Call 05/29/20)(a)(b) | 28,415 | 21,027,100 | ||||||
6.13%, 01/15/23(a)(b) | 30,102 | 21,372,420 | ||||||
7.50%, 12/01/24 (Call 12/01/20)(a) | 22,767 | 15,125,826 | ||||||
7.50%, 03/15/25 (Call 03/15/21)(a)(b) | 34,590 | 22,310,550 | ||||||
7.88%, 04/15/27 (Call 04/15/22)(a)(b) | 46,510 | 30,115,225 | ||||||
8.75%, 12/01/21(a)(b) | 24,557 | 20,492,817 | ||||||
Howmet Aerospace Inc. | ||||||||
5.13%, 10/01/24 (Call 07/01/24) | 30,370 | 29,269,087 | ||||||
5.40%, 04/15/21 (Call 01/15/21) | 11,852 | 12,092,003 | ||||||
5.87%, 02/23/22 | 16,714 | 17,006,495 | ||||||
6.88%, 05/01/25 (Call 04/01/25) | 8,050 | 8,211,000 | ||||||
Signature Aviation U.S. Holdings Inc. | ||||||||
4.00%, 03/01/28 (Call 03/01/23)(a)(b) | 15,448 | 13,285,280 | ||||||
5.38%, 05/01/26 (Call 05/01/21)(a) | 13,484 | 12,438,990 | ||||||
Spirit AeroSystems Inc. | ||||||||
4.60%, 06/15/28 (Call 03/15/28)(b) | 10,187 | 8,200,535 | ||||||
7.50%, 04/15/25 (Call 04/15/22)(a) | 6,537 | 6,438,945 | ||||||
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)(a)(b) | 24,320 | 25,827,840 | ||||||
TransDigm Inc. | ||||||||
5.50%, 11/15/27 (Call 11/15/22)(a)(b) | 62,119 | 52,490,555 | ||||||
6.25%, 03/15/26 (Call 03/15/22)(a) | 103,098 | 100,790,667 | ||||||
6.38%, 06/15/26 (Call 06/15/21)(b) | 23,220 | 19,867,496 | ||||||
6.50%, 07/15/24 (Call 07/15/20)(b) | 28,802 | 26,313,219 | ||||||
6.50%, 05/15/25 (Call 05/15/20)(b) | 19,422 | 17,382,690 | ||||||
7.50%, 03/15/27 (Call 03/15/22)(b) | 13,070 | 11,681,313 | ||||||
8.00%, 12/15/25 (Call 04/08/22)(a) | 21,360 | 22,214,400 | ||||||
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/21)(b) | 12,478 | 10,855,860 | ||||||
Triumph Group Inc. | ||||||||
6.25%, 09/15/24 (Call 09/15/20)(a)(b) | 13,170 | 10,440,298 | ||||||
7.75%, 08/15/25 (Call 08/15/20)(b) | 12,792 | 8,422,764 | ||||||
|
| |||||||
555,089,916 | ||||||||
Agriculture — 0.4% | ||||||||
JBS Investments GmbH, 6.25%, 02/05/23 (Call 02/05/21)(a)(b) | 10,219 | 10,209,875 | ||||||
JBS Investments II GmbH | ||||||||
5.75%, 01/15/28 (Call 07/30/22)(a)(b) | 17,571 | 16,714,414 | ||||||
7.00%, 01/15/26 (Call 01/15/22)(a) | 21,947 | 22,781,425 |
Security | Par (000) | Value | ||||||
Agriculture (continued) | ||||||||
Vector Group Ltd. | ||||||||
6.13%, 02/01/25 (Call 02/01/21)(a) | $ | 21,651 | $ | 21,001,470 | ||||
10.50%, 11/01/26 (Call 11/01/21)(a) | 12,608 | 11,711,395 | ||||||
|
| |||||||
82,418,579 | ||||||||
Airlines — 0.2% | ||||||||
Air Canada, 7.75%, 04/15/21(a)(b) | 5,021 | 4,882,923 | ||||||
American Airlines Group Inc. | ||||||||
3.75%, 03/01/25(a) | 11,196 | 5,234,130 | ||||||
5.00%, 06/01/22(a) | 18,658 | 10,588,415 | ||||||
United Airlines Holdings Inc., 4.25%, 10/01/22 | 12,017 | 9,853,940 | ||||||
|
| |||||||
30,559,408 | ||||||||
Apparel — 0.3% | ||||||||
Hanesbrands Inc. | ||||||||
4.63%, 05/15/24 (Call 02/15/24)(a) | 21,815 | 21,821,817 | ||||||
4.88%, 05/15/26 (Call 02/15/26)(a)(b) | 21,764 | 21,894,040 | ||||||
5.38%, 05/15/25 (Call 05/15/22)(a) | 5,090 | 5,090,000 | ||||||
Levi Strauss & Co. | ||||||||
5.00%, 05/01/25 (Call 05/01/20)(b) | 1,800 | 1,816,470 | ||||||
5.00%, 05/01/25 (Call 05/01/20)(a) | 8,375 | 8,451,631 | ||||||
|
| |||||||
59,073,958 | ||||||||
Auto Manufacturers — 1.1% | ||||||||
Allison Transmission Inc. | ||||||||
4.75%, 10/01/27 (Call 10/01/22)(a) | 9,333 | 8,651,358 | ||||||
5.00%, 10/01/24 (Call 10/01/20)(a) | 24,263 | 23,398,630 | ||||||
5.88%, 06/01/29 (Call 06/01/24)(a)(b) | 11,389 | 11,041,977 | ||||||
Fiat Chrysler Automobiles NV, 5.25%, 04/15/23(b) | 35,621 | 35,435,771 | ||||||
Ford Motor Co. | ||||||||
8.50%, 04/21/23 | 18,895 | 18,918,619 | ||||||
9.00%, 04/22/25 (Call 03/22/25) | 23,220 | 22,581,450 | ||||||
9.63%, 04/22/30 (Call 01/22/30) | 5,785 | 5,767,009 | ||||||
Jaguar Land Rover Automotive PLC | ||||||||
4.50%, 10/01/27 (Call 07/01/27)(a)(b) | 11,915 | 7,387,300 | ||||||
5.63%, 02/01/23 (Call 02/01/21)(a)(b) | 12,197 | 9,834,929 | ||||||
Navistar International Corp. | ||||||||
6.63%, 11/01/25 (Call 11/01/20)(a) | 26,677 | 22,847,516 | ||||||
9.50%, 05/01/25 (Call 04/21/22)(a) | 9,063 | 9,516,150 | ||||||
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)(a) | 43,869 | 42,772,275 | ||||||
|
| |||||||
218,152,984 | ||||||||
Auto Parts & Equipment — 1.1% | ||||||||
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 08/15/21)(a)(b) | 21,996 | 16,408,971 | ||||||
Adient U.S. LLC | ||||||||
7.00%, 05/15/26 (Call 05/15/22)(a)(b) | 19,601 | 19,503,055 | ||||||
9.00%, 04/15/25 (Call 04/15/22)(a) | 3,992 | 4,161,660 | ||||||
American Axle & Manufacturing Inc. | ||||||||
6.25%, 04/01/25 (Call 04/01/21)(b) | 16,996 | 12,840,988 | ||||||
6.25%, 03/15/26 (Call 03/15/21)(b) | 8,409 | 6,264,705 | ||||||
6.50%, 04/01/27 (Call 04/01/22) | 11,549 | 8,547,030 | ||||||
6.63%, 10/15/22 (Call 10/15/20) | 923 | 775,320 | ||||||
Dana Financing Luxembourg Sarl, | 9,029 | 8,146,415 | ||||||
Dana Inc., 5.50%, 12/15/24 (Call 12/15/20)(b) | 10,761 | 10,061,535 | ||||||
Goodyear Tire & Rubber Co. (The) | ||||||||
4.88%, 03/15/27 (Call 12/15/26)(b) | 17,439 | 15,041,138 | ||||||
5.00%, 05/31/26 (Call 05/31/21)(b) | 20,096 | 17,441,318 | ||||||
5.13%, 11/15/23 (Call 11/15/20)(b) | 24,769 | 23,221,433 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Auto Parts & Equipment (continued) | ||||||||
Panther BF Aggregator 2 LP/Panther Finance Co. Inc. | ||||||||
6.25%, 05/15/26 (Call 05/15/22)(a)(b) | $ | 24,136 | $ | 24,292,884 | ||||
8.50%, 05/15/27 (Call 05/15/22)(a)(b) | 45,558 | 38,610,405 | ||||||
|
| |||||||
205,316,857 | ||||||||
Banks — 1.1% | ||||||||
CIT Group Inc. | ||||||||
4.13%, 03/09/21 (Call 02/09/21)(b) | 5,250 | 5,159,752 | ||||||
4.75%, 02/16/24 (Call 11/16/23) | 11,557 | 11,110,574 | ||||||
5.00%, 08/15/22 | 29,427 | 28,997,857 | ||||||
5.00%, 08/01/23(b) | 20,752 | 20,311,435 | ||||||
5.25%, 03/07/25 (Call 12/07/24)(b) | 11,234 | 11,217,992 | ||||||
6.13%, 03/09/28(b) | 8,479 | 8,709,965 | ||||||
Deutsche Bank AG, 4.30%, 05/24/28 (Call 05/24/23)(b)(c) | 36,052 | 32,176,410 | ||||||
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(b)(c) | 23,366 | 20,982,825 | ||||||
Fifth Third Bancorp., 5.10%, | 14,601 | 12,820,354 | ||||||
Freedom Mortgage Corp. | ||||||||
8.13%, 11/15/24 (Call 11/15/20)(a)(b) | 9,939 | 8,216,858 | ||||||
8.25%, 04/15/25 (Call 04/15/21)(a)(b) | 16,713 | 14,206,050 | ||||||
Intesa Sanpaolo SpA, 5.02%, 06/26/24(a) | 48,247 | 48,998,572 | ||||||
|
| |||||||
222,908,644 | ||||||||
Building Materials — 0.7% | ||||||||
Builders FirstSource Inc. | ||||||||
5.00%, 03/01/30 (Call 03/01/25)(a) | 9,722 | 8,373,073 | ||||||
6.75%, 06/01/27 (Call 06/01/22)(a)(b) | 7,525 | 7,750,750 | ||||||
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23) | 15,235 | 14,473,250 | ||||||
Standard Industries Inc./NJ | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | 24,149 | 23,781,935 | ||||||
5.00%, 02/15/27 (Call 02/15/22)(a)(b) | 11,419 | 11,454,627 | ||||||
5.38%, 11/15/24 (Call 11/15/20)(a)(b) | 24,285 | 24,443,156 | ||||||
5.50%, 02/15/23 (Call 02/15/21)(a)(b) | 434 | 434,000 | ||||||
6.00%, 10/15/25 (Call 10/15/20)(a)(b) | 26,680 | 27,547,100 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 07/15/20)(b) | 16,353 | 16,368,535 | ||||||
|
| |||||||
134,626,426 | ||||||||
Chemicals — 1.5% | ||||||||
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)(b) | 352 | 366,606 | ||||||
Blue Cube Spinco LLC | ||||||||
9.75%, 10/15/23 (Call 10/15/20)(b) | 17,723 | 18,476,227 | ||||||
10.00%, 10/15/25 (Call 10/15/20)(b) | 12,635 | 13,393,100 | ||||||
CF Industries Inc., 3.45%, 06/01/23(b) | 19,717 | 19,904,992 | ||||||
Chemours Co. (The) | ||||||||
5.38%, 05/15/27 (Call 02/15/27)(b) | 11,935 | 9,999,620 | ||||||
6.63%, 05/15/23 (Call 05/15/20) | 21,909 | 20,496,899 | ||||||
7.00%, 05/15/25 (Call 05/15/20)(b) | 17,913 | 16,888,735 | ||||||
NOVA Chemicals Corp. | ||||||||
4.88%, 06/01/24 (Call 03/03/24)(a) | 24,730 | 22,091,722 | ||||||
5.00%, 05/01/25 (Call 01/31/25)(a) | 10,675 | 9,020,375 | ||||||
5.25%, 08/01/23 (Call 08/01/20)(a)(b) | 11,283 | 10,493,190 | ||||||
5.25%, 06/01/27 (Call 03/03/27)(a) | 25,262 | 20,209,600 | ||||||
OCINV | ||||||||
5.25%, 11/01/24 (Call 11/01/21)(a) | 14,483 | 14,312,535 | ||||||
6.63%, 04/15/23 (Call 04/15/21)(a)(b) | 15,933 | 16,091,374 | ||||||
Olin Corp. | ||||||||
5.00%, 02/01/30 (Call 02/01/24)(b) | 12,338 | 10,903,708 | ||||||
5.13%, 09/15/27 (Call 03/15/22)(b) | 13,183 | 12,128,360 | ||||||
5.63%, 08/01/29 (Call 08/01/24)(b) | 17,926 | 16,240,060 | ||||||
PolyOne Corp., 5.75%, 05/15/25 | 4,135 | 4,186,688 |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)(a)(b) | $ | 11,322 | $ | 10,290,792 | ||||
Tronox Inc. | ||||||||
6.50%, 05/01/25 (Call 05/01/22)(a) | 1,130 | 1,137,063 | ||||||
6.50%, 04/15/26 (Call 04/15/21)(a)(b) | 13,839 | 12,506,996 | ||||||
Valvoline Inc. | ||||||||
4.25%, 02/15/30 (Call 02/15/25)(a) | 14,819 | 14,411,478 | ||||||
4.38%, 08/15/25 (Call 08/15/20) | 10,054 | 10,154,540 | ||||||
WR Grace & Co.-Conn, 5.13%, 10/01/21(a)(b) | 15,830 | 15,928,937 | ||||||
|
| |||||||
299,633,597 | ||||||||
Commercial Services — 4.2% | ||||||||
ADT Security Corp. (The) | ||||||||
3.50%, 07/15/22 | 26,992 | 26,401,747 | ||||||
4.13%, 06/15/23(b) | 17,399 | 17,106,697 | ||||||
6.25%, 10/15/21(b) | 20,129 | 20,606,808 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | ||||||||
6.63%, 07/15/26 (Call 07/15/22)(a)(b) | 37,339 | 38,645,865 | ||||||
9.75%, 07/15/27 (Call 07/15/22)(a)(b) | 24,603 | 25,156,568 | ||||||
APX Group Inc. | ||||||||
6.75%, 02/15/27 (Call 02/15/23)(a) | 14,402 | 12,210,838 | ||||||
7.63%, 09/01/23 (Call 09/01/20)(b) | 10,049 | 8,005,033 | ||||||
7.88%, 12/01/22 (Call 12/01/20) | 16,914 | 16,117,520 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27 (Call 07/15/22)(a)(b) | 11,809 | 6,863,981 | ||||||
Garda World Security Corp. | ||||||||
4.63%, 02/15/27 (Call 02/15/23)(a) | 10,859 | 10,560,378 | ||||||
9.50%, 11/01/27 (Call 11/01/22)(a)(b) | 15,468 | 15,595,869 | ||||||
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)(a) | 29,045 | 27,411,219 | ||||||
Hertz Corp. (The) | ||||||||
5.50%, 10/15/24 (Call 10/15/20)(a)(b) | 14,030 | 2,932,270 | ||||||
6.00%, 01/15/28 (Call 01/15/23)(a)(b) | 16,360 | 2,822,100 | ||||||
6.25%, 10/15/22 (Call 10/15/20)(b) | 11,707 | 2,780,413 | ||||||
7.13%, 08/01/26 (Call 08/01/22)(a) | 8,142 | 1,709,820 | ||||||
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 08/01/20)(a) | 28,628 | 29,200,560 | ||||||
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/20)(a)(b) | 38,727 | 34,562,221 | ||||||
Nielsen Co Luxembourg Sarl/The | ||||||||
5.00%, 02/01/25 (Call 02/01/21)(a)(b) | 12,793 | 12,301,109 | ||||||
5.50%, 10/01/21 (Call 05/29/20)(a) | 12,157 | 11,989,841 | ||||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 04/15/21)(a)(b) | 55,009 | 54,118,954 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||
5.25%, 04/15/24(a)(b) | 20,694 | 20,286,535 | ||||||
5.75%, 04/15/26(a)(b) | 26,303 | 25,850,588 | ||||||
6.25%, 01/15/28 (Call 01/15/23)(a) | 32,235 | 28,924,466 | ||||||
Refinitiv U.S. Holdings Inc. | ||||||||
6.25%, 05/15/26 (Call 11/15/21)(a)(b) | 31,382 | 33,467,962 | ||||||
8.25%, 11/15/26 (Call 11/15/21)(a) | 37,853 | 41,117,821 | ||||||
Service Corp. International/U.S. | ||||||||
4.63%, 12/15/27 (Call 12/15/22)(b) | 11,970 | 12,241,599 | ||||||
5.13%, 06/01/29 (Call 06/01/24)(b) | 15,942 | 16,699,245 | ||||||
5.38%, 05/15/24 (Call 05/15/20)(b) | 19,977 | 20,334,930 | ||||||
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/20)(a) | 15,421 | 15,652,315 | ||||||
United Rentals North America Inc. 3.88%, 11/15/27 (Call 11/15/22) | 17,008 | 16,710,360 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Commercial Services (continued) | ||||||||
4.00%, 07/15/30 (Call 07/15/25)(b) | $ | 17,512 | $ | 16,473,789 | ||||
4.63%, 10/15/25 (Call 10/15/20)(b) | 18,206 | 17,831,535 | ||||||
4.88%, 01/15/28 (Call 01/15/23)(b) | 38,955 | 38,817,166 | ||||||
5.25%, 01/15/30 (Call 01/15/25)(b) | 16,997 | 16,966,648 | ||||||
5.50%, 07/15/25 (Call 07/15/20)(b) | 21,894 | 22,167,675 | ||||||
5.50%, 05/15/27 (Call 05/15/22)(b) | 23,612 | 23,760,347 | ||||||
5.88%, 09/15/26 (Call 09/15/21) | 23,086 | 23,702,858 | ||||||
6.50%, 12/15/26 (Call 12/15/21)(b) | 26,509 | 27,577,692 | ||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)(b) | 27,065 | 28,170,153 | ||||||
|
| |||||||
823,853,495 | ||||||||
Computers — 1.4% | ||||||||
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(a)(b) | 36,017 | 32,325,258 | ||||||
Dell Inc., 4.63%, 04/01/21(b) | 2,774 | 2,794,219 | ||||||
Dell International LLC/EMC Corp. | ||||||||
5.88%, 06/15/21 (Call 06/15/20)(a)(b) | 17,595 | 17,632,775 | ||||||
7.13%, 06/15/24 (Call 06/15/20)(a)(b) | 39,506 | 41,135,622 | ||||||
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)(b) | 26,866 | 26,731,670 | ||||||
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)(a)(b) | 13,981 | 2,442,481 | ||||||
NCR Corp. | ||||||||
5.00%, 07/15/22 (Call 07/15/20) | 14,300 | 14,264,250 | ||||||
5.75%, 09/01/27 (Call 09/01/22)(a)(b) | 11,755 | 11,784,388 | ||||||
6.13%, 09/01/29 (Call 09/01/24)(a)(b) | 14,065 | 14,062,187 | ||||||
6.38%, 12/15/23 (Call 12/15/20)(b) | 18,793 | 19,051,404 | ||||||
8.13%, 04/15/25 (Call 04/15/22)(a) | 8,580 | 9,094,800 | ||||||
Vericast Corp. | ||||||||
8.38%, 08/15/22 (Call 02/15/21)(a)(b) | 13,506 | 9,791,850 | ||||||
9.25%, 03/01/21 (Call 05/29/20)(a)(b) | 4,619 | 4,620,239 | ||||||
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 12/20/20)(a)(b) | 6,635 | 6,800,807 | ||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b) | 54,655 | 55,867,248 | ||||||
|
| |||||||
268,399,198 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Avon International Capital PLC, 6.50%, 08/15/22 (Call 08/15/20)(a) | 9,981 | 9,391,497 | ||||||
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/20)(a)(b) | 10,703 | 10,442,061 | ||||||
Avon Products Inc., 7.00%, 03/15/23 | 12,578 | 11,980,545 | ||||||
Edgewell Personal Care Co. | ||||||||
4.70%, 05/19/21(b) | 6,707 | 6,767,766 | ||||||
4.70%, 05/24/22(b) | 13,751 | 13,877,051 | ||||||
|
| |||||||
52,458,920 | ||||||||
Distribution & Wholesale — 0.5% | ||||||||
American Builders & Contractors Supply Co. Inc. | ||||||||
4.00%, 01/15/28 (Call 01/15/23)(a)(b) | 16,936 | 16,179,130 | ||||||
5.88%, 05/15/26 (Call 05/15/21)(a)(b) | 14,769 | 14,777,271 | ||||||
Anixter Inc., 5.13%, 10/01/21(b) | 6,390 | 6,490,110 | ||||||
Performance Food Group Inc., 5.50%, 10/15/27 (Call 10/15/22)(a)(b) | 26,714 | 25,533,508 | ||||||
Wolverine Escrow LLC | ||||||||
8.50%, 11/15/24 (Call 11/15/21)(a) | 16,511 | 11,310,035 | ||||||
9.00%, 11/15/26 (Call 11/15/22)(a)(b) | 20,514 | 14,272,698 | ||||||
13.13%, 11/15/27 (Call 11/15/22)(a)(b) | 12,419 | 7,314,791 | ||||||
|
| |||||||
95,877,543 |
Security | Par (000) | Value | ||||||
Diversified Financial Services — 2.7% | ||||||||
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(c) | $ | 16,016 | $ | 10,637,294 | ||||
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/20/25)(b) | 26,017 | 26,561,640 | ||||||
Credit Acceptance Corp. | ||||||||
5.13%, 12/31/24 (Call 12/31/21)(a)(b) | 10,059 | 8,960,892 | ||||||
6.63%, 03/15/26 (Call 03/15/22) | 9,891 | 8,901,900 | ||||||
LPL Holdings Inc. | ||||||||
4.63%, 11/15/27 (Call 11/15/22)(a) | 10,124 | 9,605,145 | ||||||
5.75%, 09/15/25 (Call 03/15/21)(a)(b) | 22,383 | 22,103,212 | ||||||
Nationstar Mortgage Holdings Inc. | ||||||||
6.00%, 01/15/27 (Call 01/15/23)(a)(b) | 14,725 | 12,663,500 | ||||||
8.13%, 07/15/23 (Call 07/15/20)(a) | 23,622 | 22,677,120 | ||||||
9.13%, 07/15/26 (Call 07/15/21)(a)(b) | 17,878 | 17,100,259 | ||||||
Navient Corp. | ||||||||
5.00%, 03/15/27 (Call 09/15/26)(b) | 17,629 | 14,887,690 | ||||||
5.50%, 01/25/23(b) | 25,497 | 23,520,982 | ||||||
5.88%, 10/25/24(b) | 11,020 | 9,943,140 | ||||||
6.13%, 03/25/24(b) | 20,288 | 18,616,472 | ||||||
6.50%, 06/15/22 | 24,973 | 24,022,528 | ||||||
6.63%, 07/26/21 | 8,669 | 8,625,655 | ||||||
6.75%, 06/25/25 | 11,414 | 10,557,950 | ||||||
6.75%, 06/15/26 | 11,556 | 10,507,871 | ||||||
7.25%, 01/25/22(b) | 18,982 | 18,602,360 | ||||||
7.25%, 09/25/23 | 12,482 | 11,951,515 | ||||||
Quicken Loans Inc. | ||||||||
5.25%, 01/15/28 (Call 01/15/23)(a)(b) | 24,171 | 23,685,163 | ||||||
5.75%, 05/01/25 (Call 05/01/20)(a)(b) | 30,026 | 29,425,480 | ||||||
Springleaf Finance Corp. | ||||||||
5.38%, 11/15/29 (Call 05/15/29) | 19,063 | 15,955,538 | ||||||
5.63%, 03/15/23(b) | 21,333 | 20,067,243 | ||||||
6.13%, 05/15/22 | 23,632 | 23,336,600 | ||||||
6.13%, 03/15/24 (Call 09/15/23) | 31,085 | 29,118,874 | ||||||
6.63%, 01/15/28 (Call 07/15/27) | 18,552 | 16,372,140 | ||||||
6.88%, 03/15/25(b) | 28,182 | 26,528,421 | ||||||
7.13%, 03/15/26(b) | 37,291 | 34,727,244 | ||||||
7.75%, 10/01/21(b) | 12,557 | 12,424,157 | ||||||
|
| |||||||
522,087,985 | ||||||||
Electric — 2.8% | ||||||||
AES Corp. (The) | ||||||||
4.00%, 03/15/21(b) | 6,290 | 6,293,318 | ||||||
4.50%, 03/15/23 (Call 03/15/21)(b) | 13,596 | 13,672,410 | ||||||
4.88%, 05/15/23 (Call 05/15/20)(b) | 15,259 | 15,370,391 | ||||||
5.13%, 09/01/27 (Call 09/01/22)(b) | 14,251 | 14,749,785 | ||||||
5.50%, 04/15/25 (Call 04/15/21)(b) | 12,775 | 13,190,187 | ||||||
6.00%, 05/15/26 (Call 05/15/21)(b) | 12,638 | 13,269,900 | ||||||
Calpine Corp. | ||||||||
4.50%, 02/15/28 (Call 02/15/23)(a)(b) | 29,733 | 28,847,551 | ||||||
5.13%, 03/15/28 (Call 03/15/23)(a) | 32,508 | 31,695,300 | ||||||
5.25%, 06/01/26 (Call 06/01/21)(a)(b) | 28,043 | 28,612,273 | ||||||
5.50%, 02/01/24 (Call 02/01/21)(b) | 15,184 | 15,259,920 | ||||||
5.75%, 01/15/25 (Call 10/15/20)(b) | 27,984 | 27,969,784 | ||||||
Clearway Energy Operating LLC | ||||||||
4.75%, 03/15/28 (Call 03/15/23)(a)(b) | 13,572 | 13,813,626 | ||||||
5.75%, 10/15/25 (Call 10/15/21)(b) | 14,347 | 14,889,317 | ||||||
DPL Inc. | ||||||||
4.35%, 04/15/29 (Call 01/15/29)(a) | 593 | 578,365 | ||||||
4.35%, 04/15/29 (Call 01/15/29)(b) | 6,279 | 6,124,034 | ||||||
NextEra Energy Operating Partners LP | ||||||||
3.88%, 10/15/26 (Call 07/15/26)(a)(b) | 12,574 | 12,420,597 | ||||||
4.25%, 07/15/24 (Call 04/15/24)(a)(b) | 16,008 | 16,128,060 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.25%, 09/15/24 (Call 07/15/24)(a)(b) | $ | 12,381 | $ | 12,564,239 | ||||
4.50%, 09/15/27 (Call 06/15/27)(a)(b) | 13,036 | 13,378,195 | ||||||
NRG Energy Inc. | ||||||||
5.25%, 06/15/29 (Call 06/15/24)(a)(b) | 17,666 | 19,049,778 | ||||||
5.75%, 01/15/28 (Call 01/15/23)(b) | 20,002 | 21,513,489 | ||||||
6.63%, 01/15/27 (Call 07/15/21)(b) | 30,184 | 32,157,297 | ||||||
7.25%, 05/15/26 (Call 05/15/21)(b) | 25,501 | 27,413,575 | ||||||
Talen Energy Supply LLC | ||||||||
6.50%, 06/01/25 (Call 06/01/20)(b) | 14,161 | 9,771,090 | ||||||
6.63%, 01/15/28 (Call 01/15/23)(a) | 8,455 | 8,011,112 | ||||||
7.25%, 05/15/27 (Call 05/15/22)(a)(b) | 18,284 | 18,284,000 | ||||||
10.50%, 01/15/26 (Call 01/15/22)(a) | 16,002 | 13,085,748 | ||||||
Vistra Energy Corp., 5.88%, 06/01/23 (Call 06/01/20)(b) | 10,692 | 10,750,779 | ||||||
Vistra Operations Co. LLC | ||||||||
5.00%, 07/31/27 (Call 07/31/22)(a)(b) | 30,539 | 31,184,900 | ||||||
5.50%, 09/01/26 (Call 09/01/21)(a)(b) | 24,285 | 24,992,585 | ||||||
5.63%, 02/15/27 (Call 02/15/22)(a)(b) | 31,485 | 32,980,537 | ||||||
|
| |||||||
548,022,142 | ||||||||
Electrical Components & Equipment — 0.3% | ||||||||
Energizer Holdings Inc. | ||||||||
5.50%, 06/15/25 (Call 06/15/20)(a)(b) | 15,764 | 16,071,398 | ||||||
6.38%, 07/15/26 (Call 07/15/21)(a)(b) | 18,207 | 18,933,460 | ||||||
7.75%, 01/15/27 (Call 01/15/22)(a)(b) | 14,531 | 15,392,688 | ||||||
|
| |||||||
50,397,546 | ||||||||
Electronics — 0.2% | ||||||||
Sensata Technologies BV | ||||||||
4.38%, 02/15/30 (Call 11/15/29)(a)(b) | 10,789 | 10,627,165 | ||||||
4.88%, 10/15/23(a)(b) | 9,890 | 9,942,982 | ||||||
5.00%, 10/01/25(a)(b) | 17,481 | 17,427,683 | ||||||
5.63%, 11/01/24(a) | 9,740 | 9,891,511 | ||||||
|
| |||||||
47,889,341 | ||||||||
Energy – Alternate Sources — 0.2% | ||||||||
TerraForm Power Operating LLC | ||||||||
4.25%, 01/31/23 (Call 10/31/22)(a) | 11,301 | 11,577,874 | ||||||
4.75%, 01/15/30 (Call 01/15/25)(a) | 17,380 | 17,825,276 | ||||||
5.00%, 01/31/28 (Call 07/31/27)(a)(b) | 15,800 | 16,510,684 | ||||||
|
| |||||||
45,913,834 | ||||||||
Engineering & Construction — 0.3% | ||||||||
AECOM | ||||||||
5.13%, 03/15/27 (Call 12/15/26)(b) | 20,899 | 21,199,319 | ||||||
5.88%, 10/15/24 (Call 07/15/24)(b) | 18,126 | 19,285,611 | ||||||
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)(a)(b) | 24,784 | 18,330,692 | ||||||
|
| |||||||
58,815,622 | ||||||||
Entertainment — 2.4% | ||||||||
AMC Entertainment Holdings Inc. | ||||||||
5.75%, 06/15/25 (Call 06/15/20)(b) | 10,264 | 2,412,040 | ||||||
5.88%, 11/15/26 (Call 11/15/21)(b) | 10,367 | 2,264,542 | ||||||
6.13%, 05/15/27 (Call 05/15/22)(b) | 7,389 | 1,618,191 | ||||||
10.50%, 04/15/25 (Call 04/15/22)(a) | 8,435 | 7,433,344 | ||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)(a)(b) | 40,570 | 31,848,261 | ||||||
Cedar Fair LP, 5.25%, 07/15/29 | 12,054 | 10,326,260 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 06/01/20)(b) | 11,173 | 10,400,015 |
Security | Par (000) | Value | ||||||
Entertainment (continued) | ||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | ||||||||
5.38%, 04/15/27 (Call 04/15/22)(b) | $ | 13,334 | $ | 11,867,260 | ||||
5.50%, 05/01/25 (Call 05/01/22)(a) | 11,142 | 11,142,000 | ||||||
Churchill Downs Inc. | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | 13,228 | 12,306,008 | ||||||
5.50%, 04/01/27 (Call 04/01/22)(a) | 15,301 | 14,722,316 | ||||||
Cinemark USA Inc. | ||||||||
4.88%, 06/01/23 (Call 06/01/20)(b) | 19,167 | 16,100,280 | ||||||
5.13%, 12/15/22 (Call 12/15/20)(b) | 8,974 | 7,560,595 | ||||||
Eldorado Resorts Inc. | ||||||||
6.00%, 04/01/25 (Call 04/01/21)(b) | 21,373 | 20,571,513 | ||||||
6.00%, 09/15/26 (Call 09/15/21)(b) | 14,309 | 14,376,252 | ||||||
International Game Technology PLC | ||||||||
6.25%, 02/15/22 (Call 08/15/21)(a)(b) | 35,420 | 34,613,416 | ||||||
6.25%, 01/15/27 (Call 07/15/26)(a)(b) | 17,143 | 16,462,594 | ||||||
6.50%, 02/15/25 (Call 08/15/24)(a)(b) | 24,864 | 24,366,471 | ||||||
Lions Gate Capital Holdings LLC | ||||||||
5.88%, 11/01/24 (Call 11/01/20)(a)(b) | 11,517 | 10,480,470 | ||||||
6.38%, 02/01/24 (Call 02/01/21)(a)(b) | 12,385 | 11,522,385 | ||||||
Live Nation Entertainment Inc. | ||||||||
4.75%, 10/15/27 (Call 10/15/22)(a)(b) | 22,538 | 18,998,326 | ||||||
4.88%, 11/01/24 (Call 11/01/20)(a)(b) | 14,215 | 12,651,350 | ||||||
Scientific Games International Inc. | ||||||||
5.00%, 10/15/25 (Call 10/15/20)(a) | 30,084 | 26,169,169 | ||||||
7.00%, 05/15/28 (Call 05/15/23)(a)(b) | 16,202 | 11,685,652 | ||||||
7.25%, 11/15/29 (Call 11/15/24)(a)(b) | 11,264 | 8,006,826 | ||||||
8.25%, 03/15/26 (Call 03/15/22)(a)(b) | 26,740 | 20,144,132 | ||||||
Six Flags Entertainment Corp. | ||||||||
4.88%, 07/31/24 (Call 07/31/20)(a)(b) | 25,583 | 22,518,157 | ||||||
5.50%, 04/15/27 (Call 04/15/22)(a)(b) | 12,570 | 10,922,433 | ||||||
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a) | 15,865 | 16,536,090 | ||||||
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 | 24,118 | 24,957,306 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | ||||||||
5.13%, 10/01/29 (Call 07/01/29)(a)(b) | 6,400 | 6,002,268 | ||||||
7.75%, 04/15/25 (Call 04/15/22)(a) | 8,500 | 8,672,189 | ||||||
|
| |||||||
459,658,111 | ||||||||
Environmental Control — 0.3% | ||||||||
Covanta Holding Corp. | ||||||||
5.88%, 03/01/24 (Call 03/01/21) | 7,777 | 7,666,852 | ||||||
5.88%, 07/01/25 (Call 07/01/20)(b) | 9,720 | 9,404,100 | ||||||
6.00%, 01/01/27 (Call 01/01/22)(b) | 9,092 | 8,720,202 | ||||||
GFL Environmental Inc. | ||||||||
4.25%, 06/01/25 (Call 06/01/22)(a) | 5,715 | 5,743,575 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a) | 13,273 | 13,791,310 | ||||||
7.00%, 06/01/26 (Call 06/01/21)(a)(b) | 10,448 | 10,954,031 | ||||||
8.50%, 05/01/27 (Call 05/01/22)(a)(b) | 5,530 | 6,020,456 | ||||||
|
| |||||||
62,300,526 | ||||||||
Food — 3.0% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC | ||||||||
3.50%, 02/15/23 (Call 12/15/22)(a)(b) | 18,416 | 18,534,967 | ||||||
4.63%, 01/15/27 (Call 01/15/22)(a) | 32,000 | 32,298,080 | ||||||
4.88%, 02/15/30 (Call 02/15/25)(a) | 21,458 | 21,748,756 | ||||||
5.75%, 03/15/25 (Call 09/15/20) | 31,559 | 32,232,785 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Food (continued) | ||||||||
5.88%, 02/15/28 (Call 08/15/22)(a) | $ | 18,794 | $ | 19,603,082 | ||||
6.63%, 06/15/24 (Call 06/15/20)(b) | 30,178 | 31,133,638 | ||||||
7.50%, 03/15/26 (Call 03/15/22)(a)(b) | 15,302 | 16,736,562 | ||||||
B&G Foods Inc. | ||||||||
5.25%, 04/01/25 (Call 04/01/21)(b) | 21,791 | 22,063,387 | ||||||
5.25%, 09/15/27 (Call 03/01/22)(b) | 12,964 | 13,156,904 | ||||||
JBS USA LUX SA/JBS USA Finance Inc. | ||||||||
5.75%, 06/15/25 (Call 06/15/20)(a)(b) | 23,816 | 24,478,085 | ||||||
5.88%, 07/15/24 (Call 07/15/20)(a) | 22,287 | 22,651,950 | ||||||
6.75%, 02/15/28 (Call 02/15/23)(a) | 22,239 | 23,564,667 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. | ||||||||
5.50%, 01/15/30 (Call 01/15/25)(a)(b) | 28,978 | 29,630,005 | ||||||
6.50%, 04/15/29 (Call 04/15/24)(a)(b) | 34,132 | 35,983,661 | ||||||
Lamb Weston Holdings Inc. | ||||||||
4.63%, 11/01/24 (Call 11/01/21)(a)(b) | 20,585 | 20,999,170 | ||||||
4.88%, 11/01/26 (Call 11/01/21)(a)(b) | 20,352 | 20,453,760 | ||||||
Pilgrim’s Pride Corp. | ||||||||
5.75%, 03/15/25 (Call 03/15/21)(a)(b) | 24,197 | 24,442,116 | ||||||
5.88%, 09/30/27 (Call 09/30/22)(a)(b) | 21,446 | 21,794,497 | ||||||
Post Holdings Inc. | ||||||||
4.63%, 04/15/30 (Call 04/15/25)(a) | 29,491 | 28,914,156 | ||||||
5.00%, 08/15/26 (Call 08/15/21)(a) | 40,623 | 40,631,397 | ||||||
5.50%, 12/15/29 (Call 12/15/24)(a) | 17,835 | 17,912,773 | ||||||
5.63%, 01/15/28 (Call 12/01/22)(a)(b) | 22,265 | 22,654,637 | ||||||
5.75%, 03/01/27 (Call 03/01/22)(a)(b) | 32,124 | 32,899,820 | ||||||
U.S. Foods Inc. | ||||||||
5.88%, 06/15/24 (Call 06/15/20)(a) | 5,650 | 5,380,608 | ||||||
6.25%, 04/15/25 (Call 04/15/22)(a) | 10,325 | 10,557,313 | ||||||
|
| |||||||
590,456,776 | ||||||||
Food Service — 0.3% | ||||||||
Aramark Services Inc. | ||||||||
4.75%, 06/01/26 (Call 06/01/21) | 12,786 | 12,252,270 | ||||||
5.00%, 04/01/25 (Call 04/01/21)(a)(b) | 14,782 | 14,338,540 | ||||||
5.00%, 02/01/28 (Call 02/01/23)(a)(b) | 28,480 | 27,696,800 | ||||||
6.38%, 05/01/25 (Call 05/01/22)(a)(b) | 10,720 | 11,148,800 | ||||||
|
| |||||||
65,436,410 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International Inc., 7.38%, 01/15/25 (Call 01/15/21) | 13,612 | 13,203,640 | ||||||
|
| |||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
5.50%, 05/20/25 (Call 02/20/25) | 15,974 | 16,184,737 | ||||||
5.63%, 05/20/24 (Call 03/20/24) | 16,648 | 16,980,960 | ||||||
5.75%, 05/20/27 (Call 02/20/27) | 12,857 | 13,066,248 | ||||||
5.88%, 08/20/26 (Call 05/20/26)(b) | 14,488 | 14,789,833 | ||||||
|
| |||||||
61,021,778 | ||||||||
Hand & Machine Tools — 0.1% | ||||||||
Colfax Corp. | ||||||||
6.00%, 02/15/24 (Call 02/15/21)(a) | 15,217 | 15,429,087 | ||||||
6.38%, 02/15/26 (Call 02/15/22)(a)(b) | 10,618 | 10,901,147 | ||||||
|
| |||||||
26,330,234 | ||||||||
Health Care – Products — 0.6% | ||||||||
Avantor Inc. | ||||||||
6.00%, 10/01/24 (Call 10/01/20)(a)(b) | 37,131 | 39,177,661 | ||||||
9.00%, 10/01/25 (Call 10/01/20)(a)(b) | 48,366 | 52,448,733 |
Security | Par (000) | Value | ||||||
Health Care – Products (continued) | ||||||||
Hologic Inc. | ||||||||
4.38%, 10/15/25 (Call 10/15/20)(a) | $ | 23,589 | $ | 23,824,890 | ||||
4.63%, 02/01/28 (Call 02/01/23)(a)(b) | 9,295 | 9,434,425 | ||||||
|
| |||||||
124,885,709 | ||||||||
Health Care – Services — 8.1% | ||||||||
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 02/15/21) | 16,274 | 15,582,355 | ||||||
Centene Corp. | ||||||||
3.38%, 02/15/30 (Call 02/15/25)(a) | 41,405 | 41,678,273 | ||||||
4.25%, 12/15/27 (Call 12/15/22)(a) | 50,022 | 52,241,726 | ||||||
4.63%, 12/15/29 (Call 12/15/24)(a) | 73,743 | 80,745,488 | ||||||
4.75%, 05/15/22 (Call 05/15/20)(b) | 24,224 | 24,499,306 | ||||||
4.75%, 01/15/25 (Call 01/15/21)(b) | 29,719 | 30,628,996 | ||||||
4.75%, 01/15/25 (Call 01/15/21)(a) | 20,330 | 20,952,505 | ||||||
5.25%, 04/01/25 (Call 04/01/21)(a)(b) | 28,138 | 29,333,865 | ||||||
5.38%, 06/01/26 (Call 06/01/21)(a) | 43,185 | 45,778,259 | ||||||
5.38%, 08/15/26 (Call 08/15/21)(a)(b) | 18,274 | 19,463,637 | ||||||
Charles River Laboratories International Inc. | ||||||||
4.25%, 05/01/28 (Call 05/01/23)(a) | 12,144 | 12,250,260 | ||||||
5.50%, 04/01/26 (Call 04/01/21)(a) | 12,363 | 12,887,191 | ||||||
CHS/Community Health Systems Inc. | ||||||||
6.25%, 03/31/23 (Call 03/31/21)(b) | 75,351 | 70,829,940 | ||||||
6.63%, 02/15/25 (Call 02/15/22)(a) | 35,353 | 32,524,760 | ||||||
6.88%, 04/01/28 (Call 04/01/23)(a)(b) | 31,833 | 10,982,385 | ||||||
8.00%, 03/15/26 (Call 03/15/22)(a)(b) | 50,633 | 48,535,781 | ||||||
8.00%, 12/15/27 (Call 12/15/22)(a) | 17,586 | 16,596,788 | ||||||
8.13%, 06/30/24 (Call 06/30/21)(a)(b) | 33,581 | 22,738,051 | ||||||
8.63%, 01/15/24 (Call 01/15/21)(a) | 25,295 | 24,565,201 | ||||||
9.88%, 06/30/23 (Call 06/30/20)(a)(e) | 36,573 | 26,899,442 | ||||||
DaVita Inc. | ||||||||
5.00%, 05/01/25 (Call 05/01/20)(b) | 37,029 | 37,630,629 | ||||||
5.13%, 07/15/24 (Call 07/15/20)(b) | 42,326 | 42,960,890 | ||||||
Encompass Health Corp. | ||||||||
4.50%, 02/01/28 (Call 02/01/23)(b) | 12,402 | 12,456,197 | ||||||
4.75%, 02/01/30 (Call 02/01/25) | 12,384 | 12,327,198 | ||||||
5.75%, 11/01/24 (Call 11/01/20)(b) | 17,914 | 17,981,178 | ||||||
HCA Inc. | ||||||||
3.50%, 09/01/30 (Call 03/01/30) | 62,440 | 59,747,587 | ||||||
5.38%, 02/01/25(b) | 60,456 | 65,010,151 | ||||||
5.38%, 09/01/26 (Call 03/01/26)(b) | 24,642 | 26,943,932 | ||||||
5.63%, 09/01/28 (Call 03/01/28)(b) | 36,023 | 40,018,934 | ||||||
5.88%, 05/01/23(b) | 28,120 | 30,088,400 | ||||||
5.88%, 02/15/26 (Call 08/15/25) | 34,906 | 38,658,395 | ||||||
5.88%, 02/01/29 (Call 08/01/28)(b) | 24,578 | 28,254,869 | ||||||
IQVIA Inc. | ||||||||
5.00%, 10/15/26 (Call 10/15/21)(a) | 25,404 | 26,133,920 | ||||||
5.00%, 05/15/27 (Call 05/15/22)(a) | 25,961 | 26,739,830 | ||||||
Life Point Health Inc. | ||||||||
4.38%, 02/15/27 (Call 02/15/22)(a) | 15,474 | 14,550,202 | ||||||
6.75%, 04/15/25 (Call 04/15/22)(a) | 10,510 | 10,825,300 | ||||||
MEDNAX Inc. | ||||||||
5.25%, 12/01/23 (Call 12/01/20)(a)(b) | 17,503 | 16,540,335 | ||||||
6.25%, 01/15/27 (Call 01/15/22)(a)(b) | 23,944 | 21,679,855 | ||||||
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22) | 15,955 | 16,493,481 | ||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a)(b) | 31,961 | 34,198,270 | ||||||
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a) | 29,755 | 28,657,041 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care – Services (continued) | ||||||||
Tenet Healthcare Corp. | ||||||||
4.63%, 07/15/24 (Call 07/15/20)(b) | $ | 45,297 | $ | 44,495,243 | ||||
4.63%, 09/01/24 (Call 09/01/21)(a) | 15,077 | 14,779,585 | ||||||
4.88%, 01/01/26 (Call 03/01/22)(a) | 47,864 | 46,906,720 | ||||||
5.13%, 05/01/25 (Call 05/01/20) | 31,848 | 29,774,695 | ||||||
5.13%, 11/01/27 (Call 11/01/22)(a)(b) | 35,393 | 34,951,030 | ||||||
6.25%, 02/01/27 (Call 02/01/22)(a)(b) | 35,611 | 34,973,563 | ||||||
6.75%, 06/15/23(b) | 45,615 | 45,569,385 | ||||||
7.00%, 08/01/25 (Call 08/01/20)(b) | 11,273 | 10,483,890 | ||||||
7.50%, 04/01/25 (Call 04/01/22)(a) | 12,235 | 13,107,610 | ||||||
8.13%, 04/01/22(b) | 65,909 | 66,077,068 | ||||||
|
| |||||||
1,588,729,592 | ||||||||
Holding Companies - Diversified — 0.7% | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
4.75%, 09/15/24 (Call 06/15/24) | 25,923 | 24,367,620 | ||||||
5.25%, 05/15/27 (Call 11/15/26) | 21,208 | 20,147,600 | ||||||
6.25%, 02/01/22 (Call 02/01/21) | 29,298 | 29,746,552 | ||||||
6.25%, 05/15/26 (Call 05/15/22)(b) | 30,065 | 29,510,902 | ||||||
6.38%, 12/15/25 (Call 12/15/20) | 18,402 | 18,049,602 | ||||||
6.75%, 02/01/24 (Call 02/01/21)(b) | 13,124 | 13,146,967 | ||||||
Stena AB, 7.00%, 02/01/24(a) | 12,317 | 10,962,130 | ||||||
|
| |||||||
145,931,373 | ||||||||
Home Builders — 1.5% | ||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp. | ||||||||
4.88%, 02/15/30 (Call 02/15/25)(a) | 12,642 | 10,429,650 | ||||||
6.25%, 09/15/27 (Call 09/15/22)(a) | 14,731 | 13,519,148 | ||||||
KB Home, 7.00%, 12/15/21 (Call 09/15/21)(b) | 10,710 | 11,084,850 | ||||||
Lennar Corp. | ||||||||
4.13%, 01/15/22 (Call 10/15/21)(b) | 15,315 | 15,375,647 | ||||||
4.50%, 04/30/24 (Call 01/30/24)(b) | 16,562 | 16,855,368 | ||||||
4.75%, 04/01/21 (Call 02/01/21) | 5,215 | 5,244,204 | ||||||
4.75%, 11/15/22 (Call 08/15/22) | 14,223 | 14,440,399 | ||||||
4.75%, 05/30/25 (Call 02/28/25)(b) | 11,583 | 11,901,185 | ||||||
4.75%, 11/29/27 (Call 05/29/27)(b) | 20,927 | 21,566,724 | ||||||
4.88%, 12/15/23 (Call 09/15/23)(b) | 11,093 | 11,350,151 | ||||||
5.88%, 11/15/24 (Call 05/15/24)(b) | 10,251 | 10,891,688 | ||||||
Mattamy Group Corp. | ||||||||
4.63%, 03/01/30 (Call 03/01/25)(a) | 8,009 | 7,081,291 | ||||||
5.25%, 12/15/27 (Call 12/15/22)(a)(b) | 11,478 | 10,760,625 | ||||||
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)(b) | 11,117 | 11,422,717 | ||||||
PulteGroup Inc. | ||||||||
4.25%, 03/01/21 (Call 02/01/21) | 3,708 | 3,755,926 | ||||||
5.00%, 01/15/27 (Call 10/15/26)(b) | 14,859 | 15,378,873 | ||||||
5.50%, 03/01/26 (Call 12/01/25)(b) | 16,445 | 17,510,044 | ||||||
Taylor Morrison Communities Inc. | ||||||||
5.75%, 01/15/28 (Call 10/15/27)(a)(b) | 10,266 | 9,290,730 | ||||||
5.88%, 01/31/25 (Call 01/31/21)(a) | 4,209 | 3,938,614 | ||||||
5.88%, 06/15/27 (Call 03/15/27)(a)(b) | 12,288 | 11,304,960 | ||||||
Toll Brothers Finance Corp. | ||||||||
3.80%, 11/01/29 (Call 08/01/29)(b) | 9,741 | 9,107,835 | ||||||
4.35%, 02/15/28 (Call 11/15/27)(b) | 9,724 | 9,578,140 | ||||||
4.38%, 04/15/23 (Call 01/15/23)(b) | 10,548 | 10,574,370 | ||||||
4.88%, 03/15/27 (Call 12/15/26)(b) | 10,668 | 10,801,350 | ||||||
5.88%, 02/15/22 (Call 11/15/21) | 9,905 | 10,189,769 | ||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 | 11,673 | 11,454,131 | ||||||
|
| |||||||
294,808,389 |
Security | Par (000) | Value | ||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International Inc. | ||||||||
5.50%, 06/15/26 (Call 06/15/21)(b) | $ | 14,862 | $ | 14,265,142 | ||||
5.63%, 10/15/23 (Call 10/15/20)(b) | 11,068 | 10,924,460 | ||||||
|
| |||||||
25,189,602 | ||||||||
Household Products & Wares — 0.3% | ||||||||
Prestige Brands Inc. | ||||||||
5.13%, 01/15/28 (Call 01/15/23)(a) | 10,159 | 10,352,021 | ||||||
6.38%, 03/01/24 (Call 03/01/21)(a)(b) | 15,086 | 15,519,723 | ||||||
Spectrum Brands Inc., 5.75%, 07/15/25 (Call 07/15/20)(b) | 24,209 | 24,148,477 | ||||||
|
| |||||||
50,020,221 | ||||||||
Housewares — 0.4% | ||||||||
Newell Brands Inc. | ||||||||
4.35%, 04/01/23 (Call 02/01/23)(b) | 33,887 | 34,480,023 | ||||||
4.70%, 04/01/26 (Call 01/01/26)(b) | 47,393 | 47,669,301 | ||||||
|
| |||||||
82,149,324 | ||||||||
Insurance — 0.5% | ||||||||
Acrisure LLC/Acrisure Finance Inc. | ||||||||
7.00%, 11/15/25 (Call 11/15/20)(a)(b) | 22,504 | 20,159,833 | ||||||
8.13%, 02/15/24 (Call 02/15/21)(a)(b) | 20,610 | 21,030,788 | ||||||
10.13%, 08/01/26 (Call 08/01/22)(a)(b) | 10,376 | 10,428,502 | ||||||
Genworth Holdings Inc., 7.63%, 09/24/21 | 14,052 | 13,349,400 | ||||||
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(a)(b) | 32,372 | 32,624,502 | ||||||
|
| |||||||
97,593,025 | ||||||||
Internet — 2.4% | ||||||||
Match Group Inc. | ||||||||
4.13%, 08/01/30 (Call 05/01/25)(a) | 12,550 | 12,130,349 | ||||||
5.00%, 12/15/27 (Call 12/15/22)(a)(b) | 10,988 | 11,479,164 | ||||||
6.38%, 06/01/24 (Call 06/01/20) | 10,969 | 11,298,070 | ||||||
Netflix Inc. | ||||||||
3.63%, 06/15/25 (Call 03/15/25)(a) | 4,785 | 4,850,794 | ||||||
4.38%, 11/15/26(b) | 26,738 | 28,272,761 | ||||||
4.88%, 04/15/28(b) | 38,457 | 41,037,026 | ||||||
4.88%, 06/15/30 (Call 03/15/30)(a)(b) | 23,449 | 25,054,834 | ||||||
5.38%, 02/01/21(b) | 294 | 299,275 | ||||||
5.38%, 11/15/29(a)(b) | 20,543 | 22,640,097 | ||||||
5.50%, 02/15/22 | 17,659 | 18,365,360 | ||||||
5.75%, 03/01/24(b) | 9,014 | 9,824,359 | ||||||
5.88%, 02/15/25(b) | 19,297 | 21,181,474 | ||||||
5.88%, 11/15/28(b) | 44,971 | 50,711,679 | ||||||
6.38%, 05/15/29(b) | 19,787 | 23,062,144 | ||||||
NortonLifeLock Inc. | ||||||||
3.95%, 06/15/22 (Call 03/15/22) | 10,256 | 10,413,430 | ||||||
5.00%, 04/15/25 (Call 04/15/21)(a) | 27,693 | 27,895,112 | ||||||
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a) | 19,219 | 16,773,382 | ||||||
Uber Technologies Inc. | ||||||||
7.50%, 11/01/23 (Call 11/01/20)(a)(b) | 12,688 | 12,718,197 | ||||||
7.50%, 09/15/27 (Call 09/15/22)(a)(b) | 27,562 | 28,020,356 | ||||||
8.00%, 11/01/26 (Call 11/01/21)(a) | 35,262 | 36,124,449 | ||||||
VeriSign Inc. | ||||||||
4.63%, 05/01/23 (Call 05/01/20)(b) | 15,767 | 15,863,168 | ||||||
4.75%, 07/15/27 (Call 07/15/22)(b) | 16,250 | 17,309,662 | ||||||
5.25%, 04/01/25 (Call 01/01/25)(b) | 12,692 | 13,878,385 | ||||||
|
| |||||||
459,203,527 | ||||||||
Iron & Steel — 0.3% | ||||||||
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)(b) | 12,996 | 11,866,972 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Iron & Steel (continued) | ||||||||
Cleveland-Cliffs Inc. | ||||||||
4.88%, 01/15/24 (Call 01/15/21)(a) | $ | 9,778 | $ | 8,409,080 | ||||
6.75%, 03/15/26 (Call 03/04/23)(a) | 5,317 | 4,639,082 | ||||||
9.88%, 10/17/25 (Call 10/17/22)(a) | 19,784 | 19,487,240 | ||||||
U.S. Steel Corp. | ||||||||
6.25%, 03/15/26 (Call 03/15/21)(b) | 17,547 | 11,134,449 | ||||||
6.88%, 08/15/25 (Call 08/15/20)(b) | 16,507 | 11,256,647 | ||||||
|
| |||||||
66,793,470 | ||||||||
Leisure Time — 0.3% | ||||||||
Sabre GLBL Inc. | ||||||||
5.25%, 11/15/23 (Call 11/15/20)(a)(b) | 13,638 | 12,683,340 | ||||||
5.38%, 04/15/23 (Call 04/15/21)(a)(b) | 13,380 | 12,400,584 | ||||||
9.25%, 04/15/25 (Call 03/16/25)(a) | 14,770 | 15,600,812 | ||||||
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)(a) | 20,234 | 13,570,606 | ||||||
VOC Escrow Ltd., 5.00%, 02/15/28 | 16,836 | 12,795,360 | ||||||
|
| |||||||
67,050,702 | ||||||||
Lodging — 2.4% | ||||||||
Boyd Gaming Corp. | ||||||||
4.75%, 12/01/27 (Call 12/01/22)(a)(b) | 23,819 | 20,252,105 | ||||||
6.00%, 08/15/26 (Call 08/15/21)(b) | 16,174 | 14,597,008 | ||||||
6.38%, 04/01/26 (Call 04/01/21)(b) | 18,363 | 16,641,469 | ||||||
Diamond Resorts International Inc. | ||||||||
7.75%, 09/01/23 (Call 09/01/20)(a)(b) | 11,818 | 9,554,853 | ||||||
10.75%, 09/01/24 (Call 09/01/20)(a) | 14,375 | 9,113,750 | ||||||
Hilton Domestic Operating Co. Inc. | ||||||||
4.25%, 09/01/24 (Call 09/01/20) | 22,572 | 21,894,840 | ||||||
4.88%, 01/15/30 (Call 01/15/25) | 23,196 | 22,096,408 | ||||||
5.13%, 05/01/26 (Call 05/01/21) | 34,778 | 34,336,319 | ||||||
5.38%, 05/01/25 (Call 05/01/22)(a) | 7,855 | 7,856,964 | ||||||
5.75%, 05/01/28 (Call 05/01/23)(a) | 8,610 | 8,675,436 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | ||||||||
4.63%, 04/01/25 (Call 04/01/21) | 23,306 | 22,825,430 | ||||||
4.88%, 04/01/27 (Call 04/01/22) | 15,861 | 15,388,659 | ||||||
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21) | 15,120 | 14,291,550 | ||||||
Melco Resorts Finance Ltd. | ||||||||
4.88%, 06/06/25 (Call 06/06/20)(a) | 1,250 | 1,207,394 | ||||||
5.25%, 04/26/26 (Call 04/26/22)(a) | 500 | 488,750 | ||||||
5.63%, 07/17/27 (Call 07/17/22)(a) | 4,000 | 3,940,000 | ||||||
MGM China Holdings Ltd. | ||||||||
5.38%, 05/15/24 (Call 05/15/21)(a) | 7,122 | 6,961,007 | ||||||
5.88%, 05/15/26 (Call 05/15/22)(a)(b) | 4,600 | 4,554,000 | ||||||
MGM Resorts International | ||||||||
4.63%, 09/01/26 (Call 06/01/26) | 9,211 | 8,311,085 | ||||||
5.50%, 04/15/27 (Call 01/15/27) | 14,754 | 13,555,238 | ||||||
5.75%, 06/15/25 (Call 03/15/25) | 15,332 | 14,718,873 | ||||||
6.00%, 03/15/23(b) | 29,160 | 28,262,236 | ||||||
6.75%, 05/01/25 (Call 05/01/22) | 7,785 | 7,630,234 | ||||||
7.75%, 03/15/22 | 26,883 | 27,345,119 | ||||||
Station Casinos LLC | ||||||||
4.50%, 02/15/28 (Call 02/15/23)(a) | 17,587 | 14,069,600 | ||||||
5.00%, 10/01/25 (Call 10/01/20)(a)(b) | 13,427 | 11,194,090 | ||||||
Wyndham Destinations Inc. | ||||||||
3.90%, 03/01/23 (Call 12/01/22) | 8,223 | 7,164,289 | ||||||
4.25%, 03/01/22 (Call 12/01/21) | 16,639 | 15,869,446 | ||||||
5.75%, 04/01/27 (Call 01/01/27) | 9,964 | 8,681,135 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/23 (Call 02/28/23)(a)(b) | 12,434 | 11,594,705 |
Security | Par (000) | Value | ||||||
Lodging (continued) | ||||||||
5.25%, 05/15/27 (Call 02/15/27)(a)(b) | $ | 22,476 | $ | 19,159,666 | ||||
5.50%, 03/01/25 (Call 12/01/24)(a)(b) | 41,149 | 36,438,262 | ||||||
Wynn Macau Ltd. | ||||||||
4.88%, 10/01/24 (Call 10/01/20)(a) | 4,513 | 4,382,394 | ||||||
5.50%, 10/01/27 (Call 10/01/22)(a) | 400 | 386,542 | ||||||
|
| |||||||
463,438,856 | ||||||||
Machinery — 0.1% | ||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/21)(a)(b) | 16,809 | 15,674,393 | ||||||
|
| |||||||
Manufacturing — 0.1% | ||||||||
Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp., | ||||||||
12.25%, 11/15/26 (Call 11/15/22)(a)(b) | 15,801 | 13,035,825 | ||||||
FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/01/20)(a)(b) | 10,866 | 7,932,180 | ||||||
|
| |||||||
20,968,005 | ||||||||
Media — 11.5% | ||||||||
Altice Financing SA | ||||||||
5.00%, 01/15/28 (Call 01/15/23)(a)(b) | 28,460 | 27,593,749 | ||||||
7.50%, 05/15/26 (Call 05/15/21)(a)(b) | 63,279 | 66,253,113 | ||||||
AMC Networks Inc. | ||||||||
4.75%, 12/15/22 (Call 12/15/20) | 11,904 | 11,781,389 | ||||||
4.75%, 08/01/25 (Call 08/01/21)(b) | 20,376 | 18,745,920 | ||||||
5.00%, 04/01/24 (Call 04/01/21) | 23,838 | 22,932,156 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.00%, 03/01/23 (Call 11/01/20)(a)(b) | 12,525 | 12,620,441 | ||||||
4.50%, 08/15/30 (Call 02/15/25)(a)(b) | 49,816 | 50,453,645 | ||||||
4.50%, 05/01/32 (Call 05/01/26)(a) | 5,176 | 5,142,033 | ||||||
4.75%, 03/01/30 (Call 09/01/24)(a)(b) | 70,754 | 72,058,527 | ||||||
5.00%, 02/01/28 (Call 08/01/22)(a)(b) | 60,321 | 61,964,747 | ||||||
5.13%, 05/01/23 (Call 05/01/20)(a) | 15,497 | 15,676,378 | ||||||
5.13%, 05/01/27 (Call 05/01/22)(a)(b) | 72,858 | 75,879,421 | ||||||
5.38%, 05/01/25 (Call 05/01/20)(a)(b) | 18,462 | 18,908,550 | ||||||
5.38%, 06/01/29 (Call 06/01/24)(a)(b) | 35,894 | 37,852,018 | ||||||
5.50%, 05/01/26 (Call 05/01/21)(a)(b) | 36,796 | 38,179,898 | ||||||
5.75%, 02/15/26 (Call 02/15/21)(a)(b) | 59,698 | 62,162,035 | ||||||
5.88%, 04/01/24 (Call 04/01/21)(a)(b) | 40,596 | 41,763,135 | ||||||
5.88%, 05/01/27 (Call 05/01/21)(a)(b) | 20,011 | 20,802,685 | ||||||
Clear Channel Worldwide Holdings Inc. | ||||||||
5.13%, 08/15/27 (Call 08/15/22)(a)(b) | 30,442 | 28,603,303 | ||||||
9.25%, 02/15/24 (Call 02/15/21)(a)(b) | 42,552 | 35,318,160 | ||||||
CSC Holdings LLC | ||||||||
5.25%, 06/01/24(b) | 19,219 | 20,065,597 | ||||||
5.38%, 07/15/23 (Call 07/15/20)(a)(b) | 26,610 | 26,909,362 | ||||||
5.38%, 02/01/28 (Call 02/01/23)(a)(b) | 23,837 | 24,643,818 | ||||||
5.50%, 05/15/26 (Call 05/15/21)(a) | 34,356 | 35,654,657 | ||||||
5.50%, 04/15/27 (Call 04/15/22)(a)(b) | 31,032 | 32,282,977 | ||||||
5.75%, 01/15/30 (Call 01/15/25)(a)(b) | 53,185 | 55,328,355 | ||||||
5.88%, 09/15/22 | 3,544 | 3,693,107 | ||||||
6.50%, 02/01/29 (Call 02/01/24)(a)(b) | 40,375 | 43,966,114 | ||||||
6.63%, 10/15/25 (Call 10/15/20)(a)(b) | 22,949 | 23,958,068 | ||||||
6.75%, 11/15/21 | 22,358 | 23,319,841 | ||||||
7.50%, 04/01/28 (Call 04/01/23)(a)(b) | 25,440 | 27,989,597 | ||||||
7.75%, 07/15/25 (Call 07/15/20)(a)(b) | 15,253 | 15,878,526 | ||||||
10.88%, 10/15/25 (Call 10/15/20)(a)(b) | 40,474 | 43,750,370 | ||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. | ||||||||
5.38%, 08/15/26 (Call 08/15/22)(a)(b) | 73,531 | 55,883,560 | ||||||
6.63%, 08/15/27 (Call 08/15/22)(a)(b) | 41,062 | 22,481,445 | ||||||
DISH DBS Corp. | ||||||||
5.00%, 03/15/23(b) | 36,164 | 34,487,093 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
5.88%, 07/15/22(b) | $ | 47,961 | $ | 48,068,912 | ||||
5.88%, 11/15/24(b) | 47,856 | 46,029,815 | ||||||
6.75%, 06/01/21 | 33,893 | 33,896,389 | ||||||
7.75%, 07/01/26(b) | 47,669 | 46,967,908 | ||||||
Gray Television Inc. | ||||||||
5.13%, 10/15/24 (Call 10/15/20)(a)(b) | 13,625 | 13,454,688 | ||||||
5.88%, 07/15/26 (Call 07/15/21)(a)(b) | 17,481 | 16,819,169 | ||||||
7.00%, 05/15/27 (Call 05/15/22)(a)(b) | 17,518 | 17,693,180 | ||||||
iHeartCommunications Inc. | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | 10,875 | 9,441,313 | ||||||
5.25%, 08/15/27 (Call 08/15/22)(a)(b) | 18,911 | 17,194,993 | ||||||
6.38%, 05/01/26 (Call 05/01/22) | 19,583 | 18,554,796 | ||||||
8.38%, 05/01/27 (Call 05/01/22)(b) | 34,002 | 28,221,405 | ||||||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 10/15/22)(a)(b) | 28,411 | 29,828,709 | ||||||
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)(b) | 32,061 | 27,204,977 | ||||||
Nexstar Broadcasting Inc. | ||||||||
5.63%, 08/01/24 (Call 08/01/20)(a)(b) | 21,061 | 20,534,475 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a)(b) | 42,814 | 40,786,757 | ||||||
Quebecor Media Inc., 5.75%, 01/15/23(b) | 21,934 | 22,983,689 | ||||||
Sinclair Television Group Inc. | ||||||||
5.13%, 02/15/27 (Call 08/15/21)(a)(b) | 11,287 | 9,501,602 | ||||||
5.50%, 03/01/30 (Call 12/01/24)(a) | 11,411 | 9,471,130 | ||||||
5.63%, 08/01/24 (Call 08/01/20)(a)(b) | 13,805 | 12,598,719 | ||||||
Sirius XM Radio Inc. | ||||||||
3.88%, 08/01/22 (Call 08/01/20)(a)(b) | 25,002 | 25,156,190 | ||||||
4.63%, 05/15/23 (Call 05/15/20)(a)(b) | 12,683 | 12,762,269 | ||||||
4.63%, 07/15/24 (Call 07/15/21)(a)(b) | 36,005 | 36,800,710 | ||||||
5.00%, 08/01/27 (Call 08/01/22)(a)(b) | 34,675 | 35,547,146 | ||||||
5.38%, 04/15/25 (Call 04/15/21)(a)(b) | 24,602 | 25,370,812 | ||||||
5.38%, 07/15/26 (Call 07/15/21)(a)(b) | 24,606 | 25,534,138 | ||||||
5.50%, 07/01/29 (Call 07/01/24)(a)(b) | 30,555 | 32,223,303 | ||||||
TEGNA Inc. | ||||||||
4.63%, 03/15/28 (Call 03/15/23)(a) | 23,928 | 21,335,018 | ||||||
5.00%, 09/15/29 (Call 09/15/24)(a)(b) | 26,735 | 23,770,623 | ||||||
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a) | 21,400 | 22,197,150 | ||||||
Univision Communications Inc. | ||||||||
5.13%, 05/15/23 (Call 05/15/20)(a)(b) | 27,255 | 25,977,376 | ||||||
5.13%, 02/15/25 (Call 02/15/21)(a)(b) | 35,974 | 31,864,258 | ||||||
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(a) | 2,230 | 2,160,424 | ||||||
ViacomCBS Inc. | ||||||||
5.88%, 02/28/57 (Call 02/28/22)(b)(c) | 16,036 | 14,769,156 | ||||||
6.25%, 02/28/57 (Call 02/28/27)(b)(c) | 15,917 | 15,797,622 | ||||||
Videotron Ltd. | ||||||||
5.00%, 07/15/22(b) | 19,712 | 20,307,608 | ||||||
5.13%, 04/15/27 (Call 04/15/22)(a)(b) | 14,961 | 15,615,577 | ||||||
5.38%, 06/15/24 (Call 03/15/24)(a)(b) | 14,693 | 15,581,926 | ||||||
Virgin Media Finance PLC, 6.00%, 10/15/24 (Call 10/15/20)(a)(b) | 11,343 | 11,463,354 | ||||||
Virgin Media Secured Finance PLC | ||||||||
5.50%, 08/15/26 (Call 08/15/21)(a)(b) | 19,255 | 19,977,062 | ||||||
5.50%, 05/15/29 (Call 05/15/24)(a)(b) | 33,275 | 34,772,375 | ||||||
Ziggo Bond Co. BV | ||||||||
5.13%, 02/28/30 (Call 02/15/25)(a)(b) | 10,939 | 10,818,343 | ||||||
6.00%, 01/15/27 (Call 01/15/22)(a)(b) | 16,352 | 16,647,808 | ||||||
Ziggo BV | ||||||||
4.88%, 01/15/30 (Call 10/15/24)(a)(b) | 16,257 | 16,133,122 | ||||||
5.50%, 01/15/27 (Call 01/15/22)(a) | 42,318 | 43,019,209 | ||||||
|
| |||||||
2,239,838,995 |
Security | Par (000) | Value | ||||||
Mining — 1.7% | ||||||||
Alcoa Nederland Holding BV | ||||||||
6.13%, 05/15/28 (Call 05/15/23)(a)(b) | $ | 12,055 | $ | 11,663,032 | ||||
6.75%, 09/30/24 (Call 09/30/20)(a)(b) | 17,623 | 17,766,099 | ||||||
7.00%, 09/30/26 (Call 09/30/21)(a) | 12,070 | 12,061,249 | ||||||
Arconic Corp., 6.00%, 05/15/25 (Call 05/15/22)(a) | 3,840 | 3,883,200 | ||||||
Constellium SE | ||||||||
5.75%, 05/15/24 (Call 05/15/20)(a) | 9,476 | 9,117,158 | ||||||
5.88%, 02/15/26 (Call 11/15/20)(a)(b) | 11,464 | 10,865,465 | ||||||
6.63%, 03/01/25 (Call 03/01/21)(a)(b) | 16,092 | 15,645,447 | ||||||
FMG Resources August 2006 Pty Ltd. | ||||||||
4.50%, 09/15/27 (Call 06/15/27)(a)(b) | 13,666 | 13,385,847 | ||||||
4.75%, 05/15/22 (Call 02/15/22)(a)(b) | 20,835 | 20,853,751 | ||||||
5.13%, 03/15/23 (Call 12/15/22)(a)(b) | 12,718 | 12,807,026 | ||||||
5.13%, 05/15/24 (Call 02/15/24)(a)(b) | 19,382 | 19,618,458 | ||||||
Freeport-McMoRan Inc. | ||||||||
3.55%, 03/01/22 (Call 12/01/21)(b) | 8,947 | 9,038,259 | ||||||
3.88%, 03/15/23 (Call 12/15/22) | 38,024 | 38,054,419 | ||||||
4.13%, 03/01/28 (Call 03/01/23) | 6,101 | 5,662,491 | ||||||
4.25%, 03/01/30 (Call 03/01/25) | 6,810 | 6,358,157 | ||||||
4.55%, 11/14/24 (Call 08/14/24)(b) | 20,677 | 20,728,693 | ||||||
5.00%, 09/01/27 (Call 09/01/22)(b) | 15,502 | 15,114,450 | ||||||
5.25%, 09/01/29 (Call 09/01/24)(b) | 14,179 | 13,878,263 | ||||||
Novelis Corp. | ||||||||
4.75%, 01/30/30 (Call 01/30/25)(a) | 38,357 | 33,754,160 | ||||||
5.88%, 09/30/26 (Call 09/30/21)(a)(b) | 36,375 | 35,192,812 | ||||||
|
| |||||||
325,448,436 | ||||||||
Office & Business Equipment — 0.5% | ||||||||
CDW LLC/CDW Finance Corp. | ||||||||
4.13%, 05/01/25 (Call 05/01/22) | 6,285 | 6,391,154 | ||||||
4.25%, 04/01/28 (Call 10/01/22) | 15,102 | 15,161,955 | ||||||
5.00%, 09/01/25 (Call 03/01/21)(b) | 14,729 | 15,107,267 | ||||||
5.50%, 12/01/24 (Call 06/01/24)(b) | 13,836 | 14,749,314 | ||||||
Pitney Bowes Inc. | ||||||||
4.63%, 05/15/22 (Call 04/15/22) | 523 | 450,434 | ||||||
4.63%, 03/15/24 (Call 12/15/23)(b) | 817 | 622,963 | ||||||
5.70%, 04/01/23 (Call 03/01/23) | 659 | 537,909 | ||||||
Xerox Corp. | ||||||||
4.13%, 03/15/23 (Call 02/15/23) | 24,672 | 24,548,640 | ||||||
4.50%, 05/15/21(b) | 14,171 | 14,181,132 | ||||||
|
| |||||||
91,750,768 | ||||||||
Oil & Gas — 4.6% | ||||||||
Aker BP ASA | ||||||||
4.75%, 06/15/24 (Call 06/15/21)(a) | 766 | 710,547 | ||||||
5.88%, 03/31/25 (Call 03/31/21)(a)(b) | 11,606 | 10,716,980 | ||||||
6.00%, 07/01/22 (Call 07/01/20)(a)(b) | 7,022 | 6,642,812 | ||||||
American Energy- Permian Basin LLC, 12.00%, 10/01/24 (Call 10/01/21)(a) | 418 | 41,754 | ||||||
Antero Resources Corp. | ||||||||
5.00%, 03/01/25 (Call 03/01/21)(b) | 11,366 | 5,967,150 | ||||||
5.13%, 12/01/22 (Call 06/01/20) | 22,998 | 15,523,650 | ||||||
5.38%, 11/01/21 (Call 11/01/20)(b) | 23,877 | 21,429,607 | ||||||
5.63%, 06/01/23 (Call 06/01/20)(b) | 16,931 | 9,692,998 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||||||||
7.00%, 11/01/26 (Call 11/01/21)(a) | 11,583 | 6,414,086 | ||||||
10.00%, 04/01/22 (Call 04/01/21)(a) | 24,790 | 19,770,025 | ||||||
California Resources Corp., 8.00%, 12/15/22 (Call 12/15/20)(a) | 24,964 | 684,014 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Callon Petroleum Co. | ||||||||
6.13%, 10/01/24 (Call 10/01/20) | $ | 9,781 | $ | 1,821,711 | ||||
6.25%, 04/15/23 (Call 04/15/21) | 6,263 | 1,299,573 | ||||||
6.38%, 07/01/26 (Call 07/01/21) | 6,449 | 1,064,085 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/15/21)(a)(b) | 14,312 | 11,413,820 | ||||||
Chesapeake Energy Corp. | ||||||||
7.00%, 10/01/24 (Call 04/01/21) | 1,453 | 29,060 | ||||||
11.50%, 01/01/25 (Call 01/01/22)(a) | 37,595 | 1,099,654 | ||||||
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/21)(a) | 32,446 | 29,201,400 | ||||||
CNX Resources Corp. | ||||||||
5.88%, 04/15/22 (Call 05/29/20) | 22,412 | 22,271,925 | ||||||
7.25%, 03/14/27 (Call 03/14/22)(a) | 12,589 | 11,267,155 | ||||||
Comstock Resources Inc. | ||||||||
7.50%, 05/15/25 (Call 05/15/20)(a) | 16,302 | 13,677,378 | ||||||
9.75%, 08/15/26 (Call 08/15/21)(b) | 20,064 | 17,430,600 | ||||||
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)(a) | 28,400 | 22,989,232 | ||||||
CVR Energy Inc. | ||||||||
5.25%, 02/15/25 (Call 02/15/22)(a) | 13,491 | 11,014,592 | ||||||
5.75%, 02/15/28 (Call 02/15/23)(a) | 11,482 | 9,593,326 | ||||||
Denbury Resources Inc. | ||||||||
7.75%, 02/15/24 (Call 08/15/20)(a) | 7,203 | 1,230,823 | ||||||
9.00%, 05/15/21 (Call 12/15/20)(a)(b) | 6,718 | 1,222,004 | ||||||
9.25%, 03/31/22 (Call 03/31/21)(a)(b) | 7,305 | 1,329,802 | ||||||
Diamond Offshore Drilling Inc., 7.88%, 08/15/25 (Call 05/15/25)(b)(f) | 7,599 | 801,998 | ||||||
Endeavor Energy Resources LP/EER Finance Inc. | ||||||||
5.50%, 01/30/26 (Call 01/30/21)(a) | 13,315 | 11,782,443 | ||||||
5.75%, 01/30/28 (Call 01/30/23)(a)(b) | 23,238 | 20,751,534 | ||||||
Extraction Oil & Gas Inc. | ||||||||
5.63%, 02/01/26 (Call 02/01/21)(a) | 11,322 | 1,585,080 | ||||||
7.38%, 05/15/24 (Call 05/15/20)(a) | 3,974 | 594,749 | ||||||
Gulfport Energy Corp. | ||||||||
6.00%, 10/15/24 (Call 10/15/20)(b) | 13,123 | 6,528,693 | ||||||
6.38%, 05/15/25 (Call 05/15/20) | 13,184 | 6,180,659 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
5.00%, 12/01/24 (Call 06/01/20)(a) | 12,776 | 7,157,754 | ||||||
5.75%, 10/01/25 (Call 04/01/21)(a)(b) | 13,611 | 7,520,078 | ||||||
6.25%, 11/01/28 (Call 11/01/23)(a)(b) | 11,605 | 5,862,962 | ||||||
Laredo Petroleum Inc. | ||||||||
9.50%, 01/15/25 (Call 01/15/22) | 12,975 | 5,514,375 | ||||||
10.13%, 01/15/28 (Call 01/15/23)(b) | 8,128 | 3,438,144 | ||||||
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21) | 18,526 | 9,263,000 | ||||||
MEG Energy Corp. | ||||||||
6.50%, 01/15/25 (Call 01/15/21)(a) | 13,599 | 11,014,510 | ||||||
7.00%, 03/31/24 (Call 09/30/20)(a)(b) | 12,540 | 8,827,444 | ||||||
7.13%, 02/01/27 (Call 02/01/23)(a) | 28,162 | 19,397,248 | ||||||
Moss Creek Resources Holdings Inc. | ||||||||
7.50%, 01/15/26 (Call 01/15/21)(a) | 11,834 | 3,998,235 | ||||||
10.50%, 05/15/27 (Call 05/15/22)(a)(b) | 7,378 | 2,720,638 | ||||||
Murphy Oil Corp. | ||||||||
4.45%, 12/01/22 (Call 09/01/22) | 161 | 129,215 | ||||||
5.75%, 08/15/25 (Call 08/18/20) | 12,859 | 8,782,697 | ||||||
5.88%, 12/01/27 (Call 12/01/22) | 10,912 | 7,447,440 | ||||||
6.88%, 08/15/24 (Call 08/15/20) | 12,328 | 8,752,880 | ||||||
Nabors Industries Inc. | ||||||||
4.63%, 09/15/21(b) | 768 | 487,680 |
Security | Par (000) | Value | ||||||
Oil &Gas (continued) | ||||||||
5.00%, 09/15/20(b) | $ | 454 | $ | 431,300 | ||||
5.50%, 01/15/23 (Call 11/15/22)(b) | 1,748 | 524,120 | ||||||
5.75%, 02/01/25 (Call 11/01/24)(b) | 9,783 | 2,225,633 | ||||||
Nabors Industries Ltd. | ||||||||
7.25%, 01/15/26 (Call 07/15/22)(a)(b) | 7,780 | 3,060,133 | ||||||
7.50%, 01/15/28 (Call 01/15/23)(a) | 6,551 | 2,581,094 | ||||||
Noble Holding International Ltd. | ||||||||
7.88%, 02/01/26 (Call 02/01/21)(a)(b) | 11,684 | 2,716,530 | ||||||
7.95%, 04/01/25 (Call 01/01/25)(b) | 4,804 | 48,040 | ||||||
Oasis Petroleum Inc. | ||||||||
6.25%, 05/01/26 (Call 05/01/21)(a)(b) | 6,035 | 784,550 | ||||||
6.88%, 03/15/22 (Call 05/29/20) | 13,961 | 2,059,248 | ||||||
Pacific Drilling SA, 8.38%, 10/01/23 (Call 09/01/20)(a) | 11,420 | 2,512,400 | ||||||
Parkland Fuel Corp. | ||||||||
5.88%, 07/15/27 (Call 07/15/22)(a) | 11,726 | 11,246,817 | ||||||
6.00%, 04/01/26 (Call 04/01/21)(a)(b) | 13,049 | 12,657,530 | ||||||
Parsley Energy LLC/Parsley Finance Corp. | ||||||||
4.13%, 02/15/28 (Call 02/15/23)(a) | 8,870 | 7,347,316 | ||||||
5.25%, 08/15/25 (Call 08/15/20)(a) | 12,224 | 10,706,186 | ||||||
5.38%, 01/15/25 (Call 01/15/21)(a) | 17,421 | 15,727,679 | ||||||
5.63%, 10/15/27 (Call 10/15/22)(a) | 15,364 | 13,148,224 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||
6.00%, 02/15/28 (Call 02/15/23)(a)(b) | 24,585 | 17,486,081 | ||||||
7.25%, 06/15/25 (Call 06/15/20) | 16,874 | 12,772,352 | ||||||
PDC Energy Inc. | ||||||||
5.75%, 05/15/26 (Call 05/15/21)(b) | 14,333 | 11,076,542 | ||||||
6.13%, 09/15/24 (Call 09/15/20) | 9,491 | 7,466,570 | ||||||
Puma International Financing SA | ||||||||
5.00%, 01/24/26 (Call 01/24/21)(a) | 10,170 | 7,271,550 | ||||||
5.13%, 10/06/24 (Call 10/06/20)(a) | 9,356 | 6,759,710 | ||||||
QEP Resources Inc. | ||||||||
5.25%, 05/01/23 (Call 02/01/23)(b) | 12,709 | 4,257,515 | ||||||
5.38%, 10/01/22 (Call 07/01/22) | 9,773 | 3,352,139 | ||||||
5.63%, 03/01/26 (Call 12/01/25) | 8,585 | 2,693,544 | ||||||
Range Resources Corp. | ||||||||
4.88%, 05/15/25 (Call 02/15/25)(b) | 18,026 | 13,970,150 | ||||||
5.00%, 08/15/22 (Call 05/15/22) | 14,105 | 12,870,812 | ||||||
5.00%, 03/15/23 (Call 12/15/22)(b) | 18,240 | 15,823,200 | ||||||
9.25%, 02/01/26 (Call 02/01/22)(a) | 11,363 | 9,095,135 | ||||||
Seven Generations Energy Ltd. | ||||||||
5.38%, 09/30/25 (Call 09/30/20)(a) | 15,622 | 12,614,765 | ||||||
6.75%, 05/01/23 (Call 05/01/20)(a)(b) | 11,203 | 10,061,657 | ||||||
6.88%, 06/30/23 (Call 06/30/20)(a) | 11,299 | 10,117,740 | ||||||
SM Energy Co. | ||||||||
5.00%, 01/15/24 (Call 07/15/20) | 8,680 | 2,677,780 | ||||||
5.63%, 06/01/25 (Call 06/01/20) | 8,507 | 2,424,495 | ||||||
6.13%, 11/15/22 (Call 11/15/20)(b) | 9,191 | 3,676,400 | ||||||
6.63%, 01/15/27 (Call 01/15/22)(b) | 8,339 | 2,136,869 | ||||||
6.75%, 09/15/26 (Call 09/15/21)(b) | 7,619 | 2,127,606 | ||||||
Southwestern Energy Co. | ||||||||
6.20%, 01/23/25 (Call 10/23/24)(b) | 22,817 | 20,036,178 | ||||||
7.50%, 04/01/26 (Call 04/01/21)(b) | 15,130 | 13,579,175 | ||||||
7.75%, 10/01/27 (Call 10/01/22)(b) | 11,549 | 10,049,940 | ||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||
4.88%, 01/15/23 (Call 01/15/21)(b) | 25,312 | 24,758,173 | ||||||
5.50%, 02/15/26 (Call 02/15/21) | 20,012 | 19,268,366 | ||||||
5.88%, 03/15/28 (Call 03/15/23)(b) | 8,763 | 8,287,066 | ||||||
6.00%, 04/15/27 (Call 04/15/22) | 14,777 | 14,361,397 | ||||||
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a)(b) | 12,908 | 9,899,026 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Transocean Inc. | ||||||||
7.25%, 11/01/25 (Call 11/01/21)(a) | $ | 12,912 | $ | 4,919,730 | ||||
7.50%, 01/15/26 (Call 01/15/21)(a)(b) | 12,969 | 4,928,220 | ||||||
8.00%, 02/01/27 (Call 02/01/23)(a)(b) | 10,655 | 4,077,136 | ||||||
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(a)(b) | 9,973 | 8,077,648 | ||||||
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a) | 13,899 | 10,980,210 | ||||||
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)(a) | 12,849 | 9,738,472 | ||||||
Valaris PLC | ||||||||
4.88%, 06/01/22 (Call 03/01/22) | 8,054 | 966,480 | ||||||
7.75%, 02/01/26 (Call 11/01/25) | 14,179 | 1,134,320 | ||||||
Whiting Petroleum Corp. | ||||||||
5.75%, 03/15/21 (Call 12/15/20)(f) | 10,250 | 1,025,000 | ||||||
6.25%, 04/01/23 (Call 01/01/23)(f) | 5,295 | 493,670 | ||||||
6.63%, 01/15/26 (Call 10/15/25)(b)(f) | 15,763 | 1,536,893 | ||||||
WPX Energy Inc. | ||||||||
4.50%, 01/15/30 (Call 01/15/25)(b) | 20,666 | 16,797,531 | ||||||
5.25%, 09/15/24 (Call 06/15/24) | 15,711 | 13,864,957 | ||||||
5.25%, 10/15/27 (Call 09/30/22) | 13,556 | 11,793,720 | ||||||
5.75%, 06/01/26 (Call 06/01/21) | 11,413 | 9,872,245 | ||||||
8.25%, 08/01/23 (Call 06/01/23) | 10,244 | 9,643,574 | ||||||
|
| |||||||
902,687,758 | ||||||||
Oil & Gas Services — 0.5% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp. | ||||||||
6.25%, 04/01/28 (Call 04/01/23)(a)(b) | 15,814 | 11,792,947 | ||||||
6.88%, 04/01/27 (Call 04/01/22)(a) | 12,092 | 9,102,011 | ||||||
SESI LLC | ||||||||
7.13%, 12/15/21 (Call 05/29/20)(a)(b) | 14,774 | 6,754,943 | ||||||
7.75%, 09/15/24 (Call 09/15/20) | 3,385 | 609,157 | ||||||
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)(a) | 5,209 | 4,593,051 | ||||||
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)(a)(b) | 6,670 | 5,639,739 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. | ||||||||
6.88%, 04/01/26 (Call 04/01/21) | 18,233 | 14,916,873 | ||||||
6.88%, 09/01/27 (Call 09/01/22) | 17,158 | 13,794,003 | ||||||
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)(a)(b) | 49,054 | 36,299,960 | ||||||
|
| |||||||
103,502,684 | ||||||||
Packaging & Containers — 3.2% | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||
4.13%, 08/15/26 (Call 08/15/22)(a)(b) | 13,802 | 13,513,918 | ||||||
4.25%, 09/15/22 (Call 03/15/21)(a)(b) | 17,108 | 17,198,672 | ||||||
5.25%, 04/30/25 (Call 04/30/22)(a) | 5,500 | 5,644,265 | ||||||
5.25%, 08/15/27 (Call 08/15/22)(a)(b) | 19,664 | 19,190,884 | ||||||
6.00%, 02/15/25 (Call 02/15/21)(a)(b) | 40,683 | 40,730,599 | ||||||
Ball Corp. | ||||||||
4.00%, 11/15/23(b) | 23,636 | 24,451,442 | ||||||
4.88%, 03/15/26 (Call 12/15/25) | 18,466 | 19,850,950 | ||||||
5.00%, 03/15/22 | 18,332 | 19,202,770 | ||||||
5.25%, 07/01/25(b) | 23,868 | 26,314,470 | ||||||
Berry Global Inc. | ||||||||
4.50%, 02/15/26 (Call 02/15/21)(a)(b) | 11,994 | 11,802,495 | ||||||
4.88%, 07/15/26 (Call 07/15/22)(a)(b) | 30,553 | 31,212,792 | ||||||
5.13%, 07/15/23 (Call 07/15/20) | 18,101 | 18,214,131 |
Security | Par (000) | Value | ||||||
Packaging & Containers (continued) | ||||||||
5.50%, 05/15/22 (Call 05/15/20)(b) | $ | 13,826 | $ | 13,784,691 | ||||
5.63%, 07/15/27 (Call 07/15/22)(a)(b) | 10,146 | 10,428,947 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23(b) | 23,000 | 23,579,600 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) | 11,330 | 11,485,788 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)(b) | 21,210 | 21,667,924 | ||||||
Flex Acquisition Co. Inc. | ||||||||
6.88%, 01/15/25 (Call 01/15/21)(a)(b) | 15,261 | 14,846,206 | ||||||
7.88%, 07/15/26 (Call 07/15/21)(a)(b) | 11,956 | 11,567,430 | ||||||
Graphic Packaging International LLC, 3.50%, 03/15/28(a) | 4,594 | 4,398,755 | ||||||
LABL Escrow Issuer LLC | ||||||||
6.75%, 07/15/26 (Call 07/15/22)(a)(b) | 15,502 | 15,608,499 | ||||||
10.50%, 07/15/27 (Call 07/15/22)(a)(b) | 16,342 | 16,233,653 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
5.50%, 04/15/24 (Call 04/15/21)(a) | 35,999 | 33,288,275 | ||||||
7.25%, 04/15/25 (Call 04/15/21)(a)(b) | 31,835 | 24,910,887 | ||||||
Owens-Brockway Glass Container Inc. | ||||||||
5.00%, 01/15/22(a)(b) | 11,392 | 11,509,338 | ||||||
5.88%, 08/15/23(a)(b) | 17,566 | 18,010,508 | ||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu | ||||||||
5.13%, 07/15/23 (Call 07/15/20)(a)(b) | 39,371 | 39,469,427 | ||||||
7.00%, 07/15/24 (Call 07/15/20)(a)(b) | 19,444 | 19,515,943 | ||||||
Sealed Air Corp. | ||||||||
4.00%, 12/01/27 (Call 09/01/27)(a)(b) | 10,487 | 10,359,898 | ||||||
4.88%, 12/01/22 (Call 09/01/22)(a)(b) | 8,604 | 8,912,023 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a)(b) | 9,598 | 10,101,895 | ||||||
5.25%, 04/01/23 (Call 01/01/23)(a)(b) | 10,922 | 11,304,270 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a)(b) | 10,151 | 10,748,640 | ||||||
Trivium Packaging Finance BV | ||||||||
5.50%, 08/15/26 (Call 08/15/22)(a) | 24,005 | 24,605,125 | ||||||
8.50%, 08/15/27 (Call 08/15/22)(a)(b) | 16,307 | 16,969,390 | ||||||
|
| |||||||
630,634,500 | ||||||||
Pharmaceuticals — 4.1% | ||||||||
Bausch Health Americas Inc. | ||||||||
8.50%, 01/31/27 (Call 01/17/22)(a) | 41,869 | 46,156,386 | ||||||
9.25%, 04/01/26 (Call 04/01/22)(a)(b) | 36,954 | 40,791,599 | ||||||
Bausch Health Companies Inc. | ||||||||
5.00%, 01/30/28 (Call 01/30/23)(a) | 29,950 | 28,864,313 | ||||||
5.25%, 01/30/30 (Call 01/30/25)(a)(b) | 29,685 | 29,242,694 | ||||||
5.50%, 03/01/23 (Call 05/29/20)(a)(b) | 4,480 | 4,457,600 | ||||||
5.50%, 11/01/25 (Call 11/01/20)(a)(b) | 40,255 | 41,845,072 | ||||||
5.75%, 08/15/27 (Call 08/15/22)(a)(b) | 12,366 | 12,980,899 | ||||||
5.88%, 05/15/23 (Call 05/15/20)(a)(b) | 318 | 315,615 | ||||||
6.13%, 04/15/25 (Call 04/15/21)(a)(b) | 72,334 | 73,440,710 | ||||||
6.50%, 03/15/22 (Call 03/15/21)(a)(b) | 21,793 | 22,224,501 | ||||||
7.00%, 03/15/24 (Call 03/15/21)(a) | 37,903 | 39,472,942 | ||||||
7.00%, 01/15/28 (Call 01/15/23)(a) | 17,546 | 18,247,840 | ||||||
7.25%, 05/30/29 (Call 05/30/24)(a)(b) | 18,245 | 19,408,028 | ||||||
9.00%, 12/15/25 (Call 12/15/21)(a) | 36,679 | 39,927,384 | ||||||
Elanco Animal Health Inc. | ||||||||
4.66%, 08/27/21 | 5,354 | 5,462,151 | ||||||
5.02%, 08/28/23 (Call 07/28/23) | 19,781 | 21,102,766 | ||||||
5.65%, 08/28/28 (Call 05/28/28)(b) | 17,945 | 19,955,019 | ||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc. | ||||||||
6.00%, 07/15/23 (Call 07/15/20)(a)(b) | 33,138 | 24,757,002 | ||||||
6.00%, 02/01/25 (Call 02/01/21)(a)(b) | 27,710 | 19,812,650 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC | ||||||||
5.63%, 10/15/23 (Call 10/15/20)(a)(b) | $ | 6,694 | $ | 1,810,177 | ||||
5.75%, 08/01/22 (Call 08/01/20)(a)(b) | 9,123 | 3,821,397 | ||||||
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a)(b) | 35,820 | 36,402,075 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.20%, 07/21/21 | 27,433 | 26,925,490 | ||||||
2.80%, 07/21/23 | 71,287 | 65,291,763 | ||||||
3.15%, 10/01/26(b) | 82,903 | 72,252,725 | ||||||
6.00%, 04/15/24 (Call 01/15/24) | 29,510 | 29,319,660 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(b) | 29,918 | 30,871,487 | ||||||
7.13%, 01/31/25 (Call 10/31/24)(a) | 23,337 | 24,172,465 | ||||||
|
| |||||||
799,332,410 | ||||||||
Pipelines — 3.1% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||
5.38%, 09/15/24 (Call 09/15/20) | 17,811 | 13,839,147 | ||||||
5.75%, 03/01/27 (Call 03/01/22)(a)(b) | 15,949 | 11,850,107 | ||||||
5.75%, 01/15/28 (Call 01/15/23)(a) | 13,685 | 10,072,160 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 11/15/20)(a) | 17,642 | 14,589,304 | ||||||
Buckeye Partners LP | ||||||||
3.95%, 12/01/26 (Call 09/01/26)(b) | 14,715 | 13,292,093 | ||||||
4.13%, 03/01/25 (Call 02/01/25)(a) | 12,320 | 11,396,000 | ||||||
4.13%, 12/01/27 (Call 09/01/27) | 5,833 | 5,205,953 | ||||||
4.15%, 07/01/23 (Call 04/01/23) | 12,905 | 12,066,175 | ||||||
4.50%, 03/01/28 (Call 12/01/27)(a) | 13,191 | 11,783,960 | ||||||
6.38%, 01/22/78 (Call 01/22/23)(c) | 10,095 | 6,082,238 | ||||||
Cheniere Energy Partners LP | ||||||||
4.50%, 10/01/29 (Call 10/01/24)(a) | 35,478 | 32,335,664 | ||||||
5.25%, 10/01/25 (Call 10/01/20) | 35,849 | 34,241,800 | ||||||
5.63%, 10/01/26 (Call 10/01/21) | 26,686 | 25,760,863 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | ||||||||
5.63%, 05/01/27 (Call 05/01/22)(a) | 11,991 | 7,824,127 | ||||||
5.75%, 04/01/25 (Call 04/01/21)(b) | 11,981 | 8,686,704 | ||||||
6.25%, 04/01/23 (Call 04/01/21) | 16,227 | 11,911,267 | ||||||
DCP Midstream Operating LP | ||||||||
3.88%, 03/15/23 (Call 12/15/22) | 12,616 | 10,345,120 | ||||||
4.75%, 09/30/21 (Call 06/30/21)(a) | 10,982 | 10,350,535 | ||||||
5.13%, 05/15/29 (Call 02/15/29) | 15,710 | 11,664,675 | ||||||
5.38%, 07/15/25 (Call 04/15/25) | 20,435 | 16,501,262 | ||||||
5.85%, 05/21/43 (Call 05/21/23)(a)(c) | 8,977 | 4,189,267 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 (Call 03/01/25) | 18,802 | 11,499,365 | ||||||
4.40%, 04/01/24 (Call 01/01/24) | 11,363 | 7,158,917 | ||||||
4.85%, 07/15/26 (Call 04/15/26)(b) | 11,183 | 6,886,864 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
6.00%, 05/15/23 (Call 05/15/20) | 9,197 | 8,001,390 | ||||||
6.25%, 05/15/26 (Call 02/15/21) | 11,249 | 9,386,005 | ||||||
6.50%, 10/01/25 (Call 10/01/20) | 13,980 | 11,776,805 | ||||||
7.75%, 02/01/28 (Call 02/01/23)(b) | 16,894 | 14,359,900 | ||||||
Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 (Call 08/01/22) | 344 | 276,851 | ||||||
Hess Midstream Operations LP | ||||||||
5.13%, 06/15/28 (Call 06/15/23)(a) | 13,026 | 11,462,880 | ||||||
5.63%, 02/15/26 (Call 02/15/21)(a) | 19,486 | 18,121,980 |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
NGL Energy Partners LP/NGL Energy Finance Corp. | ||||||||
7.50%, 11/01/23 (Call 11/01/20) | $ | 12,346 | $ | 8,326,636 | ||||
7.50%, 04/15/26 (Call 04/15/22) | 9,373 | 6,092,450 | ||||||
NuStar Logistics LP | ||||||||
5.63%, 04/28/27 (Call 01/28/27) | 13,100 | 11,790,000 | ||||||
6.00%, 06/01/26 (Call 03/01/26) | 13,348 | 12,146,680 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||||
4.75%, 10/01/23 (Call 10/01/20)(a) | 11,222 | 8,615,217 | ||||||
5.50%, 09/15/24 (Call 09/15/20)(a) | 16,651 | 12,601,477 | ||||||
5.50%, 01/15/28 (Call 01/15/23)(a) | 16,743 | 11,303,757 | ||||||
6.00%, 03/01/27 (Call 03/01/23)(a) | 9,052 | 6,040,581 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
4.25%, 11/15/23 (Call 05/15/20) | 14,870 | 13,493,633 | ||||||
5.00%, 01/15/28 (Call 01/15/23)(b) | 16,341 | 13,786,434 | ||||||
5.13%, 02/01/25 (Call 02/01/21) | 12,791 | 11,372,720 | ||||||
5.25%, 05/01/23 (Call 11/01/20) | 14,101 | 13,343,071 | ||||||
5.38%, 02/01/27 (Call 02/01/22) | 12,031 | 10,238,381 | ||||||
5.50%, 03/01/30 (Call 03/01/25)(a) | 23,148 | 19,733,670 | ||||||
5.88%, 04/15/26 (Call 04/15/21)(b) | 24,032 | 21,544,688 | ||||||
6.50%, 07/15/27 (Call 07/15/22) | 17,481 | 15,660,354 | ||||||
6.75%, 03/15/24 (Call 09/15/20) | 14,745 | 13,942,515 | ||||||
6.88%, 01/15/29 (Call 01/15/24) | 17,403 | 15,938,538 | ||||||
|
| |||||||
608,890,180 | ||||||||
Real Estate — 0.4% | ||||||||
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/21)(a)(b) | 25,442 | 24,661,949 | ||||||
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 04/01/21) | 28,680 | 27,438,156 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp. | ||||||||
4.88%, 06/01/23 (Call 03/01/23)(a)(b) | 10,919 | 8,302,589 | ||||||
5.25%, 12/01/21 (Call 12/01/20)(a) | 12,442 | 10,444,810 | ||||||
9.38%, 04/01/27 (Call 04/01/22)(a)(b) | 13,797 | 9,588,915 | ||||||
|
| |||||||
80,436,419 | ||||||||
Real Estate Investment Trusts — 3.7% | ||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(a) | 23,995 | 19,061,604 | ||||||
CBL & Associates LP | ||||||||
5.25%, 12/01/23 (Call 09/01/23)(b) | 5,721 | 1,508,961 | ||||||
5.95%, 12/15/26 (Call 09/15/26)(b) | 7,978 | 2,074,280 | ||||||
Diversified Healthcare Trust, 4.75%, 02/15/28 (Call 08/15/27)(b) | 14,130 | 12,159,861 | ||||||
ESH Hospitality Inc. | ||||||||
4.63%, 10/01/27 (Call 10/01/22)(a)(b) | 18,333 | 16,484,423 | ||||||
5.25%, 05/01/25 (Call 05/01/20)(a)(b) | 30,054 | 27,959,537 | ||||||
Iron Mountain Inc. | ||||||||
4.38%, 06/01/21 (Call 06/01/20)(a)(b) | 8,440 | 8,440,000 | ||||||
4.88%, 09/15/27 (Call 09/15/22)(a)(b) | 23,435 | 22,966,300 | ||||||
4.88%, 09/15/29 (Call 09/15/24)(a) | 23,196 | 22,280,222 | ||||||
5.25%, 03/15/28 (Call 12/27/22)(a)(b) | 19,817 | 19,007,079 | ||||||
5.75%, 08/15/24 (Call 08/15/20)(b) | 24,217 | 23,792,960 | ||||||
6.00%, 08/15/23 (Call 08/15/20)(b) | 15,612 | 15,807,150 | ||||||
iStar Inc. | ||||||||
4.25%, 08/01/25 (Call 05/01/25) | 13,384 | 10,681,155 | ||||||
4.75%, 10/01/24 (Call 07/01/24) | 17,566 | 14,579,780 | ||||||
5.25%, 09/15/22 (Call 09/15/20)(b) | 10,311 | 9,278,854 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | ||||||||
4.25%, 02/01/27 (Call 02/01/23)(a) | $ | 17,811 | $ | 12,645,228 | ||||
5.25%, 03/15/22 (Call 09/15/21)(a)(b) | 12,606 | 10,425,736 | ||||||
5.25%, 10/01/25 (Call 10/01/20)(a)(b) | 9,302 | 6,767,205 | ||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. | ||||||||
4.50%, 09/01/26 (Call 06/01/26)(b) | 12,190 | 11,793,825 | ||||||
5.63%, 05/01/24 (Call 02/01/24)(b) | 25,382 | 25,768,060 | ||||||
5.75%, 02/01/27 (Call 11/01/26)(b) | 18,270 | 18,373,560 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||
4.63%, 08/01/29 (Call 08/01/24) | 20,229 | 20,171,550 | ||||||
5.00%, 10/15/27 (Call 09/07/22)(b) | 33,138 | 33,800,760 | ||||||
5.25%, 08/01/26 (Call 08/01/21)(b) | 13,343 | 13,443,073 | ||||||
6.38%, 03/01/24 (Call 03/01/21) | 13,577 | 14,025,675 | ||||||
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/23 (Call 04/15/21)(b) | 7,820 | 7,233,500 | ||||||
Ryman Hospitality Properties Inc., 4.75%, 10/15/27 (Call 10/15/22)(a)(b) | 18,344 | 15,959,280 | ||||||
SBA Communications Corp. | ||||||||
3.88%, 02/15/27 (Call 02/15/23)(a) | 24,332 | 24,849,055 | ||||||
4.00%, 10/01/22 (Call 10/01/20)(b) | 20,332 | 20,439,760 | ||||||
4.88%, 09/01/24 (Call 09/01/20)(b) | 28,104 | 28,971,663 | ||||||
Starwood Property Trust Inc. | ||||||||
3.63%, 02/01/21 (Call 11/01/20)(b) | 317 | 304,716 | ||||||
4.75%, 03/15/25 (Call 09/15/24)(b) | 12,195 | 10,391,369 | ||||||
5.00%, 12/15/21 (Call 09/15/21)(b) | 17,989 | 16,967,124 | ||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC | ||||||||
7.13%, 12/15/24 (Call 12/15/20)(a)(b) | 12,968 | 10,051,094 | ||||||
7.88%, 02/15/25 (Call 02/15/22)(a) | 54,169 | 52,171,247 | ||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC | ||||||||
6.00%, 04/15/23 (Call 04/15/21)(a)(b) | 13,657 | 12,807,535 | ||||||
8.25%, 10/15/23 (Call 04/15/21)(b) | 27,039 | 22,434,258 | ||||||
VICI Properties LP/VICI Note Co. Inc. | ||||||||
3.50%, 02/15/25 (Call 02/15/22)(a) | 19,400 | 18,223,927 | ||||||
3.75%, 02/15/27 (Call 02/15/23)(a) | 17,272 | 16,062,960 | ||||||
4.13%, 08/15/30 (Call 02/15/25)(a) | 24,401 | 22,164,546 | ||||||
4.25%, 12/01/26 (Call 12/01/22)(a)(b) | 29,589 | 27,616,597 | ||||||
4.63%, 12/01/29 (Call 12/01/24)(a)(b) | 23,557 | 21,908,010 | ||||||
|
| |||||||
721,853,479 | ||||||||
Retail — 3.7% | ||||||||
1011778 BC ULC/New Red Finance Inc. | ||||||||
3.88%, 01/15/28 (Call 09/15/22)(a) | 18,146 | 17,588,555 | ||||||
4.25%, 05/15/24 (Call 05/15/20)(a)(b) | 36,293 | 36,304,251 | ||||||
4.38%, 01/15/28 (Call 11/15/22)(a)(b) | 20,076 | 19,517,636 | ||||||
5.00%, 10/15/25 (Call 10/15/20)(a)(b) | 66,761 | 67,094,805 | ||||||
5.75%, 04/15/25 (Call 04/15/22)(a) | 2,380 | 2,515,374 | ||||||
Asbury Automotive Group Inc. | ||||||||
4.50%, 03/01/28 (Call 03/01/23)(a) | 4,639 | 3,885,163 | ||||||
4.75%, 03/01/30 (Call 03/01/25)(a) | 5,920 | 4,947,048 | ||||||
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)(a)(b) | 32,317 | 28,560,149 | ||||||
eG Global Finance PLC | ||||||||
6.75%, 02/07/25 (Call 05/15/21)(a)(b) | 16,970 | 15,347,668 | ||||||
8.50%, 10/30/25 (Call 10/30/21)(a) | 13,666 | 13,358,515 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp. | ||||||||
6.50%, 05/01/21 (Call 05/29/20) | 6,399 | 5,159,194 | ||||||
6.75%, 01/15/22 (Call 05/29/20)(b) | 6,125 | 4,873,846 |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
6.75%, 06/15/23 (Call 06/15/20)(b) | $ | 6,912 | $ | 5,529,600 | ||||
10.00%, 04/15/25 (Call 04/15/22)(a) | 2,110 | 2,230,059 | ||||||
Gap Inc. (The) | ||||||||
8.38%, 05/15/23(a) | 4,285 | 4,462,613 | ||||||
8.63%, 05/15/25 (Call 05/15/22)(a) | 11,670 | 12,049,275 | ||||||
8.88%, 05/15/27 (Call 05/15/23)(a) | 6,210 | 6,473,925 | ||||||
Golden Nugget Inc. | ||||||||
6.75%, 10/15/24 (Call 10/15/20)(a)(b) | 33,309 | 25,878,428 | ||||||
8.75%, 10/01/25 (Call 10/01/20)(a)(b) | 14,705 | 8,436,994 | ||||||
JC Penney Corp. Inc. | ||||||||
5.88%, 07/01/23 (Call 07/01/20)(a)(b) | 6,778 | 3,106,386 | ||||||
8.63%, 03/15/25 (Call 03/15/21)(a)(b) | 5,646 | 445,582 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | ||||||||
4.75%, 06/01/27 (Call 06/01/22)(a)(b) | 15,991 | 16,455,698 | ||||||
5.00%, 06/01/24 (Call 06/01/20)(a)(b) | 24,484 | 25,216,072 | ||||||
5.25%, 06/01/26 (Call 06/01/21)(a)(b) | 26,421 | 26,982,446 | ||||||
L Brands Inc. | ||||||||
5.25%, 02/01/28(b) | 9,665 | 6,874,627 | ||||||
5.63%, 02/15/22(b) | 20,844 | 18,342,720 | ||||||
5.63%, 10/15/23(b) | 11,328 | 9,232,320 | ||||||
7.50%, 06/15/29 (Call 06/15/24)(b) | 12,763 | 9,410,798 | ||||||
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG | ||||||||
8.00%, 10/25/24 (Call 05/29/20)(a)(b)(f) | 9,924 | 843,540 | ||||||
8.75%, 10/25/24 (Call 05/29/20)(a)(b)(f) | 5,593 | 437,405 | ||||||
Penske Automotive Group Inc. | ||||||||
5.50%, 05/15/26 (Call 05/15/21)(b) | 12,421 | 11,453,482 | ||||||
5.75%, 10/01/22 (Call 10/01/20)(b) | 12,914 | 12,295,204 | ||||||
PetSmart Inc. | ||||||||
5.88%, 06/01/25 (Call 06/01/20)(a) | 28,437 | 28,872,370 | ||||||
7.13%, 03/15/23 (Call 03/15/21)(a) | 44,269 | 42,387,568 | ||||||
8.88%, 06/01/25 (Call 06/01/20)(a) | 15,935 | 15,385,811 | ||||||
QVC Inc. | ||||||||
4.38%, 03/15/23(b) | 19,753 | 18,788,066 | ||||||
4.45%, 02/15/25 (Call 11/15/24)(b) | 13,948 | 12,742,893 | ||||||
4.75%, 02/15/27 (Call 11/15/26) | 14,102 | 12,691,800 | ||||||
4.85%, 04/01/24 | 13,811 | 13,119,069 | ||||||
5.13%, 07/02/22(b) | 12,271 | 11,902,870 | ||||||
Rite Aid Corp. | ||||||||
6.13%, 04/01/23 (Call 04/01/21)(a) | 28,247 | 25,778,212 | ||||||
7.50%, 07/01/25 (Call 07/01/22)(a) | 14,889 | 14,665,665 | ||||||
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/20) | 6,685 | 5,536,706 | ||||||
Staples Inc. | ||||||||
7.50%, 04/15/26 (Call 04/15/22)(a) | 46,835 | 37,077,396 | ||||||
10.75%, 04/15/27 (Call 04/15/22)(a)(b) | 23,122 | 12,948,320 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/20) | 13,102 | 12,812,665 | ||||||
Yum! Brands Inc. | ||||||||
4.75%, 01/15/30 (Call 10/15/29)(a)(b) | 20,074 | 20,475,480 | ||||||
7.75%, 04/01/25 (Call 04/01/22)(a) | 6,959 | 7,612,276 | ||||||
|
| |||||||
718,106,545 | ||||||||
Semiconductors — 0.3% | ||||||||
Qorvo Inc. | ||||||||
4.38%, 10/15/29 (Call 10/15/24)(a)(b) | 13,313 | 13,296,359 | ||||||
5.50%, 07/15/26 (Call 07/15/21)(b) | 22,003 | 23,103,150 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Semiconductors (continued) | ||||||||
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)(a)(b) | $ | 18,160 | $ | 18,626,610 | ||||
|
| |||||||
55,026,119 | ||||||||
Software — 2.4% | ||||||||
CDK Global Inc. | ||||||||
4.88%, 06/01/27 (Call 06/01/22) | 14,865 | 14,820,405 | ||||||
5.00%, 10/15/24 (Call 07/15/24)(b) | 11,397 | 11,881,372 | ||||||
5.25%, 05/15/29 (Call 05/15/24)(a) | 12,686 | 12,884,219 | ||||||
5.88%, 06/15/26 (Call 06/15/21) | 11,128 | 11,482,705 | ||||||
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/21)(a)(b) | 32,597 | 32,154,985 | ||||||
Dun & Bradstreet Corp./The | ||||||||
6.88%, 08/15/26 (Call 02/15/22)(a)(b) | 18,039 | 19,066,262 | ||||||
10.25%, 02/15/27 (Call 02/15/22)(a)(b) | 17,976 | 19,683,720 | ||||||
Infor U.S. Inc., 6.50%, 05/15/22 | 29,876 | 29,855,087 | ||||||
MSCI Inc. | ||||||||
3.63%, 09/01/30 (Call 03/01/25)(a)(b) | 6,460 | 6,521,276 | ||||||
4.00%, 11/15/29 (Call 11/15/24)(a)(b) | 23,958 | 25,021,016 | ||||||
4.75%, 08/01/26 (Call 08/01/21)(a)(b) | 11,126 | 11,629,785 | ||||||
5.38%, 05/15/27 (Call 05/15/22)(a)(b) | 12,542 | 13,536,079 | ||||||
5.75%, 08/15/25 (Call 08/15/20)(a)(b) | 19,796 | 20,678,902 | ||||||
Open Text Corp. | ||||||||
3.88%, 02/15/28 (Call 02/15/23)(a) | 21,952 | 21,286,183 | ||||||
5.88%, 06/01/26 (Call 06/01/21)(a)(b) | 20,020 | 21,021,000 | ||||||
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a)(b) | 21,274 | 20,663,436 | ||||||
PTC Inc. | ||||||||
3.63%, 02/15/25 (Call 02/15/22)(a) | 13,297 | 13,082,519 | ||||||
4.00%, 02/15/28 (Call 02/15/23)(a) | 13,700 | 13,426,000 | ||||||
6.00%, 05/15/24 (Call 05/15/20)(b) | 99 | 101,846 | ||||||
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 11/15/20)(a)(b) | 29,557 | 29,168,917 | ||||||
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 03/01/21)(a)(b) | 48,703 | 48,459,485 | ||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a)(b) | 48,856 | 50,211,754 | ||||||
Veritas U.S. Inc./Veritas Bermuda Ltd. | ||||||||
7.50%, 02/01/23 (Call 02/01/21)(a)(b) | 9,819 | 9,502,828 | ||||||
10.50%, 02/01/24 (Call 02/01/21)(a)(b) | 18,797 | 16,696,749 | ||||||
|
| |||||||
472,836,530 | ||||||||
Telecommunications — 9.7% | ||||||||
Altice France Holding SA | ||||||||
6.00%, 02/15/28 (Call 02/15/23)(a) | 28,325 | 25,887,028 | ||||||
10.50%, 05/15/27 (Call 05/15/22)(a) | 35,192 | 38,014,750 | ||||||
Altice France SA/France | ||||||||
5.50%, 01/15/28 (Call 09/15/22)(a) | 24,496 | 24,623,869 | ||||||
7.38%, 05/01/26 (Call 05/01/21)(a) | 121,273 | 126,730,285 | ||||||
8.13%, 02/01/27 (Call 02/01/22)(a)(b) | 41,537 | 44,733,393 | ||||||
CenturyLink Inc. | ||||||||
4.00%, 02/15/27 (Call 02/15/23)(a)(b) | 29,360 | 28,699,400 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a)(b) | 29,852 | 28,470,808 | ||||||
5.63%, 04/01/25 (Call 01/01/25) | 13,104 | 13,169,520 | ||||||
Series S, 6.45%, 06/15/21(b) | 18,522 | 18,915,593 | ||||||
Series T, 5.80%, 03/15/22(b) | 34,120 | 34,887,018 | ||||||
Series W, 6.75%, 12/01/23 | 18,498 | 19,414,655 | ||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b) | 25,159 | 27,297,515 | ||||||
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/20)(a) | 16,831 | 16,994,008 | ||||||
CommScope Inc. | ||||||||
5.00%, 06/15/21 (Call 05/11/20)(a) | 46 | 45,310 |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
5.50%, 03/01/24 (Call 03/01/21)(a) | $ | 30,138 | $ | 30,138,000 | ||||
5.50%, 06/15/24 (Call 06/15/20)(a)(b) | 15,540 | 13,905,756 | ||||||
6.00%, 03/01/26 (Call 03/01/22)(a)(b) | 35,395 | 35,483,487 | ||||||
8.25%, 03/01/27 (Call 03/01/22)(a)(b) | 23,556 | 22,401,756 | ||||||
CommScope Technologies LLC | ||||||||
5.00%, 03/15/27 (Call 03/15/22)(a)(b) | 18,007 | 15,529,237 | ||||||
6.00%, 06/15/25 (Call 06/15/20)(a)(b) | 34,107 | 30,372,966 | ||||||
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a)(b) | 47,256 | 45,489,887 | ||||||
Frontier Communications Corp. | ||||||||
8.00%, 04/01/27 (Call 04/01/22)(a)(f) | 30,586 | 31,188,544 | ||||||
8.50%, 04/01/26 (Call 04/01/21)(a)(f) | 28,954 | 26,782,450 | ||||||
Hughes Satellite Systems Corp. | ||||||||
5.25%, 08/01/26 | 18,904 | 19,943,720 | ||||||
6.63%, 08/01/26(b) | 19,103 | 20,351,763 | ||||||
7.63%, 06/15/21(b) | 16,671 | 17,293,829 | ||||||
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 08/15/20)(a)(b) | 10,525 | 2,029,220 | ||||||
Intelsat Jackson Holdings SA | ||||||||
5.50%, 08/01/23 (Call 08/01/20)(f) | 28,635 | 15,248,138 | ||||||
8.00%, 02/15/24 (Call 02/15/21)(a) | 24,000 | 24,523,200 | ||||||
8.50%, 10/15/24 (Call 10/15/20)(a)(f) | 34,792 | 19,657,480 | ||||||
9.50%, 09/30/22(a) | 7,646 | 8,471,676 | ||||||
9.75%, 07/15/25 (Call 07/15/21)(a) | 23,748 | 13,610,573 | ||||||
Intrado Corp., 8.50%, 10/15/25 | 27,745 | 19,390,980 | ||||||
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(c) | 13,953 | 14,724,601 | ||||||
Level 3 Financing Inc. | ||||||||
4.63%, 09/15/27 (Call 09/15/22)(a)(b) | 24,374 | 24,274,927 | ||||||
5.13%, 05/01/23 (Call 05/01/20)(b) | 16,537 | 16,498,138 | ||||||
5.25%, 03/15/26 (Call 03/15/21) | 19,621 | 20,084,888 | ||||||
5.38%, 08/15/22 (Call 05/29/20) | 19,603 | 19,596,756 | ||||||
5.38%, 01/15/24 (Call 01/15/21)(b) | 22,858 | 23,029,435 | ||||||
5.38%, 05/01/25 (Call 05/01/20)(b) | 19,459 | 19,750,885 | ||||||
5.63%, 02/01/23 (Call 05/29/20)(b) | 13,414 | 13,400,854 | ||||||
Nokia OYJ | ||||||||
3.38%, 06/12/22(b) | 12,737 | 12,802,466 | ||||||
4.38%, 06/12/27(b) | 12,634 | 12,848,778 | ||||||
Qwest Corp., 6.75%, 12/01/21(b) | 22,630 | 23,591,775 | ||||||
Sprint Communications Inc. | ||||||||
6.00%, 11/15/22 | 54,847 | 57,903,623 | ||||||
11.50%, 11/15/21 | 24,348 | 27,208,890 | ||||||
Sprint Corp. | ||||||||
7.13%, 06/15/24 | 58,935 | 66,154,537 | ||||||
7.25%, 09/15/21 | 36,927 | 38,727,191 | ||||||
7.63%, 02/15/25 (Call 11/15/24)(b) | 36,385 | 41,842,750 | ||||||
7.63%, 03/01/26 (Call 11/01/25)(b) | 35,522 | 41,790,567 | ||||||
7.88%, 09/15/23 | 99,419 | 111,732,043 | ||||||
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)(b) | 35,664 | 36,808,932 | ||||||
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22(b) | 25,335 | 26,095,050 | ||||||
T-Mobile USA Inc. | ||||||||
4.00%, 04/15/22 (Call 03/16/22) | 12,529 | 12,810,903 | ||||||
4.50%, 02/01/26 (Call 02/01/21) | 23,408 | 24,117,262 | ||||||
4.75%, 02/01/28 (Call 02/01/23) | 36,291 | 38,106,276 | ||||||
5.13%, 04/15/25 (Call 04/15/21) | 12,812 | 13,065,906 | ||||||
5.38%, 04/15/27 (Call 04/15/22) | 12,683 | 13,427,492 | ||||||
6.00%, 03/01/23 (Call 09/01/20) | 30,369 | 30,369,000 | ||||||
6.00%, 04/15/24 (Call 04/15/21) | 22,247 | 22,660,423 | ||||||
6.38%, 03/01/25 (Call 09/01/20)(b) | 37,939 | 39,069,203 | ||||||
6.50%, 01/15/24 (Call 01/15/21) | 21,200 | 21,701,380 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
6.50%, 01/15/26 (Call 01/15/21) | $ | 44,876 | $ | 47,400,275 | ||||
ViaSat Inc. | ||||||||
5.63%, 09/15/25 (Call 09/15/20)(a)(b) | 17,398 | 16,420,328 | ||||||
5.63%, 04/15/27 (Call 04/15/22)(a)(b) | 14,435 | 14,253,913 | ||||||
Vodafone Group PLC, 7.00%, 04/04/79 (Call 01/04/29)(b)(c) | 47,636 | 54,543,220 | ||||||
Zayo Group Holdings Inc. | ||||||||
4.00%, 03/01/27 (Call 03/01/21)(a) | 23,755 | 22,978,924 | ||||||
6.13%, 03/01/28 (Call 03/01/23)(a) | 8,595 | 8,102,948 | ||||||
|
| |||||||
1,887,590,353 | ||||||||
Toys, Games & Hobbies — 0.3% | ||||||||
Mattel Inc. | ||||||||
5.88%, 12/15/27 (Call 12/15/22)(a)(b) | 14,715 | 14,365,519 | ||||||
6.75%, 12/31/25 (Call 12/31/20)(a)(b) | 36,087 | 36,639,131 | ||||||
|
| |||||||
51,004,650 | ||||||||
Transportation — 0.4% | ||||||||
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 01/15/21)(a)(b) | 8,578 | 3,376,613 | ||||||
XPO Logistics Inc. | ||||||||
6.13%, 09/01/23 (Call 09/01/20)(a)(b) | 13,235 | 13,400,438 | ||||||
6.25%, 05/01/25 (Call 05/01/22)(a) | 7,838 | 7,935,975 | ||||||
6.50%, 06/15/22 (Call 06/15/20)(a)(b) | 25,390 | 25,491,560 | ||||||
6.75%, 08/15/24 (Call 08/15/21)(a)(b) | 23,104 | 23,787,876 | ||||||
|
| |||||||
73,992,462 | ||||||||
Trucking & Leasing — 0.2% | ||||||||
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(a)(b)(c) | 12,090 | 9,173,287 | ||||||
Fortress Transportation & Infrastructure Investors LLC | ||||||||
6.50%, 10/01/25 (Call 10/01/21)(a) | 8,674 | 7,156,050 | ||||||
6.75%, 03/15/22 (Call 03/15/21)(a)(b) | 18,145 | 16,351,367 | ||||||
|
| |||||||
32,680,704 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 97.3% |
| 19,010,540,857 | ||||||
|
|
Security | Shares (000) | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 10.0% | ||||||||
BlackRock Cash Funds: Institutional, | 1,611,080 | $ | 1,612,851,809 | |||||
BlackRock Cash Funds: Treasury, | 331,140 | 331,140,000 | ||||||
|
| |||||||
1,943,991,809 | ||||||||
|
| |||||||
Total Short-Term Investments — 10.0% |
| 1,943,991,809 | ||||||
|
| |||||||
Total Investments in Securities — 107.3% |
| 20,954,532,666 | ||||||
Other Assets, Less Liabilities — (7.3)% |
| (1,427,389,630 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 19,527,143,036 | |||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(d) | Perpetual security with no stated maturity date. |
(e) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period-end. |
(i) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 19,010,540,857 | $ | — | $ | 19,010,540,857 | ||||||||
Money Market Funds | 1,943,991,809 | — | — | 1,943,991,809 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,943,991,809 | $ | 19,010,540,857 | $ | — | $ | 20,954,532,666 | |||||||||
|
|
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes |
| |||||||
Advertising — 0.1% | ||||||||
Omnicom Group Inc./Omnicom Capital Inc. | ||||||||
3.60%, 04/15/26 (Call 01/15/26) | $ | 26,994 | $ | 28,731,296 | ||||
3.65%, 11/01/24 (Call 08/01/24)(a) | 15,845 | 16,909,252 | ||||||
|
| |||||||
45,640,548 | ||||||||
Aerospace & Defense — 1.8% | ||||||||
Boeing Co. (The) | ||||||||
2.70%, 02/01/27 (Call 12/01/26)(a) | 14,376 | 12,651,735 | ||||||
2.95%, 02/01/30 (Call 11/01/29)(a) | 12,158 | 10,385,674 | ||||||
3.20%, 03/01/29 (Call 12/01/28)(a) | 15,215 | 13,364,467 | ||||||
3.25%, 02/01/35 (Call 11/01/34)(a) | 16,201 | 13,427,418 | ||||||
3.60%, 05/01/34 (Call 02/01/34) | 14,971 | 13,171,281 | ||||||
3.75%, 02/01/50 (Call 08/01/49)(a) | 15,222 | 12,185,304 | ||||||
3.90%, 05/01/49 (Call 11/01/48)(a) | 10,425 | 8,437,097 | ||||||
3.95%, 08/01/59 (Call 02/01/59)(a) | 13,251 | 10,375,381 | ||||||
General Dynamics Corp. | ||||||||
3.25%, 04/01/25 (Call 03/01/25) | 10,000 | 10,854,237 | ||||||
3.38%, 05/15/23 (Call 04/15/23) | 7,771 | 8,307,488 | ||||||
3.50%, 05/15/25 (Call 03/15/25)(a) | 11,684 | 12,843,639 | ||||||
3.63%, 04/01/30 (Call 01/01/30) | 270 | 309,256 | ||||||
3.75%, 05/15/28 (Call 02/15/28)(a) | 14,019 | 15,903,075 | ||||||
4.25%, 04/01/40 (Call 10/01/39) | 10,000 | 12,290,442 | ||||||
L3Harris Technologies Inc. | ||||||||
4.40%, 06/15/28 (Call 03/15/28)(a) | 9,681 | 10,988,953 | ||||||
4.40%, 06/15/28 (Call 03/15/28)(b) | 17,845 | 20,255,951 | ||||||
Lockheed Martin Corp. | ||||||||
2.90%, 03/01/25 (Call 12/01/24)(a) | 12,898 | 13,754,092 | ||||||
3.55%, 01/15/26 (Call 10/15/25)(a) | 26,853 | 30,139,281 | ||||||
3.80%, 03/01/45 (Call 09/01/44)(a) | 14,207 | 17,070,590 | ||||||
4.07%, 12/15/42 | 18,607 | 23,030,801 | ||||||
4.09%, 09/15/52 (Call 03/15/52)(a) | 19,641 | 25,334,788 | ||||||
4.70%, 05/15/46 (Call 11/15/45) | 19,862 | 26,965,249 | ||||||
Northrop Grumman Corp. | ||||||||
2.93%, 01/15/25 (Call 11/15/24)(a) | 21,761 | 23,028,985 | ||||||
3.20%, 02/01/27 (Call 11/01/26)(a) | 8,031 | 8,662,597 | ||||||
3.25%, 08/01/23(a) | 8,854 | 9,445,621 | ||||||
3.25%, 01/15/28 (Call 10/15/27)(a) | 40,604 | 44,006,867 | ||||||
4.03%, 10/15/47 (Call 04/15/47) | 31,888 | 38,452,572 | ||||||
4.75%, 06/01/43(a) | 14,429 | 18,636,775 | ||||||
Raytheon Technologies Corp. | ||||||||
2.65%, 11/01/26 (Call 08/01/26) | 2,430 | 2,592,064 | ||||||
3.13%, 05/04/27 (Call 02/04/27)(a) | 18,110 | 19,603,235 | ||||||
3.75%, 11/01/46 (Call 05/01/46) | 16,763 | 19,717,948 | ||||||
3.95%, 08/16/25 (Call 06/16/25)(a) | 28,726 | 32,211,061 | ||||||
4.13%, 11/16/28 (Call 08/16/28)(a) | 44,902 | 51,941,902 | ||||||
4.15%, 05/15/45 (Call 11/16/44) | 15,120 | 18,560,553 | ||||||
4.45%, 11/16/38 (Call 05/16/38)(a) | 11,095 | 13,787,151 | ||||||
4.50%, 06/01/42(a) | 48,195 | 61,221,048 | ||||||
4.63%, 11/16/48 (Call 05/16/48)(a) | 24,811 | 33,229,906 | ||||||
5.70%, 04/15/40(a) | 13,783 | 19,650,637 | ||||||
6.13%, 07/15/38(a) | 16,339 | 24,064,618 | ||||||
Rockwell Collins Inc. | ||||||||
3.20%, 03/15/24 (Call 01/15/24)(a) | 11,111 | 11,790,100 | ||||||
3.50%, 03/15/27 (Call 12/15/26)(a) | 27,908 | 29,778,499 | ||||||
4.35%, 04/15/47 (Call 10/15/46) | 15,045 | 18,273,452 | ||||||
|
| |||||||
820,701,790 | ||||||||
Agriculture — 1.6% | ||||||||
Altria Group Inc. 3.80%, 02/14/24 (Call 01/14/24) | 19,538 | 20,902,598 |
Security | Par (000) | Value | ||||||
Agriculture (continued) | ||||||||
3.88%, 09/16/46 (Call 03/16/46)(a) | $ | 17,988 | $ | 17,451,843 | ||||
4.00%, 01/31/24(a) | 21,574 | 23,181,144 | ||||||
4.25%, 08/09/42 | 11,920 | 11,940,668 | ||||||
4.40%, 02/14/26 (Call 12/14/25)(a) | 18,994 | 21,088,113 | ||||||
4.80%, 02/14/29 (Call 11/14/28)(a) | 49,622 | 55,415,875 | ||||||
5.38%, 01/31/44(a) | 25,079 | 28,648,722 | ||||||
5.80%, 02/14/39 (Call 08/14/38)(a) | 30,122 | 35,825,007 | ||||||
5.95%, 02/14/49 (Call 08/14/48)(a) | 31,394 | 39,211,991 | ||||||
AgricultureArcher-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)(a) | 15,698 | 16,615,094 | ||||||
BAT Capital Corp. | ||||||||
2.79%, 09/06/24 (Call 08/06/24)(a) | 15,166 | 15,473,914 | ||||||
3.22%, 08/15/24 (Call 06/15/24)(a) | 38,227 | 39,530,839 | ||||||
3.22%, 09/06/26 (Call 07/06/26)(a) | 15,217 | 15,616,568 | ||||||
3.56%, 08/15/27 (Call 05/15/27)(a) | 58,313 | 59,873,619 | ||||||
4.39%, 08/15/37 (Call 02/15/37)(a) | 35,220 | 36,017,715 | ||||||
4.54%, 08/15/47 (Call 02/15/47)(a) | 33,282 | 34,778,412 | ||||||
4.76%, 09/06/49 (Call 03/06/49)(a) | 18,251 | 19,782,865 | ||||||
4.91%, 04/02/30 (Call 01/02/30) | 515 | 577,168 | ||||||
Philip Morris International Inc. | ||||||||
2.75%, 02/25/26 (Call 11/25/25)(a) | 14,392 | 15,169,960 | ||||||
2.88%, 05/01/24 (Call 04/01/24)(a) | 10,839 | 11,413,933 | ||||||
3.25%, 11/10/24(a) | 11,180 | 12,090,433 | ||||||
3.38%, 08/11/25 (Call 05/11/25)(a) | 10,503 | 11,382,062 | ||||||
3.38%, 08/15/29 (Call 05/15/29)(a) | 14,687 | 16,173,837 | ||||||
3.88%, 08/21/42(a) | 10,296 | 11,239,712 | ||||||
4.13%, 03/04/43(a) | 17,375 | 19,600,112 | ||||||
4.25%, 11/10/44(a) | 19,463 | 22,590,817 | ||||||
4.38%, 11/15/41(a) | 9,776 | 11,241,884 | ||||||
4.88%, 11/15/43(a) | 9,646 | 11,931,926 | ||||||
6.38%, 05/16/38(a) | 18,840 | 26,887,457 | ||||||
Reynolds American Inc. | ||||||||
4.45%, 06/12/25 (Call 03/12/25) | 38,876 | 42,263,278 | ||||||
5.70%, 08/15/35 (Call 02/15/35) | 9,434 | 11,014,063 | ||||||
5.85%, 08/15/45 (Call 02/15/45)(a) | 28,922 | 34,130,956 | ||||||
|
| |||||||
749,062,585 | ||||||||
Airlines — 0.0% | ||||||||
Southwest Airlines Co. | ||||||||
4.75%, 05/04/23 | 7,495 | 7,463,971 | ||||||
5.25%, 05/04/25 (Call 04/04/25) | 5,565 | 5,552,924 | ||||||
|
| |||||||
13,016,895 | ||||||||
Apparel — 0.2% | ||||||||
NIKE Inc. | ||||||||
2.38%, 11/01/26 (Call 08/01/26)(a) | 24,291 | 26,079,362 | ||||||
2.40%, 03/27/25 (Call 02/27/25) | 200 | 210,751 | ||||||
2.75%, 03/27/27 (Call 01/27/27)(a) | 200 | 215,538 | ||||||
2.85%, 03/27/30 (Call 12/27/29) | 25,000 | 27,127,290 | ||||||
3.25%, 03/27/40 (Call 09/27/39) | 20,000 | 21,703,540 | ||||||
3.38%, 03/27/50 (Call 09/27/49) | 15,000 | 16,817,107 | ||||||
3.88%, 11/01/45 (Call 05/01/45)(a) | 11,832 | 14,035,799 | ||||||
|
| |||||||
106,189,387 | ||||||||
Auto Manufacturers — 0.9% | ||||||||
Auto ManufacturersAmerican Honda Finance Corp., 2.15%, 09/10/24(a) | 12,582 | 12,442,877 | ||||||
Auto ManufacturersDaimler Finance North America LLC, 8.50%, 01/18/31(a) | 28,307 | 37,672,011 | ||||||
General Motors Co. | ||||||||
4.20%, 10/01/27 (Call 07/01/27)(a) | 11,109 | 9,900,638 | ||||||
4.88%, 10/02/23 | 19,039 | 18,654,132 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Auto Manufacturers (continued) | ||||||||
5.00%, 10/01/28 (Call 07/01/28)(a) | $ | 9,261 | $ | 8,508,558 | ||||
5.00%, 04/01/35(a) | 9,205 | 7,699,863 | ||||||
5.15%, 04/01/38 (Call 10/01/37)(a) | 13,829 | 11,384,401 | ||||||
5.20%, 04/01/45 | 19,343 | 15,510,660 | ||||||
5.40%, 04/01/48 (Call 10/01/47)(a) | 10,004 | 7,974,887 | ||||||
5.95%, 04/01/49 (Call 10/01/48)(a) | 15,637 | 13,298,329 | ||||||
6.25%, 10/02/43(a) | 21,901 | 18,991,752 | ||||||
6.60%, 04/01/36 (Call 10/01/35)(a) | 15,999 | 14,938,890 | ||||||
6.75%, 04/01/46 (Call 10/01/45) | 12,373 | 11,253,396 | ||||||
General Motors Financial Co. Inc. | ||||||||
2.90%, 02/26/25 (Call 01/26/25)(a) | 16,685 | 14,966,704 | ||||||
3.50%, 11/07/24 (Call 09/07/24)(a) | 12,192 | 11,163,613 | ||||||
3.70%, 05/09/23 (Call 03/09/23) | 6,221 | 5,952,672 | ||||||
3.95%, 04/13/24 (Call 02/13/24) | 11,369 | 10,674,767 | ||||||
4.00%, 01/15/25 (Call 10/15/24) | 19,048 | 17,771,243 | ||||||
4.00%, 10/06/26 (Call 07/06/26)(a) | 13,784 | 12,454,423 | ||||||
4.15%, 06/19/23 (Call 05/19/23)(a) | 8,062 | 7,826,226 | ||||||
4.30%, 07/13/25 (Call 04/13/25)(a) | 14,027 | 13,132,490 | ||||||
4.35%, 04/09/25 (Call 02/09/25)(a) | 15,286 | 14,360,641 | ||||||
4.35%, 01/17/27 (Call 10/17/26)(a) | 19,574 | 17,770,835 | ||||||
5.10%, 01/17/24 (Call 12/17/23)(a) | 18,580 | 18,141,885 | ||||||
5.25%, 03/01/26 (Call 12/01/25)(a) | 24,352 | 23,421,486 | ||||||
Auto ManufacturersToyota Motor Corp., 3.42%, 07/20/23(a) | 4,075 | 4,348,327 | ||||||
Toyota Motor Credit Corp. | ||||||||
2.15%, 02/13/30 | 17,357 | 17,144,545 | ||||||
3.00%, 04/01/25 | 500 | 530,955 | ||||||
3.20%, 01/11/27(a) | 13,205 | 14,116,076 | ||||||
3.45%, 09/20/23(a) | 8,925 | 9,482,198 | ||||||
|
| |||||||
401,489,480 | ||||||||
Auto Parts & Equipment — 0.0% | ||||||||
Auto Parts & EquipmentLear Corp., 3.80%, 09/15/27 (Call 06/15/27)(a) | 11,353 | 10,545,501 | ||||||
|
| |||||||
Banks — 24.0% | ||||||||
BanksAustralia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25(a) | 11,330 | 12,459,356 | ||||||
Banco Santander SA | ||||||||
2.71%, 06/27/24 | 22,761 | 23,316,350 | ||||||
3.31%, 06/27/29(a) | 17,058 | 17,650,899 | ||||||
3.80%, 02/23/28 | 15,460 | 16,072,224 | ||||||
3.85%, 04/12/23(a) | 6,325 | 6,557,759 | ||||||
4.25%, 04/11/27(a) | 16,766 | 17,876,426 | ||||||
4.38%, 04/12/28(a) | 16,707 | 18,081,746 | ||||||
Bank of America Corp. | ||||||||
2.02%, 02/13/26 (Call 02/13/25)(c) | 39,309 | 39,485,757 | ||||||
2.46%, 10/22/25 (Call 10/22/24)(a)(c) | 20,765 | 21,232,246 | ||||||
2.50%, 02/13/31 (Call 02/13/30)(c) | 58,634 | 59,292,155 | ||||||
2.59%, 04/29/31 (Call 04/29/30)(c) | 30,000 | 30,671,832 | ||||||
2.88%, 10/22/30 (Call 10/22/29)(c) | 33,197 | 34,434,126 | ||||||
3.09%, 10/01/25 (Call 10/01/24)(c) | 24,043 | 25,212,841 | ||||||
3.19%, 07/23/30 (Call 07/23/29)(c) | 36,902 | 39,404,590 | ||||||
3.25%, 10/21/27 (Call 10/21/26)(a) | 15,891 | 16,910,501 | ||||||
3.37%, 01/23/26 (Call 01/23/25)(a)(c) | 34,865 | 37,203,849 | ||||||
3.42%, 12/20/28 (Call 12/20/27)(a)(c) | 79,101 | 84,881,329 | ||||||
3.46%, 03/15/25 (Call 03/15/24)(a)(c) | 25,198 | 26,661,129 | ||||||
3.50%, 04/19/26(a) | 32,876 | 35,739,513 | ||||||
3.56%, 04/23/27 (Call 04/23/26)(c) | 40,213 | 43,387,949 | ||||||
3.59%, 07/21/28 (Call 07/21/27)(a)(c) | 25,109 | 27,127,701 | ||||||
3.71%, 04/24/28 (Call 04/24/27)(a)(c) | 26,531 | 28,947,351 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
3.82%, 01/20/28 (Call 01/20/27)(a)(c) | $ | 28,202 | $ | 30,876,686 | ||||
3.86%, 07/23/24 (Call 07/23/23)(a)(c) | 24,456 | 26,066,293 | ||||||
3.88%, 08/01/25 | 24,210 | 26,539,711 | ||||||
3.95%, 01/23/49 (Call 01/23/48)(a)(c) | 16,456 | 19,140,420 | ||||||
3.97%, 03/05/29 (Call 03/05/28)(c) | 33,927 | 37,775,889 | ||||||
3.97%, 02/07/30 (Call 02/07/29)(a)(c) | 39,251 | 43,992,627 | ||||||
4.00%, 04/01/24(a) | 22,848 | 24,751,099 | ||||||
4.00%, 01/22/25(a) | 33,246 | 35,796,241 | ||||||
4.08%, 04/23/40 (Call 04/23/39)(c) | 23,381 | 27,021,389 | ||||||
4.08%, 03/20/51 (Call 03/20/50)(c) | 60,200 | 72,300,898 | ||||||
4.10%, 07/24/23(a) | 15,485 | 16,688,686 | ||||||
4.13%, 01/22/24(a) | 28,838 | 31,272,094 | ||||||
4.20%, 08/26/24(a) | 26,170 | 28,188,568 | ||||||
4.24%, 04/24/38 (Call 04/24/37)(c) | 30,704 | 36,129,510 | ||||||
4.25%, 10/22/26(a) | 19,232 | 20,996,065 | ||||||
4.27%, 07/23/29 (Call 07/23/28)(a)(c) | 39,787 | 45,260,068 | ||||||
4.33%, 03/15/50 (Call 03/15/49)(a)(c) | 36,566 | 45,037,333 | ||||||
4.44%, 01/20/48 (Call 01/20/47)(c) | 30,412 | 37,664,043 | ||||||
4.45%, 03/03/26 | 27,000 | 29,791,600 | ||||||
5.00%, 01/21/44 | 23,703 | 31,018,843 | ||||||
5.88%, 02/07/42(a) | 17,680 | 25,412,415 | ||||||
6.11%, 01/29/37(a) | 29,817 | 40,077,113 | ||||||
7.75%, 05/14/38(a) | 21,682 | 33,979,918 | ||||||
Series L, 3.95%, 04/21/25(a) | 33,015 | 35,482,327 | ||||||
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a) | 16,108 | 17,669,068 | ||||||
BanksBank of America N.A., 6.00%, 10/15/36 | 13,023 | 18,259,216 | ||||||
Bank of Montreal | ||||||||
1.85%, 05/01/25 | 700 | 702,357 | ||||||
2.50%, 06/28/24(a) | 20,628 | 21,272,128 | ||||||
Series E, 3.30%, 02/05/24(a) | 26,247 | 27,745,945 | ||||||
Bank of New York Mellon Corp. (The) | ||||||||
2.10%, 10/24/24(a) | 14,513 | 14,933,620 | ||||||
2.20%, 08/16/23 (Call 06/16/23) | 15,105 | 15,499,055 | ||||||
2.45%, 08/17/26 (Call 05/17/26)(a) | 14,698 | 15,319,055 | ||||||
2.80%, 05/04/26 (Call 02/04/26)(a) | 12,847 | 13,629,634 | ||||||
3.25%, 05/16/27 (Call 02/16/27)(a) | 12,323 | 13,368,552 | ||||||
3.30%, 08/23/29 (Call 05/23/29)(a) | 11,096 | 12,273,156 | ||||||
3.40%, 01/29/28 (Call 10/29/27)(a) | 11,919 | 13,164,396 | ||||||
3.45%, 08/11/23(a) | 13,054 | 13,947,576 | ||||||
3.85%, 04/28/28(a) | 534 | 606,399 | ||||||
Series 0012, 3.65%, 02/04/24 (Call 01/05/24)(a) | 10,195 | 11,124,065 | ||||||
Series G, 3.00%, 02/24/25 (Call 01/24/25)(a) | 11,908 | 12,773,433 | ||||||
Bank of Nova Scotia (The) | ||||||||
2.20%, 02/03/25 | 26,916 | 27,386,357 | ||||||
2.70%, 08/03/26(a) | 23,824 | 24,913,874 | ||||||
3.40%, 02/11/24 | 7,570 | 8,047,574 | ||||||
4.50%, 12/16/25(a) | 15,644 | 17,085,219 | ||||||
Barclays PLC | ||||||||
3.65%, 03/16/25(a) | 32,610 | 33,825,942 | ||||||
3.93%, 05/07/25 (Call 05/07/24)(a)(c) | 25,958 | 27,092,318 | ||||||
4.34%, 05/16/24 (Call 05/16/23)(c) | 9,463 | 9,931,533 | ||||||
4.34%, 01/10/28 (Call 01/10/27)(a) | 20,107 | 21,593,531 | ||||||
4.38%, 09/11/24 | 18,518 | 19,019,404 | ||||||
4.38%, 01/12/26 | 38,148 | 41,086,552 | ||||||
4.84%, 05/09/28 (Call 05/07/27) | 30,484 | 31,995,979 | ||||||
4.95%, 01/10/47(a) | 18,253 | 21,904,814 | ||||||
4.97%, 05/16/29 (Call 05/16/28)(a)(c) | 29,155 | 32,804,337 | ||||||
5.20%, 05/12/26 | 32,442 | 35,178,333 | ||||||
5.25%, 08/17/45(a) | 19,391 | 24,089,445 | ||||||
BanksBNP Paribas SA, 4.25%, 10/15/24(a) | 9,460 | 10,059,445 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
BanksBPCE SA, 4.00%, 04/15/24(a) | $ | 23,807 | $ | 25,650,174 | ||||
Canadian Imperial Bank of Commerce | ||||||||
2.25%, 01/28/25(a) | 17,790 | 17,912,815 | ||||||
3.10%, 04/02/24(a) | 17,862 | 18,516,394 | ||||||
3.50%, 09/13/23(a) | 11,481 | 12,293,799 | ||||||
BanksCitibank N.A., 3.65%, 01/23/24 (Call 12/23/23)(a) | 25,659 | 27,433,679 | ||||||
Citigroup Inc. | ||||||||
2.67%, 01/29/31 (Call 01/29/30)(a)(c) | 31,656 | 31,816,436 | ||||||
2.98%, 11/05/30 (Call 11/05/29)(c) | 35,892 | 36,629,595 | ||||||
3.11%, 04/08/26 (Call 04/08/25)(c) | 16,340 | 17,093,253 | ||||||
3.20%, 10/21/26 (Call 07/21/26)(a) | 44,136 | 46,327,630 | ||||||
3.30%, 04/27/25(a) | 24,154 | 25,577,475 | ||||||
3.35%, 04/24/25 (Call 04/24/24)(a)(c) | 27,085 | 28,107,564 | ||||||
3.40%, 05/01/26(a) | 27,344 | 29,115,079 | ||||||
3.50%, 05/15/23(a) | 7,367 | 7,660,767 | ||||||
3.52%, 10/27/28 (Call 10/27/27)(c) | 33,445 | 35,629,637 | ||||||
3.67%, 07/24/28 (Call 07/24/27)(a)(c) | 37,483 | 39,850,771 | ||||||
3.70%, 01/12/26(a) | 30,547 | 33,028,345 | ||||||
3.88%, 10/25/23(a) | 14,701 | 15,663,492 | ||||||
3.88%, 03/26/25(a) | 18,981 | 20,121,559 | ||||||
3.88%, 01/24/39 (Call 01/24/38)(a)(c) | 16,951 | 18,315,927 | ||||||
3.89%, 01/10/28 (Call 01/10/27)(c) | 41,579 | 44,855,762 | ||||||
3.98%, 03/20/30 (Call 03/20/29)(c) | 38,388 | 42,308,923 | ||||||
4.00%, 08/05/24(a) | 11,644 | 12,419,075 | ||||||
4.04%, 06/01/24 (Call 06/01/23)(c) | 13,442 | 14,340,818 | ||||||
4.08%, 04/23/29 (Call 04/23/28)(a)(c) | 27,573 | 30,380,829 | ||||||
4.13%, 07/25/28(a) | 30,666 | 33,152,068 | ||||||
4.28%, 04/24/48 (Call 04/24/47)(a)(c) | 15,414 | 17,970,056 | ||||||
4.30%, 11/20/26(a) | 12,327 | 13,406,294 | ||||||
4.40%, 06/10/25 | 39,332 | 42,803,541 | ||||||
4.41%, 03/31/31 (Call 03/31/30)(c) | 25,195 | 29,012,383 | ||||||
4.45%, 09/29/27 | 50,988 | 55,919,031 | ||||||
4.60%, 03/09/26 | 22,789 | 25,117,409 | ||||||
4.65%, 07/30/45(a) | 15,312 | 18,511,638 | ||||||
4.65%, 07/23/48 (Call 06/23/48)(a) | 44,675 | 55,146,271 | ||||||
4.75%, 05/18/46(a) | 28,945 | 34,922,805 | ||||||
5.30%, 05/06/44(a) | 8,153 | 10,367,007 | ||||||
5.32%, 03/26/41 (Call 03/26/40)(c) | 5,000 | 6,411,490 | ||||||
5.50%, 09/13/25(a) | 22,475 | 25,713,886 | ||||||
5.88%, 01/30/42(a) | 16,694 | 23,022,069 | ||||||
6.63%, 06/15/32 | 13,126 | 17,099,891 | ||||||
6.68%, 09/13/43 | 14,650 | 21,401,457 | ||||||
8.13%, 07/15/39(a) | 28,233 | 46,492,992 | ||||||
BanksCitizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)(a) | 11,907 | 12,720,705 | ||||||
Cooperatieve Rabobank UA | ||||||||
3.75%, 07/21/26(a) | 22,545 | 23,554,035 | ||||||
4.38%, 08/04/25(a) | 20,435 | 21,957,126 | ||||||
4.63%, 12/01/23(a) | 17,014 | 18,223,770 | ||||||
5.25%, 05/24/41(a) | 22,412 | 31,716,080 | ||||||
5.25%, 08/04/45 | 17,697 | 23,122,100 | ||||||
5.75%, 12/01/43(a) | 17,852 | 24,485,723 | ||||||
BanksCooperatieve Rabobank UA/NY, 3.38%, 05/21/25 | 16,852 | 18,049,916 | ||||||
BanksCredit Suisse AG/New York NY, 3.63%, 09/09/24(a) | 41,094 | 44,054,173 | ||||||
Credit Suisse Group Funding Guernsey Ltd. | ||||||||
3.75%, 03/26/25(a) | 38,788 | 41,199,419 | ||||||
3.80%, 06/09/23(a) | 18,395 | 19,229,132 | ||||||
4.55%, 04/17/26(a) | 30,006 | 33,364,356 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
4.88%, 05/15/45 | $ | 29,404 | $ | 36,733,829 | ||||
BanksDeutsche Bank AG/London, 3.70%, 05/30/24(a) | 8,868 | 8,732,189 | ||||||
Deutsche Bank AG/New York NY | ||||||||
3.70%, 05/30/24(a) | 11,646 | 11,241,229 | ||||||
3.96%, 11/26/25 (Call 11/26/24)(a)(c) | 25,386 | 24,747,303 | ||||||
Discover Bank | ||||||||
2.45%, 09/12/24 (Call 08/12/24)(a) | 9,900 | 9,673,238 | ||||||
3.45%, 07/27/26 (Call 04/27/26) | 14,659 | 14,552,171 | ||||||
4.20%, 08/08/23 | 3,893 | 4,048,063 | ||||||
4.65%, 09/13/28 (Call 06/13/28)(a) | 15,072 | 15,843,884 | ||||||
Fifth Third Bancorp. | ||||||||
2.38%, 01/28/25 (Call 12/28/24) | 17,907 | 18,147,333 | ||||||
3.65%, 01/25/24 (Call 12/25/23) | 24,822 | 26,289,578 | ||||||
4.30%, 01/16/24 (Call 12/16/23) | 9,684 | 10,351,129 | ||||||
8.25%, 03/01/38 | 14,882 | 22,004,582 | ||||||
Fifth Third Bank/Cincinnati OH | ||||||||
3.85%, 03/15/26 (Call 02/15/26) | 11,555 | 12,391,402 | ||||||
3.95%, 07/28/25 (Call 06/28/25) | 8,175 | 9,144,895 | ||||||
Goldman Sachs Group Inc. (The) | ||||||||
2.60%, 02/07/30 (Call 11/07/29)(a) | 32,282 | 32,025,097 | ||||||
3.27%, 09/29/25 (Call 09/29/24)(a)(c) | 37,131 | 38,780,949 | ||||||
3.50%, 01/23/25 (Call 10/23/24)(a) | 42,250 | 44,745,327 | ||||||
3.50%, 04/01/25 (Call 03/01/25)(a) | 9,565 | 10,189,575 | ||||||
3.50%, 11/16/26 (Call 11/16/25) | 42,024 | 44,649,752 | ||||||
3.63%, 02/20/24 (Call 01/20/24)(a) | 21,174 | 22,424,033 | ||||||
3.69%, 06/05/28 (Call 06/05/27)(a)(c) | 39,008 | 41,643,447 | ||||||
3.75%, 05/22/25 (Call 02/22/25)(a) | 33,403 | 35,547,035 | ||||||
3.75%, 02/25/26 (Call 11/25/25)(a) | 26,746 | 28,829,021 | ||||||
3.81%, 04/23/29 (Call 04/23/28)(c) | 37,759 | 40,669,943 | ||||||
3.85%, 07/08/24 (Call 04/08/24) | 30,042 | 32,017,349 | ||||||
3.85%, 01/26/27 (Call 01/26/26)(a) | 44,025 | 47,455,146 | ||||||
4.00%, 03/03/24(a) | 40,653 | 43,720,253 | ||||||
4.02%, 10/31/38 (Call 10/31/37)(c) | 36,950 | 40,349,167 | ||||||
4.22%, 05/01/29 (Call 05/01/28)(a)(c) | 53,794 | 59,350,748 | ||||||
4.25%, 10/21/25(a) | 28,287 | 30,152,794 | ||||||
4.41%, 04/23/39 (Call 04/23/38)(c) | 31,473 | 35,880,863 | ||||||
4.75%, 10/21/45 (Call 04/21/45) | 22,486 | 27,401,449 | ||||||
4.80%, 07/08/44 (Call 01/08/44)(a) | 25,219 | 30,587,959 | ||||||
5.15%, 05/22/45(a) | 27,141 | 32,994,841 | ||||||
5.95%, 01/15/27(a) | 11,637 | 13,838,327 | ||||||
6.13%, 02/15/33 | 14,887 | 19,546,277 | ||||||
6.25%, 02/01/41 | 35,973 | 50,134,840 | ||||||
6.75%, 10/01/37(a) | 78,297 | 106,761,162 | ||||||
HSBC Holdings PLC | ||||||||
2.63%, 11/07/25 (Call 11/07/24)(a)(c) | 27,867 | 28,419,363 | ||||||
3.60%, 05/25/23(a) | 17,841 | 18,788,921 | ||||||
3.80%, 03/11/25 (Call 03/11/24)(a)(c) | 37,053 | 39,451,485 | ||||||
3.90%, 05/25/26(a) | 33,566 | 36,424,299 | ||||||
3.95%, 05/18/24 (Call 05/18/23)(a)(c) | 14,930 | 15,763,358 | ||||||
3.97%, 05/22/30 (Call 05/22/29)(a)(c) | 46,036 | 50,276,519 | ||||||
4.04%, 03/13/28 (Call 03/13/27)(a)(c) | 44,197 | 47,806,644 | ||||||
4.25%, 03/14/24(a) | 15,356 | 16,292,757 | ||||||
4.25%, 08/18/25(a) | 23,071 | 24,537,610 | ||||||
4.29%, 09/12/26 (Call 09/12/25)(a)(c) | 29,854 | 32,572,607 | ||||||
4.30%, 03/08/26(a) | 45,532 | 50,379,970 | ||||||
4.38%, 11/23/26(a) | 18,904 | 20,517,627 | ||||||
4.58%, 06/19/29 (Call 06/19/28)(a)(c) | 44,379 | 50,198,503 | ||||||
4.95%, 03/31/30(a) | 1,257 | 1,482,610 | ||||||
5.25%, 03/14/44(a) | 22,222 | 28,185,056 | ||||||
6.10%, 01/14/42(a) | 12,571 | 17,723,848 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
6.50%, 05/02/36(a) | $ | 25,935 | $ | 34,879,136 | ||||
6.50%, 09/15/37 | 37,686 | 51,347,948 | ||||||
6.80%, 06/01/38(a) | 19,153 | 26,897,037 | ||||||
BanksHSBC USA Inc., 3.50%, 06/23/24(a) | 11,455 | 12,104,982 | ||||||
Huntington Bancshares Inc./OH | ||||||||
2.55%, 02/04/30 (Call 11/04/29) | 13,899 | 13,214,149 | ||||||
2.63%, 08/06/24 (Call 07/06/24) | 15,004 | 15,376,321 | ||||||
BanksHuntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)(a) | 12,367 | 13,226,280 | ||||||
ING Groep NV | ||||||||
3.55%, 04/09/24(a) | 11,978 | 12,554,562 | ||||||
3.95%, 03/29/27(a) | 22,194 | 24,101,082 | ||||||
4.05%, 04/09/29(a) | 15,000 | 16,633,502 | ||||||
4.10%, 10/02/23 | 14,342 | 15,269,539 | ||||||
4.55%, 10/02/28(a) | 18,782 | 21,359,925 | ||||||
JPMorgan Chase & Co. | ||||||||
2.08%, 04/22/26 (Call 04/22/25)(c) | 3,000 | 3,019,152 | ||||||
2.30%, 10/15/25 (Call 10/15/24)(c) | 33,316 | 33,993,161 | ||||||
2.52%, 04/22/31 (Call 04/22/30)(c) | 3,000 | 3,035,390 | ||||||
2.70%, 05/18/23 (Call 03/18/23)(a) | 13,300 | 13,750,113 | ||||||
2.74%, 10/15/30 (Call 10/15/29)(c) | 52,664 | 54,560,978 | ||||||
2.95%, 10/01/26 (Call 07/01/26)(a) | 43,325 | 45,430,760 | ||||||
3.11%, 04/22/41 (Call 04/22/40)(c) | 2,000 | 2,059,884 | ||||||
3.11%, 04/22/51 (Call 04/22/50)(c) | 2,400 | 2,466,537 | ||||||
3.13%, 01/23/25 (Call 10/23/24)(a) | 36,003 | 37,916,721 | ||||||
3.20%, 06/15/26 (Call 03/15/26)(a) | 23,804 | 25,329,398 | ||||||
3.22%, 03/01/25 (Call 03/01/24)(c) | 28,879 | 30,314,335 | ||||||
3.30%, 04/01/26 (Call 01/01/26)(a) | 36,577 | 39,222,179 | ||||||
3.38%, 05/01/23 | 22,057 | 23,094,455 | ||||||
3.51%, 01/23/29 (Call 01/23/28)(c) | 32,785 | 35,592,317 | ||||||
3.54%, 05/01/28 (Call 05/01/27)(a)(c) | 36,182 | 39,031,134 | ||||||
3.56%, 04/23/24 (Call 04/23/23)(c) | 40 | 42,168 | ||||||
3.63%, 05/13/24(a) | 26,604 | 28,643,356 | ||||||
3.63%, 12/01/27 (Call 12/01/26)(a) | 11,735 | 12,578,820 | ||||||
3.70%, 05/06/30 (Call 05/06/29)(a)(c) | 37,539 | 41,340,402 | ||||||
3.78%, 02/01/28 (Call 02/01/27)(a)(c) | 33,737 | 36,797,088 | ||||||
3.80%, 07/23/24 (Call 07/23/23)(a)(c) | 25,936 | 27,675,434 | ||||||
3.88%, 02/01/24(a) | 14,464 | 15,714,544 | ||||||
3.88%, 09/10/24(a) | 35,949 | 38,690,665 | ||||||
3.88%, 07/24/38 (Call 07/24/37)(c) | 38,222 | 43,161,242 | ||||||
3.90%, 07/15/25 (Call 04/15/25)(a) | 47,447 | 52,069,842 | ||||||
3.90%, 01/23/49 (Call 01/23/48)(a)(c) | 28,988 | 33,744,519 | ||||||
3.96%, 01/29/27 (Call 01/29/26)(a)(c) | 29,192 | 32,250,860 | ||||||
3.96%, 11/15/48 (Call 11/15/47)(c) | 50,812 | 59,655,971 | ||||||
4.01%, 04/23/29 (Call 04/23/28)(c) | 35,136 | 38,983,571 | ||||||
4.02%, 12/05/24 (Call 12/05/23)(a)(c) | 31,642 | 34,248,203 | ||||||
4.03%, 07/24/48 (Call 07/24/47)(c) | 29,704 | 35,145,841 | ||||||
4.13%, 12/15/26(a) | 23,710 | 26,211,599 | ||||||
4.20%, 07/23/29 (Call 07/23/28)(a)(c) | 37,331 | 42,054,409 | ||||||
4.25%, 10/01/27(a) | 16,188 | 18,138,628 | ||||||
4.26%, 02/22/48 (Call 02/22/47)(c) | 27,738 | 33,916,082 | ||||||
4.45%, 12/05/29 (Call 12/05/28)(a)(c) | 32,583 | 37,502,890 | ||||||
4.85%, 02/01/44(a) | 23,987 | 31,302,421 | ||||||
4.95%, 06/01/45(a) | 16,904 | 21,402,273 | ||||||
5.40%, 01/06/42 | 17,749 | 24,309,341 | ||||||
5.50%, 10/15/40(a) | 20,385 | 27,943,428 | ||||||
5.60%, 07/15/41(a) | 22,841 | 31,753,777 | ||||||
5.63%, 08/16/43 | 15,483 | 20,831,870 | ||||||
6.40%, 05/15/38(a) | 35,401 | 51,589,283 | ||||||
BanksKeyBank N.A./Cleveland OH, 3.30%, 06/01/25 | 11,122 | 11,886,266 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
KeyCorp | ||||||||
2.25%, 04/06/27 | $ | 6,521 | $ | 6,320,520 | ||||
2.55%, 10/01/29(a) | 14,725 | 14,206,871 | ||||||
4.10%, 04/30/28(a) | 14,802 | 16,024,672 | ||||||
Lloyds Banking Group PLC | ||||||||
2.44%, 02/05/26 (Call 02/05/25)(a)(c) | 27,799 | 27,749,913 | ||||||
3.57%, 11/07/28 (Call 11/07/27)(c) | 18,322 | 19,142,393 | ||||||
3.75%, 01/11/27(a) | 19,955 | 21,177,822 | ||||||
3.87%, 07/09/25 (Call 07/09/24)(c) | 250 | 262,963 | ||||||
3.90%, 03/12/24(a) | 12,735 | 13,401,183 | ||||||
4.05%, 08/16/23(a) | 21,000 | 22,180,778 | ||||||
4.34%, 01/09/48(a) | 16,546 | 18,069,069 | ||||||
4.38%, 03/22/28 | 23,345 | 25,819,178 | ||||||
4.45%, 05/08/25(a) | 29,489 | 32,043,874 | ||||||
4.50%, 11/04/24(a) | 11,643 | 12,338,960 | ||||||
4.55%, 08/16/28(a) | 19,653 | 22,016,824 | ||||||
4.58%, 12/10/25 | 22,290 | 24,093,578 | ||||||
4.65%, 03/24/26(a) | 18,141 | 19,693,260 | ||||||
5.30%, 12/01/45(a) | 10,861 | 13,424,211 | ||||||
BanksManufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)(a) | 14,413 | 15,236,452 | ||||||
Mitsubishi UFJ Financial Group Inc. | ||||||||
2.19%, 02/25/25 | 25,851 | 25,943,875 | ||||||
2.56%, 02/25/30 | 13,060 | 13,313,188 | ||||||
2.76%, 09/13/26(a) | 16,930 | 17,544,195 | ||||||
2.80%, 07/18/24(a) | 13,847 | 14,404,260 | ||||||
3.20%, 07/18/29 | 29,233 | 30,883,767 | ||||||
3.29%, 07/25/27(a) | 15,000 | 15,815,123 | ||||||
3.41%, 03/07/24(a) | 23,691 | 24,908,082 | ||||||
3.68%, 02/22/27(a) | 17,020 | 18,461,994 | ||||||
3.74%, 03/07/29(a) | 22,288 | 24,468,500 | ||||||
3.75%, 07/18/39(a) | 21,192 | 23,371,828 | ||||||
3.76%, 07/26/23(a) | 10,808 | 11,422,327 | ||||||
3.78%, 03/02/25 | 11,284 | 12,146,621 | ||||||
3.85%, 03/01/26(a) | 26,196 | 28,715,641 | ||||||
3.96%, 03/02/28 | 12,823 | 14,331,947 | ||||||
4.05%, 09/11/28(a) | 11,242 | 12,530,084 | ||||||
Mizuho Financial Group Inc. | ||||||||
2.23%, 05/25/26 (Call 05/25/25)(c) | 17,538 | 17,534,994 | ||||||
2.84%, 09/13/26(a) | 16,486 | 17,136,041 | ||||||
3.15%, 07/16/30 (Call 07/16/29)(a)(c) | 15,082 | 15,885,190 | ||||||
3.17%, 09/11/27 | 14,352 | 14,988,382 | ||||||
3.92%, 09/11/24 (Call 09/11/23)(a)(c) | 5,118 | 5,446,185 | ||||||
4.02%, 03/05/28(a) | 19,898 | 22,025,948 | ||||||
4.25%, 09/11/29 (Call 09/11/28)(c) | 15,850 | 17,897,452 | ||||||
Morgan Stanley | ||||||||
2.19%, 04/28/26 (Call 04/28/25)(c) | 16,760 | 16,907,952 | ||||||
2.70%, 01/22/31 (Call 01/22/30)(a)(c) | 61,300 | 62,576,763 | ||||||
2.72%, 07/22/25 (Call 07/22/24)(a)(c) | 30,262 | 31,135,077 | ||||||
3.13%, 07/27/26 | 43,614 | 46,076,364 | ||||||
3.59%, 07/22/28 (Call 07/22/27)(a)(c) | 39,170 | 42,643,709 | ||||||
3.62%, 04/01/31 (Call 04/01/30)(c) | 23,190 | 25,338,614 | ||||||
3.63%, 01/20/27(a) | 40,425 | 43,988,225 | ||||||
3.70%, 10/23/24 | 40,465 | 43,651,704 | ||||||
3.74%, 04/24/24 (Call 04/24/23)(c) | 200 | 211,986 | ||||||
3.77%, 01/24/29 (Call 01/24/28)(a)(c) | 44,560 | 49,048,453 | ||||||
3.88%, 01/27/26(a) | 40,704 | 44,741,157 | ||||||
3.95%, 04/23/27(a) | 29,508 | 31,333,477 | ||||||
3.97%, 07/22/38 (Call 07/22/37)(c) | 30,181 | 34,346,262 | ||||||
4.00%, 07/23/25(a) | 44,671 | 48,967,327 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
4.10%, 05/22/23(a) | $ | 16,904 | $ | 17,819,032 | ||||
4.30%, 01/27/45(a) | 33,683 | 40,621,418 | ||||||
4.35%, 09/08/26 | 30,263 | 33,181,167 | ||||||
4.38%, 01/22/47(a) | 41,866 | 51,831,130 | ||||||
4.43%, 01/23/30 (Call 01/23/29)(c) | 44,248 | 51,213,405 | ||||||
4.46%, 04/22/39 (Call 04/22/38)(a)(c) | 13,189 | 15,931,223 | ||||||
5.00%, 11/24/25(a) | 28,538 | 32,258,257 | ||||||
5.60%, 03/24/51 (Call 03/24/50)(c) | 10,000 | 14,351,718 | ||||||
6.38%, 07/24/42(a) | 26,568 | 40,177,633 | ||||||
7.25%, 04/01/32(a) | 17,357 | 24,972,627 | ||||||
Series F, 3.88%, 04/29/24(a) | 39,614 | 42,602,294 | ||||||
National Australia Bank Ltd./New York | ||||||||
2.50%, 07/12/26(a) | 19,232 | 19,873,581 | ||||||
3.38%, 01/14/26(a) | 11,323 | 12,218,530 | ||||||
3.63%, 06/20/23 | 7,960 | 8,503,420 | ||||||
BanksNorthern Trust Corp., 3.95%, 10/30/25(a) | 14,008 | 15,630,013 | ||||||
PNC Bank N.A. | ||||||||
2.70%, 10/22/29 | 13,244 | 13,575,958 | ||||||
2.95%, 02/23/25 (Call 01/24/25)(a) | 11,320 | 12,003,885 | ||||||
3.10%, 10/25/27 (Call 09/25/27)(a) | 17,704 | 18,950,080 | ||||||
3.25%, 06/01/25 (Call 05/02/25) | 13,134 | 14,088,022 | ||||||
3.50%, 06/08/23 (Call 05/09/23) | 8,165 | 8,684,923 | ||||||
3.80%, 07/25/23 (Call 06/25/23) | 3,960 | 4,233,535 | ||||||
4.05%, 07/26/28 | 18,825 | 21,137,286 | ||||||
PNC Financial Services Group Inc. (The) | ||||||||
2.55%, 01/22/30 (Call 10/24/29) | 29,927 | 30,588,025 | ||||||
2.60%, 07/23/26 (Call 05/23/26)(a) | 15,543 | 16,162,148 | ||||||
3.15%, 05/19/27 (Call 04/19/27)(a) | 10,961 | 11,877,651 | ||||||
3.45%, 04/23/29 (Call 01/23/29)(a) | 21,561 | 23,617,650 | ||||||
3.50%, 01/23/24 (Call 12/23/23) | 11,434 | 12,179,595 | ||||||
3.90%, 04/29/24 (Call 03/29/24)(a) | 7,751 | 8,383,566 | ||||||
BanksRegions Financial Corp., 3.80%, 08/14/23 (Call 07/14/23)(a) | 9,746 | 10,268,152 | ||||||
Royal Bank of Canada | ||||||||
2.25%, 11/01/24(a) | 27,027 | 27,630,691 | ||||||
2.55%, 07/16/24(a) | 18,874 | 19,487,732 | ||||||
3.70%, 10/05/23(a) | 14,750 | 15,774,115 | ||||||
4.65%, 01/27/26(a) | 19,970 | 22,669,341 | ||||||
Royal Bank of Scotland Group PLC | ||||||||
3.88%, 09/12/23(a) | 29,884 | 31,271,577 | ||||||
4.27%, 03/22/25 (Call 03/22/24)(a)(c) | 36,140 | 38,227,757 | ||||||
4.45%, 05/08/30 (Call 05/08/29)(c) | 18,903 | 21,038,561 | ||||||
4.52%, 06/25/24 (Call 06/25/23)(a)(c) | 9,247 | 9,769,984 | ||||||
4.80%, 04/05/26(a) | 18,931 | 20,943,653 | ||||||
4.89%, 05/18/29 (Call 05/18/28)(c) | 30,195 | 34,084,104 | ||||||
5.08%, 01/27/30 (Call 01/27/29)(a)(c) | 27,600 | 31,803,187 | ||||||
5.13%, 05/28/24(a) | 34,155 | 36,218,222 | ||||||
6.00%, 12/19/23(a) | 25,667 | 27,926,661 | ||||||
6.10%, 06/10/23(a) | 2,455 | 2,652,424 | ||||||
Santander Holdings USA Inc. | ||||||||
3.24%, 10/05/26 (Call 08/05/26) | 10,245 | 9,836,879 | ||||||
3.50%, 06/07/24 (Call 05/07/24)(a) | 13,021 | 13,016,564 | ||||||
4.40%, 07/13/27 (Call 04/14/27) | 21,388 | 21,701,522 | ||||||
4.50%, 07/17/25 (Call 04/17/25)(a) | 18,831 | 19,331,579 | ||||||
Santander UK Group Holdings PLC | ||||||||
3.82%, 11/03/28 (Call 11/03/27)(a)(c) | 19,392 | 20,555,326 | ||||||
4.80%, 11/15/24 (Call 11/15/23)(a)(c) | 10,553 | 11,324,766 | ||||||
Santander UK PLC | ||||||||
2.88%, 06/18/24(a) | 14,065 | 14,521,496 | ||||||
4.00%, 03/13/24(a) | 9,609 | 10,295,033 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
State Street Corp. | ||||||||
2.40%, 01/24/30(a) | $ | 11,103 | $ | 11,511,195 | ||||
2.65%, 05/19/26(a) | 16,168 | 17,048,846 | ||||||
3.10%, 05/15/23(a) | 11,843 | 12,404,017 | ||||||
3.30%, 12/16/24(a) | 3,970 | 4,326,842 | ||||||
3.55%, 08/18/25(a) | 18,331 | 20,276,676 | ||||||
3.70%, 11/20/23(a) | 7,824 | 8,651,214 | ||||||
Sumitomo Mitsui Financial Group Inc. | ||||||||
2.35%, 01/15/25(a) | 21,158 | 21,427,765 | ||||||
2.45%, 09/27/24(a) | 8,199 | 8,335,726 | ||||||
2.63%, 07/14/26(a) | 27,525 | 28,371,776 | ||||||
2.70%, 07/16/24(a) | 35,568 | 36,389,806 | ||||||
2.75%, 01/15/30 | 22,438 | 23,234,827 | ||||||
3.01%, 10/19/26(a) | 17,639 | 18,558,772 | ||||||
3.04%, 07/16/29(a) | 40,779 | 42,774,961 | ||||||
3.35%, 10/18/27(a) | 7,176 | 7,663,248 | ||||||
3.36%, 07/12/27(a) | 24,360 | 25,854,074 | ||||||
3.45%, 01/11/27(a) | 19,071 | 20,220,590 | ||||||
3.54%, 01/17/28(a) | 14,214 | 15,284,577 | ||||||
3.75%, 07/19/23(a) | 10,812 | 11,399,890 | ||||||
3.78%, 03/09/26(a) | 19,062 | 20,798,110 | ||||||
3.94%, 10/16/23(a) | 3,935 | 4,183,271 | ||||||
3.94%, 07/19/28 | 6,850 | 7,595,806 | ||||||
BanksSvenska Handelsbanken AB, 3.90%, 11/20/23(a) | 11,608 | 12,474,016 | ||||||
Toronto-Dominion Bank (The) | ||||||||
2.65%, 06/12/24(a) | 25,617 | 26,592,859 | ||||||
3.25%, 03/11/24 | 16,063 | 17,034,339 | ||||||
3.50%, 07/19/23(a) | 17,739 | 19,007,484 | ||||||
Truist Bank | ||||||||
1.50%, 03/10/25 (Call 02/10/25) | 5,622 | 5,598,935 | ||||||
2.15%, 12/06/24 (Call 11/05/24) | 15,721 | 16,025,936 | ||||||
3.20%, 04/01/24 (Call 03/01/24)(a) | 12,451 | 13,165,804 | ||||||
3.30%, 05/15/26 (Call 04/15/26)(a) | 10,910 | 11,550,924 | ||||||
3.63%, 09/16/25 (Call 08/16/25) | 21,511 | 23,164,566 | ||||||
3.80%, 10/30/26 (Call 09/30/26)(a) | 11,232 | 12,409,307 | ||||||
Truist Financial Corp. | ||||||||
2.50%, 08/01/24 (Call 07/01/24)(a) | 14,553 | 15,012,041 | ||||||
2.85%, 10/26/24 (Call 09/26/24)(a) | 19,763 | 20,746,476 | ||||||
3.70%, 06/05/25 (Call 05/05/25)(a) | 21,746 | 23,768,637 | ||||||
3.75%, 12/06/23 (Call 11/06/23)(a) | 7,442 | 7,993,990 | ||||||
4.00%, 05/01/25 (Call 03/01/25) | 10,123 | 11,135,716 | ||||||
U.S. Bancorp. | ||||||||
2.40%, 07/30/24 (Call 06/28/24) | 11,251 | 11,710,337 | ||||||
3.00%, 07/30/29 (Call 04/30/29)(a) | 22,794 | 23,945,462 | ||||||
3.10%, 04/27/26 (Call 03/27/26)(a) | 16,723 | 17,761,415 | ||||||
3.38%, 02/05/24 (Call 01/05/24)(a) | 14,306 | 15,368,826 | ||||||
3.60%, 09/11/24 (Call 08/11/24)(a) | 13,440 | 14,460,247 | ||||||
3.70%, 01/30/24 (Call 12/29/23)(a) | 5,731 | 6,193,827 | ||||||
3.90%, 04/26/28 (Call 03/24/28)(a) | 10,857 | 12,429,614 | ||||||
3.95%, 11/17/25 (Call 10/17/25)(a) | 8,800 | 9,898,067 | ||||||
Series V, 2.38%, 07/22/26 (Call 06/22/26)(a) | 16,221 | 16,908,044 | ||||||
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a) | 23,580 | 25,641,361 | ||||||
U.S. Bank N.A./Cincinnati OH | ||||||||
2.05%, 01/21/25 (Call 12/20/24)(a) | 11,386 | 11,690,902 | ||||||
2.80%, 01/27/25 (Call 12/27/24) | 18,969 | 20,170,933 | ||||||
3.40%, 07/24/23 (Call 06/23/23) | 13,347 | 14,248,235 | ||||||
BanksWachovia Corp., 5.50%, 08/01/35(a) | 10,598 | 12,977,365 | ||||||
Wells Fargo & Co. | ||||||||
2.16%, 02/11/26 (Call 02/11/25)(a)(c) | 35,272 | 35,321,793 | ||||||
2.41%, 10/30/25 (Call 10/30/24)(c) | 44,792 | 45,474,406 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
2.57%, 02/11/31 (Call 02/11/30)(c) | $ | 49,616 | $ | 49,178,129 | ||||
2.88%, 10/30/30 (Call 10/30/29)(c) | 54,099 | 55,106,718 | ||||||
3.00%, 02/19/25(a) | 36,489 | 38,173,894 | ||||||
3.00%, 04/22/26(a) | 50,590 | 53,212,535 | ||||||
3.00%, 10/23/26(a) | 43,522 | 45,422,863 | ||||||
3.07%, 04/30/41 (Call 04/30/40)(c) | 455 | 454,291 | ||||||
3.20%, 06/17/27 (Call 06/17/26)(a)(c) | 37,743 | 39,853,083 | ||||||
3.30%, 09/09/24(a) | 29,367 | 31,144,308 | ||||||
3.55%, 09/29/25(a) | 38,004 | 40,854,224 | ||||||
3.58%, 05/22/28 (Call 05/22/27)(c) | 44,617 | 47,735,135 | ||||||
3.75%, 01/24/24 (Call 12/24/23) | 38,658 | 41,150,687 | ||||||
3.90%, 05/01/45 | 33,713 | 38,519,985 | ||||||
4.10%, 06/03/26 | 34,806 | 37,648,623 | ||||||
4.13%, 08/15/23(a) | 15,305 | 16,212,984 | ||||||
4.15%, 01/24/29 (Call 10/24/28)(a) | 42,791 | 48,433,301 | ||||||
4.30%, 07/22/27(a) | 36,137 | 39,521,732 | ||||||
4.40%, 06/14/46(a) | 20,950 | 23,625,893 | ||||||
4.48%, 04/04/31 (Call 04/04/30)(c) | 40,000 | 46,399,448 | ||||||
4.65%, 11/04/44(a) | 29,073 | 34,085,662 | ||||||
4.75%, 12/07/46(a) | 25,799 | 30,468,255 | ||||||
4.90%, 11/17/45 | 27,819 | 33,195,370 | ||||||
5.01%, 04/04/51 (Call 04/04/50)(c) | 50,485 | 66,180,468 | ||||||
5.38%, 02/07/35(a) | 12,056 | 15,401,686 | ||||||
5.38%, 11/02/43(a) | 31,302 | 39,459,226 | ||||||
5.61%, 01/15/44 | 32,262 | 41,748,890 | ||||||
Wells Fargo Bank N.A. | ||||||||
3.55%, 08/14/23 (Call 07/14/23)(a) | 23,080 | 24,557,916 | ||||||
5.85%, 02/01/37(a) | 12,709 | 16,916,581 | ||||||
6.60%, 01/15/38 | 22,824 | 32,271,915 | ||||||
Westpac Banking Corp. | ||||||||
2.35%, 02/19/25 | 17,169 | 17,575,615 | ||||||
2.65%, 01/16/30(a) | 10,276 | 10,551,726 | ||||||
2.70%, 08/19/26(a) | 15,739 | 16,450,289 | ||||||
2.85%, 05/13/26 | 34,903 | 36,657,710 | ||||||
3.30%, 02/26/24(a) | 19,690 | 20,861,189 | ||||||
3.35%, 03/08/27(a) | 25,546 | 27,497,727 | ||||||
3.40%, 01/25/28(a) | 9,735 | 10,612,524 | ||||||
3.65%, 05/15/23(a) | 9,496 | 10,121,417 | ||||||
4.42%, 07/24/39 | 11,732 | 12,869,365 | ||||||
|
| |||||||
11,075,837,054 | ||||||||
Beverages— 3.4% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.65%, 02/01/26 (Call 11/01/25)(a) | 47,407 | 51,683,036 | ||||||
4.70%, 02/01/36 (Call 08/01/35) | 73,458 | 81,655,119 | ||||||
4.90%, 02/01/46 (Call 08/01/45)(a) | 138,537 | 159,832,520 | ||||||
Anheuser-Busch InBev Finance Inc. | ||||||||
2.63%, 01/17/23 | 1 | 520 | ||||||
3.65%, 02/01/26 (Call 11/01/25) | 25,273 | 27,339,677 | ||||||
3.70%, 02/01/24 | 14,437 | 15,606,935 | ||||||
4.00%, 01/17/43 | 14,011 | 14,458,190 | ||||||
4.63%, 02/01/44(a) | 12,135 | 13,450,052 | ||||||
4.90%, 02/01/46 (Call 08/01/45) | 18,234 | 20,495,641 | ||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.50%, 06/01/30 (Call 03/01/30)(a) | 10,000 | 10,710,406 | ||||||
3.75%, 07/15/42 | 12,677 | 12,806,042 | ||||||
4.00%, 04/13/28 (Call 01/13/28)(a) | 38,638 | 42,634,467 | ||||||
4.15%, 01/23/25 (Call 12/23/24)(a) | 40,540 | 45,071,403 | ||||||
4.35%, 06/01/40 (Call 12/01/39) | 10,000 | 10,948,751 | ||||||
4.38%, 04/15/38 (Call 10/15/37)(a) | 25,689 | 27,727,772 |
Security | Par (000) | Value | ||||||
Beverages (continued) | ||||||||
4.44%, 10/06/48 (Call 04/06/48)(a) | $ | 26,068 | $ | 28,183,564 | ||||
4.50%, 06/01/50 (Call 12/01/49) | 15,000 | 16,738,075 | ||||||
4.60%, 04/15/48 (Call 10/15/47)(a) | 37,563 | 41,639,671 | ||||||
4.60%, 06/01/60 (Call 12/01/59) | 234 | 258,102 | ||||||
4.75%, 01/23/29 (Call 10/23/28)(a) | 54,649 | 63,056,721 | ||||||
4.75%, 04/15/58 (Call 10/15/57) | 22,433 | 25,089,419 | ||||||
4.90%, 01/23/31 (Call 10/23/30)(a) | 10,738 | 12,661,655 | ||||||
4.95%, 01/15/42(a) | 23,493 | 26,905,194 | ||||||
5.45%, 01/23/39 (Call 07/23/38) | 30,259 | 36,456,246 | ||||||
5.55%, 01/23/49 (Call 07/23/48) | 61,387 | 76,704,137 | ||||||
5.80%, 01/23/59 (Call 07/23/58)(a) | 27,521 | 36,228,595 | ||||||
8.20%, 01/15/39(a) | 14,355 | 21,621,184 | ||||||
Coca-Cola Co. (The) | ||||||||
1.75%, 09/06/24(a) | 10,029 | 10,339,639 | ||||||
2.13%, 09/06/29(a) | 15,084 | 15,632,231 | ||||||
2.25%, 09/01/26(a) | 15,157 | 16,063,607 | ||||||
2.88%, 10/27/25 | 26,211 | 28,459,762 | ||||||
3.20%, 11/01/23(a) | 15,515 | 16,788,000 | ||||||
3.38%, 03/25/27 | 575 | 646,627 | ||||||
3.45%, 03/25/30 | 20,000 | 23,125,266 | ||||||
4.20%, 03/25/50(a) | 20,200 | 26,290,300 | ||||||
Constellation Brands Inc. | ||||||||
3.15%, 08/01/29 (Call 05/01/29)(a) | 19,847 | 20,546,895 | ||||||
4.25%, 05/01/23(a) | 8,731 | 9,356,818 | ||||||
BeveragesDiageo Capital PLC, 2.38%, 10/24/29 (Call 07/24/29) | 23,073 | 23,827,988 | ||||||
Keurig Dr Pepper Inc. | ||||||||
3.20%, 05/01/30 (Call 02/01/30) | 225 | 238,565 | ||||||
3.80%, 05/01/50 (Call 11/01/49) | 355 | 378,792 | ||||||
4.06%, 05/25/23 (Call 04/25/23)(a) | 19,243 | 20,627,338 | ||||||
4.42%, 05/25/25 (Call 03/25/25)(a) | 17,367 | 19,329,711 | ||||||
4.60%, 05/25/28 (Call 02/25/28)(a) | 30,462 | 35,112,643 | ||||||
5.09%, 05/25/48 (Call 11/25/47) | 11,900 | 15,039,725 | ||||||
Molson Coors Beverage Co. | ||||||||
3.00%, 07/15/26 (Call 04/15/26) | 27,308 | 27,098,214 | ||||||
4.20%, 07/15/46 (Call 01/15/46)(a) | 20,622 | 19,735,254 | ||||||
5.00%, 05/01/42 | 13,667 | 14,575,856 | ||||||
PepsiCo Inc. | ||||||||
0.75%, 05/01/23 | 2,105 | 2,102,137 | ||||||
1.63%, 05/01/30 (Call 02/01/30) | 6,415 | 6,377,087 | ||||||
2.25%, 03/19/25 (Call 02/19/25) | 25,000 | 26,463,147 | ||||||
2.38%, 10/06/26 (Call 07/06/26)(a) | 17,284 | 18,441,409 | ||||||
2.63%, 07/29/29 (Call 04/29/29)(a) | 22,367 | 24,158,044 | ||||||
2.75%, 04/30/25 (Call 01/30/25)(a) | 15,383 | 16,574,107 | ||||||
2.75%, 03/19/30 (Call 12/19/29) | 25,375 | 27,761,435 | ||||||
2.85%, 02/24/26 (Call 11/24/25)(a) | 9,362 | 10,213,181 | ||||||
2.88%, 10/15/49 (Call 04/15/49) | 22,419 | 23,965,857 | ||||||
3.00%, 10/15/27 (Call 07/15/27)(a) | 22,016 | 24,122,784 | ||||||
3.38%, 07/29/49 (Call 01/29/49)(a) | 16,878 | 19,235,165 | ||||||
3.45%, 10/06/46 (Call 04/06/46) | 20,076 | 22,863,414 | ||||||
3.60%, 03/01/24 (Call 12/01/23) | 10,642 | 11,674,920 | ||||||
3.63%, 03/19/50 (Call 09/19/49) | 25,000 | 30,121,172 | ||||||
4.00%, 03/05/42(a) | 10,921 | 13,270,237 | ||||||
4.00%, 05/02/47 (Call 11/02/46)(a) | 7,842 | 9,775,738 | ||||||
4.45%, 04/14/46 (Call 10/14/45)(a) | 20,422 | 26,689,959 | ||||||
|
| |||||||
1,576,986,118 | ||||||||
Biotechnology— 1.5% | ||||||||
Amgen Inc. | ||||||||
2.20%, 02/21/27 (Call 12/21/26)(a) | 16,730 | 17,170,938 | ||||||
2.25%, 08/19/23 (Call 06/19/23)(a) | 7,662 | 7,964,971 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Biotechnology (continued) | ||||||||
2.45%, 02/21/30 (Call 11/21/29) | $ | 17,791 | $ | 18,395,117 | ||||
2.60%, 08/19/26 (Call 05/19/26) | 23,037 | 24,543,912 | ||||||
3.13%, 05/01/25 (Call 02/01/25) | 14,314 | 15,497,500 | ||||||
3.15%, 02/21/40 (Call 08/21/39)(a) | 21,614 | 22,795,592 | ||||||
3.20%, 11/02/27 (Call 08/02/27)(a) | 10,340 | 11,280,913 | ||||||
3.38%, 02/21/50 (Call 08/21/49) | 23,752 | 25,824,737 | ||||||
3.63%, 05/22/24 (Call 02/22/24)(a) | 10,847 | 11,786,719 | ||||||
4.40%, 05/01/45 (Call 11/01/44) | 28,694 | 35,046,857 | ||||||
4.56%, 06/15/48 (Call 12/15/47)(a) | 20,952 | 26,570,289 | ||||||
4.66%, 06/15/51 (Call 12/15/50)(a) | 51,337 | 67,064,588 | ||||||
5.15%, 11/15/41 (Call 05/15/41)(a) | 13,976 | 18,575,985 | ||||||
BiotechnologyBaxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)(a) | 10,434 | 11,454,897 | ||||||
Biogen Inc. | ||||||||
2.25%, 05/01/30 (Call 02/01/30) | 7,935 | 7,930,953 | ||||||
3.15%, 05/01/50 (Call 11/01/49) | 5,270 | 5,155,061 | ||||||
4.05%, 09/15/25 (Call 06/15/25)(a) | 26,339 | 29,263,032 | ||||||
5.20%, 09/15/45 (Call 03/15/45)(a) | 24,565 | 31,695,195 | ||||||
Gilead Sciences Inc. | ||||||||
2.50%, 09/01/23 (Call 07/01/23) | 7,044 | 7,361,119 | ||||||
2.95%, 03/01/27 (Call 12/01/26)(a) | 16,480 | 18,003,988 | ||||||
3.50%, 02/01/25 (Call 11/01/24)(a) | 28,644 | 31,530,863 | ||||||
3.65%, 03/01/26 (Call 12/01/25)(a) | 50,692 | 57,126,746 | ||||||
3.70%, 04/01/24 (Call 01/01/24) | 16,794 | 18,320,091 | ||||||
4.00%, 09/01/36 (Call 03/01/36)(a) | 8,432 | 10,094,402 | ||||||
4.15%, 03/01/47 (Call 09/01/46)(a) | 26,658 | 33,324,670 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 20,519 | 26,538,423 | ||||||
4.60%, 09/01/35 (Call 03/01/35)(a) | 12,372 | 16,011,767 | ||||||
4.75%, 03/01/46 (Call 09/01/45)(a) | 34,156 | 45,953,052 | ||||||
4.80%, 04/01/44 (Call 10/01/43)(a) | 29,348 | 39,056,770 | ||||||
5.65%, 12/01/41 (Call 06/01/41)(a) | 12,316 | 17,600,222 | ||||||
|
| |||||||
708,939,369 | ||||||||
Building Materials— 0.2% | ||||||||
Carrier Global Corp. | ||||||||
2.24%, 02/15/25 (Call 01/15/25)(a)(b) | 25,557 | 25,274,296 | ||||||
2.49%, 02/15/27 (Call 12/15/26)(b) | 11,019 | 10,535,974 | ||||||
2.72%, 02/15/30 (Call 11/15/29)(b) | 28,457 | 26,847,740 | ||||||
3.38%, 04/05/40 (Call 10/05/39)(b) | 29,579 | 26,421,161 | ||||||
3.58%, 04/05/50 (Call 10/05/49)(b) | 25,670 | 23,163,625 | ||||||
|
| |||||||
112,242,796 | ||||||||
Chemicals— 1.2% | ||||||||
Dow Chemical Co. (The) | ||||||||
3.50%, 10/01/24 (Call 07/01/24) | 15,713 | 16,453,043 | ||||||
3.63%, 05/15/26 (Call 03/15/26) | 11,824 | 12,318,489 | ||||||
4.38%, 11/15/42 (Call 05/15/42)(a) | 19,981 | 21,351,237 | ||||||
4.80%, 05/15/49 (Call 11/15/48) | 12,760 | 14,698,978 | ||||||
5.25%, 11/15/41 (Call 05/15/41) | 11,239 | 13,166,372 | ||||||
5.55%, 11/30/48 (Call 05/30/48)(a) | 8,771 | 10,923,563 | ||||||
7.38%, 11/01/29(a) | 10,727 | 14,349,341 | ||||||
9.40%, 05/15/39(a) | 9,156 | 14,496,117 | ||||||
DuPont de Nemours Inc. | ||||||||
4.21%, 11/15/23 (Call 10/15/23)(a) | 35,278 | 38,119,086 | ||||||
4.49%, 11/15/25 (Call 09/15/25)(a) | 29,463 | 32,443,639 | ||||||
4.73%, 11/15/28 (Call 08/15/28)(a) | 36,468 | 41,257,043 | ||||||
5.32%, 11/15/38 (Call 05/15/38)(a) | 26,625 | 32,359,692 | ||||||
5.42%, 11/15/48 (Call 05/15/48)(a) | 27,740 | 35,638,857 | ||||||
ChemicalsEastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)(a) | 13,357 | 15,270,772 |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
Ecolab Inc. | ||||||||
2.70%, 11/01/26 (Call 08/01/26)(a) | $ | 16,568 | $ | 17,524,327 | ||||
4.80%, 03/24/30 (Call 12/24/29) | 100 | 123,013 | ||||||
LYB International Finance BV | ||||||||
4.00%, 07/15/23(a) | 14,769 | 15,458,346 | ||||||
4.88%, 03/15/44 (Call 09/15/43)(a) | 10,593 | 11,642,634 | ||||||
5.25%, 07/15/43(a) | 11,338 | 12,934,392 | ||||||
ChemicalsLYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)(a) | 18,733 | 19,178,497 | ||||||
ChemicalsLYB International Finance III LLC, 4.20%, 10/15/49 (Call 04/15/49)(a) | 15,190 | 15,395,683 | ||||||
LyondellBasell Industries NV | ||||||||
4.63%, 02/26/55 (Call 08/26/54)(a) | 12,253 | 12,912,503 | ||||||
5.75%, 04/15/24 (Call 01/15/24)(a) | 15,577 | 17,233,368 | ||||||
ChemicalsMosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23) | 9,993 | 10,172,501 | ||||||
Nutrien Ltd. | ||||||||
4.20%, 04/01/29 (Call 01/01/29)(a) | 13,480 | 15,337,173 | ||||||
5.00%, 04/01/49 (Call 10/01/48) | 12,885 | 16,611,638 | ||||||
ChemicalsRohm & Haas Co., 7.85%, 07/15/29(a) | 8,784 | 11,800,430 | ||||||
Sherwin-Williams Co. (The) | ||||||||
2.30%, 05/15/30 (Call 02/15/30) | 2,865 | 2,833,234 | ||||||
2.95%, 08/15/29 (Call 05/15/29) | 16,559 | 17,217,904 | ||||||
3.45%, 06/01/27 (Call 03/01/27)(a) | 21,987 | 23,555,394 | ||||||
4.50%, 06/01/47 (Call 12/01/46)(a) | 18,650 | 22,415,234 | ||||||
|
| |||||||
555,192,500 | ||||||||
Commercial Services— 0.4% | ||||||||
Global Payments Inc. | ||||||||
2.65%, 02/15/25 (Call 01/15/25)(a) | 13,955 | 14,353,807 | ||||||
3.20%, 08/15/29 (Call 05/15/29)(a) | 21,601 | 22,183,644 | ||||||
4.15%, 08/15/49 (Call 02/15/49)(a) | 10,588 | 11,527,014 | ||||||
4.80%, 04/01/26 (Call 01/01/26)(a) | 12,106 | 13,675,724 | ||||||
IHS Markit Ltd. | ||||||||
4.25%, 05/01/29 (Call 02/01/29)(a) | 11,963 | 12,877,958 | ||||||
4.75%, 08/01/28 (Call 05/01/28) | 12,239 | 13,955,362 | ||||||
PayPal Holdings Inc. | ||||||||
2.40%, 10/01/24 (Call 09/01/24)(a) | 20,100 | 20,873,599 | ||||||
2.65%, 10/01/26 (Call 08/01/26)(a) | 22,038 | 23,070,236 | ||||||
2.85%, 10/01/29 (Call 07/01/29) | 24,670 | 26,218,161 | ||||||
Commercial ServicesS&P Global Inc., 4.40%, 02/15/26 (Call 11/15/25)(a) | 8,116 | 9,281,863 | ||||||
|
| |||||||
168,017,368 | ||||||||
Computers— 3.3% | ||||||||
Apple Inc. | ||||||||
1.80%, 09/11/24 (Call 08/11/24) | 8,629 | 8,947,389 | ||||||
2.05%, 09/11/26 (Call 07/11/26) | 30,645 | 32,293,177 | ||||||
2.20%, 09/11/29 (Call 06/11/29)(a) | 27,047 | 28,701,852 | ||||||
2.40%, 05/03/23(a) | 56,765 | 59,571,944 | ||||||
2.45%, 08/04/26 (Call 05/04/26)(a) | 36,369 | 39,069,085 | ||||||
2.50%, 02/09/25(a) | 20,382 | 21,691,959 | ||||||
2.75%, 01/13/25 (Call 11/13/24)(a) | 15,372 | 16,601,376 | ||||||
2.85%, 05/11/24 (Call 03/11/24)(a) | 21,824 | 23,369,973 | ||||||
2.90%, 09/12/27 (Call 06/12/27)(a) | 35,994 | 39,462,339 | ||||||
2.95%, 09/11/49 (Call 03/11/49)(a) | 25,917 | 27,743,687 | ||||||
3.00%, 02/09/24 (Call 12/09/23) | 14,165 | 15,249,572 | ||||||
3.00%, 06/20/27 (Call 03/20/27)(a) | 12,987 | 14,355,726 | ||||||
3.00%, 11/13/27 (Call 08/13/27)(a) | 18,693 | 20,628,516 | ||||||
3.20%, 05/13/25(a) | 29,938 | 33,120,385 | ||||||
3.20%, 05/11/27 (Call 02/11/27)(a) | 32,605 | 36,317,682 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Computers (continued) | ||||||||
3.25%, 02/23/26 (Call 11/23/25)(a) | $ | 47,419 | $ | 52,677,407 | ||||
3.35%, 02/09/27 (Call 11/09/26)(a) | 34,501 | 38,687,834 | ||||||
3.45%, 05/06/24 | 33,332 | 36,603,002 | ||||||
3.45%, 02/09/45(a) | 29,593 | 33,905,470 | ||||||
3.75%, 09/12/47 (Call 03/12/47) | 15,333 | 18,533,646 | ||||||
3.75%, 11/13/47 (Call 05/13/47) | 17,075 | 20,655,981 | ||||||
3.85%, 05/04/43 | 33,660 | 40,603,486 | ||||||
3.85%, 08/04/46 (Call 02/04/46)(a) | 29,337 | 35,811,183 | ||||||
4.25%, 02/09/47 (Call 08/09/46)(a) | 15,342 | 19,797,837 | ||||||
4.38%, 05/13/45(a) | 30,082 | 39,160,450 | ||||||
4.45%, 05/06/44(a) | 16,889 | 22,062,766 | ||||||
4.50%, 02/23/36 (Call 08/23/35)(a) | 20,578 | 26,060,788 | ||||||
4.65%, 02/23/46 (Call 08/23/45)(a) | 43,499 | 58,881,221 | ||||||
Dell International LLC/EMC Corp. | ||||||||
4.00%, 07/15/24 (Call 06/15/24)(a)(b) | 9,888 | 10,039,260 | ||||||
4.90%, 10/01/26 (Call 08/01/26)(a)(b) | 26,632 | 27,448,047 | ||||||
5.30%, 10/01/29 (Call 07/01/29)(a)(b) | 19,853 | 20,675,178 | ||||||
5.45%, 06/15/23 (Call 04/15/23)(b) | 31,413 | 33,200,139 | ||||||
6.02%, 06/15/26 (Call 03/15/26)(b) | 72,669 | 78,753,772 | ||||||
8.10%, 07/15/36 (Call 01/15/36)(a)(b) | 30,527 | 37,254,003 | ||||||
8.35%, 07/15/46 (Call 01/15/46)(a)(b) | 27,265 | 33,945,947 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
4.90%, 10/15/25 (Call 07/15/25)(a) | 43,776 | 47,426,721 | ||||||
6.20%, 10/15/35 (Call 04/15/35)(a) | 13,187 | 15,514,711 | ||||||
6.35%, 10/15/45 (Call 04/15/45)(a) | 20,775 | 24,852,457 | ||||||
ComputersHP Inc., 6.00%, 09/15/41(a) | 15,892 | 17,799,172 | ||||||
International Business Machines Corp. | ||||||||
1.70%, 05/15/27 (Call 03/15/27) | 8,360 | 8,344,534 | ||||||
1.95%, 05/15/30 (Call 02/15/30) | 10,000 | 9,962,900 | ||||||
2.95%, 05/15/50 (Call 11/15/49) | 1,625 | 1,611,529 | ||||||
3.00%, 05/15/24(a) | 47,919 | 51,308,181 | ||||||
3.30%, 05/15/26(a) | 44,443 | 48,976,635 | ||||||
3.38%, 08/01/23(a) | 10,338 | 11,116,014 | ||||||
3.45%, 02/19/26(a) | 22,853 | 25,309,755 | ||||||
3.50%, 05/15/29(a) | 39,882 | 45,038,990 | ||||||
3.63%, 02/12/24 | 27,017 | 29,395,207 | ||||||
4.00%, 06/20/42(a) | 11,887 | 13,855,318 | ||||||
4.15%, 05/15/39(a) | 39,564 | 46,259,843 | ||||||
4.25%, 05/15/49(a) | 35,531 | 43,601,987 | ||||||
|
| |||||||
1,542,256,033 | ||||||||
Cosmetics & Personal Care— 0.3% | ||||||||
Procter & Gamble Co. (The) | ||||||||
2.45%, 11/03/26(a) | 20,901 | 22,845,782 | ||||||
2.85%, 08/11/27(a) | 13,289 | 14,789,538 | ||||||
3.00%, 03/25/30 (Call 12/25/29) | 10,200 | 11,588,255 | ||||||
3.10%, 08/15/23(a) | 14,844 | 16,107,195 | ||||||
5.55%, 03/05/37 | 2,696 | 3,939,304 | ||||||
Unilever Capital Corp. | ||||||||
2.13%, 09/06/29 (Call 06/06/29) | 21,317 | 21,951,989 | ||||||
2.60%, 05/05/24 (Call 03/05/24)(a) | 13,099 | 13,743,037 | ||||||
2.90%, 05/05/27 (Call 02/05/27)(a) | 10,755 | 11,653,481 | ||||||
3.50%, 03/22/28 (Call 12/22/27)(a) | 15,356 | 17,176,698 | ||||||
5.90%, 11/15/32(a) | 10,499 | 14,922,433 | ||||||
|
| |||||||
148,717,712 | ||||||||
Diversified Financial Services— 2.8% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
2.88%, 08/14/24 (Call 07/14/24) | 13,818 | 11,641,665 | ||||||
3.50%, 01/15/25 (Call 11/15/24)(a) | 12,619 | 10,843,770 |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
3.65%, 07/21/27 (Call 04/21/27)(a) | $ | 15,037 | $ | 12,558,120 | ||||
4.88%, 01/16/24 (Call 12/16/23)(a) | 6,650 | 6,152,314 | ||||||
Air Lease Corp. | ||||||||
2.30%, 02/01/25 (Call 01/01/25)(a) | 12,034 | 10,402,878 | ||||||
3.00%, 09/15/23 (Call 07/15/23)(a) | 6,523 | 5,995,159 | ||||||
3.75%, 06/01/26 (Call 04/01/26)(a) | 13,542 | 11,725,567 | ||||||
Ally Financial Inc. | ||||||||
3.88%, 05/21/24 (Call 04/21/24)(a) | 12,399 | 12,182,017 | ||||||
5.80%, 05/01/25 (Call 04/01/25) | 200 | 213,230 | ||||||
8.00%, 11/01/31(a) | 32,992 | 40,456,440 | ||||||
American Express Co. | ||||||||
2.50%, 07/30/24 (Call 06/30/24)(a) | 24,906 | 25,550,886 | ||||||
3.00%, 10/30/24 (Call 09/29/24)(a) | 23,065 | 24,244,899 | ||||||
3.13%, 05/20/26 (Call 04/20/26)(a) | 19,927 | 21,335,357 | ||||||
3.40%, 02/22/24 (Call 01/22/24)(a) | 11,082 | 11,746,973 | ||||||
3.70%, 08/03/23 (Call 07/03/23)(a) | 13,253 | 14,038,108 | ||||||
4.05%, 12/03/42 | 13,242 | 16,236,733 | ||||||
4.20%, 11/06/25 (Call 10/06/25)(a) | 14,122 | 15,821,816 | ||||||
Diversified Financial ServicesAmerican Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)(a) | 34,447 | 38,001,727 | ||||||
Diversified Financial ServicesAmeriprise Financial Inc., 4.00%, 10/15/23(a) | 10,749 | 11,682,910 | ||||||
Brookfield Finance Inc. | ||||||||
4.00%, 04/01/24 (Call 02/01/24)(a) | 10,513 | 11,054,519 | ||||||
4.70%, 09/20/47 (Call 03/20/47)(a) | 13,650 | 13,681,445 | ||||||
4.85%, 03/29/29 (Call 12/29/28)(a) | 18,276 | 20,080,943 | ||||||
Capital One Financial Corp. | ||||||||
3.20%, 02/05/25 (Call 01/05/25)(a) | 15,222 | 15,474,061 | ||||||
3.30%, 10/30/24 (Call 09/30/24)(a) | 25,376 | 25,837,952 | ||||||
3.50%, 06/15/23 | 9,287 | 9,560,383 | ||||||
3.75%, 04/24/24 (Call 03/24/24) | 13,210 | 13,661,102 | ||||||
3.75%, 07/28/26 (Call 06/28/26)(a) | 16,529 | 16,289,116 | ||||||
3.75%, 03/09/27 (Call 02/09/27)(a) | 24,136 | 24,343,376 | ||||||
3.80%, 01/31/28 (Call 12/31/27)(a) | 19,357 | 19,619,102 | ||||||
3.90%, 01/29/24 (Call 12/29/23)(a) | 21,320 | 22,181,556 | ||||||
4.20%, 10/29/25 (Call 09/29/25)(a) | 26,380 | 26,978,354 | ||||||
4.25%, 04/30/25 (Call 03/31/25)(a) | 12,576 | 13,361,579 | ||||||
Diversified Financial ServicesCharles Schwab Corp. (The), 3.85%, 05/21/25 (Call 03/21/25)(a) | 14,840 | 16,692,164 | ||||||
CME Group Inc. | ||||||||
3.00%, 03/15/25 (Call 12/15/24)(a) | 21,636 | 23,448,781 | ||||||
5.30%, 09/15/43 (Call 03/15/43)(a) | 11,802 | 17,002,392 | ||||||
Diversified Financial ServicesDiscover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)(a) | 22,463 | 22,409,866 | ||||||
GE Capital International Funding Co. Unlimited Co. | ||||||||
3.37%, 11/15/25(a) | 30,278 | 31,177,357 | ||||||
4.42%, 11/15/35 | 154,502 | 161,032,460 | ||||||
Intercontinental Exchange Inc. | ||||||||
3.75%, 12/01/25 (Call 09/01/25) | 26,202 | 28,921,084 | ||||||
4.00%, 10/15/23(a) | 5,526 | 6,095,810 | ||||||
4.25%, 09/21/48 (Call 03/21/48)(a) | 19,069 | 24,526,258 | ||||||
Diversified Financial ServicesJefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)(a) | 8,899 | 9,321,326 | ||||||
Jefferies Group LLC/Jefferies Group Capital Finance Inc. | ||||||||
4.15%, 01/23/30(a) | 14,609 | 14,540,631 | ||||||
4.85%, 01/15/27(a) | 14,139 | 14,714,600 | ||||||
Mastercard Inc. | ||||||||
2.00%, 03/03/25 (Call 02/03/25)(a) | 10,889 | 11,266,879 | ||||||
2.95%, 11/21/26 (Call 08/21/26)(a) | 11,234 | 12,295,282 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
2.95%, 06/01/29 (Call 03/01/29)(a) | $ | 26,487 | $ | 29,055,979 | ||||
3.35%, 03/26/30 (Call 12/26/29) | 2,180 | 2,483,204 | ||||||
3.38%, 04/01/24 | 12,608 | 13,861,728 | ||||||
3.65%, 06/01/49 (Call 12/01/48) | 10,828 | 13,024,268 | ||||||
3.85%, 03/26/50 (Call 09/26/49) | 10,995 | 13,672,313 | ||||||
Nomura Holdings Inc. | ||||||||
2.65%, 01/16/25 | 11,110 | 11,152,445 | ||||||
3.10%, 01/16/30(a) | 28,969 | 29,041,646 | ||||||
Synchrony Financial | ||||||||
3.95%, 12/01/27 (Call 09/01/27)(a) | 15,668 | 14,528,936 | ||||||
4.25%, 08/15/24 (Call 05/15/24) | 14,733 | 14,340,992 | ||||||
4.50%, 07/23/25 (Call 04/23/25)(a) | 18,420 | 18,264,904 | ||||||
Diversified Financial ServicesTD Ameritrade Holding Corp., 3.30%, 04/01/27 (Call 01/01/27) | 18,123 | 19,272,741 | ||||||
Visa Inc. | ||||||||
2.05%, 04/15/30 (Call 01/15/30) | 155 | 159,463 | ||||||
2.70%, 04/15/40 (Call 10/15/39) | 200 | 208,780 | ||||||
2.75%, 09/15/27 (Call 06/15/27) | 6,785 | 7,369,179 | ||||||
3.15%, 12/14/25 (Call 09/14/25)(a) | 60,026 | 65,993,635 | ||||||
3.65%, 09/15/47 (Call 03/15/47) | 8,967 | 10,848,821 | ||||||
4.15%, 12/14/35 (Call 06/14/35)(a) | 22,739 | 28,769,412 | ||||||
4.30%, 12/14/45 (Call 06/14/45)(a) | 55,236 | 72,933,896 | ||||||
|
| |||||||
1,291,381,289 | ||||||||
Electric— 2.0% | ||||||||
ElectricAvangrid Inc., 3.20%, 04/15/25 (Call 03/15/25) | 125 | 132,140 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
3.80%, 07/15/48 (Call 01/15/48)(a) | 12,631 | 14,917,257 | ||||||
4.45%, 01/15/49 (Call 07/15/48) | 15,983 | 21,087,740 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 9,606 | 12,222,912 | ||||||
5.15%, 11/15/43 (Call 05/15/43)(a) | 11,386 | 15,446,613 | ||||||
6.13%, 04/01/36(a) | 27,953 | 39,350,771 | ||||||
ElectricCommonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47) | 12,906 | 15,920,513 | ||||||
ElectricConnecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a) | 8,937 | 11,100,781 | ||||||
Consolidated Edison Co. of New York Inc. | ||||||||
4.45%, 03/15/44 (Call 09/15/43) | 15,284 | 18,699,427 | ||||||
4.63%, 12/01/54 (Call 06/01/54)(a) | 10,112 | 12,965,224 | ||||||
ElectricDominion Energy Inc., 3.90%, 10/01/25 (Call 07/01/25)(a) | 11,407 | 12,454,960 | ||||||
Duke Energy Carolinas LLC | ||||||||
3.20%, 08/15/49 (Call 02/15/49)(a) | 10,942 | 12,237,290 | ||||||
5.30%, 02/15/40(a) | 11,345 | 15,723,739 | ||||||
Duke Energy Corp. | ||||||||
2.65%, 09/01/26 (Call 06/01/26) | 23,400 | 24,841,620 | ||||||
3.15%, 08/15/27 (Call 05/15/27)(a) | 10,882 | 11,564,530 | ||||||
3.75%, 04/15/24 (Call 01/15/24)(a) | 15,868 | 17,194,173 | ||||||
3.75%, 09/01/46 (Call 03/01/46)(a) | 24,039 | 27,201,124 | ||||||
ElectricDuke Energy Florida LLC, | 12,202 | 18,878,322 | ||||||
Emera U.S. Finance LP | ||||||||
3.55%, 06/15/26 (Call 03/15/26)(a) | 14,453 | 15,219,236 | ||||||
4.75%, 06/15/46 (Call 12/15/45)(a) | 18,153 | 19,395,704 | ||||||
ElectricEntergy Corp., 2.95%, 09/01/26 (Call 06/01/26)(a) | 12,188 | 12,735,463 | ||||||
Evergy Inc. | ||||||||
2.45%, 09/15/24 (Call 08/15/24) | 8,976 | 9,235,336 | ||||||
2.90%, 09/15/29 (Call 06/15/29)(a) | 18,715 | 19,131,699 | ||||||
Exelon Corp. | ||||||||
3.40%, 04/15/26 (Call 01/15/26) | 9,271 | 9,958,447 | ||||||
3.95%, 06/15/25 (Call 03/15/25) | 17,959 | 19,886,857 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.05%, 04/15/30 (Call 01/15/30) | $ | 200 | $ | 228,120 | ||||
4.45%, 04/15/46 (Call 10/15/45) | 11,604 | 13,828,049 | ||||||
Exelon Generation Co. LLC | ||||||||
5.60%, 06/15/42 (Call 12/15/41)(a) | 9,225 | 9,732,965 | ||||||
6.25%, 10/01/39(a) | 12,006 | 13,415,317 | ||||||
FirstEnergy Corp. | ||||||||
Series B, 3.90%, 07/15/27 (Call 04/15/27)(a) | 22,791 | 25,060,945 | ||||||
Series C, 3.40%, 03/01/50 (Call 09/01/49) | 13,151 | 13,867,264 | ||||||
Series C, 4.85%, 07/15/47 (Call 01/15/47)(a) | 10,790 | 13,803,712 | ||||||
Series C, 7.38%, 11/15/31(a) | 21,683 | 31,676,693 | ||||||
Florida Power & Light Co. | ||||||||
2.85%, 04/01/25 (Call 03/01/25) | 1,770 | 1,917,503 | ||||||
3.15%, 10/01/49 (Call 04/01/49)(a) | 9,658 | 11,065,482 | ||||||
3.95%, 03/01/48 (Call 09/01/47)(a) | 15,092 | 19,281,346 | ||||||
ElectricGeorgia Power Co., 4.30%, 03/15/42 | 18,820 | 21,847,048 | ||||||
MidAmerican Energy Co. | ||||||||
3.65%, 04/15/29 (Call 01/15/29) | 7,689 | 8,911,609 | ||||||
4.25%, 07/15/49 (Call 01/15/49) | 13,121 | 17,288,550 | ||||||
NextEra Energy Capital Holdings Inc. | ||||||||
2.75%, 11/01/29 (Call 08/01/29)(a) | 15,439 | 16,573,246 | ||||||
3.15%, 04/01/24 (Call 03/01/24) | 13,579 | 14,387,298 | ||||||
3.55%, 05/01/27 (Call 02/01/27)(a) | 18,393 | 20,434,012 | ||||||
ElectricPPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30) | 200 | 224,728 | ||||||
ElectricPublic Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)(a) | 6,245 | 6,527,702 | ||||||
Sempra Energy | ||||||||
3.25%, 06/15/27 (Call 03/15/27)(a) | 11,440 | 11,939,143 | ||||||
3.40%, 02/01/28 (Call 11/01/27)(a) | 17,524 | 18,423,738 | ||||||
3.80%, 02/01/38 (Call 08/01/37)(a) | 16,598 | 17,579,918 | ||||||
4.00%, 02/01/48 (Call 08/01/47) | 11,552 | 13,003,617 | ||||||
6.00%, 10/15/39(a) | 8,116 | 10,821,287 | ||||||
Southern California Edison Co. | ||||||||
4.00%, 04/01/47 (Call 10/01/46)(a) | 28,174 | 31,357,501 | ||||||
4.65%, 10/01/43 (Call 04/01/43) | 13,257 | 15,545,047 | ||||||
Series C, 4.13%, 03/01/48 (Call 09/01/47) | 18,446 | 20,895,297 | ||||||
Southern Co. (The) | ||||||||
2.95%, 07/01/23 (Call 05/01/23)(a) | 15,588 | 16,423,601 | ||||||
3.25%, 07/01/26 (Call 04/01/26)(a) | 27,591 | 29,386,711 | ||||||
4.40%, 07/01/46 (Call 01/01/46)(a) | 28,323 | 33,416,869 | ||||||
Virginia Electric & Power Co. | ||||||||
Series A, 3.15%, 01/15/26 (Call 10/15/25)(a) | 9,201 | 10,019,216 | ||||||
Series A, 3.50%, 03/15/27 (Call 12/15/26)(a) | 11,852 | 13,188,512 | ||||||
|
| |||||||
909,573,924 | ||||||||
Electronics— 0.2% | ||||||||
ElectronicsFortive Corp., 3.15%, 06/15/26 (Call 03/15/26)(a) | 12,347 | 12,504,025 | ||||||
Honeywell International Inc. | ||||||||
2.30%, 08/15/24 (Call 07/15/24)(a) | 6,977 | 7,315,972 | ||||||
2.50%, 11/01/26 (Call 08/01/26)(a) | 22,540 | 23,956,711 | ||||||
2.70%, 08/15/29 (Call 05/15/29)(a) | 11,743 | 12,669,913 | ||||||
ElectronicsRoper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)(a) | 13,389 | 14,996,479 | ||||||
|
| |||||||
71,443,100 | ||||||||
Environmental Control— 0.3% | ||||||||
Republic Services Inc. | ||||||||
2.50%, 08/15/24 (Call 07/15/24) | 17,013 | 17,696,543 | ||||||
3.95%, 05/15/28 (Call 02/15/28)(a) | 7,610 | 8,607,946 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Environmental Control (continued) | ||||||||
Waste Management Inc. | ||||||||
2.95%, 06/15/24 (Call 05/15/24)(a) | $ | 15,963 | $ | 16,952,593 | ||||
3.15%, 11/15/27 (Call 08/15/27)(a) | 13,581 | 14,934,404 | ||||||
3.20%, 06/15/26 (Call 04/15/26)(a) | 15,946 | 17,459,674 | ||||||
3.45%, 06/15/29 (Call 03/15/29)(a) | 14,737 | 16,716,024 | ||||||
4.10%, 03/01/45 (Call 09/01/44)(a) | 6,469 | 7,917,335 | ||||||
4.15%, 07/15/49 (Call 01/15/49)(a) | 13,688 | 17,386,561 | ||||||
|
| |||||||
117,671,080 | ||||||||
Food— 1.0% | ||||||||
Campbell Soup Co. | ||||||||
3.95%, 03/15/25 (Call 01/15/25)(a) | 18,317 | 19,944,132 | ||||||
4.15%, 03/15/28 (Call 12/15/27)(a) | 15,940 | 17,999,896 | ||||||
Conagra Brands Inc. | ||||||||
4.30%, 05/01/24 (Call 04/01/24) | 15,586 | 16,854,593 | ||||||
4.60%, 11/01/25 (Call 09/01/25)(a) | 16,866 | 18,817,248 | ||||||
4.85%, 11/01/28 (Call 08/01/28)(a) | 22,786 | 26,633,701 | ||||||
5.30%, 11/01/38 (Call 05/01/38)(a) | 12,531 | 15,628,167 | ||||||
5.40%, 11/01/48 (Call 05/01/48)(a) | 17,836 | 23,823,114 | ||||||
General Mills Inc. | ||||||||
3.20%, 02/10/27 (Call 11/10/26)(a) | 8,249 | 9,113,796 | ||||||
3.70%, 10/17/23 (Call 09/17/23)(a) | 10,718 | 11,574,933 | ||||||
4.00%, 04/17/25 (Call 02/17/25)(a) | 12,592 | 14,055,804 | ||||||
4.20%, 04/17/28 (Call 01/17/28)(a) | 20,871 | 24,047,522 | ||||||
FoodJM Smucker Co. (The), 3.50%, 03/15/25(a) | 17,586 | 18,973,208 | ||||||
FoodKellogg Co., 3.25%, 04/01/26(a) | 11,682 | 12,425,240 | ||||||
Kroger Co. (The) | ||||||||
2.65%, 10/15/26 (Call 07/15/26)(a) | 11,225 | 11,794,925 | ||||||
3.95%, 01/15/50 (Call 07/15/49)(a) | 11,563 | 12,958,237 | ||||||
4.45%, 02/01/47 (Call 08/01/46)(a) | 12,271 | 14,333,445 | ||||||
FoodMcCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)(a) | 12,449 | 13,535,413 | ||||||
Mondelez International Inc. | ||||||||
1.50%, 05/04/25 (Call 04/04/25) | 2,910 | 2,894,402 | ||||||
2.75%, 04/13/30 (Call 01/13/30) | 2,300 | 2,432,365 | ||||||
3.63%, 05/07/23 (Call 04/07/23)(a) | 9,142 | 9,733,418 | ||||||
Sysco Corp. | ||||||||
3.25%, 07/15/27 (Call 04/15/27)(a) | 14,575 | 14,353,168 | ||||||
3.30%, 07/15/26 (Call 04/15/26) | 10,724 | 10,683,340 | ||||||
3.75%, 10/01/25 (Call 07/01/25)(a) | 13,408 | 13,818,895 | ||||||
5.65%, 04/01/25 (Call 03/01/25) | 10,000 | 11,176,155 | ||||||
6.60%, 04/01/40 (Call 10/01/39) | 10,000 | 11,971,981 | ||||||
6.60%, 04/01/50 (Call 10/01/49) | 380 | 468,687 | ||||||
Tyson Foods Inc. | ||||||||
3.55%, 06/02/27 (Call 03/02/27)(a) | 18,077 | 19,553,508 | ||||||
3.95%, 08/15/24 (Call 05/15/24)(a) | 8,466 | 9,255,875 | ||||||
4.00%, 03/01/26 (Call 01/01/26)(a) | 20,683 | 22,876,962 | ||||||
4.35%, 03/01/29 (Call 12/01/28)(a) | 15,092 | 17,515,057 | ||||||
4.55%, 06/02/47 (Call 12/02/46)(a) | 10,047 | 12,047,047 | ||||||
5.10%, 09/28/48 (Call 03/28/48)(a) | 19,234 | 24,864,263 | ||||||
|
| |||||||
466,158,497 | ||||||||
Forest Products & Paper— 0.2% | ||||||||
International Paper Co. | ||||||||
3.00%, 02/15/27 (Call 11/15/26)(a) | 18,658 | 19,509,084 | ||||||
3.65%, 06/15/24 (Call 03/15/24)(a) | 4,248 | 4,504,003 | ||||||
4.35%, 08/15/48 (Call 02/15/48)(a) | 15,637 | 17,677,236 | ||||||
4.40%, 08/15/47 (Call 02/15/47)(a) | 18,345 | 20,679,352 | ||||||
4.80%, 06/15/44 (Call 12/15/43) | 9,777 | 10,959,279 | ||||||
|
| |||||||
73,328,954 |
Security | Par (000) | Value | ||||||
Gas— 0.2% | ||||||||
GasAtmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44) | $ | 11,333 | $ | 14,062,238 | ||||
NiSource Inc. | ||||||||
2.95%, 09/01/29 (Call 06/01/29)(a) | 13,209 | 13,858,360 | ||||||
3.49%, 05/15/27 (Call 02/15/27)(a) | 18,680 | 20,201,221 | ||||||
3.95%, 03/30/48 (Call 09/30/47)(a) | 6,090 | 6,887,770 | ||||||
4.38%, 05/15/47 (Call 11/15/46)(a) | 15,254 | 18,176,920 | ||||||
4.80%, 02/15/44 (Call 08/15/43)(a) | 12,656 | 15,758,197 | ||||||
|
| |||||||
88,944,706 | ||||||||
Hand & Machine Tools— 0.0% | ||||||||
Hand & Machine ToolsStanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29) | 12,189 | 12,169,902 | ||||||
|
| |||||||
Health Care – Products— 1.2% | ||||||||
Abbott Laboratories | ||||||||
2.95%, 03/15/25 (Call 12/15/24)(a) | 21,120 | 22,801,807 | ||||||
3.40%, 11/30/23 (Call 09/30/23)(a) | 5,457 | 5,925,362 | ||||||
3.75%, 11/30/26 (Call 08/30/26) | 22,515 | 25,907,004 | ||||||
4.75%, 11/30/36 (Call 05/30/36) | 30,831 | 40,191,165 | ||||||
4.90%, 11/30/46 (Call 05/30/46) | 44,093 | 62,006,809 | ||||||
Boston Scientific Corp. | ||||||||
3.45%, 03/01/24 (Call 02/01/24) | 12,977 | 13,689,265 | ||||||
3.75%, 03/01/26 (Call 01/01/26) | 16,367 | 17,799,404 | ||||||
3.85%, 05/15/25 | 4,221 | 4,641,582 | ||||||
4.00%, 03/01/29 (Call 12/01/28)(a) | 13,682 | 15,363,395 | ||||||
4.55%, 03/01/39 (Call 09/01/38)(a) | 9,028 | 10,716,898 | ||||||
4.70%, 03/01/49 (Call 09/01/48) | 15,182 | 18,797,801 | ||||||
DH Europe Finance II Sarl | ||||||||
2.60%, 11/15/29 (Call 08/15/29) | 13,637 | 14,329,173 | ||||||
3.25%, 11/15/39 (Call 05/15/39) | 10,633 | 11,546,420 | ||||||
3.40%, 11/15/49 (Call 05/15/49)(a) | 12,681 | 13,984,097 | ||||||
Medtronic Inc. | ||||||||
3.50%, 03/15/25(a) | 39,640 | 44,235,299 | ||||||
4.38%, 03/15/35(a) | 33,460 | 42,603,022 | ||||||
4.63%, 03/15/45(a) | 28,323 | 38,363,795 | ||||||
Stryker Corp. | ||||||||
3.38%, 11/01/25 (Call 08/01/25)(a) | 15,329 | 16,906,021 | ||||||
3.50%, 03/15/26 (Call 12/15/25)(a) | 20,693 | 22,865,891 | ||||||
4.63%, 03/15/46 (Call 09/15/45) | 13,750 | 17,332,648 | ||||||
Thermo Fisher Scientific Inc. | ||||||||
2.60%, 10/01/29 (Call 07/01/29)(a) | 16,141 | 17,055,018 | ||||||
2.95%, 09/19/26 (Call 06/19/26)(a) | 19,171 | 20,764,194 | ||||||
3.20%, 08/15/27 (Call 05/15/27)(a) | 11,244 | 12,211,651 | ||||||
4.10%, 08/15/47 (Call 02/15/47)(a) | 12,190 | 15,072,757 | ||||||
4.15%, 02/01/24 (Call 11/01/23)(a) | 5,709 | 6,284,362 | ||||||
Health Care – ProductsZimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)(a) | 29,116 | 30,243,334 | ||||||
|
| |||||||
561,638,174 | ||||||||
Health Care – Services— 2.3% | ||||||||
Aetna Inc. | ||||||||
2.80%, 06/15/23 (Call 04/15/23) | 4,755 | 4,928,039 | ||||||
3.50%, 11/15/24 (Call 08/15/24) | 18,012 | 19,243,117 | ||||||
3.88%, 08/15/47 (Call 02/15/47)(a) | 18,077 | 19,615,629 | ||||||
6.63%, 06/15/36 | 11,378 | 15,636,688 | ||||||
Anthem Inc. | ||||||||
2.25%, 05/15/30 (Call 02/15/30) | 6,530 | 6,505,512 | ||||||
2.38%, 01/15/25 (Call 12/15/24)(a) | 16,861 | 17,355,193 | ||||||
2.88%, 09/15/29 (Call 06/15/29)(a) | 6,337 | 6,630,754 | ||||||
3.13%, 05/15/50 (Call 11/15/49) | 7,000 | 6,982,360 | ||||||
3.35%, 12/01/24 (Call 10/01/24)(a) | 12,395 | 13,278,050 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care – Services (continued) | ||||||||
3.50%, 08/15/24 (Call 05/15/24)(a) | $ | 18,285 | $ | 19,655,848 | ||||
3.65%, 12/01/27 (Call 09/01/27)(a) | 15,903 | 17,373,989 | ||||||
3.70%, 09/15/49 (Call 03/15/49)(a) | 13,073 | 14,151,631 | ||||||
4.10%, 03/01/28 (Call 12/01/27)(a) | 22,628 | 25,253,660 | ||||||
4.38%, 12/01/47 (Call 06/01/47) | 21,201 | 25,129,085 | ||||||
4.55%, 03/01/48 (Call 09/01/47)(a) | 12,954 | 15,854,401 | ||||||
4.63%, 05/15/42(a) | 12,050 | 14,551,986 | ||||||
4.65%, 01/15/43(a) | 13,664 | 16,688,791 | ||||||
4.65%, 08/15/44 (Call 02/15/44) | 10,825 | 13,020,734 | ||||||
CommonSpirit Health | ||||||||
2.76%, 10/01/24 (Call 07/01/24) | 16,490 | 16,155,464 | ||||||
3.35%, 10/01/29 (Call 04/01/29)(a) | 7,134 | 7,075,147 | ||||||
4.19%, 10/01/49 (Call 04/01/49) | 13,762 | 13,163,553 | ||||||
HCA Inc. | ||||||||
4.13%, 06/15/29 (Call 03/15/29)(a) | 32,113 | 34,756,205 | ||||||
4.50%, 02/15/27 (Call 08/15/26)(a) | 24,661 | 26,669,476 | ||||||
4.75%, 05/01/23(a) | 3,925 | 4,174,630 | ||||||
5.00%, 03/15/24(a) | 32,627 | 35,284,662 | ||||||
5.13%, 06/15/39 (Call 12/15/38)(a) | 14,473 | 16,645,572 | ||||||
5.25%, 04/15/25(a) | 22,541 | 25,059,071 | ||||||
5.25%, 06/15/26 (Call 12/15/25)(a) | 28,511 | 31,779,683 | ||||||
5.25%, 06/15/49 (Call 12/15/48)(a) | 28,655 | 33,817,889 | ||||||
5.50%, 06/15/47 (Call 12/15/46) | 19,248 | 23,260,122 | ||||||
Health Care – ServicesHumana Inc., | 11,728 | 14,416,462 | ||||||
Kaiser Foundation Hospitals | ||||||||
4.15%, 05/01/47 (Call 11/01/46)(a) | 25,240 | 31,188,346 | ||||||
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)(a) | 9,026 | 9,358,352 | ||||||
Laboratory Corp. of America Holdings | ||||||||
3.60%, 02/01/25 (Call 11/01/24)(a) | 21,768 | 23,596,741 | ||||||
4.70%, 02/01/45 (Call 08/01/44)(a) | 12,129 | 14,590,553 | ||||||
Health Care – ServicesQuest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30) | 11,066 | 11,568,596 | ||||||
UnitedHealth Group Inc. | ||||||||
2.38%, 08/15/24(a) | 11,015 | 11,587,469 | ||||||
2.88%, 08/15/29(a) | 12,211 | 13,190,817 | ||||||
2.95%, 10/15/27(a) | 15,078 | 16,226,164 | ||||||
3.10%, 03/15/26(a) | 20,164 | 22,002,834 | ||||||
3.45%, 01/15/27(a) | 11,455 | 12,620,699 | ||||||
3.50%, 06/15/23(a) | 5,389 | 5,806,759 | ||||||
3.50%, 02/15/24(a) | 9,213 | 9,998,591 | ||||||
3.50%, 08/15/39 (Call 02/15/39)(a) | 20,220 | 22,614,818 | ||||||
3.70%, 08/15/49 (Call 02/15/49)(a) | 18,716 | 21,962,515 | ||||||
3.75%, 07/15/25(a) | 27,163 | 30,372,414 | ||||||
3.75%, 10/15/47 (Call 04/15/47)(a) | 11,736 | 13,843,767 | ||||||
3.85%, 06/15/28(a) | 15,706 | 17,902,946 | ||||||
3.88%, 12/15/28(a) | 12,763 | 14,689,040 | ||||||
3.88%, 08/15/59 (Call 02/15/59) | 17,475 | 20,994,018 | ||||||
4.20%, 01/15/47 (Call 07/15/46)(a) | 11,086 | 13,659,057 | ||||||
4.25%, 03/15/43 (Call 09/15/42)(a) | 5,292 | 6,538,414 | ||||||
4.25%, 06/15/48 (Call 12/15/47)(a) | 17,013 | 21,263,279 | ||||||
4.45%, 12/15/48 (Call 06/15/48) | 17,107 | 21,909,017 | ||||||
4.63%, 07/15/35(a) | 16,876 | 21,213,063 | ||||||
4.75%, 07/15/45(a) | 29,160 | 38,243,704 | ||||||
5.80%, 03/15/36(a) | 12,813 | 17,592,399 | ||||||
6.88%, 02/15/38(a) | 17,080 | 26,393,868 | ||||||
|
| |||||||
1,045,041,643 |
Security | Par (000) | Value | ||||||
Holding Companies – Diversified— 0.1% | ||||||||
Ares Capital Corp. | ||||||||
3.25%, 07/15/25 (Call 06/15/25) | $ | 19,461 | $ | 17,214,383 | ||||
4.20%, 06/10/24 (Call 05/10/24) | 20,237 | 19,270,048 | ||||||
|
| |||||||
36,484,431 | ||||||||
Insurance— 2.0% | ||||||||
Aflac Inc. | ||||||||
3.60%, 04/01/30 (Call 01/01/30) | 275 | 309,492 | ||||||
3.63%, 11/15/24(a) | 11,713 | 12,803,729 | ||||||
American International Group Inc. | ||||||||
3.75%, 07/10/25 (Call 04/10/25)(a) | 25,895 | 27,638,583 | ||||||
3.88%, 01/15/35 (Call 07/15/34)(a) | 12,684 | 13,520,899 | ||||||
3.90%, 04/01/26 (Call 01/01/26)(a) | 18,900 | 20,462,733 | ||||||
4.13%, 02/15/24 | 15,387 | 16,641,910 | ||||||
4.20%, 04/01/28 (Call 01/01/28) | 12,642 | 13,717,924 | ||||||
4.38%, 01/15/55 (Call 07/15/54)(a) | 9,632 | 10,343,258 | ||||||
4.50%, 07/16/44 (Call 01/16/44)(a) | 34,032 | 37,714,470 | ||||||
4.75%, 04/01/48 (Call 10/01/47)(a) | 19,468 | 22,252,142 | ||||||
4.80%, 07/10/45 (Call 01/10/45) | 11,318 | 12,892,050 | ||||||
6.25%, 05/01/36(a) | 8,179 | 10,225,953 | ||||||
InsuranceAon Corp., 3.75%, 05/02/29 (Call 02/02/29)(a) | 9,958 | 10,905,826 | ||||||
InsuranceAon PLC, 3.88%, 12/15/25 (Call 09/15/25)(a) | 14,150 | 15,301,554 | ||||||
InsuranceAthene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27) | 15,692 | 14,755,357 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
4.20%, 08/15/48 (Call 02/15/48) | 36,772 | 46,314,742 | ||||||
4.25%, 01/15/49 (Call 07/15/48) | 34,482 | 43,684,587 | ||||||
5.75%, 01/15/40(a) | 5,683 | 8,312,260 | ||||||
Berkshire Hathaway Inc. | ||||||||
2.75%, 03/15/23 (Call 01/15/23)(a) | 6,208 | 6,571,209 | ||||||
3.13%, 03/15/26 (Call 12/15/25)(a) | 52,575 | 57,658,030 | ||||||
4.50%, 02/11/43 | 12,957 | 16,604,477 | ||||||
Brighthouse Financial Inc. | ||||||||
3.70%, 06/22/27 (Call 03/22/27)(a) | 23,102 | 22,124,799 | ||||||
4.70%, 06/22/47 (Call 12/22/46)(a) | 21,233 | 18,310,520 | ||||||
InsuranceChubb Corp. (The), 6.00%, 05/11/37(a) | 10,560 | 15,143,610 | ||||||
Chubb INA Holdings Inc. | ||||||||
3.15%, 03/15/25(a) | 11,749 | 12,712,011 | ||||||
3.35%, 05/03/26 (Call 02/03/26)(a) | 14,760 | 16,250,320 | ||||||
4.35%, 11/03/45 (Call 05/03/45) | 17,321 | 22,680,414 | ||||||
Equitable Holdings Inc. | ||||||||
4.35%, 04/20/28 (Call 01/20/28) | 23,950 | 25,053,420 | ||||||
5.00%, 04/20/48 (Call 10/20/47)(a) | 19,382 | 20,188,311 | ||||||
Marsh & McLennan Companies Inc. | ||||||||
3.88%, 03/15/24 (Call 02/15/24) | 16,848 | 18,330,486 | ||||||
4.38%, 03/15/29 (Call 12/15/28)(a) | 21,623 | 25,165,438 | ||||||
4.90%, 03/15/49 (Call 09/15/48)(a) | 19,070 | 25,155,016 | ||||||
MetLife Inc. | ||||||||
3.60%, 04/10/24(a) | 14,888 | 16,234,692 | ||||||
4.05%, 03/01/45(a) | 15,044 | 17,510,033 | ||||||
4.13%, 08/13/42(a) | 11,331 | 13,199,541 | ||||||
4.60%, 05/13/46 (Call 11/13/45)(a) | 10,289 | 12,903,989 | ||||||
4.88%, 11/13/43(a) | 14,317 | 18,305,242 | ||||||
5.70%, 06/15/35(a) | 15,416 | 20,821,739 | ||||||
5.88%, 02/06/41 | 8,562 | 11,851,672 | ||||||
6.38%, 06/15/34(a) | 12,339 | 17,593,653 | ||||||
Series D, 4.37%, 09/15/23(a) | 7,916 | 8,687,751 | ||||||
InsuranceProgressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46) | 10,819 | 13,688,368 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
Prudential Financial Inc. | ||||||||
3.70%, 03/13/51 (Call 09/13/50)(a) | $ | 22,885 | $ | 24,274,264 | ||||
3.91%, 12/07/47 (Call 06/07/47)(a) | 12,429 | 13,354,302 | ||||||
3.94%, 12/07/49 (Call 06/07/49) | 16,123 | 17,524,482 | ||||||
4.35%, 02/25/50 (Call 08/25/49)(a) | 18,893 | 21,512,441 | ||||||
4.60%, 05/15/44(a) | 11,933 | 13,980,103 | ||||||
5.70%, 12/14/36(a) | 6,115 | 8,108,739 | ||||||
Travelers Companies Inc. (The) | ||||||||
5.35%, 11/01/40 | 10,207 | 14,356,113 | ||||||
6.25%, 06/15/37(a) | 11,208 | 16,433,440 | ||||||
|
| |||||||
920,086,094 | ||||||||
Internet— 1.0% | ||||||||
Alphabet Inc. | ||||||||
2.00%, 08/15/26 (Call 05/15/26) | 24,230 | 25,754,687 | ||||||
3.38%, 02/25/24(a) | 5,120 | 5,618,853 | ||||||
Amazon.com Inc. | ||||||||
2.80%, 08/22/24 (Call 06/22/24) | 27,949 | 30,002,047 | ||||||
3.15%, 08/22/27 (Call 05/22/27)(a) | 42,375 | 47,554,318 | ||||||
3.80%, 12/05/24 (Call 09/05/24) | 10,113 | 11,371,560 | ||||||
3.88%, 08/22/37 (Call 02/22/37)(a) | 40,999 | 49,784,405 | ||||||
4.05%, 08/22/47 (Call 02/22/47)(a) | 47,616 | 62,139,742 | ||||||
4.25%, 08/22/57 (Call 02/22/57) | 30,652 | 41,684,608 | ||||||
4.80%, 12/05/34 (Call 06/05/34)(a) | 23,225 | 31,280,271 | ||||||
4.95%, 12/05/44 (Call 06/05/44) | 23,813 | 33,719,634 | ||||||
5.20%, 12/03/25 (Call 09/03/25) | 12,860 | 15,491,260 | ||||||
Booking Holdings Inc. | ||||||||
3.60%, 06/01/26 (Call 03/01/26)(a) | 15,480 | 16,135,741 | ||||||
4.10%, 04/13/25 (Call 03/13/25) | 300 | 319,101 | ||||||
4.50%, 04/13/27 (Call 02/13/27) | 425 | 459,290 | ||||||
4.63%, 04/13/30 (Call 01/13/30) | 100 | 111,062 | ||||||
eBay Inc. | ||||||||
3.45%, 08/01/24 (Call 05/01/24)(a) | 12,324 | 13,196,536 | ||||||
3.60%, 06/05/27 (Call 03/05/27)(a) | 12,761 | 13,772,126 | ||||||
4.00%, 07/15/42 (Call 01/15/42)(a) | 12,247 | 12,209,405 | ||||||
Expedia Group Inc. | ||||||||
3.25%, 02/15/30 (Call 11/15/29) | 14,314 | 12,059,545 | ||||||
3.80%, 02/15/28 (Call 11/15/27) | 15,810 | 13,758,284 | ||||||
5.00%, 02/15/26 (Call 11/15/25) | 2,704 | 2,555,280 | ||||||
|
| |||||||
438,977,755 | ||||||||
Iron & Steel— 0.1% | ||||||||
ArcelorMittal SA | ||||||||
3.60%, 07/16/24(a) | 16,385 | 15,592,562 | ||||||
4.55%, 03/11/26 | 12,523 | 12,066,984 | ||||||
|
| |||||||
27,659,546 | ||||||||
Lodging— 0.1% | ||||||||
Las Vegas Sands Corp. | ||||||||
3.20%, 08/08/24 (Call 07/08/24) | 25,426 | 24,355,687 | ||||||
3.50%, 08/18/26 (Call 06/18/26) | 11,022 | 10,538,830 | ||||||
3.90%, 08/08/29 (Call 05/08/29)(a) | 11,291 | 10,371,708 | ||||||
Marriott International Inc./MD | ||||||||
Series EE, 5.75%, 05/01/25 (Call 04/01/25) | 815 | 851,960 | ||||||
Series R, 3.13%, 06/15/26 (Call 03/15/26) | 1,939 | 1,778,105 | ||||||
LodgingSands China Ltd., 5.40%, 08/08/28 (Call 05/08/28) | 3,455 | 3,630,594 | ||||||
|
| |||||||
51,526,884 | ||||||||
Machinery— 0.6% | ||||||||
ABB Finance USA Inc. | ||||||||
3.80%, 04/03/28 (Call 01/03/28) | 13,254 | 14,932,965 | ||||||
4.38%, 05/08/42(a) | 9,780 | 11,924,926 |
Security | Par (000) | Value | ||||||
Machinery (continued) | ||||||||
MachineryCaterpillar Financial Services Corp., 2.15%, 11/08/24(a) | $ | 12,052 | $ | 12,437,006 | ||||
Caterpillar Inc. | ||||||||
2.60%, 04/09/30 (Call 01/09/30) | 100 | 106,086 | ||||||
3.25%, 09/19/49 (Call 03/19/49) | 15,716 | 16,894,251 | ||||||
3.40%, 05/15/24 (Call 02/15/24)(a) | 14,310 | 15,487,179 | ||||||
3.80%, 08/15/42(a) | 21,679 | 25,095,127 | ||||||
5.20%, 05/27/41(a) | 13,508 | 18,242,446 | ||||||
MachineryDeere & Co., 3.90%, 06/09/42 (Call 12/09/41)(a) | 15,299 | 18,092,539 | ||||||
MachineryJohn Deere Capital Corp., 3.45%, 03/13/25(a) | 11,078 | 12,093,247 | ||||||
Otis Worldwide Corp. | ||||||||
2.06%, 04/05/25 (Call 03/05/25)(b) | 24,432 | 24,850,579 | ||||||
2.57%, 02/15/30 (Call 11/15/29)(b) | 22,790 | 22,828,492 | ||||||
3.11%, 02/15/40 (Call 08/15/39)(b) | 11,282 | 11,123,655 | ||||||
3.36%, 02/15/50 (Call 08/15/49)(b) | 14,935 | 15,238,439 | ||||||
Westinghouse Air Brake Technologies Corp. | ||||||||
3.45%, 11/15/26 (Call 08/15/26)(a) | 8,749 | 8,448,579 | ||||||
4.40%, 03/15/24 (Call 02/15/24)(a) | 9,853 | 9,863,297 | ||||||
4.95%, 09/15/28 (Call 06/15/28)(a) | 23,206 | 23,106,715 | ||||||
|
| |||||||
260,765,528 | ||||||||
Manufacturing— 0.9% | ||||||||
3M Co. | ||||||||
2.00%, 02/14/25 (Call 01/14/25) | 8,243 | 8,539,929 | ||||||
2.38%, 08/26/29 (Call 05/26/29)(a) | 17,538 | 18,184,903 | ||||||
2.88%, 10/15/27 (Call 07/15/27)(a) | 14,016 | 15,270,654 | ||||||
3.25%, 02/14/24 (Call 01/14/24)(a) | 10,585 | 11,425,029 | ||||||
3.25%, 08/26/49 (Call 02/26/49)(a) | 11,031 | 12,112,777 | ||||||
3.38%, 03/01/29 (Call 12/01/28)(a) | 12,505 | 13,882,082 | ||||||
4.00%, 09/14/48 (Call 03/14/48)(a) | 18,903 | 23,439,682 | ||||||
ManufacturingEaton Corp., 4.15%, 11/02/42(a) | 13,174 | 15,216,510 | ||||||
General Electric Co. | ||||||||
3.38%, 03/11/24(a) | 11,682 | 12,060,561 | ||||||
3.63%, 05/01/30 (Call 02/01/30) | 10,530 | 10,585,679 | ||||||
4.13%, 10/09/42(a) | 14,784 | 14,306,533 | ||||||
4.25%, 05/01/40 (Call 11/01/39) | 605 | 606,182 | ||||||
4.35%, 05/01/50 (Call 11/01/49) | 10,100 | 10,158,402 | ||||||
4.50%, 03/11/44 | 15,201 | 15,361,404 | ||||||
5.88%, 01/14/38(a) | 39,215 | 44,504,174 | ||||||
6.15%, 08/07/37(a) | 13,899 | 16,357,582 | ||||||
6.75%, 03/15/32 | 48,433 | 60,084,561 | ||||||
6.88%, 01/10/39 | 32,033 | 39,610,803 | ||||||
Illinois Tool Works Inc. | ||||||||
2.65%, 11/15/26 (Call 08/15/26)(a) | 10,898 | 11,824,719 | ||||||
3.90%, 09/01/42 (Call 03/01/42)(a) | 13,023 | 15,496,090 | ||||||
ManufacturingIngersoll-Rand Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28) | 15,020 | 16,218,462 | ||||||
Parker-Hannifin Corp. | ||||||||
3.25%, 06/14/29 (Call 03/14/29)(a) | 24,305 | 25,724,458 | ||||||
4.00%, 06/14/49 (Call 12/14/48)(a) | 10,724 | 11,881,260 | ||||||
|
| |||||||
422,852,436 | ||||||||
Media— 4.9% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
2.80%, 04/01/31 (Call 01/01/31) | 450 | 452,848 | ||||||
3.70%, 04/01/51 (Call 10/01/50) | 150 | 146,585 | ||||||
3.75%, 02/15/28 (Call 11/15/27) | 27,509 | 29,427,450 | ||||||
4.20%, 03/15/28 (Call 12/15/27)(a) | 19,303 | 21,284,534 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
4.50%, 02/01/24 (Call 01/01/24)(a) | $ | 10,716 | $ | 11,616,439 | ||||
4.80%, 03/01/50 (Call 09/01/49) | 41,410 | 46,814,266 | ||||||
4.91%, 07/23/25 (Call 04/23/25)(a) | 75,104 | 84,694,616 | ||||||
5.05%, 03/30/29 (Call 12/30/28)(a) | 13,805 | 16,201,970 | ||||||
5.13%, 07/01/49 (Call 01/01/49)(a) | 16,437 | 19,421,938 | ||||||
5.38%, 04/01/38 (Call 10/01/37) | 10,471 | 12,217,484 | ||||||
5.38%, 05/01/47 (Call 11/01/46)(a) | 33,230 | 39,890,615 | ||||||
5.75%, 04/01/48 (Call 10/01/47)(a) | 38,456 | 48,316,434 | ||||||
6.38%, 10/23/35 (Call 04/23/35) | 29,967 | 38,669,971 | ||||||
6.48%, 10/23/45 (Call 04/23/45) | 49,997 | 65,499,465 | ||||||
Comcast Corp. | ||||||||
2.35%, 01/15/27 (Call 10/15/26)(a) | 24,098 | 25,031,106 | ||||||
2.65%, 02/01/30 (Call 11/01/29) | 14,807 | 15,657,596 | ||||||
3.00%, 02/01/24 (Call 01/01/24)(a) | 20,719 | 22,120,574 | ||||||
3.10%, 04/01/25 (Call 03/01/25) | 210 | 226,757 | ||||||
3.15%, 03/01/26 (Call 12/01/25)(a) | 37,783 | 41,206,083 | ||||||
3.15%, 02/15/28 (Call 11/15/27) | 28,111 | 30,651,532 | ||||||
3.20%, 07/15/36 (Call 01/15/36)(a) | 14,074 | 15,313,190 | ||||||
3.25%, 11/01/39 (Call 05/01/39) | 21,015 | 22,730,213 | ||||||
3.30%, 02/01/27 (Call 11/01/26)(a) | 16,917 | 18,516,694 | ||||||
3.30%, 04/01/27 (Call 02/01/27) | 250 | 274,150 | ||||||
3.38%, 02/15/25 (Call 11/15/24) | 14,791 | 16,111,719 | ||||||
3.38%, 08/15/25 (Call 05/15/25)(a) | 23,251 | 25,416,856 | ||||||
3.40%, 04/01/30 (Call 01/01/30) | 5,705 | 6,408,793 | ||||||
3.40%, 07/15/46 (Call 01/15/46)(a) | 21,517 | 23,904,565 | ||||||
3.45%, 02/01/50 (Call 08/01/49) | 28,451 | 31,800,092 | ||||||
3.55%, 05/01/28 (Call 02/01/28)(a) | 17,335 | 19,428,858 | ||||||
3.60%, 03/01/24(a) | 8,779 | 9,555,535 | ||||||
3.70%, 04/15/24 (Call 03/15/24) | 30,883 | 33,771,320 | ||||||
3.90%, 03/01/38 (Call 09/01/37)(a) | 19,382 | 22,574,450 | ||||||
3.95%, 10/15/25 (Call 08/15/25)(a) | 35,857 | 40,311,813 | ||||||
3.97%, 11/01/47 (Call 05/01/47)(a) | 32,477 | 38,532,152 | ||||||
4.00%, 08/15/47 (Call 02/15/47) | 14,459 | 17,198,973 | ||||||
4.00%, 03/01/48 (Call 09/01/47)(a) | 16,455 | 19,699,301 | ||||||
4.00%, 11/01/49 (Call 05/01/49) | 32,306 | 38,412,499 | ||||||
4.05%, 11/01/52 (Call 05/01/52)(a) | 25,388 | 30,553,044 | ||||||
4.15%, 10/15/28 (Call 07/15/28) | 56,105 | 65,478,058 | ||||||
4.20%, 08/15/34 (Call 02/15/34)(a) | 14,462 | 17,532,455 | ||||||
4.25%, 10/15/30 (Call 07/15/30)(a) | 20,837 | 24,924,411 | ||||||
4.25%, 01/15/33 | 25,178 | 30,507,916 | ||||||
4.40%, 08/15/35 (Call 02/15/35)(a) | 9,419 | 11,715,184 | ||||||
4.60%, 10/15/38 (Call 04/15/38)(a) | 45,176 | 56,847,165 | ||||||
4.60%, 08/15/45 (Call 02/15/45)(a) | 22,525 | 28,801,226 | ||||||
4.65%, 07/15/42 | 17,517 | 22,287,485 | ||||||
4.70%, 10/15/48 (Call 04/15/48)(a) | 50,453 | 65,883,959 | ||||||
4.75%, 03/01/44 | 15,485 | 20,096,716 | ||||||
4.95%, 10/15/58 (Call 04/15/58) | 37,487 | 52,703,374 | ||||||
5.65%, 06/15/35 | 10,623 | 14,883,380 | ||||||
6.45%, 03/15/37(a) | 8,082 | 11,746,478 | ||||||
6.50%, 11/15/35 | 12,524 | 18,828,658 | ||||||
6.95%, 08/15/37 | 8,661 | 13,067,124 | ||||||
7.05%, 03/15/33 | 10,900 | 16,404,704 | ||||||
Discovery Communications LLC | ||||||||
3.95%, 03/20/28 (Call 12/20/27) | 35,583 | 37,282,330 | ||||||
4.13%, 05/15/29 (Call 02/15/29)(a) | 14,720 | 15,566,111 | ||||||
4.88%, 04/01/43 | 12,343 | 13,277,059 | ||||||
5.00%, 09/20/37 (Call 03/20/37)(a) | 15,339 | 17,001,709 | ||||||
5.20%, 09/20/47 (Call 03/20/47)(a) | 16,053 | 18,291,941 | ||||||
5.30%, 05/15/49 (Call 11/15/48) | 9,699 | 11,165,736 | ||||||
6.35%, 06/01/40(a) | 11,679 | 14,433,782 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
Fox Corp. | ||||||||
4.03%, 01/25/24 (Call 12/25/23) | $ | 11,610 | $ | 12,527,485 | ||||
4.71%, 01/25/29 (Call 10/25/28) | 23,245 | 26,886,813 | ||||||
5.48%, 01/25/39 (Call 07/25/38) | 15,633 | 19,604,217 | ||||||
5.58%, 01/25/49 (Call 07/25/48) | 20,419 | 27,762,169 | ||||||
NBCUniversal Media LLC | ||||||||
4.45%, 01/15/43(a) | 9,105 | 11,319,194 | ||||||
5.95%, 04/01/41(a) | 15,925 | 22,728,781 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 (Call 03/15/42)(a) | 19,248 | 20,295,884 | ||||||
5.50%, 09/01/41 (Call 03/01/41) | 18,944 | 22,138,925 | ||||||
5.88%, 11/15/40 (Call 05/15/40) | 18,196 | 21,630,491 | ||||||
6.55%, 05/01/37(a) | 19,379 | 23,994,277 | ||||||
6.75%, 06/15/39 | 22,890 | 29,549,818 | ||||||
7.30%, 07/01/38(a) | 19,366 | 25,419,876 | ||||||
Time Warner Entertainment Co. LP | ||||||||
8.38%, 03/15/23 | 6,675 | 7,705,228 | ||||||
8.38%, 07/15/33(a) | 19,456 | 28,200,939 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
1.85%, 07/30/26 | 18,328 | 18,547,164 | ||||||
2.95%, 06/15/27(a) | 11,141 | 12,035,965 | ||||||
3.00%, 02/13/26(a) | 14,924 | 16,049,628 | ||||||
3.15%, 09/17/25(a) | 7,672 | 8,278,182 | ||||||
4.13%, 06/01/44 | 13,037 | 15,619,641 | ||||||
ViacomCBS Inc. | ||||||||
4.00%, 01/15/26 (Call 10/15/25)(a) | 12,978 | 13,433,899 | ||||||
4.25%, 09/01/23 (Call 06/01/23)(a) | 6,666 | 6,998,599 | ||||||
4.38%, 03/15/43(a) | 19,631 | 18,899,506 | ||||||
4.75%, 05/15/25 (Call 04/15/25) | 150 | 159,531 | ||||||
5.85%, 09/01/43 (Call 03/01/43)(a) | 18,710 | 21,153,359 | ||||||
6.88%, 04/30/36(a) | 21,163 | 25,370,795 | ||||||
7.88%, 07/30/30(a) | 11,363 | 14,469,644 | ||||||
Walt Disney Co. (The) | ||||||||
1.75%, 08/30/24 (Call 07/30/24) | 13,400 | 13,582,893 | ||||||
2.00%, 09/01/29 (Call 06/01/29) | 32,230 | 32,173,923 | ||||||
2.75%, 09/01/49 (Call 03/01/49)(a) | 36,680 | 35,639,539 | ||||||
3.35%, 03/24/25 | 10,000 | 10,906,403 | ||||||
3.80%, 03/22/30(a) | 10,050 | 11,598,655 | ||||||
4.63%, 03/23/40 (Call 09/23/39) | 10,000 | 12,617,858 | ||||||
4.70%, 03/23/50 (Call 09/23/49) | 15,000 | 20,028,300 | ||||||
6.20%, 12/15/34 | 13,537 | 19,291,511 | ||||||
6.40%, 12/15/35 | 11,130 | 15,753,094 | ||||||
6.65%, 11/15/37 | 18,922 | 28,196,870 | ||||||
|
| |||||||
2,269,358,497 | ||||||||
Metal Fabricate & Hardware— 0.0% | ||||||||
Metal Fabricate & HardwarePrecision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)(a) | 12,519 | 13,594,451 | ||||||
|
| |||||||
Mining— 0.6% | ||||||||
MiningBarrick Gold Corp., 5.25%, 04/01/42(a) | 11,376 | 14,811,170 | ||||||
Barrick North America Finance LLC | ||||||||
5.70%, 05/30/41 | 12,821 | 17,402,701 | ||||||
5.75%, 05/01/43(a) | 13,184 | 18,437,713 | ||||||
MiningBarrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 | 9,426 | 12,743,450 | ||||||
BHP Billiton Finance USA Ltd. | ||||||||
4.13%, 02/24/42(a) | 13,362 | 16,577,232 | ||||||
5.00%, 09/30/43(a) | 34,326 | 47,156,060 | ||||||
Newmont Corp. | ||||||||
2.25%, 10/01/30 (Call 07/01/30) | 4,134 | 4,091,927 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mining (continued) | ||||||||
3.70%, 03/15/23 (Call 12/15/22) | $ | 69 | $ | 71,018 | ||||
4.88%, 03/15/42 (Call 09/15/41) | 16,455 | 20,380,543 | ||||||
6.25%, 10/01/39(a) | 12,351 | 17,291,617 | ||||||
MiningRio Tinto Alcan Inc., 6.13%, 12/15/33(a) | 7,221 | 10,082,321 | ||||||
Rio Tinto Finance USA Ltd. | ||||||||
3.75%, 06/15/25 (Call 03/15/25)(a) | 24,865 | 26,923,494 | ||||||
5.20%, 11/02/40 | 18,195 | 24,568,470 | ||||||
7.13%, 07/15/28(a) | 9,751 | 13,456,049 | ||||||
MiningRio Tinto Finance USA PLC, | 9,937 | 12,176,320 | ||||||
|
| |||||||
256,170,085 | ||||||||
Oil & Gas— 4.9% | ||||||||
Apache Corp. | ||||||||
4.25%, 01/15/44 (Call 07/15/43) | 9,274 | 6,120,840 | ||||||
4.38%, 10/15/28 (Call 07/15/28) | 13,737 | 10,992,622 | ||||||
4.75%, 04/15/43 (Call 10/15/42) | 21,665 | 14,841,067 | ||||||
5.10%, 09/01/40 (Call 03/01/40) | 16,818 | 11,688,510 | ||||||
BP Capital Markets America Inc. | ||||||||
2.75%, 05/10/23 | 717 | 733,811 | ||||||
3.00%, 02/24/50 (Call 08/24/49) | 17,194 | 16,279,487 | ||||||
3.02%, 01/16/27 (Call 10/16/26) | 18,131 | 18,512,164 | ||||||
3.12%, 05/04/26 (Call 02/04/26) | 21,295 | 22,149,083 | ||||||
3.19%, 04/06/25 (Call 03/06/25) | 745 | 779,209 | ||||||
3.22%, 11/28/23 (Call 09/28/23) | 10,229 | 10,663,098 | ||||||
3.22%, 04/14/24 (Call 02/14/24) | 13,820 | 14,386,591 | ||||||
3.41%, 02/11/26 (Call 12/11/25) | 15,956 | 16,895,631 | ||||||
3.79%, 02/06/24 (Call 01/06/24) | 14,981 | 15,875,020 | ||||||
3.80%, 09/21/25 (Call 07/21/25)(a) | 17,024 | 18,338,774 | ||||||
3.94%, 09/21/28 (Call 06/21/28) | 11,030 | 11,958,244 | ||||||
4.23%, 11/06/28 (Call 08/06/28) | 35,031 | 39,019,055 | ||||||
BP Capital Markets PLC | ||||||||
3.28%, 09/19/27 (Call 06/19/27)(a) | 20,254 | 21,147,295 | ||||||
3.51%, 03/17/25 | 15,180 | 16,134,122 | ||||||
3.54%, 11/04/24(a) | 17,716 | 18,772,928 | ||||||
3.72%, 11/28/28 (Call 08/28/28) | 10,758 | 11,504,165 | ||||||
3.81%, 02/10/24 | 18,015 | 19,106,012 | ||||||
3.99%, 09/26/23 | 8,264 | 8,839,502 | ||||||
Canadian Natural Resources Ltd. | ||||||||
3.85%, 06/01/27 (Call 03/01/27) | 15,492 | 14,132,376 | ||||||
4.95%, 06/01/47 (Call 12/01/46)(a) | 10,469 | 9,557,671 | ||||||
6.25%, 03/15/38 | 18,058 | 17,791,645 | ||||||
Chevron Corp. | ||||||||
2.57%, 05/16/23 (Call 03/16/23) | 2,336 | 2,433,407 | ||||||
2.90%, 03/03/24 (Call 01/03/24)(a) | 12,522 | 13,292,596 | ||||||
2.95%, 05/16/26 (Call 02/16/26) | 31,827 | 34,551,598 | ||||||
3.19%, 06/24/23 (Call 03/24/23) | 21,804 | 23,064,805 | ||||||
3.33%, 11/17/25 (Call 08/17/25)(a) | 14,573 | 16,028,330 | ||||||
Cimarex Energy Co. | ||||||||
3.90%, 05/15/27 (Call 02/15/27) | 11,768 | 10,414,680 | ||||||
4.38%, 06/01/24 (Call 03/01/24) | 9,480 | 8,643,864 | ||||||
Concho Resources Inc. | ||||||||
3.75%, 10/01/27 (Call 07/01/27) | 15,216 | 14,814,019 | ||||||
4.30%, 08/15/28 (Call 05/15/28) | 11,747 | 11,959,758 | ||||||
4.88%, 10/01/47 (Call 04/01/47)(a) | 11,352 | 11,326,608 | ||||||
Oil & GasConocoPhillips, 6.50%, 02/01/39 | 41,681 | 59,346,979 | ||||||
ConocoPhillips Co. | ||||||||
4.30%, 11/15/44 (Call 05/15/44) | 10,214 | 11,894,974 | ||||||
4.95%, 03/15/26 (Call 12/15/25) | 15,360 | 17,729,464 | ||||||
Oil & GasConocoPhillips Holding Co., 6.95%, 04/15/29 | 20,382 | 27,142,532 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Devon Energy Corp. | ||||||||
4.75%, 05/15/42 (Call 11/15/41) | $ | 7,209 | $ | 5,709,426 | ||||
5.00%, 06/15/45 (Call 12/15/44) | 15,579 | 12,218,751 | ||||||
5.60%, 07/15/41 (Call 01/15/41) | 18,788 | 15,201,621 | ||||||
Diamondback Energy Inc. | ||||||||
2.88%, 12/01/24 (Call 11/01/24)(a) | 14,147 | 12,889,534 | ||||||
3.25%, 12/01/26 (Call 10/01/26) | 15,414 | 13,315,984 | ||||||
3.50%, 12/01/29 (Call 09/01/29) | 19,677 | 16,925,888 | ||||||
5.38%, 05/31/25 (Call 05/31/20) | 7,090 | 6,702,177 | ||||||
Oil & GasEOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)(a) | 13,342 | 14,712,676 | ||||||
Equinor ASA | ||||||||
2.65%, 01/15/24 | 17,067 | 17,623,408 | ||||||
2.88%, 04/06/25 (Call 03/06/25) | 685 | 717,459 | ||||||
3.13%, 04/06/30 (Call 01/06/30) | 490 | 526,441 | ||||||
3.25%, 11/18/49 (Call 05/18/49) | 16,890 | 17,618,496 | ||||||
3.63%, 09/10/28 (Call 06/10/28) | 11,339 | 12,508,041 | ||||||
3.70%, 03/01/24 | 16,645 | 17,818,892 | ||||||
3.70%, 04/06/50 (Call 10/06/49) | 335 | 371,163 | ||||||
3.95%, 05/15/43 | 11,673 | 12,873,365 | ||||||
4.80%, 11/08/43 | 14,007 | 17,163,898 | ||||||
5.10%, 08/17/40 | 11,167 | 13,993,304 | ||||||
Exxon Mobil Corp. | ||||||||
2.02%, 08/16/24 (Call 07/16/24) | 12,612 | 12,909,885 | ||||||
2.28%, 08/16/26 (Call 06/16/26) | 21,800 | 22,335,249 | ||||||
2.44%, 08/16/29 (Call 05/16/29) | 22,762 | 23,403,800 | ||||||
2.61%, 10/15/30 (Call 07/15/30) | 60,250 | 62,681,539 | ||||||
2.71%, 03/06/25 (Call 12/06/24) | 28,843 | 30,248,753 | ||||||
2.99%, 03/19/25 (Call 02/19/25) | 15,000 | 16,013,232 | ||||||
3.00%, 08/16/39 (Call 02/16/39) | 11,649 | 11,790,669 | ||||||
3.04%, 03/01/26 (Call 12/01/25) | 37,456 | 40,135,441 | ||||||
3.10%, 08/16/49 (Call 02/16/49)(a) | 23,559 | 24,019,107 | ||||||
3.18%, 03/15/24 (Call 12/15/23)(a) | 9,464 | 10,068,710 | ||||||
3.29%, 03/19/27 (Call 01/19/27) | 10,200 | 11,122,415 | ||||||
3.45%, 04/15/51 (Call 10/15/50) | 18,823 | 20,613,909 | ||||||
3.48%, 03/19/30 (Call 12/19/29) | 50,000 | 55,797,100 | ||||||
3.57%, 03/06/45 (Call 09/06/44) | 13,621 | 14,647,372 | ||||||
4.11%, 03/01/46 (Call 09/01/45)(a) | 37,772 | 44,331,988 | ||||||
4.23%, 03/19/40 (Call 09/19/39) | 10,200 | 12,188,516 | ||||||
4.33%, 03/19/50 (Call 09/19/49) | 43,477 | 53,112,121 | ||||||
Hess Corp. | ||||||||
4.30%, 04/01/27 (Call 01/01/27) | 11,126 | 10,061,735 | ||||||
5.60%, 02/15/41(a) | 20,482 | 17,829,853 | ||||||
6.00%, 01/15/40(a) | 13,245 | 11,915,713 | ||||||
Husky Energy Inc. | ||||||||
4.00%, 04/15/24 (Call 01/15/24) | 1,599 | 1,440,486 | ||||||
4.40%, 04/15/29 (Call 01/15/29) | 9,916 | 8,057,246 | ||||||
Marathon Oil Corp. | ||||||||
3.85%, 06/01/25 (Call 03/01/25) | 12,790 | 11,031,375 | ||||||
4.40%, 07/15/27 (Call 04/15/27) | 17,529 | 13,628,798 | ||||||
6.60%, 10/01/37 | 12,988 | 10,172,609 | ||||||
Marathon Petroleum Corp. | ||||||||
3.63%, 09/15/24 (Call 06/15/24) | 7,252 | 6,974,765 | ||||||
4.75%, 09/15/44 (Call 03/15/44) | 14,292 | 12,996,677 | ||||||
6.50%, 03/01/41 (Call 09/01/40) | 20,397 | 21,369,284 | ||||||
Oil & GasNewfield Exploration Co., 5.63%, 07/01/24 | 8,495 | 6,079,993 | ||||||
Noble Energy Inc. | ||||||||
5.05%, 11/15/44 (Call 05/15/44) | 12,331 | 9,050,024 | ||||||
5.25%, 11/15/43 (Call 05/15/43) | 13,878 | 10,258,949 | ||||||
6.00%, 03/01/41 (Call 09/01/40) | 12,216 | 9,732,286 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Oil & GasOvintiv Inc., 6.50%, 08/15/34 | $ | 10,276 | $ | 6,413,937 | ||||
Phillips 66 | ||||||||
3.90%, 03/15/28 (Call 12/15/27)(a) | 12,265 | 12,880,417 | ||||||
4.65%, 11/15/34 (Call 05/15/34) | 11,824 | 12,886,315 | ||||||
4.88%, 11/15/44 (Call 05/15/44)(a) | 27,589 | 30,974,071 | ||||||
5.88%, 05/01/42 | 21,641 | 27,452,074 | ||||||
Shell International Finance BV | ||||||||
2.00%, 11/07/24 (Call 10/07/24) | 21,098 | 21,285,004 | ||||||
2.38%, 11/07/29 (Call 08/07/29) | 26,353 | 26,447,444 | ||||||
2.50%, 09/12/26 | 14,349 | 14,812,379 | ||||||
2.75%, 04/06/30 (Call 01/06/30) | 200 | 209,064 | ||||||
2.88%, 05/10/26 | 28,279 | 29,897,317 | ||||||
3.13%, 11/07/49 (Call 05/07/49)(a) | 18,557 | 18,856,671 | ||||||
3.25%, 05/11/25 | 43,526 | 46,477,868 | ||||||
3.40%, 08/12/23 | 9,402 | 9,952,803 | ||||||
3.50%, 11/13/23 (Call 10/13/23) | 8,222 | 8,714,297 | ||||||
3.75%, 09/12/46 | 18,006 | 19,532,855 | ||||||
3.88%, 11/13/28 (Call 08/13/28) | 25,925 | 28,913,784 | ||||||
4.00%, 05/10/46 | 34,372 | 39,017,953 | ||||||
4.13%, 05/11/35 | 23,195 | 26,844,585 | ||||||
4.38%, 05/11/45 | 46,742 | 55,073,299 | ||||||
4.55%, 08/12/43 | 18,794 | 22,399,693 | ||||||
5.50%, 03/25/40(a) | 5,186 | 6,788,664 | ||||||
6.38%, 12/15/38 | 41,667 | 59,930,929 | ||||||
Suncor Energy Inc. | ||||||||
3.60%, 12/01/24 (Call 09/01/24) | 8,602 | 8,782,676 | ||||||
4.00%, 11/15/47 (Call 05/15/47)(a) | 8,081 | 7,628,467 | ||||||
6.50%, 06/15/38 | 17,850 | 19,333,878 | ||||||
6.80%, 05/15/38 | 17,966 | 19,867,090 | ||||||
6.85%, 06/01/39 | 8,067 | 9,017,223 | ||||||
Oil & GasTotal Capital Canada Ltd., 2.75%, 07/15/23 | 6,669 | 6,904,566 | ||||||
Total Capital International SA | ||||||||
2.43%, 01/10/25 (Call 10/10/24)(a) | 16,721 | 17,222,695 | ||||||
2.83%, 01/10/30 (Call 10/10/29)(a) | 19,975 | 20,660,963 | ||||||
3.46%, 02/19/29 (Call 11/19/28)(a) | 20,486 | 22,088,524 | ||||||
3.46%, 07/12/49 (Call 01/12/49) | 16,038 | 16,805,539 | ||||||
3.70%, 01/15/24 | 13,168 | 14,080,108 | ||||||
3.75%, 04/10/24 | 12,750 | 13,715,962 | ||||||
Oil & GasTotal Capital SA, 3.88%, 10/11/28 | 15,764 | 17,434,749 | ||||||
Valero Energy Corp. | ||||||||
3.40%, 09/15/26 (Call 06/15/26) | 20,258 | 20,143,694 | ||||||
4.00%, 04/01/29 (Call 01/01/29) | 18,476 | 18,937,085 | ||||||
4.35%, 06/01/28 (Call 03/01/28) | 6,186 | 6,381,802 | ||||||
6.63%, 06/15/37 | 21,943 | 25,757,170 | ||||||
7.50%, 04/15/32 | 9,375 | 11,391,514 | ||||||
|
| |||||||
2,265,687,787 | ||||||||
Oil & Gas Services — 0.4% | ||||||||
Oil & Gas ServicesBaker Hughes a GE Co. LLC, 5.13%, 09/15/40(a) | 13,811 | 14,076,678 | ||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc. | ||||||||
3.34%, 12/15/27 (Call 09/15/27) | 21,010 | 20,077,874 | ||||||
4.08%, 12/15/47 (Call 06/15/47) | 21,781 | 18,261,151 | ||||||
Halliburton Co. | ||||||||
3.80%, 11/15/25 (Call 08/15/25)(a) | 14,555 | 13,966,338 | ||||||
4.75%, 08/01/43 (Call 02/01/43) | 11,430 | 9,136,884 | ||||||
4.85%, 11/15/35 (Call 05/15/35) | 13,490 | 11,820,317 | ||||||
5.00%, 11/15/45 (Call 05/15/45) | 33,416 | 27,433,584 | ||||||
6.70%, 09/15/38 | 17,422 | 17,740,093 | ||||||
7.45%, 09/15/39 | 14,798 | 15,195,132 |
Security | Par (000) | Value | ||||||
Oil & Gas Services (continued) | ||||||||
Oil & Gas ServicesSchlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23) | $ | 23,926 | $ | 24,341,638 | ||||
|
| |||||||
172,049,689 | ||||||||
Packaging & Containers — 0.1% | ||||||||
WRKCo Inc. | ||||||||
4.65%, 03/15/26 (Call 01/15/26)(a) | 16,118 | 17,810,611 | ||||||
4.90%, 03/15/29 (Call 12/15/28)(a) | 10,940 | 12,444,323 | ||||||
|
| |||||||
30,254,934 | ||||||||
Pharmaceuticals — 9.3% | ||||||||
AbbVie Inc. | ||||||||
2.60%, 11/21/24 (Call 10/21/24)(a)(b) | 49,611 | 51,485,259 | ||||||
2.85%, 05/14/23 (Call 03/14/23) | 12,483 | 13,028,190 | ||||||
2.95%, 11/21/26 (Call 09/21/26)(b) | 54,426 | 57,529,643 | ||||||
3.20%, 05/14/26 (Call 02/14/26)(a) | 29,770 | 31,812,660 | ||||||
3.20%, 11/21/29 (Call 08/21/29)(a)(b) | 82,424 | 87,937,259 | ||||||
3.60%, 05/14/25 (Call 02/14/25)(a) | 53,909 | 58,580,926 | ||||||
3.75%, 11/14/23 (Call 10/14/23)(a) | 15,475 | 16,664,331 | ||||||
4.05%, 11/21/39 (Call 05/21/39)(b) | 50,435 | 56,014,927 | ||||||
4.25%, 11/14/28 (Call 08/14/28)(a) | 31,915 | 36,505,826 | ||||||
4.25%, 11/21/49 (Call 05/21/49)(a)(b) | 77,875 | 89,688,793 | ||||||
4.30%, 05/14/36 (Call 11/14/35)(a) | 12,279 | 13,969,936 | ||||||
4.40%, 11/06/42 | 39,493 | 45,534,923 | ||||||
4.45%, 05/14/46 (Call 11/14/45)(a) | 24,994 | 29,111,869 | ||||||
4.50%, 05/14/35 (Call 11/14/34)(a) | 38,382 | 44,837,553 | ||||||
4.70%, 05/14/45 (Call 11/14/44) | 37,381 | 44,621,659 | ||||||
4.88%, 11/14/48 (Call 05/14/48) | 26,687 | 33,067,483 | ||||||
PharmaceuticalsAllergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22) | 7,144 | 7,339,246 | ||||||
Allergan Funding SCS | ||||||||
3.45%, 03/15/22 (Call 01/15/22) | 2,953 | 3,029,740 | ||||||
3.80%, 03/15/25 (Call 12/15/24)(a) | 43,057 | 46,484,385 | ||||||
3.85%, 06/15/24 (Call 03/15/24) | 12,685 | 13,550,546 | ||||||
4.55%, 03/15/35 (Call 09/15/34) | 19,731 | 22,524,458 | ||||||
4.75%, 03/15/45 (Call 09/15/44) | 11,110 | 12,956,722 | ||||||
4.85%, 06/15/44 (Call 12/15/43) | 12,101 | 14,230,193 | ||||||
PharmaceuticalsAmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)(a) | 9,315 | 10,089,319 | ||||||
AstraZeneca PLC | ||||||||
3.13%, 06/12/27 (Call 03/12/27)(a) | 13,344 | 14,557,761 | ||||||
3.38%, 11/16/25 | 39,032 | 43,169,829 | ||||||
3.50%, 08/17/23 (Call 07/17/23) | 6,402 | 6,855,101 | ||||||
4.00%, 01/17/29 (Call 10/17/28)(a) | 15,076 | 17,721,368 | ||||||
4.00%, 09/18/42(a) | 14,044 | 17,223,644 | ||||||
4.38%, 11/16/45(a) | 15,003 | 19,725,655 | ||||||
4.38%, 08/17/48 (Call 02/17/48)(a) | 9,854 | 13,220,187 | ||||||
6.45%, 09/15/37(a) | 40,138 | 60,345,853 | ||||||
Becton Dickinson and Co. | ||||||||
3.36%, 06/06/24 (Call 04/06/24)(a) | 23,814 | 25,230,807 | ||||||
3.70%, 06/06/27 (Call 03/06/27) | 35,522 | 38,723,601 | ||||||
3.73%, 12/15/24 (Call 09/15/24) | 22,900 | 24,657,497 | ||||||
4.67%, 06/06/47 (Call 12/06/46)(a) | 20,592 | 25,756,272 | ||||||
4.69%, 12/15/44 (Call 06/15/44)(a) | 15,081 | 18,329,643 | ||||||
Bristol-Myers Squibb Co. | ||||||||
2.90%, 07/26/24 (Call 06/26/24)(b) | 47,510 | 50,637,802 | ||||||
3.20%, 06/15/26 (Call 04/15/26)(a)(b) | 37,024 | 40,878,739 | ||||||
3.25%, 02/27/27(a) | 8,493 | 9,464,241 | ||||||
3.40%, 07/26/29 (Call 04/26/29)(a)(b) | 56,314 | 64,220,874 | ||||||
3.45%, 11/15/27 (Call 08/15/27)(a)(b) | 9,710 | 10,888,063 | ||||||
3.63%, 05/15/24 (Call 02/15/24)(b) | 18,178 | 19,752,249 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
3.88%, 08/15/25 (Call 05/15/25)(a)(b) | $ | 39,147 | $ | 43,910,716 | ||||
3.90%, 02/20/28 (Call 11/20/27)(b) | 22,212 | 25,579,310 | ||||||
4.13%, 06/15/39 (Call 12/15/38)(a)(b) | 27,168 | 33,667,064 | ||||||
4.25%, 10/26/49 (Call 04/26/49)(a)(b) | 49,198 | 64,295,626 | ||||||
4.35%, 11/15/47 (Call 05/15/47)(b) | 18,084 | 23,530,103 | ||||||
4.55%, 02/20/48 (Call 08/20/47)(b) | 22,354 | 30,004,040 | ||||||
4.63%, 05/15/44 (Call 11/15/43)(b) | 13,014 | 17,311,496 | ||||||
5.00%, 08/15/45 (Call 02/15/45)(b) | 27,617 | 38,178,804 | ||||||
Cardinal Health Inc. | ||||||||
3.08%, 06/15/24 (Call 04/15/24) | 13,057 | 13,444,931 | ||||||
3.41%, 06/15/27 (Call 03/15/27)(a) | 17,286 | 18,413,561 | ||||||
Cigna Corp. | ||||||||
2.40%, 03/15/30 (Call 12/15/29) | 4,922 | 4,973,198 | ||||||
3.00%, 07/15/23 (Call 05/16/23)(b) | 3,796 | 3,945,860 | ||||||
3.25%, 04/15/25 (Call 01/15/25)(b) | 19,957 | 21,322,538 | ||||||
3.40%, 03/01/27 (Call 12/01/26)(a)(b) | 14,439 | 15,437,542 | ||||||
3.40%, 03/15/50 (Call 09/15/49) | 4,092 | 4,295,316 | ||||||
3.75%, 07/15/23 (Call 06/15/23) | 17,086 | 18,220,314 | ||||||
3.88%, 10/15/47 (Call 04/15/47)(b) | 10,766 | 11,867,852 | ||||||
4.13%, 11/15/25 (Call 09/15/25)(a) | 48,789 | 54,629,731 | ||||||
4.38%, 10/15/28 (Call 07/15/28)(a) | 51,447 | 58,843,540 | ||||||
4.50%, 02/25/26 (Call 11/27/25)(a)(b) | 24,150 | 27,462,373 | ||||||
4.80%, 08/15/38 (Call 02/15/38)(a) | 32,704 | 39,793,701 | ||||||
4.80%, 07/15/46 (Call 01/16/46)(a)(b) | 24,888 | 30,810,072 | ||||||
4.90%, 12/15/48 (Call 06/15/48)(a) | 40,263 | 51,647,955 | ||||||
CVS Health Corp. | ||||||||
2.63%, 08/15/24 (Call 07/15/24)(a) | 13,230 | 13,738,794 | ||||||
2.88%, 06/01/26 (Call 03/01/26) | 26,294 | 27,628,668 | ||||||
3.00%, 08/15/26 (Call 06/15/26)(a) | 5,380 | 5,697,262 | ||||||
3.25%, 08/15/29 (Call 05/15/29) | 17,765 | 18,902,932 | ||||||
3.75%, 04/01/30 (Call 01/01/30) | 17,230 | 19,124,445 | ||||||
3.88%, 07/20/25 (Call 04/20/25)(a) | 41,144 | 45,045,274 | ||||||
4.00%, 12/05/23 (Call 09/05/23)(a) | 7,465 | 8,059,709 | ||||||
4.10%, 03/25/25 (Call 01/25/25) | 75,808 | 83,453,911 | ||||||
4.13%, 04/01/40 (Call 10/01/39) | 5,200 | 5,836,953 | ||||||
4.25%, 04/01/50 (Call 10/01/49) | 4,775 | 5,520,005 | ||||||
4.30%, 03/25/28 (Call 12/25/27)(a) | 132,168 | 149,225,258 | ||||||
4.78%, 03/25/38 (Call 09/25/37)(a) | 76,177 | 90,219,293 | ||||||
5.05%, 03/25/48 (Call 09/25/47)(a) | 106,415 | 134,263,039 | ||||||
5.13%, 07/20/45 (Call 01/20/45)(a) | 55,793 | 70,178,812 | ||||||
5.30%, 12/05/43 (Call 06/05/43)(a) | 10,720 | 13,627,690 | ||||||
Eli Lilly & Co. | ||||||||
3.38%, 03/15/29 (Call 12/15/28)(a) | 19,417 | 22,134,434 | ||||||
3.95%, 03/15/49 (Call 09/15/48)(a) | 25,046 | 31,770,052 | ||||||
4.15%, 03/15/59 (Call 09/15/58) | 16,856 | 22,566,813 | ||||||
GlaxoSmithKline Capital Inc. | ||||||||
2.80%, 03/18/23(a) | 6,117 | 6,459,577 | ||||||
3.38%, 05/15/23 | 8,188 | 8,732,312 | ||||||
3.63%, 05/15/25(a) | 17,792 | 19,846,072 | ||||||
3.88%, 05/15/28(a) | 16,861 | 19,579,595 | ||||||
6.38%, 05/15/38(a) | 46,296 | 72,003,511 | ||||||
GlaxoSmithKline Capital PLC | ||||||||
3.00%, 06/01/24 (Call 05/01/24) | 17,591 | 18,824,643 | ||||||
3.38%, 06/01/29 (Call 03/01/29)(a) | 14,537 | 16,526,160 | ||||||
Johnson & Johnson | ||||||||
2.45%, 03/01/26 (Call 12/01/25) | 27,251 | 29,342,100 | ||||||
2.63%, 01/15/25 (Call 11/15/24)(a) | 12,755 | 13,757,817 | ||||||
2.90%, 01/15/28 (Call 10/15/27)(a) | 16,760 | 18,761,555 | ||||||
2.95%, 03/03/27 (Call 12/03/26) | 11,475 | 12,761,458 | ||||||
3.38%, 12/05/23(a) | 8,136 | 8,993,969 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
3.40%, 01/15/38 (Call 07/15/37)(a) | $ | 18,955 | $ | 22,120,256 | ||||
3.50%, 01/15/48 (Call 07/15/47)(a) | 15,460 | 19,318,167 | ||||||
3.55%, 03/01/36 (Call 09/01/35) | 12,968 | 15,265,337 | ||||||
3.63%, 03/03/37 (Call 09/03/36) | 25,667 | 30,631,550 | ||||||
3.70%, 03/01/46 (Call 09/01/45) | 25,171 | 31,529,028 | ||||||
3.75%, 03/03/47 (Call 09/03/46)(a) | 14,313 | 18,272,588 | ||||||
4.38%, 12/05/33 (Call 06/05/33) | 18,551 | 24,141,136 | ||||||
5.95%, 08/15/37(a) | 11,446 | 17,169,820 | ||||||
PharmaceuticalsMead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)(a) | 8,958 | 10,169,317 | ||||||
Merck & Co. Inc. | ||||||||
2.75%, 02/10/25 (Call 11/10/24)(a) | 32,805 | 35,436,059 | ||||||
2.80%, 05/18/23(a) | 21,255 | 22,615,594 | ||||||
2.90%, 03/07/24 (Call 02/07/24)(a) | 10,641 | 11,435,553 | ||||||
3.40%, 03/07/29 (Call 12/07/28)(a) | 36,033 | 41,382,607 | ||||||
3.70%, 02/10/45 (Call 08/10/44) | 32,566 | 39,438,429 | ||||||
3.90%, 03/07/39 (Call 09/07/38) | 9,925 | 12,156,941 | ||||||
4.00%, 03/07/49 (Call 09/07/48)(a) | 23,364 | 30,673,876 | ||||||
4.15%, 05/18/43(a) | 17,543 | 22,429,396 | ||||||
Mylan Inc. | ||||||||
4.55%, 04/15/28 (Call 01/15/28) | 12,048 | 13,141,697 | ||||||
5.20%, 04/15/48 (Call 10/15/47)(a) | 10,023 | 11,286,098 | ||||||
Mylan NV | ||||||||
3.95%, 06/15/26 (Call 03/15/26)(a) | 32,166 | 34,028,000 | ||||||
3.95%, 06/15/26 (Call 03/15/26)(b) | 1,497 | 1,585,997 | ||||||
5.25%, 06/15/46 (Call 12/15/45)(a) | 14,614 | 16,615,276 | ||||||
Novartis Capital Corp. | ||||||||
1.75%, 02/14/25 (Call 01/14/25)(a) | 20,479 | 21,043,506 | ||||||
2.00%, 02/14/27 (Call 12/14/26)(a) | 23,107 | 24,457,392 | ||||||
2.20%, 08/14/30 (Call 05/14/30)(a) | 29,875 | 31,531,333 | ||||||
2.75%, 08/14/50 (Call 02/14/50)(a) | 26,495 | 28,692,776 | ||||||
3.00%, 11/20/25 (Call 08/20/25)(a) | 27,117 | 29,619,411 | ||||||
3.10%, 05/17/27 (Call 02/17/27)(a) | 18,132 | 20,197,373 | ||||||
3.40%, 05/06/24 | 19,849 | 21,652,012 | ||||||
4.00%, 11/20/45 (Call 05/20/45)(a) | 10,340 | 13,333,415 | ||||||
4.40%, 05/06/44 | 23,056 | 31,007,184 | ||||||
Pfizer Inc. | ||||||||
2.75%, 06/03/26(a) | 22,919 | 25,079,356 | ||||||
2.95%, 03/15/24 (Call 02/15/24)(a) | 9,029 | 9,728,124 | ||||||
3.00%, 06/15/23(a) | 11,342 | 12,117,311 | ||||||
3.00%, 12/15/26(a) | 21,753 | 24,222,120 | ||||||
3.20%, 09/15/23 (Call 08/15/23)(a) | 4,087 | 4,422,008 | ||||||
3.40%, 05/15/24(a) | 17,639 | 19,337,921 | ||||||
3.45%, 03/15/29 (Call 12/15/28)(a) | 19,547 | 22,416,331 | ||||||
3.60%, 09/15/28 (Call 06/15/28) | 17,112 | 19,655,613 | ||||||
3.90%, 03/15/39 (Call 09/15/38)(a) | 11,349 | 13,869,199 | ||||||
4.00%, 12/15/36(a) | 10,261 | 12,456,059 | ||||||
4.00%, 03/15/49 (Call 09/15/48)(a) | 17,084 | 22,061,295 | ||||||
4.13%, 12/15/46 | 15,004 | 19,022,119 | ||||||
4.20%, 09/15/48 (Call 03/15/48)(a) | 15,362 | 20,182,276 | ||||||
4.30%, 06/15/43(a) | 15,211 | 19,581,952 | ||||||
4.40%, 05/15/44(a) | 12,739 | 16,674,662 | ||||||
7.20%, 03/15/39(a) | 34,526 | 57,659,024 | ||||||
Sanofi | ||||||||
3.38%, 06/19/23 (Call 05/19/23)(a) | 7,939 | 8,479,116 | ||||||
3.63%, 06/19/28 (Call 03/19/28)(a) | 9,367 | 11,060,609 | ||||||
Shire Acquisitions Investments Ireland DAC | ||||||||
2.88%, 09/23/23 (Call 07/23/23) | 28,663 | 29,792,001 | ||||||
3.20%, 09/23/26 (Call 06/23/26)(a) | 45,985 | 49,790,719 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||
4.40%, 11/26/23 (Call 10/26/23) | $ | 18,758 | $ | 20,528,132 | ||||
5.00%, 11/26/28 (Call 08/26/28)(a) | 28,533 | 34,383,189 | ||||||
Wyeth LLC | ||||||||
5.95%, 04/01/37(a) | 27,374 | 39,698,588 | ||||||
6.50%, 02/01/34 | 11,425 | 16,713,693 | ||||||
Zoetis Inc. | ||||||||
3.00%, 09/12/27 (Call 06/12/27)(a) | 11,934 | 12,848,868 | ||||||
4.50%, 11/13/25 (Call 08/13/25)(a) | 11,185 | 12,706,956 | ||||||
4.70%, 02/01/43 (Call 08/01/42)(a) | 15,104 | 19,476,735 | ||||||
|
| |||||||
4,302,463,888 | ||||||||
Pipelines — 3.3% | ||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 (Call 05/18/29)(b) | 21,848 | 20,083,136 | ||||||
5.13%, 06/30/27 (Call 01/01/27) | 29,811 | 29,803,547 | ||||||
5.88%, 03/31/25 (Call 10/02/24) | 20,211 | 20,861,744 | ||||||
7.00%, 06/30/24 (Call 01/01/24) | 12,487 | 13,368,582 | ||||||
PipelinesEnable Midstream Partners LP, 4.95%, 05/15/28 (Call 02/15/28) | 14,145 | 10,857,297 | ||||||
Enbridge Inc. | ||||||||
3.13%, 11/15/29 (Call 08/15/29) | 20,456 | 19,647,708 | ||||||
4.00%, 10/01/23 (Call 07/01/23) | 8,469 | 8,731,132 | ||||||
4.25%, 12/01/26 (Call 09/01/26) | 12,574 | 13,200,207 | ||||||
5.50%, 12/01/46 (Call 06/01/46) | 9,578 | 10,775,802 | ||||||
Energy Transfer Operating LP | ||||||||
2.90%, 05/15/25 (Call 04/15/25) | 17,502 | 16,290,659 | ||||||
3.75%, 05/15/30 (Call 02/15/30) | 15,903 | 14,563,013 | ||||||
4.05%, 03/15/25 (Call 12/15/24) | 17,693 | 17,306,328 | ||||||
4.50%, 04/15/24 (Call 03/15/24) | 11,573 | 11,491,102 | ||||||
4.75%, 01/15/26 (Call 10/15/25) | 15,678 | 15,411,896 | ||||||
4.95%, 06/15/28 (Call 03/15/28)(a) | 15,387 | 14,860,688 | ||||||
5.00%, 05/15/50 (Call 11/15/49) | 25,334 | 22,645,303 | ||||||
5.15%, 03/15/45 (Call 09/15/44) | 7,758 | 6,859,608 | ||||||
5.25%, 04/15/29 (Call 01/15/29) | 21,352 | 21,339,061 | ||||||
5.30%, 04/15/47 (Call 10/15/46) | 12,134 | 10,808,789 | ||||||
5.50%, 06/01/27 (Call 03/01/27) | 13,997 | 14,212,974 | ||||||
5.88%, 01/15/24 (Call 10/15/23) | 15,986 | 16,554,668 | ||||||
6.00%, 06/15/48 (Call 12/15/47) | 15,186 | 14,431,623 | ||||||
6.13%, 12/15/45 (Call 06/15/45) | 16,651 | 15,885,798 | ||||||
6.25%, 04/15/49 (Call 10/15/48) | 29,149 | 28,685,304 | ||||||
6.50%, 02/01/42 (Call 08/01/41) | 14,745 | 14,783,305 | ||||||
Enterprise Products Operating LLC | ||||||||
2.80%, 01/31/30 (Call 10/31/29) | 20,423 | 20,153,539 | ||||||
3.13%, 07/31/29 (Call 04/30/29) | 22,876 | 22,878,159 | ||||||
3.70%, 02/15/26 (Call 11/15/25) | 16,413 | 17,493,254 | ||||||
3.70%, 01/31/51 (Call 07/31/50) | 15,822 | 14,784,604 | ||||||
3.75%, 02/15/25 (Call 11/15/24)(a) | 16,722 | 17,751,007 | ||||||
3.90%, 02/15/24 (Call 11/15/23) | 10,108 | 10,682,004 | ||||||
3.95%, 01/31/60 (Call 07/31/59) | 17,965 | 16,530,899 | ||||||
4.15%, 10/16/28 (Call 07/16/28) | 16,533 | 17,650,363 | ||||||
4.20%, 01/31/50 (Call 07/31/49) | 20,968 | 21,227,701 | ||||||
4.25%, 02/15/48 (Call 08/15/47) | 18,926 | 18,783,461 | ||||||
4.45%, 02/15/43 (Call 08/15/42)(a) | 13,346 | 13,512,139 | ||||||
4.80%, 02/01/49 (Call 08/01/48)(a) | 18,060 | 19,589,705 | ||||||
4.85%, 08/15/42 (Call 02/15/42) | 12,669 | 13,328,178 | ||||||
4.85%, 03/15/44 (Call 09/15/43) | 16,442 | 17,718,733 | ||||||
4.90%, 05/15/46 (Call 11/15/45) | 13,746 | 14,629,717 | ||||||
5.10%, 02/15/45 (Call 08/15/44) | 15,800 | 17,291,067 | ||||||
5.95%, 02/01/41 | 7,272 | 8,330,698 |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
Kinder Morgan Energy Partners LP | ||||||||
5.50%, 03/01/44 (Call 09/01/43) | $ | 8,262 | $ | 9,208,615 | ||||
6.95%, 01/15/38 | 17,053 | 20,363,327 | ||||||
Kinder Morgan Inc./DE | ||||||||
4.30%, 06/01/25 (Call 03/01/25) | 21,799 | 23,232,378 | ||||||
4.30%, 03/01/28 (Call 12/01/27)(a) | 17,795 | 18,850,117 | ||||||
5.05%, 02/15/46 (Call 08/15/45) | 13,778 | 14,986,880 | ||||||
5.20%, 03/01/48 (Call 09/01/47)(a) | 13,666 | 15,417,603 | ||||||
5.30%, 12/01/34 (Call 06/01/34) | 7,420 | 8,015,912 | ||||||
5.55%, 06/01/45 (Call 12/01/44)(a) | 27,866 | 31,972,484 | ||||||
7.75%, 01/15/32 | 11,676 | 14,896,379 | ||||||
MPLX LP | ||||||||
4.00%, 03/15/28 (Call 12/15/27)(a) | 18,653 | 17,592,864 | ||||||
4.13%, 03/01/27 (Call 12/01/26)(a) | 18,417 | 17,850,395 | ||||||
4.50%, 07/15/23 (Call 04/15/23) | 5,509 | 5,510,794 | ||||||
4.50%, 04/15/38 (Call 10/15/37) | 25,114 | 22,378,375 | ||||||
4.70%, 04/15/48 (Call 10/15/47) | 23,524 | 20,944,720 | ||||||
4.80%, 02/15/29 (Call 11/15/28)(a) | 11,679 | 11,745,916 | ||||||
4.88%, 12/01/24 (Call 09/01/24) | 18,563 | 18,332,611 | ||||||
4.88%, 06/01/25 (Call 03/01/25) | 17,236 | 16,791,225 | ||||||
5.20%, 03/01/47 (Call 09/01/46) | 13,603 | 12,762,890 | ||||||
5.50%, 02/15/49 (Call 08/15/48) | 21,284 | 20,944,082 | ||||||
ONEOK Inc. | ||||||||
3.40%, 09/01/29 (Call 06/01/29) | 14,508 | 12,052,691 | ||||||
4.45%, 09/01/49 (Call 03/01/49) | 8,526 | 6,535,407 | ||||||
4.55%, 07/15/28 (Call 04/15/28)(a) | 16,024 | 14,525,014 | ||||||
5.20%, 07/15/48 (Call 01/15/48) | 13,422 | 11,218,708 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
3.55%, 12/15/29 (Call 09/15/29) | 14,888 | 12,698,298 | ||||||
3.60%, 11/01/24 (Call 08/01/24) | 10,688 | 10,008,680 | ||||||
4.50%, 12/15/26 (Call 09/15/26) | 11,223 | 10,316,476 | ||||||
4.65%, 10/15/25 (Call 07/15/25) | 18,513 | 17,445,818 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.20%, 03/15/28 (Call 09/15/27) | 22,820 | 22,540,911 | ||||||
5.00%, 03/15/27 (Call 09/15/26)(a) | 19,510 | 20,041,843 | ||||||
5.63%, 03/01/25 (Call 12/01/24) | 24,020 | 25,190,975 | ||||||
5.75%, 05/15/24 (Call 02/15/24) | 20,029 | 20,866,100 | ||||||
5.88%, 06/30/26 (Call 12/31/25) | 17,433 | 18,497,380 | ||||||
PipelinesSpectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23) | 10,834 | 11,491,290 | ||||||
Sunoco Logistics Partners Operations LP | ||||||||
4.00%, 10/01/27 (Call 07/01/27) | 11,226 | 10,442,466 | ||||||
5.35%, 05/15/45 (Call 11/15/44) | 12,791 | 11,513,625 | ||||||
5.40%, 10/01/47 (Call 04/01/47) | 16,930 | 15,350,412 | ||||||
TransCanada PipeLines Ltd. | ||||||||
4.10%, 04/15/30 (Call 01/15/30) | 200 | 216,331 | ||||||
4.25%, 05/15/28 (Call 02/15/28) | 18,882 | 20,284,487 | ||||||
4.63%, 03/01/34 (Call 12/01/33) | 24,458 | 26,002,980 | ||||||
4.88%, 01/15/26 (Call 10/15/25) | 10,686 | 11,734,805 | ||||||
4.88%, 05/15/48 (Call 11/15/47)(a) | 15,125 | 17,000,919 | ||||||
5.10%, 03/15/49 (Call 09/15/48) | 17,689 | 20,545,489 | ||||||
6.10%, 06/01/40(a) | 10,002 | 12,092,725 | ||||||
6.20%, 10/15/37 | 12,228 | 14,976,319 | ||||||
7.63%, 01/15/39 | 15,616 | 20,964,560 | ||||||
PipelinesTranscontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25) | 23,420 | 27,251,100 | ||||||
Williams Companies Inc. (The) | ||||||||
3.75%, 06/15/27 (Call 03/15/27)(a) | 21,509 | 21,609,221 | ||||||
3.90%, 01/15/25 (Call 10/15/24) | 11,171 | 11,272,233 | ||||||
4.00%, 09/15/25 (Call 06/15/25) | 12,121 | 12,322,550 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
4.30%, 03/04/24 (Call 12/04/23) | $ | 12,253 | $ | 12,554,513 | ||||
4.55%, 06/24/24 (Call 03/24/24) | 7,934 | 8,243,902 | ||||||
4.85%, 03/01/48 (Call 09/01/47)(a) | 12,861 | 13,111,371 | ||||||
5.10%, 09/15/45 (Call 03/15/45)(a) | 14,187 | 14,824,036 | ||||||
6.30%, 04/15/40 | 18,623 | 21,467,784 | ||||||
|
| |||||||
1,544,803,488 | ||||||||
Real Estate Investment Trusts — 1.6% | ||||||||
Real Estate Investment TrustsAlexandria Real Estate Equities Inc., 3.38%, 08/15/31 (Call 05/15/31)(a) | 13,365 | 14,211,325 | ||||||
American Tower Corp. | ||||||||
2.40%, 03/15/25 (Call 02/15/25) | 7,496 | 7,692,614 | ||||||
2.75%, 01/15/27 (Call 11/15/26)(a) | 12,157 | 12,564,393 | ||||||
2.90%, 01/15/30 (Call 10/15/29)(a) | 10,772 | 11,279,452 | ||||||
3.38%, 10/15/26 (Call 07/15/26)(a) | 13,125 | 14,160,998 | ||||||
3.55%, 07/15/27 (Call 04/15/27)(a) | 12,307 | 13,410,673 | ||||||
3.80%, 08/15/29 (Call 05/15/29)(a) | 27,970 | 31,234,896 | ||||||
4.00%, 06/01/25 (Call 03/01/25) | 13,423 | 14,775,774 | ||||||
5.00%, 02/15/24(a) | 9,613 | 10,717,628 | ||||||
Boston Properties LP | ||||||||
2.75%, 10/01/26 (Call 07/01/26)(a) | 23,096 | 23,041,685 | ||||||
3.20%, 01/15/25 (Call 10/15/24)(a) | 13,970 | 14,424,535 | ||||||
3.40%, 06/21/29 (Call 03/21/29)(a) | 14,218 | 14,760,677 | ||||||
3.65%, 02/01/26 (Call 11/03/25)(a) | 26,416 | 27,518,208 | ||||||
4.50%, 12/01/28 (Call 09/01/28)(a) | 9,155 | 10,316,217 | ||||||
Real Estate Investment TrustsBrixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29) | 13,538 | 13,560,338 | ||||||
Crown Castle International Corp. | ||||||||
3.15%, 07/15/23 (Call 06/15/23)(a) | 6,647 | 6,953,102 | ||||||
3.20%, 09/01/24 (Call 07/01/24) | 10,815 | 11,464,521 | ||||||
3.30%, 07/01/30 (Call 04/01/30) | 225 | 241,243 | ||||||
3.65%, 09/01/27 (Call 06/01/27)(a) | 11,638 | 12,739,596 | ||||||
3.70%, 06/15/26 (Call 03/15/26)(a) | 9,263 | 10,124,141 | ||||||
3.80%, 02/15/28 (Call 11/15/27)(a) | 20,469 | 22,604,060 | ||||||
4.45%, 02/15/26 (Call 11/15/25)(a) | 12,212 | 13,699,829 | ||||||
Digital Realty Trust LP | ||||||||
3.60%, 07/01/29 (Call 04/01/29)(a) | 11,186 | 11,985,409 | ||||||
3.70%, 08/15/27 (Call 05/15/27)(a) | 20,839 | 22,206,480 | ||||||
Equinix Inc. | ||||||||
2.63%, 11/18/24 (Call 10/18/24) | 8,780 | 9,019,355 | ||||||
3.20%, 11/18/29 (Call 08/18/29)(a) | 17,383 | 18,251,802 | ||||||
5.38%, 05/15/27 (Call 05/15/22)(a) | 17,609 | 18,929,675 | ||||||
5.88%, 01/15/26 (Call 01/15/21)(a) | 13,162 | 13,758,239 | ||||||
Real Estate Investment TrustsERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)(a) | 9,541 | 11,646,982 | ||||||
GLP Capital LP/GLP Financing II Inc. | ||||||||
5.25%, 06/01/25 (Call 03/01/25)(a) | 12,011 | 11,728,742 | ||||||
5.30%, 01/15/29 (Call 10/15/28) | 11,322 | 10,829,657 | ||||||
5.38%, 04/15/26 (Call 01/15/26) | 15,013 | 14,945,886 | ||||||
Healthpeak Properties Inc. | ||||||||
3.00%, 01/15/30 (Call 10/15/29)(a) | 7,241 | 6,891,803 | ||||||
3.88%, 08/15/24 (Call 05/17/24)(a) | 14,889 | 15,394,175 | ||||||
4.00%, 06/01/25 (Call 03/01/25)(a) | 13,619 | 13,988,614 | ||||||
Prologis LP | ||||||||
2.25%, 04/15/30 (Call 01/15/30)(a) | 21,441 | 21,449,443 | ||||||
3.75%, 11/01/25 (Call 08/01/25)(a) | 7,503 | 8,237,448 | ||||||
Real Estate Investment TrustsRealty Income Corp., 4.65%, 08/01/23 (Call 05/01/23)(a) | 9,681 | 10,275,236 | ||||||
Simon Property Group LP | ||||||||
2.00%, 09/13/24 (Call 06/13/24) | 13,775 | 12,975,938 | ||||||
2.45%, 09/13/29 (Call 06/13/29)(a) | 19,686 | 17,660,096 |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
3.25%, 11/30/26 (Call 08/30/26)(a) | $ | 6,898 | $ | 6,777,736 | ||||
3.25%, 09/13/49 (Call 03/13/49)(a) | 16,672 | 13,815,936 | ||||||
3.30%, 01/15/26 (Call 10/15/25)(a) | 15,359 | 15,072,075 | ||||||
3.38%, 10/01/24 (Call 07/01/24)(a) | 15,655 | 15,578,514 | ||||||
3.38%, 06/15/27 (Call 03/15/27)(a) | 11,497 | 11,195,398 | ||||||
3.38%, 12/01/27 (Call 09/01/27)(a) | 15,118 | 14,736,719 | ||||||
Real Estate Investment TrustsVentas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)(a) | 11,649 | 11,859,987 | ||||||
Welltower Inc. | ||||||||
3.10%, 01/15/30 (Call 10/15/29)(a) | 11,060 | 10,499,108 | ||||||
3.63%, 03/15/24 (Call 02/15/24) | 12,732 | 12,854,873 | ||||||
4.00%, 06/01/25 (Call 03/01/25)(a) | 28,686 | 29,399,622 | ||||||
4.25%, 04/15/28 (Call 01/15/28) | 11,047 | 11,421,278 | ||||||
Weyerhaeuser Co. | ||||||||
4.00%, 11/15/29 (Call 08/15/29)(a) | 13,547 | 14,472,186 | ||||||
7.38%, 03/15/32(a) | 17,466 | 23,165,551 | ||||||
|
| |||||||
752,519,868 | ||||||||
Retail — 3.8% | ||||||||
RetailAutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30) | 295 | 317,505 | ||||||
Costco Wholesale Corp. | ||||||||
1.38%, 06/20/27 (Call 04/20/27) | 100 | 100,530 | ||||||
1.60%, 04/20/30 (Call 01/20/30) | 225 | 223,365 | ||||||
1.75%, 04/20/32 (Call 01/20/32) | 950 | 945,866 | ||||||
2.75%, 05/18/24 (Call 03/18/24)(a) | 14,921 | 15,966,583 | ||||||
3.00%, 05/18/27 (Call 02/18/27)(a) | 14,942 | 16,603,621 | ||||||
Dollar Tree Inc. | ||||||||
3.70%, 05/15/23 (Call 04/15/23)(a) | 14,284 | 14,977,521 | ||||||
4.00%, 05/15/25 (Call 03/15/25)(a) | 15,341 | 16,579,479 | ||||||
4.20%, 05/15/28 (Call 02/15/28) | 18,930 | 20,314,220 | ||||||
Home Depot Inc. (The) | ||||||||
2.13%, 09/15/26 (Call 06/15/26)(a) | 18,829 | 19,839,383 | ||||||
2.50%, 04/15/27 (Call 02/15/27) | 3,400 | 3,579,705 | ||||||
2.70%, 04/15/30 (Call 01/15/30)(a) | 10,225 | 10,927,523 | ||||||
2.80%, 09/14/27 (Call 06/14/27)(a) | 15,242 | 16,488,244 | ||||||
2.95%, 06/15/29 (Call 03/15/29)(a) | 24,359 | 26,359,878 | ||||||
3.00%, 04/01/26 (Call 01/01/26)(a) | 19,500 | 21,349,663 | ||||||
3.13%, 12/15/49 (Call 06/15/49)(a) | 23,842 | 25,510,575 | ||||||
3.30%, 04/15/40 (Call 10/15/39) | 15,000 | 16,393,608 | ||||||
3.35%, 09/15/25 (Call 06/15/25)(a) | 17,834 | 19,750,267 | ||||||
3.35%, 04/15/50 (Call 10/15/49)(a) | 11,620 | 12,877,047 | ||||||
3.50%, 09/15/56 (Call 03/15/56)(a) | 14,596 | 16,483,349 | ||||||
3.75%, 02/15/24 (Call 11/15/23)(a) | 15,317 | 16,840,352 | ||||||
3.90%, 12/06/28 (Call 09/06/28)(a) | 11,624 | 13,459,055 | ||||||
3.90%, 06/15/47 (Call 12/15/46)(a) | 20,778 | 24,527,488 | ||||||
4.20%, 04/01/43 (Call 10/01/42) | 10,208 | 12,287,666 | ||||||
4.25%, 04/01/46 (Call 10/01/45)(a) | 20,710 | 25,871,688 | ||||||
4.40%, 03/15/45 (Call 09/15/44)(a) | 13,324 | 16,620,051 | ||||||
4.50%, 12/06/48 (Call 06/06/48)(a) | 25,311 | 32,839,858 | ||||||
4.88%, 02/15/44 (Call 08/15/43)(a) | 12,157 | 16,061,047 | ||||||
5.88%, 12/16/36(a) | 44,090 | 63,700,562 | ||||||
5.95%, 04/01/41 (Call 10/01/40)(a) | 12,611 | 18,491,064 | ||||||
Lowe’s Companies Inc. | ||||||||
2.50%, 04/15/26 (Call 01/15/26)(a) | 28,951 | 30,111,831 | ||||||
3.10%, 05/03/27 (Call 02/03/27)(a) | 23,189 | 24,514,854 | ||||||
3.38%, 09/15/25 (Call 06/15/25)(a) | 12,473 | 13,499,755 | ||||||
3.65%, 04/05/29 (Call 01/05/29)(a) | 22,006 | 24,112,621 | ||||||
3.70%, 04/15/46 (Call 10/15/45)(a) | 21,350 | 22,916,315 | ||||||
4.05%, 05/03/47 (Call 11/03/46) | 23,475 | 26,343,110 | ||||||
4.38%, 09/15/45 (Call 03/15/45)(a) | 10,820 | 12,551,178 | ||||||
4.50%, 04/15/30 (Call 01/15/30) | 10,200 | 12,048,541 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
4.55%, 04/05/49 (Call 10/05/48)(a) | $ | 22,506 | $ | 27,550,749 | ||||
4.65%, 04/15/42 (Call 10/15/41)(a) | 5,092 | 6,027,470 | ||||||
5.00%, 04/15/40 (Call 10/15/39) | 400 | 494,585 | ||||||
McDonald’s Corp. | ||||||||
2.63%, 09/01/29 (Call 06/01/29) | 22,230 | 23,136,219 | ||||||
3.30%, 07/01/25 (Call 06/01/25) | 1,305 | 1,425,054 | ||||||
3.50%, 03/01/27 (Call 12/01/26) | 15,287 | 16,775,783 | ||||||
3.50%, 07/01/27 (Call 05/01/27) | 15,000 | 16,646,700 | ||||||
3.60%, 07/01/30 (Call 04/01/30)(a) | 17,275 | 19,491,469 | ||||||
3.63%, 09/01/49 (Call 03/01/49) | 17,968 | 19,681,709 | ||||||
3.70%, 01/30/26 (Call 10/30/25)(a) | 32,079 | 35,497,014 | ||||||
3.80%, 04/01/28 (Call 01/01/28)(a) | 14,110 | 15,809,583 | ||||||
4.20%, 04/01/50 (Call 10/01/49) | 10,650 | 12,623,186 | ||||||
4.45%, 03/01/47 (Call 09/01/46) | 15,043 | 18,441,853 | ||||||
4.45%, 09/01/48 (Call 03/01/48)(a) | 14,422 | 17,728,210 | ||||||
4.70%, 12/09/35 (Call 06/09/35)(a) | 11,745 | 14,528,029 | ||||||
4.88%, 12/09/45 (Call 06/09/45) | 23,114 | 28,893,635 | ||||||
6.30%, 10/15/37(a) | 11,431 | 15,705,401 | ||||||
6.30%, 03/01/38 | 9,588 | 13,225,474 | ||||||
RetailO’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)(a) | 12,024 | 12,588,924 | ||||||
Starbucks Corp. | ||||||||
3.55%, 08/15/29 (Call 05/15/29)(a) | 12,737 | 13,918,945 | ||||||
3.80%, 08/15/25 (Call 06/15/25)(a) | 29,082 | 31,905,685 | ||||||
3.85%, 10/01/23 (Call 07/01/23) | 4,813 | 5,169,262 | ||||||
4.00%, 11/15/28 (Call 08/15/28)(a) | 12,932 | 14,532,471 | ||||||
4.45%, 08/15/49 (Call 02/15/49) | 15,333 | 18,325,292 | ||||||
4.50%, 11/15/48 (Call 05/15/48) | 16,425 | 19,253,709 | ||||||
Target Corp. | ||||||||
2.25%, 04/15/25 (Call 03/15/25) | 110 | 115,867 | ||||||
2.35%, 02/15/30 (Call 11/15/29) | 12,140 | 12,707,810 | ||||||
2.50%, 04/15/26(a) | 14,737 | 15,813,806 | ||||||
2.65%, 09/15/30 (Call 06/15/30) | 500 | 538,075 | ||||||
3.38%, 04/15/29 (Call 01/15/29)(a) | 18,399 | 20,788,460 | ||||||
3.50%, 07/01/24(a) | 11,004 | 12,136,561 | ||||||
3.63%, 04/15/46(a) | 15,573 | 18,673,131 | ||||||
3.90%, 11/15/47 (Call 05/15/47)(a) | 10,834 | 13,586,718 | ||||||
4.00%, 07/01/42(a) | 18,370 | 22,771,077 | ||||||
TJX Companies Inc. (The) | ||||||||
2.25%, 09/15/26 (Call 06/15/26)(a) | 12,169 | 12,362,570 | ||||||
3.50%, 04/15/25 (Call 03/15/25) | 10,000 | 10,785,770 | ||||||
Walgreens Boots Alliance Inc. | ||||||||
3.45%, 06/01/26 (Call 03/01/26)(a) | 24,230 | 25,292,197 | ||||||
3.80%, 11/18/24 (Call 08/18/24)(a) | 23,365 | 24,842,196 | ||||||
4.80%, 11/18/44 (Call 05/18/44)(a) | 14,268 | 15,195,984 | ||||||
Walmart Inc. | ||||||||
2.65%, 12/15/24 (Call 10/15/24)(a) | 22,641 | 24,269,658 | ||||||
2.85%, 07/08/24 (Call 06/08/24)(a) | 17,365 | 18,640,954 | ||||||
2.95%, 09/24/49 (Call 03/24/49)(a) | 20,108 | 22,520,109 | ||||||
3.05%, 07/08/26 (Call 05/08/26) | 20,806 | 22,967,386 | ||||||
3.25%, 07/08/29 (Call 04/08/29)(a) | 20,734 | 23,546,198 | ||||||
3.30%, 04/22/24 (Call 01/22/24) | 21,473 | 23,384,655 | ||||||
3.40%, 06/26/23 (Call 05/26/23)(a) | 35,951 | 38,866,630 | ||||||
3.55%, 06/26/25 (Call 04/26/25)(a) | 23,703 | 26,511,327 | ||||||
3.63%, 12/15/47 (Call 06/15/47)(a) | 18,785 | 22,928,965 | ||||||
3.70%, 06/26/28 (Call 03/26/28)(a) | 42,155 | 48,832,765 | ||||||
3.95%, 06/28/38 (Call 12/28/37) | 25,021 | 30,808,362 | ||||||
4.05%, 06/29/48 (Call 12/29/47)(a) | 44,041 | 57,475,910 | ||||||
5.25%, 09/01/35 | 29,846 | 42,211,517 | ||||||
5.63%, 04/01/40 | 5,675 | 8,343,960 |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
5.63%, 04/15/41 | $ | 14,699 | $ | 21,814,786 | ||||
6.20%, 04/15/38(a) | 6,484 | 10,008,852 | ||||||
6.50%, 08/15/37(a) | 10,848 | 16,840,933 | ||||||
|
| |||||||
1,767,344,568 | ||||||||
Semiconductors — 2.6% | ||||||||
Analog Devices Inc. | ||||||||
3.50%, 12/05/26 (Call 09/05/26)(a) | 12,002 | 12,868,070 | ||||||
3.90%, 12/15/25 (Call 09/15/25)(a) | 18,142 | 19,830,734 | ||||||
Applied Materials Inc. | ||||||||
3.30%, 04/01/27 (Call 01/01/27)(a) | 25,256 | 27,884,463 | ||||||
4.35%, 04/01/47 (Call 10/01/46)(a) | 11,469 | 14,875,390 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd. | ||||||||
3.13%, 01/15/25 (Call 11/15/24)(a) | 16,097 | 16,520,419 | ||||||
3.50%, 01/15/28 (Call 10/15/27)(a) | 19,789 | 20,055,625 | ||||||
3.63%, 01/15/24 (Call 11/15/23)(a) | 35,163 | 36,617,584 | ||||||
3.88%, 01/15/27 (Call 10/15/26) | 73,359 | 76,251,986 | ||||||
Broadcom Inc. | ||||||||
3.63%, 10/15/24 (Call 09/15/24)(a)(b) | 26,575 | 27,927,875 | ||||||
4.25%, 04/15/26 (Call 02/15/26)(a)(b) | 45,262 | 48,368,562 | ||||||
4.70%, 04/15/25 (Call 03/15/25)(b) | 680 | 749,593 | ||||||
4.75%, 04/15/29 (Call 01/15/29)(a)(b) | 36,045 | 39,493,274 | ||||||
5.00%, 04/15/30 (Call 01/15/30)(b) | 100 | 112,503 | ||||||
Intel Corp. | ||||||||
2.45%, 11/15/29 (Call 08/15/29) | 30,128 | 31,915,521 | ||||||
2.60%, 05/19/26 (Call 02/19/26)(a) | 14,199 | 15,184,050 | ||||||
2.88%, 05/11/24 (Call 03/11/24)(a) | 17,511 | 18,713,449 | ||||||
3.10%, 02/15/60 (Call 08/15/59)(a) | 15,010 | 15,989,017 | ||||||
3.15%, 05/11/27 (Call 02/11/27)(a) | 11,559 | 12,721,994 | ||||||
3.25%, 11/15/49 (Call 05/15/49) | 31,736 | 35,523,041 | ||||||
3.40%, 03/25/25 (Call 02/25/25) | 10,000 | 11,057,079 | ||||||
3.70%, 07/29/25 (Call 04/29/25) | 38,423 | 43,126,359 | ||||||
3.73%, 12/08/47 (Call 06/08/47)(a) | 34,085 | 40,693,052 | ||||||
3.75%, 03/25/27 (Call 01/25/27) | 5,685 | 6,529,171 | ||||||
3.90%, 03/25/30 (Call 12/25/29) | 10,200 | 12,107,585 | ||||||
4.00%, 12/15/32(a) | 10,583 | 12,917,996 | ||||||
4.10%, 05/19/46 (Call 11/19/45) | 18,085 | 22,551,467 | ||||||
4.10%, 05/11/47 (Call 11/11/46)(a) | 13,917 | 17,498,456 | ||||||
4.60%, 03/25/40 (Call 09/25/39) | 10,000 | 12,944,441 | ||||||
4.75%, 03/25/50 (Call 09/25/49) | 35,000 | 49,130,035 | ||||||
4.80%, 10/01/41 | 9,207 | 12,272,634 | ||||||
4.90%, 07/29/45 (Call 01/29/45)(a) | 8,643 | 11,877,812 | ||||||
KLA Corp. | ||||||||
3.30%, 03/01/50 (Call 08/28/49)(a) | 18,374 | 17,945,575 | ||||||
4.10%, 03/15/29 (Call 12/15/28)(a) | 12,263 | 13,884,724 | ||||||
4.65%, 11/01/24 (Call 08/01/24) | 15,820 | 17,555,748 | ||||||
Lam Research Corp. | ||||||||
1.90%, 06/15/30 (Call 03/15/30) | 2,030 | 2,023,301 | ||||||
2.88%, 05/15/50 (Call 12/15/49) | 1,920 | 1,914,950 | ||||||
3.75%, 03/15/26 (Call 01/15/26) | 18,478 | 20,544,925 | ||||||
4.00%, 03/15/29 (Call 12/15/28) | 9,376 | 10,918,432 | ||||||
4.88%, 03/15/49 (Call 09/15/48) | 11,950 | 16,138,519 | ||||||
SemiconductorsMicrochip Technology Inc., 4.33%, 06/01/23 (Call 05/01/23)(a) | 14,878 | 15,391,084 | ||||||
Micron Technology Inc. | ||||||||
4.19%, 02/15/27 (Call 12/15/26)(a) | 14,991 | 15,943,119 | ||||||
4.66%, 02/15/30 (Call 11/15/29) | 10,194 | 11,322,258 | ||||||
NVIDIA Corp. | ||||||||
2.85%, 04/01/30 (Call 01/01/30) | 16,285 | 17,744,628 | ||||||
3.20%, 09/16/26 (Call 06/16/26)(a) | 15,811 | 17,444,313 | ||||||
3.50%, 04/01/40 (Call 10/01/39) | 20,000 | 22,456,814 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Semiconductors (continued) | ||||||||
3.50%, 04/01/50 (Call 10/01/49) | $ | 23,995 | $ | 27,493,260 | ||||
SemiconductorsNXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)(a)(b) | 7,356 | 7,965,396 | ||||||
NXP BV/NXP Funding LLC/NXP USA Inc. | ||||||||
3.40%, 05/01/30 (Call 02/01/30)(b) | 675 | 676,424 | ||||||
3.88%, 06/18/26 (Call 04/18/26)(a)(b) | 10,723 | 11,238,262 | ||||||
4.30%, 06/18/29 (Call 03/18/29)(a)(b) | 16,890 | 18,010,359 | ||||||
QUALCOMM Inc. | ||||||||
2.90%, 05/20/24 (Call 03/20/24) | 23,617 | 25,126,674 | ||||||
3.25%, 05/20/27 (Call 02/20/27)(a) | 36,108 | 39,306,938 | ||||||
3.45%, 05/20/25 (Call 02/20/25) | 30,070 | 32,998,135 | ||||||
4.30%, 05/20/47 (Call 11/20/46)(a) | 22,630 | 27,660,941 | ||||||
4.65%, 05/20/35 (Call 11/20/34)(a) | 11,099 | 14,160,775 | ||||||
4.80%, 05/20/45 (Call 11/20/44)(a) | 22,834 | 28,971,261 | ||||||
Texas Instruments Inc. | ||||||||
2.25%, 09/04/29 (Call 06/04/29)(a) | 13,023 | 13,601,032 | ||||||
3.88%, 03/15/39 (Call 09/15/38) | 14,272 | 17,055,584 | ||||||
4.15%, 05/15/48 (Call 11/15/47)(a) | 24,160 | 30,480,147 | ||||||
|
| |||||||
1,220,282,815 | ||||||||
Software — 4.4% | ||||||||
Adobe Inc. | ||||||||
2.15%, 02/01/27 (Call 12/01/26) | 17,633 | 18,461,296 | ||||||
2.30%, 02/01/30 (Call 11/01/29) | 21,348 | 22,470,266 | ||||||
3.25%, 02/01/25 (Call 11/01/24)(a) | 1,369 | 1,503,702 | ||||||
Fidelity National Information Services Inc. | ||||||||
3.00%, 08/15/26 (Call 05/15/26)(a) | 18,838 | 20,061,383 | ||||||
3.75%, 05/21/29 (Call 02/21/29)(a) | 15,008 | 16,879,945 | ||||||
Fiserv Inc. | ||||||||
2.75%, 07/01/24 (Call 06/01/24)(a) | 30,072 | 31,372,894 | ||||||
3.20%, 07/01/26 (Call 05/01/26)(a) | 30,741 | 32,853,248 | ||||||
3.50%, 07/01/29 (Call 04/01/29)(a) | 44,847 | 48,917,134 | ||||||
3.80%, 10/01/23 (Call 09/01/23)(a) | 7,595 | 8,209,686 | ||||||
3.85%, 06/01/25 (Call 03/01/25)(a) | 10,292 | 11,307,754 | ||||||
4.20%, 10/01/28 (Call 07/01/28)(a) | 16,204 | 18,492,742 | ||||||
4.40%, 07/01/49 (Call 01/01/49)(a) | 28,612 | 34,670,883 | ||||||
Microsoft Corp. | ||||||||
2.00%, 08/08/23 (Call 06/08/23)(a) | 23,393 | 24,350,190 | ||||||
2.38%, 05/01/23 (Call 02/01/23)(a) | 5,138 | 5,377,307 | ||||||
2.40%, 08/08/26 (Call 05/08/26) | 54,347 | 58,588,463 | ||||||
2.70%, 02/12/25 (Call 11/12/24)(a) | 30,409 | 32,866,506 | ||||||
2.88%, 02/06/24 (Call 12/06/23) | 34,925 | 37,591,667 | ||||||
3.13%, 11/03/25 (Call 08/03/25)(a) | 37,195 | 41,284,918 | ||||||
3.30%, 02/06/27 (Call 11/06/26)(a) | 59,558 | 67,258,379 | ||||||
3.45%, 08/08/36 (Call 02/08/36)(a) | 34,522 | 40,165,770 | ||||||
3.50%, 02/12/35 (Call 08/12/34) | 23,482 | 28,022,503 | ||||||
3.50%, 11/15/42 | 14,970 | 17,560,223 | ||||||
3.63%, 12/15/23 (Call 09/15/23)(a) | 12,570 | 13,754,690 | ||||||
3.70%, 08/08/46 (Call 02/08/46)(a) | 56,188 | 68,835,672 | ||||||
3.75%, 02/12/45 (Call 08/12/44)(a) | 22,873 | 28,030,141 | ||||||
3.95%, 08/08/56 (Call 02/08/56)(a) | 29,784 | 38,656,418 | ||||||
4.00%, 02/12/55 (Call 08/12/54) | 34,098 | 44,409,389 | ||||||
4.10%, 02/06/37 (Call 08/06/36)(a) | 37,390 | 46,593,507 | ||||||
4.20%, 11/03/35 (Call 05/03/35)(a) | 15,676 | 20,050,651 | ||||||
4.25%, 02/06/47 (Call 08/06/46)(a) | 44,503 | 59,257,044 | ||||||
4.45%, 11/03/45 (Call 05/03/45)(a) | 44,605 | 60,506,629 | ||||||
4.50%, 10/01/40 | 13,473 | 17,792,934 | ||||||
4.50%, 02/06/57 (Call 08/06/56)(a) | 29,274 | 41,826,911 | ||||||
4.75%, 11/03/55 (Call 05/03/55)(a) | 12,858 | 18,817,794 | ||||||
5.20%, 06/01/39(a) | 9,640 | 13,615,971 | ||||||
5.30%, 02/08/41(a) | 7,354 | 10,627,330 |
Security | Par (000) | Value | ||||||
Software (continued) | ||||||||
Oracle Corp. | ||||||||
2.40%, 09/15/23 (Call 07/15/23)(a) | $ | 22,840 | $ | 23,896,060 | ||||
2.50%, 04/01/25 (Call 03/01/25) | 35,750 | 37,507,935 | ||||||
2.65%, 07/15/26 (Call 04/15/26)(a) | 53,935 | 57,379,273 | ||||||
2.95%, 11/15/24 (Call 09/15/24) | 34,927 | 37,437,203 | ||||||
2.95%, 05/15/25 (Call 02/15/25)(a) | 37,702 | 40,475,574 | ||||||
2.95%, 04/01/30 (Call 01/01/30)(a) | 70,200 | 76,484,501 | ||||||
3.25%, 11/15/27 (Call 08/15/27)(a) | 43,091 | 47,460,600 | ||||||
3.40%, 07/08/24 (Call 04/08/24)(a) | 26,102 | 28,243,478 | ||||||
3.60%, 04/01/40 (Call 10/01/39) | 40,000 | 45,399,440 | ||||||
3.60%, 04/01/50 (Call 10/01/49) | 60,000 | 68,056,560 | ||||||
3.63%, 07/15/23(a) | 16,412 | 17,703,606 | ||||||
3.80%, 11/15/37 (Call 05/15/37)(a) | 26,173 | 29,753,074 | ||||||
3.85%, 07/15/36 (Call 01/15/36) | 18,474 | 21,220,716 | ||||||
3.85%, 04/01/60 (Call 10/01/59) | 25,000 | 28,916,940 | ||||||
3.90%, 05/15/35 (Call 11/15/34)(a) | 20,742 | 24,372,489 | ||||||
4.00%, 07/15/46 (Call 01/15/46) | 43,902 | 51,821,526 | ||||||
4.00%, 11/15/47 (Call 05/15/47)(a) | 33,929 | 40,323,568 | ||||||
4.13%, 05/15/45 (Call 11/15/44)(a) | 30,236 | 36,150,763 | ||||||
4.30%, 07/08/34 (Call 01/08/34)(a) | 26,450 | 32,432,157 | ||||||
4.38%, 05/15/55 (Call 11/15/54) | 14,170 | 17,923,514 | ||||||
4.50%, 07/08/44 (Call 01/08/44)(a) | 15,031 | 18,758,646 | ||||||
5.38%, 07/15/40(a) | 28,914 | 39,111,540 | ||||||
6.13%, 07/08/39 | 19,187 | 27,912,873 | ||||||
6.50%, 04/15/38(a) | 13,271 | 19,666,332 | ||||||
Softwaresalesforce.com Inc., 3.70%, 04/11/28 (Call 01/11/28) | 25,458 | 29,014,974 | ||||||
VMware Inc. | ||||||||
3.90%, 08/21/27 (Call 05/21/27)(a) | 21,352 | 21,727,567 | ||||||
4.50%, 05/15/25 (Call 04/15/25) | 400 | 422,673 | ||||||
|
| |||||||
2,020,615,522 | ||||||||
Telecommunications — 7.1% | ||||||||
AT&T Inc. | ||||||||
3.40%, 05/15/25 (Call 02/15/25) | 61,754 | 65,141,139 | ||||||
3.60%, 07/15/25 (Call 04/15/25) | 21,410 | 22,912,087 | ||||||
3.80%, 03/01/24 (Call 01/01/24)(a) | 8,782 | 9,381,036 | ||||||
3.80%, 02/15/27 (Call 11/15/26)(a) | 19,196 | 20,698,701 | ||||||
3.90%, 03/11/24 (Call 12/11/23)(a) | 7,232 | 7,745,341 | ||||||
3.95%, 01/15/25 (Call 10/15/24) | 21,528 | 23,206,876 | ||||||
4.10%, 02/15/28 (Call 11/15/27)(a) | 37,528 | 41,318,973 | ||||||
4.13%, 02/17/26 (Call 11/17/25) | 39,531 | 43,453,123 | ||||||
4.25%, 03/01/27 (Call 12/01/26)(a) | 30,677 | 33,833,047 | ||||||
4.30%, 02/15/30 (Call 11/15/29)(a) | 45,652 | 51,145,191 | ||||||
4.30%, 12/15/42 (Call 06/15/42)(a) | 28,482 | 30,933,377 | ||||||
4.35%, 03/01/29 (Call 12/01/28)(a) | 33,994 | 38,161,780 | ||||||
4.35%, 06/15/45 (Call 12/15/44)(a) | 39,628 | 43,413,393 | ||||||
4.45%, 04/01/24 (Call 01/01/24) | 10,221 | 11,114,935 | ||||||
4.50%, 05/15/35 (Call 11/15/34) | 40,218 | 44,942,650 | ||||||
4.50%, 03/09/48 (Call 09/09/47)(a) | 62,368 | 71,397,664 | ||||||
4.55%, 03/09/49 (Call 09/09/48)(a) | 34,878 | 39,948,738 | ||||||
4.75%, 05/15/46 (Call 11/15/45)(a) | 42,021 | 48,513,648 | ||||||
4.80%, 06/15/44 (Call 12/15/43)(a) | 37,583 | 43,104,127 | ||||||
4.85%, 03/01/39 (Call 09/01/38)(a) | 30,788 | 35,607,618 | ||||||
4.85%, 07/15/45 (Call 01/15/45)(a) | 12,006 | 13,925,813 | ||||||
4.90%, 08/15/37 (Call 02/14/37) | 19,100 | 22,052,659 | ||||||
5.15%, 03/15/42(a) | 18,293 | 21,813,727 | ||||||
5.15%, 11/15/46 (Call 05/15/46) | 27,559 | 33,102,380 | ||||||
5.15%, 02/15/50 (Call 08/14/49)(a) | 25,217 | 31,136,411 | ||||||
5.25%, 03/01/37 (Call 09/01/36)(a) | 46,827 | 55,516,321 | ||||||
5.35%, 09/01/40(a) | 25,205 | 30,289,045 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
5.45%, 03/01/47 (Call 09/01/46)(a) | $ | 28,826 | $ | 36,552,311 | ||||
5.55%, 08/15/41(a) | 15,680 | 19,277,497 | ||||||
5.65%, 02/15/47 (Call 08/15/46)(a) | 20,735 | 26,545,001 | ||||||
5.70%, 03/01/57 (Call 09/01/56)(a) | 14,289 | 18,617,332 | ||||||
6.00%, 08/15/40 (Call 05/15/40)(a) | 17,602 | 23,194,486 | ||||||
6.30%, 01/15/38(a) | 3,841 | 5,053,387 | ||||||
6.38%, 03/01/41 | 14,131 | 18,820,378 | ||||||
TelecommunicationsBritish Telecommunications PLC, 9.63%, 12/15/30 | 40,510 | 62,116,843 | ||||||
Cisco Systems Inc. | ||||||||
2.20%, 09/20/23 (Call 07/20/23)(a) | 6,672 | 6,933,637 | ||||||
2.50%, 09/20/26 (Call 06/20/26)(a) | 18,880 | 20,414,746 | ||||||
2.95%, 02/28/26(a) | 14,527 | 16,002,156 | ||||||
3.63%, 03/04/24(a) | 8,071 | 8,889,989 | ||||||
5.50%, 01/15/40(a) | 32,180 | 46,418,987 | ||||||
5.90%, 02/15/39 | 29,335 | 43,182,135 | ||||||
Corning Inc. | ||||||||
4.38%, 11/15/57 (Call 05/15/57)(a) | 7,502 | 8,199,885 | ||||||
5.45%, 11/15/79 (Call 05/15/79)(a) | 17,845 | 19,857,259 | ||||||
TelecommunicationsDeutsche Telekom International Finance BV, 8.75%, 06/15/30 | 49,485 | 73,200,097 | ||||||
TelecommunicationsMotorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29)(a) | 11,969 | 13,529,218 | ||||||
Orange SA | ||||||||
5.38%, 01/13/42(a) | 12,925 | 17,023,847 | ||||||
5.50%, 02/06/44 (Call 08/06/43)(a) | 9,518 | 13,094,558 | ||||||
9.00%, 03/01/31 | 37,655 | 59,827,661 | ||||||
Rogers Communications Inc. | ||||||||
3.70%, 11/15/49 (Call 05/15/49) | 17,049 | 18,583,456 | ||||||
4.10%, 10/01/23 (Call 07/01/23)(a) | 5,682 | 6,190,592 | ||||||
4.30%, 02/15/48 (Call 08/15/47) | 9,967 | 11,698,418 | ||||||
4.35%, 05/01/49 (Call 11/01/48)(a) | 19,919 | 23,958,940 | ||||||
5.00%, 03/15/44 (Call 09/15/43)(a) | 13,131 | 16,667,747 | ||||||
Telefonica Emisiones SA | ||||||||
4.10%, 03/08/27(a) | 23,263 | 25,128,732 | ||||||
4.67%, 03/06/38 | 11,369 | 12,683,250 | ||||||
4.90%, 03/06/48(a) | 20,199 | 23,406,028 | ||||||
5.21%, 03/08/47(a) | 32,880 | 39,398,483 | ||||||
5.52%, 03/01/49 (Call 09/01/48)(a) | 19,259 | 23,882,878 | ||||||
7.05%, 06/20/36(a) | 27,487 | 38,084,871 | ||||||
TelecommunicationsTelefonica Europe BV, 8.25%, 09/15/30 | 16,216 | 22,418,734 | ||||||
TelecommunicationsTELUS Corp., 4.60%, 11/16/48 (Call 05/16/48) | 13,731 | 16,644,018 | ||||||
T-Mobile USA Inc. | ||||||||
3.50%, 04/15/25 (Call 03/15/25)(b) | 36,355 | 38,506,772 | ||||||
3.75%, 04/15/27 (Call 02/15/27)(b) | 58,150 | 62,386,571 | ||||||
3.88%, 04/15/30 (Call 01/15/30)(a)(b) | 100,225 | 109,633,291 | ||||||
4.38%, 04/15/40 (Call 10/15/39)(a)(b) | 32,660 | 36,934,747 | ||||||
4.50%, 04/15/50 (Call 10/15/49)(b) | 39,765 | 46,896,634 | ||||||
Verizon Communications Inc. | ||||||||
2.63%, 08/15/26 | 31,237 | 33,181,288 | ||||||
3.38%, 02/15/25(a) | 37,340 | 40,644,131 | ||||||
3.50%, 11/01/24 (Call 08/01/24) | 24,455 | 26,661,318 | ||||||
3.85%, 11/01/42 (Call 05/01/42)(a) | 14,977 | 17,565,171 | ||||||
3.88%, 02/08/29 (Call 11/08/28)(a) | 17,107 | 19,713,041 | ||||||
4.02%, 12/03/29 (Call 09/03/29)(a) | 53,942 | 62,968,029 | ||||||
4.13%, 03/16/27(a) | 43,852 | 50,808,607 | ||||||
4.13%, 08/15/46 | 17,701 | 21,763,289 | ||||||
4.27%, 01/15/36 | 41,863 | 50,167,497 |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
4.33%, 09/21/28 | $ | 66,314 | $ | 78,191,958 | ||||
4.40%, 11/01/34 (Call 05/01/34)(a) | 38,432 | 46,661,898 | ||||||
4.50%, 08/10/33 | 45,975 | 57,336,719 | ||||||
4.52%, 09/15/48 | 61,021 | 80,341,933 | ||||||
4.67%, 03/15/55 | 33,709 | 45,371,630 | ||||||
4.81%, 03/15/39(a) | 24,528 | 31,633,767 | ||||||
4.86%, 08/21/46 | 58,092 | 78,474,850 | ||||||
5.01%, 04/15/49(a) | 34,654 | 48,537,099 | ||||||
5.01%, 08/21/54(a) | 8,903 | 12,827,797 | ||||||
5.15%, 09/15/23 | 25,160 | 28,586,918 | ||||||
5.25%, 03/16/37(a) | 42,223 | 56,265,086 | ||||||
5.50%, 03/16/47(a) | 19,261 | 27,808,930 | ||||||
6.55%, 09/15/43 | 15,509 | 23,279,035 | ||||||
Vodafone Group PLC | ||||||||
3.75%, 01/16/24 | 41,784 | 45,082,467 | ||||||
4.13%, 05/30/25(a) | 25,836 | 28,807,285 | ||||||
4.25%, 09/17/50 | 16,745 | 18,466,692 | ||||||
4.38%, 05/30/28(a) | 32,453 | 37,159,321 | ||||||
4.38%, 02/19/43(a) | 20,539 | 22,805,413 | ||||||
4.88%, 06/19/49 | 33,900 | 40,582,761 | ||||||
5.00%, 05/30/38(a) | 11,673 | 13,796,139 | ||||||
5.25%, 05/30/48(a) | 38,528 | 48,114,533 | ||||||
6.15%, 02/27/37(a) | 26,520 | 34,390,834 | ||||||
|
| |||||||
3,291,660,808 | ||||||||
Toys, Games & Hobbies — 0.0% | ||||||||
Toys, Games & HobbiesHasbro Inc., 3.90%, 11/19/29 (Call 08/19/29) | 16,657 | 16,121,291 | ||||||
|
| |||||||
Transportation — 1.5% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
3.55%, 02/15/50 (Call 08/15/49)(a) | 12,557 | 14,220,472 | ||||||
3.85%, 09/01/23 (Call 06/01/23)(a) | 6,926 | 7,515,779 | ||||||
3.90%, 08/01/46 (Call 02/01/46) | 10,825 | 12,635,906 | ||||||
4.05%, 06/15/48 (Call 12/15/47) | 11,475 | 13,788,196 | ||||||
4.13%, 06/15/47 (Call 12/15/46)(a) | 10,943 | 13,293,111 | ||||||
4.15%, 04/01/45 (Call 10/01/44)(a) | 13,037 | 15,631,604 | ||||||
4.15%, 12/15/48 (Call 06/15/48)(a) | 11,736 | 14,399,105 | ||||||
4.45%, 03/15/43 (Call 09/15/42)(a) | 8,337 | 10,224,252 | ||||||
4.55%, 09/01/44 (Call 03/01/44) | 13,743 | 17,161,208 | ||||||
4.90%, 04/01/44 (Call 10/01/43)(a) | 13,528 | 17,583,022 | ||||||
5.75%, 05/01/40 (Call 11/01/39)(a) | 14,141 | 19,290,803 | ||||||
TransportationCanadian Pacific Railway Co., 6.13%, 09/15/15 (Call 03/15/15)(a) | 11,584 | 17,521,933 | ||||||
CSX Corp. | ||||||||
3.25%, 06/01/27 (Call 03/01/27)(a) | 11,408 | 12,313,235 | ||||||
3.80%, 03/01/28 (Call 12/01/27)(a) | 22,914 | 25,555,675 | ||||||
3.80%, 11/01/46 (Call 05/01/46)(a) | 12,311 | 13,819,532 | ||||||
4.10%, 03/15/44 (Call 09/15/43)(a) | 7,968 | 9,213,683 | ||||||
4.25%, 03/15/29 (Call 12/15/28)(a) | 17,707 | 20,577,271 | ||||||
4.30%, 03/01/48 (Call 09/01/47)(a) | 12,315 | 15,049,274 | ||||||
FedEx Corp. | ||||||||
3.10%, 08/05/29 (Call 05/05/29)(a) | 17,388 | 17,631,627 | ||||||
3.25%, 04/01/26 (Call 01/01/26)(a) | 17,532 | 18,090,229 | ||||||
4.00%, 01/15/24(a) | 11,959 | 12,796,236 | ||||||
4.05%, 02/15/48 (Call 08/15/47) | 17,048 | 16,840,657 | ||||||
4.25%, 05/15/30 (Call 02/15/30) | 10,200 | 11,155,213 | ||||||
4.40%, 01/15/47 (Call 07/15/46) | 10,195 | 10,534,168 | ||||||
4.55%, 04/01/46 (Call 10/01/45) | 17,134 | 18,304,191 | ||||||
4.75%, 11/15/45 (Call 05/15/45) | 14,485 | 15,744,390 | ||||||
4.95%, 10/17/48 (Call 04/17/48) | 17,302 | 19,508,552 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par/ Shares (000) | Value | ||||||
Transportation (continued) | ||||||||
5.10%, 01/15/44 | $ | 8,889 | $ | 10,023,231 | ||||
5.25%, 05/15/50 (Call 11/15/49) | 10,500 | 12,625,765 | ||||||
Norfolk Southern Corp. | ||||||||
3.05%, 05/15/50 (Call 11/15/49) | 5,005 | 4,993,238 | ||||||
5.10%, 08/01/18 (Call 02/01/18) | 12,047 | 15,190,062 | ||||||
Union Pacific Corp. | ||||||||
2.40%, 02/05/30 (Call 11/05/29) | 17,765 | 18,211,925 | ||||||
3.25%, 02/05/50 (Call 08/05/49)(a) | 19,064 | 19,828,722 | ||||||
3.70%, 03/01/29 (Call 12/01/28)(a) | 14,109 | 15,821,201 | ||||||
3.75%, 02/05/70 (Call 08/05/69) | 13,023 | 13,945,728 | ||||||
3.80%, 10/01/51 (Call 04/01/51) | 8,008 | 9,074,826 | ||||||
3.95%, 09/10/28 (Call 06/10/28)(a) | 24,718 | 28,249,129 | ||||||
4.30%, 03/01/49 (Call 09/01/48) | 10,547 | 12,798,634 | ||||||
4.38%, 09/10/38 (Call 03/10/38) | 19,426 | 22,804,286 | ||||||
United Parcel Service Inc. | ||||||||
3.05%, 11/15/27 (Call 08/15/27)(a) | 12,771 | 13,818,717 | ||||||
3.40%, 03/15/29 (Call 12/15/28)(a) | 19,128 | 21,201,314 | ||||||
3.75%, 11/15/47 (Call 05/15/47)(a) | 16,562 | 19,251,258 | ||||||
4.25%, 03/15/49 (Call 09/15/48)(a) | 7,616 | 9,561,851 | ||||||
4.45%, 04/01/30 (Call 01/01/30) | 10,200 | 12,361,590 | ||||||
5.30%, 04/01/50 (Call 10/01/49) | 10,000 | 14,276,819 | ||||||
6.20%, 01/15/38(a) | 19,270 | 28,000,447 | ||||||
|
| |||||||
712,438,067 | ||||||||
Water — 0.0% | ||||||||
American Water Capital Corp. | ||||||||
3.75%, 09/01/47 (Call 03/01/47) | 14,853 | 16,971,194 | ||||||
6.59%, 10/15/37(a) | 3,057 | 4,433,799 | ||||||
|
| |||||||
21,404,993 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 98.4% |
| 45,487,309,830 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 6.0% | ||||||||
BlackRock Cash Funds: Institutional, | 2,100,777 | 2,103,087,990 |
Security | Shares/ Par (000) | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 687,684 | $ | 687,684,000 | |||||
|
| |||||||
2,790,771,990 | ||||||||
|
| |||||||
Total Short-Term Investments — 6.0% |
| 2,790,771,990 | ||||||
|
| |||||||
Total Investments Before Investments Sold |
| 48,278,081,820 | ||||||
|
| |||||||
Investments Sold Short | ||||||||
Corporate Bonds & Notes — (0.0)% | ||||||||
Macy’s Retail Holdings Inc., 2.88%, 02/15/23 | (2 | ) | (1,416 | ) | ||||
|
| |||||||
Total Corporate Bonds & Notes | (1,416 | ) | ||||||
|
| |||||||
Total Investments Sold Short — (0.0)% |
| (1,416 | ) | |||||
|
| |||||||
Total Investments, Net of Investments Sold |
| 48,278,080,404 | ||||||
Other Assets, Less Liabilities — (4.4)% |
| (2,041,057,259 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 46,237,023,145 | |||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 45,487,309,830 | $ | — | $ | 45,487,309,830 | ||||||||
Money Market Funds | 2,790,771,990 | — | — | 2,790,771,990 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
2,790,771,990 | 45,487,309,830 | — | 48,278,081,820 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Corporate Bonds & Notes | — | (1,416 | ) | — | (1,416 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,790,771,990 | $ | 45,487,308,414 | $ | — | $ | 48,278,080,404 | |||||||||
|
|
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2020
iShares iBoxx $ High Yield Corporate Bond ETF | iShares iBoxx $ Investment Bond ETF | |||||||||||
ASSETS | ||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||
Unaffiliated(b) | $ | 19,010,540,857 | $ | 45,487,309,830 | ||||||||
Affiliated(c) | 1,943,991,809 | 2,790,771,990 | ||||||||||
Cash | — | 16,498 | ||||||||||
Receivables: | ||||||||||||
Investments sold | 26,446,323 | 1,064,267,621 | ||||||||||
Securities lending income — Affiliated | 1,432,481 | 1,493,200 | ||||||||||
Capital shares sold | 16,825,946 | 5,375,741 | ||||||||||
Dividends | 103,216 | 185,168 | ||||||||||
Interest | 317,072,585 | 421,634,249 | ||||||||||
|
|
|
| |||||||||
Total assets | 21,316,413,217 | 49,771,054,297 | ||||||||||
|
|
|
| |||||||||
LIABILITIES | ||||||||||||
Investments sold short at value(d) | — | 1,416 | ||||||||||
Bank overdraft | 564,987 | — | ||||||||||
Collateral on securities loaned, at value | 1,610,160,658 | 2,100,505,550 | ||||||||||
Payables: | ||||||||||||
Investments purchased | 171,860,659 | 1,428,327,561 | ||||||||||
Interest on short sales | — | 5,378 | ||||||||||
Capital shares redeemed | — | 2,576 | ||||||||||
Investment advisory fees | 6,683,877 | 5,188,671 | ||||||||||
|
|
|
| |||||||||
Total liabilities | 1,789,270,181 | 3,534,031,152 | ||||||||||
|
|
|
| |||||||||
NET ASSETS | $ | 19,527,143,036 | $ | 46,237,023,145 | ||||||||
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 21,889,496,401 | $ | 42,312,355,408 | ||||||||
Accumulated earnings (loss) | (2,362,353,365 | ) | 3,924,667,737 | |||||||||
|
|
|
| |||||||||
NET ASSETS | $ | 19,527,143,036 | $ | 46,237,023,145 | ||||||||
|
|
|
| |||||||||
Shares outstanding | 247,200,000 | 358,100,000 | ||||||||||
|
|
|
| |||||||||
Net asset value | $ | 78.99 | $ | 129.12 | ||||||||
|
|
|
| |||||||||
Shares authorized | Unlimited | Unlimited | ||||||||||
|
|
|
| |||||||||
Par value | None | None | ||||||||||
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 1,550,062,312 | $ | 2,019,223,018 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 20,557,246,476 | $ | 43,162,466,191 | ||||||||
(c) Investments, at cost — Affiliated | $ | 1,942,271,153 | $ | 2,788,397,530 | ||||||||
(d) Proceeds received from investments sold short | $ | — | $ | 2,164 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes |
| |||||||
Advertising — 0.5% | ||||||||
Lamar Media Corp. | ||||||||
3.75%, 02/15/28 (Call 02/15/23)(a) | $ | 3,850 | $ | 3,838,450 | ||||
4.00%, 02/15/30 (Call 02/15/25)(a) | 2,695 | 2,695,000 | ||||||
5.00%, 05/01/23 (Call 05/01/20) | 8,472 | 8,535,540 | ||||||
5.75%, 02/01/26 (Call 02/01/21)(b) | 14,590 | 15,210,075 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||
4.63%, 03/15/30 (Call 03/15/25)(a) | 7,246 | 7,278,752 | ||||||
5.00%, 08/15/27 (Call 08/15/22)(a)(b) | 9,833 | 10,140,281 | ||||||
5.63%, 02/15/24 (Call 02/15/21)(b) | 6,289 | 6,401,686 | ||||||
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a) | 16,084 | 15,963,370 | ||||||
|
| |||||||
70,063,154 | ||||||||
Aerospace & Defense — 2.8% | ||||||||
Arconic Inc. | ||||||||
5.13%, 10/01/24 (Call 07/01/24)(b) | 18,269 | 19,628,214 | ||||||
5.40%, 04/15/21 (Call 01/15/21) | 17,065 | 17,335,758 | ||||||
5.87%, 02/23/22(b) | 7,659 | 8,068,278 | ||||||
Bombardier Inc. | ||||||||
5.75%, 03/15/22(a)(b) | 5,969 | 6,103,951 | ||||||
6.00%, 10/15/22 (Call 04/15/20)(a)(b) | 17,708 | 17,398,110 | ||||||
6.13%, 01/15/23(a)(b) | 19,244 | 19,485,091 | ||||||
7.50%, 12/01/24 (Call 12/01/20)(a)(b) | 14,353 | 14,532,413 | ||||||
7.50%, 03/15/25 (Call 03/15/20)(a)(b) | 22,291 | 22,012,362 | ||||||
7.88%, 04/15/27 (Call 04/15/22)(a) | 30,167 | 29,940,747 | ||||||
8.75%, 12/01/21(a)(b) | 14,179 | 15,175,950 | ||||||
Signature Aviation U.S. Holdings Inc. | ||||||||
4.00%, 03/01/28 (Call 03/01/23)(a) | 9,401 | 9,196,716 | ||||||
5.38%, 05/01/26 (Call 05/01/21)(a)(b) | 6,608 | 6,756,680 | ||||||
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)(a) | 14,907 | 16,014,441 | ||||||
TransDigm Inc. | ||||||||
5.50%, 11/15/27 (Call 11/15/22)(a)(b) | 40,376 | 40,325,530 | ||||||
6.25%, 03/15/26 (Call 03/15/22)(a) | 62,470 | 66,296,287 | ||||||
6.38%, 06/15/26 (Call 06/15/21)(b) | 12,539 | 12,868,149 | ||||||
6.50%, 07/15/24 (Call 07/15/20)(b) | 16,304 | 16,670,840 | ||||||
6.50%, 05/15/25 (Call 05/15/20)(b) | 10,558 | 10,854,944 | ||||||
7.50%, 03/15/27 (Call 03/15/22) | 6,744 | 7,098,060 | ||||||
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/21)(b) | 6,719 | 7,054,950 | ||||||
Triumph Group Inc. | ||||||||
6.25%, 09/15/24 (Call 09/15/20)(a)(b) | 5,985 | 6,216,919 | ||||||
7.75%, 08/15/25 (Call 08/15/20)(b) | 8,382 | 8,298,180 | ||||||
|
| |||||||
377,332,570 | ||||||||
Agriculture — 0.4% | ||||||||
JBS Investments GmbH, 6.25%, 02/05/23 (Call 02/05/21)(a) | 6,595 | 6,657,653 | ||||||
JBS Investments II GmbH | ||||||||
5.75%, 01/15/28 (Call 07/30/22)(a) | 10,330 | 10,794,850 | ||||||
7.00%, 01/15/26 (Call 01/15/22)(a)(b) | 15,281 | 16,312,467 | ||||||
Vector Group Ltd. | ||||||||
6.13%, 02/01/25 (Call 02/01/21)(a) | 12,751 | 12,313,003 | ||||||
10.50%, 11/01/26 (Call 11/01/21)(a) | 9,206 | 9,182,985 | ||||||
|
| |||||||
55,260,958 | ||||||||
Airlines — 0.2% | ||||||||
Air Canada, 7.75%, 04/15/21(a)(b) | 4,475 | 4,692,843 | ||||||
American Airlines Group Inc. | ||||||||
3.75%, 03/01/25(a) | 9,655 | 8,858,463 | ||||||
5.00%, 06/01/22(a)(b) | 8,765 | 8,809,219 |
Security | Par (000) | Value | ||||||
Airlines (continued) | ||||||||
United Airlines Holdings Inc., 4.25%, 10/01/22(b) | $ | 5,078 | $ | 5,078,000 | ||||
|
| |||||||
27,438,525 | ||||||||
Apparel — 0.2% | ||||||||
Hanesbrands Inc. | ||||||||
4.63%, 05/15/24 (Call 02/15/24)(a) | 12,563 | 13,128,335 | ||||||
4.88%, 05/15/26 (Call 02/15/26)(a)(b) | 13,128 | 13,751,580 | ||||||
|
| |||||||
26,879,915 | ||||||||
Auto Manufacturers — 0.8% | ||||||||
Allison Transmission Inc. | ||||||||
4.75%, 10/01/27 (Call 10/01/22)(a)(b) | 5,319 | 5,458,624 | ||||||
5.00%, 10/01/24 (Call 10/01/20)(a)(b) | 13,535 | 13,682,667 | ||||||
5.88%, 06/01/29 (Call 06/01/24)(a)(b) | 7,527 | 8,157,386 | ||||||
Fiat Chrysler Automobiles NV, 5.25%, 04/15/23(b) | 23,480 | 24,648,952 | ||||||
Jaguar Land Rover Automotive PLC | ||||||||
4.50%, 10/01/27 (Call 07/01/27)(a)(b) | 7,858 | 6,506,806 | ||||||
5.63%, 02/01/23 (Call 02/01/21)(a)(b) | 7,097 | 6,890,534 | ||||||
Navistar International Corp., 6.63%, 11/01/25 (Call 11/01/20)(a) | 15,500 | 16,081,250 | ||||||
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)(a)(b) | 27,367 | 27,024,912 | ||||||
|
| |||||||
108,451,131 | ||||||||
Auto Parts & Equipment — 1.1% | ||||||||
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 08/15/21)(a)(b) | 14,359 | 12,384,586 | ||||||
Adient U.S.LLC, 7.00%, 05/15/26 | 9,563 | 9,945,582 | ||||||
American Axle & Manufacturing Inc. | ||||||||
6.25%, 04/01/25 (Call 04/01/20)(b) | 10,067 | 9,801,614 | ||||||
6.25%, 03/15/26 (Call 03/15/21)(b) | 5,681 | 5,443,818 | ||||||
6.50%, 04/01/27 (Call 04/01/22) | 8,090 | 7,766,400 | ||||||
6.63%, 10/15/22 (Call 10/15/20) | 4,019 | 4,054,166 | ||||||
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/20)(a)(b) | 4,962 | 5,105,495 | ||||||
Dana Inc., 5.50%, 12/15/24 (Call 12/15/20)(b) | 5,373 | 5,503,967 | ||||||
Goodyear Tire & Rubber Co. (The) | ||||||||
4.88%, 03/15/27 (Call 12/15/26)(b) | 12,239 | 11,839,274 | ||||||
5.00%, 05/31/26 (Call 05/31/21)(b) | 11,528 | 11,344,273 | ||||||
5.13%, 11/15/23 (Call 11/15/20)(b) | 14,148 | 14,096,439 | ||||||
Panther BF Aggregator 2 LP/Panther Finance Co. Inc. | ||||||||
6.25%, 05/15/26 (Call 05/15/22)(a) | 13,190 | 13,616,191 | ||||||
8.50%, 05/15/27 (Call 05/15/22)(a)(b) | 30,043 | 30,520,870 | ||||||
|
| |||||||
141,422,675 | ||||||||
Banks — 1.2% | ||||||||
CIT Group Inc. | ||||||||
4.13%, 03/09/21 (Call 02/09/21) | 6,854 | 6,914,635 | ||||||
4.75%, 02/16/24 (Call 11/16/23) | 7,352 | 7,811,500 | ||||||
5.00%, 08/15/22 | 17,551 | 18,383,664 | ||||||
5.00%, 08/01/23(b) | 10,681 | 11,371,927 | ||||||
5.25%, 03/07/25 (Call 12/07/24)(b) | 7,020 | 7,704,450 | ||||||
6.13%, 03/09/28(b) | 6,303 | 7,563,600 | ||||||
Deutsche Bank AG, 4.30%, 05/24/28 (Call 05/24/23)(b)(c) | 23,284 | 22,458,119 | ||||||
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(c) | 15,182 | 14,462,285 | ||||||
Fifth Third Bancorp., 5.10%, (Call 06/30/23)(b)(c)(d) | 8,294 | 8,193,781 | ||||||
Freedom Mortgage Corp. | ||||||||
8.13%, 11/15/24 (Call 11/15/20)(a) | 5,730 | 5,393,363 | ||||||
8.25%, 04/15/25 (Call 04/15/21)(a) | 11,037 | 10,693,289 | ||||||
Intesa Sanpaolo SpA, 5.02%, 06/26/24(a) | 31,659 | 33,186,249 | ||||||
|
| |||||||
154,136,862 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Building Materials — 0.6% | ||||||||
Builders FirstSource Inc. | ||||||||
5.00%, 03/01/30 (Call 03/01/25)(a) | $ | 5,470 | $ | 5,472,626 | ||||
6.75%, 06/01/27 (Call 06/01/22)(a)(b) | 474 | 510,735 | ||||||
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)(a) | 8,720 | 8,798,436 | ||||||
Standard Industries Inc./NJ | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | 16,370 | 16,847,857 | ||||||
5.00%, 02/15/27 (Call 02/15/22)(a)(b) | 5,467 | 5,651,511 | ||||||
5.38%, 11/15/24 (Call 11/15/20)(a) | 14,558 | 14,827,869 | ||||||
5.50%, 02/15/23 (Call 02/15/21)(a)(b) | 473 | 478,912 | ||||||
6.00%, 10/15/25 (Call 10/15/20)(a)(b) | 14,748 | 15,411,660 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 07/15/20) | 9,440 | 9,522,600 | ||||||
|
| |||||||
77,522,206 | ||||||||
Chemicals — 1.4% | ||||||||
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)(b) | 2,385 | 2,492,325 | ||||||
Blue Cube Spinco LLC | ||||||||
9.75%, 10/15/23 (Call 10/15/20) | 9,523 | 10,073,632 | ||||||
10.00%, 10/15/25 (Call 10/15/20) | 7,916 | 8,587,673 | ||||||
CF Industries Inc., 3.45%, 06/01/23(b) | 8,851 | 8,961,638 | ||||||
Chemours Co. (The) | ||||||||
5.38%, 05/15/27 (Call 02/15/27)(b) | 7,269 | 6,277,827 | ||||||
6.63%, 05/15/23 (Call 05/15/20) | 14,546 | 14,068,891 | ||||||
7.00%, 05/15/25 (Call 05/15/20)(b) | 10,682 | 9,960,965 | ||||||
NOVA Chemicals Corp. | ||||||||
4.88%, 06/01/24 (Call 03/03/24)(a)(b) | 14,334 | 13,738,243 | ||||||
5.00%, 05/01/25 (Call 01/31/25)(a) | 7,479 | 7,304,926 | ||||||
5.25%, 08/01/23 (Call 08/01/20)(a) | 6,399 | 6,462,990 | ||||||
5.25%, 06/01/27 (Call 03/03/27)(a) | 16,877 | 16,328,498 | ||||||
OCI NV | ||||||||
5.25%, 11/01/24 (Call 11/01/21)(a)(b) | 10,865 | 10,989,494 | ||||||
6.63%, 04/15/23 (Call 04/15/20)(a)(b) | 7,381 | 7,577,707 | ||||||
Olin Corp. | ||||||||
5.00%, 02/01/30 (Call 02/01/24)(b) | 7,519 | 7,293,430 | ||||||
5.13%, 09/15/27 (Call 03/15/22)(b) | 6,404 | 6,546,089 | ||||||
5.63%, 08/01/29 (Call 08/01/24)(b) | 12,915 | 13,108,725 | ||||||
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)(a)(b) | 5,752 | 5,456,395 | ||||||
Tronox Inc., 6.50%, 04/15/26 (Call 04/15/21)(a)(b) | 8,924 | 8,544,730 | ||||||
Valvoline Inc., 4.25%, 02/15/30 (Call 02/15/25)(a) | 9,285 | 9,157,331 | ||||||
WR Grace &Co.-Conn, 5.13%, 10/01/21(a)(b) | 9,772 | 10,028,515 | ||||||
|
| |||||||
182,960,024 | ||||||||
Coal — 0.0% | ||||||||
Peabody Energy Corp. | ||||||||
6.00%, 03/31/22 (Call 03/31/20)(a) | 67 | 57,117 | ||||||
6.38%, 03/31/25 (Call 03/31/20)(a) | 91 | 62,763 | ||||||
|
| |||||||
119,880 | ||||||||
Commercial Services — 4.2% | ||||||||
ADT Security Corp. (The) | ||||||||
3.50%, 07/15/22(b) | 13,327 | 13,320,744 | ||||||
4.13%, 06/15/23(b) | 11,584 | 11,795,408 | ||||||
6.25%, 10/15/21(b) | 13,185 | 13,774,128 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | ||||||||
6.63%, 07/15/26 (Call 07/15/22)(a)(b) | 22,334 | 23,422,782 | ||||||
9.75%, 07/15/27 (Call 07/15/22)(a) | 15,313 | 16,336,164 | ||||||
APX Group Inc. | ||||||||
6.75%, 02/15/27 (Call 02/15/23)(a) | 3,910 | 3,787,813 | ||||||
7.63%, 09/01/23 (Call 09/01/20)(b) | 9,185 | 8,748,713 | ||||||
7.88%, 12/01/22 (Call 12/01/20) | 17,406 | 17,619,224 |
Security | Par (000) | Value | ||||||
Commercial Services (continued) | ||||||||
8.75%, 12/01/20 (Call 03/13/20) | $ | 264 | $ | 264,469 | ||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27 | 6,219 | 6,219,000 | ||||||
Garda World Security Corp., 4.63%, 02/15/27 (Call 02/15/23)(a) | 8,450 | 8,344,375 | ||||||
GW B-CR Security Corp., 9.50%, 11/01/27 (Call 11/01/22)(a)(b) | 7,500 | 7,931,250 | ||||||
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)(a)(b) | 17,793 | 18,469,490 | ||||||
Hertz Corp. (The) | ||||||||
5.50%, 10/15/24 (Call 10/15/20)(a)(b) | 11,636 | 11,191,578 | ||||||
6.00%, 01/15/28 (Call 01/15/23)(a)(b) | 14,817 | 13,724,246 | ||||||
6.25%, 10/15/22 (Call 10/15/20) | 6,008 | 5,870,947 | ||||||
7.13%, 08/01/26 (Call 08/01/22)(a)(b) | 7,149 | 7,078,868 | ||||||
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 08/01/20)(a)(b) | 20,134 | 20,762,181 | ||||||
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/20)(a)(b) | 24,611 | 22,893,644 | ||||||
Nielsen Co Luxembourg SARL/The | ||||||||
5.00%, 02/01/25 (Call 02/01/21)(a)(b) | 7,518 | 7,499,205 | ||||||
5.50%, 10/01/21 (Call 03/30/20)(a) | 7,851 | 7,836,279 | ||||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 04/15/20)(a)(b) | 35,417 | 35,339,083 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||
5.25%, 04/15/24(a)(b) | 11,869 | 12,251,033 | ||||||
5.75%, 04/15/26(a)(b) | 19,070 | 19,832,800 | ||||||
6.25%, 01/15/28 (Call 01/15/23)(a) | 21,688 | 21,043,866 | ||||||
Refinitiv U.S. Holdings Inc. | ||||||||
6.25%, 05/15/26 (Call 11/15/21)(a) | 18,130 | 19,489,750 | ||||||
8.25%, 11/15/26 (Call 11/15/21)(a) | 21,871 | 24,085,439 | ||||||
Service Corp. International/U.S. | ||||||||
4.63%, 12/15/27 (Call 12/15/22)(b) | 7,518 | 7,836,168 | ||||||
5.13%, 06/01/29 (Call 06/01/24)(b) | 10,907 | 11,793,194 | ||||||
5.38%, 05/15/24 (Call 05/15/20)(b) | 10,647 | 10,846,631 | ||||||
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/20)(a) | 10,085 | 10,400,156 | ||||||
United Rentals North America Inc. | ||||||||
3.88%, 11/15/27 (Call 11/15/22) | 11,250 | 11,348,438 | ||||||
4.00%, 07/15/30 (Call 07/15/25) | 12,415 | 12,118,902 | ||||||
4.63%, 10/15/25 (Call 10/15/20) | 10,907 | 11,084,239 | ||||||
4.88%, 01/15/28 (Call 01/15/23)(b) | 24,609 | 25,394,027 | ||||||
5.25%, 01/15/30 (Call 01/15/25)(b) | 10,872 | 11,489,722 | ||||||
5.50%, 07/15/25 (Call 07/15/20) | 10,478 | 10,829,602 | ||||||
5.50%, 05/15/27 (Call 05/15/22)(b) | 13,324 | 13,923,580 | ||||||
5.88%, 09/15/26 (Call 09/15/21)(b) | 14,456 | 15,251,080 | ||||||
6.50%, 12/15/26 (Call 12/15/21) | 14,887 | 15,916,685 | ||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)(b) | 18,227 | 19,867,430 | ||||||
|
| |||||||
567,032,333 | ||||||||
Computers — 1.4% | ||||||||
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(a)(b) | 22,936 | 23,057,847 | ||||||
Dell Inc., 4.63%, 04/01/21 | 4,375 | 4,419,844 | ||||||
Dell International LLC/EMC Corp. | ||||||||
5.88%, 06/15/21 (Call 06/15/20)(a) | 13,872 | 13,958,700 | ||||||
7.13%, 06/15/24 (Call 06/15/20)(a)(b) | 24,832 | 26,011,520 | ||||||
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)(b) | 15,162 | 15,224,543 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Computers (continued) | ||||||||
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)(a)(b) | $ | 14,676 | $ | 4,768,111 | ||||
NCR Corp. | ||||||||
5.00%, 07/15/22 (Call 07/15/20)(b) | 7,581 | 7,618,905 | ||||||
5.75%, 09/01/27 (Call 09/01/22)(a) | 6,747 | 7,106,502 | ||||||
6.13%, 09/01/29 (Call 09/01/24)(a)(b) | 7,501 | 8,140,835 | ||||||
6.38%, 12/15/23 (Call 12/15/20)(b) | 9,141 | 9,311,242 | ||||||
Vericast Corp. | ||||||||
8.38%, 08/15/22 (Call 02/15/21)(a) | 14,730 | 12,281,138 | ||||||
9.25%, 03/01/21 (Call 03/01/20)(a)(b) | 12,271 | 12,166,185 | ||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b) | 36,088 | 37,260,860 | ||||||
|
| |||||||
181,326,232 | ||||||||
Cosmetics & Personal Care — 0.2% | ||||||||
Avon International Capital PLC, 6.50%, 08/15/22 (Call 08/15/20)(a)(b) | 5,303 | 5,437,000 | ||||||
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/20)(a)(b) | 5,471 | 5,603,190 | ||||||
Avon Products Inc., 7.00%, 03/15/23 | 7,276 | 7,785,320 | ||||||
Edgewell Personal Care Co. | ||||||||
4.70%, 05/19/21(b) | 6,469 | 6,566,035 | ||||||
4.70%, 05/24/22(b) | 6,589 | 6,739,756 | ||||||
|
| |||||||
32,131,301 | ||||||||
Distribution & Wholesale — 0.5% | ||||||||
American Builders & Contractors Supply Co. Inc. | ||||||||
4.00%, 01/15/28 (Call 01/15/23)(a)(b) | 11,297 | 11,028,696 | ||||||
5.88%, 05/15/26 (Call 05/15/21)(a)(b) | 7,967 | 8,255,804 | ||||||
Anixter Inc., 5.13%, 10/01/21 | 3,857 | 4,010,748 | ||||||
Performance Food Group Inc., 5.50%, 10/15/27 (Call 10/15/22)(a)(b) | 16,559 | 17,469,745 | ||||||
Wolverine Escrow LLC | ||||||||
8.50%, 11/15/24 (Call 11/15/21)(a) | 8,245 | 8,040,524 | ||||||
9.00%, 11/15/26 (Call 11/15/22)(a) | 13,059 | 13,026,352 | ||||||
13.13%, 11/15/27 (Call 11/15/22)(a)(b) | 8,645 | 9,110,017 | ||||||
|
| |||||||
70,941,886 | ||||||||
Diversified Financial Services — 2.6% | ||||||||
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(b)(c) | 11,324 | 11,493,860 | ||||||
Ally Financial Inc. | ||||||||
5.13%, 09/30/24 | 354 | 391,549 | ||||||
5.75%, 11/20/25 (Call 10/20/25)(b) | 14,012 | 15,769,197 | ||||||
Credit Acceptance Corp. | ||||||||
5.13%, 12/31/24 (Call 12/31/21)(a) | 4,930 | 5,129,345 | ||||||
6.63%, 03/15/26 (Call 03/15/22)(a) | 5,662 | 5,952,192 | ||||||
LPL Holdings Inc. | ||||||||
4.63%, 11/15/27 (Call 11/15/22)(a)(b) | 6,412 | 6,486,828 | ||||||
5.75%, 09/15/25 (Call 03/15/20)(a)(b) | 2,140 | 2,222,256 | ||||||
Nationstar Mortgage Holdings Inc. | ||||||||
6.00%, 01/15/27 (Call 01/15/23)(a)(b) | 10,105 | 10,265,467 | ||||||
8.13%, 07/15/23 (Call 07/15/20)(a) | 14,039 | 14,645,935 | ||||||
9.13%, 07/15/26 (Call 07/15/21)(a) | 9,913 | 10,727,766 | ||||||
Navient Corp. | ||||||||
5.00%, 03/15/27 (Call 09/15/26)(b) | 11,841 | 11,467,416 | ||||||
5.50%, 01/25/23 | 15,686 | 16,097,758 | ||||||
5.88%, 10/25/24(b) | 7,424 | 7,618,954 | ||||||
6.13%, 03/25/24(b) | 12,541 | 12,981,189 | ||||||
6.50%, 06/15/22 | 14,688 | 15,348,960 | ||||||
6.75%, 06/25/25(b) | 7,580 | 8,067,963 | ||||||
6.75%, 06/15/26(b) | 7,806 | 8,277,326 |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
7.25%, 01/25/22(b) | $ | 11,438 | $ | 12,067,090 | ||||
7.25%, 09/25/23(b) | 7,718 | 8,345,088 | ||||||
Quicken Loans Inc. | ||||||||
5.25%, 01/15/28 (Call 01/15/23)(a)(b) | 14,494 | 14,965,055 | ||||||
5.75%, 05/01/25 (Call 05/01/20)(a)(b) | 18,203 | 18,680,829 | ||||||
Springleaf Finance Corp. | ||||||||
5.38%, 11/15/29 (Call 05/15/29)(b) | 11,144 | 11,394,740 | ||||||
5.63%, 03/15/23 | 12,357 | 12,982,573 | ||||||
6.13%, 05/15/22(b) | 14,625 | 15,487,205 | ||||||
6.13%, 03/15/24 (Call 09/15/23)(b) | 18,051 | 19,053,237 | ||||||
6.63%, 01/15/28 (Call 07/15/27)(b) | 11,941 | 13,110,223 | ||||||
6.88%, 03/15/25(b) | 18,672 | 20,612,954 | ||||||
7.13%, 03/15/26(b) | 24,237 | 26,903,070 | ||||||
7.75%, 10/01/21 | 7,509 | 8,013,434 | ||||||
8.25%, 12/15/20 | 492 | 511,688 | ||||||
|
| |||||||
345,071,147 | ||||||||
Electric — 2.5% | ||||||||
AES Corp./VA | ||||||||
4.00%, 03/15/21 | 9,169 | 9,214,845 | ||||||
4.50%, 03/15/23 (Call 03/15/20)(b) | 7,937 | 7,921,126 | ||||||
4.88%, 05/15/23 (Call 05/15/20)(b) | 9,803 | 9,747,858 | ||||||
5.13%, 09/01/27 (Call 09/01/22)(b) | 8,955 | 9,302,006 | ||||||
5.50%, 04/15/25 (Call 04/15/20)(b) | 9,010 | 9,216,509 | ||||||
6.00%, 05/15/26 (Call 05/15/21)(b) | 11,136 | 11,567,680 | ||||||
Calpine Corp. | ||||||||
4.50%, 02/15/28 (Call 02/15/23)(a)(b) | 17,430 | 16,690,724 | ||||||
5.13%, 03/15/28 (Call 03/15/23)(a) | 22,195 | 20,929,308 | ||||||
5.25%, 06/01/26 (Call 06/01/21)(a) | 18,799 | 18,953,505 | ||||||
5.50%, 02/01/24 (Call 02/01/21)(b) | 7,482 | 7,449,266 | ||||||
5.75%, 01/15/25 (Call 10/15/20)(b) | 17,704 | 17,740,293 | ||||||
Clearway Energy Operating LLC | ||||||||
4.75%, 03/15/28 (Call 03/15/23)(a)(b) | 8,645 | 8,850,319 | ||||||
5.75%, 10/15/25 (Call 10/15/21)(b) | 7,991 | 8,250,708 | ||||||
NextEra Energy Operating Partners LP | ||||||||
3.88%, 10/15/26 (Call 07/15/26)(a) | 7,731 | 7,801,159 | ||||||
4.25%, 07/15/24 (Call 04/15/24)(a) | 9,898 | 10,098,435 | ||||||
4.25%, 09/15/24 (Call 07/15/24)(a)(b) | 8,293 | 8,369,296 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a)(b) | 8,030 | 8,372,560 | ||||||
NRG Energy Inc. | ||||||||
5.25%, 06/15/29 (Call 06/15/24)(a)(b) | 11,204 | 11,568,130 | ||||||
5.75%, 01/15/28 (Call 01/15/23)(b) | 11,382 | 11,794,598 | ||||||
6.63%, 01/15/27 (Call 07/15/21)(b) | 18,191 | 18,966,300 | ||||||
7.25%, 05/15/26 (Call 05/15/21)(b) | 15,681 | 16,602,259 | ||||||
Talen Energy Supply LLC | ||||||||
6.50%, 06/01/25 (Call 06/01/20) | 8,965 | 6,876,155 | ||||||
6.63%, 01/15/28 (Call 01/15/23)(a)(b) | 4,871 | 4,688,198 | ||||||
7.25%, 05/15/27 (Call 05/15/22)(a)(b) | 11,105 | 11,118,881 | ||||||
10.50%, 01/15/26 (Call 01/15/22)(a)(b) | 11,308 | 9,876,831 | ||||||
Vistra Energy Corp., 5.88%, 06/01/23 (Call 06/01/20) | 6,232 | 6,285,221 | ||||||
Vistra Operations Co. LLC | ||||||||
5.00%, 07/31/27 (Call 07/31/22)(a)(b) | 20,284 | 20,538,225 | ||||||
5.50%, 09/01/26 (Call 09/01/21)(a) | 13,351 | 13,542,921 | ||||||
5.63%, 02/15/27 (Call 02/15/22)(a)(b) | 17,709 | 18,151,725 | ||||||
|
| |||||||
340,485,041 | ||||||||
Electrical Components & Equipment — 0.2% | ||||||||
Energizer Holdings Inc. | ||||||||
5.50%, 06/15/25 (Call 06/15/20)(a)(b) | 6,905 | 7,055,934 | ||||||
6.38%, 07/15/26 (Call 07/15/21)(a)(b) | 7,285 | 7,556,730 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electrical Components & Equipment (continued) | ||||||||
7.75%, 01/15/27 (Call 01/15/22)(a)(b) | $ | 8,680 | $ | 9,439,500 | ||||
|
| |||||||
24,052,164 | ||||||||
Electronics — 0.2% | ||||||||
Sensata Technologies BV | ||||||||
4.88%, 10/15/23(a) | 7,470 | 7,936,875 | ||||||
5.00%, 10/01/25(a) | 10,303 | 10,869,665 | ||||||
5.63%, 11/01/24(a)(b) | 5,959 | 6,480,413 | ||||||
Sensata Technologies Inc., 4.38%, 02/15/30(a) | 6,502 | 6,468,623 | ||||||
|
| |||||||
31,755,576 | ||||||||
Energy – Alternate Sources — 0.2% | ||||||||
TerraForm Power Operating LLC | ||||||||
4.25%, 01/31/23 (Call 10/31/22)(a) | 5,235 | 5,333,156 | ||||||
4.75%, 01/15/30 (Call 01/15/25)(a) | 10,941 | 11,310,259 | ||||||
5.00%, 01/31/28 (Call 07/31/27)(a)(b) | 10,635 | 11,459,213 | ||||||
|
| |||||||
28,102,628 | ||||||||
Engineering & Construction — 0.3% | ||||||||
AECOM | ||||||||
5.13%, 03/15/27 (Call 12/15/26) | 15,286 | 16,050,300 | ||||||
5.88%, 10/15/24 (Call 07/15/24)(b) | 11,782 | 12,858,698 | ||||||
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)(a)(b) | 15,326 | 14,885,378 | ||||||
|
| |||||||
43,794,376 | ||||||||
Entertainment — 2.1% | ||||||||
AMC Entertainment Holdings Inc. | ||||||||
5.75%, 06/15/25 (Call 06/15/20)(b) | 9,046 | 7,372,490 | ||||||
5.88%, 11/15/26 (Call 11/15/21)(b) | 9,076 | 7,255,127 | ||||||
6.13%, 05/15/27 (Call 05/15/22)(b) | 7,654 | 6,052,439 | ||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)(a)(b) | 26,860 | 26,658,550 | ||||||
Cedar Fair LP, 5.25%, 07/15/29 | 7,570 | 7,570,000 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 04/15/27 (Call 04/15/22)(b) | 7,103 | 7,253,939 | ||||||
Churchill Downs Inc. | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | 6,489 | 6,489,000 | ||||||
5.50%, 04/01/27 (Call 04/01/22)(a)(b) | 8,913 | 9,244,564 | ||||||
Cinemark USA Inc. | ||||||||
4.88%, 06/01/23 (Call 06/01/20)(b) | 9,139 | 9,104,729 | ||||||
5.13%, 12/15/22 (Call 12/15/20)(b) | 5,063 | 5,088,315 | ||||||
Eldorado Resorts Inc. | ||||||||
6.00%, 04/01/25 (Call 04/01/20)(b) | 12,820 | 13,396,900 | ||||||
6.00%, 09/15/26 (Call 09/15/21) | 8,429 | 9,139,446 | ||||||
International Game Technology PLC | ||||||||
6.25%, 02/15/22 (Call 08/15/21)(a) | 22,658 | 23,323,465 | ||||||
6.25%, 01/15/27 (Call 07/15/26)(a)(b) | 10,649 | 11,617,127 | ||||||
6.50%, 02/15/25 (Call 08/15/24)(a) | 17,476 | 18,939,615 | ||||||
Lions Gate Capital Holdings LLC | ||||||||
5.88%, 11/01/24 (Call 11/01/20)(a)(b) | 7,813 | 7,576,266 | ||||||
6.38%, 02/01/24 (Call 02/01/21)(a)(b) | 8,130 | 8,015,855 | ||||||
Live Nation Entertainment Inc., 4.75%, 10/15/27 (Call 10/15/22)(a)(b) | 13,908 | 13,977,540 | ||||||
Scientific Games International Inc. | ||||||||
5.00%, 10/15/25 (Call 10/15/20)(a) | 16,868 | 16,910,170 | ||||||
7.00%, 05/15/28 (Call 05/15/23)(a)(b) | 10,697 | 10,429,575 | ||||||
7.25%, 11/15/29 (Call 11/15/24)(a)(b) | 8,973 | 8,703,810 | ||||||
8.25%, 03/15/26 (Call 03/15/22)(a)(b) | 15,969 | 16,403,357 | ||||||
Six Flags Entertainment Corp. | ||||||||
4.88%, 07/31/24 (Call 07/31/20)(a) | 13,727 | 13,624,047 | ||||||
5.50%, 04/15/27 (Call 04/15/22)(a)(b) | 8,176 | 7,887,387 |
Security | Par (000) | Value | ||||||
Entertainment (continued) | ||||||||
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 | $ | 14,059 | $ | 15,113,425 | ||||
|
| |||||||
287,147,138 | ||||||||
Environmental Control — 0.4% | ||||||||
Covanta Holding Corp. | ||||||||
5.88%, 03/01/24 (Call 03/01/20) | 5,507 | 5,579,279 | ||||||
5.88%, 07/01/25 (Call 07/01/20)(b) | 6,343 | 6,509,504 | ||||||
6.00%, 01/01/27 (Call 01/01/22)(b) | 6,221 | 6,296,170 | ||||||
GFL Environmental Inc. | ||||||||
5.13%, 12/15/26 (Call 12/15/22)(a)(b) | 7,080 | 7,327,800 | ||||||
5.38%, 03/01/23 (Call 03/01/20)(a) | 6,500 | 6,645,031 | ||||||
7.00%, 06/01/26 (Call 06/01/21)(a)(b) | 9,568 | 10,058,360 | ||||||
8.50%, 05/01/27 (Call 05/01/22)(a)(b) | 8,244 | 8,942,267 | ||||||
|
| |||||||
51,358,411 | ||||||||
Food — 2.8% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC | ||||||||
3.50%, 02/15/23 (Call 12/15/22)(a)(b) | 7,535 | 7,519,779 | ||||||
4.63%, 01/15/27 (Call 01/15/22)(a)(b) | 17,448 | 17,208,090 | ||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) | 15,495 | 15,521,633 | ||||||
5.75%, 03/15/25 (Call 09/15/20) | 25,280 | 26,196,400 | ||||||
5.88%, 02/15/28 (Call 08/15/22)(a)(b) | 11,750 | 12,241,150 | ||||||
6.63%, 06/15/24 (Call 06/15/20) | 18,843 | 19,421,636 | ||||||
7.50%, 03/15/26 (Call 03/15/22)(a)(b) | 11,403 | 12,628,823 | ||||||
B&G Foods Inc. | ||||||||
5.25%, 04/01/25 (Call 04/01/20)(b) | 12,551 | 12,411,408 | ||||||
5.25%, 09/15/27 (Call 03/01/22)(b) | 8,757 | 8,559,968 | ||||||
JBS USA LUX SA/JBS USA Finance Inc. | ||||||||
5.75%, 06/15/25 (Call 06/15/20)(a)(b) | 15,866 | 16,282,482 | ||||||
5.88%, 07/15/24 (Call 07/15/20)(a) | 12,299 | 12,540,053 | ||||||
6.75%, 02/15/28 (Call 02/15/23)(a)(b) | 12,694 | 13,779,337 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. | ||||||||
5.50%, 01/15/30 (Call 01/15/25)(a)(b) | 18,489 | 19,598,340 | ||||||
6.50%, 04/15/29 (Call 04/15/24)(a)(b) | 20,834 | 22,650,725 | ||||||
Lamb Weston Holdings Inc. | ||||||||
4.63%, 11/01/24 (Call 11/01/21)(a)(b) | 12,088 | 12,571,520 | ||||||
4.88%, 11/01/26 (Call 11/01/21)(a)(b) | 10,708 | 11,109,550 | ||||||
Pilgrim’s Pride Corp. | ||||||||
5.75%, 03/15/25 (Call 03/15/20)(a)(b) | 14,821 | 15,070,993 | ||||||
5.88%, 09/30/27 (Call 09/30/22)(a)(b) | 12,856 | 13,338,100 | ||||||
Post Holdings Inc. | ||||||||
4.63%, 04/15/30 (Call 04/15/25)(a) | 10,950 | 10,781,918 | ||||||
5.00%, 08/15/26 (Call 08/15/21)(a) | 26,780 | 27,288,820 | ||||||
5.50%, 03/01/25 (Call 03/01/20)(a)(b) | 20,169 | 20,999,660 | ||||||
5.50%, 12/15/29 (Call 12/15/24)(a) | 15,052 | 15,616,450 | ||||||
5.63%, 01/15/28 (Call 12/01/22)(a)(b) | 13,791 | 14,340,985 | ||||||
5.75%, 03/01/27 (Call 03/01/22)(a)(b) | 23,246 | 24,202,805 | ||||||
|
| |||||||
381,880,625 | ||||||||
Food Service — 0.2% | ||||||||
Aramark Services Inc. | ||||||||
4.75%, 06/01/26 (Call 06/01/21)(b) | 5,147 | 5,303,366 | ||||||
5.00%, 04/01/25 (Call 04/01/20)(a)(b) | 8,626 | 8,901,853 | ||||||
5.00%, 02/01/28 (Call 02/01/23)(a)(b) | 17,272 | 18,049,240 | ||||||
|
| |||||||
32,254,459 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International Inc., 7.38%, 01/15/25 (Call 01/15/21)(b) | 8,186 | 8,288,325 | ||||||
|
|
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
5.50%, 05/20/25 (Call 02/20/25)(b) | $ | 9,332 | $ | 9,518,827 | ||||
5.63%, 05/20/24 (Call 03/20/24) | 10,069 | 10,468,739 | ||||||
5.75%, 05/20/27 (Call 02/20/27)(b) | 8,949 | 9,358,864 | ||||||
5.88%, 08/20/26 (Call 05/20/26)(b) | 10,732 | 11,208,429 | ||||||
|
| |||||||
40,554,859 | ||||||||
Hand & Machine Tools — 0.1% | ||||||||
Colfax Corp. | ||||||||
6.00%, 02/15/24 (Call 02/15/21)(a)(b) | 6,747 | 6,988,070 | ||||||
6.38%, 02/15/26 (Call 02/15/22)(a)(b) | 6,073 | 6,438,329 | ||||||
|
| |||||||
13,426,399 | ||||||||
Health Care – Products — 0.6% | ||||||||
Avantor Inc. | ||||||||
6.00%, 10/01/24 (Call 10/01/20)(a)(b) | 21,728 | 22,868,720 | ||||||
9.00%, 10/01/25 (Call 10/01/20)(a) | 31,811 | 34,753,518 | ||||||
Hologic Inc. | ||||||||
4.38%, 10/15/25 (Call 10/15/20)(a)(b) | 13,509 | 13,769,363 | ||||||
4.63%, 02/01/28 (Call 02/01/23)(a)(b) | 4,814 | 5,028,123 | ||||||
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 | 2,947 | 2,924,013 | ||||||
|
| |||||||
79,343,737 | ||||||||
Health Care – Services — 8.0% | ||||||||
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 02/15/21) | 8,475 | 8,538,563 | ||||||
Centene Corp. | ||||||||
3.38%, 02/15/30 (Call 02/15/25)(a) | 16,665 | 16,631,337 | ||||||
4.25%, 12/15/27 (Call 12/15/22)(a) | 31,741 | 32,732,906 | ||||||
4.63%, 12/15/29 (Call 12/15/24)(a) | 52,404 | 56,074,900 | ||||||
4.75%, 05/15/22 (Call 05/15/20) | 20,334 | 20,576,991 | ||||||
4.75%, 01/15/25 (Call 01/15/21)(b) | 22,883 | 23,461,940 | ||||||
4.75%, 01/15/25 (Call 01/15/21)(a) | 3,059 | 3,136,393 | ||||||
5.25%, 04/01/25 (Call 04/01/20)(a)(b) | 25,937 | 26,812,374 | ||||||
5.38%, 06/01/26 (Call 06/01/21)(a)(b) | 39,029 | 41,089,731 | ||||||
5.38%, 08/15/26 (Call 08/15/21)(a)(b) | 15,033 | 15,859,815 | ||||||
6.13%, 02/15/24 (Call 02/15/21) | 13,759 | 14,181,401 | ||||||
Charles River Laboratories International Inc. | ||||||||
4.25%, 05/01/28 (Call 05/01/23)(a) | 7,222 | 7,357,413 | ||||||
5.50%, 04/01/26 (Call 04/01/21)(a)(b) | 7,041 | 7,426,988 | ||||||
CHS/Community Health Systems Inc. | ||||||||
6.25%, 03/31/23 (Call 03/31/20)(b) | 46,052 | 45,807,924 | ||||||
6.63%, 02/15/25 (Call 02/15/22)(a) | 12,316 | 12,545,847 | ||||||
6.88%, 04/01/28 (Call 04/01/23)(a) | 36,731 | 20,934,947 | ||||||
8.00%, 03/15/26 (Call 03/15/22)(a) | 29,587 | 30,569,288 | ||||||
8.00%, 12/15/27 (Call 12/15/22)(a) | 14,808 | 15,138,095 | ||||||
8.13%, 06/30/24 (Call 06/30/21)(a)(b) | 18,377 | 16,909,688 | ||||||
8.63%, 01/15/24 (Call 01/15/21)(a) | 14,526 | 15,184,729 | ||||||
9.88%, 06/30/23 (Call 06/30/20)(a)(e) | 25,390 | 24,160,108 | ||||||
DaVita Inc. | ||||||||
5.00%, 05/01/25 (Call 05/01/20)(b) | 21,361 | 21,724,137 | ||||||
5.13%, 07/15/24 (Call 07/15/20)(b) | 26,797 | 27,131,963 | ||||||
Encompass Health Corp. | ||||||||
4.50%, 02/01/28 (Call 02/01/23) | 7,076 | 7,174,003 | ||||||
4.75%, 02/01/30 (Call 02/01/25)(b) | 7,323 | 7,577,474 | ||||||
5.75%, 11/01/24 (Call 11/01/20) | 9,027 | 9,110,500 | ||||||
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 10/15/21)(a)(b) | 18,184 | 9,682,980 | ||||||
HCA Healthcare Inc., 6.25%, 02/15/21 | 13,587 | 14,101,268 |
Security | Par (000) | Value | ||||||
Health Care – Services (continued) | ||||||||
HCA Inc. | ||||||||
3.50%, 09/01/30 (Call 03/01/30) | $ | 31,875 | $ | 31,234,312 | ||||
5.38%, 02/01/25 | 42,504 | 46,988,172 | ||||||
5.38%, 09/01/26 (Call 03/01/26)(b) | 16,007 | 17,788,049 | ||||||
5.63%, 09/01/28 (Call 03/01/28)(b) | 22,689 | 25,719,456 | ||||||
5.88%, 05/01/23(b) | 19,758 | 21,609,943 | ||||||
5.88%, 02/15/26 (Call 08/15/25)(b) | 24,071 | 27,200,230 | ||||||
5.88%, 02/01/29 (Call 08/01/28) | 14,719 | 17,037,243 | ||||||
7.50%, 02/15/22 | 38,884 | 42,925,992 | ||||||
LifePoint Health Inc., 4.38%, 02/15/27 (Call 02/15/22)(a) | 3,930 | 3,876,388 | ||||||
MEDNAX Inc. | ||||||||
5.25%, 12/01/23 (Call 12/01/20)(a)(b) | 10,500 | 10,270,418 | ||||||
6.25%, 01/15/27 (Call 01/15/22)(a)(b) | 15,253 | 14,681,013 | ||||||
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)(b) | 9,520 | 9,929,646 | ||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a)(b) | 23,831 | 25,504,134 | ||||||
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)(b) | 16,437 | 17,537,457 | ||||||
Tenet Healthcare Corp. | ||||||||
4.63%, 07/15/24 (Call 07/15/20) | 28,221 | 28,573,762 | ||||||
4.63%, 09/01/24 (Call 09/01/21)(a)(b) | 8,296 | 8,430,810 | ||||||
4.88%, 01/01/26 (Call 03/01/22)(a)(b) | 32,089 | 32,690,669 | ||||||
5.13%, 05/01/25 (Call 05/01/20)(b) | 20,288 | 20,440,160 | ||||||
5.13%, 11/01/27 (Call 11/01/22)(a) | 22,942 | 23,831,003 | ||||||
6.25%, 02/01/27 (Call 02/01/22)(a)(b) | 21,423 | 22,494,150 | ||||||
6.75%, 06/15/23(b) | 28,203 | 30,273,334 | ||||||
7.00%, 08/01/25 (Call 08/01/20)(b) | 5,903 | 6,077,630 | ||||||
8.13%, 04/01/22(b) | 41,928 | 45,426,892 | ||||||
|
| |||||||
1,082,174,566 | ||||||||
Holding Companies – Diversified — 0.6% | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
4.75%, 09/15/24 (Call 06/15/24)(a)(b) | 14,240 | 14,524,800 | ||||||
5.25%, 05/15/27 (Call 11/15/26)(a)(b) | 16,018 | 16,098,090 | ||||||
6.25%, 02/01/22 (Call 02/01/21)(b) | 16,492 | 16,774,343 | ||||||
6.25%, 05/15/26 (Call 05/15/22) | 19,596 | 20,112,551 | ||||||
6.38%, 12/15/25 (Call 12/15/20)(b) | 11,569 | 11,975,753 | ||||||
6.75%, 02/01/24 (Call 02/01/21) | 6,529 | 6,773,838 | ||||||
|
| |||||||
86,259,375 | ||||||||
Home Builders – 1.6% | ||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp. | ||||||||
4.88%, 02/15/30 (Call 02/15/25)(a) | 7,380 | 7,345,314 | ||||||
6.13%, 07/01/22 (Call 07/01/20)(a) | 8,596 | 8,719,353 | ||||||
6.25%, 09/15/27 (Call 09/15/22)(a)(b) | 7,198 | 7,413,940 | ||||||
KB Home, 7.00%, 12/15/21 (Call 09/15/21) | 5,666 | 6,013,042 | ||||||
Lennar Corp. | ||||||||
4.13%, 01/15/22 (Call 10/15/21) | 8,254 | 8,450,032 | ||||||
4.50%, 04/30/24 (Call 01/30/24)(b) | 9,112 | 9,704,280 | ||||||
4.75%, 04/01/21 (Call 02/01/21) | 5,534 | 5,623,928 | ||||||
4.75%, 11/15/22 (Call 08/15/22)(b) | 7,508 | 7,864,630 | ||||||
4.75%, 05/30/25 (Call 02/28/25)(b) | 6,229 | 6,710,502 | ||||||
4.75%, 11/29/27 (Call 05/29/27)(b) | 15,501 | 17,056,835 | ||||||
4.88%, 12/15/23 (Call 09/15/23) | 5,206 | 5,563,913 | ||||||
5.88%, 11/15/24 (Call 05/15/24)(b) | 5,649 | 6,305,696 | ||||||
Mattamy Group Corp. | ||||||||
4.63%, 03/01/30 (Call 03/01/25)(a) | 6,145 | 5,961,695 | ||||||
5.25%, 12/15/27 (Call 12/15/22)(a)(b) | 7,000 | 7,296,450 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Home Builders (continued) | ||||||||
6.50%, 10/01/25 (Call 10/01/20)(a)(b) | $ | 8,179 | $ | 8,798,886 | ||||
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25) | 5,530 | 6,228,162 | ||||||
PulteGroup Inc. | ||||||||
4.25%, 03/01/21 (Call 02/01/21) | 4,922 | 4,983,525 | ||||||
5.00%, 01/15/27 (Call 10/15/26) | 8,275 | 9,108,921 | ||||||
5.50%, 03/01/26 (Call 12/01/25)(b) | 11,855 | 13,067,026 | ||||||
Taylor Morrison Communities Inc. | ||||||||
5.75%, 01/15/28 (Call 10/15/27)(a) | 5,792 | 6,390,053 | ||||||
5.88%, 01/31/25 (Call 01/31/21)(a) | 10,367 | 10,619,747 | ||||||
5.88%, 06/15/27 (Call 03/15/27)(a)(b) | 7,206 | 8,070,977 | ||||||
Toll Brothers Finance Corp. | ||||||||
3.80%, 11/01/29 (Call 08/01/29)(b) | 7,450 | 7,532,775 | ||||||
4.35%, 02/15/28 (Call 11/15/27)(b) | 5,888 | �� | 6,216,079 | |||||
4.38%, 04/15/23 (Call 01/15/23)(b) | 5,076 | 5,305,898 | ||||||
4.88%, 03/15/27 (Call 12/15/26)(b) | 6,090 | 6,643,825 | ||||||
5.88%, 02/15/22 (Call 11/15/21) | 4,441 | 4,668,498 | ||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b) | 5,623 | 6,093,926 | ||||||
|
| |||||||
213,757,908 | ||||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International Inc. | ||||||||
5.50%, 06/15/26 (Call 06/15/21)(b) | 8,039 | 8,410,804 | ||||||
5.63%, 10/15/23 (Call 10/15/20)(b) | 4,556 | 4,642,287 | ||||||
|
| |||||||
13,053,091 | ||||||||
Household Products & Wares — 0.2% | ||||||||
Prestige Brands Inc. | ||||||||
5.13%, 01/15/28 (Call 01/15/23)(a)(b) | 6,075 | 6,272,438 | ||||||
6.38%, 03/01/24 (Call 03/01/20)(a)(b) | 9,696 | 10,011,120 | ||||||
Spectrum Brands Inc., 5.75%, 07/15/25 (Call 07/15/20)(b) | 14,179 | 14,568,922 | ||||||
|
| |||||||
30,852,480 | ||||||||
Insurance — 0.5% | ||||||||
Acrisure LLC/Acrisure Finance Inc. | ||||||||
7.00%, 11/15/25 (Call 11/15/20)(a) | 14,780 | 14,356,553 | ||||||
8.13%, 02/15/24 (Call 02/15/21)(a)(b) | 12,445 | 13,191,700 | ||||||
10.13%, 08/01/26 (Call 08/01/22)(a)(b) | 5,733 | 6,191,640 | ||||||
Genworth Holdings Inc., 7.63%, 09/24/21 | 7,956 | 8,173,915 | ||||||
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(a)(b) | 20,038 | 20,313,522 | ||||||
|
| |||||||
62,227,330 | ||||||||
Internet — 2.7% | ||||||||
Match Group Inc. | ||||||||
4.13%, 08/01/30 (Call 05/01/25)(a) | 8,350 | 8,183,000 | ||||||
5.00%, 12/15/27 (Call 12/15/22)(a)(b) | 5,922 | 6,174,385 | ||||||
6.38%, 06/01/24 (Call 06/01/20) | 4,744 | 4,914,547 | ||||||
Netflix Inc. | ||||||||
4.38%, 11/15/26(b) | 14,074 | 14,732,624 | ||||||
4.88%, 04/15/28(b) | 23,553 | 24,795,656 | ||||||
4.88%, 06/15/30 (Call 03/15/30)(a)(b) | 16,419 | 17,189,325 | ||||||
5.38%, 02/01/21 | 3,030 | 3,090,600 | ||||||
5.38%, 11/15/29(a)(b) | 13,472 | 14,623,385 | ||||||
5.50%, 02/15/22 | 9,694 | 10,147,679 | ||||||
5.75%, 03/01/24(b) | 5,307 | 5,836,795 | ||||||
5.88%, 02/15/25(b) | 10,992 | 12,246,874 | ||||||
5.88%, 11/15/28(b) | 27,545 | 30,934,412 | ||||||
6.38%, 05/15/29 | 11,457 | 13,148,053 | ||||||
NortonLife Lock Inc. | ||||||||
3.95%, 06/15/22 (Call 03/15/22)(b) | 4,801 | 4,881,108 |
Security | Par (000) | Value | ||||||
Internet (continued) | ||||||||
5.00%, 04/15/25 (Call 04/15/20)(a)(b) | $ | 15,999 | $ | 16,142,991 | ||||
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)(b) | 12,517 | 11,892,777 | ||||||
Uber Technologies Inc. | ||||||||
7.50%, 11/01/23 (Call 11/01/20)(a) | 7,148 | 7,458,864 | ||||||
7.50%, 09/15/27 (Call 09/15/22)(a) | 18,295 | 19,072,538 | ||||||
8.00%, 11/01/26 (Call 11/01/21)(a) | 21,677 | 22,571,176 | ||||||
VeriSign Inc. | ||||||||
4.63%, 05/01/23 (Call 05/01/20)(b) | 9,414 | 9,495,431 | ||||||
4.75%, 07/15/27 (Call 07/15/22)(b) | 7,538 | 7,852,184 | ||||||
5.25%, 04/01/25 (Call 01/01/25)(b) | 6,817 | 7,389,628 | ||||||
Zayo Group LLC/Zayo Capital Inc. | ||||||||
5.75%, 01/15/27 (Call 01/15/22)(a) | 36,269 | 37,039,716 | ||||||
6.00%, 04/01/23 (Call 04/01/20) | 28,563 | 29,143,186 | ||||||
6.38%, 05/15/25 (Call 05/15/20) | 18,838 | 19,279,516 | ||||||
|
| |||||||
358,236,450 | ||||||||
Iron & Steel — 0.4% | ||||||||
AK Steel Corp., 7.63%, 10/01/21 | 4,464 | 4,471,971 | ||||||
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)(b) | 8,363 | 8,865,365 | ||||||
Cleveland-Cliffs Inc. | ||||||||
4.88%, 01/15/24 (Call 01/15/21)(a)(b) | 4,680 | 4,485,488 | ||||||
5.75%, 03/01/25 (Call 03/01/20)(b) | 10,327 | 9,405,315 | ||||||
5.88%, 06/01/27 (Call 06/01/22)(a)(b) | 10,536 | 8,871,523 | ||||||
U.S. Steel Corp. | ||||||||
6.25%, 03/15/26 (Call 03/15/21)(b) | 10,467 | 8,465,186 | ||||||
6.88%, 08/15/25 (Call 08/15/20)(b) | 11,002 | 9,502,978 | ||||||
|
| |||||||
54,067,826 | ||||||||
Leisure Time — 0.2% | ||||||||
Sabre GLBL Inc. | ||||||||
5.25%, 11/15/23 (Call 11/15/20)(a) | 5,619 | 5,620,124 | ||||||
5.38%, 04/15/23 (Call 04/15/20)(a)(b) | 7,668 | 7,668,000 | ||||||
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)(a)(b) | 12,369 | 11,023,871 | ||||||
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)(b) | 9,333 | 8,353,035 | ||||||
|
| |||||||
32,665,030 | ||||||||
Lodging — 2.2% | ||||||||
Boyd Gaming Corp. | ||||||||
4.75%, 12/01/27 (Call 12/01/22)(a)(b) | 15,225 | 15,074,729 | ||||||
6.00%, 08/15/26 (Call 08/15/21)(b) | 9,448 | 9,764,004 | ||||||
6.38%, 04/01/26 (Call 04/01/21)(b) | 11,270 | 11,793,368 | ||||||
Diamond Resorts International Inc. | ||||||||
7.75%, 09/01/23 (Call 09/01/20)(a)(b) | 7,450 | 7,450,000 | ||||||
10.75%, 09/01/24 (Call 09/01/20)(a)(b) | 9,123 | 9,157,211 | ||||||
Hilton Domestic Operating Co. Inc. | ||||||||
4.25%, 09/01/24 (Call 09/01/20) | 14,417 | 14,489,085 | ||||||
4.88%, 01/15/30 (Call 01/15/25)(b) | 15,146 | 15,695,043 | ||||||
5.13%, 05/01/26 (Call 05/01/21)(b) | 23,100 | 23,713,305 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | ||||||||
4.63%, 04/01/25 (Call 04/01/20)(b) | 11,433 | 11,475,874 | ||||||
4.88%, 04/01/27 (Call 04/01/22)(b) | 8,431 | 8,622,015 | ||||||
Marriott Ownership Resorts Inc./ILG LLC, | 8,593 | 9,226,734 | ||||||
MGM Resorts International | ||||||||
4.63%, 09/01/26 (Call 06/01/26)(b) | 8,922 | 9,346,555 | ||||||
5.50%, 04/15/27 (Call 01/15/27) | 18,306 | 19,884,892 | ||||||
5.75%, 06/15/25 (Call 03/15/25)(b) | 18,320 | 20,197,479 | ||||||
6.00%, 03/15/23(b) | 17,401 | 18,757,789 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Lodging (continued) | ||||||||
7.75%, 03/15/22 | $ | 12,942 | $ | 14,139,135 | ||||
Station Casinos LLC, 4.50%, 02/15/28 (Call 02/15/23)(a) | 8,175 | 7,776,469 | ||||||
Wyndham Destinations Inc. | ||||||||
3.90%, 03/01/23 (Call 12/01/22) | 6,279 | 6,267,698 | ||||||
4.25%, 03/01/22 (Call 12/01/21) | 7,178 | 7,151,083 | ||||||
5.75%, 04/01/27 (Call 01/01/27) | 7,376 | 7,797,907 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||||||||
4.25%, 05/30/23 (Call 02/28/23)(a)(b) | 6,309 | 6,324,773 | ||||||
5.25%, 05/15/27 (Call 02/15/27)(a)(b) | 12,008 | 11,647,760 | ||||||
5.50%, 03/01/25 (Call 12/01/24)(a)(b) | 29,849 | 29,289,331 | ||||||
|
| |||||||
295,042,239 | ||||||||
Machinery — 0.2% | ||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/21)(a) | 9,320 | 8,854,000 | ||||||
Vertiv Group Corp., 9.25%, 10/15/24 (Call 10/15/20)(a) | 17,027 | 18,205,030 | ||||||
|
| |||||||
27,059,030 | ||||||||
Manufacturing — 0.2% | ||||||||
Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp., 12.25%, 11/15/26 (Call 11/15/22)(a)(b) | 12,342 | 12,619,695 | ||||||
FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/01/20)(a) | 8,099 | 7,618,122 | ||||||
|
| |||||||
20,237,817 | ||||||||
Media — 11.5% | ||||||||
Altice Financing SA | ||||||||
5.00%, 01/15/28 (Call 01/15/23)(a)(b) | 19,048 | 18,517,513 | ||||||
7.50%, 05/15/26 (Call 05/15/21)(a)(b) | 39,905 | 42,448,944 | ||||||
Altice Luxembourg SA, 7.63%, 02/15/25 (Call 02/15/21)(a)(b) | 12,335 | 12,811,769 | ||||||
AMC Networks Inc. | ||||||||
4.75%, 12/15/22 (Call 12/15/20) | 12,295 | 12,379,528 | ||||||
4.75%, 08/01/25 (Call 08/01/21)(b) | 10,513 | 10,478,307 | ||||||
5.00%, 04/01/24 (Call 04/01/20)(b) | 15,444 | 15,540,525 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.00%, 03/01/23 (Call 11/01/20)(a)(b) | 6,386 | 6,431,979 | ||||||
4.50%, 08/15/30 (Call 02/15/25)(a) | 11,285 | 11,422,522 | ||||||
4.75%, 03/01/30 (Call 09/01/24)(a)(b) | 57,588 | 59,092,964 | ||||||
5.00%, 02/01/28 (Call 08/01/22)(a)(b) | 36,341 | 37,794,640 | ||||||
5.13%, 02/15/23 (Call 02/15/21) | 17,986 | 18,118,197 | ||||||
5.13%, 05/01/23 (Call 05/01/20)(a)(b) | 17,130 | 17,373,246 | ||||||
5.13%, 05/01/27 (Call 05/01/22)(a)(b) | 51,174 | 53,220,960 | ||||||
5.25%, 09/30/22 (Call 09/30/20) | 17,920 | 18,116,224 | ||||||
5.38%, 05/01/25 (Call 05/01/20)(a)(b) | 10,109 | 10,388,008 | ||||||
5.38%, 06/01/29 (Call 06/01/24)(a)(b) | 22,118 | 23,555,670 | ||||||
5.50%, 05/01/26 (Call 05/01/21)(a) | 22,667 | 23,602,014 | ||||||
5.75%, 09/01/23 (Call 03/01/20)(b) | 9,120 | 9,206,640 | ||||||
5.75%, 02/15/26 (Call 02/15/21)(a)(b) | 38,225 | 39,742,532 | ||||||
5.88%, 04/01/24 (Call 04/01/20)(a) | 25,999 | 26,706,173 | ||||||
5.88%, 05/01/27 (Call 05/01/21)(a)(b) | 11,539 | 12,029,408 | ||||||
Clear Channel Worldwide Holdings Inc. | ||||||||
5.13%, 08/15/27 (Call 08/15/22)(a)(b) | 17,878 | 17,895,419 | ||||||
9.25%, 02/15/24 (Call 02/15/21)(a)(b) | 29,665 | 31,519,062 | ||||||
CSC Holdings LLC | ||||||||
5.25%, 06/01/24(b) | 11,508 | 12,450,978 | ||||||
5.38%, 07/15/23 (Call 07/15/20)(a) | 14,835 | 15,145,793 | ||||||
5.38%, 02/01/28 (Call 02/01/23)(a)(b) | 13,734 | 14,339,308 | ||||||
5.50%, 05/15/26 (Call 05/15/21)(a) | 20,705 | 21,455,556 | ||||||
5.50%, 04/15/27 (Call 04/15/22)(a)(b) | 19,193 | 20,188,637 | ||||||
5.75%, 01/15/30 (Call 01/15/25)(a) | 34,176 | 36,271,987 | ||||||
6.50%, 02/01/29 (Call 02/01/24)(a)(b) | 26,085 | 28,986,956 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
6.63%, 10/15/25 (Call 10/15/20)(a)(b) | $ | 11,781 | $ | 12,355,324 | ||||
6.75%, 11/15/21(b) | 16,035 | 17,030,509 | ||||||
7.50%, 04/01/28 (Call 04/01/23)(a)(b) | 14,917 | 16,705,474 | ||||||
7.75%, 07/15/25 (Call 07/15/20)(a)(b) | 8,814 | 9,273,981 | ||||||
10.88%, 10/15/25 (Call 10/15/20)(a) | 26,228 | 28,777,362 | ||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. | ||||||||
5.38%, 08/15/26 (Call 08/15/22)(a) | 46,006 | 42,325,520 | ||||||
6.63%, 08/15/27 (Call 08/15/22)(a)(b) | 27,302 | 21,930,525 | ||||||
DISH DBS Corp. | ||||||||
5.00%, 03/15/23(b) | 22,607 | 23,115,657 | ||||||
5.88%, 07/15/22 | 29,363 | 30,638,822 | ||||||
5.88%, 11/15/24(b) | 29,539 | 30,316,910 | ||||||
6.75%, 06/01/21 | 31,678 | 32,882,081 | ||||||
7.75%, 07/01/26(b) | 30,692 | 32,978,554 | ||||||
Gray Television Inc. | ||||||||
5.13%, 10/15/24 (Call 10/15/20)(a)(b) | 6,464 | 6,625,600 | ||||||
5.88%, 07/15/26 (Call 07/15/21)(a)(b) | 9,690 | 9,980,700 | ||||||
7.00%, 05/15/27 (Call 05/15/22)(a)(b) | 12,209 | 13,224,667 | ||||||
iHeartCommunications Inc. | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | 6,722 | 6,688,390 | ||||||
5.25%, 08/15/27 (Call 08/15/22)(a) | 10,349 | 10,698,279 | ||||||
6.38%, 05/01/26 (Call 05/01/22) | 14,040 | 15,110,550 | ||||||
8.38%, 05/01/27 (Call 05/01/22)(b) | 22,858 | 24,794,073 | ||||||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 10/15/22)(a) | 19,186 | 20,140,503 | ||||||
Meredith Corp., 6.88%, 02/01/26 | 20,588 | 20,742,410 | ||||||
Nexstar Broadcasting Inc. | ||||||||
5.63%, 08/01/24 (Call 08/01/20)(a)(b) | 11,696 | 12,029,336 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a) | 26,506 | 27,466,842 | ||||||
Quebecor Media Inc., 5.75%, 01/15/23(b) | 12,153 | 12,968,543 | ||||||
Sinclair Television Group Inc. | ||||||||
5.13%, 02/15/27 (Call 08/15/21)(a)(b) | 5,645 | 5,558,632 | ||||||
5.50%, 03/01/30 (Call 12/01/24)(a)(b) | 7,558 | 7,461,636 | ||||||
5.63%, 08/01/24 (Call 08/01/20)(a)(b) | 11,170 | 11,390,608 | ||||||
Sirius XM Radio Inc. | ||||||||
3.88%, 08/01/22 (Call 08/01/20)(a) | 13,557 | 13,689,436 | ||||||
4.63%, 05/15/23 (Call 05/15/20)(a) | 6,510 | 6,561,429 | ||||||
4.63%, 07/15/24 (Call 07/15/21)(a)(b) | 22,985 | 23,700,983 | ||||||
5.00%, 08/01/27 (Call 08/01/22)(a)(b) | 22,761 | 23,788,204 | ||||||
5.38%, 04/15/25 (Call 04/15/20)(a) | 13,043 | 13,417,986 | ||||||
5.38%, 07/15/26 (Call 07/15/21)(a)(b) | 13,023 | 13,495,084 | ||||||
5.50%, 07/01/29 (Call 07/01/24)(a)(b) | 18,862 | 20,223,836 | ||||||
TEGNA Inc. | ||||||||
4.63%, 03/15/28 (Call 03/15/23)(a)(b) | 15,165 | 14,703,226 | ||||||
5.00%, 09/15/29 (Call 09/15/24)(a)(b) | 16,777 | 16,567,288 | ||||||
Telenet Finance Luxembourg Note SARL, 5.50%, 03/01/28 | 14,500 | 15,315,625 | ||||||
Univision Communications Inc. | ||||||||
5.13%, 05/15/23 (Call 05/15/20)(a)(b) | 18,695 | 18,190,235 | ||||||
5.13%, 02/15/25 (Call 02/15/21)(a)(b) | 23,085 | 21,775,707 | ||||||
UPC Holding BV, 5.50%, 01/15/28 | 7,661 | 7,773,770 | ||||||
ViacomCBS Inc. | ||||||||
5.88%, 02/28/57 (Call 02/28/22)(b)(c) | 10,422 | 10,579,789 | ||||||
6.25%, 02/28/57 (Call 02/28/27)(b)(c) | 10,572 | 11,232,750 | ||||||
Videotron Ltd. | ||||||||
5.00%, 07/15/22 | 9,966 | 10,298,615 | ||||||
5.13%, 04/15/27 (Call 04/15/22)(a)(b) | 8,188 | 8,583,890 | ||||||
5.38%, 06/15/24 (Call 03/15/24)(a)(b) | 8,590 | 9,296,012 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
Virgin Media Finance PLC, 6.00%, 10/15/24 (Call 10/15/20)(a)(b) | $ | 6,450 | $ | 6,598,746 | ||||
Virgin Media Secured Finance PLC | ||||||||
5.50%, 08/15/26 (Call 08/15/21)(a)(b) | 11,924 | 12,263,148 | ||||||
5.50%, 05/15/29 (Call 05/15/24)(a) | 20,547 | 21,009,307 | ||||||
Ziggo Bond Co. BV | ||||||||
5.13%, 02/28/30 (Call 02/15/25)(a)(b) | 2,145 | 2,135,004 | ||||||
6.00%, 01/15/27 (Call 01/15/22)(a)(b) | 13,695 | 14,431,106 | ||||||
Ziggo BV | ||||||||
4.88%, 01/15/30 (Call 10/15/24)(a)(b) | 7,868 | 8,140,437 | ||||||
5.50%, 01/15/27 (Call 01/15/22)(a) | 38,459 | 40,206,119 | ||||||
|
| |||||||
1,544,420,679 | ||||||||
Mining — 1.9% | ||||||||
Alcoa Nederland Holding BV | ||||||||
6.13%, 05/15/28 (Call 05/15/23)(a)(b) | 7,371 | 7,573,703 | ||||||
6.75%, 09/30/24 (Call 09/30/20)(a)(b) | 10,874 | 11,159,443 | ||||||
7.00%, 09/30/26 (Call 09/30/21)(a)(b) | 6,116 | 6,467,670 | ||||||
Constellium SE | ||||||||
5.75%, 05/15/24 (Call 05/15/20)(a) | 8,702 | 8,885,395 | ||||||
5.88%, 02/15/26 (Call 11/15/20)(a)(b) | 8,793 | 8,935,886 | ||||||
6.63%, 03/01/25 (Call 03/01/20)(a)(b) | 11,026 | 11,232,737 | ||||||
FMG Resources August 2006 Pty Ltd. | ||||||||
4.50%, 09/15/27 (Call 06/15/27)(a)(b) | 9,254 | 8,999,515 | ||||||
4.75%, 05/15/22 (Call 02/15/22)(a)(b) | 11,533 | 11,720,411 | ||||||
5.13%, 03/15/23 (Call 12/15/22)(a)(b) | 8,443 | 8,706,844 | ||||||
5.13%, 05/15/24 (Call 02/15/24)(a)(b) | 11,189 | 11,552,642 | ||||||
Freeport-McMoRan Inc. | ||||||||
3.55%, 03/01/22 (Call 12/01/21) | 34,394 | 34,786,092 | ||||||
3.88%, 03/15/23 (Call 12/15/22) | 33,174 | 33,427,781 | ||||||
4.13%, 03/01/28 (Call 03/01/23) | 8,650 | 8,196,740 | ||||||
4.25%, 03/01/30 (Call 03/01/25) | 8,650 | 8,132,730 | ||||||
4.55%, 11/14/24 (Call 08/14/24)(b) | 15,384 | 15,576,300 | ||||||
5.00%, 09/01/27 (Call 09/01/22)(b) | 6,637 | 6,535,454 | ||||||
5.25%, 09/01/29 (Call 09/01/24)(b) | 6,982 | 7,016,910 | ||||||
Novelis Corp. | ||||||||
4.75%, 01/30/30 (Call 01/30/25)(a)(b) | 23,031 | 22,627,957 | ||||||
5.88%, 09/30/26 (Call 09/30/21)(a)(b) | 28,687 | 29,726,904 | ||||||
|
| |||||||
261,261,114 | ||||||||
Office & Business Equipment — 0.5% | ||||||||
CDW LLC/CDW Finance Corp. | ||||||||
4.25%, 04/01/28 (Call 10/01/22) | 8,013 | 8,156,558 | ||||||
5.00%, 09/01/25 (Call 03/01/20)(b) | 11,866 | 12,255,205 | ||||||
5.50%, 12/01/24 (Call 06/01/24)(b) | 7,926 | 8,745,449 | ||||||
Pitney Bowes Inc. | ||||||||
4.63%, 05/15/22 (Call 04/15/22) | 1,799 | 1,819,239 | ||||||
4.63%, 03/15/24 (Call 12/15/23)(b) | 882 | 840,546 | ||||||
5.20%, 04/01/23 (Call 03/01/23) | 3,955 | 3,890,731 | ||||||
Xerox Corp. | ||||||||
4.13%, 03/15/23 (Call 02/15/23)(b) | 13,142 | 13,437,695 | ||||||
4.50%, 05/15/21(b) | 14,700 | 14,958,720 | ||||||
|
| |||||||
64,104,143 | ||||||||
Oil & Gas — 6.3% | ||||||||
Aker BP ASA | ||||||||
4.75%, 06/15/24 (Call 06/15/21)(a) | 1,039 | 1,081,241 | ||||||
5.88%, 03/31/25 (Call 03/31/21)(a) | 7,989 | 8,355,535 | ||||||
6.00%, 07/01/22 (Call 07/01/20)(a)(b) | 3,954 | 4,071,024 | ||||||
American Energy- Permian Basin LLC, 12.00%, 10/01/24 (Call 10/01/21)(a) | 2,267 | 1,552,895 |
Security | Par (000) | Value | ||||||
Oil &Gas (continued) | ||||||||
Antero Resources Corp. | ||||||||
5.00%, 03/01/25 (Call 03/01/20)(b) | $ | 8,906 | $ | 4,546,513 | ||||
5.13%, 12/01/22 (Call 06/01/20)(b) | 11,829 | 7,215,690 | ||||||
5.38%, 11/01/21 (Call 11/01/20)(b) | 13,850 | 11,421,956 | ||||||
5.63%, 06/01/23 (Call 06/01/20)(b) | 11,234 | 6,066,360 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||||||||
7.00%, 11/01/26 (Call 11/01/21)(a) | 9,773 | 5,723,313 | ||||||
10.00%, 04/01/22 (Call 04/01/20)(a) | 14,748 | 12,498,930 | ||||||
California Resources Corp., 8.00%, 12/15/22 (Call 12/15/20)(a)(b) | 28,461 | 6,353,383 | ||||||
Callon Petroleum Co. | ||||||||
6.13%, 10/01/24 (Call 10/01/20)(b) | 8,882 | 7,083,395 | ||||||
6.38%, 07/01/26 (Call 07/01/21)(b) | 6,215 | 4,839,931 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 | 7,997 | 8,436,835 | ||||||
Chesapeake Energy Corp. | ||||||||
7.00%, 10/01/24 (Call 04/01/21) | 991 | 341,637 | ||||||
11.50%, 01/01/25 (Call 01/01/22)(a)(b) | 37,401 | 21,412,072 | ||||||
Citgo Holding Inc., 9.25%, 08/01/24 | 21,410 | 22,266,400 | ||||||
CNX Resources Corp. | ||||||||
5.88%, 04/15/22 (Call 04/15/20) | 13,429 | 12,356,947 | ||||||
7.25%, 03/14/27 (Call 03/14/22)(a)(b) | 7,687 | 5,686,535 | ||||||
Comstock Resources Inc. | ||||||||
7.50%, 05/15/25 (Call 05/15/20)(a) | 11,550 | 8,543,535 | ||||||
9.75%, 08/15/26 (Call 08/15/21)(b) | 10,828 | 9,048,147 | ||||||
CrownRock LP/CrownRock Finance Inc., | 17,608 | 16,947,700 | ||||||
CVR Energy Inc. | ||||||||
5.25%, 02/15/25 (Call 02/15/22)(a) | 8,499 | 7,963,121 | ||||||
5.75%, 02/15/28 (Call 02/15/23)(a) | 6,515 | 6,213,030 | ||||||
Denbury Resources Inc. | ||||||||
7.75%, 02/15/24 (Call 08/15/20)(a) | 7,666 | 4,273,795 | ||||||
9.00%, 05/15/21 (Call 12/15/20)(a)(b) | 8,370 | 7,313,288 | ||||||
9.25%, 03/31/22 (Call 03/31/20)(a)(b) | 8,106 | 6,201,090 | ||||||
Diamond Offshore Drilling Inc., 7.88%, 08/15/25 (Call 05/15/25) | 8,036 | 5,675,425 | ||||||
Endeavor Energy Resources LP/EER Finance Inc. | ||||||||
5.50%, 01/30/26 (Call 01/30/21)(a) | 7,037 | 6,924,549 | ||||||
5.75%, 01/30/28 (Call 01/30/23)(a)(b) | 14,906 | 14,628,748 | ||||||
Extraction Oil &Gas Inc. | ||||||||
5.63%, 02/01/26 (Call 02/01/21)(a) | 12,768 | 4,468,800 | ||||||
7.38%, 05/15/24 (Call 05/15/20)(a) | 3,828 | 1,425,930 | ||||||
Gulfport Energy Corp. | ||||||||
6.00%, 10/15/24 (Call 10/15/20)(b) | 10,534 | 3,553,580 | ||||||
6.38%, 05/15/25 (Call 05/15/20) | 6,647 | 2,185,201 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
5.00%, 12/01/24 (Call 06/01/20)(a)(b) | 7,304 | 5,770,160 | ||||||
5.75%, 10/01/25 (Call 04/01/20)(a)(b) | 8,236 | 6,562,419 | ||||||
6.25%, 11/01/28 (Call 11/01/23)(a)(b) | 8,855 | 6,641,250 | ||||||
Laredo Petroleum Inc. | ||||||||
9.50%, 01/15/25 (Call 01/15/22) | 9,970 | 7,178,400 | ||||||
10.13%, 01/15/28 (Call 01/15/23)(b) | 5,675 | 4,015,942 | ||||||
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)(b) | 16,651 | 14,902,645 | ||||||
MEG Energy Corp. | ||||||||
6.50%, 01/15/25 (Call 01/15/21)(a) | 12,812 | 12,619,820 | ||||||
7.00%, 03/31/24 (Call 09/30/20)(a)(b) | 12,679 | 12,013,352 | ||||||
7.13%, 02/01/27 (Call 02/01/23)(a) | 16,940 | 16,008,300 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Moss Creek Resources Holdings Inc. | ||||||||
7.50%, 01/15/26 (Call 01/15/21)(a)(b) | $ | 10,254 | $ | 6,022,687 | ||||
10.50%, 05/15/27 (Call 05/15/22)(a)(b) | 8,459 | 5,745,071 | ||||||
Murphy Oil Corp. | ||||||||
4.45%, 12/01/22 (Call 09/01/22) | 178 | 181,836 | ||||||
5.75%, 08/15/25 (Call 08/18/20)(b) | 6,414 | 6,222,510 | ||||||
5.88%, 12/01/27 (Call 12/01/22)(b) | 8,996 | 8,789,812 | ||||||
6.88%, 08/15/24 (Call 08/15/20) | 9,145 | 9,138,370 | ||||||
Nabors Industries Inc. | ||||||||
4.63%, 09/15/21(b) | 1,496 | 1,488,520 | ||||||
5.00%, 09/15/20(b) | 494 | 495,235 | ||||||
5.50%, 01/15/23 (Call 11/15/22)(b) | 4,437 | 4,093,133 | ||||||
5.75%, 02/01/25 (Call 11/01/24)(b) | 11,073 | 7,944,877 | ||||||
Nabors Industries Ltd. | ||||||||
7.25%, 01/15/26 (Call 07/15/22)(a)(b) | 8,260 | 7,547,575 | ||||||
7.50%, 01/15/28 (Call 01/15/23)(a) | 6,274 | 5,672,742 | ||||||
Noble Holding International Ltd. | ||||||||
7.88%, 02/01/26 (Call 02/01/21)(a)(b) | 12,837 | 7,949,389 | ||||||
7.95%, 04/01/25 (Call 01/01/25)(b) | 4,672 | 1,792,880 | ||||||
Oasis Petroleum Inc. | ||||||||
6.25%, 05/01/26 (Call 05/01/21)(a)(b) | 5,827 | 3,583,605 | ||||||
6.88%, 03/15/22 (Call 03/30/20) | 13,484 | 10,584,940 | ||||||
Pacific Drilling SA, 8.38%, 10/01/23 (Call 09/01/20)(a) | 11,338 | 8,837,971 | ||||||
Parkland Fuel Corp. | ||||||||
5.88%, 07/15/27 (Call 07/15/22)(a)(b) | 7,387 | 7,608,462 | ||||||
6.00%, 04/01/26 (Call 04/01/21)(a)(b) | 6,464 | 6,690,240 | ||||||
Parsley Energy LLC/Parsley Finance Corp. | ||||||||
4.13%, 02/15/28 (Call 02/15/23)(a) | 4,960 | 4,650,000 | ||||||
5.25%, 08/15/25 (Call 08/15/20)(a) | 7,483 | 7,454,939 | ||||||
5.38%, 01/15/25 (Call 01/15/21)(a) | 10,118 | 10,143,295 | ||||||
5.63%, 10/15/27 (Call 10/15/22)(a)(b) | 10,219 | 10,150,022 | ||||||
6.25%, 06/01/24 (Call 06/01/20)(a) | 6,215 | 6,507,727 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||
6.00%, 02/15/28 (Call 02/15/23)(a)(b) | 15,865 | 15,677,476 | ||||||
7.25%, 06/15/25 (Call 06/15/20)(b) | 10,895 | 11,194,612 | ||||||
PDC Energy Inc. | ||||||||
5.75%, 05/15/26 (Call 05/15/21)(b) | 9,264 | 8,244,960 | ||||||
6.13%, 09/15/24 (Call 09/15/20)(b) | 6,045 | 5,636,358 | ||||||
Puma International Financing SA | ||||||||
5.00%, 01/24/26 (Call 01/24/21)(a) | 10,170 | 9,518,696 | ||||||
5.13%, 10/06/24 (Call 10/06/20)(a) | 9,356 | 9,060,959 | ||||||
QEP Resources Inc. | ||||||||
5.25%, 05/01/23 (Call 02/01/23)(b) | 10,248 | 9,038,736 | ||||||
5.38%, 10/01/22 (Call 07/01/22) | 6,991 | 6,379,288 | ||||||
5.63%, 03/01/26 (Call 12/01/25)(b) | 7,843 | 6,235,185 | ||||||
Range Resources Corp. | ||||||||
4.88%, 05/15/25 (Call 02/15/25)(b) | 10,643 | 6,732,191 | ||||||
5.00%, 08/15/22 (Call 05/15/22) | 11,839 | 9,799,049 | ||||||
5.00%, 03/15/23 (Call 12/15/22)(b) | 11,775 | 8,533,342 | ||||||
9.25%, 02/01/26 (Call 02/01/22)(a) | 6,850 | 4,594,980 | ||||||
Seven Generations Energy Ltd. | ||||||||
5.38%, 09/30/25 (Call 09/30/20)(a) | 11,248 | 10,260,426 | ||||||
6.75%, 05/01/23 (Call 05/01/20)(a)(b) | 4,427 | 4,383,660 | ||||||
6.88%, 06/30/23 (Call 06/30/20)(a) | 6,391 | 6,387,006 | ||||||
SM Energy Co. | ||||||||
5.00%, 01/15/24 (Call 07/15/20) | 4,999 | 3,913,217 | ||||||
5.63%, 06/01/25 (Call 06/01/20)(b) | 5,129 | 3,941,516 | ||||||
6.13%, 11/15/22 (Call 11/15/20)(b) | 6,203 | 5,604,043 | ||||||
6.63%, 01/15/27 (Call 01/15/22)(b) | 9,481 | 7,347,775 | ||||||
6.75%, 09/15/26 (Call 09/15/21)(b) | 9,346 | 7,281,118 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
Southwestern Energy Co. | ||||||||
6.20%, 01/23/25 (Call 10/23/24)(b) | $ | 11,828 | $ | 8,731,193 | ||||
7.50%, 04/01/26 (Call 04/01/21)(b) | 12,405 | 9,290,207 | ||||||
7.75%, 10/01/27 (Call 10/01/22)(b) | 6,083 | 4,607,873 | ||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||
4.88%, 01/15/23 (Call 01/15/21)(b) | 15,092 | 15,163,687 | ||||||
5.50%, 02/15/26 (Call 02/15/21)(b) | 11,009 | 11,175,236 | ||||||
5.88%, 03/15/28 (Call 03/15/23)(b) | 7,333 | 7,555,282 | ||||||
6.00%, 04/15/27 (Call 04/15/22)(b) | 8,220 | 8,428,856 | ||||||
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a) | 10,022 | 9,923,400 | ||||||
Transocean Inc. | ||||||||
7.25%, 11/01/25 (Call 11/01/21)(a)(b) | 10,835 | 8,911,787 | ||||||
7.50%, 01/15/26 (Call 01/15/21)(a)(b) | 9,821 | 8,188,259 | ||||||
8.00%, 02/01/27 (Call 02/01/23)(a)(b) | 12,325 | 10,286,239 | ||||||
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(a)(b) | 8,412 | 8,429,152 | ||||||
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a)(b) | 6,951 | 7,056,655 | ||||||
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)(a)(b) | 5,722 | 5,572,570 | ||||||
Valaris PLC | ||||||||
4.88%, 06/01/22 (Call 03/01/22) | 8,811 | 5,727,150 | ||||||
7.75%, 02/01/26 (Call 11/01/25)(b) | 15,813 | 6,285,668 | ||||||
Whiting Petroleum Corp. | ||||||||
5.75%, 03/15/21 (Call 12/15/20)(b) | 10,653 | 6,125,475 | ||||||
6.25%, 04/01/23 (Call 01/01/23) | 5,021 | 2,259,450 | ||||||
6.63%, 01/15/26 (Call 10/15/25)(b) | 15,284 | 5,655,080 | ||||||
WPX Energy Inc. | ||||||||
4.50%, 01/15/30 (Call 01/15/25)(b) | 13,490 | 12,831,351 | ||||||
5.25%, 09/15/24 (Call 06/15/24)(b) | 9,550 | 9,523,737 | ||||||
5.25%, 10/15/27 (Call 09/30/22)(b) | 7,701 | 7,597,037 | ||||||
5.75%, 06/01/26 (Call 06/01/21) | 8,093 | 8,055,368 | ||||||
8.25%, 08/01/23 (Call 06/01/23) | 5,655 | 6,305,325 | ||||||
|
| |||||||
845,135,287 | ||||||||
Oil &Gas Services — 0.8% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp. | ||||||||
6.25%, 04/01/28 (Call 04/01/23)(a) | 7,915 | 7,749,709 | ||||||
6.88%, 04/01/27 (Call 04/01/22)(a)(b) | 7,895 | 8,002,411 | ||||||
KCA Deutag UK Finance PLC | ||||||||
9.63%, 04/01/23 (Call 04/01/20)(a)(b) | 5,183 | 3,200,503 | ||||||
9.88%, 04/01/22 (Call 04/01/20)(a)(b) | 7,797 | 4,855,192 | ||||||
SESI LLC | ||||||||
7.13%, 12/15/21 (Call 03/30/20)(a)(b) | 15,521 | 12,751,472 | ||||||
7.75%, 09/15/24 (Call 09/15/20) | 6,337 | 3,073,445 | ||||||
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)(a)(b) | 3,294 | 3,368,319 | ||||||
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)(a) | 3,691 | 3,692,148 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. | ||||||||
6.88%, 04/01/26 (Call 04/01/21)(b) | 10,785 | 10,463,877 | ||||||
6.88%, 09/01/27 (Call 09/01/22) | 12,413 | 12,071,642 | ||||||
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)(a)(b) | 32,815 | 31,124,755 | ||||||
|
| |||||||
100,353,473 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Packaging & Containers — 3.0% | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||
4.13%, 08/15/26 (Call 08/15/22)(a)(b) | $ | 7,571 | $ | 7,552,073 | ||||
4.25%, 09/15/22 (Call 03/15/20)(a)(b) | 10,876 | 10,933,969 | ||||||
5.25%, 08/15/27 (Call 08/15/22)(a)(b) | 11,062 | 11,269,413 | ||||||
6.00%, 02/15/25 (Call 02/15/21)(a) | 25,819 | 26,916,307 | ||||||
Ball Corp. | ||||||||
4.00%, 11/15/23 | 15,374 | 15,921,699 | ||||||
4.88%, 03/15/26 (Call 12/15/25)(b) | 11,411 | 12,573,496 | ||||||
5.00%, 03/15/22 | 9,520 | 9,900,800 | ||||||
5.25%, 07/01/25(b) | 13,395 | 14,622,652 | ||||||
Berry Global Inc. | ||||||||
4.50%, 02/15/26 (Call 02/15/21)(a)(b) | 6,904 | 6,813,385 | ||||||
4.88%, 07/15/26 (Call 07/15/22)(a)(b) | 19,511 | 19,895,367 | ||||||
5.13%, 07/15/23 (Call 07/15/20)(b) | 9,982 | 9,995,047 | ||||||
5.50%, 05/15/22 (Call 05/15/20)(b) | 6,242 | 6,270,702 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a)(b) | 6,561 | 6,823,440 | ||||||
6.00%, 10/15/22 (Call 10/15/20)(b) | 746 | 757,899 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23 | 14,141 | 14,374,326 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(b) | 5,724 | 5,917,185 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)(b) | 13,156 | 13,567,125 | ||||||
Flex Acquisition Co. Inc. | ||||||||
6.88%, 01/15/25 (Call 01/15/21)(a)(b) | 9,191 | 9,016,371 | ||||||
7.88%, 07/15/26 (Call 07/15/21)(a)(b) | 8,240 | 8,314,675 | ||||||
Graphic Packaging International LLC | ||||||||
3.50%, 03/15/28(a) | 7,100 | 7,006,848 | ||||||
4.75%, 04/15/21 (Call 01/15/21)(b) | 225 | 228,802 | ||||||
LABL Escrow Issuer LLC | ||||||||
6.75%, 07/15/26 (Call 07/15/22)(a) | 10,548 | 11,062,215 | ||||||
10.50%, 07/15/27 (Call 07/15/22)(a)(b) | 10,025 | 10,375,875 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
5.50%, 04/15/24 (Call 04/15/20)(a)(b) | 23,690 | 23,594,055 | ||||||
7.25%, 04/15/25 (Call 04/15/20)(a)(b) | 20,665 | 20,028,311 | ||||||
Owens-Brockway Glass Container Inc. | ||||||||
5.00%, 01/15/22(a)(b) | 7,179 | 7,386,473 | ||||||
5.88%, 08/15/23(a)(b) | 10,535 | 11,193,964 | ||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu | ||||||||
5.13%, 07/15/23 (Call 07/15/20)(a) | 27,388 | 27,661,880 | ||||||
7.00%, 07/15/24 (Call 07/15/20)(a)(b) | 10,117 | 10,293,505 | ||||||
Sealed Air Corp. | ||||||||
4.00%, 12/01/27 (Call 09/01/27)(a) | 7,378 | 7,359,555 | ||||||
4.88%, 12/01/22 (Call 09/01/22)(a)(b) | 5,115 | 5,334,945 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a)(b) | 6,123 | 6,562,847 | ||||||
5.25%, 04/01/23 (Call 01/01/23)(a)(b) | 5,653 | 5,970,981 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a)(b) | 4,728 | 5,136,343 | ||||||
Trivium Packaging Finance BV | ||||||||
5.50%, 08/15/26 (Call 08/15/22)(a)(b) | 16,416 | 17,032,421 | ||||||
8.50%, 08/15/27 (Call 08/15/22)(a)(b) | 10,791 | 11,389,037 | ||||||
|
| |||||||
399,053,988 | ||||||||
Pharmaceuticals — 4.1% | ||||||||
Bausch Health Americas Inc. | ||||||||
8.50%, 01/31/27 (Call 01/17/22)(a)(b) | 26,987 | 29,685,700 | ||||||
9.25%, 04/01/26 (Call 04/01/22)(a)(b) | 22,170 | 24,853,494 | ||||||
Bausch Health Companies Inc. | ||||||||
5.00%, 01/30/28 (Call 01/30/23)(a) | 17,087 | 16,766,619 | ||||||
5.25%, 01/30/30 (Call 01/30/25)(a)(b) | 15,828 | 15,669,720 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
5.50%, 03/01/23 (Call 03/01/20)(a)(b) | $ | 7,750 | $ | 7,763,147 | ||||
5.50%, 11/01/25 (Call 11/01/20)(a)(b) | 29,054 | 29,978,960 | ||||||
5.75%, 08/15/27 (Call 08/15/22)(a)(b) | 7,089 | 7,540,924 | ||||||
5.88%, 05/15/23 (Call 05/15/20)(a)(b) | 345 | 346,294 | ||||||
6.13%, 04/15/25 (Call 04/15/20)(a)(b) | 49,735 | 50,742,134 | ||||||
6.50%, 03/15/22 (Call 03/15/20)(a) | 18,450 | 18,702,765 | ||||||
7.00%, 03/15/24 (Call 03/15/20)(a) | 29,742 | 30,721,502 | ||||||
7.00%, 01/15/28 (Call 01/15/23)(a)(b) | 11,937 | 12,773,784 | ||||||
7.25%, 05/30/29 (Call 05/30/24)(a) | 14,728 | 16,099,545 | ||||||
9.00%, 12/15/25 (Call 12/15/21)(a) | 25,589 | 28,454,628 | ||||||
Elanco Animal Health Inc. | ||||||||
4.66%, 08/27/21 | 5,209 | 5,380,542 | ||||||
5.02%, 08/28/23 (Call 07/28/23)(b) | 10,441 | 11,176,305 | ||||||
5.65%, 08/28/28 (Call 05/28/28)(b) | 11,027 | 12,607,307 | ||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc. | ||||||||
6.00%, 07/15/23 (Call 07/15/20)(a)(b) | 21,532 | 16,995,423 | ||||||
6.00%, 02/01/25 (Call 02/01/21)(a)(b) | 15,542 | 11,967,340 | ||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC | ||||||||
5.63%, 10/15/23 (Call 10/15/20)(a)(b) | 6,455 | 3,756,407 | ||||||
5.75%, 08/01/22 (Call 08/01/20)(a)(b) | 7,093 | 5,442,265 | ||||||
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a) | 25,100 | 26,505,600 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.20%, 07/21/21(b) | 31,373 | 30,455,208 | ||||||
2.80%, 07/21/23 | 45,010 | 41,915,562 | ||||||
3.15%, 10/01/26(b) | 54,538 | 47,238,361 | ||||||
6.00%, 04/15/24 (Call 01/15/24) | 15,036 | 15,261,540 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(b) | 20,119 | 21,351,289 | ||||||
7.13%, 01/31/25 (Call 10/31/24)(a)(b) | 11,991 | 12,629,470 | ||||||
|
| |||||||
552,781,835 | ||||||||
Pipelines — 3.1% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||
5.38%, 09/15/24 (Call 09/15/20) | 7,142 | 5,429,706 | ||||||
5.75%, 03/01/27 (Call 03/01/22)(a)(b) | 10,818 | 7,332,440 | ||||||
5.75%, 01/15/28 (Call 01/15/23)(a)(b) | 9,361 | 6,365,480 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 11/15/20)(a)(b) | 11,588 | 10,620,981 | ||||||
Buckeye Partners LP | ||||||||
3.95%, 12/01/26 (Call 09/01/26)(b) | 2,000 | 1,910,058 | ||||||
4.13%, 03/01/25 (Call 02/01/25)(a) | 5,945 | 5,945,595 | ||||||
4.15%, 07/01/23 (Call 04/01/23)(b) | 539 | 543,662 | ||||||
4.50%, 03/01/28 (Call 12/01/27)(a) | 5,105 | 4,939,088 | ||||||
6.38%, 01/22/78 (Call 01/22/23)(c) | 9,177 | 7,395,132 | ||||||
Cheniere Energy Partners LP | ||||||||
4.50%, 10/01/29 (Call 10/01/24)(a)(b) | 22,811 | 21,808,913 | ||||||
5.25%, 10/01/25 (Call 10/01/20)(b) | 24,153 | 24,190,739 | ||||||
5.63%, 10/01/26 (Call 10/01/21)(b) | 14,755 | 14,828,775 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | ||||||||
5.63%, 05/01/27 (Call 05/01/22)(a) | 10,152 | 9,415,980 | ||||||
5.75%, 04/01/25 (Call 04/01/20)(b) | 6,438 | 6,148,290 | ||||||
6.25%, 04/01/23 (Call 04/01/20) | 10,183 | 9,750,732 | ||||||
DCP Midstream Operating LP | ||||||||
3.88%, 03/15/23 (Call 12/15/22)(b) | 6,598 | 6,552,507 | ||||||
4.75%, 09/30/21 (Call 06/30/21)(a)(b) | 5,131 | 5,088,413 | ||||||
5.13%, 05/15/29 (Call 02/15/29)(b) | 9,970 | 9,720,750 | ||||||
5.38%, 07/15/25 (Call 04/15/25)(b) | 12,492 | 13,105,638 | ||||||
5.85%, 05/21/43 (Call 05/21/23)(a)(c) | 7,550 | 6,606,250 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 (Call 03/01/25)(b) | $ | 10,762 | $ | 9,096,042 | ||||
4.40%, 04/01/24 (Call 01/01/24) | 7,856 | 7,119,500 | ||||||
4.85%, 07/15/26 (Call 04/15/26)(b) | 9,315 | 7,962,870 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
6.00%, 05/15/23 (Call 05/15/20)(b) | 6,103 | 5,721,563 | ||||||
6.25%, 05/15/26 (Call 02/15/21) | 6,901 | 5,762,335 | ||||||
6.50%, 10/01/25 (Call 10/01/20) | 7,812 | 6,598,796 | ||||||
7.75%, 02/01/28 (Call 02/01/23)(b) | 11,680 | 10,050,640 | ||||||
Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 (Call 08/01/22) | 6,872 | 7,107,744 | ||||||
Hess Midstream Operations LP | ||||||||
5.13%, 06/15/28 (Call 06/15/23)(a)(b) | 8,140 | 7,956,850 | ||||||
5.63%, 02/15/26 (Call 02/15/21)(a)(b) | 13,153 | 13,065,401 | ||||||
NGL Energy Partners LP/NGL Energy Finance Corp. | ||||||||
7.50%, 11/01/23 (Call 11/01/20) | 9,240 | 8,547,000 | ||||||
7.50%, 04/15/26 (Call 04/15/22) | 7,706 | 6,742,750 | ||||||
NuStar Logistics LP | ||||||||
5.63%, 04/28/27 (Call 01/28/27) | 8,743 | 8,919,521 | ||||||
6.00%, 06/01/26 (Call 03/01/26)(b) | 6,708 | 7,009,105 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||||
4.75%, 10/01/23 (Call 10/01/20)(a)(b) | 5,344 | 5,135,246 | ||||||
5.50%, 09/15/24 (Call 09/15/20)(a)(b) | 9,395 | 8,739,229 | ||||||
5.50%, 01/15/28 (Call 01/15/23)(a)(b) | 12,713 | 11,317,113 | ||||||
6.00%, 03/01/27 (Call 03/01/23)(a)(b) | 6,970 | 6,612,787 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
4.25%, 11/15/23 (Call 05/15/20)(b) | 6,966 | 6,859,420 | ||||||
5.00%, 01/15/28 (Call 01/15/23)(b) | 12,473 | 12,344,528 | ||||||
5.13%, 02/01/25 (Call 02/01/21) | 6,025 | 6,070,188 | ||||||
5.25%, 05/01/23 (Call 11/01/20)(b) | 7,159 | 7,171,748 | ||||||
5.38%, 02/01/27 (Call 02/01/22)(b) | 7,160 | 7,195,800 | ||||||
5.50%, 03/01/30 (Call 03/01/25)(a)(b) | 16,360 | 16,339,550 | ||||||
5.88%, 04/15/26 (Call 04/15/21)(b) | 14,465 | 14,700,056 | ||||||
6.50%, 07/15/27 (Call 07/15/22)(b) | 9,956 | 10,366,685 | ||||||
6.75%, 03/15/24 (Call 09/15/20)(b) | 8,871 | 9,037,331 | ||||||
6.88%, 01/15/29 (Call 01/15/24)(b) | 10,485 | 11,310,694 | ||||||
|
| |||||||
422,559,621 | ||||||||
Real Estate — 0.4% | ||||||||
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/20)(a)(b) | 14,707 | 15,056,291 | ||||||
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 04/01/20)(b) | 16,258 | 16,565,377 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp. | ||||||||
4.88%, 06/01/23 (Call 03/01/23)(a)(b) | 4,976 | 4,935,570 | ||||||
5.25%, 12/01/21 (Call 12/01/20)(a)(b) | 7,024 | 7,050,340 | ||||||
9.38%, 04/01/27 (Call 04/01/22)(a) | 8,299 | 8,506,475 | ||||||
|
| |||||||
52,114,053 | ||||||||
Real Estate Investment Trusts — 3.4% | ||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(a) | 16,415 | 16,230,331 | ||||||
CBL & Associates LP | ||||||||
5.25%, 12/01/23 (Call 09/01/23) | 5,013 | 2,517,905 | ||||||
5.95%, 12/15/26 (Call 09/15/26)(b) | 10,772 | 4,362,660 | ||||||
Diversified Healthcare Trust, 4.75%, 02/15/28 (Call 08/15/27)(b) | 8,282 | 8,668,863 | ||||||
Equinix Inc., 5.38%, 05/15/27 (Call 05/15/22) | 122 | 131,370 |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
ESH Hospitality Inc. | ||||||||
4.63%, 10/01/27 (Call 10/01/22)(a)(b) | $ | 10,839 | $ | 10,540,927 | ||||
5.25%, 05/01/25 (Call 05/01/20)(a)(b) | 18,480 | 18,618,600 | ||||||
Iron Mountain Inc. | ||||||||
4.38%, 06/01/21 (Call 06/01/20)(a)(b) | 5,505 | 5,495,426 | ||||||
4.88%, 09/15/27 (Call 09/15/22)(a)(b) | 14,693 | 14,839,930 | ||||||
4.88%, 09/15/29 (Call 09/15/24)(a)(b) | 14,540 | 14,380,060 | ||||||
5.25%, 03/15/28 (Call 12/27/22)(a)(b) | 12,037 | 12,461,906 | ||||||
5.75%, 08/15/24 (Call 08/15/20)(b) | 14,993 | 15,105,447 | ||||||
6.00%, 08/15/23 (Call 08/15/20) | 8,486 | 8,655,720 | ||||||
iStar Inc. | ||||||||
4.25%, 08/01/25 (Call 05/01/25) | 8,095 | 7,992,194 | ||||||
4.75%, 10/01/24 (Call 07/01/24)(b) | 10,411 | 10,655,763 | ||||||
5.25%, 09/15/22 (Call 09/15/20) | 6,092 | 6,198,610 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | ||||||||
4.25%, 02/01/27 (Call 02/01/23)(a) | 11,566 | 10,960,173 | ||||||
5.25%, 03/15/22 (Call 09/15/21)(a) | 7,395 | 7,545,451 | ||||||
5.25%, 10/01/25 (Call 10/01/20)(a) | 4,917 | 4,998,539 | ||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. | ||||||||
4.50%, 09/01/26 (Call 06/01/26)(b) | 7,768 | 8,127,270 | ||||||
5.63%, 05/01/24 (Call 02/01/24)(b) | 14,320 | 15,501,400 | ||||||
5.75%, 02/01/27 (Call 11/01/26) | 11,902 | 13,032,690 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||
4.63%, 08/01/29 (Call 08/01/24)(b) | 12,899 | 13,576,197 | ||||||
5.00%, 10/15/27 (Call 09/07/22)(b) | 21,052 | 22,020,603 | ||||||
5.25%, 08/01/26 (Call 08/01/21)(b) | 6,102 | 6,361,335 | ||||||
6.38%, 03/01/24 (Call 03/01/20)(b) | 8,777 | 9,062,252 | ||||||
Ryman Hospitality Properties Inc., 4.75%, 10/15/27 (Call 10/15/22)(a)(b) | 9,957 | 10,079,268 | ||||||
SBA Communications Corp. | ||||||||
3.88%, 02/15/27 (Call 02/15/23)(a) | 9,275 | 9,471,089 | ||||||
4.00%, 10/01/22 (Call 10/01/20)(b) | 13,237 | 13,411,818 | ||||||
4.88%, 09/01/24 (Call 09/01/20)(b) | 22,432 | 23,034,972 | ||||||
Starwood Property Trust Inc. | ||||||||
3.63%, 02/01/21 (Call 11/01/20) | 4,254 | 4,222,095 | ||||||
4.75%, 03/15/25 (Call 09/15/24)(b) | 7,075 | 7,263,667 | ||||||
5.00%, 12/15/21 (Call 09/15/21)(b) | 8,624 | 8,640,170 | ||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC | ||||||||
7.13%, 12/15/24 (Call 12/15/20)(a)(b) | 9,586 | 8,646,872 | ||||||
7.88%, 02/15/25 (Call 02/15/22)(a) | 18,350 | 18,946,375 | ||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC | ||||||||
6.00%, 04/15/23 (Call 04/15/20)(a)(b) | 9,888 | 9,739,371 | ||||||
8.25%, 10/15/23 (Call 04/15/20)(b) | 19,212 | 17,867,160 | ||||||
VICI Properties LP/VICI Note Co. Inc. | ||||||||
3.50%, 02/15/25 (Call 02/15/22)(a) | 6,000 | 6,009,300 | ||||||
3.75%, 02/15/27 (Call 02/15/23)(a) | 5,015 | 4,987,576 | ||||||
4.13%, 08/15/30 (Call 02/15/25)(a) | 9,565 | 9,517,175 | ||||||
4.25%, 12/01/26 (Call 12/01/22)(a)(b) | 23,335 | 23,512,346 | ||||||
4.63%, 12/01/29 (Call 12/01/24)(a) | 18,098 | 18,720,119 | ||||||
Washington Prime Group LP, 6.45%, 08/15/24 (Call 06/15/24) | 90 | 74,025 | ||||||
|
| |||||||
462,185,020 | ||||||||
Retail — 3.7% | ||||||||
1011778 BC ULC/New Red Finance Inc. | ||||||||
3.88%, 01/15/28 (Call 09/15/22)(a) | 9,532 | 9,472,425 | ||||||
4.25%, 05/15/24 (Call 05/15/20)(a) | 22,247 | 22,334,653 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
4.38%, 01/15/28 (Call 11/15/22)(a)(b) | $ | 11,304 | $ | 11,330,169 | ||||
5.00%, 10/15/25 (Call 10/15/20)(a) | 47,932 | 48,305,870 | ||||||
Asbury Automotive Group Inc. | ||||||||
4.50%, 03/01/28 (Call 03/01/23)(a) | 1,800 | 1,799,100 | ||||||
4.75%, 03/01/30 (Call 03/01/25)(a) | 6,800 | 6,808,500 | ||||||
Beacon Roofing Supply Inc., | 20,447 | 19,859,149 | ||||||
eG Global Finance PLC | ||||||||
6.75%, 02/07/25 (Call 05/15/21)(a) | 13,963 | 13,681,559 | ||||||
8.50%, 10/30/25 (Call 10/30/21)(a) | 8,101 | 8,341,600 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp. | ||||||||
6.50%, 05/01/21 (Call 03/30/20)(b) | 7,043 | 6,039,372 | ||||||
6.75%, 01/15/22 (Call 03/30/20)(b) | 7,819 | 6,567,960 | ||||||
6.75%, 06/15/23 (Call 06/15/20)(b) | 7,608 | 6,362,190 | ||||||
Golden Nugget Inc. | ||||||||
6.75%, 10/15/24 (Call 10/15/20)(a) | 19,815 | 19,462,170 | ||||||
8.75%, 10/01/25 (Call 10/01/20)(a)(b) | 10,066 | 10,091,165 | ||||||
JC Penney Corp. Inc. | ||||||||
5.88%, 07/01/23 (Call 07/01/20)(a) | 6,680 | 5,502,650 | ||||||
8.63%, 03/15/25 (Call 03/15/21)(a)(b) | 6,363 | 3,499,650 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | ||||||||
4.75%, 06/01/27 (Call 06/01/22)(a)(b) | 11,943 | 12,211,717 | ||||||
5.00%, 06/01/24 (Call 06/01/20)(a) | 17,365 | 17,595,454 | ||||||
5.25%, 06/01/26 (Call 06/01/21)(a)(b) | 16,889 | 17,311,394 | ||||||
L Brands Inc. | ||||||||
5.25%, 02/01/28(b) | 8,073 | 7,812,091 | ||||||
5.63%, 02/15/22 | 11,328 | 11,899,434 | ||||||
5.63%, 10/15/23 | 5,231 | 5,636,403 | ||||||
6.63%, 04/01/21 | 5,946 | 6,182,750 | ||||||
7.50%, 06/15/29 (Call 06/15/24)(b) | 7,474 | 7,885,070 | ||||||
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG | ||||||||
8.00%, 10/25/24 (Call 03/30/20)(a) | 9,568 | 2,827,852 | ||||||
8.75%, 10/25/24 (Call 03/30/20)(a)(b) | 5,429 | 1,633,548 | ||||||
Penske Automotive Group Inc. | ||||||||
5.50%, 05/15/26 (Call 05/15/21)(b) | 6,761 | 6,988,248 | ||||||
5.75%, 10/01/22 (Call 10/01/20)(b) | 7,191 | 7,287,180 | ||||||
PetSmart Inc. | ||||||||
5.88%, 06/01/25 (Call 06/01/20)(a) | 21,001 | 21,133,306 | ||||||
7.13%, 03/15/23 (Call 03/15/20)(a) | 28,056 | 27,459,810 | ||||||
8.88%, 06/01/25 (Call 06/01/20)(a) | 9,578 | 9,563,872 | ||||||
QVC Inc. | ||||||||
4.38%, 03/15/23 | 12,148 | 12,626,428 | ||||||
4.45%, 02/15/25 (Call 11/15/24) | 9,613 | 9,823,885 | ||||||
4.75%, 02/15/27 (Call 11/15/26) | 8,490 | 8,372,413 | ||||||
4.85%, 04/01/24 | 10,295 | 10,798,855 | ||||||
5.13%, 07/02/22 | 6,054 | 6,387,071 | ||||||
Rite Aid Corp. | ||||||||
6.13%, 04/01/23 (Call 04/01/20)(a) | 21,699 | 19,881,709 | ||||||
7.50%, 07/01/25 (Call 07/01/22)(a) | 6,980 | 6,982,909 | ||||||
Staples Inc. | ||||||||
7.50%, 04/15/26 (Call 04/15/22)(a)(b) | 28,802 | 28,774,998 | ||||||
10.75%, 04/15/27 (Call 04/15/22)(a)(b) | 15,742 | 15,318,934 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/20)(b) | 6,786 | 6,718,140 | ||||||
Yum! Brands Inc., 4.75%, 01/15/30 (Call 10/15/29)(a)(b) | 12,373 | 12,838,349 | ||||||
|
| |||||||
501,410,002 |
Security | Par (000) | Value | ||||||
Semiconductors — 0.2% | ||||||||
Qorvo Inc. | ||||||||
4.38%, 10/15/29 (Call 10/15/24)(a)(b) | $ | 7,945 | $ | 8,183,747 | ||||
5.50%, 07/15/26 (Call 07/15/21)(b) | 12,015 | 12,437,568 | ||||||
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 | 9,717 | 10,149,406 | ||||||
|
| |||||||
30,770,721 | ||||||||
Software — 2.5% | ||||||||
CDK Global Inc. | ||||||||
4.88%, 06/01/27 (Call 06/01/22) | 8,969 | 9,242,555 | ||||||
5.00%, 10/15/24 (Call 07/15/24)(b) | 6,183 | 6,725,249 | ||||||
5.25%, 05/15/29 (Call 05/15/24)(a)(b) | 7,632 | 8,086,257 | ||||||
5.88%, 06/15/26 (Call 06/15/21)(b) | 6,721 | 7,023,445 | ||||||
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/20)(a)(b) | 15,828 | 16,006,065 | ||||||
Dun & Bradstreet Corp./The | ||||||||
6.88%, 08/15/26 (Call 02/15/22)(a)(b) | 9,699 | 10,396,164 | ||||||
10.25%, 02/15/27 (Call 02/15/22)(a)(b) | 9,994 | 11,249,746 | ||||||
Infor U.S. Inc., 6.50%, 05/15/22 (Call 05/15/20) | 24,504 | 24,597,115 | ||||||
IQVIA Inc. | ||||||||
5.00%, 10/15/26 (Call 10/15/21)(a)(b) | 15,020 | 15,612,634 | ||||||
5.00%, 05/15/27 (Call 05/15/22)(a)(b) | 16,283 | 16,832,551 | ||||||
MSCI Inc. | ||||||||
3.63%, 09/01/30 (Call 03/01/25)(a) | 4,115 | 4,120,144 | ||||||
4.00%, 11/15/29 (Call 11/15/24)(a)(b) | 14,020 | 14,545,750 | ||||||
4.75%, 08/01/26 (Call 08/01/21)(a)(b) | 6,474 | 6,722,990 | ||||||
5.38%, 05/15/27 (Call 05/15/22)(a) | 5,277 | 5,646,390 | ||||||
5.75%, 08/15/25 (Call 08/15/20)(a) | 11,013 | 11,440,965 | ||||||
Open Text Corp. | ||||||||
3.88%, 02/15/28 (Call 02/15/23)(a) | 6,540 | 6,458,250 | ||||||
5.63%, 01/15/23 (Call 01/15/21)(a) | 12,163 | 12,322,943 | ||||||
5.88%, 06/01/26 (Call 06/01/21)(a)(b) | 18,554 | 19,644,048 | ||||||
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a)(b) | 14,540 | 14,467,300 | ||||||
PTC Inc. | ||||||||
3.63%, 02/15/25 (Call 02/15/22)(a) | 8,225 | 8,245,563 | ||||||
4.00%, 02/15/28 (Call 02/15/23)(a) | 1,080 | 1,077,300 | ||||||
Rackspace Hosting Inc., | 19,003 | 18,231,003 | ||||||
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 03/01/20)(a)(b) | 32,506 | 34,366,968 | ||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a)(b) | 30,568 | 32,087,230 | ||||||
Veritas U.S. Inc./Veritas Bermuda Ltd. | ||||||||
7.50%, 02/01/23 (Call 02/01/21)(a)(b) | 5,189 | 5,024,681 | ||||||
10.50%, 02/01/24 (Call 02/01/21)(a)(b) | 11,978 | 10,331,025 | ||||||
|
| |||||||
330,504,331 | ||||||||
Telecommunications — 10.5% | ||||||||
Altice France SA/France | ||||||||
5.50%, 01/15/28 (Call 09/15/22)(a)(b) | 16,500 | 16,530,937 | ||||||
7.38%, 05/01/26 (Call 05/01/21)(a) | 76,978 | 81,115,567 | ||||||
8.13%, 02/01/27 (Call 02/01/22)(a)(b) | 26,828 | 29,393,427 | ||||||
CenturyLink Inc. | ||||||||
4.00%, 02/15/27 (Call 02/15/23)(a)(b) | 18,908 | 19,073,899 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a)(b) | 22,886 | 23,114,860 | ||||||
5.63%, 04/01/25 (Call 01/01/25) | 6,202 | 6,481,090 | ||||||
Series S, 6.45%, 06/15/21 | 18,059 | 18,724,055 | ||||||
Series T, 5.80%, 03/15/22(b) | 19,916 | 20,768,106 | ||||||
Series W, 6.75%, 12/01/23 | 9,881 | 10,866,235 | ||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b) | 13,347 | 14,911,402 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/20)(a)(b) | $ | 9,615 | $ | 10,110,812 | ||||
CommScope Inc. | ||||||||
5.00%, 06/15/21 (Call 03/10/20)(a) | 52 | 52,000 | ||||||
5.50%, 03/01/24 (Call 03/01/21)(a)(b) | 17,282 | 17,586,163 | ||||||
5.50%, 06/15/24 (Call 06/15/20)(a) | 9,322 | 8,856,832 | ||||||
6.00%, 03/01/26 (Call 03/01/22)(a)(b) | 22,138 | 22,886,264 | ||||||
8.25%, 03/01/27 (Call 03/01/22)(a)(b) | 15,171 | 15,246,855 | ||||||
CommScope Technologies LLC | ||||||||
5.00%, 03/15/27 (Call 03/15/22)(a)(b) | 11,550 | 10,395,000 | ||||||
6.00%, 06/15/25 (Call 06/15/20)(a)(b) | 22,171 | 20,785,312 | ||||||
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a) | 30,261 | 30,705,837 | ||||||
Front Range BidCo Inc. | ||||||||
4.00%, 03/01/27 (Call 03/01/21)(a) | 31,165 | 30,502,744 | ||||||
6.13%, 03/01/28 (Call 03/01/23)(a) | 8,110 | 8,010,247 | ||||||
Frontier Communications Corp. | ||||||||
6.88%, 01/15/25 (Call 10/15/24) | 11,382 | 5,356,654 | ||||||
7.13%, 01/15/23 | 12,244 | 5,724,070 | ||||||
7.63%, 04/15/24 | 10,341 | 4,709,033 | ||||||
8.00%, 04/01/27 (Call 04/01/22)(a) | 23,990 | 24,949,600 | ||||||
8.50%, 04/01/26 (Call 04/01/21)(a)(b) | 22,792 | 23,076,900 | ||||||
8.75%, 04/15/22 | 7,450 | 3,428,467 | ||||||
10.50%, 09/15/22 (Call 06/15/22) | 32,194 | 14,728,755 | ||||||
11.00%, 09/15/25 (Call 06/15/25) | 52,522 | 23,894,884 | ||||||
Hughes Satellite Systems Corp. | ||||||||
5.25%, 08/01/26(b) | 11,783 | 12,917,114 | ||||||
6.63%, 08/01/26(b) | 11,894 | 13,126,813 | ||||||
7.63%, 06/15/21 | 11,478 | 12,114,455 | ||||||
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 08/15/20)(a) | 18,430 | 10,919,775 | ||||||
Intelsat Jackson Holdings SA | ||||||||
5.50%, 08/01/23 (Call 08/01/20)(b) | 29,735 | 25,720,775 | ||||||
8.00%, 02/15/24 (Call 02/15/21)(a) | 19,120 | 19,598,000 | ||||||
8.50%, 10/15/24 (Call 10/15/20)(a) | 44,020 | 38,700,623 | ||||||
9.50%, 09/30/22(a)(b) | 6,972 | 7,902,135 | ||||||
9.75%, 07/15/25 (Call 07/15/21)(a) | 28,159 | 24,984,073 | ||||||
Intelsat Luxembourg SA, 8.13%, 06/01/23 (Call 06/01/20)(b) | 13,804 | 5,573,365 | ||||||
Intrado Corp., 8.50%, 10/15/25 | 16,953 | 11,697,570 | ||||||
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(c) | 11,974 | 12,961,855 | ||||||
Level 3 Financing Inc. | ||||||||
4.63%, 09/15/27 (Call 09/15/22)(a)(b) | 16,324 | 16,609,670 | ||||||
5.13%, 05/01/23 (Call 05/01/20)(b) | 9,417 | 9,440,543 | ||||||
5.25%, 03/15/26 (Call 03/15/21)(b) | 9,826 | 10,096,215 | ||||||
5.38%, 08/15/22 (Call 03/30/20) | 13,493 | 13,559,520 | ||||||
5.38%, 01/15/24 (Call 01/15/21) | 11,986 | 12,000,982 | ||||||
5.38%, 05/01/25 (Call 05/01/20)(b) | 10,683 | 10,932,382 | ||||||
5.63%, 02/01/23 (Call 03/30/20)(b) | 8,857 | 8,890,214 | ||||||
Nokia OYJ | ||||||||
3.38%, 06/12/22(b) | 5,476 | 5,478,738 | ||||||
4.38%, 06/12/27(b) | 7,244 | 7,648,157 | ||||||
Qwest Corp., 6.75%, 12/01/21(b) | 12,320 | 13,028,400 | ||||||
Sprint Communications Inc. | ||||||||
6.00%, 11/15/22 | 34,552 | 37,060,475 | ||||||
11.50%, 11/15/21 | 15,488 | 17,695,040 | ||||||
Sprint Corp. | ||||||||
7.13%, 06/15/24 | 36,624 | 41,689,557 | ||||||
7.25%, 09/15/21 | 33,285 | 35,242,105 |
Security | Par/ Shares (000) | Value | ||||||
Telecommunications (continued) | ||||||||
7.25%, 02/01/28 (Call 10/01/27)(a)(b) | $ | 11,200 | $ | 11,240,880 | ||||
7.63%, 02/15/25 (Call 11/15/24) | 25,438 | 29,490,591 | ||||||
7.63%, 03/01/26 (Call 11/01/25) | 24,623 | 29,063,389 | ||||||
7.88%, 09/15/23 | 62,642 | 71,568,485 | ||||||
Telecom Italia SpA/Milano, | 24,699 | 26,374,005 | ||||||
Telefonaktiebolaget LM Ericsson, | 12,772 | 13,180,704 | ||||||
T-Mobile USA Inc. | ||||||||
4.00%, 04/15/22 (Call 03/16/22) | 7,163 | 7,308,925 | ||||||
4.50%, 02/01/26 (Call 02/01/21) | 14,586 | 14,829,569 | ||||||
4.75%, 02/01/28 (Call 02/01/23) | 22,213 | 23,143,169 | ||||||
5.13%, 04/15/25 (Call 04/15/20) | 8,113 | 8,351,279 | ||||||
5.38%, 04/15/27 (Call 04/15/22) | 7,908 | 8,343,558 | ||||||
6.00%, 03/01/23 (Call 09/01/20) | 18,229 | 18,456,862 | ||||||
6.00%, 04/15/24 (Call 04/15/20) | 14,232 | 14,530,160 | ||||||
6.38%, 03/01/25 (Call 09/01/20) | 25,547 | 26,313,410 | ||||||
6.50%, 01/15/24 (Call 01/15/21)(b) | 14,954 | 15,295,400 | ||||||
6.50%, 01/15/26 (Call 01/15/21) | 29,673 | 31,238,251 | ||||||
ViaSat Inc. | ||||||||
5.63%, 09/15/25 (Call 09/15/20)(a)(b) | 10,776 | 10,650,190 | ||||||
5.63%, 04/15/27 (Call 04/15/22)(a)(b) | 8,276 | 8,400,140 | ||||||
Vodafone Group PLC, 7.00%, 04/04/79 (Call 01/04/29)(b)(c) | 29,865 | 34,494,075 | ||||||
Ypso Finance Bis SA | ||||||||
6.00%, 02/15/28 (Call 02/15/23)(a)(b) | 18,360 | 17,631,108 | ||||||
10.50%, 05/15/27(a) | 33,439 | 37,953,265 | ||||||
|
| |||||||
1,415,431,973 | ||||||||
Toys, Games & Hobbies — 0.2% | ||||||||
Mattel Inc. | ||||||||
5.88%, 12/15/27 (Call 12/15/22)(a)(b) | 8,252 | 8,629,529 | ||||||
6.75%, 12/31/25 (Call 12/31/20)(a)(b) | 22,750 | 23,909,113 | ||||||
|
| |||||||
32,538,642 | ||||||||
Transportation — 0.3% | ||||||||
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 01/15/21)(a) | 8,927 | 4,485,818 | ||||||
XPO Logistics Inc. | ||||||||
6.13%, 09/01/23 (Call 09/01/20)(a)(b) | 8,675 | 8,858,042 | ||||||
6.50%, 06/15/22 (Call 06/15/20)(a)(b) | 18,415 | 18,461,037 | ||||||
6.75%, 08/15/24 (Call 08/15/21)(a)(b) | 13,611 | 14,376,619 | ||||||
|
| |||||||
46,181,516 | ||||||||
Trucking & Leasing — 0.2% | ||||||||
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(a)(b)(c) | 8,446 | 9,058,335 | ||||||
Fortress Transportation & Infrastructure Investors LLC | ||||||||
6.50%, 10/01/25 (Call 10/01/21)(a) | 6,146 | 6,465,643 | ||||||
6.75%, 03/15/22 (Call 03/15/20)(a) | 9,228 | 9,251,331 | ||||||
|
| |||||||
24,775,309 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 97.6% |
| 13,141,749,386 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 17.5% | ||||||||
BlackRock Cash Funds: Institutional, | 2,092,281 | 2,093,745,759 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 256,613 | $ | 256,613,000 | |||||
|
| |||||||
2,350,358,759 | ||||||||
|
| |||||||
Total Short-Term Investments — 17.5% |
| 2,350,358,759 | ||||||
|
| |||||||
Total Investments in Securities — 115.1% |
| 15,492,108,145 | ||||||
Other Assets, Less Liabilities — (15.1)% |
| (2,035,808,631 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 13,456,299,514 | |||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(d) | Perpetual security with no stated maturity date. |
(e) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the year ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 02/28/19 (000) |
| | Net Activity (000) |
| | Shares Held at 02/29/20 (000) |
| | Value at 02/29/20 |
| Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
BlackRock Cash Funds: Institutional, | 3,540,731 | (1,448,450 | ) | 2,092,281 | $ | 2,093,745,759 | $ | 16,163,001 | (b) | $ | 470,240 | $ | 282,156 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 195,221 | 61,392 | 256,613 | 256,613,000 | 3,362,779 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 2,350,358,759 | $ | 19,525,780 | $ | 470,240 | $ | 282,156 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 13,141,749,386 | $ | — | $ | 13,141,749,386 | ||||||||
Money Market Funds | 2,350,358,759 | — | — | 2,350,358,759 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,350,358,759 | $ | 13,141,749,386 | $ | — | $ | 15,492,108,145 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes |
| |||||||
Advertising — 0.1% | ||||||||
Omnicom Group Inc./Omnicom Capital Inc. | ||||||||
3.60%, 04/15/26 (Call 01/15/26)(a) | $ | 13,954 | $ | 15,278,313 | ||||
3.65%, 11/01/24 (Call 08/01/24)(a) | 10,689 | 11,647,703 | ||||||
|
| |||||||
26,926,016 | ||||||||
Aerospace & Defense — 1.7% | ||||||||
Boeing Co. (The) | ||||||||
2.70%, 02/01/27 (Call 12/01/26)(a) | 10,182 | 10,526,496 | ||||||
2.95%, 02/01/30 (Call 11/01/29)(a) | 9,051 | 9,499,292 | ||||||
3.20%, 03/01/29 (Call 12/01/28)(a) | 11,096 | 11,832,252 | ||||||
3.25%, 02/01/35 (Call 11/01/34)(a) | 9,227 | 9,831,840 | ||||||
3.60%, 05/01/34 (Call 02/01/34) | 10,800 | 11,993,332 | ||||||
3.75%, 02/01/50 (Call 08/01/49)(a) | 12,394 | 13,645,095 | ||||||
3.90%, 05/01/49 (Call 11/01/48)(a) | 6,548 | 7,349,896 | ||||||
3.95%, 08/01/59 (Call 02/01/59)(a) | 9,869 | 10,956,860 | ||||||
General Dynamics Corp. | ||||||||
3.38%, 05/15/23 (Call 04/15/23)(a) | 8,006 | 8,514,383 | ||||||
3.50%, 05/15/25 (Call 03/15/25)(a) | 8,475 | 9,289,715 | ||||||
3.75%, 05/15/28 (Call 02/15/28)(a) | 6,110 | 6,925,358 | ||||||
L3Harris Technologies Inc. | ||||||||
4.40%, 06/15/28 (Call 03/15/28) | 7,372 | 8,531,344 | ||||||
4.40%, 06/15/28 (Call 03/15/28)(b) | 8,876 | 10,271,868 | ||||||
Lockheed Martin Corp. | ||||||||
2.90%, 03/01/25 (Call 12/01/24)(a) | 2,873 | 3,066,915 | ||||||
3.55%, 01/15/26 (Call 10/15/25)(a) | 17,536 | 19,442,012 | ||||||
3.80%, 03/01/45 (Call 09/01/44) | 9,955 | 11,836,116 | ||||||
4.07%, 12/15/42(a) | 15,339 | 18,716,884 | ||||||
4.09%, 09/15/52 (Call 03/15/52)(a) | 15,713 | 20,030,351 | ||||||
4.70%, 05/15/46 (Call 11/15/45)(a) | 14,332 | 19,270,384 | ||||||
Northrop Grumman Corp. | ||||||||
2.93%, 01/15/25 (Call 11/15/24)(a) | 21,064 | 22,284,090 | ||||||
3.20%, 02/01/27 (Call 11/01/26)(a) | 3,960 | 4,245,758 | ||||||
3.25%, 08/01/23(a) | 3,517 | 3,738,521 | ||||||
3.25%, 01/15/28 (Call 10/15/27)(a) | 30,140 | 32,474,177 | ||||||
4.03%, 10/15/47 (Call 04/15/47)(a) | 21,374 | 25,531,974 | ||||||
4.75%, 06/01/43 | 9,291 | 11,919,025 | ||||||
Rockwell Collins Inc. | ||||||||
3.20%, 03/15/24 (Call 01/15/24) | 6,771 | 7,243,928 | ||||||
3.50%, 03/15/27 (Call 12/15/26)(a) | 10,983 | 12,217,735 | ||||||
4.35%, 04/15/47 (Call 10/15/46)(a) | 10,078 | 12,943,310 | ||||||
United Technologies Corp. | ||||||||
3.13%, 05/04/27 (Call 02/04/27)(a) | 11,368 | 12,367,049 | ||||||
3.65%, 08/16/23 (Call 07/16/23) | 18,013 | 19,465,450 | ||||||
3.75%, 11/01/46 (Call 05/01/46) | 10,140 | 11,834,436 | ||||||
3.95%, 08/16/25 (Call 06/16/25)(a) | 14,951 | 16,709,088 | ||||||
4.13%, 11/16/28 (Call 08/16/28)(a) | 31,666 | 37,022,883 | ||||||
4.15%, 05/15/45 (Call 11/16/44) | 6,600 | 8,131,107 | ||||||
4.45%, 11/16/38 (Call 05/16/38)(a) | 7,980 | 10,027,621 | ||||||
4.50%, 06/01/42 | 37,771 | 48,473,613 | ||||||
4.63%, 11/16/48 (Call 05/16/48) | 19,118 | 25,632,380 | ||||||
5.70%, 04/15/40 | 11,845 | 17,282,595 | ||||||
6.13%, 07/15/38(a) | 12,147 | 18,004,014 | ||||||
|
| |||||||
579,079,147 | ||||||||
Agriculture — 1.6% | ||||||||
Altria Group Inc. | ||||||||
3.80%, 02/14/24 (Call 01/14/24)(a) | 10,845 | 11,642,867 | ||||||
3.88%, 09/16/46 (Call 03/16/46)(a) | 14,427 | 14,073,364 | ||||||
4.00%, 01/31/24(a) | 14,829 | 16,016,745 | ||||||
4.25%, 08/09/42 | 8,077 | 8,291,020 |
Security | Par (000) | Value | ||||||
Agriculture (continued) | ||||||||
4.40%, 02/14/26 (Call 12/14/25)(a) | $ | 17,011 | $ | 19,011,431 | ||||
4.80%, 02/14/29 (Call 11/14/28) | 33,174 | 37,835,574 | ||||||
5.38%, 01/31/44(a) | 18,144 | 21,372,611 | ||||||
5.80%, 02/14/39 (Call 08/14/38) | 20,409 | 25,072,650 | ||||||
5.95%, 02/14/49 (Call 08/14/48)(a) | 26,021 | 33,030,925 | ||||||
AgricultureArcher-Daniels-Midland Co., | 11,527 | 11,999,766 | ||||||
BAT Capital Corp. | ||||||||
2.79%, 09/06/24 (Call 08/06/24)(a) | 10,800 | 11,166,002 | ||||||
3.22%, 08/15/24 (Call 06/15/24) | 23,260 | 24,408,497 | ||||||
3.22%, 09/06/26 (Call 07/06/26)(a) | 8,510 | 8,910,842 | ||||||
3.56%, 08/15/27 (Call 05/15/27)(a) | 35,857 | 37,657,882 | ||||||
4.39%, 08/15/37 (Call 02/15/37)(a) | 25,090 | 26,529,253 | ||||||
4.54%, 08/15/47 (Call 02/15/47) | 26,046 | 27,116,066 | ||||||
4.76%, 09/06/49 (Call 03/06/49)(a) | 11,099 | 11,961,559 | ||||||
Philip Morris International Inc. | ||||||||
2.75%, 02/25/26 (Call 11/25/25)(a) | 9,021 | 9,497,142 | ||||||
2.88%, 05/01/24 (Call 04/01/24) | 13,224 | 13,891,545 | ||||||
3.25%, 11/10/24(a) | 5,404 | 5,772,478 | ||||||
3.38%, 08/11/25 (Call 05/11/25)(a) | 5,669 | 6,147,811 | ||||||
3.38%, 08/15/29 (Call 05/15/29)(a) | 8,919 | 9,715,501 | ||||||
3.88%, 08/21/42(a) | 7,658 | 8,385,970 | ||||||
4.13%, 03/04/43 | 9,035 | 10,240,700 | ||||||
4.25%, 11/10/44 | 13,062 | 15,120,791 | ||||||
4.38%, 11/15/41 | 6,778 | 7,854,105 | ||||||
4.88%, 11/15/43(a) | 6,069 | 7,524,644 | ||||||
6.38%, 05/16/38(a) | 16,265 | 23,365,417 | ||||||
Reynolds American Inc. | ||||||||
4.45%, 06/12/25 (Call 03/12/25)(a) | 35,180 | 38,999,809 | ||||||
5.70%, 08/15/35 (Call 02/15/35) | 8,052 | 9,772,200 | ||||||
5.85%, 08/15/45 (Call 02/15/45)(a) | 23,183 | 27,686,771 | ||||||
|
| |||||||
540,071,938 | ||||||||
Airlines — 0.0% | ||||||||
AirlinesDelta Air Lines Inc., 2.90%, 10/28/24 (Call 09/28/24)(a) | 5,152 | 5,273,052 | ||||||
|
| |||||||
Apparel — 0.1% | ||||||||
NIKE Inc. | ||||||||
2.38%, 11/01/26 (Call 08/01/26)(a) | 11,058 | 11,647,736 | ||||||
3.88%, 11/01/45 (Call 05/01/45)(a) | 8,986 | 11,019,167 | ||||||
|
| |||||||
22,666,903 | ||||||||
Auto Manufacturers — 1.5% | ||||||||
Auto ManufacturersAmerican Honda Finance Corp., 2.15%, 09/10/24(a) | 1,202 | 1,230,183 | ||||||
Auto ManufacturersDaimler Finance North America LLC, 8.50%, 01/18/31 | 14,278 | 21,769,447 | ||||||
Ford Motor Co. | ||||||||
4.35%, 12/08/26 (Call 09/08/26)(a) | 12,837 | 12,905,365 | ||||||
4.75%, 01/15/43(a) | 20,443 | 17,976,292 | ||||||
5.29%, 12/08/46 (Call 06/08/46)(a) | 13,880 | 12,728,038 | ||||||
7.45%, 07/16/31 | 19,258 | 21,830,499 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.10%, 05/04/23 | 9,080 | 9,082,979 | ||||||
3.66%, 09/08/24 | 12,544 | 12,447,534 | ||||||
3.81%, 01/09/24 (Call 11/09/23) | 9,586 | 9,746,384 | ||||||
3.82%, 11/02/27 (Call 08/02/27)(a) | 10,605 | 10,076,122 | ||||||
4.06%, 11/01/24 (Call 10/01/24) | 6,288 | 6,380,024 | ||||||
4.13%, 08/04/25(a) | 18,892 | 19,105,591 | ||||||
4.14%, 02/15/23 (Call 01/15/23) | 7,455 | 7,684,640 | ||||||
4.27%, 01/09/27 (Call 11/09/26)(a) | 4,650 | 4,599,836 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Auto Manufacturers (continued) | ||||||||
4.38%, 08/06/23 | $ | 6,679 | $ | 6,929,092 | ||||
4.39%, 01/08/26(a) | 16,817 | 16,986,016 | ||||||
4.54%, 08/01/26 (Call 06/01/26) | 656 | 663,946 | ||||||
5.11%, 05/03/29 (Call 02/03/29)(a) | 17,766 | 17,893,697 | ||||||
5.58%, 03/18/24 (Call 02/18/24)(a) | 17,074 | 18,332,854 | ||||||
General Motors Co. | ||||||||
4.20%, 10/01/27 (Call 07/01/27)(a) | 9,130 | 9,621,053 | ||||||
4.88%, 10/02/23 | 3,645 | 3,965,297 | ||||||
5.00%, 10/01/28 (Call 07/01/28)(a) | 7,497 | 8,228,389 | ||||||
5.00%, 04/01/35 | 7,654 | 8,196,793 | ||||||
5.15%, 04/01/38 (Call 10/01/37)(a) | 9,828 | 10,193,161 | ||||||
5.20%, 04/01/45 | 13,381 | 13,362,267 | ||||||
5.40%, 04/01/48 (Call 10/01/47)(a) | 6,683 | 6,846,523 | ||||||
5.95%, 04/01/49 (Call 10/01/48)(a) | 10,108 | 11,013,440 | ||||||
6.25%, 10/02/43(a) | 15,687 | 17,651,361 | ||||||
6.60%, 04/01/36 (Call 10/01/35)(a) | 12,441 | 14,833,898 | ||||||
6.75%, 04/01/46 (Call 10/01/45)(a) | 7,555 | 8,933,840 | ||||||
General Motors Financial Co. Inc. | ||||||||
2.90%, 02/26/25 (Call 01/26/25)(a) | 6,530 | 6,599,027 | ||||||
3.50%, 11/07/24 (Call 09/07/24)(a) | 11,409 | 12,009,387 | ||||||
3.70%, 05/09/23 (Call 03/09/23) | 6,412 | 6,727,134 | ||||||
3.95%, 04/13/24 (Call 02/13/24)(a) | 11,344 | 12,101,818 | ||||||
4.00%, 01/15/25 (Call 10/15/24) | 14,433 | 15,337,124 | ||||||
4.00%, 10/06/26 (Call 07/06/26)(a) | 9,754 | 10,306,707 | ||||||
4.15%, 06/19/23 (Call 05/19/23)(a) | 7,810 | 8,271,204 | ||||||
4.30%, 07/13/25 (Call 04/13/25)(a) | 9,659 | 10,378,108 | ||||||
4.35%, 04/09/25 (Call 02/09/25) | 12,873 | 13,851,867 | ||||||
4.35%, 01/17/27 (Call 10/17/26)(a) | 12,869 | 13,883,708 | ||||||
5.10%, 01/17/24 (Call 12/17/23) | 10,505 | 11,516,826 | ||||||
5.25%, 03/01/26 (Call 12/01/25)(a) | 16,971 | 18,972,865 | ||||||
Auto ManufacturersToyota Motor Corp., 3.42%, 07/20/23(a) | 3,618 | 3,858,876 | ||||||
Toyota Motor Credit Corp. | ||||||||
2.15%, 02/13/30 | 10,000 | 10,110,557 | ||||||
3.20%, 01/11/27(a) | 5,460 | 5,951,904 | ||||||
3.45%, 09/20/23 | 7,222 | 7,727,548 | ||||||
|
| |||||||
�� | 508,819,221 | |||||||
Banks — 24.2% | ||||||||
BanksAustralia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25(a) | 11,427 | 12,739,671 | ||||||
Banco Santander SA | ||||||||
2.71%, 06/27/24 | 11,790 | 12,266,882 | ||||||
3.31%, 06/27/29(a) | 12,478 | 13,440,464 | ||||||
3.80%, 02/23/28 | 10,919 | 11,917,478 | ||||||
3.85%, 04/12/23 | 14,125 | 15,052,250 | ||||||
4.25%, 04/11/27(a) | 10,452 | 11,724,097 | ||||||
4.38%, 04/12/28(a) | 10,707 | 12,243,101 | ||||||
Bank of America Corp. | ||||||||
2.02%, 02/13/26 (Call 02/13/25)(c) | 10,000 | 10,062,625 | ||||||
2.46%, 10/22/25 (Call 10/22/24)(c) | 15,710 | 16,135,721 | ||||||
2.50%, 02/13/31 (Call 02/13/30)(c) | 12,000 | 12,192,005 | ||||||
2.88%, 10/22/30 (Call 10/22/29)(c) | 21,515 | 22,538,860 | ||||||
3.09%, 10/01/25 (Call 10/01/24)(a)(c) | 21,434 | 22,604,927 | ||||||
3.19%, 07/23/30 (Call 07/23/29)(c) | 26,290 | 28,222,914 | ||||||
3.25%, 10/21/27 (Call 10/21/26) | 17,189 | 18,449,579 | ||||||
3.37%, 01/23/26 (Call 01/23/25)(c) | 24,127 | 25,787,017 | ||||||
3.42%, 12/20/28 (Call 12/20/27)(a)(c) | 59,001 | 63,845,183 | ||||||
3.46%, 03/15/25 (Call 03/15/24)(a)(c) | 27,640 | 29,383,680 | ||||||
3.50%, 04/19/26(a) | 26,734 | 29,222,596 | ||||||
3.55%, 03/05/24 (Call 03/05/23)(a)(c) | 10,729 | 11,308,680 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
3.56%, 04/23/27 (Call 04/23/26)(a)(c) | $ | 30,240 | $ | 32,793,568 | ||||
3.59%, 07/21/28 (Call 07/21/27)(c) | 20,201 | 22,050,874 | ||||||
3.71%, 04/24/28 (Call 04/24/27)(a)(c) | 20,245 | 22,246,145 | ||||||
3.82%, 01/20/28 (Call 01/20/27)(a)(c) | 22,617 | 24,937,968 | ||||||
3.86%, 07/23/24 (Call 07/23/23)(c) | 19,406 | 20,747,143 | ||||||
3.88%, 08/01/25(a) | 18,209 | 20,136,954 | ||||||
3.95%, 01/23/49 (Call 01/23/48)(c) | 11,400 | 13,740,413 | ||||||
3.97%, 03/05/29 (Call 03/05/28)(a)(c) | 30,872 | 34,703,169 | ||||||
3.97%, 02/07/30 (Call 02/07/29)(a)(c) | 31,767 | 35,934,243 | ||||||
4.00%, 04/01/24(a) | 21,812 | 23,721,403 | ||||||
4.00%, 01/22/25(a) | 25,192 | 27,466,059 | ||||||
4.08%, 04/23/40 (Call 04/23/39)(a)(c) | 14,975 | 17,821,027 | ||||||
4.10%, 07/24/23 | 11,980 | 12,982,520 | ||||||
4.13%, 01/22/24(a) | 23,141 | 25,233,888 | ||||||
4.20%, 08/26/24(a) | 19,988 | 21,858,463 | ||||||
4.24%, 04/24/38 (Call 04/24/37)(a)(c) | 19,658 | 23,730,475 | ||||||
4.25%, 10/22/26(a) | 13,696 | 15,410,732 | ||||||
4.27%, 07/23/29 (Call 07/23/28)(a)(c) | 31,716 | 36,445,959 | ||||||
4.33%, 03/15/50 (Call 03/15/49)(a)(c) | 25,741 | 32,804,845 | ||||||
4.44%, 01/20/48 (Call 01/20/47)(a)(c) | 20,813 | 26,831,279 | ||||||
4.45%, 03/03/26(a) | 20,508 | 23,182,912 | ||||||
5.00%, 01/21/44 | 20,952 | 28,347,989 | ||||||
5.88%, 02/07/42(a) | 16,416 | 24,199,453 | ||||||
6.11%, 01/29/37(a) | 19,582 | 27,545,813 | ||||||
7.75%, 05/14/38(a) | 16,640 | 27,126,520 | ||||||
Series L, 3.95%, 04/21/25(a) | 27,721 | 30,253,970 | ||||||
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a) | 12,874 | 14,325,567 | ||||||
BanksBank of America N.A., 6.00%, 10/15/36 | 7,279 | 10,286,564 | ||||||
Bank of Montreal | ||||||||
2.50%, 06/28/24(a) | 11,721 | 12,160,178 | ||||||
Series E, 3.30%, 02/05/24(a) | 10,220 | 10,872,861 | ||||||
Bank of New York Mellon Corp. (The) | ||||||||
2.10%, 10/24/24(a) | 6,496 | 6,654,412 | ||||||
2.20%, 08/16/23 (Call 06/16/23)(a) | 13,622 | 13,953,188 | ||||||
2.45%, 08/17/26 (Call 05/17/26)(a) | 13,023 | 13,654,480 | ||||||
2.80%, 05/04/26 (Call 02/04/26)(a) | 11,392 | 12,089,734 | ||||||
3.25%, 05/16/27 (Call 02/16/27)(a) | 5,876 | 6,389,201 | ||||||
3.30%, 08/23/29 (Call 05/23/29)(a) | 7,163 | 7,819,657 | ||||||
3.40%, 01/29/28 (Call 10/29/27)(a) | 3,132 | 3,447,285 | ||||||
3.45%, 08/11/23(a) | 11,818 | 12,617,326 | ||||||
3.50%, 04/28/23(a) | 7,837 | 8,360,330 | ||||||
3.85%, 04/28/28(a) | 39 | 44,823 | ||||||
Series 0012, 3.65%, 02/04/24 (Call 01/05/24)(a) | 8,695 | 9,405,510 | ||||||
Series G, 3.00%, 02/24/25 (Call 01/24/25)(a) | 11,873 | 12,695,789 | ||||||
Bank of Nova Scotia (The) | ||||||||
2.20%, 02/03/25(a) | 17,180 | 17,504,413 | ||||||
2.70%, 08/03/26(a) | 18,039 | 18,946,098 | ||||||
3.40%, 02/11/24 | 2,190 | 2,329,692 | ||||||
4.50%, 12/16/25(a) | 14,218 | 16,036,309 | ||||||
Barclays PLC | ||||||||
3.65%, 03/16/25 | 32,981 | 35,117,595 | ||||||
3.93%, 05/07/25 (Call 05/07/24)(a)(c) | 12,322 | 13,117,326 | ||||||
4.34%, 05/16/24 (Call 05/16/23)(c) | 6,561 | 6,987,072 | ||||||
4.34%, 01/10/28 (Call 01/10/27)(a) | 14,393 | 15,760,629 | ||||||
4.38%, 09/11/24(a) | 14,048 | 15,021,840 | ||||||
4.38%, 01/12/26 | 29,089 | 32,210,837 | ||||||
4.84%, 05/09/28 (Call 05/07/27)(a) | 14,471 | 15,922,417 | ||||||
4.95%, 01/10/47(a) | 15,704 | 19,409,363 | ||||||
4.97%, 05/16/29 (Call 05/16/28)(a)(c) | 22,451 | 25,951,879 | ||||||
5.20%, 05/12/26 | 17,533 | 19,712,306 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
5.25%, 08/17/45(a) | $ | 16,044 | $ | 20,205,114 | ||||
BNP Paribas SA | ||||||||
3.25%, 03/03/23(a) | 11,175 | 11,751,576 | ||||||
4.25%, 10/15/24 | 7,545 | 8,199,944 | ||||||
BanksBPCE SA, 4.00%, 04/15/24(a) | 10,108 | 11,050,640 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
2.25%, 01/28/25(a) | 3,740 | 3,804,801 | ||||||
3.10%, 04/02/24 | 11,740 | 12,389,358 | ||||||
3.50%, 09/13/23 | 13,826 | 14,836,253 | ||||||
BanksCitibank N.A., 3.65%, 01/23/24 (Call 12/23/23)(a) | 24,994 | 26,882,252 | ||||||
Citigroup Inc. | ||||||||
2.67%, 01/29/31 (Call 01/29/30)(c) | 2,555 | 2,614,554 | ||||||
2.98%, 11/05/30 (Call 11/05/29)(c) | 18,351 | 19,262,263 | ||||||
3.20%, 10/21/26 (Call 07/21/26)(a) | 36,799 | 39,430,232 | ||||||
3.30%, 04/27/25(a) | 23,974 | 25,775,485 | ||||||
3.35%, 04/24/25 (Call 04/24/24)(a)(c) | 24,681 | 26,126,428 | ||||||
3.40%, 05/01/26(a) | 23,632 | 25,613,186 | ||||||
3.50%, 05/15/23(a) | 7,590 | 8,006,067 | ||||||
3.52%, 10/27/28 (Call 10/27/27)(c) | 25,238 | 27,477,115 | ||||||
3.67%, 07/24/28 (Call 07/24/27)(a)(c) | 30,249 | 33,203,217 | ||||||
3.70%, 01/12/26(a) | 22,982 | 25,227,479 | ||||||
3.88%, 10/25/23(a) | 13,349 | 14,408,465 | ||||||
3.88%, 03/26/25 | 17,421 | 18,905,870 | ||||||
3.88%, 01/24/39 (Call 01/24/38)(a)(c) | 14,558 | 16,949,766 | ||||||
3.89%, 01/10/28 (Call 01/10/27)(c) | 34,053 | 37,720,334 | ||||||
3.98%, 03/20/30 (Call 03/20/29)(a)(c) | 26,744 | 30,210,057 | ||||||
4.00%, 08/05/24(a) | 8,982 | 9,751,966 | ||||||
4.04%, 06/01/24 (Call 06/01/23)(c) | 4,927 | 5,272,533 | ||||||
4.08%, 04/23/29 (Call 04/23/28)(a)(c) | 11,122 | 12,588,611 | ||||||
4.13%, 07/25/28(a) | 20,018 | 22,237,342 | ||||||
4.28%, 04/24/48 (Call 04/24/47)(a)(c) | 13,215 | 16,526,001 | ||||||
4.30%, 11/20/26(a) | 9,155 | 10,143,106 | ||||||
4.40%, 06/10/25(a) | 31,834 | 35,444,720 | ||||||
4.45%, 09/29/27 | 32,856 | 37,086,947 | ||||||
4.60%, 03/09/26(a) | 18,809 | 21,327,136 | ||||||
4.65%, 07/30/45(a) | 13,896 | 18,065,717 | ||||||
4.65%, 07/23/48 (Call 06/23/48) | 28,818 | 38,134,744 | ||||||
4.75%, 05/18/46(a) | 19,251 | 24,303,764 | ||||||
5.30%, 05/06/44 | 6,608 | 8,849,601 | ||||||
5.50%, 09/13/25(a) | 17,459 | 20,497,985 | ||||||
5.88%, 01/30/42(a) | 12,336 | 18,203,643 | ||||||
6.63%, 06/15/32(a) | 12,138 | 17,043,391 | ||||||
6.68%, 09/13/43(a) | 10,029 | 15,528,560 | ||||||
8.13%, 07/15/39(a) | 17,815 | 31,074,068 | ||||||
BanksCitizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25) | 9,843 | 11,033,959 | ||||||
Cooperatieve Rabobank UA | ||||||||
3.75%, 07/21/26(a) | 16,454 | 17,795,294 | ||||||
4.38%, 08/04/25 | 17,492 | 19,388,860 | ||||||
4.63%, 12/01/23(a) | 7,787 | 8,534,048 | ||||||
5.25%, 05/24/41(a) | 17,620 | 25,226,684 | ||||||
5.25%, 08/04/45(a) | 12,022 | 16,150,667 | ||||||
5.75%, 12/01/43(a) | 12,747 | 17,856,022 | ||||||
BanksCooperatieve Rabobank UA/NY, 3.38%, 05/21/25 | 14,714 | 16,053,117 | ||||||
BanksCredit Suisse AG/New York NY, 3.63%, 09/09/24 | 35,886 | 38,592,992 | ||||||
Credit Suisse Group Funding Guernsey Ltd. | ||||||||
3.75%, 03/26/25(a) | 24,862 | 26,856,370 | ||||||
3.80%, 06/09/23(a) | 19,058 | 20,231,655 | ||||||
4.55%, 04/17/26 | 14,206 | 16,022,641 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
4.88%, 05/15/45(a) | $ | 20,580 | $ | 26,738,530 | ||||
BanksDeutsche Bank AG/London, 3.70%, 05/30/24(a) | 5,491 | 5,763,427 | ||||||
Deutsche Bank AG/New York NY | ||||||||
3.70%, 05/30/24(a) | 12,714 | 13,259,670 | ||||||
3.95%, 02/27/23 | 8,557 | 8,915,857 | ||||||
3.96%, 11/26/25 (Call 11/26/24)(c) | 18,218 | 19,171,135 | ||||||
Discover Bank | ||||||||
2.45%, 09/12/24 (Call 08/12/24)(a) | 7,252 | 7,418,985 | ||||||
3.35%, 02/06/23 (Call 01/06/23) | 4,183 | 4,379,104 | ||||||
3.45%, 07/27/26 (Call 04/27/26)(a) | 10,742 | 11,512,611 | ||||||
4.20%, 08/08/23(a) | 3,861 | 4,165,316 | ||||||
4.65%, 09/13/28 (Call 06/13/28)(a) | 9,902 | 11,490,902 | ||||||
Fifth Third Bancorp. | ||||||||
2.38%, 01/28/25 (Call 12/28/24)(a) | 11,681 | 12,003,418 | ||||||
3.65%, 01/25/24 (Call 12/25/23) | 13,445 | 14,421,941 | ||||||
4.30%, 01/16/24 (Call 12/16/23)(a) | 9,457 | 10,267,936 | ||||||
8.25%, 03/01/38 | 11,352 | 18,857,257 | ||||||
Fifth Third Bank/Cincinnati OH | ||||||||
3.85%, 03/15/26 (Call 02/15/26)(a) | 2,104 | 2,321,187 | ||||||
3.95%, 07/28/25 (Call 06/28/25)(a) | 6,955 | 7,789,415 | ||||||
Goldman Sachs Group Inc. (The) | ||||||||
3.27%, 09/29/25 (Call 09/29/24)(a)(c) | 30,020 | 31,805,322 | ||||||
3.50%, 01/23/25 (Call 10/23/24) | 31,841 | 34,127,910 | ||||||
3.50%, 11/16/26 (Call 11/16/25)(a) | 26,116 | 28,117,196 | ||||||
3.63%, 02/20/24 (Call 01/20/24)(a) | 16,099 | 17,184,589 | ||||||
3.69%, 06/05/28 (Call 06/05/27)(a)(c) | 30,914 | 33,818,516 | ||||||
3.75%, 05/22/25 (Call 02/22/25) | 30,790 | 33,438,953 | ||||||
3.75%, 02/25/26 (Call 11/25/25)(a) | 20,902 | 22,886,764 | ||||||
3.81%, 04/23/29 (Call 04/23/28)(a)(c) | 26,104 | 28,826,757 | ||||||
3.85%, 07/08/24 (Call 04/08/24)(a) | 25,593 | 27,630,981 | ||||||
3.85%, 01/26/27 (Call 01/26/26) | 31,280 | 34,317,335 | ||||||
4.00%, 03/03/24(a) | 26,126 | 28,394,565 | ||||||
4.02%, 10/31/38 (Call 10/31/37)(c) | 26,625 | 30,502,117 | ||||||
4.22%, 05/01/29 (Call 05/01/28)(c) | 40,165 | 45,570,072 | ||||||
4.25%, 10/21/25(a) | 24,331 | 26,653,881 | ||||||
4.41%, 04/23/39 (Call 04/23/38)(c) | 15,947 | 19,093,343 | ||||||
4.75%, 10/21/45 (Call 04/21/45) | 19,223 | 24,807,989 | ||||||
4.80%, 07/08/44 (Call 01/08/44) | 19,829 | 25,195,324 | ||||||
5.15%, 05/22/45(a) | 18,651 | 23,960,026 | ||||||
5.95%, 01/15/27 | 9,122 | 11,175,361 | ||||||
6.13%, 02/15/33 | 7,086 | 9,828,129 | ||||||
6.25%, 02/01/41 | 23,351 | 34,345,097 | ||||||
6.75%, 10/01/37 | 59,948 | 86,303,617 | ||||||
HSBC Holdings PLC | ||||||||
2.63%, 11/07/25 (Call 11/07/24)(a)(c) | 16,035 | 16,383,687 | ||||||
3.60%, 05/25/23(a) | 18,399 | 19,460,490 | ||||||
3.80%, 03/11/25 (Call 03/11/24)(a)(c) | 17,415 | 18,592,625 | ||||||
3.90%, 05/25/26 | 29,596 | 32,328,078 | ||||||
3.95%, 05/18/24 (Call 05/18/23)(a)(c) | 5,118 | 5,440,924 | ||||||
3.97%, 05/22/30 (Call 05/22/29)(c) | 34,114 | 37,234,401 | ||||||
4.04%, 03/13/28 (Call 03/13/27)(a)(c) | 27,944 | 30,446,271 | ||||||
4.25%, 03/14/24(a) | 10,499 | 11,271,727 | ||||||
4.25%, 08/18/25(a) | 21,880 | 23,716,279 | ||||||
4.29%, 09/12/26 (Call 09/12/25)(c) | 23,761 | 26,168,165 | ||||||
4.30%, 03/08/26(a) | 35,626 | 39,621,203 | ||||||
4.38%, 11/23/26(a) | 16,152 | 17,685,834 | ||||||
4.58%, 06/19/29 (Call 06/19/28)(c) | 29,606 | 33,501,255 | ||||||
5.25%, 03/14/44(a) | 13,622 | 17,154,908 | ||||||
6.10%, 01/14/42 | 8,472 | 12,076,479 | ||||||
6.50%, 05/02/36(a) | 21,264 | 28,954,547 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
6.50%, 09/15/37 | $ | 25,572 | $ | 35,005,564 | ||||
6.80%, 06/01/38 | 16,482 | 23,414,166 | ||||||
BanksHSBC USA Inc., 3.50%, 06/23/24(a) | 6,551 | 7,106,955 | ||||||
BanksHuntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24) | 12,329 | 12,801,045 | ||||||
BanksHuntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)(a) | 6,227 | 6,688,853 | ||||||
ING Groep NV | ||||||||
3.55%, 04/09/24(a) | 6,429 | 6,864,684 | ||||||
3.95%, 03/29/27 | 15,648 | 17,352,666 | ||||||
4.05%, 04/09/29(a) | 11,440 | 12,989,021 | ||||||
4.10%, 10/02/23 | 8,681 | 9,374,615 | ||||||
4.55%, 10/02/28(a) | 17,170 | 20,122,929 | ||||||
JPMorgan Chase & Co. | ||||||||
2.30%, 10/15/25 (Call 10/15/24)(c) | 21,897 | 22,371,348 | ||||||
2.70%, 05/18/23 (Call 03/18/23)(a) | 13,704 | 14,174,894 | ||||||
2.74%, 10/15/30 (Call 10/15/29)(a)(c) | 42,989 | 44,740,772 | ||||||
2.95%, 10/01/26 (Call 07/01/26) | 35,670 | 38,009,738 | ||||||
3.13%, 01/23/25 (Call 10/23/24) | 28,825 | 30,690,776 | ||||||
3.20%, 06/15/26 (Call 03/15/26)(a) | 20,491 | 22,110,482 | ||||||
3.22%, 03/01/25 (Call 03/01/24)(c) | 23,971 | 25,333,670 | ||||||
3.30%, 04/01/26 (Call 01/01/26)(a) | 27,261 | 29,550,515 | ||||||
3.38%, 05/01/23 | 21,196 | 22,266,722 | ||||||
3.51%, 01/23/29 (Call 01/23/28)(a)(c) | 28,411 | 30,971,019 | ||||||
3.54%, 05/01/28 (Call 05/01/27)(a)(c) | 25,857 | 28,377,080 | ||||||
3.56%, 04/23/24 (Call 04/23/23)(a)(c) | 8,244 | 8,733,422 | ||||||
3.63%, 05/13/24(a) | 22,524 | 24,340,277 | ||||||
3.63%, 12/01/27 (Call 12/01/26)(a) | 5,996 | 6,507,184 | ||||||
3.70%, 05/06/30 (Call 05/06/29)(c) | 30,389 | 33,897,061 | ||||||
3.78%, 02/01/28 (Call 02/01/27)(a)(c) | 18,950 | 20,977,885 | ||||||
3.80%, 07/23/24 (Call 07/23/23)(a)(c) | 15,626 | 16,706,830 | ||||||
3.88%, 02/01/24(a) | 17,068 | 18,550,219 | ||||||
3.88%, 09/10/24 | 22,908 | 24,924,195 | ||||||
3.88%, 07/24/38 (Call 07/24/37)(c) | 28,220 | 32,252,819 | ||||||
3.90%, 07/15/25 (Call 04/15/25)(a) | 33,637 | 37,077,073 | ||||||
3.90%, 01/23/49 (Call 01/23/48)(c) | 18,910 | 22,621,027 | ||||||
3.96%, 01/29/27 (Call 01/29/26)(a)(c) | 26,231 | 29,169,276 | ||||||
3.96%, 11/15/48 (Call 11/15/47)(c) | 37,364 | 44,922,917 | ||||||
4.01%, 04/23/29 (Call 04/23/28)(a)(c) | 30,766 | 34,706,977 | ||||||
4.02%, 12/05/24 (Call 12/05/23)(a)(c) | 25,987 | 28,148,692 | ||||||
4.03%, 07/24/48 (Call 07/24/47)(a)(c) | 15,369 | 18,635,111 | ||||||
4.13%, 12/15/26 | 12,151 | 13,706,576 | ||||||
4.20%, 07/23/29 (Call 07/23/28)(a)(c) | 27,306 | 31,444,702 | ||||||
4.25%, 10/01/27 | 9,731 | 11,029,414 | ||||||
4.26%, 02/22/48 (Call 02/22/47)(c) | 20,459 | 25,734,232 | ||||||
4.45%, 12/05/29 (Call 12/05/28)(c) | 24,661 | 28,794,248 | ||||||
4.85%, 02/01/44(a) | 10,713 | 14,345,165 | ||||||
4.95%, 06/01/45(a) | 12,462 | 16,702,800 | ||||||
5.40%, 01/06/42 | 14,748 | 20,680,398 | ||||||
5.50%, 10/15/40 | 12,920 | 18,007,141 | ||||||
5.60%, 07/15/41(a) | 18,389 | 26,113,117 | ||||||
5.63%, 08/16/43(a) | 9,778 | 13,953,678 | ||||||
6.40%, 05/15/38(a) | 27,418 | 41,211,321 | ||||||
BanksKeyBank N.A./Cleveland OH, 3.30%, 06/01/25 | 7,566 | 8,181,196 | ||||||
KeyCorp. | ||||||||
2.25%, 04/06/27 | 745 | 763,408 | ||||||
2.55%, 10/01/29(a) | 8,191 | 8,366,326 | ||||||
4.10%, 04/30/28(a) | 10,535 | 11,994,419 | ||||||
Lloyds Banking Group PLC | ||||||||
2.44%, 02/05/26 (Call 02/05/25)(c) | 11,020 | 11,168,118 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
3.57%, 11/07/28 (Call 11/07/27)(a)(c) | $ | 26,962 | $ | 28,812,928 | ||||
3.75%, 01/11/27(a) | 15,342 | 16,614,334 | ||||||
3.90%, 03/12/24(a) | 10,280 | 11,046,414 | ||||||
4.05%, 08/16/23 | 13,836 | 14,852,979 | ||||||
4.34%, 01/09/48(a) | 9,696 | 10,961,062 | ||||||
4.38%, 03/22/28 | 17,884 | 20,292,406 | ||||||
4.45%, 05/08/25(a) | 21,288 | 23,755,643 | ||||||
4.50%, 11/04/24(a) | 9,699 | 10,539,284 | ||||||
4.55%, 08/16/28(a) | 13,546 | 15,589,761 | ||||||
4.58%, 12/10/25(a) | 17,264 | 18,857,947 | ||||||
4.65%, 03/24/26(a) | 12,605 | 13,950,830 | ||||||
5.30%, 12/01/45(a) | 8,282 | 10,601,974 | ||||||
BanksManufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)(a) | 11,976 | 12,727,037 | ||||||
Mitsubishi UFJ Financial Group Inc. | ||||||||
2.19%, 02/25/25 | 4,500 | 4,548,858 | ||||||
2.76%, 09/13/26(a) | 16,592 | 17,350,543 | ||||||
2.80%, 07/18/24(a) | 12,530 | 13,031,343 | ||||||
3.20%, 07/18/29(a) | 21,513 | 23,026,048 | ||||||
3.29%, 07/25/27(a) | 12,287 | 13,231,942 | ||||||
3.41%, 03/07/24 | 17,431 | 18,526,812 | ||||||
3.46%, 03/02/23(a) | 20,374 | 21,522,806 | ||||||
3.68%, 02/22/27(a) | 12,040 | 13,417,547 | ||||||
3.74%, 03/07/29 | 17,935 | 20,035,900 | ||||||
3.75%, 07/18/39(a) | 17,765 | 20,483,741 | ||||||
3.76%, 07/26/23(a) | 3,331 | 3,562,221 | ||||||
3.78%, 03/02/25 | 6,914 | 7,523,444 | ||||||
3.85%, 03/01/26(a) | 29,935 | 33,610,832 | ||||||
3.96%, 03/02/28(a) | 9,768 | 11,128,425 | ||||||
4.05%, 09/11/28 | 8,950 | 10,340,884 | ||||||
Mizuho Financial Group Inc. | ||||||||
2.23%, 05/25/26 (Call 05/25/25)(c) | 4,690 | 4,743,914 | ||||||
2.84%, 09/13/26(a) | 13,930 | 14,651,680 | ||||||
3.15%, 07/16/30 (Call 07/16/29)(a)(c) | 8,020 | 8,527,164 | ||||||
3.17%, 09/11/27 | 3,314 | 3,583,335 | ||||||
3.55%, 03/05/23(a) | 4,230 | 4,483,110 | ||||||
3.92%, 09/11/24 (Call 09/11/23)(c) | 5,269 | 5,644,669 | ||||||
4.02%, 03/05/28(a) | 14,145 | 16,044,883 | ||||||
4.25%, 09/11/29 (Call 09/11/28)(a)(c) | 15,474 | 17,696,121 | ||||||
Morgan Stanley | ||||||||
2.70%, 01/22/31 (Call 01/22/30)(a)(c) | 29,375 | 30,286,218 | ||||||
2.72%, 07/22/25 (Call 07/22/24)(a)(c) | 24,640 | 25,587,250 | ||||||
3.13%, 07/27/26(a) | 39,126 | 41,686,495 | ||||||
3.59%, 07/22/28 (Call 07/22/27)(a)(c) | 21,374 | 23,383,654 | ||||||
3.63%, 01/20/27(a) | 28,829 | 31,556,235 | ||||||
3.70%, 10/23/24(a) | 29,533 | 32,059,965 | ||||||
3.74%, 04/24/24 (Call 04/24/23)(c) | 16,314 | 17,316,768 | ||||||
3.77%, 01/24/29 (Call 01/24/28)(a)(c) | 32,182 | 35,736,592 | ||||||
3.88%, 01/27/26(a) | 32,469 | 35,918,266 | ||||||
3.95%, 04/23/27(a) | 18,659 | 20,468,128 | ||||||
3.97%, 07/22/38 (Call 07/22/37)(c) | 20,930 | 24,352,204 | ||||||
4.00%, 07/23/25(a) | 37,609 | 41,754,742 | ||||||
4.10%, 05/22/23(a) | 17,417 | 18,619,647 | ||||||
4.30%, 01/27/45(a) | 26,593 | 32,979,604 | ||||||
4.35%, 09/08/26(a) | 21,818 | 24,508,519 | ||||||
4.38%, 01/22/47(a) | 23,291 | 29,525,381 | ||||||
4.43%, 01/23/30 (Call 01/23/29)(a)(c) | 28,346 | 33,057,655 | ||||||
4.46%, 04/22/39 (Call 04/22/38)(a)(c) | 8,639 | 10,636,678 | ||||||
5.00%, 11/24/25(a) | 21,055 | 24,291,777 | ||||||
6.38%, 07/24/42 | 20,736 | 32,096,417 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
7.25%, 04/01/32 | $ | 15,826 | $ | 23,664,162 | ||||
Series F, 3.88%, 04/29/24(a) | 34,311 | 37,248,893 | ||||||
National Australia Bank Ltd./New York | ||||||||
2.50%, 07/12/26 | 16,863 | 17,549,134 | ||||||
3.38%, 01/14/26(a) | 8,363 | 9,098,866 | ||||||
3.63%, 06/20/23 | 7,275 | 7,815,757 | ||||||
BanksNorthern Trust Corp., 3.95%, 10/30/25 | 9,885 | 11,163,601 | ||||||
PNC Bank N.A. | ||||||||
2.70%, 10/22/29(a) | 6,712 | 6,969,811 | ||||||
2.95%, 02/23/25 (Call 01/24/25) | 8,997 | 9,554,225 | ||||||
3.10%, 10/25/27 (Call 09/25/27)(a) | 13,114 | 14,108,206 | ||||||
3.25%, 06/01/25 (Call 05/02/25)(a) | 5,882 | 6,317,122 | ||||||
3.50%, 06/08/23 (Call 05/09/23) | 8,235 | 8,765,634 | ||||||
3.80%, 07/25/23 (Call 06/25/23)(a) | 3,260 | 3,499,435 | ||||||
4.05%, 07/26/28(a) | 12,096 | 13,748,035 | ||||||
PNC Financial Services Group Inc. (The) | ||||||||
2.55%, 01/22/30 (Call 10/24/29) | 22,802 | 23,538,149 | ||||||
2.60%, 07/23/26 (Call 05/23/26)(a) | 12,609 | 13,294,400 | ||||||
3.15%, 05/19/27 (Call 04/19/27)(a) | 7,915 | 8,498,103 | ||||||
3.45%, 04/23/29 (Call 01/23/29)(a) | 17,810 | 19,591,508 | ||||||
3.50%, 01/23/24 (Call 12/23/23) | 6,669 | 7,108,258 | ||||||
3.90%, 04/29/24 (Call 03/29/24) | 6,306 | 6,857,392 | ||||||
BanksRegions Financial Corp., 3.80%, 08/14/23 (Call 07/14/23)(a) | 7,857 | 8,454,698 | ||||||
Royal Bank of Canada | ||||||||
2.25%, 11/01/24(a) | 17,560 | 17,973,849 | ||||||
2.55%, 07/16/24(a) | 11,835 | 12,320,139 | ||||||
3.70%, 10/05/23 | 9,212 | 9,909,716 | ||||||
4.65%, 01/27/26(a) | 16,357 | 18,857,930 | ||||||
Royal Bank of Scotland Group PLC | ||||||||
3.88%, 09/12/23(a) | 21,801 | 23,192,357 | ||||||
4.27%, 03/22/25 (Call 03/22/24)(a)(c) | 32,184 | 34,662,120 | ||||||
4.45%, 05/08/30 (Call 05/08/29)(a)(c) | 11,499 | 13,082,557 | ||||||
4.52%, 06/25/24 (Call 06/25/23)(c) | 5,147 | 5,545,682 | ||||||
4.80%, 04/05/26 | 14,280 | 16,323,694 | ||||||
4.89%, 05/18/29 (Call 05/18/28)(a)(c) | 21,126 | 24,437,340 | ||||||
5.08%, 01/27/30 (Call 01/27/29)(a)(c) | 16,242 | 19,224,012 | ||||||
5.13%, 05/28/24 | 24,003 | 26,264,123 | ||||||
6.00%, 12/19/23 | 16,972 | 19,069,016 | ||||||
6.10%, 06/10/23 | 2,528 | 2,800,146 | ||||||
Santander Holdings USA Inc. | ||||||||
3.24%, 10/05/26 (Call 08/05/26) | 5,301 | 5,525,821 | ||||||
3.50%, 06/07/24 (Call 05/07/24) | 13,040 | 13,690,693 | ||||||
4.40%, 07/13/27 (Call 04/14/27)(a) | 14,090 | 15,577,168 | ||||||
4.50%, 07/17/25 (Call 04/17/25)(a) | 12,626 | 13,866,372 | ||||||
Santander UK Group Holdings PLC | ||||||||
3.82%, 11/03/28 (Call 11/03/27)(a)(c) | 13,524 | 14,675,287 | ||||||
4.80%, 11/15/24 (Call 11/15/23)(c) | 8,893 | 9,713,830 | ||||||
Santander UK PLC | ||||||||
2.88%, 06/18/24 | 7,353 | 7,661,819 | ||||||
4.00%, 03/13/24(a) | 2,214 | 2,405,902 | ||||||
State Street Corp. | ||||||||
2.40%, 01/24/30(a) | 3,070 | 3,160,547 | ||||||
2.65%, 05/19/26(a) | 13,731 | 14,455,435 | ||||||
3.10%, 05/15/23(a) | 11,639 | 12,253,652 | ||||||
3.30%, 12/16/24 | 2 | 2,165 | ||||||
3.55%, 08/18/25 | 16,092 | 17,702,505 | ||||||
3.70%, 11/20/23(a) | 6,575 | 7,174,515 | ||||||
Sumitomo Mitsui Financial Group Inc. | ||||||||
2.35%, 01/15/25 | 5,325 | 5,451,156 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
2.45%, 09/27/24(a) | $ | 7,397 | $ | 7,612,624 | ||||
2.63%, 07/14/26(a) | 21,009 | 21,796,243 | ||||||
2.70%, 07/16/24(a) | 24,675 | 25,648,925 | ||||||
2.75%, 01/15/30 | 15,330 | 15,773,708 | ||||||
3.01%, 10/19/26(a) | 12,704 | 13,539,757 | ||||||
3.04%, 07/16/29(a) | 31,854 | 33,821,491 | ||||||
3.35%, 10/18/27(a) | 6,422 | 6,968,969 | ||||||
3.36%, 07/12/27 | 22,413 | 24,183,280 | ||||||
3.45%, 01/11/27(a) | 15,437 | 16,947,936 | ||||||
3.54%, 01/17/28(a) | 10,464 | 11,635,714 | ||||||
3.75%, 07/19/23(a) | 7,503 | 8,035,510 | ||||||
3.78%, 03/09/26(a) | 14,410 | 15,918,560 | ||||||
3.94%, 10/16/23(a) | 1,293 | 1,399,909 | ||||||
3.94%, 07/19/28(a) | 2,703 | 3,055,153 | ||||||
BanksSvenska Handelsbanken AB, 3.90%, 11/20/23 | 6,688 | 7,252,787 | ||||||
Toronto-Dominion Bank (The) | ||||||||
2.65%, 06/12/24(a) | 20,373 | 21,330,936 | ||||||
3.25%, 03/11/24 | 4,717 | 5,041,093 | ||||||
3.50%, 07/19/23(a) | 14,343 | 15,359,940 | ||||||
Truist Bank | ||||||||
2.15%, 12/06/24 (Call 11/05/24) | 9,877 | 10,115,549 | ||||||
3.20%, 04/01/24 (Call 03/01/24)(a) | 11,084 | 11,762,105 | ||||||
3.30%, 05/15/26 (Call 04/15/26)(a) | 6,908 | 7,485,000 | ||||||
3.63%, 09/16/25 (Call 08/16/25) | 14,920 | 16,386,341 | ||||||
3.80%, 10/30/26 (Call 09/30/26) | 9,391 | 10,485,298 | ||||||
Truist Financial Corp. | ||||||||
2.50%, 08/01/24 (Call 07/01/24)(a) | 12,629 | 13,069,702 | ||||||
2.85%, 10/26/24 (Call 09/26/24)(a) | 13,175 | 13,869,407 | ||||||
3.70%, 06/05/25 (Call 05/05/25)(a) | 15,319 | 16,911,713 | ||||||
3.75%, 12/06/23 (Call 11/06/23)(a) | 7,774 | 8,397,929 | ||||||
4.00%, 05/01/25 (Call 03/01/25)(a) | 4,114 | 4,547,898 | ||||||
U.S. Bancorp. | ||||||||
2.40%, 07/30/24 (Call 06/28/24)(a) | 9,703 | 10,071,241 | ||||||
3.00%, 07/30/29 (Call 04/30/29)(a) | 10,175 | 10,806,034 | ||||||
3.10%, 04/27/26 (Call 03/27/26)(a) | 15,208 | 16,326,897 | ||||||
3.38%, 02/05/24 (Call 01/05/24)(a) | 16,115 | 17,259,025 | ||||||
3.60%, 09/11/24 (Call 08/11/24)(a) | 8,509 | 9,246,873 | ||||||
3.70%, 01/30/24 (Call 12/29/23)(a) | 7,722 | 8,365,160 | ||||||
3.90%, 04/26/28 (Call 03/24/28)(a) | 8,690 | 10,052,250 | ||||||
3.95%, 11/17/25 (Call 10/17/25) | 10,768 | 12,192,754 | ||||||
Series V, 2.38%, 07/22/26 (Call 06/22/26)(a) | 14,027 | 14,679,884 | ||||||
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a) | 7,661 | 8,334,512 | ||||||
U.S. Bank N.A./Cincinnati OH | ||||||||
2.05%, 01/21/25 (Call 12/20/24) | 6,525 | 6,679,957 | ||||||
2.80%, 01/27/25 (Call 12/27/24)(a) | 18,434 | 19,523,123 | ||||||
3.40%, 07/24/23 (Call 06/23/23) | 11,307 | 12,035,313 | ||||||
BanksWachovia Corp., 5.50%, 08/01/35 | 9,809 | 13,161,823 | ||||||
Wells Fargo &Co. | ||||||||
2.16%, 02/11/26 (Call 02/11/25)(c) | 10,000 | 10,125,672 | ||||||
2.41%, 10/30/25 (Call 10/30/24)(c) | 31,084 | 31,827,511 | ||||||
2.57%, 02/11/31 (Call 02/11/30)(c) | 30,000 | 30,599,100 | ||||||
2.88%, 10/30/30 (Call 10/30/29)(a)(c) | 31,061 | 32,287,717 | ||||||
3.00%, 02/19/25(a) | 30,413 | 32,113,047 | ||||||
3.00%, 04/22/26(a) | 41,189 | 43,673,220 | ||||||
3.00%, 10/23/26(a) | 35,885 | 38,113,746 | ||||||
3.20%, 06/17/27 (Call 06/17/26)(a)(c) | 29,371 | 31,335,077 | ||||||
3.30%, 09/09/24(a) | 20,732 | 22,100,760 | ||||||
3.55%, 09/29/25(a) | 28,308 | 30,838,110 | ||||||
3.58%, 05/22/28 (Call 05/22/27)(a)(c) | 41,998 | 45,704,840 | ||||||
3.75%, 01/24/24 (Call 12/24/23)(a) | 34,331 | 36,966,251 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
3.90%, 05/01/45(a) | $ | 21,949 | $ | 26,122,111 | ||||
4.10%, 06/03/26 | 28,608 | 31,886,708 | ||||||
4.13%, 08/15/23(a) | 12,522 | 13,495,320 | ||||||
4.15%, 01/24/29 (Call 10/24/28)(a) | 30,002 | 34,515,621 | ||||||
4.30%, 07/22/27(a) | 26,453 | 29,915,449 | ||||||
4.40%, 06/14/46 | 19,530 | 23,299,347 | ||||||
4.65%, 11/04/44 | 19,018 | 23,524,572 | ||||||
4.75%, 12/07/46(a) | 20,687 | 26,094,791 | ||||||
4.90%, 11/17/45 | 19,914 | 25,514,243 | ||||||
5.38%, 02/07/35 | 9,464 | 12,803,977 | ||||||
5.38%, 11/02/43 | 19,873 | 26,709,827 | ||||||
5.61%, 01/15/44 | 22,441 | 30,913,501 | ||||||
Wells Fargo Bank N.A. | ||||||||
3.55%, 08/14/23 (Call 07/14/23)(a) | 19,825 | 21,124,515 | ||||||
5.85%, 02/01/37(a) | 9,951 | 13,994,519 | ||||||
6.60%, 01/15/38(a) | 17,481 | 26,582,079 | ||||||
Westpac Banking Corp. | ||||||||
2.35%, 02/19/25(a) | 8,649 | 8,934,379 | ||||||
2.65%, 01/16/30(a) | 9,487 | 9,902,095 | ||||||
2.70%, 08/19/26(a) | 12,664 | 13,333,465 | ||||||
2.85%, 05/13/26(a) | 21,110 | 22,350,810 | ||||||
3.30%, 02/26/24(a) | 15,144 | 16,206,403 | ||||||
3.35%, 03/08/27(a) | 10,299 | 11,270,259 | ||||||
3.40%, 01/25/28(a) | 10,029 | 11,183,009 | ||||||
3.65%, 05/15/23(a) | 9,786 | 10,473,987 | ||||||
4.42%, 07/24/39(a) | 8,457 | 9,954,576 | ||||||
|
| |||||||
7,995,095,831 | ||||||||
Beverages — 3.2% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.65%, 02/01/26 (Call 11/01/25) | 47,051 | 51,407,029 | ||||||
4.70%, 02/01/36 (Call 08/01/35) | 54,212 | 64,844,600 | ||||||
4.90%, 02/01/46 (Call 08/01/45) | 99,410 | 122,273,604 | ||||||
Anheuser-Busch InBev Finance Inc. | ||||||||
2.63%, 01/17/23(a) | 1 | 517 | ||||||
3.65%, 02/01/26 (Call 11/01/25) | 6,844 | 7,504,616 | ||||||
3.70%, 02/01/24 | 10,307 | 11,117,150 | ||||||
4.00%, 01/17/43(a) | 8,759 | 9,646,878 | ||||||
4.63%, 02/01/44(a) | 10,241 | 12,126,843 | ||||||
4.90%, 02/01/46 (Call 08/01/45)(a) | 13,465 | 16,470,147 | ||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.75%, 07/15/42(a) | 7,756 | 8,290,639 | ||||||
4.00%, 04/13/28 (Call 01/13/28)(a) | 29,567 | 33,352,738 | ||||||
4.15%, 01/23/25 (Call 12/23/24)(a) | 37,604 | 41,824,304 | ||||||
4.38%, 04/15/38 (Call 10/15/37) | 14,337 | 16,599,120 | ||||||
4.44%, 10/06/48 (Call 04/06/48)(a) | 17,982 | 20,986,663 | ||||||
4.60%, 04/15/48 (Call 10/15/47)(a) | 26,988 | 32,339,054 | ||||||
4.75%, 01/23/29 (Call 10/23/28)(a) | 39,904 | 47,278,798 | ||||||
4.75%, 04/15/58 (Call 10/15/57)(a) | 16,590 | 20,211,771 | ||||||
4.90%, 01/23/31 (Call 10/23/30) | 9,431 | 11,468,616 | ||||||
4.95%, 01/15/42(a) | 14,263 | 17,526,675 | ||||||
5.45%, 01/23/39 (Call 07/23/38) | 20,345 | 26,431,681 | ||||||
5.55%, 01/23/49 (Call 07/23/48)(a) | 44,923 | 60,977,698 | ||||||
5.80%, 01/23/59 (Call 07/23/58)(a) | 21,691 | 30,705,560 | ||||||
8.20%, 01/15/39 | 8,955 | 14,705,226 | ||||||
Coca-Cola Co. (The) | ||||||||
1.75%, 09/06/24(a) | 7,225 | 7,353,164 | ||||||
2.13%, 09/06/29(a) | 11,936 | 12,184,165 | ||||||
2.25%, 09/01/26(a) | 11,874 | 12,409,219 | ||||||
2.50%, 04/01/23(a) | 6,234 | 6,485,336 |
Security | Par (000) | Value | ||||||
Beverages (continued) | ||||||||
2.88%, 10/27/25(a) | $ | 18,297 | $ | 19,765,975 | ||||
3.20%, 11/01/23(a) | 11,936 | 12,760,447 | ||||||
Constellation Brands Inc. | ||||||||
3.15%, 08/01/29 (Call 05/01/29)(a) | 9,185 | 9,632,383 | ||||||
4.25%, 05/01/23(a) | 8,997 | 9,697,022 | ||||||
Diageo Capital PLC | ||||||||
2.38%, 10/24/29 (Call 07/24/29)(a) | 7,606 | 7,898,893 | ||||||
2.63%, 04/29/23 (Call 01/29/23)(a) | 10,824 | 11,228,377 | ||||||
Keurig Dr Pepper Inc. | ||||||||
4.06%, 05/25/23 (Call 04/25/23)(a) | 19,827 | 21,268,736 | ||||||
4.42%, 05/25/25 (Call 03/25/25) | 7,948 | 8,909,683 | ||||||
4.60%, 05/25/28 (Call 02/25/28)(a) | 20,997 | 24,222,332 | ||||||
5.09%, 05/25/48 (Call 11/25/47) | 7,444 | 9,494,328 | ||||||
Molson Coors Beverage Co. | ||||||||
3.00%, 07/15/26 (Call 04/15/26)(a) | 24,445 | 25,635,995 | ||||||
4.20%, 07/15/46 (Call 01/15/46)(a) | 18,307 | 18,983,530 | ||||||
5.00%, 05/01/42(a) | 10,450 | 11,852,413 | ||||||
PepsiCo Inc. | ||||||||
2.38%, 10/06/26 (Call 07/06/26)(a) | 12,601 | 13,271,904 | ||||||
2.63%, 07/29/29 (Call 04/29/29)(a) | 14,503 | 15,461,676 | ||||||
2.75%, 03/01/23(a) | 2,438 | 2,547,190 | ||||||
2.75%, 04/30/25 (Call 01/30/25)(a) | 10,543 | 11,217,848 | ||||||
2.85%, 02/24/26 (Call 11/24/25)(a) | 8,654 | 9,310,990 | ||||||
2.88%, 10/15/49 (Call 04/15/49) | 12,768 | 13,507,289 | ||||||
3.00%, 10/15/27 (Call 07/15/27)(a) | 11,701 | 12,767,548 | ||||||
3.38%, 07/29/49 (Call 01/29/49) | 12,257 | 14,057,646 | ||||||
3.45%, 10/06/46 (Call 04/06/46)(a) | 13,251 | 15,151,139 | ||||||
3.60%, 03/01/24 (Call 12/01/23)(a) | 4,690 | 5,083,838 | ||||||
4.00%, 03/05/42 | 7,826 | 9,589,544 | ||||||
4.00%, 05/02/47 (Call 11/02/46)(a) | 9,116 | 11,403,593 | ||||||
4.45%, 04/14/46 (Call 10/14/45)(a) | 12,840 | 16,956,048 | ||||||
|
| |||||||
1,058,198,178 | ||||||||
Biotechnology — 1.4% | ||||||||
Amgen Inc. | ||||||||
2.20%, 02/21/27 (Call 12/21/26) | 870 | 884,346 | ||||||
2.25%, 08/19/23 (Call 06/19/23)(a) | 3,434 | 3,519,815 | ||||||
2.45%, 02/21/30 (Call 11/21/29) | 13,590 | 13,814,242 | ||||||
2.60%, 08/19/26 (Call 05/19/26)(a) | 14,363 | 15,000,541 | ||||||
3.13%, 05/01/25 (Call 02/01/25) | 8,953 | 9,564,377 | ||||||
3.15%, 02/21/40 (Call 08/21/39) | 15,000 | 15,314,292 | ||||||
3.20%, 11/02/27 (Call 08/02/27)(a) | 7,183 | 7,764,959 | ||||||
3.38%, 02/21/50 (Call 08/21/49)(a) | 14,280 | 14,607,323 | ||||||
3.63%, 05/22/24 (Call 02/22/24)(a) | 10,121 | 10,925,471 | ||||||
4.40%, 05/01/45 (Call 11/01/44)(a) | 22,590 | 26,720,952 | ||||||
4.56%, 06/15/48 (Call 12/15/47)(a) | 13,719 | 16,727,456 | ||||||
4.66%, 06/15/51 (Call 12/15/50) | 36,821 | 45,651,372 | ||||||
5.15%, 11/15/41 (Call 05/15/41) | 10,960 | 14,213,483 | ||||||
BiotechnologyBaxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)(a) | 9,154 | 10,122,373 | ||||||
Biogen Inc. | ||||||||
4.05%, 09/15/25 (Call 06/15/25) | 20,458 | 22,920,443 | ||||||
5.20%, 09/15/45 (Call 03/15/45)(a) | 17,153 | 22,127,411 | ||||||
Gilead Sciences Inc. | ||||||||
2.50%, 09/01/23 (Call 07/01/23)(a) | 8,216 | 8,501,855 | ||||||
2.95%, 03/01/27 (Call 12/01/26)(a) | 11,075 | 11,834,443 | ||||||
3.50%, 02/01/25 (Call 11/01/24)(a) | 11,486 | 12,458,046 | ||||||
3.65%, 03/01/26 (Call 12/01/25)(a) | 32,183 | 35,520,783 | ||||||
3.70%, 04/01/24 (Call 01/01/24)(a) | 9,010 | 9,679,942 | ||||||
4.00%, 09/01/36 (Call 03/01/36)(a) | 7,141 | 8,348,772 | ||||||
4.15%, 03/01/47 (Call 09/01/46)(a) | 20,548 | 24,725,647 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Biotechnology (continued) | ||||||||
4.50%, 02/01/45 (Call 08/01/44) | $ | 20,436 | $ | 25,336,536 | ||||
4.60%, 09/01/35 (Call 03/01/35) | 8,069 | 10,087,017 | ||||||
4.75%, 03/01/46 (Call 09/01/45) | 24,781 | 31,839,419 | ||||||
4.80%, 04/01/44 (Call 10/01/43)(a) | 17,830 | 22,841,608 | ||||||
5.65%, 12/01/41 (Call 06/01/41)(a) | 10,078 | 14,241,464 | ||||||
|
| |||||||
465,294,388 | ||||||||
Building Materials — 0.2% | ||||||||
Carrier Global Corp. | ||||||||
2.24%, 02/15/25 (Call 01/15/25)(b) | 11,938 | 12,172,714 | ||||||
2.49%, 02/15/27 (Call 12/15/26)(b) | 3,270 | 3,329,418 | ||||||
2.72%, 02/15/30 (Call 11/15/29)(b) | 20,000 | 20,214,276 | ||||||
3.38%, 04/05/40 (Call 10/05/39)(b) | 15,000 | 15,424,213 | ||||||
3.58%, 04/05/50 (Call 10/05/49)(b) | 20,000 | 20,593,658 | ||||||
|
| |||||||
71,734,279 | ||||||||
Chemicals — 1.2% | ||||||||
Dow Chemical Co. (The) | ||||||||
3.50%, 10/01/24 (Call 07/01/24)(a) | 7,107 | 7,628,647 | ||||||
3.63%, 05/15/26 (Call 03/15/26)(a) | 10,835 | 11,796,834 | ||||||
4.38%, 11/15/42 (Call 05/15/42)(a) | 10,189 | 11,205,656 | ||||||
4.80%, 05/15/49 (Call 11/15/48) | 8,798 | 10,290,170 | ||||||
5.25%, 11/15/41 (Call 05/15/41) | 8,739 | 10,559,488 | ||||||
5.55%, 11/30/48 (Call 05/30/48)(a) | 5,838 | 7,403,215 | ||||||
7.38%, 11/01/29 | 10,113 | 13,884,201 | ||||||
9.40%, 05/15/39(a) | 10,153 | 17,407,042 | ||||||
DuPont de Nemours Inc. | ||||||||
4.21%, 11/15/23 (Call 10/15/23)(a) | 28,121 | 30,761,762 | ||||||
4.49%, 11/15/25 (Call 09/15/25) | 24,084 | 27,141,327 | ||||||
4.73%, 11/15/28 (Call 08/15/28) | 26,570 | 30,868,468 | ||||||
5.32%, 11/15/38 (Call 05/15/38)(a) | 14,938 | 18,168,101 | ||||||
5.42%, 11/15/48 (Call 05/15/48)(a) | 22,298 | 28,053,914 | ||||||
ChemicalsEastman Chemical Co., | 8,695 | 9,950,809 | ||||||
ChemicalsEcolab Inc., 2.70%, 11/01/26 (Call 08/01/26) | 10,755 | 11,412,733 | ||||||
LYB International Finance BV | ||||||||
4.00%, 07/15/23 | 8,563 | 9,212,358 | ||||||
4.88%, 03/15/44 (Call 09/15/43)(a) | 7,814 | 8,974,195 | ||||||
5.25%, 07/15/43 | 11,221 | 13,460,782 | ||||||
ChemicalsLYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)(a) | 10,113 | 10,873,952 | ||||||
ChemicalsLYB International Finance III LLC, 4.20%, 10/15/49 (Call 04/15/49)(a) | 11,397 | 12,009,242 | ||||||
LyondellBasell Industries NV | ||||||||
4.63%, 02/26/55 (Call 08/26/54)(a) | 9,059 | 9,854,021 | ||||||
5.75%, 04/15/24 (Call 01/15/24)(a) | 7,400 | 8,495,720 | ||||||
ChemicalsMosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)(a) | 7,844 | 8,511,195 | ||||||
Nutrien Ltd. | ||||||||
4.20%, 04/01/29 (Call 01/01/29)(a) | 8,873 | 10,136,225 | ||||||
5.00%, 04/01/49 (Call 10/01/48)(a) | 6,835 | 8,551,759 | ||||||
ChemicalsRohm & Haas Co., 7.85%, 07/15/29 | 6,440 | 8,866,695 | ||||||
Sherwin-Williams Co. (The) | ||||||||
2.95%, 08/15/29 (Call 05/15/29) | 9,024 | 9,438,942 | ||||||
3.45%, 06/01/27 (Call 03/01/27)(a) | 15,400 | 16,788,382 | ||||||
4.50%, 06/01/47 (Call 12/01/46)(a) | 13,427 | 16,145,981 | ||||||
|
| |||||||
397,851,816 | ||||||||
Commercial Services — 0.4% | ||||||||
Global Payments Inc. | ||||||||
2.65%, 02/15/25 (Call 01/15/25)(a) | 10,255 | 10,593,267 | ||||||
3.20%, 08/15/29 (Call 05/15/29) | 11,790 | 12,493,485 |
Security | Par (000) | Value | ||||||
Commercial Services (continued) | ||||||||
4.15%, 08/15/49 (Call 02/15/49) | $ | 8,818 | $ | 10,136,617 | ||||
4.80%, 04/01/26 (Call 01/01/26)(a) | 8,561 | 9,857,342 | ||||||
IHS Markit Ltd. | ||||||||
4.25%, 05/01/29 (Call 02/01/29)(a) | 10,982 | 12,502,430 | ||||||
4.75%, 08/01/28 (Call 05/01/28) | 8,493 | 9,949,467 | ||||||
PayPal Holdings Inc. | ||||||||
2.40%, 10/01/24 (Call 09/01/24)(a) | 16,991 | 17,453,065 | ||||||
2.65%, 10/01/26 (Call 08/01/26)(a) | 16,085 | 16,674,298 | ||||||
2.85%, 10/01/29 (Call 07/01/29)(a) | 11,319 | 11,893,714 | ||||||
Commercial ServicesRELX Capital Inc., | 6,532 | 7,460,393 | ||||||
Commercial ServicesS&P Global Inc., | 1,939 | 2,232,733 | ||||||
|
| |||||||
121,246,811 | ||||||||
Computers — 3.5% | ||||||||
Apple Inc. | ||||||||
1.80%, 09/11/24 (Call 08/11/24) | 7,693 | 7,821,895 | ||||||
2.05%, 09/11/26 (Call 07/11/26) | 21,115 | 21,646,646 | ||||||
2.20%, 09/11/29 (Call 06/11/29)(a) | 20,208 | 20,802,111 | ||||||
2.40%, 05/03/23(a) | 57,765 | 59,685,426 | ||||||
2.45%, 08/04/26 (Call 05/04/26)(a) | 24,133 | 25,299,473 | ||||||
2.50%, 02/09/25(a) | 13,939 | 14,628,373 | ||||||
2.75%, 01/13/25 (Call 11/13/24)(a) | 13,648 | 14,416,797 | ||||||
2.85%, 05/11/24 (Call 03/11/24)(a) | 21,358 | 22,522,519 | ||||||
2.90%, 09/12/27 (Call 06/12/27) | 24,564 | 26,450,923 | ||||||
2.95%, 09/11/49 (Call 03/11/49)(a) | 14,909 | 15,675,989 | ||||||
3.00%, 02/09/24 (Call 12/09/23)(a) | 18,292 | 19,387,427 | ||||||
3.00%, 06/20/27 (Call 03/20/27)(a) | 6,536 | 7,087,508 | ||||||
3.00%, 11/13/27 (Call 08/13/27)(a) | 16,351 | 17,781,346 | ||||||
3.20%, 05/13/25(a) | 19,278 | 20,868,715 | ||||||
3.20%, 05/11/27 (Call 02/11/27)(a) | 20,351 | 22,264,061 | ||||||
3.25%, 02/23/26 (Call 11/23/25) | 32,839 | 35,833,428 | ||||||
3.35%, 02/09/27 (Call 11/09/26)(a) | 23,380 | 25,740,709 | ||||||
3.45%, 05/06/24 | 25,969 | 28,094,584 | ||||||
3.45%, 02/09/45(a) | 21,358 | 24,136,930 | ||||||
3.75%, 09/12/47 (Call 03/12/47)(a) | 9,860 | 11,713,503 | ||||||
3.75%, 11/13/47 (Call 05/13/47)(a) | 12,125 | 14,470,863 | ||||||
3.85%, 05/04/43 | 32,674 | 38,991,632 | ||||||
3.85%, 08/04/46 (Call 02/04/46)(a) | 21,222 | 25,276,234 | ||||||
4.25%, 02/09/47 (Call 08/09/46)(a) | 8,173 | 10,373,933 | ||||||
4.38%, 05/13/45(a) | 21,494 | 27,618,991 | ||||||
4.45%, 05/06/44(a) | 10,675 | 13,769,018 | ||||||
4.50%, 02/23/36 (Call 08/23/35) | 8,489 | 10,811,282 | ||||||
4.65%, 02/23/46 (Call 08/23/45) | 40,941 | 54,619,720 | ||||||
Dell International LLC/EMC Corp. | ||||||||
4.00%, 07/15/24 (Call 06/15/24)(b) | 11,130 | 11,935,754 | ||||||
4.90%, 10/01/26 (Call 08/01/26)(a)(b) | 16,370 | 18,228,904 | ||||||
5.30%, 10/01/29 (Call 07/01/29)(a)(b) | 13,079 | 15,032,643 | ||||||
5.45%, 06/15/23 (Call 04/15/23)(a)(b) | 37,018 | 40,750,014 | ||||||
6.02%, 06/15/26 (Call 03/15/26)(a)(b) | 44,404 | 52,042,540 | ||||||
8.10%, 07/15/36 (Call 01/15/36)(a)(b) | 15,584 | 21,315,329 | ||||||
8.35%, 07/15/46 (Call 01/15/46)(b) | 22,781 | 30,993,093 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
4.90%, 10/15/25 (Call 07/15/25)(a) | 29,210 | 33,196,747 | ||||||
6.20%, 10/15/35 (Call 04/15/35) | 7,180 | 8,867,300 | ||||||
6.35%, 10/15/45 (Call 04/15/45)(a) | 16,256 | 20,166,358 | ||||||
ComputersHP Inc., 6.00%, 09/15/41(a) | 11,864 | 13,707,382 | ||||||
International Business Machines Corp. | ||||||||
3.00%, 05/15/24 | 41,953 | 44,426,037 | ||||||
3.30%, 05/15/26(a) | 35,179 | 38,412,833 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Computers (continued) | ||||||||
3.38%, 08/01/23(a) | $ | 5,278 | $ | 5,628,802 | ||||
3.45%, 02/19/26(a) | 14,477 | 15,878,912 | ||||||
3.50%, 05/15/29(a) | 37,097 | 41,544,444 | ||||||
3.63%, 02/12/24(a) | 22,329 | 24,159,531 | ||||||
4.00%, 06/20/42(a) | 7,959 | 9,484,658 | ||||||
4.15%, 05/15/39 | 21,858 | 26,420,624 | ||||||
4.25%, 05/15/49(a) | 31,395 | 39,089,271 | ||||||
|
| |||||||
1,149,071,212 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Procter & Gamble Co. (The) | ||||||||
2.45%, 11/03/26(a) | 13,335 | 14,389,689 | ||||||
2.85%, 08/11/27(a) | 10,166 | 11,159,692 | ||||||
3.10%, 08/15/23 | 13,260 | 14,131,638 | ||||||
5.55%, 03/05/37 | 1,520 | 2,240,583 | ||||||
Unilever Capital Corp. | ||||||||
2.13%, 09/06/29 (Call 06/06/29)(a) | 18,260 | 18,587,334 | ||||||
2.60%, 05/05/24 (Call 03/05/24)(a) | 1,966 | 2,056,184 | ||||||
2.90%, 05/05/27 (Call 02/05/27)(a) | 5,039 | 5,433,337 | ||||||
3.50%, 03/22/28 (Call 12/22/27)(a) | 9,568 | 10,744,141 | ||||||
5.90%, 11/15/32(a) | 7,408 | 10,499,761 | ||||||
|
| |||||||
89,242,359 | ||||||||
Diversified Financial Services — 2.9% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
2.88%, 08/14/24 (Call 07/14/24)(a) | 8,534 | 8,733,988 | ||||||
3.50%, 01/15/25 (Call 11/15/24)(a) | 9,213 | 9,655,111 | ||||||
3.65%, 07/21/27 (Call 04/21/27)(a) | 11,283 | 11,719,626 | ||||||
4.88%, 01/16/24 (Call 12/16/23)(a) | 3,500 | 3,809,423 | ||||||
Air Lease Corp. | ||||||||
2.30%, 02/01/25 (Call 01/01/25)(a) | 4,411 | 4,498,821 | ||||||
3.00%, 09/15/23 (Call 07/15/23)(a) | 1,955 | 2,033,856 | ||||||
3.75%, 06/01/26 (Call 04/01/26)(a) | 10,593 | 11,337,926 | ||||||
Ally Financial Inc. | ||||||||
3.88%, 05/21/24 (Call 04/21/24)(a) | 8,333 | 8,736,067 | ||||||
8.00%, 11/01/31 | 21,070 | 29,129,275 | ||||||
American Express Co. | ||||||||
2.50%, 07/30/24 (Call 06/30/24)(a) | 14,844 | 15,370,705 | ||||||
3.00%, 10/30/24 (Call 09/29/24)(a) | 19,754 | 20,871,636 | ||||||
3.13%, 05/20/26 (Call 04/20/26)(a) | 14,672 | 15,859,672 | ||||||
3.40%, 02/27/23 (Call 01/27/23) | 16,738 | 17,612,289 | ||||||
3.40%, 02/22/24 (Call 01/22/24)(a) | 10,654 | 11,371,568 | ||||||
3.70%, 08/03/23 (Call 07/03/23)(a) | 8,497 | 9,083,162 | ||||||
4.05%, 12/03/42(a) | 10,881 | 13,664,464 | ||||||
4.20%, 11/06/25 (Call 10/06/25)(a) | 12,115 | 13,682,669 | ||||||
Diversified Financial ServicesAmerican Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)(a) | 18,504 | 20,290,304 | ||||||
Diversified Financial ServicesAmeriprise Financial Inc., 4.00%, 10/15/23(a) | 7,369 | 8,025,035 | ||||||
Brookfield Finance Inc. | ||||||||
4.00%, 04/01/24 (Call 02/01/24)(a) | 10,201 | 11,119,099 | ||||||
4.70%, 09/20/47 (Call 03/20/47)(a) | 8,648 | 10,592,805 | ||||||
4.85%, 03/29/29 (Call 12/29/28)(a) | 12,438 | 14,827,987 | ||||||
Capital One Financial Corp. | ||||||||
3.20%, 02/05/25 (Call 01/05/25)(a) | 11,748 | 12,509,195 | ||||||
3.30%, 10/30/24 (Call 09/30/24)(a) | 14,150 | 15,063,467 | ||||||
3.50%, 06/15/23(a) | 9,568 | 10,114,419 | ||||||
3.75%, 04/24/24 (Call 03/24/24)(a) | 9,040 | 9,758,272 | ||||||
3.75%, 07/28/26 (Call 06/28/26) | 13,143 | 14,088,917 | ||||||
3.75%, 03/09/27 (Call 02/09/27)(a) | 13,978 | 15,208,267 |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
3.80%, 01/31/28 (Call 12/31/27)(a) | $ | 14,834 | $ | 16,177,082 | ||||
3.90%, 01/29/24 (Call 12/29/23)(a) | 14,577 | 15,679,358 | ||||||
4.20%, 10/29/25 (Call 09/29/25)(a) | 16,460 | 17,950,865 | ||||||
4.25%, 04/30/25 (Call 03/31/25) | 9,244 | 10,328,536 | ||||||
Diversified Financial ServicesCharles Schwab Corp. (The), 3.85%, 05/21/25 | 10,929 | 12,183,208 | ||||||
CME Group Inc. | ||||||||
3.00%, 03/15/25 (Call 12/15/24)(a) | 14,895 | 15,980,579 | ||||||
5.30%, 09/15/43 (Call 03/15/43) | 7,740 | 11,238,173 | ||||||
Diversified Financial ServicesDiscover Financial Services, 4.10%, 02/09/27 (Call 11/09/26) | 13,193 | 14,442,341 | ||||||
GE Capital International Funding Co. Unlimited Co. | ||||||||
3.37%, 11/15/25(a) | 17,266 | 18,479,724 | ||||||
4.42%, 11/15/35(a) | 120,029 | 137,096,980 | ||||||
Intercontinental Exchange Inc. | ||||||||
3.75%, 12/01/25 (Call 09/01/25) | 19,564 | 21,626,431 | ||||||
4.00%, 10/15/23(a) | 3,501 | 3,814,021 | ||||||
4.25%, 09/21/48 (Call 03/21/48) | 12,871 | 15,645,069 | ||||||
Diversified Financial ServicesJefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)(a) | 2,095 | 2,300,901 | ||||||
Jefferies Group LLC/Jefferies Group Capital Finance Inc. | ||||||||
4.15%, 01/23/30 | 10,422 | 11,288,076 | ||||||
4.85%, 01/15/27(a) | 8,264 | 9,151,825 | ||||||
Mastercard Inc. | ||||||||
2.00%, 03/03/25 (Call 02/03/25)(a) | 2,353 | 2,414,547 | ||||||
2.95%, 11/21/26 (Call 08/21/26)(a) | 9,868 | 10,624,285 | ||||||
2.95%, 06/01/29 (Call 03/01/29) | 22,196 | 24,050,267 | ||||||
3.38%, 04/01/24(a) | 8,360 | 9,012,152 | ||||||
3.65%, 06/01/49 (Call 12/01/48) | 6,605 | 7,912,196 | ||||||
Nomura Holdings Inc. | ||||||||
2.65%, 01/16/25 | 4,700 | 4,825,618 | ||||||
3.10%, 01/16/30 | 18,085 | 18,686,966 | ||||||
Synchrony Financial | ||||||||
3.95%, 12/01/27 (Call 09/01/27)(a) | 11,033 | 11,839,138 | ||||||
4.25%, 08/15/24 (Call 05/15/24) | 11,988 | 12,960,532 | ||||||
4.50%, 07/23/25 (Call 04/23/25)(a) | 12,587 | 13,892,141 | ||||||
Diversified Financial ServicesTD Ameritrade Holding Corp., 3.30%, 04/01/27 (Call 01/01/27)(a) | 10,313 | 11,170,746 | ||||||
Visa Inc. | ||||||||
2.75%, 09/15/27 (Call 06/15/27) | 6,553 | 7,009,860 | ||||||
2.80%, 12/14/22 (Call 10/14/22) | 12,081 | 12,559,515 | ||||||
3.15%, 12/14/25 (Call 09/14/25) | 42,945 | 46,651,523 | ||||||
3.65%, 09/15/47 (Call 03/15/47)(a) | 9,050 | 10,738,591 | ||||||
4.15%, 12/14/35 (Call 06/14/35) | 14,215 | 17,603,538 | ||||||
4.30%, 12/14/45 (Call 06/14/45)(a) | 35,083 | 45,366,697 | ||||||
|
| |||||||
949,469,506 | ||||||||
Electric — 1.9% | ||||||||
Berkshire Hathaway Energy Co. | ||||||||
3.80%, 07/15/48 (Call 01/15/48)(a) | 7,993 | 9,149,077 | ||||||
4.45%, 01/15/49 (Call 07/15/48) | 10,868 | 13,723,729 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 7,311 | 9,080,087 | ||||||
5.15%, 11/15/43 (Call 05/15/43)(a) | 8,113 | 10,887,566 | ||||||
6.13%, 04/01/36(a) | 17,548 | 25,012,782 | ||||||
ElectricCommonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47) | 7,522 | 9,036,277 | ||||||
ElectricConnecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a) | 7,166 | 8,841,027 | ||||||
Consolidated Edison Co. of New York Inc. | ||||||||
4.45%, 03/15/44 (Call 09/15/43)(a) | 7,122 | 8,792,885 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.63%, 12/01/54 (Call 06/01/54) | $ | 8,242 | $ | 10,656,737 | ||||
ElectricDominion Energy Inc., 3.90%, 10/01/25 (Call 07/01/25)(a) | 5,963 | 6,590,877 | ||||||
Duke Energy Carolinas LLC | ||||||||
3.20%, 08/15/49 (Call 02/15/49)(a) | 10,360 | 11,112,866 | ||||||
5.30%, 02/15/40 | 8,500 | 11,731,299 | ||||||
Duke Energy Corp. | ||||||||
2.65%, 09/01/26 (Call 06/01/26)(a) | 17,212 | 17,958,944 | ||||||
3.15%, 08/15/27 (Call 05/15/27)(a) | 8,372 | 8,978,388 | ||||||
3.75%, 04/15/24 (Call 01/15/24)(a) | 11,107 | 11,963,422 | ||||||
3.75%, 09/01/46 (Call 03/01/46)(a) | 14,783 | 16,392,576 | ||||||
ElectricDuke Energy Florida LLC, | 8,864 | 13,540,427 | ||||||
Emera U.S. Finance LP | ||||||||
3.55%, 06/15/26 (Call 03/15/26)(a) | 11,272 | 12,238,819 | ||||||
4.75%, 06/15/46 (Call 12/15/45)(a) | 11,349 | 13,764,252 | ||||||
ElectricEntergy Corp., 2.95%, 09/01/26 (Call 06/01/26)(a) | 8,297 | 8,729,965 | ||||||
Evergy Inc. | ||||||||
2.45%, 09/15/24 (Call 08/15/24)(a) | 5,055 | 5,204,643 | ||||||
2.90%, 09/15/29 (Call 06/15/29)(a) | 10,135 | 10,595,331 | ||||||
Exelon Corp. | ||||||||
3.40%, 04/15/26 (Call 01/15/26) | 8,648 | 9,359,308 | ||||||
3.95%, 06/15/25 (Call 03/15/25)(a) | 11,320 | 12,421,058 | ||||||
4.45%, 04/15/46 (Call 10/15/45)(a) | 11,874 | 14,236,037 | ||||||
Exelon Generation Co. LLC | ||||||||
5.60%, 06/15/42 (Call 12/15/41) | 5,280 | 6,293,261 | ||||||
6.25%, 10/01/39(a) | 9,298 | 11,733,049 | ||||||
FirstEnergy Corp. | ||||||||
Series B, 3.90%, 07/15/27 (Call 04/15/27) | 19,221 | 21,436,145 | ||||||
Series B, 4.25%, 03/15/23 (Call 12/15/22)(a) | 1,537 | 1,646,004 | ||||||
Series C, 3.40%, 03/01/50 (Call 09/01/49) | 10,000 | 10,098,456 | ||||||
Series C, 4.85%, 07/15/47 (Call 01/15/47)(a) | 9,016 | 11,091,783 | ||||||
Series C, 7.38%, 11/15/31 | 14,964 | 21,774,069 | ||||||
Florida Power & Light Co. | ||||||||
3.15%, 10/01/49 (Call 04/01/49)(a) | 9,924 | 10,960,709 | ||||||
3.95%, 03/01/48 (Call 09/01/47) | 9,701 | 12,033,285 | ||||||
ElectricGeorgia Power Co., 4.30%, 03/15/42 | 11,450 | 13,412,416 | ||||||
MidAmerican Energy Co. | ||||||||
3.65%, 04/15/29 (Call 01/15/29) | 1,539 | 1,741,669 | ||||||
4.25%, 07/15/49 (Call 01/15/49) | 9,380 | 12,055,778 | ||||||
NextEra Energy Capital Holdings Inc. | ||||||||
2.75%, 11/01/29 (Call 08/01/29)(a) | 11,835 | 12,356,905 | ||||||
3.15%, 04/01/24 (Call 03/01/24)(a) | 9,846 | 10,443,024 | ||||||
3.55%, 05/01/27 (Call 02/01/27) | 6,478 | 7,129,713 | ||||||
ElectricPublic Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)(a) | 5,730 | 6,007,094 | ||||||
Sempra Energy | ||||||||
3.25%, 06/15/27 (Call 03/15/27)(a) | 5,876 | 6,289,945 | ||||||
3.40%, 02/01/28 (Call 11/01/27)(a) | 10,561 | 11,345,525 | ||||||
3.80%, 02/01/38 (Call 08/01/37)(a) | 12,219 | 13,455,822 | ||||||
4.00%, 02/01/48 (Call 08/01/47)(a) | 8,916 | 9,848,630 | ||||||
6.00%, 10/15/39(a) | 7,505 | 10,242,729 | ||||||
Southern California Edison Co. | ||||||||
4.00%, 04/01/47 (Call 10/01/46)(a) | 17,851 | 20,258,920 | ||||||
4.65%, 10/01/43 (Call 04/01/43)(a) | 9,994 | 12,197,784 | ||||||
Series C, 4.13%, 03/01/48 (Call 09/01/47) | 13,411 | 15,374,370 | ||||||
Southern Co. (The) | ||||||||
2.95%, 07/01/23 (Call 05/01/23)(a) | 16,412 | 17,119,470 | ||||||
3.25%, 07/01/26 (Call 04/01/26) | 20,028 | 21,496,319 | ||||||
4.40%, 07/01/46 (Call 01/01/46)(a) | 19,838 | 23,144,423 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Virginia Electric & Power Co. | ||||||||
Series A, 3.15%, 01/15/26 (Call 10/15/25)(a) | $ | 5,866 | $ | 6,334,126 | ||||
Series A, 3.50%, 03/15/27 (Call 12/15/26) | 6,901 | 7,611,276 | ||||||
|
| |||||||
634,931,078 | ||||||||
Electronics — 0.1% | ||||||||
ElectronicsFortive Corp., 3.15%, 06/15/26 (Call 03/15/26)(a) | 4,808 | 5,093,762 | ||||||
Honeywell International Inc. | ||||||||
2.30%, 08/15/24 (Call 07/15/24)(a) | 6,439 | 6,685,254 | ||||||
2.50%, 11/01/26 (Call 08/01/26)(a) | 11,568 | 12,249,257 | ||||||
2.70%, 08/15/29 (Call 05/15/29)(a) | 7,064 | 7,558,786 | ||||||
ElectronicsRoper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)(a) | 6,156 | 7,083,402 | ||||||
|
| |||||||
38,670,461 | ||||||||
Environmental Control — 0.2% | ||||||||
Republic Services Inc. | ||||||||
2.50%, 08/15/24 (Call 07/15/24)(a) | 7,454 | 7,728,059 | ||||||
3.95%, 05/15/28 (Call 02/15/28)(a) | 5,121 | 5,824,711 | ||||||
Waste Management Inc. | ||||||||
2.95%, 06/15/24 (Call 05/15/24)(a) | 10,493 | 11,067,252 | ||||||
3.15%, 11/15/27 (Call 08/15/27)(a) | 9,581 | 10,317,158 | ||||||
3.20%, 06/15/26 (Call 04/15/26)(a) | 11,849 | 12,834,378 | ||||||
3.45%, 06/15/29 (Call 03/15/29)(a) | 10,027 | 11,075,384 | ||||||
4.10%, 03/01/45 (Call 09/01/44)(a) | 5,535 | 6,754,042 | ||||||
4.15%, 07/15/49 (Call 01/15/49)(a) | 9,864 | 12,277,943 | ||||||
|
| |||||||
77,878,927 | ||||||||
Food — 0.8% | ||||||||
Campbell Soup Co. | ||||||||
3.95%, 03/15/25 (Call 01/15/25)(a) | 10,475 | 11,456,869 | ||||||
4.15%, 03/15/28 (Call 12/15/27)(a) | 7,665 | 8,537,876 | ||||||
Conagra Brands Inc. | ||||||||
4.30%, 05/01/24 (Call 04/01/24) | 8,175 | 8,925,045 | ||||||
4.60%, 11/01/25 (Call 09/01/25) | 9,739 | 10,905,540 | ||||||
4.85%, 11/01/28 (Call 08/01/28)(a) | 12,577 | 14,627,900 | ||||||
5.30%, 11/01/38 (Call 05/01/38)(a) | 9,606 | 11,625,268 | ||||||
5.40%, 11/01/48 (Call 05/01/48)(a) | 10,889 | 13,772,238 | ||||||
General Mills Inc. | ||||||||
3.20%, 02/10/27 (Call 11/10/26)(a) | 5,738 | 6,208,088 | ||||||
3.70%, 10/17/23 (Call 09/17/23)(a) | 3,086 | 3,318,583 | ||||||
4.00%, 04/17/25 (Call 02/17/25)(a) | 9,134 | 10,123,914 | ||||||
4.20%, 04/17/28 (Call 01/17/28)(a) | 15,789 | 18,117,011 | ||||||
FoodJM Smucker Co. (The), 3.50%, 03/15/25(a) | 8,262 | 8,967,265 | ||||||
FoodKellogg Co., 3.25%, 04/01/26(a) | 5,168 | 5,569,397 | ||||||
Kroger Co. (The) | ||||||||
2.65%, 10/15/26 (Call 07/15/26)(a) | 7,690 | 7,997,722 | ||||||
3.95%, 01/15/50 (Call 07/15/49)(a) | 9,860 | 10,211,662 | ||||||
4.45%, 02/01/47 (Call 08/01/46)(a) | 7,259 | 8,038,666 | ||||||
FoodMcCormick &Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)(a) | 4,931 | 5,388,745 | ||||||
FoodMondelez International Inc., 3.63%, 05/07/23 (Call 04/07/23)(a) | 9,420 | 10,037,944 | ||||||
Sysco Corp. | ||||||||
3.25%, 07/15/27 (Call 04/15/27) | 9,530 | 10,335,507 | ||||||
3.30%, 07/15/26 (Call 04/15/26)(a) | 4,548 | 4,955,933 | ||||||
3.75%, 10/01/25 (Call 07/01/25)(a) | 8,918 | 9,877,107 | ||||||
Tyson Foods Inc. | ||||||||
3.55%, 06/02/27 (Call 03/02/27) | 9,547 | 10,470,386 | ||||||
3.95%, 08/15/24 (Call 05/15/24)(a) | 8,013 | 8,778,447 | ||||||
4.00%, 03/01/26 (Call 01/01/26)(a) | 10,336 | 11,529,649 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Food (continued) | ||||||||
4.35%, 03/01/29 (Call 12/01/28)(a) | $ | 11,705 | $ | 13,695,889 | ||||
4.55%, 06/02/47 (Call 12/02/46)(a) | 7,222 | 8,743,855 | ||||||
5.10%, 09/28/48 (Call 03/28/48)(a) | 16,469 | 21,458,545 | ||||||
|
| |||||||
273,675,051 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | ||||||||
3.00%, 02/15/27 (Call 11/15/26)(a) | 9,347 | 9,925,190 | ||||||
3.65%, 06/15/24 (Call 03/15/24)(a) | 1,048 | 1,130,802 | ||||||
4.35%, 08/15/48 (Call 02/15/48)(a) | 11,415 | 12,661,433 | ||||||
4.40%, 08/15/47 (Call 02/15/47) | 12,930 | 14,213,833 | ||||||
4.80%, 06/15/44 (Call 12/15/43) | 8,278 | 9,560,096 | ||||||
|
| |||||||
47,491,354 | ||||||||
Gas — 0.2% | ||||||||
GasAtmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44) | 5,733 | 6,916,698 | ||||||
NiSource Inc. | ||||||||
2.95%, 09/01/29 (Call 06/01/29)(a) | 7,360 | 7,705,522 | ||||||
3.49%, 05/15/27 (Call 02/15/27)(a) | 9,664 | 10,574,305 | ||||||
3.95%, 03/30/48 (Call 09/30/47)(a) | 4,753 | 5,302,578 | ||||||
4.38%, 05/15/47 (Call 11/15/46)(a) | 12,711 | 14,928,872 | ||||||
4.80%, 02/15/44 (Call 08/15/43) | 8,602 | 10,444,499 | ||||||
|
| |||||||
55,872,474 | ||||||||
Health Care – Products — 1.1% | ||||||||
Abbott Laboratories | ||||||||
2.95%, 03/15/25 (Call 12/15/24)(a) | 13,980 | 14,882,349 | ||||||
3.40%, 11/30/23 (Call 09/30/23)(a) | 7,671 | 8,218,320 | ||||||
3.75%, 11/30/26 (Call 08/30/26)(a) | 17,759 | 19,998,445 | ||||||
4.75%, 11/30/36 (Call 05/30/36)(a) | 15,646 | 20,529,641 | ||||||
4.90%, 11/30/46 (Call 05/30/46)(a) | 33,761 | 47,026,001 | ||||||
Boston Scientific Corp. | ||||||||
3.45%, 03/01/24 (Call 02/01/24)(a) | 6,152 | 6,577,901 | ||||||
3.75%, 03/01/26 (Call 01/01/26)(a) | 9,126 | 10,084,768 | ||||||
3.85%, 05/15/25 | 4,348 | 4,774,598 | ||||||
4.00%, 03/01/29 (Call 12/01/28)(a) | 10,751 | 12,340,193 | ||||||
4.55%, 03/01/39 (Call 09/01/38)(a) | 5,279 | 6,520,896 | ||||||
4.70%, 03/01/49 (Call 09/01/48) | 10,115 | 13,166,133 | ||||||
DH Europe Finance II Sarl | ||||||||
2.60%, 11/15/29 (Call 08/15/29) | 7,369 | 7,666,374 | ||||||
3.25%, 11/15/39 (Call 05/15/39) | 8,993 | 9,769,602 | ||||||
3.40%, 11/15/49 (Call 05/15/49)(a) | 10,503 | 11,638,481 | ||||||
Medtronic Inc. | ||||||||
3.50%, 03/15/25(a) | 30,341 | 33,334,176 | ||||||
4.38%, 03/15/35 | 21,753 | 27,765,403 | ||||||
4.63%, 03/15/45 | 18,088 | 24,429,343 | ||||||
Stryker Corp. | ||||||||
3.38%, 11/01/25 (Call 08/01/25)(a) | 7,837 | 8,563,308 | ||||||
3.50%, 03/15/26 (Call 12/15/25) | 11,887 | 13,124,010 | ||||||
4.63%, 03/15/46 (Call 09/15/45)(a) | 8,776 | 11,385,292 | ||||||
Thermo Fisher Scientific Inc. | ||||||||
2.60%, 10/01/29 (Call 07/01/29)(a) | 12,238 | 12,663,898 | ||||||
2.95%, 09/19/26 (Call 06/19/26)(a) | 13,503 | 14,513,574 | ||||||
3.00%, 04/15/23 (Call 02/15/23) | 8,969 | 9,375,841 | ||||||
3.20%, 08/15/27 (Call 05/15/27)(a) | 4,926 | 5,343,375 | ||||||
4.10%, 08/15/47 (Call 02/15/47)(a) | 7,194 | 8,810,488 | ||||||
4.15%, 02/01/24 (Call 11/01/23) | 546 | 596,928 | ||||||
Health Care – ProductsZimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)(a) | 15,039 | 16,257,203 | ||||||
|
| |||||||
379,356,541 |
Security | Par (000) | Value | ||||||
Health Care – Services — 2.2% | ||||||||
Aetna Inc. | ||||||||
2.80%, 06/15/23 (Call 04/15/23)(a) | $ | 4,842 | $ | 4,991,399 | ||||
3.50%, 11/15/24 (Call 08/15/24)(a) | 11,474 | 12,345,298 | ||||||
3.88%, 08/15/47 (Call 02/15/47)(a) | 10,494 | 11,024,174 | ||||||
6.63%, 06/15/36 | 8,704 | 12,069,010 | ||||||
Anthem Inc. | ||||||||
2.38%, 01/15/25 (Call 12/15/24)(a) | 11,686 | 12,012,267 | ||||||
2.88%, 09/15/29 (Call 06/15/29)(a) | 3,136 | 3,223,392 | ||||||
3.35%, 12/01/24 (Call 10/01/24)(a) | 9,409 | 10,055,219 | ||||||
3.50%, 08/15/24 (Call 05/15/24)(a) | 12,160 | 13,055,500 | ||||||
3.65%, 12/01/27 (Call 09/01/27)(a) | 14,287 | 15,621,314 | ||||||
3.70%, 09/15/49 (Call 03/15/49)(a) | 8,797 | 9,014,457 | ||||||
4.10%, 03/01/28 (Call 12/01/27)(a) | 11,451 | 12,814,146 | ||||||
4.38%, 12/01/47 (Call 06/01/47)(a) | 15,085 | 17,162,296 | ||||||
4.55%, 03/01/48 (Call 09/01/47)(a) | 9,362 | 10,984,254 | ||||||
4.63%, 05/15/42(a) | 9,471 | 10,996,695 | ||||||
4.65%, 01/15/43 | 10,107 | 11,846,192 | ||||||
4.65%, 08/15/44 (Call 02/15/44) | 8,337 | 9,738,130 | ||||||
CommonSpirit Health | ||||||||
2.76%, 10/01/24 (Call 07/01/24)(a) | 11,070 | 11,601,941 | ||||||
3.35%, 10/01/29 (Call 04/01/29) | 3,857 | 4,104,669 | ||||||
4.19%, 10/01/49 (Call 04/01/49)(a) | 10,353 | 11,366,229 | ||||||
HCA Inc. | ||||||||
4.13%, 06/15/29 (Call 03/15/29)(a) | 21,060 | 23,053,310 | ||||||
4.50%, 02/15/27 (Call 08/15/26)(a) | 9,386 | 10,378,550 | ||||||
4.75%, 05/01/23(a) | 4,046 | 4,402,232 | ||||||
5.00%, 03/15/24(a) | 20,119 | 22,332,026 | ||||||
5.13%, 06/15/39 (Call 12/15/38)(a) | 9,708 | 11,277,212 | ||||||
5.25%, 04/15/25 | 16,215 | 18,513,001 | ||||||
5.25%, 06/15/26 (Call 12/15/25) | 25,117 | 28,865,572 | ||||||
5.25%, 06/15/49 (Call 12/15/48) | 18,267 | 21,165,587 | ||||||
5.50%, 06/15/47 (Call 12/15/46) | 16,839 | 19,956,753 | ||||||
Health Care – ServicesHumana Inc., | 7,134 | 8,808,072 | ||||||
Kaiser Foundation Hospitals | ||||||||
4.15%, 05/01/47 (Call 11/01/46) | 20,547 | 26,361,037 | ||||||
Series 2019, 3.27%, 11/01/49 (Call 05/01/49) | 3,469 | 3,856,047 | ||||||
Laboratory Corp. of America Holdings | ||||||||
3.60%, 02/01/25 (Call 11/01/24)(a) | 16,395 | 17,689,823 | ||||||
4.70%, 02/01/45 (Call 08/01/44)(a) | 7,679 | 9,207,359 | ||||||
Health Care – ServicesQuest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30) | 8,415 | 8,698,427 | ||||||
UnitedHealth Group Inc. | ||||||||
2.38%, 08/15/24(a) | 8,445 | 8,748,378 | ||||||
2.88%, 03/15/23 | 8,710 | 9,096,674 | ||||||
2.88%, 08/15/29(a) | 9,642 | 10,258,897 | ||||||
2.95%, 10/15/27(a) | 11,807 | 12,608,211 | ||||||
3.10%, 03/15/26(a) | 11,175 | 12,005,678 | ||||||
3.45%, 01/15/27(a) | 5,331 | 5,849,727 | ||||||
3.50%, 06/15/23(a) | 5,553 | 5,916,650 | ||||||
3.50%, 02/15/24 | 8,543 | 9,180,543 | ||||||
3.50%, 08/15/39 (Call 02/15/39)(a) | 13,435 | 14,804,208 | ||||||
3.70%, 08/15/49 (Call 02/15/49)(a) | 13,825 | 15,622,987 | ||||||
3.75%, 07/15/25(a) | 19,866 | 21,979,814 | ||||||
3.75%, 10/15/47 (Call 04/15/47) | 9,955 | 11,249,642 | ||||||
3.85%, 06/15/28 | 10,803 | 12,217,853 | ||||||
3.88%, 12/15/28 | 8,281 | 9,451,427 | ||||||
3.88%, 08/15/59 (Call 02/15/59) | 13,761 | 15,671,525 | ||||||
4.20%, 01/15/47 (Call 07/15/46) | 8,694 | 10,409,544 | ||||||
4.25%, 03/15/43 (Call 09/15/42)(a) | 5,149 | 6,141,769 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care – Services (continued) | ||||||||
4.25%, 06/15/48 (Call 12/15/47)(a) | $ | 13,563 | $ | 16,400,302 | ||||
4.45%, 12/15/48 (Call 06/15/48) | 11,170 | 13,911,536 | ||||||
4.63%, 07/15/35 | 9,974 | 12,564,924 | ||||||
4.75%, 07/15/45 | 16,935 | 21,840,377 | ||||||
5.80%, 03/15/36 | 9,919 | 13,608,278 | ||||||
6.88%, 02/15/38 | 11,777 | 17,990,716 | ||||||
|
| |||||||
726,121,250 | ||||||||
Holding Companies – Diversified — 0.1% | ||||||||
Ares Capital Corp. | ||||||||
3.25%, 07/15/25 (Call 06/15/25)(a) | 5,177 | 5,231,626 | ||||||
4.20%, 06/10/24 (Call 05/10/24) | 12,175 | 12,964,526 | ||||||
|
| |||||||
18,196,152 | ||||||||
Insurance — 2.1% | ||||||||
InsuranceAflac Inc., 3.63%, 11/15/24(a) | 6,891 | 7,517,672 | ||||||
American International Group Inc. | ||||||||
3.75%, 07/10/25 (Call 04/10/25)(a) | 19,013 | 20,744,999 | ||||||
3.88%, 01/15/35 (Call 07/15/34) | 12,428 | 14,021,966 | ||||||
3.90%, 04/01/26 (Call 01/01/26)(a) | 14,036 | 15,567,991 | ||||||
4.13%, 02/15/24(a) | 6,358 | 6,946,161 | ||||||
4.20%, 04/01/28 (Call 01/01/28)(a) | 5,045 | 5,725,319 | ||||||
4.38%, 01/15/55 (Call 07/15/54)(a) | 9,352 | 10,844,389 | ||||||
4.50%, 07/16/44 (Call 01/16/44)(a) | 24,137 | 29,557,494 | ||||||
4.75%, 04/01/48 (Call 10/01/47)(a) | 10,828 | 13,807,332 | ||||||
4.80%, 07/10/45 (Call 01/10/45)(a) | 6,723 | 8,413,633 | ||||||
6.25%, 05/01/36(a) | 6,711 | 9,217,085 | ||||||
InsuranceAon Corp., 3.75%, 05/02/29 (Call 02/02/29)(a) | 6,258 | 6,964,327 | ||||||
InsuranceAon PLC, 3.88%, 12/15/25 (Call 09/15/25)(a) | 9,620 | 10,738,043 | ||||||
InsuranceAthene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a) | 8,415 | 9,054,585 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
4.20%, 08/15/48 (Call 02/15/48)(a) | 24,908 | 30,895,818 | ||||||
4.25%, 01/15/49 (Call 07/15/48)(a) | 22,879 | 28,451,121 | ||||||
5.75%, 01/15/40(a) | 3,926 | 5,687,581 | ||||||
Berkshire Hathaway Inc. | ||||||||
2.75%, 03/15/23 (Call 01/15/23)(a) | 12,921 | 13,413,290 | ||||||
3.13%, 03/15/26 (Call 12/15/25)(a) | 31,006 | 33,564,882 | ||||||
4.50%, 02/11/43(a) | 10,991 | 13,882,398 | ||||||
Brighthouse Financial Inc. | ||||||||
3.70%, 06/22/27 (Call 03/22/27)(a) | 20,965 | 21,263,967 | ||||||
4.70%, 06/22/47 (Call 12/22/46) | 13,772 | 13,032,444 | ||||||
InsuranceChubb Corp. (The), | 10,662 | 15,574,524 | ||||||
Chubb INA Holdings Inc. | ||||||||
3.15%, 03/15/25 | 12,108 | 13,155,068 | ||||||
3.35%, 05/03/26 (Call 02/03/26)(a) | 15,207 | 16,700,711 | ||||||
4.35%, 11/03/45 (Call 05/03/45)(a) | 17,848 | 22,922,204 | ||||||
Equitable Holdings Inc. | ||||||||
3.90%, 04/20/23 (Call 03/20/23)(a) | 7,508 | 8,015,837 | ||||||
4.35%, 04/20/28 (Call 01/20/28)(a) | 14,821 | 16,653,919 | ||||||
5.00%, 04/20/48 (Call 10/20/47) | 15,317 | 17,322,519 | ||||||
Marsh & McLennan Companies Inc. | ||||||||
3.88%, 03/15/24 (Call 02/15/24)(a) | 9,791 | 10,618,863 | ||||||
4.38%, 03/15/29 (Call 12/15/28) | 15,382 | 17,896,686 | ||||||
4.90%, 03/15/49 (Call 09/15/48)(a) | 13,563 | 17,944,158 | ||||||
MetLife Inc. | ||||||||
3.60%, 04/10/24(a) | 7,296 | 7,955,480 | ||||||
4.05%, 03/01/45(a) | 8,967 | 10,768,234 | ||||||
4.13%, 08/13/42 | 7,891 | 9,423,854 | ||||||
4.60%, 05/13/46 (Call 11/13/45)(a) | 8,082 | 10,484,534 |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
4.88%, 11/13/43 | $ | 11,489 | $ | 15,022,267 | ||||
5.70%, 06/15/35(a) | 12,276 | 17,456,279 | ||||||
5.88%, 02/06/41 | 6,546 | 9,539,210 | ||||||
6.38%, 06/15/34(a) | 8,733 | 12,999,333 | ||||||
Series D, 4.37%, 09/15/23(a) | 5,558 | 6,145,597 | ||||||
InsuranceProgressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46) | 9,017 | 11,157,547 | ||||||
Prudential Financial Inc. | ||||||||
3.70%, 03/13/51 (Call 09/13/50)(a) | 16,026 | 17,219,338 | ||||||
3.91%, 12/07/47 (Call 06/07/47)(a) | 10,670 | 11,868,088 | ||||||
3.94%, 12/07/49 (Call 06/07/49)(a) | 9,750 | 11,120,976 | ||||||
4.35%, 02/25/50 (Call 08/25/49)(a) | 9,590 | 11,424,570 | ||||||
4.60%, 05/15/44(a) | 8,585 | 10,570,976 | ||||||
5.70%, 12/14/36(a) | 5,491 | 7,658,752 | ||||||
Travelers Companies Inc. (The) | ||||||||
5.35%, 11/01/40(a) | 6,149 | 8,756,453 | ||||||
6.25%, 06/15/37(a) | 10,742 | 15,893,153 | ||||||
|
| |||||||
691,581,627 | ||||||||
Internet — 1.0% | ||||||||
Alphabet Inc. | ||||||||
2.00%, 08/15/26 (Call 05/15/26) | 17,098 | 17,672,103 | ||||||
3.38%, 02/25/24(a) | 1,194 | 1,295,063 | ||||||
Amazon.com Inc. | ||||||||
2.80%, 08/22/24 (Call 06/22/24) | 21,555 | 22,725,109 | ||||||
3.15%, 08/22/27 (Call 05/22/27) | 37,607 | 41,223,823 | ||||||
3.80%, 12/05/24 (Call 09/05/24)(a) | 9,038 | 9,955,657 | ||||||
3.88%, 08/22/37 (Call 02/22/37) | 29,429 | 35,395,415 | ||||||
4.05%, 08/22/47 (Call 02/22/47)(a) | 36,411 | 46,831,442 | ||||||
4.25%, 08/22/57 (Call 02/22/57)(a) | 22,452 | 30,111,920 | ||||||
4.80%, 12/05/34 (Call 06/05/34)(a) | 14,567 | 19,286,124 | ||||||
4.95%, 12/05/44 (Call 06/05/44)(a) | 16,267 | 22,840,648 | ||||||
5.20%, 12/03/25 (Call 09/03/25) | 8,599 | 10,242,825 | ||||||
InternetBooking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26) | 11,407 | 12,466,686 | ||||||
eBay Inc. | ||||||||
3.45%, 08/01/24 (Call 05/01/24)(a) | 9,247 | 9,866,259 | ||||||
3.60%, 06/05/27 (Call 03/05/27)(a) | 7,029 | 7,571,324 | ||||||
4.00%, 07/15/42 (Call 01/15/42)(a) | 9,091 | 9,154,637 | ||||||
Expedia Group Inc. | ||||||||
3.25%, 02/15/30 (Call 11/15/29)(a)(b) | 14,469 | 14,421,262 | ||||||
3.80%, 02/15/28 (Call 11/15/27) | 13,886 | 14,264,288 | ||||||
5.00%, 02/15/26 (Call 11/15/25)(a) | 1,261 | 1,437,307 | ||||||
|
| |||||||
326,761,892 | ||||||||
Iron & Steel — 0.1% | ||||||||
ArcelorMittal SA | ||||||||
3.60%, 07/16/24 | 9,477 | 9,892,720 | ||||||
4.55%, 03/11/26(a) | 7,245 | 7,953,544 | ||||||
|
| |||||||
17,846,264 | ||||||||
Lodging — 0.1% | ||||||||
Las Vegas Sands Corp. | ||||||||
3.20%, 08/08/24 (Call 07/08/24) | 19,731 | 20,531,209 | ||||||
3.50%, 08/18/26 (Call 06/18/26)(a) | 9,059 | 9,568,062 | ||||||
3.90%, 08/08/29 (Call 05/08/29)(a) | 9,102 | 9,688,587 | ||||||
LodgingMarriott International Inc./MD, Series R, 3.13%, 06/15/26 (Call 03/15/26) | 903 | 958,683 | ||||||
|
| |||||||
40,746,541 | ||||||||
Machinery — 0.5% | ||||||||
ABB Finance USA Inc. | ||||||||
3.80%, 04/03/28 (Call 01/03/28)(a) | 8,642 | 9,762,532 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Machinery (continued) | ||||||||
4.38%, 05/08/42 | $ | 7,100 | $ | 9,150,210 | ||||
MachineryCaterpillar Financial Services Corp., 2.15%, 11/08/24(a) | 850 | 874,883 | ||||||
Caterpillar Inc. | ||||||||
3.25%, 09/19/49 (Call 03/19/49)(a) | 10,148 | 10,930,578 | ||||||
3.40%, 05/15/24 (Call 02/15/24)(a) | 12,342 | 13,227,384 | ||||||
3.80%, 08/15/42(a) | 17,757 | 21,114,328 | ||||||
5.20%, 05/27/41 | 7,822 | 10,817,200 | ||||||
MachineryDeere & Co., 3.90%, 06/09/42 (Call 12/09/41)(a) | 11,855 | 14,433,374 | ||||||
John Deere Capital Corp. | ||||||||
2.80%, 03/06/23(a) | 9,385 | 9,796,641 | ||||||
3.45%, 03/13/25 | 4,574 | 4,980,887 | ||||||
Otis Worldwide Corp. | ||||||||
2.06%, 04/05/25 (Call 03/05/25)(b) | 11,280 | 11,505,979 | ||||||
2.57%, 02/15/30 (Call 11/15/29)(a)(b) | 12,500 | 12,847,166 | ||||||
3.11%, 02/15/40 (Call 08/15/39)(b) | 10,000 | 10,455,469 | ||||||
3.36%, 02/15/50 (Call 08/15/49)(b) | 10,550 | 10,907,119 | ||||||
MachineryWabtec Corp., 4.40%, 03/15/24 (Call 02/15/24) | 6,742 | 7,325,944 | ||||||
Westinghouse Air Brake Technologies Corp. | ||||||||
3.45%, 11/15/26 (Call 08/15/26)(a) | 3,647 | 3,809,291 | ||||||
4.95%, 09/15/28 (Call 06/15/28)(a) | 14,308 | 16,403,357 | ||||||
|
| |||||||
178,342,342 | ||||||||
Manufacturing — 0.9% | ||||||||
3M Co. | ||||||||
2.00%, 02/14/25 (Call 01/14/25)(a) | 7,585 | 7,737,962 | ||||||
2.38%, 08/26/29 (Call 05/26/29)(a) | 13,245 | 13,563,248 | ||||||
2.88%, 10/15/27 (Call 07/15/27)(a) | 9,624 | 10,244,980 | ||||||
3.25%, 02/14/24 (Call 01/14/24)(a) | 7,377 | 7,878,964 | ||||||
3.25%, 08/26/49 (Call 02/26/49)(a) | 9,026 | 9,470,681 | ||||||
3.38%, 03/01/29 (Call 12/01/28)(a) | 8,941 | 9,838,077 | ||||||
4.00%, 09/14/48 (Call 03/14/48)(a) | 12,430 | 14,742,682 | ||||||
Eaton Corp. | ||||||||
2.75%, 11/02/22 | 9,180 | 9,544,030 | ||||||
4.15%, 11/02/42(a) | 8,819 | 10,850,214 | ||||||
General Electric Co. | ||||||||
3.38%, 03/11/24(a) | 6,549 | 6,935,877 | ||||||
4.13%, 10/09/42(a) | 8,560 | 9,339,739 | ||||||
4.50%, 03/11/44 | 7,172 | 8,285,447 | ||||||
5.88%, 01/14/38(a) | 33,353 | 42,838,573 | ||||||
6.15%, 08/07/37(a) | 10,728 | 14,120,201 | ||||||
6.88%, 01/10/39 | 22,739 | 32,031,895 | ||||||
Series A, 6.75%, 03/15/32 | 31,205 | 42,065,516 | ||||||
Illinois Tool Works Inc. | ||||||||
2.65%, 11/15/26 (Call 08/15/26)(a) | 6,425 | 6,843,481 | ||||||
3.90%, 09/01/42 (Call 03/01/42)(a) | 9,315 | 11,521,433 | ||||||
ManufacturingIngersoll-Rand Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a) | 6,090 | 6,833,252 | ||||||
Parker-Hannifin Corp. | ||||||||
3.25%, 06/14/29 (Call 03/14/29)(a) | 12,961 | 14,008,845 | ||||||
4.00%, 06/14/49 (Call 12/14/48)(a) | 6,543 | 7,531,098 | ||||||
|
| |||||||
296,226,195 | ||||||||
Media — 4.8% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
3.75%, 02/15/28 (Call 11/15/27)(a) | 16,658 | 17,650,004 | ||||||
4.20%, 03/15/28 (Call 12/15/27) | 12,111 | 13,200,047 | ||||||
4.50%, 02/01/24 (Call 01/01/24)(a) | 10,071 | 10,988,771 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
4.80%, 03/01/50 (Call 09/01/49)(a) | $ | 29,023 | $ | 31,321,125 | ||||
4.91%, 07/23/25 (Call 04/23/25)(a) | 53,675 | 60,143,890 | ||||||
5.05%, 03/30/29 (Call 12/30/28)(a) | 7,268 | 8,403,549 | ||||||
5.13%, 07/01/49 (Call 01/01/49)(a) | 10,363 | 11,528,684 | ||||||
5.38%, 04/01/38 (Call 10/01/37)(a) | 6,064 | 6,969,500 | ||||||
5.38%, 05/01/47 (Call 11/01/46) | 26,313 | 30,125,214 | ||||||
5.75%, 04/01/48 (Call 10/01/47) | 26,653 | 31,662,882 | ||||||
6.38%, 10/23/35 (Call 04/23/35)(a) | 17,655 | 23,282,639 | ||||||
6.48%, 10/23/45 (Call 04/23/45) | 38,929 | 49,729,318 | ||||||
Comcast Corp. | ||||||||
2.35%, 01/15/27 (Call 10/15/26)(a) | 15,838 | 16,363,445 | ||||||
2.65%, 02/01/30 (Call 11/01/29)(a) | 11,593 | 12,128,554 | ||||||
2.75%, 03/01/23 (Call 02/01/23)(a) | 2,292 | 2,389,048 | ||||||
3.00%, 02/01/24 (Call 01/01/24)(a) | 14,916 | 15,752,451 | ||||||
3.15%, 03/01/26 (Call 12/01/25)(a) | 26,460 | 28,512,404 | ||||||
3.15%, 02/15/28 (Call 11/15/27) | 19,947 | 21,566,816 | ||||||
3.20%, 07/15/36 (Call 01/15/36)(a) | 7,929 | 8,594,624 | ||||||
3.25%, 11/01/39 (Call 05/01/39)(a) | 10,264 | 11,093,436 | ||||||
3.30%, 02/01/27 (Call 11/01/26)(a) | 8,638 | 9,388,013 | ||||||
3.38%, 02/15/25 (Call 11/15/24)(a) | 14,953 | 16,138,691 | ||||||
3.38%, 08/15/25 (Call 05/15/25)(a) | 17,580 | 19,084,755 | ||||||
3.40%, 07/15/46 (Call 01/15/46)(a) | 14,515 | 15,747,267 | ||||||
3.45%, 02/01/50 (Call 08/01/49)(a) | 19,521 | 21,504,744 | ||||||
3.55%, 05/01/28 (Call 02/01/28)(a) | 14,982 | 16,653,811 | ||||||
3.60%, 03/01/24(a) | 5,459 | 5,893,563 | ||||||
3.70%, 04/15/24 (Call 03/15/24) | 21,919 | 23,789,850 | ||||||
3.90%, 03/01/38 (Call 09/01/37)(a) | 10,625 | 12,505,765 | ||||||
3.95%, 10/15/25 (Call 08/15/25)(a) | 30,724 | 34,413,919 | ||||||
3.97%, 11/01/47 (Call 05/01/47)(a) | 21,184 | 25,163,059 | ||||||
4.00%, 08/15/47 (Call 02/15/47)(a) | 10,086 | 11,931,862 | ||||||
4.00%, 03/01/48 (Call 09/01/47) | 10,869 | 12,759,659 | ||||||
4.00%, 11/01/49 (Call 05/01/49)(a) | 21,576 | 25,611,471 | ||||||
4.05%, 11/01/52 (Call 05/01/52) | 15,558 | 18,522,410 | ||||||
4.15%, 10/15/28 (Call 07/15/28) | 41,683 | 48,294,653 | ||||||
4.20%, 08/15/34 (Call 02/15/34) | 12,553 | 15,089,340 | ||||||
4.25%, 10/15/30 (Call 07/15/30) | 18,038 | 21,383,791 | ||||||
4.25%, 01/15/33(a) | 19,702 | 23,800,101 | ||||||
4.40%, 08/15/35 (Call 02/15/35) | 7,676 | 9,450,790 | ||||||
4.60%, 10/15/38 (Call 04/15/38)(a) | 31,861 | 40,230,235 | ||||||
4.60%, 08/15/45 (Call 02/15/45)(a) | 17,718 | 22,666,712 | ||||||
4.65%, 07/15/42(a) | 13,434 | 17,139,011 | ||||||
4.70%, 10/15/48 (Call 04/15/48)(a) | 42,480 | 55,683,098 | ||||||
4.75%, 03/01/44(a) | 7,729 | 9,997,142 | ||||||
4.95%, 10/15/58 (Call 04/15/58) | 25,955 | 35,480,238 | ||||||
5.65%, 06/15/35(a) | 8,868 | 12,378,819 | ||||||
6.45%, 03/15/37 | 7,337 | 10,838,092 | ||||||
6.50%, 11/15/35 | 10,144 | 15,281,453 | ||||||
6.95%, 08/15/37 | 8,717 | 13,443,009 | ||||||
7.05%, 03/15/33 | 8,813 | 13,314,232 | ||||||
Discovery Communications LLC | ||||||||
2.95%, 03/20/23 (Call 02/20/23)(a) | 13,168 | 13,631,209 | ||||||
3.95%, 03/20/28 (Call 12/20/27) | 21,608 | 23,437,180 | ||||||
4.13%, 05/15/29 (Call 02/15/29)(a) | 8,877 | 9,797,112 | ||||||
4.88%, 04/01/43(a) | 9,835 | 11,160,692 | ||||||
5.00%, 09/20/37 (Call 03/20/37)(a) | 4,872 | 5,544,830 | ||||||
5.20%, 09/20/47 (Call 03/20/47)(a) | 15,136 | 17,884,745 | ||||||
5.30%, 05/15/49 (Call 11/15/48)(a) | 9,281 | 11,214,036 | ||||||
6.35%, 06/01/40(a) | 7,929 | 10,503,264 | ||||||
Fox Corp. | ||||||||
4.03%, 01/25/24 (Call 12/25/23)(a)(b) | 13,831 | 14,972,475 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
4.71%, 01/25/29 (Call 10/25/28)(a)(b) | $ | 21,328 | $ | 25,075,210 | ||||
5.48%, 01/25/39 (Call 07/25/38)(a)(b) | 12,677 | 16,255,903 | ||||||
5.58%, 01/25/49 (Call 07/25/48)(b) | 14,841 | 19,779,096 | ||||||
NBCUniversal Media LLC | ||||||||
4.45%, 01/15/43(a) | 6,559 | 8,096,500 | ||||||
5.95%, 04/01/41(a) | 12,591 | 18,395,436 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 (Call 03/15/42)(a) | 11,484 | 11,951,743 | ||||||
5.50%, 09/01/41 (Call 03/01/41)(a) | 12,328 | 14,393,977 | ||||||
5.88%, 11/15/40 (Call 05/15/40)(a) | 13,703 | 17,029,873 | ||||||
6.55%, 05/01/37(a) | 16,541 | 21,560,853 | ||||||
6.75%, 06/15/39(a) | 16,041 | 21,347,015 | ||||||
7.30%, 07/01/38(a) | 12,706 | 17,803,449 | ||||||
Time Warner Entertainment Co. LP | ||||||||
8.38%, 03/15/23(a) | 6,689 | 7,974,569 | ||||||
8.38%, 07/15/33 | 11,902 | 17,566,709 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
1.85%, 07/30/26(a) | 9,619 | 9,796,570 | ||||||
2.95%, 06/15/27(a) | 8,477 | 9,201,900 | ||||||
3.00%, 02/13/26(a) | 8,393 | 9,139,178 | ||||||
3.15%, 09/17/25(a) | 4,794 | 5,229,991 | ||||||
4.13%, 06/01/44 | 10,803 | 13,550,288 | ||||||
ViacomCBS Inc. | ||||||||
4.00%, 01/15/26 (Call 10/15/25) | 9,411 | 10,438,261 | ||||||
4.25%, 09/01/23 (Call 06/01/23)(a) | 1,542 | 1,672,325 | ||||||
4.38%, 03/15/43(a) | 14,641 | 15,671,110 | ||||||
5.85%, 09/01/43 (Call 03/01/43)(a) | 12,048 | 15,224,389 | ||||||
6.88%, 04/30/36 | 12,170 | 16,718,332 | ||||||
7.88%, 07/30/30(a) | 8,267 | 11,900,084 | ||||||
Walt Disney Co. (The) | ||||||||
1.75%, 08/30/24 (Call 07/30/24) | 4,453 | 4,520,761 | ||||||
2.00%, 09/01/29 (Call 06/01/29)(a) | 17,361 | 17,470,864 | ||||||
2.75%, 09/01/49 (Call 03/01/49)(a) | 20,755 | 21,049,096 | ||||||
6.20%, 12/15/34 | 11,838 | 17,702,301 | ||||||
6.40%, 12/15/35(a) | 8,646 | 13,087,840 | ||||||
6.65%, 11/15/37 | 15,617 | 24,433,042 | ||||||
|
| |||||||
1,597,168,164 | ||||||||
Metal Fabricate & Hardware — 0.0% | ||||||||
Metal Fabricate & HardwarePrecision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25) | 94 | 101,953 | ||||||
|
| |||||||
Mining — 0.5% | ||||||||
MiningBarrick Gold Corp., 5.25%, 04/01/42 | 7,868 | 10,191,706 | ||||||
Barrick North America Finance LLC | ||||||||
5.70%, 05/30/41 | 9,246 | 12,249,630 | ||||||
5.75%, 05/01/43(a) | 7,684 | 10,696,235 | ||||||
MiningBarrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39(a) | 7,535 | 10,285,426 | ||||||
BHP Billiton Finance USA Ltd. | ||||||||
4.13%, 02/24/42 | 11,433 | 13,776,393 | ||||||
5.00%, 09/30/43(a) | 25,493 | 34,306,746 | ||||||
Newmont Corp. | ||||||||
3.70%, 03/15/23 (Call 12/15/22)(a) | 520 | 551,062 | ||||||
4.88%, 03/15/42 (Call 09/15/41) | 9,775 | 12,293,566 | ||||||
6.25%, 10/01/39(a) | 10,096 | 14,685,029 | ||||||
MiningRio Tinto Alcan Inc., 6.13%, 12/15/33 | 6,967 | 9,856,981 | ||||||
Rio Tinto Finance USA Ltd. | ||||||||
3.75%, 06/15/25 (Call 03/15/25) | 11,187 | 12,378,305 | ||||||
5.20%, 11/02/40(a) | 11,351 | 15,627,663 | ||||||
7.13%, 07/15/28 | 5,783 | 7,978,875 |
Security | Par (000) | Value | ||||||
Mining (continued) | ||||||||
MiningRio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42) | $ | 10,741 | $ | 12,980,469 | ||||
|
| |||||||
177,858,086 | ||||||||
Oil & Gas — 5.5% | ||||||||
Apache Corp. | ||||||||
4.25%, 01/15/44 (Call 07/15/43)(a) | 9,439 | 8,481,262 | ||||||
4.38%, 10/15/28 (Call 07/15/28) | 2,912 | 3,077,073 | ||||||
4.75%, 04/15/43 (Call 10/15/42)(a) | 16,331 | 15,344,550 | ||||||
5.10%, 09/01/40 (Call 03/01/40)(a) | 15,622 | 15,456,185 | ||||||
BP Capital Markets America Inc. | ||||||||
2.75%, 05/10/23(a) | 723 | 748,657 | ||||||
3.02%, 01/16/27 (Call 10/16/26)(a) | 10,673 | 11,313,650 | ||||||
3.12%, 05/04/26 (Call 02/04/26)(a) | 14,540 | 15,593,599 | ||||||
3.22%, 11/28/23 (Call 09/28/23) | 8,804 | 9,304,719 | ||||||
3.22%, 04/14/24 (Call 02/14/24) | 10,756 | 11,422,863 | ||||||
3.41%, 02/11/26 (Call 12/11/25)(a) | 10,450 | 11,368,831 | ||||||
3.79%, 02/06/24 (Call 01/06/24) | 11,482 | 12,389,228 | ||||||
3.80%, 09/21/25 (Call 07/21/25)(a) | 14,360 | 15,883,221 | ||||||
3.94%, 09/21/28 (Call 06/21/28)(a) | 5,995 | 6,778,845 | ||||||
4.23%, 11/06/28 (Call 08/06/28)(a) | 25,013 | 28,965,047 | ||||||
BP Capital Markets PLC | ||||||||
3.28%, 09/19/27 (Call 06/19/27)(a) | 15,365 | 16,530,317 | ||||||
3.51%, 03/17/25(a) | 13,358 | 14,514,494 | ||||||
3.54%, 11/04/24(a) | 15,091 | 16,330,552 | ||||||
3.72%, 11/28/28 (Call 08/28/28) | 9,654 | 10,757,457 | ||||||
3.81%, 02/10/24 | 15,098 | 16,327,577 | ||||||
3.99%, 09/26/23 | 5,007 | 5,418,452 | ||||||
Canadian Natural Resources Ltd. | ||||||||
3.85%, 06/01/27 (Call 03/01/27)(a) | 12,208 | 13,029,767 | ||||||
4.95%, 06/01/47 (Call 12/01/46)(a) | 9,132 | 10,863,687 | ||||||
6.25%, 03/15/38(a) | 10,962 | 14,277,912 | ||||||
Cenovus Energy Inc. | ||||||||
4.25%, 04/15/27 (Call 01/15/27)(a) | 10,261 | 10,798,360 | ||||||
5.40%, 06/15/47 (Call 12/15/46)(a) | 9,888 | 10,840,719 | ||||||
6.75%, 11/15/39 | 14,847 | 17,855,124 | ||||||
Chevron Corp. | ||||||||
2.57%, 05/16/23 (Call 03/16/23)(a) | 2,382 | 2,464,778 | ||||||
2.90%, 03/03/24 (Call 01/03/24)(a) | 10,551 | 11,093,914 | ||||||
2.95%, 05/16/26 (Call 02/16/26)(a) | 26,266 | 28,088,172 | ||||||
3.19%, 06/24/23 (Call 03/24/23)(a) | 12,400 | 13,064,841 | ||||||
3.33%, 11/17/25 (Call 08/17/25)(a) | 14,695 | 16,041,141 | ||||||
Cimarex Energy Co. | ||||||||
3.90%, 05/15/27 (Call 02/15/27) | 9,922 | 10,255,782 | ||||||
4.38%, 06/01/24 (Call 03/01/24)(a) | 2,438 | 2,587,158 | ||||||
Concho Resources Inc. | ||||||||
3.75%, 10/01/27 (Call 07/01/27)(a) | 13,311 | 13,861,397 | ||||||
4.30%, 08/15/28 (Call 05/15/28) | 10,949 | 11,813,790 | ||||||
4.88%, 10/01/47 (Call 04/01/47)(a) | 7,948 | 8,824,664 | ||||||
Oil & GasConocoPhillips, 6.50%, 02/01/39 | 29,236 | 43,311,804 | ||||||
ConocoPhillips Co. | ||||||||
4.30%, 11/15/44 (Call 05/15/44) | 7,225 | 8,669,336 | ||||||
4.95%, 03/15/26 (Call 12/15/25) | 15,977 | 18,738,308 | ||||||
Oil & GasConocoPhillips Holding Co., 6.95%, 04/15/29 | 15,554 | 21,309,218 | ||||||
Continental Resources Inc./OK | ||||||||
3.80%, 06/01/24 (Call 03/01/24)(a) | 1,490 | 1,515,735 | ||||||
4.38%, 01/15/28 (Call 10/15/27)(a) | 14,908 | 14,517,735 | ||||||
4.50%, 04/15/23 (Call 01/15/23)(a) | 12,280 | 13,027,554 | ||||||
Devon Energy Corp. | ||||||||
4.75%, 05/15/42 (Call 11/15/41)(a) | 2,374 | 2,458,491 | ||||||
5.00%, 06/15/45 (Call 12/15/44)(a) | 10,529 | 11,359,773 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
5.60%, 07/15/41 (Call 01/15/41)(a) | $ | 15,206 | $ | 17,428,571 | ||||
Diamondback Energy Inc. | ||||||||
2.88%, 12/01/24 (Call 11/01/24)(a) | 10,350 | 10,452,405 | ||||||
3.25%, 12/01/26 (Call 10/01/26)(a) | 10,604 | 10,751,608 | ||||||
3.50%, 12/01/29 (Call 09/01/29)(a) | 13,016 | 12,914,605 | ||||||
5.38%, 05/31/25 (Call 05/31/20)(a) | 1,040 | 1,085,500 | ||||||
EOG Resources Inc. | ||||||||
2.63%, 03/15/23 (Call 12/15/22) | 1,855 | 1,912,468 | ||||||
4.15%, 01/15/26 (Call 10/15/25)(a) | 12,412 | 13,947,516 | ||||||
Equinor ASA | ||||||||
2.65%, 01/15/24 | 7,489 | 7,822,800 | ||||||
3.25%, 11/18/49 (Call 05/18/49)(a) | 10,294 | 10,926,437 | ||||||
3.63%, 09/10/28 (Call 06/10/28)(a) | 2,946 | 3,308,855 | ||||||
3.70%, 03/01/24(a) | 8,995 | 9,748,053 | ||||||
3.95%, 05/15/43(a) | 8,271 | 9,602,060 | ||||||
4.80%, 11/08/43(a) | 7,687 | 10,084,409 | ||||||
5.10%, 08/17/40(a) | 7,898 | 10,466,956 | ||||||
Exxon Mobil Corp. | ||||||||
2.02%, 08/16/24 (Call 07/16/24)(a) | 7,291 | 7,441,156 | ||||||
2.28%, 08/16/26 (Call 06/16/26) | 16,155 | 16,602,216 | ||||||
2.44%, 08/16/29 (Call 05/16/29) | 13,284 | 13,799,584 | ||||||
2.71%, 03/06/25 (Call 12/06/24)(a) | 17,385 | 18,253,165 | ||||||
2.73%, 03/01/23 (Call 01/01/23) | 1,894 | 1,962,960 | ||||||
3.00%, 08/16/39 (Call 02/16/39)(a) | 5,600 | 5,849,899 | ||||||
3.04%, 03/01/26 (Call 12/01/25)(a) | 27,110 | 29,171,572 | ||||||
3.10%, 08/16/49 (Call 02/16/49)(a) | 17,112 | 17,634,250 | ||||||
3.18%, 03/15/24 (Call 12/15/23) | 2,396 | 2,543,871 | ||||||
3.57%, 03/06/45 (Call 09/06/44)(a) | 10,343 | 11,484,757 | ||||||
4.11%, 03/01/46 (Call 09/01/45)(a) | 26,648 | 32,379,630 | ||||||
Hess Corp. | ||||||||
4.30%, 04/01/27 (Call 01/01/27)(a) | 4,506 | 4,779,927 | ||||||
5.60%, 02/15/41(a) | 13,753 | 14,837,896 | ||||||
6.00%, 01/15/40(a) | 7,838 | 8,754,315 | ||||||
Husky Energy Inc. | ||||||||
4.00%, 04/15/24 (Call 01/15/24)(a) | 340 | 365,699 | ||||||
4.40%, 04/15/29 (Call 01/15/29)(a) | 11,518 | 12,420,571 | ||||||
Marathon Oil Corp. | ||||||||
3.85%, 06/01/25 (Call 03/01/25)(a) | 7,909 | 8,357,337 | ||||||
4.40%, 07/15/27 (Call 04/15/27)(a) | 11,888 | 13,017,800 | ||||||
6.60%, 10/01/37(a) | 7,754 | 9,430,039 | ||||||
Marathon Petroleum Corp. | ||||||||
3.63%, 09/15/24 (Call 06/15/24)(a) | 4,862 | 5,175,850 | ||||||
4.75%, 09/15/44 (Call 03/15/44)(a) | 8,208 | 9,178,456 | ||||||
6.50%, 03/01/41 (Call 09/01/40) | 13,290 | 17,830,541 | ||||||
Oil & GasNewfield Exploration Co., 5.63%, 07/01/24(a) | 8,240 | 9,146,850 | ||||||
Noble Energy Inc. | ||||||||
5.05%, 11/15/44 (Call 05/15/44)(a) | 8,074 | 8,325,101 | ||||||
5.25%, 11/15/43 (Call 05/15/43)(a) | 10,609 | 11,205,761 | ||||||
6.00%, 03/01/41 (Call 09/01/40)(a) | 9,030 | 10,444,953 | ||||||
Occidental Petroleum Corp. | ||||||||
2.90%, 08/15/24 (Call 07/15/24)(a) | 30,940 | 31,309,764 | ||||||
3.00%, 02/15/27 (Call 11/15/26)(a) | 7,804 | 7,798,721 | ||||||
3.20%, 08/15/26 (Call 06/15/26) | 11,840 | 12,058,595 | ||||||
3.40%, 04/15/26 (Call 01/15/26)(a) | 13,050 | 13,349,756 | ||||||
3.50%, 06/15/25 (Call 03/15/25)(a) | 11,105 | 11,592,854 | ||||||
3.50%, 08/15/29 (Call 05/15/29)(a) | 17,380 | 17,463,905 | ||||||
4.10%, 02/15/47 (Call 08/15/46) | 7,400 | 6,656,240 | ||||||
4.20%, 03/15/48 (Call 09/15/47)(a) | 9,272 | 8,614,967 | ||||||
4.30%, 08/15/39 (Call 02/15/39)(a) | 5,653 | 5,507,851 | ||||||
4.40%, 04/15/46 (Call 10/15/45)(a) | 13,124 | 12,017,647 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
4.40%, 08/15/49 (Call 02/15/49)(a) | $ | 8,895 | $ | 8,462,000 | ||||
4.63%, 06/15/45 (Call 12/15/44) | 7,278 | 7,001,637 | ||||||
5.55%, 03/15/26 (Call 12/15/25) | 12,623 | 14,463,640 | ||||||
6.45%, 09/15/36(a) | 18,237 | 21,515,954 | ||||||
6.60%, 03/15/46 (Call 09/15/45) | 10,597 | 12,816,392 | ||||||
7.50%, 05/01/31 | 8,406 | 11,585,985 | ||||||
Oil & GasOvintiv Inc., 6.50%, 08/15/34(a) | 7,317 | 7,934,409 | ||||||
Phillips 66 | ||||||||
3.90%, 03/15/28 (Call 12/15/27)(a) | 8,010 | 8,872,188 | ||||||
4.65%, 11/15/34 (Call 05/15/34)(a) | 10,966 | 13,387,918 | ||||||
4.88%, 11/15/44 (Call 05/15/44)(a) | 17,932 | 21,576,164 | ||||||
5.88%, 05/01/42(a) | 15,400 | 21,372,795 | ||||||
Shell International Finance BV | ||||||||
2.00%, 11/07/24 (Call 10/07/24)(a) | 15,663 | 15,936,581 | ||||||
2.38%, 11/07/29 (Call 08/07/29)(a) | 17,909 | 18,217,373 | ||||||
2.50%, 09/12/26(a) | 9,377 | 9,790,101 | ||||||
2.88%, 05/10/26(a) | 19,055 | 20,298,396 | ||||||
3.13%, 11/07/49 (Call 05/07/49)(a) | 13,250 | 13,599,886 | ||||||
3.25%, 05/11/25(a) | 25,167 | 27,203,259 | ||||||
3.40%, 08/12/23(a) | 5,291 | 5,644,494 | ||||||
3.50%, 11/13/23 (Call 10/13/23) | 5,411 | 5,792,937 | ||||||
3.75%, 09/12/46(a) | 14,676 | 16,664,183 | ||||||
3.88%, 11/13/28 (Call 08/13/28) | 21,816 | 24,698,720 | ||||||
4.00%, 05/10/46 | 24,559 | 28,899,118 | ||||||
4.13%, 05/11/35 | 12,773 | 15,445,771 | ||||||
4.38%, 05/11/45 | 32,825 | 40,434,137 | ||||||
4.55%, 08/12/43(a) | 14,593 | 18,295,033 | ||||||
5.50%, 03/25/40(a) | 1,609 | 2,256,877 | ||||||
6.38%, 12/15/38 | 29,425 | 44,470,653 | ||||||
Suncor Energy Inc. | ||||||||
3.60%, 12/01/24 (Call 09/01/24)(a) | 8,039 | 8,707,777 | ||||||
4.00%, 11/15/47 (Call 05/15/47)(a) | 6,826 | 7,565,992 | ||||||
6.50%, 06/15/38 | 11,030 | 15,357,844 | ||||||
6.80%, 05/15/38 | 10,050 | 14,410,067 | ||||||
6.85%, 06/01/39 | 7,913 | 11,501,406 | ||||||
Oil & GasTotal Capital Canada Ltd., 2.75%, 07/15/23(a) | 4,254 | 4,440,897 | ||||||
Total Capital International SA | ||||||||
2.43%, 01/10/25 (Call 10/10/24)(a) | 13,435 | 13,944,428 | ||||||
2.83%, 01/10/30 (Call 10/10/29)(a) | 13,296 | 14,054,679 | ||||||
3.46%, 02/19/29 (Call 11/19/28)(a) | 11,475 | 12,700,026 | ||||||
3.46%, 07/12/49 (Call 01/12/49)(a) | 11,273 | 12,249,432 | ||||||
3.70%, 01/15/24(a) | 9,889 | 10,716,472 | ||||||
3.75%, 04/10/24(a) | 10,540 | 11,439,022 | ||||||
Oil & GasTotal Capital SA, 3.88%, 10/11/28 | 13,421 | 15,316,534 | ||||||
Valero Energy Corp. | ||||||||
3.40%, 09/15/26 (Call 06/15/26)(a) | 16,682 | 17,887,777 | ||||||
4.00%, 04/01/29 (Call 01/01/29)(a) | 13,705 | 14,810,300 | ||||||
4.35%, 06/01/28 (Call 03/01/28)(a) | 853 | 950,749 | ||||||
6.63%, 06/15/37(a) | 15,589 | 20,603,723 | ||||||
7.50%, 04/15/32(a) | 8,364 | 11,602,366 | ||||||
|
| |||||||
1,808,788,530 | ||||||||
Oil & Gas Services — 0.5% | ||||||||
Oil & Gas ServicesBaker Hughes a GE Co. LLC, 5.13%, 09/15/40(a) | 9,408 | 11,452,909 | ||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc. | ||||||||
3.34%, 12/15/27 (Call 09/15/27)(a) | 22,088 | 23,152,003 | ||||||
4.08%, 12/15/47 (Call 06/15/47)(a) | 15,228 | 16,324,210 | ||||||
Halliburton Co. | ||||||||
3.50%, 08/01/23 (Call 05/01/23) | 2,098 | 2,208,852 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas Services (continued) | ||||||||
3.80%, 11/15/25 (Call 08/15/25)(a) | $ | 25,169 | $ | 27,567,120 | ||||
4.75%, 08/01/43 (Call 02/01/43)(a) | 9,017 | 9,736,185 | ||||||
4.85%, 11/15/35 (Call 05/15/35)(a) | 9,520 | 11,035,630 | ||||||
5.00%, 11/15/45 (Call 05/15/45) | 19,333 | 20,782,722 | ||||||
6.70%, 09/15/38(a) | 9,825 | 12,809,678 | ||||||
7.45%, 09/15/39(a) | 10,007 | 14,087,367 | ||||||
Oil & Gas ServicesSchlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23) | 12,609 | 13,459,047 | ||||||
|
| |||||||
162,615,723 | ||||||||
Packaging & Containers — 0.1% | ||||||||
WRKCo Inc. | ||||||||
4.65%, 03/15/26 (Call 01/15/26)(a) | 9,511 | 10,889,921 | ||||||
4.90%, 03/15/29 (Call 12/15/28)(a) | 6,779 | 7,992,490 | ||||||
|
| |||||||
18,882,411 | ||||||||
Pharmaceuticals — 9.4% | ||||||||
AbbVie Inc. | ||||||||
2.60%, 11/21/24 (Call 10/21/24)(a)(b) | 37,334 | 38,606,746 | ||||||
2.85%, 05/14/23 (Call 03/14/23)(a) | 12,837 | 13,320,257 | ||||||
2.95%, 11/21/26 (Call 09/21/26)(b) | 40,381 | 42,352,893 | ||||||
3.20%, 05/14/26 (Call 02/14/26)(a) | 22,224 | 23,586,158 | ||||||
3.20%, 11/21/29 (Call 08/21/29)(a)(b) | 56,814 | 60,059,051 | ||||||
3.60%, 05/14/25 (Call 02/14/25)(a) | 41,421 | 44,666,737 | ||||||
3.75%, 11/14/23 (Call 10/14/23)(a) | 8,049 | 8,618,212 | ||||||
4.05%, 11/21/39 (Call 05/21/39)(b) | 41,820 | 46,443,485 | ||||||
4.25%, 11/14/28 (Call 08/14/28)(a) | 20,234 | 23,065,536 | ||||||
4.25%, 11/21/49 (Call 05/21/49)(a)(b) | 63,153 | 70,916,120 | ||||||
4.30%, 05/14/36 (Call 11/14/35)(a) | 7,702 | 8,894,387 | ||||||
4.40%, 11/06/42(a) | 27,339 | 31,596,549 | ||||||
4.45%, 05/14/46 (Call 11/14/45)(a) | 21,542 | 24,803,765 | ||||||
4.50%, 05/14/35 (Call 11/14/34) | 24,816 | 29,179,849 | ||||||
4.70%, 05/14/45 (Call 11/14/44)(a) | 27,030 | 31,878,068 | ||||||
4.88%, 11/14/48 (Call 05/14/48)(a) | 18,501 | 22,736,023 | ||||||
PharmaceuticalsAllergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22) | 7,144 | 7,416,116 | ||||||
Allergan Funding SCS | ||||||||
3.45%, 03/15/22 (Call 01/15/22) | 2,953 | 3,057,772 | ||||||
3.80%, 03/15/25 (Call 12/15/24)(a) | 43,057 | 46,852,014 | ||||||
3.85%, 06/15/24 (Call 03/15/24) | 12,685 | 13,701,084 | ||||||
4.55%, 03/15/35 (Call 09/15/34) | 19,731 | 23,212,016 | ||||||
4.75%, 03/15/45 (Call 09/15/44) | 11,110 | 13,340,501 | ||||||
4.85%, 06/15/44 (Call 12/15/43) | 12,101 | 14,329,066 | ||||||
PharmaceuticalsAmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27) | 5,863 | 6,359,639 | ||||||
AstraZeneca PLC | ||||||||
3.13%, 06/12/27 (Call 03/12/27) | 8,164 | 8,778,575 | ||||||
3.38%, 11/16/25(a) | 24,840 | 27,099,553 | ||||||
3.50%, 08/17/23 (Call 07/17/23)(a) | 1,966 | 2,097,272 | ||||||
4.00%, 01/17/29 (Call 10/17/28)(a) | 10,189 | 11,795,921 | ||||||
4.00%, 09/18/42 | 11,825 | 14,146,828 | ||||||
4.38%, 11/16/45(a) | 8,480 | 10,781,475 | ||||||
4.38%, 08/17/48 (Call 02/17/48)(a) | 5,657 | 7,279,637 | ||||||
6.45%, 09/15/37(a) | 30,418 | 45,360,560 | ||||||
Becton Dickinson and Co. | ||||||||
3.36%, 06/06/24 (Call 04/06/24)(a) | 15,531 | 16,536,941 | ||||||
3.70%, 06/06/27 (Call 03/06/27) | 21,502 | 23,683,726 | ||||||
3.73%, 12/15/24 (Call 09/15/24) | 16,077 | 17,432,056 | ||||||
4.67%, 06/06/47 (Call 12/06/46)(a) | 13,944 | 17,860,068 | ||||||
4.69%, 12/15/44 (Call 06/15/44) | 10,187 | 12,720,298 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Bristol-Myers Squibb Co. | ||||||||
2.90%, 07/26/24 (Call 06/26/24)(b) | $ | 38,175 | $ | 40,206,422 | ||||
3.20%, 06/15/26 (Call 04/15/26)(a)(b) | 28,720 | 31,364,394 | ||||||
3.25%, 02/27/27 | 6,628 | 7,273,128 | ||||||
3.40%, 07/26/29 (Call 04/26/29)(a)(b) | 39,136 | 43,873,612 | ||||||
3.45%, 11/15/27 (Call 08/15/27)(a)(b) | 7,586 | 8,422,907 | ||||||
3.63%, 05/15/24 (Call 02/15/24)(b) | 13,536 | 14,599,866 | ||||||
3.88%, 08/15/25 (Call 05/15/25)(a)(b) | 28,950 | 32,061,589 | ||||||
3.90%, 02/20/28 (Call 11/20/27)(a)(b) | 20,445 | 23,194,773 | ||||||
4.13%, 06/15/39 (Call 12/15/38)(a)(b) | 18,900 | 22,928,673 | ||||||
4.25%, 10/26/49 (Call 04/26/49)(a)(b) | 39,661 | 50,852,874 | ||||||
4.35%, 11/15/47 (Call 05/15/47)(b) | 12,113 | 15,465,635 | ||||||
4.55%, 02/20/48 (Call 08/20/47)(a)(b) | 14,329 | 18,758,578 | ||||||
4.63%, 05/15/44 (Call 11/15/43)(a)(b) | 8,395 | 10,866,750 | ||||||
5.00%, 08/15/45 (Call 02/15/45)(a)(b) | 19,858 | 27,116,580 | ||||||
Cardinal Health Inc. | ||||||||
3.08%, 06/15/24 (Call 04/15/24)(a) | 7,561 | 7,944,965 | ||||||
3.41%, 06/15/27 (Call 03/15/27)(a) | 12,489 | 13,271,137 | ||||||
Cigna Corp. | ||||||||
3.00%, 07/15/23 (Call 05/16/23)(b) | 1,852 | 1,930,287 | ||||||
3.25%, 04/15/25 (Call 01/15/25)(b) | 13,547 | 14,491,920 | ||||||
3.40%, 03/01/27 (Call 12/01/26)(b) | 8,356 | 8,984,604 | ||||||
3.75%, 07/15/23 (Call 06/15/23)(a) | 25,988 | 27,693,603 | ||||||
3.88%, 10/15/47 (Call 04/15/47)(a)(b) | 8,956 | 9,540,309 | ||||||
4.13%, 11/15/25 (Call 09/15/25)(a) | 32,319 | 35,947,315 | ||||||
4.38%, 10/15/28 (Call 07/15/28)(a) | 39,899 | 45,417,287 | ||||||
4.50%, 02/25/26 (Call 11/27/25)(a)(b) | 13,888 | 15,688,633 | ||||||
4.80%, 08/15/38 (Call 02/15/38) | 22,006 | 26,466,508 | ||||||
4.80%, 07/15/46 (Call 01/16/46)(a)(b) | 13,785 | 16,527,865 | ||||||
4.90%, 12/15/48 (Call 06/15/48)(a) | 30,966 | 38,326,977 | ||||||
CVS Health Corp. | ||||||||
2.63%, 08/15/24 (Call 07/15/24)(a) | 10,086 | 10,416,960 | ||||||
2.88%, 06/01/26 (Call 03/01/26) | 18,288 | 19,013,207 | ||||||
3.00%, 08/15/26 (Call 06/15/26)(a) | 1,280 | 1,341,742 | ||||||
3.25%, 08/15/29 (Call 05/15/29)(a) | 5,178 | 5,447,481 | ||||||
3.70%, 03/09/23 (Call 02/09/23)(a) | 43,554 | 45,932,893 | ||||||
3.88%, 07/20/25 (Call 04/20/25)(a) | 26,684 | 29,061,136 | ||||||
4.00%, 12/05/23 (Call 09/05/23) | 4,866 | 5,237,484 | ||||||
4.10%, 03/25/25 (Call 01/25/25)(a) | 61,151 | 66,997,763 | ||||||
4.30%, 03/25/28 (Call 12/25/27)(a) | 93,208 | 104,131,101 | ||||||
4.78%, 03/25/38 (Call 09/25/37) | 56,216 | 66,106,784 | ||||||
5.05%, 03/25/48 (Call 09/25/47) | 88,426 | 108,843,572 | ||||||
5.13%, 07/20/45 (Call 01/20/45)(a) | 38,489 | 47,064,222 | ||||||
5.30%, 12/05/43 (Call 06/05/43) | 2,222 | 2,755,253 | ||||||
Eli Lilly & Co. | ||||||||
3.38%, 03/15/29 (Call 12/15/28)(a) | 13,944 | 15,545,779 | ||||||
3.95%, 03/15/49 (Call 09/15/48)(a) | 12,639 | 15,501,893 | ||||||
4.15%, 03/15/59 (Call 09/15/58) | 10,607 | 13,320,838 | ||||||
GlaxoSmithKline Capital Inc. | ||||||||
2.80%, 03/18/23(a) | 11,397 | 11,904,880 | ||||||
3.38%, 05/15/23(a) | 3,306 | 3,508,616 | ||||||
3.63%, 05/15/25(a) | 9,840 | 10,878,273 | ||||||
3.88%, 05/15/28(a) | 19,108 | 21,922,341 | ||||||
6.38%, 05/15/38 | 28,818 | 43,201,251 | ||||||
GlaxoSmithKline Capital PLC | ||||||||
3.00%, 06/01/24 (Call 05/01/24) | 9,063 | 9,639,084 | ||||||
3.38%, 06/01/29 (Call 03/01/29) | 10,521 | 11,701,725 | ||||||
Johnson & Johnson | ||||||||
2.45%, 03/01/26 (Call 12/01/25)(a) | 21,161 | 22,265,077 | ||||||
2.63%, 01/15/25 (Call 11/15/24)(a) | 7,616 | 8,067,815 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
2.90%, 01/15/28 (Call 10/15/27)(a) | $ | 16,561 | $ | 18,042,564 | ||||
2.95%, 03/03/27 (Call 12/03/26)(a) | 13,323 | 14,520,790 | ||||||
3.38%, 12/05/23(a) | 8,712 | 9,463,886 | ||||||
3.40%, 01/15/38 (Call 07/15/37)(a) | 10,599 | 12,051,083 | ||||||
3.50%, 01/15/48 (Call 07/15/47)(a) | 12,332 | 14,692,894 | ||||||
3.55%, 03/01/36 (Call 09/01/35)(a) | 9,918 | 11,509,921 | ||||||
3.63%, 03/03/37 (Call 09/03/36)(a) | 16,077 | 18,841,480 | ||||||
3.70%, 03/01/46 (Call 09/01/45)(a) | 17,287 | 20,971,463 | ||||||
3.75%, 03/03/47 (Call 09/03/46)(a) | 9,411 | 11,532,194 | ||||||
4.38%, 12/05/33 (Call 06/05/33) | 13,601 | 17,088,394 | ||||||
5.95%, 08/15/37(a) | 10,851 | 16,356,758 | ||||||
PharmaceuticalsMead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)(a) | 6,145 | 6,892,424 | ||||||
Merck & Co. Inc. | ||||||||
2.75%, 02/10/25 (Call 11/10/24)(a) | 24,924 | 26,377,361 | ||||||
2.80%, 05/18/23(a) | 22,208 | 23,193,891 | ||||||
2.90%, 03/07/24 (Call 02/07/24)(a) | 7,771 | 8,237,378 | ||||||
3.40%, 03/07/29 (Call 12/07/28)(a) | 18,228 | 20,401,705 | ||||||
3.70%, 02/10/45 (Call 08/10/44)(a) | 22,301 | 26,514,058 | ||||||
3.90%, 03/07/39 (Call 09/07/38)(a) | 8,378 | 10,218,339 | ||||||
4.00%, 03/07/49 (Call 09/07/48)(a) | 13,955 | 17,620,764 | ||||||
4.15%, 05/18/43(a) | 13,871 | 17,622,105 | ||||||
Mylan Inc. | ||||||||
4.55%, 04/15/28 (Call 01/15/28)(a) | 10,299 | 11,503,417 | ||||||
5.20%, 04/15/48 (Call 10/15/47)(a) | 6,509 | 7,545,823 | ||||||
Mylan NV | ||||||||
3.95%, 06/15/26 (Call 03/15/26) | 21,478 | 23,198,796 | ||||||
3.95%, 06/15/26 (Call 03/15/26)(b) | 1,922 | 2,082,583 | ||||||
5.25%, 06/15/46 (Call 12/15/45)(a) | 9,661 | 11,234,088 | ||||||
Novartis Capital Corp. | ||||||||
1.75%, 02/14/25 (Call 01/14/25) | 10,000 | 10,176,421 | ||||||
2.00%, 02/14/27 (Call 12/14/26) | 10,000 | 10,227,977 | ||||||
2.20%, 08/14/30 (Call 05/14/30) | 15,000 | 15,475,823 | ||||||
2.75%, 08/14/50 (Call 02/14/50) | 15,000 | 15,558,302 | ||||||
3.00%, 11/20/25 (Call 08/20/25)(a) | 16,600 | 17,958,939 | ||||||
3.10%, 05/17/27 (Call 02/17/27)(a) | 10,958 | 11,938,382 | ||||||
3.40%, 05/06/24(a) | 12,067 | 13,067,257 | ||||||
4.00%, 11/20/45 (Call 05/20/45)(a) | 11,229 | 14,099,717 | ||||||
4.40%, 05/06/44(a) | 20,785 | 27,184,386 | ||||||
Pfizer Inc. | ||||||||
2.75%, 06/03/26(a) | 15,697 | 16,805,811 | ||||||
2.95%, 03/15/24 (Call 02/15/24)(a) | 4,249 | 4,494,966 | ||||||
3.00%, 06/15/23(a) | 9,623 | 10,164,059 | ||||||
3.00%, 12/15/26(a) | 18,273 | 19,845,448 | ||||||
3.20%, 09/15/23 (Call 08/15/23)(a) | 4,457 | 4,738,061 | ||||||
3.40%, 05/15/24(a) | 11,780 | 12,752,808 | ||||||
3.45%, 03/15/29 (Call 12/15/28)(a) | 20,394 | 22,820,609 | ||||||
3.60%, 09/15/28 (Call 06/15/28) | 13,435 | 15,243,716 | ||||||
3.90%, 03/15/39 (Call 09/15/38)(a) | 8,199 | 9,819,385 | ||||||
4.00%, 12/15/36(a) | 3,346 | 4,002,215 | ||||||
4.00%, 03/15/49 (Call 09/15/48)(a) | 11,724 | 14,547,431 | ||||||
4.13%, 12/15/46 | 11,193 | 13,913,580 | ||||||
4.20%, 09/15/48 (Call 03/15/48)(a) | 11,619 | 14,687,766 | ||||||
4.30%, 06/15/43 | 9,000 | 11,348,343 | ||||||
4.40%, 05/15/44 | 11,486 | 14,683,986 | ||||||
7.20%, 03/15/39(a) | 24,836 | 41,547,345 | ||||||
Sanofi | ||||||||
3.38%, 06/19/23 (Call 05/19/23)(a) | 7,847 | 8,363,960 | ||||||
3.63%, 06/19/28 (Call 03/19/28)(a) | 3,367 | 3,855,270 |
Security | �� | Par (000) | Value | |||||
Pharmaceuticals (continued) | ||||||||
Shire Acquisitions Investments Ireland DAC | ||||||||
2.88%, 09/23/23 (Call 07/23/23) | $ | 15,827 | $ | 16,427,597 | ||||
3.20%, 09/23/26 (Call 06/23/26)(a) | 32,162 | 34,490,587 | ||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||
4.40%, 11/26/23 (Call 10/26/23) | 9,512 | 10,436,644 | ||||||
5.00%, 11/26/28 (Call 08/26/28)(a) | 19,110 | 23,301,656 | ||||||
Wyeth LLC | ||||||||
5.95%, 04/01/37(a) | 23,445 | 33,991,417 | ||||||
6.50%, 02/01/34 | 11,487 | 17,170,386 | ||||||
Zoetis Inc. | ||||||||
3.00%, 09/12/27 (Call 06/12/27) | 12,811 | 13,706,685 | ||||||
3.25%, 02/01/23 (Call 11/01/22) | 7,594 | 7,969,886 | ||||||
4.50%, 11/13/25 (Call 08/13/25)(a) | 7,166 | 8,186,927 | ||||||
4.70%, 02/01/43 (Call 08/01/42)(a) | 9,561 | 12,275,396 | ||||||
|
| |||||||
3,108,582,618 | ||||||||
Pipelines — 3.8% | ||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
3.70%, 11/15/29 (Call 05/18/29)(b) | 16,700 | 16,718,621 | ||||||
5.13%, 06/30/27 (Call 01/01/27) | 16,517 | 17,995,452 | ||||||
5.88%, 03/31/25 (Call 10/02/24) | 16,092 | 18,047,537 | ||||||
7.00%, 06/30/24 (Call 01/01/24) | 8,439 | 9,667,323 | ||||||
PipelinesEnable Midstream Partners LP, 4.95%, 05/15/28 (Call 02/15/28)(a) | 8,904 | 9,021,385 | ||||||
Enbridge Inc. | ||||||||
3.13%, 11/15/29 (Call 08/15/29)(a) | 12,337 | 12,786,909 | ||||||
4.00%, 10/01/23 (Call 07/01/23)(a) | 4,785 | 5,138,074 | ||||||
4.25%, 12/01/26 (Call 09/01/26)(a) | 11,960 | 13,526,327 | ||||||
5.50%, 12/01/46 (Call 06/01/46) | 7,897 | 10,535,464 | ||||||
Energy Transfer Operating LP | ||||||||
2.90%, 05/15/25 (Call 04/15/25) | 15,960 | 16,255,199 | ||||||
3.75%, 05/15/30 (Call 02/15/30) | 17,935 | 18,177,644 | ||||||
4.05%, 03/15/25 (Call 12/15/24)(a) | 10,994 | 11,763,518 | ||||||
4.25%, 03/15/23 (Call 12/15/22) | 2,727 | 2,888,265 | ||||||
4.50%, 04/15/24 (Call 03/15/24) | 9,130 | 9,873,103 | ||||||
4.75%, 01/15/26 (Call 10/15/25)(a) | 11,469 | 12,644,891 | ||||||
4.95%, 06/15/28 (Call 03/15/28)(a) | 9,575 | 10,546,615 | ||||||
5.00%, 05/15/50 (Call 11/15/49) | 23,275 | 23,509,179 | ||||||
5.15%, 03/15/45 (Call 09/15/44) | 5,075 | 5,153,104 | ||||||
5.25%, 04/15/29 (Call 01/15/29)(a) | 20,268 | 22,780,612 | ||||||
5.30%, 04/15/47 (Call 10/15/46)(a) | 8,633 | 8,961,269 | ||||||
5.50%, 06/01/27 (Call 03/01/27)(a) | 8,002 | 9,155,368 | ||||||
5.88%, 01/15/24 (Call 10/15/23)(a) | 7,117 | 7,981,372 | ||||||
6.13%, 12/15/45 (Call 06/15/45)(a) | 11,267 | 12,677,995 | ||||||
6.25%, 04/15/49 (Call 10/15/48)(a) | 17,145 | 19,807,716 | ||||||
6.50%, 02/01/42 (Call 08/01/41)(a) | 8,665 | 10,161,518 | ||||||
Series 30Y, 6.00%, 06/15/48 (Call 12/15/47) | 10,870 | 12,237,042 | ||||||
Enterprise Products Operating LLC | ||||||||
2.80%, 01/31/30 (Call 10/31/29)(a) | 12,315 | 12,591,176 | ||||||
3.13%, 07/31/29 (Call 04/30/29)(a) | 13,701 | 14,310,722 | ||||||
3.35%, 03/15/23 (Call 12/15/22)(a) | 8,715 | 9,144,324 | ||||||
3.70%, 02/15/26 (Call 11/15/25)(a) | 12,735 | 13,943,029 | ||||||
3.70%, 01/31/51 (Call 07/31/50) | 6,650 | 6,613,337 | ||||||
3.75%, 02/15/25 (Call 11/15/24)(a) | 15,312 | 16,622,335 | ||||||
3.90%, 02/15/24 (Call 11/15/23)(a) | 5,116 | 5,509,919 | ||||||
3.95%, 01/31/60 (Call 07/31/59)(a) | 7,299 | 7,170,336 | ||||||
4.15%, 10/16/28 (Call 07/16/28) | 11,488 | 12,943,773 | ||||||
4.20%, 01/31/50 (Call 07/31/49)(a) | 13,177 | 14,027,762 | ||||||
4.25%, 02/15/48 (Call 08/15/47)(a) | 15,042 | 16,019,873 | ||||||
4.45%, 02/15/43 (Call 08/15/42)(a) | 12,709 | 14,291,945 | ||||||
4.80%, 02/01/49 (Call 08/01/48) | 12,802 | 14,885,532 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
4.85%, 08/15/42 (Call 02/15/42)(a) | $ | 9,639 | $ | 11,305,149 | ||||
4.85%, 03/15/44 (Call 09/15/43)(a) | 13,417 | 15,337,564 | ||||||
4.90%, 05/15/46 (Call 11/15/45)(a) | 11,631 | 13,707,321 | ||||||
5.10%, 02/15/45 (Call 08/15/44)(a) | 11,904 | 14,321,663 | ||||||
5.95%, 02/01/41 | 6,680 | 8,537,383 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
5.50%, 03/01/44 (Call 09/01/43) | 7,749 | 9,189,951 | ||||||
6.95%, 01/15/38 | 11,079 | 14,857,493 | ||||||
Kinder Morgan Inc./DE | ||||||||
4.30%, 06/01/25 (Call 03/01/25)(a) | 12,269 | 13,530,939 | ||||||
4.30%, 03/01/28 (Call 12/01/27)(a) | 13,760 | 15,355,283 | ||||||
5.05%, 02/15/46 (Call 08/15/45)(a) | 10,339 | 11,559,522 | ||||||
5.20%, 03/01/48 (Call 09/01/47)(a) | 10,253 | 12,013,138 | ||||||
5.30%, 12/01/34 (Call 06/01/34)(a) | 2,129 | 2,552,761 | ||||||
5.55%, 06/01/45 (Call 12/01/44)(a) | 20,160 | 23,960,033 | ||||||
7.75%, 01/15/32 | 7,018 | 10,219,351 | ||||||
MPLX LP | ||||||||
4.00%, 03/15/28 (Call 12/15/27)(a) | 14,445 | 15,112,508 | ||||||
4.13%, 03/01/27 (Call 12/01/26)(a) | 13,131 | 14,088,081 | ||||||
4.50%, 07/15/23 (Call 04/15/23)(a) | 3,133 | 3,390,127 | ||||||
4.50%, 04/15/38 (Call 10/15/37)(a) | 17,238 | 17,534,856 | ||||||
4.70%, 04/15/48 (Call 10/15/47)(a) | 15,609 | 15,852,084 | ||||||
4.80%, 02/15/29 (Call 11/15/28)(a) | 11,018 | 12,342,909 | ||||||
4.88%, 12/01/24 (Call 09/01/24)(a) | 12,071 | 13,381,994 | ||||||
4.88%, 06/01/25 (Call 03/01/25) | 14,254 | 15,866,059 | ||||||
5.20%, 03/01/47 (Call 09/01/46)(a) | 9,963 | 10,941,563 | ||||||
5.50%, 02/15/49 (Call 08/15/48)(a) | 14,878 | 16,687,684 | ||||||
ONEOK Inc. | ||||||||
3.40%, 09/01/29 (Call 06/01/29)(a) | 7,652 | 7,919,717 | ||||||
4.45%, 09/01/49 (Call 03/01/49)(a) | 7,191 | 7,328,403 | ||||||
4.55%, 07/15/28 (Call 04/15/28)(a) | 16,175 | 18,079,050 | ||||||
5.20%, 07/15/48 (Call 01/15/48) | 8,850 | 10,054,279 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
3.55%, 12/15/29 (Call 09/15/29)(a) | 9,802 | 9,621,916 | ||||||
3.60%, 11/01/24 (Call 08/01/24)(a) | 8,645 | 9,004,612 | ||||||
4.50%, 12/15/26 (Call 09/15/26)(a) | 9,093 | 9,905,178 | ||||||
4.65%, 10/15/25 (Call 07/15/25)(a) | 12,194 | 13,278,166 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.20%, 03/15/28 (Call 09/15/27) | 16,377 | 17,385,394 | ||||||
5.00%, 03/15/27 (Call 09/15/26)(a) | 14,233 | 15,724,280 | ||||||
5.63%, 04/15/23 (Call 01/15/23)(a) | 14,302 | 15,697,982 | ||||||
5.63%, 03/01/25 (Call 12/01/24)(a) | 14,940 | 16,985,172 | ||||||
5.75%, 05/15/24 (Call 02/15/24)(a) | 19,830 | 22,305,413 | ||||||
5.88%, 06/30/26 (Call 12/31/25) | 21,415 | 24,848,827 | ||||||
PipelinesSpectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)(a) | 5,603 | 6,191,225 | ||||||
Sunoco Logistics Partners Operations LP | ||||||||
4.00%, 10/01/27 (Call 07/01/27)(a) | 3,780 | 3,969,559 | ||||||
5.35%, 05/15/45 (Call 11/15/44) | 9,515 | 9,926,809 | ||||||
5.40%, 10/01/47 (Call 04/01/47) | 16,848 | 17,803,512 | ||||||
TransCanada PipeLines Ltd. | ||||||||
4.25%, 05/15/28 (Call 02/15/28)(a) | 17,784 | 20,022,485 | ||||||
4.63%, 03/01/34 (Call 12/01/33) | 14,883 | 17,262,181 | ||||||
4.88%, 01/15/26 (Call 10/15/25) | 3,089 | 3,552,196 | ||||||
4.88%, 05/15/48 (Call 11/15/47)(a) | 10,995 | 13,126,715 | ||||||
5.10%, 03/15/49 (Call 09/15/48) | 9,723 | 12,065,156 | ||||||
6.10%, 06/01/40(a) | 6,539 | 8,874,962 | ||||||
6.20%, 10/15/37(a) | 10,347 | 14,023,888 | ||||||
7.63%, 01/15/39(a) | 13,286 | 20,222,465 |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
PipelinesTranscontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)(a) | $ | 12,251 | $ | 15,829,597 | ||||
Western Midstream Operating LP | ||||||||
3.10%, 02/01/25 (Call 01/01/25)(a) | 3,660 | 3,652,711 | ||||||
4.05%, 02/01/30 (Call 11/01/29) | 12,375 | 12,145,122 | ||||||
5.25%, 02/01/50 (Call 08/01/49)(a) | 6,150 | 5,699,870 | ||||||
Williams Companies Inc. (The) | ||||||||
3.75%, 06/15/27 (Call 03/15/27)(a) | 16,882 | 17,781,686 | ||||||
3.90%, 01/15/25 (Call 10/15/24)(a) | 10,317 | 11,045,502 | ||||||
4.00%, 09/15/25 (Call 06/15/25)(a) | 9,954 | 10,775,243 | ||||||
4.30%, 03/04/24 (Call 12/04/23)(a) | 4,986 | 5,403,685 | ||||||
4.55%, 06/24/24 (Call 03/24/24)(a) | 1,921 | 2,109,559 | ||||||
4.85%, 03/01/48 (Call 09/01/47)(a) | 9,396 | 9,933,366 | ||||||
5.10%, 09/15/45 (Call 03/15/45)(a) | 10,146 | 11,135,203 | ||||||
6.30%, 04/15/40(a) | 12,509 | 14,984,566 | ||||||
|
| |||||||
1,263,406,633 | ||||||||
Real Estate Investment Trusts — 1.5% | ||||||||
Real Estate Investment TrustsAlexandria Real Estate Equities Inc., 3.38%, 08/15/31 (Call 05/15/31) | 7,036 | 7,778,386 | ||||||
American Tower Corp. | ||||||||
2.40%, 03/15/25 (Call 02/15/25) | 8,770 | 9,014,803 | ||||||
2.75%, 01/15/27 (Call 11/15/26)(a) | 5,600 | 5,842,010 | ||||||
2.90%, 01/15/30 (Call 10/15/29)(a) | 8,155 | 8,472,507 | ||||||
3.38%, 10/15/26 (Call 07/15/26)(a) | 8,889 | 9,613,539 | ||||||
3.55%, 07/15/27 (Call 04/15/27)(a) | 7,375 | 7,991,308 | ||||||
3.80%, 08/15/29 (Call 05/15/29)(a) | 17,445 | 19,276,887 | ||||||
4.00%, 06/01/25 (Call 03/01/25)(a) | 7,851 | 8,630,231 | ||||||
5.00%, 02/15/24(a) | 12,269 | 13,791,195 | ||||||
Boston Properties LP | ||||||||
2.75%, 10/01/26 (Call 07/01/26) | 14,858 | 15,629,298 | ||||||
3.20%, 01/15/25 (Call 10/15/24)(a) | 10,486 | 11,173,174 | ||||||
3.40%, 06/21/29 (Call 03/21/29) | 9,790 | 10,717,326 | ||||||
3.65%, 02/01/26 (Call 11/03/25)(a) | 11,763 | 12,856,598 | ||||||
3.85%, 02/01/23 (Call 11/01/22) | 2,369 | 2,514,961 | ||||||
4.50%, 12/01/28 (Call 09/01/28)(a) | 5,624 | 6,637,856 | ||||||
Real Estate Investment TrustsBrixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)(a) | 4,721 | 5,300,761 | ||||||
Real Estate Investment TrustsCC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23 | 9,757 | 10,386,496 | ||||||
Crown Castle International Corp. | ||||||||
3.15%, 07/15/23 (Call 06/15/23) | 3,194 | 3,334,001 | ||||||
3.20%, 09/01/24 (Call 07/01/24)(a) | 8,047 | 8,507,490 | ||||||
3.65%, 09/01/27 (Call 06/01/27)(a) | 9,437 | 10,316,205 | ||||||
3.70%, 06/15/26 (Call 03/15/26) | 6,300 | 6,864,512 | ||||||
3.80%, 02/15/28 (Call 11/15/27)(a) | 12,855 | 14,136,448 | ||||||
4.45%, 02/15/26 (Call 11/15/25) | 8,009 | 9,105,730 | ||||||
Digital Realty Trust LP | ||||||||
3.60%, 07/01/29 (Call 04/01/29)(a) | 5,806 | 6,322,105 | ||||||
3.70%, 08/15/27 (Call 05/15/27)(a) | 12,408 | 13,707,646 | ||||||
Equinix Inc. | ||||||||
2.63%, 11/18/24 (Call 10/18/24) | 3,815 | 3,916,336 | ||||||
3.20%, 11/18/29 (Call 08/18/29)(a) | 21,480 | 22,612,640 | ||||||
5.38%, 05/15/27 (Call 05/15/22) | 2,981 | 3,217,244 | ||||||
5.88%, 01/15/26 (Call 01/15/21) | 1,691 | 1,788,588 | ||||||
Real Estate Investment TrustsERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44) | 6,658 | 8,580,508 | ||||||
GLP Capital LP/GLP Financing II Inc. | ||||||||
5.25%, 06/01/25 (Call 03/01/25) | 9,206 | 10,396,015 | ||||||
5.30%, 01/15/29 (Call 10/15/28)(a) | 7,916 | 9,246,553 | ||||||
5.38%, 04/15/26 (Call 01/15/26)(a) | 9,240 | 10,510,980 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Healthpeak Properties Inc. | ||||||||
3.00%, 01/15/30 (Call 10/15/29) | $ | 3,629 | $ | 3,828,457 | ||||
3.88%, 08/15/24 (Call 05/17/24)(a) | 9,724 | 10,549,675 | ||||||
4.00%, 06/01/25 (Call 03/01/25)(a) | 10,213 | 11,325,103 | ||||||
Real Estate Investment TrustsPrologis LP, 2.25%, 04/15/30 (Call 01/15/30) | 10,000 | 10,041,281 | ||||||
Real Estate Investment TrustsRealty Income Corp., 4.65%, 08/01/23 (Call 05/01/23) | 2,555 | 2,808,115 | ||||||
Simon Property Group LP | ||||||||
2.00%, 09/13/24 (Call 06/13/24)(a) | 11,300 | 11,503,596 | ||||||
2.45%, 09/13/29 (Call 06/13/29)(a) | 14,983 | 15,276,791 | ||||||
3.25%, 11/30/26 (Call 08/30/26)(a) | 1,909 | 2,077,875 | ||||||
3.25%, 09/13/49 (Call 03/13/49)(a) | 12,239 | 12,783,547 | ||||||
3.30%, 01/15/26 (Call 10/15/25) | 9,000 | 9,728,266 | ||||||
3.38%, 10/01/24 (Call 07/01/24) | 12,787 | 13,733,182 | ||||||
3.38%, 06/15/27 (Call 03/15/27)(a) | 8,870 | 9,675,687 | ||||||
3.38%, 12/01/27 (Call 09/01/27)(a) | 6,937 | 7,558,455 | ||||||
Real Estate Investment TrustsVentas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)(a) | 5,023 | 5,782,336 | ||||||
Welltower Inc. | ||||||||
3.10%, 01/15/30 (Call 10/15/29)(a) | 3,471 | 3,705,093 | ||||||
3.63%, 03/15/24 (Call 02/15/24)(a) | 6,963 | 7,493,244 | ||||||
4.00%, 06/01/25 (Call 03/01/25)(a) | 22,469 | 24,771,488 | ||||||
4.25%, 04/15/28 (Call 01/15/28) | 6,047 | 6,893,455 | ||||||
Weyerhaeuser Co. | ||||||||
4.00%, 11/15/29 (Call 08/15/29)(a) | 2,428 | 2,751,137 | ||||||
7.38%, 03/15/32 | 14,565 | 21,007,286 | ||||||
|
| |||||||
501,484,406 | ||||||||
Retail — 3.7% | ||||||||
Costco Wholesale Corp. | ||||||||
2.75%, 05/18/24 (Call 03/18/24) | 10,448 | 11,041,747 | ||||||
3.00%, 05/18/27 (Call 02/18/27) | 4,924 | 5,376,481 | ||||||
RetailDollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)(a) | 3,674 | 3,856,887 | ||||||
Dollar Tree Inc. | ||||||||
3.70%, 05/15/23 (Call 04/15/23) | 14,217 | 15,093,708 | ||||||
4.00%, 05/15/25 (Call 03/15/25)(a) | 8,160 | 8,962,273 | ||||||
4.20%, 05/15/28 (Call 02/15/28)(a) | 16,027 | 17,854,062 | ||||||
Home Depot Inc. (The) | ||||||||
2.13%, 09/15/26 (Call 06/15/26)(a) | 9,762 | 10,107,773 | ||||||
2.70%, 04/01/23 (Call 01/01/23) | 2,307 | 2,400,088 | ||||||
2.80%, 09/14/27 (Call 06/14/27)(a) | 13,848 | 14,785,069 | ||||||
2.95%, 06/15/29 (Call 03/15/29)(a) | 9,120 | 9,840,702 | ||||||
3.00%, 04/01/26 (Call 01/01/26)(a) | 13,561 | 14,646,128 | ||||||
3.13%, 12/15/49 (Call 06/15/49) | 14,792 | 15,773,815 | ||||||
3.35%, 09/15/25 (Call 06/15/25)(a) | 13,312 | 14,600,399 | ||||||
3.50%, 09/15/56 (Call 03/15/56)(a) | 5,912 | 6,654,407 | ||||||
3.75%, 02/15/24 (Call 11/15/23)(a) | 10,904 | 11,871,552 | ||||||
3.90%, 12/06/28 (Call 09/06/28)(a) | 11,918 | 13,775,739 | ||||||
3.90%, 06/15/47 (Call 12/15/46)(a) | 10,768 | 12,829,975 | ||||||
4.20%, 04/01/43 (Call 10/01/42) | 10,944 | 13,323,982 | ||||||
4.25%, 04/01/46 (Call 10/01/45)(a) | 16,833 | 20,937,130 | ||||||
4.40%, 03/15/45 (Call 09/15/44)(a) | 10,408 | 13,108,542 | ||||||
4.50%, 12/06/48 (Call 06/06/48)(a) | 15,823 | 20,646,229 | ||||||
4.88%, 02/15/44 (Call 08/15/43) | 10,379 | 13,794,962 | ||||||
5.88%, 12/16/36(a) | 34,711 | 49,947,248 | ||||||
5.95%, 04/01/41 (Call 10/01/40) | 13,574 | 20,089,187 | ||||||
Lowe’s Companies Inc. | ||||||||
2.50%, 04/15/26 (Call 01/15/26)(a) | 17,135 | 17,730,066 | ||||||
3.10%, 05/03/27 (Call 02/03/27)(a) | 14,777 | 15,802,375 |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
3.38%, 09/15/25 (Call 06/15/25)(a) | $ | 10,211 | $ | 11,085,901 | ||||
3.65%, 04/05/29 (Call 01/05/29)(a) | 16,374 | 18,149,983 | ||||||
3.70%, 04/15/46 (Call 10/15/45)(a) | 15,369 | 16,364,957 | ||||||
4.05%, 05/03/47 (Call 11/03/46)(a) | 17,570 | 19,686,391 | ||||||
4.38%, 09/15/45 (Call 03/15/45) | 7,928 | 9,265,786 | ||||||
4.55%, 04/05/49 (Call 10/05/48)(a) | 16,241 | 19,924,490 | ||||||
4.65%, 04/15/42 (Call 10/15/41)(a) | 1,821 | 2,215,612 | ||||||
McDonald’s Corp. | ||||||||
2.63%, 09/01/29 (Call 06/01/29) | 17,080 | 17,725,846 | ||||||
3.35%, 04/01/23 (Call 03/01/23)(a) | 9,750 | 10,303,867 | ||||||
3.50%, 03/01/27 (Call 12/01/26)(a) | 7,306 | 8,020,091 | ||||||
3.63%, 09/01/49 (Call 03/01/49)(a) | 9,309 | 10,073,990 | ||||||
3.70%, 01/30/26 (Call 10/30/25)(a) | 19,404 | 21,494,069 | ||||||
3.80%, 04/01/28 (Call 01/01/28)(a) | 11,857 | 13,318,643 | ||||||
4.45%, 03/01/47 (Call 09/01/46) | 10,984 | 13,376,884 | ||||||
4.45%, 09/01/48 (Call 03/01/48) | 9,021 | 11,016,941 | ||||||
4.70%, 12/09/35 (Call 06/09/35)(a) | 8,449 | 10,569,945 | ||||||
4.88%, 12/09/45 (Call 06/09/45)(a) | 13,043 | 16,654,081 | ||||||
6.30%, 10/15/37(a) | 10,427 | 14,868,411 | ||||||
6.30%, 03/01/38 | 8,187 | 11,791,458 | ||||||
RetailO’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)(a) | 3,571 | 3,946,113 | ||||||
Starbucks Corp. | ||||||||
3.10%, 03/01/23 (Call 02/01/23)(a) | 2,254 | 2,360,236 | ||||||
3.55%, 08/15/29 (Call 05/15/29)(a) | 17,116 | 19,165,699 | ||||||
3.80%, 08/15/25 (Call 06/15/25)(a) | 18,853 | 20,776,877 | ||||||
3.85%, 10/01/23 (Call 07/01/23)(a) | 1,857 | 2,000,687 | ||||||
4.00%, 11/15/28 (Call 08/15/28)(a) | 11,270 | 12,994,506 | ||||||
4.45%, 08/15/49 (Call 02/15/49)(a) | 8,339 | 10,086,839 | ||||||
4.50%, 11/15/48 (Call 05/15/48) | 10,468 | 12,811,323 | ||||||
Target Corp. | ||||||||
2.35%, 02/15/30 (Call 11/15/29) | 3,775 | 3,882,692 | ||||||
2.50%, 04/15/26(a) | 11,477 | 12,169,221 | ||||||
3.38%, 04/15/29 (Call 01/15/29)(a) | 11,709 | 13,019,528 | ||||||
3.50%, 07/01/24(a) | 8,073 | 8,818,219 | ||||||
3.63%, 04/15/46(a) | 9,030 | 10,364,093 | ||||||
3.90%, 11/15/47 (Call 05/15/47)(a) | 7,589 | 9,234,335 | ||||||
4.00%, 07/01/42 | 18,139 | 22,151,332 | ||||||
RetailTJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)(a) | 6,964 | 7,248,300 | ||||||
Walgreens Boots Alliance Inc. | ||||||||
3.45%, 06/01/26 (Call 03/01/26)(a) | 21,627 | 22,757,586 | ||||||
3.80%, 11/18/24 (Call 08/18/24)(a) | 23,467 | 25,138,280 | ||||||
4.80%, 11/18/44 (Call 05/18/44)(a) | 14,198 | 14,976,770 | ||||||
Walmart Inc. | ||||||||
2.55%, 04/11/23 (Call 01/11/23)(a) | 3,567 | 3,703,375 | ||||||
2.65%, 12/15/24 (Call 10/15/24)(a) | 17,859 | 18,857,463 | ||||||
2.85%, 07/08/24 (Call 06/08/24) | 21,317 | 22,633,338 | ||||||
2.95%, 09/24/49 (Call 03/24/49)(a) | 14,154 | 15,131,366 | ||||||
3.05%, 07/08/26 (Call 05/08/26)(a) | 13,244 | 14,401,968 | ||||||
3.25%, 07/08/29 (Call 04/08/29)(a) | 15,793 | 17,570,736 | ||||||
3.30%, 04/22/24 (Call 01/22/24) | 17,849 | 19,175,813 | ||||||
3.40%, 06/26/23 (Call 05/26/23)(a) | 32,298 | 34,454,925 | ||||||
3.55%, 06/26/25 (Call 04/26/25) | 17,495 | 19,264,143 | ||||||
3.63%, 12/15/47 (Call 06/15/47) | 16,772 | 19,975,333 | ||||||
3.70%, 06/26/28 (Call 03/26/28)(a) | 32,846 | 37,272,655 | ||||||
3.95%, 06/28/38 (Call 12/28/37)(a) | 19,394 | 23,619,144 | ||||||
4.05%, 06/29/48 (Call 12/29/47)(a) | 34,792 | 44,032,286 | ||||||
5.25%, 09/01/35(a) | 21,541 | 30,217,846 | ||||||
5.63%, 04/01/40 | 4,045 | 5,989,543 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
5.63%, 04/15/41 | $ | 8,755 | $ | 13,090,051 | ||||
6.20%, 04/15/38(a) | 5,523 | 8,470,919 | ||||||
6.50%, 08/15/37 | 641 | 1,001,160 | ||||||
|
| |||||||
1,213,522,572 | ||||||||
Semiconductors — 2.3% | ||||||||
Analog Devices Inc. | ||||||||
3.50%, 12/05/26 (Call 09/05/26)(a) | 8,602 | 9,457,530 | ||||||
3.90%, 12/15/25 (Call 09/15/25) | 14,890 | 16,577,612 | ||||||
Applied Materials Inc. | ||||||||
3.30%, 04/01/27 (Call 01/01/27)(a) | 14,243 | 15,625,416 | ||||||
4.35%, 04/01/47 (Call 10/01/46) | 10,247 | 13,299,222 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd. | ||||||||
3.13%, 01/15/25 (Call 11/15/24)(a) | 10,543 | 10,892,340 | ||||||
3.50%, 01/15/28 (Call 10/15/27) | 12,891 | 13,245,755 | ||||||
3.63%, 01/15/24 (Call 11/15/23)(a) | 23,865 | 25,173,599 | ||||||
3.88%, 01/15/27 (Call 10/15/26) | 50,243 | 53,011,676 | ||||||
Broadcom Inc. | ||||||||
3.63%, 10/15/24 (Call 09/15/24)(b) | 22,253 | 23,440,660 | ||||||
4.25%, 04/15/26 (Call 02/15/26)(a)(b) | 24,390 | 26,203,394 | ||||||
4.75%, 04/15/29 (Call 01/15/29)(a)(b) | 32,260 | 35,943,198 | ||||||
Intel Corp. | ||||||||
2.45%, 11/15/29 (Call 08/15/29) | 24,550 | 25,532,157 | ||||||
2.60%, 05/19/26 (Call 02/19/26)(a) | 13,076 | 13,779,036 | ||||||
2.88%, 05/11/24 (Call 03/11/24)(a) | 16,070 | 17,024,399 | ||||||
3.10%, 02/15/60 (Call 08/15/59) | 11,900 | 12,217,430 | ||||||
3.15%, 05/11/27 (Call 02/11/27)(a) | 9,992 | 10,947,615 | ||||||
3.25%, 11/15/49 (Call 05/15/49) | 16,235 | 17,708,443 | ||||||
3.70%, 07/29/25 (Call 04/29/25) | 23,735 | 26,214,080 | ||||||
3.73%, 12/08/47 (Call 06/08/47) | 21,246 | 24,981,113 | ||||||
4.00%, 12/15/32 | 9,615 | 11,584,244 | ||||||
4.10%, 05/19/46 (Call 11/19/45) | 12,755 | 15,621,487 | ||||||
4.10%, 05/11/47 (Call 11/11/46)(a) | 12,755 | 15,719,896 | ||||||
4.80%, 10/01/41(a) | 5,355 | 7,173,211 | ||||||
4.90%, 07/29/45 (Call 01/29/45)(a) | 7,836 | 10,641,723 | ||||||
KLA Corp. | ||||||||
3.30%, 03/01/50 (Call 08/28/49) | 7,460 | 7,355,928 | ||||||
4.10%, 03/15/29 (Call 12/15/28)(a) | 7,298 | 8,308,442 | ||||||
4.65%, 11/01/24 (Call 08/01/24) | 13,333 | 14,989,033 | ||||||
Lam Research Corp. | ||||||||
3.75%, 03/15/26 (Call 01/15/26) | 11,991 | 13,229,516 | ||||||
4.00%, 03/15/29 (Call 12/15/28)(a) | 11,996 | 13,577,024 | ||||||
4.88%, 03/15/49 (Call 09/15/48) | 7,516 | 9,899,302 | ||||||
SemiconductorsMicrochip Technology Inc., 4.33%, 06/01/23 (Call 05/01/23) | 14,303 | 15,438,029 | ||||||
Micron Technology Inc. | ||||||||
4.19%, 02/15/27 (Call 12/15/26) | 8,762 | 9,488,949 | ||||||
4.66%, 02/15/30 (Call 11/15/29) | 10,795 | 11,896,840 | ||||||
SemiconductorsNVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26)(a) | 12,005 | 13,090,833 | ||||||
SemiconductorsNXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)(a)(b) | 2,225 | 2,459,284 | ||||||
NXP BV/NXP Funding LLC/NXP USA Inc. | ||||||||
3.88%, 06/18/26 (Call 04/18/26)(a)(b) | 10,857 | 11,733,422 | ||||||
4.30%, 06/18/29 (Call 03/18/29)(a)(b) | 13,737 | 15,399,773 | ||||||
QUALCOMM Inc. | ||||||||
2.90%, 05/20/24 (Call 03/20/24) | 10,421 | 10,956,401 | ||||||
3.25%, 05/20/27 (Call 02/20/27)(a) | 22,302 | 24,055,649 | ||||||
3.45%, 05/20/25 (Call 02/20/25)(a) | 23,621 | 25,613,745 | ||||||
4.30%, 05/20/47 (Call 11/20/46)(a) | 17,924 | 21,475,467 | ||||||
4.65%, 05/20/35 (Call 11/20/34)(a) | 2,644 | 3,319,711 |
Security | Par (000) | Value | ||||||
Semiconductors (continued) | ||||||||
4.80%, 05/20/45 (Call 11/20/44)(a) | $ | 18,118 | $ | 23,076,272 | ||||
Texas Instruments Inc. | ||||||||
2.25%, 09/04/29 (Call 06/04/29)(a) | 9,784 | 10,004,900 | ||||||
3.88%, 03/15/39 (Call 09/15/38) | 7,601 | 9,026,938 | ||||||
4.15%, 05/15/48 (Call 11/15/47) | 16,284 | 20,629,472 | ||||||
|
| |||||||
747,040,166 | ||||||||
Software — 3.8% | ||||||||
Adobe Inc. | ||||||||
2.15%, 02/01/27 (Call 12/01/26) | 4,890 | 5,017,958 | ||||||
2.30%, 02/01/30 (Call 11/01/29) | 15,000 | 15,401,196 | ||||||
Fidelity National Information Services Inc. | ||||||||
3.00%, 08/15/26 (Call 05/15/26)(a) | 13,545 | 14,477,728 | ||||||
3.75%, 05/21/29 (Call 02/21/29) | 12,065 | 13,583,269 | ||||||
Fiserv Inc. | ||||||||
2.75%, 07/01/24 (Call 06/01/24)(a) | 23,840 | 24,796,542 | ||||||
3.20%, 07/01/26 (Call 05/01/26)(a) | 20,960 | 22,273,488 | ||||||
3.50%, 07/01/29 (Call 04/01/29)(a) | 33,644 | 36,775,516 | ||||||
3.80%, 10/01/23 (Call 09/01/23) | 1,282 | 1,373,022 | ||||||
3.85%, 06/01/25 (Call 03/01/25)(a) | 10,025 | 10,984,160 | ||||||
4.20%, 10/01/28 (Call 07/01/28)(a) | 9,992 | 11,432,074 | ||||||
4.40%, 07/01/49 (Call 01/01/49)(a) | 20,748 | 24,817,145 | ||||||
Microsoft Corp. | ||||||||
2.00%, 08/08/23 (Call 06/08/23)(a) | 17,935 | 18,371,068 | ||||||
2.38%, 05/01/23 (Call 02/01/23)(a) | 5,293 | 5,468,737 | ||||||
2.40%, 08/08/26 (Call 05/08/26)(a) | 47,192 | 49,641,666 | ||||||
2.70%, 02/12/25 (Call 11/12/24)(a) | 29,187 | 30,935,290 | ||||||
2.88%, 02/06/24 (Call 12/06/23) | 23,077 | 24,338,896 | ||||||
3.13%, 11/03/25 (Call 08/03/25)(a) | 30,068 | 32,700,120 | ||||||
3.30%, 02/06/27 (Call 11/06/26)(a) | 42,376 | 46,949,735 | ||||||
3.45%, 08/08/36 (Call 02/08/36) | 22,364 | 25,745,640 | ||||||
3.50%, 02/12/35 (Call 08/12/34)(a) | 13,720 | 15,968,221 | ||||||
3.50%, 11/15/42 | 9,093 | 10,635,388 | ||||||
3.63%, 12/15/23 (Call 09/15/23)(a) | 13,744 | 14,861,787 | ||||||
3.70%, 08/08/46 (Call 02/08/46)(a) | 47,037 | 57,185,040 | ||||||
3.75%, 02/12/45 (Call 08/12/44)(a) | 17,761 | 21,439,873 | ||||||
3.95%, 08/08/56 (Call 02/08/56)(a) | 25,556 | 32,413,963 | ||||||
4.00%, 02/12/55 (Call 08/12/54)(a) | 23,737 | 30,373,765 | ||||||
4.10%, 02/06/37 (Call 08/06/36)(a) | 25,433 | 31,511,355 | ||||||
4.20%, 11/03/35 (Call 05/03/35)(a) | 9,712 | 12,098,310 | ||||||
4.25%, 02/06/47 (Call 08/06/46)(a) | 31,686 | 41,520,561 | ||||||
4.45%, 11/03/45 (Call 05/03/45)(a) | 31,293 | 41,792,412 | ||||||
4.50%, 10/01/40(a) | 11,541 | 15,312,367 | ||||||
4.50%, 02/06/57 (Call 08/06/56) | 21,275 | 29,803,886 | ||||||
4.75%, 11/03/55 (Call 05/03/55)(a) | 11,455 | 16,532,846 | ||||||
5.20%, 06/01/39(a) | 7,806 | 11,071,959 | ||||||
5.30%, 02/08/41 | 1,543 | 2,222,734 | ||||||
Oracle Corp. | ||||||||
2.40%, 09/15/23 (Call 07/15/23)(a) | 19,377 | 20,019,456 | ||||||
2.65%, 07/15/26 (Call 04/15/26)(a) | 34,644 | 36,540,915 | ||||||
2.95%, 11/15/24 (Call 09/15/24)(a) | 21,584 | 22,920,783 | ||||||
2.95%, 05/15/25 (Call 02/15/25)(a) | 24,931 | 26,545,738 | ||||||
3.25%, 11/15/27 (Call 08/15/27)(a) | 36,609 | 40,130,819 | ||||||
3.40%, 07/08/24 (Call 04/08/24)(a) | 13,005 | 13,983,473 | ||||||
3.63%, 07/15/23(a) | 14,395 | 15,472,723 | ||||||
3.80%, 11/15/37 (Call 05/15/37)(a) | 19,389 | 22,543,695 | ||||||
3.85%, 07/15/36 (Call 01/15/36)(a) | 10,936 | 12,708,455 | ||||||
3.90%, 05/15/35 (Call 11/15/34) | 11,866 | 13,928,768 | ||||||
4.00%, 07/15/46 (Call 01/15/46) | 32,818 | 39,202,404 | ||||||
4.00%, 11/15/47 (Call 05/15/47)(a) | 24,550 | 29,703,040 | ||||||
4.13%, 05/15/45 (Call 11/15/44)(a) | 18,322 | 22,234,130 |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Software (continued) | ||||||||
4.30%, 07/08/34 (Call 01/08/34)(a) | $ | 20,412 | $ | 25,122,153 | ||||
4.38%, 05/15/55 (Call 11/15/54) | 11,446 | 14,535,287 | ||||||
4.50%, 07/08/44 (Call 01/08/44) | 11,963 | 15,166,525 | ||||||
5.38%, 07/15/40 | 23,141 | 31,857,627 | ||||||
6.13%, 07/08/39 | 13,874 | 20,508,655 | ||||||
6.50%, 04/15/38(a) | 9,045 | 13,753,797 | ||||||
salesforce.com Inc. | ||||||||
3.25%, 04/11/23 (Call 03/11/23)(a) | 745 | 785,185 | ||||||
3.70%, 04/11/28 (Call 01/11/28) | 14,694 | 16,589,335 | ||||||
SoftwareVMware Inc., 3.90%, 08/21/27 (Call 05/21/27)(a) | 15,876 | 17,057,568 | ||||||
|
| |||||||
1,271,138,248 | ||||||||
Telecommunications — 6.6% | ||||||||
AT&T Inc. | ||||||||
3.40%, 05/15/25 (Call 02/15/25)(a) | 54,495 | 57,997,154 | ||||||
3.60%, 07/15/25 (Call 04/15/25)(a) | 17,587 | 18,957,374 | ||||||
3.80%, 03/01/24 (Call 01/01/24)(a) | 3,947 | 4,254,746 | ||||||
3.80%, 02/15/27 (Call 11/15/26) | 13,770 | 15,173,029 | ||||||
3.90%, 03/11/24 (Call 12/11/23)(a) | 3,774 | 4,072,962 | ||||||
3.95%, 01/15/25 (Call 10/15/24) | 22,384 | 24,466,652 | ||||||
4.10%, 02/15/28 (Call 11/15/27)(a) | 25,338 | 28,298,725 | ||||||
4.13%, 02/17/26 (Call 11/17/25)(a) | 32,212 | 35,820,630 | ||||||
4.25%, 03/01/27 (Call 12/01/26)(a) | 17,608 | 19,685,800 | ||||||
4.30%, 02/15/30 (Call 11/15/29) | 33,325 | 38,058,063 | ||||||
4.30%, 12/15/42 (Call 06/15/42)(a) | 21,983 | 24,399,213 | ||||||
4.35%, 03/01/29 (Call 12/01/28)(a) | 31,377 | 35,735,981 | ||||||
4.35%, 06/15/45 (Call 12/15/44)(a) | 31,219 | 34,680,738 | ||||||
4.45%, 04/01/24 (Call 01/01/24)(a) | 8,844 | 9,786,795 | ||||||
4.50%, 05/15/35 (Call 11/15/34) | 24,924 | 28,657,887 | ||||||
4.50%, 03/09/48 (Call 09/09/47)(a) | 47,525 | 54,304,750 | ||||||
4.55%, 03/09/49 (Call 09/09/48)(a) | 27,454 | 31,645,710 | ||||||
4.75%, 05/15/46 (Call 11/15/45) | 37,020 | 43,384,749 | ||||||
4.80%, 06/15/44 (Call 12/15/43)(a) | 27,088 | 31,700,098 | ||||||
4.85%, 03/01/39 (Call 09/01/38) | 20,246 | 24,216,374 | ||||||
4.85%, 07/15/45 (Call 01/15/45)(a) | 6,752 | 7,986,956 | ||||||
4.90%, 08/15/37 (Call 02/14/37)(a) | 14,740 | 17,587,939 | ||||||
5.15%, 03/15/42(a) | 12,379 | 15,189,817 | ||||||
5.15%, 11/15/46 (Call 05/15/46)(a) | 19,110 | 23,565,013 | ||||||
5.15%, 02/15/50 (Call 08/14/49)(a) | 16,982 | 21,161,922 | ||||||
5.25%, 03/01/37 (Call 09/01/36)(a) | 31,983 | 39,362,927 | ||||||
5.35%, 09/01/40 | 17,157 | 21,815,747 | ||||||
5.45%, 03/01/47 (Call 09/01/46)(a) | 22,202 | 28,538,844 | ||||||
5.55%, 08/15/41(a) | 11,018 | 14,089,858 | ||||||
5.65%, 02/15/47 (Call 08/15/46)(a) | 15,662 | 20,678,802 | ||||||
5.70%, 03/01/57 (Call 09/01/56)(a) | 9,110 | 12,264,203 | ||||||
6.00%, 08/15/40 (Call 05/15/40)(a) | 13,346 | 17,769,392 | ||||||
6.30%, 01/15/38(a) | 841 | 1,145,200 | ||||||
6.38%, 03/01/41(a) | 8,492 | 11,726,262 | ||||||
TelecommunicationsBritish Telecommunications PLC, 9.63%, 12/15/30 | 30,749 | 48,675,885 | ||||||
Cisco Systems Inc. | ||||||||
2.20%, 09/20/23 (Call 07/20/23)(a) | 1,731 | 1,776,453 | ||||||
2.50%, 09/20/26 (Call 06/20/26)(a) | 13,963 | 14,758,367 | ||||||
2.95%, 02/28/26(a) | 7,922 | 8,583,990 | ||||||
3.63%, 03/04/24(a) | 401 | 436,789 | ||||||
5.50%, 01/15/40(a) | 22,050 | 31,820,104 | ||||||
5.90%, 02/15/39(a) | 20,622 | 30,644,432 | ||||||
Corning Inc. | ||||||||
4.38%, 11/15/57 (Call 05/15/57) | 1,073 | 1,180,988 | ||||||
5.45%, 11/15/79 (Call 05/15/79)(a) | 15,595 | 17,398,772 |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
TelecommunicationsDeutsche Telekom International Finance BV, 8.75%, 06/15/30(a) | $ | 38,927 | $ | 60,318,690 | ||||
TelecommunicationsMotorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29)(a) | 5,860 | 6,724,686 | ||||||
Orange SA | ||||||||
5.38%, 01/13/42(a) | 8,474 | 11,817,765 | ||||||
5.50%, 02/06/44 (Call 08/06/43) | 8,577 | 12,225,932 | ||||||
9.00%, 03/01/31 | 27,782 | 44,181,162 | ||||||
Rogers Communications Inc. | ||||||||
3.70%, 11/15/49 (Call 05/15/49)(a) | 9,180 | 10,068,213 | ||||||
4.10%, 10/01/23 (Call 07/01/23)(a) | 637 | 695,038 | ||||||
4.30%, 02/15/48 (Call 08/15/47) | 8,113 | 9,615,489 | ||||||
4.35%, 05/01/49 (Call 11/01/48)(a) | 13,410 | 16,143,571 | ||||||
5.00%, 03/15/44 (Call 09/15/43)(a) | 11,384 | 14,655,316 | ||||||
Telefonica Emisiones SA | ||||||||
4.10%, 03/08/27(a) | 9,308 | 10,332,241 | ||||||
4.57%, 04/27/23 | 7,731 | 8,442,213 | ||||||
4.67%, 03/06/38 | 4,940 | 5,752,794 | ||||||
4.90%, 03/06/48 | 13,904 | 16,670,441 | ||||||
5.21%, 03/08/47 | 26,884 | 33,267,676 | ||||||
5.52%, 03/01/49 (Call 09/01/48)(a) | 13,992 | 18,149,072 | ||||||
7.05%, 06/20/36(a) | 21,473 | 32,057,040 | ||||||
TelecommunicationsTelefonica Europe BV, 8.25%, 09/15/30 | 10,492 | 15,745,649 | ||||||
TelecommunicationsTELUS Corp., 4.60%, 11/16/48 (Call 05/16/48) | 8,372 | 10,531,751 | ||||||
Verizon Communications Inc. | ||||||||
2.63%, 08/15/26(a) | 11,331 | 11,893,722 | ||||||
3.38%, 02/15/25(a) | 30,185 | 32,670,391 | ||||||
3.50%, 11/01/24 (Call 08/01/24) | 14,002 | 15,125,310 | ||||||
3.85%, 11/01/42 (Call 05/01/42) | 10,840 | 12,445,497 | ||||||
3.88%, 02/08/29 (Call 11/08/28)(a) | 11,459 | 13,092,878 | ||||||
4.02%, 12/03/29 (Call 09/03/29)(a) | 47,515 | 55,200,252 | ||||||
4.13%, 03/16/27(a) | 27,324 | 31,104,598 | ||||||
4.13%, 08/15/46(a) | 12,063 | 14,556,025 | ||||||
4.27%, 01/15/36(a) | 30,160 | 36,154,746 | ||||||
4.33%, 09/21/28 | 62,618 | 73,501,872 | ||||||
4.40%, 11/01/34 (Call 05/01/34)(a) | 29,768 | 36,422,815 | ||||||
4.50%, 08/10/33 | 31,995 | 39,141,291 | ||||||
4.52%, 09/15/48(a) | 44,387 | 57,195,779 | ||||||
4.67%, 03/15/55 | 17,649 | 23,423,440 | ||||||
4.81%, 03/15/39(a) | 16,434 | 21,072,418 | ||||||
4.86%, 08/21/46 | 42,718 | 56,528,913 | ||||||
5.01%, 04/15/49(a) | 28,227 | 38,873,917 | ||||||
5.01%, 08/21/54(a) | 1,925 | 2,691,848 | ||||||
5.15%, 09/15/23(a) | 13,896 | 15,631,758 | ||||||
5.25%, 03/16/37(a) | 29,729 | 39,580,560 | ||||||
5.50%, 03/16/47 | 12,962 | 18,474,727 | ||||||
6.55%, 09/15/43 | 10,726 | 16,969,979 | ||||||
Vodafone Group PLC | ||||||||
3.75%, 01/16/24 | 22,541 | 24,227,779 | ||||||
4.13%, 05/30/25(a) | 24,328 | 27,039,244 | ||||||
4.25%, 09/17/50 | 15,049 | 16,520,556 | ||||||
4.38%, 05/30/28(a) | 35,288 | 40,500,161 | ||||||
4.38%, 02/19/43(a) | 15,410 | 17,709,354 | ||||||
4.88%, 06/19/49(a) | 18,387 | 22,087,943 | ||||||
5.00%, 05/30/38 | 3,140 | 3,810,858 | ||||||
5.25%, 05/30/48(a) | 30,404 | 38,316,121 | ||||||
6.15%, 02/27/37(a) | 20,845 | 28,911,838 | ||||||
|
| |||||||
2,191,727,421 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Toys, Games & Hobbies — 0.0% | ||||||||
Toys, Games & HobbiesHasbro Inc., 3.90%, 11/19/29 (Call 08/19/29) | $ | 10,013 | $ | 10,520,852 | ||||
|
| |||||||
Transportation — 1.4% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
3.55%, 02/15/50 (Call 08/15/49) | 9,060 | 10,218,542 | ||||||
3.85%, 09/01/23 (Call 06/01/23)(a) | 3,617 | 3,892,597 | ||||||
3.90%, 08/01/46 (Call 02/01/46)(a) | 8,259 | 9,617,143 | ||||||
4.05%, 06/15/48 (Call 12/15/47) | 8,677 | 10,437,630 | ||||||
4.13%, 06/15/47 (Call 12/15/46)(a) | 5,549 | 6,721,081 | ||||||
4.15%, 04/01/45 (Call 10/01/44)(a) | 10,578 | 12,675,508 | ||||||
4.15%, 12/15/48 (Call 06/15/48)(a) | 8,204 | 9,982,205 | ||||||
4.45%, 03/15/43 (Call 09/15/42)(a) | 8,475 | 10,528,986 | ||||||
4.55%, 09/01/44 (Call 03/01/44) | 7,032 | 8,861,192 | ||||||
4.90%, 04/01/44 (Call 10/01/43) | 10,364 | 13,590,365 | ||||||
5.75%, 05/01/40 (Call 11/01/39)(a) | 8,491 | 12,079,220 | ||||||
TransportationCanadian Pacific Railway Co., 6.13%, 09/15/15 (Call 03/15/15) | 8,781 | 14,288,400 | ||||||
CSX Corp. | ||||||||
3.25%, 06/01/27 (Call 03/01/27)(a) | 5,921 | 6,446,601 | ||||||
3.80%, 03/01/28 (Call 12/01/27) | 13,106 | 14,732,356 | ||||||
3.80%, 11/01/46 (Call 05/01/46)(a) | 8,733 | 9,732,189 | ||||||
4.10%, 03/15/44 (Call 09/15/43)(a) | 6,192 | 7,140,700 | ||||||
4.25%, 03/15/29 (Call 12/15/28)(a) | 12,291 | 14,262,904 | ||||||
4.30%, 03/01/48 (Call 09/01/47)(a) | 7,926 | 9,517,929 | ||||||
FedEx Corp. | ||||||||
3.10%, 08/05/29 (Call 05/05/29)(a) | 12,873 | 13,339,380 | ||||||
3.25%, 04/01/26 (Call 01/01/26)(a) | 8,304 | 8,899,244 | ||||||
4.00%, 01/15/24(a) | 7,343 | 7,986,378 | ||||||
4.05%, 02/15/48 (Call 08/15/47) | 10,340 | 10,429,647 | ||||||
4.40%, 01/15/47 (Call 07/15/46)(a) | 7,812 | 8,242,614 | ||||||
4.55%, 04/01/46 (Call 10/01/45)(a) | 12,789 | 13,797,184 | ||||||
4.75%, 11/15/45 (Call 05/15/45) | 11,778 | 13,042,431 | ||||||
4.95%, 10/17/48 (Call 04/17/48)(a) | 8,584 | 9,735,829 | ||||||
5.10%, 01/15/44(a) | 8,043 | 9,328,848 | ||||||
TransportationNorfolk Southern Corp., 5.10%, 08/01/18 (Call 02/01/18) | 7,718 | 10,160,345 | ||||||
Union Pacific Corp. | ||||||||
2.40%, 02/05/30 (Call 11/05/29)(a) | 11,200 | 11,469,126 | ||||||
3.25%, 02/05/50 (Call 08/05/49) | 12,000 | 12,363,653 | ||||||
3.70%, 03/01/29 (Call 12/01/28) | 3,226 | 3,634,159 | ||||||
3.75%, 02/05/70 (Call 08/05/69) | 10,000 | 10,410,354 | ||||||
3.80%, 10/01/51 (Call 04/01/51)(a) | 6,104 | 6,849,110 | ||||||
3.95%, 09/10/28 (Call 06/10/28)(a) | 20,831 | 23,663,079 | ||||||
4.30%, 03/01/49 (Call 09/01/48) | 7,403 | 8,946,323 | ||||||
4.38%, 09/10/38 (Call 03/10/38)(a) | 10,495 | 12,526,518 | ||||||
United Parcel Service Inc. | ||||||||
2.50%, 04/01/23 (Call 03/01/23)(a) | 4,333 | 4,479,330 | ||||||
3.05%, 11/15/27 (Call 08/15/27)(a) | 14,832 | 16,041,895 | ||||||
3.40%, 03/15/29 (Call 12/15/28)(a) | 9,649 | 10,722,625 | ||||||
3.75%, 11/15/47 (Call 05/15/47)(a) | 12,617 | 14,043,308 | ||||||
4.25%, 03/15/49 (Call 09/15/48)(a) | 5,709 | 6,872,470 |
Security | Par/ Shares (000) | Value | ||||||
Transportation (continued) | ||||||||
6.20%, 01/15/38(a) | $ | 15,327 | $ | 22,502,731 | ||||
|
| |||||||
454,212,129 | ||||||||
Water — 0.1% | ||||||||
American Water Capital Corp. | ||||||||
3.75%, 09/01/47 (Call 03/01/47)(a) | 12,193 | 13,874,406 | ||||||
6.59%, 10/15/37(a) | 3,014 | 4,521,583 | ||||||
|
| |||||||
18,395,989 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 97.7% |
| 32,329,184,707 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 10.5% | ||||||||
BlackRock Cash Funds: Institutional, | 2,751,473 | 2,753,399,512 | ||||||
BlackRock Cash Funds: Treasury, | 724,234 | 724,234,000 | ||||||
|
| |||||||
3,477,633,512 | ||||||||
|
| |||||||
Total Short-Term Investments — 10.5% |
| 3,477,633,512 | ||||||
|
| |||||||
Total Investments Before Investments Sold |
| 35,806,818,219 | ||||||
|
| |||||||
Investments Sold Short | ||||||||
Corporate Bonds & Notes — (0.0)% | ||||||||
Macy’s Retail Holdings Inc., 2.88%, 02/15/23 | (2 | ) | (2,008 | ) | ||||
|
| |||||||
Total Corporate Bonds & Notes |
| (2,008 | ) | |||||
|
| |||||||
Total Investments Sold Short — (0.0)% |
| (2,008 | ) | |||||
|
| |||||||
Total Investments, Net of Investments Sold |
| 35,806,816,211 | ||||||
Other Assets, Less Liabilities — (8.2)% |
| (2,700,058,598 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 33,106,757,613 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
SCHEDULES OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® iBoxx $ Investment Grade Corporate Bond ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the year ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at | | | Net Activity (000) |
| | Shares Held at 02/29/20 (000) |
| | Value at 02/29/20 |
| Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
BlackRock Cash Funds: Institutional, | 3,058,759 | (307,286 | ) | 2,751,473 | $ | 2,753,399,512 | $ | 7,226,228 | (b) | $ | 481,886 | $ | 338,054 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 188,176 | 536,058 | 724,234 | 724,234,000 | 3,198,714 | — | — | |||||||||||||||||||||
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$ | 3,477,633,512 | $ | 10,424,942 | $ | 481,886 | $ | 338,054 | |||||||||||||||||||||
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(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 32,329,184,707 | $ | — | $ | 32,329,184,707 | ||||||||
Money Market Funds | 3,477,633,512 | — | — | 3,477,633,512 | ||||||||||||
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3,477,633,512 | 32,329,184,707 | — | 35,806,818,219 | |||||||||||||
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| |||||||||
Liabilities | ||||||||||||||||
Corporate Bonds & Notes | — | (2,008 | ) | — | (2,008 | ) | ||||||||||
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| |||||||||
$ | 3,477,633,512 | $ | 32,329,182,699 | $ | — | $ | 35,806,816,211 | |||||||||
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See notes to financial statements.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities
February 29, 2020
iShares iBoxx $ High Yield Corporate Bond ETF | iShares iBoxx $ Investment Grade Corporate Bond ETF | |||||||
| ||||||||
ASSETS | ||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||
Unaffiliated(b) | $ | 13,141,749,386 | $ | 32,329,184,707 | ||||
Affiliated(c) | 2,350,358,759 | 3,477,633,512 | ||||||
Cash | 1,431,979 | 19,189,200 | ||||||
Receivables: | ||||||||
Investments sold | 20,254,917 | 193,137,739 | ||||||
Securities lending income — Affiliated | 1,005,421 | 592,603 | ||||||
Capital shares sold | 3,505,511 | 10,721,926 | ||||||
Dividends | 215,348 | 645,009 | ||||||
Interest | 215,539,302 | 304,666,886 | ||||||
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|
| |||||
Total assets | 15,734,060,623 | 36,335,771,582 | ||||||
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| |||||
LIABILITIES | ||||||||
Investments sold short at value(d) | — | 2,008 | ||||||
Collateral on securities loaned, at value | 2,091,280,400 | 2,751,279,199 | ||||||
Payables: | ||||||||
Investments purchased | 154,837,665 | 451,957,122 | ||||||
Interest on short sales | — | 18,355 | ||||||
Capital shares redeemed | 24,784,519 | 21,741,855 | ||||||
Investment advisory fees | 6,858,525 | 4,015,430 | ||||||
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| |||||
Total liabilities | 2,277,761,109 | 3,229,013,969 | ||||||
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|
| |||||
NET ASSETS | $ | 13,456,299,514 | $ | 33,106,757,613 | ||||
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| |||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 15,014,272,252 | $ | 31,076,706,435 | ||||
Accumulated earnings (loss) | (1,557,972,738 | ) | 2,030,051,178 | |||||
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| |||||
NET ASSETS | $ | 13,456,299,514 | $ | 33,106,757,613 | ||||
|
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| |||||
Shares outstanding | 157,000,000 | 250,300,000 | ||||||
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| |||||
Net asset value | $ | 85.71 | $ | 132.27 | ||||
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| |||||
Shares authorized | Unlimited | Unlimited | ||||||
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| |||||
Par value | None | None | ||||||
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| |||||
(a) Securities loaned, at value | $ | 1,993,611,086 | $ | 2,676,217,763 | ||||
(b) Investments, at cost — Unaffiliated | $ | 13,718,354,088 | $ | 30,229,897,499 | ||||
(c) Investments, at cost — Affiliated | $ | 2,348,894,162 | $ | 3,476,168,938 | ||||
(d) Proceeds received from investments sold short | $ | — | $ | 2,164 |
See notes to financial statements.
FINANCIAL STATEMENTS |
Statements of Operations
Year Ended February 29, 2020
iShares iBoxx $ High Yield Corporate Bond ETF | iShares iBoxx $ Investment Grade Corporate Bond ETF | |||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends — Affiliated | $ | 3,362,779 | $ | 3,198,714 | ||||
Interest — Unaffiliated | 915,960,851 | 1,198,835,056 | ||||||
Securities lending income — Affiliated — net | 16,163,001 | 7,226,228 | ||||||
Other income — Unaffiliated | 524,900 | 229,383 | ||||||
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|
| |||||
Total investment income | 936,011,531 | 1,209,489,381 | ||||||
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| |||||
EXPENSES | ||||||||
Investment advisory fees | 85,967,152 | 49,932,021 | ||||||
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|
|
| |||||
Total expenses | 85,967,152 | 49,932,021 | ||||||
|
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|
| |||||
Net investment income | 850,044,379 | 1,159,557,360 | ||||||
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|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — Unaffiliated | (99,968,669 | ) | 82,821,753 | |||||
Investments — Affiliated | 470,240 | 481,886 | ||||||
In-kind redemptions — Unaffiliated | 268,932,344 | 1,471,970,216 | ||||||
|
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| |||||
Net realized gain | 169,433,915 | 1,555,273,855 | ||||||
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| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — Unaffiliated | (117,249,551 | ) | 2,999,085,856 | |||||
Investments — Affiliated | 282,156 | 338,054 | ||||||
Short sales — Unaffiliated | — | 156 | ||||||
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| |||||
Net change in unrealized appreciation (depreciation) | (116,967,395 | ) | 2,999,424,066 | |||||
|
|
|
| |||||
Net realized and unrealized gain | 52,466,520 | 4,554,697,921 | ||||||
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| |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 902,510,899 | $ | 5,714,255,281 | ||||
|
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|
|
See notes to financial statements.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iShares iBoxx $ High Yield Corporate Bond ETF | iShares iBoxx $ Investment Grade Corporate Bond ETF | |||||||||||||||||||||||||||
Year Ended 02/29/20 | Year Ended 02/28/19 | Year Ended 02/29/20 | Year Ended 02/28/19 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 850,044,379 | $ | 778,825,420 | $ | 1,159,557,360 | $ | 1,169,111,054 | ||||||||||||||||||||
Net realized gain (loss) | 169,433,915 | (173,614,491 | ) | 1,555,273,855 | (610,308,414 | ) | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (116,967,395 | ) | 137,998,380 | 2,999,424,066 | 227,024,396 | |||||||||||||||||||||||
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Net increase in net assets resulting from operations | 902,510,899 | 743,209,309 | 5,714,255,281 | 785,827,036 | ||||||||||||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (875,766,467 | ) | (786,516,158 | ) | (1,168,762,363 | ) | (1,173,825,530 | ) | ||||||||||||||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (1,912,308,888 | ) | 113,715,886 | (3,958,708,695 | ) | 245,691,487 | ||||||||||||||||||||||
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NET ASSETS | ||||||||||||||||||||||||||||
Total increase (decrease) in net assets | (1,885,564,456 | ) | 70,409,037 | 586,784,223 | (142,307,007 | ) | ||||||||||||||||||||||
Beginning of year | 15,341,863,970 | 15,271,454,933 | 32,519,973,390 | 32,662,280,397 | ||||||||||||||||||||||||
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End of year | $ | 13,456,299,514 | $ | 15,341,863,970 | $ | 33,106,757,613 | $ | 32,519,973,390 | ||||||||||||||||||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS |
Financial Highlights
(For a share outstanding throughout each period)
iShares iBoxx $ High Yield Corporate Bond ETF | ||||||||||||||||||||
Year Ended 02/29/20 | Year Ended 02/28/19 | Year Ended 02/28/18 | Year Ended 02/28/17 | Year Ended 02/29/16 | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 85.71 | $ | 86.13 | $ | 88.08 | $ | 79.10 | $ | 91.71 | ||||||||||
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| |||||||||||
Net investment income(a) | 4.19 | 4.46 | 4.42 | 4.64 | 4.79 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.18 | (0.36 | ) | (1.92 | ) | 8.89 | (12.62 | ) | ||||||||||||
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Net increase (decrease) from investment operations | 4.37 | 4.10 | 2.50 | 13.53 | (7.83 | ) | ||||||||||||||
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| |||||||||||
Distributions(c) | ||||||||||||||||||||
From net investment income | (4.37 | ) | (4.52 | ) | (4.45 | ) | (4.55 | ) | (4.78 | ) | ||||||||||
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| |||||||||||
Total distributions | (4.37 | ) | (4.52 | ) | (4.45 | ) | (4.55 | ) | (4.78 | ) | ||||||||||
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| |||||||||||
Net asset value, end of year | $ | 85.71 | $ | 85.71 | $ | 86.13 | $ | 88.08 | $ | 79.10 | ||||||||||
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| |||||||||||
Total Return | ||||||||||||||||||||
Based on net asset value | 5.14 | % | 4.95 | % | 2.87 | % | 17.54 | % | (8.76 | )% | ||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.50 | % | ||||||||||
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| |||||||||||
Net investment income | 4.83 | % | 5.25 | % | 5.05 | % | 5.46 | % | 5.60 | % | ||||||||||
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Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 13,456,300 | $ | 15,341,864 | $ | 15,271,455 | $ | 18,594,499 | $ | 15,543,922 | ||||||||||
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Portfolio turnover rate(d) | 20 | % | 14 | % | 17 | % | 13 | % | 11 | % | ||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBoxx $ Investment Grade Corporate Bond ETF | ||||||||||||||||||||
Year Ended 02/29/20 | Year Ended 02/28/19 | Year Ended 02/28/18 | Year Ended 02/28/17 | Year Ended 02/29/16 | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 115.89 | $ | 117.11 | $ | 118.42 | $ | 114.80 | $ | 121.46 | ||||||||||
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| |||||||||||
Net investment income(a) | 4.17 | 4.15 | 3.86 | 3.88 | 4.00 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 16.40 | (1.20 | ) | (1.39 | ) | 3.63 | (6.70 | ) | ||||||||||||
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| |||||||||||
Net increase (decrease) from investment operations | 20.57 | 2.95 | 2.47 | 7.51 | (2.70 | ) | ||||||||||||||
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|
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| |||||||||||
Distributions(c) | ||||||||||||||||||||
From net investment income | (4.19 | ) | (4.17 | ) | (3.78 | ) | (3.89 | ) | (3.96 | ) | ||||||||||
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|
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|
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| |||||||||||
Total distributions | (4.19 | ) | (4.17 | ) | (3.78 | ) | (3.89 | ) | (3.96 | ) | ||||||||||
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| |||||||||||
Net asset value, end of year | $ | 132.27 | $ | 115.89 | $ | 117.11 | $ | 118.42 | $ | 114.80 | ||||||||||
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| |||||||||||
Total Return | ||||||||||||||||||||
Based on net asset value | 18.03 | % | 2.64 | % | 2.06 | % | 6.57 | % | (2.19 | )% | ||||||||||
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| |||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.14 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||
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| |||||||||||
Net investment income | 3.35 | % | 3.62 | % | 3.22 | % | 3.24 | % | 3.44 | % | ||||||||||
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| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 33,106,758 | $ | 32,519,973 | $ | 32,662,280 | $ | 31,238,193 | $ | 25,071,298 | ||||||||||
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| |||||||||||
Portfolio turnover rate(d) | 13 | % | 10 | % | 10 | % | 11 | % | 13 | % | ||||||||||
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|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS |
Notes to Financial Statements
1. | ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
iBoxx $ High Yield Corporate Bond | Diversified | |||
iBoxx $ Investment Grade Corporate Bond | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.
In-kind Redemptions:For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:The Funds have adopted Financial Accounting Standards Board Accounting Standards Update2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended February 29, 2020. The adjusted cost basis of securities at February 28, 2019 are as follows:
iShares ETF | ||||
iBoxx $ High Yield Corporate Bond | $ | 19,265,736,511 | ||
iBoxx $ Investment Grade Corporate Bond | 36,295,104,150 |
This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
• | Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability ( such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Short Positions:From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that will be received through corporate actions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfolio securities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuation and Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the statement of assets and liabilities and is equal to the current fair value of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the statement of operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the short position, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the statement of operations. Details of the short positions, if any, are included in the schedule of investments.
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned
NOTESTO FINANCIAL STATEMENTS |
Notes to Financial Statements (continued)
securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 29, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 29, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 29, 2020:
iShares ETF and Counterparty | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
iBoxx $ High Yield Corporate Bond | ||||||||||||||||
Barclays Bank PLC | $ | 30,845,869 | $ | 30,845,869 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 144,891,145 | 144,891,145 | — | — | ||||||||||||
BMO Capital Markets | 5,147,226 | 5,147,226 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 111,762,617 | 111,762,617 | — | — | ||||||||||||
BNP Paribas Securities Corp. | 4,186,615 | 4,186,615 | — | — | ||||||||||||
BofA Securities, Inc. | 67,449,692 | 67,449,692 | — | — | ||||||||||||
Citadel Clearing LLC | 127,489,728 | 127,489,728 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 33,420,515 | 33,420,515 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 20,309,089 | 20,309,089 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 18,564,845 | 18,564,845 | — | — | ||||||||||||
Goldman Sachs & Co. | 443,644,787 | 443,644,787 | — | — | ||||||||||||
HSBC Securities (USA) Inc. | 14,346,374 | 14,346,374 | — | — | ||||||||||||
Jefferies LLC | 156,463 | 156,463 | — | — | ||||||||||||
JPMorgan Securities LLC | 363,949,089 | 363,949,089 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 85,841,452 | 85,841,452 | — | — | ||||||||||||
MUFG Securities Americas Inc. | 154,762 | 154,762 | — | — | ||||||||||||
Nomura Securities International Inc. | 11,423,836 | 11,423,836 | — | — | ||||||||||||
RBC Capital Markets LLC | 269,120,519 | 269,120,519 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 2,506,414 | 2,506,414 | — | — | ||||||||||||
State Street Bank & Trust Company | 1,576,090 | 1,576,090 | — | — | ||||||||||||
TD Prime Services LLC | 2,351,233 | 2,351,233 | — | — | ||||||||||||
UBS AG | 40,318,504 | 40,318,504 | — | — | ||||||||||||
UBS Securities LLC | 13,958,251 | 13,958,251 | — | — | ||||||||||||
Wells Fargo Securities LLC | 180,195,971 | 180,195,971 | — | — | ||||||||||||
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| |||||||||
$ | 1,993,611,086 | $ | 1,993,611,086 | $ | — | $ | — | |||||||||
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2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
iShares ETF and Counterparty | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
iBoxx $ Investment Grade Corporate Bond | ||||||||||||||||
Barclays Bank PLC | $ | 92,623,515 | $ | 92,623,515 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 22,092,152 | 22,092,152 | — | — | ||||||||||||
BMO Capital Markets | 3,399,620 | 3,399,620 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 173,410,293 | 173,410,293 | — | — | ||||||||||||
BofA Securities, Inc. | 94,002,752 | 94,002,752 | — | — | ||||||||||||
Citadel Clearing LLC | 79,961,709 | 79,961,709 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 28,540,695 | 28,540,695 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 112,570,908 | 112,570,908 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 1,943,323 | 1,943,323 | — | — | ||||||||||||
Goldman Sachs & Co. | 387,142,435 | 387,142,435 | — | — | ||||||||||||
HSBC Securities (USA) Inc. | 79,568,658 | 79,568,658 | — | — | ||||||||||||
Jefferies LLC | 6,348,085 | 6,348,085 | — | — | ||||||||||||
JPMorgan Securities LLC | 238,100,227 | 238,100,227 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 197,121,493 | 197,121,493 | — | — | ||||||||||||
MUFG Securities Americas Inc. | 74,490,735 | 74,490,735 | — | — | ||||||||||||
Nomura Securities International Inc. | 3,338,720 | 3,338,720 | — | — | ||||||||||||
RBC Capital Markets LLC | 498,972,715 | 498,972,715 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 46,734,682 | 46,734,682 | — | — | ||||||||||||
SG Americas Securities LLC | 306,630 | 306,630 | — | — | ||||||||||||
State Street Bank & Trust Company | 3,732,609 | 3,732,609 | — | — | ||||||||||||
TD Prime Services LLC | 2,540,984 | 2,540,984 | — | — | ||||||||||||
UBS AG | 52,921,147 | 52,921,147 | — | — | ||||||||||||
UBS Securities LLC | 17,645,974 | 17,645,974 | — | — | ||||||||||||
Wells Fargo Securities LLC | 458,707,702 | 458,707,702 | — | — | ||||||||||||
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| |||||||||
$ | 2,676,217,763 | $ | 2,676,217,763 | $ | — | $ | — | |||||||||
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|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment AdvisoryAgreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the iShares iBoxx $ High Yield Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $19 billion | 0.5000 | % | ||
Over $19 billion, up to and including $33 billion | 0.4750 | |||
Over $33 billion, up to and including $47 billion | 0.4513 | |||
Over $47 billion | 0.4287 |
Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place)from the investment advisory fee at the prior aggregate average daily net asset level.
NOTESTO FINANCIAL STATEMENTS |
Notes to Financial Statements (continued)
For its investment advisory services to the iShares iBoxx $ Investment Grade Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $121 billion | 0.1500 | % | ||
Over $121 billion, up to and including $181 billion | 0.1425 | |||
Over $181 billion, up to and including $231 billion | 0.1354 | |||
Over $231 billion, up to and including $281 billion | 0.1287 | |||
Over $281 billion | 0.1222 |
Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the year ended February 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
iBoxx $ High Yield Corporate Bond | $ | 4,763,263 | ||
iBoxx $ Investment Grade Corporate Bond | 2,507,587 |
Officers and Trustees:Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions:Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended February 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
iBoxx $ High Yield Corporate Bond | $ | 4,286,546 | $ | 77,310,998 | $ | 35,199 | ||||||
iBoxx $ Investment Grade Corporate Bond | 49,774,856 | 782,671,161 | 4,300,967 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
6. | PURCHASES AND SALES |
For the year ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
U.S. Government Securities | Other Securities | |||||||||||||||
iShares ETF | Purchases | Sales | Purchases | Sales | ||||||||||||
iBoxx $ High Yield Corporate Bond | $ | — | $ | — | $ | 4,051,809,582 | $ | 3,338,961,301 | ||||||||
iBoxx $ Investment Grade Corporate Bond | 127,087,124 | 137,822,739 | 5,282,870,196 | 4,238,061,007 |
For the year ended February 29, 2020, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
iBoxx $ High Yield Corporate Bond | $ | 24,631,528,667 | $ | 27,196,840,553 | ||||
iBoxx $ Investment Grade Corporate Bond | 20,385,031,046 | 25,689,371,695 |
7. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 29, 2020, the following permanent differences attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:
iShares ETF | Paid-in Capital | Accumulated Earnings (Loss) | ||||||
iBoxx $ High Yield Corporate Bond | $ | 266,468,721 | $ | (266,468,721 | ) | |||
iBoxx $ Investment Grade Corporate Bond | 1,467,419,066 | (1,467,419,066 | ) |
The tax character of distributions paid was as follows:
iShares ETF | Year Ended 02/29/20 | Year Ended 02/28/19 | ||||||
iBoxx $ High Yield Corporate Bond Ordinary income | $ | 875,766,467 | $ | 786,516,158 | ||||
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| |||||
iBoxx $ Investment Grade Corporate Bond Ordinary income | $ | 1,168,762,363 | $ | 1,173,825,530 | ||||
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|
As of February 29, 2020, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF | | Undistributed Ordinary Income |
| | Non-expiring Capital Loss Carryforwards |
(a) | | Net Unrealized Gains (Losses) | (b) | Total | ||||||
iBoxx $ High Yield Corporate Bond | $ | 78,043,085 | $ | (1,012,706,146 | ) | $ | (623,309,677 | ) | $ | (1,557,972,738 | ) | |||||
iBoxx $ Investment Grade Corporate Bond | 90,806,447 | (155,929,598 | ) | 2,095,174,329 | 2,030,051,178 |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, and the classification of investments. |
For the year ended February 29, 2020, the iShares iBoxx $ Investment Grade Corporate Bond ETF utilized $84,554,788 of its capital loss carryforwards.
NOTESTO FINANCIAL STATEMENTS |
Notes to Financial Statements (continued)
As of February 29, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
iBoxx $ High Yield Corporate Bond | $ | 16,115,417,822 | $ | 47,604,527 | $ | (670,914,204 | ) | $ | (623,309,677 | ) | ||||||
iBoxx $ Investment Grade Corporate Bond | 33,711,641,882 | 2,127,098,151 | (31,923,822 | ) | 2,095,174,329 |
8. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
9. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Year Ended 02/29/20 | Year Ended 02/28/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
iBoxx $ High Yield Corporate Bond | ||||||||||||||||
Shares sold | 299,300,000 | $ | 25,895,937,886 | 455,300,000 | $ | 38,560,415,044 | ||||||||||
Shares redeemed | (321,300,000 | ) | (27,808,246,774 | ) | (453,600,000 | ) | (38,446,699,158 | ) | ||||||||
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Net increase(decrease) | (22,000,000 | ) | $ | (1,912,308,888 | ) | 1,700,000 | $ | 113,715,886 | ||||||||
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iBoxx $ Investment Grade Corporate Bond | ||||||||||||||||
Shares sold | 178,600,000 | $ | 22,184,145,038 | 210,900,000 | $ | 24,164,921,854 | ||||||||||
Shares redeemed | (208,900,000 | ) | (26,142,853,733 | ) | (209,200,000 | ) | (23,919,230,367 | ) | ||||||||
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Net increase(decrease) | (30,300,000 | ) | $ | (3,958,708,695 | ) | 1,700,000 | $ | 245,691,487 | ||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
10. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘ flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
11. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of iShares Trust and
Shareholders of iShares iBoxx $ High Yield Corporate Bond ETF and
iShares iBoxx $ Investment Grade Corporate Bond ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 29, 2020, the related statements of operations for the year ended February 29, 2020, the statements of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2020 and each of the financial highlights for each of the five years in the period ended February 29, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
April 21, 2020
We have served as the auditor of one or more BlackRock investment companies since 2000.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2020 BlackRock, Inc. All rights reserved.iSHARES andBLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1010-0420
APRIL 30, 2020 |
2020 Semi-Annual Report (Unaudited) |
iShares U.S. ETF Trust
· | iShares Interest Rate Hedged Long-Term Corporate Bond ETF | IGBH | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of April 30, 2020 | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF |
Investment Objective
TheiShares Interest Rate Hedged Long-Term Corporate Bond ETF(the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares Long-Term Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (9.92 | )% | (10.75 | )% | 0.45 | % | (10.75 | )% | 2.16 | % | ||||||||||||||
Fund Market | (9.96 | ) | (10.42 | ) | 0.51 | (10.42 | ) | 2.45 | ||||||||||||||||
ICE Q70A Custom Index(a) | (13.01 | ) | (13.87 | ) | 0.23 | (13.87 | ) | 1.11 |
The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.
The ICE Q70A Custom Index is an unmanaged index that consists of the ICE BofAML 10+ Year US Corporate Index plus interest rate swaps that intend to hedge the interest rate exposure of the ICE BofAML 10+ Year US Corporate Index.
(a) | The ICE Q70A Custom Index reflects the performance of Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index through July 31, 2018 and beginning August 1, 2018 reflects the performance of the ICE Q70A Custom 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 4 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a)(b) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a)(b) | | Annualized Expense Ratio | (a) | ||||||||||
$ | 1,000.00 | $ | 900.80 | $ | 0.47 | $ | 1,000.00 | $ | 1,024.40 | $ | 0.50 | 0.10 | % |
(a) | Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 4 for more information. |
Portfolio Information
Tables shown are for the underlying fund in which the Fund invests.
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aaa | 2.7 | % | ||
Aa | 9.2 | |||
A | 39.0 | |||
Baa | 45.5 | |||
Ba | 2.3 | |||
Not Rated | 1.3 |
ALLOCATION BY MATURITY
Maturity | | Percent of Total Investments | (a) | |
5-10 Years | 0.1 | % | ||
10-15 Years | 8.3 | |||
15-20 Years | 21.5 | |||
More than 20 Years | 70.1 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
FUND SUMMARY | 3 |
Past performance is no guarantee 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 the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions 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.
4 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 90.7% | ||||||||
iShares Long-Term Corporate Bond ETF(a)(b) | 598,303 | $ | 40,092,284 | |||||
|
| |||||||
Total Investment Companies — 90.7% | 40,092,284 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, | 28,672 | 28,704 | ||||||
BlackRock Cash Funds: Treasury, | 270,000 | 270,000 | ||||||
|
| |||||||
298,704 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.7% | 298,704 | |||||||
|
| |||||||
Total Investments in Securities — 91.4% | 40,390,988 | |||||||
Other Assets, Less Liabilities — 8.6% | 3,811,067 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 44,202,055 | ||||||
|
|
(a) | Affiliate of the Fund. |
(b) | All or a portion of this security is on loan. |
(c) | Annualized7-day yield as ofperiod-end. |
(d) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 |
| | Shares Purchased |
| | Shares Sold |
| | Shares Held at 04/30/20 |
| | Value at 04/30/20 |
| Income | | Net Realized Gain (Loss) |
(a) | | Change in Unrealized Appreciation (Depreciation) |
| ||||||||||
BlackRock Cash Funds: Institutional, | — | 28,672 | (b) | — | 28,672 | $ | 28,704 | $ | 2,762 | (c) | $ | 1,018 | $ | 40 | ||||||||||||||||||
BlackRock Cash Funds: Treasury, | 1,336,000 | — | (1,066,000 | )(b) | 270,000 | 270,000 | 8,600 | — | — | |||||||||||||||||||||||
iShares Long-Term Corporate Bond ETF | 828,526 | 104,655 | (334,878 | ) | 598,303 | 40,092,284 | 955,214 | 199,347 | (1,169,155 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 40,390,988 | $ | 966,576 | $ | 200,365 | $ | (1,169,115 | ) | ||||||||||||||||||||||||
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|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Centrally Cleared Interest Rate Swaps
Paid by the Fund | Received by the Fund | Effective | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | |||||||||||||||||||||
Rate | Frequency | Rate(a) | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||
1.17% | Semi-annual | 0.56% | Quarterly | N/A | 12/08/21 | $(10,299) | $ (136,348 | ) | $ | (97,032 | ) | $ | (39,316 | ) | ||||||||||||||
2.38 | Semi-annual | 0.56 | Quarterly | N/A | 01/12/23 | (1,126) | (60,986 | ) | 1,242 | (62,228 | ) | |||||||||||||||||
1.44 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/26 | (1) | (62 | ) | (4 | ) | (58 | ) | ||||||||||||||||
3.25 | Semi-annual | 0.56 | Quarterly | N/A | 10/18/28 | (3,446) | (766,712 | ) | (529,024 | ) | (237,688 | ) | ||||||||||||||||
0.77 | Semi-annual | 0.56 | Quarterly | N/A | 04/01/30 | (1,105) | (13,710 | ) | (3,632 | ) | (10,078 | ) | ||||||||||||||||
2.34 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/36 | (11,898) | (2,990,859 | ) | (160,291 | ) | (2,830,568 | ) | ||||||||||||||||
2.41 | Semi-annual | 0.56 | Quarterly | N/A | 06/19/37 | (37) | (9,984 | ) | (8,795 | ) | (1,189 | ) | ||||||||||||||||
0.86 | Semi-annual | 0.56 | Quarterly | N/A | 03/30/45 | (1,763) | (18,477 | ) | (21,925 | ) | 3,448 | |||||||||||||||||
1.77 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/46 | (3,948) | (935,255 | ) | 23,195 | (958,450 | ) |
SCHEDULE OF INVESTMENTS | 5 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund | Received by the Fund | Effective | Termination | Notional Amount |
| Upfront Premium Paid | Unrealized Appreciation | |||||||||||||||||||||
Rate | Frequency | Rate(a) | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||
3.33% | Semi-annual | 0.56% | Quarterly | N/A | 10/24/48 | $(4,200) | $ | (2,789,154 | ) | $ | (2,148,833 | ) | $ | (640,321 | ) | |||||||||||||
0.87 | Semi-annual | 0.56 | Quarterly | N/A | 03/30/50 | (10) | (145 | ) | — | (145 | ) | |||||||||||||||||
|
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|
|
|
| |||||||||||||||||||||||
$ | (7,721,692 | ) | $ | (2,945,099 | ) | $ | (4,776,593 | ) | ||||||||||||||||||||
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(a) | Represents3-month LIBOR. Rate shown is the rate in effect as ofperiod-end. |
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Centrally Cleared Swaps(a) | $24,437 | $(2,969,536 | ) | $3,448 | $(4,780,041 | ) |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of April 30, 2020, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Interest Rate Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized appreciation on centrally cleared swaps(a) | $ | 3,448 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized depreciation on centrally cleared swaps(a) | $ | 4,780,041 | ||
|
|
(a) | Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statement of Operations was as follows:
Interest Rate Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Swaps | $ | (9,691,346 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | 1,732,021 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 47,258,428 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
6 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Interest Rate Hedged Long-Term Corporate Bond ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 40,092,284 | $ | — | $ | — | $ | 40,092,284 | ||||||||
Money Market Funds | 298,704 | — | — | 298,704 | ||||||||||||
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|
| |||||||||
$ | 40,390,988 | $ | — | $ | — | $ | 40,390,988 | |||||||||
|
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|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Swaps | $ | — | $ | 3,448 | $ | — | $ | 3,448 | ||||||||
Liabilities | ||||||||||||||||
Swaps | — | (4,780,041 | ) | — | (4,780,041 | ) | ||||||||||
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|
| |||||||||
$ | — | $ | (4,776,593 | ) | $ | — | $ | (4,776,593 | ) | |||||||
|
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|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 7 |
Statement of Assets and Liabilities (unaudited)
April 30, 2020
iShares Interest Rate Hedged Long-Term Corporate Bond ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Affiliated(b) | $ | 40,390,988 | ||
Cash | 9,750 | |||
Cash pledged: | ||||
Centrally cleared swaps | 3,794,000 | |||
Receivables: | ||||
Securities lending income — Affiliated | 758 | |||
Variation margin on centrally cleared swaps | 37,699 | |||
Dividends | 73 | |||
|
| |||
Total assets | 44,233,268 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 27,600 | |||
Payables: | ||||
Investment advisory fees | 3,613 | |||
|
| |||
Total liabilities | 31,213 | |||
|
| |||
NET ASSETS | $ | 44,202,055 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 56,441,521 | ||
Accumulated loss | (12,239,466 | ) | ||
|
| |||
NET ASSETS | $ | 44,202,055 | ||
|
| |||
Shares outstanding | 2,050,000 | |||
|
| |||
Net asset value | $ | 21.56 | ||
|
| |||
Shares authorized | Unlimited | |||
|
| |||
Par value | None | |||
|
| |||
(a) Securities loaned, at value | $ | 26,804 | ||
(b) Investments, at cost — Affiliated | $ | 35,642,832 |
See notes to financial statements.
8 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement of Operations (unaudited)
Six Months Ended April 30, 2020
iShares Interest Rate Hedged Long-Term Bond ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Affiliated | $ | 963,814 | ||
Securities lending income — Affiliated — net | 2,762 | |||
|
| |||
Total investment income | 966,576 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 98,333 | |||
|
| |||
Total expenses | 98,333 | |||
Less: | ||||
Investment advisory fees waived | (70,238 | ) | ||
|
| |||
Total expenses after fees waived | 28,095 | |||
|
| |||
Net investment income | 938,481 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Affiliated | 512,769 | |||
In-kind redemptions — Affiliated | (312,404 | ) | ||
Swaps | (9,691,346 | ) | ||
|
| |||
Net realized loss | (9,490,981 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Affiliated | (1,169,115 | ) | ||
Swaps | 1,732,021 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | 562,906 | |||
|
| |||
Net realized and unrealized loss | (8,928,075 | ) | ||
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NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,989,594 | ) | |
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See notes to financial statements.
FINANCIAL STATEMENTS | 9 |
Statements of Changes in Net Assets
iShares Interest Rate Hedged Long-Term Corporate Bond ETF | ||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 938,481 | $ 2,108,049 | |||||
Net realized loss | (9,490,981 | ) | (2,816,427 | ) | ||||
Net change in unrealized appreciation (depreciation) | 562,906 | 305,065 | ||||||
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Net decrease in net assets resulting from operations | (7,989,594 | ) | (403,313 | ) | ||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
From net investment income | (881,471 | ) | (2,946,309 | ) | ||||
Return of capital | — | (12,010 | ) | |||||
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Decrease in net assets resulting from distributions to shareholders | (881,471 | ) | (2,958,319 | ) | ||||
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CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | (6,485,095 | ) | 4,966,319 | |||||
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NET ASSETS | ||||||||
Total increase (decrease) in net assets | (15,356,160 | ) | 1,604,687 | |||||
Beginning of period | 59,558,215 | 57,953,528 | ||||||
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End of period | $ | 44,202,055 | $59,558,215 | |||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
10 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares Interest Rate Hedged Long-Term Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 04/30/20 (unaudited) |
| | Year Ended 10/31/19 |
| | Year Ended 10/31/18 |
| | Year Ended 10/31/17 |
| | Year Ended 10/31/16 |
| | Period From 07/22/15 to 10/31/15 | (a)
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Net asset value, beginning of period | $ | 24.31 | $ | 25.76 | $ | 25.98 | $ | 24.07 | $ | 24.08 | $ | 25.10 | ||||||||||||||||||||||||||||||||||||
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Net investment income(b) | 0.39 | 0.98 | 1.01 | 0.91 | 0.89 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain | (2.77 | ) | (1.01 | ) | (0.32 | ) | 1.78 | (0.28 | ) | (1.09 | ) | |||||||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (2.38 | ) | (0.03 | ) | 0.69 | 2.69 | 0.61 | (0.83 | ) | |||||||||||||||||||||||||||||||||||||||
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Distributions(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.37 | ) | (0.96 | ) | (0.91 | ) | (0.76 | ) | (0.60 | ) | (0.13 | ) | ||||||||||||||||||||||||||||||||||||
From net realized gain | — | (0.45 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Return of capital | — | (0.01 | ) | — | (0.02 | ) | (0.02 | ) | (0.06 | ) | ||||||||||||||||||||||||||||||||||||||
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Total distributions | (0.37 | ) | (1.42 | ) | (0.91 | ) | (0.78 | ) | (0.62 | ) | (0.19 | ) | ||||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 21.56 | $ | 24.31 | $ | 25.76 | $ | 25.98 | $ | 24.07 | $ | 24.08 | ||||||||||||||||||||||||||||||||||||
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Total Return | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (9.92 | )%(e) | (0.03 | )% | 2.66 | % | 11.36 | % | 2.49 | %(f) | (3.19 | )%(e)(f) | ||||||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses(g) | 0.35 | %(h) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||||||||||||||||||||||
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Total expenses after fees waived(g) | 0.10 | %(h) | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.12 | %(h) | ||||||||||||||||||||||||||||||||||||
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Net investment income | 3.34 | %(h) | 3.98 | % | 3.86 | % | 3.62 | % | 3.78 | % | 3.80 | %(h) | ||||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 44,202 | $ | 59,558 | $ | 57,954 | $ | 15,586 | $ | 8,423 | $ | 8,429 | ||||||||||||||||||||||||||||||||||||
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Portfolio turnover rate(i)(j) | 6 | %(e) | 13 | % | 5 | % | 6 | % | 9 | % | 4 | %(e) | ||||||||||||||||||||||||||||||||||||
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(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total returns for the year ended October 31, 2016 and the period ended October 31, 2015 were 2.62% and-3.31%, respectively. |
(g) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(h) | Annualized. |
(i) | Portfolio turnover rate excludesin-kind transactions. |
(j) | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 11 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |
Interest Rate Hedged Long-Term Corporate Bond | Diversified |
Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedule of investments for the underlying fund are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on theex-dividend date. Interest income is accrued daily.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions:Dividends and distributions paid by the Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.
Indemnifications:In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
• | Exchange-traded funds andclosed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if
12 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and is disclosed in the schedule of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
Interest Rate Hedged Long-Term Corporate Bond | ||||||||||||||||
Deutsche Bank Securities Inc. | $ | 6,701 | $ | 6,701 | $ | — | $ | — | ||||||||
JPMorgan Securities LLC | 20,103 | 20,103 | — | — | ||||||||||||
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$ | 26,804 | $ | 26,804 | $ | — | $ | — | |||||||||
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NOTESTO FINANCIAL STATEMENTS | 13 |
Notes to Financial Statements (unaudited) (continued)
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Swaps:Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate swaps are used by the Fund to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund.
Swap agreements are privately negotiated in theover-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). The Fund enters into centrally cleared swaps.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is shown as cash pledged for centrally cleared swaps on the statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the operations.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Expense Waivers:A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares Long-Term Corporate Bond ETF (“IGLB”), after taking into account any fee waivers by IGLB, plus 0.10%.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
14 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended April 30, 2020, the Fund paid BTC $769 for securities lending agent services.
Officers and Trustees:Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
7. | PURCHASES AND SALES |
For the six months ended April 30, 2020, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Interest Rate Hedged Long-Term Corporate Bond | $ | 3,234,481 | $ | 11,489,797 |
For the six months ended April 30, 2020,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Interest Rate Hedged Long-Term Corporate Bond | $ | 3,447,132 | $ | 9,276,416 |
8. | INCOME TAX INFORMATION |
The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.
As of October 31, 2019, the Fund hadnon-expiring capital loss carryforwards available to offset future realized capital gains of $2,504,399.
As of April 30, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Interest Rate Hedged Long-Term Corporate Bond | $ | 35,915,491 | $ | 4,751,604 | $ | (5,052,700 | ) | $ | (301,096 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
NOTESTO FINANCIAL STATEMENTS | 15 |
Notes to Financial Statements (unaudited) (continued)
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its schedule of investments.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Interest Rate Hedged Long-Term Corporate Bond | ||||||||||||||||
Shares sold | 150,000 | $ | 3,693,750 | 1,450,000 | $ | 35,926,644 | ||||||||||
Shares redeemed | (550,000 | ) | (10,178,845 | ) | (1,250,000 | ) | (30,960,325 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (400,000 | ) | $ | (6,485,095 | ) | 200,000 | $ | 4,966,319 | ||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
11. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.
16 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
12. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS | 17 |
Statement Regarding Liquidity Risk Management Program (unaudited)
The Securities and Exchange Commission adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Trustees (the “Board”) of iShares Interest Rate Hedged Long-Term Corporate Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for anopen-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements.The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants.The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio.In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
18 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
Interest Rate Hedged Long-Term Corporate Bond | $ | 0.369303 | $ | — | $ | — | $ | 0.369303 | 100 | % | — | % | — | % | 100 | % |
SUPPLEMENTAL INFORMATION | 19 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Fund’s FormsN-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
20 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Fixed Income | ||
LIBOR | London Interbank Offered Rate |
GLOSSARYOF TERMS USEDINTHIS REPORT | 21 |
Additional Financial Information
Schedule of Investments (Unaudited)
April 30, 2020
Statement of Assets and Liabilities (Unaudited)
April 30, 2020
Audited Financial Statements
February 28, 2020
iShares Trust
iShares Long-Term Corporate Bond ETF | IGLB | NYSE Arca
Schedule of Investments (unaudited) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising —0.0% | ||||||||
Interpublic Group of Companies Inc. (The), 5.40%, 10/01/48 (Call 04/01/48) | $ | 170 | $ | 178,045 | ||||
|
| |||||||
Aerospace & Defense — 2.0% | ||||||||
BAE Systems Holdings Inc., 4.75%, 10/07/44(a)(b) | 465 | 548,028 | ||||||
BAE Systems PLC, 5.80%, 10/11/41(a) | 25 | 33,667 | ||||||
Boeing Co. (The) | ||||||||
3.25%, 02/01/35 (Call 11/01/34) | 437 | 361,958 | ||||||
3.30%, 03/01/35 (Call 09/01/34) | 25 | 22,504 | ||||||
3.38%, 06/15/46 (Call 12/15/45) | 205 | 154,882 | ||||||
3.50%, 03/01/39 (Call 09/01/38) | 495 | 398,130 | ||||||
3.50%, 03/01/45 (Call 09/01/44) | 759 | 610,368 | ||||||
3.55%, 03/01/38 (Call 09/01/37) | 280 | 236,211 | ||||||
3.60%, 05/01/34 (Call 02/01/34) | 375 | 326,937 | ||||||
3.65%, 03/01/47 (Call 09/01/46) | 225 | 173,637 | ||||||
3.75%, 02/01/50 (Call 08/01/49) | 835 | 667,438 | ||||||
3.83%, 03/01/59 (Call 09/01/58) | 550 | 422,420 | ||||||
3.85%, 11/01/48 (Call 05/01/48) | 210 | 166,204 | ||||||
3.90%, 05/01/49 (Call 11/01/48) | 450 | 377,050 | ||||||
3.95%, 08/01/59 (Call 02/01/59) | 790 | 618,637 | ||||||
5.88%, 02/15/40 | 225 | 227,143 | ||||||
6.13%, 02/15/33 | 50 | 53,000 | ||||||
6.63%, 02/15/38 | 156 | 162,675 | ||||||
6.88%, 03/15/39 | 427 | 471,386 | ||||||
General Dynamics Corp. | ||||||||
3.60%, 11/15/42 (Call 05/15/42) | 380 | 436,094 | ||||||
4.25%, 04/01/50 (Call 10/01/49) | 1,000 | 1,292,069 | ||||||
L3Harris Technologies Inc. | ||||||||
4.85%, 04/27/35 (Call 10/27/34) | 570 | 705,185 | ||||||
5.05%, 04/27/45 (Call 10/27/44) | 400 | 501,237 | ||||||
6.15%, 12/15/40 | 130 | 179,259 | ||||||
Lockheed Martin Corp. | ||||||||
3.60%, 03/01/35 (Call 09/01/34)(b) | 314 | 374,350 | ||||||
3.80%, 03/01/45 (Call 09/01/44) | 1,051 | 1,266,440 | ||||||
4.07%, 12/15/42 | 805 | 997,437 | ||||||
4.09%, 09/15/52 (Call 03/15/52) | 1,350 | 1,739,282 | ||||||
4.50%, 05/15/36 (Call 11/15/35) | 735 | 917,824 | ||||||
4.70%, 05/15/46 (Call 11/15/45) | 1,383 | 1,884,280 | ||||||
5.72%, 06/01/40 | 50 | 71,237 | ||||||
Series B, 6.15%, 09/01/36 | 175 | 250,418 | ||||||
Northrop Grumman Corp. | ||||||||
3.85%, 04/15/45 (Call 10/15/44) | 625 | 729,565 | ||||||
4.03%, 10/15/47 (Call 04/15/47) | 1,609 | 1,939,947 | ||||||
4.75%, 06/01/43 | 915 | 1,184,957 | ||||||
5.05%, 11/15/40 | 300 | 401,028 | ||||||
5.25%, 05/01/50 (Call 11/01/49) | 100 | 141,927 | ||||||
Northrop Grumman Systems Corp., 7.75%, 02/15/31 | 777 | 1,149,085 | ||||||
Raytheon Co. | ||||||||
4.20%, 12/15/44 (Call 06/15/44) | 100 | 125,159 | ||||||
4.70%, 12/15/41 | 200 | 264,313 | ||||||
4.88%, 10/15/40 | 392 | 515,116 | ||||||
Raytheon Technologies Corp. | ||||||||
3.75%, 11/01/46 (Call 05/01/46) | 960 | 1,131,762 | ||||||
4.05%, 05/04/47 (Call 11/04/46) | 335 | 410,126 | ||||||
4.15%, 05/15/45 (Call 11/16/44) | 1,350 | 1,650,925 | ||||||
4.45%, 11/16/38 (Call 05/16/38) | 849 | 1,056,911 | ||||||
4.50%, 06/01/42(b) | 1,805 | 2,295,230 | ||||||
4.63%, 11/16/48 (Call 05/16/48) | 1,271 | 1,703,585 | ||||||
5.40%, 05/01/35 | 1,121 | 1,505,911 |
Security | Par (000) | Value | ||||||
Aerospace & Defense (continued) | ||||||||
5.70%, 04/15/40 | $ | 956 | $ | 1,364,668 | ||||
6.05%, 06/01/36 | 230 | 321,461 | ||||||
6.13%, 07/15/38 | 990 | 1,469,584 | ||||||
Rockwell Collins Inc. | ||||||||
4.35%, 04/15/47 (Call 10/15/46) | 1,195 | 1,444,352 | ||||||
4.80%, 12/15/43 (Call 06/15/43) | 380 | 471,456 | ||||||
|
| |||||||
37,924,455 | ||||||||
Agriculture — 1.4% | ||||||||
Altria Group Inc. | ||||||||
3.88%, 09/16/46 (Call 03/16/46) | 1,486 | 1,451,222 | ||||||
4.25%, 08/09/42 | 1,175 | 1,162,521 | ||||||
4.50%, 05/02/43 | 1,675 | 1,700,262 | ||||||
5.38%, 01/31/44 | 917 | 1,047,867 | ||||||
5.80%, 02/14/39 (Call 08/14/38) | 585 | 698,407 | ||||||
5.95%, 02/14/49 (Call 08/14/48) | 1,390 | 1,743,564 | ||||||
6.20%, 02/14/59 (Call 08/14/58) | 220 | 277,485 | ||||||
Archer-Daniels-Midland Co. | ||||||||
3.75%, 09/15/47 (Call 03/15/47) | 415 | 475,983 | ||||||
4.02%, 04/16/43 | 839 | 991,013 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 905 | 1,220,289 | ||||||
4.54%, 03/26/42 | 413 | 504,928 | ||||||
5.38%, 09/15/35 | 55 | 79,229 | ||||||
BAT Capital Corp. | ||||||||
4.39%, 08/15/37 (Call 02/15/37) | 1,625 | 1,665,519 | ||||||
4.54%, 08/15/47 (Call 02/15/47) | 1,980 | 2,073,276 | ||||||
4.76%, 09/06/49 (Call 03/06/49) | 305 | 331,211 | ||||||
Cargill Inc., 3.88%, 05/23/49 (Call 11/23/48)(a) | 780 | 874,644 | ||||||
Philip Morris International Inc. | ||||||||
3.88%, 08/21/42 | 509 | 550,438 | ||||||
4.13%, 03/04/43 | 496 | 558,582 | ||||||
4.25%, 11/10/44 | 730 | 847,013 | ||||||
4.38%, 11/15/41(b) | 842 | 966,284 | ||||||
4.50%, 03/20/42 | 420 | 489,990 | ||||||
4.88%, 11/15/43 | 530 | 642,409 | ||||||
6.38%, 05/16/38 | 1,295 | 1,855,991 | ||||||
Reynolds American Inc. | ||||||||
5.70%, 08/15/35 (Call 02/15/35) | 1,248 | 1,448,642 | ||||||
5.85%, 08/15/45 (Call 02/15/45) | 1,840 | 2,126,667 | ||||||
6.15%, 09/15/43(b) | 475 | 576,866 | ||||||
7.25%, 06/15/37 | 825 | 1,063,616 | ||||||
|
| |||||||
27,423,918 | ||||||||
Apparel — 0.2% | ||||||||
NIKE Inc. | ||||||||
3.38%, 11/01/46 (Call 05/01/46)(b) | 300 | 331,331 | ||||||
3.38%, 03/27/50 (Call 09/27/49) | 1,600 | 1,793,905 | ||||||
3.63%, 05/01/43 (Call 11/01/42) | 560 | 619,514 | ||||||
3.88%, 11/01/45 (Call 05/01/45) | 755 | 894,008 | ||||||
|
| |||||||
3,638,758 | ||||||||
Auto Manufacturers — 0.4% | ||||||||
Cummins Inc., 4.88%, 10/01/43 (Call 04/01/43) | 375 | 496,678 | ||||||
Daimler Finance North America LLC, 8.50%, 01/18/31 | 1,451 | 1,933,085 | ||||||
Ford Motor Co., 7.40%, 11/01/46 | 544 | 444,720 | ||||||
General Motors Co. | ||||||||
5.00%, 04/01/35 | 408 | 345,626 | ||||||
5.15%, 04/01/38 (Call 10/01/37) | 463 | 381,391 | ||||||
5.20%, 04/01/45 | 1,015 | 813,670 | ||||||
5.40%, 04/01/48 (Call 10/01/47) | 610 | 486,417 | ||||||
5.95%, 04/01/49 (Call 10/01/48) | 889 | 756,257 | ||||||
6.25%, 10/02/43 | 852 | 745,782 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Auto Manufacturers (continued) | ||||||||
6.60%, 04/01/36 (Call 10/01/35) | $ | 1,175 | $ | 1,078,369 | ||||
6.75%, 04/01/46 (Call 10/01/45) | 580 | 538,448 | ||||||
|
| |||||||
8,020,443 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
Aptiv PLC | ||||||||
4.40%, 10/01/46 (Call 04/01/46) | 100 | 78,115 | ||||||
5.40%, 03/15/49 (Call 09/15/48) | 206 | 203,701 | ||||||
BorgWarner Inc., 4.38%, 03/15/45 | 345 | 328,204 | ||||||
Lear Corp., 5.25%, 05/15/49 (Call 11/15/48) | 600 | 540,347 | ||||||
|
| |||||||
1,150,367 | ||||||||
Banks — 8.2% | ||||||||
Bank of America Corp. | ||||||||
3.95%, 01/23/49 (Call 01/23/48)(c) | 1,280 | 1,460,544 | ||||||
4.08%, 04/23/40 (Call 04/23/39)(c) | 1,325 | 1,531,869 | ||||||
4.08%, 03/20/51 (Call 03/20/50)(c) | 3,500 | 4,202,821 | ||||||
4.24%, 04/24/38 (Call 04/24/37)(c) | 1,401 | 1,636,034 | ||||||
4.33%, 03/15/50 (Call 03/15/49)(c) | 1,784 | 2,223,432 | ||||||
4.44%, 01/20/48 (Call 01/20/47)(c) | 1,234 | 1,500,079 | ||||||
4.88%, 04/01/44(b) | 895 | 1,143,212 | ||||||
5.00%, 01/21/44(b) | 1,562 | 2,042,211 | ||||||
5.88%, 02/07/42 | 853 | 1,234,901 | ||||||
6.11%, 01/29/37 | 1,530 | 2,070,193 | ||||||
7.75%, 05/14/38 | 1,115 | 1,755,282 | ||||||
Series L, 4.75%, 04/21/45 | 593 | 721,996 | ||||||
Bank of America N.A., 6.00%, 10/15/36 | 1,025 | 1,443,999 | ||||||
Barclays PLC | ||||||||
4.95%, 01/10/47(b) | 1,240 | 1,490,216 | ||||||
5.25%, 08/17/45(b) | 790 | 973,067 | ||||||
BNP Paribas SA, 7.20%, (Call 06/25/37)(a)(c)(d) | 545 | 578,665 | ||||||
Citigroup Inc. | ||||||||
3.88%, 01/24/39 (Call 01/24/38)(c) | 533 | 573,374 | ||||||
4.28%, 04/24/48 (Call 04/24/47)(c) | 1,263 | 1,466,871 | ||||||
4.65%, 07/30/45 | 675 | 815,922 | ||||||
4.65%, 07/23/48 (Call 06/23/48) | 2,024 | 2,487,090 | ||||||
4.75%, 05/18/46 | 1,905 | 2,315,803 | ||||||
5.30%, 05/06/44 | 340 | 429,128 | ||||||
5.88%, 02/22/33 | 475 | 583,760 | ||||||
5.88%, 01/30/42 | 797 | 1,107,569 | ||||||
6.00%, 10/31/33 | 313 | 391,227 | ||||||
6.13%, 08/25/36 | 482 | 601,234 | ||||||
6.63%, 06/15/32 | 767 | 999,859 | ||||||
6.68%, 09/13/43 | 605 | 886,281 | ||||||
6.88%, 03/05/38 | 110 | 151,866 | ||||||
6.88%, 02/15/98 | 217 | 326,845 | ||||||
8.13%, 07/15/39 | 1,635 | 2,697,688 | ||||||
Commonwealth Bank of Australia | ||||||||
3.74%, 09/12/39(a)(b) | 495 | 503,102 | ||||||
3.90%, 07/12/47(a) | 829 | 945,538 | ||||||
4.32%, 01/10/48(a) | 1,105 | 1,173,455 | ||||||
Cooperatieve Rabobank UA | ||||||||
5.25%, 05/24/41(b) | 1,473 | 2,087,330 | ||||||
5.25%, 08/04/45 | 976 | 1,279,100 | ||||||
5.75%, 12/01/43 | 1,205 | 1,667,230 | ||||||
5.80%, 09/30/2110(a) | 100 | 170,898 | ||||||
Credit Suisse Group Funding Guernsey Ltd., 4.88%, 05/15/45 | 1,856 | 2,349,462 | ||||||
Fifth Third Bancorp., 8.25%, 03/01/38 | 1,016 | 1,511,538 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
First Republic Bank/CA | ||||||||
4.38%, 08/01/46 (Call 02/01/46) | $ | 350 | $ | 394,795 | ||||
4.63%, 02/13/47 (Call 08/13/46) | 495 | 597,484 | ||||||
Goldman Sachs Group Inc. (The) | ||||||||
4.02%, 10/31/38 (Call 10/31/37)(c) | 1,685 | 1,849,639 | ||||||
4.41%, 04/23/39 (Call 04/23/38)(c) | 1,870 | 2,116,259 | ||||||
4.75%, 10/21/45 (Call 04/21/45) | 1,584 | 1,922,049 | ||||||
4.80%, 07/08/44 (Call 01/08/44) | 1,745 | 2,124,529 | ||||||
5.15%, 05/22/45 | 1,330 | 1,616,025 | ||||||
6.13%, 02/15/33 | 775 | 1,018,200 | ||||||
6.25%, 02/01/41 | 1,725 | 2,399,178 | ||||||
6.45%, 05/01/36 | 230 | 301,956 | ||||||
6.75%, 10/01/37 | 3,825 | 5,223,952 | ||||||
HSBC Bank USA N.A., 7.00%, 01/15/39(b) | 265 | 392,848 | ||||||
HSBC Holdings PLC | ||||||||
5.25%, 03/14/44 | 720 | 917,740 | ||||||
6.10%, 01/14/42 | 978 | 1,384,543 | ||||||
6.50%, 05/02/36 | 2,710 | 3,662,474 | ||||||
6.50%, 09/15/37 | 1,820 | 2,507,429 | ||||||
6.80%, 06/01/38 | 1,630 | 2,314,479 | ||||||
7.63%, 05/17/32 | 446 | 605,696 | ||||||
HSBC USA Inc., 7.20%, 07/15/97(b) | 60 | 94,174 | ||||||
JPMorgan Chase & Co. | ||||||||
3.11%, 04/22/41 (Call 04/22/40)(c) | 1,000 | 1,037,825 | ||||||
3.11%, 04/22/51 (Call 04/22/50)(c) | 1,200 | 1,242,630 | ||||||
3.88%, 07/24/38 (Call 07/24/37)(c) | 2,515 | 2,841,316 | ||||||
3.90%, 01/23/49 (Call 01/23/48)(c) | 1,605 | 1,872,485 | ||||||
3.96%, 11/15/48 (Call 11/15/47)(c) | 2,192 | 2,592,787 | ||||||
4.03%, 07/24/48 (Call 07/24/47)(b)(c) | 990 | 1,175,057 | ||||||
4.26%, 02/22/48 (Call 02/22/47)(c) | 1,255 | 1,536,284 | ||||||
4.85%, 02/01/44 | 645 | 842,817 | ||||||
4.95%, 06/01/45 | 1,140 | 1,445,609 | ||||||
5.40%, 01/06/42 | 1,180 | 1,605,456 | ||||||
5.50%, 10/15/40 | 1,165 | 1,601,543 | ||||||
5.60%, 07/15/41 | 2,425 | 3,374,364 | ||||||
5.63%, 08/16/43 | 968 | 1,337,276 | ||||||
6.40%, 05/15/38 | 1,340 | 1,976,855 | ||||||
8.75%, 09/01/30 | 50 | 70,596 | ||||||
Lloyds Banking Group PLC | ||||||||
4.34%, 01/09/48(b) | 1,435 | 1,570,562 | ||||||
5.30%, 12/01/45 | 685 | 852,012 | ||||||
Mitsubishi UFJ Financial Group Inc. | ||||||||
3.75%, 07/18/39 | 625 | 689,256 | ||||||
4.15%, 03/07/39 | 895 | 1,032,943 | ||||||
4.29%, 07/26/38 | 1,225 | 1,431,034 | ||||||
Morgan Stanley | ||||||||
3.97%, 07/22/38 (Call 07/22/37)(c) | 956 | 1,075,384 | ||||||
4.30%, 01/27/45 | 1,479 | 1,783,386 | ||||||
4.38%, 01/22/47 | 2,520 | 3,139,671 | ||||||
4.46%, 04/22/39 (Call 04/22/38)(c) | 635 | 766,119 | ||||||
5.60%, 03/24/51 (Call 03/24/50)(c) | 1,000 | 1,436,916 | ||||||
6.38%, 07/24/42 | 1,639 | 2,529,450 | ||||||
7.25%, 04/01/32 | 1,183 | 1,716,445 | ||||||
Regions Bank/Birmingham AL, 6.45%, 06/26/37 | 460 | 600,621 | ||||||
Regions Financial Corp., 7.38%, 12/10/37 | 490 | 679,827 | ||||||
Santander UK Group Holdings PLC, | 495 | 582,338 | ||||||
Societe Generale SA, 5.63%, 11/24/45(a)(b) | 115 | 137,346 | ||||||
Standard Chartered PLC | ||||||||
5.30%, 01/09/43(a) | 485 | 565,225 | ||||||
5.70%, 03/26/44(a) | 2,025 | 2,473,347 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
UBS AG/London, 4.50%, 06/26/48(a)(b) | $ | 870 | $ | 1,175,398 | ||||
Wachovia Corp. | ||||||||
5.50%, 08/01/35 | 617 | 771,570 | ||||||
6.55%, 10/15/35 | 260 | 346,206 | ||||||
7.50%, 04/15/35 | 125 | 172,166 | ||||||
Wells Fargo & Co. | ||||||||
3.90%, 05/01/45 | 1,187 | 1,363,398 | ||||||
4.40%, 06/14/46(b) | 1,286 | 1,449,248 | ||||||
4.65%, 11/04/44(b) | 1,501 | 1,760,214 | ||||||
4.75%, 12/07/46 | 1,485 | 1,760,505 | ||||||
4.90%, 11/17/45 | 1,315 | 1,577,533 | ||||||
5.01%, 04/04/51 (Call 04/04/50)(c) | 3,200 | 4,201,080 | ||||||
5.38%, 02/07/35 | 385 | 500,153 | ||||||
5.38%, 11/02/43 | 1,365 | 1,733,915 | ||||||
5.61%, 01/15/44 | 2,010 | 2,634,776 | ||||||
5.95%, 12/01/86 | 668 | 745,611 | ||||||
Wells Fargo Bank N.A. | ||||||||
5.85%, 02/01/37 | 650 | 886,512 | ||||||
5.95%, 08/26/36 | 570 | 766,509 | ||||||
6.60%, 01/15/38 | 1,220 | 1,743,146 | ||||||
Westpac Banking Corp., 4.42%, 07/24/39 | 1,112 | 1,225,806 | ||||||
|
| |||||||
157,402,668 | ||||||||
Beverages — 3.3% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||||||||
4.70%, 02/01/36 (Call 08/01/35) | 4,267 | 4,776,197 | ||||||
4.90%, 02/01/46 (Call 08/01/45) | 7,355 | 8,486,130 | ||||||
Anheuser-Busch InBev Finance Inc. | ||||||||
4.00%, 01/17/43(b) | 958 | 980,474 | ||||||
4.63%, 02/01/44 | 1,277 | 1,409,627 | ||||||
4.70%, 02/01/36 (Call 08/01/35) | 600 | 663,742 | ||||||
4.90%, 02/01/46 (Call 08/01/45) | 1,399 | 1,603,686 | ||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.75%, 07/15/42 | 835 | 853,441 | ||||||
4.35%, 06/01/40 (Call 12/01/39) | 300 | 328,252 | ||||||
4.38%, 04/15/38 (Call 10/15/37) | 620 | 667,643 | ||||||
4.44%, 10/06/48 (Call 04/06/48) | 1,375 | 1,495,297 | ||||||
4.50%, 06/01/50 (Call 12/01/49) | 1,000 | 1,119,177 | ||||||
4.60%, 04/15/48 (Call 10/15/47)(b) | 1,783 | 1,976,380 | ||||||
4.60%, 06/01/60 (Call 12/01/59) | 400 | 440,091 | ||||||
4.75%, 04/15/58 (Call 10/15/57) | 1,075 | 1,209,546 | ||||||
4.90%, 01/23/31 (Call 10/23/30)(b) | 1,198 | 1,406,041 | ||||||
4.95%, 01/15/42 | 835 | 957,040 | ||||||
5.45%, 01/23/39 (Call 07/23/38) | 1,395 | 1,680,732 | ||||||
5.55%, 01/23/49 (Call 07/23/48) | 3,485 | 4,357,172 | ||||||
5.80%, 01/23/59 (Call 07/23/58) | 1,035 | 1,364,709 | ||||||
8.00%, 11/15/39 | 325 | 502,662 | ||||||
8.20%, 01/15/39 | 807 | 1,214,749 | ||||||
Bacardi Ltd. | ||||||||
5.15%, 05/15/38 (Call 11/15/37)(a) | 300 | 332,348 | ||||||
5.30%, 05/15/48 (Call 11/15/47)(a) | 515 | 577,759 | ||||||
Brown-Forman Corp. | ||||||||
4.00%, 04/15/38 (Call 10/15/37) | 140 | 146,768 | ||||||
4.50%, 07/15/45 (Call 01/15/45) | 213 | 249,108 | ||||||
Coca-Cola Co. (The), 4.20%, 03/25/50 | 1,400 | 1,812,331 | ||||||
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43 | 306 | 371,290 | ||||||
Constellation Brands Inc. | ||||||||
4.10%, 02/15/48 (Call 08/15/47)(b) | 250 | 264,777 | ||||||
4.50%, 05/09/47 (Call 11/09/46) | 550 | 610,705 | ||||||
5.25%, 11/15/48 (Call 05/15/48) | 503 | 620,139 |
Security | Par (000) | Value | ||||||
Beverages (continued) | ||||||||
Diageo Capital PLC | ||||||||
3.88%, 04/29/43 (Call 10/29/42)(b) | $ | 735 | $ | 859,251 | ||||
5.88%, 09/30/36(b) | 535 | 744,352 | ||||||
Diageo Investment Corp. | ||||||||
4.25%, 05/11/42 | 495 | 600,652 | ||||||
7.45%, 04/15/35 | 11 | 17,681 | ||||||
Fomento Economico Mexicano SAB de CV | ||||||||
3.50%, 01/16/50 (Call 07/16/49) | 1,000 | 958,905 | ||||||
4.38%, 05/10/43 | 330 | 367,165 | ||||||
Heineken NV | ||||||||
4.00%, 10/01/42(a) | 540 | 602,203 | ||||||
4.35%, 03/29/47 (Call 09/29/46)(a) | 120 | 140,486 | ||||||
Keurig Dr Pepper Inc. | ||||||||
4.42%, 12/15/46 (Call 06/15/46) | 525 | 603,732 | ||||||
4.50%, 11/15/45 (Call 05/15/45) | 385 | 441,322 | ||||||
4.99%, 05/25/38 (Call 11/25/37)(b) | 770 | 932,044 | ||||||
5.09%, 05/25/48 (Call 11/25/47) | 475 | 600,290 | ||||||
Molson Coors Beverage Co. | ||||||||
4.20%, 07/15/46 (Call 01/15/46) | 1,577 | 1,491,927 | ||||||
5.00%, 05/01/42 | 800 | 870,177 | ||||||
PepsiCo Inc. | ||||||||
2.88%, 10/15/49 (Call 04/15/49) | 1,050 | 1,125,555 | ||||||
3.38%, 07/29/49 (Call 01/29/49) | 1,125 | 1,283,491 | ||||||
3.45%, 10/06/46 (Call 04/06/46) | 1,525 | 1,748,616 | ||||||
3.60%, 08/13/42 | 455 | 529,518 | ||||||
3.63%, 03/19/50 (Call 09/19/49) | 1,800 | 2,172,278 | ||||||
4.00%, 03/05/42 | 492 | 608,746 | ||||||
4.00%, 05/02/47 (Call 11/02/46)(b) | 695 | 869,358 | ||||||
4.25%, 10/22/44 (Call 04/22/44) | 671 | 819,506 | ||||||
4.45%, 04/14/46 (Call 10/14/45) | 829 | 1,093,911 | ||||||
4.60%, 07/17/45 (Call 01/17/45) | 460 | 613,686 | ||||||
Pernod Ricard SA, 5.50%, 01/15/42(a)(b) | 250 | 309,375 | ||||||
|
| |||||||
62,882,240 | ||||||||
Biotechnology — 1.4% | ||||||||
Amgen Inc. | ||||||||
3.15%, 02/21/40 (Call 08/21/39) | 1,200 | 1,249,179 | ||||||
3.38%, 02/21/50 (Call 08/21/49) | 790 | 847,432 | ||||||
4.40%, 05/01/45 (Call 11/01/44) | 2,080 | 2,549,118 | ||||||
4.56%, 06/15/48 (Call 12/15/47)(b) | 1,520 | 1,935,060 | ||||||
4.66%, 06/15/51 (Call 12/15/50) | 3,170 | 4,147,718 | ||||||
4.95%, 10/01/41 | 341 | 440,923 | ||||||
5.15%, 11/15/41 (Call 05/15/41) | 670 | 899,677 | ||||||
5.65%, 06/15/42 (Call 12/15/41) | 140 | 190,606 | ||||||
5.75%, 03/15/40(b) | 220 | 312,467 | ||||||
6.38%, 06/01/37(b) | 315 | 472,415 | ||||||
6.40%, 02/01/39 | 125 | 192,304 | ||||||
6.90%, 06/01/38(b) | 75 | 119,596 | ||||||
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)(b) | 354 | 496,972 | ||||||
Biogen Inc. | ||||||||
3.15%, 05/01/50 (Call 11/01/49) | 1,130 | 1,108,003 | ||||||
5.20%, 09/15/45 (Call 03/15/45) | 820 | 1,070,929 | ||||||
Gilead Sciences Inc. | ||||||||
4.00%, 09/01/36 (Call 03/01/36) | 415 | 496,677 | ||||||
4.15%, 03/01/47 (Call 09/01/46)(b) | 1,645 | 2,073,491 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 1,146 | 1,478,319 | ||||||
4.60%, 09/01/35 (Call 03/01/35) | 1,085 | 1,399,955 | ||||||
4.75%, 03/01/46 (Call 09/01/45) | 1,603 | 2,165,726 | ||||||
4.80%, 04/01/44 (Call 10/01/43) | 995 | 1,312,339 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Biotechnology (continued) | ||||||||
5.65%, 12/01/41 (Call 06/01/41)(b) | $ | 980 | $ | 1,406,000 | ||||
|
| |||||||
26,364,906 | ||||||||
Building Materials — 0.4% | ||||||||
Carrier Global Corp. | ||||||||
3.38%, 04/05/40 (Call 10/05/39)(a) | 1,050 | 941,349 | ||||||
3.58%, 04/05/50 (Call 10/05/49)(a) | 550 | 496,072 | ||||||
CRH America Finance Inc. | ||||||||
4.40%, 05/09/47 (Call 11/09/46)(a) | 100 | 103,698 | ||||||
4.50%, 04/04/48 (Call 10/04/47)(a) | 751 | 804,580 | ||||||
Johnson Controls International PLC | ||||||||
4.50%, 02/15/47 (Call 08/15/46) | 488 | 553,797 | ||||||
4.63%, 07/02/44 (Call 01/02/44) | 577 | 643,744 | ||||||
4.95%, 07/02/64 (Call 01/02/64)(e) | 515 | 572,837 | ||||||
5.13%, 09/14/45 (Call 03/14/45) | 43 | 51,137 | ||||||
6.00%, 01/15/36 | 135 | 166,894 | ||||||
Martin Marietta Materials Inc., 4.25%, 12/15/47 (Call 06/15/47) | 745 | 760,256 | ||||||
Masco Corp., 4.50%, 05/15/47 (Call 11/15/46) | 345 | 333,286 | ||||||
Owens Corning | ||||||||
4.30%, 07/15/47 (Call 01/15/47)(b) | 167 | 160,607 | ||||||
4.40%, 01/30/48 (Call 07/30/47) | 279 | 270,624 | ||||||
7.00%, 12/01/36 | 249 | 304,723 | ||||||
Votorantim Cimentos SA, 7.25%, 04/05/41(a) | 500 | 547,500 | ||||||
Vulcan Materials Co. | ||||||||
4.50%, 06/15/47 (Call 12/15/46) | 315 | 341,295 | ||||||
4.70%, 03/01/48 (Call 09/01/47)(b) | 605 | 679,502 | ||||||
|
| |||||||
7,731,901 | ||||||||
Chemicals — 1.5% | ||||||||
Air Products and Chemicals Inc. | ||||||||
2.70%, 05/15/40 (Call 11/15/39) | 215 | 217,945 | ||||||
2.80%, 05/15/50 (Call 11/15/49) | 120 | 122,289 | ||||||
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44) | 558 | 567,483 | ||||||
Braskem America Finance Co., | 200 | 181,000 | ||||||
Braskem Netherlands Finance BV, | 560 | 429,800 | ||||||
Dow Chemical Co. (The) | ||||||||
4.25%, 10/01/34 (Call 04/01/34) | 1,859 | 1,956,020 | ||||||
4.38%, 11/15/42 (Call 05/15/42) | 423 | 452,280 | ||||||
4.63%, 10/01/44 (Call 04/01/44) | 390 | 431,625 | ||||||
4.80%, 05/15/49 (Call 11/15/48)(b) | 885 | 1,012,443 | ||||||
5.25%, 11/15/41 (Call 05/15/41) | 209 | 246,700 | ||||||
5.55%, 11/30/48 (Call 05/30/48)(b) | 515 | 653,857 | ||||||
9.40%, 05/15/39 | 346 | 553,778 | ||||||
DuPont de Nemours Inc. | ||||||||
5.32%, 11/15/38 (Call 05/15/38) | 695 | 844,327 | ||||||
5.42%, 11/15/48 (Call 05/15/48) | 2,345 | 3,030,817 | ||||||
Eastman Chemical Co. | ||||||||
4.65%, 10/15/44 (Call 04/15/44) | 964 | 1,098,967 | ||||||
4.80%, 09/01/42 (Call 03/01/42) | 428 | 492,005 | ||||||
Ecolab Inc. | ||||||||
3.70%, 11/01/46 (Call 05/01/46) | 175 | 200,539 | ||||||
3.95%, 12/01/47 (Call 06/01/47) | 720 | 876,795 | ||||||
5.50%, 12/08/41 | 278 | 358,106 | ||||||
FMC Corp., 4.50%, 10/01/49 (Call 04/01/49) | 490 | 543,267 | ||||||
International Flavors & Fragrances Inc. | ||||||||
4.38%, 06/01/47 (Call 12/01/46) | 275 | 279,969 | ||||||
5.00%, 09/26/48 (Call 03/26/48) | 345 | 382,890 | ||||||
Lubrizol Corp. (The), 6.50%, 10/01/34 | 350 | 535,286 |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
LYB International Finance BV | ||||||||
4.88%, 03/15/44 (Call 09/15/43) | $ | 990 | $ | 1,091,562 | ||||
5.25%, 07/15/43 | 885 | 1,003,781 | ||||||
LYB International Finance III LLC, 4.20%, 10/15/49 (Call 04/15/49) | 365 | 372,617 | ||||||
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54) | 973 | 1,024,856 | ||||||
Mosaic Co. (The) | ||||||||
4.88%, 11/15/41 (Call 05/15/41) | 230 | 204,723 | ||||||
5.45%, 11/15/33 (Call 05/15/33) | 393 | 392,913 | ||||||
5.63%, 11/15/43 (Call 05/15/43) | 145 | 145,947 | ||||||
Nutrien Ltd. | ||||||||
4.13%, 03/15/35 (Call 09/15/34) | 512 | 549,560 | ||||||
4.90%, 06/01/43 (Call 12/01/42) | 220 | 245,038 | ||||||
5.00%, 04/01/49 (Call 10/01/48) | 773 | 996,676 | ||||||
5.25%, 01/15/45 (Call 07/15/44) | 229 | 270,525 | ||||||
5.63%, 12/01/40 | 390 | 450,983 | ||||||
5.88%, 12/01/36 | 241 | 291,425 | ||||||
6.13%, 01/15/41 (Call 07/15/40) | 650 | 821,225 | ||||||
7.13%, 05/23/36 | 18 | 23,382 | ||||||
OCP SA, 6.88%, 04/25/44(a) | 200 | 236,500 | ||||||
Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(a) | 900 | 862,884 | ||||||
Praxair Inc., 3.55%, 11/07/42 (Call 05/07/42) | 1,020 | 1,149,794 | ||||||
RPM International Inc., 4.25%, 01/15/48 (Call 07/15/47) | 560 | 533,839 | ||||||
Sherwin-Williams Co. (The) | ||||||||
3.80%, 08/15/49 (Call 02/15/49)(b) | 435 | 472,208 | ||||||
4.00%, 12/15/42 (Call 06/15/42) | 285 | 304,803 | ||||||
4.50%, 06/01/47 (Call 12/01/46) | 535 | 646,769 | ||||||
4.55%, 08/01/45 (Call 02/01/45) | 95 | 109,404 | ||||||
Syngenta Finance NV, 5.68%, 04/24/48 (Call 10/24/47)(a) | 375 | 367,909 | ||||||
Westlake Chemical Corp. | ||||||||
4.38%, 11/15/47 (Call 05/15/47) | 700 | 613,767 | ||||||
5.00%, 08/15/46 (Call 02/15/46) | 305 | 295,287 | ||||||
|
| |||||||
28,946,565 | ||||||||
Commercial Services — 1.2% | ||||||||
American University (The), Series 2019, | 500 | 545,978 | ||||||
California Institute of Technology | ||||||||
4.32%, 08/01/45 | 12 | 15,360 | ||||||
4.70%, 11/01/2111 | 145 | 186,460 | ||||||
Cleveland Clinic Foundation (The), | 200 | 262,854 | ||||||
DP World PLC | ||||||||
4.70%, 09/30/49 (Call 03/30/49)(a) | 500 | 430,000 | ||||||
5.63%, 09/25/48(a) | 1,300 | 1,241,500 | ||||||
6.85%, 07/02/37(a) | 850 | 919,063 | ||||||
Duke University, 3.30%, 10/01/46 | 25 | 28,246 | ||||||
Equifax Inc., 7.00%, 07/01/37 | 110 | 132,223 | ||||||
ERAC USA Finance LLC | ||||||||
4.20%, 11/01/46 (Call 05/01/46)(a) | 50 | 48,874 | ||||||
5.63%, 03/15/42(a) | 65 | 71,725 | ||||||
7.00%, 10/15/37(a) | 1,824 | 2,343,756 | ||||||
George Washington University (The) | ||||||||
4.87%, 09/15/45 | 16 | 20,887 | ||||||
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)(b) | 998 | 1,186,694 | ||||||
Georgetown University (The) | ||||||||
Series 20A, 2.94%, 04/01/50 | 173 | 166,335 | ||||||
Series A, 5.22%, 10/01/2118 (Call 04/01/2118) | 75 | 111,827 | ||||||
Global Payments Inc., 4.15%, 08/15/49 (Call 02/15/49)(b) | 880 | 947,667 | ||||||
Johns Hopkins University, Series 2013, | 36 | 46,176 | ||||||
Leland Stanford Junior University (The), | 503 | 629,219 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Commercial Services (continued) | ||||||||
Massachusetts Institute of Technology | $ | 100 | $ | 119,219 | ||||
3.96%, 07/01/38 | 59 | 75,092 | ||||||
4.68%, 07/01/2114 | 325 | 457,858 | ||||||
5.60%, 07/01/2111 | 600 | 1,011,141 | ||||||
Series F, 2.99%, 07/01/50 (Call 01/01/50)(b) | 1,860 | 2,134,152 | ||||||
Moody’s Corp. | 211 | 277,533 | ||||||
5.25%, 07/15/44 | 525 | 710,114 | ||||||
Northwestern University | 355 | 473,362 | ||||||
Series 2017, 3.66%, 12/01/57 (Call 06/01/57) | 55 | 64,618 | ||||||
President and Fellows of Harvard College | 500 | 567,377 | ||||||
3.30%, 07/15/56 (Call 01/15/56) | 385 | 437,355 | ||||||
3.62%, 10/01/37 | 46 | 54,541 | ||||||
4.88%, 10/15/40 | 200 | 275,384 | ||||||
Princeton University, 5.70%, 03/01/39 | 515 | 769,490 | ||||||
S&P Global Inc. | 575 | 623,461 | ||||||
4.50%, 05/15/48 (Call 11/15/47) | 275 | 362,340 | ||||||
Trustees of Boston College, 3.13%, 07/01/52(b) | 530 | 557,208 | ||||||
Trustees of Boston University, Series CC, | 130 | 156,600 | ||||||
Trustees of Dartmouth College, 3.47%, 06/01/46(b) | 260 | 300,491 | ||||||
Trustees of the University of Pennsylvania (The), | 375 | 444,298 | ||||||
Tufts University, Series 2012, 5.02%, 04/15/2112 | 100 | 135,535 | ||||||
University of Notre Dame du Lac | ||||||||
Series 2015, 3.44%, 02/15/45 | 139 | 164,917 | ||||||
Series 2017, 3.39%, 02/15/48 (Call 08/15/47) | 1,075 | 1,289,167 | ||||||
University of Southern California | 334 | 355,788 | ||||||
3.03%, 10/01/39 | 1,161 | 1,239,823 | ||||||
5.25%, 10/01/2111 | 250 | 381,471 | ||||||
Series 2017, 3.84%, 10/01/47 (Call 04/01/47) | 150 | 181,619 | ||||||
Verisk Analytics Inc., 5.50%, 06/15/45 (Call 12/15/44) | 186 | 242,177 | ||||||
Wesleyan University, 4.78%, 07/01/2116 | 125 | 141,084 | ||||||
William Marsh Rice University | 331 | 389,486 | ||||||
3.77%, 05/15/55 | 125 | 151,357 | ||||||
|
| |||||||
23,878,902 | ||||||||
Computers — 1.7% | ||||||||
Apple Inc. | 1,594 | 1,818,494 | ||||||
3.75%, 09/12/47 (Call 03/12/47) | 855 | 1,033,494 | ||||||
3.75%, 11/13/47 (Call 05/13/47) | 1,460 | 1,769,721 | ||||||
3.85%, 05/04/43 | 1,690 | 2,038,173 | ||||||
3.85%, 08/04/46 (Call 02/04/46)(b) | 2,045 | 2,499,026 | ||||||
4.25%, 02/09/47 (Call 08/09/46) | 1,240 | 1,625,294 | ||||||
4.38%, 05/13/45(b) | 1,985 | 2,589,632 | ||||||
4.45%, 05/06/44 | 720 | 947,925 | ||||||
4.50%, 02/23/36 (Call 08/23/35) | 1,280 | 1,633,420 | ||||||
4.65%, 02/23/46 (Call 08/23/45) | 1,799 | 2,438,895 | ||||||
Dell International LLC/EMC Corp. | 1,666 | 2,033,995 | ||||||
8.35%, 07/15/46 (Call 01/15/46)(a) | 675 | 843,070 | ||||||
Hewlett Packard Enterprise Co. | 700 | 827,594 | ||||||
6.35%, 10/15/45 (Call 04/15/45) | 985 | 1,178,985 |
Security | Par (000) | Value | ||||||
Computers (continued) | ||||||||
HP Inc., 6.00%, 09/15/41 | $ | 394 | $ | 435,370 | ||||
International Business Machines Corp. | 150 | 148,757 | ||||||
4.00%, 06/20/42(b) | 1,190 | 1,389,683 | ||||||
4.15%, 05/15/39 | 2,025 | 2,366,481 | ||||||
4.25%, 05/15/49 | 1,680 | 2,064,700 | ||||||
4.70%, 02/19/46(b) | 845 | 1,063,931 | ||||||
5.60%, 11/30/39 | 615 | 852,131 | ||||||
5.88%, 11/29/32 | 356 | 484,623 | ||||||
7.13%, 12/01/96(b) | 95 | 164,580 | ||||||
Seagate HDD Cayman, 5.75%, 12/01/34 (Call 06/01/34) | 305 | 309,097 | ||||||
|
| |||||||
32,557,071 | ||||||||
Cosmetics & Personal Care — 0.5% | ||||||||
Colgate-Palmolive Co. | 270 | 351,204 | ||||||
4.00%, 08/15/45 | 330 | 436,720 | ||||||
Estee Lauder Companies Inc. (The) | 995 | 1,025,648 | ||||||
3.70%, 08/15/42 | 50 | 51,015 | ||||||
4.15%, 03/15/47 (Call 09/15/46) | 200 | 238,269 | ||||||
4.38%, 06/15/45 (Call 12/15/44) | 535 | 652,642 | ||||||
6.00%, 05/15/37 | 255 | 353,720 | ||||||
Procter & Gamble Co. (The) | 525 | 655,198 | ||||||
3.55%, 03/25/40 | 1,000 | 1,202,858 | ||||||
3.60%, 03/25/50 | 1,400 | 1,781,154 | ||||||
5.50%, 02/01/34 | 285 | 408,524 | ||||||
5.55%, 03/05/37 | 49 | 71,117 | ||||||
5.80%, 08/15/34(b) | 85 | 126,168 | ||||||
Unilever Capital Corp., 5.90%, 11/15/32 | 1,151 | 1,632,467 | ||||||
|
| |||||||
8,986,704 | ||||||||
Distribution & Wholesale — 0.1% | ||||||||
WW Grainger Inc. | 480 | 519,644 | ||||||
4.20%, 05/15/47 (Call 11/15/46) | 165 | 191,425 | ||||||
4.60%, 06/15/45 (Call 12/15/44) | 755 | 930,256 | ||||||
|
| |||||||
1,641,325 | ||||||||
Diversified Financial Services — 1.7% | ||||||||
Ally Financial Inc. 8.00%, 11/01/31 | 2,077 | 2,537,310 | ||||||
American Express Co., 4.05%, 12/03/42(b) | 925 | 1,134,459 | ||||||
Blackstone Holdings Finance Co. LLC | 800 | 774,599 | ||||||
4.00%, 10/02/47 (Call 04/02/47)(a)(b) | 340 | 347,208 | ||||||
4.45%, 07/15/45(a) | 400 | 426,832 | ||||||
5.00%, 06/15/44(a)(b) | 61 | 69,624 | ||||||
Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47) | 979 | 990,436 | ||||||
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49) | 575 | 474,046 | ||||||
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(a) | 245 | 277,551 | ||||||
CME Group Inc. | 770 | 1,027,189 | ||||||
5.30%, 09/15/43 (Call 03/15/43) | 221 | 314,654 | ||||||
Credit Suisse USA Inc., 7.13%, 07/15/32 | 213 | 315,028 | ||||||
FMR LLC | 500 | 608,735 | ||||||
6.50%, 12/14/40(a) | 500 | 700,440 | ||||||
GE Capital International Funding Co. Unlimited Co., | 8,055 | 8,394,659 | ||||||
Invesco Finance PLC, 5.38%, 11/30/43 | 436 | 460,117 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
Jefferies Financial Group Inc., | $ | 245 | $ | 258,548 | ||||
Jefferies Group LLC | 430 | 452,791 | ||||||
6.50%, 01/20/43 | 95 | 99,944 | ||||||
KKR Group Finance Co. II LLC, | 550 | 620,614 | ||||||
Legg Mason Inc., 5.63%, 01/15/44 | 220 | 254,991 | ||||||
Mastercard Inc. | 868 | 1,042,682 | ||||||
3.80%, 11/21/46 (Call 05/21/46) | 450 | 549,525 | ||||||
3.85%, 03/26/50 (Call 09/26/49) | 650 | 810,638 | ||||||
3.95%, 02/26/48 (Call 08/26/47) | 745 | 937,440 | ||||||
Nasdaq Inc., 3.25%, 04/28/50 (Call 10/28/49) | 155 | 155,482 | ||||||
Neuberger Berman Group LLC/Neuberger Berman | 50 | 49,298 | ||||||
Raymond James Financial Inc., 4.95%, 07/15/46 | 725 | 857,272 | ||||||
Visa Inc. | 1,344 | 1,639,195 | ||||||
4.15%, 12/14/35 (Call 06/14/35) | 1,514 | 1,910,590 | ||||||
4.30%, 12/14/45 (Call 06/14/45) | 2,170 | 2,873,244 | ||||||
Western Union Co. (The) | 260 | 279,600 | ||||||
6.20%, 06/21/40 | 140 | 147,040 | ||||||
|
| |||||||
31,791,781 | ||||||||
Electric — 12.6% | ||||||||
Abu Dhabi National Energy Co. PJSC | 400 | 400,080 | ||||||
6.50%, 10/27/36(a) | 800 | 970,000 | ||||||
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a) | 225 | 217,170 | ||||||
AEP Texas Inc. | 50 | 56,026 | ||||||
Series G, 4.15%, 05/01/49 (Call 11/01/48) | 245 | 289,703 | ||||||
Series H, 3.45%, 01/15/50 (Call 07/15/49)(b) | 325 | 357,985 | ||||||
AEP Transmission Co. LLC | 50 | 55,087 | ||||||
3.75%, 12/01/47 (Call 06/01/47) | 485 | 575,636 | ||||||
3.80%, 06/15/49 (Call 12/15/48) | 315 | 379,376 | ||||||
4.00%, 12/01/46 (Call 06/01/46)(b) | 465 | 559,539 | ||||||
4.25%, 09/15/48 (Call 03/15/48)(b) | 320 | 405,780 | ||||||
Alabama Power Co. | 415 | 474,048 | ||||||
3.75%, 03/01/45 (Call 09/01/44) | 575 | 663,446 | ||||||
3.85%, 12/01/42 | 220 | 251,603 | ||||||
4.10%, 01/15/42 | 85 | 94,175 | ||||||
4.15%, 08/15/44 (Call 02/15/44) | 367 | 443,211 | ||||||
4.30%, 01/02/46 (Call 07/02/45) | 425 | 525,036 | ||||||
5.70%, 02/15/33(b) | 50 | 67,063 | ||||||
6.00%, 03/01/39 | 185 | 258,647 | ||||||
6.13%, 05/15/38 | 100 | 140,066 | ||||||
Series A, 4.30%, 07/15/48 (Call 01/15/48) | 185 | 230,275 | ||||||
Series B, 3.70%, 12/01/47 (Call 06/01/47) | 485 | 557,401 | ||||||
Ameren Illinois Co. | 340 | 381,290 | ||||||
3.70%, 12/01/47 (Call 06/01/47) | 480 | 559,684 | ||||||
4.15%, 03/15/46 (Call 09/15/45) | 100 | 123,560 | ||||||
4.30%, 07/01/44 (Call 01/01/44) | 200 | 243,706 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 613 | 803,636 | ||||||
4.80%, 12/15/43 (Call 06/15/43) | 250 | 330,378 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
American Transmission Systems Inc., | $ | 325 | $ | 400,855 | ||||
Appalachian Power Co. | 416 | 490,515 | ||||||
4.45%, 06/01/45 (Call 12/01/44) | 405 | 497,321 | ||||||
7.00%, 04/01/38 | 123 | 172,723 | ||||||
Series L, 5.80%, 10/01/35 | 212 | 291,650 | ||||||
Series P, 6.70%, 08/15/37 | 80 | 108,421 | ||||||
Series Y, 4.50%, 03/01/49 (Call 09/01/48) | 305 | 376,289 | ||||||
Arizona Public Service Co. | 405 | 447,681 | ||||||
3.75%, 05/15/46 (Call 11/15/45) | 620 | 703,115 | ||||||
4.20%, 08/15/48 (Call 02/15/48) | 60 | 72,743 | ||||||
4.25%, 03/01/49 (Call 09/01/48) | 610 | 751,611 | ||||||
4.35%, 11/15/45 (Call 05/15/45)(b) | 60 | 72,887 | ||||||
4.50%, 04/01/42 (Call 10/01/41) | 551 | 675,467 | ||||||
5.05%, 09/01/41 (Call 03/01/41) | 160 | 202,219 | ||||||
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)(b) | 300 | 370,802 | ||||||
Baltimore Gas & Electric Co. | 360 | 393,361 | ||||||
3.50%, 08/15/46 (Call 02/15/46) | 645 | 729,055 | ||||||
3.75%, 08/15/47 (Call 02/15/47) | 50 | 58,626 | ||||||
4.25%, 09/15/48 (Call 03/15/48) | 200 | 254,655 | ||||||
Berkshire Hathaway Energy Co. | 872 | 1,030,285 | ||||||
4.25%, 10/15/50 (Call 04/15/50)(a) | 100 | 125,775 | ||||||
4.45%, 01/15/49 (Call 07/15/48) | 801 | 1,056,060 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 685 | 890,574 | ||||||
5.15%, 11/15/43 (Call 05/15/43) | 997 | 1,351,122 | ||||||
5.95%, 05/15/37 | 680 | 929,103 | ||||||
6.13%, 04/01/36 | 792 | 1,113,755 | ||||||
Black Hills Corp. | 370 | 372,622 | ||||||
4.20%, 09/15/46 (Call 03/15/46) | 220 | 222,600 | ||||||
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(a) | 196 | 202,928 | ||||||
CenterPoint Energy Houston Electric LLC | 845 | 966,638 | ||||||
3.95%, 03/01/48 (Call 09/01/47)(b) | 525 | 639,191 | ||||||
4.50%, 04/01/44 (Call 10/01/43) | 315 | 401,119 | ||||||
Series AC, 4.25%, 02/01/49 (Call 08/01/48) | 510 | 657,468 | ||||||
CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)(b) | 325 | 336,774 | ||||||
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45) | 520 | 497,632 | ||||||
Cleco Power LLC, 6.00%, 12/01/40 | 100 | 127,451 | ||||||
Cleveland Electric Illuminating Co. (The) | 100 | 115,918 | ||||||
5.95%, 12/15/36 | 430 | 540,409 | ||||||
CMS Energy Corp. | 480 | 587,230 | ||||||
4.88%, 03/01/44 (Call 09/01/43) | 546 | 703,073 | ||||||
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a) | 380 | 340,100 | ||||||
Comision Federal de Electricidad | 800 | 766,008 | ||||||
6.13%, 06/16/45(a) | 400 | 403,504 | ||||||
Commonwealth Edison Co. | 420 | 491,737 | ||||||
3.70%, 03/01/45 (Call 09/01/44) | 275 | 320,928 | ||||||
3.80%, 10/01/42 (Call 04/01/42) | 400 | 463,884 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.00%, 03/01/48 (Call 09/01/47) | $ | 695 | $ | 857,854 | ||||
4.00%, 03/01/49 (Call 09/01/48) | 585 | 728,838 | ||||||
4.35%, 11/15/45 (Call 05/15/45) | 350 | 446,869 | ||||||
4.60%, 08/15/43 (Call 02/15/43)(b) | 150 | 193,074 | ||||||
4.70%, 01/15/44 (Call 07/15/43) | 575 | 762,170 | ||||||
6.45%, 01/15/38 | 105 | 155,433 | ||||||
Series 123, 3.75%, 08/15/47 (Call 02/15/47) | 400 | 475,923 | ||||||
Series 127, 3.20%, 11/15/49 (Call 05/15/49) | 155 | 169,819 | ||||||
Connecticut Light & Power Co. (The) | ||||||||
4.00%, 04/01/48 (Call 10/01/47)(b) | 375 | 469,913 | ||||||
4.30%, 04/15/44 (Call 10/15/43) | 650 | 815,084 | ||||||
Consolidated Edison Co. of New York Inc. | ||||||||
3.70%, 11/15/59 (Call 05/15/59) | 225 | 256,968 | ||||||
3.85%, 06/15/46 (Call 12/15/45) | 550 | 629,895 | ||||||
3.95%, 03/01/43 (Call 09/01/42) | 575 | 662,572 | ||||||
4.45%, 03/15/44 (Call 09/15/43) | 939 | 1,149,671 | ||||||
4.50%, 12/01/45 (Call 06/01/45) | 867 | 1,083,181 | ||||||
4.50%, 05/15/58 (Call 11/15/57) | 385 | 478,268 | ||||||
4.63%, 12/01/54 (Call 06/01/54) | 798 | 1,024,889 | ||||||
5.70%, 06/15/40 | 195 | 267,692 | ||||||
Series 05-A, 5.30%, 03/01/35 | 125 | 163,390 | ||||||
Series 06-A, 5.85%, 03/15/36 | 125 | 161,346 | ||||||
Series 06-B, 6.20%, 06/15/36 | 395 | 536,948 | ||||||
Series 06-E, 5.70%, 12/01/36 | 90 | 115,083 | ||||||
Series 07-A, 6.30%, 08/15/37(b) | 125 | 172,473 | ||||||
Series 08-B, 6.75%, 04/01/38 | 635 | 928,660 | ||||||
Series 09-C, 5.50%, 12/01/39 | 465 | 627,290 | ||||||
Series 12-A, 4.20%, 03/15/42 | 83 | 99,317 | ||||||
Series 2017, 3.88%, 06/15/47 (Call 12/15/46) | 605 | 704,393 | ||||||
Series A, 4.13%, 05/15/49 (Call 11/15/48) | 410 | 498,331 | ||||||
Series C, 4.00%, 11/15/57 (Call 05/15/57) | 25 | 28,711 | ||||||
Series C, 4.30%, 12/01/56 (Call 06/01/56) | 602 | 734,504 | ||||||
Series E, 4.65%, 12/01/48 (Call 06/01/48) | 430 | 556,985 | ||||||
Consumers Energy Co. | ||||||||
2.50%, 05/01/60 (Call 11/01/49) | 440 | 430,121 | ||||||
3.10%, 08/15/50 (Call 02/15/50)(b) | 200 | 227,956 | ||||||
3.25%, 08/15/46 (Call 02/15/46)(b) | 450 | 514,128 | ||||||
3.75%, 02/15/50 (Call 08/15/49) | 48 | 60,659 | ||||||
3.95%, 05/15/43 (Call 11/15/42) | 245 | 301,039 | ||||||
3.95%, 07/15/47 (Call 01/15/47) | 310 | 395,120 | ||||||
4.05%, 05/15/48 (Call 11/15/47) | 430 | 561,135 | ||||||
4.35%, 04/15/49 (Call 10/15/48) | 500 | 682,071 | ||||||
Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48) | 384 | 416,972 | ||||||
Delmarva Power & Light Co., 4.15%, 05/15/45 (Call 11/15/44) | 250 | 295,069 | ||||||
Dominion Energy Inc. | ||||||||
4.70%, 12/01/44 (Call 06/01/44) | 721 | 867,082 | ||||||
7.00%, 06/15/38 | 403 | 561,612 | ||||||
Series A, 4.60%, 03/15/49 (Call 09/15/48) | 85 | 103,366 | ||||||
Series B, 5.95%, 06/15/35 | 490 | 628,331 | ||||||
Series C, 4.05%, 09/15/42 (Call 03/15/42) | 475 | 510,931 | ||||||
Series C, 4.90%, 08/01/41 (Call 02/01/41) | 642 | 764,908 | ||||||
Series E, 6.30%, 03/15/33 | 391 | 519,342 | ||||||
Series F, 5.25%, 08/01/33 | 520 | 602,466 | ||||||
Dominion Energy South Carolina Inc. | ||||||||
4.60%, 06/15/43 (Call 12/15/42) | 501 | 630,289 | ||||||
5.10%, 06/01/65 (Call 12/01/64) | 370 | 529,275 | ||||||
5.30%, 05/15/33 | 155 | 200,520 | ||||||
5.45%, 02/01/41 (Call 08/01/40) | 380 | 516,714 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
6.05%, 01/15/38 | $ | 343 | $ | 483,857 | ||||
6.63%, 02/01/32 | 375 | 525,739 | ||||||
DTE Electric Co. | ||||||||
2.95%, 03/01/50 (Call 09/01/49) | 300 | 316,645 | ||||||
3.70%, 03/15/45 (Call 09/15/44) | 350 | 412,992 | ||||||
3.70%, 06/01/46 (Call 12/01/45) | 335 | 393,298 | ||||||
3.75%, 08/15/47 (Call 02/15/47) | 175 | 209,428 | ||||||
3.95%, 06/15/42 (Call 12/15/41) | 200 | 232,135 | ||||||
3.95%, 03/01/49 (Call 09/01/48)(b) | 445 | 552,383 | ||||||
4.30%, 07/01/44 (Call 01/01/44) | 348 | 440,225 | ||||||
5.70%, 10/01/37 | 500 | 666,344 | ||||||
Series A, 4.00%, 04/01/43 (Call 10/01/42) | 375 | 453,610 | ||||||
Series A, 4.05%, 05/15/48 (Call 11/15/47)(b) | 580 | 725,298 | ||||||
DTE Energy Co., 6.38%, 04/15/33 | 335 | 445,152 | ||||||
Duke Energy Carolinas LLC | ||||||||
3.20%, 08/15/49 (Call 02/15/49)(b) | 540 | 607,286 | ||||||
3.70%, 12/01/47 (Call 06/01/47) | 340 | 409,418 | ||||||
3.75%, 06/01/45 (Call 12/01/44) | 240 | 286,262 | ||||||
3.88%, 03/15/46 (Call 09/15/45) | 390 | 471,940 | ||||||
3.95%, 03/15/48 (Call 09/15/47) | 1,075 | 1,334,385 | ||||||
4.00%, 09/30/42 (Call 03/30/42) | 325 | 388,552 | ||||||
4.25%, 12/15/41 (Call 06/15/41) | 465 | 576,560 | ||||||
5.30%, 02/15/40 | 555 | 768,518 | ||||||
6.00%, 01/15/38 | 187 | 273,046 | ||||||
6.05%, 04/15/38 | 385 | 559,550 | ||||||
6.10%, 06/01/37 | 285 | 410,122 | ||||||
6.45%, 10/15/32 | 441 | 615,993 | ||||||
Duke Energy Corp. | ||||||||
3.75%, 09/01/46 (Call 03/01/46) | 1,813 | 2,055,618 | ||||||
3.95%, 08/15/47 (Call 02/15/47) | 450 | 525,961 | ||||||
4.20%, 06/15/49 (Call 12/15/48) | 1,005 | 1,219,876 | ||||||
4.80%, 12/15/45 (Call 06/15/45)(b) | 716 | 923,454 | ||||||
Duke Energy Florida LLC | ||||||||
3.40%, 10/01/46 (Call 04/01/46) | 495 | 553,317 | ||||||
3.85%, 11/15/42 (Call 05/15/42) | 380 | 441,932 | ||||||
4.20%, 07/15/48 (Call 01/15/48) | 90 | 115,062 | ||||||
5.65%, 04/01/40 | 150 | 211,020 | ||||||
6.35%, 09/15/37(b) | 315 | 460,321 | ||||||
6.40%, 06/15/38 | 345 | 534,886 | ||||||
Duke Energy Indiana LLC | ||||||||
3.75%, 05/15/46 (Call 11/15/45)(b) | 295 | 347,432 | ||||||
6.12%, 10/15/35 | 250 | 360,414 | ||||||
6.35%, 08/15/38 | 236 | 348,138 | ||||||
6.45%, 04/01/39 | 285 | 425,030 | ||||||
Series UUU, 4.20%, 03/15/42 (Call 09/15/41) | 125 | 145,477 | ||||||
Series WWW, 4.90%, 07/15/43 (Call 01/15/43) | 190 | 251,425 | ||||||
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)(b) | 250 | 276,702 | ||||||
Duke Energy Ohio Inc. | ||||||||
3.70%, 06/15/46 (Call 12/15/45) | 60 | 70,167 | ||||||
4.30%, 02/01/49 (Call 08/01/48) | 835 | 1,079,325 | ||||||
Duke Energy Progress LLC | ||||||||
3.60%, 09/15/47 (Call 03/15/47) | 470 | 541,955 | ||||||
3.70%, 10/15/46 (Call 04/15/46) | 720 | 843,126 | ||||||
4.10%, 05/15/42 (Call 11/15/41)(b) | 410 | 496,754 | ||||||
4.10%, 03/15/43 (Call 09/15/42) | 371 | 444,455 | ||||||
4.15%, 12/01/44 (Call 06/01/44) | 444 | 541,774 | ||||||
4.20%, 08/15/45 (Call 02/15/45) | 352 | 436,906 | ||||||
4.38%, 03/30/44 (Call 09/30/43)(b) | 150 | 189,573 | ||||||
6.30%, 04/01/38 | 175 | 256,115 | ||||||
E.ON International Finance BV, 6.65%, 04/30/38(a) | 539 | 709,176 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
El Paso Electric Co. | ||||||||
5.00%, 12/01/44 (Call 06/01/44) | $ | 300 | $ | 360,360 | ||||
6.00%, 05/15/35 | 400 | 557,802 | ||||||
Electricite de France SA | ||||||||
4.75%, 10/13/35 (Call 04/13/35)(a)(b) | 990 | 1,223,682 | ||||||
4.88%, 09/21/38 (Call 03/21/38)(a)(b) | 1,550 | 1,910,414 | ||||||
4.88%, 01/22/44(a) | 292 | 353,160 | ||||||
4.95%, 10/13/45 (Call 04/13/45)(a)(b) | 1,220 | 1,449,533 | ||||||
5.00%, 09/21/48 (Call 03/21/48)(a) | 1,400 | 1,708,953 | ||||||
5.25%, 10/13/55 (Call 04/13/55)(a) | 315 | 375,401 | ||||||
5.60%, 01/27/40(a)(b) | 860 | 1,102,277 | ||||||
6.00%, 01/22/2114(a)(b) | 375 | 492,712 | ||||||
6.95%, 01/26/39(a) | 205 | 301,791 | ||||||
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45) | 880 | 938,549 | ||||||
Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35(a) | 250 | 265,000 | ||||||
Empresa de Transmision Electrica SA, 5.13%, 05/02/49(a) | 450 | 454,504 | ||||||
Enel Finance International NV | ||||||||
4.75%, 05/25/47(a) | 1,945 | 2,249,964 | ||||||
6.00%, 10/07/39(a)(b) | 665 | 810,113 | ||||||
Entergy Arkansas LLC | ||||||||
4.20%, 04/01/49 (Call 10/01/48) | 245 | 310,212 | ||||||
4.95%, 12/15/44 (Call 12/15/24) | 20 | 21,526 | ||||||
Entergy Louisiana LLC | ||||||||
3.05%, 06/01/31 (Call 03/01/31) | 424 | 466,527 | ||||||
4.00%, 03/15/33 (Call 12/15/32) | 195 | 233,472 | ||||||
4.20%, 09/01/48 (Call 03/01/48) | 296 | 379,613 | ||||||
4.20%, 04/01/50 (Call 10/01/49) | 645 | 832,021 | ||||||
4.95%, 01/15/45 (Call 01/15/25) | 100 | 108,312 | ||||||
Entergy Mississippi LLC, 3.85%, 06/01/49 (Call 12/01/48) | 615 | 739,234 | ||||||
Entergy Texas Inc., 3.55%, 09/30/49 (Call 03/30/49) | 350 | 395,748 | ||||||
Evergy Kansas Central Inc. | ||||||||
3.25%, 09/01/49 (Call 03/01/49) | 225 | 245,679 | ||||||
4.10%, 04/01/43 (Call 10/01/42) | 218 | 259,540 | ||||||
4.13%, 03/01/42 (Call 09/01/41) | 485 | 572,705 | ||||||
4.25%, 12/01/45 (Call 06/01/45) | 480 | 589,229 | ||||||
4.63%, 09/01/43 (Call 03/01/43) | 245 | 299,819 | ||||||
Evergy Metro Inc. | ||||||||
4.20%, 06/15/47 (Call 12/15/46) | 355 | 447,640 | ||||||
4.20%, 03/15/48 (Call 09/15/47) | 260 | 331,369 | ||||||
5.30%, 10/01/41 (Call 04/01/41) | 314 | 413,174 | ||||||
Series 2019, 4.13%, 04/01/49 (Call 10/01/48) | 380 | 476,416 | ||||||
Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49) | 150 | 160,963 | ||||||
Exelon Corp. | ||||||||
4.45%, 04/15/46 (Call 10/15/45) | 601 | 717,791 | ||||||
4.95%, 06/15/35 (Call 12/15/34) | 325 | 396,645 | ||||||
5.10%, 06/15/45 (Call 12/15/44) | 761 | 976,879 | ||||||
5.63%, 06/15/35 | 742 | 970,451 | ||||||
7.60%, 04/01/32(b) | 180 | 265,593 | ||||||
Exelon Generation Co. LLC | ||||||||
5.60%, 06/15/42 (Call 12/15/41) | 600 | 641,212 | ||||||
5.75%, 10/01/41 (Call 04/01/41) | 360 | 368,383 | ||||||
6.25%, 10/01/39 | 853 | 955,257 | ||||||
FirstEnergy Corp. | ||||||||
Series C, 4.85%, 07/15/47 (Call 01/15/47) | 535 | 690,241 | ||||||
Series C, 7.38%, 11/15/31 | 811 | 1,189,858 | ||||||
FirstEnergy Transmission LLC | ||||||||
4.55%, 04/01/49 (Call 10/01/48)(a) | 350 | 414,939 | ||||||
5.45%, 07/15/44 (Call 01/15/44)(a)(b) | 600 | 749,586 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Florida Power & Light Co. | ||||||||
3.15%, 10/01/49 (Call 04/01/49) | $ | 1,250 | $ | 1,435,708 | ||||
3.70%, 12/01/47 (Call 06/01/47)(b) | 585 | 722,462 | ||||||
3.80%, 12/15/42 (Call 06/15/42)(b) | 325 | 394,951 | ||||||
3.95%, 03/01/48 (Call 09/01/47) | 485 | 620,330 | ||||||
3.99%, 03/01/49 (Call 09/01/48) | 655 | 845,878 | ||||||
4.05%, 06/01/42 (Call 12/01/41) | 360 | 447,671 | ||||||
4.05%, 10/01/44 (Call 04/01/44) | 305 | 394,757 | ||||||
4.13%, 02/01/42 (Call 08/01/41)(b) | 530 | 666,445 | ||||||
4.13%, 06/01/48 (Call 12/01/47) | 492 | 653,100 | ||||||
4.95%, 06/01/35 | 700 | 933,847 | ||||||
5.13%, 06/01/41 (Call 12/01/40) | 50 | 70,412 | ||||||
5.25%, 02/01/41 (Call 08/01/40) | 200 | 273,672 | ||||||
5.63%, 04/01/34 | 125 | 175,725 | ||||||
5.65%, 02/01/37 | 146 | 208,066 | ||||||
5.69%, 03/01/40 | 169 | 248,181 | ||||||
5.95%, 10/01/33(b) | 15 | 21,140 | ||||||
5.95%, 02/01/38(b) | 820 | 1,221,997 | ||||||
5.96%, 04/01/39 | 100 | 151,537 | ||||||
Georgia Power Co. | ||||||||
4.30%, 03/15/42 | 1,300 | 1,512,113 | ||||||
4.30%, 03/15/43 | 296 | 348,306 | ||||||
5.40%, 06/01/40 | 75 | 96,148 | ||||||
Series 10-C, 4.75%, 09/01/40 | 466 | 571,439 | ||||||
Iberdrola International BV, 6.75%, 07/15/36 | 305 | 434,664 | ||||||
Indiana Michigan Power Co. | ||||||||
4.25%, 08/15/48 (Call 02/15/48) | 405 | 500,832 | ||||||
6.05%, 03/15/37 | 239 | 324,654 | ||||||
Series K, 4.55%, 03/15/46 (Call 09/15/45) | 490 | 616,771 | ||||||
Series L, 3.75%, 07/01/47 (Call 01/01/47) | 240 | 274,127 | ||||||
Indianapolis Power & Light Co. | ||||||||
4.05%, 05/01/46 (Call 11/01/45)(a) | 125 | 147,456 | ||||||
4.70%, 09/01/45 (Call 03/01/45)(a) | 50 | 62,520 | ||||||
Infraestructura Energetica Nova SAB de CV, 4.88%, 01/14/48(a) | 250 | 207,875 | ||||||
Interstate Power & Light Co. | ||||||||
3.50%, 09/30/49 (Call 03/30/49) | 660 | 713,132 | ||||||
3.70%, 09/15/46 (Call 03/15/46) | 435 | 484,206 | ||||||
4.70%, 10/15/43 (Call 04/15/43)(b) | 143 | 180,751 | ||||||
6.25%, 07/15/39 | 80 | 113,640 | ||||||
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43) | 278 | 337,162 | ||||||
Jersey Central Power & Light Co., | 57 | 75,565 | ||||||
Kentucky Utilities Co. | ||||||||
4.38%, 10/01/45 (Call 04/01/45) | 770 | 943,498 | ||||||
5.13%, 11/01/40 (Call 05/01/40) | 606 | 801,972 | ||||||
Series 1, 4.65%, 11/15/43 (Call 05/15/43) | 50 | 62,806 | ||||||
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a) | 192 | 195,384 | ||||||
Louisville Gas & Electric Co., 4.25%, 04/01/49 (Call 10/01/48) | 485 | 605,654 | ||||||
Massachusetts Electric Co., 5.90%, 11/15/39(a) | 50 | 67,100 | ||||||
MidAmerican Energy Co. | ||||||||
3.15%, 04/15/50 (Call 10/15/49)(b) | 500 | 566,708 | ||||||
3.65%, 08/01/48 (Call 02/01/48) | 530 | 635,611 | ||||||
3.95%, 08/01/47 (Call 02/01/47) | 205 | 256,715 | ||||||
4.25%, 05/01/46 (Call 11/01/45) | 236 | 299,463 | ||||||
4.25%, 07/15/49 (Call 01/15/49) | 636 | 850,040 | ||||||
4.40%, 10/15/44 (Call 04/15/44) | 950 | 1,229,905 | ||||||
4.80%, 09/15/43 (Call 03/15/43) | 645 | 858,548 | ||||||
5.75%, 11/01/35 | 106 | 148,478 | ||||||
5.80%, 10/15/36 | 55 | 76,480 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
6.75%, 12/30/31(b) | $ | 211 | $ | 306,430 | ||||
Minejesa Capital BV | ||||||||
4.63%, 08/10/30(a) | 1,500 | 1,432,050 | ||||||
5.63%, 08/10/37(a) | 500 | 472,500 | ||||||
Mississippi Power Co., Series 12-A, 4.25%, 03/15/42 | 425 | 474,582 | ||||||
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(a)(b) | 680 | 920,535 | ||||||
Narragansett Electric Co. (The), 4.17%, 12/10/42(a) | 50 | 57,351 | ||||||
National Grid USA, 5.80%, 04/01/35 | 680 | 808,682 | ||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||
4.02%, 11/01/32 (Call 05/01/32) | 305 | 349,876 | ||||||
4.30%, 03/15/49 (Call 09/15/48) | 205 | 262,804 | ||||||
4.40%, 11/01/48 (Call 05/01/48) | 200 | 249,787 | ||||||
Series C, 8.00%, 03/01/32 | 496 | 770,152 | ||||||
Nevada Power Co. | ||||||||
5.38%, 09/15/40 (Call 03/15/40) | 305 | 396,543 | ||||||
5.45%, 05/15/41 (Call 11/15/40) | 25 | 32,947 | ||||||
Series N, 6.65%, 04/01/36 | 300 | 432,368 | ||||||
Series R, 6.75%, 07/01/37 | 245 | 358,168 | ||||||
New England Power Co., 3.80%, 12/05/47 (Call 06/05/47)(a)(b) | 950 | 1,030,136 | ||||||
New York State Electric & Gas Corp., | 165 | 166,826 | ||||||
Niagara Mohawk Power Corp., 4.28%, 10/01/34 (Call 04/01/34)(a) | 750 | 887,742 | ||||||
Northern States Power Co./MN | ||||||||
2.90%, 03/01/50 (Call 09/01/49)(b) | 900 | 986,725 | ||||||
3.40%, 08/15/42 (Call 02/15/42)(b) | 360 | 412,817 | ||||||
3.60%, 05/15/46 (Call 11/15/45) | 75 | 88,314 | ||||||
4.00%, 08/15/45 (Call 02/15/45) | 115 | 142,506 | ||||||
4.13%, 05/15/44 (Call 11/15/43) | 232 | 291,593 | ||||||
4.85%, 08/15/40 (Call 02/15/40) | 25 | 31,597 | ||||||
5.35%, 11/01/39 | 355 | 492,474 | ||||||
6.25%, 06/01/36(b) | 421 | 612,366 | ||||||
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44) | 196 | 227,288 | ||||||
NSTAR Electric Co. | ||||||||
4.40%, 03/01/44 (Call 09/01/43) | 175 | 218,656 | ||||||
5.50%, 03/15/40 | 346 | 473,238 | ||||||
Oglethorpe Power Corp. | ||||||||
4.20%, 12/01/42 | 450 | 497,811 | ||||||
4.25%, 04/01/46 (Call 10/01/45) | 105 | 116,752 | ||||||
4.55%, 06/01/44(b) | 355 | 395,407 | ||||||
5.05%, 10/01/48 (Call 04/01/48)(b) | 200 | 227,581 | ||||||
5.25%, 09/01/50 | 255 | 290,686 | ||||||
5.38%, 11/01/40 | 420 | 528,754 | ||||||
5.95%, 11/01/39 | 390 | 532,676 | ||||||
Ohio Edison Co. | ||||||||
6.88%, 07/15/36 | 350 | 478,406 | ||||||
8.25%, 10/15/38 | 65 | 105,632 | ||||||
Ohio Power Co. | ||||||||
4.00%, 06/01/49 (Call 12/01/48)(b) | 275 | 341,929 | ||||||
4.15%, 04/01/48 (Call 10/01/47)(b) | 565 | 692,072 | ||||||
Series D, 6.60%, 03/01/33 | 190 | 259,881 | ||||||
Oklahoma Gas & Electric Co. | ||||||||
3.30%, 03/15/30 (Call 09/15/29) | 630 | 678,993 | ||||||
3.85%, 08/15/47 (Call 02/15/47) | 320 | 362,501 | ||||||
4.15%, 04/01/47 (Call 10/01/46) | 405 | 483,095 | ||||||
5.85%, 06/01/40 | 45 | 58,142 | ||||||
Oncor Electric Delivery Co. LLC | ||||||||
3.10%, 09/15/49 (Call 03/15/49) | 825 | 931,470 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
3.75%, 04/01/45 (Call 10/01/44) | $ | 639 | $ | 777,136 | ||||
3.80%, 09/30/47 (Call 03/30/47) | 375 | 468,112 | ||||||
3.80%, 06/01/49 (Call 12/01/48) | 490 | 613,390 | ||||||
4.10%, 11/15/48 (Call 05/15/48) | 345 | 432,447 | ||||||
4.55%, 12/01/41 (Call 06/01/41) | 410 | 535,527 | ||||||
5.25%, 09/30/40 | 305 | 422,249 | ||||||
5.30%, 06/01/42 (Call 12/01/41) | 500 | 718,287 | ||||||
7.00%, 05/01/32 | 173 | 258,514 | ||||||
7.25%, 01/15/33(b) | 185 | 284,315 | ||||||
7.50%, 09/01/38 | 105 | 175,840 | ||||||
PacifiCorp | ||||||||
4.10%, 02/01/42 (Call 08/01/41) | 280 | 337,370 | ||||||
4.13%, 01/15/49 (Call 07/15/48) | 735 | 927,584 | ||||||
4.15%, 02/15/50 (Call 08/15/49) | 700 | 890,032 | ||||||
5.75%, 04/01/37 | 265 | 364,676 | ||||||
6.00%, 01/15/39 | 650 | 937,194 | ||||||
6.10%, 08/01/36 | 780 | 1,086,854 | ||||||
6.25%, 10/15/37(b) | 135 | 193,828 | ||||||
6.35%, 07/15/38 | 180 | 264,992 | ||||||
PECO Energy Co. | ||||||||
3.00%, 09/15/49 (Call 03/15/49) | 470 | 505,991 | ||||||
3.90%, 03/01/48 (Call 09/01/47) | 540 | 668,612 | ||||||
4.15%, 10/01/44 (Call 04/01/44) | 615 | 770,326 | ||||||
4.80%, 10/15/43 (Call 04/15/43) | 500 | 652,083 | ||||||
5.95%, 10/01/36 | 111 | 154,835 | ||||||
Pennsylvania Electric Co., 6.15%, 10/01/38 | 75 | 93,798 | ||||||
Perusahaan Listrik Negara PT | ||||||||
4.88%, 07/17/49(a) | 1,015 | 976,937 | ||||||
6.15%, 05/21/48(a) | 1,425 | 1,553,250 | ||||||
6.25%, 01/25/49(a)(b) | 590 | 644,575 | ||||||
Potomac Electric Power Co. | ||||||||
4.15%, 03/15/43 (Call 09/15/42) | 621 | 759,434 | ||||||
6.50%, 11/15/37 | 345 | 511,231 | ||||||
7.90%, 12/15/38(b) | 75 | 119,842 | ||||||
PPL Capital Funding Inc. | ||||||||
4.00%, 09/15/47 (Call 03/15/47) | 210 | 222,601 | ||||||
4.70%, 06/01/43 (Call 12/01/42) | 615 | 697,002 | ||||||
5.00%, 03/15/44 (Call 09/15/43) | 425 | 504,721 | ||||||
PPL Electric Utilities Corp. | ||||||||
3.00%, 10/01/49 (Call 04/01/49) | 580 | 619,808 | ||||||
3.95%, 06/01/47 (Call 12/01/46) | 345 | 425,759 | ||||||
4.13%, 06/15/44 (Call 12/15/43) | 185 | 226,377 | ||||||
4.15%, 06/15/48 (Call 12/15/47)(b) | 505 | 640,126 | ||||||
4.75%, 07/15/43 (Call 01/15/43) | 195 | 255,539 | ||||||
5.20%, 07/15/41 (Call 01/15/41) | 10 | 13,419 | ||||||
6.25%, 05/15/39(b) | 315 | 467,101 | ||||||
Progress Energy Inc. | ||||||||
6.00%, 12/01/39 | 540 | 756,076 | ||||||
7.00%, 10/30/31 | 310 | 424,970 | ||||||
7.75%, 03/01/31 | 349 | 495,988 | ||||||
PSEG Power LLC, 8.63%, 04/15/31 | 270 | 361,511 | ||||||
Public Service Co. of Colorado | ||||||||
3.55%, 06/15/46 (Call 12/15/45) | 350 | 385,687 | ||||||
3.60%, 09/15/42 (Call 03/15/42)(b) | 250 | 292,719 | ||||||
3.80%, 06/15/47 (Call 12/15/46) | 400 | 498,901 | ||||||
3.95%, 03/15/43 (Call 09/15/42) | 125 | 135,232 | ||||||
4.05%, 09/15/49 (Call 03/15/49) | 605 | 773,347 | ||||||
4.10%, 06/15/48 (Call 12/15/47) | 350 | 447,025 | ||||||
4.30%, 03/15/44 (Call 09/15/43) | 205 | 261,638 | ||||||
4.75%, 08/15/41 (Call 02/15/41) | 5 | 6,378 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
6.50%, 08/01/38 | $ | 235 | $ | 363,236 | ||||
Series 17, 6.25%, 09/01/37 | 390 | 588,463 | ||||||
Series 34, 3.20%, 03/01/50 (Call 09/01/49) | 730 | 832,482 | ||||||
Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 01/01/49) | 840 | 977,266 | ||||||
Public Service Co. of Oklahoma, | 50 | 69,259 | ||||||
Public Service Electric & Gas Co. | ||||||||
3.15%, 01/01/50 (Call 07/01/49)(b) | 500 | 571,144 | ||||||
3.20%, 08/01/49 (Call 02/01/49)(b) | 510 | 586,194 | ||||||
3.60%, 12/01/47 (Call 06/01/47) | 705 | 846,926 | ||||||
3.65%, 09/01/42 (Call 03/01/42) | 235 | 275,990 | ||||||
3.80%, 03/01/46 (Call 09/01/45) | 763 | 935,053 | ||||||
3.85%, 05/01/49 (Call 11/01/48) | 575 | 718,167 | ||||||
3.95%, 05/01/42 (Call 11/01/41)(b) | 560 | 682,911 | ||||||
4.05%, 05/01/48 (Call 11/01/47) | 205 | 262,716 | ||||||
4.15%, 11/01/45 (Call 05/01/45) | 75 | 93,640 | ||||||
5.50%, 03/01/40(b) | 100 | 142,107 | ||||||
5.80%, 05/01/37 | 260 | 368,282 | ||||||
Series K, 4.05%, 05/01/45 (Call 11/01/44) | 60 | 73,835 | ||||||
Puget Sound Energy Inc. | ||||||||
3.25%, 09/15/49 (Call 03/15/49) | 1,160 | 1,271,099 | ||||||
4.22%, 06/15/48 (Call 12/15/47) | 25 | 31,578 | ||||||
4.30%, 05/20/45 (Call 11/20/44) | 499 | 624,831 | ||||||
4.43%, 11/15/41 (Call 05/15/41) | 170 | 194,719 | ||||||
5.64%, 04/15/41 (Call 10/15/40) | 235 | 321,943 | ||||||
5.76%, 10/01/39(b) | 225 | 311,991 | ||||||
5.80%, 03/15/40 | 141 | 196,530 | ||||||
6.27%, 03/15/37 | 365 | 505,853 | ||||||
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a) | 450 | 523,353 | ||||||
San Diego Gas & Electric Co. | ||||||||
3.95%, 11/15/41 | 190 | 211,721 | ||||||
4.15%, 05/15/48 (Call 11/15/47) | 565 | 678,569 | ||||||
4.50%, 08/15/40 | 395 | 480,279 | ||||||
5.35%, 05/15/40 | 25 | 33,033 | ||||||
6.00%, 06/01/39(b) | 208 | 303,040 | ||||||
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)(b) | 621 | 696,234 | ||||||
Series TTT, 4.10%, 06/15/49 (Call 12/15/48) | 30 | 36,064 | ||||||
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a) | 550 | 615,283 | ||||||
Sempra Energy | ||||||||
3.80%, 02/01/38 (Call 08/01/37) | 1,681 | 1,787,031 | ||||||
4.00%, 02/01/48 (Call 08/01/47) | 154 | 174,210 | ||||||
6.00%, 10/15/39 | 450 | 608,598 | ||||||
Southern California Edison Co. | ||||||||
3.65%, 02/01/50 (Call 08/01/49) | 415 | 451,147 | ||||||
4.00%, 04/01/47 (Call 10/01/46) | 681 | 761,073 | ||||||
4.05%, 03/15/42 (Call 09/15/41) | 565 | 625,264 | ||||||
4.50%, 09/01/40 (Call 03/01/40) | 443 | 532,833 | ||||||
4.65%, 10/01/43 (Call 04/01/43) | 749 | 880,586 | ||||||
5.50%, 03/15/40 | 272 | 352,837 | ||||||
5.63%, 02/01/36 | 275 | 336,944 | ||||||
6.00%, 01/15/34 | 363 | 465,599 | ||||||
6.05%, 03/15/39 | 650 | 856,451 | ||||||
Series 04-G, 5.75%, 04/01/35 | 235 | 311,860 | ||||||
Series 05-B, 5.55%, 01/15/36(b) | 285 | 352,081 | ||||||
Series 05-E, 5.35%, 07/15/35 | 415 | 526,796 | ||||||
Series 06-E, 5.55%, 01/15/37 | 250 | 311,512 | ||||||
Series 08-A, 5.95%, 02/01/38 | 475 | 611,943 | ||||||
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42) | 410 | 448,603 | ||||||
Series B, 4.88%, 03/01/49 (Call 09/01/48) | 799 | 1,005,022 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Series C, 3.60%, 02/01/45 (Call 08/01/44) | $ | 630 | $ | 665,204 | ||||
Series C, 4.13%, 03/01/48 (Call 09/01/47) | 973 | 1,113,730 | ||||||
Southern Co. (The) | ||||||||
4.25%, 07/01/36 (Call 01/01/36) | 324 | 361,685 | ||||||
4.40%, 07/01/46 (Call 01/01/46) | 1,655 | 1,991,291 | ||||||
Southern Power Co. | ||||||||
5.15%, 09/15/41 | 595 | 668,323 | ||||||
5.25%, 07/15/43(b) | 225 | 254,006 | ||||||
Series F, 4.95%, 12/15/46 (Call 06/15/46) | 805 | 865,176 | ||||||
Southwestern Electric Power Co. | ||||||||
6.20%, 03/15/40 | 385 | 509,349 | ||||||
Series J, 3.90%, 04/01/45 (Call 10/01/44) | 670 | 727,154 | ||||||
Series L, 3.85%, 02/01/48 (Call 08/01/47) | 415 | 440,404 | ||||||
Southwestern Public Service Co. | ||||||||
3.40%, 08/15/46 (Call 02/15/46) | 380 | 418,074 | ||||||
3.70%, 08/15/47 (Call 02/15/47) | 385 | 442,323 | ||||||
3.75%, 06/15/49 (Call 12/15/48) | 115 | 133,586 | ||||||
4.50%, 08/15/41 (Call 02/15/41) | 320 | 398,684 | ||||||
6.00%, 10/01/36(b) | 395 | 535,343 | ||||||
Series 6, 4.40%, 11/15/48 (Call 05/15/48) | 490 | 630,756 | ||||||
State Grid Overseas Investment 2014 Ltd., | 700 | 918,822 | ||||||
State Grid Overseas Investment 2016 Ltd., | 615 | 724,855 | ||||||
Tampa Electric Co. | ||||||||
3.63%, 06/15/50 (Call 12/15/49)(b) | 375 | 424,452 | ||||||
4.10%, 06/15/42 (Call 12/15/41) | 520 | 601,453 | ||||||
4.20%, 05/15/45 (Call 11/15/44) | 350 | 397,932 | ||||||
4.35%, 05/15/44 (Call 11/15/43) | 225 | 267,398 | ||||||
4.45%, 06/15/49 (Call 12/15/48)(b) | 370 | 465,774 | ||||||
6.55%, 05/15/36 | 30 | 43,081 | ||||||
Toledo Edison Co. (The), 6.15%, 05/15/37 | 650 | 933,252 | ||||||
Tri-State Generation & Transmission Association Inc. | ||||||||
4.25%, 06/01/46 (Call 12/01/45) | 55 | 64,694 | ||||||
6.00%, 06/15/40(a)(b) | 700 | 943,670 | ||||||
Tucson Electric Power Co., 4.85%, 12/01/48 (Call 06/01/48) | 300 | 381,596 | ||||||
Union Electric Co. | ||||||||
3.25%, 10/01/49 (Call 04/01/49) | 470 | 521,368 | ||||||
3.90%, 09/15/42 (Call 03/15/42) | 410 | 477,624 | ||||||
4.00%, 04/01/48 (Call 10/01/47) | 380 | 464,410 | ||||||
8.45%, 03/15/39 | 290 | 481,965 | ||||||
Virginia Electric & Power Co. | ||||||||
3.30%, 12/01/49 (Call 06/01/49) | 75 | 83,081 | ||||||
4.00%, 01/15/43 (Call 07/15/42) | 346 | 411,090 | ||||||
4.45%, 02/15/44 (Call 08/15/43) | 575 | 727,316 | ||||||
4.60%, 12/01/48 (Call 06/01/48) | 810 | 1,079,490 | ||||||
6.35%, 11/30/37 | 25 | 35,783 | ||||||
8.88%, 11/15/38 | 315 | 538,177 | ||||||
Series A, 6.00%, 05/15/37 | 110 | 151,354 | ||||||
Series B, 3.80%, 09/15/47 (Call 03/15/47) | 450 | 534,056 | ||||||
Series B, 4.20%, 05/15/45 (Call 11/15/44) | 7 | 8,573 | ||||||
Series B, 6.00%, 01/15/36(b) | 250 | 338,585 | ||||||
Series C, 4.00%, 11/15/46 (Call 05/15/46) | 585 | 708,157 | ||||||
Series D, 4.65%, 08/15/43 (Call 02/15/43) | 286 | 370,091 | ||||||
Wisconsin Electric Power Co. | ||||||||
4.30%, 10/15/48 (Call 04/15/48) | 429 | 531,953 | ||||||
5.63%, 05/15/33(b) | 57 | 74,133 | ||||||
5.70%, 12/01/36 | 5 | 6,887 | ||||||
Wisconsin Power & Light Co., 6.38%, 08/15/37 | 380 | 525,359 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Wisconsin Public Service Corp. | ||||||||
3.30%, 09/01/49 (Call 03/01/49) | $ | 1,045 | $ | 1,142,709 | ||||
4.75%, 11/01/44 (Call 05/01/44) | 310 | 405,252 | ||||||
Xcel Energy Inc. | ||||||||
3.50%, 12/01/49 (Call 06/01/49) | 300 | 329,224 | ||||||
4.80%, 09/15/41 (Call 03/15/41) | 279 | 333,114 | ||||||
6.50%, 07/01/36 | 225 | 317,368 | ||||||
|
| |||||||
241,159,515 | ||||||||
Electrical Components & Equipment — 0.0% | ||||||||
Emerson Electric Co. | ||||||||
5.25%, 11/15/39 | 35 | 46,620 | ||||||
6.00%, 08/15/32 | 450 | 606,882 | ||||||
|
| |||||||
653,502 | ||||||||
Electronics — 0.1% | ||||||||
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45) | 599 | 645,321 | ||||||
Honeywell International Inc. | ||||||||
3.81%, 11/21/47 (Call 05/21/47) | 520 | 622,524 | ||||||
5.70%, 03/15/36 | 75 | 101,853 | ||||||
5.70%, 03/15/37(b) | 65 | 88,421 | ||||||
Series 30, 5.38%, 03/01/41 | 27 | 37,083 | ||||||
Tyco Electronics Group SA, 7.13%, 10/01/37 | 200 | 293,935 | ||||||
|
| |||||||
1,789,137 | ||||||||
Engineering & Construction — 0.1% | ||||||||
Aeropuerto Internacional de Tocumen SA, 6.00%, 11/18/48 (Call 11/18/47)(a) | 850 | 858,500 | ||||||
Mexico City Airport Trust | ||||||||
5.50%, 10/31/46 (Call 04/30/46)(a) | 475 | 396,625 | ||||||
5.50%, 07/31/47 (Call 01/31/47)(a) | 1,839 | 1,526,370 | ||||||
|
| |||||||
2,781,495 | ||||||||
Environmental Control — 0.2% | ||||||||
Republic Services Inc. | ||||||||
3.05%, 03/01/50 (Call 09/01/49) | 260 | 264,912 | ||||||
5.70%, 05/15/41 (Call 11/15/40) | 140 | 194,099 | ||||||
Waste Management Inc. | ||||||||
3.90%, 03/01/35 (Call 09/01/34) | 350 | 411,846 | ||||||
4.00%, 07/15/39 (Call 01/15/39)(b) | 360 | 431,659 | ||||||
4.10%, 03/01/45 (Call 09/01/44) | 941 | 1,160,713 | ||||||
4.15%, 07/15/49 (Call 01/15/49)(b) | 1,258 | 1,599,793 | ||||||
|
| |||||||
4,063,022 | ||||||||
Food — 1.7% | ||||||||
Campbell Soup Co., 4.80%, 03/15/48 (Call 09/15/47) | 760 | 964,327 | ||||||
Conagra Brands Inc. | ||||||||
5.30%, 11/01/38 (Call 05/01/38) | 976 | 1,223,747 | ||||||
5.40%, 11/01/48 (Call 05/01/48)(b) | 495 | 661,130 | ||||||
8.25%, 09/15/30 | 545 | 787,671 | ||||||
General Mills Inc. | ||||||||
4.15%, 02/15/43 (Call 08/15/42) | 45 | 58,680 | ||||||
4.55%, 04/17/38 (Call 10/17/37) | 605 | 741,420 | ||||||
4.70%, 04/17/48 (Call 10/17/47) | 435 | 580,754 | ||||||
5.40%, 06/15/40 | 425 | 562,575 | ||||||
Grupo Bimbo SAB de CV | ||||||||
4.00%, 09/06/49(a)(b) | 1,000 | 908,880 | ||||||
4.70%, 11/10/47 (Call 05/10/47)(a) | 200 | 198,590 | ||||||
Hershey Co. (The) | ||||||||
3.13%, 11/15/49 (Call 05/15/49) | 385 | 419,247 | ||||||
3.38%, 08/15/46 (Call 02/15/46) | 200 | 215,430 | ||||||
Ingredion Inc., 6.63%, 04/15/37 | 200 | 259,992 |
Security | Par (000) | Value | ||||||
Food (continued) | ||||||||
JM Smucker Co. (The) | ||||||||
4.25%, 03/15/35 | $ | 1,095 | $ | 1,260,559 | ||||
4.38%, 03/15/45 | 250 | 259,984 | ||||||
Kellogg Co. | ||||||||
4.50%, 04/01/46(b) | 390 | 485,505 | ||||||
Series B, 7.45%, 04/01/31 | 926 | 1,239,990 | ||||||
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 | 480 | 622,865 | ||||||
Kroger Co. (The) | ||||||||
3.88%, 10/15/46 (Call 04/15/46) | 625 | 669,336 | ||||||
3.95%, 01/15/50 (Call 07/15/49)(b) | 100 | 112,642 | ||||||
4.45%, 02/01/47 (Call 08/01/46) | 840 | 990,287 | ||||||
4.65%, 01/15/48 (Call 07/15/47) | 510 | 615,273 | ||||||
5.00%, 04/15/42 (Call 10/15/41) | 375 | 447,240 | ||||||
5.15%, 08/01/43 (Call 02/01/43) | 195 | 240,695 | ||||||
5.40%, 07/15/40 (Call 01/15/40) | 295 | 368,787 | ||||||
5.40%, 01/15/49 (Call 07/15/48) | 370 | 488,203 | ||||||
6.90%, 04/15/38(b) | 330 | 472,538 | ||||||
7.50%, 04/01/31 | 315 | 446,398 | ||||||
Mars Inc. | ||||||||
3.20%, 04/01/30 (Call 01/01/30)(a)(b) | 275 | 305,135 | ||||||
3.60%, 04/01/34 (Call 01/01/34)(a)(b) | 455 | 526,778 | ||||||
3.88%, 04/01/39 (Call 10/01/38)(a) | 650 | 770,771 | ||||||
3.95%, 04/01/44 (Call 10/01/43)(a) | 300 | 338,977 | ||||||
3.95%, 04/01/49 (Call 10/01/48)(a)(b) | 675 | 829,528 | ||||||
4.13%, 04/01/54 (Call 10/01/53)(a)(b) | 475 | 592,332 | ||||||
4.20%, 04/01/59 (Call 10/01/58)(a) | 675 | 846,091 | ||||||
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47) | 315 | 376,058 | ||||||
Mondelez International Inc., 4.63%, 05/07/48 (Call 11/07/47) | 725 | 886,693 | ||||||
Nestle Holdings Inc. | ||||||||
3.90%, 09/24/38 (Call 03/24/38)(a)(b) | 1,180 | 1,433,563 | ||||||
4.00%, 09/24/48 (Call 03/24/48)(a) | 2,029 | 2,578,984 | ||||||
Sysco Corp. | ||||||||
4.45%, 03/15/48 (Call 09/15/47) | 582 | 576,364 | ||||||
4.50%, 04/01/46 (Call 10/01/45) | 546 | 548,229 | ||||||
4.85%, 10/01/45 (Call 04/01/45) | 625 | 632,594 | ||||||
5.38%, 09/21/35 | 325 | 364,780 | ||||||
6.60%, 04/01/50 (Call 10/01/49) | 1,000 | 1,236,072 | ||||||
Tesco PLC, 6.15%, 11/15/37(a) | 730 | 885,955 | ||||||
Tyson Foods Inc. | ||||||||
4.55%, 06/02/47 (Call 12/02/46)(b) | 640 | 767,035 | ||||||
4.88%, 08/15/34 (Call 02/15/34) | 580 | 733,316 | ||||||
5.10%, 09/28/48 (Call 03/28/48) | 969 | 1,257,267 | ||||||
5.15%, 08/15/44 (Call 02/15/44) | 150 | 190,453 | ||||||
|
| |||||||
32,979,720 | ||||||||
Forest Products & Paper — 0.5% | ||||||||
Celulosa Arauco y Constitucion SA | ||||||||
5.15%, 01/29/50 (Call 07/29/49)(a) | 50 | 46,250 | ||||||
5.50%, 11/02/47 (Call 05/02/47)(b) | 455 | 427,700 | ||||||
5.50%, 04/30/49 (Call 10/30/48)(a)(b) | 500 | 476,875 | ||||||
Domtar Corp. | ||||||||
6.25%, 09/01/42 | 175 | 171,404 | ||||||
6.75%, 02/15/44 (Call 08/15/43) | 220 | 228,584 | ||||||
Georgia-Pacific LLC, 8.88%, 05/15/31 | 693 | 982,116 | ||||||
International Paper Co. | ||||||||
4.35%, 08/15/48 (Call 02/15/48)(b) | 990 | 1,121,235 | ||||||
4.40%, 08/15/47 (Call 02/15/47)(b) | 1,305 | 1,482,522 | ||||||
4.80%, 06/15/44 (Call 12/15/43) | 576 | 648,754 | ||||||
5.00%, 09/15/35 (Call 03/15/35) | 440 | 518,566 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Forest Products & Paper (continued) | ||||||||
5.15%, 05/15/46 (Call 11/15/45) | $ | 610 | $ | 727,909 | ||||
6.00%, 11/15/41 (Call 05/15/41) | 442 | 560,142 | ||||||
7.30%, 11/15/39 | 305 | 426,614 | ||||||
8.70%, 06/15/38 | 75 | 114,542 | ||||||
Stora Enso OYJ, 7.25%, 04/15/36(a) | 470 | 639,200 | ||||||
Suzano Austria GmbH, 7.00%, 03/16/47 | 935 | 947,856 | ||||||
|
| |||||||
9,520,269 | ||||||||
Gas — 1.2% | ||||||||
Atmos Energy Corp. | ||||||||
3.38%, 09/15/49 (Call 03/15/49) | 425 | 477,408 | ||||||
4.13%, 10/15/44 (Call 04/15/44) | 565 | 701,328 | ||||||
4.13%, 03/15/49 (Call 09/15/48) | 285 | 351,858 | ||||||
4.15%, 01/15/43 (Call 07/15/42) | 340 | 412,925 | ||||||
4.30%, 10/01/48 (Call 04/01/48) | 400 | 510,341 | ||||||
5.50%, 06/15/41 (Call 12/15/40) | 305 | 428,218 | ||||||
Boston Gas Co., 4.49%, 02/15/42(a) | 35 | 42,028 | ||||||
Brooklyn Union Gas Co. (The) | ||||||||
4.27%, 03/15/48 (Call 09/15/47)(a) | 1,035 | 1,220,683 | ||||||
4.49%, 03/04/49 (Call 09/04/48)(a) | 1,300 | 1,589,777 | ||||||
4.50%, 03/10/46 (Call 09/10/45)(a) | 25 | 30,514 | ||||||
CenterPoint Energy Resources Corp. | ||||||||
4.10%, 09/01/47 (Call 03/01/47) | 365 | 394,167 | ||||||
5.85%, 01/15/41 (Call 07/15/40) | 235 | 304,024 | ||||||
6.63%, 11/01/37 | 35 | 48,522 | ||||||
Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)(a) | 250 | 292,452 | ||||||
Dominion Energy Gas Holdings LLC | ||||||||
4.60%, 12/15/44 (Call 06/15/44) | 500 | 542,708 | ||||||
4.80%, 11/01/43 (Call 05/01/43) | 115 | 125,206 | ||||||
Series C, 3.90%, 11/15/49 (Call 05/15/49) | 270 | 264,718 | ||||||
KeySpan Gas East Corp., 5.82%, 04/01/41(a) | 250 | 332,519 | ||||||
Korea Gas Corp., 6.25%, 01/20/42(a) | 640 | 951,997 | ||||||
Mega Advance Investments Ltd., | 200 | 282,313 | ||||||
Nakilat Inc., 6.07%, 12/31/33(a)(b) | 650 | 754,130 | ||||||
NiSource Inc. | ||||||||
3.95%, 03/30/48 (Call 09/30/47)(b) | 510 | 579,617 | ||||||
4.38%, 05/15/47 (Call 11/15/46) | 720 | 862,744 | ||||||
4.80%, 02/15/44 (Call 08/15/43)(b) | 278 | 344,231 | ||||||
5.25%, 02/15/43 (Call 08/15/42) | 687 | 876,413 | ||||||
5.65%, 02/01/45 (Call 08/01/44) | 561 | 779,583 | ||||||
5.80%, 02/01/42 (Call 08/01/41) | 150 | 195,633 | ||||||
5.95%, 06/15/41 (Call 12/15/40) | 560 | 745,080 | ||||||
ONE Gas Inc. | ||||||||
4.50%, 11/01/48 (Call 05/01/48)(b) | 355 | 453,293 | ||||||
4.66%, 02/01/44 (Call 08/01/43) | 235 | 290,390 | ||||||
Piedmont Natural Gas Co. Inc. | ||||||||
3.64%, 11/01/46 (Call 05/01/46) | 70 | 76,747 | ||||||
4.10%, 09/18/34 (Call 03/18/34) | 100 | 107,591 | ||||||
4.65%, 08/01/43 (Call 02/01/43) | 153 | 183,189 | ||||||
Southern California Gas Co. | ||||||||
3.75%, 09/15/42 (Call 03/15/42) | 180 | 204,564 | ||||||
4.45%, 03/15/44 (Call 09/15/43) | 470 | 576,603 | ||||||
5.13%, 11/15/40 | 80 | 104,273 | ||||||
Series UU, 4.13%, 06/01/48 (Call 12/01/47) | 155 | 192,821 | ||||||
Series VV, 4.30%, 01/15/49 (Call 07/15/48) | 510 | 635,043 | ||||||
Series WW, 3.95%, 02/15/50 (Call 08/15/49)(b) | 800 | 982,326 | ||||||
Southern Co. Gas Capital Corp. | ||||||||
3.95%, 10/01/46 (Call 04/01/46) | 250 | 263,474 | ||||||
4.40%, 06/01/43 (Call 12/01/42) | 391 | 429,957 | ||||||
4.40%, 05/30/47 (Call 11/30/46) | 210 | 244,539 | ||||||
5.88%, 03/15/41 (Call 09/15/40) | 817 | 1,033,259 |
Security | Par (000) | Value | ||||||
Gas (continued) | ||||||||
6.00%, 10/01/34 | $ | 400 | $ | 519,052 | ||||
Southwest Gas Corp. | ||||||||
3.80%, 09/29/46 (Call 03/29/46) | 175 | 184,687 | ||||||
4.15%, 06/01/49 (Call 12/01/48)(b) | 335 | 379,788 | ||||||
Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)(b) | 100 | 103,854 | ||||||
Washington Gas Light Co. | ||||||||
3.65%, 09/15/49 (Call 03/15/49) | 511 | 560,686 | ||||||
Series K, 3.80%, 09/15/46 (Call 03/15/46)(b) | 210 | 236,069 | ||||||
|
| |||||||
22,203,342 | ||||||||
Hand & Machine Tools — 0.1% | ||||||||
Snap-on Inc., 4.10%, 03/01/48 (Call 09/01/47) | 470 | 541,630 | ||||||
Stanley Black & Decker Inc. | ||||||||
4.85%, 11/15/48 (Call 05/15/48) | 191 | 251,427 | ||||||
5.20%, 09/01/40 | 235 | 299,083 | ||||||
|
| |||||||
1,092,140 | ||||||||
Health Care – Products — 1.3% | ||||||||
Abbott Laboratories | ||||||||
4.75%, 11/30/36 (Call 05/30/36) | 1,155 | 1,509,948 | ||||||
4.75%, 04/15/43 (Call 10/15/42) | 973 | 1,315,532 | ||||||
4.90%, 11/30/46 (Call 05/30/46) | 3,020 | 4,253,027 | ||||||
5.30%, 05/27/40 | 310 | 425,639 | ||||||
6.00%, 04/01/39 | 200 | 292,354 | ||||||
Alcon Finance Corp., 3.80%, 09/23/49 | 400 | 435,198 | ||||||
Baxter International Inc., 3.50%, 08/15/46 | 373 | 406,050 | ||||||
Boston Scientific Corp. | ||||||||
4.55%, 03/01/39 (Call 09/01/38) | 750 | 899,546 | ||||||
4.70%, 03/01/49 (Call 09/01/48) | 945 | 1,182,465 | ||||||
7.00%, 11/15/35 | 335 | 482,234 | ||||||
7.38%, 01/15/40 | 220 | 341,659 | ||||||
Danaher Corp., 4.38%, 09/15/45 (Call 03/15/45) | 465 | 572,364 | ||||||
DH Europe Finance II Sarl | ||||||||
3.25%, 11/15/39 (Call 05/15/39) | 300 | 325,240 | ||||||
3.40%, 11/15/49 (Call 05/15/49)(b) | 810 | 898,851 | ||||||
Koninklijke Philips NV, 5.00%, 03/15/42 | 1,080 | 1,346,691 | ||||||
Medtronic Inc. | ||||||||
4.38%, 03/15/35(b) | 2,190 | 2,783,302 | ||||||
4.63%, 03/15/45 | 1,346 | 1,822,109 | ||||||
Stryker Corp. | ||||||||
4.10%, 04/01/43 (Call 10/01/42) | 475 | 543,519 | ||||||
4.38%, 05/15/44 (Call 11/15/43) | 266 | 311,881 | ||||||
4.63%, 03/15/46 (Call 09/15/45) | 1,035 | 1,306,191 | ||||||
Thermo Fisher Scientific Inc. | ||||||||
4.10%, 08/15/47 (Call 02/15/47) | 956 | 1,194,512 | ||||||
5.30%, 02/01/44 (Call 08/01/43) | 512 | 708,444 | ||||||
Zimmer Biomet Holdings Inc. | ||||||||
4.25%, 08/15/35 (Call 02/15/35) | 465 | 474,735 | ||||||
4.45%, 08/15/45 (Call 02/15/45) | 315 | 325,381 | ||||||
5.75%, 11/30/39(b) | 200 | 241,154 | ||||||
|
| |||||||
24,398,026 | ||||||||
Health Care – Services — 2.9% | ||||||||
Advocate Health & Hospitals Corp., | 750 | 938,756 | ||||||
Aetna Inc. | ||||||||
3.88%, 08/15/47 (Call 02/15/47) | 255 | 278,365 | ||||||
4.13%, 11/15/42 (Call 05/15/42) | 390 | 430,155 | ||||||
4.50%, 05/15/42 (Call 11/15/41) | 310 | 353,883 | ||||||
4.75%, 03/15/44 (Call 09/15/43) | 245 | 290,789 | ||||||
6.63%, 06/15/36 | 380 | 528,719 | ||||||
6.75%, 12/15/37 | 435 | 595,414 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care – Services (continued) | ||||||||
Allina Health System, Series 2019, | $ | 215 | $ | 231,059 | ||||
Anthem Inc. | ||||||||
3.13%, 05/15/50 (Call 11/15/49) | 355 | 354,105 | ||||||
3.70%, 09/15/49 (Call 03/15/49) | 320 | 347,228 | ||||||
4.38%, 12/01/47 (Call 06/01/47) | 895 | 1,060,342 | ||||||
4.55%, 03/01/48 (Call 09/01/47) | 680 | 832,124 | ||||||
4.63%, 05/15/42 | 1,302 | 1,585,296 | ||||||
4.65%, 01/15/43(b) | 829 | 1,013,730 | ||||||
4.65%, 08/15/44 (Call 02/15/44) | 695 | 852,009 | ||||||
4.85%, 08/15/54 (Call 02/15/54) | 275 | 317,539 | ||||||
5.10%, 01/15/44 | 795 | 999,774 | ||||||
5.95%, 12/15/34 | 35 | 48,509 | ||||||
Ascension Health | ||||||||
3.95%, 11/15/46 | 1,303 | 1,521,331 | ||||||
4.85%, 11/15/53 | 203 | 267,904 | ||||||
Baylor Scott & White Holdings | ||||||||
3.97%, 11/15/46 (Call 05/15/46) | 350 | 398,543 | ||||||
4.19%, 11/15/45 (Call 05/15/45) | 201 | 238,708 | ||||||
CommonSpirit Health | ||||||||
3.82%, 10/01/49 (Call 04/01/49) | 630 | 632,557 | ||||||
4.19%, 10/01/49 (Call 04/01/49) | 797 | 778,949 | ||||||
4.35%, 11/01/42 | 735 | 733,066 | ||||||
Dartmouth-Hitchcock Health, Series B, | 230 | 240,484 | ||||||
Dignity Health | ||||||||
4.50%, 11/01/42 | 305 | 297,183 | ||||||
5.27%, 11/01/64 | 115 | 120,629 | ||||||
Duke University Health System Inc., Series 2017, | 330 | 388,324 | ||||||
Hackensack Meridian Health Inc., | 75 | 87,210 | ||||||
Hartford HealthCare Corp., 3.45%, 07/01/54 | 100 | 91,897 | ||||||
HCA Inc. | ||||||||
5.13%, 06/15/39 (Call 12/15/38)(b) | 912 | 1,063,661 | ||||||
5.25%, 06/15/49 (Call 12/15/48) | 1,425 | 1,701,223 | ||||||
5.50%, 06/15/47 (Call 12/15/46) | 1,360 | 1,643,754 | ||||||
Humana Inc. | ||||||||
3.95%, 08/15/49 (Call 02/15/49) | 455 | 512,984 | ||||||
4.63%, 12/01/42 (Call 06/01/42) | 685 | 808,668 | ||||||
4.80%, 03/15/47 (Call 09/15/46)(b) | 325 | 409,486 | ||||||
4.95%, 10/01/44 (Call 04/01/44)(b) | 410 | 511,312 | ||||||
8.15%, 06/15/38 | 100 | 148,137 | ||||||
Indiana University Health Inc. Obligated Group, | 100 | 123,913 | ||||||
Johns Hopkins Health System Corp. (The), | 135 | 157,408 | ||||||
Kaiser Foundation Hospitals | ||||||||
4.15%, 05/01/47 (Call 11/01/46) | 2,183 | 2,637,668 | ||||||
4.88%, 04/01/42 | 175 | 231,725 | ||||||
Laboratory Corp. of America Holdings, | 725 | 879,260 | ||||||
Mayo Clinic, Series 2013, 4.00%, 11/15/47 | 11 | 12,876 | ||||||
McLaren Health Care Corp., Series A, | 25 | 30,389 | ||||||
Memorial Sloan-Kettering Cancer Center | ||||||||
4.13%, 07/01/52 | 325 | 398,588 | ||||||
5.00%, 07/01/42 | 45 | 60,152 | ||||||
Series 2015, 4.20%, 07/01/55(b) | 465 | 586,177 | ||||||
Montefiore Obligated Group, Series 18-C, | 410 | 428,557 |
Security | Par (000) | Value | ||||||
Health Care – Services (continued) | ||||||||
Mount Sinai Hospitals Group Inc., Series 2017, | $ | 205 | $ | 217,856 | ||||
New York and Presbyterian Hospital (The) | ||||||||
4.02%, 08/01/45 | 176 | 209,658 | ||||||
4.06%, 08/01/56 | 450 | 512,835 | ||||||
4.76%, 08/01/2116 | 55 | 62,773 | ||||||
Series 2019, 3.95%, 08/01/2119 | 750 | 770,125 | ||||||
Northwell Healthcare Inc. | ||||||||
3.81%, 11/01/49 (Call 11/01/48) | 185 | 176,641 | ||||||
3.98%, 11/01/46 (Call 11/01/45) | 890 | 879,478 | ||||||
4.26%, 11/01/47 (Call 11/01/46) | 710 | 743,524 | ||||||
Ochsner Clinic Foundation, 5.90%, 05/15/45 | 75 | 96,742 | ||||||
Partners Healthcare System Inc., | 1,135 | 1,178,720 | ||||||
Providence St Joseph Health Obligated Group | ||||||||
Series A, 3.93%, 10/01/48 (Call 04/01/48) | 115 | 123,290 | ||||||
Series I, 3.74%, 10/01/47 | 250 | 259,637 | ||||||
Quest Diagnostics Inc., 4.70%, 03/30/45 | 527 | 649,617 | ||||||
Roche Holdings Inc., 4.00%, 11/28/44 | 261 | 324,234 | ||||||
Southern Baptist Hospital of Florida Inc., | 25 | 30,339 | ||||||
Spectrum Health System Obligated Group, | 100 | 110,981 | ||||||
Stanford Health Care, | 375 | 429,220 | ||||||
Sutter Health, Series 2018, 4.09%, 08/15/48 | 395 | 445,159 | ||||||
Texas Health Resources, 4.33%, 11/15/55 | 9 | 10,966 | ||||||
Toledo Hospital (The) | ||||||||
4.98%, 11/15/45 (Call 05/15/45)(b) | 50 | 46,631 | ||||||
5.75%, 11/15/38 (Call 11/15/28) | 165 | 188,019 | ||||||
6.02%, 11/15/48 | 530 | 563,298 | ||||||
UnitedHealth Group Inc. | ||||||||
3.50%, 08/15/39 (Call 02/15/39) | 377 | 421,212 | ||||||
3.70%, 08/15/49 (Call 02/15/49)(b) | 1,145 | 1,344,882 | ||||||
3.75%, 10/15/47 (Call 04/15/47)(b) | 870 | 1,022,463 | ||||||
3.88%, 08/15/59 (Call 02/15/59)(b) | 825 | 1,004,733 | ||||||
3.95%, 10/15/42 (Call 04/15/42) | 617 | 722,087 | ||||||
4.20%, 01/15/47 (Call 07/15/46) | 493 | 610,209 | ||||||
4.25%, 03/15/43 (Call 09/15/42) | 500 | 618,097 | ||||||
4.25%, 04/15/47 (Call 10/15/46) | 430 | 536,192 | ||||||
4.25%, 06/15/48 (Call 12/15/47) | 1,057 | 1,321,435 | ||||||
4.38%, 03/15/42 (Call 09/15/41) | 350 | 431,307 | ||||||
4.45%, 12/15/48 (Call 06/15/48) | 1,065 | 1,370,309 | ||||||
4.63%, 07/15/35 | 1,464 | 1,843,152 | ||||||
4.63%, 11/15/41 (Call 05/15/41) | 405 | 513,210 | ||||||
4.75%, 07/15/45 | 925 | 1,226,691 | ||||||
5.70%, 10/15/40 (Call 04/15/40) | 330 | 470,189 | ||||||
5.80%, 03/15/36 | 390 | 532,494 | ||||||
5.95%, 02/15/41 (Call 08/15/40) | 400 | 583,522 | ||||||
6.50%, 06/15/37 | 415 | 612,390 | ||||||
6.63%, 11/15/37 | 486 | 736,046 | ||||||
6.88%, 02/15/38(b) | 980 | 1,521,861 | ||||||
Willis-Knighton Medical Center, | 135 | 168,583 | ||||||
|
| |||||||
54,841,326 | ||||||||
Holding Companies – Diversified — 0.1% | ||||||||
CK Hutchison International 19 II Ltd., | 1,000 | 1,049,662 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Holding Companies – Diversified (continued) | ||||||||
Hutchison Whampoa International Ltd., | $ | 275 | $ | 419,956 | ||||
|
| |||||||
1,469,618 | ||||||||
Home Furnishings — 0.1% | ||||||||
Whirlpool Corp. | ||||||||
4.50%, 06/01/46 (Call 12/01/45) | 755 | 789,850 | ||||||
5.15%, 03/01/43 | 200 | 219,819 | ||||||
|
| |||||||
1,009,669 | ||||||||
Household Products & Wares — 0.2% | ||||||||
Kimberly-Clark Corp. | ||||||||
2.88%, 02/07/50 (Call 08/07/49) | 400 | 426,175 | ||||||
3.20%, 07/30/46 (Call 01/30/46)(b) | 755 | 849,946 | ||||||
3.90%, 05/04/47 (Call 11/04/46) | 310 | 385,430 | ||||||
5.30%, 03/01/41(b) | 31 | 44,527 | ||||||
6.63%, 08/01/37 | 330 | 514,313 | ||||||
SC Johnson & Son Inc., 4.75%, 10/15/46 | 1,025 | 1,285,331 | ||||||
|
| |||||||
3,505,722 | ||||||||
Insurance — 5.1% | ||||||||
ACE Capital Trust II, Series N, 9.70%, 04/01/30(b) | 100 | 139,567 | ||||||
Aflac Inc. | ||||||||
4.00%, 10/15/46 (Call 04/15/46) | 395 | 448,773 | ||||||
4.75%, 01/15/49 (Call 07/15/48)(b) | 685 | 877,081 | ||||||
6.45%, 08/15/40(b) | 131 | 175,862 | ||||||
AIA Group Ltd., 4.50%, 03/16/46 (Call 09/16/45)(a) | 200 | 238,108 | ||||||
AIG SunAmerica Global Financing X, | 575 | 789,368 | ||||||
Alleghany Corp., 4.90%, 09/15/44 | 140 | 165,020 | ||||||
Allstate Corp. (The) | ||||||||
3.85%, 08/10/49 (Call 02/10/49) | 805 | 938,959 | ||||||
4.20%, 12/15/46 (Call 06/15/46) | 620 | 769,257 | ||||||
4.50%, 06/15/43 | 335 | 429,220 | ||||||
5.35%, 06/01/33(b) | 388 | 510,522 | ||||||
5.55%, 05/09/35 | 376 | 525,743 | ||||||
5.95%, 04/01/36 | 150 | 215,189 | ||||||
6.50%, 05/15/57 (Call 05/15/37)(c) | 195 | 222,684 | ||||||
American Financial Group Inc./OH, | 425 | 401,036 | ||||||
American International Group Inc. | ||||||||
3.88%, 01/15/35 (Call 07/15/34) | 1,496 | 1,597,269 | ||||||
4.38%, 01/15/55 (Call 07/15/54) | 285 | 302,927 | ||||||
4.50%, 07/16/44 (Call 01/16/44) | 1,141 | 1,260,400 | ||||||
4.70%, 07/10/35 (Call 01/10/35) | 760 | 877,184 | ||||||
4.75%, 04/01/48 (Call 10/01/47)(b) | 1,095 | 1,255,704 | ||||||
4.80%, 07/10/45 (Call 01/10/45) | 895 | 1,014,214 | ||||||
6.25%, 05/01/36 | 1,015 | 1,279,017 | ||||||
8.18%, 05/15/58 (Call 05/15/38)(c) | 170 | 209,100 | ||||||
Aon Corp., 6.25%, 09/30/40 | 525 | 755,207 | ||||||
Aon PLC | ||||||||
4.45%, 05/24/43 (Call 02/24/43) | 505 | 576,498 | ||||||
4.60%, 06/14/44 (Call 03/14/44) | 430 | 515,946 | ||||||
4.75%, 05/15/45 (Call 11/15/44)(b) | 441 | 540,131 | ||||||
Arch Capital Finance LLC, 5.03%, 12/15/46 | 270 | 339,635 | ||||||
Arch Capital Group Ltd., 7.35%, 05/01/34 | 270 | 394,044 | ||||||
Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | 470 | 583,120 | ||||||
Assurant Inc., 6.75%, 02/15/34 | 198 | 236,041 | ||||||
AXA SA, 8.60%, 12/15/30 | 2,015 | 2,797,869 | ||||||
AXIS Specialty Finance PLC, 5.15%, 04/01/45 | 510 | 564,955 |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
Berkshire Hathaway Finance Corp. | ||||||||
4.20%, 08/15/48 (Call 02/15/48) | $ | 1,440 | $ | 1,813,502 | ||||
4.25%, 01/15/49 (Call 07/15/48)(b) | 793 | 1,004,922 | ||||||
4.30%, 05/15/43 | 163 | 203,932 | ||||||
4.40%, 05/15/42 | 190 | 236,708 | ||||||
5.75%, 01/15/40 | 235 | 343,339 | ||||||
Berkshire Hathaway Inc., 4.50%, 02/11/43 | 715 | 920,439 | ||||||
Brighthouse Financial Inc., 4.70%, 06/22/47 | 1,224 | 1,057,084 | ||||||
Chubb Corp. (The), 6.00%, 05/11/37 | 210 | 305,313 | ||||||
Chubb INA Holdings Inc. | ||||||||
4.15%, 03/13/43 | 250 | 315,005 | ||||||
4.35%, 11/03/45 (Call 05/03/45) | 860 | 1,124,791 | ||||||
Equitable Holdings Inc., 5.00%, 04/20/48 | 1,140 | 1,187,614 | ||||||
Everest Reinsurance Holdings Inc., | 450 | 497,505 | ||||||
Farmers Exchange Capital II, | 10 | 11,985 | ||||||
Farmers Exchange Capital III, | 640 | 773,310 | ||||||
Farmers Insurance Exchange, | 300 | 308,874 | ||||||
Great-West Lifeco Finance 2018 LP, | 1,000 | 1,215,426 | ||||||
Great-West Lifeco Finance Delaware LP, | 50 | 52,545 | ||||||
Guardian Life Insurance Co. of America (The) | ||||||||
3.70%, 01/22/70 (Call 07/22/69)(a) | 50 | 50,758 | ||||||
4.85%, 01/24/77(a) | 475 | 593,652 | ||||||
4.88%, 06/19/64(a) | 275 | 355,540 | ||||||
Harborwalk Funding Trust, 5.08%, 02/15/69 | 590 | 684,950 | ||||||
Hartford Financial Services Group Inc. (The) | ||||||||
3.60%, 08/19/49 (Call 02/19/49) | 335 | 355,211 | ||||||
4.30%, 04/15/43 | 179 | 205,311 | ||||||
4.40%, 03/15/48 (Call 09/15/47) | 415 | 487,148 | ||||||
5.95%, 10/15/36 | 216 | 276,326 | ||||||
6.10%, 10/01/41 | 520 | 678,175 | ||||||
6.63%, 03/30/40(b) | 345 | 456,923 | ||||||
Liberty Mutual Group Inc. | ||||||||
3.95%, 10/15/50 (Call 04/15/50)(a)(b) | 1,326 | 1,348,484 | ||||||
4.50%, 06/15/49 (Call 12/15/48)(a) | 667 | 730,697 | ||||||
Liberty Mutual Insurance Co., 7.70%, 10/15/97(a)(b) | 85 | 133,543 | ||||||
Lincoln National Corp. | ||||||||
4.35%, 03/01/48 (Call 09/01/47) | 650 | 707,632 | ||||||
6.30%, 10/09/37 | 116 | 140,958 | ||||||
7.00%, 06/15/40 | 675 | 899,483 | ||||||
Loews Corp. | ||||||||
4.13%, 05/15/43 (Call 11/15/42)(b) | 310 | 346,027 | ||||||
6.00%, 02/01/35 | 354 | 483,312 | ||||||
Manulife Financial Corp., 5.38%, 03/04/46 | 935 | 1,202,974 | ||||||
Markel Corp. | ||||||||
4.15%, 09/17/50 (Call 03/17/50) | 160 | 163,361 | ||||||
4.30%, 11/01/47 (Call 05/01/47)(b) | 285 | 293,455 | ||||||
5.00%, 03/30/43 | 350 | 370,710 | ||||||
5.00%, 04/05/46 | 595 | 668,840 | ||||||
5.00%, 05/20/49 (Call 11/20/48) | 325 | 371,930 | ||||||
Marsh & McLennan Companies Inc. | ||||||||
4.20%, 03/01/48 (Call 09/01/47)(b) | 530 | 645,983 | ||||||
4.35%, 01/30/47 (Call 07/30/46) | 782 | 968,250 | ||||||
4.75%, 03/15/39 (Call 09/15/38) | 170 | 212,380 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
4.90%, 03/15/49 (Call 09/15/48) | $ | 1,115 | $ | 1,519,554 | ||||
5.88%, 08/01/33 | 75 | 100,198 | ||||||
Massachusetts Mutual Life Insurance Co. | ||||||||
3.73%, 10/15/70(a) | 931 | 945,087 | ||||||
4.90%, 04/01/77(a) | 190 | 239,804 | ||||||
MetLife Capital Trust IV, 7.88%, 12/15/37 | 155 | 192,200 | ||||||
MetLife Inc. | ||||||||
4.05%, 03/01/45(b) | 616 | 720,868 | ||||||
4.13%, 08/13/42 | 766 | 895,577 | ||||||
4.60%, 05/13/46 (Call 11/13/45)(b) | 455 | 574,331 | ||||||
4.88%, 11/13/43 | 565 | 730,239 | ||||||
5.70%, 06/15/35 | 350 | 472,565 | ||||||
5.88%, 02/06/41 | 1,050 | 1,460,871 | ||||||
6.38%, 06/15/34(b) | 570 | 812,114 | ||||||
6.40%, 12/15/36 (Call 12/15/31) | 1,333 | 1,491,687 | ||||||
6.50%, 12/15/32 | 655 | 920,743 | ||||||
9.25%, 04/08/38 (Call 04/08/33)(a) | 125 | 165,000 | ||||||
10.75%, 08/01/39 (Call 08/01/34)(b) | 176 | 267,439 | ||||||
Series N, 4.72%, 12/15/44 | 875 | 1,120,194 | ||||||
Mutual of Omaha Insurance Co., | 75 | 105,584 | ||||||
Nationwide Financial Services Inc. | ||||||||
3.90%, 11/30/49 (Call 05/30/49)(a) | 995 | 979,299 | ||||||
5.30%, 11/18/44(a) | 450 | 519,777 | ||||||
Nationwide Mutual Insurance Co. | ||||||||
4.95%, 04/22/44(a) | 750 | 784,539 | ||||||
8.25%, 12/01/31(a)(b) | 200 | 300,647 | ||||||
9.38%, 08/15/39(a)(b) | 435 | 724,478 | ||||||
New York Life Insurance Co. | ||||||||
4.45%, 05/15/69 (Call 11/15/68)(a)(b) | 642 | 798,353 | ||||||
5.88%, 05/15/33(a) | 980 | 1,336,883 | ||||||
6.75%, 11/15/39(a) | 1,160 | 1,751,244 | ||||||
Northwestern Mutual Life Insurance Co. (The) | ||||||||
3.63%, 09/30/59 (Call 03/30/59)(a) | 1,694 | 1,837,706 | ||||||
3.85%, 09/30/47 (Call 03/30/47)(a) | 750 | 838,662 | ||||||
Ohio National Financial Services Inc., | 150 | 141,335 | ||||||
Ohio National Life Insurance Co. (The), | 300 | 338,917 | ||||||
Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/47)(a)(c) | 760 | 726,129 | ||||||
Principal Financial Group Inc. | ||||||||
4.30%, 11/15/46 (Call 05/15/46)(b) | 133 | 155,531 | ||||||
4.35%, 05/15/43 | 325 | 365,470 | ||||||
4.63%, 09/15/42 | 40 | 49,251 | ||||||
6.05%, 10/15/36 | 191 | 246,655 | ||||||
Progressive Corp. (The) | ||||||||
3.70%, 01/26/45 | 210 | 247,740 | ||||||
4.13%, 04/15/47 (Call 10/15/46) | 673 | 854,835 | ||||||
4.20%, 03/15/48 (Call 09/15/47) | 940 | 1,220,872 | ||||||
4.35%, 04/25/44 | 171 | 221,501 | ||||||
6.25%, 12/01/32 | 240 | 324,996 | ||||||
Prudential Financial Inc. | ||||||||
3.70%, 03/13/51 (Call 09/13/50) | 75 | 79,539 | ||||||
3.91%, 12/07/47 (Call 06/07/47) | 974 | 1,050,978 | ||||||
3.94%, 12/07/49 (Call 06/07/49) | 1,438 | 1,564,210 | ||||||
4.35%, 02/25/50 (Call 08/25/49) | 929 | 1,062,839 | ||||||
4.42%, 03/27/48 (Call 09/27/47) | 550 | 636,070 | ||||||
4.60%, 05/15/44 | 345 | 405,888 | ||||||
5.70%, 12/14/36 | 780 | 1,049,658 |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
6.63%, 06/21/40 | $ | 150 | $ | 213,444 | ||||
Series B, 5.75%, 07/15/33 | 100 | 125,213 | ||||||
Series D, 6.63%, 12/01/37 | 65 | 90,863 | ||||||
Securian Financial Group Inc., 4.80%, 04/15/48(a) | 315 | 395,890 | ||||||
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48) | 230 | 245,464 | ||||||
Sompo International Holdings Ltd., 7.00%, 07/15/34 | 400 | 568,672 | ||||||
Teachers Insurance & Annuity Association of America | 2,635 | 3,072,820 | ||||||
4.90%, 09/15/44(a)(b) | 826 | 1,055,509 | ||||||
6.85%, 12/16/39(a)(b) | 186 | 284,594 | ||||||
Transatlantic Holdings Inc., 8.00%, 11/30/39 | 275 | 400,749 | ||||||
Travelers Companies Inc. (The) | ||||||||
3.75%, 05/15/46 (Call 11/15/45) | 530 | 631,223 | ||||||
4.00%, 05/30/47 (Call 11/30/46) | 457 | 565,879 | ||||||
4.05%, 03/07/48 (Call 09/07/47) | 714 | 897,568 | ||||||
4.10%, 03/04/49 (Call 09/04/48) | 715 | 906,768 | ||||||
4.30%, 08/25/45 (Call 02/25/45)(b) | 535 | 675,513 | ||||||
4.60%, 08/01/43(b) | 108 | 131,180 | ||||||
5.35%, 11/01/40 | 563 | 790,882 | ||||||
6.25%, 06/15/37(b) | 450 | 663,573 | ||||||
6.75%, 06/20/36 | 115 | 175,261 | ||||||
Travelers Property Casualty Corp., 6.38%, 03/15/33 | 400 | 582,761 | ||||||
Unum Group | ||||||||
4.50%, 12/15/49 (Call 06/15/49) | 675 | 599,775 | ||||||
5.75%, 08/15/42 | 400 | 421,294 | ||||||
Voya Financial Inc. | ||||||||
4.80%, 06/15/46 | 100 | 115,036 | ||||||
5.70%, 07/15/43 | 660 | 814,375 | ||||||
Western & Southern Financial Group Inc., | 200 | 260,356 | ||||||
Western & Southern Life Insurance Co. (The), | 150 | 198,225 | ||||||
Willis North America Inc. | ||||||||
3.88%, 09/15/49 (Call 03/15/49)(b) | 310 | 337,751 | ||||||
5.05%, 09/15/48 (Call 03/15/48) | 805 | 1,047,542 | ||||||
WR Berkley Corp., 4.75%, 08/01/44 | 210 | 224,998 | ||||||
XLIT Ltd. | ||||||||
5.25%, 12/15/43 | 150 | 198,788 | ||||||
5.50%, 03/31/45(b) | 661 | 854,306 | ||||||
|
| |||||||
98,044,286 | ||||||||
Internet — 1.0% | ||||||||
Alibaba Group Holding Ltd. | ||||||||
4.00%, 12/06/37 (Call 06/06/37) | 1,615 | 1,847,964 | ||||||
4.20%, 12/06/47 (Call 06/06/47) | 1,285 | 1,558,605 | ||||||
4.40%, 12/06/57 (Call 06/06/57) | 435 | 558,804 | ||||||
4.50%, 11/28/34 (Call 05/28/34) | 625 | 778,917 | ||||||
Amazon.com Inc. | ||||||||
3.88%, 08/22/37 (Call 02/22/37) | 2,565 | 3,123,631 | ||||||
4.05%, 08/22/47 (Call 02/22/47)(b) | 1,130 | 1,476,930 | ||||||
4.25%, 08/22/57 (Call 02/22/57) | 1,942 | 2,657,425 | ||||||
4.80%, 12/05/34 (Call 06/05/34) | 1,932 | 2,607,747 | ||||||
4.95%, 12/05/44 (Call 06/05/44) | 1,475 | 2,089,046 | ||||||
eBay Inc., 4.00%, 07/15/42 (Call 01/15/42) | 792 | 794,582 | ||||||
Tencent Holdings Ltd. | ||||||||
3.93%, 01/19/38 (Call 07/19/37)(a)(b) | 800 | 878,458 | ||||||
4.53%, 04/11/49 (Call 10/11/48)(a) | 200 | 254,728 | ||||||
|
| |||||||
18,626,837 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Iron & Steel — 0.3% | ||||||||
ArcelorMittal SA | ||||||||
6.75%, 03/01/41 | $ | 160 | $ | 162,902 | ||||
7.00%, 10/15/39 | 226 | 235,942 | ||||||
Nucor Corp. | ||||||||
4.40%, 05/01/48 (Call 11/01/47) | 385 | 453,392 | ||||||
5.20%, 08/01/43 (Call 02/01/43) | 794 | 993,657 | ||||||
6.40%, 12/01/37 | 632 | 871,751 | ||||||
Vale Overseas Ltd. | ||||||||
6.88%, 11/21/36 | 1,105 | 1,284,573 | ||||||
6.88%, 11/10/39 | 1,320 | 1,553,376 | ||||||
8.25%, 01/17/34 | 50 | 63,700 | ||||||
Vale SA, 5.63%, 09/11/42 | 455 | 474,474 | ||||||
|
| |||||||
6,093,767 | ||||||||
Leisure Time — 0.0% | ||||||||
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45) | 125 | 119,098 | ||||||
|
| |||||||
Lodging — 0.0% | ||||||||
Marriott International Inc./MD, 4.50%, 10/01/34 | 280 | 256,190 | ||||||
|
| |||||||
Machinery — 0.6% | ||||||||
ABB Finance USA Inc., 4.38%, 05/08/42 | 577 | 707,882 | ||||||
Caterpillar Inc. | ||||||||
3.25%, 09/19/49 (Call 03/19/49) | 955 | 1,025,186 | ||||||
3.80%, 08/15/42(b) | 698 | 819,074 | ||||||
4.30%, 05/15/44 (Call 11/15/43) | 525 | 657,590 | ||||||
4.75%, 05/15/64 (Call 11/15/63)(b) | 780 | 1,056,522 | ||||||
5.20%, 05/27/41 | 620 | 873,584 | ||||||
5.30%, 09/15/35 | 86 | 114,939 | ||||||
6.05%, 08/15/36 | 186 | 259,571 | ||||||
Crane Co., 4.20%, 03/15/48 (Call 09/15/47) | 70 | 60,372 | ||||||
Deere & Co. | ||||||||
2.88%, 09/07/49 (Call 03/07/49)(b) | 865 | 880,860 | ||||||
3.90%, 06/09/42 (Call 12/09/41)(b) | 603 | 733,672 | ||||||
7.13%, 03/03/31 | 188 | 264,124 | ||||||
Dover Corp. | ||||||||
5.38%, 10/15/35 | 140 | 168,895 | ||||||
5.38%, 03/01/41 (Call 12/01/40) | 460 | 580,176 | ||||||
Otis Worldwide Corp. | ||||||||
3.11%, 02/15/40 (Call 08/15/39)(a) | 1,000 | 985,841 | ||||||
3.36%, 02/15/50 (Call 08/15/49)(a) | 1,245 | 1,273,318 | ||||||
Rockwell Automation Inc., 4.20%, 03/01/49 | 946 | 1,190,139 | ||||||
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46) | 275 | 289,610 | ||||||
|
| |||||||
11,941,355 | ||||||||
Manufacturing — 1.4% | ||||||||
3M Co. | ||||||||
3.13%, 09/19/46 (Call 03/19/46) | 240 | 255,276 | ||||||
3.25%, 08/26/49 (Call 02/26/49)(b) | 801 | 879,321 | ||||||
3.63%, 10/15/47 (Call 04/15/47) | 156 | 178,195 | ||||||
3.88%, 06/15/44 | 150 | 165,754 | ||||||
4.00%, 09/14/48 (Call 03/14/48) | 1,283 | 1,597,588 | ||||||
5.70%, 03/15/37(b) | 215 | 294,871 | ||||||
Eaton Corp. | ||||||||
4.00%, 11/02/32(b) | 1,125 | 1,276,123 | ||||||
4.15%, 11/02/42(b) | 1,185 | 1,376,283 | ||||||
General Electric Co. | ||||||||
4.13%, 10/09/42 | 382 | 369,959 | ||||||
4.35%, 05/01/50 (Call 11/01/49) | 600 | 604,567 | ||||||
4.50%, 03/11/44 | 525 | 534,740 |
Security | Par (000) | Value | ||||||
Manufacturing (continued) | ||||||||
5.88%, 01/14/38 | $ | 2,583 | $ | 2,935,461 | ||||
6.15%, 08/07/37 | 1,079 | 1,272,649 | ||||||
6.75%, 03/15/32 | 2,605 | 3,230,578 | ||||||
6.88%, 01/10/39 | 1,450 | 1,805,006 | ||||||
Illinois Tool Works Inc. | ||||||||
3.90%, 09/01/42 (Call 03/01/42) | 1,292 | 1,538,781 | ||||||
4.88%, 09/15/41 (Call 03/15/41) | 570 | 735,747 | ||||||
Ingersoll-Rand Global Holding Co. Ltd. | ||||||||
4.30%, 02/21/48 (Call 08/21/47) | 150 | 172,266 | ||||||
5.75%, 06/15/43 | 680 | 867,519 | ||||||
Ingersoll-Rand Luxembourg Finance SA | ||||||||
4.50%, 03/21/49 (Call 09/21/48) | 405 | 475,334 | ||||||
4.65%, 11/01/44 (Call 05/01/44) | 165 | 190,445 | ||||||
Parker-Hannifin Corp. | ||||||||
4.00%, 06/14/49 (Call 12/14/48)(b) | 975 | 1,085,829 | ||||||
4.10%, 03/01/47 (Call 09/01/46) | 290 | 324,255 | ||||||
4.20%, 11/21/34 (Call 05/21/34) | 362 | 411,482 | ||||||
4.45%, 11/21/44 (Call 05/21/44) | 295 | 339,094 | ||||||
Series A, 6.25%, 05/15/38 | 455 | 621,492 | ||||||
Siemens Financieringsmaatschappij NV | ||||||||
3.30%, 09/15/46(a)(b) | 1,220 | 1,328,390 | ||||||
4.20%, 03/16/47(a)(b) | 1,195 | 1,526,645 | ||||||
4.40%, 05/27/45(a)(b) | 1,088 | 1,382,865 | ||||||
|
| |||||||
27,776,515 | ||||||||
Media — 5.3% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
3.70%, 04/01/51 (Call 10/01/50) | 1,200 | 1,191,024 | ||||||
4.80%, 03/01/50 (Call 09/01/49)(b) | 1,180 | 1,328,246 | ||||||
5.13%, 07/01/49 (Call 01/01/49) | 755 | 898,633 | ||||||
5.38%, 04/01/38 (Call 10/01/37) | 1,144 | 1,349,293 | ||||||
5.38%, 05/01/47 (Call 11/01/46) | 2,435 | 2,930,253 | ||||||
5.75%, 04/01/48 (Call 10/01/47) | 2,587 | 3,264,204 | ||||||
6.38%, 10/23/35 (Call 04/23/35) | 1,220 | 1,566,579 | ||||||
6.48%, 10/23/45 (Call 04/23/45) | 2,540 | 3,320,397 | ||||||
6.83%, 10/23/55 (Call 04/23/55) | 227 | 304,449 | ||||||
Comcast Corp. | ||||||||
3.20%, 07/15/36 (Call 01/15/36)(b) | 805 | 876,928 | ||||||
3.25%, 11/01/39 (Call 05/01/39) | 1,950 | 2,124,524 | ||||||
3.40%, 07/15/46 (Call 01/15/46) | 1,540 | 1,703,610 | ||||||
3.45%, 02/01/50 (Call 08/01/49) | 1,285 | 1,441,727 | ||||||
3.90%, 03/01/38 (Call 09/01/37) | 1,083 | 1,261,093 | ||||||
3.97%, 11/01/47 (Call 05/01/47) | 2,100 | 2,493,688 | ||||||
4.00%, 08/15/47 (Call 02/15/47) | 1,030 | 1,225,969 | ||||||
4.00%, 03/01/48 (Call 09/01/47) | 893 | 1,070,737 | ||||||
4.00%, 11/01/49 (Call 05/01/49)(b) | 1,975 | 2,345,558 | ||||||
4.05%, 11/01/52 (Call 05/01/52) | 1,145 | 1,397,641 | ||||||
4.20%, 08/15/34 (Call 02/15/34) | 1,001 | 1,204,666 | ||||||
4.25%, 10/15/30 (Call 07/15/30) | 2,330 | 2,803,920 | ||||||
4.25%, 01/15/33 | 980 | 1,185,894 | ||||||
4.40%, 08/15/35 (Call 02/15/35) | 605 | 749,655 | ||||||
4.50%, 01/15/43 | 1,105 | 1,360,361 | ||||||
4.60%, 10/15/38 (Call 04/15/38) | 2,215 | 2,783,852 | ||||||
4.60%, 08/15/45 (Call 02/15/45) | 995 | 1,269,496 | ||||||
4.65%, 07/15/42 | 860 | 1,094,646 | ||||||
4.70%, 10/15/48 (Call 04/15/48) | 2,595 | 3,403,135 | ||||||
4.75%, 03/01/44 | 1,100 | 1,426,395 | ||||||
4.95%, 10/15/58 (Call 04/15/58) | 1,235 | 1,751,656 | ||||||
5.65%, 06/15/35 | 296 | 412,856 | ||||||
6.40%, 05/15/38(b) | 124 | 180,335 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
6.45%, 03/15/37(b) | $ | 270 | $ | 391,509 | ||||
6.50%, 11/15/35 | 710 | 1,073,217 | ||||||
6.55%, 07/01/39 | 80 | 117,651 | ||||||
6.95%, 08/15/37(b) | 798 | 1,202,998 | ||||||
7.05%, 03/15/33(b) | 671 | 1,012,295 | ||||||
Cox Communications Inc. | ||||||||
4.50%, 06/30/43 (Call 12/30/42)(a) | 71 | 77,681 | ||||||
4.60%, 08/15/47 (Call 02/15/47)(a)(b) | 1,530 | 1,755,576 | ||||||
4.70%, 12/15/42(a) | 275 | 299,816 | ||||||
8.38%, 03/01/39(a) | 800 | 1,208,014 | ||||||
Discovery Communications LLC | ||||||||
4.88%, 04/01/43 | 975 | 1,055,352 | ||||||
4.95%, 05/15/42 | 675 | 735,785 | ||||||
5.00%, 09/20/37 (Call 03/20/37) | 715 | 787,876 | ||||||
5.20%, 09/20/47 (Call 03/20/47) | 550 | 626,426 | ||||||
5.30%, 05/15/49 (Call 11/15/48) | 662 | 767,488 | ||||||
6.35%, 06/01/40 | 625 | 784,068 | ||||||
Fox Corp. | ||||||||
5.48%, 01/25/39 (Call 07/25/38) | 958 | 1,209,262 | ||||||
5.58%, 01/25/49 (Call 07/25/48) | 1,125 | 1,537,186 | ||||||
Grupo Televisa SAB | ||||||||
5.00%, 05/13/45 (Call 11/13/44) | 1,060 | 1,047,462 | ||||||
5.25%, 05/24/49 (Call 11/24/48) | 500 | 513,241 | ||||||
6.13%, 01/31/46 (Call 07/31/45) | 200 | 225,069 | ||||||
6.63%, 01/15/40 | 429 | 494,277 | ||||||
NBCUniversal Media LLC | ||||||||
4.45%, 01/15/43 | 970 | 1,196,981 | ||||||
5.95%, 04/01/41 | 865 | 1,227,757 | ||||||
Thomson Reuters Corp. | ||||||||
5.50%, 08/15/35 | 150 | 183,093 | ||||||
5.65%, 11/23/43 (Call 05/23/43) | 585 | 751,681 | ||||||
5.85%, 04/15/40 | 375 | 465,362 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 (Call 03/15/42) | 820 | 865,909 | ||||||
5.50%, 09/01/41 (Call 03/01/41) | 1,140 | 1,332,057 | ||||||
5.88%, 11/15/40 (Call 05/15/40) | 1,425 | 1,693,056 | ||||||
6.55%, 05/01/37 | 1,257 | 1,557,807 | ||||||
6.75%, 06/15/39 | 235 | 299,891 | ||||||
7.30%, 07/01/38(b) | 276 | 364,936 | ||||||
Time Warner Entertainment Co. LP, | 970 | 1,411,071 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
3.00%, 07/30/46 | 375 | 386,416 | ||||||
3.70%, 12/01/42 | 507 | 584,270 | ||||||
4.13%, 06/01/44 | 775 | 936,817 | ||||||
4.38%, 08/16/41 | 400 | 483,570 | ||||||
Series B, 7.00%, 03/01/32(b) | 200 | 290,900 | ||||||
Series E, 4.13%, 12/01/41 | 250 | 301,148 | ||||||
ViacomCBS Inc. | ||||||||
4.38%, 03/15/43 | 1,175 | 1,144,131 | ||||||
4.60%, 01/15/45 (Call 07/15/44) | 805 | 781,392 | ||||||
4.85%, 07/01/42 (Call 01/01/42) | 365 | 371,056 | ||||||
4.90%, 08/15/44 (Call 02/15/44) | 625 | 627,191 | ||||||
5.25%, 04/01/44 (Call 10/01/43)(b) | 485 | 517,683 | ||||||
5.50%, 05/15/33 | 430 | 487,940 | ||||||
5.85%, 09/01/43 (Call 03/01/43) | 480 | 546,122 | ||||||
5.90%, 10/15/40 (Call 04/15/40) | 215 | 242,821 | ||||||
6.88%, 04/30/36 | 835 | 1,001,245 | ||||||
7.88%, 07/30/30 | 415 | 548,538 | ||||||
Walt Disney Co. (The) | ||||||||
2.75%, 09/01/49 (Call 03/01/49) | 1,150 | 1,108,230 |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
4.70%, 03/23/50 (Call 09/23/49) | $ | 800 | $ | 1,070,313 | ||||
4.75%, 09/15/44 (Call 03/15/44) | 803 | 1,020,351 | ||||||
4.75%, 11/15/46 (Call 05/15/46) | 45 | 58,303 | ||||||
4.95%, 10/15/45 (Call 04/15/45)(b) | 495 | 647,788 | ||||||
5.40%, 10/01/43 | 580 | 802,449 | ||||||
6.15%, 03/01/37 | 60 | 85,205 | ||||||
6.15%, 02/15/41 | 74 | 108,303 | ||||||
6.20%, 12/15/34 | 2,195 | 3,126,504 | ||||||
6.40%, 12/15/35 | 722 | 1,043,421 | ||||||
6.55%, 03/15/33 | 1,070 | 1,531,330 | ||||||
6.65%, 11/15/37 | 1,025 | 1,529,590 | ||||||
|
| |||||||
101,376,297 | ||||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Precision Castparts Corp. | ||||||||
3.90%, 01/15/43 (Call 07/15/42) | 521 | 593,127 | ||||||
4.38%, 06/15/45 (Call 12/15/44) | 556 | 664,184 | ||||||
Valmont Industries Inc. | ||||||||
5.00%, 10/01/44 (Call 04/01/44)(b) | 410 | 455,627 | ||||||
5.25%, 10/01/54 (Call 04/01/54) | 121 | 119,595 | ||||||
|
| |||||||
1,832,533 | ||||||||
Mining — 1.7% | ||||||||
Barrick Gold Corp. | ||||||||
5.25%, 04/01/42 | 1,507 | 1,955,720 | ||||||
6.45%, 10/15/35 | 120 | 159,477 | ||||||
Barrick North America Finance LLC | ||||||||
5.70%, 05/30/41 | 516 | 685,914 | ||||||
5.75%, 05/01/43 | 1,074 | 1,513,539 | ||||||
7.50%, 09/15/38 | 222 | 335,024 | ||||||
Barrick PD Australia Finance Pty Ltd., | 374 | 506,607 | ||||||
BHP Billiton Finance USA Ltd. | ||||||||
4.13%, 02/24/42 | 674 | 830,804 | ||||||
5.00%, 09/30/43(b) | 2,147 | 2,946,265 | ||||||
Corp. Nacional del Cobre de Chile | ||||||||
3.70%, 01/30/50 (Call 07/30/49)(a) | 1,500 | 1,356,233 | ||||||
4.25%, 07/17/42(a) | 1,235 | 1,195,707 | ||||||
4.38%, 02/05/49 (Call 08/05/48)(a) | 1,075 | 1,101,027 | ||||||
4.50%, 08/01/47 (Call 02/01/47)(a) | 1,050 | 1,090,312 | ||||||
4.88%, 11/04/44(a)(b) | 60 | 63,903 | ||||||
5.63%, 10/18/43(a)(b) | 1,200 | 1,408,252 | ||||||
Glencore Canada Corp., 6.20%, 06/15/35 | 35 | 36,574 | ||||||
Glencore Finance Canada Ltd. | ||||||||
5.55%, 10/25/42(a)(b) | 225 | 226,960 | ||||||
6.00%, 11/15/41(a) | 185 | 198,659 | ||||||
6.90%, 11/15/37(a)(b) | 100 | 116,237 | ||||||
Indonesia Asahan Aluminium Persero PT, | 600 | 641,740 | ||||||
Industrias Penoles SAB de CV, | 400 | 384,000 | ||||||
Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41) | 40 | 45,204 | ||||||
Minera Mexico SA de CV, 4.50%, 01/26/50 | 625 | 537,813 | ||||||
Newmont Corp. | ||||||||
4.88%, 03/15/42 (Call 09/15/41) | 963 | 1,181,663 | ||||||
5.45%, 06/09/44 (Call 12/09/43) | 504 | 660,655 | ||||||
5.88%, 04/01/35 | 250 | 356,555 | ||||||
6.25%, 10/01/39 | 993 | 1,395,877 | ||||||
Rio Tinto Alcan Inc. | ||||||||
5.75%, 06/01/35 | 136 | 189,254 | ||||||
6.13%, 12/15/33 | 586 | 803,427 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mining (continued) | ||||||||
7.25%, 03/15/31(b) | $ | 791 | $ | 1,134,341 | ||||
Rio Tinto Finance USA Ltd., 5.20%, 11/02/40 | 465 | 628,937 | ||||||
Rio Tinto Finance USA PLC | ||||||||
4.13%, 08/21/42 (Call 02/21/42) | 1,395 | 1,709,613 | ||||||
4.75%, 03/22/42 (Call 09/22/41) | 415 | 528,887 | ||||||
Southern Copper Corp. | ||||||||
5.25%, 11/08/42 | 805 | 845,468 | ||||||
5.88%, 04/23/45 | 1,195 | 1,341,298 | ||||||
6.75%, 04/16/40(b) | 835 | 1,017,858 | ||||||
7.50%, 07/27/35 | 630 | 800,924 | ||||||
Teck Resources Ltd. | ||||||||
5.20%, 03/01/42 (Call 09/01/41) | 495 | 419,374 | ||||||
5.40%, 02/01/43 (Call 08/01/42) | 450 | 388,397 | ||||||
6.00%, 08/15/40 (Call 02/15/40) | 415 | 384,436 | ||||||
6.13%, 10/01/35 | 235 | 235,096 | ||||||
6.25%, 07/15/41 (Call 01/15/41) | 532 | 501,392 | ||||||
|
| |||||||
31,859,423 | ||||||||
Oil & Gas — 5.4% | ||||||||
Apache Corp. | ||||||||
4.25%, 01/15/44 (Call 07/15/43) | 573 | 375,262 | ||||||
4.75%, 04/15/43 (Call 10/15/42) | 1,197 | 819,493 | ||||||
5.10%, 09/01/40 (Call 03/01/40) | 730 | 493,389 | ||||||
5.25%, 02/01/42 (Call 08/01/41) | 455 | 313,425 | ||||||
5.35%, 07/01/49 (Call 01/01/49)(b) | 425 | 298,572 | ||||||
BP Capital Markets America Inc., | 100 | 94,305 | ||||||
Burlington Resources LLC | ||||||||
5.95%, 10/15/36 | 175 | 223,834 | ||||||
7.20%, 08/15/31 | 510 | 676,617 | ||||||
7.40%, 12/01/31 | 345 | 478,896 | ||||||
Canadian Natural Resources Ltd. | ||||||||
4.95%, 06/01/47 (Call 12/01/46) | 856 | 781,393 | ||||||
5.85%, 02/01/35 | 200 | 190,098 | ||||||
6.25%, 03/15/38 | 440 | 431,909 | ||||||
6.45%, 06/30/33 | 855 | 836,093 | ||||||
6.50%, 02/15/37 | 245 | 242,110 | ||||||
6.75%, 02/01/39 | 185 | 181,859 | ||||||
7.20%, 01/15/32 | 300 | 313,289 | ||||||
CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(a) | 250 | 318,577 | ||||||
CNOOC Finance 2013 Ltd. | ||||||||
3.30%, 09/30/49 (Call 03/30/49) | 600 | 605,845 | ||||||
4.25%, 05/09/43 | 750 | 865,068 | ||||||
CNOOC Finance 2015 Australia Pty Ltd., | 400 | 463,834 | ||||||
CNOOC Nexen Finance 2014 ULC, | 565 | 718,119 | ||||||
CNPC HK Overseas Capital Ltd., | 450 | 631,486 | ||||||
Concho Resources Inc. | ||||||||
4.85%, 08/15/48 (Call 02/15/48) | 500 | 495,002 | ||||||
4.88%, 10/01/47 (Call 04/01/47)(b) | 390 | 386,057 | ||||||
Conoco Funding Co., 7.25%, 10/15/31 | 630 | 831,326 | ||||||
ConocoPhillips | ||||||||
5.90%, 10/15/32 | 676 | 896,959 | ||||||
5.90%, 05/15/38 | 100 | 134,067 | ||||||
6.50%, 02/01/39 | 1,823 | 2,584,105 | ||||||
ConocoPhillips Co. | ||||||||
4.30%, 11/15/44 (Call 05/15/44) | 1,109 | 1,288,067 | ||||||
5.95%, 03/15/46 (Call 09/15/45) | 450 | 623,007 | ||||||
Devon Energy Corp. | ||||||||
4.75%, 05/15/42 (Call 11/15/41) | 369 | 290,967 | ||||||
5.00%, 06/15/45 (Call 12/15/44) | 612 | 500,015 | ||||||
5.60%, 07/15/41 (Call 01/15/41) | 1,246 | 1,012,876 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
7.95%, 04/15/32 | $ | 150 | $ | 147,920 | ||||
Ecopetrol SA | ||||||||
5.88%, 05/28/45 | 1,060 | 929,726 | ||||||
7.38%, 09/18/43 | 990 | 1,022,472 | ||||||
Empresa Nacional del Petroleo, | 750 | 677,228 | ||||||
EOG Resources Inc. | ||||||||
3.90%, 04/01/35 (Call 10/01/34) | 800 | 864,771 | ||||||
5.10%, 01/15/36 (Call 07/15/35) | 195 | 220,380 | ||||||
Equinor ASA | ||||||||
3.25%, 11/18/49 (Call 05/18/49) | 900 | 941,239 | ||||||
3.95%, 05/15/43 | 659 | 721,771 | ||||||
4.25%, 11/23/41 | 700 | 791,091 | ||||||
4.80%, 11/08/43 | 318 | 382,862 | ||||||
5.10%, 08/17/40 | 707 | 888,812 | ||||||
Exxon Mobil Corp. | ||||||||
3.00%, 08/16/39 (Call 02/16/39) | 700 | 714,285 | ||||||
3.10%, 08/16/49 (Call 02/16/49) | 740 | 764,846 | ||||||
3.45%, 04/15/51 (Call 10/15/50) | 2,996 | 3,276,965 | ||||||
3.57%, 03/06/45 (Call 09/06/44) | 1,239 | 1,343,265 | ||||||
4.11%, 03/01/46 (Call 09/01/45) | 1,531 | 1,821,381 | ||||||
4.23%, 03/19/40 (Call 09/19/39) | 3,000 | 3,595,872 | ||||||
4.33%, 03/19/50 (Call 09/19/49) | 2,004 | 2,452,824 | ||||||
Gazprom PJSC Via Gaz Capital SA, | 1,200 | 1,645,579 | ||||||
Hess Corp. | ||||||||
5.60%, 02/15/41 | 752 | 657,813 | ||||||
5.80%, 04/01/47 (Call 10/01/46) | 495 | 429,320 | ||||||
6.00%, 01/15/40(b) | 365 | 324,188 | ||||||
7.13%, 03/15/33 | 350 | 315,691 | ||||||
7.30%, 08/15/31 | 795 | 747,046 | ||||||
Husky Energy Inc., 6.80%, 09/15/37 | 108 | 98,058 | ||||||
KazMunayGas National Co. JSC | ||||||||
5.38%, 04/24/30(a) | 900 | 891,211 | ||||||
6.38%, 10/24/48(a) | 750 | 776,367 | ||||||
Marathon Oil Corp. | ||||||||
5.20%, 06/01/45 (Call 12/01/44) | 315 | 228,852 | ||||||
6.60%, 10/01/37 | 615 | 484,973 | ||||||
6.80%, 03/15/32 | 641 | 532,475 | ||||||
Marathon Petroleum Corp. | ||||||||
4.50%, 04/01/48 (Call 10/01/47) | 458 | 391,557 | ||||||
4.75%, 09/15/44 (Call 03/15/44) | 697 | 633,506 | ||||||
5.00%, 09/15/54 (Call 03/15/54) | 568 | 473,343 | ||||||
5.85%, 12/15/45 (Call 06/15/45)(b) | 455 | 440,342 | ||||||
6.50%, 03/01/41 (Call 09/01/40) | 345 | 362,023 | ||||||
Motiva Enterprises LLC, 6.85%, 01/15/40(a) | 475 | 437,486 | ||||||
Nexen Inc. | ||||||||
5.88%, 03/10/35 | 537 | 735,581 | ||||||
6.40%, 05/15/37 | 755 | 1,054,530 | ||||||
7.50%, 07/30/39 | 565 | 901,622 | ||||||
7.88%, 03/15/32 | 640 | 964,975 | ||||||
Noble Energy Inc. | ||||||||
4.20%, 10/15/49 (Call 04/15/49) | 70 | 47,552 | ||||||
4.95%, 08/15/47 (Call 02/15/47) | 280 | 200,001 | ||||||
5.05%, 11/15/44 (Call 05/15/44) | 765 | 561,526 | ||||||
5.25%, 11/15/43 (Call 05/15/43) | 660 | 488,909 | ||||||
6.00%, 03/01/41 (Call 09/01/40) | 840 | 668,391 | ||||||
Ovintiv Inc. | ||||||||
6.50%, 08/15/34 | 330 | 204,230 | ||||||
6.50%, 02/01/38 | 650 | 399,267 | ||||||
6.63%, 08/15/37 | 235 | 143,641 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
7.20%, 11/01/31 | $ | 100 | $ | 66,120 | ||||
7.38%, 11/01/31 | 200 | 133,381 | ||||||
8.13%, 09/15/30 | 290 | 199,942 | ||||||
Pertamina Persero PT | ||||||||
4.18%, 01/21/50 (Call 07/21/49)(a) | 835 | 695,428 | ||||||
4.70%, 07/30/49(a) | 1,600 | 1,479,331 | ||||||
6.45%, 05/30/44(a) | 2,100 | 2,319,672 | ||||||
6.50%, 11/07/48(a) | 1,105 | 1,237,101 | ||||||
Petroleos del Peru SA | ||||||||
4.75%, 06/19/32(a) | 1,135 | 1,100,961 | ||||||
5.63%, 06/19/47(a) | 700 | 682,507 | ||||||
Petroleos Mexicanos, 6.63%, 06/15/38 | 238 | 163,482 | ||||||
Petronas Capital Ltd., 4.50%, 03/18/45(a)(b) | 1,350 | 1,494,928 | ||||||
Phillips 66 | ||||||||
4.65%, 11/15/34 (Call 05/15/34) | 266 | 286,076 | ||||||
4.88%, 11/15/44 (Call 05/15/44) | 1,640 | 1,841,517 | ||||||
5.88%, 05/01/42 | 1,501 | 1,904,120 | ||||||
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a) | 500 | 473,947 | ||||||
Saudi Arabian Oil Co. | ||||||||
4.25%, 04/16/39(a) | 2,415 | 2,488,518 | ||||||
4.38%, 04/16/49(a) | 2,135 | 2,176,209 | ||||||
Shell International Finance BV | ||||||||
3.13%, 11/07/49 (Call 05/07/49) | 1,360 | 1,389,069 | ||||||
3.63%, 08/21/42 | 583 | 610,533 | ||||||
3.75%, 09/12/46 | 1,101 | 1,185,359 | ||||||
4.00%, 05/10/46 | 2,030 | 2,311,172 | ||||||
4.13%, 05/11/35 | 1,935 | 2,241,589 | ||||||
4.38%, 05/11/45 | 1,663 | 1,958,514 | ||||||
4.55%, 08/12/43 | 1,025 | 1,216,987 | ||||||
5.50%, 03/25/40 | 1,350 | 1,779,566 | ||||||
6.38%, 12/15/38 | 1,405 | 2,015,809 | ||||||
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(a) | 400 | 460,371 | ||||||
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a) | 735 | 916,066 | ||||||
Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43(a) | 250 | 337,021 | ||||||
Sinopec Group Overseas Development 2017 Ltd. | ||||||||
4.00%, 09/13/47(a)(b) | 710 | 806,871 | ||||||
4.25%, 04/12/47(a) | 600 | 712,332 | ||||||
Sinopec Group Overseas Development 2018 Ltd. | ||||||||
3.68%, 08/08/49 (Call 02/08/49)(a) | 310 | 336,184 | ||||||
4.60%, 09/12/48(a) | 975 | 1,227,135 | ||||||
Suncor Energy Inc. | ||||||||
4.00%, 11/15/47 (Call 05/15/47) | 1,140 | 1,077,795 | ||||||
5.35%, 07/15/33 | 125 | 124,717 | ||||||
5.95%, 12/01/34 | 40 | 41,368 | ||||||
5.95%, 05/15/35 | 441 | 466,944 | ||||||
6.50%, 06/15/38 | 776 | 840,147 | ||||||
6.80%, 05/15/38 | 377 | 412,780 | ||||||
6.85%, 06/01/39 | 648 | 728,925 | ||||||
7.15%, 02/01/32 | 400 | 449,205 | ||||||
Thaioil Treasury Center Co. Ltd., 5.38%, 11/20/48(a) | 600 | 670,704 | ||||||
Tosco Corp., 8.13%, 02/15/30 | 61 | 85,261 | ||||||
Total Capital International SA, 3.46%, 07/12/49 | 776 | 811,269 | ||||||
Valero Energy Corp. | ||||||||
4.90%, 03/15/45 | 809 | 867,005 | ||||||
6.63%, 06/15/37 | 914 | 1,090,753 | ||||||
7.50%, 04/15/32 | 655 | 825,556 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
10.50%, 03/15/39 | $ | 129 | $ | 196,389 | ||||
|
| |||||||
104,130,322 | ||||||||
Oil & Gas Services — 0.4% | ||||||||
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40 | 799 | 815,807 | ||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47) | 1,385 | 1,172,606 | ||||||
Halliburton Co. | ||||||||
4.50%, 11/15/41 (Call 05/15/41) | 200 | 159,009 | ||||||
4.75%, 08/01/43 (Call 02/01/43) | 1,235 | 990,647 | ||||||
4.85%, 11/15/35 (Call 05/15/35) | 1,020 | 893,496 | ||||||
5.00%, 11/15/45 (Call 05/15/45) | 890 | 722,481 | ||||||
6.70%, 09/15/38 | 446 | 449,739 | ||||||
7.45%, 09/15/39 | 935 | 988,150 | ||||||
National Oilwell Varco Inc., | 916 | 634,464 | ||||||
|
| |||||||
6,826,399 | ||||||||
Packaging & Containers — 0.1% | ||||||||
Packaging Corp. of America, 4.05%, 12/15/49 | 485 | 555,447 | ||||||
Sonoco Products Co., 5.75%, 11/01/40 | 634 | 751,302 | ||||||
WestRock MWV LLC, 7.95%, 02/15/31 | 151 | 207,599 | ||||||
WRKCo Inc., 4.20%, 06/01/32 (Call 03/01/32)(b) | 1,115 | 1,242,174 | ||||||
|
| |||||||
2,756,522 | ||||||||
Pharmaceuticals — 7.1% | ||||||||
AbbVie Inc. | ||||||||
4.05%, 11/21/39 (Call 05/21/39)(a) | 3,130 | 3,471,614 | ||||||
4.25%, 11/21/49 (Call 05/21/49)(a) | 3,795 | 4,375,469 | ||||||
4.30%, 05/14/36 (Call 11/14/35) | 427 | 480,520 | ||||||
4.40%, 11/06/42 | 2,185 | 2,548,353 | ||||||
4.45%, 05/14/46 (Call 11/14/45) | 2,269 | 2,644,211 | ||||||
4.50%, 05/14/35 (Call 11/14/34) | 1,535 | 1,789,034 | ||||||
4.70%, 05/14/45 (Call 11/14/44) | 1,981 | 2,350,817 | ||||||
4.88%, 11/14/48 (Call 05/14/48) | 1,475 | 1,808,196 | ||||||
Allergan Finance LLC, 4.63%, 10/01/42 | 400 | 490,821 | ||||||
Allergan Funding SCS | ||||||||
4.55%, 03/15/35 (Call 09/15/34) | 2,015 | 2,326,470 | ||||||
4.75%, 03/15/45 (Call 09/15/44) | 894 | 1,037,521 | ||||||
4.85%, 06/15/44 (Call 12/15/43) | 1,060 | 1,238,271 | ||||||
AmerisourceBergen Corp. | ||||||||
4.25%, 03/01/45 (Call 09/01/44) | 200 | 208,556 | ||||||
4.30%, 12/15/47 (Call 06/15/47) | 585 | 646,485 | ||||||
AstraZeneca PLC | ||||||||
4.00%, 09/18/42 | 223 | 274,238 | ||||||
4.38%, 11/16/45 | 310 | 408,856 | ||||||
4.38%, 08/17/48 (Call 02/17/48) | 1,058 | 1,424,971 | ||||||
6.45%, 09/15/37 | 2,150 | 3,185,469 | ||||||
Bayer U.S. Finance II LLC | ||||||||
3.95%, 04/15/45 (Call 10/15/44)(a) | 585 | 621,490 | ||||||
4.20%, 07/15/34 (Call 01/15/34)(a) | 896 | 983,505 | ||||||
4.40%, 07/15/44 (Call 01/15/44)(a) | 277 | 326,295 | ||||||
4.63%, 06/25/38 (Call 12/25/37)(a)(b) | 887 | 1,023,460 | ||||||
4.65%, 11/15/43 (Call 05/15/43)(a) | 74 | 84,827 | ||||||
4.70%, 07/15/64 (Call 01/15/64)(a)(b) | 1,050 | 1,176,818 | ||||||
4.88%, 06/25/48 (Call 12/25/47)(a)(b) | 890 | 1,101,461 | ||||||
5.50%, 07/30/35(a)(b) | 100 | 128,644 | ||||||
Becton Dickinson and Co. | ||||||||
4.67%, 06/06/47 (Call 12/06/46) | 1,200 | 1,502,138 | ||||||
4.69%, 12/15/44 (Call 06/15/44) | 1,039 | 1,262,535 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Bristol-Myers Squibb Co. | ||||||||
3.25%, 08/01/42(b) | $ | 709 | $ | 795,576 | ||||
4.13%, 06/15/39 (Call 12/15/38)(a) | 1,963 | 2,432,854 | ||||||
4.25%, 10/26/49 (Call 04/26/49)(a) | 2,656 | 3,469,830 | ||||||
4.35%, 11/15/47 (Call 05/15/47)(a) | 610 | 789,242 | ||||||
4.50%, 03/01/44 (Call 09/01/43) | 690 | 947,266 | ||||||
4.55%, 02/20/48 (Call 08/20/47)(a) | 1,340 | 1,801,499 | ||||||
4.63%, 05/15/44 (Call 11/15/43)(a) | 460 | 611,832 | ||||||
5.00%, 08/15/45 (Call 02/15/45)(a) | 1,559 | 2,157,135 | ||||||
5.25%, 08/15/43(a) | 430 | 626,384 | ||||||
Cardinal Health Inc. | ||||||||
4.37%, 06/15/47 (Call 12/15/46) | 320 | 334,195 | ||||||
4.50%, 11/15/44 (Call 05/15/44) | 310 | 327,651 | ||||||
4.60%, 03/15/43 | 470 | 487,257 | ||||||
4.90%, 09/15/45 (Call 03/15/45) | 415 | 471,044 | ||||||
Cigna Corp. | ||||||||
3.20%, 03/15/40 (Call 09/15/39) | 300 | 304,616 | ||||||
3.40%, 03/15/50 (Call 09/15/49) | 1,180 | 1,238,129 | ||||||
3.88%, 10/15/47 (Call 04/15/47)(a) | 1,117 | 1,225,583 | ||||||
4.80%, 08/15/38 (Call 02/15/38) | 1,900 | 2,312,203 | ||||||
4.80%, 07/15/46 (Call 01/16/46)(a) | 410 | 507,704 | ||||||
4.90%, 12/15/48 (Call 06/15/48)(b) | 1,905 | 2,452,752 | ||||||
5.38%, 02/15/42 (Call 08/15/41)(a) | 675 | 835,131 | ||||||
6.13%, 11/15/41(a) | 205 | 288,054 | ||||||
CVS Health Corp. | ||||||||
4.25%, 04/01/50 (Call 10/01/49) | 145 | 169,771 | ||||||
4.78%, 03/25/38 (Call 09/25/37) | 3,460 | 4,084,010 | ||||||
4.88%, 07/20/35 (Call 01/20/35)(b) | 1,195 | 1,460,384 | ||||||
5.05%, 03/25/48 (Call 09/25/47) | 6,255 | 7,926,464 | ||||||
5.13%, 07/20/45 (Call 01/20/45) | 2,845 | 3,556,088 | ||||||
5.30%, 12/05/43 (Call 06/05/43) | 883 | 1,126,403 | ||||||
Eli Lilly & Co. | ||||||||
3.88%, 03/15/39 (Call 09/15/38) | 1,050 | 1,276,738 | ||||||
3.95%, 05/15/47 (Call 11/15/46) | 675 | 836,490 | ||||||
3.95%, 03/15/49 (Call 09/15/48) | 925 | 1,176,141 | ||||||
4.15%, 03/15/59 (Call 09/15/58) | 718 | 981,900 | ||||||
5.95%, 11/15/37 | 50 | 74,298 | ||||||
GlaxoSmithKline Capital Inc. | ||||||||
4.20%, 03/18/43 | 610 | 784,469 | ||||||
5.38%, 04/15/34 | 695 | 954,882 | ||||||
6.38%, 05/15/38 | 2,275 | 3,552,887 | ||||||
Johnson & Johnson | ||||||||
3.40%, 01/15/38 (Call 07/15/37) | 1,040 | 1,211,562 | ||||||
3.50%, 01/15/48 (Call 07/15/47)(b) | 911 | 1,144,369 | ||||||
3.55%, 03/01/36 (Call 09/01/35) | 1,024 | 1,205,517 | ||||||
3.63%, 03/03/37 (Call 09/03/36) | 1,015 | 1,215,068 | ||||||
3.70%, 03/01/46 (Call 09/01/45) | 1,225 | 1,545,956 | ||||||
3.75%, 03/03/47 (Call 09/03/46) | 575 | 734,965 | ||||||
4.38%, 12/05/33 (Call 06/05/33) | 1,139 | 1,487,133 | ||||||
4.50%, 09/01/40 | 360 | 471,366 | ||||||
4.50%, 12/05/43 (Call 06/05/43) | 275 | 384,625 | ||||||
4.85%, 05/15/41 | 386 | 551,790 | ||||||
4.95%, 05/15/33 | 571 | 784,092 | ||||||
5.85%, 07/15/38 | 105 | 156,906 | ||||||
5.95%, 08/15/37 | 830 | 1,246,718 | ||||||
McKesson Corp., 4.88%, 03/15/44 (Call 09/15/43)(b) | 450 | 541,988 | ||||||
Mead Johnson Nutrition Co. | ||||||||
4.60%, 06/01/44 (Call 12/01/43) | 513 | 637,820 | ||||||
5.90%, 11/01/39 | 340 | 453,079 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Merck & Co. Inc. | ||||||||
3.60%, 09/15/42 (Call 03/15/42) | $ | 730 | $ | 872,455 | ||||
3.70%, 02/10/45 (Call 08/10/44) | 1,280 | 1,545,777 | ||||||
3.90%, 03/07/39 (Call 09/07/38) | 1,240 | 1,531,047 | ||||||
4.00%, 03/07/49 (Call 09/07/48) | 770 | 1,016,224 | ||||||
4.15%, 05/18/43 | 1,210 | 1,558,812 | ||||||
6.55%, 09/15/37(b) | 75 | 111,933 | ||||||
Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | 25 | 35,823 | ||||||
Mylan Inc. | ||||||||
5.20%, 04/15/48 (Call 10/15/47) | 620 | 702,613 | ||||||
5.40%, 11/29/43 (Call 05/29/43) | 585 | 643,018 | ||||||
Mylan NV, 5.25%, 06/15/46 (Call 12/15/45) | 865 | 981,227 | ||||||
Novartis Capital Corp. | ||||||||
2.75%, 08/14/50 (Call 02/14/50)(b) | 1,125 | 1,219,982 | ||||||
3.70%, 09/21/42 | 255 | 308,296 | ||||||
4.00%, 11/20/45 (Call 05/20/45) | 505 | 651,363 | ||||||
4.40%, 05/06/44 | 2,026 | 2,714,353 | ||||||
Perrigo Finance Unlimited Co., 4.90%, 12/15/44 (Call 06/15/44) | 400 | 400,380 | ||||||
Pfizer Inc. | ||||||||
3.90%, 03/15/39 (Call 09/15/38) | 695 | 850,589 | ||||||
4.00%, 12/15/36 | 645 | 786,345 | ||||||
4.00%, 03/15/49 (Call 09/15/48) | 660 | 853,791 | ||||||
4.10%, 09/15/38 (Call 03/15/38) | 385 | 478,533 | ||||||
4.13%, 12/15/46(b) | 754 | 963,104 | ||||||
4.20%, 09/15/48 (Call 03/15/48) | 1,365 | 1,812,902 | ||||||
4.30%, 06/15/43 | 801 | 1,020,165 | ||||||
4.40%, 05/15/44 | 1,165 | 1,533,253 | ||||||
5.60%, 09/15/40 | 465 | 684,097 | ||||||
7.20%, 03/15/39 | 1,225 | 2,052,404 | ||||||
Wyeth LLC | ||||||||
5.95%, 04/01/37(b) | 761 | 1,113,981 | ||||||
6.00%, 02/15/36 | 241 | 348,307 | ||||||
6.50%, 02/01/34 | 764 | 1,142,060 | ||||||
Zoetis Inc. | ||||||||
3.95%, 09/12/47 (Call 03/12/47) | 721 | 855,947 | ||||||
4.45%, 08/20/48 (Call 02/20/48) | 380 | 485,868 | ||||||
4.70%, 02/01/43 (Call 08/01/42)(b) | 766 | 987,786 | ||||||
|
| |||||||
135,333,296 | ||||||||
Pipelines — 4.0% | ||||||||
Abu Dhabi Crude Oil Pipeline LLC, | 1,900 | 2,028,725 | ||||||
Cameron LNG LLC, 3.30%, 01/15/35 | 1,350 | 1,342,105 | ||||||
Colonial Pipeline Co. | ||||||||
4.25%, 04/15/48 (Call 10/15/47)(a) | 355 | 350,777 | ||||||
7.63%, 04/15/32(a) | 85 | 120,326 | ||||||
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44) | 630 | 717,970 | ||||||
El Paso Natural Gas Co. LLC, 8.38%, 06/15/32 | 50 | 59,246 | ||||||
Enable Midstream Partners LP, 5.00%, 05/15/44 (Call 11/15/43) | 420 | 265,380 | ||||||
Enbridge Energy Partners LP | ||||||||
5.50%, 09/15/40 (Call 03/15/40) | 638 | 669,752 | ||||||
7.38%, 10/15/45 (Call 04/15/45) | 295 | 385,521 | ||||||
Series B, 7.50%, 04/15/38 | 250 | 314,453 | ||||||
Enbridge Inc. | ||||||||
4.00%, 11/15/49 (Call 05/15/49) | 325 | 305,791 | ||||||
4.50%, 06/10/44 (Call 12/10/43) | 445 | 451,404 | ||||||
5.50%, 12/01/46 (Call 06/01/46) | 580 | 651,785 | ||||||
Energy Transfer Operating LP | ||||||||
4.90%, 03/15/35 (Call 09/15/34) | 650 | 586,809 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
5.00%, 05/15/50 (Call 11/15/49) | $ | 1,690 | $ | 1,486,947 | ||||
5.15%, 02/01/43 (Call 08/01/42) | 435 | 360,011 | ||||||
5.15%, 03/15/45 (Call 09/15/44) | 791 | 702,451 | ||||||
5.30%, 04/15/47 (Call 10/15/46) | 970 | 845,401 | ||||||
5.95%, 10/01/43 (Call 04/01/43) | 495 | 466,759 | ||||||
6.00%, 06/15/48 (Call 12/15/47)(b) | 520 | 489,427 | ||||||
6.05%, 06/01/41 (Call 12/01/40) | 100 | 96,716 | ||||||
6.13%, 12/15/45 (Call 06/15/45) | 938 | 901,318 | ||||||
6.25%, 04/15/49 (Call 10/15/48) | 1,275 | 1,229,804 | ||||||
6.50%, 02/01/42 (Call 08/01/41) | 800 | 806,768 | ||||||
6.63%, 10/15/36 | 205 | 204,031 | ||||||
7.50%, 07/01/38 | 290 | 313,466 | ||||||
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37) | 100 | 95,116 | ||||||
Enterprise Products Operating LLC | ||||||||
3.70%, 01/31/51 (Call 07/31/50) | 500 | 469,054 | ||||||
3.95%, 01/31/60 (Call 07/31/59) | 550 | 506,149 | ||||||
4.20%, 01/31/50 (Call 07/31/49) | 1,385 | 1,373,708 | ||||||
4.25%, 02/15/48 (Call 08/15/47) | 1,050 | 1,052,709 | ||||||
4.45%, 02/15/43 (Call 08/15/42) | 935 | 947,989 | ||||||
4.80%, 02/01/49 (Call 08/01/48) | 795 | 862,131 | ||||||
4.85%, 08/15/42 (Call 02/15/42) | 698 | 720,209 | ||||||
4.85%, 03/15/44 (Call 09/15/43) | 925 | 997,783 | ||||||
4.90%, 05/15/46 (Call 11/15/45) | 765 | 822,196 | ||||||
4.95%, 10/15/54 (Call 04/15/54) | 675 | 698,132 | ||||||
5.10%, 02/15/45 (Call 08/15/44) | 850 | 929,464 | ||||||
5.70%, 02/15/42 | 749 | 814,698 | ||||||
5.95%, 02/01/41 | 590 | 662,969 | ||||||
6.13%, 10/15/39 | 410 | 462,822 | ||||||
6.45%, 09/01/40 | 100 | 119,973 | ||||||
7.55%, 04/15/38 | 250 | 322,164 | ||||||
Series D, 6.88%, 03/01/33 | 633 | 749,048 | ||||||
Series H, 6.65%, 10/15/34 | 141 | 172,520 | ||||||
Series J, 5.75%, 03/01/35 | 75 | 86,179 | ||||||
Gulfstream Natural Gas System LLC, | 200 | 212,731 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
4.70%, 11/01/42 (Call 05/01/42) | 340 | 347,929 | ||||||
5.00%, 08/15/42 (Call 02/15/42)(b) | 300 | 318,556 | ||||||
5.00%, 03/01/43 (Call 09/01/42) | 575 | 605,539 | ||||||
5.40%, 09/01/44 (Call 03/01/44) | 465 | 521,826 | ||||||
5.50%, 03/01/44 (Call 09/01/43) | 390 | 440,316 | ||||||
5.63%, 09/01/41 | 70 | 76,495 | ||||||
5.80%, 03/15/35 | 300 | 340,845 | ||||||
6.38%, 03/01/41 | 565 | 652,222 | ||||||
6.50%, 02/01/37 | 200 | 229,502 | ||||||
6.50%, 09/01/39 | 467 | 536,855 | ||||||
6.55%, 09/15/40 | 235 | 276,729 | ||||||
6.95%, 01/15/38 | 1,375 | 1,639,322 | ||||||
7.30%, 08/15/33 | 51 | 61,598 | ||||||
7.40%, 03/15/31 | 148 | 178,654 | ||||||
7.50%, 11/15/40 | 370 | 459,458 | ||||||
7.75%, 03/15/32 | 100 | 128,353 | ||||||
Kinder Morgan Inc./DE | ||||||||
5.05%, 02/15/46 (Call 08/15/45) | 556 | 613,999 | ||||||
5.20%, 03/01/48 (Call 09/01/47) | 329 | 375,152 | ||||||
5.30%, 12/01/34 (Call 06/01/34) | 1,625 | 1,741,807 | ||||||
5.55%, 06/01/45 (Call 12/01/44) | 1,370 | 1,572,393 | ||||||
7.75%, 01/15/32 | 1,102 | 1,414,965 | ||||||
Magellan Midstream Partners LP | ||||||||
3.95%, 03/01/50 (Call 09/01/49) | 485 | 463,568 |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
4.20%, 03/15/45 (Call 09/15/44) | $ | 255 | $ | 232,099 | ||||
4.20%, 10/03/47 (Call 04/03/47) | 805 | 747,173 | ||||||
4.25%, 09/15/46 (Call 03/15/46) | 235 | 224,778 | ||||||
4.85%, 02/01/49 (Call 08/01/48) | 693 | 731,689 | ||||||
5.15%, 10/15/43 (Call 04/15/43) | 535 | 551,145 | ||||||
MPLX LP | ||||||||
4.50%, 04/15/38 (Call 10/15/37) | 1,532 | 1,367,845 | ||||||
4.70%, 04/15/48 (Call 10/15/47) | 875 | 780,369 | ||||||
4.90%, 04/15/58 (Call 10/15/57) | 365 | 301,741 | ||||||
5.20%, 03/01/47 (Call 09/01/46) | 874 | 815,476 | ||||||
5.20%, 12/01/47 (Call 06/01/47)(a) | 259 | 236,390 | ||||||
5.50%, 02/15/49 (Call 08/15/48) | 915 | 907,905 | ||||||
NGPL PipeCo LLC, 7.77%, 12/15/37(a) | 545 | 600,197 | ||||||
Northern Natural Gas Co., 4.30%, 01/15/49 | 270 | 315,614 | ||||||
ONEOK Inc. | ||||||||
4.45%, 09/01/49 (Call 03/01/49) | 930 | 714,660 | ||||||
4.95%, 07/13/47 (Call 01/06/47) | 475 | 399,134 | ||||||
5.20%, 07/15/48 (Call 01/15/48) | 959 | 846,279 | ||||||
6.00%, 06/15/35 | 230 | 223,100 | ||||||
ONEOK Partners LP | ||||||||
6.13%, 02/01/41 (Call 08/01/40) | 618 | 564,333 | ||||||
6.20%, 09/15/43 (Call 03/15/43) | 295 | 265,311 | ||||||
6.65%, 10/01/36 | 210 | 200,176 | ||||||
6.85%, 10/15/37 | 300 | 283,614 | ||||||
Phillips 66 Partners LP | ||||||||
4.68%, 02/15/45 (Call 08/15/44) | 185 | 177,298 | ||||||
4.90%, 10/01/46 (Call 04/01/46) | 740 | 726,923 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
4.30%, 01/31/43 (Call 07/31/42) | 330 | 256,114 | ||||||
4.70%, 06/15/44 (Call 12/15/43) | 342 | 281,078 | ||||||
4.90%, 02/15/45 (Call 08/15/44) | 860 | 719,268 | ||||||
5.15%, 06/01/42 (Call 12/01/41) | 255 | 216,794 | ||||||
6.65%, 01/15/37 | 344 | 325,638 | ||||||
Sabal Trail Transmission LLC | ||||||||
4.68%, 05/01/38 (Call 11/01/37)(a) | 205 | 223,182 | ||||||
4.83%, 05/01/48 (Call 11/01/47)(a) | 165 | 180,087 | ||||||
Southern Natural Gas Co. LLC | ||||||||
4.80%, 03/15/47 (Call 09/15/46)(a) | 160 | 174,484 | ||||||
8.00%, 03/01/32 | 150 | 195,812 | ||||||
Spectra Energy Partners LP | ||||||||
4.50%, 03/15/45 (Call 09/15/44) | 570 | 563,778 | ||||||
5.95%, 09/25/43 (Call 03/25/43) | 320 | 365,105 | ||||||
Sunoco Logistics Partners Operations LP | ||||||||
4.95%, 01/15/43 (Call 07/15/42) | 260 | 222,479 | ||||||
5.30%, 04/01/44 (Call 10/01/43) | 591 | 513,311 | ||||||
5.35%, 05/15/45 (Call 11/15/44) | 925 | 829,451 | ||||||
5.40%, 10/01/47 (Call 04/01/47) | 1,315 | 1,190,547 | ||||||
6.10%, 02/15/42 | 225 | 218,040 | ||||||
Texas Eastern Transmission LP | ||||||||
4.15%, 01/15/48 (Call 07/15/47)(a) | 463 | 437,209 | ||||||
7.00%, 07/15/32 | 340 | 444,597 | ||||||
TransCanada PipeLines Ltd. | ||||||||
4.63%, 03/01/34 (Call 12/01/33) | 770 | 818,214 | ||||||
4.75%, 05/15/38 (Call 11/15/37) | 350 | 372,507 | ||||||
4.88%, 05/15/48 (Call 11/15/47) | 1,255 | 1,404,430 | ||||||
5.00%, 10/16/43 (Call 04/16/43) | 691 | 761,051 | ||||||
5.10%, 03/15/49 (Call 09/15/48) | 800 | 930,504 | ||||||
5.60%, 03/31/34 | 250 | 289,352 | ||||||
5.85%, 03/15/36 | 250 | 300,617 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
6.10%, 06/01/40 | $ | 485 | $ | 588,992 | ||||
6.20%, 10/15/37 | 653 | 805,918 | ||||||
7.25%, 08/15/38 | 430 | 583,413 | ||||||
7.63%, 01/15/39 | 771 | 1,090,090 | ||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||
4.45%, 08/01/42 (Call 02/01/42) | 300 | 315,703 | ||||||
4.60%, 03/15/48 (Call 09/15/47) | 790 | 862,052 | ||||||
5.40%, 08/15/41 (Call 02/15/41) | 151 | 165,052 | ||||||
Williams Companies Inc. (The) | ||||||||
4.85%, 03/01/48 (Call 09/01/47) | 515 | 525,014 | ||||||
4.90%, 01/15/45 (Call 07/15/44) | 1,055 | 1,036,503 | ||||||
5.10%, 09/15/45 (Call 03/15/45)(b) | 704 | 735,186 | ||||||
5.40%, 03/04/44 (Call 09/04/43) | 785 | 814,281 | ||||||
5.75%, 06/24/44 (Call 12/24/43) | 390 | 424,489 | ||||||
5.80%, 11/15/43 (Call 05/15/43) | 75 | 80,848 | ||||||
6.30%, 04/15/40 | 710 | 818,537 | ||||||
8.75%, 03/15/32 | 125 | 162,622 | ||||||
Series A, 7.50%, 01/15/31(b) | 105 | 123,537 | ||||||
|
| |||||||
75,806,105 | ||||||||
Private Equity — 0.1% | ||||||||
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a) | 85 | 95,642 | ||||||
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b) | 325 | 371,700 | ||||||
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(a) | 855 | 937,130 | ||||||
|
| |||||||
1,404,472 | ||||||||
Real Estate Investment Trusts — 1.1% | ||||||||
Alexandria Real Estate Equities Inc. | ||||||||
3.38%, 08/15/31 (Call 05/15/31) | 1,100 | 1,187,673 | ||||||
4.00%, 02/01/50 (Call 08/01/49) | 385 | 425,780 | ||||||
4.70%, 07/01/30 (Call 04/01/30) | 975 | 1,142,074 | ||||||
4.85%, 04/15/49 (Call 10/15/48) | 360 | 449,784 | ||||||
American Tower Corp., 3.70%, 10/15/49 (Call 04/15/49)(b) | 240 | 265,351 | ||||||
AvalonBay Communities Inc. | ||||||||
3.90%, 10/15/46 (Call 04/15/46) | 581 | 638,924 | ||||||
4.15%, 07/01/47 (Call 01/01/47) | 175 | 210,510 | ||||||
4.35%, 04/15/48 (Call 10/15/47) | 50 | 60,207 | ||||||
Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)(b) | 265 | 277,444 | ||||||
Crown Castle International Corp. | ||||||||
4.00%, 11/15/49 (Call 05/15/49) | 410 | 463,817 | ||||||
4.75%, 05/15/47 (Call 11/15/46) | 110 | 133,974 | ||||||
5.20%, 02/15/49 (Call 08/15/48) | 702 | 915,565 | ||||||
Duke Realty LP, 3.05%, 03/01/50 (Call 09/01/49) | 450 | 420,688 | ||||||
ERP Operating LP | ||||||||
4.00%, 08/01/47 (Call 02/01/47) | 35 | 39,560 | ||||||
4.50%, 07/01/44 (Call 01/01/44) | 253 | 309,891 | ||||||
4.50%, 06/01/45 (Call 12/01/44) | 575 | 707,747 | ||||||
Essex Portfolio LP | ||||||||
2.65%, 03/15/32 (Call 12/15/31) | 50 | 48,241 | ||||||
4.50%, 03/15/48 (Call 09/15/47) | 355 | 403,356 | ||||||
Federal Realty Investment Trust | ||||||||
3.63%, 08/01/46 (Call 02/01/46) | 475 | 455,633 | ||||||
4.50%, 12/01/44 (Call 06/01/44) | 297 | 328,701 | ||||||
Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40) | 205 | 272,276 | ||||||
Kimco Realty Corp. | ||||||||
3.70%, 10/01/49 (Call 04/01/49)(b) | 370 | 313,475 | ||||||
4.13%, 12/01/46 (Call 06/01/46) | 51 | 46,882 |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
4.25%, 04/01/45 (Call 10/01/44) | $ | 430 | $ | 397,755 | ||||
4.45%, 09/01/47 (Call 03/01/47) | 450 | 431,940 | ||||||
Prologis LP | ||||||||
3.00%, 04/15/50 (Call 10/15/49) | 245 | 248,814 | ||||||
4.38%, 09/15/48 (Call 03/15/48) | 235 | 285,476 | ||||||
Realty Income Corp., 4.65%, 03/15/47 (Call 09/15/46) | 520 | 574,407 | ||||||
Regency Centers LP | ||||||||
4.40%, 02/01/47 (Call 08/01/46) | 385 | 406,630 | ||||||
4.65%, 03/15/49 (Call 09/15/48) | 190 | 208,649 | ||||||
Simon Property Group LP | ||||||||
3.25%, 09/13/49 (Call 03/13/49)(b) | 855 | 709,181 | ||||||
4.25%, 10/01/44 (Call 04/01/44)(b) | 535 | 525,121 | ||||||
4.25%, 11/30/46 (Call 05/30/46)(b) | 245 | 242,160 | ||||||
4.75%, 03/15/42 (Call 09/15/41) | 280 | 289,030 | ||||||
6.75%, 02/01/40 (Call 11/01/39) | 655 | 842,510 | ||||||
Trust F/1401 | ||||||||
6.39%, 01/15/50 (Call 07/15/49)(a) | 800 | 713,008 | ||||||
6.95%, 01/30/44 (Call 07/30/43)(a) | 200 | 188,000 | ||||||
UDR Inc. | ||||||||
3.00%, 08/15/31 (Call 05/15/31) | 865 | 871,293 | ||||||
3.10%, 11/01/34 (Call 08/01/34) | 195 | 197,520 | ||||||
3.20%, 01/15/30 (Call 10/15/29) | 250 | 258,307 | ||||||
Ventas Realty LP | ||||||||
4.38%, 02/01/45 (Call 08/01/44) | 557 | 495,278 | ||||||
4.88%, 04/15/49 (Call 10/15/48) | 223 | 214,651 | ||||||
5.70%, 09/30/43 (Call 03/30/43) | 241 | 256,878 | ||||||
WEA Finance LLC, 4.63%, 09/20/48 | 100 | 91,879 | ||||||
WEA Finance LLC/Westfield UK & Europe Finance PLC, | ||||||||
4.75%, 09/17/44 (Call 03/17/44)(a) | 345 | 322,879 | ||||||
Welltower Inc. | ||||||||
4.95%, 09/01/48 (Call 03/01/48) | 510 | 564,049 | ||||||
6.50%, 03/15/41 (Call 09/15/40)(b) | 495 | 608,728 | ||||||
Weyerhaeuser Co. | ||||||||
6.88%, 12/15/33 | 357 | 428,122 | ||||||
7.38%, 03/15/32 | 1,350 | 1,796,929 | ||||||
|
| |||||||
21,686,747 | ||||||||
Retail — 3.2% | ||||||||
Alimentation Couche-Tard Inc. | ||||||||
3.80%, 01/25/50 (Call 07/25/49)(a) | 330 | 309,683 | ||||||
4.50%, 07/26/47 (Call 01/26/47)(a) | 385 | 394,728 | ||||||
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47) | 205 | 187,955 | ||||||
Home Depot Inc. (The) | ||||||||
3.13%, 12/15/49 (Call 06/15/49)(b) | 320 | 338,602 | ||||||
3.30%, 04/15/40 (Call 10/15/39) | 400 | 437,041 | ||||||
3.35%, 04/15/50 (Call 10/15/49) | 900 | 996,704 | ||||||
3.50%, 09/15/56 (Call 03/15/56) | 250 | 282,954 | ||||||
3.90%, 06/15/47 (Call 12/15/46) | 915 | 1,079,859 | ||||||
4.20%, 04/01/43 (Call 10/01/42) | 816 | 973,509 | ||||||
4.25%, 04/01/46 (Call 10/01/45)(b) | 1,520 | 1,897,343 | ||||||
4.40%, 03/15/45 (Call 09/15/44) | 1,150 | 1,446,987 | ||||||
4.50%, 12/06/48 (Call 06/06/48) | 1,117 | 1,442,537 | ||||||
4.88%, 02/15/44 (Call 08/15/43) | 1,125 | 1,484,026 | ||||||
5.40%, 09/15/40 (Call 03/15/40) | 171 | 234,201 | ||||||
5.88%, 12/16/36 | 2,273 | 3,240,212 | ||||||
5.95%, 04/01/41 (Call 10/01/40) | 1,105 | 1,638,525 | ||||||
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45) | 405 | 286,917 | ||||||
Lowe’s Companies Inc. | ||||||||
3.70%, 04/15/46 (Call 10/15/45) | 980 | 1,065,825 | ||||||
4.05%, 05/03/47 (Call 11/03/46) | 1,007 | 1,131,444 | ||||||
4.25%, 09/15/44 (Call 03/15/44)(b) | 750 | 848,785 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
4.38%, 09/15/45 (Call 03/15/45) | $ | 480 | $ | 559,510 | ||||
4.55%, 04/05/49 (Call 10/05/48) | 1,070 | 1,299,864 | ||||||
4.65%, 04/15/42 (Call 10/15/41) | 471 | 562,169 | ||||||
5.00%, 09/15/43 (Call 03/15/43) | 30 | 36,645 | ||||||
5.13%, 04/15/50 (Call 10/15/49) | 1,000 | 1,305,281 | ||||||
Macy’s Retail Holdings Inc., 4.50%, 12/15/34 (Call 06/15/34) | 89 | 50,841 | ||||||
Marks & Spencer PLC, 7.13%, 12/01/37(a) | 135 | 123,621 | ||||||
McDonald’s Corp. | ||||||||
3.63%, 05/01/43 | 736 | 777,271 | ||||||
3.63%, 09/01/49 (Call 03/01/49) | 610 | 667,649 | ||||||
3.70%, 02/15/42 | 310 | 336,336 | ||||||
4.45%, 03/01/47 (Call 09/01/46) | 410 | 502,910 | ||||||
4.45%, 09/01/48 (Call 03/01/48) | 872 | 1,068,873 | ||||||
4.60%, 05/26/45 (Call 11/26/44) | 985 | 1,180,947 | ||||||
4.70%, 12/09/35 (Call 06/09/35) | 1,403 | 1,736,785 | ||||||
4.88%, 07/15/40 | 146 | 174,870 | ||||||
4.88%, 12/09/45 (Call 06/09/45) | 1,045 | 1,307,209 | ||||||
5.70%, 02/01/39 | 480 | 630,388 | ||||||
6.30%, 10/15/37 | 598 | 826,049 | ||||||
6.30%, 03/01/38 | 439 | 617,735 | ||||||
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43) | 825 | 573,273 | ||||||
Starbucks Corp. | ||||||||
3.75%, 12/01/47 (Call 06/01/47) | 535 | 567,794 | ||||||
4.30%, 06/15/45 (Call 12/15/44) | 515 | 582,595 | ||||||
4.45%, 08/15/49 (Call 02/15/49) | 600 | 717,767 | ||||||
4.50%, 11/15/48 (Call 05/15/48) | 880 | 1,030,792 | ||||||
Target Corp. | ||||||||
3.63%, 04/15/46 | 655 | 787,220 | ||||||
3.90%, 11/15/47 (Call 05/15/47) | 239 | 301,725 | ||||||
4.00%, 07/01/42 | 428 | 533,080 | ||||||
6.35%, 11/01/32(b) | 1,120 | 1,600,060 | ||||||
6.50%, 10/15/37 | 500 | 756,145 | ||||||
7.00%, 01/15/38(b) | 600 | 951,157 | ||||||
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)(b) | 379 | 480,048 | ||||||
Walgreen Co., 4.40%, 09/15/42 | 655 | 678,980 | ||||||
Walgreens Boots Alliance Inc. | ||||||||
4.50%, 11/18/34 (Call 05/18/34) | 508 | 559,450 | ||||||
4.65%, 06/01/46 (Call 12/01/45)(b) | 285 | 299,296 | ||||||
4.80%, 11/18/44 (Call 05/18/44) | 790 | 842,710 | ||||||
Walmart Inc. | ||||||||
2.95%, 09/24/49 (Call 03/24/49) | 300 | 338,037 | ||||||
3.63%, 12/15/47 (Call 06/15/47) | 1,795 | 2,206,721 | ||||||
3.95%, 06/28/38 (Call 12/28/37) | 2,088 | 2,593,049 | ||||||
4.00%, 04/11/43 (Call 10/11/42) | 685 | 870,371 | ||||||
4.05%, 06/29/48 (Call 12/29/47) | 2,855 | 3,732,615 | ||||||
4.30%, 04/22/44 (Call 10/22/43) | 345 | 450,522 | ||||||
4.75%, 10/02/43 (Call 04/02/43) | 360 | 491,159 | ||||||
5.00%, 10/25/40 | 430 | 599,162 | ||||||
5.25%, 09/01/35 | 1,520 | 2,138,712 | ||||||
5.63%, 04/01/40 | 350 | 520,980 | ||||||
5.63%, 04/15/41 | 743 | 1,110,044 | ||||||
6.20%, 04/15/38 | 535 | 821,036 | ||||||
6.50%, 08/15/37 | 170 | 264,298 | ||||||
|
| |||||||
60,881,588 | ||||||||
Semiconductors — 1.5% | ||||||||
Analog Devices Inc. | ||||||||
4.50%, 12/05/36 (Call 06/05/36) | 655 | 755,380 | ||||||
5.30%, 12/15/45 (Call 06/15/45) | 220 | 289,876 |
Security | Par (000) | Value | ||||||
Semiconductors (continued) | ||||||||
Applied Materials Inc. | ||||||||
4.35%, 04/01/47 (Call 10/01/46) | $ | 881 | $ | 1,140,348 | ||||
5.10%, 10/01/35 (Call 04/01/35) | 435 | 598,526 | ||||||
5.85%, 06/15/41 | 955 | 1,395,461 | ||||||
Intel Corp. | ||||||||
3.10%, 02/15/60 (Call 08/15/59) | 260 | 278,119 | ||||||
3.25%, 11/15/49 (Call 05/15/49) | 1,965 | 2,185,365 | ||||||
3.73%, 12/08/47 (Call 06/08/47)(b) | 1,459 | 1,754,001 | ||||||
4.00%, 12/15/32 | 1,920 | 2,386,240 | ||||||
4.10%, 05/19/46 (Call 11/19/45) | 1,125 | 1,416,319 | ||||||
4.10%, 05/11/47 (Call 11/11/46) | 1,065 | 1,348,018 | ||||||
4.25%, 12/15/42(b) | 300 | 371,321 | ||||||
4.75%, 03/25/50 (Call 09/25/49) | 1,600 | 2,253,978 | ||||||
4.80%, 10/01/41 | 460 | 615,037 | ||||||
4.90%, 07/29/45 (Call 01/29/45) | 290 | 403,363 | ||||||
4.95%, 03/25/60 (Call 09/25/59) | 750 | 1,069,649 | ||||||
KLA Corp. | ||||||||
3.30%, 03/01/50 (Call 08/28/49)(b) | 500 | 489,054 | ||||||
5.00%, 03/15/49 (Call 09/15/48) | 411 | 519,393 | ||||||
5.65%, 11/01/34 (Call 07/01/34) | 225 | 278,645 | ||||||
Lam Research Corp. | ||||||||
2.88%, 05/15/50 (Call 12/15/49) | 250 | 249,342 | ||||||
3.13%, 06/15/60 (Call 12/15/59) | 90 | 89,731 | ||||||
4.88%, 03/15/49 (Call 09/15/48) | 565 | 769,218 | ||||||
NVIDIA Corp. | ||||||||
3.50%, 04/01/40 (Call 10/01/39) | 865 | 972,261 | ||||||
3.50%, 04/01/50 (Call 10/01/49) | 1,880 | 2,157,272 | ||||||
3.70%, 04/01/60 (Call 10/01/59) | 580 | 678,627 | ||||||
QUALCOMM Inc. | ||||||||
4.30%, 05/20/47 (Call 11/20/46) | 756 | 917,935 | ||||||
4.65%, 05/20/35 (Call 11/20/34) | 1,053 | 1,342,465 | ||||||
4.80%, 05/20/45 (Call 11/20/44) | 1,260 | 1,609,087 | ||||||
Texas Instruments Inc. | ||||||||
3.88%, 03/15/39 (Call 09/15/38) | 200 | 240,949 | ||||||
4.15%, 05/15/48 (Call 11/15/47)(b) | 820 | 1,036,917 | ||||||
|
| |||||||
29,611,897 | ||||||||
Software — 3.3% | ||||||||
Activision Blizzard Inc., 4.50%, 06/15/47 (Call 12/15/46) | 595 | 755,657 | ||||||
Fidelity National Information Services Inc., | 65 | 84,843 | ||||||
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49) | 1,765 | 2,106,406 | ||||||
Microsoft Corp. | ||||||||
3.45%, 08/08/36 (Call 02/08/36)(b) | 610 | 710,758 | ||||||
3.50%, 02/12/35 (Call 08/12/34) | 1,010 | 1,202,805 | ||||||
3.50%, 11/15/42 | 730 | 865,679 | ||||||
3.70%, 08/08/46 (Call 02/08/46) | 2,735 | 3,363,392 | ||||||
3.75%, 05/01/43 (Call 11/01/42) | 375 | 453,830 | ||||||
3.75%, 02/12/45 (Call 08/12/44)(b) | 1,480 | 1,813,025 | ||||||
3.95%, 08/08/56 (Call 02/08/56)(b) | 1,650 | 2,169,398 | ||||||
4.00%, 02/12/55 (Call 08/12/54) | 1,650 | 2,170,227 | ||||||
4.10%, 02/06/37 (Call 08/06/36) | 1,755 | 2,186,768 | ||||||
4.20%, 11/03/35 (Call 05/03/35) | 745 | 948,991 | ||||||
4.25%, 02/06/47 (Call 08/06/46) | 1,386 | 1,857,250 | ||||||
4.45%, 11/03/45 (Call 05/03/45) | 2,279 | 3,097,665 | ||||||
4.50%, 10/01/40 | 1,340 | 1,777,404 | ||||||
4.50%, 02/06/57 (Call 08/06/56) | 1,900 | 2,752,386 | ||||||
4.75%, 11/03/55 (Call 05/03/55) | 630 | 932,225 | ||||||
4.88%, 12/15/43 (Call 06/15/43)(b) | 580 | 800,479 | ||||||
5.20%, 06/01/39 | 807 | 1,131,700 | ||||||
5.30%, 02/08/41(b) | 1,100 | 1,600,157 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Software (continued) | ||||||||
Oracle Corp. | ||||||||
3.25%, 05/15/30 (Call 02/15/30)(b) | $ | 950 | $ | 1,056,413 | ||||
3.60%, 04/01/40 (Call 10/01/39) | 2,000 | 2,269,986 | ||||||
3.60%, 04/01/50 (Call 10/01/49) | 3,000 | 3,407,787 | ||||||
3.80%, 11/15/37 (Call 05/15/37) | 2,205 | 2,510,676 | ||||||
3.85%, 07/15/36 (Call 01/15/36) | 1,185 | 1,365,980 | ||||||
3.85%, 04/01/60 (Call 10/01/59) | 2,000 | 2,317,216 | ||||||
3.90%, 05/15/35 (Call 11/15/34) | 1,615 | 1,897,752 | ||||||
4.00%, 07/15/46 (Call 01/15/46) | 1,690 | 2,010,482 | ||||||
4.00%, 11/15/47 (Call 05/15/47) | 2,025 | 2,414,570 | ||||||
4.13%, 05/15/45 (Call 11/15/44) | 1,185 | 1,408,216 | ||||||
4.30%, 07/08/34 (Call 01/08/34) | 1,698 | 2,080,443 | ||||||
4.38%, 05/15/55 (Call 11/15/54) | 1,259 | 1,592,840 | ||||||
4.50%, 07/08/44 (Call 01/08/44) | 570 | 712,840 | ||||||
5.38%, 07/15/40 | 1,315 | 1,791,607 | ||||||
6.13%, 07/08/39 | 1,165 | 1,718,982 | ||||||
6.50%, 04/15/38 | 866 | 1,306,441 | ||||||
|
| |||||||
62,643,276 | ||||||||
Telecommunications — 7.5% | ||||||||
America Movil SAB de CV | ||||||||
4.38%, 07/16/42(b) | 753 | 857,820 | ||||||
4.38%, 04/22/49 (Call 10/22/48) | 1,250 | 1,448,000 | ||||||
6.13%, 11/15/37 | 125 | 165,246 | ||||||
6.13%, 03/30/40 | 1,526 | 2,075,055 | ||||||
6.38%, 03/01/35(b) | 400 | 561,828 | ||||||
AT&T Inc. | ||||||||
4.30%, 12/15/42 (Call 06/15/42) | 1,235 | 1,342,870 | ||||||
4.35%, 06/15/45 (Call 12/15/44) | 1,925 | 2,110,208 | ||||||
4.50%, 05/15/35 (Call 11/15/34) | 2,345 | 2,625,259 | ||||||
4.50%, 03/09/48 (Call 09/09/47) | 4,395 | 5,027,836 | ||||||
4.55%, 03/09/49 (Call 09/09/48) | 1,695 | 1,945,130 | ||||||
4.65%, 06/01/44 (Call 12/01/43) | 635 | 716,259 | ||||||
4.75%, 05/15/46 (Call 11/15/45) | 2,185 | 2,527,164 | ||||||
4.80%, 06/15/44 (Call 12/15/43) | 1,800 | 2,061,852 | ||||||
4.85%, 03/01/39 (Call 09/01/38) | 1,881 | 2,175,418 | ||||||
4.85%, 07/15/45 (Call 01/15/45) | 836 | 959,778 | ||||||
4.90%, 08/15/37 (Call 02/14/37) | 1,155 | 1,337,345 | ||||||
4.90%, 06/15/42 | 475 | 547,210 | ||||||
5.15%, 03/15/42(b) | 1,115 | 1,334,895 | ||||||
5.15%, 11/15/46 (Call 05/15/46) | 1,285 | 1,542,599 | ||||||
5.15%, 02/15/50 (Call 08/14/49)(b) | 1,754 | 2,161,512 | ||||||
5.25%, 03/01/37 (Call 09/01/36) | 1,620 | 1,922,027 | ||||||
5.30%, 08/15/58 (Call 02/14/58) | 1,015 | 1,280,484 | ||||||
5.35%, 09/01/40 | 1,605 | 1,932,686 | ||||||
5.35%, 12/15/43 | 225 | 275,306 | ||||||
5.38%, 10/15/41 | 440 | 511,206 | ||||||
5.45%, 03/01/47 (Call 09/01/46) | 1,285 | 1,629,045 | ||||||
5.55%, 08/15/41 | 411 | 501,240 | ||||||
5.65%, 02/15/47 (Call 08/15/46)(b) | 1,110 | 1,425,010 | ||||||
5.70%, 03/01/57 (Call 09/01/56) | 704 | 920,189 | ||||||
6.00%, 08/15/40 (Call 05/15/40)(b) | 1,155 | 1,518,191 | ||||||
6.10%, 07/15/40 | 100 | 130,700 | ||||||
6.15%, 09/15/34(b) | 50 | 67,547 | ||||||
6.20%, 03/15/40 | 100 | 131,979 | ||||||
6.25%, 03/29/41 | 250 | 322,845 | ||||||
6.30%, 01/15/38 | 100 | 129,972 | ||||||
6.35%, 03/15/40 | 986 | 1,288,723 | ||||||
6.38%, 03/01/41(b) | 1,089 | 1,464,598 | ||||||
6.45%, 06/15/34 | 25 | 30,144 | ||||||
6.55%, 02/15/39(b) | 350 | 484,199 |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
Bell Canada Inc. | ||||||||
4.30%, 07/29/49 (Call 01/29/49) | $ | 850 | $ | 1,010,992 | ||||
4.46%, 04/01/48 (Call 10/01/47) | 874 | 1,090,032 | ||||||
British Telecommunications PLC | ||||||||
4.25%, 11/08/49 (Call 05/08/49)(a) | 605 | 664,299 | ||||||
9.63%, 12/15/30 | 2,007 | 3,083,796 | ||||||
Cisco Systems Inc. | ||||||||
5.50%, 01/15/40 | 905 | 1,304,685 | ||||||
5.90%, 02/15/39 | 1,915 | 2,845,444 | ||||||
Corning Inc. | ||||||||
3.90%, 11/15/49 (Call 05/15/49) | 649 | 687,080 | ||||||
4.38%, 11/15/57 (Call 05/15/57) | 380 | 413,348 | ||||||
4.70%, 03/15/37 | 165 | 189,721 | ||||||
4.75%, 03/15/42 | 535 | 625,439 | ||||||
5.35%, 11/15/48 (Call 05/15/48) | 590 | 766,632 | ||||||
5.45%, 11/15/79 (Call 05/15/79) | 800 | 890,788 | ||||||
5.75%, 08/15/40(b) | 250 | 323,428 | ||||||
5.85%, 11/15/68 (Call 05/15/68) | 50 | 58,184 | ||||||
7.25%, 08/15/36 (Call 08/15/26) | 100 | 121,583 | ||||||
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)(b) | 600 | 659,142 | ||||||
Deutsche Telekom International Finance BV | ||||||||
4.75%, 06/21/38 (Call 12/21/37)(a) | 650 | 786,577 | ||||||
4.88%, 03/06/42(a) | 345 | 423,922 | ||||||
8.75%, 06/15/30 | 2,460 | 3,637,957 | ||||||
9.25%, 06/01/32 | 564 | 873,806 | ||||||
Juniper Networks Inc., 5.95%, 03/15/41 | 290 | 336,724 | ||||||
Motorola Solutions Inc., 5.50%, 09/01/44 | 705 | 755,140 | ||||||
Ooredoo International Finance Ltd., | 520 | 586,560 | ||||||
Orange SA | ||||||||
5.38%, 01/13/42(b) | 580 | 788,180 | ||||||
5.50%, 02/06/44 (Call 08/06/43) | 510 | 729,944 | ||||||
9.00%, 03/01/31 | 2,027 | 3,219,476 | ||||||
Rogers Communications Inc. | ||||||||
3.70%, 11/15/49 (Call 05/15/49) | 815 | 875,599 | ||||||
4.30%, 02/15/48 (Call 08/15/47) | 970 | 1,168,854 | ||||||
4.35%, 05/01/49 (Call 11/01/48)(b) | 338 | 406,852 | ||||||
4.50%, 03/15/43 (Call 09/15/42) | 695 | 813,460 | ||||||
5.00%, 03/15/44 (Call 09/15/43) | 480 | 625,373 | ||||||
5.45%, 10/01/43 (Call 04/01/43) | 84 | 111,044 | ||||||
7.50%, 08/15/38 | 240 | 355,827 | ||||||
SES Global Americas Holdings GP, | 935 | 861,764 | ||||||
Telefonica Emisiones SA | ||||||||
4.67%, 03/06/38 | 620 | 691,269 | ||||||
4.90%, 03/06/48 | 920 | 1,080,721 | ||||||
5.21%, 03/08/47 | 1,800 | 2,158,530 | ||||||
5.52%, 03/01/49 (Call 09/01/48)(b) | 505 | 628,415 | ||||||
7.05%, 06/20/36 | 1,685 | 2,362,950 | ||||||
Telefonica Europe BV, 8.25%, 09/15/30 | 1,730 | 2,465,352 | ||||||
TELUS Corp. | ||||||||
4.30%, 06/15/49 (Call 12/15/48) | 765 | 919,635 | ||||||
4.60%, 11/16/48 (Call 05/16/48) | 615 | 727,381 | ||||||
T-Mobile USA Inc. | ||||||||
4.38%, 04/15/40 (Call 10/15/39)(a) | 1,235 | 1,401,873 | ||||||
4.50%, 04/15/50 (Call 10/15/49)(a) | 2,550 | 2,984,520 | ||||||
Verizon Communications Inc. | ||||||||
3.85%, 11/01/42 (Call 05/01/42) | 1,235 | 1,468,801 | ||||||
4.13%, 08/15/46 | 1,250 | 1,536,554 | ||||||
4.27%, 01/15/36 | 2,265 | 2,716,887 | ||||||
4.40%, 11/01/34 (Call 05/01/34) | 2,035 | 2,465,305 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
4.50%, 08/10/33 | $ | 3,340 | $ | 4,155,200 | ||||
4.52%, 09/15/48(b) | 3,510 | 4,626,737 | ||||||
4.67%, 03/15/55 | 485 | 654,080 | ||||||
4.75%, 11/01/41(b) | 2,033 | 2,659,806 | ||||||
4.81%, 03/15/39(b) | 1,175 | 1,511,376 | ||||||
4.86%, 08/21/46 | 2,052 | 2,784,716 | ||||||
5.01%, 04/15/49 | 2,630 | 3,687,779 | ||||||
5.25%, 03/16/37 | 2,130 | 2,837,156 | ||||||
5.50%, 03/16/47 | 1,395 | 2,020,045 | ||||||
6.55%, 09/15/43 | 1,120 | 1,675,080 | ||||||
7.75%, 12/01/30(b) | 125 | 186,970 | ||||||
Vodafone Group PLC | ||||||||
4.25%, 09/17/50 | 1,330 | 1,446,858 | ||||||
4.38%, 02/19/43 | 1,300 | 1,464,832 | ||||||
4.88%, 06/19/49 | 1,095 | 1,309,090 | ||||||
5.00%, 05/30/38 | 430 | 511,156 | ||||||
5.13%, 06/19/59(b) | 90 | 113,431 | ||||||
5.25%, 05/30/48 | 2,179 | 2,724,003 | ||||||
6.15%, 02/27/37 | 1,998 | 2,591,989 | ||||||
6.25%, 11/30/32 | 620 | 832,131 | ||||||
|
| |||||||
142,981,655 | ||||||||
Toys, Games & Hobbies — 0.0% | ||||||||
Hasbro Inc. | ||||||||
5.10%, 05/15/44 (Call 11/15/43) | 465 | 416,414 | ||||||
6.35%, 03/15/40 | 330 | 341,826 | ||||||
|
| |||||||
758,240 | ||||||||
Transportation — 3.5% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
3.90%, 08/01/46 (Call 02/01/46) | 625 | 725,969 | ||||||
4.05%, 06/15/48 (Call 12/15/47) | 535 | 643,294 | ||||||
4.13%, 06/15/47 (Call 12/15/46) | 174 | 208,009 | ||||||
4.15%, 04/01/45 (Call 10/01/44) | 790 | 952,530 | ||||||
4.15%, 12/15/48 (Call 06/15/48) | 560 | 689,789 | ||||||
4.38%, 09/01/42 (Call 03/01/42) | 525 | 639,917 | ||||||
4.40%, 03/15/42 (Call 09/15/41) | 815 | 1,001,967 | ||||||
4.45%, 03/15/43 (Call 09/15/42) | 656 | 806,916 | ||||||
4.55%, 09/01/44 (Call 03/01/44) | 955 | 1,195,846 | ||||||
4.70%, 09/01/45 (Call 03/01/45) | 360 | 463,035 | ||||||
4.90%, 04/01/44 (Call 10/01/43) | 725 | 949,141 | ||||||
4.95%, 09/15/41 (Call 03/15/41) | 434 | 551,729 | ||||||
5.05%, 03/01/41 (Call 09/01/40) | 201 | 261,777 | ||||||
5.15%, 09/01/43 (Call 03/01/43) | 655 | 876,645 | ||||||
5.40%, 06/01/41 (Call 12/01/40) | 240 | 324,562 | ||||||
5.75%, 05/01/40 (Call 11/01/39)(b) | 815 | 1,134,484 | ||||||
6.15%, 05/01/37 | 475 | 657,440 | ||||||
6.20%, 08/15/36 | 200 | 278,274 | ||||||
7.95%, 08/15/30 | 83 | 122,827 | ||||||
Canadian National Railway Co. | ||||||||
2.45%, 05/01/50 (Call 11/01/49) | 145 | 141,104 | ||||||
3.20%, 08/02/46 (Call 02/02/46) | 300 | 336,451 | ||||||
3.65%, 02/03/48 (Call 08/03/47) | 820 | 972,568 | ||||||
4.45%, 01/20/49 (Call 07/20/48)(b) | 520 | 702,858 | ||||||
4.50%, 11/07/43 (Call 05/07/43) | 50 | 64,174 | ||||||
6.20%, 06/01/36 | 475 | 702,364 | ||||||
6.25%, 08/01/34 | 186 | 273,653 | ||||||
6.38%, 11/15/37 | 395 | 599,968 | ||||||
6.71%, 07/15/36 | 425 | 643,173 | ||||||
Canadian Pacific Railway Co. | ||||||||
4.80%, 09/15/35 (Call 03/15/35) | 289 | 362,429 |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
4.80%, 08/01/45 (Call 02/01/45) | $ | 420 | $ | 564,483 | ||||
5.75%, 03/15/33(b) | 850 | 1,099,543 | ||||||
5.95%, 05/15/37(b) | 106 | 145,108 | ||||||
6.13%, 09/15/2115 (Call 03/15/2115) | 878 | 1,329,301 | ||||||
7.13%, 10/15/31 | 230 | 334,715 | ||||||
CSX Corp. | ||||||||
2.40%, 02/15/30 (Call 11/15/29)(b) | 250 | 257,059 | ||||||
3.35%, 09/15/49 (Call 03/15/49)(b) | 650 | 694,545 | ||||||
3.80%, 11/01/46 (Call 05/01/46) | 578 | 651,492 | ||||||
3.95%, 05/01/50 (Call 11/01/49) | 210 | 247,399 | ||||||
4.10%, 03/15/44 (Call 09/15/43) | 500 | 579,153 | ||||||
4.25%, 11/01/66 (Call 05/01/66) | 631 | 723,431 | ||||||
4.30%, 03/01/48 (Call 09/01/47) | 721 | 881,059 | ||||||
4.40%, 03/01/43 (Call 09/01/42) | 425 | 497,891 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 680 | 857,831 | ||||||
4.50%, 08/01/54 (Call 02/01/54) | 200 | 246,593 | ||||||
4.65%, 03/01/68 (Call 09/01/67) | 220 | 268,020 | ||||||
4.75%, 05/30/42 (Call 11/30/41) | 636 | 795,156 | ||||||
4.75%, 11/15/48 (Call 05/15/48) | 160 | 208,622 | ||||||
5.50%, 04/15/41 (Call 10/15/40) | 400 | 531,823 | ||||||
6.00%, 10/01/36 | 724 | 972,363 | ||||||
6.15%, 05/01/37 | 533 | 731,066 | ||||||
6.22%, 04/30/40 | 595 | 839,869 | ||||||
Empresa de Transporte de Pasajeros Metro SA, 5.00%, 01/25/47 (Call 07/25/46)(a) | 400 | 422,000 | ||||||
FedEx Corp. | ||||||||
3.88%, 08/01/42 | 260 | 247,039 | ||||||
3.90%, 02/01/35 | 990 | 1,030,056 | ||||||
4.05%, 02/15/48 (Call 08/15/47) | 710 | 699,860 | ||||||
4.10%, 04/15/43 | 177 | 174,068 | ||||||
4.10%, 02/01/45 | 608 | 588,491 | ||||||
4.40%, 01/15/47 (Call 07/15/46) | 675 | 699,753 | ||||||
4.50%, 02/01/65 | 25 | 23,694 | ||||||
4.55%, 04/01/46 (Call 10/01/45) | 729 | 779,960 | ||||||
4.75%, 11/15/45 (Call 05/15/45) | 1,040 | 1,127,842 | ||||||
4.90%, 01/15/34(b) | 555 | 648,305 | ||||||
4.95%, 10/17/48 (Call 04/17/48)(b) | 481 | 542,271 | ||||||
5.10%, 01/15/44 | 475 | 538,790 | ||||||
5.25%, 05/15/50 (Call 11/15/49) | 500 | 602,735 | ||||||
Kansas City Southern | ||||||||
4.20%, 11/15/69 (Call 05/15/69) | 560 | 554,969 | ||||||
4.30%, 05/15/43 (Call 11/15/42) | 165 | 182,126 | ||||||
4.95%, 08/15/45 (Call 02/15/45) | 270 | 328,324 | ||||||
Norfolk Southern Corp. | ||||||||
3.05%, 05/15/50 (Call 11/15/49) | 455 | 453,931 | ||||||
3.40%, 11/01/49 (Call 05/01/49)(b) | 865 | 926,535 | ||||||
3.94%, 11/01/47 (Call 05/01/47)(b) | 360 | 416,781 | ||||||
3.95%, 10/01/42 (Call 04/01/42) | 170 | 193,622 | ||||||
4.05%, 08/15/52 (Call 02/15/52) | 917 | 1,083,243 | ||||||
4.10%, 05/15/49 (Call 11/15/48)(b) | 395 | 474,399 | ||||||
4.15%, 02/28/48 (Call 08/28/47) | 655 | 781,948 | ||||||
4.45%, 06/15/45 (Call 12/15/44) | 360 | 442,422 | ||||||
4.65%, 01/15/46 (Call 07/15/45) | 520 | 663,364 | ||||||
4.84%, 10/01/41 | 845 | 1,070,617 | ||||||
5.10%, 08/01/2118 (Call 02/01/2118) | 385 | 488,974 | ||||||
Pelabuhan Indonesia II PT, 5.38%, 05/05/45(a)(b) | 400 | 399,500 | ||||||
Polar Tankers Inc., 5.95%, 05/10/37(a) | 30 | 35,786 | ||||||
TTX Co. | ||||||||
4.20%, 07/01/46 (Call 01/01/46)(a) | 250 | 301,349 | ||||||
4.60%, 02/01/49 (Call 08/01/48)(a) | 250 | 320,015 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) | Value | ||||||
Transportation (continued) | ||||||||
Union Pacific Corp. | ||||||||
3.35%, 08/15/46 (Call 02/15/46) | $ | 270 | $ | 284,870 | ||||
3.38%, 02/01/35 (Call 08/01/34) | 575 | 641,264 | ||||||
3.55%, 08/15/39 (Call 02/15/39) | 1,310 | 1,417,409 | ||||||
3.60%, 09/15/37 (Call 03/15/37) | 730 | 790,084 | ||||||
3.80%, 10/01/51 (Call 04/01/51) | 400 | 453,904 | ||||||
3.84%, 03/20/60 (Call 09/20/59)(a)(b) | 1,221 | 1,356,545 | ||||||
3.88%, 02/01/55 (Call 08/01/54) | 375 | 429,027 | ||||||
3.95%, 08/15/59 (Call 02/15/59) | 25 | 28,356 | ||||||
4.00%, 04/15/47 (Call 10/15/46)(b) | 150 | 173,580 | ||||||
4.05%, 11/15/45 (Call 05/15/45) | 500 | 575,611 | ||||||
4.05%, 03/01/46 (Call 09/01/45) | 695 | 800,808 | ||||||
4.10%, 09/15/67 (Call 03/15/67) | 570 | 650,855 | ||||||
4.15%, 01/15/45 (Call 07/15/44) | 405 | 466,384 | ||||||
4.25%, 04/15/43 (Call 10/15/42) | 331 | 389,798 | ||||||
4.30%, 06/15/42 (Call 12/15/41) | 150 | 174,971 | ||||||
4.30%, 03/01/49 (Call 09/01/48) | 778 | 942,564 | ||||||
4.38%, 09/10/38 (Call 03/10/38) | 859 | 1,009,818 | ||||||
4.38%, 11/15/65 (Call 05/15/65) | 981 | 1,160,325 | ||||||
4.50%, 09/10/48 (Call 03/10/48) | 645 | 789,253 | ||||||
United Parcel Service Inc. | ||||||||
3.40%, 11/15/46 (Call 05/15/46) | 180 | 190,529 | ||||||
3.40%, 09/01/49 (Call 03/01/49) | 650 | 722,417 | ||||||
3.63%, 10/01/42 | 445 | 497,867 | ||||||
3.75%, 11/15/47 (Call 05/15/47) | 605 | 708,714 | ||||||
4.25%, 03/15/49 (Call 09/15/48)(b) | 1,265 | 1,623,276 | ||||||
4.88%, 11/15/40 (Call 05/15/40) | 430 | 556,327 | ||||||
5.30%, 04/01/50 (Call 10/01/49) | 100 | 142,976 | ||||||
6.20%, 01/15/38(b) | 1,085 | 1,577,209 | ||||||
United Parcel Service of America Inc., 7.62%, 04/01/30(e) | 30 | 41,361 | ||||||
|
| |||||||
66,578,286 | ||||||||
Trucking & Leasing —0.0% | ||||||||
GATX Corp. | ||||||||
4.50%, 03/30/45 (Call 09/30/44)(b) | 150 | 159,952 | ||||||
5.20%, 03/15/44 (Call 09/15/43) | 185 | 218,217 | ||||||
|
| |||||||
378,169 | ||||||||
Water — 0.2% | ||||||||
American Water Capital Corp. | ||||||||
3.75%, 09/01/47 (Call 03/01/47) | 1,005 | 1,144,040 | ||||||
4.00%, 12/01/46 (Call 06/01/46) | 195 | 234,167 | ||||||
4.15%, 06/01/49 (Call 12/01/48) | 265 | 331,089 |
Security | Par/ Shares (000) | Value | ||||||
Water (continued) | ||||||||
4.20%, 09/01/48 (Call 03/01/48)(b) | $ | 629 | $ | 794,407 | ||||
4.30%, 12/01/42 (Call 06/01/42)(b) | 146 | 176,249 | ||||||
4.30%, 09/01/45 (Call 03/01/45) | 445 | 545,730 | ||||||
6.59%, 10/15/37 | 395 | 580,458 | ||||||
Essential Utilities Inc., 4.28%, 05/01/49 (Call 11/01/48) | 310 | 365,396 | ||||||
Veolia Environnement SA, 6.75%, 06/01/38 | 118 | 165,635 | ||||||
|
| |||||||
4,337,171 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 98.1% | 1,876,026,998 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 8.1% | ||||||||
BlackRock Cash Funds: Institutional, | 123,017 | 123,152,564 | ||||||
BlackRock Cash Funds: Treasury, | 30,587 | 30,587,000 | ||||||
|
| |||||||
153,739,564 | ||||||||
|
| |||||||
Total Short-Term Investments — 8.1% | 153,739,564 | |||||||
|
| |||||||
Total Investments in Securities — 106.2% | 2,029,766,562 | |||||||
Other Assets, Less Liabilities — (6.2)% | (117,716,104 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 1,912,050,458 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(d) | Perpetual security with no stated maturity date. |
(e) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 1,876,026,998 | $ | — | $ | 1,876,026,998 | ||||||||
Money Market Funds | 153,739,564 | — | — | 153,739,564 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 153,739,564 | $ | 1,876,026,998 | $ | — | $ | 2,029,766,562 | |||||||||
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS |
Statement of Assets and Liabilities (unaudited)
April 30, 2020
iShares Long-Term Corporate Bond ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 1,876,026,998 | ||
Affiliated(c) | 153,739,564 | |||
Receivables: | ||||
Investments sold | 47,047,265 | |||
Securities lending income — Affiliated | 92,291 | |||
Dividends | 5,667 | |||
Interest | 19,765,210 | |||
|
| |||
Total assets | 2,096,676,995 | |||
|
| |||
LIABILITIES | ||||
Bank overdraft | 26,648 | |||
Collateral on securities loaned, at value | 123,035,122 | |||
Payables: | ||||
Investments purchased | 61,476,608 | |||
Investment advisory fees | 88,159 | |||
|
| |||
Total liabilities | 184,626,537 | |||
|
| |||
NET ASSETS | $ | 1,912,050,458 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 1,819,681,964 | ||
Accumulated earnings | 92,368,494 | |||
|
| |||
NET ASSETS | $ | 1,912,050,458 | ||
|
| |||
Shares outstanding | 28,500,000 | |||
|
| |||
Net asset value | $ | 67.09 | ||
|
| |||
Shares authorized | Unlimited | |||
|
| |||
Par value | None | |||
|
| |||
(a) Securities loaned, at value | $ | 118,342,161 | ||
(b) Investments, at cost — Unaffiliated | $ | 1,783,588,012 | ||
(c) Investments, at cost — Affiliated | $ | 153,600,986 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising —0.0% | ||||||||
Interpublic Group of Companies Inc. (The), | $ | 170 | $ | 227,421 | ||||
|
| |||||||
Aerospace & Defense — 1.9% | ||||||||
BAE Systems Holdings Inc., 4.75%, 10/07/44(a) | 465 | 592,487 | ||||||
BAE Systems PLC, 5.80%, 10/11/41(a) | 25 | 35,260 | ||||||
Boeing Co. (The) | ||||||||
3.25%, 02/01/35 (Call 11/01/34) | 425 | 452,846 | ||||||
3.30%, 03/01/35 (Call 09/01/34) | 25 | 25,984 | ||||||
3.38%, 06/15/46 (Call 12/15/45) | 205 | 209,593 | ||||||
3.50%, 03/01/39 (Call 09/01/38)(b) | 495 | 526,151 | ||||||
3.50%, 03/01/45 (Call 09/01/44) | 759 | 774,142 | ||||||
3.55%, 03/01/38 (Call 09/01/37) | 280 | 310,257 | ||||||
3.60%, 05/01/34 (Call 02/01/34) | 1,375 | 1,518,796 | ||||||
3.65%, 03/01/47 (Call 09/01/46) | 225 | 239,336 | ||||||
3.75%, 02/01/50 (Call 08/01/49)(b) | 835 | 925,366 | ||||||
3.83%, 03/01/59 (Call 09/01/58) | 550 | 594,794 | ||||||
3.85%, 11/01/48 (Call 05/01/48) | 685 | 755,709 | ||||||
3.90%, 05/01/49 (Call 11/01/48) | 450 | 497,187 | ||||||
3.95%, 08/01/59 (Call 02/01/59) | 790 | 878,454 | ||||||
5.88%, 02/15/40 | 225 | 301,947 | ||||||
6.13%, 02/15/33 | 50 | 67,858 | ||||||
6.63%, 02/15/38 | 156 | 227,049 | ||||||
6.88%, 03/15/39 | 637 | 949,985 | ||||||
General Dynamics Corp., 3.60%, 11/15/42 | 380 | 461,284 | ||||||
L3Harris Technologies Inc. | ||||||||
4.85%, 04/27/35 (Call 10/27/34) | 550 | 682,873 | ||||||
5.05%, 04/27/45 (Call 10/27/44) | 400 | 523,834 | ||||||
6.15%, 12/15/40 | 130 | 189,496 | ||||||
Lockheed Martin Corp. | ||||||||
3.60%, 03/01/35 (Call 09/01/34)(b) | 524 | 611,536 | ||||||
3.80%, 03/01/45 (Call 09/01/44) | 1,051 | 1,249,626 | ||||||
4.07%, 12/15/42(b) | 805 | 993,769 | ||||||
4.09%, 09/15/52 (Call 03/15/52) | 1,350 | 1,735,454 | ||||||
4.50%, 05/15/36 (Call 11/15/35) | 735 | 931,940 | ||||||
4.70%, 05/15/46 (Call 11/15/45) | 1,383 | 1,862,920 | ||||||
5.72%, 06/01/40 | 50 | 71,355 | ||||||
Series B, 6.15%, 09/01/36 | 175 | 253,692 | ||||||
Northrop Grumman Corp. | ||||||||
3.85%, 04/15/45 (Call 10/15/44) | 625 | 711,052 | ||||||
4.03%, 10/15/47 (Call 04/15/47) | 1,684 | 2,016,528 | ||||||
4.75%, 06/01/43 | 840 | 1,089,533 | ||||||
5.05%, 11/15/40 | 300 | 390,988 | ||||||
Northrop Grumman Systems Corp., | 777 | 1,154,910 | ||||||
Raytheon Co. | ||||||||
4.20%, 12/15/44 (Call 06/15/44) | 100 | 129,490 | ||||||
4.70%, 12/15/41 | 200 | 270,689 | ||||||
4.88%, 10/15/40 | 392 | 540,169 | ||||||
Rockwell Collins Inc. | ||||||||
4.35%, 04/15/47 (Call 10/15/46) | 1,170 | 1,502,663 | ||||||
4.80%, 12/15/43 (Call 06/15/43) | 380 | 499,675 | ||||||
United Technologies Corp. | ||||||||
3.75%, 11/01/46 (Call 05/01/46) | 960 | 1,103,919 | ||||||
4.05%, 05/04/47 (Call 11/04/46) | 335 | 411,001 | ||||||
4.15%, 05/15/45 (Call 11/16/44) | 1,350 | 1,634,615 | ||||||
4.45%, 11/16/38 (Call 05/16/38) | 749 | 937,720 | ||||||
4.50%, 06/01/42 | 1,680 | 2,155,478 | ||||||
4.63%, 11/16/48 (Call 05/16/48) | 1,271 | 1,705,206 | ||||||
5.40%, 05/01/35 | 1,121 | 1,527,260 |
Security | Par (000) | Value | ||||||
Aerospace & Defense (continued) | ||||||||
5.70%, 04/15/40 | $ | 906 | $ | 1,322,897 | ||||
6.05%, 06/01/36 | 230 | 328,791 | ||||||
6.13%, 07/15/38 | 990 | 1,473,614 | ||||||
|
| |||||||
40,357,178 | ||||||||
Agriculture — 1.4% | ||||||||
Altria Group Inc. | ||||||||
3.88%, 09/16/46 (Call 03/16/46) | 1,486 | 1,453,113 | ||||||
4.25%, 08/09/42 | 1,175 | 1,201,449 | ||||||
4.50%, 05/02/43 | 1,675 | 1,750,868 | ||||||
5.38%, 01/31/44 | 1,667 | 1,965,074 | ||||||
5.80%, 02/14/39 (Call 08/14/38) | 585 | 717,652 | ||||||
5.95%, 02/14/49 (Call 08/14/48)(b) | 1,390 | 1,766,989 | ||||||
6.20%, 02/14/59 (Call 08/14/58) | 430 | 562,649 | ||||||
Archer-Daniels-Midland Co. | ||||||||
3.75%, 09/15/47 (Call 03/15/47) | 415 | 486,798 | ||||||
4.02%, 04/16/43 | 839 | 1,028,852 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 905 | 1,226,670 | ||||||
4.54%, 03/26/42 | 1,063 | 1,362,239 | ||||||
5.38%, 09/15/35 | 55 | 74,837 | ||||||
BAT Capital Corp. | ||||||||
4.39%, 08/15/37 (Call 02/15/37) | 2,150 | 2,277,605 | ||||||
4.54%, 08/15/47 (Call 02/15/47) | 1,880 | 1,956,907 | ||||||
4.76%, 09/06/49 (Call 03/06/49) | 305 | 329,370 | ||||||
Cargill Inc., 3.88%, 05/23/49 (Call 11/23/48)(a) | 780 | 977,708 | ||||||
Philip Morris International Inc. | ||||||||
3.88%, 08/21/42 | 509 | 556,881 | ||||||
4.13%, 03/04/43 | 421 | 478,051 | ||||||
4.25%, 11/10/44 | 730 | 844,629 | ||||||
4.38%, 11/15/41 | 842 | 974,336 | ||||||
4.50%, 03/20/42 | 420 | 493,817 | ||||||
4.88%, 11/15/43 | 530 | 662,072 | ||||||
6.38%, 05/16/38 | 1,295 | 1,869,307 | ||||||
Reynolds American Inc. | ||||||||
5.70%, 08/15/35 (Call 02/15/35) | 1,248 | 1,487,211 | ||||||
5.85%, 08/15/45 (Call 02/12/45) | 1,840 | 2,199,390 | ||||||
6.15%, 09/15/43 | 475 | 572,598 | ||||||
7.25%, 06/15/37 | 825 | 1,091,559 | ||||||
|
| |||||||
30,368,631 | ||||||||
Apparel — 0.1% | ||||||||
NIKE Inc. | ||||||||
3.38%, 11/01/46 (Call 05/01/46) | 300 | 344,887 | ||||||
3.63%, 05/01/43 (Call 11/01/42) | 520 | 592,512 | ||||||
3.88%, 11/01/45 (Call 05/01/45) | 755 | 929,644 | ||||||
|
| |||||||
1,867,043 | ||||||||
Auto Manufacturers — 0.7% | ||||||||
Cummins Inc., 4.88%, 10/01/43 | 375 | 497,390 | ||||||
Daimler Finance North America LLC, | 1,851 | 2,857,720 | ||||||
Ford Holdings LLC, 9.30%, 03/01/30 | 271 | 356,921 | ||||||
Ford Motor Co. | ||||||||
4.75%, 01/15/43 | 1,900 | 1,634,230 | ||||||
5.29%, 12/08/46 (Call 06/08/46)(b) | 845 | 774,209 | ||||||
7.40%, 11/01/46(b) | 519 | 575,230 | ||||||
7.45%, 07/16/31 | 1,195 | 1,356,330 | ||||||
General Motors Co. | ||||||||
5.00%, 04/01/35 | 933 | 973,036 | ||||||
5.15%, 04/01/38 (Call 10/01/37) | 638 | 650,497 | ||||||
5.20%, 04/01/45 | 965 | 963,125 | ||||||
5.40%, 04/01/48 (Call 10/01/47) | 610 | 615,142 | ||||||
5.95%, 04/01/49 (Call 10/01/48) | 889 | 969,678 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Auto Manufacturers (continued) | ||||||||
6.25%, 10/02/43 | $ | 852 | $ | 959,005 | ||||
6.60%, 04/01/36 (Call 10/01/35) | 1,175 | 1,422,064 | ||||||
6.75%, 04/01/46 (Call 10/01/45)(b) | 580 | 680,086 | ||||||
|
| |||||||
15,284,663 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
Aptiv PLC | ||||||||
4.40%, 10/01/46 (Call 04/01/46) | 100 | 109,553 | ||||||
5.40%, 03/15/49 (Call 09/15/48) | 406 | 491,034 | ||||||
BorgWarner Inc., 4.38%, 03/15/45 | 295 | 324,417 | ||||||
Lear Corp., 5.25%, 05/15/49 (Call 11/15/48)(b) | 600 | 629,871 | ||||||
|
| |||||||
1,554,875 | ||||||||
Banks — 7.5% | ||||||||
Bank of America Corp. | ||||||||
3.95%, 01/23/49 (Call 01/23/48)(c) | 1,205 | 1,455,796 | ||||||
4.08%, 04/23/40 (Call 04/23/39)(c) | 1,325 | 1,550,553 | ||||||
4.24%, 04/24/38 (Call 04/24/37)(c) | 1,401 | 1,655,091 | ||||||
4.33%, 03/15/50 (Call 03/15/49)(b)(c) | 1,784 | 2,277,673 | ||||||
4.44%, 01/20/48 (Call 01/20/47)(b)(c) | 1,234 | 1,584,329 | ||||||
4.88%, 04/01/44 | 895 | 1,181,293 | ||||||
5.00%, 01/21/44 | 2,087 | 2,827,960 | ||||||
5.88%, 02/07/42 | 853 | 1,254,710 | ||||||
6.11%, 01/29/37 | 1,530 | 2,105,386 | ||||||
7.75%, 05/14/38 | 1,115 | 1,804,990 | ||||||
Series L, 4.75%, 04/21/45 | 593 | 764,681 | ||||||
Bank of America N.A., 6.00%, 10/15/36 | 2,000 | 2,806,577 | ||||||
Barclays PLC | ||||||||
4.95%, 01/10/47 | 1,660 | 2,070,729 | ||||||
5.25%, 08/17/45 | 1,190 | 1,511,728 | ||||||
BNP Paribas SA, 7.20%, (Call 06/25/37)(a)(b)(c)(d) | 545 | 604,950 | ||||||
Citigroup Inc. | ||||||||
3.88%, 01/24/39 (Call 01/22/38)(c) | 533 | 620,557 | ||||||
4.28%, 04/24/48 (Call 10/24/47)(c) | 1,263 | 1,571,339 | ||||||
4.65%, 07/30/45 | 1,200 | 1,567,743 | ||||||
4.65%, 07/23/48 (Call 06/23/48) | 2,024 | 2,686,302 | ||||||
4.75%, 05/18/46 | 1,905 | 2,390,909 | ||||||
5.30%, 05/06/44 | 865 | 1,147,256 | ||||||
5.88%, 02/22/33 | 325 | 435,877 | ||||||
5.88%, 01/30/42 | 797 | 1,183,990 | ||||||
6.00%, 10/31/33 | 523 | 713,348 | ||||||
6.13%, 08/25/36 | 482 | 670,085 | ||||||
6.63%, 06/15/32 | 767 | 1,075,310 | ||||||
6.68%, 09/13/43 | 605 | 934,871 | ||||||
6.88%, 03/05/38 | 110 | 162,569 | ||||||
6.88%, 02/15/98(b) | 180 | 286,036 | ||||||
8.13%, 07/15/39 | 1,635 | 2,830,543 | ||||||
Commonwealth Bank of Australia | ||||||||
3.74%, 09/12/39(a)(b) | 495 | 533,981 | ||||||
3.90%, 07/12/47(a) | 829 | 985,775 | ||||||
4.32%, 01/10/48(a) | 1,105 | 1,277,667 | ||||||
Cooperatieve Rabobank UA | ||||||||
5.25%, 05/24/41 | 1,323 | 1,901,810 | ||||||
5.25%, 08/04/45 | 1,501 | 1,986,440 | ||||||
5.75%, 12/01/43 | 1,205 | 1,684,939 | ||||||
5.80%, 09/30/2110(a) | 100 | 174,470 | ||||||
Credit Suisse Group Funding Guernsey Ltd., 4.88%, 05/15/45 | 1,856 | 2,423,189 | ||||||
Fifth Third Bancorp., 8.25%, 03/01/38 | 941 | 1,568,682 |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
First Republic Bank/CA | ||||||||
4.38%, 08/01/46 (Call 02/01/46) | $ | 350 | $ | 434,090 | ||||
4.63%, 02/13/47 (Call 08/13/46) | 495 | 634,282 | ||||||
Goldman Sachs Group Inc. (The) | ||||||||
4.02%, 10/31/38 (Call 10/31/37)(c) | 1,610 | 1,827,397 | ||||||
4.41%, 04/23/39 (Call 04/23/38)(c) | 1,870 | 2,214,741 | ||||||
4.75%, 10/21/45 (Call 04/21/45) | 1,584 | 2,023,522 | ||||||
4.80%, 07/08/44 (Call 01/08/44) | 1,645 | 2,101,775 | ||||||
5.15%, 05/22/45 | 1,255 | 1,615,397 | ||||||
6.13%, 02/15/33 | 775 | 1,073,264 | ||||||
6.25%, 02/01/41 | 2,250 | 3,305,257 | ||||||
6.45%, 05/01/36 | 230 | 314,036 | ||||||
6.75%, 10/01/37 | 4,275 | 6,066,879 | ||||||
HSBC Bank USA N.A., 7.00%, 01/15/39 | 265 | 397,669 | ||||||
HSBC Holdings PLC | ||||||||
5.25%, 03/14/44 | 720 | 912,439 | ||||||
6.10%, 01/14/42 | 978 | 1,413,822 | ||||||
6.50%, 05/02/36 | 2,710 | 3,714,502 | ||||||
6.50%, 09/15/37 | 1,620 | 2,251,167 | ||||||
6.80%, 06/01/38 | 1,630 | 2,343,351 | ||||||
7.63%, 05/17/32 | 446 | 622,382 | ||||||
HSBC USA Inc., 7.20%, 07/15/97(b) | 60 | 99,757 | ||||||
JPMorgan Chase & Co. | ||||||||
3.88%, 07/24/38 (Call 07/24/37)(c) | 2,515 | 2,874,239 | ||||||
3.90%, 01/23/49 (Call 01/23/48)(c) | 1,605 | 1,911,620 | ||||||
3.96%, 11/15/48 (Call 11/15/47)(c) | 2,717 | 3,253,222 | ||||||
4.03%, 07/24/48 (Call 07/24/47)(b)(c) | 990 | 1,201,159 | ||||||
4.26%, 02/22/48 (Call 02/22/47)(c) | 1,180 | 1,496,167 | ||||||
4.85%, 02/01/44(b) | 645 | 857,555 | ||||||
4.95%, 06/01/45(b) | 1,140 | 1,519,830 | ||||||
5.40%, 01/06/42 | 1,180 | 1,641,591 | ||||||
5.50%, 10/15/40 | 1,040 | 1,442,390 | ||||||
5.60%, 07/15/41 | 2,425 | 3,434,443 | ||||||
5.63%, 08/16/43(b) | 968 | 1,361,742 | ||||||
6.40%, 05/15/38(b) | 1,865 | 2,767,428 | ||||||
8.75%, 09/01/30 | 50 | 77,175 | ||||||
Lloyds Banking Group PLC | ||||||||
4.34%, 01/09/48(b) | 1,435 | 1,624,494 | ||||||
5.30%, 12/01/45 | 685 | 884,181 | ||||||
Mitsubishi UFJ Financial Group Inc. | ||||||||
3.75%, 07/18/39 | 625 | 729,271 | ||||||
4.15%, 03/07/39 | 895 | 1,101,808 | ||||||
4.29%, 07/26/38 | 1,225 | 1,509,571 | ||||||
Morgan Stanley | ||||||||
3.97%, 07/22/38 (Call 07/22/37)(c) | 856 | 990,821 | ||||||
4.30%, 01/27/45 | 1,479 | 1,825,060 | ||||||
4.38%, 01/22/47 | 2,520 | 3,181,836 | ||||||
4.46%, 04/22/39 (Call 04/22/38)(c) | 635 | 779,059 | ||||||
6.38%, 07/24/42 | 1,564 | 2,412,694 | ||||||
7.25%, 04/01/32 | 1,183 | 1,756,600 | ||||||
Regions Bank/Birmingham AL, 6.45%, 06/26/37 | 460 | 648,836 | ||||||
Regions Financial Corp., 7.38%, 12/10/37 | 490 | 720,119 | ||||||
Santander UK Group Holdings PLC, 5.63%, 09/15/45(a) | 495 | 640,251 | ||||||
Societe Generale SA, 5.63%, 11/24/45(a) | 115 | 152,345 | ||||||
Standard Chartered PLC | ||||||||
5.30%, 01/09/43(a)(b) | 485 | 602,715 | ||||||
5.70%, 03/26/44(a) | 1,950 | 2,536,705 | ||||||
UBS AG/London, 4.50%, 06/26/48(a) | 870 | 1,161,488 | ||||||
Wachovia Corp. | ||||||||
5.50%, 08/01/35 | 1,142 | 1,514,580 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
6.55%, 10/15/35(b) | $ | 260 | $ | 364,055 | ||||
7.50%, 04/15/35 | 125 | 186,739 | ||||||
Wells Fargo & Co. | ||||||||
3.90%, 05/01/45 | 1,887 | 2,235,621 | ||||||
4.40%, 06/14/46 | 1,286 | 1,524,080 | ||||||
4.65%, 11/04/44(b) | 1,501 | 1,831,856 | ||||||
4.75%, 12/07/46 | 1,485 | 1,873,011 | ||||||
4.90%, 11/17/45 | 1,840 | 2,334,738 | ||||||
5.38%, 02/07/35 | 385 | 523,424 | ||||||
5.38%, 11/02/43(b) | 1,365 | 1,797,140 | ||||||
5.61%, 01/15/44 | 2,010 | 2,733,823 | ||||||
Wells Fargo Bank N.A. | ||||||||
5.85%, 02/01/37 | 650 | 897,910 | ||||||
5.95%, 08/26/36 | 570 | 791,752 | ||||||
6.60%, 01/15/38 | 1,145 | 1,739,646 | ||||||
Wells Fargo Capital X, 5.95%, 12/01/86 | 668 | 871,789 | ||||||
Westpac Banking Corp., 4.42%, 07/24/39 | 1,112 | 1,299,640 | ||||||
|
| |||||||
159,252,082 | ||||||||
Beverages — 3.0% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||||||||
4.70%, 02/01/36 (Call 08/01/35) | 4,267 | 5,111,194 | ||||||
4.90%, 02/01/46 (Call 08/01/45)(b) | 7,355 | 9,067,597 | ||||||
Anheuser-Busch InBev Finance Inc. | ||||||||
4.00%, 01/17/43 | 958 | 1,057,467 | ||||||
4.63%, 02/01/44(b) | 1,277 | 1,533,472 | ||||||
4.70%, 02/01/36 (Call 08/01/35)(b) | 600 | 716,753 | ||||||
4.90%, 02/01/46 (Call 08/01/45)(b) | 1,399 | 1,711,431 | ||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.75%, 07/15/42 | 735 | 789,573 | ||||||
4.38%, 04/15/38 (Call 10/15/37) | 620 | 717,842 | ||||||
4.44%, 10/06/48 (Call 04/06/48) | 1,375 | 1,606,292 | ||||||
4.60%, 04/15/48 (Call 10/15/47) | 1,783 | 2,140,170 | ||||||
4.75%, 04/15/58 (Call 10/15/57)(b) | 1,075 | 1,304,606 | ||||||
4.90%, 01/23/31 (Call 10/23/30)(b) | 1,198 | 1,459,548 | ||||||
4.95%, 01/15/42 | 835 | 1,047,710 | ||||||
5.45%, 01/23/39 (Call 07/23/38) | 1,395 | 1,822,072 | ||||||
5.55%, 01/23/49 (Call 07/23/48)(b) | 3,985 | 5,415,331 | ||||||
5.80%, 01/23/59 (Call 07/23/58) | 1,560 | 2,216,171 | ||||||
8.00%, 11/15/39 | 325 | 527,815 | ||||||
8.20%, 01/15/39 | 807 | 1,333,146 | ||||||
Bacardi Ltd. | ||||||||
5.15%, 05/15/38 (Call 11/15/37)(a) | 300 | 363,115 | ||||||
5.30%, 05/15/48 (Call 11/15/47)(a)(b) | 475 | 612,487 | ||||||
Brown-Forman Corp. | ||||||||
4.00%, 04/15/38 (Call 10/15/37) | 140 | 170,591 | ||||||
4.50%, 07/15/45 (Call 01/15/45) | 213 | 289,932 | ||||||
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43 | 306 | 418,072 | ||||||
Constellation Brands Inc. | ||||||||
4.10%, 02/15/48 (Call 08/15/47) | 595 | 670,146 | ||||||
4.50%, 05/09/47 (Call 11/09/46) | 550 | 655,152 | ||||||
5.25%, 11/15/48 (Call 05/15/48) | 503 | 656,096 | ||||||
Diageo Capital PLC | ||||||||
3.88%, 04/29/43 (Call 10/29/42) | 735 | 913,577 | ||||||
5.88%, 09/30/36(b) | 535 | 779,608 | ||||||
Diageo Investment Corp. | ||||||||
4.25%, 05/11/42 | 1,020 | 1,301,096 | ||||||
7.45%, 04/15/35 | 11 | 17,890 |
Security | Par (000) | Value | ||||||
Beverages (continued) | ||||||||
Fomento Economico Mexicano SAB de CV | ||||||||
3.50%, 01/16/50 (Call 07/16/49) | $ | 1,000 | $ | 1,048,400 | ||||
4.38%, 05/10/43 | 330 | 398,372 | ||||||
Heineken NV | ||||||||
4.00%, 10/01/42(a) | 540 | 641,949 | ||||||
4.35%, 03/29/47 (Call 09/29/46)(a)(b) | 120 | 149,844 | ||||||
Keurig Dr Pepper Inc. | ||||||||
4.42%, 12/15/46 (Call 06/15/46) | 525 | 613,622 | ||||||
4.50%, 11/15/45 (Call 08/15/45)(b) | 385 | 448,256 | ||||||
4.99%, 05/25/38 (Call 11/25/37) | 770 | 942,294 | ||||||
5.09%, 05/25/48 (Call 11/25/47) | 475 | 604,594 | ||||||
Molson Coors Beverage Co. | ||||||||
4.20%, 07/15/46 (Call 01/15/46) | 1,577 | 1,636,525 | ||||||
5.00%, 05/01/42 | 800 | 906,096 | ||||||
PepsiCo Inc. | ||||||||
2.88%, 10/15/49 (Call 04/15/49) | 1,050 | 1,110,358 | ||||||
3.38%, 07/29/49 (Call 01/29/49) | 1,125 | 1,286,545 | ||||||
3.45%, 10/06/46 (Call 04/06/46) | 1,525 | 1,743,587 | ||||||
3.60%, 08/13/42 | 405 | 471,313 | ||||||
4.00%, 03/05/42 | 492 | 588,018 | ||||||
4.00%, 05/02/47 (Call 11/02/46)(b) | 695 | 866,927 | ||||||
4.25%, 10/22/44 (Call 04/22/44) | 671 | 840,417 | ||||||
4.45%, 04/14/46 (Call 10/14/45)(b) | 829 | 1,087,491 | ||||||
4.60%, 07/17/45 (Call 01/17/45) | 460 | 605,448 | ||||||
Pernod Ricard SA, 5.50%, 01/15/42(a) | 250 | 339,897 | ||||||
|
| |||||||
62,755,905 | ||||||||
Biotechnology — 1.3% | ||||||||
Amgen Inc. | ||||||||
3.15%, 02/21/40 (Call 08/21/39) | 1,700 | 1,737,050 | ||||||
3.38%, 02/21/50 (Call 08/21/49) | 790 | 803,173 | ||||||
4.40%, 05/01/45 (Call 11/01/44) | 2,080 | 2,409,224 | ||||||
4.56%, 06/15/48 (Call 12/15/47) | 1,520 | 1,809,653 | ||||||
4.66%, 06/15/51 (Call 12/15/50) | 3,170 | 3,924,930 | ||||||
4.95%, 10/01/41 | 341 | 433,269 | ||||||
5.15%, 11/15/41 (Call 05/15/41) | 670 | 871,854 | ||||||
5.65%, 06/15/42 (Call 12/15/41) | 140 | 188,036 | ||||||
5.75%, 03/15/40(b) | 220 | 294,602 | ||||||
6.38%, 06/01/37(b) | 315 | 451,053 | ||||||
6.40%, 02/01/39 | 125 | 179,407 | ||||||
6.90%, 06/01/38 | 75 | 111,019 | ||||||
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)(b) | 354 | 499,857 | ||||||
Biogen Inc., 5.20%, 09/15/45 (Call 03/15/45) | 1,870 | 2,421,500 | ||||||
Gilead Sciences Inc. | ||||||||
4.00%, 09/01/36 (Call 03/01/36) | 415 | 487,896 | ||||||
4.15%, 03/01/47 (Call 09/01/46)(b) | 1,645 | 1,985,194 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 1,146 | 1,407,827 | ||||||
4.60%, 09/01/35 (Call 03/01/35) | 1,085 | 1,354,972 | ||||||
4.75%, 03/01/46 (Call 09/01/45) | 2,053 | 2,647,729 | ||||||
4.80%, 04/01/44 (Call 10/01/43) | 1,495 | 1,919,627 | ||||||
5.65%, 12/01/41 (Call 06/01/41) | 980 | 1,392,183 | ||||||
|
| |||||||
27,330,055 | ||||||||
Building Materials — 0.5% | ||||||||
Carrier Global Corp. | ||||||||
3.38%, 04/05/40 (Call 10/05/39)(a) | 1,000 | 1,027,921 | ||||||
3.58%, 04/05/50 (Call 10/05/49)(a) | 500 | 515,124 | ||||||
CRH America Finance Inc. | ||||||||
4.40%, 05/09/47 (Call 11/09/46)(a) | 100 | 119,619 | ||||||
4.50%, 04/04/48 (Call 10/04/47)(a) | 751 | 911,795 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Building Materials (continued) | ||||||||
Johnson Controls International PLC | ||||||||
4.50%, 02/15/47 (Call 08/15/46) | $ | 488 | $ | 604,352 | ||||
4.63%, 07/02/44 (Call 01/02/44) | 577 | 709,564 | ||||||
4.95%, 07/02/64 (Call 01/02/64)(e) | 515 | 619,829 | ||||||
5.13%, 09/14/45 (Call 03/14/45) | 43 | 56,319 | ||||||
6.00%, 01/15/36 | 135 | 178,462 | ||||||
Martin Marietta Materials Inc., 4.25%, 12/15/47 (Call 06/15/47) | 745 | 838,286 | ||||||
Masco Corp., 4.50%, 05/15/47 (Call 11/15/46) | 545 | 620,099 | ||||||
Owens Corning | ||||||||
4.30%, 07/15/47 (Call 01/15/47) | 377 | 419,235 | ||||||
4.40%, 01/30/48 (Call 07/30/47) | 279 | 302,532 | ||||||
7.00%, 12/01/36 | 249 | 338,183 | ||||||
Votorantim Cimentos SA, 7.25%, 04/05/41(a) | 500 | 643,750 | ||||||
Vulcan Materials Co. | ||||||||
4.50%, 06/15/47 (Call 12/15/46) | 815 | 959,968 | ||||||
4.70%, 03/01/48 (Call 09/01/47) | 605 | 747,951 | ||||||
|
| |||||||
9,612,989 | ||||||||
Chemicals — 1.6% | ||||||||
Albemarle Corp., 5.45%, 12/01/44 | 558 | 708,257 | ||||||
Braskem America Finance Co., | 200 | 231,250 | ||||||
Braskem Netherlands Finance BV, | 1,400 | 1,374,380 | ||||||
Dow Chemical Co. (The) | ||||||||
4.25%, 10/01/34 (Call 04/01/34) | 1,859 | 2,071,946 | ||||||
4.38%, 11/15/42 (Call 05/15/42) | 633 | 699,990 | ||||||
4.63%, 10/01/44 (Call 04/01/44) | 390 | 455,741 | ||||||
4.80%, 05/15/49 (Call 11/15/48) | 885 | 1,043,695 | ||||||
5.25%, 11/15/41 (Call 08/15/41) | 419 | 510,044 | ||||||
5.55%, 11/30/48 (Call 05/30/48)(b) | 515 | 652,606 | ||||||
9.40%, 05/15/39 | 346 | 590,324 | ||||||
DuPont de Nemours Inc. | ||||||||
5.32%, 11/15/38 (Call 05/15/38) | 805 | 981,794 | ||||||
5.42%, 11/15/48 (Call 05/15/48) | 2,345 | 2,953,410 | ||||||
Eastman Chemical Co. | ||||||||
4.65%, 10/15/44 (Call 04/15/44) | 889 | 1,037,741 | ||||||
4.80%, 09/01/42 (Call 03/01/42) | 428 | 504,357 | ||||||
Ecolab Inc. | ||||||||
3.70%, 11/01/46 (Call 05/01/46) | 175 | 201,896 | ||||||
3.95%, 12/01/47 (Call 06/01/47)(b) | 720 | 890,490 | ||||||
5.50%, 12/08/41 | 278 | 394,206 | ||||||
FMC Corp., 4.50%, 10/01/49 (Call 04/01/49)(b) | 490 | 595,352 | ||||||
International Flavors & Fragrances Inc. | ||||||||
4.38%, 06/01/47 (Call 12/01/46) | 275 | 294,032 | ||||||
5.00%, 09/26/48 (Call 03/26/48)(b) | 345 | 405,979 | ||||||
Lubrizol Corp. (The), 6.50%, 10/01/34 | 350 | 529,589 | ||||||
LYB International Finance BV | ||||||||
4.88%, 03/15/44 (Call 09/15/43) | 990 | 1,159,167 | ||||||
5.25%, 07/15/43 | 885 | 1,082,310 | ||||||
LYB International Finance III LLC, 4.20%, 10/15/49 (Call 04/15/49) | 365 | 386,853 | ||||||
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)(b) | 973 | 1,087,316 | ||||||
Methanex Corp., 5.65%, 12/01/44 (Call 06/01/44) | 450 | 471,291 | ||||||
Mosaic Co. (The) | ||||||||
4.88%, 11/15/41 (Call 05/15/41) | 230 | 248,439 | ||||||
5.45%, 11/15/33 (Call 05/15/33) | 393 | 457,237 | ||||||
5.63%, 11/15/43 (Call 05/15/43) | 805 | 961,105 | ||||||
Nutrien Ltd. | ||||||||
4.13%, 03/15/35 (Call 09/15/34) | 1,037 | 1,153,215 |
Security | Par (000) | Value | ||||||
Chemicals (continued) | ||||||||
4.90%, 06/01/43 (Call 12/01/42) | $ | 745 | $ | 863,478 | ||||
5.00%, 04/01/49 (Call 10/01/48) | 698 | 867,984 | ||||||
5.25%, 01/15/45 (Call 07/15/44) | 229 | 287,174 | ||||||
5.63%, 12/01/40 | 390 | 500,395 | ||||||
5.88%, 12/01/36 | 241 | 311,173 | ||||||
6.13%, 01/15/41 (Call 07/15/40) | 650 | 865,745 | ||||||
7.13%, 05/23/36 | 18 | 24,924 | ||||||
OCP SA, 6.88%, 04/25/44(a) | 200 | 263,437 | ||||||
Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(a) | 900 | 1,033,875 | ||||||
Praxair Inc., 3.55%, 11/07/42 (Call 05/07/42) | 1,020 | 1,158,100 | ||||||
RPM International Inc., 4.25%, 01/15/48 (Call 07/15/47) | 560 | 616,339 | ||||||
Sherwin-Williams Co. (The) | ||||||||
3.80%, 08/15/49 (Call 02/15/49) | 435 | 476,013 | ||||||
4.00%, 12/15/42 (Call 06/15/42) | 315 | 359,571 | ||||||
4.50%, 06/01/47 (Call 12/01/46)(b) | 490 | 594,839 | ||||||
4.55%, 08/01/45 (Call 02/01/45) | 95 | 114,081 | ||||||
Syngenta Finance NV, 5.68%, 04/24/48 (Call 10/24/47)(a)(b) | 775 | 883,412 | ||||||
Westlake Chemical Corp. | ||||||||
4.38%, 11/15/47 (Call 05/15/47) | 660 | 716,662 | ||||||
5.00%, 08/15/46 (Call 02/15/46) | 780 | 921,447 | ||||||
|
| |||||||
34,992,661 | ||||||||
Commercial Services — 1.2% | ||||||||
American University (The), Series 2019, 3.67%, 04/01/49 | 500 | 590,201 | ||||||
California Institute of Technology | ||||||||
4.32%, 08/01/45 | 12 | 16,134 | ||||||
4.70%, 11/01/2111 | 145 | 212,618 | ||||||
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 | 200 | 296,596 | ||||||
DP World PLC | ||||||||
4.70%, 09/30/49 (Call 03/30/49)(a) | 500 | 490,000 | ||||||
5.63%, 09/25/48(a) | 1,500 | 1,681,406 | ||||||
6.85%, 07/02/37(a) | 850 | 1,071,000 | ||||||
Duke University, 3.30%, 10/01/46 | 25 | 28,701 | ||||||
Equifax Inc., 7.00%, 07/01/37 | 210 | 292,678 | ||||||
ERAC USA Finance LLC | ||||||||
4.20%, 11/01/46 (Call 05/01/46)(a)(b) | 50 | 56,805 | ||||||
5.63%, 03/15/42(a) | 65 | 88,116 | ||||||
7.00%, 10/15/37(a)(b) | 2,124 | 3,203,729 | ||||||
George Washington University (The) | ||||||||
4.87%, 09/15/45 | 16 | 22,615 | ||||||
Series 2018, 4.13%, 09/15/48 (Call 03/15/48) | 998 | 1,278,570 | ||||||
Georgetown University (The) | ||||||||
Series 20A, 2.94%, 04/01/50 | 173 | 179,155 | ||||||
Series A, 5.22%, 10/01/2118 (Call 04/01/2118) | 75 | 114,680 | ||||||
Global Payments Inc., 4.15%, 08/15/49 (Call 02/15/49) | 805 | 924,479 | ||||||
Johns Hopkins University, Series 2013, 4.08%, 07/01/53 | 36 | 48,734 | ||||||
Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47) | 503 | 643,395 | ||||||
Massachusetts Institute of Technology | ||||||||
3.89%, 07/01/2116 | 100 | 134,123 | ||||||
3.96%, 07/01/38(b) | 59 | 72,932 | ||||||
4.68%, 07/01/2114 | 325 | 511,782 | ||||||
5.60%, 07/01/2111 | 600 | 1,100,629 | ||||||
Series F, 2.99%, 07/01/50 (Call 01/01/50) | 1,920 | 2,138,843 | ||||||
Moody’s Corp. | ||||||||
4.88%, 12/17/48 (Call 06/17/48) | 211 | 281,951 | ||||||
5.25%, 07/15/44 | 525 | 717,637 | ||||||
Northwestern University | ||||||||
4.64%, 12/01/44 | 355 | 492,325 | ||||||
Series 2017, 3.66%, 12/01/57 (Call 06/01/57) | 55 | 70,615 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Commercial Services (continued) | ||||||||
President and Fellows of Harvard College | ||||||||
3.15%, 07/15/46 (Call 01/15/46) | $ | 500 | $ | 575,482 | ||||
3.30%, 07/15/56 (Call 01/15/56) | 385 | 462,819 | ||||||
3.62%, 10/01/37 | 46 | 54,462 | ||||||
4.88%, 10/15/40 | 200 | 283,959 | ||||||
Princeton University, 5.70%, 03/01/39 | 515 | 775,046 | ||||||
S&P Global Inc. | ||||||||
3.25%, 12/01/49 (Call 06/01/49) | 575 | 648,176 | ||||||
4.50%, 05/15/48 (Call 11/15/47) | 275 | 368,782 | ||||||
Trustees of Boston College, 3.13%, 07/01/52(b) | 530 | 602,070 | ||||||
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48) | 130 | 170,113 | ||||||
Trustees of Dartmouth College, 3.47%, 06/01/46(b) | 260 | 310,133 | ||||||
Trustees of the University of Pennsylvania (The), 3.61%, 02/15/2119 (Call 08/15/2118) | 405 | 500,218 | ||||||
Tufts University, Series 2012, | 100 | 150,499 | ||||||
University of Notre Dame du Lac | ||||||||
Series 2015, 3.44%, 02/15/45 | 139 | 165,313 | ||||||
Series 2017, 3.39%, 02/15/48 (Call 08/15/47) | 1,150 | 1,366,581 | ||||||
University of Southern California | ||||||||
2.81%, 10/01/50 (Call 04/01/50) | 334 | 355,770 | ||||||
3.03%, 10/01/39 | 1,161 | 1,292,162 | ||||||
5.25%, 10/01/2111 | 250 | 422,984 | ||||||
Series 2017, 3.84%, 10/01/47 (Call 04/01/47) | 100 | 128,632 | ||||||
Verisk Analytics Inc., 5.50%, 06/15/45 (Call 12/15/44) | 186 | 249,764 | ||||||
Wesleyan University, 4.78%, 07/01/2116 | 125 | 175,356 | ||||||
William Marsh Rice University | ||||||||
3.57%, 05/15/45 | 331 | 393,279 | ||||||
3.77%, 05/15/55 | 125 | 159,631 | ||||||
|
| |||||||
26,371,680 | ||||||||
Computers — 1.8% | ||||||||
Apple Inc. | ||||||||
3.45%, 02/09/45 | 2,094 | 2,360,696 | ||||||
3.75%, 09/12/47 (Call 03/12/47) | 1,780 | 2,101,691 | ||||||
3.75%, 11/13/47 (Call 05/13/47) | 1,460 | 1,727,566 | ||||||
3.85%, 05/04/43 | 1,690 | 2,022,069 | ||||||
3.85%, 08/04/46 (Call 02/04/46) | 2,045 | 2,439,832 | ||||||
4.25%, 02/09/47 (Call 08/09/46)(b) | 1,165 | 1,479,324 | ||||||
4.38%, 05/13/45 | 1,985 | 2,535,199 | ||||||
4.45%, 05/06/44 | 670 | 863,728 | ||||||
4.50%, 02/23/36 (Call 08/23/35) | 1,280 | 1,629,958 | ||||||
4.65%, 02/23/46 (Call 08/23/45)(b) | 1,799 | 2,396,713 | ||||||
Dell International LLC/EMC Corp. | ||||||||
8.10%, 07/15/36 (Call 01/15/36)(a) | 1,626 | 2,231,391 | ||||||
8.35%, 07/15/46 (Call 01/15/46)(a) | 1,150 | 1,567,098 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
6.20%, 10/15/35 (Call 04/15/35) | 1,165 | 1,457,503 | ||||||
6.35%, 10/15/45 (Call 04/15/45) | 910 | 1,137,782 | ||||||
HP Inc., 6.00%, 09/15/41 | 604 | 692,449 | ||||||
International Business Machines Corp. | ||||||||
4.00%, 06/20/42 | 1,540 | 1,828,932 | ||||||
4.15%, 05/15/39 | 3,050 | 3,687,296 | ||||||
4.25%, 05/15/49(b) | 1,680 | 2,094,962 | ||||||
4.70%, 02/19/46 | 845 | 1,114,216 | ||||||
5.60%, 11/30/39 | 615 | 872,315 | ||||||
5.88%, 11/29/32 | 356 | 492,824 | ||||||
7.13%, 12/01/96(b) | 95 | 164,441 | ||||||
Seagate HDD Cayman, 5.75%, 12/01/34 (Call 06/01/34) | 805 | 842,342 | ||||||
|
| |||||||
37,740,327 |
Security | Par (000) | Value | ||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Colgate-Palmolive Co. | ||||||||
3.70%, 08/01/47 (Call 02/01/47) | $ | 270 | $ | 340,247 | ||||
4.00%, 08/15/45 | 330 | 433,009 | ||||||
Estee Lauder Companies Inc. (The) | ||||||||
3.13%, 12/01/49 (Call 06/01/49) | 920 | 986,850 | ||||||
3.70%, 08/15/42 | 50 | 56,900 | ||||||
4.15%, 03/15/47 (Call 09/15/46) | 200 | 252,209 | ||||||
4.38%, 06/15/45 (Call 12/15/44) | 535 | 681,470 | ||||||
6.00%, 05/15/37 | 255 | 368,746 | ||||||
Procter & Gamble Co. (The) | ||||||||
3.50%, 10/25/47 | 525 | 649,365 | ||||||
5.50%, 02/01/34 | 495 | 705,479 | ||||||
5.55%, 03/05/37 | 49 | 72,711 | ||||||
5.80%, 08/15/34(b) | 85 | 127,364 | ||||||
Unilever Capital Corp., 5.90%, 11/15/32 | 1,151 | 1,624,098 | ||||||
|
| |||||||
6,298,448 | ||||||||
Distribution & Wholesale — 0.1% | ||||||||
WW Grainger Inc. | ||||||||
3.75%, 05/15/46 (Call 11/15/45) | 480 | 552,624 | ||||||
4.20%, 05/15/47 (Call 11/15/46) | 465 | 560,984 | ||||||
4.60%, 06/15/45 (Call 12/15/44) | 755 | 951,004 | ||||||
|
| |||||||
2,064,612 | ||||||||
Diversified Financial Services — 1.8% | ||||||||
Ally Financial Inc. 8.00%, 11/01/31 | 2,077 | 2,882,045 | ||||||
American Express Co., 4.05%, 12/03/42 | 925 | 1,168,697 | ||||||
Blackstone Holdings Finance Co. LLC | ||||||||
3.50%, 09/10/49 (Call 03/10/49)(a) | 800 | 882,997 | ||||||
4.00%, 10/02/47 (Call 04/02/47)(a)(b) | 340 | 402,872 | ||||||
4.45%, 07/15/45(a) | 400 | 496,010 | ||||||
5.00%, 06/15/44(a) | 61 | 79,817 | ||||||
Brookfield Finance Inc., 4.70%, 09/20/47 | 979 | 1,210,173 | ||||||
Brookfield Finance LLC, 3.45%, 04/15/50 | 500 | 497,447 | ||||||
Carlyle Holdings II Finance LLC, | 245 | 310,461 | ||||||
CME Group Inc. | ||||||||
4.15%, 06/15/48 (Call 12/15/47) | 770 | 998,868 | ||||||
5.30%, 09/15/43 (Call 03/15/43) | 746 | 1,071,488 | ||||||
Credit Suisse USA Inc., 7.13%, 07/15/32 | 663 | 1,007,564 | ||||||
FMR LLC | ||||||||
5.15%, 02/01/43(a) | 500 | 687,403 | ||||||
6.50%, 12/14/40(a) | 500 | 775,943 | ||||||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 9,055 | 10,351,473 | ||||||
Invesco Finance PLC, 5.38%, 11/30/43 | 376 | 502,630 | ||||||
Jefferies Financial Group Inc., 6.63%, 10/23/43 (Call 07/23/43) | 245 | 298,536 | ||||||
Jefferies Group LLC | ||||||||
6.25%, 01/15/36 | 430 | 528,202 | ||||||
6.50%, 01/20/43 | 620 | 769,301 | ||||||
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(a) | 550 | 723,479 | ||||||
Legg Mason Inc., 5.63%, 01/15/44 | 430 | 590,245 | ||||||
Mastercard Inc. | ||||||||
3.65%, 06/01/49 (Call 12/01/48) | 868 | 1,029,315 | ||||||
3.80%, 11/21/46 (Call 05/21/46) | 450 | 541,707 | ||||||
3.95%, 02/26/48 (Call 08/26/47) | 745 | 923,663 | ||||||
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)(a) | 50 | 56,436 | ||||||
Raymond James Financial Inc., 4.95%, 07/15/46 | 885 | 1,132,635 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Diversified Financial Services (continued) | ||||||||
Visa Inc. | ||||||||
3.65%, 09/15/47 (Call 03/15/47) | $ | 1,294 | $ | 1,537,922 | ||||
4.15%, 12/14/35 (Call 06/14/35) | 1,914 | 2,374,023 | ||||||
4.30%, 12/14/45 (Call 06/14/45) | 2,170 | 2,829,659 | ||||||
Western Union Co. (The) | ||||||||
6.20%, 11/17/36(b) | 260 | 319,224 | ||||||
6.20%, 06/21/40 | 340 | 405,456 | ||||||
|
| |||||||
37,385,691 | ||||||||
Electric — 12.3% | ||||||||
Abu Dhabi National Energy Co. PJSC | ||||||||
4.00%, 10/03/49(a) | 400 | 442,000 | ||||||
4.88%, 04/23/30(a) | 800 | 951,750 | ||||||
6.50%, 10/27/36(a)(b) | 1,000 | 1,406,875 | ||||||
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a) | 225 | 247,781 | ||||||
AEP Texas Inc. | ||||||||
3.80%, 10/01/47 (Call 04/01/47) | 50 | 57,124 | ||||||
Series G, 4.15%, 05/01/49 (Call 11/01/48)(b) | 245 | 293,667 | ||||||
Series H, 3.45%, 01/15/50 (Call 07/15/49) | 250 | 266,095 | ||||||
AEP Transmission Co. LLC | ||||||||
3.15%, 09/15/49 (Call 03/15/49) | 50 | 52,903 | ||||||
3.75%, 12/01/47 (Call 06/01/47) | 485 | 567,725 | ||||||
3.80%, 06/15/49 (Call 12/15/48)(b) | 315 | 371,476 | ||||||
4.00%, 12/01/46 (Call 06/01/46) | 465 | 569,737 | ||||||
4.25%, 09/15/48 (Call 03/15/48)(b) | 320 | 401,478 | ||||||
Alabama Power Co. | ||||||||
3.45%, 10/01/49 (Call 04/01/49) | 415 | 451,526 | ||||||
3.75%, 03/01/45 (Call 09/01/44) | 575 | 643,868 | ||||||
3.85%, 12/01/42 | 220 | 254,833 | ||||||
4.10%, 01/15/42 | 85 | 98,275 | ||||||
4.15%, 08/15/44 (Call 02/15/44) | 367 | 432,610 | ||||||
4.30%, 01/02/46 (Call 07/02/45)(b) | 425 | 504,675 | ||||||
5.70%, 02/15/33(b) | 50 | 68,893 | ||||||
6.00%, 03/01/39 | 395 | 568,218 | ||||||
6.13%, 05/15/38 | 310 | 447,633 | ||||||
Series A, 4.30%, 07/15/48 (Call 01/15/48) | 185 | 229,334 | ||||||
Series B, 3.70%, 12/01/47 (Call 06/01/47) | 485 | 541,602 | ||||||
Ameren Illinois Co. | ||||||||
3.25%, 03/15/50 (Call 09/15/49) | 340 | 379,116 | ||||||
3.70%, 12/01/47 (Call 06/01/47) | 480 | 568,413 | ||||||
4.15%, 03/15/46 (Call 09/15/45) | 625 | 781,244 | ||||||
4.30%, 07/01/44 (Call 01/01/44) | 200 | 248,727 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 613 | 813,667 | ||||||
4.80%, 12/15/43 (Call 06/15/43) | 250 | 334,355 | ||||||
American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)(a) | 325 | 433,621 | ||||||
Appalachian Power Co. | ||||||||
4.40%, 05/15/44 (Call 11/15/43) | 491 | 603,568 | ||||||
4.45%, 06/01/45 (Call 12/01/44) | 405 | 500,279 | ||||||
7.00%, 04/01/38 | 648 | 992,072 | ||||||
Series L, 5.80%, 10/01/35 | 212 | 286,195 | ||||||
Series P, 6.70%, 08/15/37 | 80 | 116,752 | ||||||
Series Y, 4.50%, 03/01/49 (Call 09/01/48) | 305 | 385,790 | ||||||
Arizona Public Service Co. | ||||||||
3.50%, 12/01/49 (Call 06/01/49)(b) | 405 | 450,865 | ||||||
3.75%, 05/15/46 (Call 11/15/45) | 620 | 724,830 | ||||||
4.20%, 08/15/48 (Call 02/15/48) | 60 | 74,133 | ||||||
4.25%, 03/01/49 (Call 09/01/48) | 610 | 773,825 | ||||||
4.35%, 11/15/45 (Call 05/15/45) | 60 | 76,318 | ||||||
4.50%, 04/01/42 (Call 10/01/41) | 501 | 634,537 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
5.05%, 09/01/41 (Call 03/01/41) | $ | 160 | $ | 211,239 | ||||
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47) | 300 | 385,441 | ||||||
Baltimore Gas & Electric Co. | ||||||||
3.20%, 09/15/49 (Call 03/15/49)(b) | 360 | 380,044 | ||||||
3.50%, 08/15/46 (Call 02/15/46) | 645 | 707,240 | ||||||
3.75%, 08/15/47 (Call 02/15/47) | 50 | 57,445 | ||||||
4.25%, 09/15/48 (Call 03/15/48)(b) | 200 | 247,355 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
3.80%, 07/15/48 (Call 01/15/48) | 872 | 1,000,296 | ||||||
4.45%, 01/15/49 (Call 07/15/48) | 801 | 1,023,552 | ||||||
4.50%, 02/01/45 (Call 08/01/44) | 685 | 847,612 | ||||||
5.15%, 11/15/43 (Call 05/15/43) | 947 | 1,293,488 | ||||||
5.95%, 05/15/37 | 1,205 | 1,744,824 | ||||||
6.13%, 04/01/36 | 717 | 1,022,140 | ||||||
Black Hills Corp. | ||||||||
3.88%, 10/15/49 (Call 04/15/49) | 370 | 414,930 | ||||||
4.20%, 09/15/46 (Call 03/15/46) | 220 | 259,440 | ||||||
4.35%, 05/01/33 (Call 02/01/33) | 595 | 716,903 | ||||||
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(a) | 195 | 210,936 | ||||||
CenterPoint Energy Houston Electric LLC | ||||||||
3.55%, 08/01/42 (Call 02/01/42) | 845 | 961,020 | ||||||
3.95%, 03/01/48 (Call 09/01/47) | 525 | 626,239 | ||||||
4.50%, 04/01/44 (Call 10/01/43) | 315 | 407,956 | ||||||
Series AC, 4.25%, 02/01/49 (Call 08/01/48)(b) | 510 | 656,488 | ||||||
CenterPoint Energy Inc., 3.70%, 09/01/49 | 325 | 356,496 | ||||||
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45) | 520 | 634,848 | ||||||
Cleco Power LLC, 6.00%, 12/01/40 | 100 | 133,427 | ||||||
Cleveland Electric Illuminating Co. (The) | ||||||||
4.55%, 11/15/30 (Call 08/15/30)(a)(b) | 100 | 119,796 | ||||||
5.95%, 12/15/36 | 430 | 586,170 | ||||||
CMS Energy Corp. | ||||||||
4.70%, 03/31/43 (Call 09/30/42) | 1,005 | 1,243,338 | ||||||
4.88%, 03/01/44 (Call 09/01/43) | 546 | 705,006 | ||||||
Cometa Energia SA de CV, 6.38%, 04/24/35 | 388 | 446,346 | ||||||
Comision Federal de Electricidad | ||||||||
5.75%, 02/14/42(a) | 800 | 939,500 | ||||||
6.13%, 06/16/45(a) | 400 | 494,375 | ||||||
Commonwealth Edison Co. | ||||||||
3.65%, 06/15/46 (Call 12/15/45) | 420 | 479,846 | ||||||
3.70%, 03/01/45 (Call 09/01/44) | 275 | 314,030 | ||||||
3.80%, 10/01/42 (Call 04/01/42) | 350 | 405,564 | ||||||
4.00%, 03/01/48 (Call 09/01/47) | 695 | 841,016 | ||||||
4.00%, 03/01/49 (Call 09/01/48) | 585 | 698,519 | ||||||
4.35%, 11/15/45 (Call 05/15/45) | 350 | 436,490 | ||||||
4.60%, 08/15/43 (Call 02/15/43) | 150 | 189,438 | ||||||
4.70%, 01/15/44 (Call 04/15/43) | 575 | 738,180 | ||||||
6.45%, 01/15/38 | 105 | 157,962 | ||||||
Series 123, 3.75%, 08/15/47 (Call 02/15/47) | 400 | 463,951 | ||||||
Series 127, 3.20%, 11/15/49 (Call 05/15/49)(b) | 155 | 164,445 | ||||||
Connecticut Light & Power Co. (The) | ||||||||
4.00%, 04/01/48 (Call 10/01/47) | 900 | 1,136,134 | ||||||
4.30%, 04/15/44 (Call 10/15/43) | 650 | 829,368 | ||||||
Consolidated Edison Co. of New York Inc. | ||||||||
3.70%, 11/15/59 (Call 05/15/59) | 225 | 252,313 | ||||||
3.85%, 06/15/46 (Call 12/15/45) | 550 | 626,886 | ||||||
3.95%, 03/01/43 (Call 09/01/42) | 575 | 667,177 | ||||||
4.45%, 03/15/44 (Call 09/15/43) | 939 | 1,184,045 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
4.50%, 12/01/45 (Call 06/01/45) | $ | 867 | $ | 1,097,113 | ||||
4.50%, 05/15/58 (Call 11/15/57) | 385 | 488,690 | ||||||
4.63%, 12/01/54 (Call 06/01/54) | 798 | 1,067,505 | ||||||
5.70%, 06/15/40 | 195 | 283,419 | ||||||
Series 05-A, 5.30%, 03/01/35 | 125 | 164,332 | ||||||
Series 06-A, 5.85%, 03/15/36 | 125 | 172,290 | ||||||
Series 06-B, 6.20%, 06/15/36 | 395 | 559,889 | ||||||
Series 06-E, 5.70%, 12/01/36(b) | 90 | 121,823 | ||||||
Series 07-A, 6.30%, 08/15/37 | 125 | 182,086 | ||||||
Series 08-B, 6.75%, 04/01/38 | 635 | 968,749 | ||||||
Series 09-C, 5.50%, 12/01/39 | 465 | 635,969 | ||||||
Series 12-A, 4.20%, 03/15/42 | 83 | 99,915 | ||||||
Series 2017, 3.88%, 06/15/47 (Call 12/15/46) | 605 | 706,545 | ||||||
Series A, 4.13%, 05/15/49 (Call 11/15/48) | 410 | 493,254 | ||||||
Series C, 4.00%, 11/15/57 (Call 05/15/57) | 25 | 29,189 | ||||||
Series C, 4.30%, 12/01/56 (Call 06/01/56) | 602 | 738,022 | ||||||
Series E, 4.65%, 12/01/48 (Call 06/01/48) | 430 | 558,969 | ||||||
Consumers Energy Co. | ||||||||
3.10%, 08/15/50 (Call 02/15/50)(b) | 200 | 215,675 | ||||||
3.25%, 08/15/46 (Call 02/15/46) | 450 | 505,815 | ||||||
3.75%, 02/15/50 (Call 08/15/49) | 48 | 57,042 | ||||||
3.95%, 05/15/43 (Call 11/15/42) | 245 | 299,123 | ||||||
3.95%, 07/15/47 (Call 01/15/47) | 310 | 382,677 | ||||||
4.05%, 05/15/48 (Call 11/15/47) | 430 | 528,606 | ||||||
4.35%, 04/15/49 (Call 10/15/48) | 500 | 662,491 | ||||||
Dayton Power & Light Co. (The), 3.95%, 06/15/49 | 384 | 439,119 | ||||||
Delmarva Power & Light Co., 4.15%, 05/15/45 | 250 | 302,535 | ||||||
Dominion Energy Inc. | ||||||||
4.70%, 12/01/44 (Call 06/01/44) | 621 | 770,802 | ||||||
7.00%, 06/15/38 | 403 | 588,036 | ||||||
Series A, 4.60%, 03/15/49 (Call 09/15/48) | 610 | 761,805 | ||||||
Series B, 5.95%, 06/15/35 | 490 | 661,395 | ||||||
Series C, 4.05%, 09/15/42 (Call 03/15/42) | 475 | 533,319 | ||||||
Series C, 4.90%, 08/01/41 (Call 02/01/41) | 642 | 794,658 | ||||||
Series E, 6.30%, 03/15/33 | 391 | 531,677 | ||||||
Series F, 5.25%, 08/01/33 | 520 | 653,546 | ||||||
Dominion Energy South Carolina Inc. | ||||||||
4.60%, 06/15/43 (Call 12/15/42) | 501 | 640,011 | ||||||
5.10%, 06/01/65 (Call 12/01/64) | 370 | 532,608 | ||||||
5.30%, 05/15/33(b) | 155 | 206,355 | ||||||
5.45%, 02/01/41 (Call 08/01/40) | 380 | 520,212 | ||||||
6.05%, 01/15/38(b) | 313 | 452,766 | ||||||
6.63%, 02/01/32 | 375 | 540,321 | ||||||
DTE Electric Co. | ||||||||
2.95%, 03/01/50 (Call 09/01/49) | 300 | 308,693 | ||||||
3.70%, 03/15/45 (Call 09/15/44) | 350 | 401,280 | ||||||
3.70%, 06/01/46 (Call 12/01/45) | 335 | 382,849 | ||||||
3.75%, 08/15/47 (Call 02/15/47) | 175 | 203,977 | ||||||
3.95%, 06/15/42 (Call 12/15/41) | 200 | 228,790 | ||||||
3.95%, 03/01/49 (Call 09/01/48) | 895 | 1,089,288 | ||||||
4.30%, 07/01/44 (Call 01/01/44) | 348 | 427,880 | ||||||
5.70%, 10/01/37 | 500 | 678,051 | ||||||
Series A, 4.00%, 04/01/43 (Call 10/01/42) | 325 | 380,375 | ||||||
Series A, 4.05%, 05/15/48 (Call 11/15/47)(b) | 580 | 707,402 | ||||||
DTE Energy Co., 6.38%, 04/15/33 | 235 | 324,986 | ||||||
Duke Energy Carolinas LLC | ||||||||
3.20%, 08/15/49 (Call 02/15/49) | 540 | 580,098 | ||||||
3.70%, 12/01/47 (Call 06/01/47) | 340 | 389,188 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
3.75%, 06/01/45 (Call 12/01/44) | $ | 240 | $ | 277,750 | ||||
3.88%, 03/15/46 (Call 09/15/45) | 390 | 459,263 | ||||||
3.95%, 03/15/48 (Call 09/15/47) | 1,075 | 1,297,205 | ||||||
4.00%, 09/30/42 (Call 03/30/42) | 325 | 387,632 | ||||||
4.25%, 12/15/41 (Call 06/15/41) | 415 | 507,227 | ||||||
5.30%, 02/15/40 | 555 | 760,343 | ||||||
6.00%, 01/15/38 | 187 | 274,604 | ||||||
6.05%, 04/15/38 | 335 | 494,201 | ||||||
6.10%, 06/01/37 | 285 | 414,624 | ||||||
6.45%, 10/15/32 | 441 | 636,837 | ||||||
Duke Energy Corp. | ||||||||
3.75%, 09/01/46 (Call 03/01/46) | 1,813 | 2,009,913 | ||||||
3.95%, 08/15/47 (Call 02/15/47) | 450 | 508,786 | ||||||
4.20%, 06/15/49 (Call 12/15/48)(b) | 1,005 | 1,189,457 | ||||||
4.80%, 12/15/45 (Call 06/15/45) | 716 | 900,860 | ||||||
Duke Energy Florida LLC | ||||||||
3.40%, 10/01/46 (Call 04/01/46) | 495 | 534,305 | ||||||
3.85%, 11/15/42 (Call 05/15/42)(b) | 380 | 441,323 | ||||||
4.20%, 07/15/48 (Call 01/15/48) | 90 | 112,098 | ||||||
5.65%, 04/01/40 | 150 | 215,235 | ||||||
6.35%, 09/15/37 | 525 | 789,455 | ||||||
6.40%, 06/15/38(b) | 345 | 520,350 | ||||||
Duke Energy Indiana LLC | ||||||||
3.75%, 05/15/46 (Call 12/15/45) | 295 | 339,950 | ||||||
6.12%, 10/15/35 | 250 | 355,168 | ||||||
6.35%, 08/15/38 | 236 | 359,655 | ||||||
6.45%, 04/01/39 | 285 | 444,173 | ||||||
Series UUU, 4.20%, 03/15/42 (Call 09/15/41) | 125 | 148,929 | ||||||
Series WWW, 4.90%, 07/15/43 (Call 01/15/43) | 190 | 251,008 | ||||||
Series YYY, 3.25%, 10/01/49 (Call 04/01/49) | 250 | 267,397 | ||||||
Duke Energy Ohio Inc. | ||||||||
3.70%, 06/15/46 (Call 12/15/45) | 60 | 69,070 | ||||||
4.30%, 02/01/49 (Call 08/01/48) | 835 | 1,041,546 | ||||||
Duke Energy Progress LLC | ||||||||
3.60%, 09/15/47 (Call 03/15/47) | 470 | 529,206 | ||||||
3.70%, 10/15/46 (Call 04/15/46) | 720 | 827,926 | ||||||
4.10%, 05/15/42 (Call 11/15/41) | 410 | 500,381 | ||||||
4.10%, 03/15/43 (Call 09/15/42) | 371 | 444,842 | ||||||
4.15%, 12/01/44 (Call 06/01/44) | 444 | 538,049 | ||||||
4.20%, 08/15/45 (Call 02/15/45) | 352 | 435,638 | ||||||
4.38%, 03/30/44 (Call 09/30/43) | 150 | 188,109 | ||||||
6.30%, 04/01/38 | 175 | 264,339 | ||||||
E.ON International Finance BV, | 539 | 792,196 | ||||||
El Paso Electric Co. | ||||||||
5.00%, 12/01/44 (Call 06/01/44) | 300 | 375,608 | ||||||
6.00%, 05/15/35(b) | 400 | 533,238 | ||||||
Electricite de France SA | ||||||||
4.75%, 10/13/35 (Call 04/13/35)(a)(b) | 990 | 1,257,151 | ||||||
4.88%, 09/21/38 (Call 03/21/38)(a)(b) | 1,550 | 2,012,477 | ||||||
4.88%, 01/22/44(a) | 775 | 1,001,507 | ||||||
4.95%, 10/13/45 (Call 04/13/45)(a) | 1,220 | 1,562,039 | ||||||
5.00%, 09/21/48 (Call 03/21/48)(a) | 1,400 | 1,819,969 | ||||||
5.25%, 10/13/55 (Call 04/13/55)(a) | 290 | 404,589 | ||||||
5.60%, 01/27/40(a)(b) | 860 | 1,211,363 | ||||||
6.00%, 01/22/2114(a) | 375 | 487,763 | ||||||
6.95%, 01/26/39(a) | 155 | 245,923 | ||||||
Emera U.S. Finance LP, 4.75%, 06/15/46 | 1,290 | 1,585,731 | ||||||
Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35(a) | 250 | 275,000 | ||||||
Empresa de Transmision Electrica SA, | 450 | 534,294 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Enel Finance International NV | ||||||||
4.75%, 05/25/47(a) | $ | 1,820 | $ | 2,193,979 | ||||
6.00%, 10/07/39(a)(b) | 665 | 883,095 | ||||||
Entergy Arkansas LLC | ||||||||
4.20%, 04/01/49 (Call 10/01/48) | 245 | 300,570 | ||||||
4.95%, 12/15/44 (Call 12/15/24) | 20 | 21,869 | ||||||
Entergy Louisiana LLC | ||||||||
3.05%, 06/01/31 (Call 03/01/31) | 384 | 421,647 | ||||||
4.00%, 03/15/33 (Call 12/15/32) | 595 | 719,502 | ||||||
4.20%, 09/01/48 (Call 03/01/48) | 821 | 1,040,343 | ||||||
4.20%, 04/01/50 (Call 10/01/49) | 645 | 803,821 | ||||||
4.95%, 01/15/45 (Call 01/15/25) | 100 | 110,164 | ||||||
Entergy Mississippi LLC, 3.85%, 06/01/49 | 615 | 730,736 | ||||||
Entergy Texas Inc., 3.55%, 09/30/49 | 350 | 391,010 | ||||||
Evergy Kansas Central Inc. | ||||||||
3.25%, 09/01/49 (Call 03/01/49) | 225 | 244,336 | ||||||
4.10%, 04/01/43 (Call 10/01/42) | 218 | 268,340 | ||||||
4.13%, 03/01/42 (Call 09/01/41)(b) | 485 | 598,302 | ||||||
4.25%, 12/01/45 (Call 06/01/45) | 480 | 609,702 | ||||||
4.63%, 09/01/43 (Call 03/01/43) | 245 | 317,285 | ||||||
Evergy Metro Inc. | ||||||||
4.20%, 06/15/47 (Call 12/15/46) | 355 | 448,632 | ||||||
4.20%, 03/15/48 (Call 09/15/47) | 260 | 334,203 | ||||||
5.30%, 10/01/41 (Call 04/01/41) | 314 | 431,791 | ||||||
Series 2019, 4.13%, 04/01/49 (Call 10/01/48) | 350 | 437,267 | ||||||
Eversource Energy, 3.45%, 01/15/50 | 150 | 162,093 | ||||||
Exelon Corp. | ||||||||
4.45%, 04/15/46 (Call 10/15/45) | 601 | 727,362 | ||||||
4.95%, 06/15/35 (Call 12/15/34) | 325 | 398,142 | ||||||
5.10%, 06/15/45 (Call 12/15/44) | 761 | 984,011 | ||||||
5.63%, 06/15/35 | 742 | 976,269 | ||||||
7.60%, 04/01/32 | 180 | 264,297 | ||||||
Exelon Generation Co. LLC | ||||||||
5.60%, 06/15/42 (Call 12/15/41) | 810 | 965,640 | ||||||
5.75%, 10/01/41 (Call 04/01/41) | 360 | 426,307 | ||||||
6.25%, 10/01/39 | 813 | 1,015,693 | ||||||
FirstEnergy Corp. | ||||||||
Series C, 4.85%, 07/15/47 (Call 01/15/47) | 1,020 | 1,255,625 | ||||||
Series C, 7.38%, 11/15/31(b) | 1,236 | 1,805,930 | ||||||
FirstEnergy Transmission LLC | ||||||||
4.55%, 04/01/49 (Call 10/01/48)(a) | 350 | 439,234 | ||||||
5.45%, 07/15/44 (Call 01/15/44)(a) | 600 | 821,331 | ||||||
Florida Power & Light Co. | ||||||||
3.15%, 10/01/49 (Call 04/01/49)(b) | 1,250 | 1,388,317 | ||||||
3.70%, 12/01/47 (Call 06/01/47) | 585 | 679,363 | ||||||
3.80%, 12/15/42 (Call 06/15/42)(b) | 275 | 328,241 | ||||||
3.95%, 03/01/48 (Call 09/01/47) | 485 | 599,475 | ||||||
3.99%, 03/01/49 (Call 09/01/48) | 655 | 815,936 | ||||||
4.05%, 06/01/42 (Call 12/01/41) | 360 | 445,428 | ||||||
4.05%, 10/01/44 (Call 04/01/44)(b) | 305 | 371,986 | ||||||
4.13%, 02/01/42 (Call 08/01/41) | 470 | 577,968 | ||||||
4.13%, 06/01/48 (Call 12/01/47) | 492 | 627,382 | ||||||
4.95%, 06/01/35 | 700 | 958,073 | ||||||
5.13%, 06/01/41 (Call 12/01/40) | 50 | 66,893 | ||||||
5.25%, 02/01/41 (Call 08/01/40) | 200 | 283,354 | ||||||
5.63%, 04/01/34 | 125 | 180,069 | ||||||
5.65%, 02/01/37 | 146 | 207,745 | ||||||
5.69%, 03/01/40 | 169 | 249,873 | ||||||
5.95%, 10/01/33 | 15 | 21,408 | ||||||
5.95%, 02/01/38(b) | 820 | 1,225,749 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
5.96%, 04/01/39 | $ | 100 | $ | 150,498 | ||||
Georgia Power Co. | ||||||||
4.30%, 03/15/42 | 1,300 | 1,552,161 | ||||||
4.30%, 03/15/43(b) | 296 | 353,079 | ||||||
5.40%, 06/01/40 | 75 | 99,897 | ||||||
Series 10-C, 4.75%, 09/01/40 | 466 | 574,137 | ||||||
Iberdrola International BV, 6.75%, 07/15/36 | 230 | 344,227 | ||||||
Indiana Michigan Power Co. | ||||||||
4.25%, 08/15/48 (Call 02/15/48) | 355 | 441,779 | ||||||
6.05%, 03/15/37 | 239 | 336,164 | ||||||
Series K, 4.55%, 03/15/46 (Call 09/15/45) | 490 | 629,500 | ||||||
Series L, 3.75%, 07/01/47 (Call 01/01/47) | 240 | 275,420 | ||||||
Indianapolis Power & Light Co. | ||||||||
4.05%, 05/01/46 (Call 11/01/45)(a) | 125 | 153,359 | ||||||
4.70%, 09/01/45 (Call 03/01/45)(a) | 50 | 65,134 | ||||||
Infraestructura Energetica Nova SAB de CV, 4.88%, 01/14/48(a) | 250 | 254,609 | ||||||
Interstate Power & Light Co. | ||||||||
3.50%, 09/30/49 (Call 03/30/49) | 660 | 732,831 | ||||||
3.70%, 09/15/46 (Call 03/15/46) | 435 | 490,384 | ||||||
4.70%, 10/15/43 (Call 04/15/43)(b) | 143 | 179,918 | ||||||
6.25%, 07/15/39 | 80 | 114,004 | ||||||
ITC Holdings Corp., 5.30%, 07/01/43 | 278 | 376,144 | ||||||
Jersey Central Power & Light Co., | 57 | 81,078 | ||||||
Kentucky Utilities Co. | ||||||||
4.38%, 10/01/45 (Call 04/01/45) | 750 | 926,067 | ||||||
5.13%, 11/01/40 (Call 05/01/40) | 606 | 809,312 | ||||||
Series 1, 4.65%, 11/15/43 (Call 05/15/43) | 50 | 62,567 | ||||||
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a) | 192 | 225,934 | ||||||
Louisville Gas & Electric Co., 4.25%, 04/01/49 | 485 | 596,984 | ||||||
Massachusetts Electric Co., | 50 | 71,874 | ||||||
MidAmerican Energy Co. | ||||||||
3.15%, 04/15/50 (Call 10/15/49) | 500 | 539,931 | ||||||
3.65%, 08/01/48 (Call 02/01/48) | 530 | 635,086 | ||||||
3.95%, 08/01/47 (Call 02/01/47) | 205 | 255,438 | ||||||
4.25%, 05/01/46 (Call 11/01/45) | 236 | 297,966 | ||||||
4.25%, 07/15/49 (Call 01/15/49) | 1,161 | 1,492,210 | ||||||
4.40%, 10/15/44 (Call 04/15/44) | 950 | 1,224,705 | ||||||
4.80%, 09/15/43 (Call 03/15/43) | 645 | 868,148 | ||||||
5.75%, 11/01/35 | 56 | 80,014 | ||||||
5.80%, 10/15/36 | 55 | 79,250 | ||||||
6.75%, 12/30/31(b) | 211 | 314,214 | ||||||
Minejesa Capital BV | ||||||||
4.63%, 08/10/30(a) | 1,500 | 1,564,762 | ||||||
5.63%, 08/10/37(a) | 500 | 552,969 | ||||||
Mississippi Power Co., Series 12-A, | 425 | 492,832 | ||||||
Monongahela Power Co., 5.40%, 12/15/43 | 680 | 932,743 | ||||||
Narragansett Electric Co. (The), | 50 | 59,110 | ||||||
National Grid USA, 5.80%, 04/01/35(b) | 680 | 876,360 | ||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||
4.02%, 11/01/32 (Call 05/01/32) | 305 | 375,742 | ||||||
4.30%, 03/15/49 (Call 09/15/48) | 655 | 839,118 | ||||||
4.40%, 11/01/48 (Call 05/01/48) | 200 | 256,599 | ||||||
Series C, 8.00%, 03/01/32 | 496 | 796,536 | ||||||
Nevada Power Co. | ||||||||
5.38%, 09/15/40 (Call 03/15/40) | 305 | 400,405 | ||||||
5.45%, 05/15/41 (Call 11/15/40) | 25 | 34,374 | ||||||
Series N, 6.65%, 04/01/36 | 300 | 447,477 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Series R, 6.75%, 07/01/37 | $ | 245 | $ | 363,567 | ||||
New England Power Co., 3.80%, 12/05/47 | 950 | 1,097,519 | ||||||
New York State Electric & Gas Corp., | 165 | 170,821 | ||||||
Niagara Mohawk Power Corp., 4.28%, 10/01/34 | 750 | 903,556 | ||||||
Northern States Power Co./MN | ||||||||
2.90%, 03/01/50 (Call 09/01/49)(b) | 900 | 924,497 | ||||||
3.40%, 08/15/42 (Call 02/15/42) | 360 | 410,637 | ||||||
3.60%, 05/15/46 (Call 11/15/45) | 75 | 89,377 | ||||||
4.00%, 08/15/45 (Call 02/15/45) | 115 | 144,973 | ||||||
4.13%, 05/15/44 (Call 11/15/43) | 232 | 289,743 | ||||||
4.85%, 08/15/40 (Call 02/15/40) | 25 | 32,596 | ||||||
5.35%, 11/01/39 | 355 | 502,213 | ||||||
6.25%, 06/01/36 | 421 | 628,893 | ||||||
NorthWestern Corp., 4.18%, 11/15/44 | 571 | 667,652 | ||||||
NSTAR Electric Co. | ||||||||
4.40%, 03/01/44 (Call 09/01/43) | 175 | 224,268 | ||||||
5.50%, 03/15/40 | 346 | 484,323 | ||||||
Oglethorpe Power Corp. | ||||||||
4.20%, 12/01/42 | 450 | 469,617 | ||||||
4.25%, 04/01/46 (Call 10/01/45) | 105 | 110,229 | ||||||
4.55%, 06/01/44 | 355 | 406,242 | ||||||
5.05%, 10/01/48 (Call 04/01/48) | 200 | 258,857 | ||||||
5.25%, 09/01/50 | 255 | 323,023 | ||||||
5.38%, 11/01/40 | 345 | 451,155 | ||||||
5.95%, 11/01/39(b) | 465 | 592,932 | ||||||
Ohio Edison Co. | ||||||||
6.88%, 07/15/36 | 350 | 542,761 | ||||||
8.25%, 10/15/38 | 65 | 113,077 | ||||||
Ohio Power Co. | ||||||||
4.00%, 06/01/49 (Call 12/01/48) | 275 | 336,489 | ||||||
4.15%, 04/01/48 (Call 10/01/47)(b) | 565 | 702,067 | ||||||
Series D, 6.60%, 03/01/33 | 190 | 280,009 | ||||||
Oklahoma Gas & Electric Co. | ||||||||
3.30%, 03/15/30 (Call 09/15/29) | 630 | 695,703 | ||||||
3.85%, 08/15/47 (Call 02/15/47) | 320 | 365,435 | ||||||
4.15%, 04/01/47 (Call 10/01/46) | 405 | 483,604 | ||||||
5.85%, 06/01/40 | 45 | 61,448 | ||||||
Oncor Electric Delivery Co. LLC | ||||||||
3.10%, 09/15/49 (Call 03/15/49)(b) | 800 | 872,345 | ||||||
3.75%, 04/01/45 (Call 10/01/44) | 639 | 766,968 | ||||||
3.80%, 09/30/47 (Call 03/30/47) | 375 | 454,987 | ||||||
3.80%, 06/01/49 (Call 12/01/48) | 490 | 598,334 | ||||||
4.10%, 11/15/48 (Call 05/15/48) | 345 | 438,581 | ||||||
4.55%, 12/01/41 (Call 06/01/41) | 410 | 537,641 | ||||||
5.25%, 09/30/40 | 305 | 431,685 | ||||||
5.30%, 06/01/42 (Call 12/01/41) | 710 | 1,011,325 | ||||||
7.00%, 05/01/32 | 173 | 260,010 | ||||||
7.25%, 01/15/33 | 185 | 285,714 | ||||||
7.50%, 09/01/38 | 105 | 177,540 | ||||||
PacifiCorp | ||||||||
4.10%, 02/01/42 (Call 08/01/41) | 280 | 340,805 | ||||||
4.13%, 01/15/49 (Call 07/15/48) | 735 | 923,544 | ||||||
4.15%, 02/15/50 (Call 08/15/49) | 700 | 870,665 | ||||||
5.75%, 04/01/37 | 265 | 375,624 | ||||||
6.00%, 01/15/39 | 650 | 954,796 | ||||||
6.10%, 08/01/36 | 780 | 1,135,977 | ||||||
6.25%, 10/15/37 | 135 | 202,684 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
6.35%, 07/15/38 | $ | 180 | $ | 273,069 | ||||
PECO Energy Co. | ||||||||
3.00%, 09/15/49 (Call 03/15/49) | 470 | 491,264 | ||||||
3.90%, 03/01/48 (Call 09/01/47) | 540 | 644,029 | ||||||
4.15%, 10/01/44 (Call 04/01/44) | 615 | 747,204 | ||||||
4.80%, 10/15/43 (Call 04/15/43) | 500 | 643,462 | ||||||
5.95%, 10/01/36 | 111 | 156,268 | ||||||
Pennsylvania Electric Co., 6.15%, 10/01/38 | 75 | 105,320 | ||||||
Perusahaan Listrik Negara PT | ||||||||
4.88%, 07/17/49(a) | 1,415 | 1,569,843 | ||||||
6.15%, 05/21/48(a) | 1,425 | 1,848,937 | ||||||
6.25%, 01/25/49(a)(b) | 590 | 782,175 | ||||||
Potomac Electric Power Co. | ||||||||
4.15%, 03/15/43 (Call 09/15/42) | 621 | 747,098 | ||||||
6.50%, 11/15/37 | 345 | 514,049 | ||||||
7.90%, 12/15/38 | 75 | 122,205 | ||||||
PPL Capital Funding Inc. | ||||||||
4.00%, 09/15/47 (Call 03/15/47) | 735 | 825,918 | ||||||
4.70%, 06/01/43 (Call 12/01/42) | 615 | 740,408 | ||||||
5.00%, 03/15/44 (Call 09/15/43) | 425 | 525,886 | ||||||
PPL Electric Utilities Corp. | ||||||||
3.00%, 10/01/49 (Call 04/01/49)(b) | 530 | 549,431 | ||||||
3.95%, 06/01/47 (Call 12/01/46) | 345 | 411,955 | ||||||
4.13%, 06/15/44 (Call 12/15/43) | 185 | 220,135 | ||||||
4.15%, 06/15/48 (Call 12/15/47)(b) | 455 | 560,761 | ||||||
4.75%, 07/15/43 (Call 01/15/43) | 195 | 251,847 | ||||||
5.20%, 07/15/41 (Call 01/15/41) | 10 | 13,134 | ||||||
6.25%, 05/15/39 | 315 | 465,677 | ||||||
Progress Energy Inc. | ||||||||
6.00%, 12/01/39(b) | 540 | 771,426 | ||||||
7.00%, 10/30/31 | 310 | 451,230 | ||||||
7.75%, 03/01/31 | 349 | 516,850 | ||||||
PSEG Power LLC, 8.63%, 04/15/31 | 270 | 385,511 | ||||||
Public Service Co. of Colorado | ||||||||
3.55%, 06/15/46 (Call 12/15/45) | 350 | 384,794 | ||||||
3.60%, 09/15/42 (Call 03/15/42) | 250 | 292,944 | ||||||
3.80%, 06/15/47 (Call 12/15/46) | 400 | 467,250 | ||||||
3.95%, 03/15/43 (Call 09/15/42) | 125 | 147,222 | ||||||
4.05%, 09/15/49 (Call 03/15/49) | 605 | 751,775 | ||||||
4.10%, 06/15/48 (Call 12/15/47) | 350 | 441,246 | ||||||
4.30%, 03/15/44 (Call 09/15/43) | 205 | 258,249 | ||||||
4.75%, 08/15/41 (Call 02/15/41) | 5 | 6,443 | ||||||
6.50%, 08/01/38 | 235 | 365,498 | ||||||
Series 17, 6.25%, 09/01/37 | 390 | 601,370 | ||||||
Series 34, 3.20%, 03/01/50 (Call 09/01/49) | 730 | 796,845 | ||||||
Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 01/01/49) | 840 | 980,099 | ||||||
Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/37 | 50 | 74,822 | ||||||
Public Service Electric & Gas Co. | ||||||||
3.15%, 01/01/50 (Call 07/01/49) | 500 | 547,303 | ||||||
3.20%, 08/01/49 (Call 02/01/49) | 510 | 570,315 | ||||||
3.60%, 12/01/47 (Call 06/01/47) | 705 | 831,495 | ||||||
3.65%, 09/01/42 (Call 03/01/42) | 235 | 273,326 | ||||||
3.80%, 03/01/46 (Call 09/01/45) | 763 | 913,557 | ||||||
3.85%, 05/01/49 (Call 11/01/48) | 575 | 705,708 | ||||||
3.95%, 05/01/42 (Call 11/01/41) | 560 | 674,793 | ||||||
4.05%, 05/01/48 (Call 11/01/47) | 205 | 258,178 | ||||||
4.15%, 11/01/45 (Call 05/01/45) | 75 | 94,356 | ||||||
5.50%, 03/01/40 | 100 | 143,145 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
5.80%, 05/01/37 | $ | 260 | $ | 368,493 | ||||
Series K, 4.05%, 05/01/45 (Call 11/01/44) | 60 | 72,560 | ||||||
Puget Sound Energy Inc. | ||||||||
3.25%, 09/15/49 (Call 03/15/49) | 1,160 | 1,226,513 | ||||||
4.22%, 06/15/48 (Call 12/15/47) | 25 | 30,765 | ||||||
4.30%, 05/20/45 (Call 11/20/44) | 499 | 612,175 | ||||||
4.43%, 11/15/41 (Call 05/15/41) | 695 | 820,319 | ||||||
5.64%, 04/15/41 (Call 10/15/40) | 235 | 325,145 | ||||||
5.76%, 10/01/39 | 225 | 316,156 | ||||||
5.80%, 03/15/40 | 141 | 197,317 | ||||||
6.27%, 03/15/37 | 365 | 516,781 | ||||||
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a) | 450 | 570,094 | ||||||
San Diego Gas & Electric Co. | ||||||||
3.95%, 11/15/41 | 190 | 211,208 | ||||||
4.15%, 05/15/48 (Call 11/15/47) | 565 | 684,639 | ||||||
4.50%, 08/15/40 | 395 | 501,536 | ||||||
5.35%, 05/15/40 | 25 | 33,601 | ||||||
6.00%, 06/01/39(b) | 208 | 310,286 | ||||||
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)(b) | 621 | 721,104 | ||||||
Series TTT, 4.10%, 06/15/49 (Call 12/15/48) | 30 | 36,963 | ||||||
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a) | 1,600 | 1,960,000 | ||||||
Sempra Energy | ||||||||
3.80%, 02/01/38 (Call 08/01/37) | 2,206 | 2,470,383 | ||||||
4.00%, 02/01/48 (Call 08/01/47) | 679 | 750,849 | ||||||
6.00%, 10/15/39 | 450 | 628,691 | ||||||
Southern California Edison Co. | ||||||||
3.65%, 02/01/50 (Call 08/01/49) | 365 | 392,191 | ||||||
4.00%, 04/01/47 (Call 10/01/46) | 681 | 778,224 | ||||||
4.05%, 03/15/42 (Call 09/15/41) | 565 | 645,806 | ||||||
4.50%, 09/01/40 (Call 03/01/40) | 443 | 535,767 | ||||||
4.65%, 10/01/43 (Call 04/01/43) | 749 | 920,733 | ||||||
5.50%, 03/15/40 | 272 | 367,273 | ||||||
5.63%, 02/01/36 | 275 | 366,397 | ||||||
6.00%, 01/15/34(b) | 363 | 503,574 | ||||||
6.05%, 03/15/39 | 650 | 920,105 | ||||||
Series 04-G, 5.75%, 04/01/35 | 205 | 282,690 | ||||||
Series 05-B, 5.55%, 01/15/36 | 285 | 366,374 | ||||||
Series 05-E, 5.35%, 07/15/35 | 395 | 524,834 | ||||||
Series 06-E, 5.55%, 01/15/37 | 250 | 329,680 | ||||||
Series 08-A, 5.95%, 02/01/38 | 475 | 673,591 | ||||||
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42) | 410 | 449,812 | ||||||
Series B, 4.88%, 03/01/49 (Call 09/01/48) | 799 | 1,040,204 | ||||||
Series C, 3.60%, 02/01/45 (Call 08/01/44) | 630 | 661,782 | ||||||
Series C, 4.13%, 03/01/48 (Call 09/01/47) | 973 | 1,112,557 | ||||||
Southern Co. (The) | ||||||||
4.25%, 07/01/36 (Call 01/01/36) | 799 | 945,376 | ||||||
4.40%, 07/01/46 (Call 01/01/46) | 1,605 | 1,876,818 | ||||||
Southern Power Co. | ||||||||
5.15%, 09/15/41 | 595 | 742,155 | ||||||
5.25%, 07/15/43(b) | 225 | 280,373 | ||||||
Series F, 4.95%, 12/15/46 (Call 06/15/46) | 805 | 999,300 | ||||||
Southwestern Electric Power Co. | ||||||||
6.20%, 03/15/40 | 385 | 551,101 | ||||||
Series J, 3.90%, 04/01/45 (Call 10/01/44) | 670 | 749,104 | ||||||
Series L, 3.85%, 02/01/48 (Call 08/01/47) | 415 | 460,863 | ||||||
Southwestern Public Service Co. | ||||||||
3.40%, 08/15/46 (Call 02/15/46) | 455 | 488,156 | ||||||
3.70%, 08/15/47 (Call 02/15/47) | 385 | 440,520 | ||||||
3.75%, 06/15/49 (Call 12/15/48) | 115 | 131,696 | ||||||
4.50%, 08/15/41 (Call 02/15/41) | 280 | 358,441 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
6.00%, 10/01/36(b) | $ | 395 | $ | 526,002 | ||||
Series 6, 4.40%, 11/15/48 (Call 05/15/48) | 490 | 620,598 | ||||||
State Grid Overseas Investment 2014 Ltd., | 700 | 956,882 | ||||||
State Grid Overseas Investment 2016 Ltd., | 615 | 773,362 | ||||||
Tampa Electric Co. | ||||||||
3.63%, 06/15/50 (Call 12/15/49)(b) | 375 | 441,876 | ||||||
4.10%, 06/15/42 (Call 12/15/41) | 520 | 625,786 | ||||||
4.20%, 05/15/45 (Call 11/15/44) | 350 | 425,277 | ||||||
4.35%, 05/15/44 (Call 11/15/43) | 225 | 284,263 | ||||||
4.45%, 06/15/49 (Call 12/15/48) | 295 | 386,551 | ||||||
6.55%, 05/15/36 | 30 | 43,272 | ||||||
Toledo Edison Co. (The), 6.15%, 05/15/37 | 650 | 966,995 | ||||||
Tri-State Generation & Transmission Association Inc. | ||||||||
4.25%, 06/01/46 (Call 12/01/45) | 55 | 64,849 | ||||||
6.00%, 06/15/40(a) | 700 | 1,002,241 | ||||||
Tucson Electric Power Co., 4.85%, 12/01/48 | 300 | 404,251 | ||||||
Union Electric Co. | ||||||||
3.25%, 10/01/49 (Call 04/01/49) | 470 | 517,457 | ||||||
3.90%, 09/15/42 (Call 03/15/42) | 410 | 497,948 | ||||||
4.00%, 04/01/48 (Call 10/01/47) | 380 | 467,429 | ||||||
8.45%, 03/15/39(b) | 290 | 513,035 | ||||||
Virginia Electric & Power Co. | ||||||||
3.30%, 12/01/49 (Call 06/01/49) | 75 | 80,663 | ||||||
4.00%, 01/15/43 (Call 07/15/42)(b) | 346 | 413,825 | ||||||
4.45%, 02/15/44 (Call 08/15/43) | 575 | 719,999 | ||||||
4.60%, 12/01/48 (Call 06/01/48) | 760 | 997,069 | ||||||
6.35%, 11/30/37 | 25 | 37,379 | ||||||
8.88%, 11/15/38 | 315 | 577,395 | ||||||
Series A, 6.00%, 05/15/37 | 110 | 158,780 | ||||||
Series B, 3.80%, 09/15/47 (Call 03/15/47) | 450 | 524,415 | ||||||
Series B, 4.20%, 05/15/45 (Call 11/15/44) | 7 | 8,443 | ||||||
Series B, 6.00%, 01/15/36 | 250 | 355,557 | ||||||
Series C, 4.00%, 11/15/46 (Call 05/15/46) | 585 | 702,530 | ||||||
Series D, 4.65%, 08/15/43 (Call 02/15/43)(b) | 286 | 372,027 | ||||||
Wisconsin Electric Power Co. | ||||||||
4.30%, 10/15/48 (Call 04/15/48)(b) | 429 | 532,518 | ||||||
5.63%, 05/15/33 | 57 | 77,856 | ||||||
5.70%, 12/01/36 | 5 | 6,916 | ||||||
Wisconsin Power & Light Co., 6.38%, 08/15/37 | 380 | 560,669 | ||||||
Wisconsin Public Service Corp. | ||||||||
3.30%, 09/01/49 (Call 03/01/49)(b) | 1,045 | 1,138,236 | ||||||
4.75%, 11/01/44 (Call 05/01/44) | 310 | 411,516 | ||||||
Xcel Energy Inc. | ||||||||
3.50%, 12/01/49 (Call 06/01/49)(b) | 510 | 558,026 | ||||||
4.80%, 09/15/41 (Call 03/15/41) | 279 | 346,735 | ||||||
6.50%, 07/01/36 | 225 | 322,006 | ||||||
|
| |||||||
261,607,431 | ||||||||
Electrical Components & Equipment — 0.0% | ||||||||
Emerson Electric Co. | ||||||||
5.25%, 11/15/39 | 35 | 47,434 | ||||||
6.00%, 08/15/32 | 450 | 635,734 | ||||||
|
| |||||||
683,168 | ||||||||
Electronics — 0.1% | ||||||||
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45) | 569 | 672,479 | ||||||
Honeywell International Inc. | ||||||||
3.81%, 11/21/47 (Call 05/21/47) | 460 | 583,457 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Electronics (continued) | ||||||||
5.70%, 03/15/36 | $ | 75 | $ | 108,841 | ||||
5.70%, 03/15/37 | 65 | 95,732 | ||||||
Series 30, 5.38%, 03/01/41 | 27 | 39,933 | ||||||
Tyco Electronics Group SA, 7.13%, 10/01/37 | 200 | 320,198 | ||||||
|
| |||||||
1,820,640 | ||||||||
Engineering & Construction — 0.2% | ||||||||
Aeropuerto Internacional de Tocumen SA, 6.00%, 11/18/48 (Call 11/18/47)(a) | 850 | 1,079,500 | ||||||
Mexico City Airport Trust | ||||||||
5.50%, 10/31/46 (Call 04/30/46)(a) | 475 | 517,616 | ||||||
5.50%, 07/31/47 (Call 01/31/47)(a) | 1,839 | 1,993,591 | ||||||
|
| |||||||
3,590,707 | ||||||||
Environmental Control — 0.2% | ||||||||
Republic Services Inc. | ||||||||
3.05%, 03/01/50 (Call 09/01/49) | 260 | 258,991 | ||||||
5.70%, 05/15/41 (Call 11/15/40) | 140 | 198,387 | ||||||
Waste Management Inc. | ||||||||
3.90%, 03/01/35 (Call 09/01/34) | 350 | 404,847 | ||||||
4.00%, 07/15/39 (Call 01/15/39) | 390 | 468,967 | ||||||
4.10%, 03/01/45 (Call 09/01/44) | 910 | 1,116,141 | ||||||
4.15%, 07/15/49 (Call 01/15/49) | 1,258 | 1,568,522 | ||||||
|
| |||||||
4,015,855 | ||||||||
Food — 1.7% | ||||||||
Campbell Soup Co., 4.80%, 03/15/48 | 760 | 927,124 | ||||||
Conagra Brands Inc. | ||||||||
5.30%, 11/01/38 (Call 05/01/38)(b) | 976 | 1,183,842 | ||||||
5.40%, 11/01/48 (Call 05/01/48) | 1,020 | 1,289,576 | ||||||
8.25%, 09/15/30 | 545 | 788,573 | ||||||
General Mills Inc. | ||||||||
4.15%, 02/15/43 (Call 08/15/42) | 30 | 34,077 | ||||||
4.55%, 04/17/38 (Call 10/17/37)(b) | 605 | 727,160 | ||||||
4.70%, 04/17/48 (Call 10/17/47) | 435 | 543,710 | ||||||
5.40%, 06/15/40 | 425 | 563,251 | ||||||
Grupo Bimbo SAB de CV | ||||||||
4.00%, 09/06/49 (Call 03/06/49)(a)(b) | 1,000 | 1,031,675 | ||||||
4.70%, 11/10/47 (Call 05/10/47)(a) | 200 | 230,000 | ||||||
Hershey Co. (The) | ||||||||
3.13%, 11/15/49 (Call 05/15/49) | 385 | 414,591 | ||||||
3.38%, 08/15/46 (Call 02/15/46) | 200 | 226,496 | ||||||
Ingredion Inc., 6.63%, 04/15/37 | 200 | 281,176 | ||||||
JM Smucker Co. (The) | ||||||||
4.25%, 03/15/35 | 1,070 | 1,249,380 | ||||||
4.38%, 03/15/45(b) | 700 | 801,136 | ||||||
Kellogg Co. | ||||||||
4.50%, 04/01/46(b) | 390 | 463,566 | ||||||
Series B, 7.45%, 04/01/31 | 851 | 1,242,954 | ||||||
Koninklijke Ahold Delhaize NV, | 480 | 649,817 | ||||||
Kroger Co. (The) | ||||||||
3.88%, 10/15/46 (Call 04/15/46) | 625 | 665,165 | ||||||
3.95%, 01/15/50 (Call 07/15/49) | 100 | 103,603 | ||||||
4.45%, 02/01/47 (Call 08/01/46) | 840 | 951,009 | ||||||
4.65%, 01/15/48 (Call 07/15/47) | 510 | 579,264 | ||||||
5.00%, 04/15/42 (Call 10/15/41) | 375 | 449,403 | ||||||
5.15%, 08/01/43 (Call 02/01/43) | 195 | 244,306 | ||||||
5.40%, 07/15/40 (Call 01/15/40)(b) | 295 | 370,441 | ||||||
5.40%, 01/15/49 (Call 07/15/48) | 370 | 480,511 | ||||||
6.90%, 04/15/38 | 330 | 468,717 | ||||||
7.50%, 04/01/31 | 315 | 450,292 |
Security | Par (000) | Value | ||||||
Food (continued) | ||||||||
Mars Inc. | ||||||||
3.20%, 04/01/30 (Call 01/01/30)(a) | $ | 275 | $ | 307,027 | ||||
3.60%, 04/01/34 (Call 01/01/34)(a) | 455 | 539,321 | ||||||
3.88%, 04/01/39 (Call 10/01/38)(a) | 650 | 780,698 | ||||||
3.95%, 04/01/44 (Call 10/01/43)(a) | 825 | 988,522 | ||||||
3.95%, 04/01/49 (Call 10/01/48)(a) | 675 | 820,342 | ||||||
4.13%, 04/01/54 (Call 10/01/53)(a)(b) | 475 | 581,665 | ||||||
4.20%, 04/01/59 (Call 10/01/58)(a) | 675 | 890,388 | ||||||
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47) | 315 | 382,319 | ||||||
Mondelez International Inc., 4.63%, 05/07/48 (Call 11/07/47) | 725 | 941,487 | ||||||
Nestle Holdings Inc. | ||||||||
3.90%, 09/24/38 (Call 03/24/38)(a) | 1,180 | 1,428,324 | ||||||
4.00%, 09/24/48 (Call 03/24/48)(a) | 1,904 | 2,405,891 | ||||||
Sysco Corp. | ||||||||
4.45%, 03/15/48 (Call 09/15/47) | 792 | 962,097 | ||||||
4.50%, 04/01/46 (Call 10/01/45) | 506 | 639,134 | ||||||
4.85%, 10/01/45 (Call 04/01/45) | 625 | 804,583 | ||||||
5.38%, 09/21/35 | 325 | 444,171 | ||||||
Tesco PLC, 6.15%, 11/15/37(a)(b) | 730 | 945,685 | ||||||
Tyson Foods Inc. | ||||||||
4.55%, 06/02/47 (Call 12/02/46)(b) | 640 | 768,994 | ||||||
4.88%, 08/15/34 (Call 02/15/34)(b) | 520 | 642,086 | ||||||
5.10%, 09/28/48 (Call 03/28/48) | 1,494 | 1,946,532 | ||||||
5.15%, 08/15/44 (Call 02/15/44) | 360 | 459,037 | ||||||
|
| |||||||
35,089,118 | ||||||||
Forest Products & Paper — 0.5% | ||||||||
Celulosa Arauco y Constitucion SA | ||||||||
5.15%, 01/29/50 (Call 07/29/49)(a) | 50 | 51,250 | ||||||
5.50%, 11/02/47 (Call 05/02/47) | 455 | 491,258 | ||||||
5.50%, 04/30/49 (Call 10/30/48)(a)(b) | 500 | 537,362 | ||||||
Domtar Corp. | ||||||||
6.25%, 09/01/42(b) | 175 | 208,733 | ||||||
6.75%, 02/15/44 (Call 08/15/43)(b) | 220 | 273,905 | ||||||
Georgia-Pacific LLC, 8.88%, 05/15/31 | 693 | 1,132,933 | ||||||
International Paper Co. | ||||||||
4.35%, 08/15/48 (Call 02/15/48) | 990 | 1,124,992 | ||||||
4.40%, 08/15/47 (Call 02/15/47) | 1,305 | 1,468,483 | ||||||
4.80%, 06/15/44 (Call 12/15/43) | 576 | 661,478 | ||||||
5.00%, 09/15/35 (Call 03/15/35) | 440 | 559,441 | ||||||
5.15%, 05/15/46 (Call 11/15/45) | 610 | 746,558 | ||||||
6.00%, 11/15/41 (Call 05/15/41) | 405 | 539,837 | ||||||
7.30%, 11/15/39 | 780 | 1,154,284 | ||||||
8.70%, 06/15/38 | 75 | 118,276 | ||||||
Stora Enso OYJ, 7.25%, 04/15/36(a) | 470 | 582,800 | ||||||
Suzano Austria GmbH, 7.00%, 03/16/47 | 935 | 1,107,975 | ||||||
|
| |||||||
10,759,565 | ||||||||
Gas — 1.1% | ||||||||
Atmos Energy Corp. | ||||||||
3.38%, 09/15/49 (Call 03/15/49)(b) | 950 | 1,045,175 | ||||||
4.13%, 10/15/44 (Call 04/15/44) | 565 | 671,978 | ||||||
4.13%, 03/15/49 (Call 09/15/48) | 285 | 356,426 | ||||||
4.15%, 01/15/43 (Call 07/15/42) | 340 | 397,817 | ||||||
4.30%, 10/01/48 (Call 04/01/48)(b) | 400 | 504,367 | ||||||
5.50%, 06/15/41 (Call 12/15/40) | 305 | 414,263 | ||||||
Boston Gas Co., 4.49%, 02/15/42(a) | 35 | 43,430 | ||||||
Brooklyn Union Gas Co. (The) | ||||||||
4.27%, 03/15/48 (Call 09/15/47)(a) | 1,035 | 1,275,410 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Gas (continued) | ||||||||
4.49%, 03/04/49 (Call 09/04/48)(a) | $ | 1,300 | $ | 1,652,742 | ||||
4.50%, 03/10/46 (Call 09/10/45)(a)(b) | 25 | 31,391 | ||||||
CenterPoint Energy Resources Corp. | ||||||||
4.10%, 09/01/47 (Call 03/01/47) | 365 | 428,141 | ||||||
5.85%, 01/15/41 (Call 07/15/40) | 235 | 325,685 | ||||||
6.63%, 11/01/37 | 35 | 51,063 | ||||||
Centrica PLC, 5.38%, 10/16/43 | 250 | 309,418 | ||||||
Dominion Energy Gas Holdings LLC | ||||||||
4.60%, 12/15/44 (Call 06/15/44)(b) | 500 | 592,117 | ||||||
4.80%, 11/01/43 (Call 05/01/43) | 115 | 139,548 | ||||||
Series C, 3.90%, 11/15/49 (Call 08/15/49) | 270 | 293,132 | ||||||
KeySpan Gas East Corp., 5.82%, 04/01/41(a) | 250 | 350,127 | ||||||
Korea Gas Corp., 6.25%, 01/20/42(a) | 640 | 1,041,600 | ||||||
Mega Advance Investments Ltd., 6.38%, 05/12/41(a) | 200 | 299,188 | ||||||
Nakilat Inc., 6.07%, 12/31/33(a)(b) | 650 | 788,734 | ||||||
NiSource Inc. | ||||||||
3.95%, 03/30/48 (Call 12/30/47) | 435 | 491,630 | ||||||
4.38%, 05/15/47 (Call 11/15/46) | 720 | 844,687 | ||||||
4.80%, 02/15/44 (Call 08/15/43) | 803 | 974,022 | ||||||
5.25%, 02/15/43 (Call 08/15/42) | 687 | 890,060 | ||||||
5.65%, 02/01/45 (Call 08/01/44) | 561 | 764,847 | ||||||
5.80%, 02/01/42 (Call 08/01/41) | 150 | 197,816 | ||||||
5.95%, 06/15/41 (Call 12/15/40)(b) | 560 | 772,116 | ||||||
ONE Gas Inc. | ||||||||
4.50%, 11/01/48 (Call 05/01/48)(b) | 355 | 442,893 | ||||||
4.66%, 02/01/44 (Call 08/01/43) | 235 | 295,204 | ||||||
Piedmont Natural Gas Co. Inc. | ||||||||
3.64%, 11/01/46 (Call 05/01/46) | 70 | 76,189 | ||||||
4.10%, 09/18/34 (Call 03/18/34) | 100 | 119,737 | ||||||
4.65%, 08/01/43 (Call 02/01/43) | 153 | 186,601 | ||||||
Southern California Gas Co. | ||||||||
3.75%, 09/15/42 (Call 03/15/42) | 180 | 198,594 | ||||||
4.45%, 03/15/44 (Call 09/15/43) | 470 | 565,065 | ||||||
5.13%, 11/15/40 | 80 | 102,972 | ||||||
Series UU, 4.13%, 06/01/48 (Call 12/01/47) | 155 | 189,195 | ||||||
Series VV, 4.30%, 01/15/49 (Call 07/15/48) | 510 | 653,383 | ||||||
Series WW, 3.95%, 02/15/50 | 800 | 990,234 | ||||||
Southern Co. Gas Capital Corp. | ||||||||
3.95%, 10/01/46 (Call 04/01/46) | 250 | 278,144 | ||||||
4.40%, 06/01/43 (Call 12/01/42) | 341 | 399,603 | ||||||
4.40%, 05/30/47 (Call 11/30/46) | 210 | 256,180 | ||||||
5.88%, 03/15/41 (Call 09/15/40) | 767 | 1,077,826 | ||||||
6.00%, 10/01/34 | 400 | 549,151 | ||||||
Southwest Gas Corp. | ||||||||
3.80%, 09/29/46 (Call 03/29/46) | 175 | 203,238 | ||||||
4.15%, 06/01/49 (Call 12/01/48)(b) | 285 | 340,374 | ||||||
Spire Inc., 4.70%, 08/15/44 (Call 02/15/44) | 100 | 123,483 | ||||||
Washington Gas Light Co. | ||||||||
3.65%, 09/15/49 (Call 03/15/49) | 511 | 563,168 | ||||||
Series K, 3.80%, 09/15/46 (Call 03/15/46)(b) | 210 | 232,380 | ||||||
|
| |||||||
23,790,544 | ||||||||
Hand & Machine Tools — 0.1% | ||||||||
Snap-on Inc., 4.10%, 03/01/48 (Call 09/01/47) | 450 | 562,212 | ||||||
Stanley Black & Decker Inc. | ||||||||
4.85%, 11/15/48 (Call 05/15/48) | 191 | 264,939 | ||||||
5.20%, 09/01/40 | 235 | 309,478 | ||||||
|
| |||||||
1,136,629 |
Security | Par (000) | Value | ||||||
Health Care – Products — 1.3% | ||||||||
Abbott Laboratories | ||||||||
4.75%, 11/30/36 (Call 05/30/36) | $ | 2,155 | $ | 2,825,984 | ||||
4.75%, 04/15/43 (Call 10/15/42) | 973 | 1,293,589 | ||||||
4.90%, 11/30/46 (Call 05/30/46) | 3,020 | 4,206,261 | ||||||
5.30%, 05/27/40(b) | 310 | 439,345 | ||||||
6.00%, 04/01/39 | 200 | 299,821 | ||||||
Alcon Finance Corp., 3.80%, 09/23/49 (Call 03/23/49)(a) | 400 | 446,439 | ||||||
Baxter International Inc., 3.50%, 08/15/46 (Call 02/15/46) | 1,423 | 1,494,908 | ||||||
Boston Scientific Corp. | ||||||||
4.55%, 03/01/39 (Call 09/01/38) | 1,275 | 1,576,126 | ||||||
4.70%, 03/01/49 (Call 09/01/48) | 945 | 1,232,052 | ||||||
7.00%, 11/15/35 | 335 | 492,659 | ||||||
7.38%, 01/15/40 | 220 | 351,968 | ||||||
Danaher Corp., 4.38%, 09/15/45 (Call 03/15/45) | 465 | 589,354 | ||||||
DH Europe Finance II Sarl | ||||||||
3.25%, 11/15/39 (Call 05/15/39) | 300 | 325,919 | ||||||
3.40%, 11/15/49 (Call 05/15/49)(b) | 810 | 893,398 | ||||||
Koninklijke Philips NV, 5.00%, 03/15/42(b) | 1,080 | 1,453,427 | ||||||
Medtronic Inc. | ||||||||
4.38%, 03/15/35 | 2,040 | 2,596,723 | ||||||
4.63%, 03/15/45 | 1,871 | 2,532,034 | ||||||
Stryker Corp. | ||||||||
4.10%, 04/01/43 (Call 10/01/42) | 475 | 559,246 | ||||||
4.38%, 05/15/44 (Call 12/15/43) | 266 | 328,154 | ||||||
4.63%, 03/15/46 (Call 09/15/45) | 1,035 | 1,339,082 | ||||||
Thermo Fisher Scientific Inc. | ||||||||
4.10%, 08/15/47 (Call 02/15/47) | 881 | 1,104,404 | ||||||
5.30%, 02/01/44 (Call 08/01/43) | 512 | 684,457 | ||||||
Zimmer Biomet Holdings Inc. | ||||||||
4.25%, 08/15/35 (Call 02/15/35) | 465 | 505,021 | ||||||
4.45%, 08/15/45 (Call 07/15/45) | 315 | 358,584 | ||||||
5.75%, 11/30/39 | 200 | 250,844 | ||||||
|
| |||||||
28,179,799 | ||||||||
Health Care – Services — 2.8% | ||||||||
Advocate Health & Hospitals Corp., | 750 | 972,286 | ||||||
Aetna Inc. | ||||||||
3.88%, 08/15/47 (Call 02/15/47) | 465 | 491,536 | ||||||
4.13%, 11/15/42 (Call 05/15/42) | 600 | 651,266 | ||||||
4.50%, 05/15/42 (Call 11/15/41) | 520 | 586,298 | ||||||
4.75%, 03/15/44 (Call 09/15/43) | 380 | 444,592 | ||||||
6.63%, 06/15/36 | 380 | 527,429 | ||||||
6.75%, 12/15/37 | 435 | 621,742 | ||||||
Allina Health System, Series 2019, 3.89%, 04/15/49 | 215 | 257,139 | ||||||
Anthem Inc. | ||||||||
3.70%, 09/15/49 (Call 03/15/49)(b) | 320 | 327,732 | ||||||
4.38%, 12/01/47 (Call 06/01/47)(b) | 895 | 1,022,623 | ||||||
4.55%, 03/01/48 (Call 09/01/47) | 1,030 | 1,211,736 | ||||||
4.63%, 05/15/42 | 1,302 | 1,510,336 | ||||||
4.65%, 01/15/43 | 829 | 971,704 | ||||||
4.65%, 08/15/44 (Call 02/15/44) | 620 | 724,481 | ||||||
4.85%, 08/15/54 (Call 02/15/54) | 275 | 332,354 | ||||||
5.10%, 01/15/44(b) | 795 | 982,806 | ||||||
5.95%, 12/15/34 | 35 | 47,539 | ||||||
Ascension Health | ||||||||
3.95%, 11/15/46 | 1,278 | 1,585,440 | ||||||
4.85%, 11/15/53 | 166 | 237,600 | ||||||
Baylor Scott & White Holdings | ||||||||
3.97%, 11/15/46 (Call 05/15/46) | 350 | 430,313 | ||||||
4.19%, 11/15/45 (Call 05/15/45) | 201 | 250,796 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health Care – Services (continued) | ||||||||
CommonSpirit Health | ||||||||
3.82%, 10/01/49 (Call 04/01/49)(b) | $ | 630 | $ | 675,978 | ||||
4.19%, 10/01/49 (Call 04/01/49) | 797 | 871,786 | ||||||
4.35%, 11/01/42 | 695 | 784,242 | ||||||
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48) | 230 | 289,099 | ||||||
Dignity Health | ||||||||
4.50%, 11/01/42 | 305 | 357,715 | ||||||
5.27%, 11/01/64 | 115 | 152,681 | ||||||
Duke University Health System Inc., | 330 | 417,711 | ||||||
Hackensack Meridian Health Inc., 4.21%, 07/01/48 (Call 01/01/48) | 75 | 95,488 | ||||||
Hartford HealthCare Corp., 3.45%, 07/01/54 | 100 | 106,392 | ||||||
HCA Inc. | ||||||||
5.13%, 06/15/39 (Call 12/15/38)(b) | 1,362 | 1,583,370 | ||||||
5.25%, 06/15/49 (Call 12/15/48) | 1,425 | 1,659,844 | ||||||
5.50%, 06/15/47 (Call 12/15/46) | 1,360 | 1,614,075 | ||||||
Humana Inc. | ||||||||
3.95%, 08/15/49 (Call 02/15/49) | 780 | 845,869 | ||||||
4.63%, 12/01/42 (Call 06/01/42) | 685 | 804,533 | ||||||
4.80%, 03/15/47 (Call 09/14/46)(b) | 325 | 396,784 | ||||||
4.95%, 10/01/44 (Call 04/01/44)(b) | 285 | 351,092 | ||||||
8.15%, 06/15/38 | 100 | 154,756 | ||||||
Indiana University Health Inc. Obligated Group, 3.97%, 11/01/48 (Call 05/01/48) | 100 | 124,946 | ||||||
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46 | 135 | 166,212 | ||||||
Kaiser Foundation Hospitals | ||||||||
4.15%, 05/01/47 (Call 11/01/46) | 2,183 | 2,756,773 | ||||||
4.88%, 04/01/42 | 100 | 136,126 | ||||||
Laboratory Corp. of America Holdings, | 1,250 | 1,506,590 | ||||||
Mayo Clinic, Series 2013, 4.00%, 11/15/47 | 11 | 13,932 | ||||||
McLaren Health Care Corp., Series A, | 25 | 31,802 | ||||||
Memorial Sloan-Kettering Cancer Center | ||||||||
4.13%, 07/01/52 | 325 | 410,973 | ||||||
5.00%, 07/01/42 | 45 | 62,281 | ||||||
Series 2015, 4.20%, 07/01/55 | 465 | 601,183 | ||||||
Montefiore Obligated Group, Series 18-C, 5.24%, 11/01/48 (Call 05/01/48) | 370 | 459,839 | ||||||
Mount Sinai Hospitals Group Inc., Series 2017, 3.98%, 07/01/48(b) | 205 | 240,275 | ||||||
New York and Presbyterian Hospital (The) | ||||||||
4.02%, 08/01/45 | 101 | 126,453 | ||||||
4.06%, 08/01/56 | 450 | 562,066 | ||||||
4.76%, 08/01/2116 | 55 | 75,737 | ||||||
Series 2019, 3.95%, 12/31/99 | 750 | 901,840 | ||||||
Northwell Healthcare Inc. | ||||||||
3.81%, 11/01/49 (Call 11/01/48) | 110 | 123,382 | ||||||
3.98%, 11/01/46 (Call 11/01/45) | 890 | 1,031,675 | ||||||
4.26%, 11/01/47 (Call 11/01/46) | 710 | 843,260 | ||||||
Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44) | 75 | 110,059 | ||||||
Partners Healthcare System Inc., Series 2020, 3.19%, 07/01/49 (Call 01/01/49) | 1,135 | 1,199,631 | ||||||
Providence St Joseph Health Obligated Group | ||||||||
Series A, 3.93%, 10/01/48 (Call 04/01/48)(b) | 115 | 140,494 | ||||||
Series I, 3.74%, 10/01/47 | 250 | 292,966 |
Security | Par (000) | Value | ||||||
Health Care – Services (continued) | ||||||||
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44) | $ | 527 | $ | 640,053 | ||||
Roche Holdings Inc., 4.00%, 11/28/44 (Call 05/28/44)(a)(b) | 261 | 336,545 | ||||||
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45) | 25 | 33,098 | ||||||
Spectrum Health System Obligated Group, | 100 | 114,103 | ||||||
Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48) | 375 | 463,286 | ||||||
Sutter Health, Series 2018, 4.09%, 08/15/48 (Call 02/15/48) | 395 | 497,661 | ||||||
Texas Health Resources, 4.33%, 11/15/55 | 9 | 11,879 | ||||||
Toledo Hospital (The) | ||||||||
4.98%, 11/15/45 (Call 05/15/45)(b) | 50 | 54,620 | ||||||
5.75%, 11/15/38 (Call 11/15/28) | 165 | 200,555 | ||||||
6.02%, 11/15/48(b) | 530 | 686,547 | ||||||
UnitedHealth Group Inc. | ||||||||
3.50%, 08/15/39 (Call 02/15/39) | 377 | 415,350 | ||||||
3.70%, 08/15/49 (Call 02/15/49)(b) | 1,145 | 1,277,075 | ||||||
3.75%, 10/15/47 (Call 04/15/47) | 870 | 983,526 | ||||||
3.88%, 08/15/59 (Call 02/15/59) | 1,325 | 1,508,984 | ||||||
3.95%, 10/15/42 (Call 04/15/42) | 617 | 710,465 | ||||||
4.20%, 01/15/47 (Call 07/15/46) | 493 | 590,993 | ||||||
4.25%, 03/15/43 (Call 09/15/42) | 1,000 | 1,193,797 | ||||||
4.25%, 04/15/47 (Call 10/15/46) | 430 | 519,803 | ||||||
4.25%, 06/15/48 (Call 12/15/47) | 1,007 | 1,220,662 | ||||||
4.38%, 03/15/42 (Call 09/15/41) | 350 | 423,411 | ||||||
4.45%, 12/15/48 (Call 06/15/48) | 1,065 | 1,332,015 | ||||||
4.63%, 07/15/35 | 1,539 | 1,923,831 | ||||||
4.63%, 11/15/41 (Call 05/15/41)(b) | 405 | 504,810 | ||||||
4.75%, 07/15/45 | 1,000 | 1,283,274 | ||||||
5.70%, 10/15/40 (Call 04/15/40) | 330 | 461,703 | ||||||
5.80%, 03/15/36 | 390 | 535,760 | ||||||
5.95%, 02/15/41 (Call 08/15/40) | 400 | 575,478 | ||||||
6.50%, 06/15/37 | 415 | 613,188 | ||||||
6.63%, 11/15/37 | 486 | 728,634 | ||||||
6.88%, 02/15/38 | 980 | 1,498,553 | ||||||
Willis-Knighton Medical Center, Series 2018, 4.81%, 09/01/48 (Call 03/01/48) | 135 | 180,687 | ||||||
|
| |||||||
58,788,004 | ||||||||
Holding Companies – Diversified — 0.1% | ||||||||
CK Hutchison International 19 II Ltd., | 1,000 | 1,122,500 | ||||||
Hutchison Whampoa International Ltd., 7.45%, 11/24/33(a)(b) | 275 | 430,289 | ||||||
|
| |||||||
1,552,789 | ||||||||
Home Furnishings — 0.1% | ||||||||
Whirlpool Corp. | ||||||||
4.50%, 06/01/46 (Call 12/01/45) | 755 | 838,253 | ||||||
5.15%, 03/01/43 | 200 | 230,014 | ||||||
|
| |||||||
1,068,267 | ||||||||
Household Products & Wares — 0.2% | ||||||||
Kimberly-Clark Corp. | ||||||||
2.88%, 02/07/50 (Call 08/07/49) | 400 | 411,795 | ||||||
3.20%, 07/30/46 (Call 01/30/46)(b) | 755 | 824,358 | ||||||
3.90%, 05/04/47 (Call 11/04/46) | 310 | 379,256 | ||||||
5.30%, 03/01/41(b) | 31 | 42,972 | ||||||
6.63%, 08/01/37 | 330 | 506,395 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Household Products & Wares (continued) | ||||||||
SC Johnson & Son Inc., 4.75%, 10/15/46 (Call 04/15/46)(a) | $ | 1,025 | $ | 1,358,672 | ||||
|
| |||||||
3,523,448 | ||||||||
Insurance — 5.3% | ||||||||
ACE Capital Trust II, Series N, 9.70%, 04/01/30 | 100 | 150,000 | ||||||
Aflac Inc. | ||||||||
4.00%, 10/15/46 (Call 04/15/46) | 395 | 475,623 | ||||||
4.75%, 01/15/49 (Call 07/15/48) | 1,035 | 1,379,928 | ||||||
6.45%, 08/15/40(b) | 131 | 196,724 | ||||||
AIA Group Ltd., 4.50%, 03/16/46 (Call 09/16/45)(a) | 200 | 255,373 | ||||||
AIG SunAmerica Global Financing X, 6.90%, 03/15/32(a)(b) | 575 | 840,995 | ||||||
Alleghany Corp., 4.90%, 09/15/44 (Call 03/15/44) | 140 | 180,678 | ||||||
Allstate Corp. (The) | ||||||||
3.85%, 08/10/49 (Call 02/10/49)(b) | 805 | 961,813 | ||||||
4.20%, 12/15/46 (Call 06/15/46) | 620 | 794,032 | ||||||
4.50%, 06/15/43 | 335 | 437,010 | ||||||
5.35%, 06/01/33(b) | 388 | 527,484 | ||||||
5.55%, 05/09/35 | 376 | 523,925 | ||||||
5.95%, 04/01/36 | 150 | 219,307 | ||||||
6.50%, 05/15/67 (Call 05/15/37)(c) | 195 | 247,650 | ||||||
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46) | 425 | 525,761 | ||||||
American International Group Inc. | ||||||||
3.88%, 01/15/35 (Call 07/15/34) | 1,496 | 1,708,383 | ||||||
4.38%, 01/15/55 (Call 07/15/54) | 495 | 575,244 | ||||||
4.50%, 07/16/44 (Call 01/16/44) | 1,041 | 1,275,712 | ||||||
4.70%, 07/10/35 (Call 01/10/35) | 760 | 935,651 | ||||||
4.75%, 04/01/48 (Call 10/01/47)(b) | 1,095 | 1,402,672 | ||||||
4.80%, 07/10/45 (Call 01/10/45) | 1,045 | 1,332,402 | ||||||
6.25%, 05/01/36 | 990 | 1,352,194 | ||||||
8.18%, 05/15/68 (Call 05/15/38)(c) | 170 | 232,050 | ||||||
Aon Corp., 6.25%, 09/30/40 | 600 | 892,457 | ||||||
Aon PLC | ||||||||
4.45%, 05/24/43 (Call 02/24/43) | 505 | 608,915 | ||||||
4.60%, 06/14/44 (Call 03/14/44)(b) | 705 | 890,779 | ||||||
4.75%, 05/15/45 (Call 11/15/44)(b) | 441 | 580,074 | ||||||
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46) | 270 | 373,520 | ||||||
Arch Capital Group Ltd., 7.35%, 05/01/34(b) | 270 | 418,323 | ||||||
Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | 470 | 653,183 | ||||||
Assurant Inc., 6.75%, 02/15/34 | 48 | 63,233 | ||||||
AXA SA, 8.60%, 12/15/30 | 2,015 | 2,979,681 | ||||||
AXIS Specialty Finance PLC, 5.15%, 04/01/45 | 510 | 630,438 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
4.20%, 08/15/48 (Call 02/15/48) | 1,965 | 2,400,929 | ||||||
4.25%, 01/15/49 (Call 07/15/48) | 1,243 | 1,546,989 | ||||||
4.30%, 05/15/43(b) | 373 | 461,018 | ||||||
4.40%, 05/15/42 | 715 | 891,051 | ||||||
5.75%, 01/15/40 | 445 | 643,993 | ||||||
Berkshire Hathaway Inc., 4.50%, 02/11/43 | 715 | 913,557 | ||||||
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46) | 1,174 | 1,186,395 | ||||||
Chubb Corp. (The), 6.00%, 05/11/37 | 210 | 317,469 | ||||||
Chubb INA Holdings Inc. | ||||||||
4.15%, 03/13/43 | 250 | 310,543 | ||||||
4.35%, 11/03/45 (Call 05/03/45) | 860 | 1,112,073 | ||||||
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47) | 1,140 | 1,291,384 | ||||||
Everest Reinsurance Holdings Inc., 4.87%, 06/01/44 | 450 | 560,754 |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33)(a)(c) | $ | 10 | $ | 13,184 | ||||
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34)(a)(c) | 615 | 743,037 | ||||||
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37)(a)(c) | 300 | 327,952 | ||||||
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(a) | 1,000 | 1,306,670 | ||||||
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(a) | 50 | 61,420 | ||||||
Guardian Life Insurance Co. of America (The) | ||||||||
3.70%, 01/22/70 (Call 07/22/69)(a) | 50 | 56,349 | ||||||
4.85%, 01/24/77(a) | 475 | 645,318 | ||||||
4.88%, 06/19/64(a) | 275 | 380,468 | ||||||
Harborwalk Funding Trust, 5.08%, 02/15/69 (Call 02/15/49)(a)(c) | 590 | 750,483 | ||||||
Hartford Financial Services Group Inc. (The) | ||||||||
3.60%, 08/19/49 (Call 02/19/49)(b) | 860 | 944,344 | ||||||
4.30%, 04/15/43 | 179 | 218,034 | ||||||
4.40%, 03/15/48 (Call 09/15/47) | 415 | 517,653 | ||||||
5.95%, 10/15/36 | 216 | 303,622 | ||||||
6.10%, 10/01/41 | 520 | 764,642 | ||||||
6.63%, 03/30/40 | 520 | 779,681 | ||||||
Liberty Mutual Group Inc. | ||||||||
3.95%, 10/15/50 (Call 04/15/50)(a)(b) | 1,326 | 1,459,800 | ||||||
4.50%, 06/15/49 (Call 12/15/48)(a)(b) | 667 | 805,621 | ||||||
Liberty Mutual Insurance Co., | 85 | 144,610 | ||||||
Lincoln National Corp. | ||||||||
4.35%, 03/01/48 (Call 09/01/47) | 860 | 1,012,357 | ||||||
6.30%, 10/09/37 | 116 | 164,031 | ||||||
7.00%, 06/15/40(b) | 625 | 978,841 | ||||||
Loews Corp. | ||||||||
4.13%, 05/15/43 (Call 11/15/42) | 310 | 383,666 | ||||||
6.00%, 02/01/35 | 354 | 497,847 | ||||||
Manulife Financial Corp., 5.38%, 03/04/46 | 860 | 1,246,838 | ||||||
Markel Corp. | ||||||||
4.15%, 09/17/50 (Call 03/17/50)(b) | 685 | 783,769 | ||||||
4.30%, 11/01/47 (Call 05/01/47) | 285 | 318,699 | ||||||
5.00%, 03/30/43 | 350 | 410,724 | ||||||
5.00%, 04/05/46 | 595 | 728,126 | ||||||
5.00%, 05/20/49 (Call 11/20/48) | 325 | 408,868 | ||||||
Marsh & McLennan Companies Inc. | ||||||||
4.20%, 03/01/48 (Call 09/01/47) | 385 | 461,456 | ||||||
4.35%, 01/30/47 (Call 07/30/46) | 782 | 968,256 | ||||||
4.75%, 03/15/39 (Call 09/15/38) | 170 | 221,590 | ||||||
4.90%, 03/15/49 (Call 09/15/48) | 1,115 | 1,523,209 | ||||||
5.88%, 08/01/33 | 75 | 100,652 | ||||||
Massachusetts Mutual Life Insurance Co. | ||||||||
3.73%, 10/15/70(a)(b) | 931 | 997,220 | ||||||
4.90%, 04/01/77(a) | 190 | 268,829 | ||||||
MetLife Capital Trust IV, 7.88%, 12/15/37 (Call 12/15/32)(a) | 155 | 208,475 | ||||||
MetLife Inc. | ||||||||
4.05%, 03/01/45 | 1,666 | 1,996,381 | ||||||
4.13%, 08/13/42 | 766 | 915,323 | ||||||
4.60%, 05/13/46 (Call 12/13/45) | 455 | 591,756 | ||||||
4.88%, 11/13/43 | 565 | 754,580 | ||||||
5.70%, 06/15/35 | 350 | 483,922 | ||||||
5.88%, 02/06/41 | 1,050 | 1,497,880 | ||||||
6.38%, 06/15/34 | 570 | 847,845 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
6.40%, 12/15/66 (Call 12/15/31) | $ | 1,258 | $ | 1,553,882 | ||||
6.50%, 12/15/32 | 655 | 967,792 | ||||||
9.25%, 04/08/38 (Call 04/08/33)(a)(b) | 125 | 186,250 | ||||||
10.75%, 08/01/69 (Call 08/01/34) | 176 | 293,040 | ||||||
Series N, 4.72%, 12/15/44 | 875 | 1,136,146 | ||||||
Mutual of Omaha Insurance Co., 6.80%, 06/15/36(a) | 75 | 105,351 | ||||||
Nationwide Financial Services Inc. | ||||||||
3.90%, 11/30/49 (Call 05/30/49)(a)(b) | 1,520 | 1,737,704 | ||||||
5.30%, 11/18/44(a) | 450 | 585,439 | ||||||
Nationwide Mutual Insurance Co. | ||||||||
4.95%, 04/22/44(a) | 750 | 979,128 | ||||||
8.25%, 12/01/31(a) | 200 | 307,451 | ||||||
9.38%, 08/15/39(a) | 435 | 788,274 | ||||||
New York Life Insurance Co. | ||||||||
4.45%, 05/15/69 (Call 11/15/68)(a) | 642 | 836,525 | ||||||
5.88%, 05/15/33(a)(b) | 980 | 1,385,691 | ||||||
6.75%, 11/15/39(a) | 1,160 | 1,833,587 | ||||||
Nippon Life Insurance Co., 3.40%, 01/23/50 (Call 01/23/30)(a)(c) | 700 | 721,000 | ||||||
Northwestern Mutual Life Insurance Co. (The) | ||||||||
3.63%, 09/30/59 (Call 03/30/59)(a) | 1,694 | 1,888,663 | ||||||
3.85%, 09/30/47 (Call 03/30/47)(a)(b) | 750 | 857,632 | �� | |||||
Ohio National Financial Services Inc., 6.63%, 05/01/31(a) | 150 | 164,584 | ||||||
Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(a)(b) | 300 | 351,973 | ||||||
Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/47)(a)(c) | 760 | 852,918 | ||||||
Principal Financial Group Inc. | ||||||||
4.30%, 11/15/46 (Call 05/15/46)(b) | 133 | 163,300 | ||||||
4.35%, 05/15/43 | 325 | 402,678 | ||||||
4.63%, 09/15/42 | 40 | 50,500 | ||||||
6.05%, 10/15/36 | 191 | 272,596 | ||||||
Progressive Corp. (The) | ||||||||
3.70%, 01/26/45 | 210 | 241,289 | ||||||
4.13%, 04/15/47 (Call 10/15/46) | 673 | 840,464 | ||||||
4.20%, 03/15/48 (Call 09/15/47) | 940 | 1,188,514 | ||||||
4.35%, 04/25/44 | 171 | 213,835 | ||||||
6.25%, 12/01/32 | 240 | 349,587 | ||||||
Prudential Financial Inc. | ||||||||
3.70%, 03/13/51 (Call 09/13/50) | 75 | 79,765 | ||||||
3.91%, 12/07/47 (Call 06/07/47) | 974 | 1,101,597 | ||||||
3.94%, 12/07/49 (Call 06/07/49)(b) | 1,438 | 1,612,102 | ||||||
4.35%, 02/25/50 (Call 08/25/49) | 1,379 | 1,642,724 | ||||||
4.42%, 03/27/48 (Call 09/27/47) | 550 | 663,726 | ||||||
4.60%, 05/15/44 | 480 | 604,429 | ||||||
5.70%, 12/14/36 | 780 | 1,116,810 | ||||||
6.63%, 06/21/40 | 150 | 228,665 | ||||||
Series B, 5.75%, 07/15/33 | 100 | 136,418 | ||||||
Series D, 6.63%, 12/01/37(b) | 65 | 98,657 | ||||||
Securian Financial Group Inc., | 315 | 428,819 | ||||||
Selective Insurance Group Inc., | 230 | 303,375 | ||||||
Sompo International Holdings Ltd., 7.00%, 07/15/34 | 400 | 578,753 | ||||||
Teachers Insurance & Annuity Association of America | ||||||||
4.27%, 05/15/47 (Call 11/15/46)(a)(b) | 2,635 | 3,244,229 | ||||||
4.90%, 09/15/44(a) | 826 | 1,089,602 | ||||||
6.85%, 12/16/39(a)(b) | 186 | 285,031 | ||||||
Transatlantic Holdings Inc., 8.00%, 11/30/39 | 275 | 457,755 | ||||||
Travelers Companies Inc. (The) | ||||||||
3.75%, 05/15/46 (Call 11/15/45)(b) | 530 | 621,530 |
Security | Par (000) | Value | ||||||
Insurance (continued) | ||||||||
4.00%, 05/30/47 (Call 11/30/46) | $ | 457 | $ | 566,447 | ||||
4.05%, 03/07/48 (Call 09/07/47) | 639 | 799,378 | ||||||
4.10%, 03/04/49 (Call 09/04/48) | 715 | 919,066 | ||||||
4.30%, 08/25/45 (Call 02/25/45) | 535 | 673,142 | ||||||
4.60%, 08/01/43 | 108 | 141,667 | ||||||
5.35%, 11/01/40 | 563 | 795,642 | ||||||
6.25%, 06/15/37 | 450 | 670,048 | ||||||
6.75%, 06/20/36 | 325 | 500,936 | ||||||
Travelers Property Casualty Corp., 6.38%, 03/15/33 | 400 | 599,847 | ||||||
Unum Group | ||||||||
4.50%, 12/15/49 (Call 06/15/49) | 635 | 684,059 | ||||||
5.75%, 08/15/42 | 360 | 432,701 | ||||||
Voya Financial Inc. | ||||||||
4.80%, 06/15/46 | 100 | 129,036 | ||||||
5.70%, 07/15/43 | 660 | 934,883 | ||||||
Western & Southern Financial Group Inc., 5.75%, 07/15/33(a) | 200 | 269,402 | ||||||
Western & Southern Life Insurance Co. (The), 5.15%, 01/15/49 (Call 07/15/48)(a) | 150 | 200,381 | ||||||
Willis North America Inc. | ||||||||
3.88%, 09/15/49 (Call 03/15/49)(b) | 310 | 342,106 | ||||||
5.05%, 09/15/48 (Call 03/15/48) | 805 | 1,037,791 | ||||||
WR Berkley Corp., 4.75%, 08/01/44 | 210 | 264,464 | ||||||
XLIT Ltd. | ||||||||
5.25%, 12/15/43 | 150 | 218,004 | ||||||
5.50%, 03/31/45(b) | 661 | 944,833 | ||||||
|
| |||||||
111,925,010 | ||||||||
Internet — 0.9% | ||||||||
Alibaba Group Holding Ltd. | ||||||||
4.00%, 12/06/37 (Call 06/06/37) | 1,615 | 1,832,944 | ||||||
4.20%, 12/06/47 (Call 06/06/47) | 1,285 | 1,547,622 | ||||||
4.40%, 12/06/57 (Call 06/06/57) | 435 | 548,236 | ||||||
4.50%, 11/28/34 (Call 05/28/34) | 625 | 766,406 | ||||||
Amazon.com Inc. | ||||||||
3.88%, 08/22/37 (Call 02/22/37) | 2,490 | 2,995,434 | ||||||
4.05%, 08/22/47 (Call 02/22/47)(b) | 1,555 | 2,000,589 | ||||||
4.25%, 08/22/57 (Call 02/22/57)(b) | 1,942 | 2,607,691 | ||||||
4.80%, 12/05/34 (Call 06/05/34) | 1,932 | 2,560,519 | ||||||
4.95%, 12/05/44 (Call 06/05/44) | 1,475 | 2,078,275 | ||||||
eBay Inc., 4.00%, 07/15/42 (Call 01/15/42) | 1,217 | 1,224,580 | ||||||
Tencent Holdings Ltd. | ||||||||
3.93%, 01/19/38 (Call 07/19/37)(a)(b) | 1,300 | 1,471,431 | ||||||
4.53%, 04/11/49 (Call 10/11/48)(a) | 200 | 259,000 | ||||||
|
| |||||||
19,892,727 | ||||||||
Iron & Steel — 0.4% | ||||||||
ArcelorMittal SA | ||||||||
6.75%, 03/01/41(b) | 560 | 730,512 | ||||||
7.00%, 10/15/39 | 646 | 815,281 | ||||||
Nucor Corp. | ||||||||
4.40%, 05/01/48 (Call 11/01/47) | 385 | 465,170 | ||||||
5.20%, 08/01/43 (Call 02/01/43) | 719 | 957,599 | ||||||
6.40%, 12/01/37(b) | 632 | 924,160 | ||||||
Vale Overseas Ltd. | ||||||||
6.88%, 11/21/36 | 1,105 | 1,455,606 | ||||||
6.88%, 11/10/39 | 1,320 | 1,750,031 | ||||||
8.25%, 01/17/34 | 50 | 69,813 | ||||||
Vale SA, 5.63%, 09/11/42 | 455 | 528,938 | ||||||
|
| |||||||
7,697,110 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Leisure Time — 0.0% | ||||||||
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45) | $ | 225 | $ | 259,697 | ||||
|
| |||||||
Lodging — 0.0% | ||||||||
Marriott International Inc./MD, | 780 | 925,877 | ||||||
|
| |||||||
Machinery — 0.6% | ||||||||
ABB Finance USA Inc., 4.38%, 05/08/42 | 537 | 703,670 | ||||||
Caterpillar Inc. | ||||||||
3.25%, 09/19/49 (Call 03/19/49) | 955 | 1,031,647 | ||||||
3.80%, 08/15/42(b) | 1,223 | 1,457,054 | ||||||
4.30%, 05/15/44 (Call 11/15/43) | 525 | 658,209 | ||||||
4.75%, 05/15/64 (Call 11/15/63) | 780 | 1,065,997 | ||||||
5.20%, 05/27/41 | 620 | 869,758 | ||||||
5.30%, 09/15/35 | 86 | 116,765 | ||||||
6.05%, 08/15/36 | 186 | 269,748 | ||||||
Crane Co., 4.20%, 03/15/48 (Call 09/15/47) | 70 | 76,466 | ||||||
Deere & Co. | ||||||||
2.88%, 09/07/49 (Call 03/07/49) | 865 | 892,762 | ||||||
3.90%, 06/09/42 (Call 12/09/41)(b) | 1,003 | 1,229,535 | ||||||
7.13%, 03/03/31 | 188 | 276,860 | ||||||
Dover Corp. | ||||||||
5.38%, 10/15/35 | 140 | 187,948 | ||||||
5.38%, 03/01/41 (Call 12/01/40) | 460 | 619,375 | ||||||
Otis Worldwide Corp. | ||||||||
3.11%, 02/15/40 (Call 08/15/39)(a) | 1,000 | 1,024,923 | ||||||
3.36%, 02/15/50 (Call 08/15/49)(a) | 1,245 | 1,282,614 | ||||||
Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48)(b) | 876 | 1,131,933 | ||||||
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46) | 275 | 333,921 | ||||||
|
| |||||||
13,229,185 | ||||||||
Manufacturing — 1.4% | ||||||||
3M Co. | ||||||||
3.13%, 09/19/46 (Call 03/19/46)(b) | 450 | 457,495 | ||||||
3.25%, 08/26/49 (Call 02/26/49)(b) | 801 | 840,608 | ||||||
3.63%, 10/15/47 (Call 04/15/47) | 341 | 378,290 | ||||||
3.88%, 06/15/44 | 150 | 171,957 | ||||||
4.00%, 09/14/48 (Call 03/14/48)(b) | 1,183 | 1,406,477 | ||||||
5.70%, 03/15/37 | 215 | 308,768 | ||||||
Eaton Corp. | ||||||||
4.00%, 11/02/32 | 1,125 | 1,364,709 | ||||||
4.15%, 11/02/42 | 1,110 | 1,383,773 | ||||||
General Electric Co. | ||||||||
4.13%, 10/09/42 | 307 | 329,101 | ||||||
4.50%, 03/11/44 | 525 | 613,161 | ||||||
5.88%, 01/14/38(b) | 2,583 | 3,358,996 | ||||||
6.15%, 08/07/37 | 1,829 | 2,402,002 | ||||||
6.88%, 01/10/39 | 1,450 | 2,020,610 | ||||||
Series A, 6.75%, 03/15/32 | 2,555 | 3,476,864 | ||||||
Illinois Tool Works Inc. | ||||||||
3.90%, 09/01/42 (Call 03/01/42) | 1,292 | 1,630,728 | ||||||
4.88%, 09/15/41 (Call 03/15/41) | 570 | 787,007 | ||||||
Ingersoll-Rand Global Holding Co. Ltd. | ||||||||
4.30%, 02/21/48 (Call 08/21/47) | 125 | 149,106 | ||||||
5.75%, 06/15/43 | 680 | 968,119 | ||||||
Ingersoll-Rand Luxembourg Finance SA | ||||||||
4.50%, 03/21/49 (Call 09/21/48) | 405 | 520,876 | ||||||
4.65%, 11/01/44 (Call 05/01/44) | 165 | 205,271 | ||||||
Parker-Hannifin Corp. | ||||||||
4.00%, 06/14/49 (Call 12/14/48)(b) | 900 | 1,043,139 |
Security | Par (000) | Value | ||||||
Manufacturing (continued) | ||||||||
4.10%, 03/01/47 (Call 09/01/46) | $ | 290 | $ | 335,732 | ||||
4.20%, 11/21/34 (Call 05/21/34)(b) | 362 | 434,819 | ||||||
4.45%, 11/21/44 (Call 05/21/44) | 820 | 996,041 | ||||||
Series A, 6.25%, 05/15/38 | 455 | 647,735 | ||||||
Siemens Financieringsmaatschappij NV | ||||||||
3.30%, 09/15/46(a) | 1,220 | 1,357,084 | ||||||
4.20%, 03/16/47(a)(b) | 1,195 | 1,537,916 | ||||||
4.40%, 05/27/45(a) | 1,088 | 1,389,345 | ||||||
|
| |||||||
30,515,729 | ||||||||
Media — 5.0% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
4.80%, 03/01/50 (Call 09/01/49) | 1,105 | 1,194,018 | ||||||
5.13%, 07/01/49 (Call 01/01/49) | 715 | 803,666 | ||||||
5.38%, 04/01/38 (Call 10/01/37)(b) | 1,144 | 1,327,287 | ||||||
5.38%, 05/01/47 (Call 11/01/46) | 2,435 | 2,785,906 | ||||||
5.75%, 04/01/48 (Call 10/01/47) | 2,587 | 3,080,541 | ||||||
6.38%, 10/23/35 (Call 04/23/35) | 1,220 | 1,611,400 | ||||||
6.48%, 10/23/45 (Call 04/23/45) | 2,540 | 3,264,304 | ||||||
6.83%, 10/23/55 (Call 04/23/55) | 752 | 1,017,374 | ||||||
Comcast Corp. | ||||||||
3.20%, 07/15/36 (Call 01/15/36)(b) | 805 | 868,917 | ||||||
3.25%, 11/01/39 (Call 05/01/39) | 2,950 | 3,187,969 | ||||||
3.40%, 07/15/46 (Call 01/15/46) | 1,540 | 1,656,267 | ||||||
3.45%, 02/01/50 (Call 08/01/49) | 1,285 | 1,418,546 | ||||||
3.90%, 03/01/38 (Call 09/01/37) | 1,083 | 1,260,876 | ||||||
3.97%, 11/01/47 (Call 05/01/47) | 1,950 | 2,294,093 | ||||||
4.00%, 08/15/47 (Call 02/15/47) | 1,030 | 1,217,019 | ||||||
4.00%, 03/01/48 (Call 09/01/47) | 893 | 1,058,610 | ||||||
4.00%, 11/01/49 (Call 05/01/49)(b) | 1,975 | 2,347,821 | ||||||
4.05%, 11/01/52 (Call 05/01/52) | 1,145 | 1,363,991 | ||||||
4.20%, 08/15/34 (Call 02/15/34) | 1,001 | 1,210,615 | ||||||
4.25%, 10/15/30 (Call 07/15/30) | 2,330 | 2,774,299 | ||||||
4.25%, 01/15/33 | 1,505 | 1,810,357 | ||||||
4.40%, 08/15/35 (Call 02/25/35) | 605 | 742,928 | ||||||
4.50%, 01/15/43 | 1,105 | 1,380,079 | ||||||
4.60%, 10/15/38 (Call 04/15/38) | 2,215 | 2,766,785 | ||||||
4.60%, 08/15/45 (Call 02/15/45) | 995 | 1,266,313 | ||||||
4.65%, 07/15/42 | 860 | 1,079,139 | ||||||
4.70%, 10/15/48 (Call 04/15/48) | 3,595 | 4,726,441 | ||||||
4.75%, 03/01/44 | 1,100 | 1,420,345 | ||||||
4.95%, 10/15/58 (Call 04/15/58) | 1,235 | 1,694,453 | ||||||
5.65%, 06/15/35 | 296 | 410,123 | ||||||
6.40%, 05/15/38(b) | 124 | 183,572 | ||||||
6.45%, 03/15/37 | 270 | 397,820 | ||||||
6.50%, 11/15/35 | 710 | 1,069,439 | ||||||
6.55%, 07/01/39 | 80 | 121,734 | ||||||
6.95%, 08/15/37 | 798 | 1,224,030 | ||||||
7.05%, 03/15/33(b) | 671 | 1,012,101 | ||||||
Cox Communications Inc. | ||||||||
4.50%, 06/30/43 (Call 12/30/42)(a) | 71 | 79,733 | ||||||
4.60%, 08/15/47 (Call 02/15/47)(a) | 1,530 | 1,829,363 | ||||||
4.70%, 12/15/42(a) | 275 | 318,722 | ||||||
8.38%, 03/01/39(a) | 800 | 1,298,789 | ||||||
Discovery Communications LLC | ||||||||
4.88%, 04/01/43 | 975 | 1,101,341 | ||||||
4.95%, 05/15/42 | 675 | 765,425 | ||||||
5.00%, 09/20/37 (Call 03/20/37) | 1,240 | 1,422,996 | ||||||
5.20%, 09/20/47 (Call 03/20/47) | 685 | 807,561 | ||||||
5.30%, 05/15/49 (Call 11/15/48) | 662 | 801,385 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Media (continued) | ||||||||
6.35%, 06/01/40 | $ | 625 | $ | 827,197 | ||||
Fox Corp. | ||||||||
5.48%, 01/25/39 (Call 07/25/38)(a) | 1,483 | 1,900,473 | ||||||
5.58%, 01/25/49 (Call 07/25/48)(a) | 1,125 | 1,510,938 | ||||||
Grupo Televisa SAB | ||||||||
5.00%, 05/13/45 (Call 11/13/44)(b) | 1,060 | 1,240,200 | ||||||
5.25%, 05/24/49 (Call 11/24/48)(b) | 500 | 615,781 | ||||||
6.13%, 01/31/46 (Call 06/30/45) | 200 | 269,188 | ||||||
6.63%, 01/15/40 | 429 | 588,668 | ||||||
NBCUniversal Media LLC | ||||||||
4.45%, 01/15/43 | 970 | 1,193,246 | ||||||
5.95%, 04/01/41 | 865 | 1,257,179 | ||||||
Thomson Reuters Corp. | ||||||||
5.50%, 08/15/35 | 150 | 184,215 | ||||||
5.65%, 11/23/43 (Call 05/23/43) | 585 | 783,871 | ||||||
5.85%, 04/15/40 | 375 | 495,094 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 (Call 03/15/42) | 770 | 800,971 | ||||||
5.50%, 09/01/41 (Call 03/01/41) | 1,140 | 1,332,444 | ||||||
5.88%, 11/15/40 (Call 05/15/40) | 1,425 | 1,703,019 | ||||||
6.55%, 05/01/37 | 1,207 | 1,571,480 | ||||||
6.75%, 06/15/39 | 720 | 932,600 | ||||||
7.30%, 07/01/38 | 801 | 1,097,247 | ||||||
Time Warner Entertainment Co. LP, 8.38%, 07/15/33 | 970 | 1,427,167 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
3.00%, 07/30/46 | 375 | 398,213 | ||||||
3.70%, 12/01/42 | 507 | 588,419 | ||||||
4.13%, 06/01/44 | 775 | 973,334 | ||||||
4.38%, 08/16/41(b) | 400 | 501,323 | ||||||
Series B, 7.00%, 03/01/32 | 200 | 299,815 | ||||||
Series E, 4.13%, 12/01/41 | 250 | 305,794 | ||||||
ViacomCBS Inc. | ||||||||
4.38%, 03/15/43 | 1,175 | 1,261,830 | ||||||
4.60%, 01/15/45 (Call 07/15/44) | 805 | 883,104 | ||||||
4.85%, 07/01/42 (Call 01/01/42) | 365 | 413,603 | ||||||
4.90%, 08/15/44 (Call 02/15/44) | 625 | 709,567 | ||||||
5.25%, 04/01/44 (Call 10/01/43)(b) | 485 | 570,787 | ||||||
5.50%, 05/15/33 | 360 | 451,627 | ||||||
5.85%, 09/01/43 (Call 03/01/43) | 955 | 1,206,703 | ||||||
5.90%, 10/15/40 (Call 04/15/40) | 215 | 272,813 | ||||||
6.88%, 04/30/36 | 785 | 1,073,909 | ||||||
7.88%, 07/30/30 | 415 | 599,739 | ||||||
Walt Disney Co. (The) | ||||||||
2.75%, 09/01/49 (Call 03/01/49)(b) | 1,150 | 1,165,370 | ||||||
4.75%, 09/15/44 (Call 03/15/44) | 728 | 963,585 | ||||||
4.75%, 11/15/46 (Call 05/15/46) | 45 | 60,840 | ||||||
4.95%, 10/15/45 (Call 04/15/45) | 495 | 680,053 | ||||||
5.40%, 10/01/43 | 505 | 723,244 | ||||||
6.15%, 03/01/37 | 60 | 87,479 | ||||||
6.15%, 02/15/41 | 74 | 111,631 | ||||||
6.20%, 12/15/34 | 2,195 | 3,239,800 | ||||||
6.40%, 12/15/35 | 722 | 1,077,853 | ||||||
6.55%, 03/15/33 | 1,070 | 1,576,981 | ||||||
6.65%, 11/15/37 | 1,025 | 1,579,098 | ||||||
|
| |||||||
106,981,985 | ||||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Precision Castparts Corp. | ||||||||
3.90%, 01/15/43 (Call 07/15/42) | 491 | 588,696 | ||||||
4.38%, 06/15/45 (Call 12/15/44) | 506 | 649,368 |
Security | Par (000) | Value | ||||||
Metal Fabricate & Hardware (continued) | ||||||||
Valmont Industries Inc. | ||||||||
5.00%, 10/01/44 (Call 04/01/44)(b) | $ | 410 | $ | 471,493 | ||||
5.25%, 10/01/54 (Call 04/01/54) | 571 | 647,117 | ||||||
|
| |||||||
2,356,674 | ||||||||
Mining — 1.6% | ||||||||
Barrick Gold Corp. | ||||||||
5.25%, 04/01/42 | 1,507 | 1,995,388 | ||||||
6.45%, 10/15/35 | 70 | 99,896 | ||||||
Barrick North America Finance LLC | ||||||||
5.70%, 05/30/41 | 516 | 700,512 | ||||||
5.75%, 05/01/43 | 1,074 | 1,514,917 | ||||||
7.50%, 09/15/38 | 222 | 336,367 | ||||||
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 | 374 | 511,843 | ||||||
BHP Billiton Finance USA Ltd. | ||||||||
4.13%, 02/24/42 | 674 | 825,737 | ||||||
5.00%, 09/30/43(b) | 2,147 | 2,891,115 | ||||||
Corp. Nacional del Cobre de Chile | ||||||||
3.70%, 01/30/50 (Call 07/30/49)(a)(b) | 1,500 | 1,517,344 | ||||||
4.25%, 07/17/42(a) | 1,235 | 1,350,395 | ||||||
4.38%, 02/05/49 (Call 08/05/48)(a) | 1,575 | 1,781,227 | ||||||
4.50%, 08/01/47 (Call 02/01/47)(a) | 1,050 | 1,204,875 | ||||||
4.88%, 11/04/44(a) | 60 | 71,850 | ||||||
5.63%, 10/18/43(a) | 1,200 | 1,569,375 | ||||||
Glencore Canada Corp., 6.20%, 06/15/35 | 35 | 42,391 | ||||||
Glencore Finance Canada Ltd. | ||||||||
5.55%, 10/25/42(a)(b) | 225 | 256,122 | ||||||
6.00%, 11/15/41(a)(b) | 185 | 220,875 | ||||||
6.90%, 11/15/37(a) | 100 | 128,064 | ||||||
Indonesia Asahan Aluminium Persero PT, 6.76%, 11/15/48(a) | 800 | 1,052,600 | ||||||
Industrias Penoles SAB de CV, 5.65%, 09/12/49 (Call 03/12/49)(a) | 400 | 442,000 | ||||||
Kinross Gold Corp., 6.88%, 09/01/41 | 40 | 49,524 | ||||||
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a) | 625 | 634,375 | ||||||
Newmont Corp. | ||||||||
4.88%, 03/15/42 (Call 09/15/41) | 1,038 | 1,304,751 | ||||||
5.45%, 06/09/44 (Call 12/09/43) | 504 | 675,950 | ||||||
5.88%, 04/01/35 | 250 | 352,382 | ||||||
6.25%, 10/01/39 | 893 | 1,272,825 | ||||||
Rio Tinto Alcan Inc. | ||||||||
5.75%, 06/01/35 | 136 | 186,969 | ||||||
6.13%, 12/15/33 | 586 | 848,468 | ||||||
7.25%, 03/15/31(b) | 791 | 1,166,272 | ||||||
Rio Tinto Finance USA Ltd., | 465 | 644,693 | ||||||
Rio Tinto Finance USA PLC | ||||||||
4.13%, 08/21/42 (Call 02/21/42) | 1,455 | 1,757,662 | ||||||
4.75%, 03/22/42 (Call 09/22/41) | 415 | 549,583 | ||||||
Southern Copper Corp. | ||||||||
5.25%, 11/08/42 | 805 | 937,825 | ||||||
5.88%, 04/23/45(b) | 1,195 | 1,521,758 | ||||||
6.75%, 04/16/40 | 835 | 1,147,864 | ||||||
7.50%, 07/27/35 | 630 | 889,481 | ||||||
Teck Resources Ltd. | ||||||||
5.20%, 03/01/42 (Call 09/01/41) | 445 | 443,458 | ||||||
5.40%, 02/01/43 (Call 08/01/42) | 450 | 461,334 | ||||||
6.00%, 08/15/40 (Call 02/15/40) | 415 | 469,917 | ||||||
6.13%, 10/01/35 | 410 | 487,670 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mining (continued) | ||||||||
6.25%, 07/15/41 (Call 01/15/41)(b) | $ | 510 | $ | 588,730 | ||||
|
| |||||||
34,904,384 | ||||||||
Oil & Gas — 7.7% | ||||||||
Apache Corp. | ||||||||
4.25%, 01/15/44 (Call 07/15/43) | 533 | 473,989 | ||||||
4.75%, 04/15/43 (Call 10/15/42) | 1,197 | 1,130,486 | ||||||
5.10%, 09/01/40 (Call 03/01/40) | 730 | 742,764 | ||||||
5.25%, 02/01/42 (Call 08/01/41) | 455 | 469,623 | ||||||
5.35%, 07/01/49 (Call 01/01/49)(b) | 425 | 440,633 | ||||||
Burlington Resources LLC | ||||||||
5.95%, 10/15/36 | 385 | 535,314 | ||||||
7.20%, 08/15/31(b) | 450 | 650,168 | ||||||
7.40%, 12/01/31 | 345 | 498,464 | ||||||
Canadian Natural Resources Ltd. | ||||||||
4.95%, 06/01/47 (Call 12/01/46) | 856 | 1,017,783 | ||||||
5.85%, 02/01/35 | 200 | 258,543 | ||||||
6.25%, 03/15/38 | 575 | 749,868 | ||||||
6.45%, 06/30/33 | 855 | 1,146,557 | ||||||
6.50%, 02/15/37 | 225 | 300,734 | ||||||
6.75%, 02/01/39 | 185 | 259,217 | ||||||
7.20%, 01/15/32 | 300 | 414,781 | ||||||
Cenovus Energy Inc. | ||||||||
5.25%, 06/15/37 (Call 12/15/36) | 920 | 982,378 | ||||||
5.40%, 06/15/47 (Call 12/15/46) | 932 | 1,021,685 | ||||||
6.75%, 11/15/39 | 898 | 1,110,952 | ||||||
CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(a) | 250 | 334,453 | ||||||
CNOOC Finance 2013 Ltd. | ||||||||
3.30%, 09/30/49 (Call 03/30/49)(b) | 600 | 654,563 | ||||||
4.25%, 05/09/43 | 750 | 929,063 | ||||||
CNOOC Finance 2015 Australia Pty Ltd., 4.20%, 05/05/45 | 400 | 493,000 | ||||||
CNOOC Nexen Finance 2014 ULC, 4.88%, 04/30/44 | 965 | 1,286,828 | ||||||
CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41(a) | 450 | 669,938 | ||||||
Concho Resources Inc. | ||||||||
4.85%, 08/15/48 (Call 02/15/48) | 460 | 506,166 | ||||||
4.88%, 10/01/47 (Call 04/01/47)(b) | 1,165 | 1,372,446 | ||||||
Conoco Funding Co., 7.25%, 10/15/31 | 630 | 907,815 | ||||||
ConocoPhillips | ||||||||
5.90%, 10/15/32 | 617 | 828,897 | ||||||
5.90%, 05/15/38 | 310 | 429,580 | ||||||
6.50%, 02/01/39 | 2,348 | 3,476,774 | ||||||
ConocoPhillips Co. | ||||||||
4.30%, 11/15/44 (Call 05/15/44) | 1,109 | 1,330,824 | ||||||
5.95%, 03/15/46 (Call 09/15/45) | 450 | 668,212 | ||||||
Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)(b) | 977 | 861,550 | ||||||
Devon Energy Corp. | ||||||||
4.75%, 05/15/42 (Call 11/15/41) | 329 | 337,082 | ||||||
5.00%, 06/15/45 (Call 12/15/44) | 612 | 657,817 | ||||||
5.60%, 07/15/41 (Call 01/15/41) | 1,246 | 1,416,941 | ||||||
7.95%, 04/15/32 | 150 | 209,509 | ||||||
Ecopetrol SA | ||||||||
5.88%, 05/28/45(b) | 1,410 | 1,684,950 | ||||||
7.38%, 09/18/43 | 950 | 1,292,594 | ||||||
Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(a) | 750 | 773,789 | ||||||
EOG Resources Inc. | ||||||||
3.90%, 04/01/35 (Call 10/01/34)(b) | 800 | 936,263 | ||||||
5.10%, 01/15/36 (Call 07/15/35) | 195 | 260,125 | ||||||
Equinor ASA | ||||||||
3.25%, 11/18/49 (Call 05/18/49)(b) | 900 | 959,276 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
3.95%, 05/15/43 | $ | 609 | $ | 708,285 | ||||
4.25%, 11/23/41 | 700 | 850,770 | ||||||
4.80%, 11/08/43 | 738 | 974,945 | ||||||
5.10%, 08/17/40 | 707 | 943,827 | ||||||
Exxon Mobil Corp. | ||||||||
3.00%, 08/16/39 (Call 02/16/39) | 700 | 730,790 | ||||||
3.10%, 08/16/49 (Call 02/16/49) | 1,475 | 1,521,870 | ||||||
3.57%, 03/06/45 (Call 09/06/44) | 1,239 | 1,374,296 | ||||||
4.11%, 03/01/46 (Call 09/01/45)(b) | 2,381 | 2,877,153 | ||||||
Gazprom PJSC Via Gaz Capital SA, 7.29%, 08/16/37(a) | 1,200 | 1,655,625 | ||||||
Hess Corp. | ||||||||
5.60%, 02/15/41 | 1,277 | 1,377,963 | ||||||
5.80%, 04/01/47 (Call 10/01/46) | 495 | 547,818 | ||||||
6.00%, 01/15/40(b) | 665 | 742,653 | ||||||
7.13%, 03/15/33 | 300 | 380,608 | ||||||
7.30%, 08/15/31 | 770 | 985,826 | ||||||
Husky Energy Inc., 6.80%, 09/15/37 | 108 | 143,776 | ||||||
KazMunayGas National Co. JSC | ||||||||
5.38%, 04/24/30(a) | 900 | 1,046,813 | ||||||
6.38%, 10/24/48(a) | 1,150 | 1,518,180 | ||||||
Marathon Oil Corp. | ||||||||
5.20%, 06/01/45 (Call 12/01/44)(b) | 840 | 938,682 | ||||||
6.60%, 10/01/37(b) | 540 | 665,898 | ||||||
6.80%, 03/15/32 | 641 | 803,830 | ||||||
Marathon Petroleum Corp. | ||||||||
4.50%, 04/01/48 (Call 10/01/47) | 458 | 522,232 | ||||||
4.75%, 09/15/44 (Call 03/15/44) | 697 | 798,785 | ||||||
5.00%, 09/15/54 (Call 03/15/54) | 568 | 634,713 | ||||||
5.85%, 12/15/45 (Call 06/15/45)(b) | 455 | 553,147 | ||||||
6.50%, 03/01/41 (Call 09/01/40) | 820 | 1,105,669 | ||||||
Motiva Enterprises LLC, | 475 | 609,094 | ||||||
Nexen Inc. | ||||||||
5.88%, 03/10/35 | 537 | 739,046 | ||||||
6.40%, 05/15/37 | 680 | 1,007,675 | ||||||
7.50%, 07/30/39 | 565 | 953,261 | ||||||
7.88%, 03/15/32 | 640 | 984,000 | ||||||
Noble Energy Inc. | ||||||||
4.20%, 10/15/49 (Call 04/15/49) | 70 | 65,790 | ||||||
4.95%, 08/15/47 (Call 02/15/47)(b) | 280 | 294,664 | ||||||
5.05%, 11/15/44 (Call 05/15/44) | 1,290 | 1,322,379 | ||||||
5.25%, 11/15/43 (Call 05/15/43) | 660 | 697,862 | ||||||
6.00%, 03/01/41 (Call 09/01/40) | 1,090 | 1,249,124 | ||||||
Occidental Petroleum Corp. | ||||||||
0.00%, 10/10/36 (Call 10/10/20)(f) | 200 | 98,508 | ||||||
4.10%, 02/15/47 (Call 08/15/46) | 835 | 761,978 | ||||||
4.20%, 03/15/48 (Call 09/15/47)(b) | 800 | 746,026 | ||||||
4.30%, 08/15/39 (Call 02/15/39) | 750 | 719,623 | ||||||
4.40%, 04/15/46 (Call 10/15/45) | 863 | 782,613 | ||||||
4.40%, 08/15/49 (Call 02/15/49)(b) | 610 | 579,876 | ||||||
4.50%, 07/15/44 (Call 01/15/44) | 915 | 874,454 | ||||||
4.63%, 06/15/45 (Call 12/15/44) | 780 | 758,599 | ||||||
6.20%, 03/15/40 | 805 | 947,689 | ||||||
6.45%, 09/15/36 | 1,600 | 1,892,945 | ||||||
6.60%, 03/15/46 (Call 09/15/45) | 715 | 868,681 | ||||||
7.50%, 05/01/31 | 770 | 975,392 | ||||||
7.88%, 09/15/31(b) | 349 | 455,329 | ||||||
7.95%, 06/15/39 | 200 | 269,087 | ||||||
Ovintiv Inc. | ||||||||
6.50%, 08/15/34 | 855 | 921,122 | ||||||
6.50%, 02/01/38 | 650 | 717,798 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
6.63%, 08/15/37 | $ | 235 | $ | 259,912 | ||||
7.20%, 11/01/31 | 100 | 120,147 | ||||||
7.38%, 11/01/31 | 200 | 243,365 | ||||||
8.13%, 09/15/30 | 290 | 365,451 | ||||||
Pertamina Persero PT | ||||||||
4.18%, 01/21/50 (Call 07/21/49)(a) | 800 | 794,924 | ||||||
4.70%, 07/30/49(a) | 1,600 | 1,743,128 | ||||||
6.45%, 05/30/44(a) | 2,100 | 2,795,447 | ||||||
6.50%, 11/07/48(a)(b) | 1,080 | 1,471,840 | ||||||
Petroleos del Peru SA | ||||||||
4.75%, 06/19/32(a) | 1,135 | 1,271,377 | ||||||
5.63%, 06/19/47(a) | 700 | 846,125 | ||||||
Petroleos Mexicanos | ||||||||
5.50%, 06/27/44 | 1,307 | 1,148,216 | ||||||
5.63%, 01/23/46 | 1,825 | 1,595,871 | ||||||
5.95%, 01/28/31 (Call 07/28/30)(a) | 3,050 | 2,947,062 | ||||||
6.35%, 02/12/48 | 2,203 | 2,039,317 | ||||||
6.38%, 01/23/45(b) | 1,715 | 1,613,626 | ||||||
6.50%, 06/02/41 | 1,684 | 1,625,586 | ||||||
6.63%, 06/15/35 | 2,650 | 2,651,325 | ||||||
6.63%, 06/15/38 | 395 | 387,100 | ||||||
6.75%, 09/21/47 | 4,595 | 4,400,115 | ||||||
6.95%, 01/28/60 (Call 07/28/59)(a) | 2,225 | 2,136,000 | ||||||
7.69%, 01/23/50 (Call 07/23/49)(a) | 6,285 | 6,535,520 | ||||||
Petronas Capital Ltd., 4.50%, 03/18/45(a)(b) | 1,150 | 1,467,107 | ||||||
Phillips 66 | ||||||||
4.65%, 11/15/34 (Call 05/15/34) | 641 | 771,729 | ||||||
4.88%, 11/15/44 (Call 05/15/44) | 1,640 | 1,972,137 | ||||||
5.88%, 05/01/42 | 1,501 | 2,039,968 | ||||||
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a) | 500 | 567,500 | ||||||
Saudi Arabian Oil Co. | ||||||||
4.25%, 04/16/39(a) | 2,915 | 3,213,787 | ||||||
4.38%, 04/16/49(a) | 2,135 | 2,408,213 | ||||||
Shell International Finance BV | ||||||||
3.13%, 11/07/49 (Call 05/07/49) | 1,360 | 1,404,363 | ||||||
3.63%, 08/21/42 | 583 | 628,101 | ||||||
3.75%, 09/12/46(b) | 951 | 1,085,967 | ||||||
4.00%, 05/10/46 | 1,980 | 2,317,273 | ||||||
4.13%, 05/11/35 | 1,935 | 2,329,962 | ||||||
4.38%, 05/11/45 | 1,663 | 2,049,414 | ||||||
4.55%, 08/12/43(b) | 1,550 | 1,935,604 | ||||||
5.50%, 03/25/40(b) | 1,350 | 1,872,530 | ||||||
6.38%, 12/15/38 | 1,405 | 2,117,583 | ||||||
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(a) | 400 | 492,000 | ||||||
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a) | 735 | 977,550 | ||||||
Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43(a) | 250 | 353,911 | ||||||
Sinopec Group Overseas Development 2017 Ltd. | ||||||||
4.00%, 09/13/47(a)(b) | 1,035 | 1,244,588 | ||||||
4.25%, 04/12/47(a) | 600 | 747,750 | ||||||
Sinopec Group Overseas Development 2018 Ltd. | ||||||||
3.68%, 08/08/49 (Call 02/08/49)(a) | 310 | 354,563 | ||||||
4.60%, 09/12/48(a) | 975 | 1,286,386 | ||||||
Suncor Energy Inc. | ||||||||
4.00%, 11/15/47 (Call 05/15/47) | 1,040 | 1,141,328 | ||||||
5.35%, 07/15/33 | 125 | 164,613 | ||||||
5.95%, 12/01/34 | 40 | 55,318 | ||||||
5.95%, 05/15/35(b) | 441 | 608,762 | ||||||
6.50%, 06/15/38 | 776 | 1,104,881 |
Security | Par (000) | Value | ||||||
Oil & Gas (continued) | ||||||||
6.80%, 05/15/38 | $ | 797 | $ | 1,162,424 | ||||
6.85%, 06/01/39 | 923 | 1,355,442 | ||||||
7.15%, 02/01/32 | 400 | 589,215 | ||||||
Thaioil Treasury Center Co. Ltd., 5.38%, 11/20/48(a) | 600 | 810,750 | ||||||
Tosco Corp., 8.13%, 02/15/30 | 61 | 89,378 | ||||||
Total Capital International SA, 3.46%, 07/12/49 (Call 01/12/49) | 1,301 | 1,418,896 | ||||||
Valero Energy Corp. | ||||||||
4.90%, 03/15/45(b) | 809 | 926,472 | ||||||
6.63%, 06/15/37 | 1,439 | 1,954,509 | ||||||
7.50%, 04/15/32 | 655 | 903,868 | ||||||
10.50%, 03/15/39 | 129 | 224,231 | ||||||
|
| |||||||
163,318,690 | ||||||||
Oil & Gas Services — 0.5% | ||||||||
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40 | 749 | 911,074 | ||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47) | 1,835 | 1,908,678 | ||||||
Halliburton Co. | ||||||||
4.50%, 11/15/41 (Call 05/15/41)(b) | 200 | 219,021 | ||||||
4.75%, 08/01/43 (Call 02/01/43) | 1,235 | 1,344,689 | ||||||
4.85%, 11/15/35 (Call 05/15/35) | 970 | 1,120,938 | ||||||
5.00%, 11/15/45 (Call 05/15/45) | 1,365 | 1,481,357 | ||||||
6.70%, 09/15/38 | 446 | 614,632 | ||||||
7.45%, 09/15/39 | 935 | 1,387,191 | ||||||
National Oilwell Varco Inc., 3.95%, 12/01/42 (Call 06/01/42)(b) | 1,166 | 1,112,546 | ||||||
|
| |||||||
10,100,126 | ||||||||
Packaging & Containers — 0.1% | ||||||||
Packaging Corp. of America, 4.05%, 12/15/49 (Call 06/15/49) | 485 | 541,748 | ||||||
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40) | 634 | 852,178 | ||||||
WestRock MWV LLC, 7.95%, 02/15/31 | 151 | 215,101 | ||||||
WRKCo Inc., 4.20%, 06/01/32 (Call 03/01/32)(b) | 1,115 | 1,288,224 | ||||||
|
| |||||||
2,897,251 | ||||||||
Pharmaceuticals — 6.8% | ||||||||
AbbVie Inc. | ||||||||
4.05%, 11/21/39 (Call 05/21/39)(a) | 3,130 | 3,467,445 | ||||||
4.25%, 11/21/49 (Call 05/21/49)(a) | 3,795 | 4,290,727 | ||||||
4.30%, 05/14/36 (Call 11/14/35)(b) | 637 | 727,645 | ||||||
4.40%, 11/06/42 | 2,685 | 3,096,237 | ||||||
4.45%, 05/14/46 (Call 11/14/45)(b) | 2,269 | 2,617,751 | ||||||
4.50%, 05/14/35 (Call 11/14/34) | 2,060 | 2,424,803 | ||||||
4.70%, 05/14/45 (Call 11/14/44)(b) | 1,981 | 2,344,067 | ||||||
4.88%, 11/14/48 (Call 05/14/48) | 1,475 | 1,814,851 | ||||||
Allergan Finance LLC, 4.63%, 10/01/42 (Call 04/01/42) | 400 | 451,536 | ||||||
Allergan Funding SCS | ||||||||
4.55%, 03/15/35 (Call 09/15/34) | 2,015 | 2,410,384 | ||||||
4.75%, 03/15/45 (Call 09/15/44) | 894 | 1,087,754 | ||||||
4.85%, 06/15/44 (Call 12/15/43) | 1,060 | 1,287,990 | ||||||
AmerisourceBergen Corp. | ||||||||
4.25%, 03/01/45 (Call 09/01/44) | 200 | 218,560 | ||||||
4.30%, 12/15/47 (Call 06/15/47)(b) | 585 | 663,488 | ||||||
AstraZeneca PLC | ||||||||
4.00%, 09/18/42 | 433 | 517,705 | ||||||
4.38%, 11/16/45 | 520 | 674,160 | ||||||
4.38%, 08/17/48 (Call 02/17/48) | 1,058 | 1,350,128 | ||||||
6.45%, 09/15/37 | 2,150 | 3,183,468 | ||||||
Bayer U.S. Finance II LLC | ||||||||
3.95%, 04/15/45 (Call 10/15/44)(a) | 585 | 612,897 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
4.20%, 07/15/34 (Call 01/15/34)(a) | $ | 846 | $ | 951,575 | ||||
4.40%, 07/15/44 (Call 01/15/44)(a) | 437 | 485,161 | ||||||
4.63%, 06/25/38 (Call 12/25/37)(a) | 1,287 | 1,552,393 | ||||||
4.65%, 11/15/43 (Call 05/15/43)(a) | 74 | 81,304 | ||||||
4.70%, 07/15/64 (Call 01/15/64)(a) | 1,050 | 1,160,496 | ||||||
4.88%, 06/25/48 (Call 12/25/47)(a)(b) | 890 | 1,081,564 | ||||||
5.50%, 07/30/35(a) | 100 | 126,009 | ||||||
Becton Dickinson and Co. | ||||||||
4.67%, 06/06/47 (Call 12/06/46) | 1,575 | 1,993,903 | ||||||
4.69%, 12/15/44 (Call 06/15/44) | 1,039 | 1,295,158 | ||||||
Bristol-Myers Squibb Co. | ||||||||
3.25%, 08/01/42 | 709 | 788,279 | ||||||
4.13%, 06/15/39 (Call 12/15/38)(a) | 3,013 | 3,669,401 | ||||||
4.25%, 10/26/49 (Call 04/26/49)(a)(b) | 2,606 | 3,344,786 | ||||||
4.35%, 11/15/47 (Call 05/15/47)(a) | 610 | 785,990 | ||||||
4.50%, 03/01/44 (Call 09/01/43) | 690 | 907,180 | ||||||
4.55%, 02/20/48 (Call 08/20/47)(a) | 1,340 | 1,767,539 | ||||||
4.63%, 05/15/44 (Call 11/15/43)(a) | 385 | 500,744 | ||||||
5.00%, 08/15/45 (Call 02/15/45)(a) | 2,059 | 2,818,473 | ||||||
5.25%, 08/15/43(a) | 430 | 588,331 | ||||||
Cardinal Health Inc. | ||||||||
4.37%, 06/15/47 (Call 12/15/46) | 495 | 536,338 | ||||||
4.50%, 11/15/44 (Call 05/15/44) | 535 | 572,553 | ||||||
4.60%, 03/15/43 | 470 | 509,591 | ||||||
4.90%, 09/15/45 (Call 03/15/45) | 415 | 469,255 | ||||||
Cigna Corp. | ||||||||
3.88%, 10/15/47 (Call 04/15/47)(a) | 1,117 | 1,181,714 | ||||||
4.80%, 08/15/38 (Call 02/15/38) | 1,800 | 2,163,125 | ||||||
4.80%, 07/15/46 (Call 01/16/46)(a)(b) | 1,460 | 1,754,919 | ||||||
4.90%, 12/15/48 (Call 06/15/48) | 1,905 | 2,361,515 | ||||||
5.38%, 02/15/42 (Call 08/15/41)(a) | 675 | 826,099 | ||||||
6.13%, 11/15/41(a) | 205 | 279,615 | ||||||
CVS Health Corp. | ||||||||
4.78%, 03/25/38 (Call 09/25/37)(b) | 3,985 | 4,687,855 | ||||||
4.88%, 07/20/35 (Call 01/20/35) | 1,195 | 1,444,646 | ||||||
5.05%, 03/25/48 (Call 09/25/47) | 6,255 | 7,691,349 | ||||||
5.13%, 07/20/45 (Call 01/20/45) | 2,770 | 3,385,973 | ||||||
5.30%, 12/05/43 (Call 06/05/43) | 883 | 1,091,918 | ||||||
Eli Lilly & Co. | ||||||||
3.88%, 03/15/39 (Call 09/15/38) | 1,550 | 1,917,434 | ||||||
3.95%, 05/15/47 (Call 11/15/46) | 675 | 834,164 | ||||||
3.95%, 03/15/49 (Call 09/15/48) | 1,450 | 1,781,700 | ||||||
4.15%, 03/15/59 (Call 09/15/58) | 718 | 902,316 | ||||||
5.95%, 11/15/37 | 50 | 74,705 | ||||||
GlaxoSmithKline Capital Inc. | ||||||||
4.20%, 03/18/43 | 535 | 675,489 | ||||||
5.38%, 04/15/34(b) | 620 | 866,324 | ||||||
6.38%, 05/15/38 | 2,200 | 3,400,708 | ||||||
Johnson & Johnson | ||||||||
3.40%, 01/15/38 (Call 07/15/37) | 1,040 | 1,184,789 | ||||||
3.50%, 01/15/48 (Call 07/15/47) | 911 | 1,086,847 | ||||||
3.55%, 03/01/36 (Call 09/01/35) | 1,024 | 1,198,376 | ||||||
3.63%, 03/03/37 (Call 09/03/36)(b) | 1,015 | 1,168,366 | ||||||
3.70%, 03/01/46 (Call 09/01/45)(b) | 1,225 | 1,487,971 | ||||||
3.75%, 03/03/47 (Call 09/03/46) | 1,075 | 1,321,001 | ||||||
4.38%, 12/05/33 (Call 06/05/33) | 1,014 | 1,271,682 | ||||||
4.50%, 09/01/40(b) | 360 | 476,557 | ||||||
4.50%, 12/05/43 (Call 06/05/43) | 275 | 357,099 | ||||||
4.85%, 05/15/41 | 386 | 519,399 | ||||||
4.95%, 05/15/33 | 496 | 653,180 |
Security | Par (000) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
5.85%, 07/15/38 | $ | 105 | $ | 156,480 | ||||
5.95%, 08/15/37 | 830 | 1,260,161 | ||||||
McKesson Corp., 4.88%, 03/15/44 (Call 09/15/43) | 450 | 536,762 | ||||||
Mead Johnson Nutrition Co. | ||||||||
4.60%, 06/01/44 (Call 12/01/43) | 513 | 656,313 | ||||||
5.90%, 11/01/39 | 340 | 497,683 | ||||||
Merck & Co. Inc. | ||||||||
3.60%, 09/15/42 (Call 03/15/42) | 730 | 862,256 | ||||||
3.70%, 02/10/45 (Call 08/10/44) | 2,330 | 2,762,292 | ||||||
3.90%, 03/07/39 (Call 09/07/38) | 1,240 | 1,480,919 | ||||||
4.00%, 03/07/49 (Call 09/07/48) | 720 | 910,152 | ||||||
4.15%, 05/18/43 | 1,710 | 2,167,439 | ||||||
6.55%, 09/15/37(b) | 75 | 115,452 | ||||||
Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | 25 | 34,770 | ||||||
Mylan Inc. | ||||||||
5.20%, 04/15/48 (Call 10/15/47) | 620 | 733,879 | ||||||
5.40%, 11/29/43 (Call 05/29/43) | 585 | 705,386 | ||||||
Mylan NV, 5.25%, 06/15/46 (Call 12/15/45) | 865 | 1,038,772 | ||||||
Novartis Capital Corp. | ||||||||
2.75%, 08/14/50 (Call 02/14/50) | 1,000 | 1,036,488 | ||||||
3.70%, 09/21/42 | 255 | 303,056 | ||||||
4.00%, 11/20/45 (Call 05/20/45) | 505 | 630,375 | ||||||
4.40%, 05/06/44 | 2,026 | 2,600,203 | ||||||
Perrigo Finance Unlimited Co., 4.90%, 12/15/44 (Call 06/15/44) | 400 | 430,325 | ||||||
Pfizer Inc. | ||||||||
3.90%, 03/15/39 (Call 09/15/38) | 695 | 829,879 | ||||||
4.00%, 12/15/36 | 855 | 1,040,935 | ||||||
4.00%, 03/15/49 (Call 09/15/48)(b) | 660 | 819,630 | ||||||
4.10%, 09/15/38 (Call 03/15/38) | 595 | 728,816 | ||||||
4.13%, 12/15/46 | 754 | 917,077 | ||||||
4.20%, 09/15/48 (Call 03/15/48) | 1,365 | 1,693,409 | ||||||
4.30%, 06/15/43 | 726 | 934,125 | ||||||
4.40%, 05/15/44 | 1,165 | 1,490,366 | ||||||
5.60%, 09/15/40 | 465 | 666,472 | ||||||
7.20%, 03/15/39 | 1,750 | 2,967,539 | ||||||
Wyeth LLC | ||||||||
5.95%, 04/01/37 | 860 | 1,261,203 | ||||||
6.00%, 02/15/36 | 451 | 655,212 | ||||||
6.50%, 02/01/34 | 764 | 1,143,185 | ||||||
Zoetis Inc. | ||||||||
3.95%, 09/12/47 (Call 03/12/47) | 721 | 849,347 | ||||||
4.45%, 08/20/48 (Call 02/20/48) | 380 | 489,352 | ||||||
4.70%, 02/01/43 (Call 08/01/42) | 1,276 | 1,646,340 | ||||||
|
| |||||||
144,326,504 | ||||||||
Pipelines — 4.4% | ||||||||
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(a) | 1,900 | 2,227,750 | ||||||
Cameron LNG LLC, 3.30%, 01/15/35 (Call 09/15/34)(a)(b) | 1,350 | 1,454,101 | ||||||
Colonial Pipeline Co. | ||||||||
4.25%, 04/15/48 (Call 10/15/47)(a) | 355 | 412,710 | ||||||
7.63%, 04/15/32(a) | 85 | 126,450 | ||||||
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)(b) | 630 | 849,043 | ||||||
El Paso Natural Gas Co. LLC, 8.38%, 06/15/32 | 50 | 71,551 | ||||||
Enable Midstream Partners LP, 5.00%, 05/15/44 (Call 11/15/43) | 380 | 337,605 | ||||||
Enbridge Energy Partners LP | ||||||||
5.50%, 09/15/40 (Call 03/15/40) | 638 | 823,270 | ||||||
7.38%, 10/15/45 (Call 04/15/45) | 295 | 467,035 | ||||||
Series B, 7.50%, 04/15/38 | 250 | 383,134 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
Enbridge Inc. | ||||||||
4.00%, 11/15/49 (Call 05/15/49)(b) | $ | 325 | $ | 358,238 | ||||
4.50%, 06/10/44 (Call 12/10/43) | 860 | 991,486 | ||||||
5.50%, 12/01/46 (Call 05/29/46) | 580 | 771,505 | ||||||
Energy Transfer Operating LP | ||||||||
4.90%, 03/15/35 (Call 09/15/34) | 650 | 710,947 | ||||||
5.00%, 05/15/50 (Call 11/15/49) | 1,690 | 1,706,589 | ||||||
5.15%, 02/01/43 (Call 08/01/42) | 435 | 451,696 | ||||||
5.15%, 03/15/45 (Call 09/15/44) | 791 | 825,696 | ||||||
5.30%, 04/15/47 (Call 10/15/46) | 970 | 1,007,270 | ||||||
5.95%, 10/01/43 (Call 04/01/43) | 455 | 506,777 | ||||||
6.05%, 06/01/41 (Call 12/01/40) | 100 | 111,233 | ||||||
6.13%, 12/15/45 (Call 06/15/45) | 938 | 1,058,246 | ||||||
6.25%, 04/15/49 (Call 10/15/48) | 1,275 | 1,475,523 | ||||||
6.50%, 02/01/42 (Call 08/01/41) | 800 | 964,098 | ||||||
6.63%, 10/15/36 | 205 | 246,512 | ||||||
7.50%, 07/01/38 | 290 | 380,880 | ||||||
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37) | 100 | 114,138 | ||||||
Series 30Y, 6.00%, 06/15/48 (Call 12/15/47)(b) | 520 | 585,432 | ||||||
Enterprise Products Operating LLC | ||||||||
3.70%, 01/31/51 (Call 07/31/50) | 500 | 497,886 | ||||||
3.95%, 01/31/60 (Call 07/31/59) | 550 | 538,110 | ||||||
4.20%, 01/31/50 (Call 07/31/49) | 1,385 | 1,457,308 | ||||||
4.25%, 02/15/48 (Call 08/15/47) | 1,010 | 1,081,131 | ||||||
4.45%, 02/15/43 (Call 08/15/42) | 935 | 1,033,018 | ||||||
4.80%, 02/01/49 (Call 08/01/48) | 795 | 926,468 | ||||||
4.85%, 08/15/42 (Call 02/15/42) | 698 | 812,067 | ||||||
4.85%, 03/15/44 (Call 09/15/43) | 1,425 | 1,674,785 | ||||||
4.90%, 05/15/46 (Call 11/15/45)(b) | 765 | 893,814 | ||||||
4.95%, 10/15/54 (Call 04/15/54) | 675 | 777,442 | ||||||
5.10%, 02/15/45 (Call 08/15/44) | 850 | 1,009,872 | ||||||
5.70%, 02/15/42 | 749 | 932,445 | ||||||
5.95%, 02/01/41 | 590 | 764,533 | ||||||
6.13%, 10/15/39 | 410 | 562,906 | ||||||
6.45%, 09/01/40 | 100 | 138,554 | ||||||
7.55%, 04/15/38 | 250 | 373,633 | ||||||
Series D, 6.88%, 03/01/33 | 633 | 897,175 | ||||||
Series H, 6.65%, 10/15/34 | 141 | 198,793 | ||||||
Series J, 5.75%, 03/01/35 | 75 | 94,132 | ||||||
Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)(a) | 200 | 239,994 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
4.70%, 11/01/42 (Call 05/01/42) | 340 | 360,248 | ||||||
5.00%, 08/15/42 (Call 02/15/42)(b) | 510 | 553,243 | ||||||
5.00%, 03/01/43 (Call 09/01/42) | 575 | 627,038 | ||||||
5.40%, 09/01/44 (Call 03/01/44) | 465 | 539,038 | ||||||
5.50%, 03/01/44 (Call 09/01/43) | 390 | 465,539 | ||||||
5.63%, 09/01/41 | 70 | 80,401 | ||||||
5.80%, 03/15/35 | 300 | 362,770 | ||||||
6.38%, 03/01/41 | 565 | 706,960 | ||||||
6.50%, 02/01/37 | 200 | 251,859 | ||||||
6.50%, 09/01/39 | 342 | 435,859 | ||||||
6.55%, 09/15/40 | 235 | 303,962 | ||||||
6.95%, 01/15/38 | 1,375 | 1,842,891 | ||||||
7.30%, 08/15/33 | 51 | 70,236 | ||||||
7.40%, 03/15/31 | 148 | 197,494 | ||||||
7.50%, 11/15/40 | 370 | 506,971 | ||||||
7.75%, 03/15/32 | 100 | 141,726 | ||||||
Kinder Morgan Inc./DE | ||||||||
5.05%, 02/15/46 (Call 08/15/45)(b) | 1,081 | 1,227,571 |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
5.20%, 03/01/48 (Call 09/01/47) | $ | 539 | $ | 638,293 | ||||
5.30%, 12/01/34 (Call 06/01/34) | 1,590 | 1,893,276 | ||||||
5.55%, 06/01/45 (Call 12/01/44) | 1,370 | 1,628,227 | ||||||
7.75%, 01/15/32 . | 1,102 | 1,606,489 | ||||||
Magellan Midstream Partners LP | ||||||||
3.95%, 03/01/50 (Call 09/01/49) | 485 | 508,048 | ||||||
4.20%, 03/15/45 (Call 09/15/44) | 255 | 271,780 | ||||||
4.20%, 10/03/47 (Call 04/03/47) | 805 | 905,219 | ||||||
4.25%, 09/15/46 (Call 03/15/46) | 235 | 255,205 | ||||||
4.85%, 02/01/49 (Call 08/01/48)(b) | 653 | 785,040 | ||||||
5.15%, 10/15/43 (Call 04/15/43) | 535 | 655,122 | ||||||
MPLX LP | ||||||||
4.50%, 04/15/38 (Call 10/15/37) | 1,982 | 2,016,814 | ||||||
4.70%, 04/15/48 (Call 10/15/47) | 825 | 835,720 | ||||||
4.90%, 04/15/58 (Call 10/15/57) | 365 | 364,644 | ||||||
5.20%, 03/01/47 (Call 09/01/46) | 874 | 947,398 | ||||||
5.20%, 12/01/47 (Call 06/01/47)(a) | 259 | 271,913 | ||||||
5.50%, 02/15/49 (Call 08/15/48) | 1,665 | 1,891,467 | ||||||
NGPL PipeCo LLC, 7.77%, 12/15/37(a)(b) | 455 | 597,374 | ||||||
Northern Natural Gas Co., 4.30%, 01/15/49 (Call 07/15/48)(a) | 270 | 327,118 | ||||||
ONEOK Inc. | ||||||||
4.45%, 09/01/49 (Call 03/01/49)(b) | 930 | 953,427 | ||||||
4.95%, 07/13/47 (Call 01/06/47) | 895 | 983,100 | ||||||
5.20%, 07/15/48 (Call 01/15/48) | 909 | 1,038,138 | ||||||
6.00%, 06/15/35(b) | 230 | 288,992 | ||||||
ONEOK Partners LP | ||||||||
6.13%, 02/01/41 (Call 08/01/40) | 618 | 769,315 | ||||||
6.20%, 09/15/43 (Call 03/15/43) | 295 | 369,866 | ||||||
6.65%, 10/01/36 | 210 | 275,894 | ||||||
6.85%, 10/15/37 | 300 | 402,109 | ||||||
Phillips 66 Partners LP | ||||||||
4.68%, 02/15/45 (Call 08/15/44) | 185 | 209,662 | ||||||
4.90%, 10/01/46 (Call 04/01/46) | 690 | 784,333 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
4.30%, 01/31/43 (Call 07/31/42) | 330 | 298,982 | ||||||
4.70%, 06/15/44 (Call 12/15/43) | 777 | 718,956 | ||||||
4.90%, 02/15/45 (Call 08/15/44) | 860 | 852,099 | ||||||
5.15%, 06/01/42 (Call 12/01/41) | 255 | 261,414 | ||||||
6.65%, 01/15/37 | 344 | 415,831 | ||||||
Rockies Express Pipeline LLC | ||||||||
6.88%, 04/15/40(a) | 75 | 76,812 | ||||||
7.50%, 07/15/38(a) | 295 | 327,534 | ||||||
Sabal Trail Transmission LLC | ||||||||
4.68%, 05/01/38 (Call 11/01/37)(a) | 205 | 243,268 | ||||||
4.83%, 05/01/48 (Call 11/01/47)(a) | 165 | 197,947 | ||||||
Southern Natural Gas Co. LLC | ||||||||
4.80%, 03/15/47 (Call 09/15/46)(a) | 160 | 192,957 | ||||||
8.00%, 03/01/32(b) | 150 | 220,990 | ||||||
Spectra Energy Partners LP | ||||||||
4.50%, 03/15/45 (Call 09/15/44) | 570 | 657,741 | ||||||
5.95%, 09/25/43 (Call 03/25/43) | 620 | 803,085 | ||||||
Sunoco Logistics Partners Operations LP | ||||||||
4.95%, 01/15/43 (Call 07/15/42) | 260 | 258,745 | ||||||
5.30%, 04/01/44 (Call 10/01/43) | 591 | 619,388 | ||||||
5.35%, 05/15/45 (Call 11/15/44) | 1,275 | 1,367,880 | ||||||
5.40%, 10/01/47 (Call 04/01/47) | 1,315 | 1,389,513 | ||||||
6.10%, 02/15/42 | 225 | 256,249 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pipelines (continued) | ||||||||
Texas Eastern Transmission LP | ||||||||
4.15%, 01/15/48 (Call 07/15/47)(a) | $ | 463 | $ | 517,061 | ||||
7.00%, 07/15/32 | 340 | 482,735 | ||||||
TransCanada PipeLines Ltd. | ||||||||
4.63%, 03/01/34 (Call 12/01/33) | 1,295 | 1,518,397 | ||||||
4.75%, 05/15/38 (Call 11/15/37) | 350 | 398,072 | ||||||
4.88%, 05/15/48 (Call 11/15/47) | 1,255 | 1,504,276 | ||||||
5.00%, 10/16/43 (Call 04/16/43) | 1,041 | 1,291,305 | ||||||
5.10%, 03/15/49 (Call 09/15/48) | 800 | 996,324 | ||||||
5.60%, 03/31/34 | 250 | 318,463 | ||||||
5.85%, 03/15/36 | 250 | 324,628 | ||||||
6.10%, 06/01/40 | 485 | 677,290 | ||||||
6.20%, 10/15/37 | 653 | 885,221 | ||||||
7.25%, 08/15/38 | 430 | 650,590 | ||||||
7.63%, 01/15/39 | 771 | 1,205,384 | ||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||
4.45%, 08/01/42 (Call 02/01/42) | 300 | 321,441 | ||||||
4.60%, 03/15/48 (Call 09/15/47) | 790 | 873,748 | ||||||
5.40%, 08/15/41 (Call 02/15/41) | 151 | 177,050 | ||||||
Western Midstream Operating LP | ||||||||
5.25%, 02/01/50 (Call 08/01/49) | 750 | 695,650 | ||||||
5.30%, 03/01/48 (Call 09/01/47) | 395 | 357,491 | ||||||
5.45%, 04/01/44 (Call 10/01/43) | 425 | 400,326 | ||||||
5.50%, 08/15/48 (Call 02/15/48) | 100 | 93,081 | ||||||
Williams Companies Inc. (The) | ||||||||
4.85%, 03/01/48 (Call 09/01/47) | 515 | 542,498 | ||||||
4.90%, 01/15/45 (Call 07/15/44) | 1,020 | 1,091,782 | ||||||
5.10%, 09/15/45 (Call 03/15/45)(b) | 1,129 | 1,236,490 | ||||||
5.40%, 03/04/44 (Call 09/04/43) | 735 | 834,461 | ||||||
5.75%, 06/24/44 (Call 12/24/43) | 390 | 461,920 | ||||||
5.80%, 11/15/43 (Call 05/15/43) | 75 | 91,379 | ||||||
6.30%, 04/15/40 | 710 | 875,394 | ||||||
8.75%, 03/15/32 | 125 | 190,121 | ||||||
Series A, 7.50%, 01/15/31(b) | 105 | 141,230 | ||||||
|
| |||||||
93,783,969 | ||||||||
Private Equity — 0.1% | ||||||||
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)(b) | 85 | 107,161 | ||||||
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b) | 325 | 423,807 | ||||||
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(a) | 855 | 1,080,254 | ||||||
|
| |||||||
1,611,222 | ||||||||
Real Estate Investment Trusts — 1.4% | ||||||||
Alexandria Real Estate Equities Inc. | ||||||||
3.38%, 08/15/31 (Call 05/15/31)(b) | 2,150 | 2,390,414 | ||||||
4.00%, 02/01/50 (Call 08/01/49) | 310 | 376,158 | ||||||
4.70%, 07/01/30 (Call 04/01/30) | 975 | 1,180,770 | ||||||
4.85%, 04/15/49 (Call 10/15/48) | 360 | 482,734 | ||||||
American Tower Corp., 3.70%, 10/15/49 (Call 04/15/49) | 200 | 213,162 | ||||||
AvalonBay Communities Inc. | ||||||||
3.90%, 10/15/46 (Call 04/15/46) | 581 | 702,402 | ||||||
4.15%, 07/01/47 (Call 01/01/47) | 175 | 218,036 | ||||||
4.35%, 04/15/48 (Call 10/15/47) | 50 | 64,655 | ||||||
Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)(b) | 725 | 798,810 | ||||||
Crown Castle International Corp. | ||||||||
4.00%, 11/15/49 (Call 05/15/49) | 410 | 459,840 | ||||||
4.75%, 05/15/47 (Call 11/15/46) | 110 | 135,985 | ||||||
5.20%, 02/15/49 (Call 08/15/48) | 702 | 910,320 |
Security | Par (000) | Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Duke Realty LP, 3.05%, 03/01/50 (Call 09/01/49) | $ | 750 | $ | 762,092 | ||||
ERP Operating LP | ||||||||
4.00%, 08/01/47 (Call 02/01/47) | 35 | 41,436 | ||||||
4.50%, 07/01/44 (Call 01/01/44) | 413 | 537,481 | ||||||
4.50%, 06/01/45 (Call 12/01/44) | 575 | 730,855 | ||||||
Essex Portfolio LP | ||||||||
2.65%, 03/15/32 (Call 12/15/31) | 50 | 51,304 | ||||||
4.50%, 03/15/48 (Call 09/15/47) | 355 | 451,631 | ||||||
Federal Realty Investment Trust | ||||||||
3.63%, 08/01/46 (Call 02/01/46)(b) | 475 | 521,568 | ||||||
4.50%, 12/01/44 (Call 06/01/44) | 547 | 686,038 | ||||||
Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40) | 205 | 314,896 | ||||||
Kimco Realty Corp. | ||||||||
3.70%, 10/01/49 (Call 04/01/49) | 645 | 691,166 | ||||||
4.13%, 12/01/46 (Call 06/01/46) | 51 | 57,410 | ||||||
4.25%, 04/01/45 (Call 10/01/44) | 430 | 501,237 | ||||||
4.45%, 09/01/47 (Call 03/01/47) | 450 | 532,161 | ||||||
Prologis LP | ||||||||
3.00%, 04/15/50 (Call 10/15/49) | 95 | 96,902 | ||||||
4.38%, 09/15/48 (Call 03/15/48) | 235 | 311,246 | ||||||
Realty Income Corp., 4.65%, 03/15/47 (Call 09/15/46) | 520 | 701,949 | ||||||
Regency Centers LP | ||||||||
4.40%, 02/01/47 (Call 08/01/46) | 385 | 479,237 | ||||||
4.65%, 03/15/49 (Call 09/15/48) | 610 | 795,853 | ||||||
Service Properties Trust, 4.38%, 02/15/30 (Call 08/15/29)(b) | 425 | 431,082 | ||||||
Simon Property Group LP | ||||||||
3.25%, 09/13/49 (Call 03/13/49) | 1,130 | 1,182,466 | ||||||
4.25%, 10/01/44 (Call 04/01/44) | 535 | 652,765 | ||||||
4.25%, 11/30/46 (Call 05/30/46)(b) | 245 | 301,969 | ||||||
4.75%, 03/15/42 (Call 09/15/41) | 555 | 696,854 | ||||||
6.75%, 02/01/40 (Call 11/01/39) | 655 | 1,009,213 | ||||||
Trust F/1401 | ||||||||
6.39%, 01/15/50 (Call 07/28/49)(a) | 800 | 938,000 | ||||||
6.95%, 01/30/44 (Call 07/30/43)(a) | 200 | 251,437 | ||||||
UDR Inc. | ||||||||
3.00%, 08/15/31 (Call 05/15/31) | 1,715 | 1,793,447 | ||||||
3.10%, 11/01/34 (Call 08/01/34) | 195 | 207,172 | ||||||
3.20%, 01/15/30 (Call 10/15/29) | 250 | 264,250 | ||||||
Ventas Realty LP | ||||||||
4.38%, 02/01/45 (Call 08/01/44) | 557 | 658,436 | ||||||
4.88%, 04/15/49 (Call 10/15/48) | 223 | 288,473 | ||||||
5.70%, 09/30/43 (Call 03/30/43) | 241 | 333,213 | ||||||
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(a)(b) | 100 | 124,658 | ||||||
WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)(a) | 870 | 1,089,141 | ||||||
Welltower Inc. | ||||||||
4.95%, 09/01/48 (Call 03/01/48) | 460 | 596,556 | ||||||
6.50%, 03/15/41 (Call 09/15/40) | 495 | 733,315 | ||||||
Weyerhaeuser Co. | ||||||||
6.88%, 12/15/33 | 554 | 777,496 | ||||||
7.38%, 03/15/32 | 1,350 | 1,960,700 | ||||||
|
| |||||||
30,488,391 | ||||||||
Retail — 2.9% | ||||||||
Alimentation Couche-Tard Inc. | ||||||||
3.80%, 01/25/50 (Call 07/25/49)(a) | 280 | 277,327 | ||||||
4.50%, 07/26/47 (Call 01/26/47)(a) | 385 | 436,185 | ||||||
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47) | 505 | 549,678 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
Home Depot Inc. (The) | ||||||||
3.13%, 12/15/49 (Call 06/15/49) | $ | 320 | $ | 340,529 | ||||
3.50%, 09/15/56 (Call 03/15/56)(b) | 280 | 316,713 | ||||||
3.90%, 06/15/47 (Call 12/15/46) | 915 | 1,116,665 | ||||||
4.20%, 04/01/43 (Call 10/01/42) | 816 | 1,005,030 | ||||||
4.25%, 04/01/46 (Call 10/01/45) | 1,520 | 1,912,815 | ||||||
4.40%, 03/15/45 (Call 09/15/44) | 1,150 | 1,452,571 | ||||||
4.50%, 12/06/48 (Call 06/06/48) | 1,117 | 1,463,630 | ||||||
4.88%, 02/15/44 (Call 08/15/43) | 1,125 | 1,531,240 | ||||||
5.40%, 09/15/40 (Call 03/15/40) | 171 | 237,452 | ||||||
5.88%, 12/16/36 | 2,273 | 3,282,605 | ||||||
5.95%, 04/01/41 (Call 10/01/40) | 1,105 | 1,647,930 | ||||||
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45) | 555 | 594,062 | ||||||
Lowe’s Companies Inc. | ||||||||
3.70%, 04/15/46 (Call 10/15/45) | 930 | 993,372 | ||||||
4.05%, 05/03/47 (Call 11/03/46)(b) | 932 | 1,049,101 | ||||||
4.25%, 09/15/44 (Call 03/15/44)(b) | 750 | 850,552 | ||||||
4.38%, 09/15/45 (Call 03/15/45) | 480 | 561,183 | ||||||
4.55%, 04/05/49 (Call 10/05/48)(b) | 1,070 | 1,310,337 | ||||||
4.65%, 04/15/42 (Call 10/15/41) | 421 | 514,596 | ||||||
5.00%, 09/15/43 (Call 03/15/43) | 30 | 36,398 | ||||||
Macy’s Retail Holdings Inc. | ||||||||
4.30%, 02/15/43 (Call 08/15/42) | 340 | 274,017 | ||||||
4.50%, 12/15/34 (Call 06/15/34) | 222 | 205,455 | ||||||
5.13%, 01/15/42 (Call 07/15/41) | 105 | 94,443 | ||||||
Marks & Spencer PLC, 7.13%, 12/01/37(a) | 135 | 160,268 | ||||||
McDonald’s Corp. | ||||||||
3.63%, 05/01/43 | 736 | 789,387 | ||||||
3.63%, 09/01/49 (Call 03/01/49)(b) | 500 | 543,400 | ||||||
3.70%, 02/15/42 | 835 | 909,908 | ||||||
4.45%, 03/01/47 (Call 09/01/46) | 410 | 498,382 | ||||||
4.45%, 09/01/48 (Call 03/01/48) | 847 | 1,036,075 | ||||||
4.60%, 05/26/45 (Call 11/26/44)(b) | 985 | 1,228,112 | ||||||
4.70%, 12/09/35 (Call 06/09/35) | 1,403 | 1,759,307 | ||||||
4.88%, 07/15/40 | 146 | 181,543 | ||||||
4.88%, 12/09/45 (Call 06/09/45) | 1,045 | 1,352,370 | ||||||
5.70%, 02/01/39 | 480 | 657,349 | ||||||
6.30%, 10/15/37 | 598 | 869,046 | ||||||
6.30%, 03/01/38 | 439 | 635,481 | ||||||
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)(b) | 785 | 793,990 | ||||||
Starbucks Corp. | ||||||||
3.75%, 12/01/47 (Call 06/01/47) | 735 | 808,779 | ||||||
4.30%, 06/15/45 (Call 12/10/44) | 515 | 610,006 | ||||||
4.45%, 08/15/49 (Call 02/15/49) | 485 | 588,795 | ||||||
4.50%, 11/15/48 (Call 05/15/48) | 880 | 1,046,366 | ||||||
Target Corp. | ||||||||
3.63%, 04/15/46(b) | 730 | 837,805 | ||||||
3.90%, 11/15/47 (Call 05/15/47) | 269 | 324,234 | ||||||
4.00%, 07/01/42 | 638 | 778,571 | ||||||
6.35%, 11/01/32(b) | 1,120 | 1,593,253 | ||||||
6.50%, 10/15/37 | 500 | 785,572 | ||||||
7.00%, 01/15/38 | 600 | 969,804 | ||||||
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44) | 379 | 508,775 | ||||||
Walgreen Co., 4.40%, 09/15/42 | 1,180 | 1,206,905 | ||||||
Walgreens Boots Alliance Inc. | ||||||||
4.50%, 11/18/34 (Call 05/18/34)(b) | 1,033 | 1,118,475 | ||||||
4.65%, 06/01/46 (Call 12/01/45) | 285 | 297,963 | ||||||
4.80%, 11/18/44 (Call 05/18/44) | 790 | 823,955 | ||||||
Walmart Inc. | ||||||||
2.95%, 09/24/49 (Call 03/24/49) | 300 | 321,988 |
Security | Par (000) | Value | ||||||
Retail (continued) | ||||||||
3.63%, 12/15/47 (Call 06/15/47) | $ | 1,795 | $ | 2,147,762 | ||||
3.95%, 06/28/38 (Call 12/28/37) | 2,163 | 2,633,957 | ||||||
4.00%, 04/11/43 (Call 10/11/42) | 685 | 839,956 | ||||||
4.05%, 06/29/48 (Call 12/29/47) | 2,780 | 3,501,288 | ||||||
4.30%, 04/22/44 (Call 10/22/43) | 345 | 433,612 | ||||||
4.75%, 10/02/43 (Call 04/02/43) | 360 | 476,792 | ||||||
5.00%, 10/25/40 | 430 | 594,337 | ||||||
5.25%, 09/01/35 | 1,520 | 2,137,601 | ||||||
5.63%, 04/01/40 | 350 | 515,135 | ||||||
5.63%, 04/15/41 | 743 | 1,114,334 | ||||||
6.20%, 04/15/38 | 535 | 824,579 | ||||||
6.50%, 08/15/37 | 170 | 265,253 | ||||||
|
| |||||||
61,574,356 | ||||||||
Semiconductors — 1.1% | ||||||||
Analog Devices Inc. | ||||||||
4.50%, 12/05/36 (Call 06/05/36) | 655 | 761,764 | ||||||
5.30%, 12/15/45 (Call 06/15/45) | 220 | 294,836 | ||||||
Applied Materials Inc. | ||||||||
4.35%, 04/01/47 (Call 10/01/46) | 881 | 1,150,605 | ||||||
5.10%, 10/01/35 (Call 04/01/35)(b) | 435 | 591,652 | ||||||
5.85%, 06/15/41 | 925 | 1,379,936 | ||||||
Intel Corp. | ||||||||
3.10%, 02/15/60 (Call 08/15/59) | 260 | 267,279 | ||||||
3.25%, 11/15/49 (Call 05/15/49) | 2,265 | 2,473,041 | ||||||
3.73%, 12/08/47 (Call 06/08/47) | 1,459 | 1,719,929 | ||||||
4.00%, 12/15/32 | 1,920 | 2,316,253 | ||||||
4.10%, 05/19/46 (Call 11/19/45) | 1,050 | 1,276,248 | ||||||
4.10%, 05/11/47 (Call 11/11/46) | 1,065 | 1,300,111 | ||||||
4.25%, 12/15/42(b) | 300 | 374,275 | ||||||
4.80%, 10/01/41 | 460 | 613,004 | ||||||
4.90%, 07/29/45 (Call 01/29/45) | 290 | 390,339 | ||||||
KLA Corp. | ||||||||
3.30%, 03/01/50 (Call 08/28/49) | 350 | 343,695 | ||||||
5.00%, 03/15/49 (Call 09/15/48) | 411 | 536,030 | ||||||
5.65%, 11/01/34 (Call 07/01/34) | 225 | 281,332 | ||||||
Lam Research Corp., 4.88%, 03/15/49 (Call 09/15/48) | 565 | 743,772 | ||||||
QUALCOMM Inc. | ||||||||
4.30%, 05/20/47 (Call 11/20/46) | 1,231 | 1,477,770 | ||||||
4.65%, 05/20/35 (Call 11/20/34) | 1,053 | 1,314,232 | ||||||
4.80%, 05/20/45 (Call 11/20/44) | 1,210 | 1,536,551 | ||||||
Texas Instruments Inc. | ||||||||
3.88%, 03/15/39 (Call 09/15/38) | 200 | 240,269 | ||||||
4.15%, 05/15/48 (Call 11/15/47) | 1,270 | 1,612,372 | ||||||
|
| |||||||
22,995,295 | ||||||||
Software — 2.7% | ||||||||
Activision Blizzard Inc., 4.50%, 06/15/47 (Call 12/15/46) | 595 | 748,598 | ||||||
Fidelity National Information Services Inc., | 65 | 84,630 | ||||||
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49) | 1,765 | 2,111,884 | ||||||
Microsoft Corp. | ||||||||
3.45%, 08/08/36 (Call 02/08/36) | 1,135 | 1,310,225 | ||||||
3.50%, 02/12/35 (Call 08/12/34) | 1,010 | 1,174,973 | ||||||
3.50%, 11/15/42(b) | 730 | 851,556 | ||||||
3.70%, 08/08/46 (Call 02/08/46) | 2,735 | 3,320,814 | ||||||
3.75%, 05/01/43 (Call 11/01/42) | 375 | 448,080 | ||||||
3.75%, 02/12/45 (Call 08/12/44) | 1,405 | 1,707,260 | ||||||
3.95%, 08/08/56 (Call 02/08/56) | 2,400 | 3,052,101 | ||||||
4.00%, 02/12/55 (Call 08/12/54) | 1,650 | 2,088,106 | ||||||
4.10%, 02/06/37 (Call 08/06/36) | 1,755 | 2,176,807 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Software (continued) | ||||||||
4.20%, 11/03/35 (Call 05/03/35) | $ | 1,245 | $ | 1,554,973 | ||||
4.25%, 02/06/47 (Call 08/06/46) | 1,386 | 1,817,842 | ||||||
4.45%, 11/03/45 (Call 05/03/45) | 2,279 | 3,047,076 | ||||||
4.50%, 10/01/40 | 1,340 | 1,750,163 | ||||||
4.50%, 02/06/57 (Call 08/06/56) | 1,900 | 2,640,326 | ||||||
4.75%, 11/03/55 (Call 05/03/55)(b) | 630 | 899,945 | ||||||
4.88%, 12/15/43 (Call 06/15/43) | 580 | 802,904 | ||||||
5.20%, 06/01/39 | 807 | 1,150,812 | ||||||
5.30%, 02/08/41 | 1,025 | 1,479,052 | ||||||
Oracle Corp. | ||||||||
3.25%, 05/15/30 (Call 02/15/30)(b) | 950 | 1,053,493 | ||||||
3.80%, 11/15/37 (Call 05/15/37) | 2,690 | 3,109,199 | ||||||
3.85%, 07/15/36 (Call 01/15/36) | 1,185 | 1,372,560 | ||||||
3.90%, 05/15/35 (Call 11/15/34) | 1,615 | 1,886,073 | ||||||
4.00%, 07/15/46 (Call 01/15/46)(b) | 1,690 | 2,011,508 | ||||||
4.00%, 11/15/47 (Call 05/15/47) | 2,025 | 2,451,025 | ||||||
4.13%, 05/15/45 (Call 11/15/44) | 1,135 | 1,380,994 | ||||||
4.30%, 07/08/34 (Call 01/08/34) | 1,698 | 2,083,993 | ||||||
4.38%, 05/15/55 (Call 11/15/54) | 1,224 | 1,561,499 | ||||||
4.50%, 07/08/44 (Call 01/08/44) | 570 | 723,755 | ||||||
5.38%, 07/15/40(b) | 1,240 | 1,704,628 | ||||||
6.13%, 07/08/39 | 1,165 | 1,737,681 | ||||||
6.50%, 04/15/38 | 866 | 1,316,253 | ||||||
|
| |||||||
56,610,788 | ||||||||
Telecommunications — 7.2% | ||||||||
America Movil SAB de CV | ||||||||
4.38%, 07/16/42(b) | 753 | 920,072 | ||||||
4.38%, 04/22/49 (Call 10/22/48) | 1,250 | 1,563,672 | ||||||
6.13%, 11/15/37 | 125 | 177,969 | ||||||
6.13%, 03/30/40 | 1,526 | 2,229,318 | ||||||
6.38%, 03/01/35(b) | 400 | 573,000 | ||||||
AT&T Inc. | ||||||||
4.30%, 12/15/42 (Call 06/15/42) | 1,235 | 1,385,666 | ||||||
4.35%, 06/15/45 (Call 12/15/44) | 1,925 | 2,169,374 | ||||||
4.50%, 05/15/35 (Call 11/15/34) | 2,345 | 2,731,062 | ||||||
4.50%, 03/09/48 (Call 09/09/47)(b) | 4,395 | 5,038,408 | ||||||
4.55%, 03/09/49 (Call 09/09/48) | 1,695 | 1,963,370 | ||||||
4.65%, 06/01/44 (Call 12/01/43) | 635 | 715,347 | ||||||
4.75%, 05/15/46 (Call 11/15/45) | 2,185 | 2,562,768 | ||||||
4.80%, 06/15/44 (Call 12/15/43) | 1,800 | 2,129,344 | ||||||
4.85%, 03/01/39 (Call 09/01/38)(b) | 1,881 | 2,256,834 | ||||||
4.85%, 07/15/45 (Call 01/15/45) | 836 | 975,715 | ||||||
4.90%, 08/15/37 (Call 02/14/37) | 1,155 | 1,379,710 | ||||||
4.90%, 06/15/42(b) | 475 | 560,460 | ||||||
5.15%, 03/15/42 | 1,115 | 1,360,094 | ||||||
5.15%, 11/15/46 (Call 05/15/46) | 1,285 | 1,590,186 | ||||||
5.15%, 02/15/50 (Call 08/14/49)(b) | 2,254 | 2,798,245 | ||||||
5.25%, 03/01/37 (Call 09/01/36) | 1,620 | 2,004,738 | ||||||
5.30%, 08/15/58 (Call 02/14/58)(b) | 865 | 1,125,463 | ||||||
5.35%, 09/01/40 | 1,605 | 2,041,584 | ||||||
5.35%, 12/15/43 | 225 | 277,864 | ||||||
5.38%, 10/15/41 | 440 | 544,691 | ||||||
5.45%, 03/01/47 (Call 09/01/46) | 1,285 | 1,669,761 | ||||||
5.55%, 08/15/41 | 411 | 531,909 | ||||||
5.65%, 02/15/47 (Call 08/15/46) | 1,110 | 1,481,306 | ||||||
5.70%, 03/01/57 (Call 09/01/56) | 704 | 971,478 | ||||||
6.00%, 08/15/40 (Call 05/15/40) | 1,155 | 1,555,712 | ||||||
6.10%, 07/15/40 | 100 | 134,340 | ||||||
6.15%, 09/15/34 | 50 | 67,019 | ||||||
6.20%, 03/15/40 | 100 | 135,432 |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
6.25%, 03/29/41 | $ | 250 | $ | 337,260 | ||||
6.30%, 01/15/38 | 100 | 138,079 | ||||||
6.35%, 03/15/40 | 1,486 | 2,043,906 | ||||||
6.38%, 03/01/41 | 1,089 | 1,483,029 | ||||||
6.45%, 06/15/34 | 25 | 33,157 | ||||||
6.55%, 02/15/39 | 350 | 496,657 | ||||||
Bell Canada Inc. | ||||||||
4.30%, 07/29/49 (Call 01/29/49) | 850 | 1,029,659 | ||||||
4.46%, 04/01/48 (Call 10/01/47)(b) | 874 | 1,087,405 | ||||||
British Telecommunications PLC | ||||||||
4.25%, 11/08/49 (Call 05/08/49)(a) | 605 | 652,117 | ||||||
9.63%, 12/15/30 | 2,697 | 4,273,784 | ||||||
Cisco Systems Inc. | ||||||||
5.50%, 01/15/40 | 1,430 | 2,080,490 | ||||||
5.90%, 02/15/39 | 1,840 | 2,737,808 | ||||||
Corning Inc. | ||||||||
3.90%, 11/15/49 (Call 05/15/49) | 649 | 686,293 | ||||||
4.38%, 11/15/57 (Call 05/15/57) | 380 | 414,125 | ||||||
4.70%, 03/15/37 | 165 | 193,460 | ||||||
4.75%, 03/15/42 | 535 | 619,366 | ||||||
5.35%, 11/15/48 (Call 05/15/48)(b) | 440 | 567,837 | ||||||
5.45%, 11/15/79 (Call 05/15/79) | 1,100 | 1,227,467 | ||||||
5.75%, 08/15/40 | 250 | 320,696 | ||||||
5.85%, 11/15/68 (Call 05/15/68) | 50 | 61,298 | ||||||
7.25%, 08/15/36 (Call 08/15/26) | 100 | 125,899 | ||||||
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a) | 600 | 634,533 | ||||||
Deutsche Telekom International Finance BV | ||||||||
4.75%, 06/21/38 (Call 12/21/37)(a) | 650 | 809,606 | ||||||
4.88%, 03/06/42(a) | 345 | 443,185 | ||||||
8.75%, 06/15/30 | 2,985 | 4,521,906 | ||||||
9.25%, 06/01/32 | 564 | 932,981 | ||||||
Juniper Networks Inc., 5.95%, 03/15/41 | 440 | 542,593 | ||||||
Motorola Solutions Inc., 5.50%, 09/01/44(b) | 705 | 835,379 | ||||||
Ooredoo International Finance Ltd., | 520 | 622,863 | ||||||
Orange SA | ||||||||
5.38%, 01/13/42(b) | 580 | 807,938 | ||||||
5.50%, 02/06/44 (Call 08/06/43) | 510 | 743,269 | ||||||
9.00%, 03/01/31 | 3,077 | 4,930,723 | ||||||
Rogers Communications Inc. | ||||||||
3.70%, 11/15/49 (Call 05/15/49) | 815 | 889,487 | ||||||
4.30%, 02/15/48 (Call 08/15/47) | 970 | 1,145,821 | ||||||
4.35%, 05/01/49 (Call 11/01/48) | 788 | 935,076 | ||||||
4.50%, 03/15/43 (Call 09/15/42) | 695 | 823,081 | ||||||
5.00%, 03/15/44 (Call 09/15/43)(b) | 615 | 793,046 | ||||||
5.45%, 10/01/43 (Call 04/01/43) | 294 | 393,908 | ||||||
7.50%, 08/15/38 | 240 | 375,690 | ||||||
SES Global Americas Holdings GP, | 935 | 1,069,498 | ||||||
Telefonica Emisiones SA | ||||||||
4.67%, 03/06/38 | 620 | 718,561 | ||||||
4.90%, 03/06/48 | 920 | 1,119,077 | ||||||
5.21%, 03/08/47 | 2,330 | 2,862,823 | ||||||
5.52%, 03/01/49 (Call 09/01/48) | 505 | 656,952 | ||||||
7.05%, 06/20/36 | 1,685 | 2,429,341 | ||||||
Telefonica Europe BV, 8.25%, 09/15/30(b) | 2,230 | 3,296,823 | ||||||
TELUS Corp. | ||||||||
4.30%, 06/15/49 (Call 12/15/48)(b) | 765 | 943,205 | ||||||
4.60%, 11/16/48 (Call 05/16/48) | 615 | 791,481 | ||||||
Verizon Communications Inc. | ||||||||
3.85%, 11/01/42 (Call 05/01/42) | 1,235 | 1,399,429 | ||||||
4.13%, 08/15/46 | 1,250 | 1,510,720 |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Telecommunications (continued) | ||||||||
4.27%, 01/15/36 | $ | 2,690 | $ | 3,231,020 | ||||
4.40%, 11/01/34 (Call 05/01/34) | 2,035 | 2,485,966 | ||||||
4.50%, 08/10/33 | 3,340 | 4,095,372 | ||||||
4.52%, 09/15/48 | 3,410 | 4,410,202 | ||||||
4.67%, 03/15/55 | 485 | 646,273 | ||||||
4.75%, 11/01/41(b) | 2,033 | 2,648,440 | ||||||
4.81%, 03/15/39(b) | 1,175 | 1,507,262 | ||||||
4.86%, 08/21/46 | 2,052 | 2,708,745 | ||||||
5.01%, 04/15/49(b) | 3,605 | 4,976,251 | ||||||
5.25%, 03/16/37(b) | 2,030 | 2,711,814 | ||||||
5.50%, 03/16/47 | 1,395 | 2,040,828 | ||||||
6.55%, 09/15/43 | 1,120 | 1,760,673 | ||||||
7.75%, 12/01/30 | 125 | 185,355 | ||||||
Vodafone Group PLC | ||||||||
4.25%, 09/17/50 | 1,730 | 1,903,954 | ||||||
4.38%, 02/19/43 | 1,300 | 1,496,862 | ||||||
4.88%, 06/19/49(b) | 1,095 | 1,313,165 | ||||||
5.00%, 05/30/38 | 640 | 783,782 | ||||||
5.13%, 06/19/59(b) | 90 | 109,782 | ||||||
5.25%, 05/30/48 | 2,179 | 2,746,995 | ||||||
6.15%, 02/27/37 | 1,873 | 2,598,244 | ||||||
6.25%, 11/30/32 | 620 | 841,400 | ||||||
7.88%, 02/15/30 | 575 | 828,653 | ||||||
|
| |||||||
152,241,736 | ||||||||
Toys, Games & Hobbies — 0.0% | ||||||||
Hasbro Inc. | ||||||||
5.10%, 05/15/44 (Call 11/15/43)(b) | 465 | 508,181 | ||||||
6.35%, 03/15/40 | 330 | 414,354 | ||||||
|
| |||||||
922,535 | ||||||||
Transportation — 3.3% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
3.90%, 08/01/46 (Call 02/01/46) | 625 | 734,281 | ||||||
4.05%, 06/15/48 (Call 12/15/47) | 535 | 646,065 | ||||||
4.13%, 06/15/47 (Call 12/15/46) | 174 | 210,902 | ||||||
4.15%, 04/01/45 (Call 10/01/44) | 1,315 | 1,575,992 | ||||||
4.15%, 12/15/48 (Call 06/15/48) | 550 | 668,236 | ||||||
4.38%, 09/01/42 (Call 03/01/42) | 525 | 645,060 | ||||||
4.40%, 03/15/42 (Call 09/15/41) | 815 | 1,003,639 | ||||||
4.45%, 03/15/43 (Call 09/15/42) | 606 | 743,491 | ||||||
4.55%, 09/01/44 (Call 03/01/44) | 955 | 1,185,188 | ||||||
4.70%, 09/01/45 (Call 03/01/45) | 885 | 1,135,237 | ||||||
4.90%, 04/01/44 (Call 10/01/43) | 650 | 859,224 | ||||||
4.95%, 09/15/41 (Call 03/15/41) | 434 | 566,239 | ||||||
5.05%, 03/01/41 (Call 09/01/40) | 201 | 265,247 | ||||||
5.15%, 09/01/43 (Call 03/01/43) | 655 | 885,890 | ||||||
5.40%, 06/01/41 (Call 12/01/40)(b) | 240 | 329,327 | ||||||
5.75%, 05/01/40 (Call 11/01/39) | 815 | 1,168,546 | ||||||
6.15%, 05/01/37 | 475 | 689,802 | ||||||
6.20%, 08/15/36 | 200 | 286,408 | ||||||
7.95%, 08/15/30 | 83 | 125,889 | ||||||
Canadian National Railway Co. | ||||||||
3.20%, 08/02/46 (Call 02/02/46) | 300 | 330,770 | ||||||
3.65%, 02/03/48 (Call 08/03/47) | 1,345 | 1,539,675 | ||||||
4.45%, 01/20/49 (Call 07/20/48) | 520 | 677,379 | ||||||
4.50%, 11/07/43 (Call 05/07/43) | 50 | 63,095 | ||||||
6.20%, 06/01/36 | 475 | 694,438 | ||||||
6.25%, 08/01/34 | 186 | 271,300 | ||||||
6.38%, 11/15/37 | 395 | 596,957 | ||||||
6.71%, 07/15/36 | 425 | 638,371 |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
Canadian Pacific Railway Co. | ||||||||
4.80%, 09/15/35 (Call 03/15/35) | $ | 267 | $ | 342,904 | ||||
4.80%, 08/01/45 (Call 02/01/45) | 420 | 566,652 | ||||||
5.75%, 03/15/33(b) | 850 | 1,133,620 | ||||||
5.95%, 05/15/37 | 106 | 153,083 | ||||||
6.13%, 09/15/2115 (Call 03/15/2115) | 878 | 1,422,617 | ||||||
7.13%, 10/15/31 | 230 | 336,773 | ||||||
CSX Corp. | ||||||||
2.40%, 02/15/30 (Call 11/15/29) | 250 | 254,742 | ||||||
3.35%, 09/15/49 (Call 03/15/49) | 650 | 681,647 | ||||||
3.80%, 11/01/46 (Call 05/01/46) | 578 | 647,153 | ||||||
3.95%, 05/01/50 (Call 11/01/49) | 210 | 243,386 | ||||||
4.10%, 03/15/44 (Call 09/15/43) | 450 | 517,358 | ||||||
4.25%, 11/01/66 (Call 05/01/66) | 631 | 721,817 | ||||||
4.30%, 03/01/48 (Call 09/01/47) | 1,246 | 1,507,909 | ||||||
4.40%, 03/01/43 (Call 09/01/42) | 425 | 508,878 | ||||||
4.50%, 03/15/49 (Call 09/15/48) | 630 | 789,779 | ||||||
4.50%, 08/01/54 (Call 02/01/54) | 200 | 248,073 | ||||||
4.65%, 03/01/68 (Call 09/01/67) | 220 | 270,467 | ||||||
4.75%, 05/30/42 (Call 11/30/41) | 636 | 796,353 | ||||||
4.75%, 11/15/48 (Call 05/15/48) | 85 | 110,016 | ||||||
5.50%, 04/15/41 (Call 10/15/40) | 400 | 536,397 | ||||||
6.00%, 10/01/36 | 724 | 991,848 | ||||||
6.15%, 05/01/37 | 533 | 742,682 | ||||||
6.22%, 04/30/40 | 595 | 869,035 | ||||||
Empresa de Transporte de Pasajeros Metro SA, 5.00%, 01/25/47 (Call 07/25/46)(a) | 400 | 475,000 | ||||||
FedEx Corp. | ||||||||
3.88%, 08/01/42 | 260 | 262,752 | ||||||
3.90%, 02/01/35 | 915 | 995,101 | ||||||
4.05%, 02/15/48 (Call 08/15/47) | 1,210 | 1,228,674 | ||||||
4.10%, 04/15/43 | 177 | 183,823 | ||||||
4.10%, 02/01/45 | 608 | 622,015 | ||||||
4.40%, 01/15/47 (Call 07/15/46) | 675 | 716,622 | ||||||
4.50%, 02/01/65 | 25 | 25,777 | ||||||
4.55%, 04/01/46 (Call 10/01/45) | 659 | 722,900 | ||||||
4.75%, 11/15/45 (Call 05/15/45). | 1,040 | 1,173,981 | ||||||
4.90%, 01/15/34 | 555 | 663,446 | ||||||
4.95%, 10/17/48 (Call 04/17/48) | 481 | 547,972 | ||||||
5.10%, 01/15/44 | 685 | 802,748 | ||||||
Kansas City Southern | ||||||||
4.20%, 11/15/69 (Call 05/15/69) | 560 | 675,803 | ||||||
4.30%, 05/15/43 (Call 11/15/42) | 165 | 200,025 | ||||||
4.95%, 08/15/45 (Call 02/15/45) | 270 | 352,802 | ||||||
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a) | 218 | 256,944 | ||||||
Norfolk Southern Corp. | ||||||||
3.40%, 11/01/49 (Call 05/01/49) | 865 | 943,278 | ||||||
3.94%, 11/01/47 (Call 05/01/47) | 885 | 1,031,460 | ||||||
3.95%, 10/01/42 (Call 04/01/42) | 170 | 198,513 | ||||||
4.05%, 08/15/52 (Call 02/15/52) | 917 | 1,091,141 | ||||||
4.10%, 05/15/49 (Call 11/15/48) | 395 | 474,400 | ||||||
4.15%, 02/28/48 (Call 08/28/47)(b) | 655 | 802,571 | ||||||
4.45%, 06/15/45 (Call 12/15/44) | 360 | 447,445 | ||||||
4.65%, 01/15/46 (Call 07/15/45) | 520 | 668,147 | ||||||
4.84%, 10/01/41 | 845 | 1,096,027 | ||||||
5.10%, 08/01/2118 (Call 02/01/2118) | 385 | 504,808 | ||||||
Pelabuhan Indonesia II PT, 5.38%, 05/05/45(a)(b) | 400 | 470,000 | ||||||
Polar Tankers Inc., 5.95%, 05/10/37(a) | 30 | 38,984 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) | Value | ||||||
Transportation (continued) | ||||||||
TTX Co. | ||||||||
4.20%, 07/01/46 (Call 01/01/46)(a) | $ | 250 | $ | 304,440 | ||||
4.60%, 02/01/49 (Call 08/01/48)(a) | 250 | 338,101 | ||||||
Union Pacific Corp. | ||||||||
3.35%, 08/15/46 (Call 02/15/46) | 270 | 278,939 | ||||||
3.38%, 02/01/35 (Call 08/01/34) | 575 | 634,266 | ||||||
3.55%, 08/15/39 (Call 02/15/39) | 1,310 | 1,433,576 | ||||||
3.60%, 09/15/37 (Call 03/15/37)(b) | 650 | 719,504 | ||||||
3.80%, 10/01/51 (Call 04/01/51) | 400 | 450,183 | ||||||
3.84%, 03/20/60 (Call 09/20/59)(a) | 1,221 | 1,341,093 | ||||||
3.88%, 02/01/55 (Call 08/01/54) | 375 | 412,624 | ||||||
3.95%, 08/15/59 (Call 02/15/59) | 25 | 28,251 | ||||||
4.00%, 04/15/47 (Call 10/15/46)(b) | 150 | 171,149 | ||||||
4.05%, 11/15/45 (Call 05/15/45) | 500 | 574,595 | ||||||
4.05%, 03/01/46 (Call 09/01/45) | 695 | 790,217 | ||||||
4.10%, 09/15/67 (Call 03/15/67) | 570 | 657,079 | ||||||
4.15%, 01/15/45 (Call 07/15/44) | 405 | 468,052 | ||||||
4.25%, 04/15/43 (Call 10/15/42) | 331 | 383,545 | ||||||
4.30%, 06/15/42 (Call 12/15/41) | 150 | 177,438 | ||||||
4.30%, 03/01/49 (Call 09/01/48) | 778 | 939,558 | ||||||
4.38%, 09/10/38 (Call 03/10/38) | 734 | 876,389 | ||||||
4.38%, 11/15/65 (Call 05/15/65) | 981 | 1,172,183 | ||||||
4.50%, 09/10/48 (Call 03/10/48) | 645 | 788,894 | ||||||
United Parcel Service Inc. | ||||||||
3.40%, 11/15/46 (Call 05/15/46) | 180 | 186,793 | ||||||
3.40%, 09/01/49 (Call 03/01/49) | 650 | 683,905 | ||||||
3.63%, 10/01/42 | 445 | 486,136 | ||||||
3.75%, 11/15/47 (Call 05/15/47) | 605 | 673,250 | ||||||
4.25%, 03/15/49 (Call 09/15/48) | 1,265 | 1,525,674 | ||||||
4.88%, 11/15/40 (Call 05/15/40) | 430 | 549,476 | ||||||
6.20%, 01/15/38 | 1,085 | 1,592,855 | ||||||
United Parcel Service of America Inc., | 30 | 44,104 | ||||||
|
| |||||||
69,285,265 | ||||||||
Trucking & Leasing —0.0% | ||||||||
GATX Corp. | ||||||||
4.50%, 03/30/45 (Call 09/30/44)(b) | 150 | 169,600 | ||||||
5.20%, 03/15/44 (Call 09/15/43) | 185 | 234,988 | ||||||
|
| |||||||
404,588 | ||||||||
Water — 0.2% | ||||||||
American Water Capital Corp. | ||||||||
3.75%, 09/01/47 (Call 03/01/47) | 1,005 | 1,144,597 | ||||||
4.00%, 12/01/46 (Call 06/01/46) | 195 | 228,099 |
Security | Par/ Shares (000) | Value | ||||||
Water (continued) | ||||||||
4.15%, 06/01/49 (Call 12/01/48) | $ | 265 | $ | 320,652 | ||||
4.20%, 09/01/48 (Call 03/01/48)(b) | 629 | 754,258 | ||||||
4.30%, 12/01/42 (Call 06/01/42) | 146 | 179,064 | ||||||
4.30%, 09/01/45 (Call 03/01/45) | 445 | 544,648 | ||||||
6.59%, 10/15/37 | 395 | 602,610 | ||||||
Essential Utilities Inc., 4.28%, 05/01/49 | 310 | 375,647 | ||||||
Veolia Environnement SA, 6.75%, 06/01/38 | 118 | 176,951 | ||||||
|
| |||||||
4,326,526 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 97.7% | 2,072,645,845 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 8.8% | ||||||||
BlackRock Cash Funds: Institutional, | 158,179 | 158,289,593 | ||||||
BlackRock Cash Funds: Treasury, | 29,587 | 29,587,000 | ||||||
|
| |||||||
187,876,593 | ||||||||
|
| |||||||
Total Short-Term Investments — 8.8% |
| 187,876,593 | ||||||
|
| |||||||
Total Investments in Securities — 106.5% |
| 2,260,522,438 | ||||||
Other Assets, Less Liabilities — (6.5)% |
| (138,508,531 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 2,122,013,907 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(d) | Perpetual security with no stated maturity date. |
(e) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(f) | Zero-coupon bond. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period-end. |
(i) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the year ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 02/28/19 (000) | | | Net Activity (000) | | | Shares Held at 02/29/20 (000) | | | Value at 02/29/20 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||
BlackRock Cash Funds: Institutional, | 44,702 | 113,477 | 158,179 | $ | 158,289,593 | $ | 284,172 | (b) | $ | 1,707 | $ | 42,049 | ||||||||||||||||
BlackRock Cash Funds: Treasury, | 5,363 | 24,224 | 29,587 | 29,587,000 | 473,534 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 187,876,593 | $ | 757,706 | $ | 1,707 | $ | 42,049 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (continued) February 29, 2020 | iShares® Long-Term Corporate Bond ETF |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 2,072,645,845 | $ | — | $ | 2,072,645,845 | ||||||||
Money Market Funds | 187,876,593 | — | — | 187,876,593 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 187,876,593 | $ | 2,072,645,845 | $ | — | $ | 2,260,522,438 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
SCHEDULE OF INVESTMENTS |
Statement of Assets and Liabilities
February 29, 2020
iShares Long-Term Corporate Bond ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 2,072,645,845 | ||
Affiliated(c) | 187,876,593 | |||
Cash | 11,808 | |||
Receivables: | ||||
Investments sold | 16,646,585 | |||
Securities lending income — Affiliated | 32,201 | |||
Capital shares sold | 1,195,602 | |||
Dividends | 35,439 | |||
Interest | 22,712,184 | |||
|
| |||
Total assets | 2,301,156,257 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 158,222,908 | |||
Payables: | ||||
Investments purchased | 20,826,581 | |||
Investment advisory fees | 92,861 | |||
|
| |||
Total liabilities | 179,142,350 | |||
|
| |||
NET ASSETS | $ | 2,122,013,907 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 1,951,634,615 | ||
Accumulated earnings | 170,379,292 | |||
|
| |||
NET ASSETS | $ | 2,122,013,907 | ||
|
| |||
Shares outstanding | 30,200,000 | |||
|
| |||
Net asset value | $ | 70.27 | ||
|
| |||
Shares authorized | Unlimited | |||
|
| |||
Par value | None | |||
|
| |||
(a) Securities loaned, at value | $ | 153,995,630 | ||
(b) Investments, at cost — Unaffiliated | $ | 1,895,357,831 | ||
(c) Investments, at cost — Affiliated | $ | 187,818,153 |
See notes to financial statements.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Statement of Operations
Year Ended February 29, 2020
iShares Long-Term Corporate Bond ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Affiliated | $ | 473,534 | ||
Interest — Unaffiliated | 55,461,138 | |||
Securities lending income — Affiliated — net | 284,172 | |||
Other income — Unaffiliated | 96,633 | |||
|
| |||
Total investment income | 56,315,477 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 821,007 | |||
|
| |||
Total expenses | 821,007 | |||
|
| |||
Net investment income | 55,494,470 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | 5,373,896 | |||
Investments — Affiliated | 1,707 | |||
In-kind redemptions — Unaffiliated | 40,159,836 | |||
|
| |||
Net realized gain | 45,535,439 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | 200,365,084 | |||
Investments — Affiliated | 42,049 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | 200,407,133 | |||
|
| |||
Net realized and unrealized gain | 245,942,572 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 301,437,042 | ||
|
|
See notes to financial statements.
FINANCIAL STATEMENTS |
Statements of Changes in Net Assets
iShares Long-Term Corporate Bond ETF | ||||||||
Year Ended 02/29/20 | Year Ended 02/28/19 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 55,494,470 | $ | 26,509,461 | ||||
Net realized gain (loss) | 45,535,439 | (15,176,798 | ) | |||||
Net change in unrealized appreciation (depreciation) | 200,407,133 | (9,689,781 | ) | |||||
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| |||||
Net increase in net assets resulting from operations | 301,437,042 | 1,642,882 | ||||||
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| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (51,645,393 | ) | (26,801,451 | ) | ||||
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| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | 1,283,334,387 | (100,635,843 | ) | |||||
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| |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | 1,533,126,036 | (125,794,412 | ) | |||||
Beginning of year | 588,887,871 | 714,682,283 | ||||||
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| |||||
End of year | $ | 2,122,013,907 | $ | 588,887,871 | ||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
(For a share outstanding throughout each period)
iShares Long-Term Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||
Year Ended 02/29/20 | Year Ended 02/28/19 | Year Ended 02/28/18 | Year Ended 02/28/17 | Year Ended 02/29/16 | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 57.73 | $ | 60.06 | $ | 59.77 | $ | 56.51 | $ | 62.53 | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||
Net investment income(a) | 2.54 | 2.56 | 2.48 | 2.48 | 2.55 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 12.48 | (2.31 | ) | 0.30 | 3.25 | (6.02 | ) | |||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | 15.02 | 0.25 | 2.78 | 5.73 | (3.47 | ) | ||||||||||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | (2.48 | ) | (2.58 | ) | (2.49 | ) | (2.47 | ) | (2.55 | ) | ||||||||||||||||||||||||||||||
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Total distributions | (2.48 | ) | (2.58 | ) | (2.49 | ) | (2.47 | ) | (2.55 | ) | ||||||||||||||||||||||||||||||
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Net asset value, end of year | $ | 70.27 | $ | 57.73 | $ | 60.06 | $ | 59.77 | | $ | 56.51 | |||||||||||||||||||||||||||||
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Total Return | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 26.50 | % | 0.53 | % | 4.65 | % | 10.21 | % | (5.53 | )% | ||||||||||||||||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.06 | % | 0.11 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||||||||||||
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Total expenses after fees waived | 0.06 | % | 0.10 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||||||||||||
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Net investment income | 3.89 | % | 4.44 | % | 4.05 | % | 4.10 | % | 4.40 | % | ||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) | $ | 2,122,014 | $ | 588,888 | $ | 714,682 | $ | 830,758 | $ | 785,548 | ||||||||||||||||||||||||||||||
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Portfolio turnover rate(d) | 15 | % | 24 | % | 12 | % | 10 | % | 11 | % | ||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS |
Notes to Financial Statements
1. | ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |||
Long-Term Corporate Bond | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.
In-kind Redemptions:For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.
Recent Accounting Standards:The Fund has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis beginning with the fiscal period ended February 29, 2020. The cost basis of securities at February 28, 2019 has been adjusted to $645,281,461.
This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Fund.
Indemnifications:In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
• | Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 29, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 29, 2020 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
NOTESTO FINANCIAL STATEMENTS |
Notes to Financial Statements (continued)
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 29, 2020:
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
Long-Term Corporate Bond | ||||||||||||||||
Barclays Bank PLC | $ | 10,503,625 | $ | 10,503,625 | $ | — | $ | — | ||||||||
BNP Paribas Prime Brokerage International Ltd. | 9,366,479 | 9,366,479 | — | — | ||||||||||||
BofA Securities, Inc. | 6,344,134 | 6,344,134 | — | — | ||||||||||||
Citadel Clearing LLC | 10,405,676 | 10,405,676 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 4,375,595 | 4,375,595 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 12,252,044 | 12,252,044 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 555,000 | 555,000 | — | — | ||||||||||||
Goldman Sachs & Co. | 28,455,748 | 28,455,748 | — | — | ||||||||||||
HSBC Securities (USA) Inc. | 8,415,217 | 8,415,217 | — | — | ||||||||||||
JPMorgan Securities LLC | 8,201,441 | 8,201,441 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 16,998,720 | 16,998,720 | — | — | ||||||||||||
MUFG Securities Americas Inc. | 876,807 | 876,807 | — | — | ||||||||||||
Nomura Securities International Inc. | 908,496 | 908,496 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 2,275,158 | 2,275,158 | — | — | ||||||||||||
State Street Bank & Trust Company | 1,685,144 | 1,685,144 | — | — | ||||||||||||
UBS AG | 8,208,795 | 8,208,795 | — | — | ||||||||||||
Wells Fargo Securities LLC | 24,167,551 | 24,167,551 | — | — | ||||||||||||
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| |||||||||
$ | 153,995,630 | $ | 153,995,630 | $ | — | $ | — | |||||||||
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|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |
First $121 billion | 0.0600% | |
Over $121 billion, up to and including $181 billion | 0.0570 | |
Over $181 billion, up to and including $231 billion | 0.0542 | |
Over $231 billion, up to and including $281 billion | 0.0515 | |
Over $281 billion | 0.0489 |
Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in its statement of operations. For the year ended February 29, 2020, the Fund paid BTC $99,688 for securities lending agent services.
Officers and Trustees:Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions:Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended February 29, 2020, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
Long-Term Corporate Bond | $ | 2,697,972 | $ | 9,959,904 | $ | 109,417 |
The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
6. | PURCHASES AND SALES |
For the year ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
Other Securities | ||||||||
iShares ETF | Purchases | Sales | ||||||
Long-Term Corporate Bond | $ | 240,543,225 | $ | 208,041,777 |
For the year ended February 29, 2020, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Long-Term Corporate Bond | $ | 1,631,740,345 | $ | 404,728,540 |
7. | INCOME TAX INFORMATION |
The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Fund as of February 29, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 29, 2020, the following permanent differences attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:
iShares ETF | Paid-in Capital | Accumulated Earnings | ||||||
Long-Term Corporate Bond | $ | 39,363,947 | $ | (39,363,947 | ) |
NOTESTO FINANCIAL STATEMENTS |
Notes to Financial Statements (continued)
The tax character of distributions paid was as follows:
iShares ETF | Year Ended 02/29/20 | Year Ended 02/28/19 | ||||||
Long-Term Corporate Bond | ||||||||
Ordinary income | $ | 51,645,393 | $ | 26,801,451 | ||||
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As of February 29, 2020, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF | | Undistributed Ordinary Income | | | Non-expiring Capital Loss Carryforwards | (a) | | Net Unrealized Gains (Losses) | (b) | Total | ||||||
Long-Term Corporate Bond | $ | 6,191,435 | $ | (11,646,952 | ) | $ | 175,834,809 | $ | 170,379,292 |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, and the classification of investments. |
For the year ended February 29, 2020, the Fund utilized $6,644,117 of its capital loss carryforwards.
As of February 29, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Long-Term Corporate Bond | $ | 2,084,687,629 | $ | 179,140,193 | $ | (3,305,384 | ) | $ | 175,834,809 |
8. | PRINCIPAL RISKS |
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future,
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (continued)
could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its schedule of investments.
9. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.
Transactions in capital shares were as follows:
Year Ended 02/29/20 | Year Ended 02/28/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Long-Term Corporate Bond | ||||||||||||||||
Shares sold | 26,300,000 | $ | 1,702,397,129 | 3,300,000 | $ | 190,580,512 | ||||||||||
Shares redeemed | (6,300,000 | ) | (419,062,742 | ) | (5,000,000 | ) | (291,216,355 | ) | ||||||||
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| |||||||||
Net increase(decrease) | 20,000,000 | $ | 1,283,334,387 | (1,700,000 | ) | $ | (100,635,843 | ) | ||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
10. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.
11. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS |
Report of Independent Registered Public Accounting Firm |
To the Board of Trustees of iShares Trust and
Shareholders of iShares Long-Term Corporate Bond ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Long-Term Corporate Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of February 29, 2020, the related statement of operations for the year ended February 29, 2020, the statement of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 29, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 29, 2020 and the financial highlights for each of the five years in the period ended February 29, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
April 21, 2020
We have served as the auditor of one or more BlackRock investment companies since 2000.
2020ISHARES ANNUAL REPORTTO SHAREHOLDERS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.
©2020 BlackRock, Inc. All rights reserved.iSHARES andBLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1018-0420
APRIL 30, 2020 |
2020 Semi-Annual Report (Unaudited) |
iShares U.S. ETF Trust
· | iShares Interest Rate Hedged Emerging Markets Bond ETF | EMBH | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of April 30, 2020 | iShares® Interest Rate Hedged Emerging Markets Bond ETF |
Investment Objective
TheiShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, emerging market bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares J.P. Morgan USD Emerging Markets Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (15.92 | )% | (16.83 | )% | (0.47 | )% | (16.83 | )% | (2.22 | )% | ||||||||||||||
Fund Market | (16.31 | ) | (17.08 | ) | (0.54 | ) | (17.08 | ) | (2.56 | ) | ||||||||||||||
J.P. Morgan EMBI Global Core Swap Hedged Index | (17.71 | ) | (18.31 | ) | (0.54 | ) | (18.31 | ) | (2.53 | ) |
The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.
The J.P. Morgan EMBI Global Core Swap Hedged Index is an unmanaged index that consists of the J.P. Morgan EMBI® Global Core Index plus interest rate swaps that intend to hedge the interest rate exposure of the J.P. Morgan EMBI® Global Core 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 4 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20 | ) | | Expenses Paid During the Period | (a)(b) | | Beginning Account Value (11/01/19 | ) | | Ending Account Value (04/30/20 | ) | | Expenses Paid During the Period | (a)(b) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 840.80 | $ | 0.46 | $ | 1,000.00 | $ | 1,024.40 | $ | 0.50 | 0.10 | % |
(a) | Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 4 for more information. |
Portfolio Information
Tables shown are for the underlying fund in which the Fund invests.
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aa | 6.8 | % | ||
A | 15.6 | |||
Baa | 32.1 | |||
Ba | 17.1 | |||
B | 18.1 | |||
Caa | 4.2 | |||
Ca | 1.2 | |||
Not Rated | 4.9 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Mexico | 5.2 | % | ||
Indonesia | 5.1 | |||
Saudi Arabia | 4.7 | |||
Russia | 4.4 | |||
Qatar | 4.4 | |||
Philippines | 4.2 | |||
Turkey | 4.1 | |||
China | 3.9 | |||
United Arab Emirates | 3.7 | |||
Brazil | 3.6 |
* | 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. |
FUND SUMMARY | 3 |
Past performance is no guarantee 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 the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions 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.
4 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® Interest Rate Hedged Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 94.6% | ||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)(b) | 47,498 | $ | 4,773,549 | |||||
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Total Investment Companies — 94.6% | 4,773,549 | |||||||
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Short-Term Investments | ||||||||
Money Market Funds — 46.8% | ||||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.89%(a)(c)(d) | 2,311,548 | 2,314,091 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.18%(a)(c) | 49,000 | 49,000 | ||||||
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2,363,091 | ||||||||
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Total Short-Term Investments — 46.8% |
| 2,363,091 | ||||||
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Total Investments in Securities — 141.4% |
| 7,136,640 | ||||||
Other Assets, Less Liabilities — (41.4)% |
| (2,090,811 | ) | |||||
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Net Assets — 100.0% |
| $ | 5,045,829 | |||||
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(a) | Affiliate of the Fund. |
(b) | All or a portion of this security is on loan. |
(c) | Annualized7-day yield as ofperiod-end. |
(d) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 | | | Shares Purchased | | | Shares Sold | | | Shares Held at 04/30/20 | | | Value at 04/30/20 | | �� | Income | | Net Realized Gain (Loss | )(a) | | Change in Unrealized Appreciation (Depreciation | ) | |||||||||
BlackRock Cash Funds: Institutional, | — | 2,311,548(b | ) | — | 2,311,548 | $ | 2,314,091 | $ | 2,600(c | ) | $ | (2,735 | ) | $ | 28 | |||||||||||||||||
BlackRock Cash Funds: Treasury, | 89,000 | — | (40,000 | )(b) | 49,000 | 49,000 | 1,108 | — | — | |||||||||||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 61,823 | 219 | (14,544 | ) | 47,498 | 4,773,549 | 143,369 | 84,397 | (675,832 | ) | ||||||||||||||||||||||
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$ | 7,136,640 | $ | 147,077 | $ | 81,662 | $ | (675,804 | ) | ||||||||||||||||||||||||
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(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Centrally Cleared Interest Rate Swaps
Paid by the Fund | Received by the Fund | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Rate | Frequency | Rate(a) | Frequency | |||||||||||||||||||||||||||||
1.17% | Semi-annual | 0.56% | Quarterly | N/A | 12/08/21 | $ | (1,547 | ) | $ | (20,480 | ) | $ | 598 | $ | (21,078 | ) | ||||||||||||||||
2.38 | Semi-annual | 0.56 | Quarterly | N/A | 01/12/23 | (377 | ) | (20,419 | ) | (19,132 | ) | (1,287 | ) | |||||||||||||||||||
2.46 | Semi-annual | 0.56 | Quarterly | N/A | 01/13/25 | (885 | ) | (85,083 | ) | (8,720 | ) | (76,363 | ) | |||||||||||||||||||
1.44 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/26 | (1 | ) | (62 | ) | 16 | (78 | ) | ||||||||||||||||||||
3.25 | Semi-annual | 0.56 | Quarterly | N/A | 10/18/28 | (1,119 | ) | (248,970 | ) | (81,060 | ) | (167,910 | ) | |||||||||||||||||||
0.77 | Semi-annual | 0.56 | Quarterly | N/A | 04/01/30 | (10 | ) | (124 | ) | 0 | (124 | ) | ||||||||||||||||||||
2.34 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/36 | (435 | ) | (109,347 | ) | (4,488 | ) | (104,859 | ) | |||||||||||||||||||
2.41 | Semi-annual | 0.56 | Quarterly | N/A | 06/19/37 | (14 | ) | (3,778 | ) | (942 | ) | (2,836 | ) | |||||||||||||||||||
0.86 | Semi-annual | 0.56 | Quarterly | N/A | 03/30/45 | (10 | ) | (105 | ) | 0 | (105 | ) | ||||||||||||||||||||
1.77 | Semi-annual | 0.56 | Quarterly | N/A | 12/08/46 | (49 | ) | (11,724 | ) | 10,735 | (22,459 | ) |
SCHEDULE OF INVESTMENTS | 5 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Interest Rate Hedged Emerging Markets Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund | Received by the Fund | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Rate | Frequency | Rate(a) | Frequency | |||||||||||||||||||||||||||||
3.33% | Semi-annual | 0.56% | Quarterly | N/A | 10/26/48 | $ | (258 | ) | $ | (171,334 | ) | $ | (103,236 | ) | $ | (68,098 | ) | |||||||||||||||
0.87 | Semi-annual | 0.56 | Quarterly | N/A | 03/30/50 | (10 | ) | (145 | ) | 0 | (145 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (671,571 | ) | $ | (206,229 | ) | $ | (465,342 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
(a) | Represents3-month LIBOR. Rate shown is the rate in effect as ofperiod-end. |
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Centrally Cleared Swaps(a) | $ | 11,349 | $ | (217,578 | ) | $ | — | $ | (465,342 | ) |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of April 30, 2020, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Interest Rate Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Swaps — centrally cleared | ||||
Unrealized depreciation on centrally cleared swaps(a) | $ | 465,342 | ||
|
|
(a) | Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statement of Operations was as follows:
Interest Rate Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Swaps | $ | (629,554 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Swaps | $ | 127,631 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 6,204,823 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
6 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Interest Rate Hedged Emerging Markets Bond ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 4,773,549 | $ | — | $ | — | $ | 4,773,549 | ||||||||
Money Market Funds | 2,363,091 | — | — | 2,363,091 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
$ | 7,136,640 | $ | — | $ | — | $ | 7,136,640 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Swaps | $ | — | $ | (465,342 | ) | $ | — | $ | (465,342 | ) | ||||||
|
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|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 7 |
Statement of Assets and Liabilities (unaudited)
April 30, 2020
iShares Interest Rate Hedged Emerging Markets Bond ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Affiliated(b) | $ | 7,136,640 | ||
Cash | 1,351 | |||
Cash pledged: | ||||
Centrally cleared swaps | 223,000 | |||
Receivables: | ||||
Investments sold | 346 | |||
Securities lending income — Affiliated | 699 | |||
Variation margin on centrally cleared swaps | 707 | |||
Dividends | 16 | |||
|
| |||
Total assets | 7,362,759 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 2,316,522 | |||
Payables: | ||||
Investment advisory fees | 408 | |||
|
| |||
Total liabilities | 2,316,930 | |||
|
| |||
NET ASSETS | $ | 5,045,829 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 7,000,414 | ||
Accumulated loss | (1,954,585 | ) | ||
|
| |||
NET ASSETS | $ | 5,045,829 | ||
|
| |||
Shares outstanding | 250,000 | |||
|
| |||
Net asset value | $ | 20.18 | ||
|
| |||
Shares authorized | Unlimited | |||
|
| |||
Par value | None | |||
|
| |||
(a) Securities loaned, at value | $ | 2,270,496 | ||
(b) Investments, at cost — Affiliated | $ | 7,603,770 |
See notes to financial statements.
8 | 2020 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement of Operations (unaudited)
Six Months Ended April 30, 2020
iShares Interest Rate Hedged Emerging Markets Bond ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Affiliated | $ | 144,477 | ||
Securities lending income — Affiliated — net | 2,600 | |||
|
| |||
Total investment income | 147,077 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 24,684 | |||
|
| |||
Total expenses | 24,684 | |||
Less: | ||||
Investment advisory fees waived | (21,393 | ) | ||
|
| |||
Total expenses after fees waived | 3,291 | |||
|
| |||
Net investment income | 143,786 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Affiliated | (1,891 | ) | ||
In-kind redemptions — Affiliated | 83,553 | |||
Swaps | (629,554 | ) | ||
|
| |||
Net realized loss | (547,892 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Affiliated | (675,804 | ) | ||
Swaps | 127,631 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | (548,173 | ) | ||
|
| |||
Net realized and unrealized loss | (1,096,065 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (952,279 | ) | |
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 9 |
Statements of Changes in Net Assets
iShares Interest Rate Hedged Emerging Markets Bond ETF | ||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 143,786 | $ | 655,359 | ||||
Net realized loss | (547,892 | ) | (237,999 | ) | ||||
Net change in unrealized appreciation (depreciation) | (548,173 | ) | (105,619 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (952,279 | ) | 311,741 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (122,205 | ) | (631,997 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net decrease in net assets derived from capital share transactions | (1,213,129 | ) | (6,248,772 | ) | ||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total decrease in net assets | (2,287,613 | ) | (6,569,028 | ) | ||||
Beginning of period | 7,333,442 | 13,902,470 | ||||||
|
|
|
| |||||
End of period | $ | 5,045,829 | $ | 7,333,442 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
10 | 2020 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares Interest Rate Hedged Emerging Markets Bond ETF | ||||||||||||||||||||||||||||
| Six Months Ended 04/30/20 (unaudited | ) | | Year Ended 10/31/19 | | | Year Ended 10/31/18 | | | Year Ended 10/31/17 | | | Year Ended 10/31/16 | | | Period From 07/22/15 to 10/31/15 | (a)
| |||||||||||
Net asset value, beginning of period | $ | 24.44 | $ | 25.28 | $ | 26.44 | $ | 25.06 | $ | 24.20 | $ | 25.05 | ||||||||||||||||
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|
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|
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|
|
| |||||||||||||||||
Net investment income(b) | 0.51 | 1.42 | 1.06 | 1.11 | 1.17 | 0.33 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (4.34 | ) | (1.00 | ) | (1.19 | ) | 1.24 | 0.61 | (0.95 | ) | ||||||||||||||||||
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (3.83 | ) | 0.42 | (0.13 | ) | 2.35 | 1.78 | (0.62 | ) | |||||||||||||||||||
|
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| |||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||
From net investment income | (0.43 | ) | (1.26 | ) | (1.03 | ) | (0.97 | ) | (0.89 | ) | (0.23 | ) | ||||||||||||||||
Return of capital | — | — | — | — | (0.03 | ) | (0.00 | )(e) | ||||||||||||||||||||
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|
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|
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| |||||||||||||||||
Total distributions | (0.43 | ) | (1.26 | ) | (1.03 | ) | (0.97 | ) | (0.92 | ) | (0.23 | ) | ||||||||||||||||
|
|
|
|
|
|
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| |||||||||||||||||
Net asset value, end of period | $ | 20.18 | $ | 24.44 | $ | 25.28 | $ | 26.44 | $ | 25.06 | $ | 24.20 | ||||||||||||||||
|
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| |||||||||||||||||
Total Return | ||||||||||||||||||||||||||||
Based on net asset value | (15.92 | )%(f) | 1.72 | % | (0.51 | )% | 9.57 | % | 7.49 | % | (2.43 | )%(f) | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses(g) | 0.75 | %(h) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | %(h) | ||||||||||||||||
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|
| |||||||||||||||||
Total expenses after fees waived(g) | 0.10 | %(h) | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.12 | %(h) | ||||||||||||||||
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|
| |||||||||||||||||
Net investment income | 4.37 | %(h) | 5.71 | % | 4.07 | % | 4.32 | % | 4.82 | % | 4.86 | %(h) | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,046 | $ | 7,333 | $ | 13,902 | $ | 2,644 | $ | 2,506 | $ | 2,420 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(i)(j) | 0 | %(f)(k) | 3 | % | 0 | %(k) | 2 | % | 3 | % | 0 | %(f) | ||||||||||||||||
|
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|
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|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Rounds to less than $0.01. |
(f) | Not annualized. |
(g) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(h) | Annualized. |
(i) | Portfolio turnover rate excludesin-kind transactions. |
(j) | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
(k) | Rounds to less than 1%. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 11 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |||
Interest Rate Hedged Emerging Markets Bond | Diversified |
Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedule of investments for the underlying fund are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on theex-dividend date. Interest income is accrued daily.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions:Dividends and distributions paid by the Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.
Indemnifications:In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
• | Exchange-traded funds andclosed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if
12 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and is disclosed in the schedule of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:
iShares ETF and Counterparty | Market Value of Securities on Loan | Cash Collateral Received(a) | Non-Cash Collateral Received | Net Amount | ||||||||||||
Interest Rate Hedged Emerging Markets Bond | ||||||||||||||||
Credit Suisse AG | $ | 20,100 | $ | 20,100 | $ | — | $ | — | ||||||||
JPMorgan Securities LLC | 2,250,396 | 2,250,396 | — | — | ||||||||||||
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|
|
|
| |||||||||
$ | 2,270,496 | $ | 2,270,496 | $ | — | $ | — | |||||||||
|
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|
|
|
|
|
|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities. |
NOTESTO FINANCIAL STATEMENTS | 13 |
Notes to Financial Statements (unaudited) (continued)
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Swaps:Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate swaps are used by the Fund to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund.
Swap agreements are privately negotiated in theover-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). The Fund enters into centrally cleared swaps.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is shown as cash pledged for centrally cleared swaps on the statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the operations.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.75%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Expense Waivers:A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”), after taking into account any fee waivers by EMB, plus 0.10%.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
14 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended April 30, 2020, the Fund paid BTC $764 for securities lending agent services.
Officers and Trustees:Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
7. | PURCHASES AND SALES |
For the six months ended April 30, 2020, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Interest Rate Hedged Emerging Markets Bond | $ | 25,045 | $ | 512,270 |
For the six months ended April 30, 2020,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Interest Rate Hedged Emerging Markets Bond | $ | — | $ | 1,170,883 |
8. | INCOME TAX INFORMATION |
The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.
As of October 31, 2019, the Fund hadnon-expiring capital loss carryforwards available to offset future realized capital gains of $493,536.
As of April 30, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Interest Rate Hedged Emerging Markets Bond | $ | 7,606,036 | $ | 28 | $ | (934,766 | ) | $ | (934,738 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic
NOTESTO FINANCIAL STATEMENTS | 15 |
Notes to Financial Statements (unaudited) (continued)
may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its schedule of investments.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Interest Rate Hedged Emerging Markets Bond | ||||||||||||||||
Shares sold | — | $ | — | 50,000 | $ | 1,228,056 | ||||||||||
Shares redeemed | (50,000 | ) | (1,213,129 | ) | (300,000 | ) | (7,476,828 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (50,000 | ) | $ | (1,213,129 | ) | (250,000 | ) | $ | (6,248,772 | ) | ||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
11. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF)filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.
12. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
16 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement Regarding Liquidity Risk Management Program (unaudited)
The Securities and Exchange Commission adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Trustees (the “Board”) of iShares Interest Rate Hedged Emerging Markets Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for anopen-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements.The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants.The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio.In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM | 17 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Interest Rate Hedged Emerging Markets Bond | $ | 0.428114 | $ | — | $ | — | $ | 0.428114 | 100 | % | — | % | — | % | 100 | % |
18 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Fund’s FormsN-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
GENERAL INFORMATION | 19 |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Fixed Income | ||
LIBOR | London Interbank Offered Rate |
20 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Additional Financial Information
April 30, 2020
iShares Trust
iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NASDAQ
Schedule of Investments (unaudited) April 30, 2020 | iShares® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes(a) | ||||||||
Azerbaijan — 0.4% | ||||||||
Southern Gas Corridor CJSC, 6.88%, 03/24/26(b) | $ | 47,805 | $ | 49,956,225 | ||||
|
| |||||||
Bahrain — 0.2% | ||||||||
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(b) | 23,881 | 22,991,433 | ||||||
|
| |||||||
Chile — 1.8% | ||||||||
Corp. Nacional del Cobre de Chile | ||||||||
3.00%, 09/30/29 (Call 06/30/29)(b) | 27,961 | 26,947,414 | ||||||
3.15%, 01/14/30 (Call 10/14/29)(c) | 18,967 | 18,326,864 | ||||||
3.15%, 01/14/30 (Call 10/14/29)(b) | 6,324 | 6,110,565 | ||||||
3.63%, 08/01/27 (Call 05/01/27)(b) | 35,434 | 35,566,877 | ||||||
3.70%, 01/30/50 (Call 07/30/49)(c) | 11,874 | 10,764,523 | ||||||
3.70%, 01/30/50 (Call 07/30/49)(b) | 37,454 | 33,954,392 | ||||||
4.38%, 02/05/49 (Call 08/05/48)(b) | 29,309 | 30,188,270 | ||||||
4.50%, 09/16/25(b) | 27,704 | 29,296,980 | ||||||
4.50%, 08/01/47 (Call 02/01/47)(b) | 28,871 | 29,980,729 | ||||||
|
| |||||||
221,136,614 | ||||||||
China — 2.5% | ||||||||
Amber Circle Funding Ltd., 3.25%, 12/04/22(b) | 12,239 | 12,720,235 | ||||||
China Minmetals Corp., 3.75%, | 13,434 | 13,261,877 | ||||||
CNAC HK Finbridge Co. Ltd. | ||||||||
3.38%, 06/19/24(b) | 10,000 | 10,000,000 | ||||||
3.50%, 07/19/22(b) | 14,965 | 15,091,267 | ||||||
4.13%, 07/19/27(b) | 14,715 | 15,147,253 | ||||||
4.63%, 03/14/23(b) | 17,639 | 18,278,414 | ||||||
5.13%, 03/14/28(b) | 21,454 | 23,290,999 | ||||||
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23(b) | 16,049 | 17,337,935 | ||||||
Minmetals Bounteous Finance BVI Ltd., | 200 | 171,945 | ||||||
Sinopec Group Overseas Development 2012 Ltd. | ||||||||
3.90%, 05/17/22(b) | 4,000 | 4,119,398 | ||||||
4.88%, 05/17/42(b) | 11,161 | 13,923,347 | ||||||
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23(b) | 17,546 | 18,906,464 | ||||||
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24(b) | 16,545 | 17,977,177 | ||||||
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25(b) | 17,704 | 18,495,808 | ||||||
Sinopec Group Overseas Development 2017 Ltd. | ||||||||
2.50%, 09/13/22(b) | 16,873 | 17,025,912 | ||||||
3.63%, 04/12/27(b) | 11,582 | 12,439,495 | ||||||
Sinopec Group Overseas Development 2018 Ltd., 2.95%, 11/12/29 (Call 08/12/29)(b) | 11,387 | 11,763,550 | ||||||
State Grid Overseas Investment 2013 Ltd., | 9,500 | 9,838,438 | ||||||
State Grid Overseas Investment 2014 Ltd., | 18,279 | 19,781,305 | ||||||
State Grid Overseas Investment 2016 Ltd. | ||||||||
2.75%, 05/04/22(b) | 4,000 | 4,050,935 | ||||||
3.50%, 05/04/27(b) | 28,102 | 30,540,526 | ||||||
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26(b) | 11,049 | 11,646,185 | ||||||
|
| |||||||
315,808,465 | ||||||||
Indonesia — 1.0% | ||||||||
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/23(b) | 11,313 | 11,602,896 |
Security | Par (000) | Value | ||||||
Indonesia (continued) | ||||||||
6.53%, 11/15/28(b) | $ | 8,091 | $ | 8,697,825 | ||||
Pelabuhan Indonesia II PT, 4.25%, 05/05/25(b) | 9,750 | 9,676,875 | ||||||
Pertamina Persero PT | ||||||||
4.18%, 01/21/50 (Call 07/21/49)(c) | 6,086 | 5,157,885 | ||||||
4.18%, 01/21/50 (Call 07/21/49)(b) | 1,400 | 1,186,500 | ||||||
4.30%, 05/20/23(b) | 14,331 | 14,572,836 | ||||||
5.63%, 05/20/43(b) | 12,368 | 12,576,710 | ||||||
6.00%, 05/03/42(b) | 11,023 | 11,615,486 | ||||||
6.45%, 05/30/44(b) | 13,472 | 14,911,820 | ||||||
Perusahaan Listrik Negara PT | ||||||||
4.13%, 05/15/27(b) | 11,022 | 10,942,779 | ||||||
5.25%, 10/24/42(b) | 7,854 | 7,986,536 | ||||||
5.45%, 05/21/28(b) | 8,868 | 9,538,643 | ||||||
6.15%, 05/21/48(b) | 8,826 | 9,587,242 | ||||||
|
| |||||||
128,054,033 | ||||||||
Kazakhstan — 1.5% | ||||||||
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22(b) | 27,188 | 26,712,210 | ||||||
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42(b) | 26,493 | 30,500,066 | ||||||
KazMunayGas National Co. JSC | ||||||||
4.75%, 04/19/27(b) | 25,503 | 24,681,326 | ||||||
5.38%, 04/24/30(b) | 31,102 | 30,674,348 | ||||||
5.75%, 04/19/47(b) | 30,494 | 30,341,530 | ||||||
6.38%, 10/24/48(b) | 37,346 | 38,571,416 | ||||||
|
| |||||||
181,480,896 | ||||||||
Malaysia — 0.7% | ||||||||
Petronas Capital Ltd. | ||||||||
3.50%, 03/18/25(b) | 37,446 | 39,002,349 | ||||||
3.50%, 04/21/30 (Call 01/21/30)(c) | 2,525 | 2,644,306 | ||||||
4.50%, 03/18/45(b) | 33,707 | 36,624,762 | ||||||
4.55%, 04/21/50 (Call 10/21/49)(c) | 2,850 | 3,129,300 | ||||||
4.80%, 04/21/60 (Call 10/21/59)(c) | 2,600 | 3,010,395 | ||||||
|
| |||||||
84,411,112 | ||||||||
Mexico — 2.5% | ||||||||
Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25(b) | 5,642 | 5,578,528 | ||||||
Comision Federal de Electricidad | ||||||||
4.75%, 02/23/27(b) | 5,602 | 5,306,144 | ||||||
4.88%, 01/15/24(b) | 9,712 | 9,633,090 | ||||||
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)(b) | 14,517 | 12,049,110 | ||||||
Petroleos Mexicanos | ||||||||
3.50%, 01/30/23 . | 6,008 | 5,281,408 | ||||||
4.50%, 01/23/26 | 10,312 | 7,940,240 | ||||||
4.88%, 01/18/24 . | 9,498 | 8,189,057 | ||||||
5.35%, 02/12/28 | 17,699 | 13,207,879 | ||||||
5.95%, 01/28/31 (Call 07/28/30)(c) | 13,690 | 9,915,667 | ||||||
5.95%, 01/28/31 (Call 10/28/30)(b) | 3,434 | 2,487,246 | ||||||
6.35%, 02/12/48 | 23,194 | 15,510,988 | ||||||
6.38%, 01/23/45 | 12,695 | 8,531,040 | ||||||
6.49%, 01/23/27 (Call 11/23/26)(b) | 17,372 | 14,043,525 | ||||||
6.50%, 03/13/27 | 38,713 | 31,357,530 | ||||||
6.50%, 01/23/29 | 14,567 | 11,424,534 | ||||||
6.50%, 06/02/41 | 14,239 | 9,522,331 | ||||||
6.63%, 06/15/35 | 21,405 | 15,090,525 | ||||||
6.75%, 09/21/47 | 42,294 | 29,193,433 | ||||||
6.84%, 01/23/30 (Call 10/23/29)(b) | 31,268 | 24,496,523 | ||||||
6.88%, 08/04/26 | 21,142 | 17,516,147 | ||||||
6.95%, 01/28/60 (Call 07/28/59)(c) | 20,395 | 14,276,500 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
6.95%, 01/28/60 (Call 07/28/59)(b) | $ | 3,600 | $ | 2,520,000 | ||||
7.69%, 01/23/50 (Call 07/23/49)(b) | 56,407 | 41,459,145 | ||||||
|
| |||||||
314,530,590 | ||||||||
Peru — 0.4% | ||||||||
Petroleos del Peru SA | ||||||||
4.75%, 06/19/32(b) | 23,399 | 22,814,025 | ||||||
5.63%, 06/19/47(b) | 24,005 | 23,352,364 | ||||||
|
| |||||||
46,166,389 | ||||||||
Philippines — 0.2% | ||||||||
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24(b) | 20,612 | 24,244,865 | ||||||
|
| |||||||
Russia — 0.3% | ||||||||
Vnesheconombank Via VEB Finance PLC | ||||||||
5.94%, 11/21/23(b) | 13,478 | 14,661,537 | ||||||
6.03%, 07/05/22(b) | 9,196 | 9,727,644 | ||||||
6.80%, 11/22/25(b) | 14,575 | 16,947,992 | ||||||
|
| |||||||
41,337,173 | ||||||||
South Africa — 0.5% | ||||||||
Eskom Holdings SOC Ltd. | ||||||||
6.35%, 08/10/28(b) | 17,055 | 15,226,917 | ||||||
6.75%, 08/06/23(b) | 16,269 | 12,039,060 | ||||||
7.13%, 02/11/25(b) | 22,172 | 16,019,270 | ||||||
Transnet SOC Ltd., 4.00%, 07/26/22(b) | 15,777 | 14,416,234 | ||||||
|
| |||||||
57,701,481 | ||||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(b) | 30,014 | 32,114,980 | ||||||
MDGH- GMTN BV | ||||||||
2.50%, 11/07/24 (Call 10/07/24)(b) | 13,016 | 13,081,080 | ||||||
2.88%, 11/07/29 (Call 08/07/29)(b) | 10,900 | 10,920,438 | ||||||
3.70%, 11/07/49 (Call 05/07/49)(b) | 23,520 | 22,814,400 | ||||||
|
| |||||||
78,930,898 | ||||||||
Venezuela — 0.1% | ||||||||
Petroleos de Venezuela SA | ||||||||
5.38%, 04/12/27(b)(f) | 24,185 | 906,937 | ||||||
5.50%, 04/12/37(b)(f) | 22,444 | 841,658 | ||||||
6.00%, 05/16/24(b)(f) | 32,388 | 1,214,527 | ||||||
6.00%, 11/15/26(b)(f) | 30,450 | 1,141,889 | ||||||
9.00%, 11/17/21(b)(f) | 28,268 | 1,060,052 | ||||||
9.75%, 05/17/35(b)(f) | 31,912 | 1,196,676 | ||||||
12.75%, 02/17/22(b)(f) | 14,002 | 525,086 | ||||||
|
| |||||||
6,886,825 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 12.7% | 1,573,636,999 | |||||||
|
| |||||||
Foreign Government Obligations(a) | ||||||||
Angola — 0.7% | ||||||||
Angolan Government International Bond | ||||||||
8.00%, 11/26/29(b) | 41,568 | 17,874,240 | ||||||
8.25%, 05/09/28(b) | 42,708 | 18,364,440 | ||||||
9.13%, 11/26/49(b) | 35,723 | 15,260,419 | ||||||
9.38%, 05/08/48(b) | 41,954 | 17,922,224 | ||||||
9.50%, 11/12/25(b) | 34,877 | 16,479,383 | ||||||
|
| |||||||
85,900,706 | ||||||||
Argentina — 1.0% | ||||||||
Argentine Republic Government International Bond | ||||||||
3.75%, 12/31/38(f)(g) | 62,992 | 19,842,602 |
Security | Par (000) | Value | ||||||
Argentina (continued) | ||||||||
4.63%, 01/11/23(f) | $ | 22,406 | $ | 6,294,686 | ||||
5.88%, 01/11/28(f) | 49,720 | 12,181,400 | ||||||
6.63%, 07/06/28(f) | 13,773 | 3,447,554 | ||||||
6.88%, 01/26/27(f) | 44,144 | 10,925,640 | ||||||
6.88%, 01/11/48(f) | 36,458 | 8,453,699 | ||||||
7.13%, 07/06/36(f) | 19,687 | 4,706,423 | ||||||
7.13%, 06/28/2117(f) | 31,472 | 7,307,405 | ||||||
7.50%, 04/22/26(f) | 75,716 | 20,135,724 | ||||||
7.63%, 04/22/46(f) | 34,134 | 8,362,830 | ||||||
8.28%, 12/31/33(f) | 71,803 | 24,966,234 | ||||||
|
| |||||||
126,624,197 | ||||||||
Azerbaijan — 0.6% | ||||||||
Republic of Azerbaijan International Bond | ||||||||
3.50%, 09/01/32(b) | 26,102 | 23,173,682 | ||||||
4.75%, 03/18/24(b) | 30,163 | 30,389,222 | ||||||
State Oil Co. of the Azerbaijan Republic, | 23,684 | 23,698,803 | ||||||
|
| |||||||
77,261,707 | ||||||||
Bahrain — 2.3% | ||||||||
Bahrain Government International Bond | ||||||||
5.63%, 09/30/31(b) | 25,717 | 23,113,154 | ||||||
6.00%, 09/19/44(b) | 29,785 | 25,205,556 | ||||||
6.13%, 07/05/22(b) | 31,604 | 31,663,257 | ||||||
6.13%, 08/01/23(b) | 40,964 | 41,002,404 | ||||||
6.75%, 09/20/29(b) | 31,231 | 30,235,512 | ||||||
7.00%, 01/26/26(b) | 29,645 | 29,561,623 | ||||||
7.00%, 10/12/28(b) | 38,958 | 38,690,164 | ||||||
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(b) | 23,637 | 23,164,260 | ||||||
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(b) | 22,394 | 22,729,910 | ||||||
CBB International Sukuk Programme Co. SPC, | 26,335 | 24,886,575 | ||||||
|
| |||||||
290,252,415 | ||||||||
Bolivia — 0.1% | ||||||||
Bolivian Government International Bond, | 22,123 | 17,968,024 | ||||||
|
| |||||||
Brazil — 3.5% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(b) | 19,109 | 19,825,587 | ||||||
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28(b) | 13,304 | 13,312,315 | ||||||
Brazilian Government International Bond | ||||||||
2.63%, 01/05/23 | 28,149 | 28,236,966 | ||||||
4.25%, 01/07/25 | 58,782 | 60,876,109 | ||||||
4.50%, 05/30/29 (Call 02/28/29) | 26,479 | 26,412,802 | ||||||
4.63%, 01/13/28 (Call 10/13/27) | 41,376 | 42,824,160 | ||||||
4.75%, 01/14/50 (Call 07/14/49) | 31,828 | 28,446,275 | ||||||
5.00%, 01/27/45 | 46,239 | 43,045,619 | ||||||
5.63%, 01/07/41 | 32,998 | 32,863,946 | ||||||
5.63%, 02/21/47 | 37,542 | 37,729,710 | ||||||
6.00%, 04/07/26 | 30,421 | 33,339,515 | ||||||
7.13%, 01/20/37 | 23,279 | 26,348,918 | ||||||
8.25%, 01/20/34 | 21,915 | 26,777,391 | ||||||
8.88%, 04/15/24 | 14,379 | 17,537,886 | ||||||
|
| |||||||
437,577,199 | ||||||||
Chile — 1.2% | ||||||||
Chile Government International Bond | ||||||||
3.24%, 02/06/28 (Call 11/06/27) | 48,997 | 52,503,348 | ||||||
3.50%, 01/25/50 (Call 07/25/49) | 56,730 | 57,864,600 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Chile (continued) | ||||||||
3.86%, 06/21/47 | $ | 31,154 | $ | 33,461,343 | ||||
|
| |||||||
143,829,291 | ||||||||
China — 1.3% | ||||||||
China Government International Bond | ||||||||
1.88%, 12/03/22(b) | 16,473 | 16,822,549 | ||||||
1.95%, 12/03/24(b) | 22,589 | 23,323,142 | ||||||
2.13%, 11/02/22(b) | 10,941 | 11,252,135 | ||||||
2.13%, 12/03/29(b) | 24,207 | 25,319,009 | ||||||
2.63%, 11/02/27(b) | 12,459 | 13,350,597 | ||||||
3.25%, 10/19/23(b) | 17,472 | 18,815,160 | ||||||
3.50%, 10/19/28(b) | 13,238 | 15,203,016 | ||||||
Export-Import Bank of China (The) | ||||||||
2.88%, 04/26/26(b) | 13,568 | 14,386,320 | ||||||
3.63%, 07/31/24(b) | 16,126 | 17,375,765 | ||||||
|
| |||||||
155,847,693 | ||||||||
Colombia — 3.4% | ||||||||
Colombia Government International Bond | ||||||||
2.63%, 03/15/23 (Call 12/15/22) | 16,122 | 15,819,713 | ||||||
3.00%, 01/30/30 (Call 10/30/29) | 13,379 | 12,174,890 | ||||||
3.88%, 04/25/27 (Call 01/25/27) | 42,431 | 41,860,833 | ||||||
4.00%, 02/26/24 (Call 11/26/23) | 34,593 | 34,992,982 | ||||||
4.50%, 01/28/26 (Call 10/28/25) | 26,492 | 27,170,858 | ||||||
4.50%, 03/15/29 (Call 12/15/28) | 36,403 | 36,858,037 | ||||||
5.00%, 06/15/45 (Call 12/15/44) | 75,057 | 75,432,285 | ||||||
5.20%, 05/15/49 (Call 11/15/48) | 30,538 | 31,530,485 | ||||||
5.63%, 02/26/44 (Call 08/26/43) | 39,461 | 42,371,249 | ||||||
6.13%, 01/18/41 | 42,092 | 46,919,426 | ||||||
7.38%, 09/18/37 | 27,445 | 33,894,575 | ||||||
8.13%, 05/21/24 | 18,671 | 21,559,170 | ||||||
|
| |||||||
420,584,503 | ||||||||
Costa Rica — 0.7% | ||||||||
Costa Rica Government International Bond | ||||||||
4.25%, 01/26/23(b) | 22,522 | 20,072,733 | ||||||
6.13%, 02/19/31(b) | 33,070 | 26,941,716 | ||||||
7.00%, 04/04/44(b) | 23,716 | 18,090,861 | ||||||
7.16%, 03/12/45(b) | 30,775 | 23,764,070 | ||||||
|
| |||||||
88,869,380 | ||||||||
Croatia — 0.7% | ||||||||
Croatia Government International Bond | ||||||||
5.50%, 04/04/23(b) | 36,180 | 39,097,013 | ||||||
6.00%, 01/26/24(b) | 42,857 | 47,758,769 | ||||||
|
| |||||||
86,855,782 | ||||||||
Dominican Republic — 2.6% | ||||||||
Dominican Republic International Bond | ||||||||
4.50%, 01/30/30(c) | 15,678 | 12,887,316 | ||||||
4.50%, 01/30/30(b) | 3,005 | 2,470,110 | ||||||
5.50%, 01/27/25(b) | 34,953 | 32,637,364 | ||||||
5.88%, 04/18/24(b) | 23,669 | 22,803,602 | ||||||
5.88%, 01/30/60(c) | 31,602 | 24,807,570 | ||||||
5.88%, 01/30/60(b) | 4,135 | 3,245,975 | ||||||
5.95%, 01/25/27(b) | 38,670 | 34,803,000 | ||||||
6.00%, 07/19/28(b) | 34,291 | 30,754,741 | ||||||
6.40%, 06/05/49(b) | 35,944 | 29,182,035 | ||||||
6.50%, 02/15/48(b) | 22,796 | 18,624,332 | ||||||
6.85%, 01/27/45(b) | 46,604 | 39,788,165 | ||||||
6.88%, 01/29/26(b) | 35,938 | 34,343,251 | ||||||
7.45%, 04/30/44(b) | 37,274 | 33,418,470 | ||||||
|
| |||||||
319,765,931 |
Security | Par (000) | Value | ||||||
Ecuador — 0.9% | ||||||||
Ecuador Government International Bond | ||||||||
7.88%, 01/23/28(b)(f) | $ | 66,171 | $ | 18,693,307 | ||||
7.95%, 06/20/24(b)(f) | 45,494 | 14,148,634 | ||||||
8.75%, 06/02/23(b)(f) | 42,585 | 13,031,010 | ||||||
8.88%, 10/23/27(b)(f) | 56,875 | 15,868,125 | ||||||
9.50%, 03/27/30(b)(f) | 35,023 | 10,156,670 | ||||||
9.63%, 06/02/27(b)(f) | 25,678 | 7,202,679 | ||||||
9.65%, 12/13/26(b)(f) | 53,154 | 14,909,697 | ||||||
10.75%, 01/31/29(b)(f) | 48,470 | 13,813,950 | ||||||
|
| |||||||
107,824,072 | ||||||||
Egypt — 2.6% | ||||||||
Egypt Government International Bond | ||||||||
5.58%, 02/21/23(b) | 30,410 | 29,526,209 | ||||||
5.88%, 06/11/25(b) | 36,256 | 34,216,600 | ||||||
6.59%, 02/21/28(b) | 28,214 | 25,762,909 | ||||||
7.05%, 01/15/32(b) | 29,521 | 26,089,184 | ||||||
7.50%, 01/31/27(b) | 48,323 | 46,752,502 | ||||||
7.60%, 03/01/29(b) | 43,131 | 40,920,536 | ||||||
7.90%, 02/21/48(b) | 38,040 | 32,773,838 | ||||||
8.50%, 01/31/47(b) | 59,952 | 53,394,750 | ||||||
8.70%, 03/01/49(b) | 36,672 | 32,832,900 | ||||||
|
| |||||||
322,269,428 | ||||||||
El Salvador — 0.3% | ||||||||
El Salvador Government International Bond | ||||||||
7.12%, 01/20/50 (Call 07/06/49)(b) | 27,472 | 20,732,775 | ||||||
7.65%, 06/15/35(b) | 23,214 | 18,389,841 | ||||||
|
| |||||||
39,122,616 | ||||||||
Ethiopia — 0.1% | ||||||||
Ethiopia International Bond, 6.63%, 12/11/24(b) | 21,967 | 18,905,349 | ||||||
|
| |||||||
Gabon — 0.1% | ||||||||
Gabon Government International Bond | ||||||||
6.38%, 12/12/24(b) | 1,000 | 716,875 | ||||||
6.63%, 02/06/31(c) | 21,040 | 14,780,600 | ||||||
6.63%, 02/06/31(b) | 1,720 | 1,208,300 | ||||||
|
| |||||||
16,705,775 | ||||||||
Ghana — 1.1% | ||||||||
Ghana Government International Bond | ||||||||
6.38%, 02/11/27(c) | 28,497 | 21,800,205 | ||||||
6.38%, 02/11/27(b) | 1,800 | 1,377,000 | ||||||
7.63%, 05/16/29(b) | 22,787 | 17,375,087 | ||||||
7.88%, 02/11/35(c) | 22,620 | 17,078,100 | ||||||
7.88%, 02/11/35(b) | 2,000 | 1,510,000 | ||||||
8.13%, 01/18/26(b) | 23,287 | 18,978,928 | ||||||
8.13%, 03/26/32(b) | 30,175 | 23,083,875 | ||||||
8.63%, 06/16/49(b) | 25,996 | 19,626,980 | ||||||
8.95%, 03/26/51(b) | 25,522 | 19,269,110 | ||||||
|
| |||||||
140,099,285 | ||||||||
Guatemala — 0.1% | ||||||||
Guatemala Government Bond | ||||||||
6.13%, 06/01/50 (Call 12/01/49)(b) | 200 | 207,750 | ||||||
6.13%, 06/01/50 (Call 12/01/49)(c) | 13,877 | 14,414,734 | ||||||
|
| |||||||
14,622,484 | ||||||||
Hungary — 1.6% | ||||||||
Hungary Government International Bond | ||||||||
5.38%, 02/21/23 | 44,028 | 47,687,828 | ||||||
5.38%, 03/25/24 | 46,994 | 52,457,052 | ||||||
5.75%, 11/22/23 | 43,516 | 48,465,945 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Hungary (continued) | ||||||||
7.63%, 03/29/41 | $ | 28,806 | $ | 46,260,420 | ||||
|
| |||||||
194,871,245 | ||||||||
India — 0.6% | ||||||||
Export-Import Bank of India | ||||||||
3.25%, 01/15/30(c) | 21,390 | 19,598,587 | ||||||
3.25%, 01/15/30(b) | 2,750 | 2,519,688 | ||||||
3.38%, 08/05/26(b) | 24,156 | 23,514,356 | ||||||
3.88%, 02/01/28(b) | 23,669 | 23,195,620 | ||||||
|
| |||||||
68,828,251 | ||||||||
Indonesia — 3.9% | ||||||||
Indonesia Government International Bond | ||||||||
2.85%, 02/14/30 | 7,100 | 6,895,875 | ||||||
2.95%, 01/11/23 | 8,668 | 8,668,693 | ||||||
3.38%, 04/15/23(b) | 12,244 | 12,420,007 | ||||||
3.50%, 01/11/28 | 10,672 | 10,752,040 | ||||||
3.70%, 10/30/49 | 9,337 | 9,173,603 | ||||||
3.85%, 07/18/27(b) | 9,483 | 9,797,124 | ||||||
3.85%, 10/15/30 | 8,300 | 8,600,875 | ||||||
4.10%, 04/24/28 | 7,367 | 7,742,257 | ||||||
4.13%, 01/15/25(b) | 17,488 | 18,231,240 | ||||||
4.20%, 10/15/50 | 3,500 | 3,552,500 | ||||||
4.35%, 01/08/27(b) | 10,474 | 11,115,532 | ||||||
4.35%, 01/11/48 | 14,147 | 14,575,831 | ||||||
4.45%, 04/15/70 | 3,500 | 3,482,500 | ||||||
4.63%, 04/15/43(b) | 12,465 | 13,275,225 | ||||||
4.75%, 01/08/26(b) | 22,519 | 24,376,817 | ||||||
4.75%, 02/11/29 | 11,375 | 12,469,844 | ||||||
4.75%, 07/18/47(b) | 7,974 | 8,562,083 | ||||||
5.13%, 01/15/45(b) | 16,693 | 18,800,491 | ||||||
5.25%, 01/17/42(b) | 19,760 | 22,427,600 | ||||||
5.25%, 01/08/47(b) | 12,344 | 14,072,160 | ||||||
5.35%, 02/11/49 | 9,506 | 11,196,286 | ||||||
5.38%, 10/17/23(b) | 9,780 | 10,553,231 | ||||||
5.88%, 01/15/24(b) | 16,487 | 18,156,309 | ||||||
5.95%, 01/08/46(b) | 9,864 | 12,268,350 | ||||||
6.63%, 02/17/37(b) | 15,204 | 19,328,085 | ||||||
6.75%, 01/15/44(b) | 16,510 | 22,123,400 | ||||||
7.75%, 01/17/38(b) | 17,866 | 25,191,060 | ||||||
8.50%, 10/12/35(b) | 14,285 | 20,570,400 | ||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||
3.30%, 11/21/22(b) | 6,413 | 6,479,134 | ||||||
3.75%, 03/01/23(b) | 10,358 | 10,548,976 | ||||||
4.15%, 03/29/27(b) | 19,094 | 19,953,230 | ||||||
4.33%, 05/28/25(b) | 16,681 | 17,358,666 | ||||||
4.35%, 09/10/24(b) | 13,238 | 13,840,329 | ||||||
4.40%, 03/01/28(b) | 14,978 | 15,857,957 | ||||||
4.45%, 02/20/29(b) | 10,467 | 11,150,626 | ||||||
4.55%, 03/29/26(b) | 16,301 | 17,258,684 | ||||||
|
| |||||||
490,827,020 | ||||||||
Iraq — 0.5% | ||||||||
Iraq International Bond | ||||||||
5.80%, 01/15/28 (Call 06/14/20)(b) | 66,078 | 47,906,550 | ||||||
6.75%, 03/09/23(b) | 23,104 | 17,364,100 | ||||||
|
| |||||||
65,270,650 | ||||||||
Ivory Coast — 0.6% | ||||||||
Ivory Coast Government International Bond | ||||||||
5.75%, 12/31/32 (Call 06/30/20)(b)(g) | 24,055 | 21,018,427 | ||||||
6.13%, 06/15/33(b) | 33,142 | 28,522,834 |
Security | Par (000) | Value | ||||||
Ivory Coast (continued) | ||||||||
6.38%, 03/03/28(b) | $ | 23,625 | $ | 21,026,250 | ||||
|
| |||||||
70,567,511 | ||||||||
Jamaica — 0.9% | ||||||||
Jamaica Government International Bond | ||||||||
6.75%, 04/28/28 | 35,264 | 35,241,960 | ||||||
7.88%, 07/28/45 | 44,673 | 46,822,888 | ||||||
8.00%, 03/15/39 | 29,427 | 30,990,310 | ||||||
|
| |||||||
113,055,158 | ||||||||
Jordan — 0.6% | ||||||||
Jordan Government International Bond | ||||||||
5.75%, 01/31/27(b) | 23,376 | 22,338,690 | ||||||
6.13%, 01/29/26(b) | 24,909 | 24,543,149 | ||||||
7.38%, 10/10/47(b) | 24,786 | 22,934,796 | ||||||
|
| |||||||
69,816,635 | ||||||||
Kazakhstan — 1.5% | ||||||||
Kazakhstan Government International Bond | ||||||||
3.88%, 10/14/24(b) | 35,818 | 37,698,445 | ||||||
4.88%, 10/14/44(b) | 24,349 | 27,613,288 | ||||||
5.13%, 07/21/25(b) | 62,740 | 69,641,400 | ||||||
6.50%, 07/21/45(b) | 35,878 | 47,448,655 | ||||||
|
| |||||||
182,401,788 | ||||||||
Kenya — 0.9% | ||||||||
Kenya Government International Bond | ||||||||
6.88%, 06/24/24(b) | 49,759 | 45,156,292 | ||||||
7.25%, 02/28/28(b) | 23,466 | 21,060,735 | ||||||
8.00%, 05/22/32(b) | 29,324 | 26,455,746 | ||||||
8.25%, 02/28/48(b) | 24,846 | 22,143,998 | ||||||
|
| |||||||
114,816,771 | ||||||||
Kuwait — 1.0% | ||||||||
Kuwait International Government Bond, | 109,837 | 120,408,811 | ||||||
|
| |||||||
Lebanon — 0.3% | ||||||||
Lebanon Government International Bond | ||||||||
6.00%, 01/27/23(b)(f) | 26,279 | 4,138,942 | ||||||
6.10%, 10/04/22(b)(f) | 34,984 | 5,509,980 | ||||||
6.60%, 11/27/26(b)(f) | 37,386 | 5,911,661 | ||||||
6.65%, 02/26/30(b)(f) | 34,998 | 5,512,185 | ||||||
6.75%, 11/29/27(b)(f) | 25,035 | 3,943,013 | ||||||
6.85%, 03/23/27(b)(f) | 31,906 | 5,065,077 | ||||||
7.00%, 03/23/32(b)(f) | 26,311 | 4,152,205 | ||||||
|
| |||||||
34,233,063 | ||||||||
Malaysia — 1.0% | ||||||||
1MDB Global Investments Ltd., | 73,900 | 65,332,219 | ||||||
Malaysia Sovereign Sukuk Bhd, | 26,674 | 27,941,015 | ||||||
Malaysia Sukuk Global Bhd, | 24,077 | 25,506,572 | ||||||
|
| |||||||
118,779,806 | ||||||||
Mexico — 2.5% | ||||||||
Mexico Government International Bond | ||||||||
3.25%, 04/16/30 (Call 01/16/30) | 11,693 | 10,611,398 | ||||||
3.60%, 01/30/25 | 14,870 | 14,916,469 | ||||||
3.75%, 01/11/28 | 16,256 | 15,783,560 | ||||||
3.90%, 04/27/25 (Call 03/27/25) | 625 | 630,938 | ||||||
4.00%, 10/02/23 | 21,216 | 21,680,100 | ||||||
4.13%, 01/21/26 | 15,825 | 16,121,719 | ||||||
4.15%, 03/28/27 | 22,808 | 22,886,402 | ||||||
4.35%, 01/15/47 | 12,751 | 11,260,727 | ||||||
4.50%, 04/22/29 | 25,579 | 25,706,895 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
4.50%, 01/31/50 (Call 07/31/49) | $ | 20,840 | $ | 18,703,900 | ||||
4.60%, 01/23/46 | 21,243 | 19,291,299 | ||||||
4.60%, 02/10/48 | 18,526 | 16,895,712 | ||||||
4.75%, 04/27/32 (Call 01/27/32) | 2,000 | 2,014,000 | ||||||
4.75%, 03/08/44 | 29,538 | 27,488,801 | ||||||
5.00%, 04/27/51 (Call 10/27/50) | 1,725 | 1,647,375 | ||||||
5.55%, 01/21/45 | 20,219 | 21,046,715 | ||||||
5.75%, 10/12/2110 | 19,312 | 18,364,505 | ||||||
6.05%, 01/11/40 | 21,924 | 23,917,714 | ||||||
6.75%, 09/27/34 | 13,190 | 15,852,731 | ||||||
8.30%, 08/15/31 | 8,337 | 10,999,629 | ||||||
|
| |||||||
315,820,589 | ||||||||
Mongolia — 0.2% | ||||||||
Mongolia Government International Bond, | 22,747 | 20,159,529 | ||||||
|
| |||||||
Morocco — 0.3% | ||||||||
Morocco Government International Bond, | 35,802 | 37,166,951 | ||||||
|
| |||||||
Nigeria — 1.4% | ||||||||
Nigeria Government International Bond | 35,254 | 26,561,686 | ||||||
7.14%, 02/23/30(b) | 30,703 | 23,113,602 | ||||||
7.63%, 11/21/25(b) | 26,912 | 22,505,160 | ||||||
7.63%, 11/28/47(b) | 36,467 | 26,655,098 | ||||||
7.70%, 02/23/38(b) | 33,758 | 24,896,525 | ||||||
7.88%, 02/16/32(b) | 37,194 | 28,209,324 | ||||||
8.75%, 01/21/31(b) | 23,364 | 18,691,200 | ||||||
|
| |||||||
170,632,595 | ||||||||
Oman — 2.4% | ||||||||
Oman Government International Bond | ||||||||
4.13%, 01/17/23(b) | 26,921 | 23,421,270 | ||||||
4.75%, 06/15/26(b) | 49,214 | 37,371,881 | ||||||
5.38%, 03/08/27(b) | 41,039 | 31,151,166 | ||||||
5.63%, 01/17/28(b) | 48,007 | 36,605,337 | ||||||
6.00%, 08/01/29(b) | 45,672 | 34,796,355 | ||||||
6.50%, 03/08/47(b) | 42,386 | 29,405,288 | ||||||
6.75%, 01/17/48(b) | 55,296 | 38,776,320 | ||||||
Oman Sovereign Sukuk SAOC | ||||||||
4.40%, 06/01/24(b) | 38,891 | 36,071,403 | ||||||
5.93%, 10/31/25(b) | 29,467 | 27,791,064 | ||||||
|
| |||||||
295,390,084 | ||||||||
Pakistan — 0.6% | ||||||||
Pakistan Government International Bond | ||||||||
6.88%, 12/05/27(b) | 37,571 | 32,451,951 | ||||||
8.25%, 04/15/24(b) | 23,396 | 22,036,108 | ||||||
Third Pakistan International Sukuk Co. Ltd. (The), | 23,133 | 21,166,695 | ||||||
|
| |||||||
75,654,754 | ||||||||
Panama — 3.2% | ||||||||
Panama Government International Bond | ||||||||
3.16%, 01/23/30 (Call 10/23/29) | 37,027 | 37,698,114 | ||||||
3.75%, 03/16/25 (Call 12/16/24) | 31,191 | 32,760,297 | ||||||
3.88%, 03/17/28 (Call 12/17/27) | 33,236 | 35,832,563 | ||||||
4.00%, 09/22/24 (Call 06/24/24) | 29,668 | 31,410,995 | ||||||
4.30%, 04/29/53 | 45,889 | 50,420,539 | ||||||
4.50%, 05/15/47 (Call 11/15/46) | 28,614 | 32,083,448 | ||||||
4.50%, 04/16/50 (Call 10/16/49) | 43,871 | 49,135,520 | ||||||
4.50%, 04/01/56 (Call 10/01/55) | 55,379 | 62,301,375 |
Security | Par (000) | Value | ||||||
Panama (continued) | ||||||||
6.70%, 01/26/36 | $ | 47,803 | $ | 62,562,176 | ||||
|
| |||||||
394,205,027 | ||||||||
Paraguay — 0.2% | ||||||||
Paraguay Government International Bond | ||||||||
4.95%, 04/28/31 (Call 01/28/31)(c) | 2,825 | 2,895,625 | ||||||
6.10%, 08/11/44(b) | 23,790 | 25,960,837 | ||||||
|
| |||||||
28,856,462 | ||||||||
Peru — 2.4% | ||||||||
Peruvian Government International Bond | ||||||||
2.39%, 01/23/26 (Call 12/23/25) | 1,450 | 1,471,750 | ||||||
2.78%, 01/23/31 (Call 10/23/30) | 5,125 | 5,278,750 | ||||||
4.13%, 08/25/27 | 26,531 | 29,839,084 | ||||||
5.63%, 11/18/50 | 60,351 | 89,715,533 | ||||||
6.55%, 03/14/37 | 30,353 | 43,490,158 | ||||||
7.35%, 07/21/25 | 37,200 | 46,569,750 | ||||||
8.75%, 11/21/33 | 52,283 | 82,378,402 | ||||||
|
| |||||||
298,743,427 | ||||||||
Philippines — 3.9% | ||||||||
Philippine Government International Bond | ||||||||
2.46%, 05/05/30 | 4,250 | 4,324,375 | ||||||
2.95%, 05/05/45 | 3,975 | 4,084,313 | ||||||
3.00%, 02/01/28 | 37,412 | 39,395,958 | ||||||
3.70%, 03/01/41 | 34,889 | 40,056,933 | ||||||
3.70%, 02/02/42 | 36,796 | 42,441,886 | ||||||
3.75%, 01/14/29 | 27,394 | 30,655,598 | ||||||
3.95%, 01/20/40 | 33,501 | 38,819,284 | ||||||
4.20%, 01/21/24 | 26,563 | 28,546,924 | ||||||
5.00%, 01/13/37 | 22,964 | 29,178,632 | ||||||
5.50%, 03/30/26 | 17,165 | 20,066,958 | ||||||
6.38%, 01/15/32 | 17,316 | 23,436,124 | ||||||
6.38%, 10/23/34 | 33,043 | 46,993,342 | ||||||
7.75%, 01/14/31 | 30,916 | 45,262,956 | ||||||
9.50%, 02/02/30 | 34,329 | 54,561,654 | ||||||
10.63%, 03/16/25 | 23,977 | 32,818,519 | ||||||
|
| |||||||
480,643,456 | ||||||||
Poland — 1.2% | ||||||||
Republic of Poland Government International Bond | ||||||||
3.00%, 03/17/23 | 47,970 | 50,263,566 | ||||||
3.25%, 04/06/26 | 43,312 | 47,210,080 | ||||||
4.00%, 01/22/24 | 49,009 | 53,176,725 | ||||||
|
| |||||||
150,650,371 | ||||||||
Qatar — 4.3% | ||||||||
Qatar Government International Bond | ||||||||
3.25%, 06/02/26(b) | 46,229 | 48,944,954 | ||||||
3.38%, 03/14/24(b) | 25,622 | 27,071,244 | ||||||
3.40%, 04/16/25(c) | 2,925 | 3,112,383 | ||||||
3.75%, 04/16/30(c) | 7,475 | 8,175,781 | ||||||
3.88%, 04/23/23(b) | 41,799 | 44,359,189 | ||||||
4.00%, 03/14/29(b) | 53,458 | 59,472,025 | ||||||
4.40%, 04/16/50(c) | 6,300 | 7,158,373 | ||||||
4.50%, 04/23/28(b) | 38,157 | 43,689,765 | ||||||
4.63%, 06/02/46(b) | 24,805 | 29,223,391 | ||||||
4.82%, 03/14/49(b) | 78,286 | 94,187,844 | ||||||
5.10%, 04/23/48(b) | 75,771 | 94,548,001 | ||||||
5.75%, 01/20/42(b) | 11,030 | 14,680,241 | ||||||
6.40%, 01/20/40(b) | 9,593 | 13,559,106 | ||||||
9.75%, 06/15/30(b) | 12,703 | 20,233,497 |
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Qatar (continued) | ||||||||
SoQ Sukuk A QSC, | $ | 22,261 | $ | 23,207,092 | ||||
|
| |||||||
531,622,886 | ||||||||
Romania — 1.0% | ||||||||
Romanian Government International Bond | ||||||||
4.38%, 08/22/23(b) | 36,032 | 37,450,760 | ||||||
4.88%, 01/22/24(b) | 26,370 | 27,985,162 | ||||||
5.13%, 06/15/48(b) | 28,304 | 29,896,100 | ||||||
6.13%, 01/22/44(b) | 24,544 | 29,207,360 | ||||||
|
| |||||||
124,539,382 | ||||||||
Russia — 4.0% | ||||||||
Russian Foreign Bond-Eurobond | ||||||||
4.25%, 06/23/27(b) | 31,600 | 34,286,000 | ||||||
4.38%, 03/21/29(b) | 38,600 | 42,653,000 | ||||||
4.75%, 05/27/26(b) | 36,600 | 40,552,800 | ||||||
4.88%, 09/16/23(b) | 36,600 | 39,905,438 | ||||||
5.10%, 03/28/35(b) | 51,200 | 60,048,000 | ||||||
5.25%, 06/23/47(b) | 89,000 | 110,499,062 | ||||||
5.63%, 04/04/42(b) | 37,400 | 47,521,375 | ||||||
5.88%, 09/16/43(b) | 20,000 | 26,275,000 | ||||||
7.50%, 03/31/30(b)(g) | 31,341 | 35,601,888 | ||||||
12.75%, 06/24/28(b) | 32,743 | 55,090,097 | ||||||
|
| |||||||
492,432,660 | ||||||||
Saudi Arabia — 4.6% | ||||||||
KSA Sukuk Ltd. | ||||||||
2.97%, 10/29/29(b) | 23,351 | 23,876,398 | ||||||
3.63%, 04/20/27(b) | 37,720 | 39,606,000 | ||||||
4.30%, 01/19/29(b) | 15,998 | 17,797,775 | ||||||
Saudi Government International Bond | ||||||||
2.50%, 02/03/27(c) | 9,845 | 9,731,783 | ||||||
2.50%, 02/03/27(b) | 2,400 | 2,372,400 | ||||||
2.75%, 02/03/32(c) | 5,999 | 5,759,040 | ||||||
2.75%, 02/03/32(b) | 3,100 | 2,976,000 | ||||||
2.88%, 03/04/23(b) | 29,079 | 29,776,896 | ||||||
2.90%, 10/22/25(c) | 5,375 | 5,444,854 | ||||||
3.25%, 10/26/26(b) | 53,011 | 54,654,341 | ||||||
3.25%, 10/22/30(c) | 5,550 | 5,613,825 | ||||||
3.63%, 03/04/28(b) | 46,069 | 48,343,657 | ||||||
3.75%, 01/21/55(c) | 23,408 | 21,418,320 | ||||||
3.75%, 01/21/55(b) | 2,400 | 2,196,000 | ||||||
4.00%, 04/17/25(b) | 42,259 | 45,069,223 | ||||||
4.38%, 04/16/29(b) | 36,867 | 41,072,142 | ||||||
4.50%, 04/17/30(b) | 28,499 | 31,918,880 | ||||||
4.50%, 10/26/46(b) | 59,428 | 61,656,550 | ||||||
4.50%, 04/22/60(c) | 5,375 | 5,361,540 | ||||||
4.63%, 10/04/47(b) | 39,784 | 41,693,632 | ||||||
5.00%, 04/17/49(b) | 32,509 | 35,891,968 | ||||||
5.25%, 01/16/50(b) | 31,791 | 36,013,242 | ||||||
|
| |||||||
568,244,466 | ||||||||
Senegal — 0.3% | ||||||||
Senegal Government International Bond | ||||||||
6.25%, 05/23/33(b) | 26,736 | 23,419,065 | ||||||
6.75%, 03/13/48(b) | 24,368 | 20,293,975 | ||||||
|
| |||||||
43,713,040 | ||||||||
South Africa — 2.2% | ||||||||
Republic of South Africa Government International Bond | ||||||||
4.30%, 10/12/28 | 37,851 | 31,700,213 | ||||||
4.67%, 01/17/24 | 23,289 | 23,012,443 | ||||||
4.85%, 09/27/27 | 17,752 | 15,949,063 | ||||||
4.85%, 09/30/29 | 34,474 | 29,561,455 |
Security | Par (000) | Value | ||||||
South Africa (continued) | ||||||||
4.88%, 04/14/26 | $ | 23,713 | $ | 22,016,038 | ||||
5.00%, 10/12/46 | 19,922 | 14,904,146 | ||||||
5.38%, 07/24/44 | 17,999 | 13,954,850 | ||||||
5.65%, 09/27/47 | 25,884 | 20,383,650 | ||||||
5.75%, 09/30/49 | 53,064 | 41,323,590 | ||||||
5.88%, 09/16/25 | 37,775 | 37,680,562 | ||||||
5.88%, 06/22/30 | 24,653 | 22,557,495 | ||||||
|
| |||||||
273,043,505 | ||||||||
Sri Lanka — 1.3% | ||||||||
Sri Lanka Government International Bond | ||||||||
5.75%, 04/18/23(b) | 30,638 | 17,898,873 | ||||||
5.88%, 07/25/22(b) | 20,191 | 12,460,001 | ||||||
6.20%, 05/11/27(b) | 37,049 | 21,025,308 | ||||||
6.75%, 04/18/28(b) | 31,433 | 17,406,024 | ||||||
6.83%, 07/18/26(b) | 25,991 | 14,782,381 | ||||||
6.85%, 03/14/24(b) | 24,458 | 14,353,911 | ||||||
6.85%, 11/03/25(b) | 37,637 | 21,483,764 | ||||||
7.55%, 03/28/30(b) | 38,001 | 21,423,064 | ||||||
7.85%, 03/14/29(b) | 34,735 | 19,535,311 | ||||||
|
| |||||||
160,368,637 | ||||||||
Trinidad And Tobago — 0.1% | ||||||||
Trinidad & Tobago Government International Bond, | 20,948 | 18,905,570 | ||||||
|
| |||||||
Tunisia — 0.1% | ||||||||
Banque Centrale de Tunisie International Bond, | 21,420 | 17,979,412 | ||||||
|
| |||||||
Turkey — 4.0% | ||||||||
Hazine Mustesarligi Varlik Kiralama AS | ||||||||
4.49%, 11/25/24(b) | 7,235 | 6,595,155 | ||||||
5.00%, 04/06/23(b) | 10,856 | 10,408,190 | ||||||
Turkey Government International Bond | ||||||||
3.25%, 03/23/23 | 16,742 | 15,439,263 | ||||||
4.25%, 03/13/25 | 5,000 | 4,448,437 | ||||||
4.25%, 04/14/26 | 14,138 | 12,163,098 | ||||||
4.88%, 10/09/26 | 27,044 | 23,790,269 | ||||||
4.88%, 04/16/43 | 28,157 | 20,449,021 | ||||||
5.13%, 02/17/28 | 22,663 | 19,716,810 | ||||||
5.25%, 03/13/30 | 10,800 | 8,977,500 | ||||||
5.60%, 11/14/24 | 18,598 | 17,726,219 | ||||||
5.75%, 03/22/24 | 24,364 | 23,511,260 | ||||||
5.75%, 05/11/47 | 31,929 | 24,226,129 | ||||||
6.00%, 03/25/27 | 35,039 | 32,203,031 | ||||||
6.00%, 01/14/41 | 27,804 | 22,277,955 | ||||||
6.13%, 10/24/28 | 20,774 | 18,930,307 | ||||||
6.25%, 09/26/22 | 23,879 | 23,923,773 | ||||||
6.35%, 08/10/24 | 22,118 | 21,682,552 | ||||||
6.63%, 02/17/45 | 28,069 | 23,604,275 | ||||||
6.75%, 05/30/40 | 18,341 | 15,773,260 | ||||||
6.88%, 03/17/36 | 26,026 | 23,472,199 | ||||||
7.25%, 12/23/23 | 18,297 | 18,502,841 | ||||||
7.25%, 03/05/38 | 9,514 | 8,895,590 | ||||||
7.38%, 02/05/25 | 32,077 | 32,477,962 | ||||||
7.63%, 04/26/29 | 28,254 | 27,830,190 | ||||||
8.00%, 02/14/34 | 17,036 | 17,248,950 | ||||||
11.88%, 01/15/30 | 14,430 | 18,168,272 | ||||||
|
| |||||||
492,442,508 |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) | Value | ||||||
Ukraine — 2.3% | ||||||||
Ukraine Government International Bond | ||||||||
7.38%, 09/25/32(b) | $ | 75,610 | $ | 66,985,734 | ||||
7.75%, 09/01/22(b) | 31,625 | 30,043,750 | ||||||
7.75%, 09/01/23(b) | 32,894 | 31,167,065 | ||||||
7.75%, 09/01/24(b) | 33,317 | 31,484,565 | ||||||
7.75%, 09/01/25(b) | 32,523 | 30,376,482 | ||||||
7.75%, 09/01/26(b) | 33,161 | 30,773,408 | ||||||
7.75%, 09/01/27(b) | 31,822 | 29,308,062 | ||||||
9.75%, 11/01/28(b) | 39,150 | 38,367,000 | ||||||
|
| |||||||
288,506,066 | ||||||||
United Arab Emirates — 3.0% | ||||||||
Abu Dhabi Government International Bond | ||||||||
2.13%, 09/30/24(b) | 27,150 | 27,523,313 | ||||||
2.50%, 10/11/22(b) | 42,842 | 43,752,393 | ||||||
2.50%, 04/16/25(c) | 5,000 | 5,137,484 | ||||||
2.50%, 09/30/29(b) | 35,268 | 35,708,850 | ||||||
3.13%, 05/03/26(b) | 40,951 | 43,446,452 | ||||||
3.13%, 10/11/27(b) | 58,749 | 62,420,812 | ||||||
3.13%, 04/16/30(c) | 6,375 | 6,757,447 | ||||||
3.13%, 09/30/49(b) | 52,603 | 50,416,688 | ||||||
3.88%, 04/16/50(c) | 2,825 | 3,001,537 | ||||||
4.13%, 10/11/47(b) | 45,835 | 51,578,698 | ||||||
RAK Capital, 3.09%, 03/31/25(b) | 13,452 | 13,346,906 | ||||||
Sharjah Sukuk Program Ltd. | ||||||||
3.85%, 04/03/26(b) | 13,032 | 13,296,713 | ||||||
4.23%, 03/14/28(b) | 15,744 | 16,270,440 | ||||||
|
| |||||||
372,657,733 | ||||||||
Uruguay — 2.6% | ||||||||
Uruguay Government International Bond | 38,811 | 42,279,692 | ||||||
4.38%, 01/23/31 (Call 10/23/30) | 36,152 | 39,778,621 | ||||||
4.50%, 08/14/24 | 24,223 | 25,895,649 | ||||||
4.98%, 04/20/55 | 62,665 | 71,007,889 | ||||||
5.10%, 06/18/50 | 96,496 | 109,492,578 | ||||||
7.63%, 03/21/36 | 26,907 | 37,190,647 | ||||||
|
| |||||||
325,645,076 | ||||||||
Venezuela — 0.0% | ||||||||
Venezuela Government International Bond | 2,528 | 214,880 | ||||||
|
| |||||||
12.75%, 08/23/22(b)(f) | 4,840 | 411,400 | ||||||
626,280 |
Security | Par/ Shares (000) | Value | ||||||
Vietnam — 0.2% | ||||||||
Vietnam Government International Bond, 4.80%, 11/19/24(b) | $ | 23,173 | $ | 23,912,606 | ||||
|
| |||||||
Zambia — 0.1% | ||||||||
Zambia Government International Bond | ||||||||
8.50%, 04/14/24(b) | 23,809 | 7,760,246 | ||||||
8.97%, 07/30/27(b) | 30,414 | 9,799,011 | ||||||
|
| |||||||
17,559,257 | ||||||||
|
| |||||||
Total Foreign Government Obligations — 85.1% (Cost: $12,125,218,460) |
| 10,574,884,875 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.18%(h)(i) | 31,200 | 31,200,000 | ||||||
|
| |||||||
Total Short-Term Investments — 0.3% |
| 31,200,000 | ||||||
|
| |||||||
Total Investments in Securities — 98.1% |
| 12,179,721,874 | ||||||
Other Assets, Less Liabilities — 1.9% |
| 236,726,704 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 12,416,448,578 | |||||
|
|
(a) | U.S. dollar denominated security issued by foreign domiciled entity. |
(b) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Perpetual security with no stated maturity date. |
(e) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Step coupon security. Coupon rate will either increase(step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(h) | Affiliate of the Fund. |
(i) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 10/31/19 (000) | Net Activity (000) | Shares Held at 04/30/20 (000) | Value at 04/30/20 | Income | Net Realized Gain (Loss)(a) | Change in Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, | 98,438 | (67,238 | ) | 31,200 | $ | 31,200,000 | $ | 418,622 | $ | — | $ | — | ||||||||||||||||
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(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
SCHEDULE OF INVESTMENTS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan USD Emerging Markets Bond ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 1,573,636,999 | $ | — | $ | 1,573,636,999 | ||||||||
Foreign Government Obligations | — | 10,574,884,875 | — | 10,574,884,875 | ||||||||||||
Money Market Funds | 31,200,000 | — | — | 31,200,000 | ||||||||||||
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| |||||||||
$ | 31,200,000 | $ | 12,148,521,874 | $ | — | $ | 12,179,721,874 | |||||||||
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See notes to financial statements.
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement of Assets and Liabilities (unaudited)
April 30, 2020
iShares J.P. Morgan USD Emerging Markets Bond ETF | ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 12,148,521,874 | ||
Affiliated(b) | 31,200,000 | |||
Cash | 77,110 | |||
Receivables: | ||||
Investments sold | 164,044,117 | |||
Capital shares sold | 36,578,303 | |||
Dividends | 18,804 | |||
Interest | 160,125,448 | |||
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| |||
Total assets | 12,540,565,656 | |||
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| |||
LIABILITIES | ||||
Payables: | ||||
Investments purchased | 120,256,955 | |||
Investment advisory fees | 3,860,123 | |||
|
| |||
Total liabilities | 124,117,078 | |||
|
| |||
NET ASSETS | $ | 12,416,448,578 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 14,721,619,441 | ||
Accumulated loss | (2,305,170,863 | ) | ||
|
| |||
NET ASSETS | $ | 12,416,448,578 | ||
|
| |||
Shares outstanding | 124,900,000 | |||
|
| |||
Net asset value | $ | 99.41 | ||
|
| |||
Shares authorized | Unlimited | |||
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| |||
Par value | None | |||
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| |||
(a) Investments, at cost — Unaffiliated | $ | 13,883,446,394 | ||
(b) Investments, at cost — Affiliated | $ | 31,200,000 |
See notes to financial statements.
FINANCIAL STATEMENTS |
Statement of Operations (unaudited)
Six Months Ended April 30, 2020
iShares J.P. Morgan USD | ||||
INVESTMENT INCOME | ||||
Dividends — Affiliated | $ | 418,622 | ||
Interest — Unaffiliated | 336,669,708 | |||
Other income — Unaffiliated | 178,678 | |||
Foreign taxes withheld | 97 | |||
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| |||
Total investment income | 337,267,105 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 28,301,765 | |||
|
| |||
Total expenses | 28,301,765 | |||
|
| |||
Net investment income | 308,965,340 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (84,595,401 | ) | ||
In-kind redemptions — Unaffiliated | (64,595,839 | ) | ||
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| |||
Net realized loss | (149,191,240 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (1,730,585,741 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (1,730,585,741 | ) | ||
|
| |||
Net realized and unrealized loss | (1,879,776,981 | ) | ||
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| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,570,811,641 | ) | |
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|
See notes to financial statements.
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iShares J.P. Morgan USD Emerging Markets Bond ETF | ||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 308,965,340 | $ | 743,588,755 | ||||
Net realized gain (loss) | (149,191,240 | ) | 160,512,638 | |||||
Net change in unrealized appreciation (depreciation) | (1,730,585,741 | ) | 1,198,822,979 | |||||
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| |||||
Net increase (decrease) in net assets resulting from operations | (1,570,811,641 | ) | 2,102,924,372 | |||||
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| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (329,558,928 | ) | (872,461,442 | ) | ||||
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| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net decrease in net assets derived from capital share transactions | (165,487,292 | ) | (1,492,886,987 | ) | ||||
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| |||||
NET ASSETS | ||||||||
Total decrease in net assets | (2,065,857,861 | ) | (262,424,057 | ) | ||||
Beginning of period | 14,482,306,439 | 14,744,730,496 | ||||||
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| |||||
End of period | $ | 12,416,448,578 | $ | 14,482,306,439 | ||||
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(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS |
Financial Highlights
(For a share outstanding throughout each period)
iShares J.P. Morgan USD Emerging Markets Bond ETF | ||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | ||||||||||||||||||||||||
Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 113.14 | $ | 104.57 | $ | 115.92 | $ | 114.74 | $ | 108.36 | $ | 114.15 | ||||||||||||
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Net investment income(a) | 2.33 | 5.25 | 5.07 | 5.33 | 5.39 | 5.08 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (13.57 | ) | 9.44 | (11.50 | ) | 1.02 | 6.57 | (5.75 | ) | |||||||||||||||
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Net increase (decrease) from investment operations | (11.24 | ) | 14.69 | (6.43 | ) | 6.35 | 11.96 | (0.67 | ) | |||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||
From net investment income | (2.49 | ) | (6.12 | ) | (4.92 | ) | (5.17 | ) | (5.58 | ) | (5.12 | ) | ||||||||||||
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Total distributions | (2.49 | ) | (6.12 | ) | (4.92 | ) | (5.17 | ) | (5.58 | ) | (5.12 | ) | ||||||||||||
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Net asset value, end of period | $ | 99.41 | $ | 113.14 | $ | 104.57 | $ | 115.92 | $ | 114.74 | $ | 108.36 | ||||||||||||
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Total Return | ||||||||||||||||||||||||
Based on net asset value | (10.13 | )%(d) | 14.50 | % | (5.68 | )% | 5.74 | % | 11.35 | % | (0.55 | )% | ||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.54 | % | 0.59 | % | 0.60 | % | ||||||||||||
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Total expenses after fees waived | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
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Net investment income | 4.27 | %(e) | 4.81 | % | 4.60 | % | 4.69 | % | 4.81 | % | 4.61 | % | ||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 12,416,449 | $ | 14,482,306 | $ | 14,744,730 | $ | 11,928,210 | $ | 9,649,296 | $ | 4,464,443 | ||||||||||||
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Portfolio turnover rate(f) | 5 | %(d) | 11 | % | 15 | % | 26 | % | 32 | % | 24 | % | ||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
1. | ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |
J.P. Morgan USD Emerging Markets Bond | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, andpayment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source.
Foreign Taxes:The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2020, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions:Dividends and distributions paid by the Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.
Recent Accounting Standards:The Fund has adopted Financial Accounting Standards Board Accounting Standards Update2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities withnon-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The cost basis of securities at October 31, 2019 has been adjusted to $14,378,585,622.
This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Fund.
Indemnifications:In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
NOTESTO FINANCIAL STATEMENTS |
Notes to Financial Statements (unaudited) (continued)
• | Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $19 billion | 0.4000 | % | ||
Over $19 billion, up to and including $33 billion | 0.3800 | |||
Over $33 billion, up to and including $47 billion | 0.3610 | |||
Over $47 billion | 0.3430 |
Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level. |
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued) |
Sub-Adviser:Effective February 28, 2020, BFA has entered into asub-advisory agreement with BlackRock International Limited (the“Sub-Adviser”), an affiliate of BFA, under which BFA pays theSub-Adviser for services it provides to the Fund.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Officers and Trustees:Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions:Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended April 30, 2020, transactions executed by the Fund pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
J.P. Morgan USD Emerging Markets Bond | $ | 28,797,543 | $ | 30,892,952 | $ | 1,481,297 |
The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
5. | PURCHASES AND SALES |
For the six months ended April 30, 2020, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
J.P. Morgan USD Emerging Markets Bond | $ | 814,769,633 | $ | 726,134,610 |
For the six months ended April 30, 2020,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
J.P. Morgan USD Emerging Markets Bond | $ | 4,033,730,459 | $ | 4,334,221,556 |
6. | INCOME TAX INFORMATION |
The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.
As of October 31, 2019, the Fund hadnon-expiring capital loss carryforwards available to offset future realized capital gains of $375,756,539.
As of April 30, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
J.P. Morgan USD Emerging Markets Bond | $ | 13,994,470,561 | $ | 146,083,966 | $ | (1,960,832,653 | ) | $ | (1,814,748,687 | ) |
7. | PRINCIPAL RISKS |
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social
NOTESTO FINANCIAL STATEMENTS |
Notes to Financial Statements (unaudited) (continued)
instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its schedule of investments.
High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
8. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.
2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
J.P. Morgan USD Emerging Markets Bond | ||||||||||||||||
Shares sold | 39,200,000 | $ | 4,268,713,162 | 72,300,000 | $ | 7,852,920,951 | ||||||||||
Shares redeemed | (42,300,000 | ) | (4,434,200,454 | ) | (85,300,000 | ) | (9,345,807,938 | ) | ||||||||
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Net decrease | (3,100,000 | ) | $ | (165,487,292 | ) | (13,000,000 | ) | $ | (1,492,886,987 | ) | ||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
9. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.
10. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2020 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1019-0420
APRIL 30, 2020 |
2020 Semi-Annual Report (Unaudited) |
iShares U.S. ETF Trust
· | iShares Bloomberg Roll Select Commodity Strategy ETF | CMDY | NYSE Arca |
· | iShares Commodities Select Strategy ETF | COMT | NASDAQ |
· | iShares Gold Strategy ETF | IAUF | Cboe BZX |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of April 30, 2020 | iShares® Bloomberg Roll Select Commodity Strategy ETF |
Investment Objective
TheiShares Bloomberg Roll Select Commodity Strategy ETF(the “Fund”) seeks to provide exposure, on a total return basis, to a diversified group of commodities. The Fund seeks to achieve its investment objective by investing in exchange-traded futures contracts on the Bloomberg Roll Select Commodity Index. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (17.01 | )% | (18.22 | )% | (12.40 | )% | (18.22 | )% | (24.03 | )% | ||||||||||||||
Fund Market | (17.04 | ) | (18.33 | ) | (12.39 | ) | (18.33 | ) | (24.01 | ) | ||||||||||||||
Bloomberg Roll Select Commodity Index | (17.06 | ) | (18.24 | ) | (12.32 | ) | (18.24 | ) | (23.88 | ) |
The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.
The Bloomberg Roll Select Commodity Index is an unmanaged index that aims to reflect the performance of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or “rolling” into new futures contracts.
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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 829.90 | $ | 1.23 | $ | 1,000.00 | $ | 1,023.50 | $ | 1.36 | 0.27 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets | |||
Commercial Paper | 66.2 | % | ||
Money Market Funds | 16.6 | |||
U. S. Treasury Obligations | 13.4 | |||
Cash | 6.0 | |||
Other assets, less liabilities | (2.2 | ) |
COMMODITIES EXPOSURE
Sector Exposure(a) | Percent of Exposure | |||
Agriculture Futures | 32.5 | % | ||
Precious Metals Futures | 22.5 | |||
Energy Futures | 21.1 | |||
Industrial Metals Futures | 18.5 | |||
Livestock Futures | 5.4 |
(a) | Represents the sector allocation of the Bloomberg Roll Select Commodity Index. |
FUND SUMMARY | 3 |
Fund Summary as of April 30, 2020 | iShares® Commodities Select Strategy ETF |
Investment Objective
TheiShares Commodities Select Strategy ETF(the “Fund”) seeks total return by providing investors with broad commodity exposure. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (28.44 | )% | (31.45 | )% | (8.08 | )% | (10.35 | )% | (31.45 | )% | (34.37 | )% | (45.42 | )% | ||||||||||||||||||
Fund Market | (28.46 | ) | (31.39 | ) | (8.06 | ) | (10.35 | ) | (31.39 | ) | (34.29 | ) | (45.42 | ) | ||||||||||||||||||
S&P GSCITMDynamic Roll (USD) TR(a) | (28.40 | ) | (31.37 | ) | (11.20 | ) | (13.84 | ) | (31.37 | ) | (44.78 | ) | (56.21 | ) | ||||||||||||||||||
S&P GSCITM(USD) TR | (44.29 | ) | (48.19 | ) | (12.90 | ) | (11.71 | ) | (48.19 | ) | (49.86 | ) | (49.86 | ) |
The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.
The S&P GSCITM Dynamic Roll (USD) TR is an unmanaged, production-weighted index that measures the performance of general commodity price movements and employs a flexible futures rolling strategy designed to alleviate the negative impact of contango and reduce trading costs.
(a) | The S&P GSCITM Dynamic Roll (USD) TR Index reflects the performance of S&P GSCI Commodity Gross TR Index from October 15, 2014 through October 31, 2018, S&P GSCITM Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend (USD) TR Index from November 1, 2018 through January 31, 2020 and beginning February 1, 2020 reflects the performance of the S&P GSCITM Dynamic Roll (USD) TR Index. |
The S&P GSCITM (USD) TR is an unmanaged index that measures the performance of general commodity price movements and inflation in the world economy.
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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 715.60 | $ | 2.05 | $ | 1,000.00 | $ | 1,022.50 | $ | 2.41 | 0.48 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets | |||
Commercial Paper | 61.7 | % | ||
U. S. Treasury Obligations | 12.1 | |||
Certificates of Deposit | 12.0 | |||
Money Market Funds | 4.9 | |||
Cash | 8.5 | |||
Other assets, less liabilities | 0.8 |
COMMODITY-LINKED FUTURES
Sector Exposure(a) | Percent of Net Assets | |||
Energy Futures | 52.4 | % | ||
Agriculture Futures | 20.0 | |||
Industrial Metals Futures | 12.2 | |||
Livestock Futures | 7.7 | |||
Precious Metals Futures | 7.6 |
(a) | Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets. |
4 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of April 30, 2020 | iShares® Gold Strategy ETF |
Investment Objective
TheiShares Gold Strategy ETF(the “Fund”) seeks to provide exposure, on a total return basis, to the price performance of gold. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | 10.58 | % | 29.88 | % | 13.85 | % | 29.88 | % | 27.97 | % | ||||||||||||||
Fund Market | 10.65 | 29.63 | 13.78 | 29.63 | 27.83 | |||||||||||||||||||
Bloomberg Composite Gold Index | 10.49 | 29.88 | 13.93 | 29.88 | 28.12 |
The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.
The Bloomberg Composite Gold Index is an unmanaged index comprised of exchange -traded gold futures contracts and one or more exchange-traded products backed by or linked to physical gold. The index is designed to track the price performance of gold.
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 6 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period |
(a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ | 1,000.00 | $ | 1,105.80 | $ | 0.68 | $ | 1,000.00 | $ | 1,024.20 | $ | 0.65 | 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information. |
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets | |||
Money Market Funds | 76.4 | % | ||
Grantor Trust | 19.9 | |||
Cash | 4.6 | |||
Other assets, less liabilities | (0.9 | ) |
COMMODITY-LINKED FUTURES
Sector Exposure(a) | Percent of Net Assets | |||
Gold Futures | 75.4 | % |
(a) | Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets. |
FUND SUMMARY | 5 |
Past performance is no guarantee 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 the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions 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.
6 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) April 30, 2020 | iShares® Bloomberg Roll Select Commodity Strategy ETF (Percentages shown are based on Net Assets) |
Security | Par | Value | ||||||
Short-Term Investments |
| |||||||
Commercial Paper — 66.2% | ||||||||
American Electric Power Co. Inc., 0.80%, 05/12/20(a) | $ | 500,000 | $ | 499,867 | ||||
ANZ National International Ltd., | 1,000,000 | 999,985 | ||||||
BASF SE, 1.83%, 05/21/20(a) | 750,000 | 749,200 | ||||||
Caisse des Depots et Consignations, 0.13%, 05/12/20(a) | 600,000 | 599,974 | ||||||
Chariot Funding LLC, 0.58%, 07/09/20(a) | 700,000 | 699,510 | ||||||
DBS Group Holdings Ltd., 0.33%, 05/15/20(a) | 500,000 | 499,931 | ||||||
LMASA/LMA-Americas LLC, 0.49%, 06/08/20(a) | 500,000 | 499,798 | ||||||
Macquarie Bank Ltd., 0.38%, 07/06/20(a) | 550,000 | 549,615 | ||||||
Manhattan Asset Funding Co., LLC, 0.59%, 07/16/20(a) | 400,000 | 399,643 | ||||||
NUTRIEN Ltd., 0.85%, 05/06/20(a) | 1,000,000 | 999,858 | ||||||
Old Line Funding LLC, 1.11%, 07/07/20(a) | 500,000 | 499,597 | ||||||
ST Engineering, 0.13%, 05/13/20(a) | 1,000,000 | 999,955 | ||||||
Stanley Works (The) | ||||||||
0.55%, 06/19/2020(a) | 400,000 | 399,694 | ||||||
0.60%, 07/13/2020(a) | 250,000 | 249,693 | ||||||
Sumitomo Mitsui Trust Bank Ltd./ New York, 0.44%, 07/23/20(a) | 600,000 | 599,405 | ||||||
Swedbank, 0.10%, 05/01/20(a) | 850,000 | 849,998 | ||||||
United Overseas Bank Ltd., 0.19%, 05/04/20(a) | 500,000 | 499,990 | ||||||
Verizon Communications Inc., 1.41%, 06/23/20(a) | 500,000 | 498,943 | ||||||
VW Credit Inc., 0.80%, 05/07/20(a) | 1,000,000 | 999,844 | ||||||
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12,094,500 |
Security | Par/ Shares | Value | ||||||
U.S. Treasury Obligations — 13.4% | ||||||||
U.S. Treasury Bills | ||||||||
0.08%, 06/02/20(a) | $ | 1,000,000 | $ | 999,927 | ||||
0.08%, 06/09/20(a) | 1,450,000 | 1,449,868 | ||||||
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2,449,795 | ||||||||
Money Market Funds — 16.6% | ||||||||
BlackRock Cash Funds: | ||||||||
0.18%(b)(c) | 3,030,000 | 3,030,000 | ||||||
|
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Total Short-Term Investments — 96.2% |
| 17,574,295 | ||||||
|
| |||||||
Total Investments in Securities — 96.2% |
| 17,574,295 | ||||||
Other Assets, Less Liabilities — 3.8% |
| 698,003 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 18,272,298 | |||||
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(a) | Rates are discount rates or a range of discount rates at the time of purchase. |
(b) | Affiliate of the Fund. |
(c) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 | Net Activity | | Shares Held at 04/30/20 | | Value at 04/30/20 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 4,713,000 | (1,683,000 | ) | 3,030,000 | $ | 3,030,000 | $ | 21,992 | $ | — | $ | — | ||||||||||||||||
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(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
Bloomberg Roll Select Commodity Index | 1,088 | 06/17/20 | $ | 17,762 | $ | (1,437,270 | ) | |||||||||
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Derivative Financial Instruments Categorized by Risk Exposure
As of April 30, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
Commodity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 1,437,270 | ||
|
|
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 7 |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Bloomberg Roll Select Commodity Strategy ETF |
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
Commodity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (2,780,166 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (1,624,373 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 23,273,591 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Commercial Paper | $ | — | $ | 12,094,500 | $ | — | $ | 12,094,500 | ||||||||
U.S. Treasury Obligations | — | 2,449,795 | — | 2,449,795 | ||||||||||||
Money Market Funds | 3,030,000 | — | — | 3,030,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,030,000 | $ | 14,544,295 | $ | — | $ | 17,574,295 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (1,437,270 | ) | $ | — | $ | — | $ | (1,437,270 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
8 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) April 30, 2020 | iShares® Commodities Select Strategy ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||
Short-Term Investments |
| |||||||
Certificates of Deposit — 12.0% | ||||||||
Bank of Montreal/Chicago IL, 1.93%, 02/12/21, (3 mo. LIBOR US + 0.100%)(a) | $ | 3,800,000 | $ | 3,795,615 | ||||
KBC Bank NV, 0.35%, 07/30/20 | 1,000,000 | 1,000,175 | ||||||
Mizuho Bank Ltd./New York, 1.69%, 05/28/20 | 4,800,000 | 4,805,033 | ||||||
Oversea-Chinese Banking Corp. Ltd., | 5,000,000 | 5,017,372 | ||||||
Societe Generale, New York, 1.70%, 05/14/20 | 1,890,000 | 1,891,809 | ||||||
Sumitomo Mitsui Trust Bank Ltd./New York, 0.54%, 06/26/20, (1 mo. LIBOR US + 0.050%)(a) | 5,000,000 | 5,000,526 | ||||||
Sumitomo Mitsui Trust Bank Ltd./New York, 1.16%, 07/27/20, (3 mo. LIBOR US + 0.170%)(a) | 5,000,000 | 4,999,246 | ||||||
|
| |||||||
26,509,776 | ||||||||
Commercial Paper — 61.7% | ||||||||
ABN AMRO Funding USA LLC, | 5,000,000 | 4,991,698 | ||||||
American Electric Power Co. Inc., | 7,000,000 | 6,998,133 | ||||||
ANZ National International Ltd. | ||||||||
0.11%, 05/05/2020(b) | 1,000,000 | 999,984 | ||||||
1.04%, 07/15/2020(b) | 390,000 | 389,805 | ||||||
BASF SE | ||||||||
1.75%, 05/11/2020(b) | 3,000,000 | 2,999,120 | ||||||
1.83%, 05/21/2020(b) | 7,000,000 | 6,992,536 | ||||||
Cafco LLC, 1.76%, 05/11/20(b) | 5,500,000 | 5,499,689 | ||||||
Caisse des Depots et Consignations, | 3,000,000 | 2,999,869 | ||||||
Chariot Funding LLC, 0.58%, 07/09/20(b) | 9,000,000 | 8,993,700 | ||||||
DBS Group Holdings Ltd., 0.33%, 05/15/20(b) | 5,000,000 | 4,999,313 | ||||||
Erste Abwicklungsanstalt, 1.66%, 05/06/20(b) | 4,650,000 | 4,649,925 | ||||||
Kells Funding LLC, 1.65%, 06/16/20(b) | 6,000,000 | 5,997,924 | ||||||
LMASA/LMA-Americas LLC, | 6,400,000 | 6,397,414 | ||||||
Macquarie Bank Ltd., 0.38%, 07/06/20(b) | 3,600,000 | 3,597,481 | ||||||
Manhattan Asset Funding Co., LLC, | 4,300,000 | 4,296,165 | ||||||
MetLife Short Term Funding Co., | 8,000,000 | 7,996,800 | ||||||
Natixis NY 1.89%, 06/19/2020(b) | 7,000,000 | 6,997,793 |
Security | Par/ Shares | Value | ||||||
Commercial Paper (continued) | ||||||||
1.90%, 06/10/2020(b) | $ | 4,000,000 | $ | 3,999,103 | ||||
Old Line Funding LLC, 1.11%, 07/07/20(b) | 7,000,000 | 6,994,354 | ||||||
Stanley Works (The) | ||||||||
0.55%, 06/19/2020(b) | 2,000,000 | 1,998,472 | ||||||
0.60%, 07/13/2020(b) | 8,000,000 | 7,990,183 | ||||||
Thunder Bay Funding LLC, 1.87%, 05/15/20(b) | 8,000,000 | 7,999,633 | ||||||
Toyota Motor Credit Corp., 1.92%, 07/24/20(b) | 5,000,000 | 4,986,034 | ||||||
Verizon Communications Inc., | 7,000,000 | 6,985,195 | ||||||
VW Credit Inc., 0.80%, 05/07/20(b) | 10,000,000 | 9,998,444 | ||||||
|
| |||||||
136,748,767 | ||||||||
U.S. Treasury Obligations — 12.1% | ||||||||
U.S. Treasury Bills | ||||||||
0.08%, 06/02/20(b) | 10,000,000 | 9,999,267 | ||||||
0.08%, 06/09/20(b) | 1,900,000 | 1,899,828 | ||||||
0.08%, 07/02/20(b) | 15,000,000 | 14,997,675 | ||||||
|
| |||||||
26,896,770 | ||||||||
Money Market Funds — 4.9% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%(c)(d) | 10,982,000 | 10,982,000 | ||||||
|
| |||||||
Total Short-Term Investments — 90.7% |
| 201,137,313 | ||||||
|
| |||||||
Total Investments in Securities — 90.7% |
| 201,137,313 | ||||||
Other Assets, Less Liabilities — 9.3% |
| 20,602,322 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 221,739,635 | ||||||
|
|
(a) | Variable or floating rate security. Rate shown is the rate in effect as ofperiod-end. |
(b) | Rates are discount rates or a range of discount rates at the time of purchase. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 | | Net Activity | | Shares Held at 04/30/20 | | | Value at 04/30/20 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
BlackRock Cash Funds: Institutional, | 5,854,821 | (5,854,821 | ) | — | $ | — | $ | 9,764 | (b) | $ | 1,083 | $ | (572 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, | 74,727,000 | (63,745,000 | ) | 10,982,000 | 10,982,000 | 681,244 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 10,982,000 | $ | 691,008 | $ | 1,083 | $ | (572 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 9 |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Commodities Select Strategy ETF |
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Aluminum | 235 | 12/15/21 | $ | 9,506 | $ | (1,362,819 | ) | |||||||||
Brent Crude Oil | 832 | 10/31/22 | 35,235 | (2,118,851 | ) | |||||||||||
Cattle Feeder | 54 | 08/27/20 | 3,415 | (21,523 | ) | |||||||||||
Cocoa | 45 | 09/15/20 | 1,078 | 33,596 | ||||||||||||
Coffee | 50 | 03/19/21 | 2,087 | (240,944 | ) | |||||||||||
Copper | 85 | 09/14/20 | 11,043 | 233,675 | ||||||||||||
Corn | 767 | 09/14/20 | 12,521 | (2,647,230 | ) | |||||||||||
Cotton | 104 | 07/09/20 | 2,981 | 196,158 | ||||||||||||
Gasoline RBOB | 186 | 09/30/20 | 6,018 | (366,663 | ) | |||||||||||
Gold 100 OZ | 92 | 10/28/20 | 15,670 | 449,219 | ||||||||||||
KC HRW Wheat | 162 | 07/14/20 | 3,953 | (13,567 | ) | |||||||||||
Lead | 40 | 06/15/20 | 1,627 | (86,698 | ) | |||||||||||
Lean Hogs | 219 | 10/14/20 | 5,063 | (754,717 | ) | |||||||||||
Live Cattle | 251 | 06/30/20 | 8,629 | (3,205,493 | ) | |||||||||||
Low Sulphur Gasoil | 292 | 12/10/21 | 10,271 | (1,288,606 | ) | |||||||||||
Natural Gas | 340 | 03/29/21 | 8,898 | 1,327,197 | ||||||||||||
Nickel | 31 | 07/13/20 | 2,266 | (130,734 | ) | |||||||||||
NY Harbor ULSD | 153 | 11/30/20 | 6,711 | (1,132,779 | ) | |||||||||||
Silver | 16 | 07/29/20 | 1,198 | (64,737 | ) | |||||||||||
Soybean | 209 | 03/12/21 | 8,867 | (129,940 | ) | |||||||||||
Sugar | 328 | 06/30/20 | 3,810 | 2,161 | ||||||||||||
Wheat | 346 | 07/14/20 | 9,070 | (499,882 | ) | |||||||||||
WTI Crude Oil | 1,297 | 11/21/22 | 49,066 | (9,340,716 | ) | |||||||||||
Zinc | 51 | 12/14/20 | 2,491 | 19,306 | ||||||||||||
|
| |||||||||||||||
$ | (21,144,587 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of April 30, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
| ||||
Commodity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 2,261,312 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized depreciation on futures contracts(a) | $ | 23,405,899 | ||
|
|
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||
Commodity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (82,518,591 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (27,146,578 | ) | |
|
|
10 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Commodities Select Strategy ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 354,739,153 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Certificates of Deposit | $ | — | $ | 26,509,776 | $ | — | $ | 26,509,776 | ||||||||
Commercial Paper | — | 136,748,767 | — | 136,748,767 | ||||||||||||
U.S. Treasury Obligations | — | 26,896,770 | — | 26,896,770 | ||||||||||||
Money Market Funds | 10,982,000 | — | — | 10,982,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 10,982,000 | $ | 190,155,313 | $ | — | $ | 201,137,313 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 2,261,312 | $ | — | $ | — | $ | 2,261,312 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (23,405,899 | ) | — | — | (23,405,899 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (21,144,587 | ) | $ | — | $ | — | $ | (21,144,587 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
CONSOLIDATED SCHEDULE OF INVESTMENTS | 11 |
Consolidated Schedule of Investments (unaudited) April 30, 2020 | iShares® Gold Strategy ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Grantor Trust |
| |||||||
Grantor Trust — 19.9% | ||||||||
iShares Gold Trust(a)(b) | 177,198 | $ | 2,854,660 | |||||
|
| |||||||
Total Grantor Trust | 2,854,660 | |||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 76.4% | ||||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.18%(a)(c) | 10,987,000 | 10,987,000 | ||||||
|
| |||||||
Total Short-Term Investments — 76.4% | 10,987,000 | |||||||
|
| |||||||
Total Investments in Securities — 96.3% | 13,841,660 | |||||||
Other Assets, Less Liabilities — 3.7% | 537,873 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 14,379,533 | ||||||
|
|
(a) | Affiliate of the Fund. |
(b) | Non-income producing security. |
(c) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 | | Shares Purchased | | Shares Sold | | | Shares Held at 04/30/20 | | Value at 04/30/20 | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 6,201,000 | 4,786,000 | (b) | — | 10,987,000 | $ | 10,987,000 | $ | 36,293 | $ | — | $ | — | |||||||||||||||||||
iShares Gold Trust | 121,011 | 211,418 | (155,231 | ) | 177,198 | 2,854,660 | — | 191,446 | 23,945 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 13,841,660 | $ | 36,293 | $ | 191,446 | $ | 23,945 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
Gold | 64 | 06/26/20 | $ | 10,843 | $ | 186,845 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of April 30, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:
Commodity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Unrealized appreciation on futures contracts(a) | $ | 186,845 | ||
|
|
(a) | Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
12 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® Gold Strategy ETF |
For the six months ended April 30, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
Commodity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 532,875 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 20,716 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 7,849,777 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Grantor Trust | $ | 2,854,660 | $ | — | $ | — | $ | 2,854,660 | ||||||||
Money Market Funds | 10,987,000 | — | — | 10,987,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 13,841,660 | $ | — | $ | — | $ | 13,841,660 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 186,845 | $ | — | $ | — | $ | 186,845 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
CONSOLIDATED SCHEDULE OF INVESTMENTS | 13 |
Consolidated Statements of Assets and Liabilities (unaudited)
April 30, 2020
iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Commodities Select Strategy ETF | iShares Gold Strategy ETF | ||||||||||
ASSETS | ||||||||||||
Investments in securities, at value: | ||||||||||||
Unaffiliated(a) | $ | 14,544,295 | $ | 190,155,313 | $ | — | ||||||
Affiliated(b) | 3,030,000 | 10,982,000 | 13,841,660 | |||||||||
Cash | 11,978 | 15,578 | 8,960 | |||||||||
Foreign currency, at value(c) | — | 245 | — | |||||||||
Cash pledged: | ||||||||||||
Futures contracts | 1,088,000 | 18,779,153 | 651,000 | |||||||||
Receivables: | ||||||||||||
Variation margin on futures contracts | 200,189 | 2,671,749 | — | |||||||||
Dividends | 1,113 | 214,857 | 1,990 | |||||||||
Tax reclaims | — | 8,678 | — | |||||||||
|
|
|
|
|
| |||||||
Total assets | 18,875,575 | 222,827,573 | 14,503,610 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investments purchased | 599,405 | 1,000,186 | — | |||||||||
Variation margin on futures contracts | — | — | 122,868 | |||||||||
Investment advisory fees | 3,872 | 87,752 | 1,209 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 603,277 | 1,087,938 | 124,077 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 18,272,298 | $ | 221,739,635 | $ | 14,379,533 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 22,389,793 | $ | 369,163,273 | $ | 13,247,256 | ||||||
Accumulated earnings (loss) | (4,117,495 | ) | (147,423,638 | ) | 1,132,277 | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 18,272,298 | $ | 221,739,635 | $ | 14,379,533 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 500,000 | 10,000,000 | 250,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 36.54 | $ | 22.17 | $ | 57.52 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
| |||||||
Par value | None | None | None | |||||||||
|
|
|
|
|
| |||||||
(a) Investments, at cost — Unaffiliated | $ | 14,538,777 | $ | 189,971,157 | $ | — | ||||||
(b) Investments, at cost — Affiliated | $ | 3,030,000 | $ | 10,982,000 | $ | 13,637,124 | ||||||
(c) Foreign currency, at cost | $ | — | $ | 257 | $ | — |
See notes to financial statements.
14 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Operations (unaudited)
Six Months Ended April 30, 2020
iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Strategy ETF | iShares Gold Strategy ETF | ||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | — | $ | 984,108 | $ | — | ||||||||||
Dividends — Affiliated | 21,992 | 681,244 | 36,293 | |||||||||||||
Interest — Unaffiliated | 173,621 | 2,081,753 | 1,146 | |||||||||||||
Securities lending income — Affiliated — net | — | 9,764 | — | |||||||||||||
Foreign taxes withheld | — | (48,736 | ) | — | ||||||||||||
|
|
|
|
|
| |||||||||||
Total investment income | 195,613 | 3,708,133 | 37,439 | |||||||||||||
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 33,557 | 908,507 | 11,209 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total expenses
| 33,557 | 908,507 | 11,209 | |||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (1,699 | ) | (2,140 | ) | (5,590 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Total expenses after fees waived | 31,858 | 906,367 | 5,619 | |||||||||||||
|
|
|
|
|
| |||||||||||
Net investment income | 163,755 | 2,801,766 | 31,820 | |||||||||||||
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (1,373 | ) | (21,760,079 | ) | — | |||||||||||
Investments — Affiliated | — | 1,083 | (8,428 | ) | ||||||||||||
In-kind redemptions — Unaffiliated | — | 3,854,580 | — | |||||||||||||
In-kind redemptions — Affiliated | — | — | 199,874 | |||||||||||||
Futures contracts | (2,780,166 | ) | (82,518,591 | ) | 532,875 | |||||||||||
Foreign currency transactions | — | 13 | — | |||||||||||||
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | (2,781,539 | ) | (100,422,994 | ) | 724,321 | |||||||||||
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | 4,014 | 12,236,763 | (53 | ) | ||||||||||||
Investments — Affiliated | — | (572 | ) | 23,945 | ||||||||||||
Futures contracts | (1,624,373 | ) | (27,146,578 | ) | 20,716 | |||||||||||
Foreign currency translations | — | (3 | ) | — | ||||||||||||
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) | (1,620,359 | ) | (14,910,390 | ) | 44,608 | |||||||||||
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | (4,401,898 | ) | (115,333,384 | ) | 768,929 | |||||||||||
|
|
|
|
|
| |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,238,143 | ) | $ | (112,531,618 | ) | $ | 800,749 | ||||||||
|
|
|
|
|
|
See notes to financial statements.
CONSOLIDATED FINANCIAL STATEMENTS | 15 |
Consolidated Statements of Changes in Net Assets
iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Commodities Select Strategy ETF | |||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Six Months 04/30/20 | Year Ended 10/31/19 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 163,755 | $ | 799,071 | $ | 2,801,766 | $ | 9,677,710 | ||||||||||||
Net realized loss | (2,781,539 | ) | (2,887,072 | ) | (100,422,994 | ) | (71,283,577 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | (1,620,359 | ) | 364,902 | (14,910,390 | ) | 26,833,214 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets resulting from operations | (4,238,143 | ) | (1,723,099 | ) | (112,531,618 | ) | (34,772,653 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (598,892 | ) | (644,782 | ) | (8,490,082 | ) | (40,656,951 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net decrease in net assets derived from capital share transactions | (3,894,823 | ) | (11,234,784 | ) | (175,611,524 | ) | (134,936,163 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total decrease in net assets | (8,731,858 | ) | (13,602,665 | ) | (296,633,224 | ) | (210,365,767 | ) | ||||||||||||
Beginning of period | 27,004,156 | 40,606,821 | 518,372,859 | 728,738,626 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 18,272,298 | $ | 27,004,156 | $ | 221,739,635 | $ | 518,372,859 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
16 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Changes in Net Assets (continued)
iShares Gold Strategy ETF | ||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 31,820 | $ | 88,453 | ||||
Net realized gain | 724,321 | 478,678 | ||||||
Net change in unrealized appreciation (depreciation) | 44,608 | 455,035 | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 800,749 | 1,022,166 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (788,999 | ) | (37,443 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 5,755,738 | 2,951,071 | ||||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase in net assets | 5,767,488 | 3,935,794 | ||||||
Beginning of period | 8,612,045 | 4,676,251 | ||||||
|
|
|
| |||||
End of period | $ | 14,379,533 | $ | 8,612,045 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
CONSOLIDATED FINANCIAL STATEMENTS | 17 |
Consolidated Financial Highlights
(For a share outstanding throughout each period)
iShares Bloomberg Roll Select Commodity Strategy ETF | ||||||||||||||||
| Six Months Ended 04/30/20 (unaudited) |
| | Year Ended 10/31/19 | | | Period From 04/03/18 to 10/31/18 | (a)
| ||||||||
| ||||||||||||||||
Net asset value, beginning of period | $ | 45.01 | $ | 47.77 | $ | 50.00 | ||||||||||
|
|
|
|
|
| |||||||||||
Net investment income(b) | 0.29 | 1.05 | 0.58 | |||||||||||||
Net realized and unrealized loss(c) | (7.76 | ) | (3.05 | ) | (2.81 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Net decrease from investment operations | (7.47 | ) | (2.00 | ) | (2.23 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Distributions(d) | ||||||||||||||||
From net investment income | (1.00 | ) | (0.76 | ) | — | |||||||||||
|
|
|
|
|
| |||||||||||
Total distributions | (1.00 | ) | (0.76 | ) | — | |||||||||||
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 36.54 | $ | 45.01 | $ | 47.77 | ||||||||||
|
|
|
|
|
| |||||||||||
Total Return | ||||||||||||||||
Based on net asset value | (17.01 | )%(e) | (4.19 | )% | (4.46 | )%(e) | ||||||||||
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses | 0.28 | %(f) | 0.28 | % | 0.28 | %(f) | ||||||||||
|
|
|
|
|
| |||||||||||
Total expenses after fees waived | 0.27 | %(f) | 0.19 | % | 0.10 | %(f) | ||||||||||
|
|
|
|
|
| |||||||||||
Net investment income | 1.37 | %(f) | 2.30 | % | 2.01 | %(f) | ||||||||||
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 18,272 | $ | 27,004 | $ | 40,607 | ||||||||||
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(g) | 0 | %(e) | 0 | % | 0 | %(e) | ||||||||||
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
18 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Commodities Select Strategy ETF | ||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.80 | $ | 37.18 | $ | 35.97 | $ | 32.41 | $ | 32.97 | $ | 50.68 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.22 | 0.76 | 0.63 | 0.31 | 0.16 | 0.26 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (8.99 | ) | (3.04 | ) | 2.62 | 3.58 | (0.57 | ) | (17.35 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (8.77 | ) | (2.28 | ) | 3.25 | 3.89 | (0.41 | ) | (17.09 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.86 | ) | (3.10 | ) | (2.04 | ) | (0.33 | ) | (0.15 | ) | (0.61 | ) | ||||||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.86 | ) | (3.10 | ) | (2.04 | ) | (0.33 | ) | (0.15 | ) | (0.62 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 22.17 | $ | 31.80 | $ | 37.18 | $ | 35.97 | $ | 32.41 | $ | 32.97 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return | ||||||||||||||||||||||||||||
Based on net asset value | (28.44 | )%(d) | (5.87 | )% | 9.29 | %(e) | 12.08 | % | (1.23 | )% | (33.88 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.48 | %(f) | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived | 0.48 | %(f) | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.48 | %(f) | 2.32 | % | 1.66 | % | 0.93 | % | 0.51 | % | 0.68 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 221,740 | $ | 518,373 | $ | 728,739 | $ | 258,956 | $ | 320,820 | $ | 253,857 | ||||||||||||||||
|
|
|
|
|
| �� |
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(g) | 2 | %(d) | 32 | % | 167 | % | 44 | % | 43 | % | 76 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 9.06%. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
CONSOLIDATED FINANCIAL HIGHLIGHTS | 19 |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Gold Strategy ETF | ||||||||||||
| Six Months Ended 04/30/20 (unaudited) |
| | Year Ended 10/31/19 |
| | Period From 06/06/18 to 10/31/18 | (a)
| ||||
| ||||||||||||
Net asset value, beginning of period | $ | 57.41 | $ | 46.76 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Net investment income(b) | 0.19 | 0.82 | 0.27 | |||||||||
Net realized and unrealized gain (loss)(c) | 5.18 | 10.20 | (3.51 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) from investment operations | 5.37 | 11.02 | (3.24 | ) | ||||||||
|
|
|
|
|
| |||||||
Distributions(d) | ||||||||||||
From net investment income | (5.26 | ) | (0.37 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total distributions | (5.26 | ) | (0.37 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 57.52 | $ | 57.41 | $ | 46.76 | ||||||
|
|
|
|
|
| |||||||
Total Return | ||||||||||||
Based on net asset value | 10.58 | %(e) | 23.74 | % | (6.48 | )%(e) | ||||||
|
|
|
|
|
| |||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses | 0.25 | %(f) | 0.25 | % | 0.25 | %(f) | ||||||
|
|
|
|
|
| |||||||
Total expenses after fees waived | 0.13 | %(f) | 0.18 | % | 0.19 | %(f) | ||||||
|
|
|
|
|
| |||||||
Net investment income | 0.71 | %(f) | 1.58 | % | 1.45 | %(f) | ||||||
|
|
|
|
|
| |||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 14,380 | $ | 8,612 | $ | 4,676 | ||||||
|
|
|
|
|
| |||||||
Portfolio turnover rate(g) | 28 | %(e) | 47 | % | 13 | %(e) | ||||||
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
20 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (unaudited)
1. | ORGANIZATION |
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These consolidated financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
Bloomberg Roll Select Commodity Strategy | Non-diversified | |
Commodities Select Strategy | Diversified | |
Gold Strategy | Non-diversified |
Basis of Consolidation:The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a “Subsidiary”) that invests in certain “commodity-linked instruments” and cash and cash equivalents in accordance with each Fund’s investment objective. In compliance withSub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund’s commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its Fund.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2020, if any, are disclosed in the consolidated statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | 21 |
Notes to Consolidated Financial Statements (unaudited) (continued)
Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. |
• | Exchange-traded funds andclosed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included
22 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (unaudited) (continued)
in its consolidated schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105%for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the consolidated schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its consolidated schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the consolidated statements of assets and liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:The Funds invest in commodity futures contracts to gain exposure to the applicable commodities markets. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the consolidated schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the consolidated statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the consolidated statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |
Bloomberg Roll Select Commodity Strategy | 0.28% | |
Commodities Select Strategy | 0.48 | |
Gold Strategy | 0.25 |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | 23 |
Notes to Consolidated Financial Statements (unaudited) (continued)
Expense Waivers:A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Bloomberg Roll Select Commodity Strategy ETF and iShares Commodities Select Strategy ETF through February 28, 2025 and February 29, 2024, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.
For the six months ended April 30, 2020, BFA voluntarily waived its investment advisory fees for the iShares Bloomberg Roll Select Commodity Strategy ETF in the amount of $1,699.
BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Gold Strategy ETF through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other exchange-traded products sponsored by BFA or its affiliates, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.25%.
Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
Sub-Adviser:BFA has entered into asub-advisory agreement with BlackRock International Limited (the“Sub-Adviser”),an affiliate of BFA, under which BFA pays theSub-Adviser for services it provides to the iShares Commodities Select Strategy ETF and its Subsidiary.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its consolidated statement of operations. For the six months ended April 30, 2020, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |
Commodities Select Strategy | $ 2,694 |
Officers and Trustees:Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the consolidated statement of operations.
7. | PURCHASES AND SALES |
For the six months ended April 30, 2020, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||
Commodities Select Strategy | $ 1,420,413 | $ 145,872,235 | ||
Gold Strategy | 582,882 | 1,072,838 |
24 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (unaudited) (continued)
For the six months ended April 30, 2020,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Commodities Select Strategy | $ | 60,962,946 | $ | 65,403,857 | ||||
Gold Strategy | 2,637,079 | 1,257,673 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.
As of October 31, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Commodities Select Strategy | $ | 25,672,342 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.
As of April 30, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Bloomberg Roll Select Commodity Strategy | $ | 17,568,777 | $ | 5,674 | $ | (1,437,426 | ) | $ | (1,431,752 | ) | ||||||
Commodities Select Strategy | 202,543,527 | 190,938 | (22,741,739 | ) | (22,550,801 | ) | ||||||||||
Gold Strategy | 13,637,124 | 391,381 | — | 391,381 |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s consolidated schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | 25 |
Notes to Consolidated Financial Statements (unaudited) (continued)
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its consolidated statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its consolidated schedule of investments.
The iShares Bloomberg Roll Select Commodity Strategy ETF and iShares Commodities Select Strategy ETF (“COMT”) have substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds’ portfolios.
The iShares Gold Strategy ETF has substantial exposure to gold through its investments in gold investments and the Fund’s portfolio may be adversely affected by changes or trends in the price of gold, which historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may adversely affect the performance of the Fund.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Bloomberg Roll Select Commodity Strategy | ||||||||||||||||
Shares redeemed | (100,000 | ) | $ | (3,894,823 | ) | (250,000 | ) | $ | (11,234,784 | ) | ||||||
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Commodities Select Strategy | ||||||||||||||||
Shares sold | 6,900,000 | $ | 223,973,279 | 10,500,000 | $ | 334,026,227 | ||||||||||
Shares redeemed | (13,200,000 | ) | (399,584,803 | ) | (13,800,000 | ) | (468,962,390 | ) | ||||||||
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Net decrease | (6,300,000 | ) | $ | (175,611,524 | ) | (3,300,000 | ) | $ | (134,936,163 | ) | ||||||
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Gold Strategy | ||||||||||||||||
Shares sold | 200,000 | $ | 10,997,233 | 50,000 | $ | 2,951,071 | ||||||||||
Shares redeemed | (100,000 | ) | (5,241,495 | ) | — | — | ||||||||||
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Net increase | 100,000 | $ | 5,755,738 | 50,000 | $ | 2,951,071 | ||||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the consolidated statement of assets and liabilities.
26 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (unaudited) (continued)
11. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.
12. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | 27 |
Statement Regarding Liquidity Risk Management Program (unaudited)
The Securities and Exchange Commission adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Trustees (the “Board”) of iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodities Select Strategy ETF and iShares Gold Strategy ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for anopen-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements.The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants.The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio.In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
28 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Supplemental Information(unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive aForm 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Bloomberg Roll Select Commodity Strategy(a) | $ | 0.953678 | $ | — | $ | 0.044475 | $ | 0.998153 | 96 | % | — | % | 4 | % | 100 | % | ||||||||||||||||
Commodities Select Strategy(a) | 0.797537 | — | 0.060047 | 0.857584 | 93 | — | 7 | 100 | ||||||||||||||||||||||||
Gold Strategy(a) | 4.896198 | — | 0.363795 | 5.259993 | 93 | — | 7 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
SUPPLEMENTAL INFORMATION | 29 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
30 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Fixed Income | ||
LIBOR | London Interbank Offered Rate |
GLOSSARYOF TERMS USEDINTHIS REPORT | 31 |
Want to know more?
iShares.com |1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2020 BlackRock, Inc. All rights reserved.iSHARES andBLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1011-0420
Item 2. | Code of Ethics. |
Not applicable to this semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable to this semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to this semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this semi-annual report.
Information Classification: Limited Access
Item 6. | Investments. |
(a) | Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the registrant.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) | The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule30a-3(b) under the Investment Company Act of 1940 and Rules13a-15(b) or15d-15(b) under the Exchange Act of 1934. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 13. | Exhibits. |
(a) (1) Not applicable to this semi-annual report.
(a) (2) Section 302 Certifications are attached.
(a) (3) Not applicable.
(a) (4) Not applicable.
(b) Section 906 Certifications are attached.
Information Classification: Limited Access
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares U.S. ETF Trust
By: /s/ Armando Senra |
Armando Senra, President (Principal Executive Officer) |
Date: July 02, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Armando Senra |
Armando Senra, President (Principal Executive Officer) |
Date: July 02, 2020
By: /s/ Trent Walker |
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: July 02, 2020
Information Classification: Limited Access