LOGO

  OCTOBER 31, 2022

 

 

  

  

   2022 Annual Report

 

iShares Trust

· iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD | NASDAQ

· iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE Arca

· iShares BB Rated Corporate Bond ETF | HYBB | NYSE Arca

· iShares Convertible Bond ETF | ICVT | Cboe BZX

· iShares Floating Rate Bond ETF | FLOT | Cboe BZX

· iShares USD Green Bond ETF | BGRN | NASDAQ

 

 


The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2022

 

 
     
      6-Month       12-Month   
   

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

    (5.50)%       (14.61)%  
   

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

    (0.20)          (18.54)     
   

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

    (12.70)          (23.00)     
   

Emerging market equities
(MSCI Emerging Markets Index)

    (19.66)          (31.03)     
   

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

    0.72          0.79     
   

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

    (8.24)          (17.68)     
   

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

    (6.86)          (15.68)     
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (4.43)          (11.98)     
   

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

    (4.71)          (11.76)     
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     17  

Disclosure of Expenses

     17  

Schedules of Investments

     18  

Financial Statements:

  

Statements of Assets and Liabilities

     101  

Statements of Operations

     103  

Statements of Changes in Net Assets

     105  

Financial Highlights

     108  

Notes to Financial Statements

     114  

Report of Independent Registered Public Accounting Firm

     126  

Important Tax Information

     127  

Board Review and Approval of Investment Advisory Contract

     129  

Supplemental Information

     135  

Trustee and Officer Information

     136  

General Information

     139  

Glossary of Terms Used in this Report

     140  

 

 

 


Market Overview

 

iShares Trust

U.S. Bond Market Overview

The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.

The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year’s fourth calendar quarter. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed’s rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.

The surge in U.S. Treasury yields, together with investors’ increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed’s decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.

Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.

High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.

 

 

4  

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


Fund Summary as of October 31, 2022    iShares® 0-5 Year Investment Grade Corporate Bond  ETF

 

Investment Objective

The iShares 0-5 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx USD Liquid Investment Grade 0-5 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (6.35 )%       0.93      1.33       (6.35 )%       4.73      12.70

Fund Market

    (6.29      0.93        1.34         (6.29      4.74        12.81  

Index

    (6.36      0.97        1.42               (6.36      4.92        13.60  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was October 15, 2013. The first day of secondary market trading was October 17, 2013.

Past performance is not an indication 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” for more information.

Expense Example

 

    Actual           Hypothetical 5% Return                    
 

 

 

     

 

 

           
      

Beginning

Account Value

(05/01/22

 

 

      

Ending

Account Value

(10/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/22

 

 

      

Ending

Account Value

(10/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

                 

Annualized

Expense

Ratio

 

 

 

                 
    $        1,000.00          $          979.30          $       0.30               $       1,000.00          $       1,024.90          $       0.31                     0.06

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of October 31, 2022  (continued)    iShares® 0-5 Year Investment Grade Corporate Bond  ETF

 

Portfolio Management Commentary

All major segments of the fixed-income market, including high quality corporate bonds, experienced negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

Returns for investment grade corporate bonds with maturities of five years or less held up better than for their longer-term counterparts but were nonetheless negative for the reporting period, as both rising Treasury yields and widening credit spreads had a negative impact on performance. In terms of credit quality, lower-rated issues in the Moody’s A and Baa rating categories accounted for the great majority of the negative return for the Index, primarily due to their significant weights within the Index. In terms of maturities, more interest rate-sensitive bonds with maturities closest to five years weighed most heavily on performance given the rise in Treasury yields seen during the period.

Portfolio Information

 

CREDIT QUALITY ALLOCATION  

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Aaa

    2.6

Aa

    4.8  

A

    49.2  

Baa

    41.3  

Ba

    1.0  

Not Rated

    1.1  
MATURITY ALLOCATION  

Maturity

   

Percent of

Total Investments

 

(a) 

0-1 Year

    13.3

1-5 Years

    85.2  

5-10 Years

    1.5  

 

  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of October 31, 2022    iShares® Aaa - A Rated Corporate Bond ETF

 

Investment Objective

The iShares Aaa - A Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of Aaa to A, or equivalently rated, fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporations, as represented by the Bloomberg U.S. Corporate Aaa - A Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (18.93 )%       (0.70 )%       0.98       (18.93 )%       (3.45 )%       10.24

Fund Market

    (18.86      (0.72      0.92         (18.86      (3.53      9.58  

Index

    (18.84      (0.58      1.11               (18.84      (2.88      11.67  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication 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” for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(05/01/22)

 

 

 

      

Ending

Account Value

(10/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/22)

 

 

 

      

Ending

Account Value

(10/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $          922.90          $       0.73               $        1,000.00          $        1,024.40          $       0.77          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of October 31, 2022  (continued)    iShares® Aaa - A Rated Corporate Bond ETF

 

Portfolio Management Commentary

All major segments of the fixed-income market, including high quality corporate bonds, experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

Returns for corporate bonds rated Aaa to A were notably negative for the reporting period. While A-rated bonds actually slightly outperformed their higher quality counterparts, the segment accounted for the majority of the Index’s negative return due to its heavy weight within the Index. In terms of maturities, more interest rate sensitive bonds with maturities of greater than 10 years weighed most heavily on performance given the rise in Treasury yields seen during the period.

Portfolio Information

 

MATURITY ALLOCATION  

Maturity

   

Percent of

Total Investments

 

(a) 

1-5 Years

    40.3

5-10 Years

    26.2  

10-15 Years

    5.8  

15-20 Years

    7.0  

More than 20 Years

    20.7  
TEN LARGEST HOLDINGS  

Security

   

Percent of

Total Investments

 

(a) 

Microsoft Corp., 2.92%, 03/17/52

    0.2

Microsoft Corp., 2.53%, 06/01/50

    0.2  

Amazon.com Inc., 3.15%, 08/22/27

    0.2  

Apple Inc., 3.25%, 02/23/26

    0.2  

Wells Fargo & Co., 5.01%, 04/04/51

    0.2  

Microsoft Corp., 3.30%, 02/06/27

    0.2  

Apple Inc., 4.65%, 02/23/46

    0.2  

Comcast Corp., 2.94%, 11/01/56

    0.2  

Visa Inc., 3.15%, 12/14/25

    0.1  

Shell International Finance BV, 6.38%, 12/15/38

    0.1  

 

  (a) 

Excludes money market funds.

 

 

 

8  

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


Fund Summary as of October 31, 2022    iShares® BB Rated Corporate Bond ETF

 

Investment Objective

The iShares BB Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the ICE BofA BB US High Yield Constrained Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

        Average Annual Total Returns           Cumulative Total Returns  
 

 

 

   

 

 

 

     1 Year     

Since

Inception

    1 Year   

Since

Inception

 

Fund NAV

    (11.30 )%       (2.11 )%      (11.30 )%       (4.32 )% 

Fund Market

    (11.24      (2.00     (11.24      (4.10

Index

    (11.12      (1.90     (11.12      (3.89

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

Past performance is not an indication 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” for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(05/01/22)

 

 

 

      

Ending

Account Value

(10/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/22)

 

 

 

      

Ending

Account Value

(10/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $          965.20          $        0.74               $        1,000.00          $        1,024.40          $        0.77          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of October 31, 2022  (continued)    iShares® BB Rated Corporate Bond ETF

 

Portfolio Management Commentary

High-yield bonds, including those rated BB, lost considerable ground in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates. The Fed hiked rates by a total of three percentage points over the 12-month period, bringing the benchmark Fed funds rate to a range of 3.0% to 3.25%.

High yield bonds were also pressured by rising spreads relative to U.S. Treasuries. At their peak in early July, spreads stood at their highest level in nearly two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia’s invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. High yield bond funds experienced significant outflows as a result, further weighing on prices.

Returns for corporate bonds rated BB or the equivalent were notably negative for the reporting period. However, BB-rated bonds outperformed their higher quality, investment grade counterparts due to their lower interest rate sensitivity in a rising rate environment. That said, within the Index performance was weakest for bonds with maturities of greater than 10 years, followed by the 7-10 year maturity range. From a sector perspective, Financial issuers underperformed while Energy issuers outperformed.

Portfolio Information

 

MATURITY ALLOCATION  
   

Maturity

   

Percent of

Total Investments

 

(a) 

1-5 Years

    36.1

5-10 Years

    55.5  

10-15 Years

    2.7  

15-20 Years

    1.6  

More than 20 Years

    4.1  
TEN LARGEST HOLDINGS  
   

Security

   

Percent of

Total Investments

 

(a) 

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26     0.6
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27     0.6  
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29     0.5  
Sprint Capital Corp., 6.88%, 11/15/28     0.4  
Sprint Capital Corp., 8.75%, 03/15/32     0.4  
Tenet Healthcare Corp., 4.88%, 01/01/26     0.3  
Sprint Corp., 7.13%, 06/15/24     0.3  
Carnival Corp., 4.00%, 08/01/28     0.3  
Tenet Healthcare Corp., 6.13%, 06/15/30     0.3  
United Airlines Inc., 4.38%, 04/15/26     0.3  

 

  (a) 

Excludes money market funds.

 

 

 

10  

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


Fund Summary as of October 31, 2022    iShares® Convertible Bond ETF

 

Investment Objective

The iShares Convertible Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated convertible securities, specifically cash pay bonds, with outstanding issue sizes greater than $250 million, as represented by the Bloomberg U.S. Convertible Cash Pay Bond>$250MM Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    (25.08 )%       9.42      8.80       (25.08 )%       56.85      86.93

Fund Market

    (25.36      9.30        8.76         (25.36      55.98        86.44  

Index

    (24.87      9.96        9.35               (24.87      60.77        93.96  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 2, 2015. The first day of secondary market trading was June 4, 2015.

Past performance is not an indication 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” for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value

(05/01/22)

 
 

 

      

Ending

Account Value

(10/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/22

 

 

      

Ending

Account Value

(10/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $          922.00          $       0.97               $        1,000.00          $        1,024.20          $       1.02          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of October 31, 2022  (continued)    iShares® Convertible Bond ETF

 

Portfolio Management Commentary

U.S. dollar-denominated convertible bonds experienced significant declines over the reporting period. Convertible bonds are hybrid securities that have features of both debt and equity. The bonds represented in the Index pay interest on a periodic basis, similar to standard corporate bonds, but they also have an equity conversion feature and can be redeemed for shares of the issuer’s stock. Due to their convertibility feature, these securities advance or decline with stocks but with less volatility given their fixed-income component.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least

7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months. The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening,

Convertible securities experienced a sizable downturn beginning late in the first quarter of 2022 and extending into the second quarter, in keeping with the direction across the financial markets. Investor risk sentiment weakened dramatically on tighter Fed policy, recession fears, and the war in Ukraine. Additionally, the prospect of a higher interest rate regime for an extended period weighed on assets with more distant cash flows, such the type of growth company heavily represented in the convertible market. New issue supply of convertibles fell off sharply from the robust levels seen during the post-pandemic rebound, as waning investor demand led to less favorable pricing. As a result, the index returned -24.87% over the reporting period.

Much of the convertible universe is unrated, and unrated issues accounted for the great majority of the Index’s negative return. In sector terms, technology issues are the largest Index constituent and the sector accounted for roughly half of the negative Index return, as rising interest rates weighed on assets with more distant cash flows.

Portfolio Information

 

MATURITY ALLOCATION  
   
Maturity  

Percent of

Total Investments(a)

 

0-1 Year

    7.5

1-5 Years

    81.8  

5-10 Years

    8.3  

More than 20 Years

    2.4  
TEN LARGEST HOLDINGS  
   
Security  

Percent of

Total Investments(a)

 

Palo Alto Networks Inc., 0.38%, 06/01/25

    1.8

Palo Alto Networks Inc., 0.75%, 07/01/23

    1.6  

Pioneer Natural Resources Co., 0.25%, 05/15/25

    1.4  

Ford Motor Co. , 03/15/26

    1.2  

DexCom Inc., 0.75%, 12/01/23

    1.2  

DISH Network Corp., 3.38%, 08/15/26

    1.1  

Southwest Airlines Co., 1.25%, 05/01/25

    1.0  

Sea Ltd., 0.25%, 09/15/26

    1.0  

Pinduoduo Inc. , 12/01/25

    0.9  

Airbnb Inc. , 03/15/26

    0.8  
  (a) 

Excludes money market funds.

 

 

 

12  

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Fund Summary as of October 31, 2022    iShares® Floating Rate Bond ETF

 

Investment Objective

The iShares Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds with remaining maturities between one month and five years, as represented by the Bloomberg US Floating Rate Note<5 Years Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    0.21      1.41      1.19       0.21      7.23      12.53

Fund Market

    (0.05      1.36        1.12         (0.05      7.01        11.82  

Index

    0.43        1.68        1.43               0.43        8.69        15.31  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication 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” for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(05/01/22)

 

 

 

      

Ending

Account Value

(10/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/22

 

 

      

Ending

Account Value

(10/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $        1,005.20          $       0.76               $        1,000.00          $        1,024.40          $       0.77          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  13


Fund Summary as of October 31, 2022  (continued)    iShares® Floating Rate Bond ETF

 

Portfolio Management Commentary

While most segments of the fixed-income market experienced steeply negative returns over the 12-month period against a backdrop of hawkish monetary policy and rising Treasury yields, investment grade floating rate bonds managed to post a small positive return as gauged by the Index.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

The Index principally comprises U.S. dollar-denominated bonds with interest rates that reset periodically. Floating rate bonds are generally attractive to investors in a rising interest-rate environment. Because their coupon rates adjust to reflect shifts in short-term interest rates, their prices are not very sensitive to changing interest rates. That said, prices for floating rate bonds can fluctuate based on changes in the economic outlook and credit sentiment, as a weaker economy can impact the ability of companies to service their debts. Investment-grade floating-rate bonds posted a modest positive performance for the reporting period, as investors were attracted to their relative price stability in a rising interest rate environment.

Portfolio Information

 

CREDIT QUALITY ALLOCATION  
   

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Aaa

    16.4

Aa

    13.7  

A

    52.7  

Baa

    14.4  

Ba

    0.4  

Not Rated

    2.4  
MATURITY ALLOCATION  
   

Maturity

   

Percent of

Total Investments

 

(a) 

0-1 Year

    27.7

1-5 Years

    72.3  

 

  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

14  

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


Fund Summary as of October 31, 2022      iShares® USD Green Bond ETF

 

Investment Objective

The iShares USD Green Bond ETF (the “Fund”) (formerly the iShares Global Green Bond ETF) seeks to track the investment results of an index composed of U.S.dollar-denominated investment-grade green bonds that are issued by U.S. and non-U.S. issuers to fund environmental projects, as represented by Bloomberg MSCI USD Green Bond Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index

Performance

 

        Average Annual Total Returns         Cumulative Total Returns  
 

 

 

 

 

 

 

 

     1 Year   

Since

Inception

    1 Year    Since
Inception
 

Fund NAV

    (15.69 )%       (0.71 )%      (15.69 )%       (2.77 )% 

Fund Market

    (15.95      (0.69     (15.95      (2.70

Index(a)

    (15.35      (0.54     (15.35      (2.11

Bloomberg MSCI Global Green Bond Select (USD Hedged) Index

    (17.23      (1.10     (17.23      (4.29

Bloomberg MSCI USD Green Bond Select Index (b)

    N/A        N/A       N/A        N/A  

 

  (a) 

Index performance through February 28, 2022 reflects the performance of the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index. Index performance beginning on March 1, 2022 reflects the performance of the Bloomberg MSCI USD Green Bond Select Index, which, effective as of March 1, 2022, replaced the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index as the underlying index of the fund.

 
  (b) 

The inception date of the Bloomberg MSCI USD Green Bond Select Index was December 10, 2021. The cumulative total return for this index for the period December 10, 2021 through April 30, 2022 was -15.13%.

 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.

Past performance is not an indication 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” for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 


Beginning

Account Value
(05/01/22)

 


 

      

Ending

Account Value

(10/31/22

 

 

      


Expenses

Paid During
the Period

 


(a) 

           

Beginning

Account Value

(05/01/22

 

 

      

Ending

Account Value

(10/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 936.60        $ 0.39             $ 1,000.00        $ 1,024.80        $ 0.41          0.08

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  15


Fund Summary as of October 31, 2022  (continued)    iShares® USD Green Bond ETF

 

Portfolio Management Commentary

Green bonds seek to raise funds for projects that aim to positively affect the environment, typically by promoting energy efficiency or reducing carbon emissions. Projects financed using green bonds can include investments in renewable energy generation, wastewater collection and treatment, sustainable forest management, and upgrading equipment to improve energy efficiency.

Effective March 1, 2022, enhancements were made to the iShares Global Green Bond ETF to change its focus from global to U.S. dollar-denominated, investment-grade green bonds. The change is a result of the substantial growth seen in the USD green bond market since the inception of the fund in 2018.

Interest in green bonds continued to grow over the period given the outlook for spending to support efforts to move toward zero carbon emissions and renewable energy sources. In this vein the U.S. Inflation Reduction Act of 2022 included incentives in support of green initiatives.

The Index had a negative return for the period as a sharp rise in U.S. Treasury yields along with an increase in risk aversion on the part of investors given heightened geopolitical uncertainty and recession fears led to weakness across all sectors of the bond market. Investment-grade corporate bonds, which constitute roughly half of the Index, were among the weakest-performing segments of the market. In addition to being adversely affected by rising market interest rates, prices for the asset class were pressured by an increase in credit spreads as investors became concerned that weaker economic growth would lead to a slowdown in corporate earnings. Viewed by credit quality, holdings of bonds rated Baa by Moody’s, the lowest investment grade rating, had the biggest negative impact on return given the widening of credit spreads. In terms of bond maturities, exposure to issues with maturities of 10 years or longer weighed most heavily on return as rates moved higher.

Portfolio Information

 

CREDIT QUALITY ALLOCATION  

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Aaa

    14.7

Aa

    12.1  

A

    32.5  

Baa

    33.5  

Not Rated

    7.2  
MATURITY ALLOCATION  

Maturity

   

Percent of

Total Investments

 

(a) 

0-1 Year

    3.5

1-5 Years

    51.5  

5-10 Years

    32.0  

10-15 Years

    1.9  

15-20 Years

    1.4  

More than 20 Years

    9.7  

 

  *

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.

 

 

 

16  

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


About Fund Performance

 

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

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

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

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

  17


Schedule of Investments

October 31, 2022

  

iShares® 0-5 Year 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)

  $ 2,715     $ 2,547,753  

3.65%, 11/01/24 (Call 08/01/24)

    1,572       1,517,342  
   

 

 

 
      4,065,095  
Aerospace & Defense — 1.8%            

Boeing Co. (The)

   

1.17%, 02/04/23 (Call 12/01/22)(a)

    597       590,163  

1.43%, 02/04/24 (Call 11/14/22)

    4,227       4,009,065  

1.95%, 02/01/24

    1,537       1,468,527  

2.20%, 02/04/26 (Call 02/04/23)

    7,357       6,548,953  

2.70%, 02/01/27 (Call 12/01/26)

    320       277,933  

2.75%, 02/01/26 (Call 01/01/26)

    2,065       1,862,208  

3.10%, 05/01/26 (Call 03/01/26)

    520       469,945  

4.51%, 05/01/23 (Call 04/01/23)(a)

    3,185       3,167,722  

4.88%, 05/01/25 (Call 04/01/25)

    5,403       5,273,969  

5.04%, 05/01/27 (Call 03/01/27)

    2,205       2,128,688  

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)

    800       699,233  

1.88%, 08/15/23 (Call 06/15/23)

    892       871,305  

2.13%, 08/15/26 (Call 05/15/26)

    240       215,821  

2.25%, 11/15/22(a)

    1,148       1,146,264  

2.38%, 11/15/24 (Call 09/15/24)(a)

    910       862,253  

3.25%, 04/01/25 (Call 03/01/25)

    1,718       1,651,671  

3.38%, 05/15/23 (Call 04/15/23)(a)

    917       909,101  

3.50%, 05/15/25 (Call 03/15/25)

    1,323       1,281,603  

3.50%, 04/01/27 (Call 02/01/27)

    1,920       1,804,027  

L3Harris Technologies Inc.

   

3.83%, 04/27/25 (Call 01/27/25)

    1,024       983,410  

3.85%, 06/15/23 (Call 05/15/23)

    1,585       1,576,133  

3.85%, 12/15/26 (Call 09/15/26)

    1,900       1,777,031  

Lockheed Martin Corp.

   

3.55%, 01/15/26 (Call 10/15/25)

    1,633       1,567,822  

4.95%, 10/15/25

    345       345,182  

5.10%, 11/15/27

    535       536,041  

Northrop Grumman Corp.

   

2.93%, 01/15/25 (Call 11/15/24)

        1,964       1,871,902  

3.20%, 02/01/27 (Call 11/01/26)

    73       67,086  

3.25%, 08/01/23

    2,083       2,054,635  

Raytheon Technologies Corp.

   

2.65%, 11/01/26 (Call 08/01/26)(a)

    180       163,817  

3.13%, 05/04/27 (Call 02/04/27)

    230       209,718  

3.20%, 03/15/24 (Call 01/15/24)

    1,721       1,674,957  

3.50%, 03/15/27 (Call 12/15/26)

    3,315       3,092,931  

3.95%, 08/16/25 (Call 06/16/25)

    2,336       2,265,424  
   

 

 

 
          53,424,540  
Agriculture — 1.1%            

Altria Group Inc.

   

2.35%, 05/06/25 (Call 04/06/25)

    1,706       1,575,065  

2.63%, 09/16/26 (Call 06/16/26)(a)

    359       320,790  

4.00%, 01/31/24

    325       319,568  

4.40%, 02/14/26 (Call 12/14/25)(a)

    1,700       1,634,023  

Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)

    1,435       1,311,837  

BAT Capital Corp.

   

2.79%, 09/06/24 (Call 08/06/24)

    1,590       1,505,108  

3.22%, 08/15/24 (Call 06/15/24)

    3,579       3,418,256  

3.22%, 09/06/26 (Call 07/06/26)

    1,753       1,560,715  

3.56%, 08/15/27 (Call 05/15/27)

    4,380       3,835,067  
Security  

Par

(000)

    Value  
Agriculture (continued)            

4.70%, 04/02/27 (Call 02/02/27)(a)

  $ 894     $ 828,364  

BAT International Finance PLC,
1.67%, 03/25/26 (Call 02/25/26)(a)

    2,064       1,772,975  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    1,397       1,252,753  

3.25%, 08/15/26 (Call 05/15/26)

    685       625,302  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    1,273       1,088,616  

1.13%, 05/01/23

    974       957,612  

1.50%, 05/01/25 (Call 04/01/25)

    1,240       1,130,562  

2.13%, 05/10/23 (Call 03/10/23)(a)

    749       739,755  

2.50%, 11/02/22

    586       586,000  

2.63%, 03/06/23

    209       207,183  

2.75%, 02/25/26 (Call 11/25/25)(a)

    752       689,104  

2.88%, 05/01/24 (Call 04/01/24)

    1,791       1,729,135  

3.13%, 08/17/27 (Call 05/17/27)(a)

    20       17,980  

3.25%, 11/10/24(a)

    1,687       1,625,560  

3.38%, 08/11/25 (Call 05/11/25)

    1,543       1,460,957  

3.60%, 11/15/23

    350       345,657  

Reynolds American Inc.

   

4.45%, 06/12/25 (Call 03/12/25)

    2,934       2,831,730  

4.85%, 09/15/23(a)

    844       839,649  
   

 

 

 
          34,209,323  
Airlines — 0.1%            

Southwest Airlines Co.

   

5.13%, 06/15/27 (Call 04/15/27)

    1,875       1,828,606  

5.25%, 05/04/25 (Call 04/04/25)(a)

    2,325       2,311,663  
   

 

 

 
      4,140,269  
Apparel — 0.3%            

NIKE Inc.

   

2.25%, 05/01/23 (Call 02/01/23)(a)

    531       525,098  

2.38%, 11/01/26 (Call 08/01/26)

        1,345       1,225,160  

2.40%, 03/27/25 (Call 02/27/25)

    1,853       1,749,368  

2.75%, 03/27/27 (Call 01/27/27)

    2,942       2,695,141  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    1,685       1,564,994  

2.80%, 04/23/27 (Call 02/23/27)(a)

    650       577,323  
   

 

 

 
      8,337,084  
Auto Manufacturers — 3.7%            

American Honda Finance Corp.

   

0.55%, 07/12/24(a)

    1,564       1,450,291  

0.65%, 09/08/23

    297       286,799  

0.75%, 08/09/24

    990       918,571  

0.88%, 07/07/23

    789       767,868  

1.00%, 09/10/25(a)

    1,433       1,276,961  

1.20%, 07/08/25

    1,559       1,406,803  

1.30%, 09/09/26(a)

    852       739,229  

1.50%, 01/13/25

    1,430       1,326,700  

1.95%, 05/10/23(a)

    1,271       1,252,316  

2.05%, 01/10/23

    1,260       1,253,900  

2.15%, 09/10/24

    1,527       1,448,713  

2.30%, 09/09/26

    210       187,870  

2.35%, 01/08/27

    610       542,197  

2.40%, 06/27/24

    1,298       1,242,306  

2.60%, 11/16/22(a)

    1,003       1,002,387  

2.90%, 02/16/24

    1,220       1,186,267  

3.45%, 07/14/23

    814       806,258  

3.55%, 01/12/24

    1,393       1,367,800  

3.63%, 10/10/23(a)

    1,685       1,662,371  

 

 

18  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Auto Manufacturers (continued)

 

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)(a)

  $ 859     $ 764,694  

3.65%, 10/01/23 (Call 07/01/23)

    493       486,778  

General Motors Co.

   

4.00%, 04/01/25(a)

    417       398,697  

4.88%, 10/02/23

    1,851       1,833,634  

5.40%, 10/02/23(a)

    1,713       1,705,989  

6.13%, 10/01/25 (Call 09/01/25)

    2,668       2,655,266  

General Motors Financial Co. Inc.

   

1.05%, 03/08/24

    1,430       1,340,897  

1.20%, 10/15/24

    1,110       1,013,972  

1.25%, 01/08/26 (Call 12/08/25)

    1,966       1,679,776  

1.50%, 06/10/26 (Call 05/10/26)

    1,620       1,363,537  

1.70%, 08/18/23(a)

    1,920       1,856,420  

2.35%, 02/26/27 (Call 01/26/27)(a)

    2,080       1,760,685  

2.70%, 08/20/27 (Call 06/20/27)

    1,025       862,984  

2.75%, 06/20/25 (Call 05/20/25)(a)

    1,758       1,615,737  

2.90%, 02/26/25 (Call 01/26/25)

    1,735       1,617,203  

3.25%, 01/05/23 (Call 12/05/22)(a)

    751       748,818  

3.50%, 11/07/24 (Call 09/07/24)

    1,071       1,021,237  

3.70%, 05/09/23 (Call 03/09/23)

    2,220       2,196,541  

3.80%, 04/07/25(a)

    1,265       1,195,911  

3.95%, 04/13/24 (Call 02/13/24)

    1,711       1,662,571  

4.00%, 01/15/25 (Call 10/15/24)(a)

    1,674       1,607,008  

4.00%, 10/06/26 (Call 07/06/26)

    500       459,123  

4.15%, 06/19/23 (Call 05/19/23)(a)

    1,790       1,772,533  

4.25%, 05/15/23

    1,549       1,543,100  

4.30%, 07/13/25 (Call 04/13/25)

    1,315       1,251,980  

4.35%, 04/09/25 (Call 02/09/25)

    1,468       1,406,972  

4.35%, 01/17/27 (Call 10/17/26)

    1,000       920,862  

5.00%, 04/09/27 (Call 03/09/27)(a)

    1,430       1,350,805  

5.10%, 01/17/24 (Call 12/17/23)

    1,836       1,815,526  

5.25%, 03/01/26 (Call 12/01/25)(a)

    1,710       1,656,712  

6.05%, 10/10/25

    1,050       1,041,150  

Honda Motor Co. Ltd.

   

2.27%, 03/10/25 (Call 02/10/25)

    1,055       989,780  

2.53%, 03/10/27 (Call 02/10/27)(a)

    930       832,216  

Stellantis NV, 5.25%, 04/15/23

    1,792           1,785,316  

Toyota Motor Corp.

   

0.68%, 03/25/24 (Call 02/25/24)(a)

    1,605       1,511,088  

1.34%, 03/25/26 (Call 02/25/26)(a)

    1,566       1,383,041  

2.36%, 07/02/24

    780       747,977  

3.42%, 07/20/23(a)

    1,292       1,277,941  

Toyota Motor Credit Corp.

   

0.40%, 04/06/23(a)

    993       976,190  

0.45%, 01/11/24

    1,355       1,284,451  

0.50%, 08/14/23(a)

    1,736       1,679,176  

0.50%, 06/18/24

    1,460       1,357,624  

0.63%, 09/13/24(a)

    1,335       1,231,922  

0.80%, 10/16/25

    1,599       1,410,619  

0.80%, 01/09/26

    879       767,892  

1.13%, 06/18/26(a)

    1,820       1,580,977  

1.35%, 08/25/23(a)

    1,496       1,452,807  

1.45%, 01/13/25(a)

    1,720       1,593,420  

1.80%, 02/13/25

    1,821       1,696,243  

1.90%, 01/13/27(a)

        1,113       976,017  

2.00%, 10/07/24

    706       666,809  

2.25%, 10/18/23

    728       708,488  

2.50%, 03/22/24

    285       275,577  

2.63%, 01/10/23

    697       694,333  
Security  

Par

(000)

    Value  

Auto Manufacturers (continued)

 

2.70%, 01/11/23

  $ 839     $ 835,809  

2.90%, 03/30/23(a)

    1,126       1,117,621  

2.90%, 04/17/24

    907       880,295  

3.00%, 04/01/25(a)

    1,392       1,327,151  

3.05%, 03/22/27

    1,205       1,104,264  

3.20%, 01/11/27

    3,260       3,014,305  

3.35%, 01/08/24

    841       825,690  

3.40%, 04/14/25(a)

    499       479,931  

3.45%, 09/20/23

    973       961,305  

3.65%, 08/18/25

    2,400       2,310,364  

3.95%, 06/30/25(a)

    945       919,986  

4.40%, 09/20/24

    3,000       2,970,892  

4.55%, 09/20/27

    3,000       2,917,643  
   

 

 

 
          109,277,885  
Auto Parts & Equipment — 0.2%  

Aptiv PLC/Aptiv Corp.,
2.40%, 02/18/25 (Call 02/18/23)(a)

        1,215       1,131,623  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)

    655       570,196  

3.38%, 03/15/25 (Call 12/15/24)

    1,165       1,112,433  

Magna International Inc.

   

3.63%, 06/15/24 (Call 03/15/24)

    1,532       1,494,742  

4.15%, 10/01/25 (Call 07/01/25)

    1,603       1,555,038  
   

 

 

 
      5,864,032  
Banks — 34.3%  

Australia & New Zealand Banking Group Ltd./New York NY

   

2.05%, 11/21/22

    1,204       1,202,393  

3.70%, 11/16/25

    1,613       1,547,433  

Banco Bilbao Vizcaya Argentaria SA

   

0.88%, 09/18/23(a)

    1,455       1,395,437  

1.13%, 09/18/25

    1,250       1,092,952  

5.86%, 09/14/26 (Call 09/14/25)(b)

    400       386,498  

Banco Santander SA

   

0.70%, 06/30/24 (Call 06/30/23)(b)

    2,185       2,100,544  

1.72%, 09/14/27 (Call 09/14/26)(b)

    325       265,065  

1.85%, 03/25/26

    1,980       1,690,767  

2.71%, 06/27/24

    2,106       1,999,045  

2.75%, 05/28/25

    1,518       1,376,811  

3.13%, 02/23/23(a)

    1,635       1,623,209  

3.50%, 03/24/25

    1,610       1,527,549  

3.85%, 04/12/23

    1,845       1,830,627  

3.89%, 05/24/24

    1,985       1,924,424  

4.18%, 03/24/28 (Call 03/24/27)(b)

    500       439,929  

4.25%, 04/11/27

    600       538,947  

5.15%, 08/18/25(a)

    625       601,994  

5.29%, 08/18/27

    2,400       2,208,695  

Bank of America Corp.

   

0.52%, 06/14/24 (Call 06/14/23),
(SOFR + 0.410%)(b)

    2,495       2,408,375  

0.81%, 10/24/24 (Call 10/24/23),
(SOFR + 0.740%)(a)(b)

    2,355       2,234,481  

0.98%, 04/22/25 (Call 04/22/24),
(SOFR + 0.690%)(b)

    2,856       2,647,114  

0.98%, 09/25/25 (Call 09/25/24),
(SOFR + 0.910%)(b)

    2,645       2,403,426  

1.20%, 10/24/26 (Call 10/24/25),
(SOFR + 1.010%)(b)

    3,140       2,724,887  

1.32%, 06/19/26 (Call 06/19/25),
(SOFR + 1.150%)(b)

    2,775       2,450,047  

1.49%, 05/19/24 (Call 05/19/23),
(SOFR + 1.460%)(a)(b)

    980       957,726  

1.53%, 12/06/25 (Call 12/06/24),
(SOFR + 0.650%)(b)

    1,415       1,288,549  

1.73%, 07/22/27 (Call 07/22/26),
(SOFR + 0.960%)(b)

    6,595       5,637,809  

1.84%, 02/04/25 (Call 02/04/24),
(SOFR + 0.670%)(b)

    1,810       1,713,611  

2.02%, 02/13/26 (Call 02/13/25),
(3 mo. LIBOR US + 0.640%)(b)

    2,025       1,852,074  

 

 

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

  19


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

 

2.46%, 10/22/25 (Call 10/22/24),
(3 mo. LIBOR US + 0.870%)(b)

  $ 2,297     $ 2,147,518  

2.55%, 02/04/28 (Call 02/04/27),
(SOFR + 1.050%)(b)

    1,900       1,643,352  

3.00%, 12/20/23 (Call 12/20/22),
(3 mo. LIBOR US + 0.790%)(b)

    2,879       2,868,212  

3.09%, 10/01/25 (Call 10/01/24),
(3 mo. LIBOR US + 1.090%)(b)

    2,242       2,120,695  

3.25%, 10/21/27 (Call 10/21/26)

    200       178,272  

3.30%, 01/11/23

    120       119,719  

3.37%, 01/23/26 (Call 01/23/25),
(3 mo. LIBOR US + 0.810%)(b)

    1,910       1,800,587  

3.38%, 04/02/26 (Call 04/02/25),
(SOFR + 1.330%)(b)

    1,585       1,488,494  

3.46%, 03/15/25 (Call 03/15/24),
(3 mo. LIBOR US + 0.970%)(b)

    1,670       1,610,071  

3.50%, 04/19/26

    2,287       2,137,410  

3.55%, 03/05/24 (Call 03/05/23),
(3 mo. LIBOR US + 0.780%)(b)

    3,271       3,243,808  

3.56%, 04/23/27 (Call 04/23/26),
(3 mo. LIBOR US + 1.060%)(b)

    900       828,649  

3.84%, 04/25/25 (Call 04/25/24),
(SOFR + 1.110%)(b)

    2,105       2,036,593  

3.86%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.940%)(b)

    3,494       3,443,068  

3.88%, 08/01/25(a)

    1,832       1,768,934  

4.00%, 04/01/24(a)

    1,966       1,937,920  

4.00%, 01/22/25

    2,155       2,076,695  

4.10%, 07/24/23(a)

    2,023       2,013,003  

4.13%, 01/22/24

    3,441       3,400,196  

4.20%, 08/26/24

    3,105       3,035,472  

4.25%, 10/22/26

    4,190       3,966,775  

4.38%, 04/27/28 (Call 04/27/27),
(SOFR + 1.580%)(b)

    2,765       2,574,117  

4.45%, 03/03/26

    1,911       1,833,152  

4.83%, 07/22/26 (Call 07/22/25)(b)

    2,485       2,422,109  

Series L, 3.95%, 04/21/25

    2,550       2,440,241  

Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)(b)

    3,020       2,612,130  

Bank of Montreal

   

0.40%, 09/15/23

    1,482       1,420,201  

0.45%, 12/08/23

    1,002       952,124  

0.63%, 07/09/24

    2,435       2,250,286  

0.95%, 01/22/27 (Call 01/22/26),
(SOFR + 0.603%)(b)

    845       727,486  

1.25%, 09/15/26

    2,467       2,095,847  

1.50%, 01/10/25

    1,795       1,647,297  

1.85%, 05/01/25(a)

    1,955       1,795,394  

2.15%, 03/08/24

    1,950       1,868,409  

2.50%, 06/28/24

    2,210       2,109,647  

2.55%, 11/06/22

    723       722,920  

2.65%, 03/08/27(a)

    2,575       2,281,716  

3.70%, 06/07/25(a)

    1,955       1,870,544  

Series E, 3.30%, 02/05/24(a)

    2,522       2,458,381  

Series H, 4.25%, 09/14/24

    125       122,287  

Series H, 4.70%, 09/14/27 (Call 08/14/27)

    20       19,143  

Bank of New York Mellon Corp. (The)

   

0.35%, 12/07/23 (Call 11/07/23)

    760       724,452  

0.50%, 04/26/24 (Call 03/26/24)

    723       676,574  

0.75%, 01/28/26 (Call 12/28/25)

    1,024       894,749  

1.05%, 10/15/26 (Call 09/15/26)(a)

        2,070           1,760,077  

1.60%, 04/24/25 (Call 03/24/25)

    1,007       921,963  

1.85%, 01/27/23 (Call 01/02/23)(a)

    993       986,792  

2.05%, 01/26/27 (Call 12/26/26)(a)

    1,440       1,266,807  

2.10%, 10/24/24(a)

    2,140       2,020,472  
Security  

Par

(000)

    Value  

Banks (continued)

 

2.20%, 08/16/23 (Call 06/16/23)

  $ 1,328     $ 1,300,643  

2.45%, 08/17/26 (Call 05/17/26)

    1,370       1,238,385  

2.80%, 05/04/26 (Call 02/04/26)(a)

    880       814,816  

2.95%, 01/29/23 (Call 12/29/22)

    1,154       1,149,128  

3.25%, 09/11/24 (Call 08/11/24)

    825       799,727  

3.25%, 05/16/27 (Call 02/16/27)(a)

    675       624,161  

3.35%, 04/25/25 (Call 03/25/25)

    920       883,991  

3.40%, 05/15/24 (Call 04/15/24)

    593       578,038  

3.43%, 06/13/25 (Call 06/13/24)(a)(b)

    510       495,042  

3.45%, 08/11/23(a)

    811       804,476  

3.50%, 04/28/23

    1,061       1,055,018  

4.41%, 07/24/26 (Call 07/24/25)(b)

    265       257,055  

Series 12, 3.65%, 02/04/24 (Call 01/05/24)

    1,118       1,098,886  

Series G, 3.00%, 02/24/25 (Call 01/24/25)

    932       889,736  

Series J, 0.85%, 10/25/24 (Call 09/25/24)

    905       834,166  

Bank of Nova Scotia (The)

   

0.40%, 09/15/23

    905       868,578  

0.55%, 09/15/23

    912       876,490  

0.65%, 07/31/24

    1,455       1,339,380  

0.70%, 04/15/24

    2,385       2,226,422  

1.05%, 03/02/26

    1,677       1,453,240  

1.30%, 06/11/25(a)

    877       787,122  

1.30%, 09/15/26

    1,565       1,333,016  

1.35%, 06/24/26

    3,655       3,166,330  

1.45%, 01/10/25

    805       736,920  

1.63%, 05/01/23

    791       778,628  

1.95%, 02/01/23

    107       106,305  

1.95%, 02/02/27(a)

    1,400       1,207,343  

2.00%, 11/15/22(a)

    608       607,378  

2.20%, 02/03/25

    850       790,413  

2.38%, 01/18/23(a)

    751       747,182  

2.44%, 03/11/24

    1,565       1,506,296  

2.70%, 08/03/26

    175       157,726  

2.95%, 03/11/27

    1,685       1,508,544  

3.40%, 02/11/24

    2,181       2,132,631  

3.45%, 04/11/25

    1,470       1,397,509  

4.50%, 12/16/25(a)

    1,956       1,880,124  

Barclays Bank PLC, 3.75%, 05/15/24(a)

    1,165       1,133,992  

Barclays PLC

   

1.01%, 12/10/24 (Call 12/10/23)(b)

    2,390       2,238,039  

2.28%, 11/24/27 (Call 11/24/26)(b)

    1,500       1,240,190  

2.85%, 05/07/26 (Call 05/07/25),
(SOFR + 2.714%)(b)

    2,857       2,574,410  

3.65%, 03/16/25

    2,256       2,098,581  

3.93%, 05/07/25 (Call 05/07/24),
(3 mo. LIBOR US + 1.610%)(b)

    2,662       2,539,273  

4.34%, 05/16/24 (Call 05/16/23),
(3 mo. LIBOR US + 1.356%)(b)

    1,043       1,029,152  

4.38%, 09/11/24

    2,229       2,118,092  

4.38%, 01/12/26

    3,180       2,951,358  

5.20%, 05/12/26

    722       664,104  

5.30%, 08/09/26 (Call 08/09/25)(b)

    1,070       1,017,780  

7.33%, 11/02/26

    1,600           1,594,862  

BNP Paribas SA

   

3.25%, 03/03/23(a)

    1,001       995,036  

4.25%, 10/15/24

    1,578       1,517,280  

BPCE SA

   

3.38%, 12/02/26

    890       811,383  

4.00%, 04/15/24

        1,114       1,084,450  

Canadian Imperial Bank of Commerce

   

0.45%, 06/22/23

    1,636       1,589,891  

 

 

20  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

 

0.50%, 12/14/23

  $ 819     $ 776,290  

0.95%, 06/23/23(a)

    1,459       1,418,763  

0.95%, 10/23/25

    898       787,094  

1.00%, 10/18/24

    955       876,625  

1.25%, 06/22/26

    2,697       2,308,230  

2.25%, 01/28/25

    2,083       1,940,547  

3.10%, 04/02/24(a)

    1,433       1,389,604  

3.30%, 04/07/25

    1,170       1,111,225  

3.45%, 04/07/27(a)

    500       456,301  

3.50%, 09/13/23(a)

    1,244       1,229,149  

3.95%, 08/04/25

    830       796,305  

Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)(a)

    2,070       2,038,948  

Citigroup Inc.

   

0.78%, 10/30/24 (Call 10/30/23),
(SOFR + 0.686%)(b)

    2,536       2,397,497  

0.98%, 05/01/25 (Call 05/01/24),
(SOFR + 0.669%)(b)

    2,025       1,871,216  

1.12%, 01/28/27 (Call 01/28/26),
(SOFR + 0.765%)(b)

    924       787,604  

1.28%, 11/03/25 (Call 11/03/24),
(SOFR + 0.528%)(b)

    1,755       1,590,973  

1.46%, 06/09/27 (Call 06/09/26),
(SOFR + 0.770%)(b)

    3,115       2,641,061  

1.68%, 05/15/24 (Call 05/15/23),
(SOFR + 1.667%)(b)

    2,823       2,761,224  

2.01%, 01/25/26 (Call 01/25/25),
(SOFR + 0.694%)(b)

    3,310       3,022,791  

3.11%, 04/08/26 (Call 04/08/25),
(SOFR + 2.842%)(b)

    4,163       3,886,055  

3.20%, 10/21/26 (Call 07/21/26)

    3,395       3,091,474  

3.29%, 03/17/26 (Call 03/17/25),
(SOFR + 1.528%)(a)(b)

    1,435       1,345,246  

3.30%, 04/27/25(a)

    1,771       1,680,467  

3.35%, 04/24/25 (Call 04/24/24),
(3 mo. LIBOR US + 0.897%)(b)

    3,983       3,825,448  

3.40%, 05/01/26

    2,535       2,351,937  

3.50%, 05/15/23

    1,804       1,788,251  

3.70%, 01/12/26

    2,787       2,619,101  

3.75%, 06/16/24(a)

    1,541       1,506,844  

3.88%, 10/25/23

    803       793,132  

3.88%, 03/26/25

    1,553       1,482,083  

4.00%, 08/05/24

    3,030       2,951,638  

4.04%, 06/01/24 (Call 06/01/23),
(3 mo. LIBOR US + 1.023%)(a)(b)

    1,715       1,697,085  

4.14%, 05/24/25 (Call 05/24/24),
(SOFR + 1.372%)(b)

    1,485       1,442,734  

4.30%, 11/20/26

    1,410       1,330,206  

4.40%, 06/10/25

    3,152       3,051,416  

4.45%, 09/29/27

    6,000       5,574,568  

4.60%, 03/09/26(a)

    2,165       2,076,537  

5.50%, 09/13/25

    1,991       1,973,255  

5.61%, 09/29/26 (Call 09/29/25)(b)

    1,420       1,401,406  

Citizens Bank NA/Providence RI

   

2.25%, 04/28/25 (Call 03/28/25)

    982       903,383  

3.70%, 03/29/23 (Call 02/28/23)

    600       596,794  

3.75%, 02/18/26 (Call 11/18/25)

    680       637,502  

4.12%, 05/23/25 (Call 05/23/24)(b)

    685       668,105  

6.06%, 10/24/25

    535       538,650  

Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/27/26)

    553       500,037  

Comerica Bank, 2.50%, 07/23/24

    1,043       995,598  

Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23)

    1,551           1,533,241  

Cooperatieve Rabobank UA

   

3.75%, 07/21/26

    1,461       1,326,398  

4.38%, 08/04/25

        2,059       1,947,294  

4.63%, 12/01/23(a)

    25       24,679  

Cooperatieve Rabobank UA/NY

   

0.38%, 01/12/24(a)

    430       406,151  

1.38%, 01/10/25

    1,225       1,125,894  

2.75%, 01/10/23(a)

    897       893,750  
Security  

Par

(000)

    Value  

Banks (continued)

 

3.38%, 05/21/25

  $ 1,825     $ 1,744,222  

3.88%, 08/22/24

    300       293,078  

Credit Suisse AG/New York NY

   

0.50%, 02/02/24

    1,380       1,261,453  

0.52%, 08/09/23

    1,840       1,744,633  

1.00%, 05/05/23

    2,591       2,509,649  

1.25%, 08/07/26

    2,580       2,059,065  

2.95%, 04/09/25

    2,186       1,948,670  

3.63%, 09/09/24

    3,988       3,717,552  

3.70%, 02/21/25

    2,850       2,602,486  

4.75%, 08/09/24

    1,125       1,068,442  

5.00%, 07/09/27

    1,200       1,080,386  

Credit Suisse Group AG

   

3.75%, 03/26/25

    3,349       3,016,246  

3.80%, 06/09/23

    2,409       2,342,878  

4.55%, 04/17/26

    2,375       2,091,642  

Deutsche Bank AG, 6.12%, 07/14/26
(Call 07/14/25)(b)

    1,660       1,587,728  

Deutsche Bank AG/London, 3.70%, 05/30/24(a)

    1,485       1,437,611  

Deutsche Bank AG/New York NY

   

0.90%, 05/28/24

    1,455       1,335,272  

1.45%, 04/01/25 (Call 04/01/24),
(SOFR + 1.131%)(b)

    1,210       1,102,379  

1.69%, 03/19/26

    795       685,184  

2.13%, 11/24/26 (Call 11/24/25),
(SOFR + 1.870%)(b)

    610       512,766  

2.22%, 09/18/24 (Call 09/18/23),
(SOFR + 2.159%)(b)

    3,138       2,972,158  

2.31%, 11/16/27 (Call 11/16/26),
(SOFR + 1.219%)(b)

    1,075       857,347  

2.55%, 01/07/28 (Call 01/07/27),
(SOFR + 1.318%)(b)

    945       755,131  

3.30%, 11/16/22

    1,167       1,166,237  

3.70%, 05/30/24

    1,094       1,050,433  

3.95%, 02/27/23(a)

    1,624       1,612,399  

3.96%, 11/26/25 (Call 11/26/24),
(SOFR + 2.581%)(b)

    1,991       1,834,576  

4.16%, 05/13/25(a)

    250       238,192  

Series E, 0.96%, 11/08/23

    1,415       1,344,360  

Discover Bank

   

2.45%, 09/12/24 (Call 08/12/24)(a)

    2,218       2,083,736  

3.35%, 02/06/23 (Call 01/06/23)(a)

    1,140       1,134,468  

3.45%, 07/27/26 (Call 04/27/26)

    1,685       1,510,163  

4.20%, 08/08/23

    1,603       1,585,697  

Fifth Third Bancorp.

   

1.63%, 05/05/23 (Call 04/05/23)

    830       816,465  

1.71%, 11/01/27 (Call 11/01/26),
(SOFR + 0.685%)(a)(b) 

    100       85,036  

2.38%, 01/28/25 (Call 12/28/24)

    1,839       1,711,854  

2.55%, 05/05/27 (Call 04/05/27)

    120       104,924  

3.65%, 01/25/24 (Call 12/25/23)

    2,689       2,632,885  

4.30%, 01/16/24 (Call 12/16/23)

    1,363       1,342,868  

Fifth Third Bank NA

   

1.80%, 01/30/23 (Call 12/30/22)

    1,078       1,070,204  

2.25%, 02/01/27 (Call 01/01/27)

    600       526,845  

3.85%, 03/15/26 (Call 02/15/26)

    490       456,614  

3.95%, 07/28/25 (Call 06/28/25)

        1,565       1,514,712  

5.85%, 10/27/25

    1,000       1,001,066  

Goldman Sachs Group Inc. (The)

   

0.52%, 03/08/23

    675       664,840  

0.63%, 11/17/23 (Call 11/17/22),
(SOFR + 0.538%)(b)

    860       857,835  

0.66%, 09/10/24 (Call 09/10/23),
(SOFR + 0.505%)(b)

    2,125       2,022,853  

0.67%, 03/08/24 (Call 03/08/23),
(SOFR + 0.572%)(b)

    3,052       2,990,587  

0.86%, 02/12/26 (Call 02/12/25),
(SOFR + 0.609%)(b)

    1,770       1,568,770  

0.93%, 10/21/24 (Call 10/21/23),
(SOFR + 0.486%)(b)

    2,470           2,337,713  

1.09%, 12/09/26 (Call 12/09/25),
(SOFR + 0.789%)(a)(b) 

    495       426,509  

1.22%, 12/06/23 (Call 12/06/22)

    560       535,571  

1.43%, 03/09/27 (Call 03/09/26),
(SOFR + 0.798%)(b)

    2,025       1,733,168  

 

 

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

  21


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

 

1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)(b)

  $ 3,200     $ 2,683,038  

1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)(b)

    3,400       3,211,209  

1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)(b)

    1,860       1,579,798  

2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)(b)

    1,215       1,050,735  

3.00%, 03/15/24

    1,830       1,769,380  

3.20%, 02/23/23 (Call 01/23/23)

    1,342       1,334,363  

3.27%, 09/29/25 (Call 09/29/24),
(3 mo. LIBOR US + 1.201%)(b)

    4,051       3,841,237  

3.50%, 01/23/25 (Call 10/23/24)

    3,290       3,143,511  

3.50%, 04/01/25 (Call 03/01/25)

    4,513       4,275,385  

3.50%, 11/16/26 (Call 11/16/25)

    2,295       2,095,167  

3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)(b)

    840       757,572  

3.63%, 01/22/23

    2,255       2,248,896  

3.63%, 02/20/24 (Call 01/20/24)

    2,289       2,237,581  

3.75%, 05/22/25 (Call 02/22/25)

    2,981       2,838,676  

3.75%, 02/25/26 (Call 11/25/25)

    2,162       2,030,596  

3.85%, 07/08/24 (Call 04/08/24)

    2,046       1,998,435  

3.85%, 01/26/27 (Call 01/26/26)

    5,715       5,318,794  

4.00%, 03/03/24

    4,583       4,498,509  

4.25%, 10/21/25

    3,236       3,097,573  

4.39%, 06/15/27 (Call 06/15/26)(b)

    1,415       1,330,127  

5.70%, 11/01/24

    1,020       1,019,951  

5.95%, 01/15/27

    520       524,653  

HSBC Holdings PLC

   

0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)(b)

        3,447       3,131,065  

1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)(b)

    2,125       1,993,928  

1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)(b)

    2,920       2,399,431  

1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)(b)

    2,841       2,480,693  

2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)(b)

    2,595       2,281,675  

2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)(b)

    1,875       1,543,176  

2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)(b)

    2,285       2,089,151  

3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)(b)

    250       227,234  

3.03%, 11/22/23 (Call 11/22/22),
(3 mo. LIBOR US + 0.923%)(a)(b)

    1,041       1,038,878  

3.60%, 05/25/23

    2,635       2,610,352  

3.80%, 03/11/25 (Call 03/11/24),
(3 mo. LIBOR US + 1.211%)(b)

    4,057       3,875,838  

3.90%, 05/25/26(a)

    2,570       2,341,231  

3.95%, 05/18/24 (Call 05/18/23),
(3 mo. LIBOR US + 0.987%)(b)

    2,552       2,510,492  

4.18%, 12/09/25 (Call 12/09/24)(b)

    1,345       1,270,083  

4.25%, 03/14/24(a)

    3,264       3,150,564  

4.25%, 08/18/25(a)

    1,637       1,524,742  

4.29%, 09/12/26 (Call 09/12/25),
(3 mo. LIBOR US + 1.348%)(b)

    810       747,614  

4.30%, 03/08/26(a)

    3,573       3,363,353  

4.38%, 11/23/26

    735       666,584  

7.34%, 11/03/26 (Call 11/03/25)

    2,300       2,300,000  

7.39%, 11/03/28 (Call 11/03/27)

    1,625       1,625,000  

HSBC USA Inc.

   

3.50%, 06/23/24(a)

    1,254       1,211,020  

3.75%, 05/24/24(a)

    2,115       2,054,973  

Huntington Bancshares Inc./OH

   

2.63%, 08/06/24 (Call 07/06/24)

    1,232       1,175,749  

4.00%, 05/15/25 (Call 04/15/25)

    1,295       1,246,895  

Huntington National Bank (The)

   

3.55%, 10/06/23 (Call 09/06/23)(a)

    885       871,170  

4.01%, 05/16/25 (Call 05/16/24)(a)(b)

    1,630           1,588,945  

ING Groep NV

   

1.73%, 04/01/27 (Call 04/01/26),
(SOFR + 1.005%)(b)

    1,340       1,141,362  
Security  

Par

(000)

    Value  

Banks (continued)

 

3.55%, 04/09/24(a)

  $ 2,012     $ 1,953,066  

3.87%, 03/28/26 (Call 03/28/25), (SOFR + 1.640%)(b)

    1,420       1,340,963  

3.95%, 03/29/27

    1,650       1,497,233  

4.10%, 10/02/23(a)

    2,627       2,590,094  

Intesa Sanpaolo SpA, 5.25%, 01/12/24(a)

    272       267,910  

JPMorgan Chase & Co.

   

0.56%, 02/16/25 (Call 02/16/24),
(SOFR + 0.420%)(b)

    985       918,268  

0.65%, 09/16/24 (Call 09/16/23),
(SOFR + 0.600%)(b)

    1,655       1,580,515  

0.70%, 03/16/24 (Call 03/16/23),
(SOFR + 0.580%)(b)

    2,199       2,155,621  

0.77%, 08/09/25 (Call 08/09/24),
(SOFR + 0.490%)(b)

    2,330       2,128,502  

0.82%, 06/01/25 (Call 06/01/24),
(SOFR + 0.540%)(b)

    2,360       2,174,647  

0.97%, 06/23/25 (Call 06/23/24),
(SOFR + 0.580%)(b)

    3,530       3,245,207  

1.04%, 02/04/27 (Call 02/04/26),
(SOFR + 0.695%)(b)

    955       813,006  

1.05%, 11/19/26 (Call 11/19/25),
(SOFR + 0.800%)(b)

    1,135       977,293  

1.47%, 09/22/27 (Call 09/22/26),
(SOFR + 0.765%)(b)

    3,100       2,602,027  

1.51%, 06/01/24 (Call 06/01/23),
(SOFR + 1.455%)(b)

    930       908,123  

1.56%, 12/10/25 (Call 12/10/24),
(SOFR + 0.605%)(b)

    3,855       3,516,536  

1.58%, 04/22/27 (Call 04/22/26),
(SOFR + 0.885%)(b)

    4,025       3,459,046  

2.01%, 03/13/26 (Call 03/13/25),
(SOFR + 1.585%)(b)

    2,422       2,208,543  

2.08%, 04/22/26 (Call 04/22/25),
(SOFR + 1.850%)(b)

    3,612       3,290,011  

2.30%, 10/15/25 (Call 10/15/24),
(SOFR + 1.160%)(b)

    1,992       1,857,321  

2.60%, 02/24/26 (Call 02/24/25),
(SOFR + 0.915%)(b)

    1,360       1,260,549  

2.70%, 05/18/23 (Call 03/18/23)(a)

    2,068       2,046,158  

2.95%, 10/01/26 (Call 07/01/26)

    3,710       3,387,710  

2.95%, 02/24/28 (Call 02/24/27),
(SOFR + 1.170%)(b)

    2,495       2,194,993  

3.13%, 01/23/25 (Call 10/23/24)

    2,989       2,861,032  

3.20%, 01/25/23(a)

    3,157       3,147,580  

3.20%, 06/15/26 (Call 03/15/26)

    1,670       1,544,675  

3.22%, 03/01/25 (Call 03/01/24),

   

(3 mo. LIBOR US + 1.155%)(b)

    2,661       2,569,739  

3.30%, 04/01/26 (Call 01/01/26)(a)

    3,200       2,985,023  

3.38%, 05/01/23

    2,063       2,045,620  

3.56%, 04/23/24 (Call 04/23/23),
(3 mo. LIBOR US + 0.730%)(b)

    601       595,120  

3.63%, 05/13/24(a)

        2,424       2,374,144  

3.80%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.890%)(a)(b)

    2,974       2,931,133  

3.85%, 06/14/25 (Call 06/14/24)(b)

    4,625       4,486,956  

3.88%, 02/01/24

    1,497       1,478,508  

3.88%, 09/10/24

    3,864       3,765,773  

3.90%, 07/15/25 (Call 04/15/25)

    3,985       3,846,860  

3.96%, 01/29/27 (Call 01/29/26),
(3 mo. LIBOR US + 1.245%)(b)

    1,205       1,129,154  

4.02%, 12/05/24 (Call 12/05/23),
(3 mo. LIBOR US + 1.000%)(b)

    3,480       3,415,040  

4.08%, 04/26/26 (Call 04/26/25),
(SOFR + 1.320%)(b)

    1,717       1,645,789  

4.13%, 12/15/26(a)

    510       483,471  

4.32%, 04/26/28 (Call 04/26/27),
(SOFR + 1.560%)(b)

    3,340       3,108,998  

4.85%, 07/25/28 (Call 07/25/27)(b)

    3,000       2,850,920  

7.63%, 10/15/26

    110       118,635  

8.00%, 04/29/27

    15       16,377  

KeyBank NA/Cleveland OH

   

0.42%, 01/03/24 (Call 01/03/23),
(SOFR + 0.340%)(a)(b)

    708       701,437  

0.43%, 06/14/24 (Call 06/14/23),
(SOFR + 0.320%)(b)

    525       507,974  

1.25%, 03/10/23

    887       876,022  

3.30%, 06/01/25(a)

    1,380           1,312,805  

3.38%, 03/07/23(a)

    1,074       1,069,431  

3.40%, 05/20/26

    1,330       1,223,625  

4.15%, 08/08/25

    380       367,194  

 

 

22  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

 

KeyCorp

   

2.25%, 04/06/27(a)

  $ 475     $ 407,750  

3.88%, 05/23/25 (Call 05/23/24)(b)

    1,530       1,486,190  

4.15%, 10/29/25(a)

    1,255       1,208,684  

Lloyds Banking Group PLC

   

0.70%, 05/11/24 (Call 05/11/23),
(1 year CMT + 0.550%)(a)(b)

    990       960,237  

1.63%, 05/11/27 (Call 05/11/26)(b)

    330       276,317  

2.44%, 02/05/26 (Call 02/05/25)(a)(b)

    1,706       1,550,029  

2.91%, 11/07/23 (Call 11/07/22),
(3 mo. LIBOR US + 0.810%)(b)

    1,595       1,594,281  

3.51%, 03/18/26 (Call 03/18/25)(b)

    1,725       1,596,688  

3.75%, 01/11/27

    960       858,143  

3.75%, 03/18/28 (Call 03/18/27)(b)

    1,500       1,322,280  

3.87%, 07/09/25 (Call 07/09/24)(b)

    2,133       2,033,185  

3.90%, 03/12/24

    2,269       2,211,043  

4.05%, 08/16/23(a)

    2,466       2,436,986  

4.45%, 05/08/25

    2,080       1,993,542  

4.50%, 11/04/24

    1,402       1,348,745  

4.58%, 12/10/25

    843       773,992  

4.65%, 03/24/26

    1,037       953,001  

4.72%, 08/11/26 (Call 08/11/25)(b)

    2,000       1,895,743  

M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)

    1,352       1,337,919  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)(a)

    1,555       1,473,313  

3.40%, 08/17/27

    50       44,416  

Mitsubishi UFJ Financial Group Inc.

   

0.85%, 09/15/24 (Call 09/15/23)(b)

    1,917       1,830,510  

0.95%, 07/19/25 (Call 07/19/24)(b)

    2,425       2,225,279  

0.96%, 10/11/25 (Call 10/11/24)(b)

    965       877,704  

1.41%, 07/17/25

    2,089       1,864,891  

1.54%, 07/20/27 (Call 07/20/26)(b)

    2,380       2,008,947  

1.64%, 10/13/27 (Call 10/13/26)(b)

    240       201,970  

2.19%, 02/25/25

    3,307       3,050,284  

2.34%, 01/19/28 (Call 01/19/27)(b)

    1,680       1,436,474  

2.53%, 09/13/23

    494       481,794  

2.76%, 09/13/26

    152       135,351  

2.80%, 07/18/24

    1,108       1,056,285  

3.29%, 07/25/27

    60       53,757  

3.41%, 03/07/24

    2,351       2,286,163  

3.46%, 03/02/23(a)

    723       720,235  

3.68%, 02/22/27(a)

    50       45,746  

3.76%, 07/26/23(a)

    2,232       2,204,577  

3.78%, 03/02/25

    796       763,714  

3.84%, 04/17/26 (Call 04/17/25)(b)

    655       622,824  

3.85%, 03/01/26

    2,553       2,400,118  

4.08%, 04/19/28 (Call 04/19/27)(b)

    1,700       1,561,991  

4.79%, 07/18/25 (Call 07/18/24)(b)

    1,085       1,064,507  

5.02%, 07/20/28 (Call 07/20/27)(b)

    700       665,037  

5.06%, 09/12/25 (Call 09/12/24)(b)

    1,645       1,620,477  

Mizuho Financial Group Inc.

   

0.85%, 09/08/24 (Call 09/08/23),
(SOFR + 0.872%)(a)(b)

    1,902       1,817,599  

1.23%, 05/22/27 (Call 05/22/26)(b)

    1,920       1,612,825  

1.24%, 07/10/24 (Call 07/10/23),
(SOFR + 1.252%)(b)

        2,216           2,142,682  

1.55%, 07/09/27 (Call 07/09/26)(b)

    650       550,768  

2.23%, 05/25/26 (Call 05/25/25),
(3 mo. LIBOR US + 0.830%)(b)

    1,985       1,795,825  

2.56%, 09/13/25 (Call 09/13/24),
(SOFR + 1.362%)(b)

    1,180       1,105,021  

2.65%, 05/22/26 (Call 05/22/25)(a)(b)

    1,600       1,464,086  

2.84%, 07/16/25 (Call 07/16/24),
(SOFR + 1.242%)(b)

    1,570       1,484,695  
Security  

Par

(000)

    Value  

Banks (continued)

 

2.84%, 09/13/26(a)

  $ 510     $ 453,625  

3.55%, 03/05/23

    572       569,613  

3.66%, 02/28/27

    515       465,920  

3.92%, 09/11/24 (Call 09/11/23),
(3 mo. LIBOR US + 1.000%)(b)

    1,893       1,856,504  

Morgan Stanley

   

0.53%, 01/25/24 (Call 01/25/23),
(SOFR + 0.455%)(b)

    2,940       2,896,992  

0.56%, 11/10/23 (Call 11/10/22),
(SOFR + 0.466%)(a)(b)

    972       970,982  

0.73%, 04/05/24 (Call 04/05/23),
(SOFR + 0.616%)(b)

    327       318,986  

0.79%, 01/22/25 (Call 01/22/24),
(SOFR + 0.509%)(b)

    1,718       1,603,807  

0.79%, 05/30/25 (Call 05/30/24),
(SOFR + 0.525%)(b)

    3,050       2,791,549  

0.99%, 12/10/26 (Call 12/10/25),
(SOFR + 0.720%)(b)

    1,980       1,695,645  

1.16%, 10/21/25 (Call 10/21/24),
(SOFR + 0.560%)(b)

    3,005       2,724,843  

1.51%, 07/20/27 (Call 07/20/26),
(SOFR + 0.858%)(b)

    2,735       2,319,425  

1.59%, 05/04/27 (Call 05/04/26),
(SOFR + 0.879%)(b)

    2,300       1,968,853  

2.19%, 04/28/26 (Call 04/28/25),
(SOFR + 1.990%)(b)

    5,620       5,131,001  

2.48%, 01/21/28 (Call 01/21/27),
(SOFR + 1.000%)(b)

    1,740       1,504,534  

2.63%, 02/18/26 (Call 02/18/25),
(SOFR + 0.940%)(b)

    5,600       5,189,968  

2.72%, 07/22/25 (Call 07/22/24),
(SOFR + 1.152%)(b)

    1,584       1,493,510  

3.13%, 01/23/23

    3,205       3,193,895  

3.13%, 07/27/26

    1,550       1,414,364  

3.62%, 04/17/25 (Call 04/17/24),
(SOFR + 1.160%)(b)

    1,795       1,733,756  

3.63%, 01/20/27

    4,490       4,137,310  

3.70%, 10/23/24

    3,691       3,578,018  

3.74%, 04/24/24 (Call 04/24/23),
(3 mo. LIBOR US + 0.847%)(b)

    620       613,867  

3.75%, 02/25/23(a)

    2,405       2,392,821  

3.88%, 01/27/26

    4,635       4,405,740  

3.95%, 04/23/27

    5,125       4,735,220  

4.00%, 07/23/25

    3,874       3,729,230  

4.10%, 05/22/23(a)

    2,905       2,890,569  

4.21%, 04/20/28 (Call 04/20/27),
(SOFR + 1.610%)(b)

    985       911,631  

4.35%, 09/08/26

    2,710       2,578,935  

4.68%, 07/17/26 (Call 07/17/25)(b)

    1,940       1,882,648  

4.88%, 11/01/22

    1,954       1,954,000  

5.00%, 11/24/25

    2,750       2,706,230  

6.25%, 08/09/26

    1,230       1,251,891  

Series F, 3.88%, 04/29/24

        4,462       4,366,557  

Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)(b)

    4,609       4,160,064  

National Australia Bank Ltd., 3.91%, 06/09/27

    825       778,893  

National Australia Bank Ltd./New York

   

1.88%, 12/13/22(a)

    890       887,542  

2.50%, 07/12/26(a)

    1,105       1,004,230  

2.88%, 04/12/23(a)

    380       377,025  

3.00%, 01/20/23(a)

    714       711,488  

3.38%, 01/14/26

    1,570       1,484,227  

3.50%, 06/09/25(a)

    1,110           1,065,623  

3.63%, 06/20/23(a)

    630       625,336  

National Bank of Canada

   

0.55%, 11/15/24 (Call 11/15/23)(a)(b)

    1,840       1,743,077  

0.75%, 08/06/24(a)

    1,240       1,139,872  

2.10%, 02/01/23

    440       436,820  

3.75%, 06/09/25 (Call 06/09/24)(b)

    1,635       1,576,538  

Natwest Group PLC, 2.36%, 05/22/24 (Call 05/22/23)(a)(b)

    1,833       1,787,132  

NatWest Group PLC

   

1.64%, 06/14/27 (Call 06/14/26)(b)

    1,100       913,553  

4.27%, 03/22/25 (Call 03/22/24),
(3 mo. LIBOR US + 1.762%)(b)

    3,411       3,288,222  

 

 

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

  23


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

 

4.52%, 06/25/24 (Call 06/25/23),
(3 mo. LIBOR US + 1.550%)(b)

  $ 2,240     $ 2,208,265  

4.80%, 04/05/26(a)

    2,518       2,373,643  

Northern Trust Corp.

   

3.95%, 10/30/25

    1,745       1,693,535  

4.00%, 05/10/27 (Call 04/10/27)(a)

    2,155       2,059,750  

PNC Bank NA

   

2.70%, 11/01/22

    648       648,000  

2.95%, 01/30/23 (Call 12/30/22)

    916       912,621  

2.95%, 02/23/25 (Call 01/24/25)

    1,190       1,132,237  

3.10%, 10/25/27 (Call 09/25/27)

    200       180,678  

3.25%, 06/01/25 (Call 05/02/25)

    1,377       1,308,815  

3.30%, 10/30/24 (Call 09/30/24)(a)

    971       934,606  

3.50%, 06/08/23 (Call 05/09/23)

    934       925,964  

3.80%, 07/25/23 (Call 06/25/23)

    939       929,426  

3.88%, 04/10/25 (Call 03/10/25)

    1,130       1,086,991  

4.20%, 11/01/25 (Call 10/02/25)

    900       868,692  

2.50%, 08/27/24 (Call 07/27/24)(a)

    981       935,355  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)(a)

    1,690       1,451,040  

2.20%, 11/01/24 (Call 10/02/24)

    1,703       1,605,909  

2.60%, 07/23/26 (Call 05/23/26)

    730       659,099  

2.85%, 11/09/22(c)

    429       428,848  

3.15%, 05/19/27 (Call 04/19/27)

    560       503,889  

3.50%, 01/23/24 (Call 12/23/23)(a)

    2,092       2,049,451  

3.90%, 04/29/24 (Call 03/29/24)

    1,860       1,819,798  

Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)

    824       758,426  

Royal Bank of Canada

   

0.43%, 01/19/24

    884       833,796  

0.50%, 10/26/23(a)

    847       809,388  

0.65%, 07/29/24

    1,640       1,511,658  

0.75%, 10/07/24

    1,595       1,459,833  

0.88%, 01/20/26

    1,139       982,462  

1.15%, 06/10/25(a)

    1,276       1,145,886  

1.15%, 07/14/26

    1,877       1,601,508  

1.20%, 04/27/26

    1,757       1,517,983  

1.40%, 11/02/26

    2,015       1,714,116  

1.60%, 04/17/23(a)

    819       806,924  

1.60%, 01/21/25

    630       578,758  

1.95%, 01/17/23(a)

    1,114       1,108,143  

2.05%, 01/21/27

    1,064       921,772  

2.25%, 11/01/24

    1,969       1,850,835  

2.55%, 07/16/24

    1,813       1,727,942  

3.38%, 04/14/25(a)

    1,695       1,616,103  

3.63%, 05/04/27

    2,215       2,042,213  

3.70%, 10/05/23

    1,815       1,789,794  

3.97%, 07/26/24(a)

    1,105       1,079,004  

4.24%, 08/03/27

    1,045       981,493  

4.65%, 01/27/26

    2,229       2,150,980  

5.66%, 10/25/24

    510       511,619  

6.00%, 11/01/27

    1,000       1,005,938  

Santander Holdings USA Inc.

   

2.49%, 01/06/28 (Call 01/06/27),
(SOFR + 1.249%)(a)(b)

    530       438,645  

3.24%, 10/05/26 (Call 08/05/26)

    920       812,869  

3.40%, 01/18/23 (Call 12/18/22)(a)

        1,033       1,030,749  

3.45%, 06/02/25 (Call 05/02/25)

    968       904,825  

3.50%, 06/07/24 (Call 05/07/24)

    3,000           2,876,313  

4.26%, 06/09/25 (Call 06/09/24)(b)

    1,395       1,333,969  

4.40%, 07/13/27 (Call 04/14/27)

    410       370,402  

4.50%, 07/17/25 (Call 04/17/25)(a)

    1,481       1,417,516  
Security  

Par

(000)

    Value  

Banks (continued)

 

5.81%, 09/09/26 (Call 09/09/25)(a)(b)

  $ 1,000     $ 964,380  

Santander UK Group Holdings PLC

   

1.09%, 03/15/25 (Call 03/15/24),
(SOFR + 0.787%)(b)

    955       877,111  

1.53%, 08/21/26 (Call 08/21/25)(b)

    1,212       1,032,522  

1.67%, 06/14/27 (Call 06/14/26),
(SOFR + 0.989%)(b)

    2,195       1,794,127  

2.47%, 01/11/28 (Call 01/11/27),
(SOFR + 1.220%)(b)

    300       247,824  

3.37%, 01/05/24 (Call 01/05/23),
(3 mo. LIBOR US + 1.080%)(b)

    684       679,001  

4.80%, 11/15/24 (Call 11/15/23),
(3 mo. LIBOR US + 1.570%)(b)

    2,311       2,260,785  

Santander UK PLC, 4.00%, 03/13/24

    2,157       2,112,189  

State Street Corp.

   

1.68%, 11/18/27 (Call 11/18/26),
(SOFR + 0.560%)(b)

    225       194,892  

2.65%, 05/19/26

    920       851,893  

3.30%, 12/16/24(a)

    2,228       2,149,762  

3.55%, 08/18/25

    2,946       2,830,618  

3.70%, 11/20/23

    1,261       1,244,792  

Sumitomo Mitsui Banking Corp.

   

3.00%, 01/18/23

    200       199,159  

3.40%, 07/11/24(a)

    1,175       1,130,451  

3.65%, 07/23/25(a)

    40       37,832  

3.95%, 07/19/23

    275       273,202  

3.95%, 01/10/24

    825       809,178  

Sumitomo Mitsui Financial Group Inc.

   

0.51%, 01/12/24(a)

    420       395,846  

0.95%, 01/12/26

    1,384       1,191,043  

1.40%, 09/17/26(a)

    3,260       2,759,584  

1.47%, 07/08/25

    3,770       3,364,693  

2.17%, 01/14/27

    660       570,713  

2.35%, 01/15/25

    2,239       2,083,854  

2.45%, 09/27/24

    2,475       2,328,575  

2.63%, 07/14/26(a)

    3,105       2,781,172  

2.70%, 07/16/24

    3,830       3,645,292  

3.01%, 10/19/26

    855       771,030  

3.10%, 01/17/23(a)

    439       437,524  

3.35%, 10/18/27(a)

    20       17,775  

3.36%, 07/12/27(a)

    1,705       1,532,497  

3.45%, 01/11/27

    590       537,228  

3.75%, 07/19/23(a)

    868       858,080  

3.78%, 03/09/26

        2,780       2,617,423  

3.94%, 10/16/23

    2,065       2,041,713  

SVB Financial Group, 1.80%, 10/28/26 (Call 09/28/26)

    595       499,778  

Svenska Handelsbanken AB, 3.90%, 11/20/23

    1,861       1,836,154  

Synchrony Bank

   

5.40%, 08/22/25 (Call 07/22/25)

    1,210           1,169,219  

5.63%, 08/23/27 (Call 07/23/27)

    1,250       1,175,738  

Toronto-Dominion Bank (The)

   

0.25%, 01/06/23(a)

    520       516,095  

0.30%, 06/02/23(a)

    1,706       1,661,948  

0.45%, 09/11/23

    1,544       1,484,551  

0.55%, 03/04/24

    1,867       1,751,494  

0.70%, 09/10/24

    860       788,939  

0.75%, 06/12/23

    1,217       1,184,039  

0.75%, 09/11/25(a)

    1,135       994,122  

0.75%, 01/06/26

    1,304       1,124,937  

1.15%, 06/12/25

    1,186       1,062,288  

1.20%, 06/03/26

    895       770,430  

1.25%, 12/13/24

    1,345       1,234,380  

1.25%, 09/10/26

    2,280       1,944,619  

1.45%, 01/10/25

    985       905,075  

 

 

24  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

 

1.90%, 12/01/22

  $ 1,356     $ 1,353,096  

1.95%, 01/12/27

    1,285       1,114,042  

2.35%, 03/08/24

    2,130       2,046,506  

2.65%, 06/12/24(a)

    2,626       2,515,613  

2.80%, 03/10/27

    2,360       2,102,022  

3.25%, 03/11/24

    2,905       2,825,926  

3.50%, 07/19/23(a)

    1,490       1,474,694  

3.77%, 06/06/25

    2,155       2,068,535  

4.11%, 06/08/27

    1,550       1,450,295  

4.29%, 09/13/24

    2,135       2,091,496  

4.69%, 09/15/27

    3,025       2,892,876  

Truist Bank

   

1.25%, 03/09/23 (Call 02/06/23)

    790       780,039  

1.50%, 03/10/25 (Call 02/10/25)(a)

    1,930       1,764,804  

2.15%, 12/06/24 (Call 11/05/24)

    2,352       2,201,570  

2.75%, 05/01/23 (Call 04/01/23)

    723       715,797  

3.00%, 02/02/23 (Call 01/02/23)(a)

    802       798,366  

3.20%, 04/01/24 (Call 03/01/24)

    2,512       2,438,376  

3.30%, 05/15/26 (Call 04/15/26)

    1,370       1,261,106  

3.63%, 09/16/25 (Call 08/16/25)

    1,800       1,703,452  

3.69%, 08/02/24 (Call 08/02/23),
(3 mo. LIBOR US + 0.735%)(a)(b)

    837       827,268  

3.80%, 10/30/26 (Call 09/30/26)

    1,270       1,181,917  

4.05%, 11/03/25 (Call 09/03/25)

    598       577,034  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    30       24,316  

1.20%, 08/05/25 (Call 07/03/25)

    911       812,444  

1.27%, 03/02/27 (Call 03/02/26),
(SOFR + 0.609%)(b)

    1,353       1,167,891  

2.20%, 03/16/23 (Call 02/13/23)(a)

    620       614,986  

2.50%, 08/01/24 (Call 07/01/24)

    1,923       1,836,380  

2.85%, 10/26/24 (Call 09/26/24)

    2,041       1,951,144  

3.70%, 06/05/25 (Call 05/05/25)

    1,542       1,476,574  

3.75%, 12/06/23 (Call 11/06/23)

    1,652       1,629,633  

4.00%, 05/01/25 (Call 03/01/25)

    1,882       1,823,057  

4.26%, 07/28/26 (Call 07/28/25)(b)

    2,000       1,929,115  

5.90%, 10/28/26

    1,300       1,300,222  

U.S. Bancorp.

   

1.45%, 05/12/25 (Call 04/11/25)(a)

    2,255       2,060,449  

2.22%, 01/27/28 (Call 01/27/27),
(SOFR + 0.730%)(b)

    2,600       2,268,066  

2.40%, 07/30/24 (Call 06/28/24)(a)

    2,174       2,077,395  

3.10%, 04/27/26 (Call 03/27/26)

    885       820,686  

3.38%, 02/05/24 (Call 01/05/24)

    1,590       1,558,266  

3.60%, 09/11/24 (Call 08/11/24)(a)

    1,776       1,730,008  

3.70%, 01/30/24 (Call 12/29/23)

    790       778,269  

3.95%, 11/17/25 (Call 10/17/25)

        1,090       1,051,454  

5.73%, 10/21/26

    525       526,453  

Series V, 2.38%, 07/22/26 (Call 06/22/26)

    724       656,131  

Series X, 3.15%, 04/27/27 (Call 03/27/27)(a)

    75       69,013  

U.S. Bank NA/Cincinnati OH

   

1.95%, 01/09/23 (Call 12/09/22)(a)

    680       676,719  

2.05%, 01/21/25 (Call 12/20/24)

    786       734,561  

2.80%, 01/27/25 (Call 12/27/24)(a)

    1,133           1,078,067  

2.85%, 01/23/23 (Call 12/23/22)

    606       603,870  

3.40%, 07/24/23 (Call 06/23/23)

    1,399       1,383,736  

Wells Fargo & Co.

   

0.81%, 05/19/25 (Call 05/19/24),
(SOFR + 0.510%)(a)(b)

    4,610       4,265,968  

1.65%, 06/02/24 (Call 06/02/23),
(SOFR + 1.600%)(b)

    3,291       3,215,655  

2.16%, 02/11/26 (Call 02/11/25),
(3 mo. LIBOR US + 0.750%)(b)

    4,826       4,432,560  

2.19%, 04/30/26 (Call 04/30/25),
(SOFR + 2.000%)(b)

    3,838       3,493,962  
Security  

Par

(000)

    Value  

Banks (continued)

 

2.41%, 10/30/25 (Call 10/30/24),
(SOFR + 1.087%)(b)

  $ 4,799     $ 4,471,954  

3.00%, 02/19/25

    4,111       3,884,242  

3.00%, 04/22/26

    5,213       4,769,108  

3.00%, 10/23/26

    2,150       1,946,485  

3.20%, 06/17/27 (Call 06/17/26),
(3 mo. LIBOR US + 1.170%)(a)(b)

    4,450       4,030,996  

3.30%, 09/09/24

    3,591       3,468,606  

3.53%, 03/24/28 (Call 03/24/27),
(SOFR + 1.510%)(b)

    980       883,515  

3.55%, 09/29/25

    4,115       3,893,608  

3.75%, 01/24/24 (Call 12/22/23)

    4,793       4,706,390  

3.91%, 04/25/26 (Call 04/25/25),
(SOFR + 1.320%)(a)(b)

    3,420       3,257,356  

4.10%, 06/03/26(a)

    1,747       1,652,031  

4.13%, 08/15/23(a)

    2,185       2,167,703  

4.30%, 07/22/27

    1,850       1,730,114  

4.48%, 01/16/24(a)

    453       448,771  

4.54%, 08/15/26 (Call 08/15/25)(b)

    3,975       3,823,013  

Westpac Banking Corp.

   

1.02%, 11/18/24

    1,890       1,743,627  

1.15%, 06/03/26

    2,335       2,027,263  

2.00%, 01/13/23(a)

    912       907,603  

2.35%, 02/19/25

    1,456       1,368,806  

2.70%, 08/19/26(a)

    1,755       1,603,377  

2.75%, 01/11/23(a)

    492       490,021  

2.85%, 05/13/26

    1,300       1,202,688  

3.30%, 02/26/24(a)

    2,397       2,349,861  

3.35%, 03/08/27

        1,370       1,268,493  

3.65%, 05/15/23(a)

    1,154       1,147,759  

3.74%, 08/26/25

    1,345       1,297,214  

4.04%, 08/26/27(a)

    200       189,923  
   

 

 

 
          1,027,499,169  
Beverages — 1.3%  

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)

    5,444       5,218,041  

Coca-Cola Co. (The)

   

1.45%, 06/01/27

    950       824,648  

1.75%, 09/06/24

    1,541       1,466,249  

2.90%, 05/25/27

    355       327,844  

3.38%, 03/25/27(a)

    2,070       1,966,624  

Constellation Brands Inc.

   

3.50%, 05/09/27 (Call 02/09/27)

    395       362,786  

3.60%, 05/09/24(a)

    1,640       1,598,296  

3.70%, 12/06/26 (Call 09/06/26)

    430       400,949  

4.35%, 05/09/27 (Call 04/09/27)

    685       653,560  

4.40%, 11/15/25 (Call 09/15/25)(a)

    1,089       1,060,323  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    1,610       1,451,575  

2.13%, 10/24/24 (Call 09/24/24)

    1,602       1,512,495  

2.63%, 04/29/23 (Call 01/29/23)

    1,833       1,812,824  

3.50%, 09/18/23 (Call 08/18/23)

    792       780,899  

5.20%, 10/24/25

    1,000       1,003,012  

5.30%, 10/24/27

    1,000       1,003,674  

Keurig Dr Pepper Inc.

   

0.75%, 03/15/24 (Call 12/01/22)

    1,645       1,548,873  

3.13%, 12/15/23 (Call 10/15/23)

    775       759,360  

3.40%, 11/15/25 (Call 08/15/25)(a)

    1,162       1,102,109  

4.42%, 05/25/25 (Call 03/25/25)(a)

    807       796,817  

Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)

    2,640       2,405,818  

PepsiCo Inc.

   

0.40%, 10/07/23

    810       776,879  

 

 

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

  25


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Beverages (continued)

 

0.75%, 05/01/23

  $ 609     $ 597,790  

2.25%, 03/19/25 (Call 02/19/25)

    2,364       2,226,918  

2.38%, 10/06/26 (Call 07/06/26)

    215       196,821  

2.63%, 03/19/27 (Call 01/19/27)

    2,355       2,156,312  

2.75%, 03/01/23(a)

    362       359,871  

2.75%, 04/30/25 (Call 01/30/25)

    501       476,232  

2.85%, 02/24/26 (Call 11/24/25)

    575       541,092  

3.00%, 10/15/27 (Call 07/15/27)

    25       23,070  

3.50%, 07/17/25 (Call 04/17/25)

    508       491,762  

3.60%, 03/01/24 (Call 12/01/23)

    2,294       2,264,829  

3.60%, 02/18/28 (Call 01/18/28)

    1,425       1,339,562  
   

 

 

 
          39,507,914  
Biotechnology — 1.0%  

Amgen Inc.

   

1.90%, 02/21/25 (Call 01/21/25)

    1,011       941,314  

2.20%, 02/21/27 (Call 12/21/26)

    1,497       1,328,614  

2.25%, 08/19/23 (Call 06/19/23)(a)

    1,824       1,783,882  

2.60%, 08/19/26 (Call 05/19/26)(a)

    2,645       2,419,407  

3.13%, 05/01/25 (Call 02/01/25)(a)

    1,513       1,446,276  

3.63%, 05/22/24 (Call 02/22/24)

    1,475       1,445,432  

Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)

    1,608       1,556,785  

Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)

    1,520       1,464,241  

Gilead Sciences Inc.

   

0.75%, 09/29/23 (Call 11/14/22)

    1,731       1,666,312  

1.20%, 10/01/27 (Call 08/01/27)

    200       164,447  

2.50%, 09/01/23 (Call 07/01/23)

    1,449       1,420,834  

2.95%, 03/01/27 (Call 12/01/26)

    1,050       955,091  

3.50%, 02/01/25 (Call 11/01/24)(a)

    2,672       2,580,015  

3.65%, 03/01/26 (Call 12/01/25)

    4,353       4,122,840  

3.70%, 04/01/24 (Call 01/01/24)(a)

    2,773       2,721,716  

Illumina Inc., 0.55%, 03/23/23

    365       358,135  

Royalty Pharma PLC

   

0.75%, 09/02/23

        1,244       1,193,596  

1.20%, 09/02/25 (Call 08/02/25)

    2,027       1,789,124  
   

 

 

 
      29,358,061  
Building Materials — 0.1%  

Carrier Global Corp.

   

2.24%, 02/15/25 (Call 01/15/25)(a)

    1,251       1,163,222  

2.49%, 02/15/27 (Call 12/15/26)

    490       431,574  

Fortune Brands Home & Security Inc.

   

4.00%, 09/21/23 (Call 08/21/23)(a)

    1,138       1,126,950  

4.00%, 06/15/25 (Call 03/15/25)

    775       742,207  
   

 

 

 
      3,463,953  
Chemicals — 1.0%  

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)

    1,456       1,320,215  

1.85%, 05/15/27 (Call 03/15/27)(a)

    625       546,022  

Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27)

    1,240       1,173,385  

Celanese U.S. Holdings LLC

   

3.50%, 05/08/24 (Call 04/08/24)

    977       936,179  

4.63%, 11/15/22

    477       476,374  

5.90%, 07/05/24

    1,770       1,738,037  

6.05%, 03/15/25

    1,525       1,481,913  

6.17%, 07/15/27 (Call 06/15/27)

    3,415       3,221,914  

DuPont de Nemours Inc.

   

4.21%, 11/15/23 (Call 10/15/23)

    4,033       3,989,036  

4.49%, 11/15/25 (Call 09/15/25)

    2,060       2,015,883  

Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)

    1,146       1,097,627  
Security  

Par

(000)

    Value  

Chemicals (continued)

 

Ecolab Inc.

   

0.90%, 12/15/23 (Call 12/15/22)

  $ 165     $ 158,029  

1.65%, 02/01/27 (Call 01/01/27)(a)

    795       692,893  

2.70%, 11/01/26 (Call 08/01/26)

    415       379,683  

EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25)

    1,238       1,133,506  

FMC Corp., 3.20%, 10/01/26 (Call 08/01/26)

    205       187,856  

Linde Inc./CT

   

2.70%, 02/21/23 (Call 11/21/22)(a)

    170       168,930  

3.20%, 01/30/26 (Call 10/30/25)

    1,468       1,394,375  

LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)(a)

    75       68,024  

LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)

    1,763       1,768,172  

Mosaic Co. (The)

   

3.25%, 11/15/22

    350       349,769  

4.25%, 11/15/23 (Call 08/15/23)

    326       322,292  

Nutrien Ltd., 1.90%, 05/13/23(a)

    486       477,845  

PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26)

    1,122       972,598  

Sherwin-Williams Co. (The)

   

3.13%, 06/01/24 (Call 04/01/24)

    1,312       1,271,128  

3.45%, 06/01/27 (Call 03/01/27)

        2,255       2,071,929  

4.05%, 08/08/24

    470       461,063  

Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)

    970       893,778  
   

 

 

 
          30,768,455  
Commercial Services — 0.9%  

Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)(a)

    1,081       1,040,571  

Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)(a)

    240       226,138  

Equifax Inc.

   

2.60%, 12/01/24 (Call 11/01/24)

    1,495       1,411,013  

5.10%, 12/15/27 (Call 11/15/27)

    680       655,322  

Global Payments Inc.

   

1.20%, 03/01/26 (Call 02/01/26)

    2,291       1,954,399  

1.50%, 11/15/24 (Call 10/15/24)(a)

    280       256,267  

2.15%, 01/15/27 (Call 12/15/26)

    1,295       1,104,906  

2.65%, 02/15/25 (Call 01/15/25)

    882       818,652  

3.75%, 06/01/23 (Call 03/01/23)(a)

    1,087       1,075,988  

4.00%, 06/01/23 (Call 05/01/23)(a)

    1,186       1,178,066  

4.80%, 04/01/26 (Call 01/01/26)

    581       556,826  

4.95%, 08/15/27 (Call 07/15/27)

    475       450,966  

Moody’s Corp.

   

3.75%, 03/24/25 (Call 02/24/25)

    877       848,702  

4.88%, 02/15/24 (Call 11/15/23)(a)

    1,044       1,039,234  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)(a)

    1,876       1,722,083  

2.40%, 10/01/24 (Call 09/01/24)(a)

    2,130       2,026,843  

2.65%, 10/01/26 (Call 08/01/26)

    2,545       2,322,547  

3.90%, 06/01/27 (Call 05/01/27)(a)

    645       613,286  

Quanta Services Inc., 0.95%, 10/01/24 (Call 12/01/22)

    1,870       1,699,963  

RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)

    955       949,366  

S&P Global Inc.

   

2.45%, 03/01/27 (Call 02/01/27)(a)(d)

    2,455       2,199,121  

2.95%, 01/22/27 (Call 10/22/26)(a)

    985       901,604  

Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)(a)

    1,048       1,010,559  

Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25)(a)

    516       469,792  
   

 

 

 
      26,532,214  

 

 

26  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Computers — 3.5%

 

Apple Inc.

   

0.55%, 08/20/25 (Call 07/20/25)

  $ 2,118     $ 1,891,364  

0.70%, 02/08/26 (Call 01/08/26)

    3,560       3,117,890  

0.75%, 05/11/23

    1,402       1,373,062  

1.13%, 05/11/25 (Call 04/11/25)

    3,342       3,066,168  

1.80%, 09/11/24 (Call 08/11/24)

    2,012       1,910,658  

2.05%, 09/11/26 (Call 07/11/26)

    1,095       989,999  

2.40%, 01/13/23 (Call 12/13/22)

    543       540,703  

2.40%, 05/03/23

    5,232       5,177,346  

2.45%, 08/04/26 (Call 05/04/26)

    2,325       2,139,660  

2.50%, 02/09/25(a)

    2,145       2,045,588  

2.75%, 01/13/25 (Call 11/13/24)

    2,008       1,926,528  

2.85%, 02/23/23 (Call 12/23/22)

    1,988       1,978,846  

2.85%, 05/11/24 (Call 03/11/24)

    3,065       2,981,664  

2.90%, 09/12/27 (Call 06/12/27)(a)

    450       413,002  

3.00%, 02/09/24 (Call 12/09/23)

    2,949       2,888,310  

3.00%, 06/20/27 (Call 03/20/27)(a)

    410       382,064  

3.20%, 05/13/25

    3,370       3,244,425  

3.20%, 05/11/27 (Call 02/11/27)(a)

    1,565       1,466,041  

3.25%, 02/23/26 (Call 11/23/25)

    4,665       4,443,864  

3.35%, 02/09/27 (Call 11/09/26)

    4,505       4,272,057  

3.45%, 05/06/24

    3,828       3,757,826  

Dell International LLC/EMC Corp.

   

4.00%, 07/15/24 (Call 06/15/24)

    1,703       1,662,529  

4.90%, 10/01/26 (Call 08/01/26)

    3,025       2,903,452  

5.45%, 06/15/23 (Call 04/15/23)

    2,101       2,103,895  

5.85%, 07/15/25 (Call 06/15/25)

    1,917       1,918,252  

6.02%, 06/15/26 (Call 03/15/26)

        5,345       5,335,177  

6.10%, 07/15/27 (Call 05/15/27)(a)

    445       445,319  

DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)(a)

    935       802,530  

Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26)

    1,293       1,113,907  

Hewlett Packard Enterprise Co.

   

1.45%, 04/01/24 (Call 03/01/24)

    1,833       1,735,298  

1.75%, 04/01/26 (Call 03/01/26)(a)

    1,905       1,685,848  

2.25%, 04/01/23 (Call 03/01/23)

    529       523,709  

4.45%, 10/02/23 (Call 09/02/23)

    1,883       1,868,117  

4.90%, 10/15/25 (Call 07/15/25)(a)

    2,475       2,430,297  

HP Inc.

   

1.45%, 06/17/26 (Call 05/17/26)(a)

    1,992       1,704,138  

2.20%, 06/17/25 (Call 05/17/25)

    2,041       1,874,285  

3.00%, 06/17/27 (Call 04/17/27)(a)

    235       206,940  

4.75%, 01/15/28 (Call 12/15/27)

    300       280,212  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    1,965           1,688,089  

2.20%, 02/09/27 (Call 01/09/27)

    535       474,730  

3.00%, 05/15/24

    3,813       3,699,846  

3.30%, 05/15/26

    4,250       3,985,477  

3.30%, 01/27/27

    547       507,322  

3.38%, 08/01/23(a)

    1,818       1,797,738  

3.45%, 02/19/26(a)

    1,419       1,346,249  

3.63%, 02/12/24

    3,253       3,196,690  

4.00%, 07/27/25(a)

    700       682,348  

4.15%, 07/27/27 (Call 06/27/27)(a)

    1,095       1,046,078  

7.00%, 10/30/25

    310       325,179  

Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26)

    2,030       1,587,602  

Leidos Inc.

   

2.95%, 05/15/23 (Call 04/15/23)

    940       928,966  

3.63%, 05/15/25 (Call 04/15/25)

    1,105       1,052,924  

NetApp Inc.

   

1.88%, 06/22/25 (Call 05/22/25)

    1,666       1,508,978  
Security  

Par

(000)

    Value  

Computers (continued)

 

2.38%, 06/22/27 (Call 04/22/27)(a)

  $ 670     $ 588,710  

Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(a)

    2,440       2,255,296  
   

 

 

 
      105,273,192  
Cosmetics & Personal Care — 0.7%            

Colgate-Palmolive Co.

   

1.95%, 02/01/23

    104       103,292  

3.10%, 08/15/25(a)

    125       119,961  

3.10%, 08/15/27 (Call 07/15/27)

    230       214,674  

3.25%, 03/15/24

    732       719,556  

Estee Lauder Companies Inc. (The)

   

2.00%, 12/01/24 (Call 11/01/24)

    1,551       1,471,209  

3.15%, 03/15/27 (Call 12/15/26)

    90       83,202  

GSK Consumer Healthcare Capital U.K. PLC, 3.13%, 03/24/25

    2,140       2,015,377  

GSK Consumer Healthcare Capital U.S. LLC

   

3.02%, 03/24/24

    515       496,875  

3.38%, 03/24/27

    2,910       2,631,823  

Procter & Gamble Co. (The)

   

0.55%, 10/29/25

    1,147       1,014,795  

1.00%, 04/23/26(a)

    482       426,346  

1.90%, 02/01/27

    625       560,409  

2.45%, 11/03/26(a)

    815       751,056  

2.70%, 02/02/26

    1,180       1,111,558  

2.80%, 03/25/27

    2,045       1,890,128  

2.85%, 08/11/27

    120       110,451  

3.10%, 08/15/23(a)

    369       363,631  

Unilever Capital Corp.

   

0.38%, 09/14/23(a)

    355       341,506  

0.63%, 08/12/24 (Call 12/01/22)

    510       474,361  

2.00%, 07/28/26(a)

    100       90,037  

2.60%, 05/05/24 (Call 03/05/24)

    1,783       1,723,422  

2.90%, 05/05/27 (Call 02/05/27)

        2,080       1,900,515  

3.10%, 07/30/25

    890       848,158  

3.13%, 03/22/23 (Call 02/22/23)(a)

    628       624,576  

3.25%, 03/07/24 (Call 02/07/24)

    1,481       1,451,350  
   

 

 

 
          21,538,268  
Distribution & Wholesale — 0.0%  

WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)

    1,251       1,164,579  
   

 

 

 
Diversified Financial Services — 5.3%  

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.15%, 10/29/23

    2,420       2,292,096  

1.65%, 10/29/24 (Call 09/29/24)

    770       698,897  

1.75%, 01/30/26 (Call 12/30/25)

    1,335       1,138,253  

2.45%, 10/29/26 (Call 09/29/26)

    6,415       5,426,695  

2.88%, 08/14/24 (Call 07/14/24)(a)

    1,148       1,075,485  

3.15%, 02/15/24 (Call 01/15/24)

    792       759,180  

3.30%, 01/23/23 (Call 12/23/22)

    1,022       1,017,506  

3.50%, 01/15/25 (Call 11/15/24)

    1,099       1,031,129  

3.65%, 07/21/27 (Call 04/21/27)

    350       304,350  

4.13%, 07/03/23 (Call 06/03/23)(a)

    1,679       1,657,874  

4.45%, 10/01/25 (Call 08/01/25)(a)

    565       530,032  

4.45%, 04/03/26 (Call 02/03/26)

    1,070       990,319  

4.50%, 09/15/23 (Call 08/15/23)(a)

    1,724       1,692,542  

4.88%, 01/16/24 (Call 12/16/23)

    1,211       1,188,433  

6.50%, 07/15/25 (Call 06/15/25)(a)

    1,637       1,612,503  

Series 3NC1, 1.75%, 10/29/24 (Call 12/01/22)

    1,480       1,339,320  

Air Lease Corp.

   

0.70%, 02/15/24 (Call 01/15/24)

    914       853,501  

0.80%, 08/18/24 (Call 07/18/24)

    860       782,118  

 

 

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

  27


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

 

1.88%, 08/15/26 (Call 07/15/26)

  $ 3,242     $ 2,719,405  

2.20%, 01/15/27 (Call 12/15/26)(a)

    800       669,215  

2.25%, 01/15/23

    1,048       1,041,174  

2.30%, 02/01/25 (Call 01/01/25)(a)

    1,079       987,284  

2.75%, 01/15/23 (Call 12/15/22)(a)

    1,030       1,024,204  

2.88%, 01/15/26 (Call 12/15/25)(a)

    1,815       1,613,771  

3.00%, 09/15/23 (Call 07/15/23)

    457       446,311  

3.25%, 03/01/25 (Call 01/01/25)

    925       860,551  

3.38%, 07/01/25 (Call 06/01/25)(a)

    1,313       1,211,294  

3.63%, 04/01/27 (Call 01/01/27)(a)

    303       266,919  

3.75%, 06/01/26 (Call 04/01/26)

    615       557,575  

3.88%, 07/03/23 (Call 06/03/23)

    1,115       1,102,464  

4.25%, 02/01/24 (Call 01/01/24)

    1,402       1,370,337  

4.25%, 09/15/24 (Call 06/15/24)

    977       950,187  

Aircastle Ltd.

   

4.13%, 05/01/24 (Call 02/01/24)

    430       409,979  

4.25%, 06/15/26 (Call 04/15/26)

    910       803,958  

4.40%, 09/25/23 (Call 08/25/23)(a)

    135       131,907  

5.00%, 04/01/23(a)

    1,003       994,721  

Ally Financial Inc.

   

1.45%, 10/02/23 (Call 09/02/23)

    1,872       1,795,454  

3.05%, 06/05/23 (Call 05/05/23)

    953       935,949  

3.88%, 05/21/24 (Call 04/21/24)

    1,270       1,227,200  

4.63%, 03/30/25

    1,041       1,004,149  

4.75%, 06/09/27 (Call 05/09/27)(a)

    900       821,412  

5.13%, 09/30/24

    1,575       1,554,021  

5.80%, 05/01/25 (Call 04/01/25)(a)

    1,341       1,329,098  

American Express Co.

   

0.75%, 11/03/23

    455       435,166  

1.65%, 11/04/26 (Call 10/04/26)

        1,160       997,761  

2.25%, 03/04/25 (Call 02/01/25)(a)

    4,085       3,791,219  

2.50%, 07/30/24 (Call 06/30/24)

    2,615       2,481,783  

2.55%, 03/04/27 (Call 02/01/27)

    2,545       2,236,020  

2.65%, 12/02/22

    1,102       1,100,548  

3.00%, 10/30/24 (Call 09/29/24)(a)

    2,520       2,407,325  

3.13%, 05/20/26 (Call 04/20/26)

    1,065       985,648  

3.30%, 05/03/27 (Call 04/03/27)(a)

    1,845       1,670,295  

3.38%, 05/03/24

    2,090       2,026,912  

3.40%, 02/27/23 (Call 01/27/23)(a)

    877       873,736  

3.40%, 02/22/24 (Call 01/22/24)

    2,097       2,045,589  

3.63%, 12/05/24 (Call 11/04/24)

    575       553,596  

3.70%, 08/03/23 (Call 07/03/23)

    2,563       2,539,908  

3.95%, 08/01/25 (Call 07/01/25)

    2,290       2,198,070  

4.20%, 11/06/25 (Call 10/06/25)

    880       852,348  

5.85%, 11/05/27

    745       744,464  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)

    195       178,724  

3.00%, 04/02/25 (Call 03/02/25)

    1,387           1,317,388  

3.70%, 10/15/24

    698       677,049  

4.00%, 10/15/23

    921       911,172  

Brookfield Finance Inc.

   

3.90%, 01/25/28 (Call 10/25/27)(a)

    320       286,490  

4.00%, 04/01/24 (Call 02/01/24)

    1,299       1,275,465  

4.25%, 06/02/26 (Call 03/02/26)(a)

    250       237,669  

Capital One Financial Corp.

   

1.34%, 12/06/24 (Call 12/06/23),
(SOFR + 0.690%)(b)

    500       472,704  

1.88%, 11/02/27 (Call 11/02/26),
(SOFR + 0.855%)(b)

    2,700       2,246,107  

2.60%, 05/11/23 (Call 04/11/23)(a)

    1,190       1,174,107  

2.64%, 03/03/26 (Call 03/03/25),
(SOFR + 1.290%)(b)

    175       160,424  

3.20%, 01/30/23 (Call 12/30/22)(a)

    1,924       1,915,212  
Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

 

3.20%, 02/05/25 (Call 01/05/25)

  $ 1,848     $ 1,745,923  

3.30%, 10/30/24 (Call 09/30/24)(a)

    2,744       2,619,024  

3.50%, 06/15/23

    1,398       1,384,061  

3.65%, 05/11/27 (Call 04/11/27)(a)

    95       86,158  

3.75%, 04/24/24 (Call 03/24/24)(a)

    594       578,108  

3.75%, 07/28/26 (Call 06/28/26)

    726       663,644  

3.75%, 03/09/27 (Call 02/09/27)

    505       460,154  

3.90%, 01/29/24 (Call 12/29/23)

    2,024       1,983,262  

4.17%, 05/09/25 (Call 05/09/24)(b)

    400       384,329  

4.20%, 10/29/25 (Call 09/29/25)

    943       893,931  

4.25%, 04/30/25 (Call 03/31/25)

    1,106       1,064,708  

4.99%, 07/24/26 (Call 07/24/25)(b)

    760       733,392  

Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)

    400       374,437  

Charles Schwab Corp. (The)

   

0.75%, 03/18/24 (Call 02/18/24)

    2,248       2,121,795  

0.90%, 03/11/26 (Call 02/11/26)

    2,470       2,137,606  

1.15%, 05/13/26 (Call 04/13/26)

    1,559       1,351,533  

2.45%, 03/03/27 (Call 02/03/27)(a)

    1,160       1,034,896  

2.65%, 01/25/23 (Call 12/25/22)

    167       166,310  

3.20%, 03/02/27 (Call 12/02/26)

    155       142,474  

3.30%, 04/01/27 (Call 01/01/27)

    130       119,598  

3.55%, 02/01/24 (Call 01/01/24)

    946       927,820  

3.85%, 05/21/25 (Call 03/21/25)

    1,231       1,195,068  

4.20%, 03/24/25 (Call 02/24/25)(a)

    1,608       1,583,829  

CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)

    1,266       1,209,435  

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

    270       256,715  

3.85%, 11/21/22

    549       548,797  

3.95%, 11/06/24 (Call 08/06/24)

    1,540       1,483,161  

4.10%, 02/09/27 (Call 11/09/26)

    585       532,076  

4.50%, 01/30/26 (Call 11/30/25)(a)

    1,270       1,191,561  

Intercontinental Exchange Inc.

   

3.10%, 09/15/27 (Call 06/15/27)

    25       22,674  

3.65%, 05/23/25 (Call 04/23/25)(a)

        1,245       1,204,657  

3.75%, 12/01/25 (Call 09/01/25)(a)

    880       844,679  

4.00%, 09/15/27 (Call 08/15/27)(a)

    4,510       4,272,493  

Invesco Finance PLC

   

3.75%, 01/15/26

    265       250,631  

4.00%, 01/30/24

    821       806,148  

Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.85%, 01/15/27(a)

    1,190       1,116,509  

Mastercard Inc.

   

2.00%, 03/03/25 (Call 02/03/25)(a)

    1,727       1,622,458  

2.95%, 11/21/26 (Call 08/21/26)

    545       506,315  

3.30%, 03/26/27 (Call 01/26/27)

    1,680       1,573,875  

3.38%, 04/01/24

    1,863       1,827,442  

Nasdaq Inc.

   

0.45%, 12/21/22 (Call 11/14/22)

    1,408       1,397,831  

3.85%, 06/30/26 (Call 03/30/26)(a)

    213       202,847  

Nomura Holdings Inc.

   

1.65%, 07/14/26

    2,728           2,317,451  

1.85%, 07/16/25

    635       571,094  

2.33%, 01/22/27

    1,095       933,104  

2.65%, 01/16/25

    1,857       1,738,353  

5.10%, 07/03/25(a)

    50       48,953  

5.39%, 07/06/27(a)

    1,045       1,006,501  

ORIX Corp.

   

3.25%, 12/04/24

    670       640,629  

3.70%, 07/18/27

    50       45,822  

 

 

28  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

 

4.05%, 01/16/24(a)

  $ 285     $ 280,794  

5.00%, 09/13/27

    635       620,307  

Synchrony Financial

   

3.70%, 08/04/26 (Call 05/04/26)(a)

    345       309,679  

4.25%, 08/15/24 (Call 05/15/24)

    700       675,890  

4.38%, 03/19/24 (Call 02/19/24)

    1,245       1,216,976  

4.50%, 07/23/25 (Call 04/23/25)

    1,070       1,011,277  

4.88%, 06/13/25 (Call 05/13/25)

    1,420       1,363,830  

Visa Inc.

   

0.75%, 08/15/27 (Call 06/15/27)

    100       83,171  

1.90%, 04/15/27 (Call 02/15/27)

    2,835       2,499,794  

2.75%, 09/15/27 (Call 06/15/27)

    30       27,235  

2.80%, 12/14/22 (Call 12/01/22)

    2,822       2,817,399  

3.15%, 12/14/25 (Call 09/14/25)

    3,865       3,683,304  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)

    1,367       1,170,928  

2.85%, 01/10/25 (Call 12/10/24)

    920       863,635  
   

 

 

 
          157,560,161  
Electric — 3.6%  

AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25)

    1,197       1,034,671  

Alabama Power Co., 3.75%, 09/01/27 (Call 08/01/27)(a)

    535       503,139  

Ameren Corp., 1.95%, 03/15/27 (Call 02/15/27)

    1,005       865,389  

American Electric Power Co. Inc.

   

2.03%, 03/15/24

    720       686,821  

5.75%, 11/01/27

    800       797,880  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    1,448       1,376,698  

3.20%, 04/15/25 (Call 03/15/25)

    1,254       1,183,300  

Berkshire Hathaway Energy Co.

   

3.75%, 11/15/23 (Call 08/15/23)

    984       971,143  

4.05%, 04/15/25 (Call 03/15/25)(a)

    2,258       2,210,797  

Black Hills Corp.

   

1.04%, 08/23/24 (Call 11/16/22)

    625       577,028  

4.25%, 11/30/23 (Call 08/30/23)(a)

    210       208,677  

CenterPoint Energy Inc.

   

1.45%, 06/01/26 (Call 05/01/26)

    880       765,457  

2.50%, 09/01/24 (Call 08/01/24)

    1,130       1,071,804  

Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26)

    565       518,653  

Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/27 (Call 12/15/26)

    215       198,245  

Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22)(a)

    566       540,191  

Constellation Energy Generation LLC, 3.25%, 06/01/25 (Call 05/01/25)

    1,357       1,286,212  

Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)

    245       240,714  

Dominion Energy Inc.

   

3.07%, 08/15/24(c)

        1,343       1,281,918  

3.90%, 10/01/25 (Call 07/01/25)(a)

    1,095       1,049,293  

Series A, 1.45%, 04/15/26 (Call 03/15/26)

    1,095       956,924  

DTE Energy Co.

   

2.25%, 11/01/22(a)

    610       610,000  

2.85%, 10/01/26 (Call 07/01/26)

    620       561,420  

4.22%, 01/11/24(c)

    1,205       1,176,430  

Series C, 2.53%, 10/01/24(c)

    1,080       1,023,811  

Series F, 1.05%, 06/01/25 (Call 05/01/25)

    1,058       944,268  

Series H, 0.55%, 11/01/22

    1,015       1,015,000  
Security  

Par

(000)

    Value  

Electric (continued)

 

Duke Energy Carolinas LLC

   

2.50%, 03/15/23 (Call 01/15/23)(a)

  $ 764     $ 757,460  

3.05%, 03/15/23 (Call 02/15/23)

    899       894,085  

Duke Energy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

    1,475       1,299,923  

2.65%, 09/01/26 (Call 06/01/26)

    960       867,943  

3.15%, 08/15/27 (Call 05/15/27)

    5       4,507  

3.75%, 04/15/24 (Call 01/15/24)

    1,976       1,941,443  

4.30%, 03/15/28 (Call 02/15/28)

    905       848,953  

Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26)

    115       106,594  

Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25)

    766       729,858  

Edison International

   

3.55%, 11/15/24 (Call 10/15/24)(a)

    366       351,652  

5.75%, 06/15/27 (Call 04/15/27)(a)

    555       541,284  

Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26)

    1,180       1,089,214  

Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)(a)

    895       847,621  

Entergy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

    1,232       1,079,499  

2.95%, 09/01/26 (Call 06/01/26)

    683       620,988  

Entergy Louisiana LLC

   

0.62%, 11/17/23 (Call 12/01/22)

    763       726,559  

0.95%, 10/01/24 (Call 12/01/22)

    4,205       3,876,335  

Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)

        1,311       1,235,795  

Eversource Energy

   

2.90%, 03/01/27 (Call 02/01/27)

    1,550       1,390,412  

4.20%, 06/27/24

    1,345       1,320,068  

4.60%, 07/01/27 (Call 06/01/27)

    810       778,329  

Exelon Corp.

   

2.75%, 03/15/27 (Call 02/15/27)(a)(d)

    480       429,387  

3.40%, 04/15/26 (Call 01/15/26)

    1,765       1,649,998  

3.95%, 06/15/25 (Call 03/15/25)

    1,216           1,170,552  

Florida Power & Light Co.

   

2.75%, 06/01/23 (Call 12/01/22)

    209       206,254  

2.85%, 04/01/25 (Call 03/01/25)

    1,913       1,816,230  

3.13%, 12/01/25 (Call 06/01/25)(a)

    695       657,084  

3.25%, 06/01/24 (Call 12/01/23)

    171       166,606  

Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)

    385       347,307  

Georgia Power Co., Series A, 2.10%, 07/30/23(a)

    1,408       1,377,606  

Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)

    892       856,097  

MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)

    1,390       1,351,329  

National Rural Utilities Cooperative Finance Corp.

   

0.35%, 02/08/24

    983       925,849  

1.00%, 06/15/26 (Call 05/15/26)

    1,055       914,308  

1.88%, 02/07/25

    960       894,728  

5.45%, 10/30/25

    740       743,723  

NextEra Energy Capital Holdings Inc.

   

0.65%, 03/01/23

    1,271       1,252,741  

1.88%, 01/15/27 (Call 12/15/26)

    2,040       1,777,990  

2.69%, 11/03/23 (Call 12/01/22),
(SOFR + 0.400%)(b)

    945       933,792  

2.94%, 03/21/24 (Call 12/01/22)

    2,100       2,034,779  

3.55%, 05/01/27 (Call 02/01/27)

    295       271,498  

4.20%, 06/20/24

    1,350       1,328,370  

4.26%, 09/01/24

    1,040       1,019,320  

4.45%, 06/20/25

    1,135       1,111,418  

4.63%, 07/15/27 (Call 06/15/27)

    1,845       1,773,598  

NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)

    120       110,338  

OGE Energy Corp., 0.70%, 05/26/23 (Call 12/01/22)(a)

    135       131,968  

 

 

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

  29


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

 

Oklahoma Gas & Electric Co., 0.55%, 05/26/23 (Call 12/01/22)

  $ 300     $ 292,435  

Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)(a)

    970       935,091  

Pacific Gas and Electric Co.

   

1.70%, 11/15/23 (Call 12/01/22)

    1,985       1,895,736  

2.95%, 03/01/26 (Call 12/01/25)

    959       853,684  

3.15%, 01/01/26(a)

    2,062       1,858,459  

3.25%, 02/16/24 (Call 02/16/23)

    4,450       4,300,398  

3.45%, 07/01/25(a)

    380       353,356  

3.50%, 06/15/25 (Call 03/15/25)

    920       853,383  

4.25%, 08/01/23 (Call 07/01/23)(a)

    429       424,826  

Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)

    911       812,003  

PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)

    1,195       1,096,910  

Public Service Enterprise Group Inc.

   

0.80%, 08/15/25 (Call 07/15/25)

    755       662,559  

0.84%, 11/08/23 (Call 12/01/22)

    635       605,587  

2.65%, 11/15/22 (Call 11/14/22)(a)

    652       651,491  

2.88%, 06/15/24 (Call 05/15/24)

    1,169       1,123,649  

San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)(a)

    450       410,334  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    5       4,520  

3.30%, 04/01/25 (Call 03/01/25)

    320       303,116  

Southern California Edison Co.

   

1.10%, 04/01/24 (Call 04/01/23)(a)

        1,360       1,280,597  

Series C, 3.50%, 10/01/23 (Call 07/01/23)

    828       812,847  

Series D, 4.70%, 06/01/27 (Call 05/01/27)

    1,025       991,192  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

    2,066       1,982,208  

Southern Co. (The)

   

2.95%, 07/01/23 (Call 05/01/23)(a)

    2,006       1,978,941  

3.25%, 07/01/26 (Call 04/01/26)

    2,660       2,460,615  

5.11%, 08/01/27(a)

    300       291,612  

5.15%, 10/06/25

    1,000       995,575  

Series 21-A, 0.60%, 02/26/24 (Call 01/26/24)

    1,072       1,006,943  

Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)

    553       537,305  

Southwestern Electric Power Co., Series N, 1.65%, 03/15/26 (Call 02/15/26)

    835       733,617  

Virginia Electric & Power Co.

   

Series A, 3.15%, 01/15/26 (Call 10/15/25)

    1,408       1,316,204  

Series A, 3.50%, 03/15/27 (Call 12/15/26)

    260       241,478  

Series B, 3.75%, 05/15/27 (Call 04/15/27)

    1,230       1,154,730  

Series C, 2.75%, 03/15/23 (Call 12/15/22)

    840       833,143  

WEC Energy Group Inc.

   

0.55%, 09/15/23

    934       897,109  

0.80%, 03/15/24 (Call 02/15/24)

    525       493,591  

5.00%, 09/27/25 (Call 08/27/25)

    415       412,003  

Xcel Energy Inc.

   

0.50%, 10/15/23 (Call 09/15/23)(a)

    466       444,755  

1.75%, 03/15/27 (Call 02/15/27)

    1,255       1,074,623  

3.30%, 06/01/25 (Call 12/01/24)

    1,161       1,101,501  

3.35%, 12/01/26 (Call 06/01/26)

    115       106,050  
   

 

 

 
          108,801,451  
Electrical Components & Equipment — 0.1%  

Emerson Electric Co.

   

0.88%, 10/15/26 (Call 09/15/26)

    449       383,353  

1.80%, 10/15/27 (Call 08/15/27)

    45       38,607  

2.63%, 02/15/23 (Call 12/01/22)

    694       690,060  
Security  

Par

(000)

    Value  

Electrical Components & Equipment (continued)

 

3.15%, 06/01/25 (Call 03/01/25)

  $ 679     $ 649,336  
   

 

 

 
      1,761,356  
Electronics — 0.6%  

Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24)

    1,540           1,470,806  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    1,002       925,375  

4.75%, 06/15/25 (Call 03/15/25)

    1,127       1,092,474  

5.00%, 02/15/23

    816       816,397  

Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)

    920       845,688  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)(a)

    2,205       1,887,483  

1.35%, 06/01/25 (Call 05/01/25)

    1,837       1,684,306  

2.30%, 08/15/24 (Call 07/15/24)

    1,341       1,283,074  

2.50%, 11/01/26 (Call 08/01/26)

    1,110       1,015,285  

4.95%, 02/15/28

    760       758,239  

Jabil Inc.

   

1.70%, 04/15/26 (Call 03/15/26)

    862       746,157  

4.25%, 05/15/27 (Call 04/15/27)

    985       913,401  

Keysight Technologies Inc.

   

4.55%, 10/30/24 (Call 07/30/24)

    938       919,112  

4.60%, 04/06/27 (Call 01/06/27)

    270       258,801  

TD SYNNEX Corp.

   

1.25%, 08/09/24 (Call 11/14/22)

    910       841,361  

1.75%, 08/09/26 (Call 07/09/26)(a)

    1,330       1,119,469  

Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26)

    1,080       890,967  
   

 

 

 
      17,468,395  
Entertainment — 0.3%  

Magallanes Inc.

   

3.43%, 03/15/24(a)(d)

        1,535       1,480,987  

3.53%, 03/15/24 (Call 03/15/23)(d)

    445       429,658  

3.64%, 03/15/25(d)

    1,340       1,263,083  

3.76%, 03/15/27 (Call 02/15/27)(d)

    5,940       5,280,797  

3.79%, 03/15/25 (Call 03/15/23)(d)

    1,070       1,010,026  
   

 

 

 
      9,464,551  
Environmental Control — 0.2%  

Republic Services Inc.

   

2.50%, 08/15/24 (Call 07/15/24)

    1,880       1,790,323  

2.90%, 07/01/26 (Call 04/01/26)(a)

    590       539,820  

3.20%, 03/15/25 (Call 12/15/24)

    916       872,039  

Waste Management Inc.

   

0.75%, 11/15/25 (Call 10/15/25)

    1,293       1,141,615  

2.40%, 05/15/23 (Call 03/15/23)(a)

    1,101       1,087,461  
   

 

 

 
      5,431,258  
Food — 1.3%  

Campbell Soup Co.

   

3.65%, 03/15/23 (Call 02/15/23)(a)

    902       897,061  

3.95%, 03/15/25 (Call 01/15/25)

    1,260       1,221,595  

Conagra Brands Inc.

   

0.50%, 08/11/23 (Call 12/01/22)

    1,180       1,138,362  

4.30%, 05/01/24 (Call 04/01/24)(a)

    2,000       1,967,038  

4.60%, 11/01/25 (Call 09/01/25)

    1,297       1,259,883  

General Mills Inc.

   

3.20%, 02/10/27 (Call 11/10/26)

    5       4,627  

3.65%, 02/15/24 (Call 11/15/23)

    705       695,023  

4.00%, 04/17/25 (Call 02/17/25)

    1,648       1,606,289  

Hershey Co. (The)

   

2.30%, 08/15/26 (Call 05/15/26)

    1,060       966,563  

3.38%, 05/15/23 (Call 04/15/23)(a)

    683       678,011  

Hormel Foods Corp., 0.65%, 06/03/24 (Call 12/01/22)

    615       574,090  

 

 

30  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food (continued)            

Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)

  $ 145     $ 133,102  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 2.50%, 01/15/27
(Call 12/15/26)(d)

    586       500,298  

JM Smucker Co. (The), 3.50%, 03/15/25

    800       767,392  

Kellogg Co.

   

2.65%, 12/01/23(a)

    1,308       1,277,967  

3.25%, 04/01/26(a)

    1,050       983,290  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)

    3,030       2,788,282  

3.88%, 05/15/27 (Call 02/15/27)(a)

    1,415       1,320,605  

Kroger Co. (The)

   

2.65%, 10/15/26 (Call 07/15/26)

    1,180       1,056,583  

3.50%, 02/01/26 (Call 11/01/25)

    1,195       1,121,145  

3.70%, 08/01/27 (Call 05/01/27)(a)

    125       115,427  

3.85%, 08/01/23 (Call 05/01/23)(a)

    1,078       1,068,973  

4.00%, 02/01/24 (Call 11/01/23)(a)

    1,070       1,054,045  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    1,146       988,972  

3.15%, 08/15/24 (Call 06/15/24)

    1,755       1,689,548  

3.40%, 08/15/27 (Call 05/15/27)

    40       36,379  

Mondelez International Inc.

   

1.50%, 05/04/25 (Call 04/04/25)

    869       793,454  

2.13%, 03/17/24

    245       234,909  

2.63%, 03/17/27 (Call 02/17/27)

    2,438       2,171,463  

Sysco Corp.

   

3.25%, 07/15/27 (Call 04/15/27)(a)

    175       158,295  

3.30%, 07/15/26 (Call 04/15/26)

    760       702,953  

3.75%, 10/01/25 (Call 07/01/25)(a)

    1,648       1,572,940  

Tyson Foods Inc.

   

3.55%, 06/02/27 (Call 03/02/27)

        2,060       1,896,730  

3.95%, 08/15/24 (Call 05/15/24)

    1,445       1,410,210  

4.00%, 03/01/26 (Call 01/01/26)

    1,831       1,750,302  

Walmart Inc., 3.90%, 09/09/25(a)

    805       788,151  
   

 

 

 
          37,389,957  
Forest Products & Paper — 0.0%            

Georgia-Pacific LLC, 8.00%, 01/15/24

    741       765,250  
   

 

 

 
Gas — 0.3%            

Atmos Energy Corp.

   

0.63%, 03/09/23 (Call 11/16/22)

    272       268,249  

3.00%, 06/15/27 (Call 03/15/27)

    75       68,366  

CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 12/01/22)(a)

    100       98,524  

Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/24 (Call 10/15/24)

    1,689       1,599,500  

National Fuel Gas Co.

   

3.75%, 03/01/23 (Call 12/01/22)(a)

    808       803,972  

5.50%, 01/15/26 (Call 12/15/25)

    923       902,991  

NiSource Inc.

   

0.95%, 08/15/25 (Call 07/15/25)(a)

    2,210       1,956,309  

3.49%, 05/15/27 (Call 02/15/27)(a)

    815       745,219  

ONE Gas Inc., 1.10%, 03/11/24 (Call 11/16/22)

    676       639,418  

Southern California Gas Co.

   

2.95%, 04/15/27 (Call 03/15/27)(a)

    1,390       1,256,071  

Series TT, 2.60%, 06/15/26 (Call 03/15/26)

    250       227,822  
   

 

 

 
      8,566,441  
Security  

Par

(000)

    Value  
Hand & Machine Tools — 0.1%            

Stanley Black & Decker Inc.

   

2.30%, 02/24/25 (Call 02/24/23)(a)

  $ 1,160     $ 1,088,535  

3.40%, 03/01/26 (Call 01/01/26)

    1,055       991,857  
   

 

 

 
      2,080,392  
Health Care - Products — 1.0%            

Abbott Laboratories

   

2.95%, 03/15/25 (Call 12/15/24)(a)

    1,902       1,824,906  

3.40%, 11/30/23 (Call 09/30/23)(a)

    1,770       1,745,582  

3.75%, 11/30/26 (Call 08/30/26)

    1,285       1,232,362  

Baxter International Inc.

   

0.87%, 12/01/23

    475       453,540  

1.32%, 11/29/24(a)

    645       593,602  

1.92%, 02/01/27 (Call 01/01/27)

    2,305       1,981,182  

2.60%, 08/15/26 (Call 05/15/26)

    375       336,994  

Boston Scientific Corp.

   

1.90%, 06/01/25 (Call 05/01/25)

    1,403       1,294,348  

3.45%, 03/01/24 (Call 02/01/24)(a)

    1,417       1,386,727  

Danaher Corp., 3.35%, 09/15/25
(Call 06/15/25)(a)

    1,160       1,106,616  

DH Europe Finance II Sarl

   

2.05%, 11/15/22

    1,002       1,000,923  

2.20%, 11/15/24 (Call 10/15/24)

    1,741       1,643,814  

PerkinElmer Inc.

   

0.55%, 09/15/23 (Call 12/01/22)(a)

    270       258,746  

0.85%, 09/15/24 (Call 12/01/22)(a)

    685       631,891  

Stryker Corp.

   

0.60%, 12/01/23 (Call 11/14/22)

    954       908,509  

1.15%, 06/15/25 (Call 05/15/25)(a)

    1,305       1,174,334  

3.38%, 05/15/24 (Call 02/15/24)

    1,136       1,106,408  

3.38%, 11/01/25 (Call 08/01/25)(a)

        1,240       1,180,813  

3.50%, 03/15/26 (Call 12/15/25)

    1,965       1,861,080  

Thermo Fisher Scientific Inc.

   

0.80%, 10/18/23 (Call 12/01/22)

    2,115       2,029,922  

1.22%, 10/18/24 (Call 12/01/22)

    2,375       2,209,607  

Zimmer Biomet Holdings Inc.

   

1.45%, 11/22/24 (Call 12/01/22)

    2,340       2,157,073  

3.05%, 01/15/26 (Call 12/15/25)(a)

    1,224       1,135,108  

3.55%, 04/01/25 (Call 01/01/25)

    1,055       1,008,796  
   

 

 

 
          30,262,883  
Health Care - Services — 2.0%            

Aetna Inc.

   

2.80%, 06/15/23 (Call 04/15/23)

    2,151       2,119,520  

3.50%, 11/15/24 (Call 08/15/24)(a)

    1,607       1,552,407  

Anthem Inc., 0.45%, 03/15/23

    671       659,877  

CommonSpirit Health

   

2.76%, 10/01/24 (Call 07/01/24)

    1,097       1,041,762  

2.95%, 11/01/22

    209       209,000  

Elevance Health Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    1,040       917,582  

2.38%, 01/15/25 (Call 12/15/24)

    2,001       1,880,200  

2.95%, 12/01/22 (Call 11/16/22)

    1,223       1,221,485  

3.30%, 01/15/23

    110       109,635  

3.35%, 12/01/24 (Call 10/01/24)

    2,028       1,950,845  

3.50%, 08/15/24 (Call 05/15/24)

    1,060       1,028,579  

HCA Inc.

   

3.13%, 03/15/27 (Call 02/15/27)(d)

    1,700       1,504,205  

4.50%, 02/15/27 (Call 08/15/26)

    1,615       1,512,479  

5.00%, 03/15/24

    2,743       2,718,824  

5.25%, 04/15/25

    1,910       1,875,498  

5.25%, 06/15/26 (Call 12/15/25)

    2,207       2,140,045  

 

 

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

  31


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

5.38%, 02/01/25

  $ 2,980     $ 2,944,222  

5.38%, 09/01/26 (Call 03/01/26)

    1,350       1,312,884  

5.88%, 02/15/26 (Call 08/15/25)

    2,250       2,227,081  

Humana Inc.

   

0.65%, 08/03/23 (Call 11/08/22)

    810       783,058  

1.35%, 02/03/27 (Call 01/03/27)

    1,792       1,502,106  

3.15%, 12/01/22

    799       797,873  

3.85%, 10/01/24 (Call 07/01/24)

    1,327       1,293,378  

3.95%, 03/15/27 (Call 12/15/26)

    110       102,838  

4.50%, 04/01/25 (Call 03/01/25)(a)

    812       794,560  

Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)

    300       275,977  

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

    925       804,960  

3.25%, 09/01/24 (Call 07/01/24)

    1,282       1,234,714  

3.60%, 02/01/25 (Call 11/01/24)

    1,563       1,497,538  

Quest Diagnostics Inc.

   

3.45%, 06/01/26 (Call 03/01/26)(a)

    1,320       1,236,696  

3.50%, 03/30/25 (Call 12/30/24)

    1,192       1,142,126  

SSM Health Care Corp.

   

Series 2018, 3.69%, 06/01/23 (Call 03/01/23)

    60       59,515  

Series A, 3.82%, 06/01/27 (Call 03/01/27)(a)

    45       42,423  

UnitedHealth Group Inc.

   

3.70%, 05/15/27 (Call 04/15/27)

    580       548,112  

0.55%, 05/15/24 (Call 11/14/22)

    1,348       1,261,569  

1.15%, 05/15/26 (Call 04/15/26)(a)

    1,335       1,172,274  

1.25%, 01/15/26(a)

    811       721,000  

2.38%, 08/15/24

    1,634       1,563,251  

2.75%, 02/15/23 (Call 12/01/22)

    767       762,988  

2.88%, 03/15/23

    1,002       995,352  

2.95%, 10/15/27

    25       22,550  

3.10%, 03/15/26

    1,384       1,302,463  

3.38%, 04/15/27

    335       312,394  

3.45%, 01/15/27

    350       328,111  

3.50%, 06/15/23(a)

    1,010       1,002,390  

3.50%, 02/15/24(a)

    1,406       1,382,463  

3.75%, 07/15/25

    2,616       2,538,730  

5.00%, 10/15/24

        3,000       3,000,941  

5.15%, 10/15/25

    1,435       1,438,572  

5.25%, 02/15/28

    370       370,698  

Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)(a)(d)

    590       495,423  
   

 

 

 
          59,713,173  
Holding Companies - Diversified — 0.8%            

Ares Capital Corp.

   

2.15%, 07/15/26 (Call 06/15/26)

    1,550       1,280,544  

2.88%, 06/15/27 (Call 05/15/27)(a)

    645       530,369  

3.25%, 07/15/25 (Call 06/15/25)

    305       275,071  

3.50%, 02/10/23 (Call 01/10/23)

    1,825       1,816,403  

3.88%, 01/15/26 (Call 12/15/25)

    1,757       1,574,982  

4.20%, 06/10/24 (Call 05/10/24)

    1,999       1,923,037  

4.25%, 03/01/25 (Call 01/01/25)

    853       800,254  

Blackstone Private Credit Fund

   

2.35%, 11/22/24

    585       534,035  

2.63%, 12/15/26 (Call 11/15/26)

    1,520       1,257,626  

2.70%, 01/15/25 (Call 11/15/24)

    1,115       1,018,643  

3.25%, 03/15/27 (Call 02/15/27)

    1,425       1,198,433  

4.70%, 03/24/25(a)

    1,155       1,109,470  

7.05%, 09/29/25(a)(d)

    55       54,513  
Security  

Par

(000)

    Value  
Holding Companies - Diversified (continued)            

Blackstone Secured Lending Fund

   

2.13%, 02/15/27 (Call 01/15/27)(a)

  $ 560     $ 451,311  

2.75%, 09/16/26 (Call 08/19/26)(a)

    555       476,173  

3.63%, 01/15/26 (Call 12/15/25)

    1,920       1,734,773  

FS KKR Capital Corp.

   

1.65%, 10/12/24

    905       819,913  

3.25%, 07/15/27 (Call 06/15/27)

    540       442,442  

3.40%, 01/15/26 (Call 12/15/25)

    1,145       1,008,505  

Golub Capital BDC Inc.

   

2.50%, 08/24/26 (Call 07/24/26)

    1,320       1,100,241  

3.38%, 04/15/24 (Call 03/15/24)

    785       747,212  

Owl Rock Capital Corp.

   

2.63%, 01/15/27 (Call 12/15/26)(a)

    490       393,062  

3.40%, 07/15/26 (Call 06/15/26)

    782       667,054  

3.75%, 07/22/25 (Call 06/22/25)

    934       853,452  

4.25%, 01/15/26 (Call 12/15/25)

        1,277       1,157,886  
   

 

 

 
          23,225,404  
Home Builders — 0.3%            

DR Horton Inc.

   

1.30%, 10/15/26 (Call 09/15/26)(a)

    1,375       1,147,762  

2.50%, 10/15/24 (Call 09/15/24)

    1,079       1,016,807  

2.60%, 10/15/25 (Call 09/15/25)

    708       645,356  

Lennar Corp.

   

4.50%, 04/30/24 (Call 01/31/24)

    1,575       1,546,333  

4.75%, 05/30/25 (Call 02/28/25)

    1,534       1,490,725  

PulteGroup Inc.

   

5.00%, 01/15/27 (Call 10/15/26)(a)

    960       921,622  

5.50%, 03/01/26 (Call 12/01/25)

    630       619,895  
   

 

 

 
      7,388,500  
Household Products & Wares — 0.0%            

Kimberly-Clark Corp., 1.05%, 09/15/27 (Call 07/15/27)(a)

    30       25,047  
   

 

 

 
Insurance — 1.5%            

Allstate Corp. (The)

   

0.75%, 12/15/25 (Call 11/15/25)

    627       544,051  

3.15%, 06/15/23(a)

    1,055       1,043,716  

3.28%, 12/15/26 (Call 09/15/26)

    1,220       1,136,836  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)(a)

    828       768,544  

3.90%, 04/01/26 (Call 01/01/26)

    1,135       1,081,106  

Aon Corp., 2.20%, 11/15/22

    921       920,106  

Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 (Call 04/28/27)(a)

    1,540       1,366,396  

Aon Global Ltd.

   

3.50%, 06/14/24 (Call 03/14/24)

    1,284       1,248,176  

3.88%, 12/15/25 (Call 09/15/25)

    715       680,327  

Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)

    1,295       1,215,504  

Berkshire Hathaway Finance Corp., 2.30%, 03/15/27 (Call 02/15/27)(a)

    1,735       1,562,956  

Berkshire Hathaway Inc.

   

2.75%, 03/15/23 (Call 01/15/23)

    461       457,632  

3.00%, 02/11/23

    110       109,728  

3.13%, 03/15/26 (Call 12/15/25)

    3,206       3,038,782  

Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)(a)

    10       9,033  

Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24)

    861       839,365  

Chubb INA Holdings Inc.

   

2.88%, 11/03/22

    837       836,868  

3.15%, 03/15/25

    1,110       1,060,569  

 

 

32  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

3.35%, 05/15/24

  $ 796     $ 774,420  

3.35%, 05/03/26 (Call 02/03/26)

    965       908,521  

CNA Financial Corp.

   

3.45%, 08/15/27 (Call 05/15/27)

    105       94,921  

3.95%, 05/15/24 (Call 02/15/24)(a)

    888       867,229  

4.50%, 03/01/26 (Call 12/01/25)

    840       810,313  

CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)(a)

    519       509,600  

Corebridge Financial Inc.

   

3.50%, 04/04/25 (Call 03/04/25)(d)

    425       401,110  

3.65%, 04/05/27 (Call 03/05/27)(d)

        2,774       2,513,766  

Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)(a)

    980       975,198  

Jackson Financial Inc., 1.13%, 11/22/23(a)

    175       167,213  

Lincoln National Corp., 4.00%, 09/01/23(a)

    920       911,684  

Loews Corp.

   

2.63%, 05/15/23 (Call 02/15/23)(a)

    407       401,677  

3.75%, 04/01/26 (Call 01/01/26)(a)

    930       893,760  

Manulife Financial Corp.

   

2.48%, 05/19/27 (Call 03/19/27)(a)

    1,370       1,211,902  

4.15%, 03/04/26

    800       769,551  

Marsh & McLennan Companies Inc.

   

3.50%, 06/03/24 (Call 03/03/24)

    1,032       1,003,041  

3.50%, 03/10/25 (Call 12/10/24)

    1,056       1,013,702  

3.75%, 03/14/26 (Call 12/14/25)(a)

    968       921,424  

3.88%, 03/15/24 (Call 02/15/24)

    1,860       1,826,418  

MetLife Inc.

   

3.00%, 03/01/25

    831       795,175  

3.60%, 04/10/24

    1,781       1,741,665  

3.60%, 11/13/25 (Call 08/13/25)(a)

    694       662,973  

Series D, 4.37%, 09/15/23(a)

    2,091       2,076,028  

Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26)

    295       277,685  

Progressive Corp. (The)

   

2.45%, 01/15/27(a)

    150       134,836  

2.50%, 03/15/27 (Call 02/15/27)(a)

    1,020       910,777  

Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)(a)

    1,235       1,094,296  

Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)

    695       662,507  

Willis North America Inc.

   

3.60%, 05/15/24 (Call 03/15/24)(a)

    96       92,847  

4.65%, 06/15/27 (Call 05/15/27)(a)

    2,070       1,948,686  
   

 

 

 
          45,292,620  
Internet — 1.6%            

Alphabet Inc.

   

0.45%, 08/15/25 (Call 07/15/25)

    2,424       2,163,769  

0.80%, 08/15/27 (Call 06/15/27)

    150       126,103  

2.00%, 08/15/26 (Call 05/15/26)

    1,770       1,610,494  

3.38%, 02/25/24(a)

    1,548       1,524,065  

Amazon.com Inc.

   

0.25%, 05/12/23

    689       673,074  

0.40%, 06/03/23

    1,579       1,538,417  

0.45%, 05/12/24

    1,498       1,404,538  

0.80%, 06/03/25 (Call 05/03/25)

    2,361       2,136,422  

1.00%, 05/12/26 (Call 04/12/26)

    2,965       2,594,798  

1.20%, 06/03/27 (Call 04/03/27)

    890       756,556  

2.40%, 02/22/23 (Call 01/22/23)(a)

    1,929       1,917,893  

2.50%, 11/29/22(a)

    1,207       1,205,419  

2.73%, 04/13/24(a)

    825       802,988  

2.80%, 08/22/24 (Call 06/22/24)(a)

    3,450       3,334,514  
Security  

Par

(000)

    Value  
Internet (continued)            

3.00%, 04/13/25

  $ 2,095     $ 2,013,719  

3.15%, 08/22/27 (Call 05/22/27)

    1,185       1,097,116  

3.30%, 04/13/27 (Call 03/13/27)(a)

    2,650       2,487,122  

3.80%, 12/05/24 (Call 09/05/24)(a)

    1,728       1,697,718  

5.20%, 12/03/25 (Call 09/03/25)

    1,132       1,147,544  

Booking Holdings Inc.

   

2.75%, 03/15/23 (Call 02/15/23)

    1,028       1,019,563  

3.60%, 06/01/26 (Call 03/01/26)(a)

    1,407       1,327,919  

3.65%, 03/15/25 (Call 12/15/24)(a)

    747       722,974  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    1,570       1,366,097  

1.90%, 03/11/25 (Call 02/11/25)

    1,688       1,561,456  

2.75%, 01/30/23 (Call 12/30/22)

    1,058       1,052,422  

3.45%, 08/01/24 (Call 05/01/24)

    1,353       1,316,214  

3.60%, 06/05/27 (Call 03/05/27)(a)

    190       174,828  

Expedia Group Inc.

   

4.63%, 08/01/27 (Call 05/01/27)

    90       84,191  

5.00%, 02/15/26 (Call 11/15/25)(a)

    1,822       1,760,719  

Meta Platforms Inc., 3.50%, 08/15/27 (Call 07/15/27)(d)

    5,110       4,688,024  

Netflix Inc.

   

4.38%, 11/15/26

    630       601,455  

5.88%, 02/15/25

    1,250       1,258,049  

VeriSign Inc.

   

4.75%, 07/15/27 (Call 12/01/22)(a)

    130       124,798  

5.25%, 04/01/25 (Call 01/01/25)

        1,250       1,237,477  
   

 

 

 
          48,528,455  
Iron & Steel — 0.1%            

Nucor Corp.

   

2.00%, 06/01/25 (Call 05/01/25)

    1,235       1,135,422  

3.95%, 05/23/25

    1,000       968,354  

4.30%, 05/23/27 (Call 04/23/27)

    1,340       1,277,312  

Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)(a)

    547       545,350  
   

 

 

 
      3,926,438  
Lodging — 0.3%            

Hyatt Hotels Corp.

   

1.30%, 10/01/23 (Call 12/01/22)(a)

    565       541,752  

1.80%, 10/01/24 (Call 12/01/22)(a)

    1,315       1,226,401  

Marriott International Inc./MD

   

3.60%, 04/15/24 (Call 03/15/24)

    1,097       1,071,848  

5.00%, 10/15/27 (Call 09/15/27)

    420       404,505  

Series EE, 5.75%, 05/01/25 (Call 04/01/25)

    1,603       1,617,251  

Series R, 3.13%, 06/15/26 (Call 03/15/26)

    1,300       1,187,740  

Sands China Ltd.

   

4.30%, 01/08/26 (Call 12/08/25)

    1,900       1,547,113  

5.63%, 08/08/25 (Call 06/08/25)

    245       216,825  
   

 

 

 
      7,813,435  
Machinery — 1.8%            

Caterpillar Financial Services Corp.

   

0.25%, 03/01/23

    273       269,228  

0.45%, 09/14/23

    290       279,564  

0.45%, 05/17/24

    1,339       1,249,993  

0.60%, 09/13/24

    235       217,019  

0.65%, 07/07/23

    567       550,831  

0.80%, 11/13/25(a)

    1,761       1,559,164  

0.90%, 03/02/26(a)

    1,070       937,652  

0.95%, 01/10/24

    1,090       1,040,534  

1.15%, 09/14/26

    983       851,370  

1.45%, 05/15/25(a)

    779       715,699  

 

 

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

  33


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Machinery (continued)            

1.70%, 01/08/27(a)

  $ 2,465     $ 2,159,993  

1.95%, 11/18/22(a)

    705       704,230  

2.15%, 11/08/24

    1,490       1,413,238  

2.55%, 11/29/22

    599       598,091  

2.85%, 05/17/24

    950       921,253  

3.25%, 12/01/24(a)

    666       643,986  

3.40%, 05/13/25(a)

    690       666,152  

3.45%, 05/15/23

    870       863,361  

3.60%, 08/12/27

    885       829,897  

3.65%, 12/07/23

    1,064       1,050,211  

3.65%, 08/12/25

    1,125       1,090,531  

3.75%, 11/24/23

    475       470,308  

Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)

    1,823       1,782,248  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)(a)

    950       813,568  

1.88%, 01/15/26 (Call 12/15/25)

    1,000       881,973  

1.95%, 07/02/23(a)

    1,092       1,066,381  

3.95%, 05/23/25

    1,195       1,143,818  

4.20%, 01/15/24

    1,009       993,394  

CNH Industrial NV, 4.50%, 08/15/23

    929       921,717  

Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)(a)

    945       898,945  

John Deere Capital Corp.

   

0.25%, 01/17/23

    650       644,252  

0.40%, 10/10/23

    426       408,483  

0.45%, 01/17/24(a)

    805       764,974  

0.45%, 06/07/24

    815       759,736  

0.63%, 09/10/24

    595       551,817  

0.70%, 01/15/26

    865       756,347  

0.90%, 01/10/24

    450       429,724  

1.05%, 06/17/26

    1,805       1,573,348  

1.20%, 04/06/23(a)

    135       133,068  

1.25%, 01/10/25(a)

    950       879,741  

1.70%, 01/11/27

    1,925       1,687,951  

1.75%, 03/09/27

    195       169,879  

2.05%, 01/09/25

    469       441,630  

2.35%, 03/08/27

    3,540       3,172,046  

2.60%, 03/07/24(a)

    1,149       1,114,768  

2.65%, 06/24/24

    957       923,351  

2.65%, 06/10/26(a)

    370       342,308  

2.70%, 01/06/23(a)

    436       434,857  

2.80%, 01/27/23(a)

    405       403,240  

2.80%, 03/06/23(a)

    483       479,981  

2.80%, 09/08/27

    30       27,071  

3.35%, 06/12/24

    930       907,954  

3.40%, 06/06/25

    375       361,775  

3.45%, 03/13/25

    1,051       1,017,534  

3.65%, 10/12/23(a)

    571       565,786  

4.05%, 09/08/25

    675       659,142  

4.15%, 09/15/27

    760       730,107  

4.55%, 10/11/24(a)

    370       368,053  

Otis Worldwide Corp.

   

2.06%, 04/05/25 (Call 03/05/25)

    1,865       1,725,613  

2.29%, 04/05/27 (Call 02/05/27)(a)

    520       456,598  

Rockwell Automation Inc.,
0.35%, 08/15/23 (Call 11/14/22)

    350       337,730  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)

    861       800,724  

3.45%, 11/15/26 (Call 08/15/26)

    1,405       1,257,604  

4.40%, 03/15/24 (Call 02/15/24)

        1,394       1,366,634  

Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)

    720       660,928  
   

 

 

 
          54,899,103  
Security  

Par

(000)

    Value  
Manufacturing — 0.5%            

3M Co.

   

1.75%, 02/14/23 (Call 01/14/23)(a)

  $ 511     $ 506,739  

2.00%, 02/14/25 (Call 01/14/25)(a)

    839       784,185  

2.25%, 03/15/23 (Call 02/15/23)

    716       709,001  

2.25%, 09/19/26 (Call 06/19/26)(a)

    840       757,516  

2.65%, 04/15/25 (Call 03/15/25)(a)

    1,333       1,258,511  

3.00%, 08/07/25(a)

    1,170       1,108,286  

3.25%, 02/14/24 (Call 01/14/24)

    1,754       1,714,779  

General Electric Co., 3.10%, 01/09/23

    65       64,762  

Illinois Tool Works Inc.

   

2.65%, 11/15/26 (Call 08/15/26)

    622       571,012  

3.50%, 03/01/24 (Call 12/01/23)

    419       411,451  

Parker-Hannifin Corp.

   

2.70%, 06/14/24 (Call 05/14/24)

    1,533       1,469,806  

3.25%, 03/01/27 (Call 12/01/26)

    150       137,006  

3.30%, 11/21/24 (Call 08/21/24)

    874       838,791  

3.65%, 06/15/24

    2,086       2,028,854  

4.25%, 09/15/27 (Call 08/15/27)

    270       255,971  

Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23

    938       934,684  

Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)(a)

        1,139       1,100,352  
   

 

 

 
          14,651,706  
Media — 1.8%            

Charter Communications Operating LLC/Charter

   

Communications Operating Capital

   

4.50%, 02/01/24 (Call 01/01/24)

    1,976       1,944,923  

4.91%, 07/23/25 (Call 04/23/25)(a)

    6,226       6,044,366  

Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22(a)

    970       970,436  

Comcast Corp.

   

2.35%, 01/15/27 (Call 10/15/26)

    1,124       1,003,997  

3.15%, 03/01/26 (Call 12/01/25)

    2,160       2,029,659  

3.30%, 02/01/27 (Call 11/01/26)

    4,160       3,852,317  

3.30%, 04/01/27 (Call 02/01/27)

    185       171,529  

3.38%, 02/15/25 (Call 11/15/24)

    1,795       1,729,077  

3.38%, 08/15/25 (Call 05/15/25)(a)

    2,147       2,049,320  

3.70%, 04/15/24 (Call 03/15/24)

    3,310       3,247,998  

3.95%, 10/15/25 (Call 08/15/25)(a)

    3,095       2,992,882  

5.25%, 11/07/25

    175       174,953  

5.35%, 11/15/27

    175       174,921  

Discovery Communications LLC

   

2.95%, 03/20/23 (Call 02/20/23)(a)

    1,712       1,695,559  

4.90%, 03/11/26 (Call 12/11/25)

    955       906,934  

FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)(a)

    1,550       1,386,329  

Fox Corp.

   

3.05%, 04/07/25 (Call 03/07/25)

    1,344       1,271,048  

4.03%, 01/25/24 (Call 12/25/23)

    1,762       1,731,837  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)(a)

    905       798,648  

4.00%, 01/15/26 (Call 10/15/25)

    566       530,730  

4.75%, 05/15/25 (Call 04/15/25)

    1,248       1,215,424  

Thomson Reuters Corp.

   

3.35%, 05/15/26 (Call 02/15/26)

    535       497,666  

4.30%, 11/23/23 (Call 08/23/23)(a)

    1,141       1,130,674  

Time Warner Cable Enterprises LLC, 8.38%, 03/15/23

    1,651       1,670,140  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26

    876       780,022  

2.35%, 12/01/22(a)

    701       700,008  

 

 

34  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

2.95%, 06/15/27(a)

  $ 60     $ 54,538  

3.00%, 02/13/26(a)

    2,049       1,916,062  

3.15%, 09/17/25

    1,720       1,635,902  

Walt Disney Co. (The)

   

1.75%, 08/30/24 (Call 07/30/24)

    2,149       2,028,453  

1.75%, 01/13/26

    2,543       2,302,266  

3.35%, 03/24/25

    2,349       2,258,389  

3.70%, 09/15/24 (Call 06/15/24)

    1,581       1,544,181  

3.70%, 10/15/25 (Call 07/15/25)

        1,331       1,285,326  

3.70%, 03/23/27(a)

    490       462,241  
   

 

 

 
          54,188,755  
Metal Fabricate & Hardware — 0.1%            

Precision Castparts Corp.

   

2.50%, 01/15/23 (Call 12/01/22)(a)

    1,006       1,001,660  

3.25%, 06/15/25 (Call 03/15/25)

    1,113       1,068,379  
   

 

 

 
      2,070,039  
Mining — 0.1%            

BHP Billiton Finance USA Ltd., 3.85%, 09/30/23

    843       834,986  

Freeport-McMoRan Inc.

   

3.88%, 03/15/23 (Call 12/15/22)

    512       508,902  

4.55%, 11/14/24 (Call 08/14/24)(a)

    1,170       1,149,742  

5.00%, 09/01/27 (Call 12/01/22)

    115       109,893  

Kinross Gold Corp.

   

4.50%, 07/15/27 (Call 04/15/27)

    25       23,258  

5.95%, 03/15/24 (Call 12/15/23)

    980       980,226  
   

 

 

 
      3,607,007  
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp.

   

2.67%, 12/01/26 (Call 11/01/26)

    740       637,086  

4.13%, 05/01/25 (Call 12/01/22)

    535       508,785  

5.50%, 12/01/24 (Call 06/01/24)

    720       713,160  
   

 

 

 
      1,859,031  
Oil & Gas — 3.0%            

BP Capital Markets America Inc.

   

3.02%, 01/16/27 (Call 10/16/26)(a)

    2,360       2,158,364  

3.12%, 05/04/26 (Call 02/04/26)

    1,457       1,357,729  

3.41%, 02/11/26 (Call 12/11/25)

    725       686,264  

3.54%, 04/06/27 (Call 02/06/27)

    315       293,046  

3.59%, 04/14/27 (Call 01/14/27)

    550       512,559  

3.80%, 09/21/25 (Call 07/21/25)(a)

    1,765       1,712,747  

BP Capital Markets PLC

   

2.50%, 11/06/22(a)

    605       604,807  

3.28%, 09/19/27 (Call 06/19/27)

    175       159,801  

Canadian Natural Resources Ltd.

   

2.05%, 07/15/25 (Call 06/15/25)(a)

    1,312       1,197,163  

3.80%, 04/15/24 (Call 01/15/24)

    1,000       975,970  

3.85%, 06/01/27 (Call 03/01/27)

    820       754,400  

3.90%, 02/01/25 (Call 11/01/24)

    843       812,977  

Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25)

    946       943,503  

Chevron Corp.

   

1.14%, 05/11/23

    1,235       1,212,046  

1.55%, 05/11/25 (Call 04/11/25)

    3,734       3,445,026  

2.00%, 05/11/27 (Call 03/11/27)

    890       787,216  

2.90%, 03/03/24 (Call 01/03/24)

    1,231       1,201,978  

2.95%, 05/16/26 (Call 02/16/26)

    2,465       2,314,406  

3.33%, 11/17/25 (Call 08/17/25)

    754       726,803  

Chevron USA Inc.

   

0.43%, 08/11/23(a)

    806       782,186  

0.69%, 08/12/25 (Call 07/12/25)

    1,228       1,100,112  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

3.90%, 11/15/24 (Call 08/15/24)

  $ 1,492     $ 1,464,619  

ConocoPhillips Co.

   

2.13%, 03/08/24 (Call 12/01/22)(a)

    825       794,493  

2.40%, 03/07/25 (Call 03/07/23)(a)

    1,150       1,086,410  

Continental Resources Inc./OK

   

3.80%, 06/01/24 (Call 03/01/24)

    1,840       1,773,691  

4.50%, 04/15/23 (Call 01/15/23)(a)

    783       780,300  

Coterra Energy Inc., 3.90%, 05/15/27 (Call 02/15/27)(a)(d)

    1,290       1,188,050  

Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26)

    630       577,601  

EOG Resources Inc.

   

2.63%, 03/15/23 (Call 12/15/22)

    1,685       1,671,208  

3.15%, 04/01/25 (Call 01/01/25)

    1,290       1,235,757  

4.15%, 01/15/26 (Call 10/15/25)

    1,430       1,387,464  

EQT Corp.

   

3.90%, 10/01/27 (Call 07/01/27)

    45       40,476  

6.13%, 02/01/25 (Call 01/01/25)

    775       773,679  

Equinor ASA

   

1.75%, 01/22/26 (Call 12/22/25)(a)

    290       261,467  

2.45%, 01/17/23(a)

    665       662,144  

2.65%, 01/15/24

    1,396       1,358,893  

2.88%, 04/06/25 (Call 03/06/25)

    2,449       2,331,401  

3.00%, 04/06/27 (Call 02/06/27)

    250       229,095  

3.25%, 11/10/24(a)

    1,240       1,199,051  

3.70%, 03/01/24(a)

    1,707       1,678,935  

Exxon Mobil Corp.

   

1.57%, 04/15/23(a)

    1,887       1,860,999  

2.02%, 08/16/24 (Call 07/16/24)(a)

        2,168       2,066,879  

2.28%, 08/16/26 (Call 06/16/26)(a)

    680       618,799  

2.71%, 03/06/25 (Call 12/06/24)

    2,550       2,432,992  

2.73%, 03/01/23 (Call 01/01/23)

    391       388,865  

2.99%, 03/19/25 (Call 02/19/25)(a)

    3,608       3,453,254  

3.04%, 03/01/26 (Call 12/01/25)

    3,395       3,194,846  

3.18%, 03/15/24 (Call 12/15/23)(a)

    736       721,156  

3.29%, 03/19/27 (Call 01/19/27)

    775       727,669  

Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)

    667       626,354  

Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)(a)

    945       881,439  

Marathon Petroleum Corp.

   

3.63%, 09/15/24 (Call 06/15/24)

    1,736       1,677,689  

4.70%, 05/01/25 (Call 04/01/25)

    2,333       2,283,203  

5.13%, 12/15/26 (Call 09/15/26)

    590       579,001  

Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)(a)

    1,335       1,306,925  

Phillips 66

   

0.90%, 02/15/24 (Call 12/01/22)

    993       939,681  

1.30%, 02/15/26 (Call 01/15/26)

    810       709,194  

3.70%, 04/06/23

    835       831,423  

3.85%, 04/09/25 (Call 03/09/25)

    1,631       1,578,181  

Pioneer Natural Resources Co.

   

0.55%, 05/15/23(a)

    410       400,594  

1.13%, 01/15/26 (Call 12/15/25)

    880       767,515  

Shell International Finance BV

   

0.38%, 09/15/23(a)

    317       304,880  

2.00%, 11/07/24 (Call 10/07/24)(a)

    2,123       2,011,765  

2.50%, 09/12/26

    870       793,784  

2.88%, 05/10/26

    2,925           2,725,640  

3.25%, 05/11/25

    3,985       3,825,690  

3.50%, 11/13/23 (Call 10/13/23)

    1,600       1,577,646  

TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23(a)

    1,470       1,449,452  

 

 

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

  35


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)(a)

  $ 1,734     $ 1,639,463  

2.70%, 01/25/23(a)

    65       64,750  

3.70%, 01/15/24

    1,580       1,553,448  

3.75%, 04/10/24(a)

    1,884       1,856,834  

Valero Energy Corp., 2.15%, 09/15/27 (Call 07/15/27)(a)

    10       8,561  
   

 

 

 
          90,092,408  
Oil & Gas Services — 0.2%            

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

   

1.23%, 12/15/23

    330       316,276  

2.06%, 12/15/26 (Call 11/15/26)

        2,085       1,824,105  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)

    945       854,094  

Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)

    2,087       2,059,827  
   

 

 

 
      5,054,302  
Packaging & Containers — 0.2%            

Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)

    1,490       1,374,412  

Amcor Flexibles North America Inc., 4.00%, 05/17/25 (Call 04/17/25)

    705       678,124  

Berry Global Inc.

   

0.95%, 02/15/24 (Call 01/15/24)

    860       809,019  

1.57%, 01/15/26 (Call 12/15/25)

    735       637,026  

WRKCo Inc.

   

3.00%, 09/15/24 (Call 07/15/24)(a)

    555       527,469  

3.38%, 09/15/27 (Call 06/15/27)

    15       13,430  

3.75%, 03/15/25 (Call 01/15/25)(a)

    847       809,711  

4.65%, 03/15/26 (Call 01/15/26)

    1,420       1,375,258  
   

 

 

 
      6,224,449  
Pharmaceuticals — 5.1%            

AbbVie Inc.

   

2.30%, 11/21/22

    2,112       2,109,397  

2.60%, 11/21/24 (Call 10/21/24)

    3,665       3,481,858  

2.85%, 05/14/23 (Call 03/14/23)

    1,943       1,921,521  

2.90%, 11/06/22

    3,570       3,569,327  

2.95%, 11/21/26 (Call 09/21/26)

    5,725       5,228,848  

3.20%, 05/14/26 (Call 02/14/26)

    3,410       3,177,632  

3.60%, 05/14/25 (Call 02/14/25)

    4,390       4,210,875  

3.75%, 11/14/23 (Call 10/14/23)(a)

    1,975       1,948,967  

3.80%, 03/15/25 (Call 12/15/24)

    3,800       3,667,629  

3.85%, 06/15/24 (Call 03/15/24)

    1,438       1,407,860  

AmerisourceBergen Corp.

   

0.74%, 03/15/23 (Call 12/01/22)

    691       680,025  

3.25%, 03/01/25 (Call 12/01/24)

    570       545,578  

3.40%, 05/15/24 (Call 02/15/24)

    1,164       1,132,136  

Astrazeneca Finance LLC

   

0.70%, 05/28/24 (Call 12/01/22)

    2,785       2,602,887  

1.20%, 05/28/26 (Call 04/28/26)

    3,367       2,935,574  

AstraZeneca PLC

   

0.30%, 05/26/23

    1,885       1,837,850  

0.70%, 04/08/26 (Call 03/08/26)

    1,050       901,416  

3.13%, 06/12/27 (Call 03/12/27)(a)

    105       96,613  

3.38%, 11/16/25(a)

    1,737       1,654,990  

3.50%, 08/17/23 (Call 07/17/23)

    1,833       1,813,056  

Becton Dickinson and Co.

   

3.36%, 06/06/24 (Call 04/06/24)

    1,600       1,552,740  

3.70%, 06/06/27 (Call 03/06/27)(a)

    2,975       2,762,337  

3.73%, 12/15/24 (Call 09/15/24)

    1,055       1,024,818  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Bristol-Myers Squibb Co.

   

0.54%, 11/13/23 (Call 12/01/22)

  $ 261     $ 249,574  

0.75%, 11/13/25 (Call 10/13/25)

    1,295       1,144,554  

2.75%, 02/15/23 (Call 01/15/23)(a)

    978       972,997  

2.90%, 07/26/24 (Call 06/26/24)

    3,533       3,415,486  

3.20%, 06/15/26 (Call 04/15/26)

    2,119       2,009,577  

3.25%, 11/01/23(a)

    580       571,871  

3.88%, 08/15/25 (Call 05/15/25)

    185       178,544  

Cardinal Health Inc.

   

3.08%, 06/15/24 (Call 04/15/24)

    1,745       1,681,999  

3.20%, 03/15/23(a)

    575       571,129  

3.41%, 06/15/27 (Call 03/15/27)(a)

    125       114,367  

3.75%, 09/15/25 (Call 06/15/25)(a)

        1,310           1,250,115  

Cigna Corp.

   

0.61%, 03/15/24 (Call 12/01/22)

    823       775,129  

1.25%, 03/15/26 (Call 02/15/26)

    2,023       1,765,334  

3.00%, 07/15/23 (Call 05/16/23)(a)

    1,520       1,499,804  

3.05%, 10/15/27 (Call 07/15/27)

    25       22,386  

3.25%, 04/15/25 (Call 01/15/25)

    1,378       1,314,016  

3.40%, 03/01/27 (Call 12/01/26)

    655       603,153  

3.50%, 06/15/24 (Call 03/17/24)(a)

    1,099       1,070,827  

3.75%, 07/15/23 (Call 06/15/23)

    1,586       1,571,283  

4.13%, 11/15/25 (Call 09/15/25)

    3,285       3,174,510  

4.50%, 02/25/26 (Call 11/27/25)

    1,906       1,860,181  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)

    1,950       1,614,540  

2.63%, 08/15/24 (Call 07/15/24)(a)

    1,741       1,666,307  

2.88%, 06/01/26 (Call 03/01/26)

    2,954       2,717,012  

3.00%, 08/15/26 (Call 06/15/26)

    350       320,642  

3.38%, 08/12/24 (Call 05/12/24)

    1,558       1,512,554  

3.63%, 04/01/27 (Call 02/01/27)

    790       735,643  

3.88%, 07/20/25 (Call 04/20/25)

    3,447       3,328,746  

4.10%, 03/25/25 (Call 01/25/25)(a)

    1,402       1,368,018  

Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25)

    1,237       1,177,758  

GlaxoSmithKline Capital Inc., 3.63%, 05/15/25(a)

    1,328       1,287,269  

GlaxoSmithKline Capital PLC

   

0.53%, 10/01/23 (Call 12/01/22)

    1,878       1,805,846  

3.00%, 06/01/24 (Call 05/01/24)

    2,194       2,129,297  

Johnson & Johnson

   

0.55%, 09/01/25 (Call 08/01/25)

    727       648,518  

0.95%, 09/01/27 (Call 07/01/27)(a)

    200       168,985  

2.05%, 03/01/23 (Call 01/01/23)(a)

    653       647,241  

2.45%, 03/01/26 (Call 12/01/25)

    890       830,175  

2.63%, 01/15/25 (Call 11/15/24)(a)

    621       594,543  

2.95%, 03/03/27 (Call 12/03/26)

    705       655,981  

3.38%, 12/05/23

    290       286,377  

McKesson Corp.

   

0.90%, 12/03/25 (Call 11/03/25)

    720       628,015  

1.30%, 08/15/26 (Call 07/15/26)

    1,885       1,619,372  

3.80%, 03/15/24 (Call 12/15/23)

    1,826       1,793,105  

Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)

    749       723,671  

Merck & Co. Inc.

   

0.75%, 02/24/26 (Call 01/24/26)

    2,124       1,858,903  

1.70%, 06/10/27 (Call 05/10/27)(a)

    2,765       2,408,412  

2.75%, 02/10/25 (Call 11/10/24)

    3,610       3,449,918  

2.80%, 05/18/23(a)

    2,279       2,255,286  

2.90%, 03/07/24 (Call 02/07/24)

    1,737       1,693,686  

Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)

    1,222       1,199,140  

 

 

36  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

  $ 741     $ 691,617  

2.00%, 02/14/27 (Call 12/14/26)

    165       147,449  

3.00%, 11/20/25 (Call 08/20/25)

    3,203       3,039,400  

3.10%, 05/17/27 (Call 02/17/27)

    3,360       3,123,604  

3.40%, 05/06/24

    3,387       3,320,393  

Pfizer Inc.

   

0.80%, 05/28/25 (Call 04/28/25)(a)

    1,794       1,627,064  

2.75%, 06/03/26(a)

    465       434,362  

2.95%, 03/15/24 (Call 02/15/24)(a)

    1,016       992,189  

3.00%, 06/15/23

    1,977       1,958,181  

3.00%, 12/15/26

    1,190       1,110,997  

3.20%, 09/15/23 (Call 08/15/23)(a)

    1,446       1,427,880  

3.40%, 05/15/24

    1,737       1,700,772  

Sanofi, 3.38%, 06/19/23 (Call 05/19/23)(a)

    1,389       1,376,850  

Shire Acquisitions Investments Ireland DAC

   

2.88%, 09/23/23 (Call 07/23/23)

    1,880       1,838,510  

3.20%, 09/23/26 (Call 06/23/26)

    3,545       3,260,375  

Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)

    541       535,436  

Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)

    3,280       2,988,556  

Viatris Inc.

   

1.65%, 06/22/25 (Call 05/22/25)

    1,714       1,530,615  

2.30%, 06/22/27 (Call 04/22/27)

    570       466,183  

Wyeth LLC, 6.45%, 02/01/24

    768       781,156  

Zoetis Inc.

   

3.00%, 09/12/27 (Call 06/12/27)

    75       67,236  

3.25%, 02/01/23 (Call 12/01/22)

    1,894       1,885,096  

4.50%, 11/13/25 (Call 08/13/25)

        1,655       1,615,336  
   

 

 

 
          153,124,987  
Pipelines — 3.3%            

Boardwalk Pipelines LP

   

4.45%, 07/15/27 (Call 04/15/27)

    570       529,133  

4.95%, 12/15/24 (Call 09/15/24)

    888       874,187  

5.95%, 06/01/26 (Call 03/01/26)(a)

    1,100       1,099,534  

Cheniere Corpus Christi Holdings LLC

   

5.13%, 06/30/27 (Call 01/01/27)

    1,155       1,126,125  

5.88%, 03/31/25 (Call 10/02/24)

    2,237       2,237,866  

7.00%, 06/30/24 (Call 01/01/24)

    2,084       2,110,468  

Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)(a)

    1,669       1,629,587  

DCP Midstream Operating LP

   

3.88%, 03/15/23 (Call 12/15/22)(a)

    200       199,000  

5.38%, 07/15/25 (Call 04/15/25)

    270       263,674  

5.63%, 07/15/27 (Call 04/15/27)(a)

    1,000       967,250  

Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)(a)

    884       890,940  

Enbridge Inc.

   

0.55%, 10/04/23

    650       621,406  

1.60%, 10/04/26 (Call 09/04/26)

    1,638       1,405,895  

2.50%, 01/15/25 (Call 12/15/24)

    972       910,747  

2.50%, 02/14/25

    540       504,606  

3.50%, 06/10/24 (Call 03/10/24)

    1,025       993,643  

3.70%, 07/15/27 (Call 04/15/27)

    20       18,345  

4.00%, 10/01/23 (Call 07/01/23)

    1,082       1,065,898  

4.25%, 12/01/26 (Call 09/01/26)

    950       899,110  

Energy Transfer LP

   

2.90%, 05/15/25 (Call 04/15/25)

    1,723       1,599,085  

3.60%, 02/01/23 (Call 12/01/22)

    385       383,225  
Security  

Par

(000)

    Value  
Pipelines (continued)            

3.90%, 05/15/24 (Call 02/15/24)

  $ 1,170     $ 1,136,315  

3.90%, 07/15/26 (Call 04/15/26)

    875       808,055  

4.00%, 10/01/27 (Call 07/01/27)

    20       18,124  

4.05%, 03/15/25 (Call 12/15/24)

    1,741       1,666,556  

4.20%, 04/15/27 (Call 01/15/27)

    535       492,840  

4.25%, 03/15/23 (Call 12/15/22)

    726       722,270  

4.25%, 04/01/24 (Call 01/01/24)

    1,026       1,001,947  

4.40%, 03/15/27 (Call 12/15/26)(a)

    875       811,924  

4.50%, 04/15/24 (Call 03/15/24)

    1,371       1,346,488  

4.75%, 01/15/26 (Call 10/15/25)

    1,463       1,403,474  

5.50%, 06/01/27 (Call 03/01/27)

    960       934,192  

5.88%, 01/15/24 (Call 10/15/23)

    1,640       1,641,421  

Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)(a)

    825       816,750  

Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)

    1,104       1,090,213  

Enterprise Products Operating LLC

   

3.35%, 03/15/23 (Call 12/15/22)(a)

    1,390       1,382,800  

3.70%, 02/15/26 (Call 11/15/25)(a)

    1,015       962,223  

3.75%, 02/15/25 (Call 11/15/24)

    2,268       2,182,869  

3.90%, 02/15/24 (Call 11/15/23)

    1,920       1,883,148  

3.95%, 02/15/27 (Call 11/15/26)(a)

    375       353,767  

Kinder Morgan Energy Partners LP

   

3.45%, 02/15/23 (Call 12/01/22)(a)

    717       713,325  

3.50%, 09/01/23 (Call 06/01/23)

    1,113       1,098,582  

4.15%, 02/01/24 (Call 11/01/23)(a)

    1,255       1,233,982  

4.25%, 09/01/24 (Call 06/01/24)

    1,443       1,409,100  

4.30%, 05/01/24 (Call 02/01/24)

    1,446       1,420,155  

Kinder Morgan Inc.

   

1.75%, 11/15/26 (Call 10/15/26)(a)

    375       323,430  

3.15%, 01/15/23 (Call 12/15/22)(a)

    1,068       1,063,105  

4.30%, 06/01/25 (Call 03/01/25)(a)

    1,915       1,862,566  

Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25)

    672       659,206  

MPLX LP

   

1.75%, 03/01/26 (Call 02/01/26)

    2,140       1,867,045  

4.00%, 02/15/25 (Call 11/15/24)(a)

    758       729,031  

4.13%, 03/01/27 (Call 12/01/26)

    2,005       1,862,401  

4.50%, 07/15/23 (Call 04/15/23)

    1,870       1,860,147  

4.88%, 12/01/24 (Call 09/01/24)

    1,662       1,637,016  

4.88%, 06/01/25 (Call 03/01/25)(a)

        1,712           1,672,384  

ONEOK Inc.

   

2.75%, 09/01/24 (Call 08/01/24)

    1,400       1,328,378  

4.00%, 07/13/27 (Call 04/13/27)

    210       190,502  

5.85%, 01/15/26 (Call 12/15/25)(a)

    670       666,608  

7.50%, 09/01/23 (Call 06/01/23)(a)

    736       743,867  

ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24)

    702       684,989  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.60%, 11/01/24 (Call 08/01/24)(a)

    1,555       1,489,813  

3.85%, 10/15/23 (Call 07/15/23)(a)

    1,238       1,216,706  

4.50%, 12/15/26 (Call 09/15/26)

    990       930,244  

4.65%, 10/15/25 (Call 07/15/25)

    1,589       1,528,427  

Sabine Pass Liquefaction LLC

   

5.00%, 03/15/27 (Call 09/15/26)

    1,855       1,787,660  

5.63%, 04/15/23 (Call 01/15/23)(a)

    1,932       1,932,331  

5.63%, 03/01/25 (Call 12/01/24)

    2,951       2,937,059  

5.75%, 05/15/24 (Call 02/15/24)

    3,044       3,039,622  

5.88%, 06/30/26 (Call 12/31/25)

    847       843,256  

Spectra Energy Partners LP

   

3.38%, 10/15/26 (Call 07/15/26)

    655       599,779  

3.50%, 03/15/25 (Call 12/15/24)

    982       936,291  

 

 

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

  37


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)  

4.75%, 03/15/24 (Call 12/15/23)(a)

  $ 1,977     $ 1,959,106  

Targa Resources Corp., 5.20%, 07/01/27 (Call 06/01/27)

    1,150       1,108,750  

Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 07/15/27 (Call 12/01/22)(a)

    20       19,849  

TransCanada PipeLines Ltd.

   

1.00%, 10/12/24 (Call 09/12/24)

    1,440       1,322,066  

3.75%, 10/16/23 (Call 07/16/23)(a)

    1,350       1,328,282  

4.88%, 01/15/26 (Call 10/15/25)

    801       782,623  

Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)(a)

    2,027       2,136,178  

Williams Companies Inc. (The)

   

3.75%, 06/15/27 (Call 03/15/27)

    830       762,167  

3.90%, 01/15/25 (Call 10/15/24)

    1,626       1,570,257  

4.00%, 09/15/25 (Call 06/15/25)

    1,377       1,320,710  

4.30%, 03/04/24 (Call 12/04/23)

    1,948       1,917,776  

4.50%, 11/15/23 (Call 08/15/23)(a)

    1,052       1,042,644  

4.55%, 06/24/24 (Call 03/24/24)

    1,927       1,896,298  
   

 

 

 
      98,418,813  
Real Estate — 0.1%  

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)(a)

    1,007       976,143  

CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)

    1,430       1,393,030  
   

 

 

 
      2,369,173  
Real Estate Investment Trusts — 2.6%  

Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)(a)

    1,353       1,292,820  

American Tower Corp.

   

0.60%, 01/15/24

    1,047       989,585  

1.30%, 09/15/25 (Call 08/15/25)

    1,060       933,953  

1.45%, 09/15/26 (Call 08/15/26)

    925       779,118  

1.60%, 04/15/26 (Call 03/15/26)

    1,375       1,187,172  

2.40%, 03/15/25 (Call 02/15/25)

    1,559       1,442,011  

2.75%, 01/15/27 (Call 11/15/26)

    335       293,530  

2.95%, 01/15/25 (Call 12/15/24)

    1,217       1,146,959  

3.00%, 06/15/23

    1,402       1,382,304  

3.38%, 05/15/24 (Call 04/15/24)

    979       948,825  

3.38%, 10/15/26 (Call 07/15/26)

    910       823,681  

3.50%, 01/31/23

    1,756       1,751,424  

3.55%, 07/15/27 (Call 04/15/27)

    435       389,212  

3.65%, 03/15/27 (Call 02/15/27)

    1,100       995,331  

4.00%, 06/01/25 (Call 03/01/25)

    678       647,987  

4.40%, 02/15/26 (Call 11/15/25)

    958       915,474  

5.00%, 02/15/24

    1,763       1,755,603  

AvalonBay Communities Inc., 3.45%, 06/01/25 (Call 03/03/25)(a)

    1,383       1,321,202  

Boston Properties LP

   

2.75%, 10/01/26 (Call 07/01/26)

    1,044       925,396  

3.13%, 09/01/23 (Call 06/01/23)(a)

    999       978,116  

3.20%, 01/15/25 (Call 10/15/24)

    1,564       1,481,948  

3.65%, 02/01/26 (Call 11/03/25)

    1,528       1,415,653  

3.80%, 02/01/24 (Call 11/01/23)

    1,336       1,301,902  

Brixmor Operating Partnership LP

   

3.65%, 06/15/24 (Call 04/15/24)

        1,265           1,222,274  

3.85%, 02/01/25 (Call 11/01/24)

    255       243,150  

4.13%, 06/15/26 (Call 03/15/26)

    1,025       942,089  

Crown Castle Inc.

   

1.05%, 07/15/26 (Call 06/15/26)

    4,829       4,066,925  

3.15%, 07/15/23 (Call 06/15/23)(a)

    793       780,688  

3.20%, 09/01/24 (Call 07/01/24)

    893       860,128  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.65%, 09/01/27 (Call 06/01/27)(a)

  $ 60     $ 54,228  

3.70%, 06/15/26 (Call 03/15/26)

    430       399,615  

4.00%, 03/01/27 (Call 12/01/26)

    25       23,131  

4.45%, 02/15/26 (Call 11/15/25)

    990       948,191  

Crown Castle International Corp.

   

1.35%, 07/15/25 (Call 06/15/25)(a)

    960       857,589  

2.90%, 03/15/27 (Call 02/15/27)

    385       340,168  

Digital Realty Trust LP

   

3.70%, 08/15/27 (Call 05/15/27)

    15       13,652  

5.55%, 01/15/28 (Call 12/15/27)

    400       388,747  

Equinix Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    896       786,379  

1.25%, 07/15/25 (Call 06/15/25)

    433       385,533  

1.45%, 05/15/26 (Call 04/15/26)

    1,951       1,677,122  

2.63%, 11/18/24 (Call 10/18/24)

    778       732,636  

2.90%, 11/18/26 (Call 09/18/26)

        2,005       1,787,887  

ERP Operating LP, 2.85%, 11/01/26 (Call 08/01/26)

    725       657,495  

Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25)(a)

    666       636,074  

Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 10/15/23)

    167       164,026  

GLP Capital LP/GLP Financing II Inc.

   

5.25%, 06/01/25 (Call 03/01/25)

    1,081       1,045,348  

5.38%, 11/01/23 (Call 08/01/23)(a)

    514       508,312  

5.38%, 04/15/26 (Call 01/15/26)

    1,923           1,835,748  

Healthcare Realty Holdings LP

   

3.50%, 08/01/26 (Call 05/01/26)(a)

    155       142,004  

3.75%, 07/01/27 (Call 04/01/27)

    40       36,379  

Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26)

    872       801,376  

Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25 (Call 03/15/25)(a)

    460       433,317  

Kimco Realty Corp.

   

2.80%, 10/01/26 (Call 07/01/26)

    360       318,997  

3.30%, 02/01/25 (Call 12/01/24)

    1,177       1,119,829  

LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26)(a)

    564       524,336  

Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27)

    755       690,107  

Omega Healthcare Investors Inc.

   

4.50%, 04/01/27 (Call 01/01/27)

    335       304,939  

5.25%, 01/15/26 (Call 10/15/25)

    855       818,350  

Prologis LP, 2.13%, 04/15/27 (Call 02/15/27)

    150       131,292  

Public Storage

   

0.88%, 02/15/26 (Call 01/15/26)

    1,080       937,310  

1.50%, 11/09/26 (Call 10/09/26)

    920       801,673  

3.09%, 09/15/27 (Call 06/15/27)

    15       13,578  

Realty Income Corp.

   

3.00%, 01/15/27 (Call 10/15/26)

    390       351,281  

3.88%, 04/15/25 (Call 02/15/25)

    795       769,785  

3.95%, 08/15/27 (Call 05/15/27)

    120       111,530  

4.13%, 10/15/26 (Call 07/15/26)

    480       454,055  

4.63%, 11/01/25 (Call 09/01/25)

    1,022       997,752  

4.88%, 06/01/26 (Call 03/01/26)

    245       238,413  

Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26)

    830       760,658  

Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)(a)

    740       671,840  

Simon Property Group LP

   

1.38%, 01/15/27 (Call 10/15/26)(a)

    4,915       4,162,787  

2.00%, 09/13/24 (Call 06/13/24)

    1,167       1,097,098  

2.75%, 06/01/23 (Call 03/01/23)

    1,143       1,126,626  

3.25%, 11/30/26 (Call 08/30/26)

    140       127,753  

3.30%, 01/15/26 (Call 10/15/25)

    715       667,180  

 

 

38  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.38%, 10/01/24 (Call 07/01/24)

  $ 1,095     $ 1,056,960  

3.38%, 06/15/27 (Call 03/15/27)

    200       182,157  

3.50%, 09/01/25 (Call 06/01/25)(a)

    1,572       1,492,514  

3.75%, 02/01/24 (Call 11/01/23)

    575       564,906  

Ventas Realty LP

   

3.50%, 02/01/25 (Call 11/01/24)

    1,328       1,262,018  

4.13%, 01/15/26 (Call 10/15/25)

    728       690,644  

VICI Properties LP

   

4.38%, 05/15/25

    270       255,865  

4.75%, 02/15/28 (Call 01/15/28)

    1,200       1,094,669  

Welltower Inc.

   

2.70%, 02/15/27 (Call 12/15/26)

    670       592,570  

3.63%, 03/15/24 (Call 02/15/24)

    1,688       1,640,812  

4.00%, 06/01/25 (Call 03/01/25)

        2,106       2,012,201  

4.25%, 04/01/26 (Call 01/01/26)

    1,210       1,147,006  

WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24)

    395       388,844  
   

 

 

 
          77,447,752  
Retail — 2.2%            

AutoZone Inc.

   

3.13%, 07/15/23 (Call 04/15/23)(a)

    658       648,290  

3.63%, 04/15/25 (Call 03/15/25)

    1,275       1,223,446  

3.75%, 06/01/27 (Call 03/01/27)

    770       719,058  

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    1,020       876,805  

2.75%, 05/18/24 (Call 03/18/24)

    2,047       1,988,889  

3.00%, 05/18/27 (Call 02/18/27)

    1,475       1,374,049  

Dollar General Corp.

   

3.88%, 04/15/27 (Call 01/15/27)

    775       727,751  

4.15%, 11/01/25 (Call 08/01/25)

    1,029       993,699  

4.25%, 09/20/24

    725       712,359  

4.63%, 11/01/27 (Call 10/01/27)

    600       579,239  

Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)

    1,915       1,856,664  

Genuine Parts Co., 1.75%, 02/01/25 (Call 02/01/23)

    870       802,256  

Home Depot Inc. (The)

   

2.13%, 09/15/26 (Call 06/15/26)

    795       716,500  

2.50%, 04/15/27 (Call 02/15/27)(a)

    130       117,504  

2.70%, 04/01/23 (Call 01/01/23)(a)

    915       907,854  

2.70%, 04/15/25 (Call 03/15/25)

    770       732,143  

2.80%, 09/14/27 (Call 06/14/27)(a)

    15       13,630  

2.88%, 04/15/27 (Call 03/15/27)(a)

    3,380       3,104,910  

3.00%, 04/01/26 (Call 01/01/26)(a)

    1,922       1,807,148  

3.35%, 09/15/25 (Call 06/15/25)

    1,268       1,216,974  

3.75%, 02/15/24 (Call 11/15/23)

    1,581       1,565,561  

4.00%, 09/15/25 (Call 08/15/25)(a)

    365       357,335  

Lowe’s Companies Inc.

   

2.50%, 04/15/26 (Call 01/15/26)

    2,246       2,056,301  

3.10%, 05/03/27 (Call 02/03/27)

    680       620,907  

3.35%, 04/01/27 (Call 03/01/27)

    850       785,741  

3.38%, 09/15/25 (Call 06/15/25)

    1,881       1,786,806  

3.88%, 09/15/23 (Call 06/15/23)(a)

    850       842,449  

4.00%, 04/15/25 (Call 03/15/25)

    1,844       1,797,863  

4.40%, 09/08/25

    1,290       1,264,760  

McDonald’s Corp.

   

1.45%, 09/01/25 (Call 08/01/25)(a)

    1,060       965,215  

3.25%, 06/10/24(a)

    626       609,365  

3.30%, 07/01/25 (Call 06/01/25)

    1,796       1,727,170  

3.35%, 04/01/23 (Call 03/01/23)

    338       335,664  

3.38%, 05/26/25 (Call 02/26/25)

    1,820       1,747,139  

3.50%, 03/01/27 (Call 12/01/26)

    775       726,827  

3.50%, 07/01/27 (Call 05/01/27)

    1,165       1,084,029  
Security  

Par

(000)

    Value  
Retail (continued)            

3.70%, 01/30/26 (Call 10/30/25)

  $ 1,823     $ 1,750,231  

O’Reilly Automotive Inc.

   

3.55%, 03/15/26 (Call 12/15/25)(a)

    1,303       1,229,774  

3.60%, 09/01/27 (Call 06/01/27)(a)

    10       9,183  

Ross Stores Inc.

   

0.88%, 04/15/26 (Call 03/15/26)

    837       719,298  

4.60%, 04/15/25 (Call 03/15/25)

    1,670       1,635,884  

Starbucks Corp.

   

2.00%, 03/12/27 (Call 01/12/27)

    475       413,804  

2.45%, 06/15/26 (Call 03/15/26)(a)

    495       451,456  

3.10%, 03/01/23 (Call 02/01/23)

    954       947,387  

3.80%, 08/15/25 (Call 06/15/25)(a)

    1,734       1,679,347  

3.85%, 10/01/23 (Call 07/01/23)

    837       827,347  

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)(a)

    1,340       1,198,641  

2.25%, 04/15/25 (Call 03/15/25)

    3,137       2,945,690  

2.50%, 04/15/26

    1,308       1,209,049  

3.50%, 07/01/24

    2,488       2,434,487  

TJX Companies Inc. (The)

   

2.25%, 09/15/26 (Call 06/15/26)

    880       793,715  

2.50%, 05/15/23 (Call 02/15/23)

    596       588,898  

Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22)

    400       382,680  

Walmart Inc.

   

2.35%, 12/15/22 (Call 12/01/22)(a)

    1,392       1,389,165  

2.55%, 04/11/23 (Call 01/11/23)

    1,043       1,032,827  

2.65%, 12/15/24 (Call 10/15/24)

    80       76,783  

2.85%, 07/08/24 (Call 06/08/24)(a)

    854       829,143  

3.05%, 07/08/26 (Call 05/08/26)(a)

    910       865,976  

3.30%, 04/22/24 (Call 01/22/24)

        2,263       2,216,665  

3.40%, 06/26/23 (Call 05/26/23)

    600       595,643  

3.55%, 06/26/25 (Call 04/26/25)

    790       768,834  
   

 

 

 
          66,384,207  
Semiconductors — 1.9%            

Analog Devices Inc., 3.50%, 12/05/26 (Call 09/05/26)(a)

    1,800       1,699,252  

Applied Materials Inc.

   

3.30%, 04/01/27 (Call 01/01/27)(a)

    1,145       1,076,310  

3.90%, 10/01/25 (Call 07/01/25)(a)

    1,310       1,274,302  

Broadcom Corp./Broadcom Cayman Finance Ltd.

   

3.63%, 01/15/24 (Call 11/15/23)

    1,765       1,728,271  

3.88%, 01/15/27 (Call 10/15/26)

    3,658       3,361,706  

Broadcom Inc.

   

3.15%, 11/15/25 (Call 10/15/25)

    2,508       2,338,122  

3.46%, 09/15/26 (Call 07/15/26)

    610       560,511  

3.63%, 10/15/24 (Call 09/15/24)

    1,239       1,197,773  

Intel Corp.

   

2.60%, 05/19/26 (Call 02/19/26)(a)

    2,545       2,353,466  

2.70%, 12/15/22(a)

    2,122       2,118,325  

2.88%, 05/11/24 (Call 03/11/24)

    1,663       1,613,835  

3.15%, 05/11/27 (Call 02/11/27)

    35       32,331  

3.40%, 03/25/25 (Call 02/25/25)

    2,595       2,507,944  

3.70%, 07/29/25 (Call 04/29/25)

    1,729       1,678,334  

3.75%, 03/25/27 (Call 01/25/27)(a)

    1,355       1,284,971  

3.75%, 08/05/27 (Call 07/05/27)

    350       328,970  

KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)(a)

    752       748,184  

Lam Research Corp.

   

3.75%, 03/15/26 (Call 01/15/26)

    1,758       1,685,555  

3.80%, 03/15/25 (Call 12/15/24)

    1,088       1,059,570  

Marvell Technology Inc., 1.65%, 04/15/26 (Call 03/15/26)

    1,656       1,431,635  

 

 

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

  39


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Semiconductors (continued)            

Microchip Technology Inc.

   

0.98%, 09/01/24

  $ 265     $ 243,227  

2.67%, 09/01/23(a)

    237       232,125  

4.25%, 09/01/25 (Call 12/01/22)

    1,780       1,698,417  

4.33%, 06/01/23 (Call 05/01/23)

    824       818,840  

Micron Technology Inc.

   

4.19%, 02/15/27 (Call 12/15/26)

    2,440       2,263,872  

4.98%, 02/06/26 (Call 12/06/25)

    635       618,292  

NVIDIA Corp.

   

0.31%, 06/15/23 (Call 12/01/22)

    140       136,134  

0.58%, 06/14/24 (Call 06/14/23)

    2,680       2,500,389  

3.20%, 09/16/26 (Call 06/16/26)

    1,135       1,066,528  

NXP BV/NXP Funding LLC

   

4.88%, 03/01/24 (Call 02/01/24)

    1,825       1,804,252  

5.35%, 03/01/26 (Call 01/01/26)

    780       759,811  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.70%, 05/01/25 (Call 04/01/25)

    837       773,090  

3.15%, 05/01/27 (Call 03/01/27)

    80       70,837  

3.88%, 06/18/26 (Call 04/18/26)(a)

    555       516,117  

4.40%, 06/01/27 (Call 05/01/27)(a)

    745       697,322  

Qorvo Inc., 1.75%, 12/15/24 (Call 12/15/22)(d)

    575       525,350  

QUALCOMM Inc.

   

2.60%, 01/30/23 (Call 12/30/22)(a)

    1,580       1,572,177  

2.90%, 05/20/24 (Call 03/20/24)(a)

    1,777       1,721,825  

3.25%, 05/20/27 (Call 02/20/27)(a)

    3,385       3,144,380  

3.45%, 05/20/25 (Call 02/20/25)(a)

    1,477       1,424,050  

Skyworks Solutions Inc.

   

0.90%, 06/01/23 (Call 11/16/22)

    325       315,691  

1.80%, 06/01/26 (Call 05/01/26)

    1,067       910,819  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    885       770,904  

1.38%, 03/12/25 (Call 02/12/25)

    1,387       1,280,984  

2.25%, 05/01/23 (Call 02/01/23)(a)

    406       401,321  

Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)

        1,795       1,738,674  
   

 

 

 
          58,084,795  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc., 3.84%, 05/01/25 (Call 04/01/25)

    397       378,275  
   

 

 

 
Software — 3.1%            

Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26)

    1,485       1,399,209  

Adobe Inc.

   

1.70%, 02/01/23

    592       587,543  

1.90%, 02/01/25 (Call 01/01/25)

    1,096       1,028,846  

2.15%, 02/01/27 (Call 12/01/26)

    1,070       960,380  

3.25%, 02/01/25 (Call 11/01/24)

    1,369       1,323,485  

Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27)

    260       238,230  

Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26)

    1,120       1,032,497  

Fidelity National Information Services Inc.

   

0.38%, 03/01/23

    650       641,176  

0.60%, 03/01/24(a)

    1,575       1,479,812  

1.15%, 03/01/26 (Call 02/01/26)

    2,482       2,143,022  

4.50%, 07/15/25

    445       432,869  

4.70%, 07/15/27 (Call 06/15/27)(a)

    925       884,965  

Fiserv Inc.

   

2.25%, 06/01/27 (Call 04/01/27)(a)

    475       410,769  

2.75%, 07/01/24 (Call 06/01/24)

    2,605       2,493,046  

3.20%, 07/01/26 (Call 05/01/26)

    3,035       2,784,833  

3.80%, 10/01/23 (Call 09/01/23)

    1,775       1,748,931  
Security  

Par

(000)

    Value  
Software (continued)            

3.85%, 06/01/25 (Call 03/01/25)

  $ 1,505     $ 1,444,220  

Intuit Inc.

   

0.65%, 07/15/23(a)

    1,212       1,176,098  

0.95%, 07/15/25 (Call 06/15/25)

    1,531       1,377,798  

1.35%, 07/15/27 (Call 05/15/27)(a)

    890       751,153  

Microsoft Corp.

   

2.00%, 08/08/23 (Call 06/08/23)(a)

    1,899       1,866,725  

2.13%, 11/15/22

    407       406,739  

2.38%, 05/01/23 (Call 02/01/23)(a)

    1,564       1,548,407  

2.40%, 08/08/26 (Call 05/08/26)

    5,277       4,881,570  

2.70%, 02/12/25 (Call 11/12/24)

    2,710       2,599,879  

2.88%, 02/06/24 (Call 12/06/23)(a)

    3,268       3,202,101  

3.13%, 11/03/25 (Call 08/03/25)

    1,905       1,831,665  

3.30%, 02/06/27 (Call 11/06/26)

    4,530       4,305,432  

3.63%, 12/15/23 (Call 09/15/23)(a)

    1,926       1,907,310  

Oracle Corp.

   

1.65%, 03/25/26 (Call 02/25/26)(a)

    3,697       3,249,164  

2.40%, 09/15/23 (Call 07/15/23)(a)

    3,280       3,198,451  

2.50%, 04/01/25 (Call 03/01/25)(a)

    4,700       4,392,593  

2.63%, 02/15/23 (Call 01/15/23)

    1,783       1,771,036  

2.65%, 07/15/26 (Call 04/15/26)

    5,292       4,756,765  

2.80%, 04/01/27 (Call 02/01/27)(a)

    2,595       2,293,336  

2.95%, 11/15/24 (Call 09/15/24)

    2,942       2,808,345  

2.95%, 05/15/25 (Call 02/15/25)(a)

    837       786,855  

3.40%, 07/08/24 (Call 04/08/24)(a)

    3,377       3,275,810  

3.63%, 07/15/23(a)

    1,541       1,524,181  

Roper Technologies Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    1,793       1,587,387  

1.40%, 09/15/27 (Call 07/15/27)

    20       16,441  

2.35%, 09/15/24 (Call 08/15/24)

    872       828,415  

3.65%, 09/15/23 (Call 08/15/23)

    1,264       1,248,231  

3.80%, 12/15/26 (Call 09/15/26)

    1,029       963,318  

salesforce.com Inc.

   

0.63%, 07/15/24 (Call 12/01/22)

    2,330       2,170,470  

3.25%, 04/11/23 (Call 03/11/23)

    728       722,711  

Take-Two Interactive Software Inc.

   

3.30%, 03/28/24

    385       373,431  

3.55%, 04/14/25

    870       830,124  

3.70%, 04/14/27 (Call 03/14/27)

    2,420       2,236,652  

VMware Inc.

   

0.60%, 08/15/23

    716       689,209  

1.00%, 08/15/24 (Call 12/01/22)

    760       701,437  

1.40%, 08/15/26 (Call 07/15/26)

    2,745       2,344,502  

3.90%, 08/21/27 (Call 05/21/27)

    1,130       1,035,403  

4.50%, 05/15/25 (Call 04/15/25)

    1,532       1,493,583  

4.65%, 05/15/27 (Call 03/15/27)

    365       345,451  

Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)

        1,080       995,952  
   

 

 

 
          93,527,963  
Telecommunications — 2.2%            

AT&T Inc.

   

0.90%, 03/25/24 (Call 11/14/22)(a)

    2,497       2,356,596  

1.70%, 03/25/26 (Call 03/25/23)

    4,455       3,931,791  

2.30%, 06/01/27 (Call 04/01/27)

    3,732       3,257,329  

3.80%, 02/15/27 (Call 11/15/26)(a)

    1,505       1,408,695  

4.25%, 03/01/27 (Call 12/01/26)(a)

    1,355       1,296,600  

Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24

    1,300       1,223,283  

British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)

    1,013       999,838  

 

 

40  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Par

(000)

    Value  

 

 
Telecommunications (continued)  

Cisco Systems Inc.

   

2.20%, 09/20/23 (Call 07/20/23)(a)

  $ 887     $ 867,523  

2.50%, 09/20/26 (Call 06/20/26)(a)

    1,213       1,120,383  

2.60%, 02/28/23(a)

    325       322,833  

2.95%, 02/28/26

    1,555       1,469,721  

3.50%, 06/15/25

    1,010       980,435  

3.63%, 03/04/24

    1,642       1,617,346  

Rogers Communications Inc.

   

2.90%, 11/15/26 (Call 08/15/26)(a)

    280       251,106  

2.95%, 03/15/25 (Call 03/15/23)(d)

    1,330       1,253,879  

3.00%, 03/15/23 (Call 12/15/22)

    612       607,902  

3.20%, 03/15/27 (Call 02/15/27)(a)(d)

    2,130       1,934,649  

3.63%, 12/15/25 (Call 09/15/25)

    1,599       1,494,710  

4.10%, 10/01/23 (Call 07/01/23)

    1,328       1,311,082  

Telefonica Emisiones SA, 4.10%, 03/08/27

    3,100       2,836,839  

TELUS Corp.

   

2.80%, 02/16/27 (Call 11/16/26)

    855       772,123  

3.70%, 09/15/27 (Call 06/15/27)

    25       23,146  

T-Mobile USA Inc.

   

1.50%, 02/15/26 (Call 01/15/26)

    1,100       965,506  

2.25%, 02/15/26 (Call 02/15/23)

    2,610       2,343,785  

2.63%, 04/15/26 (Call 04/15/23)

    2,555       2,307,761  

3.50%, 04/15/25 (Call 03/15/25)

    3,707       3,531,766  

3.75%, 04/15/27 (Call 02/15/27)

    5,770       5,320,553  

5.38%, 04/15/27 (Call 11/14/22)(a)

    835       813,817  

Verizon Communications Inc.

   

0.75%, 03/22/24(a)

    630       594,786  

0.85%, 11/20/25 (Call 10/20/25)

    556       488,315  

1.45%, 03/20/26 (Call 02/20/26)(a)

    3,063       2,699,832  

2.63%, 08/15/26(a)

    3,110       2,827,881  

3.00%, 03/22/27 (Call 01/22/27)

    4,900       4,441,910  

3.38%, 02/15/25

    2,519       2,430,855  

3.50%, 11/01/24 (Call 08/01/24)(a)

    2,375       2,305,092  

4.13%, 03/16/27(a)

    380       361,628  

Vodafone Group PLC

   

2.95%, 02/19/23(a)

    305       302,934  

3.75%, 01/16/24(a)

    552       544,372  

4.13%, 05/30/25

        2,104       2,047,794  
   

 

 

 
          65,666,396  
Toys, Games & Hobbies — 0.1%  

Hasbro Inc.

   

3.00%, 11/19/24 (Call 10/19/24)

    864       820,181  

3.50%, 09/15/27 (Call 06/15/27)

    55       49,429  

3.55%, 11/19/26 (Call 09/19/26)(a)

    1,410       1,290,791  
   

 

 

 
      2,160,401  
Transportation — 1.0%  

Burlington Northern Santa Fe LLC

   

3.00%, 03/15/23 (Call 12/15/22)

    412       409,213  

3.00%, 04/01/25 (Call 01/01/25)(a)

    1,259       1,204,460  

3.25%, 06/15/27 (Call 03/15/27)

    380       352,549  

3.40%, 09/01/24 (Call 06/01/24)

    1,203       1,169,236  

3.75%, 04/01/24 (Call 01/01/24)

    855       840,037  

3.85%, 09/01/23 (Call 06/01/23)(a)

    1,624       1,611,056  

Canadian National Railway Co., 2.75%, 03/01/26 (Call 12/01/25)

    1,272       1,178,043  

Canadian Pacific Railway Co.

   

1.35%, 12/02/24 (Call 12/02/22)(a)

    905       835,029  

1.75%, 12/02/26 (Call 11/02/26)

    1,645       1,428,110  

2.90%, 02/01/25 (Call 11/01/24)

    1,034       982,561  
Security  

Par/

Shares

(000)

    Value  

 

 
Transportation (continued)  

CSX Corp.

   

2.60%, 11/01/26 (Call 08/01/26)(a)

  $ 95     $ 86,142  

3.25%, 06/01/27 (Call 03/01/27)

    955       875,065  

3.35%, 11/01/25 (Call 08/01/25)

    755       714,591  

3.40%, 08/01/24 (Call 05/01/24)(a)

    1,538       1,494,970  

FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26)(a)

    1,357       1,276,489  

Norfolk Southern Corp.

   

2.90%, 02/15/23 (Call 12/01/22)

    1,362       1,356,423  

2.90%, 06/15/26 (Call 03/15/26)(a)

    175       161,834  

Ryder System Inc.

   

2.50%, 09/01/24 (Call 08/01/24)

    1,010       961,856  

3.65%, 03/18/24 (Call 02/18/24)

    928       906,799  

Union Pacific Corp.

   

2.15%, 02/05/27 (Call 12/05/26)(a)

    760       677,314  

2.75%, 03/01/26 (Call 12/01/25)

    1,280       1,191,054  

3.00%, 04/15/27 (Call 01/15/27)(a)

    150       137,336  

3.15%, 03/01/24 (Call 02/01/24)

    942       920,292  

3.25%, 08/15/25 (Call 05/15/25)

    755       721,438  

3.50%, 06/08/23 (Call 05/08/23)(a)

    931       922,891  

3.75%, 07/15/25 (Call 05/15/25)

    916       888,093  

United Parcel Service Inc.

   

2.40%, 11/15/26 (Call 08/15/26)

    1,454       1,320,181  

2.50%, 04/01/23 (Call 03/01/23)(a)

    245       243,073  

2.80%, 11/15/24 (Call 09/15/24)

    736       705,292  

3.90%, 04/01/25 (Call 03/01/25)

    1,676       1,638,332  

Walmart Inc.

   

1.05%, 09/17/26 (Call 08/17/26)

    1,740       1,514,336  

3.95%, 09/09/27 (Call 08/09/27)

    620       599,905  
   

 

 

 
      29,324,000  
Water — 0.0%            

American Water Capital Corp., 3.40%, 03/01/25 (Call 12/01/24)

    940       901,955  
   

 

 

 

Total Long-Term Investments — 98.9%
(Cost: $3,159,623,857)

 

      2,960,324,717  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 7.9%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g)

        222,045       222,000,166  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f)

    15,158       15,158,000  
   

 

 

 

Total Short-Term Securities — 7.9%
(Cost: $237,157,846)

 

    237,158,166  
   

 

 

 

Total Investments — 106.8%
(Cost: $3,396,781,703)

 

    3,197,482,883  

Liabilities in Excess of Other Assets — (6.8)%

 

    (204,676,531
   

 

 

 

Net Assets — 100.0%

    $ 2,992,806,352  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

 

 

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

  41


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year Investment  Grade Corporate Bond ETF

 

(d) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/21

    Purchases
at Cost
   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/22

   

Shares

Held at

10/31/22

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 124,111,752     $ 97,988,066 (a)    $     $ (60,761   $ (38,891   $ 222,000,166       222,045     $ 351,813 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,718,000       13,440,000 (a)                        15,158,000       15,158       251,531        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (60,761   $ (38,891   $ 237,158,166       $ 603,344     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                   

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 2,960,324,717        $        $ 2,960,324,717  

Money Market Funds

     237,158,166                            237,158,166  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 237,158,166        $ 2,960,324,717        $        $ 3,197,482,883  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

42  

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


Schedule of Investments

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Aerospace & Defense — 0.8%            

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)

  $ 215     $ 187,794  

2.13%, 08/15/26 (Call 05/15/26)

    190       170,854  

2.25%, 06/01/31 (Call 03/01/31)

    185       150,568  

2.38%, 11/15/24 (Call 09/15/24)

    105       99,553  

2.63%, 11/15/27 (Call 08/15/27)

    228       202,763  

2.85%, 06/01/41 (Call 12/01/40)

    80       55,698  

3.25%, 04/01/25 (Call 03/01/25)

    115       110,567  

3.50%, 05/15/25 (Call 03/15/25)

    57       55,221  

3.50%, 04/01/27 (Call 02/01/27)

    32       30,085  

3.60%, 11/15/42 (Call 05/15/42)(a)

    108       82,932  

3.63%, 04/01/30 (Call 01/01/30)

    380       346,100  

3.75%, 05/15/28 (Call 02/15/28)

    274       256,143  

4.25%, 04/01/40 (Call 10/01/39)

    369       317,680  

4.25%, 04/01/50 (Call 10/01/49)

    207       173,075  

Lockheed Martin Corp.

   

2.80%, 06/15/50 (Call 12/15/49)

    184       117,145  

3.55%, 01/15/26 (Call 10/15/25)

    117       112,628  

3.60%, 03/01/35 (Call 09/01/34)

    178       152,437  

3.80%, 03/01/45 (Call 09/01/44)

    390       301,610  

3.90%, 06/15/32 (Call 03/15/32)(a)

    260       237,827  

4.07%, 12/15/42

    383       314,435  

4.09%, 09/15/52 (Call 03/15/52)

    381       301,474  

4.15%, 06/15/53 (Call 12/15/52)

    455       364,915  

4.30%, 06/15/62 (Call 12/15/61)

    200       159,900  

4.50%, 05/15/36 (Call 11/15/35)(a)

    145       131,805  

4.70%, 05/15/46 (Call 11/15/45)

    463       409,014  

4.95%, 10/15/25

    40       40,037  

5.10%, 11/15/27

    70       70,151  

5.25%, 01/15/33

    100       100,322  

5.70%, 11/15/54

    295       297,599  

5.90%, 11/15/63

    275       279,749  

Series B, 6.15%, 09/01/36

        210       220,968  
   

 

 

 
          5,851,049  
Agriculture — 0.7%            

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    403       368,451  

2.70%, 09/15/51 (Call 03/15/51)

    200       125,344  

2.90%, 03/01/32 (Call 12/01/31)

    120       100,265  

3.25%, 03/27/30 (Call 12/27/29)

    410       361,940  

4.50%, 03/15/49 (Call 09/15/48)

    268       232,961  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    230       196,809  

1.50%, 05/01/25 (Call 04/01/25)

    265       241,484  

1.75%, 11/01/30 (Call 08/01/30)(a)

    205       150,566  

2.10%, 05/01/30 (Call 02/01/30)

    266       203,064  

2.75%, 02/25/26 (Call 11/25/25)(a)

    324       297,348  

2.88%, 05/01/24 (Call 04/01/24)

    145       140,028  

3.13%, 08/17/27 (Call 05/17/27)(a)

    240       215,957  

3.13%, 03/02/28 (Call 12/02/27)(a)

    60       52,439  

3.25%, 11/10/24

    287       276,332  

3.38%, 08/11/25 (Call 05/11/25)

    240       227,815  

3.38%, 08/15/29 (Call 05/15/29)(a)

    209       178,760  

3.88%, 08/21/42

    285       188,978  

4.13%, 03/04/43

    214       145,854  

4.25%, 11/10/44

    388       269,388  

4.38%, 11/15/41

    321       231,935  

4.50%, 03/20/42

    296       216,346  
Security   Par
(000)
    Value  
Agriculture (continued)            

4.88%, 11/15/43(a)

  $ 272     $ 209,111  

6.38%, 05/16/38

    470       438,308  
   

 

 

 
      5,069,483  
Airlines — 0.2%            

American Airlines Pass Through Trust, Series A, Class A, 2.88%, 01/11/36

    175       136,239  

Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29

    70       59,503  

JetBlue Pass Through Trust

   

Series 1A, Class A, 4.00%, 05/15/34(a)

    86       75,082  

Series 2019-1, Class AA, 2.75%, 11/15/33(a)

    175       139,651  

United Airlines Pass Through Trust

   

Series 2016-1, Class AA, 3.10%, 01/07/30

    291       248,780  

Series 2018-1, Class AA, 3.50%, 09/01/31

    249       210,944  

Series 2019, Class AA, 4.15%, 08/25/31(a)

    62       54,524  

Series 2019-2, Class AA, 2.70%, 11/01/33

    238       188,863  

Series 2020-1, Class A, 5.88%, 10/15/27(a)

        664       688,754  
   

 

 

 
      1,802,340  
Apparel — 0.3%            

NIKE Inc.

   

2.38%, 11/01/26 (Call 08/01/26)

    465       423,169  

2.40%, 03/27/25 (Call 02/27/25)

    288       272,247  

2.75%, 03/27/27 (Call 01/27/27)

    401       367,821  

2.85%, 03/27/30 (Call 12/27/29)(a)

    362       314,060  

3.25%, 03/27/40 (Call 09/27/39)

    297       225,738  

3.38%, 11/01/46 (Call 05/01/46)

    235       171,153  

3.38%, 03/27/50 (Call 09/27/49)(a)

    545       397,114  

3.63%, 05/01/43 (Call 11/01/42)

    247       191,521  

3.88%, 11/01/45 (Call 05/01/45)(a)

    335       267,427  

Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)(a)

    140       117,006  
   

 

 

 
          2,747,256  
Auto Manufacturers — 1.8%            

American Honda Finance Corp.

   

0.55%, 07/12/24

    307       284,589  

0.75%, 08/09/24

    300       278,361  

1.00%, 09/10/25(a)

    300       267,432  

1.20%, 07/08/25

    330       297,706  

1.30%, 09/09/26

    185       160,497  

1.50%, 01/13/25

    470       435,977  

1.80%, 01/13/31(a)

    35       26,815  

2.00%, 03/24/28

    405       340,188  

2.15%, 09/10/24

    355       336,757  

2.25%, 01/12/29

    265       220,970  

2.30%, 09/09/26

    361       322,391  

2.35%, 01/08/27

    147       130,690  

2.40%, 06/27/24

    251       240,257  

2.90%, 02/16/24

    244       237,258  

3.50%, 02/15/28

    21       19,119  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    272       242,213  

1.50%, 09/01/30 (Call 06/01/30)

    318       242,885  

2.60%, 09/01/50 (Call 03/01/50)(a)

    245       144,780  

4.88%, 10/01/43 (Call 04/01/43)

    170       151,239  

Honda Motor Co. Ltd.

   

2.27%, 03/10/25 (Call 02/10/25)

    300       281,607  

2.53%, 03/10/27 (Call 02/10/27)

    290       259,425  

2.97%, 03/10/32 (Call 12/10/31)

    300       248,430  

Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31

    325       379,015  

 

 

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

  43


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Auto Manufacturers (continued)            

PACCAR Financial Corp.

   

3.15%, 06/13/24

  $ 170     $ 165,398  

3.55%, 08/11/25

    435       420,884  

Toyota Motor Corp.

   

0.68%, 03/25/24 (Call 02/25/24)

    120       113,012  

1.34%, 03/25/26 (Call 02/25/26)

    486       429,308  

2.36%, 07/02/24(a)

    265       254,164  

2.36%, 03/25/31 (Call 12/25/30)(a)

    200       163,096  

2.76%, 07/02/29

    55       47,699  

3.67%, 07/20/28

    26       24,063  

Toyota Motor Credit Corp.

   

0.50%, 06/18/24

    150       139,535  

0.63%, 09/13/24

    280       258,504  

0.80%, 10/16/25(a)

    450       397,840  

0.80%, 01/09/26

    70       61,146  

1.13%, 06/18/26

    395       343,006  

1.15%, 08/13/27(a)

    360       299,142  

1.45%, 01/13/25

    410       380,066  

1.65%, 01/10/31

    205       156,171  

1.80%, 02/13/25

    458       427,126  

1.90%, 01/13/27

    230       201,572  

1.90%, 04/06/28

    255       215,886  

1.90%, 09/12/31

    185       141,170  

2.00%, 10/07/24

    285       269,288  

2.15%, 02/13/30(a)

    235       192,162  

2.50%, 03/22/24(a)

    325       314,246  

2.90%, 04/17/24

    313       303,804  

3.00%, 04/01/25

    438       417,655  

3.05%, 03/22/27

    130       119,009  

3.05%, 01/11/28

    150       135,699  

3.20%, 01/11/27

    307       283,950  

3.35%, 01/08/24

           

3.38%, 04/01/30

    180       159,957  

3.40%, 04/14/25

    70       67,378  

3.65%, 08/18/25

    265       255,153  

3.65%, 01/08/29(a)

    165       151,391  

3.95%, 06/30/25

    50       48,729  

4.40%, 09/20/24

    300       297,069  

4.45%, 06/29/29(a)

    535       513,145  

4.55%, 09/20/27

        310       301,553  
   

 

 

 
          14,017,577  
Auto Parts & Equipment — 0.1%            

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)

    141       112,927  

3.63%, 06/15/24 (Call 03/15/24)

    314       306,395  

4.15%, 10/01/25 (Call 07/01/25)

    378       367,333  
   

 

 

 
      786,655  
Banks — 35.3%            

Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25

    350       335,829  

Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25

    385       336,267  

Banco Santander SA

   

1.72%, 09/14/27 (Call 09/14/26)(b)

    490       399,845  

1.85%, 03/25/26

    500       426,800  

2.71%, 06/27/24

    355       337,211  

2.75%, 05/28/25

    610       553,856  

2.96%, 03/25/31

    255       189,042  

3.31%, 06/27/29(a)

    405       337,636  

3.49%, 05/28/30

    500       394,745  
Security   Par
(000)
    Value  
Banks (continued)            

3.80%, 02/23/28

  $ 443     $ 376,413  

3.89%, 05/24/24

    610       591,194  

4.18%, 03/24/28 (Call 03/24/27)(b)

    315       277,430  

4.25%, 04/11/27

    230       207,681  

4.38%, 04/12/28

    483       424,456  

5.15%, 08/18/25(a)

    200       192,378  

5.29%, 08/18/27

    400       369,300  

Bank of America Corp.

   

0.98%, 04/22/25 (Call 04/22/24),
(SOFR + 0.690%)(b)

        410           379,746  

0.98%, 09/25/25 (Call 09/25/24),
(SOFR + 0.910%)(b)

    556       505,226  

1.20%, 10/24/26 (Call 10/24/25),
(SOFR + 1.010%)(b)

    510       442,471  

1.32%, 06/19/26 (Call 06/19/25),
(SOFR + 1.150%)(b)

    381       336,530  

1.53%, 12/06/25 (Call 12/06/24),
(SOFR + 0.650%)(b)

    460       419,377  

1.73%, 07/22/27 (Call 07/22/26),
(SOFR + 0.960%)(b)

    670       572,709  

1.84%, 02/04/25 (Call 02/04/24),
(SOFR + 0.670%)(b)

    480       454,752  

1.90%, 07/23/31 (Call 07/23/30),
(SOFR + 1.530%)(b)

    500       370,955  

1.92%, 10/24/31 (Call 10/24/30),
(SOFR + 1.370%)(b)

    530       389,380  

2.02%, 02/13/26 (Call 02/13/25),
(3 mo. LIBOR US + 0.640%)(b)

    235       215,034  

2.09%, 06/14/29 (Call 06/14/28),
(SOFR + 1.060%)(b)

    620       501,704  

2.30%, 07/21/32 (Call 07/21/31),
(SOFR + 1.220%)(b)

    560       414,618  

2.46%, 10/22/25 (Call 10/22/24),
(3 mo. LIBOR US + 0.870%)(b)

    337       314,263  

2.50%, 02/13/31 (Call 02/13/30),
(3 mo. LIBOR US + 0.990%)(b)

    600       471,030  

2.55%, 02/04/28 (Call 02/04/27),
(SOFR + 1.050%)(b)

    560       484,333  

2.57%, 10/20/32 (Call 10/20/31),
(SOFR + 1.210%)(b)

    600       453,102  

2.59%, 04/29/31 (Call 04/29/30),
(SOFR + 2.150%)(b)

    594       469,551  

2.68%, 06/19/41 (Call 06/19/40),
(SOFR + 1.930%)(b)

    485       307,461  

2.69%, 04/22/32 (Call 04/22/31),
(SOFR + 1.320%)(b)

    765       590,419  

2.83%, 10/24/51 (Call 10/24/50),
(SOFR + 1.880%)(b)

    180       104,737  

2.88%, 10/22/30 (Call 10/22/29),
(3 mo. LIBOR US + 1.190%)(b)

    245       199,763  

2.97%, 02/04/33 (Call 02/04/32),
(SOFR + 1.330%)(b)

    680       526,918  

2.97%, 07/21/52 (Call 07/21/51),
(SOFR + 1.560%)(b)

    410       243,479  

3.09%, 10/01/25 (Call 10/01/24),
(3 mo. LIBOR US + 1.090%)(b)

    453       428,842  

3.19%, 07/23/30 (Call 07/23/29),
(3 mo. LIBOR US + 1.180%)(b)

    421       352,259  

3.25%, 10/21/27 (Call 10/21/26)

    634       566,301  

3.31%, 04/22/42 (Call 04/22/41),
(SOFR + 1.580%)(b)

    530       366,490  

3.37%, 01/23/26 (Call 01/23/25),
(3 mo. LIBOR US + 0.810%)(b)

    125       117,789  

3.38%, 04/02/26 (Call 04/02/25),
(SOFR + 1.330%)(b)

    560       525,890  

3.42%, 12/20/28 (Call 12/20/27),
(3 mo. LIBOR US + 1.040%)(b)

    757       668,537  

3.46%, 03/15/25 (Call 03/15/24),
(3 mo. LIBOR US + 0.970%)(b)

    380       366,347  

3.50%, 04/19/26

    515       481,432  

3.56%, 04/23/27 (Call 04/23/26),
(3 mo. LIBOR US + 1.060%)(b)

    557       512,602  

3.59%, 07/21/28 (Call 07/21/27),
(3 mo. LIBOR US + 1.370%)(b)

    184       164,939  

3.71%, 04/24/28 (Call 04/24/27),
(3 mo. LIBOR US + 1.512%)(b)

    265       239,814  

3.82%, 01/20/28 (Call 01/20/27),
(3 mo. LIBOR US + 1.575%)(b)

    490       447,987  

3.84%, 04/25/25 (Call 04/25/24),
(SOFR + 1.110%)(b)

    275       266,065  

3.88%, 08/01/25(a)

    443       428,075  

 

 

44  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.19%)(b)

  $ 249     $ 177,876  

3.97%, 03/05/29 (Call 03/05/28),
(3 mo. LIBOR US + 1.070%)(b)

    369       331,521  

3.97%, 02/07/30 (Call 02/07/29),
(3 mo. LIBOR US + 1.210%)(b)

    585       517,643  

4.00%, 04/01/24

    90       88,727  

4.08%, 04/23/40 (Call 04/23/39),
(3 mo. LIBOR US + 1.32%)(b)

    313       243,821  

4.08%, 03/20/51 (Call 03/20/50),
(3 mo. LIBOR US + 3.15%)(b)

    708       525,534  

4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)(b)

    373       302,962  

4.27%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.310%)(b)

    558       506,937  

4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.520%)(b)

    494       383,853  

4.38%, 04/27/28 (Call 04/27/27),
(SOFR + 1.580%)(b)

    425       395,284  

4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)(b)

    295       233,507  

4.57%, 04/27/33 (Call 04/27/32),
(SOFR + 1.830%)(b)

    690       612,485  

4.83%, 07/22/26 (Call 07/22/25)(b)

    410       398,602  

4.88%, 04/01/44

    20       16,483  

4.95%, 07/22/28 (Call 07/22/27)(b)

        410           391,107  

5.00%, 01/21/44

    387       330,796  

5.02%, 07/22/33 (Call 07/22/32)(b)

    520       477,256  

5.88%, 02/07/42

    323       309,973  

Series N, 1.66%, 03/11/27 (Call 03/11/26),
(SOFR + 0.910%)(b)

    525       453,379  

Series N, 2.65%, 03/11/32 (Call 03/11/31),
(SOFR + 1.220%)(b)

    431       332,241  

Series N, 3.48%, 03/13/52 (Call 03/13/51),
(SOFR + 1.650%)(b)

    180       118,910  

Bank of America NA, 6.00%, 10/15/36

    366       356,111  

Bank of Montreal

   

0.63%, 07/09/24

    619       572,160  

0.95%, 01/22/27 (Call 01/22/26),
(SOFR + 0.603%)(b)

    445       383,928  

1.25%, 09/15/26

    510       433,872  

1.50%, 01/10/25

    475       436,140  

1.85%, 05/01/25(a)

    457       419,636  

2.15%, 03/08/24

    570       546,106  

2.50%, 06/28/24

    550       525,239  

2.65%, 03/08/27(a)

    390       345,599  

3.70%, 06/07/25

    520       498,129  

Series E, 3.30%, 02/05/24

    603       588,341  

Series H, 4.25%, 09/14/24

    50       48,955  

Series H, 4.70%, 09/14/27 (Call 08/14/27)

    100       95,792  

Bank of New York Mellon Corp. (The)

   

0.50%, 04/26/24 (Call 03/26/24)

    195       182,384  

0.75%, 01/28/26 (Call 12/28/25)

    330       288,463  

1.05%, 10/15/26 (Call 09/15/26)

    400       340,176  

1.60%, 04/24/25 (Call 03/24/25)

    540       494,483  

1.65%, 07/14/28 (Call 05/14/28)(a)

    160       130,112  

1.65%, 01/28/31 (Call 10/28/30)

    235       176,102  

1.80%, 07/28/31 (Call 04/28/31)(a)

    75       55,855  

2.05%, 01/26/27 (Call 12/26/26)

    30       26,362  

2.10%, 10/24/24

    411       387,869  

2.45%, 08/17/26 (Call 05/17/26)

    408       369,958  

2.80%, 05/04/26 (Call 02/04/26)

    377       349,094  

3.00%, 10/30/28 (Call 07/30/28)

    211       181,418  
Security   Par
(000)
    Value  
Banks (continued)            

3.25%, 09/11/24 (Call 08/11/24)

  $ 326     $ 315,956  

3.25%, 05/16/27 (Call 02/16/27)

    198       182,978  

3.30%, 08/23/29 (Call 05/23/29)

    330       285,582  

3.35%, 04/25/25 (Call 03/25/25)

    290       278,870  

3.40%, 05/15/24 (Call 04/15/24)

    386       376,331  

3.40%, 01/29/28 (Call 10/29/27)

    163       148,235  

3.43%, 06/13/25 (Call 06/13/24)(b)

    90       87,226  

3.44%, 02/07/28 (Call 02/07/27),
(3 mo. LIBOR US + 1.069%)(b)

    356       325,768  

3.85%, 04/28/28

    70       65,072  

3.99%, 06/13/28 (Call 06/13/27)(b)

    245       228,205  

4.29%, 06/13/33 (Call 06/13/32)(b)

    260       232,315  

4.41%, 07/24/26 (Call 07/24/25)(b)

    45       43,688  

4.60%, 07/26/30 (Call 07/26/29)(b)

    225       210,623  

5.80%, 10/25/28(a)

    40       40,280  

5.83%, 10/25/33

    180       180,461  

Series 12, 3.65%, 02/04/24 (Call 01/05/24)

    436       428,605  

Series G, 3.00%, 02/24/25 (Call 01/24/25)

    348       332,138  

Series J, 0.85%, 10/25/24 (Call 09/25/24)

    200       183,978  

Bank of Nova Scotia (The)

   

0.65%, 07/31/24

        530           487,770  

0.70%, 04/15/24

    570       532,226  

1.05%, 03/02/26

    155       134,360  

1.30%, 06/11/25(a)

    445       399,668  

1.30%, 09/15/26

    330       281,335  

1.35%, 06/24/26

    155       134,030  

1.45%, 01/10/25

    550       503,921  

1.95%, 02/02/27

    70       60,477  

2.15%, 08/01/31

    165       122,722  

2.20%, 02/03/25

    521       485,015  

2.44%, 03/11/24

    310       298,418  

2.45%, 02/02/32

    445       334,213  

2.70%, 08/03/26

    299       269,578  

2.95%, 03/11/27

    235       210,490  

3.40%, 02/11/24

    181       176,853  

3.45%, 04/11/25

    580       551,998  

Barclays Bank PLC, 3.75%, 05/15/24

    280       273,017  

BPCE SA

   

3.38%, 12/02/26

    280       255,133  

4.00%, 04/15/24(a)

    590       574,288  

Canadian Imperial Bank of Commerce

   

0.95%, 10/23/25(a)

    320       280,582  

1.00%, 10/18/24

    560       514,136  

1.25%, 06/22/26

    295       252,367  

2.25%, 01/28/25

    508       473,649  

3.10%, 04/02/24(a)

    520       504,057  

3.30%, 04/07/25

    265       251,890  

3.45%, 04/07/27(a)

    245       223,477  

3.60%, 04/07/32 (Call 03/07/32)(a)

    130       107,307  

3.95%, 08/04/25

    385       369,704  

Citigroup Inc.

   

0.78%, 10/30/24 (Call 10/30/23),
(SOFR + 0.686%)(b)

    7       6,617  

0.98%, 05/01/25 (Call 05/01/24),
(SOFR + 0.669%)(b)

    815       751,813  

1.12%, 01/28/27 (Call 01/28/26),
(SOFR + 0.765%)(b)

    315       267,917  

1.28%, 11/03/25 (Call 11/03/24),
(SOFR + 0.528%)(b)

    435       394,262  

1.46%, 06/09/27 (Call 06/09/26),
(SOFR + 0.770%)(b)

    1,011       858,875  

2.01%, 01/25/26 (Call 01/25/25),
(SOFR + 0.694%)(b)

    660       603,148  

2.52%, 11/03/32 (Call 11/03/31),
(SOFR + 1.177%)(b)

    645       482,776  

2.56%, 05/01/32 (Call 05/01/31),
(SOFR + 1.167%)(b)

    950       724,042  

2.57%, 06/03/31 (Call 06/03/30),
(SOFR + 2.107%)(b)

    1,003       785,660  

 

 

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

  45


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)(b)

  $ 901     $ 716,637  

2.90%, 11/03/42 (Call 11/03/41),
(SOFR + 1.379%)(a)(b)

    255       161,237  

2.98%, 11/05/30 (Call 11/05/29),
(SOFR + 1.422%)(b)

    838       683,808  

3.06%, 01/25/33 (Call 01/25/32), (SOFR + 1.351%)(b)

    955       745,970  

3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)(b)

    900       794,565  

3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)(b)

    723       674,769  

3.20%, 10/21/26 (Call 07/21/26)

    494       450,296  

3.29%, 03/17/26 (Call 03/17/25), (SOFR + 1.528%)(b)

    605       567,066  

3.30%, 04/27/25

    544       516,376  

3.35%, 04/24/25 (Call 04/24/24),
(3 mo. LIBOR US + 0.897%)(b)

    943       905,525  

3.40%, 05/01/26

    635       589,578  

3.52%, 10/27/28 (Call 10/27/27),
(3 mo. LIBOR US + 1.151%)(b)

    811       717,962  

3.67%, 07/24/28 (Call 07/24/27),
(3 mo. LIBOR US + 1.390%)(b)

    884       792,515  

3.70%, 01/12/26

    660       620,512  

3.75%, 06/16/24

    606       592,832  

3.79%, 03/17/33 (Call 03/17/32), (SOFR + 1.939%)(b)

    830       686,775  

3.88%, 01/24/39 (Call 01/24/38),
(3 mo. LIBOR US + 1.168%)(b)

    266       203,197  

3.89%, 01/10/28 (Call 01/10/27),
(3 mo. LIBOR US + 1.563%)(b)

    531       486,279  

3.98%, 03/20/30 (Call 03/20/29),
(3 mo. LIBOR US + 1.338%)(b)

    600       528,810  

4.08%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.192%)(b)

    699       629,715  

4.14%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)(a)(b)

    115       111,709  

4.28%, 04/24/48 (Call 04/24/47),
(3 mo. LIBOR US + 1.839%)(b)

    336       256,778  

4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)(b)

    824       734,044  

4.65%, 07/30/45

    289       230,307  

4.65%, 07/23/48 (Call 06/23/48)

    703       565,409  

4.66%, 05/24/28 (Call 05/24/27), (SOFR + 1.887%)(a)(b)

    255       240,253  

4.91%, 05/24/33 (Call 05/24/32)(b)

    845       768,773  

5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)(b)

    400       355,756  

5.61%, 09/29/26 (Call 09/29/25)(b)

    860       848,399  

5.88%, 01/30/42

    395       368,871  

8.13%, 07/15/39

    608       703,651  

Comerica Bank, 2.50%, 07/23/24

    260       247,541  

Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28)

    395       360,295  

Cooperatieve Rabobank UA, 5.25%, 05/24/41

    591       550,546  

Cooperatieve Rabobank UA/NY

   

1.38%, 01/10/25

    380       348,973  

3.38%, 05/21/25

    370       353,428  

3.88%, 08/22/24

        345           337,269  

Credit Suisse AG/New York NY

   

0.50%, 02/02/24

    235       214,576  

1.25%, 08/07/26

    485       387,229  

2.95%, 04/09/25

    675       604,051  

3.63%, 09/09/24

    615       571,741  

3.70%, 02/21/25

    445       407,157  

4.75%, 08/09/24

    295       280,082  

5.00%, 07/09/27

    500       449,740  

Deutsche Bank AG/New York NY

   

0.90%, 05/28/24

    400       367,152  

1.69%, 03/19/26

    750       645,450  

4.16%, 05/13/25(a)

    265       252,908  
Security  

Par

(000)

    Value  
Banks (continued)            

Fifth Third Bank NA

   

2.25%, 02/01/27 (Call 01/01/27)

  $ 155     $ 135,822  

3.95%, 07/28/25 (Call 06/28/25)

    405       391,291  

Goldman Sachs Group Inc. (The)

   

0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)(b)

    207       183,489  

1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)(a)(b)

    675       580,864  

1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)(b)

    400       342,296  

1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)(b)

    787       660,946  

1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)(b)

    810       765,280  

1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)(b)

    980       832,775  

1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)(b)

    515       375,821  

2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)(b)

        1,117       831,573  

2.60%, 02/07/30 (Call 11/07/29)(a)

    681           541,558  

2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)(b)

    1,020       779,280  

2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)(b)

    680       587,996  

2.65%, 10/21/32 (Call 10/21/31), (SOFR + 1.264%)(b)

    630       475,984  

2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)(b)

    442       275,706  

3.00%, 03/15/24

    300       290,097  

3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)(b)

    985       772,171  

3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)(b)

    617       409,972  

3.27%, 09/29/25 (Call 09/29/24),
(3 mo. LIBOR US + 1.201%)(b)

    707       670,151  

3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.632%)(b)

    565       385,437  

3.50%, 01/23/25 (Call 10/23/24)

    684       654,697  

3.50%, 04/01/25 (Call 03/01/25)

    763       722,767  

3.50%, 11/16/26 (Call 11/16/25)

    721       662,585  

3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)(b)

    855       770,569  

3.63%, 02/20/24 (Call 01/20/24)

    151       147,637  

3.69%, 06/05/28 (Call 06/05/27),
(3 mo. LIBOR US + 1.510%)(b)

    885       795,349  

3.75%, 05/22/25 (Call 02/22/25)

    574       546,769  

3.75%, 02/25/26 (Call 11/25/25)

    585       549,666  

3.80%, 03/15/30 (Call 12/15/29)

    868       748,780  

3.81%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.158%)(b)

    623       552,769  

3.85%, 07/08/24 (Call 04/08/24)

    847       827,866  

3.85%, 01/26/27 (Call 01/26/26)

    797       739,616  

4.00%, 03/03/24

    603       592,025  

4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)(b)

    653       507,714  

4.22%, 05/01/29 (Call 05/01/28),
(3 mo. LIBOR US + 1.301%)(b)

    742       671,436  

4.39%, 06/15/27 (Call 06/15/26)(b)

    35       32,899  

4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)(b)

    420       340,817  

4.48%, 08/23/28 (Call 08/23/27)(b)

    730       678,433  

4.75%, 10/21/45 (Call 04/21/45)

    360       291,712  

4.80%, 07/08/44 (Call 01/08/44)

    463       378,868  

6.13%, 02/15/33(a)

    373       372,978  

6.25%, 02/01/41

    749       734,185  

HSBC Bank USA NA, 7.00%, 01/15/39

    235       235,743  

HSBC Holdings PLC

   

0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)(b)

    825       750,230  

1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)(b)

    390       365,957  

1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)(b)

    810       665,893  

1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)(b)

    883       771,548  

2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)(a)(b)

    490       385,184  

2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)(b)

    830       729,935  

2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)(b)

    405       306,966  

2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)(b)

    940       773,423  

 

 

46  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

2.36%, 08/18/31 (Call 08/18/30),
(SOFR + 1.947%)(b)

  $ 565     $ 401,512  

2.63%, 11/07/25 (Call 11/07/24),
(SOFR + 1.401%)(b)

    635           580,352  

2.80%, 05/24/32 (Call 05/24/31),
(SOFR + 1.187%)(b)

    675       484,063  

2.85%, 06/04/31 (Call 06/04/30),
(SOFR + 2.387%)(b)

    445       331,854  

2.87%, 11/22/32 (Call 11/22/31),
(SOFR + 1.410%)(b)

    630       448,522  

3.00%, 03/10/26 (Call 03/10/25),
(SOFR + 1.430%)(b)

    410       372,403  

3.80%, 03/11/25 (Call 03/11/24),
(3 mo. LIBOR US + 1.211%)(b)

    240       229,164  

3.90%, 05/25/26

    815       744,323  

3.97%, 05/22/30 (Call 05/22/29),
(3 mo. LIBOR US + 1.610%)(b)

    1,138       939,647  

4.04%, 03/13/28 (Call 03/13/27),
(3 mo. LIBOR US + 1.546%)(b)

    798       699,192  

4.18%, 12/09/25 (Call 12/09/24)(b)

    630       594,871  

4.29%, 09/12/26 (Call 09/12/25),
(3 mo. LIBOR US + 1.348%)(b)

    690       636,490  

4.30%, 03/08/26(a)

    737       693,922  

4.58%, 06/19/29 (Call 06/19/28),
(3 mo. LIBOR US + 1.535%)(b)

    733       638,106  

4.76%, 06/09/28 (Call 06/09/27)(b)

    825       742,929  

4.95%, 03/31/30

    863       773,343  

5.21%, 08/11/28 (Call 08/11/27)(b)

    500       458,500  

5.40%, 08/11/33 (Call 08/11/32)(b)

    806       699,560  

6.10%, 01/14/42(a)

    300       277,287  

7.34%, 11/03/26 (Call 11/03/25)

    800       800,000  

7.39%, 11/03/28 (Call 11/03/27)

    565       565,000  

HSBC USA Inc.

   

3.50%, 06/23/24

    295       284,312  

3.75%, 05/24/24

    360       349,661  

Huntington National Bank (The)

   

4.01%, 05/16/25 (Call 05/16/24)(b)

    285       277,724  

4.55%, 05/17/28 (Call 05/17/27)(a)(b)

    310       295,821  

ING Groep NV

   

1.73%, 04/01/27 (Call 04/01/26),
(SOFR + 1.005%)(a)(b)

    215       182,922  

2.73%, 04/01/32 (Call 04/01/31),
(SOFR + 1.316%)(b)

    283       211,732  

3.55%, 04/09/24

    335       325,265  

3.87%, 03/28/26 (Call 03/28/25),
(SOFR + 1.640%)(b)

    340       319,396  

3.95%, 03/29/27

    395       358,992  

4.02%, 03/28/28 (Call 03/28/27),
(SOFR + 1.830%)(b)

    430       386,514  

4.05%, 04/09/29

    340       296,670  

4.25%, 03/28/33 (Call 03/28/32),
(SOFR + 2.070%)(b)

    320       266,051  

4.55%, 10/02/28(a)

    430       387,525  

JPMorgan Chase & Co.

   

0.56%, 02/16/25 (Call 02/16/24),
(SOFR + 0.420%)(b)

    155       144,276  

0.77%, 08/09/25 (Call 08/09/24),
(SOFR + 0.490%)(b)

    90       81,960  

0.82%, 06/01/25 (Call 06/01/24),
(SOFR + 0.540%)(b)

    125       115,146  

0.97%, 06/23/25 (Call 06/23/24),
(SOFR + 0.580%)(b)

    425       390,847  

1.04%, 02/04/27 (Call 02/04/26),
(SOFR + 0.695%)(b)

    60       51,042  

1.05%, 11/19/26 (Call 11/19/25),
(SOFR + 0.800%)(b)

    355       305,847  

1.47%, 09/22/27 (Call 09/22/26),
(SOFR + 0.765%)(b)

    645       542,103  

1.56%, 12/10/25 (Call 12/10/24),
(SOFR + 0.605%)(b)

    405       369,550  

1.58%, 04/22/27 (Call 04/22/26),
(SOFR + 0.885%)(b)

    625       536,981  

1.76%, 11/19/31 (Call 11/19/30),
(SOFR + 1.105%)(a)(b)

    390       283,756  

1.95%, 02/04/32 (Call 02/04/31),
(SOFR + 1.065%)(b)

    444       325,656  

2.01%, 03/13/26 (Call 03/13/25),
(SOFR + 1.585%)(b)

    300       273,597  

2.07%, 06/01/29 (Call 06/01/28),
(SOFR + 1.015%)(b)

    260       210,324  

2.08%, 04/22/26 (Call 04/22/25),
(SOFR + 1.850%)(b)

    630       573,672  

2.18%, 06/01/28 (Call 06/01/27),
(SOFR + 1.890%)(b)

    301       254,694  

2.30%, 10/15/25 (Call 10/15/24),
(SOFR + 1.160%)(b)

    435       405,624  

2.52%, 04/22/31 (Call 04/22/30),
(SOFR + 2.040%)(b)

    485       382,549  
Security   Par
(000)
    Value  
Banks (continued)            

2.53%, 11/19/41 (Call 11/19/40),
(SOFR + 1.510%)(b)

  $ 350     $ 215,744  

2.55%, 11/08/32 (Call 11/08/31),
(SOFR + 1.180%)(b)

    575       434,516  

2.58%, 04/22/32 (Call 04/22/31),
(SOFR + 1.250%)(b)

    675       519,156  

2.60%, 02/24/26 (Call 02/24/25),
(SOFR + 0.915%)(b)

    350       324,338  

2.74%, 10/15/30 (Call 10/15/29),
(SOFR + 1.510%)(b)

    720       582,970  

2.95%, 10/01/26 (Call 07/01/26)

    377       344,450  

2.95%, 02/24/28 (Call 02/24/27),
(SOFR + 1.170%)(b)

    410       361,001  

2.96%, 05/13/31 (Call 05/13/30),
(SOFR + 2.515%)(a)(b)

    411       323,736  

2.96%, 01/25/33 (Call 01/25/32),
(SOFR + 1.260%)(b)

    590       460,395  

3.11%, 04/22/41 (Call 04/22/40),
(SOFR + 2.460%)(b)

    295       201,877  

3.11%, 04/22/51 (Call 04/22/50),
(SOFR + 2.440%)(b)

    260       162,367  

3.13%, 01/23/25 (Call 10/23/24)

    510       487,993  

3.16%, 04/22/42 (Call 04/22/41),
(SOFR + 2.460%)(b)

    120       81,958  

3.20%, 06/15/26 (Call 03/15/26)

    260       240,913  

3.22%, 03/01/25 (Call 03/01/24),
(3 mo. LIBOR US + 1.155%)(b)

    495       478,071  

3.30%, 04/01/26 (Call 01/01/26)

        408           381,039  

3.33%, 04/22/52 (Call 04/22/51),
(SOFR + 1.580%)(b)

    655       423,890  

3.51%, 01/23/29 (Call 01/23/28),
(3 mo. LIBOR US + 0.945%)(b)

    320       282,982  

3.54%, 05/01/28 (Call 05/01/27),
(3 mo. LIBOR US + 1.380%)(b)

    518       465,920  

3.63%, 05/13/24

    105       102,914  

3.63%, 12/01/27 (Call 12/01/26)

    262       237,113  

3.70%, 05/06/30 (Call 05/06/29),
(3 mo. LIBOR US + 1.160%)(b)

    506       440,589  

3.78%, 02/01/28 (Call 02/01/27),
(3 mo. LIBOR US + 1.337%)(b)

    474       431,951  

3.85%, 06/14/25 (Call 06/14/24)(b)

    450       437,562  

3.88%, 02/01/24

    389       384,176  

3.88%, 09/10/24

    555       540,670  

3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)(b)

    371       288,601  

3.90%, 07/15/25 (Call 04/15/25)

    587       567,265  

3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)(b)

    280       203,871  

3.96%, 01/29/27 (Call 01/29/26),
(3 mo. LIBOR US + 1.245%)(b)

    65       60,913  

3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)(b)

    630       462,061  

4.01%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.120%)(b)

    420       377,987  

4.02%, 12/05/24 (Call 12/05/23),
(3 mo. LIBOR US + 1.000%)(b)

    440       432,084  

4.03%, 07/24/48 (Call 07/24/47),
(3 mo. LIBOR US + 1.460%)(b)

    308       229,007  

4.08%, 04/26/26 (Call 04/26/25),
(SOFR + 1.320%)(b)

    355       340,335  

4.13%, 12/15/26

    510       483,444  

4.20%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.260%)(b)

    345       312,467  

4.25%, 10/01/27

    315       295,826  

4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)(b)

    328       254,387  

4.32%, 04/26/28 (Call 04/26/27),
(SOFR + 1.560%)(b)

    605       563,176  

4.45%, 12/05/29 (Call 12/05/28),
(3 mo. LIBOR US + 1.330%)(b)

    405       369,072  

4.49%, 03/24/31 (Call 03/24/30),
(SOFR + 3.790%)(b)

    600       543,126  

4.57%, 06/14/30 (Call 06/14/29)(b)

    300       275,256  

4.59%, 04/26/33 (Call 04/26/32),
(SOFR + 1.800%)(b)

    130       115,982  

4.85%, 07/25/28 (Call 07/25/27)(a)(b)

    475       451,639  

 

 

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

  47


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

4.85%, 02/01/44

  $ 68     $ 58,292  

4.91%, 07/25/33 (Call 07/25/32)(b)

    750       686,475  

4.95%, 06/01/45

    305       251,915  

5.40%, 01/06/42

    279       254,646  

5.50%, 10/15/40

    95       88,131  

5.60%, 07/15/41

    323       302,964  

5.63%, 08/16/43

    240       215,743  

5.72%, 09/14/33 (Call 09/14/32)(b)

    250       232,255  

6.40%, 05/15/38

    367       378,076  

7.63%, 10/15/26

    155       167,031  

8.00%, 04/29/27

    184       201,912  

KeyBank NA/Cleveland OH

   

3.30%, 06/01/25

    317       301,400  

4.15%, 08/08/25

    435       420,454  

Lloyds Banking Group PLC

   

1.63%, 05/11/27 (Call 05/11/26)(b)

    395       331,125  

2.44%, 02/05/26 (Call 02/05/25)(b)

    365       331,661  

3.51%, 03/18/26 (Call 03/18/25)(b)

    490       453,911  

3.57%, 11/07/28 (Call 11/07/27),
(3 mo. LIBOR US + 1.205%)(b)

    660       564,181  

3.75%, 01/11/27

    475       425,576  

3.75%, 03/18/28 (Call 03/18/27)(b)

    320       282,512  

3.87%, 07/09/25 (Call 07/09/24)(b)

    349       332,538  

3.90%, 03/12/24

    445       433,403  

4.38%, 03/22/28

    280       249,586  

4.45%, 05/08/25

    515       493,813  

4.55%, 08/16/28

    485       434,584  

4.72%, 08/11/26 (Call 08/11/25)(b)

    405       382,842  

4.98%, 08/11/33 (Call 08/11/32)(b)

    325       278,187  

M&T Bank Corp., 4.55%, 08/16/28 (Call 08/16/27)(b)

        240           226,049  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)

    5       4,744  

3.40%, 08/17/27

    270       239,868  

Mitsubishi UFJ Financial Group Inc.

   

0.95%, 07/19/25 (Call 07/19/24)(b)

    700       642,474  

0.96%, 10/11/25 (Call 10/11/24)(b)

    355       322,784  

1.41%, 07/17/25

    665       593,639  

1.54%, 07/20/27 (Call 07/20/26)(b)

    715       604,347  

1.64%, 10/13/27 (Call 10/13/26)(b)

    535       450,684  

2.05%, 07/17/30(a)

    320       239,741  

2.19%, 02/25/25

    930       858,092  

2.31%, 07/20/32 (Call 07/20/31)(b)

    605       441,354  

2.34%, 01/19/28 (Call 01/19/27)(b)

    370       316,332  

2.49%, 10/13/32 (Call 10/13/31)(b)

    305       224,840  

2.56%, 02/25/30

    389       306,353  

2.76%, 09/13/26

    255       227,419  

2.80%, 07/18/24(a)

    495       471,567  

2.85%, 01/19/33 (Call 01/19/32)(b)

    285       214,200  

3.20%, 07/18/29

    640       536,026  

3.29%, 07/25/27

    472       422,317  

3.41%, 03/07/24

    803       780,893  

3.68%, 02/22/27

    392       359,868  

3.74%, 03/07/29

    555       488,489  

3.75%, 07/18/39

    225       167,423  

3.78%, 03/02/25

    194       186,197  

3.84%, 04/17/26 (Call 04/17/25)(b)

    280       266,154  

3.85%, 03/01/26

    515       483,930  

3.96%, 03/02/28

    557       508,825  

4.05%, 09/11/28

    386       349,677  

4.08%, 04/19/28 (Call 04/19/27)(b)

    300       275,499  
Security   Par
(000)
    Value  
Banks (continued)            

4.15%, 03/07/39

  $ 2     $ 1,578  

4.29%, 07/26/38

    50       40,476  

4.32%, 04/19/33 (Call 04/19/32)(b)

    215       184,687  

4.79%, 07/18/25 (Call 07/18/24)(b)

    475       466,065  

5.02%, 07/20/28 (Call 07/20/27)(b)

    515       489,873  

5.06%, 09/12/25 (Call 09/12/24)(b)

    480       472,882  

5.13%, 07/20/33 (Call 07/20/32)(b)

    490       444,837  

5.35%, 09/13/28 (Call 09/13/27)(b)

    480       462,782  

5.47%, 09/13/33 (Call 09/13/32)(b)

    240       224,179  

Mizuho Financial Group Inc.

   

1.23%, 05/22/27 (Call 05/22/26)(b)

    270       226,954  

1.55%, 07/09/27 (Call 07/09/26)(b)

    395       334,458  

1.98%, 09/08/31 (Call 09/08/30),
(SOFR + 1.532%)(b)

    300       216,309  

2.17%, 05/22/32 (Call 05/22/31)(b)

    225       160,418  

2.20%, 07/10/31 (Call 07/10/30),
(SOFR + 1.772%)(b)

    465       342,761  

2.23%, 05/25/26 (Call 05/25/25),
(3 mo. LIBOR US + 0.830%)(b)

    240       217,061  

2.26%, 07/09/32 (Call 07/09/31)(a)(b)

    210       150,734  

2.56%, 09/13/25 (Call 09/13/24),
(SOFR + 1.362%)(b)

    220       205,962  

2.59%, 05/25/31 (Call 05/25/30),
(3 mo. LIBOR US + 1.070%)(b)

    115       87,642  

2.65%, 05/22/26 (Call 05/22/25)(b)

    160       146,501  

2.84%, 07/16/25 (Call 07/16/24),
(SOFR + 1.242%)(b)

    205       194,010  

2.84%, 09/13/26(a)

    220       195,356  

2.87%, 09/13/30 (Call 09/13/29),
(SOFR + 1.572%)(b)

    215       171,463  

3.15%, 07/16/30 (Call 07/16/29),
(3 mo. LIBOR US + 1.130%)(b)

    235       191,668  

3.17%, 09/11/27

    396       346,516  

3.26%, 05/22/30 (Call 05/22/29)(b)

    215       178,349  

3.66%, 02/28/27

    222       201,092  

4.02%, 03/05/28(a)

    430       387,082  

4.25%, 09/11/29 (Call 09/11/28),
(3 mo. LIBOR US + 1.270%)(b)

    305       271,066  

5.41%, 09/13/28 (Call 09/13/27)(a)(b)

    225       217,314  

5.67%, 09/13/33 (Call 09/13/32)(b)

        200           187,180  

Morgan Stanley

   

0.79%, 01/22/25 (Call 01/22/24),
(SOFR + 0.509%)(b)

    772       720,755  

0.79%, 05/30/25 (Call 05/30/24),
(SOFR + 0.525%)(b)

    620       567,815  

0.99%, 12/10/26 (Call 12/10/25),
(SOFR + 0.720%)(b)

    887       759,893  

1.16%, 10/21/25 (Call 10/21/24),
(SOFR + 0.560%)(b)

    690       624,843  

1.51%, 07/20/27 (Call 07/20/26),
(SOFR + 0.858%)(b)

    952       807,325  

1.59%, 05/04/27 (Call 05/04/26),
(SOFR + 0.879%)(b)

    637       545,571  

1.79%, 02/13/32 (Call 02/13/31),
(SOFR + 1.034%)(b)

    580       419,410  

1.93%, 04/28/32 (Call 04/28/31),
(SOFR + 1.020%)(b)

    758       549,376  

2.19%, 04/28/26 (Call 04/28/25),
(SOFR + 1.990%)(a)(b)

    535       488,182  

2.24%, 07/21/32 (Call 07/21/31),
(SOFR + 1.178%)(b)

    874       648,473  

2.48%, 01/21/28 (Call 01/21/27),
(SOFR + 1.000%)(b)

    750       648,795  

2.51%, 10/20/32 (Call 10/20/31),
(SOFR + 1.200%)(b)

    670       505,012  

2.63%, 02/18/26 (Call 02/18/25),
(SOFR + 0.940%)(b)

    775       718,037  

2.70%, 01/22/31 (Call 01/22/30),
(SOFR + 1.143%)(b)

    881       705,866  

2.72%, 07/22/25 (Call 07/22/24),
(SOFR + 1.152%)(b)

    743       701,184  

2.80%, 01/25/52 (Call 01/25/51),
(SOFR + 1.430%)(b)

    670       393,129  

2.94%, 01/21/33 (Call 01/21/32),
(SOFR + 1.290%)(b)

    710       552,337  

3.13%, 07/27/26

    438       399,684  

3.22%, 04/22/42 (Call 04/22/41),
(SOFR + 1.485%)(b)

    617       420,263  

3.59%, 07/22/28 (Call 07/22/27),
(3 mo. LIBOR US + 1.340%)(b)

    530       475,267  

3.62%, 04/17/25 (Call 04/17/24),
(SOFR + 1.160%)(b)

    770       743,797  

3.62%, 04/01/31 (Call 04/01/30),
(SOFR + 3.120%)(b)

    775       660,796  

3.63%, 01/20/27

    953       879,114  

 

 

48  

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


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

3.70%, 10/23/24

  $ 418     $ 405,293  

3.77%, 01/24/29 (Call 01/24/28),
(3 mo. LIBOR US + 1.140%)(a)(b)

    967       862,670  

3.88%, 01/27/26

    1,006       952,742  

3.97%, 07/22/38 (Call 07/22/37),
(3 mo. LIBOR US + 1.455%)(b)

    469       369,112  

4.00%, 07/23/25

    412       396,772  

4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)(b)

    320       296,192  

4.30%, 01/27/45

    615       475,100  

4.38%, 01/22/47(a)

    635       493,947  

4.43%, 01/23/30 (Call 01/23/29),
(3 mo. LIBOR US + 1.628%)(b)

    682       621,868  

4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 0.408%)(b)

    315       258,332  

4.68%, 07/17/26 (Call 07/17/25)(b)

    285       276,632  

4.89%, 07/20/33 (Call 07/20/32)(b)

    515       470,102  

5.60%, 03/24/51 (Call 03/24/50),
(SOFR + 4.480%)(b)

    466       431,842  

6.25%, 08/09/26

    225       229,154  

6.34%, 10/18/33

    270       273,969  

6.38%, 07/24/42

    442       447,759  

7.25%, 04/01/32

    466       504,883  

Series F, 3.88%, 04/29/24

    641       628,045  

Series I, 0.86%, 10/21/25 (Call 10/21/24),
(SOFR + 0.745%)(b)

        390           351,936  

National Australia Bank Ltd., 3.91%, 06/09/27

    75       70,803  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26

    255       231,693  

3.38%, 01/14/26

    305       288,045  

3.50%, 06/09/25

    370       355,581  

National Bank of Canada

   

0.55%, 11/15/24 (Call 11/15/23)(b)

    380       360,137  

0.75%, 08/06/24

    440       404,329  

3.75%, 06/09/25 (Call 06/09/24)(b)

    365       351,261  

NatWest Group PLC

   

1.64%, 06/14/27 (Call 06/14/26)(b)

    500       415,645  

3.07%, 05/22/28 (Call 05/22/27)(b)

    50       42,402  

4.45%, 05/08/30 (Call 05/08/29),
(3 mo. LIBOR US + 1.871%)(b)

    500       426,815  

4.80%, 04/05/26

    200       188,716  

4.89%, 05/18/29 (Call 05/18/28),
(3 mo. LIBOR US + 1.754%)(b)

    510       454,767  

5.08%, 01/27/30 (Call 01/27/29),
(3 mo. LIBOR US + 1.905%)(b)

    500       445,660  

5.52%, 09/30/28 (Call 09/30/27)(b)

    500       466,600  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)

    255       199,298  

3.15%, 05/03/29 (Call 02/03/29)

    210       184,850  

3.65%, 08/03/28 (Call 05/03/28)(a)

    220       203,104  

3.95%, 10/30/25

    525       507,512  

4.00%, 05/10/27 (Call 04/10/27)(a)

    305       291,577  

6.13%, 11/02/32

    195       195,392  

PNC Bank NA

   

2.70%, 10/22/29

    255       207,126  

2.95%, 02/23/25 (Call 01/24/25)

    270       256,946  

3.10%, 10/25/27 (Call 09/25/27)

    280       252,664  

3.25%, 06/01/25 (Call 05/02/25)

    315       299,474  

3.25%, 01/22/28 (Call 12/23/27)

    160       144,846  

3.30%, 10/30/24 (Call 09/30/24)

    50       48,079  

3.88%, 04/10/25 (Call 03/10/25)

    295       283,808  

4.05%, 07/26/28

    450       408,834  
Security   Par
(000)
    Value  
Banks (continued)            

4.20%, 11/01/25 (Call 10/02/25)

  $ 135     $ 130,252  

2.50%, 08/27/24 (Call 07/27/24)

    315       300,186  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)

    260       223,228  

2.20%, 11/01/24 (Call 10/02/24)

    181       170,654  

2.31%, 04/23/32 (Call 04/23/31),
(SOFR + 0.979%)(a)(b)

    333       255,787  

2.55%, 01/22/30 (Call 10/24/29)

    790       641,243  

2.60%, 07/23/26 (Call 05/23/26)

    525       474,259  

3.15%, 05/19/27 (Call 04/19/27)(a)

    50       45,079  

3.45%, 04/23/29 (Call 01/23/29)(a)

    501       440,003  

3.90%, 04/29/24 (Call 03/29/24)

    352       344,471  

4.63%, 06/06/33 (Call 06/06/32)(a)(b)

        295           260,358  

6.04%, 10/28/33

    400       402,448  

Royal Bank of Canada

   

0.65%, 07/29/24

    432       398,758  

0.75%, 10/07/24

    475       434,729  

0.88%, 01/20/26

    530       458,291  

1.15%, 06/10/25

    617       554,035  

1.15%, 07/14/26

    405       345,915  

1.20%, 04/27/26

    565       487,668  

1.40%, 11/02/26

    430       366,231  

1.60%, 01/21/25

    280       258,146  

2.05%, 01/21/27

    250       218,273  

2.25%, 11/01/24

    658       618,908  

2.30%, 11/03/31

    105       79,799  

2.55%, 07/16/24(a)

    445       424,557  

3.38%, 04/14/25

    175       167,136  

3.63%, 05/04/27

    500       460,570  

3.88%, 05/04/32

    350       301,749  

3.97%, 07/26/24

    665       649,818  

4.24%, 08/03/27

    515       484,028  

4.65%, 01/27/26

    138       133,251  

5.66%, 10/25/24

    200       200,540  

6.00%, 11/01/27

    200       201,254  

Santander UK PLC, 4.00%, 03/13/24(a)

    500       489,745  

State Street Corp.

   

1.68%, 11/18/27 (Call 11/18/26),
(SOFR + 0.560%)(b)

    120       103,811  

2.20%, 02/07/28 (Call 02/07/27),
(SOFR + 0.730%)(a)(b)

    160       138,806  

2.20%, 03/03/31

    542       417,064  

2.35%, 11/01/25 (Call 11/01/24),
(SOFR + 0.940%)(b)

    213       200,107  

2.40%, 01/24/30

    85       69,394  

2.62%, 02/07/33 (Call 02/07/32),
(SOFR + 1.002%)(b)

    240       186,984  

2.65%, 05/19/26

    15       13,894  

3.03%, 11/01/34 (Call 11/01/29),
(SOFR + 1.490%)(b)

    175       142,342  

3.30%, 12/16/24

    438       422,035  

3.55%, 08/18/25

    69       66,337  

3.78%, 12/03/24 (Call 12/03/23),
(3 mo. LIBOR US + 0.770%)(b)

    255       250,831  

4.14%, 12/03/29 (Call 12/03/28),
(3 mo. LIBOR US + 1.030%)(b)

    170       155,865  

4.16%, 08/04/33 (Call 08/04/32)(b)

    310       274,694  

4.42%, 05/13/33 (Call 05/13/32)(b)

    165       150,336  

Sumitomo Mitsui Banking Corp.

   

3.40%, 07/11/24(a)

    200       194,040  

3.65%, 07/23/25(a)

    55       52,281  

Sumitomo Mitsui Financial Group Inc.

   

0.95%, 01/12/26

    260       223,980  

1.40%, 09/17/26

    825       698,313  

1.47%, 07/08/25

    730       651,802  

1.71%, 01/12/31

    380       270,917  

 

 

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

  49


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

1.90%, 09/17/28

  $ 625     $ 496,469  

2.13%, 07/08/30

    550       412,824  

2.17%, 01/14/27

    100       86,335  

2.22%, 09/17/31(a)

    340       249,101  

2.30%, 01/12/41

    100       58,129  

2.35%, 01/15/25

    590       549,485  

2.45%, 09/27/24

    267       251,429  

2.47%, 01/14/29

    260       210,766  

2.63%, 07/14/26

    844       756,925  

2.70%, 07/16/24

    480       457,022  

2.72%, 09/27/29

    200       160,986  

2.75%, 01/15/30

    460       367,701  

3.01%, 10/19/26

    645       583,041  

3.04%, 07/16/29

    509       420,480  

3.05%, 01/14/42(a)

    90       58,388  

3.35%, 10/18/27

    375       333,866  

3.36%, 07/12/27

    714       641,129  

3.45%, 01/11/27(a)

    537       488,305  

3.54%, 01/17/28

    245       219,527  

3.78%, 03/09/26(a)

    84       79,112  

3.94%, 07/19/28

    236       212,442  

4.31%, 10/16/28

        205           187,940  

Toronto-Dominion Bank (The)

   

0.55%, 03/04/24

    135       126,579  

0.70%, 09/10/24

    485       444,740  

0.75%, 09/11/25(a)

    487       427,230  

0.75%, 01/06/26

    562       485,197  

1.15%, 06/12/25

    145       129,906  

1.20%, 06/03/26

    478       411,677  

1.25%, 12/13/24

    165       151,488  

1.25%, 09/10/26

    350       298,522  

1.45%, 01/10/25

    545       501,580  

1.95%, 01/12/27

    385       333,626  

2.00%, 09/10/31

    315       233,138  

2.35%, 03/08/24

    500       480,715  

2.45%, 01/12/32

    205       155,878  

2.65%, 06/12/24

    185       177,398  

2.80%, 03/10/27

    230       205,116  

3.20%, 03/10/32

    495       402,965  

3.25%, 03/11/24

    686       667,567  

3.63%, 09/15/31 (Call 09/15/26)(b)

    477       427,540  

3.77%, 06/06/25

    530       508,975  

4.11%, 06/08/27

    410       384,170  

4.29%, 09/13/24

    600       587,916  

4.46%, 06/08/32

    650       584,083  

4.69%, 09/15/27

    500       479,075  

Truist Bank

   

1.50%, 03/10/25 (Call 02/10/25)

    610       557,595  

2.15%, 12/06/24 (Call 11/05/24)

    150       140,414  

2.25%, 03/11/30 (Call 12/11/29)

    367       285,383  

2.64%, 09/17/29 (Call 09/17/24)(b)

    322       298,130  

3.20%, 04/01/24 (Call 03/01/24)

    673       653,409  

3.30%, 05/15/26 (Call 04/15/26)

    245       225,020  

3.63%, 09/16/25 (Call 08/16/25)

    440       416,429  

3.80%, 10/30/26 (Call 09/30/26)

    312       290,257  

4.05%, 11/03/25 (Call 09/03/25)

    239       230,317  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)(a)

    140       113,617  

1.20%, 08/05/25 (Call 07/03/25)(a)

    245       218,675  

1.27%, 03/02/27 (Call 03/02/26),
(SOFR + 0.609%)(b)

    487       420,505
 
Security   Par
(000)
    Value  
Banks (continued)            

1.89%, 06/07/29 (Call 06/07/28),
(SOFR + 0.862%)(b)

  $ 370     $ 297,954  

1.95%, 06/05/30 (Call 03/05/30)

    263       202,810  

2.50%, 08/01/24 (Call 07/01/24)

    460       438,642  

2.85%, 10/26/24 (Call 09/26/24)

    650       620,139  

3.70%, 06/05/25 (Call 05/05/25)(a)

    370       355,011  

3.88%, 03/19/29 (Call 02/16/29)

    93       82,817  

4.00%, 05/01/25 (Call 03/01/25)

    297       287,745  

4.12%, 06/06/28 (Call 06/06/27)(a)(b)

    345       318,942  

4.26%, 07/28/26 (Call 07/28/25)(b)

    210       202,448  

4.92%, 07/28/33 (Call 07/28/32)(b)

    435       390,513  

5.90%, 10/28/26

    200       199,808  

6.12%, 10/28/33

    400       400,900  

U.S. Bancorp.

   

1.38%, 07/22/30 (Call 04/22/30)

        435           321,304  

1.45%, 05/12/25 (Call 04/11/25)

    439       401,189  

2.22%, 01/27/28 (Call 01/27/27),
(SOFR + 0.730%)(b)

    500       436,150  

2.40%, 07/30/24 (Call 06/28/24)

    497       475,013  

2.49%, 11/03/36 (Call 11/03/31)(b)

    450       330,422  

2.68%, 01/27/33 (Call 01/27/32),
(SOFR + 1.020%)(a)(b)

    280       220,433  

3.00%, 07/30/29 (Call 04/30/29)

    422       356,708  

3.10%, 04/27/26 (Call 03/27/26)

    58       53,804  

3.38%, 02/05/24 (Call 01/05/24)

    486       476,100  

3.60%, 09/11/24 (Call 08/11/24)

    427       415,556  

3.90%, 04/26/28 (Call 03/24/28)

    290       270,805  

3.95%, 11/17/25 (Call 10/17/25)

    390       376,642  

4.55%, 07/22/28 (Call 07/22/27)(b)

    560       532,056  

4.97%, 07/22/33 (Call 07/22/32)(b)

    385       350,627  

5.73%, 10/21/26

    140       140,482  

5.85%, 10/21/33

    670       669,109  

Series V, 2.38%, 07/22/26 (Call 06/22/26)

    439       397,839  

Series X, 3.15%, 04/27/27 (Call 03/27/27)

    504       463,680  

U.S. Bank NA/Cincinnati OH

   

2.05%, 01/21/25 (Call 12/20/24)

    200       186,896  

2.80%, 01/27/25 (Call 12/27/24)(a)

    429       408,159  

Wachovia Corp., 5.50%, 08/01/35

    315       287,129  

Wells Fargo & Co.

   

0.81%, 05/19/25 (Call 05/19/24),
(SOFR + 0.510%)(b)

    415       383,995  

2.16%, 02/11/26 (Call 02/11/25),
(3 mo. LIBOR US + 0.750%)(b)

    825       756,814  

2.19%, 04/30/26 (Call 04/30/25),
(SOFR + 2.000%)(b)

    620       564,200  

2.39%, 06/02/28 (Call 06/02/27),
(SOFR + 2.100%)(b)

    935       798,836  

2.41%, 10/30/25 (Call 10/30/24),
(SOFR + 1.087%)(b)

    825       768,199  

2.57%, 02/11/31 (Call 02/11/30),
(SOFR + 1.262%)(b)

    508       405,257  

2.88%, 10/30/30 (Call 10/30/29),
(SOFR + 1.432%)(b)

    785       643,355  

3.00%, 02/19/25

    777       734,319  

3.00%, 04/22/26

    564       516,224  

3.00%, 10/23/26

    650       588,666  

3.07%, 04/30/41 (Call 04/30/40),
(SOFR + 2.530%)(b)

    433       293,275  

3.20%, 06/17/27 (Call 06/17/26),
(3 mo. LIBOR US + 1.170%)(b)

    822       744,724  

3.30%, 09/09/24

    675       652,273  

3.35%, 03/02/33 (Call 03/02/32),
(SOFR + 1.500%)(b)

    650       524,881  

3.53%, 03/24/28 (Call 03/24/27),
(SOFR + 1.510%)(b)

    815       734,747  

3.55%, 09/29/25

    378       358,219  

3.58%, 05/22/28 (Call 05/22/27),
(3 mo. LIBOR US + 1.310%)(b)

    884       796,086  

3.90%, 05/01/45

    613       444,094  

3.91%, 04/25/26 (Call 04/25/25),
(SOFR + 1.320%)(b)

    870       827,805  

4.10%, 06/03/26

    779       736,412  

4.15%, 01/24/29 (Call 10/24/28)

    570       518,689  

 

 

50  

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


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

4.30%, 07/22/27

  $ 741     $ 692,613  

4.40%, 06/14/46

    575       425,609  

4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)(b)

    646       585,018  

4.54%, 08/15/26 (Call 08/15/25)(b)

    105       101,010  

4.61%, 04/25/53 (Call 04/25/52)(b)

    900       716,391  

4.65%, 11/04/44

    592       457,764  

4.75%, 12/07/46

    566       437,026  

4.81%, 07/25/28 (Call 07/25/27)(a)(b)

    845       801,347  

4.90%, 07/25/33 (Call 07/25/32)(b)

    700       639,107  

4.90%, 11/17/45

    578       460,834  

5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)(b)

    1,382       1,167,223  

5.38%, 11/02/43

    450       380,448  

5.61%, 01/15/44(a)

    680       593,021  

Wells Fargo Bank NA

   

5.85%, 02/01/37

    330       313,870  

5.95%, 08/26/36

    250       240,145  

6.60%, 01/15/38

    383       392,510  

Westpac Banking Corp.

   

1.02%, 11/18/24

    610       562,627  

1.15%, 06/03/26

    635       551,783  

1.95%, 11/20/28

    510       422,632  

2.15%, 06/03/31(a)

    325       256,357  

2.35%, 02/19/25

    313       294,370  

2.65%, 01/16/30

    310       260,388  

2.70%, 08/19/26

    490       447,929  

2.85%, 05/13/26(a)

    180       166,565  

3.30%, 02/26/24(a)

    271       265,827  

3.35%, 03/08/27

    320       296,499  

3.40%, 01/25/28

    420       385,980  

3.74%, 08/26/25

    223       215,139  

4.04%, 08/26/27(a)

        305       289,768  
   

 

 

 
          273,279,998  
Beverages — 1.9%            

Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)

    270       233,480  

Coca-Cola Co. (The)

   

1.00%, 03/15/28

    465       382,635  

1.38%, 03/15/31

    314       239,083  

1.45%, 06/01/27

    155       134,583  

1.50%, 03/05/28

    311       263,684  

1.65%, 06/01/30

    330       262,439  

1.75%, 09/06/24

    269       256,145  

2.00%, 03/05/31

    275       221,152  

2.13%, 09/06/29

    373       313,715  

2.25%, 01/05/32

    700       566,223  

2.50%, 06/01/40

    419       290,476  

2.50%, 03/15/51(a)

    538       329,649  

2.60%, 06/01/50

    575       365,022  

2.75%, 06/01/60

    252       153,329  

2.88%, 05/05/41

    360       258,412  

2.90%, 05/25/27

    229       211,630  

3.00%, 03/05/51

    479       327,339  

3.38%, 03/25/27

    371       352,572  

3.45%, 03/25/30

    430       389,219  

4.20%, 03/25/50

    155       131,869  

Coca-Cola Femsa SAB de CV

   

1.85%, 09/01/32 (Call 06/01/32)(a)

    273       197,395  

2.75%, 01/22/30 (Call 10/22/29)(a)

    445       375,095  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    270       243,572  

2.00%, 04/29/30 (Call 01/29/30)

    365       289,978  
Security   Par
(000)
    Value  
Beverages (continued)            

2.13%, 10/24/24 (Call 09/24/24)

  $ 265     $ 250,255  

2.13%, 04/29/32 (Call 01/29/32)

    295       225,755  

2.38%, 10/24/29 (Call 07/24/29)

        230       190,454  

3.88%, 05/18/28 (Call 02/18/28)

    60       56,214  

3.88%, 04/29/43 (Call 10/29/42)

    281       216,381  

5.20%, 10/24/25

    200       200,686  

5.88%, 09/30/36

    284       287,698  

Diageo Investment Corp., 4.25%, 05/11/42

    148       119,938  

PepsiCo Inc.

   

1.40%, 02/25/31 (Call 11/25/30)

    325       249,902  

1.63%, 05/01/30 (Call 02/01/30)

    125       99,493  

1.95%, 10/21/31 (Call 07/21/31)

    380       301,040  

2.25%, 03/19/25 (Call 02/19/25)

    609       573,648  

2.38%, 10/06/26 (Call 07/06/26)

    297       271,648  

2.63%, 03/19/27 (Call 01/19/27)

    160       145,806  

2.63%, 07/29/29 (Call 04/29/29)

    453       392,737  

2.63%, 10/21/41 (Call 04/21/41)

    355       244,414  

2.75%, 04/30/25 (Call 01/30/25)

    432       410,387  

2.75%, 03/19/30 (Call 12/19/29)

    97       83,933  

2.75%, 10/21/51 (Call 04/21/51)

    280       181,961  

2.85%, 02/24/26 (Call 11/24/25)

    400       376,904  

2.88%, 10/15/49 (Call 04/15/49)

    495       335,288  

3.00%, 10/15/27 (Call 07/15/27)

    483       446,070  

3.45%, 10/06/46 (Call 04/06/46)

    361       270,902  

3.50%, 07/17/25 (Call 04/17/25)

    81       78,299  

3.60%, 02/18/28 (Call 01/18/28)

    270       254,075  

3.63%, 03/19/50 (Call 09/19/49)

    244       189,576  

3.88%, 03/19/60 (Call 09/19/59)

    245       192,482  

3.90%, 07/18/32 (Call 04/18/32)

    400       370,536  

4.00%, 05/02/47 (Call 11/02/46)

    210       172,471  

4.20%, 07/18/52 (Call 01/18/52)

    230       196,257  

5.50%, 01/15/40

    200       200,676  

7.00%, 03/01/29

    80       88,331  
   

 

 

 
          14,462,913  
Chemicals — 0.5%            

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)

    320       290,208  

1.85%, 05/15/27 (Call 03/15/27)

    286       249,621  

2.05%, 05/15/30 (Call 02/15/30)

    235       190,082  

2.70%, 05/15/40 (Call 11/15/39)

    267       185,512  

2.80%, 05/15/50 (Call 11/15/49)

    128       81,976  

Ecolab Inc.

   

1.30%, 01/30/31 (Call 10/30/30)

    160       119,320  

1.65%, 02/01/27 (Call 01/01/27)(a)

    220       191,803  

2.13%, 02/01/32 (Call 11/01/31)(a)

    245       191,663  

2.13%, 08/15/50 (Call 02/15/50)(a)

    150       80,940  

2.70%, 11/01/26 (Call 08/01/26)

    445       407,954  

2.70%, 12/15/51 (Call 06/15/51)

    160       95,160  

2.75%, 08/18/55 (Call 02/18/55)

    245       141,304  

3.25%, 12/01/27 (Call 09/01/27)

    252       231,840  

4.80%, 03/24/30 (Call 12/24/29)

    212       205,581  

EI du Pont de Nemours and Co.

   

1.70%, 07/15/25 (Call 06/15/25)

    206       188,694  

2.30%, 07/15/30 (Call 04/15/30)

    157       126,766  

Linde Inc./CT

   

1.10%, 08/10/30 (Call 05/10/30)

    240       179,594  

3.20%, 01/30/26 (Call 10/30/25)

    181       171,619  

3.55%, 11/07/42 (Call 05/07/42)

    287       216,346  

 

 

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

  51


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Chemicals (continued)            

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

  $ 145     $ 125,587  

3.75%, 03/15/28 (Call 12/15/27)

    263       241,108  
   

 

 

 
          3,912,678  
Commercial Services — 1.4%            

American University (The), Series 2019, 3.67%, 04/01/49

    158       113,673  

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)(a)

        466       357,077  

1.70%, 05/15/28 (Call 03/15/28)

    525       446,723  

3.38%, 09/15/25 (Call 06/15/25)

    566       544,950  

Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)

    265       175,894  

California Institute of Technology, 3.65%, 09/01/2119 (Call 03/01/2119)

    165       98,484  

Cintas Corp. No. 2

   

3.70%, 04/01/27 (Call 01/01/27)

    328       309,396  

4.00%, 05/01/32 (Call 02/01/32)

    125       113,201  

Duke University, Series 2020, 2.83%, 10/01/55

    245       150,415  

Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69)

    350       189,903  

George Washington University (The), Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

    41       31,770  

Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47)

    289       224,839  

Massachusetts Institute of Technology

   

3.07%, 04/01/52 (Call 10/01/51)

    100       68,325  

3.89%, 07/01/2116

    158       104,514  

4.68%, 07/01/2114

    140       113,156  

5.60%, 07/01/2111

    263       251,691  

Series F, 2.99%, 07/01/50 (Call 01/01/50)

    175       118,778  

Northwestern University, 4.64%, 12/01/44

    259       234,812  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

    300       275,358  

2.30%, 06/01/30 (Call 03/01/30)(a)

    370       298,139  

2.40%, 10/01/24 (Call 09/01/24)(a)

    360       342,842  

2.65%, 10/01/26 (Call 08/01/26)

    335       305,637  

2.85%, 10/01/29 (Call 07/01/29)

    565       480,984  

3.25%, 06/01/50 (Call 12/01/49)(a)

    305       199,192  

3.90%, 06/01/27 (Call 05/01/27)(a)

    120       114,037  

4.40%, 06/01/32 (Call 03/01/32)

    540       495,752  

5.05%, 06/01/52 (Call 12/01/51)(a)

    325       281,473  

5.25%, 06/01/62 (Call 12/01/61)

    95       81,711  

President and Fellows of Harvard College

   

2.52%, 10/15/50 (Call 04/15/50)

    86       52,240  

3.15%, 07/15/46 (Call 01/15/46)

    319       228,713  

3.30%, 07/15/56 (Call 01/15/56)

    235       164,432  

3.75%, 11/15/52 (Call 05/15/52)

    110       85,738  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)

    315       184,927  

S&P Global Inc.

   

1.25%, 08/15/30 (Call 05/15/30)

    50       37,173  

2.30%, 08/15/60 (Call 02/15/60)

    163       82,809  

2.45%, 03/01/27 (Call 02/01/27)(a)(c)

    200       179,146  

2.50%, 12/01/29 (Call 09/01/29)(a)

    230       191,585  

2.70%, 03/01/29 (Call 01/01/29)(c)

    570       489,858  

2.90%, 03/01/32 (Call 12/01/31)(c)

    505       415,721  

2.95%, 01/22/27 (Call 10/22/26)(a)

    318       291,015  

3.25%, 12/01/49 (Call 06/01/49)

    219       147,902  

3.70%, 03/01/52 (Call 09/01/51)(a)(c)

    340       247,741  
Security   Par
(000)
    Value  
Commercial Services (continued)            

3.90%, 03/01/62 (Call 09/01/61)(a)(c)

  $ 250     $ 179,503  

4.25%, 05/01/29 (Call 02/01/29)(a)(c)

    190       177,306  

4.75%, 08/01/28 (Call 05/01/28)(c)

    50       48,474  

Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)

    115       77,187  

Trustees of Princeton University (The)

   

5.70%, 03/01/39

    164       169,601  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)

    259       162,093  

University of Miami, 4.06%, 04/01/52

    220       168,104  

University of Southern California, 3.03%, 10/01/39

    289       218,998  

Washington University (The)

   

3.52%, 04/15/54 (Call 10/15/53)(a)

    255       184,883  

4.35%, 04/15/2122 (Call 10/15/2121)

    70       49,776  

Yale University

   

Series 2020, 0.87%, 04/15/25 (Call 03/15/25)

    53       48,239  

Series 2020, 1.48%, 04/15/30 (Call 01/15/30)

    180       140,522  

Series 2020, 2.40%, 04/15/50 (Call 10/15/49)

        130       77,344  
   

 

 

 
          11,023,756  
Computers — 4.2%            

Apple Inc.

   

0.55%, 08/20/25 (Call 07/20/25)

    125       111,560  

0.70%, 02/08/26 (Call 01/08/26)

    690       605,137  

1.13%, 05/11/25 (Call 04/11/25)

    827       757,003  

1.20%, 02/08/28 (Call 12/08/27)

    413       344,194  

1.25%, 08/20/30 (Call 05/20/30)

    420       322,447  

1.40%, 08/05/28 (Call 06/05/28)

    780       646,144  

1.65%, 05/11/30 (Call 02/11/30)

    583       466,645  

1.65%, 02/08/31 (Call 11/08/30)

    940       737,439  

1.70%, 08/05/31 (Call 05/05/31)

    260       202,054  

1.80%, 09/11/24 (Call 08/11/24)

    171       162,363  

2.05%, 09/11/26 (Call 07/11/26)

    735       664,991  

2.20%, 09/11/29 (Call 06/11/29)

    577       487,796  

2.38%, 02/08/41 (Call 08/08/40)

    585       391,318  

2.40%, 08/20/50 (Call 02/20/50)

    355       209,532  

2.45%, 08/04/26 (Call 05/04/26)

    835       768,567  

2.50%, 02/09/25(a)

    91       86,812  

2.55%, 08/20/60 (Call 02/20/60)

    280       161,300  

2.65%, 05/11/50 (Call 11/11/49)

    862       541,845  

2.65%, 02/08/51 (Call 08/08/50)

    822       511,448  

2.70%, 08/05/51 (Call 02/05/51)

    670       420,224  

2.75%, 01/13/25 (Call 11/13/24)

    592       568,326  

2.80%, 02/08/61 (Call 08/08/60)

    515       305,508  

2.85%, 05/11/24 (Call 03/11/24)

    573       557,403  

2.85%, 08/05/61 (Call 02/05/61)

    585       351,755  

2.90%, 09/12/27 (Call 06/12/27)

    770       708,115  

2.95%, 09/11/49 (Call 03/11/49)

    435       293,542  

3.00%, 02/09/24 (Call 12/09/23)(a)

    703       688,694  

3.00%, 06/20/27 (Call 03/20/27)

    636       593,534  

3.00%, 11/13/27 (Call 08/13/27)

    649       600,494  

3.20%, 05/13/25

    678       653,165  

3.20%, 05/11/27 (Call 02/11/27)(a)

    802       751,450  

3.25%, 02/23/26 (Call 11/23/25)

    1,261       1,202,061  

3.25%, 08/08/29 (Call 06/08/29)

    340       309,373  

3.35%, 02/09/27 (Call 11/09/26)

    778       737,956  

3.35%, 08/08/32 (Call 05/08/32)

    555       489,571  

3.45%, 05/06/24

    666       654,045  

3.45%, 02/09/45

    584       442,252  

3.75%, 09/12/47 (Call 03/12/47)

    410       320,477  

3.75%, 11/13/47 (Call 05/13/47)

    497       389,847  

3.85%, 05/04/43(a)

    814       661,937  

3.85%, 08/04/46 (Call 02/04/46)

    342       273,080  

 

 

52  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Computers (continued)

 

3.95%, 08/08/52 (Call 02/08/52)

  $ 530     $ 420,698  

4.10%, 08/08/62 (Call 02/08/62)

    450       350,014  

4.25%, 02/09/47 (Call 08/09/46)

    343       295,103  

4.38%, 05/13/45

    445       387,973  

4.45%, 05/06/44

    369       329,834  

4.50%, 02/23/36 (Call 08/23/35)(a)

    398       380,954  

4.65%, 02/23/46 (Call 08/23/45)

        1,242           1,119,961  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    530       455,683  

1.95%, 05/15/30 (Call 02/15/30)

    375       295,106  

2.20%, 02/09/27 (Call 01/09/27)

    260       230,269  

2.72%, 02/09/32 (Call 11/09/31)

    200       160,736  

2.85%, 05/15/40 (Call 11/15/39)

    243       163,918  

2.95%, 05/15/50 (Call 11/15/49)

    300       181,602  

3.00%, 05/15/24

    948       920,062  

3.30%, 05/15/26

    1,080       1,013,332  

3.30%, 01/27/27

    155       143,676  

3.43%, 02/09/52 (Call 08/09/51)

    240       156,790  

3.45%, 02/19/26

    513       486,801  

3.50%, 05/15/29

    1,010       904,627  

3.63%, 02/12/24

    757       743,995  

4.00%, 07/27/25(a)

    290       282,588  

4.00%, 06/20/42

    410       316,664  

4.15%, 07/27/27 (Call 06/27/27)

    105       100,342  

4.15%, 05/15/39

    450       366,345  

4.25%, 05/15/49

    710       550,726  

4.40%, 07/27/32 (Call 04/27/32)(a)

    130       119,002  

4.70%, 02/19/46

    380       315,316  

4.90%, 07/27/52 (Call 01/27/52)

    210       177,093  

5.60%, 11/30/39(a)

    314       299,088  

5.88%, 11/29/32

    227       231,896  

7.00%, 10/30/25(a)

    204       214,224  
   

 

 

 
          32,265,822  
Cosmetics & Personal Care — 1.2%  

Colgate-Palmolive Co.

   

3.10%, 08/15/25(a)

    255       245,211  

3.10%, 08/15/27 (Call 07/15/27)

    250       233,745  

3.25%, 03/15/24(a)

    137       134,682  

3.25%, 08/15/32 (Call 05/15/32)

    275       242,423  

3.70%, 08/01/47 (Call 02/01/47)(a)

    158       124,976  

4.00%, 08/15/45

    152       126,469  

Estee Lauder Companies Inc. (The)

   

1.95%, 03/15/31 (Call 12/15/30)

    135       105,840  

2.00%, 12/01/24 (Call 11/01/24)(a)

    222       210,187  

2.38%, 12/01/29 (Call 09/01/29)

    150       125,394  

2.60%, 04/15/30 (Call 01/15/30)

    270       226,290  

3.13%, 12/01/49 (Call 06/01/49)(a)

    329       224,635  

3.15%, 03/15/27 (Call 12/15/26)

    158       146,227  

4.15%, 03/15/47 (Call 09/15/46)

    225       181,366  

Procter & Gamble Co. (The)

   

0.55%, 10/29/25

    505       446,789  

1.00%, 04/23/26

    425       376,125  

1.20%, 10/29/30

    485       369,866  

1.90%, 02/01/27

    495       444,059  

1.95%, 04/23/31

    490       394,847  

2.30%, 02/01/32(a)

    425       349,877  

2.45%, 11/03/26

    566       521,597  

2.70%, 02/02/26(a)

    484       455,671  

2.80%, 03/25/27

    227       209,321  

2.85%, 08/11/27

    33       30,358  
Security  

Par

(000)

    Value  

Cosmetics & Personal Care (continued)

 

3.00%, 03/25/30(a)

  $     555     $ 493,922  

3.55%, 03/25/40

    10       8,091  

Unilever Capital Corp.

   

0.63%, 08/12/24 (Call 12/01/22)

    10       9,295  

1.38%, 09/14/30 (Call 06/14/30)

    270       204,204  

1.75%, 08/12/31 (Call 05/12/31)

    260       198,060  

2.00%, 07/28/26

    320       288,186  

2.13%, 09/06/29 (Call 06/06/29)

    115       94,863  

2.60%, 05/05/24 (Call 03/05/24)

    370       357,731  

2.90%, 05/05/27 (Call 02/05/27)

    425       388,242  

3.10%, 07/30/25

    275       262,666  

3.50%, 03/22/28 (Call 12/22/27)

    530       488,655  

5.90%, 11/15/32

    313       326,578  

Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)(a)

    275       166,059  
   

 

 

 
          9,212,507  
Distribution & Wholesale — 0.1%  

WW Grainger Inc.

   

1.85%, 02/15/25 (Call 01/15/25)

    184       171,502  

4.60%, 06/15/45 (Call 12/15/44)(a)

    377       325,223  
   

 

 

 
      496,725  
Diversified Financial Services — 4.1%  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    295       254,107  

2.25%, 03/04/25 (Call 02/01/25)

    185       171,830  

2.50%, 07/30/24 (Call 06/30/24)

    685       651,182  

2.55%, 03/04/27 (Call 02/01/27)

    385       338,303  

3.00%, 10/30/24 (Call 09/29/24)

    674       644,034  

3.13%, 05/20/26 (Call 04/20/26)

    305       282,107  

3.30%, 05/03/27 (Call 04/03/27)

    964       873,577  

3.38%, 05/03/24

    210       203,692  

3.40%, 02/22/24 (Call 01/22/24)

    845       824,230  

3.63%, 12/05/24 (Call 11/04/24)

    586       566,492  

3.95%, 08/01/25 (Call 07/01/25)

    310       297,665  

4.05%, 05/03/29 (Call 03/03/29)

    560       507,853  

4.05%, 12/03/42

    184       142,571  

4.20%, 11/06/25 (Call 10/06/25)

    330       320,367  

4.42%, 08/03/33 (Call 08/03/32)(b)

    340       302,229  

4.99%, 05/26/33 (Call 02/26/32)(b)

    370       336,171  

5.85%, 11/05/27

    190       189,863  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)

    315       288,420  

3.00%, 04/02/25 (Call 03/02/25)

    150       142,201  

3.70%, 10/15/24

    405       393,190  

4.50%, 05/13/32 (Call 02/13/32)(a)

    335       310,974  

Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31)

    210       153,063  

Brookfield Finance Inc.

   

2.72%, 04/15/31 (Call 01/15/31)

    160       123,835  

3.50%, 03/30/51 (Call 09/30/50)

    213       127,819  

3.90%, 01/25/28 (Call 10/25/27)

    351       314,331  

4.00%, 04/01/24 (Call 02/01/24)

    125       122,438  

4.25%, 06/02/26 (Call 03/02/26)

    181       171,680  

4.35%, 04/15/30 (Call 01/15/30)

    136       119,443  

4.70%, 09/20/47 (Call 03/20/47)

    317       236,916  

4.85%, 03/29/29 (Call 12/29/28)

    370       342,305  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)

    264       155,781  

Cboe Global Markets Inc.

   

1.63%, 12/15/30 (Call 09/15/30)

    250       187,010  

3.65%, 01/12/27 (Call 10/12/26)

    344       321,974  

 

 

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

  53


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

 

Charles Schwab Corp. (The)

   

0.75%, 03/18/24 (Call 02/18/24)

  $ 312     $ 294,391  

0.90%, 03/11/26 (Call 02/11/26)(a)

    451       389,574  

1.15%, 05/13/26 (Call 04/13/26)

    270       233,952  

1.65%, 03/11/31 (Call 12/11/30)

    260       193,331  

1.95%, 12/01/31 (Call 09/01/31)

    315       236,203  

2.00%, 03/20/28 (Call 01/20/28)(a)

    336       286,289  

2.30%, 05/13/31 (Call 02/13/31)

    265       207,792  

2.45%, 03/03/27 (Call 02/03/27)

    415       370,670  

2.90%, 03/03/32 (Call 12/03/31)

    325       263,945  

3.20%, 03/02/27 (Call 12/02/26)

    325       298,971  

3.20%, 01/25/28 (Call 10/25/27)

    100       90,509  

3.25%, 05/22/29 (Call 02/22/29)

    131       116,069  

3.30%, 04/01/27 (Call 01/01/27)

    83       76,487  

3.55%, 02/01/24 (Call 01/01/24)

    449       440,873  

3.85%, 05/21/25 (Call 03/21/25)

    121       117,487  

4.00%, 02/01/29 (Call 11/01/28)(a)

    82       76,060  

4.20%, 03/24/25 (Call 02/24/25)

    308       303,417  

4.63%, 03/22/30 (Call 12/22/29)(a)

    256       243,407  

CME Group Inc.

   

2.65%, 03/15/32 (Call 12/15/31)

    240       193,322  

3.00%, 03/15/25 (Call 12/15/24)

    392       374,301  

3.75%, 06/15/28 (Call 03/15/28)

    137       128,284  

4.15%, 06/15/48 (Call 12/15/47)

    290       237,348  

5.30%, 09/15/43 (Call 03/15/43)

    242       230,941  

Credit Suisse USA Inc., 7.13%, 07/15/32

    156       153,992  

Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30)

    115       84,568  

Intercontinental Exchange Inc.

   

1.85%, 09/15/32 (Call 06/15/32)(a)

    565       410,173  

2.10%, 06/15/30 (Call 03/15/30)

        510       404,088  

2.65%, 09/15/40 (Call 03/15/40)

    375       246,004  

3.00%, 06/15/50 (Call 12/15/49)(a)

    175       109,491  

3.00%, 09/15/60 (Call 03/15/60)(a)

    565       328,237  

3.10%, 09/15/27 (Call 06/15/27)(a)

    135       122,502  

3.65%, 05/23/25 (Call 04/23/25)(a)

    365       353,532  

3.75%, 12/01/25 (Call 09/01/25)(a)

    645       619,561  

3.75%, 09/21/28 (Call 06/21/28)

    160       146,413  

4.00%, 09/15/27 (Call 08/15/27)

    600       568,446  

4.25%, 09/21/48 (Call 03/21/48)

    55       42,772  

4.35%, 06/15/29 (Call 04/15/29)

    535       506,709  

4.60%, 03/15/33 (Call 12/15/32)

    690       633,185  

4.95%, 06/15/52 (Call 12/15/51)

    660       572,180  

5.20%, 06/15/62 (Call 12/15/61)

    390       347,755  

Invesco Finance PLC, 3.75%, 01/15/26(a)

    237       224,456  

Legg Mason Inc., 5.63%, 01/15/44

    228       207,088  

Mastercard Inc.

   

1.90%, 03/15/31 (Call 12/15/30)(a)

    245           194,287  

2.00%, 03/03/25 (Call 02/03/25)

    241       226,494  

2.00%, 11/18/31 (Call 08/18/31)

    195       153,291  

2.95%, 11/21/26 (Call 08/21/26)(a)

    266       247,481  

2.95%, 06/01/29 (Call 03/01/29)

    421       372,795  

2.95%, 03/15/51 (Call 09/15/50)

    238       156,990  

3.30%, 03/26/27 (Call 01/26/27)

    323       303,068  

3.35%, 03/26/30 (Call 12/26/29)(a)

    342       307,479  

3.38%, 04/01/24

    174       170,736  

3.50%, 02/26/28 (Call 11/26/27)

    185       172,241  

3.65%, 06/01/49 (Call 12/01/48)

    395       300,121  

3.80%, 11/21/46 (Call 05/21/46)

    311       243,426  

3.85%, 03/26/50 (Call 09/26/49)

    276       216,939  

3.95%, 02/26/48 (Call 08/26/47)

    245       196,306  
Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

 

ORIX Corp.

   

2.25%, 03/09/31

  $ 160     $ 121,094  

3.25%, 12/04/24

    301       287,816  

3.70%, 07/18/27

    260       238,189  

4.00%, 04/13/32

    185       157,492  

5.00%, 09/13/27

    125       120,980  

5.20%, 09/13/32

    135       125,406  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)(a)

    285       193,401  

4.65%, 04/01/30 (Call 01/01/30)

    195       181,576  

4.95%, 07/15/46

    310       261,497  

Visa Inc.

   

0.75%, 08/15/27 (Call 06/15/27)(a)

    267       222,459  

1.10%, 02/15/31 (Call 11/15/30)

    385       287,426  

1.90%, 04/15/27 (Call 02/15/27)

    534       471,463  

2.00%, 08/15/50 (Call 02/15/50)

    678       374,954  

2.05%, 04/15/30 (Call 01/15/30)

    271       223,862  

2.70%, 04/15/40 (Call 10/15/39)

    461       328,324  

2.75%, 09/15/27 (Call 06/15/27)

    307       279,078  

3.15%, 12/14/25 (Call 09/14/25)

    1,114       1,060,172  

3.65%, 09/15/47 (Call 03/15/47)

    273       207,693  

4.15%, 12/14/35 (Call 06/14/35)

    377       341,362  

4.30%, 12/14/45 (Call 06/14/45)

        1,061       904,800  
   

 

 

 
          31,553,126  
Electric — 5.5%            

AEP Transmission Co. LLC

   

3.75%, 12/01/47 (Call 06/01/47)

    210       150,826  

4.50%, 06/15/52 (Call 12/01/51)

    245       198,376  

Series M, 3.65%, 04/01/50 (Call 10/01/49)

    80       56,199  

Alabama Power Co.

   

3.00%, 03/15/52 (Call 09/15/51)

    130       82,524  

3.05%, 03/15/32 (Call 12/15/31)(a)

    40       33,536  

3.13%, 07/15/51 (Call 01/15/51)

    130       84,318  

3.45%, 10/01/49 (Call 04/01/49)

    295       199,924  

3.75%, 09/01/27 (Call 08/01/27)

    255       239,963  

3.75%, 03/01/45 (Call 09/01/44)

    255       184,816  

6.00%, 03/01/39

        137       135,711  

Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)

    230       173,466  

Series A, 4.30%, 07/15/48 (Call 01/15/48)

    252       198,226  

Series B, 3.70%, 12/01/47 (Call 06/01/47)

    244       174,741  

Ameren Illinois Co.

   

3.70%, 12/01/47 (Call 06/01/47)

    281       204,076  

3.85%, 09/01/32 (Call 06/01/32)

    190       169,244  

4.50%, 03/15/49 (Call 09/15/48)

    150       123,959  

Appalachian Power Co.

   

4.50%, 08/01/32 (Call 05/01/32)

    55       49,235  

7.00%, 04/01/38

    220       232,485  

Series AA, 2.70%, 04/01/31 (Call 01/01/31)

    254       201,371  

Series Z, 3.70%, 05/01/50 (Call 11/01/49)

    145       98,325  

Arizona Public Service Co.

   

3.35%, 05/15/50 (Call 11/15/49)(a)

    186       115,551  

4.35%, 11/15/45 (Call 05/15/45)

    180       132,853  

Baltimore Gas & Electric Co.

   

2.25%, 06/15/31 (Call 03/15/31)

    250       197,122  

3.50%, 08/15/46 (Call 02/15/46)

    190       132,772  

4.55%, 06/01/52 (Call 12/01/51)(a)

    120       98,381  

Berkshire Hathaway Energy Co.

   

1.65%, 05/15/31 (Call 02/15/31)

    145       108,576  

2.85%, 05/15/51 (Call 11/15/50)

    510       305,837  

3.25%, 04/15/28 (Call 01/15/28)

    169       152,460  

 

 

54  

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


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

 

3.70%, 07/15/30 (Call 04/15/30)

  $ 170     $ 152,497  

3.80%, 07/15/48 (Call 01/15/48)

        305       220,850  

4.05%, 04/15/25 (Call 03/15/25)

    10       9,790  

4.25%, 10/15/50 (Call 04/15/50)

    335       259,360  

4.45%, 01/15/49 (Call 07/15/48)

    247       199,386  

4.50%, 02/01/45 (Call 08/01/44)

    274       221,924  

4.60%, 05/01/53 (Call 11/01/52)(c)

    180       148,322  

5.15%, 11/15/43 (Call 05/15/43)

    295       260,786  

5.95%, 05/15/37

    140       138,708  

6.13%, 04/01/36

    576       584,784  

CenterPoint Energy Houston Electric LLC

   

3.55%, 08/01/42 (Call 02/01/42)

    110       81,628  

3.60%, 03/01/52 (Call 09/01/51)

    250       178,230  

4.50%, 04/01/44 (Call 10/01/43)

    269       226,614  

Series AC, 4.25%, 02/01/49 (Call 08/01/48)

    143       114,776  

Series AF, 3.35%, 04/01/51 (Call 10/01/50)

    43       29,476  

Series ai., 4.45%, 10/01/32 (Call 07/01/32)

    125           117,194  

Series AJ, 4.85%, 10/01/52 (Call 04/01/52)

    100       88,460  

Commonwealth Edison Co.

   

2.55%, 06/15/26 (Call 03/15/26)

    333       305,411  

3.00%, 03/01/50 (Call 09/01/49)

    265       168,757  

3.65%, 06/15/46 (Call 12/15/45)

    227       162,405  

3.70%, 08/15/28 (Call 05/15/28)

    183       167,851  

4.00%, 03/01/48 (Call 09/01/47)

    285       218,740  

5.90%, 03/15/36

    55       55,136  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    281       205,476  

Series 130, 3.13%, 03/15/51 (Call 09/15/50)

    121       78,241  

Connecticut Light & Power Co. (The)

   

4.00%, 04/01/48 (Call 10/01/47)

    300       232,713  

Series A, 3.20%, 03/15/27 (Call 12/15/26)

    20       18,449  

Consolidated Edison Co. of New York Inc.

   

2.40%, 06/15/31 (Call 03/15/31)

    330       260,479  

3.20%, 12/01/51 (Call 06/01/51)

    120       76,752  

3.60%, 06/15/61 (Call 12/15/60)(a)

    365       242,090  

3.70%, 11/15/59 (Call 05/15/59)

    135       89,714  

3.85%, 06/15/46 (Call 12/15/45)

    220       159,834  

3.95%, 03/01/43 (Call 09/01/42)

    282       209,952  

4.45%, 03/15/44 (Call 09/15/43)

    143       115,185  

4.50%, 12/01/45 (Call 06/01/45)

    188       150,720  

4.50%, 05/15/58 (Call 11/15/57)

    235       178,793  

4.63%, 12/01/54 (Call 06/01/54)

    218       172,891  

Series 07-A, 6.30%, 08/15/37

    177       179,998  

Series 08-B, 6.75%, 04/01/38

    96       99,924  

Series 09-C, 5.50%, 12/01/39

    216       198,152  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    225       162,189  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    233       202,104  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a)

    474       350,798  

Series A, 4.13%, 05/15/49 (Call 11/15/48)

    268       201,046  

Series C, 3.00%, 12/01/60 (Call 06/01/60)

    70       39,813  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

    105       77,074  

Series D, 4.00%, 12/01/28 (Call 09/01/28)(a)

    200       186,246  

Series E, 4.65%, 12/01/48 (Call 06/01/48)

    152       123,579  

Consumers Energy Co.

   

2.50%, 05/01/60 (Call 11/01/59)

    113       59,577  

3.10%, 08/15/50 (Call 02/15/50)

    175       113,563  

3.50%, 08/01/51 (Call 02/01/51)

    167       116,992  

3.60%, 08/15/32 (Call 02/15/32)

    75       65,936  

4.05%, 05/15/48 (Call 11/15/47)

    200       154,472  

4.20%, 09/01/52 (Call 03/01/52)

    40       31,871  

4.35%, 04/15/49 (Call 10/15/48)

    213       173,220  
Security  

Par

(000)

    Value  

Electric (continued)

 

Dominion Energy South Carolina Inc.

   

5.10%, 06/01/65 (Call 12/01/64)

  $ 134     $ 115,375  

6.05%, 01/15/38

    60       59,957  

DTE Electric Co.

   

2.25%, 03/01/30 (Call 12/01/29)

    170       138,552  

2.95%, 03/01/50 (Call 09/01/49)

    157       100,182  

3.70%, 03/15/45 (Call 09/15/44)

    256       189,601  

3.95%, 03/01/49 (Call 09/01/48)

    245       188,003  

Series A, 1.90%, 04/01/28 (Call 02/01/28)

    173       145,657  

Series A, 3.00%, 03/01/32 (Call 12/01/31)

    190       157,719  

Series A, 4.05%, 05/15/48 (Call 11/15/47)

    155       120,939  

Series C, 2.63%, 03/01/31 (Call 12/01/30)

    75       61,520  

Duke Energy Carolinas LLC

   

2.45%, 02/01/30 (Call 11/01/29)

    270       223,484  

2.55%, 04/15/31 (Call 01/15/31)

    29       23,550  

2.85%, 03/15/32 (Call 12/15/31)(a)

    180       147,244  

2.95%, 12/01/26 (Call 09/01/26)(a)

    220       203,493  

3.20%, 08/15/49 (Call 02/15/49)

    140       92,229  

3.55%, 03/15/52 (Call 09/15/51)

    230       160,630  

3.70%, 12/01/47 (Call 06/01/47)

    130       93,289  

3.75%, 06/01/45 (Call 12/01/44)

    192       139,532  

3.88%, 03/15/46 (Call 09/15/45)

    205       152,774  

3.95%, 11/15/28 (Call 08/15/28)

    145       135,094  

3.95%, 03/15/48 (Call 09/15/47)

    192       144,730  

4.00%, 09/30/42 (Call 03/30/42)

    240       186,317  

4.25%, 12/15/41 (Call 06/15/41)

    221       178,303  

5.30%, 02/15/40

    281       261,881  

6.00%, 01/15/38

    102       101,831  

6.05%, 04/15/38

    220       218,981  

Duke Energy Florida LLC

   

1.75%, 06/15/30 (Call 03/15/30)

    200       154,292  

2.40%, 12/15/31 (Call 09/15/31)(a)

    295       231,678  

2.50%, 12/01/29 (Call 09/01/29)

    260       216,393  

3.00%, 12/15/51 (Call 06/15/51)

    45       28,323  

3.20%, 01/15/27 (Call 10/15/26)

    217       201,317  

3.40%, 10/01/46 (Call 04/01/46)

    245       165,534  

3.80%, 07/15/28 (Call 04/15/28)(a)

    195       180,775  

6.35%, 09/15/37

    10       10,248  

6.40%, 06/15/38

    260       269,350  

Duke Energy Indiana LLC

   

2.75%, 04/01/50 (Call 10/01/49)

    225       131,929  

3.75%, 05/15/46 (Call 11/15/45)

    180       127,755  

6.35%, 08/15/38

    186       187,814  

Series YYY, 3.25%, 10/01/49 (Call 04/01/49)

    190       121,465  

Duke Energy Progress LLC

   

2.00%, 08/15/31 (Call 05/15/31)

    35       26,715  

2.50%, 08/15/50 (Call 02/15/50)

        238       133,775  

3.25%, 08/15/25 (Call 05/15/25)

    215       205,144  

3.40%, 04/01/32 (Call 01/01/32)

    200       171,210  

3.45%, 03/15/29 (Call 12/15/28)

    170       152,497  

3.60%, 09/15/47 (Call 03/15/47)

    115       81,189  

3.70%, 09/01/28 (Call 06/01/28)

    174       160,273  

4.10%, 05/15/42 (Call 11/15/41)

    220       172,132  

4.10%, 03/15/43 (Call 09/15/42)

    176       137,408  

4.15%, 12/01/44 (Call 06/01/44)

    175       135,807  

4.20%, 08/15/45 (Call 02/15/45)

    195       153,005  

Entergy Arkansas LLC

   

2.65%, 06/15/51 (Call 12/15/50)

    272       154,656  

3.50%, 04/01/26 (Call 01/01/26)

    435           411,636  

4.20%, 04/01/49 (Call 10/01/48)

    105       81,650  

 

 

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

  55


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

 

Entergy Louisiana LLC

   

0.95%, 10/01/24 (Call 12/01/22)

  $ 100     $ 92,270  

2.35%, 06/15/32 (Call 03/15/32)

    155       118,797  

2.90%, 03/15/51 (Call 09/15/50)

    160       95,845  

3.10%, 06/15/41 (Call 12/15/40)

    55       37,864  

4.00%, 03/15/33 (Call 12/15/32)

    287       250,623  

4.20%, 09/01/48 (Call 03/01/48)

    128       99,105  

4.20%, 04/01/50 (Call 10/01/49)

    253       192,363  

4.75%, 09/15/52 (Call 03/15/52)

    200       166,446  

Entergy Texas Inc.

   

1.75%, 03/15/31 (Call 12/15/30)

    225       167,814  

5.00%, 09/15/52 (Call 03/15/52)

    100       84,875  

Evergy Kansas Central Inc.

   

3.45%, 04/15/50 (Call 10/15/49)

    230       155,278  

4.13%, 03/01/42 (Call 09/01/41)

    221       171,852  

Florida Power & Light Co.

   

2.45%, 02/03/32 (Call 11/03/31)

    410       330,386  

2.85%, 04/01/25 (Call 03/01/25)

    243       230,767  

2.88%, 12/04/51 (Call 06/04/51)

    125       79,449  

3.13%, 12/01/25 (Call 06/01/25)

    411       388,107  

3.15%, 10/01/49 (Call 04/01/49)

    279       187,962  

3.25%, 06/01/24 (Call 12/01/23)

    76       74,132  

3.70%, 12/01/47 (Call 06/01/47)

    261       193,448  

3.95%, 03/01/48 (Call 09/01/47)

    273       211,938  

3.99%, 03/01/49 (Call 09/01/48)

    220       170,768  

4.05%, 06/01/42 (Call 12/01/41)

    238       191,252  

4.05%, 10/01/44 (Call 04/01/44)

    180       142,054  

4.13%, 02/01/42 (Call 08/01/41)

    237       192,506  

4.13%, 06/01/48 (Call 12/01/47)

    187       148,682  

5.69%, 03/01/40

    200       195,280  

5.95%, 02/01/38

    245       244,993  

5.96%, 04/01/39

    80       80,098  

John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42

    83       77,008  

Kentucky Utilities Co.

   

3.30%, 06/01/50 (Call 12/01/49)

    200       131,770  

4.38%, 10/01/45 (Call 04/01/45)

    202       160,489  

5.13%, 11/01/40 (Call 05/01/40)

    189       168,414  

MidAmerican Energy Co.

   

2.70%, 08/01/52 (Call 02/01/52)

        215           128,828  

3.15%, 04/15/50 (Call 10/15/49)

    240       156,751  

3.50%, 10/15/24 (Call 07/15/24)

    25       24,269  

3.65%, 04/15/29 (Call 01/15/29)

    308       281,364  

3.65%, 08/01/48 (Call 02/01/48)

    333       242,144  

4.25%, 07/15/49 (Call 01/15/49)

    297       237,460  

National Rural Utilities Cooperative Finance Corp.

   

0.35%, 02/08/24

    5       4,711  

1.00%, 06/15/26 (Call 05/15/26)

    48       41,541  

1.88%, 02/07/25

    325       303,043  

2.40%, 03/15/30 (Call 12/15/29)

    140       113,578  

2.75%, 04/15/32 (Call 01/15/32)

    105       84,351  

2.85%, 01/27/25 (Call 10/27/24)

    104       98,970  

3.40%, 02/07/28 (Call 11/07/27)

    248       226,541  

4.02%, 11/01/32 (Call 05/01/32)

    223       197,056  

4.15%, 12/15/32 (Call 09/15/32)

    165       147,964  

4.30%, 03/15/49 (Call 09/15/48)

    137       107,486  

5.45%, 10/30/25

    150       150,768  

5.80%, 01/15/33

    150       152,114  
Security  

Par

(000)

    Value  

Electric (continued)

 

Nevada Power Co.

   

5.90%, 05/01/53

  $ 25     $ 24,710  

Series CC, 3.70%, 05/01/29 (Call 02/01/29)

    85       76,628  

Northern States Power Co./MN

   

2.60%, 06/01/51 (Call 12/01/50)

    225       133,886  

2.90%, 03/01/50 (Call 09/01/49)

    243       154,813  

3.40%, 08/15/42 (Call 02/15/42)(a)

    54       39,621  

3.60%, 09/15/47 (Call 03/15/47)

    253       181,629  

4.50%, 06/01/52 (Call 12/01/51)

    125       105,326  

NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)

    415           381,742  

Ohio Power Co., Series R, 2.90%, 10/01/51 (Call 04/01/51)

    245       146,628  

Oncor Electric Delivery Co. LLC

   

2.75%, 05/15/30 (Call 02/15/30)

    130       109,568  

3.10%, 09/15/49 (Call 03/15/49)

    274       180,128  

3.70%, 11/15/28 (Call 08/15/28)

    135       124,218  

3.75%, 04/01/45 (Call 10/01/44)

    303       226,047  

4.55%, 09/15/32 (Call 06/15/32)(c)

    125       118,031  

4.95%, 09/15/52 (Call 03/15/52)(c)

    125       112,359  

PacifiCorp

   

2.90%, 06/15/52 (Call 12/15/51)

    245       149,465  

3.30%, 03/15/51 (Call 09/15/50)

    105       69,475  

4.13%, 01/15/49 (Call 07/15/48)

    262       199,961  

4.15%, 02/15/50 (Call 08/15/49)

    144       110,251  

5.75%, 04/01/37

    172       164,222  

6.00%, 01/15/39

    260       254,730  

6.25%, 10/15/37

    145       145,339  

PECO Energy Co.

   

3.90%, 03/01/48 (Call 09/01/47)

    122       92,415  

4.38%, 08/15/52 (Call 02/15/52)

    110       89,965  

Potomac Electric Power Co.

   

4.15%, 03/15/43 (Call 09/15/42)

    245       193,089  

6.50%, 11/15/37

    170       177,341  

Public Service Co. of Colorado

   

1.88%, 06/15/31 (Call 12/15/30)

    155       119,471  

3.60%, 09/15/42 (Call 03/15/42)

    129       95,237  

Series 34, 3.20%, 03/01/50 (Call 09/01/49)

    205       136,817  

Public Service Electric & Gas Co.

   

3.10%, 03/15/32 (Call 12/15/31)(a)

    200       168,180  

3.80%, 03/01/46 (Call 09/01/45)

    203       151,442  

Puget Sound Energy Inc., 4.22%, 06/15/48 (Call 12/15/47)

    195       151,763  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)

    387       353,045  

3.70%, 03/15/52 (Call 09/15/51)(a)

    200       144,228  

4.50%, 08/15/40(a)

    160       133,766  

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    261       199,628  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    240       151,116  

Series XXX, 3.00%, 03/15/32 (Call 12/15/31)

    135       110,909  

Southern California Edison Co.

   

1.10%, 04/01/24 (Call 04/01/23)

    25       23,530  

2.25%, 06/01/30 (Call 03/01/30)

    215       169,426  

2.75%, 02/01/32 (Call 11/01/31)(a)

    185       145,806  

2.85%, 08/01/29 (Call 05/01/29)

    62       51,905  

3.45%, 02/01/52 (Call 08/01/51)

    260       170,045  

3.65%, 02/01/50 (Call 08/01/49)

    142       95,360  

4.00%, 04/01/47 (Call 10/01/46)

    569       407,643  

4.50%, 09/01/40 (Call 03/01/40)

        195       155,142  

4.65%, 10/01/43 (Call 04/01/43)(a)

    219       175,334  

5.50%, 03/15/40

    194       173,422  

6.00%, 01/15/34

    170       166,297  

6.05%, 03/15/39

    186       179,012  

 

 

56  

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


Schedule of Investments (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

 

Series 08-A, 5.95%, 02/01/38

  $ 235     $ 223,201  

Series 20A, 2.95%, 02/01/51 (Call 08/01/50)

    280       164,755  

Series A, 4.20%, 03/01/29 (Call 12/01/28)

    74       68,127  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    215       173,026  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    430       313,706  

Series D, 4.70%, 06/01/27 (Call 05/01/27)

    85       82,409  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

    197       189,134  

Southwestern Public Service Co., Series 8, 3.15%, 05/01/50 (Call 11/01/49)

    250       162,040  

Union Electric Co.

   

2.15%, 03/15/32 (Call 12/15/31)

    255       195,011  

2.63%, 03/15/51 (Call 09/15/50)

    170       98,836  

3.90%, 04/01/52 (Call 10/01/51)

    155       116,837  

Virginia Electric & Power Co.

   

2.30%, 11/15/31 (Call 08/15/31)

    215       168,812  

2.40%, 03/30/32 (Call 12/30/31)

    220       173,030  

2.45%, 12/15/50 (Call 06/15/50)

    303       170,707  

2.95%, 11/15/51 (Call 05/15/51)

    100       61,974  

3.30%, 12/01/49 (Call 06/01/49)

    217       145,410  

4.00%, 01/15/43 (Call 07/15/42)

    250       190,177  

4.45%, 02/15/44 (Call 08/15/43)

    111       89,378  

4.60%, 12/01/48 (Call 06/01/48)

    174       143,103  

8.88%, 11/15/38

    236       294,589  

Series A, 2.88%, 07/15/29 (Call 04/15/29)

    210       180,369  

Series A, 3.15%, 01/15/26 (Call 10/15/25)

    430       402,071  

Series A, 3.50%, 03/15/27 (Call 12/15/26)

    285       265,671  

Series A, 3.80%, 04/01/28 (Call 01/01/28)(a)

    315       293,303  

Series A, 6.00%, 05/15/37

    232       228,928  

Series B, 3.75%, 05/15/27 (Call 04/15/27)

    135       126,700  

Series B, 3.80%, 09/15/47 (Call 03/15/47)

    230       167,525  

Series B, 6.00%, 01/15/36

    95       94,545  

Series C, 4.00%, 11/15/46 (Call 05/15/46)

    180       135,378  

Series C, 4.63%, 05/15/52 (Call 11/15/51)

    245       203,568  

Series D, 4.65%, 08/15/43 (Call 02/15/43)

    165       137,044  

Wisconsin Electric Power Co., 4.75%, 09/30/32 (Call 06/30/32)

    50       47,634  

Wisconsin Power and Light Co., 3.95%, 09/01/32 (Call 06/01/32)

    305       270,416  
   

 

 

 
          42,317,737  
Electrical Components & Equipment — 0.2%  

Emerson Electric Co.

   

0.88%, 10/15/26 (Call 09/15/26)

    162       138,103  

1.80%, 10/15/27 (Call 08/15/27)

        127       108,962  

1.95%, 10/15/30 (Call 07/15/30)

    120       94,346  

2.00%, 12/21/28 (Call 10/21/28)

    315       262,584  

2.20%, 12/21/31 (Call 09/21/31)(a)

    450       353,786  

2.75%, 10/15/50 (Call 04/15/50)

    137       84,118  

2.80%, 12/21/51 (Call 06/21/51)

    390       239,991  

3.15%, 06/01/25 (Call 03/01/25)

    90       86,019  
   

 

 

 
      1,367,909  
Electronics — 0.5%            

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)

    470       403,721  

1.35%, 06/01/25 (Call 05/01/25)

    338       310,226  

1.75%, 09/01/31 (Call 06/01/31)(a)

    540       418,138  

1.95%, 06/01/30 (Call 03/01/30)

    241       195,499  

2.30%, 08/15/24 (Call 07/15/24)

    494       473,089  

2.50%, 11/01/26 (Call 08/01/26)

    569       520,595  

2.70%, 08/15/29 (Call 05/15/29)(a)

    335       291,979  
Security  

Par

(000)

    Value  

Electronics (continued)

   

2.80%, 06/01/50 (Call 12/01/49)

  $ 279     $ 187,918  

4.85%, 11/01/24

    300       299,982  

4.95%, 02/15/28

    300       299,616  

5.00%, 02/15/33

    300       297,387  

Tyco Electronics Group SA, 2.50%, 02/04/32 (Call 12/04/31)

    290       231,249  
   

 

 

 
      3,929,399  
Food — 0.2%            

Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26)

    270       245,430  

Hormel Foods Corp.

   

0.65%, 06/03/24 (Call 12/01/22)

    345       322,285  

1.70%, 06/03/28 (Call 04/03/28)

    375       315,746  

1.80%, 06/11/30 (Call 03/11/30)

    331       263,182  

3.05%, 06/03/51 (Call 12/03/50)

    300       195,753  

Walmart Inc., 3.90%, 09/09/25

    150       147,210  
   

 

 

 
      1,489,606  
Forest Products & Paper — 0.0%  

Georgia-Pacific LLC, 7.75%, 11/15/29

    186       206,307  
   

 

 

 
Gas — 0.3%            

Atmos Energy Corp.

   

1.50%, 01/15/31 (Call 10/15/30)

    252       187,795  

2.63%, 09/15/29 (Call 06/15/29)

    120       101,186  

2.85%, 02/15/52 (Call 08/15/51)(a)

    225       135,619  

3.00%, 06/15/27 (Call 03/15/27)

    222       202,266  

3.38%, 09/15/49 (Call 03/15/49)

    208       140,377  

4.13%, 10/15/44 (Call 04/15/44)

    104       80,545  

4.15%, 01/15/43 (Call 07/15/42)

    230       181,288  

4.30%, 10/01/48 (Call 04/01/48)

    235       185,901  

5.75%, 10/15/52 (Call 04/15/52)(a)

    100       97,368  

CenterPoint Energy Resources Corp.

   

1.75%, 10/01/30 (Call 07/01/30)

    130       99,007  

4.40%, 07/01/32 (Call 04/01/32)(a)

    245       225,991  

Southern California Gas Co.

   

2.95%, 04/15/27 (Call 03/15/27)

    235       212,464  

3.15%, 09/15/24 (Call 06/15/24)

    270       260,480  

Series TT, 2.60%, 06/15/26 (Call 03/15/26)

    314       285,963  

Series VV, 4.30%, 01/15/49 (Call 07/15/48)

    114       86,624  

Series XX, 2.55%, 02/01/30 (Call 11/01/29)

    226       186,846  
   

 

 

 
      2,669,720  
Hand & Machine Tools — 0.2%  

Snap-on Inc., 3.10%, 05/01/50 (Call 11/01/49)

        108       72,607  

Stanley Black & Decker Inc.

   

2.30%, 02/24/25 (Call 02/24/23)

    270       253,622  

2.30%, 03/15/30 (Call 12/15/29)

    242       194,314  

2.75%, 11/15/50 (Call 05/15/50)

    257       147,379  

3.00%, 05/15/32 (Call 02/15/32)(a)

    195       158,046  

3.40%, 03/01/26 (Call 01/01/26)

    261       245,134  

4.25%, 11/15/28 (Call 08/15/28)

    30       28,223  

4.85%, 11/15/48 (Call 05/15/48)(a)

    180       150,496  
   

 

 

 
          1,249,821  
Health Care - Products — 1.0%  

Abbott Laboratories

   

1.15%, 01/30/28 (Call 11/30/27)(a)

    324       269,169  

1.40%, 06/30/30 (Call 03/30/30)

    288       222,682  

2.95%, 03/15/25 (Call 12/15/24)(a)

    593       568,586  

3.75%, 11/30/26 (Call 08/30/26)

    772       741,892  

4.75%, 11/30/36 (Call 05/30/36)

    447       427,363  

4.75%, 04/15/43 (Call 10/15/42)

    213       192,752  

4.90%, 11/30/46 (Call 05/30/46)

    911       849,025  

 

 

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

  57


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health Care - Products (continued)            

5.30%, 05/27/40

  $ 252     $ 247,341  

6.00%, 04/01/39

    255       264,489  

6.15%, 11/30/37(a)

    165       176,675  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)

    200       120,048  

2.80%, 12/10/51 (Call 06/10/51)

    400       249,376  

DH Europe Finance II Sarl

   

2.20%, 11/15/24 (Call 10/15/24)

    45       42,475  

3.25%, 11/15/39 (Call 05/15/39)

    300       223,761  

3.40%, 11/15/49 (Call 05/15/49)

    265       186,237  

Medtronic Inc.

   

4.38%, 03/15/35

    597       547,067  

4.63%, 03/15/45

    352       309,316  

Thermo Fisher Scientific Inc.

   

1.22%, 10/18/24 (Call 12/01/22)

    915       851,929  

1.75%, 10/15/28 (Call 08/15/28)

    390       324,913  

2.00%, 10/15/31 (Call 07/15/31)

    470       368,781  

2.60%, 10/01/29 (Call 07/01/29)

    95       81,412  

2.80%, 10/15/41 (Call 04/15/41)

    385       265,415  

4.10%, 08/15/47 (Call 02/15/47)

    200       163,060  
   

 

 

 
          7,693,764  
Health Care - Services — 2.6%            

Ascension Health

   

3.95%, 11/15/46

        507       396,814  

Series B, 2.53%, 11/15/29 (Call 08/15/29)

    242       201,700  

Series B, 3.11%, 11/15/39 (Call 05/15/39)

    85       61,087  

BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)(a)

    279       212,392  

Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50 (Call 11/15/49)

    270       161,978  

Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)

    210       121,664  

CommonSpirit Health

   

2.78%, 10/01/30 (Call 04/01/30)

    200       155,264  

3.35%, 10/01/29 (Call 04/01/29)

    200       167,946  

3.82%, 10/01/49 (Call 04/01/49)(a)

    317       217,269  

3.91%, 10/01/50 (Call 04/01/50)

    200       134,196  

4.19%, 10/01/49 (Call 04/01/49)

    200       141,426  

6.07%, 11/01/27

    300       300,321  

Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)(a)

    310       204,932  

Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)

    85       64,144  

Hackensack Meridian Health Inc.

   

Series 2020, 2.68%, 09/01/41 (Call 03/01/41)

    205       131,013  

Series 2020, 2.88%, 09/01/50 (Call 03/01/50)

    155       91,986  

Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)

    160       116,973  

Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46

    121       90,883  

Kaiser Foundation Hospitals

   

3.15%, 05/01/27 (Call 02/01/27)

    37       33,898  

4.15%, 05/01/47 (Call 11/01/46)

    402       316,828  

4.88%, 04/01/42

    215       193,603  

Series 2019, 3.27%, 11/01/49 (Call 05/01/49)

    240       158,700  

Series 2021, 2.81%, 06/01/41 (Call 12/01/40)

    500       335,095  

Series 2021, 3.00%, 06/01/51 (Call 12/01/50)

    405       249,901  

Mass General Brigham Inc., Series 2020, 3.34%, 07/01/60 (Call 01/01/60)

    254       156,743  

Mayo Clinic, Series 2021, 3.20%, 11/15/61 (Call 05/15/61)

    150       92,064  
Security   Par
(000)
    Value  
Health Care - Services (continued)            

Memorial Sloan-Kettering Cancer Center, Series 2015,
4.20%, 07/01/55

  $ 155     $ 119,087  

Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)

    205       117,408  

Mount Sinai Hospitals Group Inc., Series 2019, 3.74%, 07/01/49 (Call 01/01/49)

    225       156,337  

New York and Presbyterian Hospital (The) 4.02%, 08/01/45

    266           208,414  

Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)

    100       63,661  

Northwell Healthcare Inc.

   

3.98%, 11/01/46 (Call 11/01/45)

    295       210,485  

4.26%, 11/01/47 (Call 11/01/46)

    228       168,875  

Novant Health Inc., 3.17%, 11/01/51 (Call 05/01/51)

    326       207,577  

Providence St Joseph Health Obligated Group

   

Series 19A, 2.53%, 10/01/29 (Call 07/01/29)

    46       37,578  

Series 21A, 2.70%, 10/01/51 (Call 04/01/51)

    130       69,568  

SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27)

    50       46,684  

Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48)

    260       194,111  

Sutter Health

   

Series 20A, 2.29%, 08/15/30 (Call 02/15/30)

    195       153,414  

Series 20A, 3.36%, 08/15/50 (Call 02/15/50)

    59       37,838  

Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)

    211       184,946  

UnitedHealth Group Inc.

   

3.70%, 05/15/27 (Call 04/15/27)

        220       208,124  

1.15%, 05/15/26 (Call 04/15/26)(a)

    225       198,454  

1.25%, 01/15/26(a)

    226       200,880  

2.00%, 05/15/30

    465       373,255  

2.30%, 05/15/31 (Call 02/15/31)(a)

    417       334,217  

2.38%, 08/15/24

    190       181,752  

2.75%, 05/15/40 (Call 11/15/39)

    332       227,762  

2.88%, 08/15/29

    380       329,585  

2.90%, 05/15/50 (Call 11/15/49)

    460       294,018  

2.95%, 10/15/27

    271       245,334  

3.05%, 05/15/41 (Call 11/15/40)

    575       407,307  

3.10%, 03/15/26

    456       429,050  

3.13%, 05/15/60 (Call 11/15/59)(a)

    490       303,555  

3.25%, 05/15/51 (Call 11/15/50)

    527       357,585  

3.38%, 04/15/27

    145       135,340  

3.45%, 01/15/27

    36       33,812  

3.50%, 02/15/24

    230       226,235  

3.50%, 08/15/39 (Call 02/15/39)

    385       296,030  

3.70%, 08/15/49 (Call 02/15/49)

    447       330,467  

3.75%, 07/15/25

    225       218,468  

3.75%, 10/15/47 (Call 04/15/47)

    294       221,020  

3.85%, 06/15/28

    432       402,166  

3.88%, 12/15/28

    289       268,839  

3.88%, 08/15/59 (Call 02/15/59)

    295       215,067  

3.95%, 10/15/42 (Call 04/15/42)

    243       191,618  

4.00%, 05/15/29 (Call 03/15/29)

    335       311,560  

4.20%, 05/15/32 (Call 02/15/32)

    545       502,539  

4.20%, 01/15/47 (Call 07/15/46)

    297       240,956  

4.25%, 03/15/43 (Call 09/15/42)

    255       211,155  

4.25%, 04/15/47 (Call 10/15/46)

    298       242,950  

4.25%, 06/15/48 (Call 12/15/47)

    480       389,837  

4.38%, 03/15/42 (Call 09/15/41)

    255       214,649  

4.45%, 12/15/48 (Call 06/15/48)

    408       340,133  

4.63%, 07/15/35

    247       226,482  

4.63%, 11/15/41 (Call 05/15/41)

    149       129,082  

 

 

58  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health Care - Services (continued)            

4.75%, 07/15/45

  $ 705     $ 617,700  

4.75%, 05/15/52 (Call 11/15/51)(a)

    735       643,228  

4.95%, 05/15/62 (Call 11/15/61)

    375       330,604  

5.00%, 10/15/24

    100       100,037  

5.15%, 10/15/25

    50       50,107  

5.25%, 02/15/28

    75       75,181  

5.30%, 02/15/30(a)

    100       100,005  

5.35%, 02/15/33(a)

    600       602,220  

5.80%, 03/15/36

    315       318,377  

5.88%, 02/15/53

    440       449,610  

6.05%, 02/15/63(a)

    320       329,248  

6.50%, 06/15/37

    182       194,906  

6.63%, 11/15/37

    164       177,609  

6.88%, 02/15/38

    370       405,653  
   

 

 

 
          20,318,571  
Household Products & Wares — 0.2%            

Kimberly-Clark Corp.

   

1.05%, 09/15/27 (Call 07/15/27)(a)

        200       166,986  

2.00%, 11/02/31 (Call 08/02/31)(a)

    90       70,295  

2.88%, 02/07/50 (Call 08/07/49)(a)

    221       142,125  

3.10%, 03/26/30 (Call 12/26/29)

    235       205,759  

3.20%, 04/25/29 (Call 01/25/29)

    215       191,939  

3.20%, 07/30/46 (Call 01/30/46)

    244       166,196  

3.95%, 11/01/28 (Call 08/01/28)(a)

    280       263,620  

6.63%, 08/01/37

    246       269,345  
   

 

 

 
      1,476,265  
Insurance — 2.9%            

Aflac Inc.

   

3.60%, 04/01/30 (Call 01/01/30)

    448       398,053  

4.75%, 01/15/49 (Call 07/15/48)

    38       31,430  

Allstate Corp. (The)

   

0.75%, 12/15/25 (Call 11/15/25)

    151       131,027  

1.45%, 12/15/30 (Call 09/15/30)(a)

    330       242,510  

3.28%, 12/15/26 (Call 09/15/26)

    215       199,984  

3.85%, 08/10/49 (Call 02/10/49)

    161       116,894  

4.20%, 12/15/46 (Call 06/15/46)

    266       207,991  

4.50%, 06/15/43

    155       127,943  

5.55%, 05/09/35

    225       220,885  

Berkshire Hathaway Finance Corp.

   

1.45%, 10/15/30 (Call 07/15/30)(a)

    107       82,039  

1.85%, 03/12/30 (Call 12/12/29)

    275       220,151  

2.30%, 03/15/27 (Call 02/15/27)(a)

    550       497,046  

2.50%, 01/15/51 (Call 07/15/50)

    420       239,299  

2.85%, 10/15/50 (Call 04/15/50)

    687       422,704  

2.88%, 03/15/32 (Call 12/15/31)

    350       291,225  

3.85%, 03/15/52 (Call 09/15/51)

    690       507,247  

4.20%, 08/15/48 (Call 02/15/48)(a)

    501       404,031  

4.25%, 01/15/49 (Call 07/15/48)

    622       507,963  

4.30%, 05/15/43

    163       134,576  

4.40%, 05/15/42(a)

    295       252,051  

5.75%, 01/15/40(a)

    332       335,038  

Berkshire Hathaway Inc.

   

3.13%, 03/15/26 (Call 12/15/25)

    563       533,583  

4.50%, 02/11/43

    372       324,745  

Chubb Corp. (The)

   

6.00%, 05/11/37

    318       325,902  

Series 1, 6.50%, 05/15/38

    75       79,090  

Chubb INA Holdings Inc.

   

1.38%, 09/15/30 (Call 06/15/30)(a)

    490       364,879  
Security   Par
(000)
    Value  
Insurance (continued)            

2.85%, 12/15/51 (Call 06/15/51)

  $ 175     $ 107,210  

3.05%, 12/15/61 (Call 06/15/61)

    430       255,123  

3.15%, 03/15/25

    582       556,142  

3.35%, 05/15/24

    300       291,720  

3.35%, 05/03/26 (Call 02/03/26)

    360       338,969  

4.35%, 11/03/45 (Call 05/03/45)

    530       431,420  

Loews Corp.

   

3.20%, 05/15/30 (Call 02/15/30)

    283           240,748  

3.75%, 04/01/26 (Call 01/01/26)

    180       172,937  

4.13%, 05/15/43 (Call 11/15/42)

    186       139,480  

Manulife Financial Corp.

   

2.48%, 05/19/27 (Call 03/19/27)

    59       52,338  

4.15%, 03/04/26

    249       239,615  

5.38%, 03/04/46

    222       201,469  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)

        270       212,628  

3.50%, 06/03/24 (Call 03/03/24)

    281       273,174  

3.50%, 03/10/25 (Call 12/10/24)

    270       259,343  

3.75%, 03/14/26 (Call 12/14/25)

    204       194,218  

3.88%, 03/15/24 (Call 02/15/24)

    283       277,999  

4.20%, 03/01/48 (Call 09/01/47)

    195       149,384  

4.35%, 01/30/47 (Call 07/30/46)

    148       115,518  

4.38%, 03/15/29 (Call 12/15/28)

    654       617,716  

4.75%, 03/15/39 (Call 09/15/38)

    164       141,120  

4.90%, 03/15/49 (Call 09/15/48)

    403       343,586  

6.25%, 11/01/52

    100       102,146  

MetLife Inc.

   

3.00%, 03/01/25

    370       353,239  

3.60%, 04/10/24

    103       100,730  

3.60%, 11/13/25 (Call 08/13/25)

    222       213,020  

4.05%, 03/01/45

    219       168,483  

4.13%, 08/13/42

    406       319,579  

4.55%, 03/23/30 (Call 12/23/29)(a)

    490       466,054  

4.60%, 05/13/46 (Call 11/13/45)

    215       179,095  

4.88%, 11/13/43

    280       241,228  

5.00%, 07/15/52 (Call 01/15/52)

    300       261,876  

5.70%, 06/15/35

    376       371,890  

5.88%, 02/06/41

    130       124,635  

6.38%, 06/15/34

    324       339,426  

6.50%, 12/15/32

    131       137,456  

PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)

    60       52,577  

Principal Financial Group Inc.

   

2.13%, 06/15/30 (Call 03/15/30)

    286       221,802  

3.70%, 05/15/29 (Call 02/15/29)

    265       235,100  

6.05%, 10/15/36

    175       171,148  

Progressive Corp. (The)

   

2.45%, 01/15/27(a)

    171       153,685  

2.50%, 03/15/27 (Call 02/15/27)

    160       142,883  

3.00%, 03/15/32 (Call 12/15/31)

    150       124,065  

3.20%, 03/26/30 (Call 12/26/29)

    329       284,565  

3.70%, 03/15/52 (Call 09/15/51)

    200       141,806  

3.95%, 03/26/50 (Call 09/26/49)

    53       39,330  

4.00%, 03/01/29 (Call 12/01/28)

    310       288,173  

4.13%, 04/15/47 (Call 10/15/46)

    283       220,876  

4.20%, 03/15/48 (Call 09/15/47)

    240       188,294  

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)(a)

    225       199,501  

2.10%, 03/10/30 (Call 12/10/29)

    240       190,279  

3.00%, 03/10/40 (Call 09/10/39)(a)

    141       96,650  

3.70%, 03/13/51 (Call 09/13/50)

    602       426,914  

 

 

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

  59


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Insurance (continued)            

3.91%, 12/07/47 (Call 06/07/47)

  $ 248     $ 182,987  

3.94%, 12/07/49 (Call 06/07/49)

    213       156,491  

4.35%, 02/25/50 (Call 08/25/49)

    393       310,993  

4.60%, 05/15/44(a)

    208       171,825  

5.70%, 12/14/36

    290       283,365  

Prudential PLC, 3.13%, 04/14/30

    140       114,846  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)

    160       92,166  

3.05%, 06/08/51 (Call 12/08/50)(a)

    215       136,817  

3.75%, 05/15/46 (Call 11/15/45)

    158       116,493  

4.00%, 05/30/47 (Call 11/30/46)

    72       54,739  

4.05%, 03/07/48 (Call 09/07/47)

    149       113,829  

4.10%, 03/04/49 (Call 09/04/48)

    150       115,335  

4.60%, 08/01/43

    125       104,703  

5.35%, 11/01/40

    415       390,905  

6.25%, 06/15/37

    289       300,543  

Travelers Property Casualty Corp., 6.38%, 03/15/33

    188       198,913  
   

 

 

 
          22,211,598  
Internet — 3.4%            

Alibaba Group Holding Ltd.

   

2.13%, 02/09/31 (Call 11/09/30)

    400       287,960  

2.70%, 02/09/41 (Call 08/09/40)(a)

    320       166,762  

3.15%, 02/09/51 (Call 08/09/50)

    425       207,030  

3.25%, 02/09/61 (Call 08/09/60)

    370       171,650  

3.40%, 12/06/27 (Call 09/06/27)(a)

    895       769,082  

3.60%, 11/28/24 (Call 08/28/24)

    735       697,155  

4.00%, 12/06/37 (Call 06/06/37)

    230       157,734  

4.20%, 12/06/47 (Call 06/06/47)(a)

    630       385,037  

4.40%, 12/06/57 (Call 06/06/57)

    355       211,388  

4.50%, 11/28/34 (Call 05/28/34)

    200       154,544  

Alphabet Inc.

   

0.45%, 08/15/25 (Call 07/15/25)

    510       455,869  

0.80%, 08/15/27 (Call 06/15/27)(a)

    430       362,129  

1.10%, 08/15/30 (Call 05/15/30)(a)

    420       322,787  

1.90%, 08/15/40 (Call 02/15/40)

    517       327,835  

2.00%, 08/15/26 (Call 05/15/26)

    760       691,980  

2.05%, 08/15/50 (Call 02/15/50)

    955       545,802  

2.25%, 08/15/60 (Call 02/15/60)(a)

    555       303,468  

3.38%, 02/25/24

    294       289,658  

Amazon.com Inc.

   

0.45%, 05/12/24

    562       526,942  

0.80%, 06/03/25 (Call 05/03/25)

    480       434,443  

1.00%, 05/12/26 (Call 04/12/26)

    890       779,133  

1.20%, 06/03/27 (Call 04/03/27)

    267       227,273  

1.50%, 06/03/30 (Call 03/03/30)

    511       399,638  

1.65%, 05/12/28 (Call 03/12/28)

    837       707,072  

2.10%, 05/12/31 (Call 02/12/31)

    1,142       914,331  

2.50%, 06/03/50 (Call 12/03/49)

    876       521,623  

2.70%, 06/03/60 (Call 12/03/59)

    561       317,874  

2.73%, 04/13/24

    50       48,684  

2.80%, 08/22/24 (Call 06/22/24)

    824       796,750  

2.88%, 05/12/41 (Call 11/12/40)

    717       508,210  

3.00%, 04/13/25

    585       562,448  

3.10%, 05/12/51 (Call 11/12/50)

    855       572,593  

3.15%, 08/22/27 (Call 05/22/27)

    1,302       1,205,678  

3.25%, 05/12/61 (Call 11/12/60)

    455       292,301  

3.30%, 04/13/27 (Call 03/13/27)

    790       741,289  

3.45%, 04/13/29 (Call 02/13/29)(a)

    555       509,196  

3.60%, 04/13/32 (Call 01/13/32)

    925       827,727  

3.80%, 12/05/24 (Call 09/05/24)

    116       114,036  
Security   Par
(000)
    Value  
Internet (continued)            

3.88%, 08/22/37 (Call 02/22/37)

  $ 544     $ 462,694  

3.95%, 04/13/52 (Call 10/13/51)

    695       545,269  

4.05%, 08/22/47 (Call 02/22/47)(a)

    1,017       826,994  

4.10%, 04/13/62 (Call 10/13/61)

    460       352,687  

4.25%, 08/22/57 (Call 02/22/57)

    867       697,545  

4.80%, 12/05/34 (Call 06/05/34)

    479       466,177  

4.95%, 12/05/44 (Call 06/05/44)

    474       443,820  

5.20%, 12/03/25 (Call 09/03/25)

    456       462,822  

Baidu Inc.

   

1.72%, 04/09/26 (Call 03/09/26)

    220       191,671  

3.08%, 04/07/25 (Call 03/07/25)

    200       186,706  

3.63%, 07/06/27(a)

    215       192,070  

4.13%, 06/30/25

    90       85,711  

4.38%, 05/14/24 (Call 04/14/24)(a)

    60       58,639  

4.38%, 03/29/28 (Call 12/29/27)(a)

    35       30,844  

Booking Holdings Inc.

   

3.55%, 03/15/28 (Call 12/15/27)

    225       204,691  

3.60%, 06/01/26 (Call 03/01/26)

    447       422,379  

3.65%, 03/15/25 (Call 12/15/24)

    352       339,110  

4.63%, 04/13/30 (Call 01/13/30)

    163       153,717  

Meta Platforms Inc.

   

3.50%, 08/15/27 (Call 07/15/27)(c)

    565       519,065  

3.85%, 08/15/32 (Call 05/15/32)(c)

    900       767,376  

4.45%, 08/15/52 (Call 02/15/52)(c)

    965       717,690  

4.65%, 08/15/62 (Call 02/15/62)(c)

    575       425,442  

Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30)

    95       64,449  
   

 

 

 
          26,132,679  
Machinery — 1.6%            

ABB Finance USA Inc., 4.38%, 05/08/42

    235       191,539  

Caterpillar Financial Services Corp.

   

0.45%, 05/17/24

    40       37,355  

0.60%, 09/13/24

    235       217,175  

0.80%, 11/13/25

    95       84,150  

0.90%, 03/02/26(a)

    515       451,506  

1.10%, 09/14/27

    244       203,611  

1.15%, 09/14/26

    425       368,063  

1.45%, 05/15/25

    142       130,549  

1.70%, 01/08/27

    30       26,313  

2.15%, 11/08/24

    342       324,192  

2.85%, 05/17/24

    219       212,450  

3.25%, 12/01/24

    55       53,268  

3.40%, 05/13/25

    195       188,228  

3.60%, 08/12/27

    125       117,229  

3.65%, 08/12/25

    255       247,008  

Caterpillar Inc.

   

1.90%, 03/12/31 (Call 12/12/30)

    120       94,672  

2.60%, 09/19/29 (Call 06/19/29)(a)

    296       253,112  

2.60%, 04/09/30 (Call 01/09/30)

    281       237,616  

3.25%, 09/19/49 (Call 03/19/49)

    365       258,756  

3.25%, 04/09/50 (Call 10/09/49)(a)

    224       158,834  

3.40%, 05/15/24 (Call 02/15/24)

    570       557,443  

3.80%, 08/15/42

    502       404,758  

4.30%, 05/15/44 (Call 11/15/43)

    154       132,081  

4.75%, 05/15/64 (Call 11/15/63)

    212       180,980  

5.20%, 05/27/41

    344       332,920  

Deere & Co.

   

2.75%, 04/15/25 (Call 03/15/25)

    362       344,523  

2.88%, 09/07/49 (Call 03/07/49)(a)

    150       100,048  

3.10%, 04/15/30 (Call 01/15/30)

    218       191,162  

 

 

60  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Machinery (continued)            

3.75%, 04/15/50 (Call 10/15/49)(a)

  $ 174     $ 136,583  

3.90%, 06/09/42 (Call 12/09/41)

    151       125,455  

5.38%, 10/16/29

    101       102,575  

John Deere Capital Corp.

   

0.45%, 06/07/24

    335       312,572  

0.63%, 09/10/24

    265       245,533  

0.70%, 01/15/26

    365       319,039  

1.05%, 06/17/26(a)

    420       366,475  

1.25%, 01/10/25

    320       296,656  

1.45%, 01/15/31(a)

    140       105,731  

1.50%, 03/06/28

    260       217,043  

1.70%, 01/11/27(a)

    115       100,854  

1.75%, 03/09/27

    305       265,356  

2.00%, 06/17/31

    230       180,331  

2.05%, 01/09/25

    290       273,203  

2.45%, 01/09/30

    185       154,754  

2.60%, 03/07/24

    396       384,401  

2.65%, 06/24/24

    160       154,390  

2.65%, 06/10/26

    275       254,631  

2.80%, 09/08/27

    243       219,196  

2.80%, 07/18/29

    225       194,758  

3.35%, 06/12/24

    100       97,667  

3.35%, 04/18/29

    200       180,852  

3.40%, 06/06/25

        385       371,563  

3.45%, 03/13/25

    77       74,523  

3.45%, 03/07/29

    231       210,053  

3.90%, 06/07/32(a)

    105       95,212  

4.05%, 09/08/25

    170       166,075  

4.15%, 09/15/27

    200       192,426  

4.35%, 09/15/32

    200       187,898  

4.55%, 10/11/24

    230       228,845  

4.85%, 10/11/29

    300       294,924  

Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48)

    240       191,885  
   

 

 

 
          12,801,000  
Manufacturing — 0.5%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)

    356       332,885  

2.25%, 09/19/26 (Call 06/19/26)(a)

    237       213,767  

2.38%, 08/26/29 (Call 05/26/29)(a)

    118       97,419  

2.65%, 04/15/25 (Call 03/15/25)(a)

    140       131,965  

2.88%, 10/15/27 (Call 07/15/27)

    230       207,179  

3.00%, 08/07/25(a)

    166       157,476  

3.05%, 04/15/30 (Call 01/15/30)(a)

    230       196,742  

3.13%, 09/19/46 (Call 03/19/46)

    187       121,094  

3.25%, 08/26/49 (Call 02/26/49)(a)

    205       136,397  

3.38%, 03/01/29 (Call 12/01/28)(a)

    298       267,592  

3.63%, 09/14/28 (Call 06/14/28)

    169       155,691  

3.63%, 10/15/47 (Call 04/15/47)

    225       157,412  

3.70%, 04/15/50 (Call 10/15/49)

    180       128,470  

4.00%, 09/14/48 (Call 03/14/48)(a)

    433       327,201  

5.70%, 03/15/37

    285       278,171  

Illinois Tool Works Inc.

   

2.65%, 11/15/26 (Call 08/15/26)

    440       404,373  

3.90%, 09/01/42 (Call 03/01/42)

    220       176,253  

4.88%, 09/15/41 (Call 03/15/41)

    205       187,624  
   

 

 

 
      3,677,711  
Media — 3.7%            

Comcast Corp.

   

1.50%, 02/15/31 (Call 11/15/30)

    565       421,106  
Security   Par
(000)
    Value  
Media (continued)            

1.95%, 01/15/31 (Call 10/15/30)(a)

  $ 290     $ 224,704  

2.35%, 01/15/27 (Call 10/15/26)

    264       235,958  

2.45%, 08/15/52 (Call 02/15/52)

    425       232,135  

2.65%, 02/01/30 (Call 11/01/29)

    575       480,436  

2.65%, 08/15/62 (Call 02/15/62)

    395       206,909  

2.80%, 01/15/51 (Call 07/15/50)

    631       374,877  

2.89%, 11/01/51 (Call 05/01/51)

    1,450       871,058  

2.94%, 11/01/56 (Call 05/01/56)(a)

    1,848       1,070,454  

2.99%, 11/01/63 (Call 05/01/63)

    1,212       683,192  

3.15%, 03/01/26 (Call 12/01/25)

    624       586,410  

3.15%, 02/15/28 (Call 11/15/27)

    550       496,023  

3.20%, 07/15/36 (Call 01/15/36)

    118       89,778  

3.25%, 11/01/39 (Call 05/01/39)

    355       257,553  

3.30%, 02/01/27 (Call 11/01/26)

    382       353,789  

3.30%, 04/01/27 (Call 02/01/27)

    219       202,214  

3.38%, 02/15/25 (Call 11/15/24)

    405       390,489  

3.38%, 08/15/25 (Call 05/15/25)

    540       516,256  

3.40%, 04/01/30 (Call 01/01/30)

    574       505,200  

3.40%, 07/15/46 (Call 01/15/46)

    332       226,597  

3.45%, 02/01/50 (Call 08/01/49)

    593       400,506  

3.55%, 05/01/28 (Call 02/01/28)

    290       265,260  

3.70%, 04/15/24 (Call 03/15/24)

    654       641,862  

3.75%, 04/01/40 (Call 10/01/39)(a)

    469       361,857  

3.90%, 03/01/38 (Call 09/01/37)

    321       259,580  

3.95%, 10/15/25 (Call 08/15/25)

    968       936,192  

3.97%, 11/01/47 (Call 05/01/47)

    697       518,094  

4.00%, 08/15/47 (Call 02/15/47)

    341       255,447  

4.00%, 03/01/48 (Call 09/01/47)

    264       197,947  

4.00%, 11/01/49 (Call 05/01/49)

    580       428,539  

4.05%, 11/01/52 (Call 05/01/52)(a)

    398       294,811  

4.15%, 10/15/28 (Call 07/15/28)

    958       898,815  

4.20%, 08/15/34 (Call 02/15/34)

    343       299,785  

4.25%, 10/15/30 (Call 07/15/30)

    589       541,462  

4.25%, 01/15/33(a)

    685       616,932  

4.40%, 08/15/35 (Call 02/15/35)(a)

    313       274,416  

4.60%, 10/15/38 (Call 04/15/38)

    321       278,342  

4.60%, 08/15/45 (Call 02/15/45)

    312       255,288  

4.65%, 07/15/42

    224       186,944  

4.70%, 10/15/48 (Call 04/15/48)

    723       606,235  

4.95%, 10/15/58 (Call 04/15/58)

    353       297,604  

5.35%, 11/15/27

    260       259,883  

5.50%, 11/15/32

    300       298,104  

5.65%, 06/15/35

    381       375,201  

6.45%, 03/15/37

    120       124,782  

6.50%, 11/15/35

    275       289,080  

7.05%, 03/15/33

    170       184,810  

NBCUniversal Media LLC, 4.45%, 01/15/43

    306       249,433  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26

    274       244,038  

2.95%, 06/15/27(a)

    201       183,987  

3.00%, 02/13/26

    260       243,147  

3.00%, 07/30/46

    154       101,253  

3.15%, 09/17/25

    388       368,604  

3.70%, 12/01/42

    220       166,390  

4.13%, 06/01/44

    377       304,646  

Series B, 7.00%, 03/01/32

    170       186,250  

Series E, 4.13%, 12/01/41

    186       150,593  

Walt Disney Co. (The)

   

1.75%, 08/30/24 (Call 07/30/24)

    116       109,619  

1.75%, 01/13/26

    466       422,019  

 

 

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

  61


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Media (continued)            

2.00%, 09/01/29 (Call 06/01/29)

  $ 733     $ 598,458  

2.20%, 01/13/28(a)

    505       439,471  

2.65%, 01/13/31

        720       596,498  

2.75%, 09/01/49 (Call 03/01/49)

    522       322,951  

3.35%, 03/24/25

    391       375,919  

3.50%, 05/13/40 (Call 11/13/39)

    478       365,484  

3.60%, 01/13/51 (Call 07/13/50)

    656       475,659  

3.70%, 09/15/24 (Call 06/15/24)

    279       272,427  

3.70%, 10/15/25 (Call 07/15/25)(a)

    289       279,105  

3.70%, 03/23/27

    120       113,204  

3.80%, 03/22/30(a)

    459       418,553  

3.80%, 05/13/60 (Call 11/13/59)

    442       317,480  

4.63%, 03/23/40 (Call 09/23/39)

    227       201,213  

4.70%, 03/23/50 (Call 09/23/49)(a)

    681       591,360  

4.75%, 09/15/44 (Call 03/15/44)

    205       178,858  

5.40%, 10/01/43

    166       157,363  

6.15%, 02/15/41

    225       230,609  

6.20%, 12/15/34

    527       551,537  

6.40%, 12/15/35

    135       142,899  

6.65%, 11/15/37

    493       533,495  
   

 

 

 
          28,665,438  
Metal Fabricate & Hardware — 0.1%            

Precision Castparts Corp.

   

3.25%, 06/15/25 (Call 03/15/25)

    429       411,694  

3.90%, 01/15/43 (Call 07/15/42)

    170       133,299  
   

 

 

 
      544,993  
Mining — 0.3%            

BHP Billiton Finance USA Ltd.

   

4.13%, 02/24/42

    370       303,926  

5.00%, 09/30/43(a)

    836       767,431  

Rio Tinto Alcan Inc., 6.13%, 12/15/33(a)

    240       249,435  

Rio Tinto Finance USA Ltd.

   

2.75%, 11/02/51 (Call 05/02/51)

    360       222,008  

5.20%, 11/02/40

    217       206,389  

7.13%, 07/15/28

    241       258,829  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)

    271       221,014  

4.75%, 03/22/42 (Call 09/22/41)

    165       145,858  
   

 

 

 
      2,374,890  
Oil & Gas — 4.3%            

BP Capital Markets America Inc.

   

1.75%, 08/10/30 (Call 05/10/30)

    420       325,609  

2.72%, 01/12/32 (Call 10/12/31)

    620       503,310  

2.77%, 11/10/50 (Call 05/10/50)

    510       307,030  

2.94%, 06/04/51 (Call 12/04/50)(a)

    612       377,965  

3.00%, 02/24/50 (Call 08/24/49)

    549       346,995  

3.00%, 03/17/52 (Call 09/17/51)

    470       292,227  

3.02%, 01/16/27 (Call 10/16/26)

    299       273,418  

3.06%, 06/17/41 (Call 12/17/40)(a)

    500       350,105  

3.12%, 05/04/26 (Call 02/04/26)

    105       98,020  

3.38%, 02/08/61 (Call 08/08/60)

    920       585,635  

3.41%, 02/11/26 (Call 12/11/25)(a)

    350       331,608  

3.54%, 04/06/27 (Call 02/06/27)(a)

    15       13,970  

3.59%, 04/14/27 (Call 01/14/27)

    196       182,911  

3.63%, 04/06/30 (Call 01/06/30)

    237       212,129  

3.80%, 09/21/25 (Call 07/21/25)

    375       364,005  

3.94%, 09/21/28 (Call 06/21/28)

    295       273,875  

4.23%, 11/06/28 (Call 08/06/28)

    258       242,879  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

BP Capital Markets PLC

   

3.28%, 09/19/27 (Call 06/19/27)

  $ 289     $ 264,051  

3.72%, 11/28/28 (Call 08/28/28)

    364       332,390  

Chevron Corp.

   

1.55%, 05/11/25 (Call 04/11/25)

    900       830,574  

2.00%, 05/11/27 (Call 03/11/27)

    470       415,917  

2.24%, 05/11/30 (Call 02/11/30)

    444       368,653  

2.90%, 03/03/24 (Call 01/03/24)

    487       475,697  

2.95%, 05/16/26 (Call 02/16/26)

        626       587,595  

3.08%, 05/11/50 (Call 11/11/49)

    292       199,728  

3.33%, 11/17/25 (Call 08/17/25)(a)

    351           338,364  

Chevron USA Inc.

   

0.69%, 08/12/25 (Call 07/12/25)(a)

    348       311,446  

1.02%, 08/12/27 (Call 06/12/27)

    213       178,971  

2.34%, 08/12/50 (Call 02/12/50)

    227       134,418  

3.85%, 01/15/28 (Call 10/15/27)

    285       270,308  

3.90%, 11/15/24 (Call 08/15/24)

    230       225,853  

ConocoPhillips Co.

   

2.13%, 03/08/24 (Call 12/01/22)

    235       226,300  

2.40%, 03/07/25 (Call 03/07/23)

    145       136,954  

3.76%, 03/15/42

    459       358,484  

3.80%, 03/15/52 (Call 09/15/51)(a)

    215       160,962  

4.03%, 03/15/62

    710       524,370  

4.30%, 11/15/44 (Call 05/15/44)

    235       193,779  

5.90%, 10/15/32

    36       37,342  

6.50%, 02/01/39

    375       403,583  

6.95%, 04/15/29

    55       59,775  

EOG Resources Inc.

   

3.15%, 04/01/25 (Call 01/01/25)

    15       14,403  

3.90%, 04/01/35 (Call 10/01/34)

    319       271,941  

4.15%, 01/15/26 (Call 10/15/25)

    558       541,578  

4.38%, 04/15/30 (Call 01/15/30)

    352       334,059  

4.95%, 04/15/50 (Call 10/15/49)

    135       122,849  

Exxon Mobil Corp.

   

2.02%, 08/16/24 (Call 07/16/24)

    537       511,761  

2.28%, 08/16/26 (Call 06/16/26)(a)

    463       421,603  

2.44%, 08/16/29 (Call 05/16/29)(a)

    614       525,645  

2.61%, 10/15/30 (Call 07/15/30)(a)

    737       624,047  

2.71%, 03/06/25 (Call 12/06/24)

    728       694,818  

2.99%, 03/19/25 (Call 02/19/25)

    972       931,079  

3.00%, 08/16/39 (Call 02/16/39)

    347       253,248  

3.04%, 03/01/26 (Call 12/01/25)

    872       821,005  

3.10%, 08/16/49 (Call 02/16/49)

    255       173,499  

3.18%, 03/15/24 (Call 12/15/23)

    160       156,710  

3.29%, 03/19/27 (Call 01/19/27)(a)

    289       271,331  

3.45%, 04/15/51 (Call 10/15/50)(a)

    728       519,166  

3.48%, 03/19/30 (Call 12/19/29)

    531       482,355  

3.57%, 03/06/45 (Call 09/06/44)

    300       221,865  

4.11%, 03/01/46 (Call 09/01/45)

    844       677,217  

4.23%, 03/19/40 (Call 09/19/39)

    733       628,086  

4.33%, 03/19/50 (Call 09/19/49)

    816       677,753  

Shell International Finance BV

   

2.00%, 11/07/24 (Call 10/07/24)

    600       569,016  

2.38%, 11/07/29 (Call 08/07/29)

    302       254,574  

2.50%, 09/12/26(a)

    314       286,519  

2.75%, 04/06/30 (Call 01/06/30)

    352       301,407  

2.88%, 05/10/26

    773       721,078  

2.88%, 11/26/41 (Call 05/26/41)

    235       161,382  

3.00%, 11/26/51 (Call 05/26/51)

    375       241,545  

3.13%, 11/07/49 (Call 05/07/49)

    422       280,849  

 

 

62  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

3.25%, 05/11/25

  $ 931     $ 894,244  

3.25%, 04/06/50 (Call 10/06/49)(a)

    668       459,223  

3.63%, 08/21/42

    298       225,506  

3.75%, 09/12/46

    448       335,108  

3.88%, 11/13/28 (Call 08/13/28)

    509       476,231  

4.00%, 05/10/46

    586       460,326  

4.13%, 05/11/35

    488       430,348  

4.38%, 05/11/45

    767       634,010  

4.55%, 08/12/43

    323       276,197  

5.50%, 03/25/40

    320       311,872  

6.38%, 12/15/38

        1,002           1,056,429  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

    460       435,091  

2.83%, 01/10/30 (Call 10/10/29)(a)

    376       322,954  

2.99%, 06/29/41 (Call 12/29/40)

    262       183,827  

3.13%, 05/29/50 (Call 11/29/49)

    746       492,942  

3.39%, 06/29/60 (Call 12/29/59)

    178       115,672  

3.45%, 02/19/29 (Call 11/19/28)(a)

    590       536,092  

3.46%, 07/12/49 (Call 01/12/49)

    221       155,135  

3.75%, 04/10/24

    679       669,256  

TotalEnergies Capital SA, 3.88%, 10/11/28

    440       410,604  
   

 

 

 
      33,690,660  
Oil & Gas Services — 0.2%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40

    409       350,914  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

   

2.06%, 12/15/26 (Call 11/15/26)

    110       96,283  

3.14%, 11/07/29 (Call 08/07/29)

    238       201,948  

3.34%, 12/15/27 (Call 09/15/27)

    542       486,022  

4.08%, 12/15/47 (Call 06/15/47)

    413       299,668  

4.49%, 05/01/30 (Call 02/01/30)

    133       122,754  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)

    15       13,564  

Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)

    430       359,996  
   

 

 

 
      1,931,149  
Pharmaceuticals — 5.6%            

Astrazeneca Finance LLC

   

0.70%, 05/28/24 (Call 12/01/22)

    620       579,210  

1.20%, 05/28/26 (Call 04/28/26)

    850       741,854  

1.75%, 05/28/28 (Call 03/28/28)

    540       451,850  

2.25%, 05/28/31 (Call 02/28/31)

    310       249,674  

AstraZeneca PLC

   

0.70%, 04/08/26 (Call 03/08/26)

    435       374,987  

1.38%, 08/06/30 (Call 05/06/30)

    290       221,844  

2.13%, 08/06/50 (Call 02/06/50)

    50       27,546  

3.00%, 05/28/51 (Call 11/28/50)

    230       152,842  

3.13%, 06/12/27 (Call 03/12/27)

    185       170,293  

3.38%, 11/16/25

    380       362,159  

4.00%, 01/17/29 (Call 10/17/28)

    165       155,283  

4.00%, 09/18/42

    365       299,975  

4.38%, 11/16/45

    320       271,136  

4.38%, 08/17/48 (Call 02/17/48)

    195       164,570  

6.45%, 09/15/37

    780       837,650  

Bristol-Myers Squibb Co.

   

0.75%, 11/13/25 (Call 10/13/25)

    96       84,911  

1.13%, 11/13/27 (Call 09/13/27)

    440       365,614  

1.45%, 11/13/30 (Call 08/13/30)

    500       383,030  

2.35%, 11/13/40 (Call 05/13/40)

    141       91,808  

2.55%, 11/13/50 (Call 05/13/50)

    588       352,647  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

2.90%, 07/26/24 (Call 06/26/24)(a)

  $ 755     $ 730,561  

2.95%, 03/15/32 (Call 12/15/31)(a)

    310       262,871  

3.20%, 06/15/26 (Call 04/15/26)

    863       814,853  

3.25%, 08/01/42

    165       119,104  

3.40%, 07/26/29 (Call 04/26/29)

    658       597,806  

3.45%, 11/15/27 (Call 08/15/27)

    280       260,876  

3.55%, 03/15/42 (Call 09/15/41)

    310       237,091  

3.70%, 03/15/52 (Call 09/15/51)

    550       408,309  

3.90%, 02/20/28 (Call 11/20/27)

    575       544,991  

3.90%, 03/15/62 (Call 09/15/61)

    375       274,253  

4.13%, 06/15/39 (Call 12/15/38)

    475       403,840  

4.25%, 10/26/49 (Call 04/26/49)

        1,067       868,911  

4.35%, 11/15/47 (Call 05/15/47)

    480       398,453  

4.55%, 02/20/48 (Call 08/20/47)

    514       439,043  

4.63%, 05/15/44 (Call 11/15/43)

    350       304,206  

5.00%, 08/15/45 (Call 02/15/45)

    65       59,507  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)

    339       203,329  

2.50%, 09/15/60 (Call 03/15/60)

    265       152,595  

2.75%, 06/01/25 (Call 03/01/25)

    479       456,554  

3.38%, 03/15/29 (Call 12/15/28)(a)

    486       449,599  

3.95%, 03/15/49 (Call 09/15/48)

    215       179,566  

4.15%, 03/15/59 (Call 09/15/58)

    185           150,061  

GlaxoSmithKline Capital Inc.

   

3.63%, 05/15/25

    432       419,191  

3.88%, 05/15/28

    520       487,916  

4.20%, 03/18/43

    169       137,627  

5.38%, 04/15/34

    161       160,116  

6.38%, 05/15/38

    899       963,108  

GlaxoSmithKline Capital PLC

   

3.00%, 06/01/24 (Call 05/01/24)

    562       545,618  

3.38%, 06/01/29 (Call 03/01/29)

    385       347,278  

Johnson & Johnson

   

0.55%, 09/01/25 (Call 08/01/25)(a)

    30       26,803  

0.95%, 09/01/27 (Call 07/01/27)(a)

    340       287,909  

1.30%, 09/01/30 (Call 06/01/30)(a)

    525       415,469  

2.10%, 09/01/40 (Call 03/01/40)

    270       176,801  

2.25%, 09/01/50 (Call 03/01/50)

    475       281,570  

2.45%, 03/01/26 (Call 12/01/25)

    910       850,440  

2.45%, 09/01/60 (Call 03/01/60)

    285       160,854  

2.63%, 01/15/25 (Call 11/15/24)

    145       138,964  

2.90%, 01/15/28 (Call 10/15/27)

    612       562,526  

2.95%, 03/03/27 (Call 12/03/26)

    378       352,009  

3.40%, 01/15/38 (Call 07/15/37)

    427       348,078  

3.50%, 01/15/48 (Call 07/15/47)

    334       256,529  

3.55%, 03/01/36 (Call 09/01/35)

    220       188,001  

3.63%, 03/03/37 (Call 09/03/36)

    323       275,561  

3.70%, 03/01/46 (Call 09/01/45)

    538       426,150  

3.75%, 03/03/47 (Call 09/03/46)

    403       321,751  

4.38%, 12/05/33 (Call 06/05/33)

    377       358,399  

4.50%, 09/01/40

    157       142,069  

4.50%, 12/05/43 (Call 06/05/43)

    255       225,555  

4.95%, 05/15/33

    228       229,384  

5.85%, 07/15/38

    271       284,133  

5.95%, 08/15/37(a)

    146       155,928  

Mead Johnson Nutrition Co.

   

4.13%, 11/15/25 (Call 08/15/25)

    394       380,391  

4.60%, 06/01/44 (Call 12/01/43)

    215       179,297  

Merck & Co. Inc.

   

0.75%, 02/24/26 (Call 01/24/26)(a)

    235       205,980  

 

 

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

  63


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

1.45%, 06/24/30 (Call 03/24/30)

  $ 275     $ 213,543  

1.70%, 06/10/27 (Call 05/10/27)

    490       426,981  

1.90%, 12/10/28 (Call 10/10/28)

    285       238,913  

2.15%, 12/10/31 (Call 09/10/31)

    445       353,512  

2.35%, 06/24/40 (Call 12/24/39)

    441       290,668  

2.45%, 06/24/50 (Call 12/24/49)(a)

    425       256,726  

2.75%, 02/10/25 (Call 11/10/24)

    663       633,609  

2.75%, 12/10/51 (Call 06/10/51)

    781       496,349  

2.90%, 12/10/61 (Call 06/10/61)

    565       343,610  

3.40%, 03/07/29 (Call 12/07/28)

    493       450,183  

3.60%, 09/15/42 (Call 03/15/42)(a)

    229       176,124  

3.70%, 02/10/45 (Call 08/10/44)

    575       445,728  

3.90%, 03/07/39 (Call 09/07/38)

    290       241,515  

4.00%, 03/07/49 (Call 09/07/48)

    536       432,788  

4.15%, 05/18/43

        333       278,897  

6.50%, 12/01/33

    98           106,799  

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

    202       189,104  

2.00%, 02/14/27 (Call 12/14/26)

    528       472,074  

2.20%, 08/14/30 (Call 05/14/30)

    480       397,440  

2.75%, 08/14/50 (Call 02/14/50)

    426       279,230  

3.00%, 11/20/25 (Call 08/20/25)

    600       569,748  

3.10%, 05/17/27 (Call 02/17/27)

    450       419,175  

3.40%, 05/06/24

    690       676,655  

3.70%, 09/21/42

    243       193,912  

4.00%, 11/20/45 (Call 05/20/45)

    305       250,036  

4.40%, 05/06/44

    480       420,019  

Pfizer Inc.

   

0.80%, 05/28/25 (Call 04/28/25)

    441       400,494  

1.70%, 05/28/30 (Call 02/28/30)

    445       354,807  

1.75%, 08/18/31 (Call 05/18/31)(a)

    115       89,491  

2.55%, 05/28/40 (Call 11/28/39)

    299       207,156  

2.63%, 04/01/30 (Call 01/01/30)

    370       316,039  

2.70%, 05/28/50 (Call 11/28/49)

    418       272,227  

2.75%, 06/03/26(a)

    596       557,039  

2.95%, 03/15/24 (Call 02/15/24)

    288       281,310  

3.00%, 12/15/26

    727       680,050  

3.40%, 05/15/24

    433       424,093  

3.45%, 03/15/29 (Call 12/15/28)

    291       266,579  

3.60%, 09/15/28 (Call 06/15/28)

    425       397,813  

3.90%, 03/15/39 (Call 09/15/38)

    173       145,503  

4.00%, 12/15/36

    210       184,466  

4.00%, 03/15/49 (Call 09/15/48)(a)

    394       324,069  

4.10%, 09/15/38 (Call 03/15/38)

    252       218,255  

4.13%, 12/15/46

    444       375,153  

4.20%, 09/15/48 (Call 03/15/48)

    315       266,619  

4.30%, 06/15/43

    264       228,136  

4.40%, 05/15/44

    374       327,370  

7.20%, 03/15/39

    827       969,649  

Pharmacia LLC, 6.60%, 12/01/28

    154       164,708  

Sanofi, 3.63%, 06/19/28 (Call 03/19/28)

    438       408,396  

Wyeth LLC

   

5.95%, 04/01/37

    611       637,047  

6.00%, 02/15/36

    141       145,725  

6.50%, 02/01/34(a)

    307       332,791  
   

 

 

 
      43,174,990  
Security  

Par

(000)

    Value  
Pipelines — 0.1%            

Columbia Pipeline Group Inc.

   

4.50%, 06/01/25 (Call 03/01/25)

  $ 401     $ 392,202  

5.80%, 06/01/45 (Call 12/01/44)

    60       54,098  
   

 

 

 
          446,300  
Real Estate — 0.0%            

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)

    135       130,895  
   

 

 

 
Real Estate Investment Trusts — 1.5%            

AvalonBay Communities Inc.

   

2.05%, 01/15/32 (Call 10/15/31)(a)

    40       30,456  

2.30%, 03/01/30 (Call 12/01/29)(a)

    345       279,395  

2.45%, 01/15/31 (Call 10/17/30)

    141       112,964  

3.45%, 06/01/25 (Call 03/03/25)

    380       362,976  

Camden Property Trust

   

2.80%, 05/15/30 (Call 02/15/30)

    452       372,236  

3.15%, 07/01/29 (Call 04/01/29)

    110       94,255  

ERP Operating LP

   

1.85%, 08/01/31 (Call 05/01/31)

    210       156,836  

2.50%, 02/15/30 (Call 11/15/29)

    250       201,380  

2.85%, 11/01/26 (Call 08/01/26)

    55       49,797  

3.00%, 07/01/29 (Call 04/01/29)

    141       119,875  

3.50%, 03/01/28 (Call 12/01/27)

    166       148,932  

4.50%, 07/01/44 (Call 01/01/44)

    172       137,519  

Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27)

    15       13,750  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)

    380       278,624  

2.13%, 04/15/27 (Call 02/15/27)

    240       210,718  

2.13%, 10/15/50 (Call 04/15/50)

    182       95,215  

2.25%, 04/15/30 (Call 01/15/30)

    378       304,267  

3.00%, 04/15/50 (Call 10/15/49)(a)

    215       135,525  

4.63%, 01/15/33 (Call 10/15/32)

        260       241,163  

Public Storage

   

0.88%, 02/15/26 (Call 01/15/26)

    285       246,465  

1.50%, 11/09/26 (Call 10/09/26)

    195       169,859  

1.85%, 05/01/28 (Call 03/01/28)

    233       193,313  

1.95%, 11/09/28 (Call 09/09/28)

    195       160,506  

2.25%, 11/09/31 (Call 08/09/31)

    330       253,209  

2.30%, 05/01/31 (Call 02/01/31)

    159       125,012  

3.09%, 09/15/27 (Call 06/15/27)

    267       242,140  

3.39%, 05/01/29 (Call 02/01/29)

    189       167,063  

Realty Income Corp.

   

2.85%, 12/15/32 (Call 09/15/32)

    175       136,908  

3.00%, 01/15/27 (Call 10/15/26)

    168       151,202  

3.10%, 12/15/29 (Call 09/15/29)

    331       278,497  

3.25%, 06/15/29 (Call 03/15/29)

    35       30,186  

3.25%, 01/15/31 (Call 10/15/30)

    386       321,272  

3.65%, 01/15/28 (Call 10/15/27)

    120       108,944  

3.88%, 04/15/25 (Call 02/15/25)

    210       203,345  

3.95%, 08/15/27 (Call 05/15/27)

    95       88,071  

4.13%, 10/15/26 (Call 07/15/26)

    125       118,175  

4.63%, 11/01/25 (Call 09/01/25)

    55       53,743  

4.65%, 03/15/47 (Call 09/15/46)

    201       165,361  

4.88%, 06/01/26 (Call 03/01/26)

    45       43,786  

5.63%, 10/13/32

    225       220,322  

Simon Property Group LP

   

1.38%, 01/15/27 (Call 10/15/26)

    132       111,904  

1.75%, 02/01/28 (Call 11/01/27)

    265       217,024  

2.00%, 09/13/24 (Call 06/13/24)

    519       487,803  

2.20%, 02/01/31 (Call 11/01/30)

    247       185,865  

 

 

64  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

2.25%, 01/15/32 (Call 10/15/31)

  $ 285     $ 208,506  

2.45%, 09/13/29 (Call 06/13/29)

    280       224,381  

2.65%, 07/15/30 (Call 04/15/30)

    282       223,601  

2.65%, 02/01/32 (Call 12/01/31)

    280       212,850  

3.25%, 11/30/26 (Call 08/30/26)

    44       40,129  

3.25%, 09/13/49 (Call 03/13/49)

    305       184,717  

3.30%, 01/15/26 (Call 10/15/25)

    315       293,999  

3.38%, 10/01/24 (Call 07/01/24)(a)

    597       574,613  

3.38%, 06/15/27 (Call 03/15/27)

        385       350,358  

3.38%, 12/01/27 (Call 09/01/27)(a)

    300       269,172  

3.50%, 09/01/25 (Call 06/01/25)

    600       569,838  

3.75%, 02/01/24 (Call 11/01/23)

    265       260,100  

3.80%, 07/15/50 (Call 01/15/50)(a)

    248       167,628  

4.25%, 11/30/46 (Call 05/30/46)

    200       146,874  

4.75%, 03/15/42 (Call 09/15/41)

    131       104,686  

6.75%, 02/01/40 (Call 11/01/39)

    201       199,899  
   

 

 

 
          11,857,209  
Retail — 2.7%            

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    115       99,116  

1.60%, 04/20/30 (Call 01/20/30)

    337       268,876  

1.75%, 04/20/32 (Call 01/20/32)(a)

    430       329,767  

2.75%, 05/18/24 (Call 03/18/24)

    549       533,260  

3.00%, 05/18/27 (Call 02/18/27)

    488       454,611  

Home Depot Inc. (The)

   

0.90%, 03/15/28 (Call 01/15/28)

    80       64,966  

1.38%, 03/15/31 (Call 12/15/30)

    470       351,668  

1.50%, 09/15/28 (Call 07/15/28)

    452       373,117  

1.88%, 09/15/31 (Call 06/15/31)

    327       252,637  

2.13%, 09/15/26 (Call 06/15/26)

    428       386,416  

2.38%, 03/15/51 (Call 09/15/50)

    250       141,645  

2.50%, 04/15/27 (Call 02/15/27)(a)

    373       337,401  

2.70%, 04/15/25 (Call 03/15/25)

    40       38,046  

2.70%, 04/15/30 (Call 01/15/30)

    207       175,967  

2.75%, 09/15/51 (Call 03/15/51)

    452       276,045  

2.80%, 09/14/27 (Call 06/14/27)(a)

    460       418,687  

2.88%, 04/15/27 (Call 03/15/27)

    260       239,028  

2.95%, 06/15/29 (Call 03/15/29)

    627       553,077  

3.00%, 04/01/26 (Call 01/01/26)

    47       44,189  

3.13%, 12/15/49 (Call 06/15/49)

    397       263,830  

3.25%, 04/15/32 (Call 01/15/32)(a)

    95       81,849  

3.30%, 04/15/40 (Call 10/15/39)

    497       372,467  

3.35%, 09/15/25 (Call 06/15/25)

    351       336,932  

3.35%, 04/15/50 (Call 10/15/49)

    573       397,324  

3.50%, 09/15/56 (Call 03/15/56)

    213       145,264  

3.63%, 04/15/52 (Call 10/15/51)

    370       268,479  

3.75%, 02/15/24 (Call 11/15/23)

    523       517,273  

3.90%, 12/06/28 (Call 09/06/28)

    383       361,709  

3.90%, 06/15/47 (Call 12/15/46)

    475       366,700  

4.00%, 09/15/25 (Call 08/15/25)

    65       63,648  

4.20%, 04/01/43 (Call 10/01/42)

    321       263,685  

4.25%, 04/01/46 (Call 10/01/45)

    602       494,441  

4.40%, 03/15/45 (Call 09/15/44)

    417       345,480  

4.50%, 09/15/32 (Call 06/15/32)

    500       473,950  

4.50%, 12/06/48 (Call 06/06/48)

    507       429,399  

4.88%, 02/15/44 (Call 08/15/43)

    432       384,973  

4.95%, 09/15/52 (Call 03/15/52)(a)

    305       274,210  

5.40%, 09/15/40 (Call 03/15/40)

    125       120,644  

5.88%, 12/16/36

    639       657,039  

5.95%, 04/01/41 (Call 10/01/40)

    295       300,233  
Security  

Par

(000)

    Value  
Retail (continued)            

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)

  $ 270     $ 241,958  

2.25%, 04/15/25 (Call 03/15/25)

    476       447,802  

2.35%, 02/15/30 (Call 11/15/29)

    250       206,780  

2.50%, 04/15/26

    557       514,852  

2.95%, 01/15/52 (Call 07/15/51)

    370       239,797  

3.38%, 04/15/29 (Call 01/15/29)

    417       376,726  

3.50%, 07/01/24

    413       404,195  

3.63%, 04/15/46

    241       179,680  

3.90%, 11/15/47 (Call 05/15/47)

    241       187,108  

4.00%, 07/01/42(a)

    225       184,795  

4.50%, 09/15/32 (Call 06/15/32)

    25       23,564  

7.00%, 01/15/38

    235       264,211  

TJX Companies Inc. (The)

   

1.15%, 05/15/28 (Call 03/15/28)

    182       147,052  

1.60%, 05/15/31 (Call 02/15/31)

    140       104,765  

2.25%, 09/15/26 (Call 06/15/26)

    660       596,369  

Walmart Inc.

   

2.50%, 09/22/41 (Call 03/22/41)

    480       330,178  

2.65%, 12/15/24 (Call 10/15/24)(a)

    95       91,218  

2.65%, 09/22/51 (Call 03/22/51)(a)

    425       273,636  

2.85%, 07/08/24 (Call 06/08/24)

    115       111,597  

2.95%, 09/24/49 (Call 03/24/49)

    255       174,162  

3.05%, 07/08/26 (Call 05/08/26)

    25       23,757  

3.25%, 07/08/29 (Call 04/08/29)

    350       319,638  

3.30%, 04/22/24 (Call 01/22/24)(a)

    511       500,657  

3.55%, 06/26/25 (Call 04/26/25)

    385       374,717  

3.70%, 06/26/28 (Call 03/26/28)

    10       9,479  

3.95%, 06/28/38 (Call 12/28/37)

    255       222,610  

4.05%, 06/29/48 (Call 12/29/47)

    496       414,656  

4.15%, 09/09/32 (Call 06/09/32)

    100       94,676  

4.50%, 09/09/52 (Call 03/09/52)

    200       178,020  

5.25%, 09/01/35

    440       448,417  

5.63%, 04/01/40

    295       304,499  

5.63%, 04/15/41

    250       257,833  

6.20%, 04/15/38

    140       151,922  

6.50%, 08/15/37

    335       379,900  
   

 

 

 
          21,039,274  
Semiconductors — 3.3%            

Advanced Micro Devices Inc.

   

3.92%, 06/01/32 (Call 03/01/32)(a)

    290       258,906  

4.39%, 06/01/52 (Call 12/01/51)(a)

    225       181,971  

Analog Devices Inc.

   

1.70%, 10/01/28 (Call 08/01/28)

    250       206,683  

2.10%, 10/01/31 (Call 07/01/31)

    410       321,887  

2.80%, 10/01/41 (Call 04/01/41)(a)

    310       213,658  

2.95%, 10/01/51 (Call 04/01/51)

    340       219,079  

3.50%, 12/05/26 (Call 09/05/26)

    55       51,889  

Applied Materials Inc.

   

1.75%, 06/01/30 (Call 03/01/30)

    190       150,075  

2.75%, 06/01/50 (Call 12/01/49)

    277       176,488  

3.30%, 04/01/27 (Call 01/01/27)

    175       164,526  

3.90%, 10/01/25 (Call 07/01/25)

    167       162,726  

4.35%, 04/01/47 (Call 10/01/46)(a)

    474       400,483  

5.10%, 10/01/35 (Call 04/01/35)

    182       176,420  

5.85%, 06/15/41

    215       218,747  

Intel Corp.

   

1.60%, 08/12/28 (Call 06/12/28)

        370       305,361  

2.00%, 08/12/31 (Call 05/12/31)

    270       206,331  

2.45%, 11/15/29 (Call 08/15/29)

    783       649,647  

 

 

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

  65


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Semiconductors (continued)            

2.60%, 05/19/26 (Call 02/19/26)

  $ 544     $ 503,309  

2.80%, 08/12/41 (Call 02/12/41)

    305       196,478  

2.88%, 05/11/24 (Call 03/11/24)

    694       673,326  

3.05%, 08/12/51 (Call 02/12/51)

    515       311,297  

3.10%, 02/15/60 (Call 08/15/59)

    244       138,548  

3.15%, 05/11/27 (Call 02/11/27)

    525       484,890  

3.20%, 08/12/61 (Call 02/12/61)

    150       86,747  

3.25%, 11/15/49 (Call 05/15/49)

    737       462,276  

3.40%, 03/25/25 (Call 02/25/25)

    765       739,242  

3.70%, 07/29/25 (Call 04/29/25)

    630       611,598  

3.73%, 12/08/47 (Call 06/08/47)

    704       490,012  

3.75%, 03/25/27 (Call 01/25/27)

    300       284,688  

3.75%, 08/05/27 (Call 07/05/27)

    75       70,580  

3.90%, 03/25/30 (Call 12/25/29)

    583       528,093  

4.00%, 08/05/29 (Call 06/05/29)

    290       267,789  

4.00%, 12/15/32(a)

    269       237,285  

4.10%, 05/19/46 (Call 11/19/45)

    435       327,868  

4.10%, 05/11/47 (Call 11/11/46)

    325       242,232  

4.15%, 08/05/32 (Call 05/05/32)(a)

    295       263,854  

4.25%, 12/15/42

    300       235,467  

4.60%, 03/25/40 (Call 09/25/39)

    271       229,003  

4.75%, 03/25/50 (Call 09/25/49)

    665       540,186  

4.80%, 10/01/41

    215       184,603  

4.90%, 07/29/45 (Call 01/29/45)(a)

    267       228,451  

4.90%, 08/05/52 (Call 02/05/52)

    595       495,135  

4.95%, 03/25/60 (Call 09/25/59)(a)

    177       143,108  

5.05%, 08/05/62 (Call 02/05/62)

        205           167,079  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)

    305       205,436  

4.10%, 03/15/29 (Call 12/15/28)

    60       56,452  

4.65%, 11/01/24 (Call 08/01/24)

    184       183,122  

4.65%, 07/15/32 (Call 04/15/32)

    480       455,568  

4.95%, 07/15/52 (Call 01/15/52)

    435       379,498  

5.25%, 07/15/62 (Call 01/15/62)

    120       105,887  

Lam Research Corp.

   

1.90%, 06/15/30 (Call 03/15/30)

    150       117,728  

2.88%, 06/15/50 (Call 12/15/49)

    236       147,375  

3.13%, 06/15/60 (Call 12/15/59)

    227       136,681  

3.75%, 03/15/26 (Call 01/15/26)

    135       129,539  

3.80%, 03/15/25 (Call 12/15/24)

    220       214,223  

4.00%, 03/15/29 (Call 12/15/28)

    365       338,475  

4.88%, 03/15/49 (Call 09/15/48)(a)

    262       231,377  

NVIDIA Corp.

   

0.58%, 06/14/24 (Call 06/14/23)

    185       172,598  

1.55%, 06/15/28 (Call 04/15/28)

    310       256,212  

2.00%, 06/15/31 (Call 03/15/31)

    475       369,711  

2.85%, 04/01/30 (Call 01/01/30)

    206       175,487  

3.20%, 09/16/26 (Call 06/16/26)

    344       324,031  

3.50%, 04/01/40 (Call 10/01/39)

    427       324,140  

3.50%, 04/01/50 (Call 10/01/49)

    487       345,746  

3.70%, 04/01/60 (Call 10/01/59)

    225       153,430  

QUALCOMM Inc.

   

1.30%, 05/20/28 (Call 02/20/28)

    402       329,065  

1.65%, 05/20/32 (Call 02/20/32)

    445       334,591  

2.15%, 05/20/30 (Call 02/20/30)

    391       320,929  

2.90%, 05/20/24 (Call 03/20/24)

    276       267,549  

3.25%, 05/20/27 (Call 02/20/27)

    120       111,469  

3.25%, 05/20/50 (Call 11/20/49)(a)

    163       112,247  

3.45%, 05/20/25 (Call 02/20/25)

    307       296,144  

4.25%, 05/20/32 (Call 02/20/32)

    205       192,501  
Security  

Par

(000)

    Value  
Semiconductors (continued)            

4.30%, 05/20/47 (Call 11/20/46)(a)

  $ 489     $ 400,471  

4.50%, 05/20/52 (Call 11/20/51)

    240       198,984  

4.65%, 05/20/35 (Call 11/20/34)

    366       338,356  

4.80%, 05/20/45 (Call 11/20/44)

    617       545,249  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    155       134,895  

1.38%, 03/12/25 (Call 02/12/25)

    190       175,824  

1.75%, 05/04/30 (Call 02/04/30)

    229       182,277  

1.90%, 09/15/31 (Call 06/15/31)

    180       140,805  

2.25%, 09/04/29 (Call 06/04/29)

    245       206,283  

2.70%, 09/15/51 (Call 03/15/51)(a)

    100       64,147  

2.90%, 11/03/27 (Call 08/03/27)

    46       41,950  

3.65%, 08/16/32 (Call 05/16/32)

    75       67,229  

3.88%, 03/15/39 (Call 09/15/38)

    277       231,035  

4.10%, 08/16/52 (Call 02/16/52)

    145       119,176  

4.15%, 05/15/48 (Call 11/15/47)

    481       396,825  

TSMC Arizona Corp.

   

1.75%, 10/25/26 (Call 09/25/26)

    355       306,525  

2.50%, 10/25/31 (Call 07/25/31)

    530       411,248  

3.13%, 10/25/41 (Call 04/25/41)

    260       181,415  

3.25%, 10/25/51 (Call 04/25/51)(a)

    440       286,431  

3.88%, 04/22/27 (Call 03/22/27)

    255       238,703  

4.13%, 04/22/29 (Call 02/22/29)

    15       13,857  

4.25%, 04/22/32 (Call 01/22/32)

    245       218,783  

4.50%, 04/22/52 (Call 10/22/51)

    225       184,187  

Xilinx Inc.

   

2.38%, 06/01/30 (Call 03/01/30)

    173       141,057  

2.95%, 06/01/24 (Call 04/01/24)

    69       66,803  
   

 

 

 
          25,287,747  
Software — 1.8%            

Adobe Inc.

   

1.90%, 02/01/25 (Call 01/01/25)

    153       143,685  

2.15%, 02/01/27 (Call 12/01/26)

    319       286,631  

2.30%, 02/01/30 (Call 11/01/29)

    270       224,351  

3.25%, 02/01/25 (Call 11/01/24)

    125       120,915  

Intuit Inc.

   

0.95%, 07/15/25 (Call 06/15/25)

    23       20,704  

1.35%, 07/15/27 (Call 05/15/27)

    55       46,451  

1.65%, 07/15/30 (Call 04/15/30)

    390       301,466  

Microsoft Corp.

   

2.40%, 08/08/26 (Call 05/08/26)(a)

    816       755,020  

2.53%, 06/01/50 (Call 12/01/49)

        2,037       1,280,010  

2.68%, 06/01/60 (Call 12/01/59)

    993       599,673  

2.70%, 02/12/25 (Call 11/12/24)

    868       833,549  

2.88%, 02/06/24 (Call 12/06/23)

    502       491,142  

2.92%, 03/17/52 (Call 09/17/51)

    2,094       1,417,784  

3.04%, 03/17/62 (Call 09/17/61)

    724       471,672  

3.13%, 11/03/25 (Call 08/03/25)

    852       819,718  

3.30%, 02/06/27 (Call 11/06/26)

    1,210       1,150,734  

3.45%, 08/08/36 (Call 02/08/36)

    285       244,322  

3.50%, 02/12/35 (Call 08/12/34)(a)

    368       324,863  

3.70%, 08/08/46 (Call 02/08/46)

    546       441,026  

4.00%, 02/12/55 (Call 08/12/54)

    235       189,546  

4.10%, 02/06/37 (Call 08/06/36)

    305       278,721  

4.20%, 11/03/35 (Call 05/03/35)(a)

    370       344,918  

4.25%, 02/06/47 (Call 08/06/46)

    235       206,351  

4.45%, 11/03/45 (Call 05/03/45)

    200       180,580  

4.50%, 02/06/57 (Call 08/06/56)

    220       194,414  

5.20%, 06/01/39

    175       176,974  

5.30%, 02/08/41

    330       334,719  

 

 

66  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Software (continued)            

salesforce.com Inc.

   

0.63%, 07/15/24 (Call 12/01/22)

  $ 75     $ 69,856  

1.50%, 07/15/28 (Call 05/15/28)(a)

    345       288,517  

1.95%, 07/15/31 (Call 04/15/31)(a)

    510       398,453  

2.70%, 07/15/41 (Call 01/15/41)

    495       337,694  

2.90%, 07/15/51 (Call 01/15/51)(a)

    510       328,205  

3.05%, 07/15/61 (Call 01/15/61)

    390       238,547  

3.70%, 04/11/28 (Call 01/11/28)(a)

    543       512,451  
   

 

 

 
      14,053,662  
Telecommunications — 0.6%            

America Movil SAB de CV

   

2.88%, 05/07/30 (Call 02/07/30)

    295       243,263  

3.63%, 04/22/29 (Call 01/22/29)(a)

    415       366,652  

4.38%, 07/16/42

    459       360,072  

4.38%, 04/22/49 (Call 10/22/48)(a)

    350       273,875  

4.70%, 07/21/32 (Call 04/21/32)(a)

    235       215,916  

6.13%, 03/30/40

    507       486,558  

6.38%, 03/01/35

    252       254,066  

Cisco Systems Inc.

   

2.50%, 09/20/26 (Call 06/20/26)(a)

        593       548,406  

2.95%, 02/28/26

    167       157,650  

3.50%, 06/15/25

    348       338,051  

3.63%, 03/04/24

    301       296,482  

5.50%, 01/15/40

    626       614,682  

5.90%, 02/15/39

    618       631,645  
   

 

 

 
          4,787,318  
Transportation — 2.4%            

Burlington Northern Santa Fe LLC

   

2.88%, 06/15/52 (Call 12/15/51)

    90       56,363  

3.00%, 04/01/25 (Call 01/01/25)(a)

    5       4,783  

3.05%, 02/15/51 (Call 08/15/50)

    270       175,783  

3.25%, 06/15/27 (Call 03/15/27)

    379       351,333  

3.30%, 09/15/51 (Call 03/15/51)

    86       58,766  

3.40%, 09/01/24 (Call 06/01/24)

    232       225,112  

3.55%, 02/15/50 (Call 08/15/49)

    311       223,721  

3.75%, 04/01/24 (Call 01/01/24)(a)

    485       476,512  

3.90%, 08/01/46 (Call 02/01/46)

    178       136,809  

4.05%, 06/15/48 (Call 12/15/47)

    313       245,846  

4.13%, 06/15/47 (Call 12/15/46)

    310       247,067  

4.15%, 04/01/45 (Call 10/01/44)

    312       249,584  

4.15%, 12/15/48 (Call 06/15/48)

    240       191,626  

4.38%, 09/01/42 (Call 03/01/42)

    147       122,891  

4.40%, 03/15/42 (Call 09/15/41)

    242       203,149  

4.45%, 03/15/43 (Call 09/15/42)

    247       208,967  

4.45%, 01/15/53 (Call 07/15/52)

    240       201,509  

4.55%, 09/01/44 (Call 03/01/44)

    290       246,306  

4.70%, 09/01/45 (Call 03/01/45)

    268       230,011  

4.90%, 04/01/44 (Call 10/01/43)

    344       307,742  

5.05%, 03/01/41 (Call 09/01/40)

    237       217,241  

5.15%, 09/01/43 (Call 03/01/43)

    154       142,447  

5.40%, 06/01/41 (Call 12/01/40)

    230       219,116  

5.75%, 05/01/40 (Call 11/01/39)

    96       94,952  

6.15%, 05/01/37

    245       256,030  

Canadian National Railway Co.

   

2.45%, 05/01/50 (Call 11/01/49)

    220       127,224  

2.75%, 03/01/26 (Call 12/01/25)

    366       338,202  

3.20%, 08/02/46 (Call 02/02/46)(a)

    181       123,131  

3.65%, 02/03/48 (Call 08/03/47)(a)

    241       179,147  

3.85%, 08/05/32 (Call 05/05/32)

    270       243,856  
Security  

Par

(000)

    Value  
Transportation (continued)            

4.40%, 08/05/52 (Call 02/05/52)

  $ 145     $ 120,668  

4.45%, 01/20/49 (Call 07/20/48)

    246       206,460  

6.25%, 08/01/34

    170       178,962  

FedEx Corp. Class AA Pass Through Trust, Series
2020-1, Class AA, 1.88%, 08/20/35

    406       323,227  

Union Pacific Corp.

   

2.15%, 02/05/27 (Call 12/05/26)

    40       35,622  

2.38%, 05/20/31 (Call 02/20/31)

    370       299,774  

2.40%, 02/05/30 (Call 11/05/29)

    215       178,861  

2.75%, 03/01/26 (Call 12/01/25)(a)

    210       195,548  

2.80%, 02/14/32 (Call 12/15/31)(a)

    440       364,558  

2.89%, 04/06/36 (Call 01/06/36)

    290       220,536  

2.95%, 03/10/52 (Call 09/10/51)

    270       170,724  

2.97%, 09/16/62 (Call 03/16/62)

    460       269,146  

3.00%, 04/15/27 (Call 01/15/27)(a)

    55       50,450  

3.15%, 03/01/24 (Call 02/01/24)

    280       273,484  

3.20%, 05/20/41 (Call 11/20/40)

    20       14,632  

3.25%, 08/15/25 (Call 05/15/25)

    15       14,329  

3.25%, 02/05/50 (Call 08/05/49)

    625       427,037  

3.38%, 02/14/42 (Call 08/14/41)(a)

    220       164,105  

3.50%, 02/14/53 (Call 08/14/52)

    390       272,832  

3.55%, 08/15/39 (Call 02/15/39)

    295       229,793  

3.55%, 05/20/61 (Call 11/20/60)

    205       136,661  

3.60%, 09/15/37 (Call 03/15/37)

    135       108,460  

3.70%, 03/01/29 (Call 12/01/28)(a)

    395       363,238  

3.75%, 07/15/25 (Call 05/15/25)

    160       155,139  

3.75%, 02/05/70 (Call 08/05/69)(a)

    30       20,010  

3.80%, 10/01/51 (Call 04/01/51)

    390       292,555  

3.80%, 04/06/71 (Call 10/06/70)

    230       155,968  

3.84%, 03/20/60 (Call 09/20/59)

    665       473,812  

3.85%, 02/14/72 (Call 08/14/71)

    145       98,931  

3.95%, 09/10/28 (Call 06/10/28)

    515       484,811  

3.95%, 08/15/59 (Call 02/15/59)

    155       112,840  

4.00%, 04/15/47 (Call 10/15/46)

    200       154,012  

4.05%, 03/01/46 (Call 09/01/45)

    220       171,246  

4.10%, 09/15/67 (Call 03/15/67)

    200       144,894  

4.30%, 03/01/49 (Call 09/01/48)

    255       205,127  

4.50%, 01/20/33 (Call 10/20/32)

    30       28,288  

4.95%, 09/09/52 (Call 03/09/52)(a)

    200           180,430  

United Parcel Service Inc.

   

2.40%, 11/15/26 (Call 08/15/26)

    374       339,715  

2.80%, 11/15/24 (Call 09/15/24)

    50       47,931  

3.05%, 11/15/27 (Call 08/15/27)(a)

    548       503,705  

3.40%, 03/15/29 (Call 12/15/28)

    378       344,426  

3.40%, 11/15/46 (Call 05/15/46)

    200       143,182  

3.40%, 09/01/49 (Call 03/01/49)(a)

    218       157,387  

3.75%, 11/15/47 (Call 05/15/47)

    413       320,513  

3.90%, 04/01/25 (Call 03/01/25)

    92       90,033  

4.25%, 03/15/49 (Call 09/15/48)

    138       114,351  

4.45%, 04/01/30 (Call 01/01/30)

    346       332,506  

4.88%, 11/15/40 (Call 05/15/40)

    171       156,839  

5.20%, 04/01/40 (Call 10/01/39)

    263       251,488  

5.30%, 04/01/50 (Call 10/01/49)(a)

    119       116,436  

6.20%, 01/15/38

    486       515,189  

Walmart Inc.

   

1.05%, 09/17/26 (Call 08/17/26)

    535       465,926  

1.50%, 09/22/28 (Call 07/22/28)

    545       455,326  

1.80%, 09/22/31 (Call 06/22/31)(a)

    910       720,219  

 

 

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

  67


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  

 

 
Transportation (continued)            

3.95%, 09/09/27 (Call 08/09/27)

  $ 100     $ 96,827  
   

 

 

 
      18,574,395  
   

 

 

 

Total Long-Term Investments — 98.3%
(Cost: $929,936,439)

 

    760,582,892  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 7.8%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(d)(e)(f)

        58,858       58,846,512  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(d)(e)

    1,497       1,497,000  
   

 

 

 

Total Short-Term Securities — 7.8%
(Cost: $60,342,065)

 

    60,343,512  
   

 

 

 

Total Investments — 106.1%
(Cost: $990,278,504)

 

    820,926,404  

Liabilities in Excess of Other Assets — (6.1)%

 

    (47,007,857
   

 

 

 

Net Assets — 100.0%

    $   773,918,547  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/21

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/22

   

Shares

Held at

10/31/22

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 80,001,921     $     $ (21,101,619 )(a)    $ (40,907   $ (12,883   $ 58,846,512       58,858     $ 191,674 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    10,637,000             (9,140,000 )(a)                  1,497,000       1,497       37,406        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (40,907   $ (12,883   $ 60,343,512       $ 229,080     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                       

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 760,582,892        $        $ 760,582,892  

Money Market Funds

     60,343,512                            60,343,512  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   60,343,512        $ 760,582,892        $        $ 820,926,404  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

68  

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


Schedule of Investments  

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Advertising — 0.3%            

Lamar Media Corp.

   

3.63%, 01/15/31 (Call 01/15/26)

  $ 310     $ 252,650  

3.75%, 02/15/28 (Call 02/15/23)

    325       285,220  

4.00%, 02/15/30 (Call 02/15/25)(a)

    310       263,224  

4.88%, 01/15/29 (Call 01/15/24)(a)

    225       203,558  
   

 

 

 
          1,004,652  
Aerospace & Defense — 1.2%            

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

    200       182,142  

4.95%, 08/15/25 (Call 05/15/25)

    175       167,772  

Howmet Aerospace Inc.

   

3.00%, 01/15/29 (Call 11/15/28)

    350       291,333  

5.13%, 10/01/24 (Call 07/01/24)

    580       572,750  

5.90%, 02/01/27

    354       347,635  

5.95%, 02/01/37(a)

    372       340,774  

6.75%, 01/15/28

    175       174,725  

6.88%, 05/01/25 (Call 04/01/25)

    350       357,773  

Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)(b)

    225       201,344  

Rolls-Royce PLC

   

3.63%, 10/14/25 (Call 07/14/25)(b)

    575       505,827  

5.75%, 10/15/27 (Call 07/15/27)(b)

    540       488,684  

Spirit AeroSystems Inc.

   

3.85%, 06/15/26 (Call 03/15/26)

    200       180,000  

5.50%, 01/15/25 (Call 12/01/22)(a)(b)

    175       168,875  
   

 

 

 
      3,979,634  
Agriculture — 0.4%            

Darling Ingredients Inc.

   

5.25%, 04/15/27 (Call 11/14/22)(b)

    242       232,320  

6.00%, 06/15/30 (Call 06/15/25)(b)

    560       539,000  

Turning Point Brands Inc., 5.63%, 02/15/26
(Call 02/15/23)(b)

    125       109,272  

Vector Group Ltd., 5.75%, 02/01/29
(Call 02/01/24)(b)

    510       446,250  
   

 

 

 
      1,326,842  
Airlines — 2.4%            

Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(b)

    655       579,557  

Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)(b)

    335       314,915  

American Airlines Inc./AAdvantage Loyalty IP Ltd.

   

5.50%, 04/20/26(b)

    2,015       1,918,928  

5.75%, 04/20/29(b)

    1,710       1,556,100  

Delta Air Lines Inc.

   

2.90%, 10/28/24 (Call 09/28/24)

    455       429,975  

3.75%, 10/28/29 (Call 07/28/29)

    295       242,956  

4.38%, 04/19/28 (Call 01/19/28)(a)

    235       209,618  

7.38%, 01/15/26 (Call 12/15/25)

    390       398,186  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(b)

    229       232,821  

United Airlines Inc.

   

4.38%, 04/15/26 (Call 10/15/25)(b)

    1,160       1,058,683  

4.63%, 04/15/29 (Call 10/15/28)(b)

    1,150       983,584  
   

 

 

 
      7,925,323  
Apparel — 0.6%            

Hanesbrands Inc.

   

4.63%, 05/15/24 (Call 02/15/24)(b)

    480       466,800  

4.88%, 05/15/26 (Call 02/15/26)(a)(b)

    475       435,813  

Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)(b)

    250       200,447  

Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)(a)(b)

    280       223,987  

Under Armour Inc., 3.25%, 06/15/26
(Call 03/15/26)(a)

    320       276,000  

William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)(b)

    275       261,436  
Security   Par
(000)
    Value  
Apparel (continued)            

Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)(a)(b)

  $ 320     $ 252,800  
   

 

 

 
          2,117,283  
Auto Manufacturers — 2.3%            

Allison Transmission Inc.

   

3.75%, 01/30/31 (Call 01/30/26)(b)

        570       454,721  

4.75%, 10/01/27 (Call 11/14/22)(b)

    175       161,110  

5.88%, 06/01/29 (Call 06/01/24)(b)

    310       289,075  

Ford Holdings LLC, 9.30%, 03/01/30

    200       224,000  

Ford Motor Co.

   

3.25%, 02/12/32 (Call 11/12/31)

    470       352,885  

4.35%, 12/08/26 (Call 09/08/26)(a)

    260       241,810  

4.75%, 01/15/43

    450       313,407  

5.29%, 12/08/46 (Call 06/08/46)

    135       99,945  

6.10%, 08/19/32 (Call 05/19/32)

    520       475,959  

6.63%, 10/01/28

    50       49,322  

7.40%, 11/01/46

    75       69,058  

7.45%, 07/16/31(a)

    160       160,565  

9.63%, 04/22/30 (Call 01/22/30)

    100       111,630  

Ford Motor Credit Co. LLC

   

2.30%, 02/10/25 (Call 01/10/25)

    310       280,395  

2.70%, 08/10/26 (Call 07/10/26)

    300       259,944  

2.90%, 02/16/28 (Call 12/16/27)

    125       101,473  

2.90%, 02/10/29 (Call 12/10/28)

    250       195,985  

3.37%, 11/17/23

    250       241,298  

3.38%, 11/13/25 (Call 10/13/25)

    185       167,834  

3.63%, 06/17/31 (Call 03/17/31)

    125       97,209  

3.66%, 09/08/24

    250       236,976  

3.81%, 01/09/24 (Call 11/09/23)

    160       154,500  

3.82%, 11/02/27 (Call 08/02/27)

    200       171,790  

4.00%, 11/13/30 (Call 08/13/30)

    225       181,975  

4.06%, 11/01/24 (Call 10/01/24)

    400       383,500  

4.13%, 08/04/25

    300       278,940  

4.13%, 08/17/27 (Call 06/17/27)

    300       266,415  

4.27%, 01/09/27 (Call 11/09/26)

    300       270,867  

4.39%, 01/08/26(a)

    100       92,269  

4.69%, 06/09/25 (Call 04/09/25)

    200       189,500  

4.95%, 05/28/27 (Call 04/28/27)

    225       205,978  

5.11%, 05/03/29 (Call 02/03/29)

    250       223,500  

5.13%, 06/16/25 (Call 05/16/25)

    250       241,200  

5.58%, 03/18/24 (Call 02/18/24)

    200       196,977  
   

 

 

 
      7,442,012  
Auto Parts & Equipment — 0.9%            

Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)(b)

    200       194,470  

Dana Inc.

   

4.25%, 09/01/30 (Call 05/01/26)(a)

    239       191,429  

4.50%, 02/15/32 (Call 02/15/27)

    175       133,802  

5.38%, 11/15/27 (Call 11/15/22)(a)

    232       209,960  

5.63%, 06/15/28 (Call 06/15/23)

    250       226,250  

Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/29
(Call 04/15/29)(a)

    479       415,365  

IHO Verwaltungs GmbH

   

4.75%, 09/15/26 (Call 11/11/22),
(5.50% PIK)(a)(b)(c)

    350       294,741  

6.00%, 05/15/27 (Call 11/11/22),
(6.75% PIK)(a)(b)(c)

    365       313,444  

6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)(b)(c)

    175       149,333  

Tenneco Inc.

   

5.13%, 04/15/29 (Call 04/15/24)(b)

    205       202,650  

7.88%, 01/15/29 (Call 01/15/24)(b)

    115       113,609  

 

 

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

  69


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Auto Parts & Equipment (continued)            

ZF North America Capital Inc., 4.75%, 04/29/25(b)

  $ 525     $ 490,811  
   

 

 

 
          2,935,864  
Banks — 2.0%            

Deutsche Bank AG, 4.50%, 04/01/25

    485       451,280  

Deutsche Bank AG/New York NY

   

3.73%, 01/14/32 (Call 10/14/30),
(SOFR + 2.757%)(d)

    260       183,149  

5.88%, 07/08/31 (Call 04/08/30),
(SOFR + 5.438%)(d)

    210       172,620  

Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)(b)

    575       587,219  

Intesa Sanpaolo SpA

   

4.20%, 06/01/32 (Call 06/01/31)(b)(d)

    400       270,773  

4.95%, 06/01/42 (Call 06/01/41)(b)(d)

    385       225,315  

5.02%, 06/26/24(b)

    995       939,270  

5.71%, 01/15/26(b)

        935       870,985  

Pacific Western Bank, 3.25%, 05/01/31
(Call 05/01/26), (SOFR + 2.520%)(d)

    225       202,513  

Standard Chartered PLC, 7.01%, (Call 07/30/37),
(3 mo. LIBOR US + 1.460%)(b)(d)(e)

    425       403,251  

Synovus Financial Corp., 5.90%, 02/07/29 (Call 02/07/24)(d)

    198       193,807  

Texas Capital Bancshares Inc., 4.00%, 05/06/31 (Call 05/06/26)(d)

    250       216,479  

UniCredit SpA

   

5.46%, 06/30/35 (Call 06/30/30)(b)(d)

    770       573,712  

5.86%, 06/19/32 (Call 06/19/27)(a)(b)(d)

    675       559,259  

7.30%, 04/02/34 (Call 04/02/29)(b)(d)

    695       589,666  
   

 

 

 
      6,439,298  
Building Materials — 1.5%            

Boise Cascade Co., 4.88%, 07/01/30
(Call 07/01/25)(b)

    245       204,950  

Builders FirstSource Inc.

   

4.25%, 02/01/32 (Call 08/01/26)(b)

    730       584,146  

5.00%, 03/01/30 (Call 03/01/25)(b)

    325       279,121  

6.38%, 06/15/32 (Call 06/15/27)(b)

    380       349,486  

James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)(b)

    230       208,004  

Jeld-Wen Inc., 6.25%, 05/15/25 (Call 12/01/22)(b)

    75       70,125  

Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)(b)

    185       150,441  

Masonite International Corp.

   

3.50%, 02/15/30 (Call 08/15/29)(a)(b)

    195       154,967  

5.38%, 02/01/28 (Call 02/01/23)(a)(b)

    310       283,793  

Standard Industries Inc./NJ

   

3.38%, 01/15/31 (Call 07/15/25)(b)

    625       467,625  

4.38%, 07/15/30 (Call 07/15/25)(b)

    900       727,695  

4.75%, 01/15/28 (Call 01/15/23)(a)(b)

    600       525,750  

5.00%, 02/15/27 (Call 12/01/22)(a)(b)

    445       402,725  

Summit Materials LLC/Summit Materials Finance Corp.

   

5.25%, 01/15/29 (Call 07/15/23)(b)

    375       342,454  

6.50%, 03/15/27 (Call 11/14/22)(b)

    175       167,918  
   

 

 

 
      4,919,200  
Chemicals — 2.5%            

Ashland LLC

   

3.38%, 09/01/31 (Call 06/01/31)(b)

    230       179,947  

6.88%, 05/15/43 (Call 02/15/43)

    168       158,122  

Avient Corp.

   

5.75%, 05/15/25 (Call 12/01/22)(b)

    385       376,884  

7.13%, 08/01/30 (Call 08/01/25)(b)

    390       372,945  

Chemours Co. (The)

   

4.63%, 11/15/29 (Call 11/15/24)(a)(b)

    375       292,500  

5.38%, 05/15/27 (Call 02/15/27)

    254       227,437  

5.75%, 11/15/28 (Call 11/15/23)(b)

    450       382,275  

Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)(b)

    455       386,750  
Security   Par
(000)
    Value  
Chemicals (continued)            

HB Fuller Co.

   

4.00%, 02/15/27 (Call 11/15/26)

  $ 125     $ 114,375  

4.25%, 10/15/28 (Call 10/15/23)

    175       151,375  

INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)(b)

    400       338,288  

Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)(a)(b)

    290       244,794  

Methanex Corp.

   

4.25%, 12/01/24 (Call 09/01/24)

    125       120,966  

5.13%, 10/15/27 (Call 04/15/27)

    435       396,720  

5.25%, 12/15/29 (Call 09/15/29)(a)

        400       342,304  

5.65%, 12/01/44 (Call 06/01/44)

    165       113,438  

Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)(b)

    195       169,406  

NOVA Chemicals Corp.

   

4.25%, 05/15/29 (Call 05/15/24)(a)(b)

    366       298,486  

4.88%, 06/01/24 (Call 03/03/24)(b)

    610       593,225  

5.00%, 05/01/25 (Call 01/31/25)(b)

    230       219,050  

5.25%, 06/01/27 (Call 03/03/27)(b)

    595       531,085  

Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)(b)

    175       148,034  

Olin Corp.

   

5.00%, 02/01/30 (Call 02/01/24)(a)

    225       203,625  

5.13%, 09/15/27 (Call 12/01/22)(a)

    260       243,750  

5.63%, 08/01/29 (Call 08/01/24)

    400       375,920  

SPCM SA

   

3.13%, 03/15/27 (Call 03/15/24)(b)

    275       241,656  

3.38%, 03/15/30 (Call 03/15/25)(b)

    125       99,688  

Valvoline Inc.

   

3.63%, 06/15/31 (Call 06/15/26)(b)

    275       216,975  

4.25%, 02/15/30 (Call 02/15/25)(b)

    275       264,687  

WR Grace Holdings LLC

   

4.88%, 06/15/27 (Call 06/15/23)(b)

    410       358,750  

5.63%, 10/01/24(b)

    160       156,832  
   

 

 

 
          8,320,289  
Coal — 0.1%            

SunCoke Energy Inc., 4.88%, 06/30/29
(Call 06/30/24)(b)

    285       233,700  

Warrior Met Coal Inc., 7.88%, 12/01/28
(Call 12/01/24)(b)

    175       172,552  
   

 

 

 
      406,252  
Commercial Services — 3.7%            

ADT Security Corp. (The)

   

4.13%, 08/01/29 (Call 08/01/28)(b)

    565       484,493  

4.88%, 07/15/32(b)

    426       362,454  

Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(b)

    335       286,019  

AMN Healthcare Inc.

   

4.00%, 04/15/29 (Call 04/15/24)(b)

    200       172,096  

4.63%, 10/01/27 (Call 12/01/22)(b)

    300       280,677  

ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)(b)

    285       253,431  

Autopistas Metropolitanas de Puerto Rico LLC, 6.75%, 06/30/35(b)

    190       164,426  

Block Inc.

   

2.75%, 06/01/26 (Call 05/01/26)

    500       445,920  

3.50%, 06/01/31 (Call 03/01/31)

    555       446,775  

Brink’s Co. (The)

   

4.63%, 10/15/27 (Call 12/01/22)(b)

    350       323,620  

5.50%, 07/15/25 (Call 12/01/22)(b)

    200       194,585  

CoreCivic Inc.

   

4.75%, 10/15/27 (Call 07/15/27)

    30       24,893  

8.25%, 04/15/26 (Call 04/15/24)(a)

    290       294,241  

 

 

70  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Commercial Services (continued)            

Gartner Inc.

   

3.63%, 06/15/29 (Call 06/15/24)(b)

  $ 340     $ 289,000  

3.75%, 10/01/30 (Call 10/01/25)(b)

    425       356,998  

4.50%, 07/01/28 (Call 07/01/23)(b)

        450       417,028  

Graham Holdings Co., 5.75%, 06/01/26 (Call 11/14/22)(b)

    200       195,000  

Grand Canyon University

   

4.13%, 10/01/24

    315       295,313  

5.13%, 10/01/28 (Call 08/01/28)

    250       223,438  

Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)(b)

    220       200,125  

Prime Security Services Borrower LLC/Prime Finance Inc.

   

3.38%, 08/31/27 (Call 08/31/26)(b)

    600       519,295  

5.25%, 04/15/24(b)

    350       348,341  

5.75%, 04/15/26(b)

    760       739,746  

Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)(b)

    175       172,375  

Service Corp. International/U.S.

   

3.38%, 08/15/30 (Call 08/15/25)

    450       363,251  

4.00%, 05/15/31 (Call 05/15/26)

    470       390,070  

4.63%, 12/15/27 (Call 12/15/22)

    300       277,958  

5.13%, 06/01/29 (Call 06/01/24)

    475       442,444  

Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 12/01/22)(a)(b)

    275       253,503  

TriNet Group Inc., 3.50%, 03/01/29
(Call 03/01/24)(b)

    290       240,338  

United Rentals North America Inc.

   

3.75%, 01/15/32 (Call 07/15/26)

    435       352,350  

3.88%, 02/15/31 (Call 08/15/25)(a)

    645       534,705  

4.00%, 07/15/30 (Call 07/15/25)(a)

    440       374,554  

4.88%, 01/15/28 (Call 01/15/23)

    910       846,300  

5.25%, 01/15/30 (Call 01/15/25)

    405       375,637  

5.50%, 05/15/27 (Call 12/01/22)(a)

    320       312,222  
   

 

 

 
          12,253,621  
Computers — 1.0%            

Booz Allen Hamilton Inc.

   

3.88%, 09/01/28 (Call 09/01/23)(b)

    295       259,919  

4.00%, 07/01/29 (Call 07/01/24)(b)

    329       287,583  

Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)

    450       379,313  

KBR Inc., 4.75%, 09/30/28 (Call 09/30/23)(b)

    90       78,715  

Seagate HDD Cayman

   

3.13%, 07/15/29 (Call 01/15/24)

    295       218,132  

3.38%, 07/15/31 (Call 01/15/26)

    305       217,694  

4.09%, 06/01/29 (Call 03/01/29)

    285       228,236  

4.13%, 01/15/31 (Call 10/15/30)

    260       195,520  

4.75%, 01/01/25

    300       289,509  

4.88%, 03/01/24 (Call 01/01/24)

    290       282,691  

4.88%, 06/01/27 (Call 03/01/27)

    300       277,413  

5.75%, 12/01/34 (Call 06/01/34)(a)

    273       222,011  

Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25
    (Call 11/14/22)(a)(b)

    75       73,704  

Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)(a)(b)

    275       230,075  
   

 

 

 
          3,240,515  
Cosmetics & Personal Care — 0.4%            

Coty Inc., 5.00%, 04/15/26 (Call 04/15/23)(b)

    500       468,907  

Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(b)

    250       217,100  

Edgewell Personal Care Co.

   

4.13%, 04/01/29 (Call 04/01/24)(b)

    320       273,298  

5.50%, 06/01/28 (Call 06/01/23)(a)(b)

    420       395,022  
   

 

 

 
      1,354,327  
Security   Par
(000)
    Value  
Distribution & Wholesale — 0.3%            

American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)(b)

  $ 375     $ 330,896  

G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 12/01/22)(a)(b)

        250       236,783  

Resideo Funding Inc., 4.00%, 09/01/29
(Call 09/01/24)(a)(b)

    150       123,000  

Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)(a)(b)

    215       198,875  
   

 

 

 
          889,554  
Diversified Financial Services — 5.0%            

AerCap Holdings NV, 5.88%, 10/10/79
(Call 10/10/24)(a)(d)

    435       391,369  

Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)(a)

    600       577,247  

Brightsphere Investment Group Inc., 4.80%, 07/27/26

    155       138,725  

Coinbase Global Inc.

   

3.38%, 10/01/28 (Call 10/01/24)(a)(b)

    565       369,291  

3.63%, 10/01/31 (Call 10/01/26)(b)

    580       343,440  

Credit Acceptance Corp.

   

5.13%, 12/31/24 (Call 11/14/22)(b)

    195       181,327  

6.63%, 03/15/26 (Call 11/14/22)(a)

    220       208,098  

Enact Holdings Inc., 6.50%, 08/15/25
(Call 02/15/25)(b)

    385       379,264  

goeasy Ltd.

   

4.38%, 05/01/26 (Call 05/01/23)(b)

    230       197,225  

5.38%, 12/01/24 (Call 12/01/22)(b)

    175       163,326  

Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)(a)(b)

    325       287,255  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(b)

    575       451,392  

Jefferson Capital Holdings LLC, 6.00%, 08/15/26 (Call 08/15/23)(b)

    160       133,176  

LPL Holdings Inc.

   

4.00%, 03/15/29 (Call 03/15/24)(b)

    490       427,667  

4.38%, 05/15/31 (Call 05/15/26)(b)

    260       226,451  

4.63%, 11/15/27 (Call 12/01/22)(b)

    245       225,638  

Midcap Financial Issuer Trust

   

5.63%, 01/15/30 (Call 01/15/25)(b)

    250       192,500  

6.50%, 05/01/28 (Call 05/01/24)(b)

    550       467,430  

Navient Corp.

   

4.88%, 03/15/28 (Call 06/15/27)

    281       223,412  

5.00%, 03/15/27 (Call 09/15/26)

    395       332,928  

5.50%, 03/15/29 (Call 06/15/28)

    450       357,020  

5.63%, 08/01/33

    345       243,085  

5.88%, 10/25/24

    195       188,579  

6.13%, 03/25/24

    513       503,491  

6.75%, 06/25/25

    285       272,811  

6.75%, 06/15/26

    275       259,531  

OneMain Finance Corp.

   

3.50%, 01/15/27 (Call 01/15/24)

    440       360,630  

3.88%, 09/15/28 (Call 09/15/24)

    330       256,971  

4.00%, 09/15/30 (Call 09/15/25)(a)

    480       362,400  

5.38%, 11/15/29 (Call 05/15/29)(a)

    415       340,300  

6.13%, 03/15/24 (Call 09/15/23)

    745       727,880  

6.63%, 01/15/28 (Call 07/15/27)

    440       399,709  

6.88%, 03/15/25

    670       649,900  

7.13%, 03/15/26

    868       835,884  

PennyMac Financial Services Inc.

   

4.25%, 02/15/29 (Call 02/15/24)(b)

    350       265,125  

5.38%, 10/15/25 (Call 12/01/22)(b)

    400       362,000  

5.75%, 09/15/31 (Call 09/15/26)(b)

    275       207,073  

PRA Group Inc.

   

5.00%, 10/01/29 (Call 10/01/24)(b)

    225       180,338  

7.38%, 09/01/25 (Call 12/01/22)(b)

    160       153,047  

 

 

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

  71


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.

   

2.88%, 10/15/26 (Call 10/15/23)(a)(b)

  $ 700     $ 584,101  

3.63%, 03/01/29 (Call 03/01/24)(b)

    450       348,750  

3.88%, 03/01/31 (Call 03/01/26)(b)

        705       524,167  

4.00%, 10/15/33 (Call 10/15/27)(b)

    455       317,804  

SLM Corp.

   

3.13%, 11/02/26 (Call 10/02/26)(a)

    325       285,048  

4.20%, 10/29/25 (Call 09/29/25)

    265       246,042  

StoneX Group Inc., 8.63%, 06/15/25
(Call 12/01/22)(b)

    235       232,063  

United Wholesale Mortgage LLC

   

5.50%, 11/15/25 (Call 12/01/22)(a)(b)

    475       428,908  

5.50%, 04/15/29 (Call 04/15/24)(a)(b)

    400       301,772  

5.75%, 06/15/27 (Call 06/15/24)(b)

    275       225,363  
   

 

 

 
          16,336,953  
Electric — 4.6%            

Algonquin Power & Utilities Corp., 4.75%, 01/18/82 (Call 01/18/27)(d)

    450       362,351  

Calpine Corp.

   

3.75%, 03/01/31 (Call 03/01/26)(a)(b)

    545       446,505  

4.50%, 02/15/28 (Call 02/15/23)(a)(b)

    690       620,098  

5.25%, 06/01/26 (Call 12/01/22)(a)(b)

    253       240,067  

Clearway Energy Operating LLC

   

3.75%, 02/15/31 (Call 02/15/26)(b)

    490       409,150  

3.75%, 01/15/32 (Call 01/15/27)(b)

    224       177,464  

4.75%, 03/15/28 (Call 03/15/23)(a)(b)

    530       489,559  

DPL Inc.

   

4.13%, 07/01/25 (Call 04/01/25)

    225       212,405  

4.35%, 04/15/29 (Call 01/15/29)

    213       182,115  

Drax Finco PLC, 6.63%, 11/01/25
(Call 11/11/22)(b)

    200       186,000  

Electricite de France SA, 5.63%,
(Call 01/22/24)(b)(d)(e)

    885       778,242  

Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)(d)

    700       652,485  

FirstEnergy Corp.

   

2.05%, 03/01/25 (Call 02/01/25)

    210       193,043  

2.65%, 03/01/30 (Call 12/01/29)

    360       291,031  

Series A, 1.60%, 01/15/26 (Call 12/15/25)

    175       152,192  

Series B, 2.25%, 09/01/30 (Call 06/01/30)

    265       203,973  

Series B, 4.15%, 07/15/27 (Call 04/15/27)

    860       807,635  

Series C, 3.40%, 03/01/50 (Call 09/01/49)

    440       273,350  

Series C, 5.35%, 07/15/47 (Call 01/15/47)

    359       296,204  

Series C, 7.38%, 11/15/31

    443       492,837  

Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)(b)

    210       170,100  

NextEra Energy Operating Partners LP

   

3.88%, 10/15/26 (Call 07/15/26)(b)

    200       185,390  

4.25%, 07/15/24 (Call 04/15/24)(a)(b)

    385       373,265  

4.50%, 09/15/27 (Call 06/15/27)(a)(b)

    359       333,870  

NRG Energy Inc.

   

3.38%, 02/15/29 (Call 02/15/24)(a)(b)

    290       241,562  

3.63%, 02/15/31 (Call 02/15/26)(a)(b)

    570       453,589  

3.88%, 02/15/32 (Call 02/15/27)(b)

    635       500,666  

5.25%, 06/15/29 (Call 06/15/24)(b)

    435       394,763  

5.75%, 01/15/28 (Call 01/15/23)

    505       481,644  

6.63%, 01/15/27 (Call 11/16/22)(a)

    132       132,059  

Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28
(Call 08/15/23)(a)(b)

    405       364,222  

PG&E Corp.

   

5.00%, 07/01/28 (Call 07/01/23)(a)

    550       495,712  

5.25%, 07/01/30 (Call 07/01/25)

    615       544,579  

Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/22)(b)

    200       184,082  
Security   Par
(000)
    Value  
Electric (continued)            

TransAlta Corp., 6.50%, 03/15/40

  $ 185     $ 158,894  

Vistra Operations Co. LLC

   

4.38%, 05/01/29 (Call 05/01/24)(b)

    710       607,245  

5.00%, 07/31/27 (Call 11/14/22)(b)

    780       719,550  

5.50%, 09/01/26 (Call 11/14/22)(b)

    575       552,000  

5.63%, 02/15/27 (Call 11/14/22)(a)(b)

    720       686,362  
   

 

 

 
          15,046,260  
Electrical Components & Equipment — 0.5%            

EnerSys, 4.38%, 12/15/27 (Call 09/15/27)(a)(b)

    161       141,278  

WESCO Distribution Inc.

   

7.13%, 06/15/25 (Call 12/01/22)(b)

    600       605,820  

7.25%, 06/15/28 (Call 06/15/23)(b)

    775       786,206  
   

 

 

 
      1,533,304  
Electronics — 1.0%            

Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(b)

    245       198,450  

Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(b)

    1,160       1,000,152  

Sensata Technologies BV

   

4.00%, 04/15/29 (Call 04/15/24)(b)

    530       446,366  

5.00%, 10/01/25(b)

    385       373,027  

5.63%, 11/01/24(b)

    215       213,319  

5.88%, 09/01/30 (Call 09/01/25)(b)

    400       380,000  

Sensata Technologies Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)(b)

    425       338,406  

4.38%, 02/15/30 (Call 11/15/29)(b)

    200       172,042  

TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)(b)

    240       200,433  
   

 

 

 
      3,322,195  
Energy - Alternate Sources — 0.3%            

TerraForm Power Operating LLC

   

4.75%, 01/15/30 (Call 01/15/25)(b)

    425       381,969  

5.00%, 01/31/28 (Call 07/31/27)(b)

    395       365,910  

Topaz Solar Farms LLC, 5.75%, 09/30/39(b)

    313       296,880  
   

 

 

 
      1,044,759  
Engineering & Construction — 0.7%            

AECOM, 5.13%, 03/15/27 (Call 12/15/26)(a)

    600       568,062  

Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(b)

    220       189,669  

ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par, 4.05%, 04/27/26 (Call 04/27/23)(b)

    230       184,846  

Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)(b)

    350       214,235  

Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(b)

    220       191,869  

Fluor Corp.

   

3.50%, 12/15/24 (Call 09/15/24)

    175       166,388  

4.25%, 09/15/28 (Call 06/15/28)(a)

    310       270,230  

TopBuild Corp.

   

3.63%, 03/15/29 (Call 03/15/24)(b)

    240       190,706  

4.13%, 02/15/32 (Call 10/15/26)(a)(b)

    285       223,148  

Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)(b)

    230       185,255  
   

 

 

 
      2,384,408  
Entertainment — 1.3%            

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 12/01/22)(b)

    500       496,245  

Cinemark USA Inc., 8.75%, 05/01/25 (Call 12/01/22)(a)(b)

    175       175,487  

Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)(b)

    110       90,226  

International Game Technology PLC

   

4.13%, 04/15/26 (Call 04/15/23)(b)

    475       440,800  

5.25%, 01/15/29 (Call 01/15/24)(b)

    425       394,347  

6.25%, 01/15/27 (Call 07/15/26)(a)(b)

    400       396,304  

 

 

72  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Entertainment (continued)            

6.50%, 02/15/25 (Call 08/15/24)(b)

  $ 355     $ 355,298  

Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/14/22)(b)

        200       176,500  

Resorts World Las Vegas LLC, 4.63%, 04/06/31 (Call 01/06/31)(b)

    250       169,461  

Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)(b)

    575       411,728  

Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/22)(a)(b)

    126       127,232  

Vail Resorts Inc., 6.25%, 05/15/25
(Call 12/01/22)(b)

    325       323,375  

WMG Acquisition Corp.

   

3.00%, 02/15/31 (Call 02/15/26)(b)

    450       351,175  

3.75%, 12/01/29 (Call 12/01/24)(b)

    335       278,888  

3.88%, 07/15/30 (Call 07/15/25)(b)

    300       256,376  
   

 

 

 
          4,443,442  
Environmental Control — 0.6%            

Clean Harbors Inc.

   

4.88%, 07/15/27 (Call 12/01/22)(a)(b)

    235       221,145  

5.13%, 07/15/29 (Call 07/15/24)(b)

    185       171,525  

GFL Environmental Inc.

   

3.50%, 09/01/28 (Call 03/01/28)(b)

    415       351,845  

3.75%, 08/01/25 (Call 12/01/22)(b)

    375       354,375  

4.25%, 06/01/25 (Call 12/01/22)(b)

    200       190,952  

5.13%, 12/15/26 (Call 12/15/22)(b)

    350       333,158  

Stericycle Inc.

   

3.88%, 01/15/29 (Call 11/15/23)(b)

    265       230,176  

5.38%, 07/15/24 (Call 11/16/22)(b)

    300       295,500  
   

 

 

 
      2,148,676  
Food — 1.8%            

Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC

   

3.25%, 03/15/26 (Call 12/01/22)(b)

    400       358,968  

3.50%, 03/15/29 (Call 09/15/23)(b)

    795       657,862  

4.63%, 01/15/27 (Call 01/15/23)(b)

    750       695,032  

4.88%, 02/15/30 (Call 02/15/25)(a)(b)

    585       519,187  

5.88%, 02/15/28 (Call 12/01/22)(b)

    445       416,075  

7.50%, 03/15/26 (Call 12/01/22)(b)

    325       333,125  

Ingles Markets Inc., 4.00%, 06/15/31
(Call 06/15/26)(b)

    185       153,632  

Lamb Weston Holdings Inc.

   

4.13%, 01/31/30 (Call 01/31/25)(b)

    525       458,309  

4.38%, 01/31/32 (Call 01/31/27)(b)

    400       343,500  

4.88%, 05/15/28 (Call 11/15/27)(b)

    266       247,265  

Pilgrim’s Pride Corp.

   

3.50%, 03/01/32 (Call 09/01/26)(b)

    505       386,694  

4.25%, 04/15/31 (Call 04/15/26)(b)

    565       470,539  

5.88%, 09/30/27 (Call 12/01/22)(b)

    425       415,412  

U.S. Foods Inc., 6.25%, 04/15/25 (Call 12/01/22)(b)

    550       547,355  
   

 

 

 
      6,002,955  
Forest Products & Paper — 0.3%            

Clearwater Paper Corp.

   

4.75%, 08/15/28 (Call 08/15/23)(b)

    190       165,834  

5.38%, 02/01/25(a)(b)

    153       148,534  

Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)(b)

    375       318,647  

Sylvamo Corp., 7.00%, 09/01/29
(Call 09/01/24)(a)(b)

    225       209,083  
   

 

 

 
      842,098  
Health Care - Products — 0.7%            

Avantor Funding Inc.

   

3.88%, 11/01/29 (Call 11/01/24)(a)(b)

    500       421,901  

4.63%, 07/15/28 (Call 07/15/23)(b)

    835       754,598  
Security   Par
(000)
     Value  
Health Care - Products (continued)             

Hologic Inc.

    

3.25%, 02/15/29 (Call 09/28/23)(b)

  $ 515      $ 437,647  

4.63%, 02/01/28 (Call 02/01/23)(b)

    255        238,425  

Teleflex Inc.

    

4.25%, 06/01/28 (Call 06/01/23)(b)

    320        289,536  

4.63%, 11/15/27 (Call 11/16/22)

    225        212,029  
    

 

 

 
       2,354,136  
Health Care - Services — 3.4%             

Centene Corp.

    

2.45%, 07/15/28 (Call 05/15/28)

    745        612,762  

2.50%, 03/01/31 (Call 12/01/30)

    325        249,438  

2.63%, 08/01/31 (Call 05/01/31)

    440        336,701  

3.00%, 10/15/30 (Call 07/15/30)

    466        375,130  

3.38%, 02/15/30 (Call 02/15/25)

    665        552,482  

4.25%, 12/15/27 (Call 12/15/22)

    800        738,000  

4.63%, 12/15/29 (Call 12/15/24)

    209        189,145  

Charles River Laboratories International Inc.

    

3.75%, 03/15/29 (Call 03/15/24)(a)(b)

    275        237,875  

4.00%, 03/15/31 (Call 03/15/26)(b)

    260        218,719  

4.25%, 05/01/28 (Call 05/01/23)(a)(b)

    290        263,813  

IQVIA Inc.

    

5.00%, 10/15/26 (Call 12/01/22)(a)(b)

    625        595,800  

5.00%, 05/15/27 (Call 12/01/22)(b)

    550        524,084  

Molina Healthcare Inc.

    

3.88%, 11/15/30 (Call 08/17/30)(a)(b)

    348        295,729  

3.88%, 05/15/32 (Call 02/15/32)(b)

    420        350,280  

4.38%, 06/15/28 (Call 06/15/23)(b)

    460        412,556  

Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)(a)(b)

    250        215,000  

Tenet Healthcare Corp.

    

4.25%, 06/01/29 (Call 06/01/24)(b)

    795        669,787  

4.38%, 01/15/30 (Call 12/01/24)(b)

    795        667,005  

4.63%, 07/15/24 (Call 12/01/22)

    400        390,000  

4.63%, 06/15/28 (Call 06/15/23)(a)(b)

    360        315,898  

4.88%, 01/01/26 (Call 12/01/22)(b)

    1,175        1,110,375  

5.13%, 11/01/27 (Call 12/01/22)(b)

    835        769,244  

6.13%, 06/15/30 (Call 06/15/25)(a)(b)

    1,176        1,085,613  
    

 

 

 
       11,175,436  
Holding Companies - Diversified — 0.9%             

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

    

4.38%, 02/01/29 (Call 08/01/28)

    430        358,994  

4.75%, 09/15/24 (Call 06/15/24)

    655        637,400  

5.25%, 05/15/27 (Call 11/15/26)

    815        750,933  

6.25%, 05/15/26 (Call 12/01/22)

    700        672,350  

6.38%, 12/15/25 (Call 12/01/22)

    435        422,276  
    

 

 

 
       2,841,953  
Home Builders — 1.5%             

Century Communities Inc.

    

3.88%, 08/15/29 (Call 02/15/29)(b)

    295        232,324  

6.75%, 06/01/27 (Call 12/01/22)

    275        262,515  

Forestar Group Inc.

    

3.85%, 05/15/26 (Call 05/15/23)(a)(b)

    195        165,988  

5.00%, 03/01/28 (Call 03/01/23)(a)(b)

    180        148,552  

KB Home

    

4.00%, 06/15/31 (Call 12/15/30)

    220        166,650  

4.80%, 11/15/29 (Call 05/15/29)

    170        138,767  

6.88%, 06/15/27 (Call 12/15/26)(a)

    135        130,575  

7.25%, 07/15/30 (Call 07/15/25)

    204        188,445  

LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)(b)

    190        145,694  

 

 

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

  73


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Home Builders (continued)            

M/I Homes Inc.

   

3.95%, 02/15/30 (Call 08/15/29)

  $ 185     $ 137,378  

4.95%, 02/01/28 (Call 02/01/23)

    225       193,048  

Mattamy Group Corp.

   

4.63%, 03/01/30 (Call 03/01/25)(b)

    320       249,519  

5.25%, 12/15/27 (Call 12/15/22)(b)

    300       256,335  

Meritage Homes Corp.

   

3.88%, 04/15/29 (Call 10/15/28)(b)

    240       192,888  

5.13%, 06/06/27 (Call 12/06/26)

    178       159,382  

6.00%, 06/01/25 (Call 03/01/25)

    175       169,915  

Shea Homes LP/Shea Homes Funding Corp.

   

4.75%, 02/15/28 (Call 02/15/23)(b)

    250       210,873  

4.75%, 04/01/29 (Call 04/01/24)(b)

    175       142,664  

Taylor Morrison Communities Inc.

   

5.13%, 08/01/30 (Call 02/01/30)(b)

    300       248,906  

5.75%, 01/15/28 (Call 10/15/27)(b)

    225       206,229  

5.88%, 06/15/27 (Call 03/15/27)(b)

    325       304,769  

Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24
(Call 12/01/23)(b)

    100       97,840  

TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24

    200       196,558  

Tri Pointe Homes Inc.

   

5.25%, 06/01/27 (Call 12/01/26)

    172       147,922  

5.70%, 06/15/28 (Call 12/15/27)

    177       153,349  

Winnebago Industries Inc., 6.25%, 07/15/28 (Call 07/15/23)(a)(b)

    190       176,805  
   

 

 

 
      4,823,890  
Home Furnishings — 0.2%            

Tempur Sealy International Inc.

   

3.88%, 10/15/31 (Call 10/15/26)(b)

    420       315,361  

4.00%, 04/15/29 (Call 04/15/24)(b)

    480       386,000  
   

 

 

 
      701,361  
Household Products & Wares — 0.2%            

ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)(b)

    320       254,240  

Central Garden & Pet Co.

   

4.13%, 10/15/30 (Call 10/15/25)(a)

        295       243,838  

4.13%, 04/30/31 (Call 04/30/26)(b)

    220       182,600  

5.13%, 02/01/28 (Call 01/01/23)(a)

    144       131,745  
   

 

 

 
      812,423  
Housewares — 0.7%            

Newell Brands Inc.

   

4.45%, 04/01/26 (Call 01/01/26)

    1,110       1,032,910  

4.88%, 06/01/25 (Call 05/01/25)

    225       217,228  

5.63%, 04/01/36 (Call 10/01/35)

    235       195,262  

5.75%, 04/01/46 (Call 10/01/45)

    370       284,715  

6.38%, 09/15/27 (Call 06/15/27)

    270       263,858  

6.63%, 09/15/29 (Call 06/15/29)(a)

    325       317,687  
   

 

 

 
          2,311,660  
Insurance — 0.8%            

Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28),
(3 mo. LIBOR US + 4.135%)(d)

    210       199,907  

Enstar Finance LLC

   

5.50%, 01/15/42 (Call 01/15/27)(d)

    290       227,865  

5.75%, 09/01/40 (Call 09/01/25)(d)

    225       199,436  

Genworth Holdings Inc., 6.50%, 06/15/34

    175       145,250  

Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)(b)(d)

    440       324,102  

Liberty Mutual Group Inc.

   

4.13%, 12/15/51 (Call 09/15/26)(b)(d)

    275       206,250  

4.30%, 02/01/61 (Call 02/01/26)(b)

    420       247,430  
Security  

Par

(000)

    Value  
Insurance (continued)            

7.80%, 03/07/87(b)

  $ 245     $ 269,697  

MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23)

    325       294,850  

NMI Holdings Inc., 7.38%, 06/01/25
(Call 03/30/25)(b)

    185       184,822  

Ohio National Financial Services Inc.

   

5.80%, 01/24/30 (Call 10/24/29)(b)

    200       180,375  

6.63%, 05/01/31(a)(b)

    150       140,897  
   

 

 

 
          2,620,881  
Internet — 1.3%            

Cogent Communications Group Inc., 3.50%, 05/01/26 (Call 02/01/26)(b)

    305       275,263  

Go Daddy Operating Co. LLC/GD Finance Co. Inc.

   

3.50%, 03/01/29 (Call 03/01/24)(b)

    460       381,492  

5.25%, 12/01/27 (Call 12/01/22)(b)

    310       290,228  

Match Group Holdings II LLC

   

3.63%, 10/01/31 (Call 10/01/26)(a)(b)

    275       209,622  

4.13%, 08/01/30 (Call 05/01/25)(b)

    276       225,493  

4.63%, 06/01/28 (Call 06/01/23)(a)(b)

    315       279,918  

5.00%, 12/15/27 (Call 12/15/22)(b)

    250       223,066  

5.63%, 02/15/29 (Call 02/15/24)(b)

    185       163,915  

NortonLifeLock Inc.

   

5.00%, 04/15/25 (Call 11/14/22)(b)

    655       635,628  

6.75%, 09/30/27 (Call 09/30/24)(a)(b)

    535       527,400  

7.13%, 09/30/30 (Call 09/30/25)(b)

    310       304,727  

Twitter Inc.

   

3.88%, 12/15/27 (Call 09/15/27)(a)(b)

    260       262,275  

5.00%, 03/01/30 (Call 12/01/29)(b)

    380       382,084  

Ziff Davis Inc., 4.63%, 10/15/30 (Call 10/15/25)(a)(b)

        275       232,436  
   

 

 

 
      4,393,547  
Iron & Steel — 1.2%            

Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)(b)

    410       385,586  

Carpenter Technology Corp.

   

6.38%, 07/15/28 (Call 07/15/23)

    252       232,799  

7.63%, 03/15/30 (Call 03/15/25)

    190       185,676  

Cleveland-Cliffs Inc.

   

4.63%, 03/01/29 (Call 03/01/24)(b)

    215       185,126  

4.88%, 03/01/31 (Call 03/01/26)(a)(b)

    190       160,474  

5.88%, 06/01/27 (Call 12/01/22)

    305       283,650  

6.75%, 03/15/26 (Call 12/01/22)(b)

    475       471,437  

Commercial Metals Co.

   

3.88%, 02/15/31 (Call 02/15/26)(a)

    185       149,850  

4.13%, 01/15/30 (Call 01/15/25)(a)

    180       151,236  

4.38%, 03/15/32 (Call 03/15/27)

    160       130,459  

Mineral Resources Ltd.

   

8.00%, 11/01/27 (Call 11/01/24)(b)

    360       354,135  

8.13%, 05/01/27 (Call 12/01/22)(b)

    385       383,075  

8.50%, 05/01/30 (Call 05/01/25)(b)

    375       368,758  

U.S. Steel Corp.

   

6.65%, 06/01/37

    142       118,311  

6.88%, 03/01/29 (Call 03/01/24)(a)

    261       239,512  
   

 

 

 
      3,800,084  
Leisure Time — 0.8%            

Carnival Corp., 4.00%, 08/01/28 (Call 05/01/28)(b)

    1,370       1,103,775  

Royal Caribbean Cruises Ltd.

   

8.25%, 01/15/29 (Call 04/01/25)(b)

    575       573,117  

11.50%, 06/01/25 (Call 11/11/22)(a)(b)

    818       880,961  

Vista Outdoor Inc., 4.50%, 03/15/29
(Call 03/15/24)(b)

    300       234,402  
   

 

 

 
      2,792,255  

 

 

74  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Lodging — 2.1%            

Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)(b)

  $ 200     $ 175,339  

Hilton Domestic Operating Co. Inc.

   

3.63%, 02/15/32 (Call 08/15/26)(b)

    825       656,906  

3.75%, 05/01/29 (Call 05/01/24)(b)

    455       387,617  

4.00%, 05/01/31 (Call 05/01/26)(b)

    610       509,928  

4.88%, 01/15/30 (Call 01/15/25)

    585       524,306  

5.38%, 05/01/25 (Call 11/14/22)(b)

    275       270,875  

5.75%, 05/01/28 (Call 05/01/23)(b)

    300       289,500  

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)

    315       299,250  

Las Vegas Sands Corp.

   

2.90%, 06/25/25 (Call 05/25/25)

    310       280,755  

3.20%, 08/08/24 (Call 07/08/24)

    950       904,572  

3.50%, 08/18/26 (Call 06/18/26)

    550       480,385  

3.90%, 08/08/29 (Call 05/08/29)

    400       323,316  

Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 12/01/22)(b)

    137       135,448  

Travel + Leisure Co.

   

4.50%, 12/01/29 (Call 09/01/29)(b)

    355       289,325  

4.63%, 03/01/30 (Call 12/01/29)(b)

    179       144,491  

5.65%, 04/01/24 (Call 02/01/24)

    175       172,132  

6.00%, 04/01/27 (Call 01/01/27)

    260       242,763  

6.60%, 10/01/25 (Call 07/01/25)

    225       219,949  

6.63%, 07/31/26 (Call 04/30/26)(b)

    380       370,010  

Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 08/15/23)(a)(b)

        285       250,891  
   

 

 

 
          6,927,758  
Machinery — 0.4%            

BWX Technologies Inc.

   

4.13%, 06/30/28 (Call 06/30/23)(a)(b)

    225       196,875  

4.13%, 04/15/29 (Call 04/15/24)(a)(b)

    250       216,150  

GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(a)(b)

    285       230,850  

Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)(b)

    230       199,437  

Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)(a)(b)

    200       200,260  

Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)(b)

    400       342,248  
   

 

 

 
      1,385,820  
Manufacturing — 0.4%            

Amsted Industries Inc.

   

4.63%, 05/15/30 (Call 05/15/25)(b)

    225       185,625  

5.63%, 07/01/27 (Call 12/01/22)(b)

    225       208,125  

Hillenbrand Inc.

   

3.75%, 03/01/31 (Call 03/01/26)

    190       152,000  

5.00%, 09/15/26 (Call 07/15/26)

    241       226,898  

5.75%, 06/15/25 (Call 12/01/22)

    225       223,313  

Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)

    267       253,164  
   

 

 

 
      1,249,125  
Media — 8.0%            

AMC Networks Inc.

   

4.25%, 02/15/29 (Call 02/15/24)

    595       459,638  

4.75%, 08/01/25 (Call 12/01/22)

    425       388,412  

5.00%, 04/01/24 (Call 12/01/22)

    240       232,985  

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.25%, 02/01/31 (Call 07/01/25)(b)

    900       711,000  

4.25%, 01/15/34 (Call 01/15/28)(b)

    610       448,350  

4.50%, 08/15/30 (Call 02/15/25)(b)

    800       649,248  

4.50%, 05/01/32 (Call 05/01/26)

    870       687,300  

4.50%, 06/01/33 (Call 06/01/27)(b)

    535       405,696  
Security   Par
(000)
    Value  
Media (continued)            

4.75%, 03/01/30 (Call 09/01/24)(b)

  $ 900     $ 756,360  

4.75%, 02/01/32 (Call 02/01/27)(b)

    370       296,018  

5.00%, 02/01/28 (Call 11/16/22)(b)

    700       633,500  

5.13%, 05/01/27 (Call 12/01/22)(b)

    950       880,156  

5.38%, 06/01/29 (Call 06/01/24)(b)

    450       402,021  

5.50%, 05/01/26 (Call 12/01/22)(a)(b)

    199       191,538  

6.38%, 09/01/29 (Call 09/01/25)(b)

    450       414,668  

CSC Holdings LLC

   

3.38%, 02/15/31 (Call 02/15/26)(b)

    525       380,625  

4.13%, 12/01/30 (Call 12/01/25)(b)

    600       472,062  

4.50%, 11/15/31 (Call 11/15/26)(b)

    825       641,664  

5.38%, 02/01/28 (Call 02/01/23)(b)

    525       484,313  

5.50%, 04/15/27 (Call 12/01/22)(b)

    800       750,000  

6.50%, 02/01/29 (Call 02/01/24)(b)

    1,050       989,625  

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(b)

    2,070       1,864,242  

Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)(a)(b)

    195       145,861  

LCPR Senior Secured Financing DAC

   

5.13%, 07/15/29 (Call 07/15/24)(b)

    425       358,063  

6.75%, 10/15/27 (Call 12/01/22)(b)

    750       699,375  

News Corp.

   

3.88%, 05/15/29 (Call 05/15/24)(a)(b)

    575       494,212  

5.13%, 02/15/32 (Call 02/15/27)(b)

    260       232,050  

Paramount Global

   

6.25%, 02/28/57 (Call 02/28/27)(d)

    385       322,346  

6.38%, 03/30/62 (Call 03/30/27)(d)

    550       464,980  

Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)(b)

    275       227,106  

Sinclair Television Group Inc., 4.13%, 12/01/30 (Call 12/01/25)(b)

    440       338,835  

Sirius XM Radio Inc.

   

3.13%, 09/01/26 (Call 09/01/23)(a)(b)

    525       469,140  

3.88%, 09/01/31 (Call 09/01/26)(b)

    840       672,000  

4.00%, 07/15/28 (Call 07/15/24)(b)

    1,120       962,838  

4.13%, 07/01/30 (Call 07/01/25)(b)

    850       695,545  

5.00%, 08/01/27 (Call 12/01/22)(b)

    800       736,000  

5.50%, 07/01/29 (Call 07/01/24)(b)

    740       682,502  

TEGNA Inc.

   

4.63%, 03/15/28 (Call 03/15/23)(a)

    525       499,732  

4.75%, 03/15/26 (Call 03/15/23)(b)

    328       318,625  

5.00%, 09/15/29 (Call 09/15/24)(a)

    625       592,561  

Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)(b)

    600       521,760  

UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(b)

    725       608,804  

Videotron Ltd.

   

3.63%, 06/15/29 (Call 06/15/24)(a)(b)

    250       210,520  

5.13%, 04/15/27 (Call 12/01/22)(b)

    400       377,500  

5.38%, 06/15/24 (Call 03/15/24)(b)

    300       298,044  

Virgin Media Secured Finance PLC

   

4.50%, 08/15/30 (Call 08/15/25)(b)

    450       371,853  

5.50%, 05/15/29 (Call 05/15/24)(b)

    900       817,848  

VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(b)

    825       657,599  

Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(b)

        560       470,039  
   

 

 

 
          26,385,159  
Metal Fabricate & Hardware — 0.1%            

Advanced Drainage Systems Inc.

   

5.00%, 09/30/27 (Call 11/16/22)(b)

    185       171,539  

6.38%, 06/15/30 (Call 07/15/25)(b)

    300       289,917  
   

 

 

 
      461,456  

 

 

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

  75


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mining — 1.5%            

Arconic Corp.

   

6.00%, 05/15/25 (Call 12/01/22)(b)

  $ 350     $ 346,566  

6.13%, 02/15/28 (Call 02/15/23)(b)

    525       492,124  

FMG Resources August 2006 Pty Ltd.

   

4.38%, 04/01/31 (Call 01/01/31)(b)

    865       687,502  

4.50%, 09/15/27 (Call 06/15/27)(b)

    300       268,440  

5.13%, 05/15/24 (Call 02/15/24)(b)

    385       375,485  

FMG Resources August Pty. Ltd.

   

5.88%, 04/15/30 (Call 01/15/30)(b)

    420       376,866  

6.13%, 04/15/32 (Call 01/15/32)(b)

    460       403,696  

Kaiser Aluminum Corp.

   

4.50%, 06/01/31 (Call 06/01/26)(a)(b)

    325       254,963  

4.63%, 03/01/28 (Call 03/01/23)(b)

    275       240,570  

Novelis Corp.

   

3.25%, 11/15/26 (Call 11/15/23)(b)

    380       332,590  

3.88%, 08/15/31 (Call 08/15/26)(b)

    390       302,137  

4.75%, 01/30/30 (Call 01/30/25)(b)

    950       807,068  

Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/22)(b)

        220       198,449  
   

 

 

 
          5,086,456  
Office & Business Equipment — 0.3%            

Xerox Corp.

   

3.80%, 05/15/24

    200       190,592  

4.80%, 03/01/35

    125       77,219  

6.75%, 12/15/39

    200       146,590  

Xerox Holdings Corp.

   

5.00%, 08/15/25 (Call 07/15/25)(b)

    440       397,245  

5.50%, 08/15/28 (Call 07/15/28)(a)(b)

    435       343,650  
   

 

 

 
      1,155,296  
Office Furnishings — 0.1%            

Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)

    235       205,695  
   

 

 

 
Oil & Gas — 7.1%            

Antero Resources Corp.

   

5.38%, 03/01/30 (Call 03/01/25)(b)

    275       254,191  

7.63%, 02/01/29 (Call 02/01/24)(b)

    225       229,500  

Apache Corp.

   

4.25%, 01/15/30 (Call 10/15/29)(a)

    370       329,194  

4.38%, 10/15/28 (Call 07/15/28)(a)

    200       178,728  

4.75%, 04/15/43 (Call 10/15/42)

    280       210,000  

5.10%, 09/01/40 (Call 03/01/40)(a)

    740       599,193  

5.25%, 02/01/42 (Call 08/01/41)

    225       180,563  

5.35%, 07/01/49 (Call 01/01/49)

    225       173,656  

6.00%, 01/15/37

    195       175,500  

Chesapeake Energy Corp.

   

5.50%, 02/01/26 (Call 02/05/23)(b)

    275       266,544  

5.88%, 02/01/29 (Call 02/05/24)(b)

    200       188,960  

6.75%, 04/15/29 (Call 04/15/24)(b)

    585       572,992  

Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)(b)

    200       184,088  

CNX Resources Corp.

   

6.00%, 01/15/29 (Call 01/15/24)(a)(b)

    285       266,045  

7.25%, 03/14/27 (Call 12/01/22)(b)

    176       174,715  

7.38%, 01/15/31 (Call 01/15/26)(a)(b)

    285       282,911  

CrownRock LP/CrownRock Finance Inc.

   

5.00%, 05/01/29 (Call 05/01/24)(b)

    200       181,685  

5.63%, 10/15/25 (Call 12/01/22)(b)

    625       604,500  

Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/23)(b)

    600       583,178  

Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)(b)

    325       292,809  

Hilcorp Energy I LP/Hilcorp Finance Co.

   

5.75%, 02/01/29 (Call 02/01/24)(b)

    340       311,100  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

6.00%, 04/15/30 (Call 04/15/25)(b)

  $ 290     $ 262,596  

6.00%, 02/01/31 (Call 02/01/26)(b)

    325       294,915  

6.25%, 11/01/28 (Call 11/01/23)(b)

    325       305,500  

6.25%, 04/15/32 (Call 05/15/27)(b)

    285       261,411  

Matador Resources Co., 5.88%, 09/15/26
(Call 11/16/22)

    450       442,125  

Murphy Oil Corp.

   

5.75%, 08/15/25 (Call 12/01/22)

    220       216,896  

5.88%, 12/01/27 (Call 12/01/22)

    310       301,038  

6.13%, 12/01/42 (Call 06/01/42)

    185       145,907  

6.38%, 07/15/28 (Call 07/15/24)

    260       254,383  

7.05%, 05/01/29

    150       147,790  

Neptune Energy Bondco PLC, 6.63%, 05/15/25
(Call 12/01/22)(b)

    525       509,928  

Oasis Petroleum Inc., 6.38%, 06/01/26
(Call 06/01/23)(b)

    225       219,802  

Occidental Petroleum Corp.

   

2.90%, 08/15/24 (Call 07/15/24)

    200       192,439  

3.50%, 08/15/29 (Call 05/15/29)

    100       90,750  

5.50%, 12/01/25 (Call 09/01/25)(a)

    480       481,440  

5.55%, 03/15/26 (Call 12/15/25)(a)

    335       340,025  

5.88%, 09/01/25 (Call 06/01/25)

    250       251,875  

6.13%, 01/01/31 (Call 07/01/30)(a)

    415       416,091  

6.20%, 03/15/40

    400       384,816  

6.38%, 09/01/28 (Call 03/01/28)

    260       263,889  

6.45%, 09/15/36

    910       902,702  

6.60%, 03/15/46 (Call 09/15/45)

    625       615,178  

6.63%, 09/01/30 (Call 03/01/30)

    570       592,831  

6.95%, 07/01/24

    100       102,461  

7.50%, 05/01/31

    325       349,375  

7.88%, 09/15/31

    200       217,662  

7.95%, 06/15/39

    260       280,959  

8.00%, 07/15/25 (Call 04/15/25)

    175       184,732  

8.50%, 07/15/27 (Call 01/15/27)

    225       244,631  

8.88%, 07/15/30 (Call 01/15/30)

    385       436,975  

Parkland Corp.

   

4.50%, 10/01/29 (Call 10/01/24)(b)

    450       378,891  

4.63%, 05/01/30 (Call 05/01/25)(b)

    455       378,476  

5.88%, 07/15/27 (Call 12/01/22)(b)

    275       258,375  

Patterson-UTI Energy Inc.

   

3.95%, 02/01/28 (Call 11/01/27)

    300       264,880  

5.15%, 11/15/29 (Call 08/15/29)

    175       154,503  

PBF Holding Co. LLC/PBF Finance Corp.

   

6.00%, 02/15/28 (Call 02/15/23)(a)

    460       418,025  

7.25%, 06/15/25 (Call 12/01/22)

    75       74,204  

PDC Energy Inc., 5.75%, 05/15/26 (Call 12/01/22)

        460           440,984  

Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(b)

    350       259,394  

Range Resources Corp.

   

4.75%, 02/15/30 (Call 02/15/25)(b)

    275       243,103  

4.88%, 05/15/25 (Call 02/15/25)

    400       385,838  

8.25%, 01/15/29 (Call 01/15/24)

    375       389,730  

Southwestern Energy Co.

   

4.75%, 02/01/32 (Call 02/01/27)

    650       561,080  

5.38%, 02/01/29 (Call 02/01/24)

    400       373,000  

5.38%, 03/15/30 (Call 03/15/25)

    680       629,000  

5.70%, 01/23/25 (Call 10/23/24)

    250       245,689  

7.75%, 10/01/27 (Call 12/01/22)

    240       246,881  

8.38%, 09/15/28 (Call 09/15/23)

    170       175,846  

Sunoco LP/Sunoco Finance Corp.

   

4.50%, 05/15/29 (Call 05/15/24)

    470       403,683  

4.50%, 04/30/30 (Call 04/30/25)

    443       376,732  

5.88%, 03/15/28 (Call 03/15/23)

    210       199,915  

 

 

76  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

6.00%, 04/15/27 (Call 12/01/22)(a)

  $ 310     $ 303,738  

Viper Energy Partners LP, 5.38%, 11/01/27 (Call 12/01/22)(b)

    275       258,658  
   

 

 

 
      23,371,799  
Packaging & Containers — 2.4%            

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC

   

3.25%, 09/01/28 (Call 05/15/24)(b)

    520       426,351  

6.00%, 06/15/27 (Call 06/15/24)(b)

    350       335,849  

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

   

4.13%, 08/15/26 (Call 11/11/22)(b)

    615       528,900  

5.25%, 04/30/25 (Call 12/01/22)(b)

    250       235,737  

Ball Corp.

   

2.88%, 08/15/30 (Call 05/15/30)(a)

    700       543,620  

3.13%, 09/15/31 (Call 06/15/31)

    520       398,164  

4.00%, 11/15/23

    300       293,770  

4.88%, 03/15/26 (Call 12/15/25)

    450       431,788  

5.25%, 07/01/25

    555       547,791  

Berry Global Inc.

   

4.50%, 02/15/26 (Call 12/01/22)(b)

    170       158,100  

5.63%, 07/15/27 (Call 12/01/22)(b)

    225       213,401  

Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)(b)

    260       222,365  

Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(a)(b)

    295       269,892  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(a)

    207       191,227  

Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22)

    450       430,699  

Crown Cork & Seal Co. Inc., 7.38%, 12/15/26

    225       227,437  

Graphic Packaging International LLC

   

3.50%, 03/15/28(b)

    275       237,775  

3.50%, 03/01/29 (Call 09/01/28)(b)

    180       152,029  

3.75%, 02/01/30 (Call 08/01/29)(a)(b)

    250       214,940  

4.13%, 08/15/24 (Call 05/15/24)

    113       110,103  

4.75%, 07/15/27 (Call 04/15/27)(b)

    135       124,263  

OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(b)

    225       189,000  

Sealed Air Corp.

   

4.00%, 12/01/27 (Call 09/01/27)(b)

    215       191,496  

5.00%, 04/15/29 (Call 04/15/25)(a)(b)

    285       259,963  

5.13%, 12/01/24 (Call 09/01/24)(b)

    225       221,625  

5.50%, 09/15/25 (Call 06/15/25)(a)(b)

    200       196,000  

6.88%, 07/15/33(b)

    235       225,081  

Silgan Holdings Inc., 4.13%, 02/01/28 (Call 11/16/22)

    335       306,525  

TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)(b)

        225       193,250  
   

 

 

 
          8,077,141  
Pharmaceuticals — 1.3%            

180 Medical Inc., 3.88%, 10/15/29
(Call 10/07/24)(b)

    260       219,700  

Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)

    400       357,848  

Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)(a)(b)

    350       336,875  

Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(b)

    940       834,250  

Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 (Call 04/30/24)(b)

    1,180       1,039,368  

Perrigo Finance Unlimited Co.

   

3.90%, 12/15/24 (Call 09/15/24)

    450       428,675  

4.38%, 03/15/26 (Call 12/15/25)

    475       445,008  

4.40%, 06/15/30 (Call 03/15/30)

    400       334,256  

4.90%, 12/15/44 (Call 06/15/44)

    125       82,118  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)(a)(b)

  $ 225     $ 202,779  
   

 

 

 
          4,280,877  
Pipelines — 8.0%            

Antero Midstream Partners LP/Antero Midstream Finance Corp.

   

5.38%, 06/15/29 (Call 06/15/24)(b)

        475       433,342  

5.75%, 03/01/27 (Call 11/16/22)(b)

    350       333,305  

5.75%, 01/15/28 (Call 01/15/23)(b)

    350       329,749  

7.88%, 05/15/26 (Call 05/15/23)(b)

    300       306,000  

Buckeye Partners LP

   

3.95%, 12/01/26 (Call 09/01/26)

    295       258,774  

4.13%, 03/01/25 (Call 02/01/25)(b)

    295       278,040  

4.13%, 12/01/27 (Call 09/01/27)

    266       231,058  

4.35%, 10/15/24 (Call 07/15/24)

    125       119,029  

4.50%, 03/01/28 (Call 12/01/27)(b)

    295       255,913  

5.60%, 10/15/44 (Call 04/15/44)

    160       118,400  

5.85%, 11/15/43 (Call 05/15/43)

    235       176,326  

Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)

    757       698,332  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)

    680       529,156  

4.00%, 03/01/31 (Call 03/01/26)

    835       703,976  

4.50%, 10/01/29 (Call 10/01/24)

    865       763,752  

CNX Midstream Partners LP, 4.75%, 04/15/30 (Call 04/15/25)(b)

    205       168,613  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.

   

5.63%, 05/01/27 (Call 11/16/22)(b)

    300       282,173  

5.75%, 04/01/25 (Call 12/01/22)

    275       268,125  

6.00%, 02/01/29 (Call 02/01/24)(b)

    625       584,437  

DT Midstream Inc.

   

4.13%, 06/15/29 (Call 06/15/24)(a)(b)

    635       548,957  

4.38%, 06/15/31 (Call 06/15/26)(b)

    570       480,225  

EnLink Midstream LLC

   

5.38%, 06/01/29 (Call 03/01/29)

    301       277,883  

5.63%, 01/15/28 (Call 07/15/27)(b)

    275       263,574  

6.50%, 09/01/30 (Call 03/01/30)(b)

    390       383,175  

EnLink Midstream Partners LP

   

4.15%, 06/01/25 (Call 03/01/25)

    266       250,646  

4.85%, 07/15/26 (Call 04/15/26)

    290       273,345  

5.05%, 04/01/45 (Call 10/01/44)

    275       199,683  

5.45%, 06/01/47 (Call 12/01/46)

    260       197,545  

5.60%, 04/01/44 (Call 10/01/43)

    180       140,323  

EQM Midstream Partners LP

   

4.00%, 08/01/24 (Call 05/01/24)

    175       165,743  

4.13%, 12/01/26 (Call 09/01/26)

    300       265,092  

4.50%, 01/15/29 (Call 07/15/28)(a)(b)

    450       382,500  

4.75%, 01/15/31 (Call 07/15/30)(b)

    640       534,848  

5.50%, 07/15/28 (Call 04/15/28)

    485       433,168  

6.00%, 07/01/25 (Call 04/01/25)(b)

    225       217,916  

6.50%, 07/01/27 (Call 01/01/27)(b)

    500       487,500  

6.50%, 07/15/48 (Call 01/15/48)

    285       219,450  

7.50%, 06/01/27 (Call 06/01/24)(b)

    295       291,313  

7.50%, 06/01/30 (Call 12/01/29)(b)

    280       272,300  

Harvest Midstream I LP, 7.50%, 09/01/28 (Call 09/01/23)(b)

    450       431,424  

Hess Midstream Operations LP

   

4.25%, 02/15/30 (Call 02/15/25)(b)

    395       337,784  

5.13%, 06/15/28 (Call 06/15/23)(a)(b)

    324       298,080  

5.50%, 10/15/30 (Call 10/15/25)(b)

    275       248,105  

5.63%, 02/15/26 (Call 12/01/22)(b)

    458       449,193  

 

 

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

  77


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

Holly Energy Partners LP/Holly Energy Finance Corp.

   

5.00%, 02/01/28 (Call 02/01/23)(a)(b)

  $ 275     $ 248,544  

6.38%, 04/15/27 (Call 04/15/24)(b)

    215       206,930  

Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(b)

    570       534,759  

New Fortress Energy Inc.

   

6.50%, 09/30/26 (Call 03/31/23)(b)

    830       805,100  

6.75%, 09/15/25 (Call 11/21/22)(b)

    750       736,280  

Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/22)(b)

    285       269,798  

NuStar Logistics LP

   

5.63%, 04/28/27 (Call 01/28/27)

    310       287,620  

5.75%, 10/01/25 (Call 07/01/25)

    325       313,375  

6.00%, 06/01/26 (Call 03/01/26)

    305       295,728  

6.38%, 10/01/30 (Call 04/01/30)(a)

    320       296,573  

Rattler Midstream LP, 5.63%, 07/15/25 (Call 11/01/22)(b)

    75       77,110  

Rockies Express Pipeline LLC

   

3.60%, 05/15/25 (Call 04/15/25)(b)

    150       139,500  

4.80%, 05/15/30 (Call 02/15/30)(b)

    200       169,000  

4.95%, 07/15/29 (Call 04/15/29)(b)

    310       271,959  

6.88%, 04/15/40(b)

    300       244,920  

7.50%, 07/15/38(b)

    145       126,513  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.

   

5.50%, 01/15/28 (Call 01/15/23)(b)

    429       384,659  

6.00%, 03/01/27 (Call 03/01/23)(b)

    200       188,734  

6.00%, 12/31/30 (Call 12/31/25)(b)

    385       348,510  

6.00%, 09/01/31 (Call 09/01/26)(b)

    275       244,789  

7.50%, 10/01/25 (Call 12/01/22)(a)(b)

    330       333,283  

Venture Global Calcasieu Pass LLC

   

3.88%, 11/01/33 (Call 05/01/33)(b)

    695       557,737  

3.88%, 08/15/29 (Call 02/15/29)(b)

    750       643,125  

4.13%, 08/15/31 (Call 02/15/31)(b)

    710       605,296  

Western Midstream Operating LP

   

3.35%, 02/01/25 (Call 01/01/25)

    410       389,693  

3.95%, 06/01/25 (Call 03/01/25)

    180       170,690  

4.30%, 02/01/30 (Call 11/01/29)

    655       576,269  

4.50%, 03/01/28 (Call 12/01/27)

    225       206,443  

4.65%, 07/01/26 (Call 04/01/26)

    225       213,188  

4.75%, 08/15/28 (Call 05/15/28)

    270       249,075  

5.30%, 03/01/48 (Call 09/01/47)

    402       324,615  

5.45%, 04/01/44 (Call 10/01/43)

    350       283,839  

5.50%, 08/15/48 (Call 02/15/48)

    200       161,310  

5.50%, 02/01/50 (Call 08/01/49)

        575       447,626  
   

 

 

 
          26,240,862  
Real Estate — 0.7%            

Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 05/15/23)(a)(b)

    400       380,380  

Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)(b)

    227       219,407  

Howard Hughes Corp. (The)

   

4.13%, 02/01/29 (Call 02/01/24)(b)

    355       277,443  

4.38%, 02/01/31 (Call 02/01/26)(b)

    375       281,775  

5.38%, 08/01/28 (Call 08/01/23)(b)

    440       376,395  

Kennedy-Wilson Inc.

   

4.75%, 03/01/29 (Call 03/01/24)

    315       255,444  

4.75%, 02/01/30 (Call 09/01/24)

    350       274,750  

5.00%, 03/01/31 (Call 03/01/26)

    345       270,480  

Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)

    125       124,593  
   

 

 

 
      2,460,667  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts — 3.5%            

American Finance Trust Inc./American Finance Operating Partner LP, 4.50%, 09/30/28 (Call 06/30/28)(b)

  $ 285     $ 208,050  

Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(b)

    235       185,062  

Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)(b)

    175       147,984  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

   

4.50%, 04/01/27 (Call 10/01/23)(b)

    465       395,641  

5.75%, 05/15/26 (Call 11/14/22)(a)(b)

    500       464,095  

CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)(b)

    260       219,294  

Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27
(Call 09/15/27)(b)

    280       226,268  

HAT Holdings I LLC/HAT Holdings II LLC

   

3.38%, 06/15/26 (Call 03/15/26)(b)

    560       455,291  

3.75%, 09/15/30(b)

    235       162,150  

6.00%, 04/15/25 (Call 12/01/22)(a)(b)

    175       166,833  

Iron Mountain Inc.

   

4.50%, 02/15/31 (Call 02/15/26)(b)

    560       453,597  

4.88%, 09/15/27 (Call 11/14/22)(b)

    530       490,129  

4.88%, 09/15/29 (Call 09/15/24)(b)

    591       508,112  

5.00%, 07/15/28 (Call 07/15/23)(b)

    280       250,488  

5.25%, 03/15/28 (Call 12/27/22)(b)

    500       460,000  

5.25%, 07/15/30 (Call 07/15/25)(b)

    740       638,482  

5.63%, 07/15/32 (Call 07/15/26)(b)

    400       342,948  

Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(b)

    380       313,386  

iStar Inc.

   

4.25%, 08/01/25 (Call 05/01/25)

    310       299,940  

4.75%, 10/01/24 (Call 07/01/24)

    430       424,582  

5.50%, 02/15/26 (Call 12/01/22)(a)

    115       114,669  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.

   

4.25%, 02/01/27 (Call 02/01/23)(b)

    375       314,947  

4.75%, 06/15/29 (Call 06/15/24)(b)

    390       310,428  

5.25%, 10/01/25 (Call 11/16/22)(b)

    180       166,001  

MPT Operating Partnership LP/MPT Finance Corp.

   

3.50%, 03/15/31 (Call 03/15/26)

    760       522,243  

4.63%, 08/01/29 (Call 08/01/24)

    520       411,960  

5.00%, 10/15/27 (Call 12/01/22)(a)

    785       671,787  

5.25%, 08/01/26 (Call 12/01/22)

    232       209,245  

RLJ Lodging Trust LP

   

3.75%, 07/01/26 (Call 07/01/23)(b)

    275       251,125  

4.00%, 09/15/29 (Call 09/15/24)(b)

    240       201,096  

Service Properties Trust

   

5.50%, 12/15/27 (Call 09/15/27)

    240       206,976  

7.50%, 09/15/25 (Call 06/15/25)

    450       438,750  

Starwood Property Trust Inc.

   

3.63%, 07/15/26 (Call 01/15/26)(b)

    215       187,050  

3.75%, 12/31/24 (Call 09/30/24)(a)(b)

    220       205,663  

4.38%, 01/15/27 (Call 07/15/26)(b)

    325       287,063  

4.75%, 03/15/25 (Call 09/15/24)

        275       257,633  

5.50%, 11/01/23 (Call 08/01/23)(b)

    75       74,045  
   

 

 

 
          11,643,013  
Retail — 4.8%            

1011778 BC ULC/New Red Finance Inc.

   

3.50%, 02/15/29 (Call 02/15/24)(b)

    395       330,812  

3.88%, 01/15/28 (Call 12/01/22)(b)

    845       742,692  

5.75%, 04/15/25 (Call 12/01/22)(b)

    275       273,969  

 

 

78  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Retail (continued)

 

Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/22)(a)(b)

  $ 150     $ 141,757  

Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)(b)

    200       187,750  

Asbury Automotive Group Inc.

   

4.50%, 03/01/28 (Call 03/01/23)

    235       203,734  

4.63%, 11/15/29 (Call 11/15/24)(b)

    450       370,125  

4.75%, 03/01/30 (Call 03/01/25)

    235       192,521  

5.00%, 02/15/32 (Call 11/15/26)(b)

    355       286,219  

Bath & Body Works Inc.

   

5.25%, 02/01/28

    275       243,237  

6.63%, 10/01/30 (Call 10/01/25)(b)

    575       514,404  

6.69%, 01/15/27

    152       143,260  

6.75%, 07/01/36

    410       338,762  

6.88%, 11/01/35

    565       474,600  

7.50%, 06/15/29 (Call 06/15/24)(a)

    275       260,638  

9.38%, 07/01/25(b)

    135       140,063  

Beacon Roofing Supply Inc., 4.50%, 11/15/26 (Call 12/01/22)(b)

    125       114,076  

FirstCash Inc.

   

4.63%, 09/01/28 (Call 09/01/23)(b)

    275       236,676  

5.63%, 01/01/30 (Call 01/01/25)(b)

    240       211,559  

Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)(b)

    200       152,894  

Gap Inc. (The)

   

3.63%, 10/01/29 (Call 10/01/24)(b)

    425       297,812  

3.88%, 10/01/31 (Call 10/01/26)(a)(b)

    410       282,900  

Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)(b)

    435       357,740  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/22)(b)

    410       391,382  

Lithia Motors Inc.

   

3.88%, 06/01/29 (Call 06/01/24)(b)

    425       342,422  

4.38%, 01/15/31 (Call 10/15/25)(a)(b)

    330       267,937  

4.63%, 12/15/27 (Call 12/15/22)(b)

    225       200,228  

Macy’s Retail Holdings LLC

   

4.30%, 02/15/43 (Call 08/15/42)

    220       128,850  

4.50%, 12/15/34 (Call 06/15/34)

    165       112,945  

5.13%, 01/15/42 (Call 07/15/41)

    110       69,850  

5.88%, 04/01/29 (Call 04/01/24)(b)

    275       237,502  

5.88%, 03/15/30 (Call 03/15/25)(a)(b)

    235       197,295  

6.13%, 03/15/32 (Call 03/15/27)(a)(b)

        240       199,408  

Marks & Spencer PLC, 7.13%, 12/01/37(b)

    180       155,069  

Murphy Oil USA Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(b)

    290           241,645  

4.75%, 09/15/29 (Call 09/15/24)

    239       215,100  

5.63%, 05/01/27 (Call 12/01/22)

    138       132,429  

Nordstrom Inc.

   

2.30%, 04/08/24 (Call 11/16/22)

    125       117,311  

4.00%, 03/15/27 (Call 12/15/26)(a)

    145       122,934  

4.25%, 08/01/31 (Call 05/01/31)

    231       167,706  

4.38%, 04/01/30 (Call 01/01/30)(a)

    300       230,250  

5.00%, 01/15/44 (Call 07/15/43)

    560       354,256  

6.95%, 03/15/28

    200       185,724  

Penske Automotive Group Inc.

   

3.50%, 09/01/25 (Call 12/01/22)

    300       278,874  

3.75%, 06/15/29 (Call 06/15/24)

    275       225,761  

QVC Inc.

   

4.38%, 09/01/28 (Call 06/01/28)

    245       177,625  

4.45%, 02/15/25 (Call 11/15/24)

    290       253,640  

4.75%, 02/15/27 (Call 11/15/26)

    310       245,594  

4.85%, 04/01/24

    325       311,252  

5.45%, 08/15/34 (Call 02/15/34)(a)

    355       223,650  
Security  

Par

(000)

    Value  

Retail (continued)

 

5.95%, 03/15/43

  $ 100     $ 61,000  

Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22)

    325       306,312  

Sonic Automotive Inc.

   

4.63%, 11/15/29 (Call 11/15/24)(a)(b)

    362       283,417  

4.88%, 11/15/31 (Call 11/15/26)(b)

    301       227,081  

Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(a)(b)

    310       262,766  

Vivo Energy Investments BV, 5.13%, 09/24/27 (Call 09/24/23)(a)(b)

    150       134,250  

Yum! Brands Inc.

   

3.63%, 03/15/31 (Call 12/15/30)(a)

    615       493,537  

3.88%, 11/01/23 (Call 08/01/23)(a)

    75       73,688  

4.63%, 01/31/32 (Call 10/01/26)

    625       534,394  

4.75%, 01/15/30 (Call 10/15/29)(b)

    425       379,844  

5.35%, 11/01/43 (Call 05/01/43)

    190       151,050  

5.38%, 04/01/32 (Call 04/01/27)

        540       483,014  

6.88%, 11/15/37

    200       196,000  
   

 

 

 
      15,871,192  
Savings & Loans — 0.1%  

New York Community Bancorp Inc., 5.90%, 11/06/28 (Call 11/06/23), (3 mo. LIBOR US + 2.780%)(d)

    200       195,197  
   

 

 

 
Semiconductors — 0.6%  

Amkor Technology Inc., 6.63%, 09/15/27 (Call 12/01/22)(a)(b)

    275       271,472  

ams-OSRAM AG, 7.00%, 07/31/25
(Call 12/01/22)(a)(b)

    245       218,809  

Entegris Escrow Corp., 5.95%, 06/15/30
(Call 06/15/25)(b)

    495       451,687  

Entegris Inc.

   

3.63%, 05/01/29 (Call 05/01/24)(b)

    230       187,646  

4.38%, 04/15/28 (Call 04/15/23)(b)

    225       197,899  

ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)(b)

    430       378,873  

Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)(a)(b)

    220       181,724  
   

 

 

 
          1,888,110  
Software — 1.7%  

Fair Isaac Corp.

   

4.00%, 06/15/28 (Call 12/15/22)(b)

    455       411,702  

5.25%, 05/15/26 (Call 02/15/26)(b)

    215       212,786  

MSCI Inc.

   

3.25%, 08/15/33 (Call 08/15/27)(b)

    390       301,489  

3.63%, 09/01/30 (Call 03/01/25)(a)(b)

    540       451,224  

3.63%, 11/01/31 (Call 11/01/26)(b)

    350       288,062  

3.88%, 02/15/31 (Call 06/01/25)(a)(b)

    570       480,288  

4.00%, 11/15/29 (Call 11/15/24)(a)(b)

    540       468,893  

Open Text Corp.

   

3.88%, 02/15/28 (Call 02/15/23)(b)

    525       449,368  

3.88%, 12/01/29 (Call 12/01/24)(b)

    460       364,550  

Open Text Holdings Inc.

   

4.13%, 02/15/30 (Call 02/15/25)(b)

    525       418,031  

4.13%, 12/01/31 (Call 12/01/26)(b)

    353       265,633  

PTC Inc.

   

3.63%, 02/15/25 (Call 12/01/22)(b)

    270       257,318  

4.00%, 02/15/28 (Call 02/15/23)(b)

    210       190,204  

ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(b)

    570       470,250  

Twilio Inc.

   

3.63%, 03/15/29 (Call 03/15/24)

    275       227,084  

3.88%, 03/15/31 (Call 03/15/26)

    260       212,043  
   

 

 

 
      5,468,925  

 

 

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

  79


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par
(000)

    Value  

 

 

Telecommunications — 6.0%

 

British Telecommunications PLC

   

4.25%, 11/23/81 (Call 11/23/26)(b)(d)

  $ 285     $ 237,573  

4.88%, 11/23/81 (Call 08/23/31)(b)(d)

    275       217,676  

Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)(b)

    250       211,250  

Hughes Satellite Systems Corp., 5.25%, 08/01/26

    435       415,247  

Level 3 Financing Inc.

   

3.40%, 03/01/27 (Call 01/01/27)(b)

    425       365,865  

3.63%, 01/15/29 (Call 01/15/24)(b)

    455       346,938  

3.75%, 07/15/29 (Call 01/15/24)(b)

    475       360,877  

3.88%, 11/15/29 (Call 08/15/29)(b)

    387       318,308  

4.25%, 07/01/28 (Call 07/01/23)(b)

    685       565,125  

4.63%, 09/15/27 (Call 12/01/22)(a)(b)

    550       477,268  

Lumen Technologies Inc.

   

4.00%, 02/15/27 (Call 02/15/23)(b)

    715       607,893  

4.50%, 01/15/29 (Call 01/15/24)(b)

    510       359,526  

5.13%, 12/15/26 (Call 12/15/22)(a)(b)

    450       385,312  

5.38%, 06/15/29 (Call 06/15/24)(b)

    280       205,629  

Series P, 7.60%, 09/15/39

    300       200,988  

Series U, 7.65%, 03/15/42

    275       182,181  

Millicom International Cellular SA

   

4.50%, 04/27/31 (Call 04/27/26)(b)

    485       363,589  

5.13%, 01/15/28 (Call 12/01/22)(b)

    248       211,842  

6.25%, 03/25/29 (Call 03/25/24)(b)

    338       295,313  

Nokia OYJ

   

4.38%, 06/12/27

    285       262,095  

6.63%, 05/15/39

    285       260,006  

Qwest Corp., 7.25%, 09/15/25(a)

    190       191,873  

Sable International Finance Ltd., 5.75%, 09/07/27 (Call 12/01/22)(b)

    255       226,007  

Sprint Capital Corp.

   

6.88%, 11/15/28

    1,390       1,434,452  

8.75%, 03/15/32

    1,155       1,355,554  

Sprint Corp.

   

7.13%, 06/15/24

    1,095       1,106,991  

7.63%, 02/15/25 (Call 11/15/24)

    865       888,787  

7.63%, 03/01/26 (Call 11/01/25)

    830       866,312  

Switch Ltd.

   

3.75%, 09/15/28 (Call 09/15/23)(b)

    125       126,250  

4.13%, 06/15/29 (Call 06/15/24)(b)

    125       125,063  

Telecom Italia Capital SA

   

6.00%, 09/30/34

    591       431,270  

6.38%, 11/15/33

    555       426,462  

7.20%, 07/18/36

    525       408,849  

7.72%, 06/04/38

    600       477,000  

Telecom Italia SpA/Milano, 5.30%, 05/30/24(b)

    760       714,985  

U.S. Cellular Corp., 6.70%, 12/15/33

    295       280,967  

ViaSat Inc., 5.63%, 04/15/27 (Call 11/14/22)(b)

    310       286,620  

Viavi Solutions Inc., 3.75%, 10/01/29
(Call 10/01/24)(b)

    220       183,676  

Vmed O2 UK Financing I PLC

   

4.25%, 01/31/31 (Call 01/31/26)(b)

    725       576,440  

4.75%, 07/15/31 (Call 07/15/26)(b)

    820       662,609  

Vodafone Group PLC

   

3.25%, 06/04/81 (Call 06/04/26)(d)

    300       240,531  

4.13%, 06/04/81 (Call 03/04/31)(d)

    535       379,454  

5.13%, 06/04/81 (Call 12/04/50)(d)

    520       359,341  

7.00%, 04/04/79 (Call 01/04/29)(d)

    1,110       1,054,500  
   

 

 

 
      19,654,494  
Security  

Par/

Shares

(000)

    Value  

 

 

Toys, Games & Hobbies — 0.3%

 

Mattel Inc.

   

3.38%, 04/01/26 (Call 04/01/23)(a)(b)

  $ 305     $ 278,195  

3.75%, 04/01/29 (Call 04/01/24)(b)

    340       293,404  

5.45%, 11/01/41 (Call 05/01/41)

    175       135,992  

5.88%, 12/15/27 (Call 12/15/22)(b)

    275       266,855  

6.20%, 10/01/40

    160       136,328  
   

 

 

 
      1,110,774  
Transportation — 0.3%  

Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 02/01/23)(b)

    300       267,564  

Danaos Corp., 8.50%, 03/01/28 (Call 03/01/24)(b)

    190       174,774  

First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)(b)

    460       373,796  

XPO Escrow Sub LLC, 7.50%, 11/15/27

    45       44,888  
   

 

 

 
      861,022  
Trucking & Leasing — 0.4%  

AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(b)(d)

    375       342,188  

Fortress Transportation and Infrastructure Investors LLC

   

5.50%, 05/01/28 (Call 05/01/24)(b)

    575       480,778  

6.50%, 10/01/25 (Call 12/01/22)(b)

    380       364,661  

9.75%, 08/01/27 (Call 08/01/23)(b)

    225       229,069  
   

 

 

 
      1,416,696  
   

 

 

 

Total Long-Term Investments — 97.5%
(Cost: $338,627,161)

 

    321,684,876  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 10.4%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(f)(g)(h)

    29,802       29,796,195  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(f)(g)

    4,350       4,350,000  
   

 

 

 

Total Short-Term Securities — 10.4%
(Cost: $34,149,569)

      34,146,195  
   

 

 

 

Total Investments — 107.9%
(Cost: $372,776,730)

 

    355,831,071  

Liabilities in Excess of Other Assets — (7.9)%

      (26,030,302
   

 

 

 

Net Assets — 100.0%

    $ 329,800,769  
   

 

 

 

 

(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) 

Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(d) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(e) 

Perpetual security with no stated maturity date.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

80  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® BB Rated Corporate Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/21
   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/22

   

Shares

Held at

10/31/22

(000)

    Income    

Capital Gain

Distributions from
Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 7,575,790     $ 22,229,366 (a)    $      $ (5,586    $ (3,375   $ 29,796,195       29,802     $ 48,347 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    970,000       3,380,000 (a)                        4,350,000       4,350       29,459        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
         $ (5,586    $ (3,375   $ 34,146,195       $ 77,806     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 321,684,876        $                 —        $ 321,684,876  

Money Market Funds

     34,146,195                            34,146,195  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   34,146,195        $ 321,684,876        $        $ 355,831,071  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  81


Schedule of Investments

October 31, 2022

  

iShares® Convertible Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Convertible Bonds

 

Airlines — 2.4%

 

American Airlines Group Inc., 6.50%, 07/01/25

  $ 8,720     $ 9,829,184  

Copa Holdings SA, 4.50%, 04/15/25

    3,150       4,968,873  

GOL Equity Finance SA, 3.75%, 07/15/24(a)

    3,800       1,678,308  

JetBlue Airways Corp., 0.50%, 04/01/26

    6,525       4,878,220  

Southwest Airlines Co., 1.25%, 05/01/25

    14,830       18,361,764  

Spirit Airlines Inc., 1.00%, 05/15/26

    4,350       3,588,359  
   

 

 

 
      43,304,708  
Auto Manufacturers — 2.9%  

Arrival SA, 3.50%, 12/01/26(a)

    2,825       823,064  

Fisker Inc., 2.50%, 09/15/26(a)

    5,950       3,242,988  

Ford Motor Co., 0.00% 03/15/26(b)

        21,290       21,504,390  

Li Auto Inc., 0.25%, 05/01/28

    7,625       6,136,143  

Lucid Group Inc., 1.25%, 12/15/26(a)

    17,775       11,180,119  

NIO Inc.

   

0.00%, 02/01/26(b)

    6,875       5,534,306  

0.50%, 02/01/27

    6,725       4,799,498  
   

 

 

 
          53,220,508  
Auto Parts & Equipment — 0.2%  

Luminar Technologies Inc., 1.25%, 12/15/26(a)

    5,450       3,619,618  
   

 

 

 
Banks — 0.7%            

Barclays Bank PLC, Series VUN, 0.00% 02/18/25(b)

    2,300       2,447,982  

BofA Finance LLC, 0.25%, 05/01/23

    2,260       2,399,578  

Deutsche Bank AG/London, 1.00%, 05/01/23

    2,870       3,065,102  

JPMorgan Chase Bank NA, 0.13%, 01/01/23(a)

    5,025       4,992,840  
   

 

 

 
      12,905,502  
Biotechnology — 6.3%  

Alnylam Pharmaceuticals Inc., 1.00%, 09/15/27(a)

    9,275       9,291,695  

BioMarin Pharmaceutical Inc.

   

0.60%, 08/01/24

    4,320       4,315,680  

1.25%, 05/15/27

    5,428       5,416,873  

Bridgebio Pharma Inc.

   

2.25%, 02/01/29

    6,425       2,724,907  

2.50%, 03/15/27

    5,195       3,043,595  

Cerevel Therapeutics Holdings Inc., 2.50%, 08/15/27(a)

    3,100       2,845,583  

Cytokinetics Inc., 3.50%, 07/01/27(a)

    4,850       5,452,273  

Esperion Therapeutics Inc., 4.00%, 11/15/25

    2,300       1,228,936  

Global Blood Therapeutics Inc., 1.88%, 12/15/28(a)

    3,350       7,499,611  

Guardant Health Inc., 0.00% 11/15/27(b)

    9,965       7,069,769  

Halozyme Therapeutics Inc.

   

0.25%, 03/01/27

    7,010       6,255,864  

1.00%, 08/15/28(a)

    6,300       6,649,461  

Illumina Inc., 0.00% 08/15/23(b)

    6,540       6,323,003  

Innoviva Inc., 2.13%, 03/15/28(a)

    2,375       1,929,782  

Insmed Inc., 0.75%, 06/01/28

    5,000       3,945,950  

Ionis Pharmaceuticals Inc.

   

0.00%, 04/01/26(b)

    5,800       5,737,882  

0.13%, 12/15/24

    4,776       4,395,114  

Livongo Health Inc., 0.88%, 06/01/25

    4,800       4,171,440  

NeoGenomics Inc., 0.25%, 01/15/28

    2,650       1,605,291  

Novavax Inc., 3.75%, 02/01/23

    2,675       2,632,334  

PTC Therapeutics Inc., 1.50%, 09/15/26

    2,600       2,599,922  

Sarepta Therapeutics Inc.

   

1.25%, 09/15/27(a)

    7,175       7,667,061  

1.50%, 11/15/24

    5,400       9,149,382  

Travere Therapeutics Inc., 2.25%, 03/01/29

    3,000       2,807,400  
   

 

 

 
      114,758,808  
Security  

Par

(000)

    Value  

Chemicals — 0.2%

 

Amyris Inc., 1.50%, 11/15/26(a)

  $ 5,875     $ 2,800,848  
   

 

 

 
Coal — 0.2%  

Peabody Energy Corp., 3.25%, 03/01/28(a)

    2,900       4,172,433  
   

 

 

 
Commercial Services — 4.1%            

2U Inc., 2.25%, 05/01/25

    3,539       2,252,043  

Affirm Holdings Inc., 0.00% 11/15/26(a)(b)

    15,250       9,630,985  

Alarm.com Holdings Inc., 0.00% 01/15/26(b)

    4,345       3,528,661  

Block Inc.

   

0.13%, 03/01/25

    8,876       8,256,544  

0.50%, 05/15/23

    4,005       4,214,622  

Block Inc.

   

0.00%, 05/01/26(b)

    4,975       3,984,875  

0.25%, 11/01/27

    5,279       3,935,706  

Chegg Inc.

   

0.00%, 09/01/26(b)

    5,880       4,579,932  

0.13%, 03/15/25

    6,281       5,459,696  

Euronet Worldwide Inc., 0.75%, 03/15/49 (Call 03/20/25)

    4,739       4,373,291  

FTI Consulting Inc., 2.00%, 08/15/23

    2,829       4,391,740  

Marathon Digital Holdings Inc., 1.00%, 12/01/26(a)

    6,300       2,504,250  

Repay Holdings Corp., 0.00% 02/01/26(a)(b)

    3,680       2,526,099  

Sabre GLBL Inc., 4.00%, 04/15/25

    3,188       3,244,810  

Shift4 Payments Inc.

   

0.00%, 12/15/25(b)

    6,285       5,652,352  

0.50%, 08/01/27

    5,325       4,117,237  

Stride Inc., 1.13%, 09/01/27

    3,792       3,410,032  
   

 

 

 
          76,062,875  
Computers — 4.4%  

3D Systems Corp., 0.00% 11/15/26(a)(b)

    4,000       2,819,600  

CyberArk Software Ltd., 0.00% 11/15/24(b)

    5,300       6,207,413  

Insight Enterprises Inc., 0.75%, 02/15/25

    3,026       4,337,075  

KBR Inc., 2.50%, 11/01/23

    3,040       6,057,443  

Lumentum Holdings Inc.

   

0.25%, 03/15/24

    3,860       5,065,092  

0.50%, 12/15/26

    9,364       9,174,660  

0.50%, 06/15/28(a)

    7,500       6,328,500  

PAR Technology Corp., 1.50%, 10/15/27

    2,300       1,681,921  

Parsons Corp., 0.25%, 08/15/25

    3,490       4,010,045  

Pure Storage Inc., 0.13%, 04/15/23

    5,145       6,246,133  

Rapid7 Inc., 0.25%, 03/15/27

    5,400       4,261,572  

Varonis Systems Inc., 1.25%, 08/15/25

    2,205       2,459,700  

Western Digital Corp., 1.50%, 02/01/24

    9,915       9,473,782  

Zscaler Inc., 0.13%, 07/01/25

        10,307       12,674,827  
   

 

 

 
      80,797,763  
Cosmetics & Personal Care — 0.3%  

Beauty Health Co. (The), 1.25%, 10/01/26(a)

    6,750       5,349,645  
   

 

 

 
Diversified Financial Services — 1.7%            

Coinbase Global Inc., 0.50%, 06/01/26

    13,550       9,087,714  

JPMorgan Chase Financial Co. LLC, 0.25%, 05/01/23(a)

    4,925       5,303,683  

LendingTree Inc., 0.50%, 07/15/25

    4,761       3,389,546  

PRA Group Inc., 3.50%, 06/01/23

    3,025       2,993,147  

SoFi Technologies Inc., 0.00% 10/15/26(a)(b)

    10,893       7,843,723  

Upstart Holdings Inc., 0.25%, 08/15/26

    5,950       3,310,401  
   

 

 

 
      31,928,214  
Electric — 0.6%  

NRG Energy Inc., 2.75%, 06/01/48 (Call 06/01/25)

    5,137       6,020,204  

Ormat Technologies Inc., 2.50%, 07/15/27(a)

    3,950       4,687,702  
   

 

 

 
      10,707,906  

 

 

82  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Convertible Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electronics — 0.4%

 

Itron Inc., 0.00% 03/15/26(b)

  $ 3,875     $ 3,107,673  

Vishay Intertechnology Inc., 2.25%, 06/15/25

    4,084       3,948,207  
   

 

 

 
      7,055,880  
Energy - Alternate Sources — 2.7%  

Array Technologies Inc., 1.00%, 12/01/28(a)

    3,250       2,970,792  

Enphase Energy Inc.

   

0.00%, 03/01/26(b)

    5,868       7,197,395  

0.00%, 03/01/28(b)

    5,015       6,451,848  

NextEra Energy Partners LP

   

0.00%, 06/15/24(a)(b)

    4,325       4,164,413  

0.00%, 11/15/25(a)(b)

    5,595       5,803,302  

SolarEdge Technologies Inc., 0.00% 09/15/25(b)

    5,510       6,180,181  

Stem Inc., 0.50%, 12/01/28(a)

    4,000       3,014,120  

Sunnova Energy International Inc.

   

0.25%, 12/01/26

    5,000       3,855,050  

2.63%, 02/15/28(a)

    5,500       4,447,025  

SunPower Corp., 4.00%, 01/15/23

    3,975       4,035,301  

Sunrun Inc., 0.00% 02/01/26(b)(c)

    3,225       2,154,171  
   

 

 

 
      50,273,598  
Entertainment — 1.9%  

Cinemark Holdings Inc., 4.50%, 08/15/25

    3,990       4,132,962  

DraftKings Inc., 0.00% 03/15/28(b)

    11,175       6,973,424  

Live Nation Entertainment Inc.

   

2.00%, 02/15/25

    3,688       3,800,336  

2.50%, 03/15/23

    4,765       5,773,274  

Marriott Vacations Worldwide Corp., 0.00% 01/15/26(b)

    5,205       5,310,453  

Penn National Gaming Inc., 2.75%, 05/15/26

    3,114       4,937,808  

Vail Resorts Inc., 0.00% 01/01/26(b)

    5,200       4,629,040  
   

 

 

 
      35,557,297  
Food — 0.4%  

Beyond Meat Inc., 0.00% 03/15/27(b)

        10,675       2,821,189  

Post Holdings Inc., 2.50%, 08/15/27(a)

    5,175       5,391,522  
   

 

 

 
      8,212,711  
Health Care - Products — 4.4%  

Alphatec Holdings Inc., 0.75%, 08/01/26

    2,600       2,202,070  

CONMED Corp., 2.25%, 06/15/27(a)

    7,150       6,245,168  

Envista Holdings Corp., 2.38%, 06/01/25

    4,751       7,871,172  

Exact Sciences Corp.

   

0.38%, 03/15/27

    6,505       4,586,415  

0.38%, 03/01/28

    10,235       6,597,481  

1.00%, 01/15/25

    2,275       2,081,716  

Glaukos Corp., 2.75%, 06/15/27

    2,498       3,310,924  

Haemonetics Corp., 0.00% 03/01/26(b)

    4,350       3,585,140  

Insulet Corp., 0.38%, 09/01/26

    6,965       9,010,481  

Integra LifeSciences Holdings Corp., 0.50%, 08/15/25

    5,013       4,667,755  

LivaNova USA Inc., 3.00%, 12/15/25

    2,495       2,695,124  

Natera Inc., 2.25%, 05/01/27

    2,614       3,707,018  

Novocure Ltd., 0.00% 11/01/25(b)

    5,010       4,328,840  

NuVasive Inc.

   

0.38%, 03/15/25

    3,916       3,421,840  

1.00%, 06/01/23

    3,886       3,790,055  

Omnicell Inc., 0.25%, 09/15/25

    5,018       5,012,530  

Repligen Corp., 0.38%, 07/15/24

    2,504       4,250,064  

SmileDirectClub Inc., 0.00% 02/01/26(a)(b)

    5,125       495,895  

Tandem Diabetes Care Inc., 1.50%, 05/01/25(a)

    2,475       2,326,005  
   

 

 

 
          80,185,693  
Health Care - Services — 0.9%  

Accolade Inc., 0.50%, 04/01/26

    2,375       1,764,672  

Invitae Corp., 2.00%, 09/01/24

    3,055       2,450,141  
Security  

Par

(000)

    Value  

Health Care - Services (continued)

 

Oak Street Health Inc., 0.00% 03/15/26(b)

  $ 8,000     $ 6,093,760  

Teladoc Health Inc., 1.25%, 06/01/27

    8,865       6,663,466  
   

 

 

 
      16,972,039  
Holding Companies - Diversified — 0.2%  

Ares Capital Corp., 4.63%, 03/01/24

    3,685       3,958,059  
   

 

 

 
Home Builders — 0.4%  

LCI Industries, 1.13%, 05/15/26

    4,300       3,767,961  

Winnebago Industries Inc., 1.50%, 04/01/25

    2,625       2,938,058  
   

 

 

 
      6,706,019  
Internet — 21.6%  

Airbnb Inc., 0.00% 03/15/26(b)

    17,600       14,727,680  

Booking Holdings Inc., 0.75%, 05/01/25

    7,706       9,978,731  

Etsy Inc.

   

0.13%, 10/01/26

    5,807       7,481,913  

0.13%, 09/01/27

    5,823       5,031,363  

0.25%, 06/15/28

    8,925       6,913,751  

Expedia Group Inc., 0.00% 02/15/26(b)

    8,920       7,702,598  

Farfetch Ltd., 3.75%, 05/01/27

    3,575       3,383,988  

Fiverr International Ltd., 0.00% 11/01/25(b)

    4,014       3,184,306  

fuboTV Inc., 3.25%, 02/15/26

    3,500       1,772,890  

Hello Group Inc., 1.25%, 07/01/25

    5,003       4,628,075  

iQIYI Inc.

   

2.00%, 04/01/25, (Put 04/01/23)

    9,044       7,335,679  

3.75%, 12/01/23

    950       887,414  

4.00%, 12/15/26

    8,535       5,388,145  

JOYY Inc.

   

0.75%, 06/15/25

    4,405       4,108,808  

1.38%, 06/15/26

    4,350       3,663,179  

Lyft Inc., 1.50%, 05/15/25

    6,690       5,923,928  

Magnite Inc., 0.25%, 03/15/26

    3,325       2,418,406  

Match Group Financeco 2 Inc., 0.88%, 06/15/26(a)

    5,275       4,603,334  

Match Group Financeco 3 Inc., 2.00%, 01/15/30(a)

    4,960       4,253,696  

MercadoLibre Inc., 2.00%, 08/15/28

    3,800       8,090,884  

Okta Inc.

   

0.13%, 09/01/25

    9,445       7,948,534  

0.38%, 06/15/26

        10,252       8,232,048  

Opendoor Technologies Inc., 0.25%, 08/15/26(a)

    8,350       4,297,745  

Palo Alto Networks Inc.

   

0.38%, 06/01/25

    18,313       32,268,239  

0.75%, 07/01/23

    15,000       29,054,550  

Perficient Inc., 0.13%, 11/15/26(a)

    3,275       2,463,062  

Pinduoduo Inc., 0.00% 12/01/25(b)

    17,540       15,757,936  

Q2 Holdings Inc.

   

0.13%, 11/15/25

    3,050       2,474,618  

0.75%, 06/01/26

    2,830       2,291,253  

RealReal Inc., 1.00%, 03/01/28

    2,450       1,208,365  

Sea Ltd.

   

0.25%, 09/15/26

    26,075       18,062,674  

2.38%, 12/01/25

    10,300       9,732,676  

Shopify Inc., 0.13%, 11/01/25

    8,237       6,959,524  

Snap Inc.

   

0.00%, 05/01/27(b)

    10,025       6,899,506  

0.13%, 03/01/28(a)

    13,625       9,062,669  

0.25%, 05/01/25

    2,273       2,060,656  

0.75%, 08/01/26

    7,590       6,534,231  

Spotify USA Inc., 0.00% 03/15/26(b)

    13,070           10,423,456  

TechTarget Inc., 0.00% 12/15/26(a)(b)

    3,775       3,011,204  

TripAdvisor Inc., 0.25%, 04/01/26

    3,125       2,507,438  

 

 

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

  83


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Convertible Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Internet (continued)

 

Twitter Inc.

   

0.00%, 03/15/26(b)

  $ 12,750     $ 12,689,820  

0.25%, 06/15/24

    10,455       11,723,923  

Uber Technologies Inc., 0.00% 12/15/25(b)

    10,270       8,479,425  

Upwork Inc., 0.25%, 08/15/26

    5,275       3,936,047  

Vnet Group Inc, 0.00% 02/01/26(b)

    5,200       4,323,852  

Wayfair Inc.

   

0.63%, 10/01/25

    13,260       8,685,167  

1.00%, 08/15/26

    7,920       4,902,955  

3.25%, 09/15/27(a)

    5,350       4,645,458  

Weibo Corp., 1.25%, 11/15/22

    7,666       7,607,892  

Wix.com Ltd.

   

0.00%, 07/01/23(b)

    3,056       2,992,099  

0.00%, 08/15/25(b)

    4,997       4,158,853  

Zendesk Inc., 0.63%, 06/15/25

    10,248       10,121,232  

Ziff Davis Inc., 1.75%, 11/01/26(a)

    4,931       4,793,573  

Zillow Group Inc.

   

0.75%, 09/01/24

    5,300       5,484,069  

1.38%, 09/01/26

    4,340       4,347,074  

2.75%, 05/15/25

    5,400       5,062,446  
   

 

 

 
          396,683,037  
Iron & Steel — 0.6%  

Allegheny Technologies Inc., 3.50%, 06/15/25

    2,544       5,130,561  

U.S. Steel Corp., 5.00%, 11/01/26

    3,230       5,438,642  
   

 

 

 
      10,569,203  
Leisure Time — 2.8%  

Callaway Golf Co., 2.75%, 05/01/26

    2,238       2,814,486  

Carnival Corp., 5.75%, 10/01/24

    3,000       3,486,480  

Liberty TripAdvisor Holdings Inc., 0.50%, 06/30/51 (Call 03/27/25)(a)

    2,850       2,011,416  

NCL Corp. Ltd.

   

1.13%, 02/15/27(a)

    10,025       7,627,521  

2.50%, 02/15/27(a)

    4,425       3,423,357  

5.38%, 08/01/25

    4,130       4,938,778  

Peloton Interactive Inc., 0.00% 02/15/26(b)

    8,960       6,439,731  

Royal Caribbean Cruises Ltd.

   

4.25%, 06/15/23

    5,017       5,093,309  

6.00%, 08/15/25(a)

        10,525       13,748,281  

Virgin Galactic Holdings Inc, 2.50%, 02/01/27(a)

    4,025       2,129,185  
   

 

 

 
      51,712,544  
Lodging — 0.5%  

H World Group Ltd., 0.38%, 11/01/22

    4,140       4,108,536  

Huazhu Group Ltd., 3.00%, 05/01/26, (Put 05/01/24)

    4,754       4,504,415  
   

 

 

 
      8,612,951  
Machinery — 0.9%  

Chart Industries Inc., 1.00%, 11/15/24(a)

    2,245       8,513,758  

Middleby Corp. (The), 1.00%, 09/01/25

    6,707       8,120,970  
   

 

 

 
      16,634,728  
Manufacturing — 0.2%  

John Bean Technologies Corp., 0.25%, 05/15/26

    3,500       2,982,630  
   

 

 

 
Media — 5.2%  

Cable One Inc.

   

0.00%, 03/15/26(b)

    5,250       4,060,875  

1.13%, 03/15/28

    2,741       2,007,837  

DISH Network Corp.

   

0.00%, 12/15/25(b)

    18,060       12,232,038  

2.38%, 03/15/24

    9,035       8,236,848  

3.38%, 08/15/26

    27,605       19,110,389  
Security  

Par

(000)

    Value  

Media (continued)

 

Liberty Broadband Corp.

   

1.25%, 09/30/50 (Call 10/05/23)(a)

  $ 7,175     $ 6,822,062  

2.75%, 09/30/50 (Call 10/05/23)(a)

    5,073       4,901,330  

Liberty Interactive LLC, 1.75%, 09/30/46 (Call 10/05/23)(a)

    3,150       3,397,496  

Liberty Latin America Ltd., 2.00%, 07/15/24

    3,471       3,082,907  

Liberty Media Corp.

   

0.50%, 12/01/50 (Call 09/01/24)(a)

    8,000       8,560,400  

1.38%, 10/15/23

    8,720       11,264,845  

2.13%, 03/31/48 (Call 04/07/23)(a)

    3,353       3,182,466  

2.75%, 12/01/49 (Call 12/01/24)(a)

    5,262       4,865,877  

Liberty Media Corp.-Liberty Formula One, 2.25%, 08/15/27(a)

    4,200       3,882,480  
   

 

 

 
          95,607,850  
Metal Fabricate & Hardware — 0.2%  

Xometry Inc., 1.00%, 02/01/27(a)

    2,500       3,060,325  
   

 

 

 
Mining — 0.4%  

Lithium Americas Corp., 1.75%, 01/15/27(a)

    2,525       2,180,009  

MP Materials Corp., 0.25%, 04/01/26(a)

    6,300       6,029,982  
   

 

 

 
      8,209,991  
Oil & Gas — 2.7%  

CNX Resources Corp., 2.25%, 05/01/26

    3,110       4,555,746  

EQT Corp., 1.75%, 05/01/26

    3,615       10,298,484  

Nabors Industries Inc., 0.75%, 01/15/24

    2,650       2,473,855  

Northern Oil & Gas Inc., 3.63%, 04/15/29

    4,500       5,051,430  

Pioneer Natural Resources Co., 0.25%, 05/15/25

    9,749       25,054,930  

Transocean Inc., 4.00%, 12/15/25

    2,725       2,892,669  
   

 

 

 
      50,327,114  
Pharmaceuticals — 4.0%  

Aerie Pharmaceuticals Inc., 1.50%, 10/01/24

    2,725       2,677,749  

Aphria Inc., 5.25%, 06/01/24(a)

    2,300       2,190,474  

Ascendis Pharma A/S, 2.25%, 04/01/28(a)

    5,000       4,890,450  

Clovis Oncology Inc., 1.25%, 05/01/25

    2,525       1,529,948  

Dexcom Inc., 0.25%, 11/15/25

        10,520       11,578,838  

DexCom Inc., 0.75%, 12/01/23

    7,254       21,384,212  

Herbalife Nutrition Ltd., 2.63%, 03/15/24

    4,785       4,405,884  

Jazz Investments I Ltd.

   

1.50%, 08/15/24

    4,972       4,770,137  

2.00%, 06/15/26

    9,075       10,187,504  

Pacira BioSciences Inc., 0.75%, 08/01/25

    3,670       3,571,717  

Revance Therapeutics Inc., 1.75%, 02/15/27

    2,600       2,565,446  

Supernus Pharmaceuticals Inc., 0.63%, 04/01/23

    3,505       3,429,432  
   

 

 

 
      73,181,791  
Real Estate — 0.5%  

Radius Global Infrastructure Inc., 2.50%, 09/15/26(a)

    2,325       1,820,824  

Realogy Group LLC/Realogy Co.-Issuer Corp., 0.25%, 06/15/26

    3,825       2,575,984  

Redfin Corp.

   

0.00%, 10/15/25(b)

    6,108       3,142,322  

0.50%, 04/01/27

    5,125       2,191,757  
   

 

 

 
      9,730,887  
Real Estate Investment Trusts — 1.2%  

Arbor Realty Trust Inc., 7.50%, 08/01/25(a)

    2,600       2,500,550  

Blackstone Mortgage Trust Inc., 5.50%, 03/15/27

    2,775       2,426,432  

Pebblebrook Hotel Trust, 1.75%, 12/15/26

    6,745       5,955,161  

PennyMac Corp., 5.50%, 03/15/26

    2,860       2,321,405  

Starwood Property Trust Inc., 4.38%, 04/01/23 (Call 01/01/23)

    2,175       2,154,207  

Summit Hotel Properties Inc., 1.50%, 02/15/26

    2,770       2,529,896  

 

 

84  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Convertible Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

 

Two Harbors Investment Corp., 6.25%, 01/15/26

  $ 2,500     $ 2,053,650  

Uniti Fiber Holdings Inc., 4.00%, 06/15/24(a)

    2,904       2,734,087  
   

 

 

 
      22,675,388  
Retail — 1.2%  

Burlington Stores Inc., 2.25%, 04/15/25

    4,602       4,678,715  

Cheesecake Factory Inc. (The), 0.38%, 06/15/26

    2,925       2,402,332  

Cracker Barrel Old Country Store Inc., 0.63%, 06/15/26

    2,600       2,342,132  

Guess? Inc., 2.00%, 04/15/24

    2,800       2,737,672  

National Vision Holdings Inc., 2.50%, 05/15/25

    3,597       4,813,217  

Patrick Industries Inc., 1.75%, 12/01/28(a)

    2,200       1,606,132  

Shake Shack Inc., 0.00% 03/01/28(b)

    1,975       1,344,837  

Vroom Inc., 0.75%, 07/01/26

    4,900       1,381,408  
   

 

 

 
      21,306,445  
Semiconductors — 2.6%  

Impinj Inc., 1.13%, 05/15/27(a)

    3,050       3,769,586  

MACOM Technology Solutions Holdings Inc., 0.25%, 03/15/26

    4,125       3,935,704  

Microchip Technology Inc., 0.13%, 11/15/24

    5,800       5,858,290  

ON Semiconductor Corp., 0.00% 05/01/27(b)

    7,200       9,511,056  

Semtech Corp., 1.63%, 11/01/27

    2,000       1,946,600  

Silicon Laboratories Inc., 0.63%, 06/15/25

    4,916       5,570,270  

SMART Global Holdings Inc., 2.25%, 02/15/26

    2,075       1,973,761  

Wolfspeed Inc.

   

0.25%, 02/15/28(a)

    7,025       6,457,029  

1.75%, 05/01/26

    5,001       8,870,724  
   

 

 

 
      47,893,020  
Software — 17.5%  

1Life Healthcare Inc., 3.00%, 06/15/25

    2,600       2,521,246  

8x8 Inc., 0.50%, 02/01/24

    4,371       3,843,114  

Akamai Technologies Inc.

   

0.13%, 05/01/25

    10,287       11,106,668  

0.38%, 09/01/27

    11,026       10,921,143  

Alteryx Inc.

   

0.50%, 08/01/24

    3,350       3,030,075  

1.00%, 08/01/26

    3,492       2,795,590  

Avalara Inc., 0.25%, 08/01/26

    8,725       8,668,549  

Bandwidth Inc.

   

0.25%, 03/01/26

    3,480       2,229,566  

0.50%, 04/01/28

    2,083       1,222,263  

Bentley Systems Inc.

   

0.13%, 01/15/26

    6,250       5,478,625  

0.38%, 07/01/27

    4,975       3,881,346  

BigCommerce Holdings Inc., 0.25%, 10/01/26

    3,000       2,206,920  

Bilibili Inc.

   

0.50%, 12/01/26(a)

        12,250       7,290,342  

1.25%, 06/15/27

    7,159       6,406,231  

1.38%, 04/01/26

    3,715       2,822,508  

Bill.com Holdings Inc.

   

0.00%, 12/01/25(b)

    10,395           11,557,473  

0.00%, 04/01/27(b)

    5,000       3,953,000  

Blackline Inc.

   

0.00%, 03/15/26(b)

    9,990       8,099,892  

0.13%, 08/01/24

    2,188       2,218,348  

Box Inc., 0.00% 01/15/26(b)

    2,975       3,690,160  

Ceridian HCM Holding Inc., 0.25%, 03/15/26

    5,050       4,296,894  

Cloudflare Inc., 0.00% 08/15/26(b)

    11,375       9,196,460  

Confluent Inc., 0.00% 01/15/27(a)(b)

    9,575       7,136,152  

Coupa Software Inc.

   

0.13%, 06/15/25

    7,000       6,015,800  
Security  

Par

(000)

    Value  

Software (continued)

 

0.38%, 06/15/26

  $ 12,232     $ 9,755,754  

Datadog Inc., 0.13%, 06/15/25

    6,729       7,676,510  

DigitalOcean Holdings Inc.,
0.00% 12/01/26(a)(b)

    13,250       9,707,082  

DocuSign Inc, 0.00% 01/15/24(b)

    6,335       5,956,800  

Dropbox Inc.

   

0.00%, 03/01/26(b)

    6,015       5,354,733  

0.00%, 03/01/28(b)

    6,320       5,475,458  

Envestnet Inc.

   

0.75%, 08/15/25

    4,560       3,915,854  

1.75%, 06/01/23

    3,105       3,083,979  

Everbridge Inc.

   

0.00%, 03/15/26(b)

    3,275       2,802,057  

0.13%, 12/15/24

    3,845       3,397,750  

Fastly Inc., 0.00% 03/15/26(b)

    6,225       4,423,423  

Five9 Inc., 0.50%, 06/01/25

    6,490       5,760,394  

Guidewire Software Inc., 1.25%, 03/15/25

    3,649       3,300,046  

HubSpot Inc., 0.38%, 06/01/25

    4,289       5,371,501  

Jamf Holding Corp., 0.13%, 09/01/26

    3,250       2,682,030  

LivePerson Inc., 0.00% 12/15/26(b)

    4,585       3,201,751  

MicroStrategy Inc.

   

0.00%, 02/15/27(b)

    9,325       4,301,343  

0.75%, 12/15/25

    5,750       4,755,883  

MongoDB Inc., 0.25%, 01/15/26

    10,489       11,857,500  

New Relic Inc., 0.50%, 05/01/23

    4,450       4,360,244  

Nutanix Inc., 0.25%, 10/01/27

    5,000       4,347,400  

PagerDuty Inc., 1.25%, 07/01/25

    2,700       2,649,456  

Pegasystems Inc., 0.75%, 03/01/25

    5,502       4,593,070  

Porch Group Inc., 0.75%, 09/15/26(a)

    4,000       2,060,040  

Progress Software Corp., 1.00%, 04/15/26

    3,425       3,532,579  

RingCentral Inc.

   

0.00%, 03/01/25(b)

    8,853       7,363,394  

0.00%, 03/15/26(b)

    5,646       4,321,844  

Splunk Inc.

   

0.50%, 09/15/23

    6,968       6,723,981  

1.13%, 09/15/25

    7,656       7,130,492  

1.13%, 06/15/27

    11,166       9,512,539  

Tabula Rasa HealthCare Inc., 1.75%, 02/15/26

    2,828       2,253,068  

Tyler Technologies Inc., 0.25%, 03/15/26

    5,415       5,113,926  

Unity Software Inc., 0.00% 11/15/26(a)(b)

        15,175       11,051,649  

Verint Systems Inc., 0.25%, 04/15/26

    2,660       2,266,533  

Workiva Inc., 1.13%, 08/15/26

    3,225       3,780,442  

Zynga Inc., 0.25%, 06/01/24

    6,491       7,106,412  
   

 

 

 
          321,535,282  
Telecommunications — 0.7%  

GDS Holdings Ltd., 2.00%, 06/01/25, (Put 06/01/23)

    2,745       2,505,142  

Infinera Corp., 3.75%, 08/01/28(a)

    3,000       3,218,820  

InterDigital Inc., 3.50%, 06/01/27(a)

    4,000       3,747,240  

Nice Ltd., 0.00% 09/15/25(b)

    3,879       3,629,270  
   

 

 

 
      13,100,472  
Transportation — 0.9%  

Air Transport Services Group Inc., 1.13%, 10/15/24

    2,449       2,647,639  

Atlas Air Worldwide Holdings Inc., 1.88%, 06/01/24

    2,625       4,398,581  

CryoPort Inc., 0.75%, 12/01/26(a)

    3,450       2,598,333  

ZTO Express Cayman Inc., 1.50%, 09/01/27, (Put 09/02/25)(a)

    8,700       7,068,924  
   

 

 

 
      16,713,477  

 

 

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

  85


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Convertible Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  

 

 

Trucking & Leasing — 0.2%

   

Greenbrier Companies Inc., 2.88%, 04/15/28

  $ 3,250     $ 2,918,630  
   

 

 

 

Total Convertible Bonds — 99.2%
(Cost: $2,206,507,851)

      1,822,005,889  
   

 

 

 

Common Stocks

   

Media — 0.0%

   

Gannett Co. Inc.(d)

    250       362,500  
   

 

 

 

Total Common Stocks — 0.0%
(Cost $1,444,315)

      362,500  
   

 

 

 

Total Long-Term Investments — 99.2%
(Cost: $2,207,952,166)

      1,822,368,389  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 0.6%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g)

    310       310,355  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f)

    10,280       10,280,000  
   

 

 

 

Total Short-Term Securities — 0.6%
(Cost: $10,590,441)

      10,590,355  
   

 

 

 

Total Investments — 99.8%
(Cost: $2,218,542,607)

      1,832,958,744  

Other Assets Less Liabilities — 0.2%

      2,886,245  
   

 

 

 

Net Assets — 100.0%

    $ 1,835,844,989  
   

 

 

 

 

(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

Zero-coupon bond.

(c) 

All or a portion of this security is on loan.

(d) 

Non-income producing security.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/21

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/22

   

Shares

Held at

10/31/22

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $     $ 310,579 (a)    $      $ (138    $ (86   $ 310,355       310     $ 1,045 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    4,430,000       5,850,000 (a)                        10,280,000       10,280       75,542        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
         $ (138    $ (86   $ 10,590,355       $ 76,587     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

 

 

86  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Convertible Bond ETF

 

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                   

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Convertible Bonds

   $      $ 1,822,005,889      $                   —      $ 1,822,005,889  

Common Stocks

     362,500                      362,500  

Money Market Funds

     10,590,355                      10,590,355  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $   10,952,855      $ 1,822,005,889      $      $ 1,832,958,744  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  87


Schedule of Investments  

October 31, 2022

  

iShares® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

 

Auto Manufacturers — 5.0%

 

American Honda Finance Corp.

   

3.13%, 02/22/23, (3 mo. LIBOR US +
0.150%)(a)

  $ 4,870     $ 4,861,526  

3.28%, 05/10/23, (3 mo. LIBOR US +
0.370%)(a)(b)

    17,192       17,176,527  

3.39%, 11/16/22, (3 mo. LIBOR US +
0.470%)(a)(b)

    4,688       4,687,437  

3.59%, 09/08/23, (3 mo. LIBOR US +
0.420%)(a)(b)

    12,782       12,736,113  

4.20%, 01/12/24, (3 mo. LIBOR US +
0.280%)(a)(b)

    18,974       18,861,105  

BMW U.S. Capital LLC

   

3.00%, 08/12/24, (SOFR + 0.380%)(a)(b)(c)

    25,802       25,521,274  

3.56%, 04/01/24, (SOFR + 0.530%)(a)(b)(c)

    23,875       23,756,580  

3.87%, 04/01/25, (SOFR + 0.840%)(a)(c)

    13,367       13,297,893  

Daimler Trucks Finance North America LLC

   

3.29%, 06/14/23, (SOFR + 0.500%)(a)(b)(c)

    12,477       12,436,824  

3.50%, 12/14/23, (SOFR + 0.500%)(a)(c)

    12,010       11,952,112  

3.64%, 12/13/24, (SOFR + 0.750%)(a)(b)(c)

    13,925       13,748,013  

4.04%, 04/05/24, (SOFR + 0.750%)(a)(c)

    25,445       25,278,590  

General Motors Financial Co. Inc.

   

3.56%, 03/08/24, (SOFR + 0.760%)(a)

    20,140       19,780,299  

3.65%, 10/15/24, (SOFR + 0.620%)(a)

    14,493       14,056,181  

3.74%, 02/26/27, (SOFR + 0.620%)(a)

    11,285       10,502,611  

3.85%, 11/17/23, (SOFR + 1.200%)(a)

    30,188       29,936,232  

4.34%, 04/07/25, (SOFR + 1.040%)(a)

    10,515       10,253,807  

4.74%, 01/05/23, (3 mo. LIBOR US +
0.990%)(a)

    13,967       13,963,368  

Mercedes-Benz Finance North America LLC, 3.65%, 05/04/23, (3 mo. LIBOR US +
0.840%)(a)(b)(c)

    9,814       9,823,618  

Nissan Motor Acceptance Corp., 3.81%, 03/08/24, (3 mo. LIBOR US +
0.640%)(a)(c)

    14,900       14,653,703  

Toyota Motor Credit Corp.

   

3.12%, 09/13/24, (SOFR + 0.290%)(a)

        19,160       18,915,902  

3.16%, 06/18/24, (SOFR + 0.260%)(a)

    27,994       27,664,231  

3.36%, 04/06/23, (SOFR + 0.320%)(a)

    17,229       17,211,771  

3.36%, 01/13/25, (SOFR + 0.290%)(a)

    27,109       26,641,641  

3.37%, 01/11/24, (SOFR + 0.330%)(a)(b)

    26,613       26,448,532  

3.60%, 03/22/24, (SOFR + 0.320%)(a)(b)

    8,856       8,824,473  

Volkswagen Group of America Finance LLC, 3.72%, 06/07/24(a)(c)

    27,565       27,469,625  
   

 

 

 
          460,459,988  
Banks — 48.6%  

American Express Co.

   

4.34%, 04/25/26 (Call 04/25/25),
(3 mo. LIBOR US + 1.230%)(a)

    28,905       28,562,476  

4.35%, 04/26/26 (Call 04/26/25), (SOFR + 1.180%)(a)

    17,270       17,023,039  

ANZ New Zealand Int’l Ltd./London,
3.25%, 02/18/25,
    (SOFR + 0.600%)(a)(c)

    14,029       13,862,476  

ASB Bank Ltd., 4.24%, 06/14/23,
(3 mo. LIBOR US + 0.970%)(a)(b)(c)

    11,197       11,213,348  

Australia & New Zealand Banking Group Ltd., 3.47%, 11/21/22, (3 mo. LIBOR US +
    0.490%)(a)(c)

    16,454       16,447,583  

Banco Santander SA

   

3.88%, 05/24/24, (SOFR + 1.240%)(a)

    25,800       25,749,432  

4.05%, 02/23/23, (3 mo. LIBOR US +
1.090%)(a)

    17,132       17,126,689  

5.04%, 04/12/23, (3 mo. LIBOR US +
1.120%)(a)

    18,205       18,193,713  

Bank of America Corp.

   

3.60%, 02/05/26 (Call 02/05/25),
(3 mo. LIBOR US + 0.770%)(a)(b)

    53,670       52,524,145  

3.72%, 04/22/25 (Call 04/22/24),
(SOFR + 0.690%)(a)(b)

    23,237       22,825,705  

3.76%, 10/24/24 (Call 10/24/23),
(SOFR + 0.730%)(a)(b)

    15,582       15,383,641  

3.95%, 03/05/24 (Call 03/05/23),
(3 mo. LIBOR US + 0.790%)(a)

    54,349       54,134,865  
Security  

Par

(000)

    Value  

Banks (continued)

 

4.00%, 07/22/27 (Call 07/22/26), (SOFR + 0.970%)(a)(b)

  $ 15,145     $ 14,560,100  

4.05%, 09/15/26, (3 mo. LIBOR US + 0.760%)(a)(b)

    11,050       10,684,908  

4.14%, 04/25/25(a)

    16,690       16,522,266  

4.37%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)(a)

    17,910       17,697,766  

5.28%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.960%)(a)(b)

    22,611       22,542,489  

Series 2025, 3.28%, 02/04/25 (Call 02/04/24), (SOFR + 0.660%)(a)(b)

    25,755       25,309,696  

Bank of Montreal

   

3.14%, 09/15/23, (SOFR + 0.265%)(a)

    19,404       19,301,353  

3.15%, 12/08/23, (SOFR + 0.350%)(a)

    23,130       22,984,050  

3.30%, 04/14/23, (SOFR + 0.270%)(a)

    11,454       11,427,656  

3.36%, 07/09/24, (SOFR + 0.320%)(a)

    20,385       20,034,174  

3.49%, 09/15/26, (SOFR + 0.620%)(a)(b)

    15,476       14,817,187  

3.50%, 03/10/23, (SOFR + 0.680%)(a)

    48,302       48,282,196  

3.50%, 01/10/25, (SOFR + 0.465%)(a)

    17,231       16,867,943  

3.51%, 03/08/24, (SOFR + 0.710%)(a)

    18,799       18,666,279  

3.82%, 06/07/25(a)(b)

    12,320       12,198,155  

Bank of New York Mellon Corp., 3.64%, 04/25/25 (Call 03/25/25)(a)

        18,220       18,002,089  

Bank of New York Mellon Corp. (The)

   

3.29%, 04/26/24 (Call 03/26/24),
(SOFR + 0.260%)(a)(b)

    14,494       14,347,756  

Series J, 3.22%, 10/25/24 (Call 09/25/24),
(SOFR + 0.200%)(a)

    11,161       10,930,191  

Bank of New Zealand, 3.84%, 01/27/27,
(SOFR + 0.810%)(a)(c)

    13,350       13,087,673  

Bank of Nova Scotia (The)

   

3.13%, 09/15/23, (SOFR + 0.260%)(a)(b)

    21,503       21,386,239  

3.29%, 03/02/26, (SOFR + 0.545%)(a)

    9,534       9,200,119  

3.42%, 09/15/23, (SOFR + 0.550%)(a)

    53,438       53,198,063  

3.44%, 07/31/24, (SOFR + 0.380%)(a)(b)

    24,236       23,905,906  

3.48%, 04/15/24, (SOFR + 0.445%)(a)(b)

    25,077       24,806,168  

3.48%, 09/15/26, (SOFR + 0.610%)(a)(b)

    10,780       10,338,882  

3.50%, 01/10/25, (SOFR + 0.460%)(a)(b)

    10,295       10,086,012  

3.78%, 03/11/24, (SOFR + 0.960%)(a)

    9,662       9,631,468  

3.94%, 04/11/25(a)

    12,955       12,771,687  

Banque Federative du Credit Mutuel SA

   

3.00%, 02/04/25, (SOFR + 0.410%)(a)(c)

    25,086           24,422,224  

5.20%, 07/20/23, (3 mo. LIBOR US + 0.960%)(a)(c)

    14,305       14,350,204  

Barclays PLC, 4.30%, 05/16/24 (Call 05/16/23),
(3 mo. LIBOR US + 1.380%)(a)

    53,802       53,165,522  

BPCE SA

   

3.60%, 01/14/25, (SOFR + 0.570%)(a)(c)

    13,340       13,069,598  

4.48%, 09/12/23, (3 mo. LIBOR US +
1.240%)(a)(b)(c)

    18,506       18,525,431  

Canadian Imperial Bank of Commerce

   

3.26%, 12/14/23, (SOFR + 0.400%)(a)(b)

    21,691       21,552,611  

3.32%, 06/22/23, (SOFR + 0.340%)(a)

    28,375       28,299,522  

3.45%, 10/18/24, (SOFR + 0.420%)(a)

    26,465       25,957,137  

3.77%, 03/17/23, (SOFR + 0.800%)(a)(b)

    43,870       43,854,207  

3.91%, 09/13/23, (3 mo. LIBOR US + 0.660%)(a)(b)

    17,776       17,758,224  

3.98%, 04/07/25(a)(b)

    20,035       19,805,800  

Citigroup Inc.

   

3.71%, 06/09/27 (Call 06/09/26),
(SOFR + 0.770%)(a)(b) .

    16,255       15,420,468  

3.72%, 01/25/26 (Call 01/25/25),
(SOFR + 1.528%)(a)

    19,896       19,284,795  

3.73%, 05/01/25 (Call 05/01/24),
(SOFR + 0.669%)(a)

    21,701       21,224,229  

3.78%, 05/24/25 (Call 05/24/24),
(SOFR + 1.372%)(a)

    20,140       20,118,652  

4.04%, 05/17/24 (Call 05/17/23),
(3 mo. LIBOR US + 1.100%)(a)

    54,510       54,495,827  

4.11%, 06/01/24 (Call 06/01/23),
(3 mo. LIBOR US + 1.023%)(a)

    36,244       36,137,805  

 

 

88  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.50%, 03/17/26 (Call 03/17/25),
(SOFR + 1.280%)(a)

  $ 16,140     $ 16,040,255  

4.99%, 07/01/26 (Call 07/01/25), (3 mo. LIBOR US + 1.250%)(a)(b)

        23,454           23,360,184  

Commonwealth Bank of Australia

   

3.39%, 06/15/26, (SOFR + 0.520%)(a)(c)

    17,476       17,087,509  

3.44%, 07/07/25, (SOFR + 0.400%)(a)(b)(c)

    56,111       55,140,841  

3.60%, 03/14/25, (SOFR + 0.400%)(a)(b)(c)

    26,720       26,550,862  

3.83%, 03/14/27, (SOFR + 0.740%)(a)(b)(c)

    12,935       12,825,829  

3.98%, 06/04/24, (3 mo. LIBOR US + 0.820%)(a)(b)(c)

    7,800       7,776,288  

4.18%, 03/16/23, (3 mo. LIBOR US + 0.700%)(a)(b)(c)

    4,754       4,750,387  

Cooperatieve Rabobank UA/NY

   

3.34%, 01/12/24, (SOFR + 0.300%)(a)(b)

    31,645       31,406,713  

3.42%, 01/10/25, (SOFR + 0.300%)(a)

    23,515       23,165,802  

4.39%, 01/10/23, (3 mo. LIBOR US + 0.480%)(a)

    8,840       8,832,840  

Credit Agricole SA/London, 5.34%, 04/24/23, (3 mo. LIBOR US + 1.020%)(a)(c)

    21,259       21,263,464  

Credit Suisse AG/New York NY

   

2.97%, 02/02/24, (SOFR + 0.390%)(a)

    26,175       25,053,401  

2.98%, 08/09/23, (SOFR + 0.380%)(a)

    32,990       32,096,961  

3.92%, 02/21/25, (SOFR + 0.380%)(a)

    4,750       4,462,815  

Credit Suisse Group AG

   

4.47%, 12/14/23 (Call 12/14/22), (3 mo. LIBOR US + 1.200%)(a)(b)(c)

    24,435       23,376,476  

4.48%, 06/12/24 (Call 06/12/23), (3 mo. LIBOR US + 1.240%)(a)(c)

    34,530       32,546,942  

Danske Bank A/S, 4.30%, 09/12/23, (3 mo. LIBOR US + 1.060%)(a)(b)(c)

    15,244       15,228,604  

DBS Group Holdings Ltd., 2.93%, 11/22/24, (SOFR + 0.300%)(a)(c)

    5,900       5,848,375  

Deutsche Bank AG/New York NY

   

4.11%, 11/16/22, (3 mo. LIBOR US + 1.190%)(a)

    17,201       17,195,840  

4.27%, 02/27/23, (3 mo. LIBOR US + 1.230%)(a)(b)

    14,275       14,263,295  

Series E, 3.10%, 11/08/23,
(SOFR + 0.500%)(a)(b)

    26,890       26,529,674  

DNB Bank ASA

   

3.72%, 12/02/22, (3 mo. LIBOR US + 0.620%)(a)(c)

    20,620       20,608,659  

3.86%, 03/28/25 (Call 03/28/24), (3 mo. LIBOR US + 0.390%)(a)(c)

    15,214       15,069,011  

Federation des Caisses Desjardins du Quebec, 2.71%, 05/21/24,
(SOFR + 0.430%)(a)(c)

    12,401       12,237,307  

Goldman Sachs Group Inc. (The)

   

3.19%, 11/17/23 (Call 11/17/22),
(SOFR + 0.540%)(a)

    20,022       19,913,881  

3.32%, 09/10/24 (Call 09/10/23),
(SOFR + 0.500%)(a)

    14,269       13,981,908  

3.37%, 12/06/23 (Call 12/06/22),
(SOFR + 0.620%)(a)

    23,140       22,967,838  

3.38%, 03/08/24 (Call 03/08/23),
(SOFR + 0.580%)(a)

    21,901       21,614,097  

3.47%, 09/10/27 (Call 09/10/26)(a)

    10,800       10,163,124  

3.52%, 10/21/24 (Call 10/21/23),
(SOFR + 0.490%)(a)

    21,686       21,210,426  

3.60%, 12/09/26 (Call 12/09/25),
(SOFR + 0.540%)(a)

    10,430       9,991,106  

3.62%, 03/09/27 (Call 03/09/26),
(SOFR + 0.810%)(a)(b)

    14,395       13,646,460  

3.71%, 02/23/23, (3 mo. LIBOR US + 0.750%)(a)(b)

    93,118       93,066,785  

3.72%, 01/24/25 (Call 01/24/24),
(SOFR + 0.620%)(a)

    20,220       19,819,846  

3.98%, 10/21/27 (Call 10/21/26),
(SOFR + 0.920%)(a)

    9,000       8,538,930  

4.26%, 03/15/24, (SOFR + 1.390%)(a)(b)

    14,300       14,264,107  

4.64%, 11/29/23, (3 mo. LIBOR US + 1.600%)(a)(b)

    65,156       65,352,120  

Series ., 4.08%, 05/15/26 (Call 05/15/25),
(3 mo. LIBOR US + 1.170%)(a)

    53,685       52,790,608  

HSBC Holdings PLC

   

3.23%, 11/22/24 (Call 11/22/23),
(SOFR + 0.580%)(a)

    20,047       19,525,978  

3.96%, 05/18/24 (Call 05/18/23),
(3 mo. LIBOR US + 1.000%)(a)(b)

    74,830       73,733,740  

4.17%, 03/10/26 (Call 03/10/25),
(SOFR + 0.580%)(a)

    17,875       17,448,681  
Security  

Par

(000)

    Value  
Banks (continued)            

4.47%, 03/11/25 (Call 03/11/24),
(3 mo. LIBOR US + 1.230%)(a)(b)

  $ 19,383     $ 18,985,842  

4.62%, 09/12/26 (Call 09/12/25),
(3 mo. LIBOR US + 0.380%)(a)(b)

        26,903           26,064,164  

Huntington National Bank (The), 3.82%, 05/16/25 (Call 05/16/24), (SOFR + 1.190%)(a)(b)

    17,150       16,974,898  

ING Groep NV

   

4.04%, 04/01/27 (Call 04/01/26), (SOFR + 1.010%)(a)

    16,200       15,427,098  

4.67%, 03/28/26 (Call 03/28/25), (SOFR + 1.010%)(a)(b)

    18,079       17,768,584  

4.74%, 10/02/23, (3 mo. LIBOR US + 1.000%)(a)(b)

    21,016       20,979,642  

JPMorgan Chase & Co.

   

3.27%, 06/01/25 (Call 06/01/24), (SOFR + 0.535%)(a)

    19,149       18,702,828  

3.41%, 12/10/25 (Call 12/10/24), (SOFR + 0.600%)(a)

    12,300       11,960,520  

3.47%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)(a)(b)

    43,392       43,129,478  

3.58%, 06/23/25 (Call 06/23/24), (SOFR + 0.580%)(a)(b)

    16,529       16,173,957  

3.60%, 02/24/26 (Call 02/24/25), (SOFR + 0.920%)(a)

    27,051       26,354,166  

3.83%, 06/14/25 (Call 06/14/24)(a)(b)

    25,530       25,170,027  

3.91%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)(a)(b)

    17,865       17,224,718  

4.76%, 01/10/25 (Call 01/10/24),
(3 mo. LIBOR US + 0.850%)(a)(b)

    18,708       18,581,721  

5.05%, 04/23/24 (Call 04/23/23),
(3 mo. LIBOR US + 0.730%)(a)

    26,747       26,630,383  

5.21%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.890%)(a)

    35,907       35,828,723  

KeyBank NA/Cleveland OH, 3.18%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)(a)

    500       494,055  

Kreditanstalt fuer Wiederaufbau, 3.59%, 02/12/24,
(SOFR + 1.000%)(a)

    54,450       55,057,662  

Macquarie Bank Ltd.

   

3.34%, 04/06/23,
(SOFR + 0.300%)(a)(c)

    1,965       1,955,627  

4.28%, 03/21/25,
(SOFR + 0.300%)(a)(b)(c)

    19,465       19,359,889  

Macquarie Group Ltd.

   

3.74%, 10/14/25 (Call 10/14/24), (SOFR + 0.710%)(a)(c)

    21,802       21,188,056  

3.92%, 09/23/27 (Call 09/23/26), (SOFR + 0.920%)(a)(c)

    15,000       14,356,650  

4.06%, 11/28/23 (Call 11/28/22), (3 mo. LIBOR US + 1.020%)(a)(c)

    24,686       24,678,594  

4.98%, 03/27/24 (Call 03/27/23), (3 mo. LIBOR US + 1.350%)(a)(c)

    21,447       21,433,274  

Mitsubishi UFJ Financial Group Inc.

   

3.84%, 03/02/23, (3 mo. LIBOR US + 0.740%)(a)(b)

    26,565       26,557,030  

4.17%, 09/12/25 (Call 09/12/24)(a)

    19,680       19,605,413  

4.68%, 07/18/25 (Call 07/18/24)(a)

    15,000       15,022,650  

5.19%, 07/26/23, (3 mo. LIBOR US + 0.860%)(a)(b)

    66,420       66,425,978  

Mizuho Financial Group Inc.

   

3.59%, 05/22/26 (Call 05/22/25), (SOFR + 0.960%)(a)(b)

    27,035       26,282,616  

3.63%, 05/25/24 (Call 05/25/23), (3 mo. LIBOR US + 0.630%)(a)

    40,420       40,049,753  

3.78%, 09/08/24 (Call 09/08/23), (3 mo. LIBOR US + 0.610%)(a)

    12,690       12,514,624  

3.95%, 03/05/23, (3 mo. LIBOR US + 0.790%)(a)

    30,257       30,245,805  

4.24%, 09/11/24 (Call 09/11/23), (3 mo. LIBOR US + 1.000%)(a)(b)

    23,265       23,106,565  

4.90%, 07/10/24 (Call 07/10/23), (3 mo. LIBOR US + 0.990%)(a)

    16,630       16,532,715  

Morgan Stanley

   

3.63%, 02/18/26 (Call 02/18/25), (SOFR + 0.950%)(a)(b)

    27,240       26,596,591  

3.66%, 01/24/25 (Call 01/24/24), (3 mo. LIBOR US + 0.140%)(a)(b)

    44,631       43,766,051  

4.08%, 05/08/24 (Call 05/08/23), (3 mo. LIBOR US + 1.220%)(a)(b)

    69,876       69,927,708  

 

 

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

  89


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.20%, 04/17/25 (Call 04/17/24),
(SOFR + 0.950%)(a)(b)

  $ 17,685     $ 17,531,317  

MUFG Union Bank NA, 3.55%, 12/09/22,
(SOFR + 0.710%)(a)

    4,308       4,305,803  

National Australia Bank Ltd.

   

3.42%, 01/12/25, (3 mo. LIBOR US + 0.600%)(a)(b)(c)

    34,210       33,709,850  

3.66%, 12/13/22, (3 mo. LIBOR US + 0.410%)(a)(b)(c)

    30,908       30,875,856  

3.69%, 01/12/27, (SOFR + 0.380%)(a)(b)(c)

    18,205       17,811,044  

4.52%, 04/12/23, (3 mo. LIBOR US + 0.600%)(a)(b)(c)

    12,110       12,100,918  

National Australia Bank Ltd/New York, 3.67%, 06/09/25(a)(c)

    22,940       22,828,512  

National Bank of Canada, 3.09%, 08/06/24,
(SOFR + 0.490%)(a)

    21,090       20,734,001  

Natwest Group PLC, 5.19%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)(a)

        33,528           33,293,304  

NatWest Markets PLC

   

3.15%, 08/12/24, (SOFR + 0.530%)(a)(c)

    12,150       11,889,018  

3.79%, 09/29/26, (SOFR + 0.760%)(a)(c)

    10,924       10,362,179  

4.43%, 03/22/25, (SOFR + 0.760%)(a)(c)

    15,500       15,334,305  

Nordea Bank Abp, 3.71%, 06/06/25(a)(c)

    700       695,233  

Royal Bank of Canada

   

3.17%, 11/02/26, (SOFR + 0.590%)(a)

    12,245       11,759,486  

3.33%, 01/19/24, (SOFR + 0.300%)(a)

    24,194       23,941,415  

3.38%, 10/07/24, (SOFR + 0.340%)(a)

    17,822       17,514,927  

3.42%, 07/29/24, (SOFR + 0.360%)(a)

    22,285       21,938,245  

3.47%, 01/21/25, (SOFR + 0.590%)(a)(b)

    14,460       14,218,663  

3.48%, 10/26/23, (SOFR + 0.450%)(a)

    36,108       35,889,186  

3.55%, 01/20/26, (SOFR + 0.525%)(a)

    10,268       9,927,616  

3.60%, 04/27/26, (SOFR + 0.570%)(a)

    11,768       11,356,238  

3.74%, 01/21/27, (SOFR + 0.440%)(a)

    10,966       10,595,240  

4.41%, 10/05/23, (3 mo. LIBOR US + 0.660%)(a)(b)

    12,600       12,574,422  

4.44%, 01/17/23, (3 mo. LIBOR US + 0.360%)(a)(b)

    28,905       28,868,869  

Shinhan Bank Co. Ltd., 6.02%, 04/24/25, (3 mo. LIBOR US + 1.700%)(a)(d)

    15,645       15,947,887  

Skandinaviska Enskilda Banken AB

   

3.40%, 09/01/23, (3 mo. LIBOR US + 0.320%)(a)(c)

    17,679       17,574,517  

3.77%, 06/09/25(a)(c)

    19,450       19,259,973  

3.88%, 12/12/22, (3 mo. LIBOR US + 0.645%)(a)(c)

    7,313       7,307,735  

Societe Generale SA, 4.08%, 01/21/26 (Call 01/21/25), (3 mo. LIBOR US + 0.320%)(a)(b)(c)

    29,467       27,887,274  

Standard Chartered PLC

   

3.60%, 11/23/25 (Call 11/23/24),
(SOFR + 0.930%)(a)(c)

    17,965       17,282,150  

4.77%, 03/30/26 (Call 03/30/25),
(SOFR + 0.930%)(a)(c)

    16,755       16,455,588  

Sumitomo Mitsui Financial Group Inc.

   

3.92%, 01/14/27, (3 mo. LIBOR US + 0.080%)(a)(b)

    17,625       17,169,570  

4.82%, 01/17/23, (3 mo. LIBOR US + 0.740%)(a)(b)

    15,631       15,622,872  

4.88%, 10/16/23, (3 mo. LIBOR US + 0.800%)(a)

    24,985       24,951,770  

5.09%, 07/19/23, (3 mo. LIBOR US + 0.860%)(a)(b)

    20,989       20,985,432  

Sumitomo Mitsui Trust Bank Ltd., 3.29%, 09/16/24,
(SOFR + 0.440%)(a)(b)(c)

    23,300       23,063,505  

Svenska Handelsbanken AB, 3.72%, 06/10/25(a)(b)(c)

    19,250       19,088,877  

Swedbank AB, 3.94%, 04/04/25,
(SOFR + 0.440%)(a)(b)(c)

    13,525       13,438,034  

Toronto-Dominion Bank

   

3.45%, 01/10/25, (SOFR + 0.590%)(a)

    14,850       14,528,646  

3.71%, 03/08/24, (SOFR + 0.410%)(a)(b)

    14,645       14,599,161  

Toronto-Dominion Bank (The)

   

2.96%, 06/02/23, (SOFR + 0.220%)(a)

    14,507       14,459,562  

3.11%, 03/04/24, (SOFR + 0.355%)(a)(b)

    32,195       31,864,679  

3.17%, 09/10/24, (SOFR + 0.350%)(a)

    32,385       31,883,032  

3.28%, 01/06/23, (SOFR + 0.240%)(a)

    16,306       16,293,607  

3.41%, 09/10/26, (SOFR + 0.590%)(a)(b)

    9,747       9,392,112  
Security  

Par

(000)

    Value  
Banks (continued)            

3.48%, 09/28/23, (SOFR + 0.450%)(a)(b)

  $ 14,681     $ 14,620,221  

3.51%, 01/27/23, (SOFR + 0.480%)(a)(b)

    34,253       34,238,614  

3.61%, 12/01/22, (3 mo. LIBOR US + 0.530%)(a)(b)

    8,820       8,815,590  

3.77%, 06/06/25(a)

    14,615       14,451,312  

4.87%, 07/19/23, (3 mo. LIBOR US + 0.640%)(a)(b)

    13,527       13,517,666  

Truist Bank

   

3.24%, 01/17/24 (Call 01/17/23),
(SOFR + 0.200%)(a)

        40,275           39,825,128  

3.54%, 03/09/23, (SOFR + 0.730%)(a)(b)

    4,107       4,085,397  

Truist Financial Corp., 3.21%, 06/09/25 (Call 06/09/24), (SOFR + 0.400%)(a)

    40,075       39,061,503  

U.S. Bank NA/Cincinnati OH, 3.59%, 12/09/22, (3 mo. LIBOR US + 0.400%)(a)

    8,952       8,949,404  

UBS AG London, 3.51%, 01/13/25 (Call 12/13/24), (SOFR + 0.450%)(a)(c)

    9,880       9,736,938  

UBS AG/London

   

2.96%, 02/09/24, (SOFR + 0.360%)(a)(c)

    40,130       39,802,539  

3.05%, 08/09/24, (SOFR + 0.450%)(a)(c)

    30,780       30,494,977  

3.06%, 06/01/23, (SOFR + 0.320%)(a)(b)(c)

    31,769       31,686,083  

UBS Group AG, 4.20%, 05/12/26 (Call 05/12/25), (SOFR + 1.580%)(a)(c)

    24,750       24,381,967  

United Overseas Bank Ltd,
3.73%, 04/07/25(a)(b)(c)

    705       703,752  

Westpac Banking Corp.

   

2.95%, 11/18/24, (SOFR + 0.300%)(a)(b)

    26,265       25,959,275  

3.26%, 06/03/26, (SOFR + 0.520%)(a)(b)

    14,545       14,194,756  

3.63%, 05/15/23, (3 mo. LIBOR US + 0.720%)(a)(b)

    25,058       25,054,993  

3.70%, 08/26/25, (SOFR + 1.000%)(a)

    21,150       21,119,544  

3.78%, 02/26/24, (3 mo. LIBOR US + 0.770%)(a)

    18,124       18,111,132  

4.33%, 01/13/23, (3 mo. LIBOR US + 0.390%)(a)

    19,668       19,648,332  

4.48%, 01/11/23, (3 mo. LIBOR US + 0.570%)(a)(b)

    13,673       13,664,113  
   

 

 

 
      4,457,174,729  
Chemicals — 0.1%            

DuPont de Nemours Inc., 4.02%, 11/15/23, (3 mo. LIBOR US + 1.110%)(a)

    11,336       11,333,619  
   

 

 

 
Diversified Financial Services — 3.4%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.71%, 09/29/23,
(SOFR + 0.680%)(a)

    20,405       19,973,638  

AIG Global Funding, 3.25%, 12/15/23,
(SOFR + 0.380%)(a)(b)(c)

    8,200       8,173,842  

Air Lease Corp., 3.64%, 12/15/22, (3 mo. LIBOR US + 0.350%)(a)(b)

    21,300       21,283,386  

American Express Co.

   

2.51%, 11/03/23, (SOFR + 0.230%)(a)

    17,633       17,517,857  

3.01%, 05/03/24(a)(b)

    27,200       27,056,384  

3.24%, 11/04/26 (Call 10/04/26),
(SOFR + 0.650%)(a)(b)

    17,553       17,037,644  

3.55%, 08/03/23 (Call 07/03/23),
(3 mo. LIBOR US + 0.750%)(a)(b)

    17,465       17,442,121  

3.68%, 03/04/25 (Call 02/01/25),
(SOFR + 0.930%)(a)(b)

    9,110       9,066,272  

3.69%, 02/27/23 (Call 01/27/23),
(3 mo. LIBOR US + 0.650%)(a)(b)

    15,299       15,276,510  

BOC Aviation Ltd., 4.77%, 09/26/23,
(3 mo. LIBOR US + 1.125%)(a)(b)(d)

    20,515       20,480,330  

Capital One Financial Corp.

   

3.50%, 12/06/24 (Call 12/06/23),
(SOFR + 0.690%)(a)

    30,662       29,838,419  

3.99%, 05/09/25 (Call 05/09/24),
(SOFR + 1.350%)(a)(b)

    15,000       14,683,200  

5.13%, 01/30/23 (Call 12/30/22),
(3 mo. LIBOR US + 0.720%)(a)

    11,274       11,267,687  

Charles Schwab Corp., 3.92%, 03/03/27 (Call 02/03/27), (SOFR + 0.520%)(a)

    21,890       21,363,545  

 

 

90  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

Charles Schwab Corp. (The)

   

3.15%, 05/13/26 (Call 04/13/26),
(SOFR + 0.520%)(a)

  $ 23,482     $ 22,759,459  

3.40%, 03/18/24 (Call 02/18/24),
(SOFR + 0.500%)(a)(b)

    42,879       42,572,415  
   

 

 

 
          315,792,709  
Electric — 4.6%            

American Electric Power Co. Inc., Series A, 4.92%, 11/01/23 (Call 12/01/22), (3 mo. LIBOR US + 0.480%)(a)(b)

    21,400       21,251,484  

CenterPoint Energy Inc., 3.28%, 05/13/24 (Call 11/16/22), (SOFR + 0.650%)(a)(b)

    25,088       24,591,509  

Dominion Energy Inc., Series D, 3.82%, 09/15/23 (Call 11/21/22), (3 mo. LIBOR US + 0.530%)(a)(b)

        35,888       35,759,880  

Duke Energy Corp., 3.07%, 06/10/23,
(SOFR + 0.250%)(a)

    17,651       17,527,090  

Eversource Energy, 2.88%, 08/15/23,
(SOFR + 0.250%)(a)

    11,777       11,687,848  

Florida Power & Light Co.

   

2.87%, 05/10/23 (Call 11/14/22),
(SOFR + 0.250%)(a)(b)

    34,076       33,970,024  

3.42%, 01/12/24 (Call 11/14/22),
(SOFR + 0.250%)(a)(b)

    36,118       35,704,449  

National Rural Utilities Cooperative Finance Corp.

   

3.00%, 08/07/23, (SOFR + 0.330%)(a)

    7,730       7,685,166  

Series D, 3.36%, 10/18/24,
(SOFR + 0.330%)(a)

    12,355       12,181,906  

NextEra Energy Capital Holdings Inc.

   

2.69%, 11/03/23 (Call 12/01/22),
(SOFR + 0.400%)(a)

    45,629       45,113,849  

3.25%, 02/22/23 (Call 12/01/22), (3 mo. LIBOR US + 0.270%)(a)

    60,811       60,675,391  

3.28%, 03/01/23, (SOFR + 0.540%)(a)

    17,403       17,363,669  

3.99%, 03/21/24 (Call 12/01/22),
(SOFR + 0.400%)(a)

    15,000       14,904,450  

PPL Electric Utilities Corp., 3.35%, 06/24/24 (Call 11/14/22), (SOFR + 0.330%)(a)

    24,184       23,842,280  

Southern California Edison Co.

   

3.67%, 04/03/23, (SOFR + 0.640%)(a)(b)

    2,292       2,287,714  

3.86%, 04/01/24 (Call 04/01/23),
(SOFR + 0.830%)(a)(b)

    18,163       18,006,798  

Southern Co. (The), Series 2021, 2.99%, 05/10/23 (Call 12/01/22),
(SOFR + 0.370%)(a)

    37,875       37,710,244  
   

 

 

 
      420,263,751  
Entertainment — 0.2%            

Magallanes Inc., 4.65%, 03/15/24,
(SOFR + 1.310%)(a)(b)(c)

    18,530       18,455,324  
   

 

 

 
Food — 0.2%            

General Mills Inc., 5.09%, 10/17/23, (3 mo. LIBOR US + 1.010%)(a)(b)

    13,754       13,788,523  
   

 

 

 
Gas — 0.7%            

Atmos Energy Corp., 3.57%, 03/09/23 (Call 12/01/22), (3 mo. LIBOR US + 0.380%)(a)(b)

    3,820       3,808,502  

CenterPoint Energy Resources Corp., 3.60%, 03/02/23 (Call 12/01/22), (3 mo. LIBOR US + 0.500%)(a)

    23,559       23,490,208  

Southern California Gas Co., 3.62%, 09/14/23 (Call 12/01/22), (3 mo. LIBOR US + 0.350%)(a)(b)

    22,432       22,339,131  

Spire Missouri Inc., 3.24%, 12/02/24 (Call 12/01/22),
(SOFR + 0.370%)(a)

    11,615       11,458,778  
   

 

 

 
      61,096,619  
Health Care - Products — 0.6%            

Baxter International Inc.

   

3.00%, 12/01/23(a)(b)

    16,760       16,601,618  

3.14%, 11/29/24(a)

    8,415       8,206,224  

Thermo Fisher Scientific Inc.

   

3.42%, 10/18/23 (Call 12/01/22),
(SOFR + 0.390%)(a)

    18,470       18,345,512  

3.56%, 10/18/24 (Call 12/01/22),
(SOFR + 0.530%)(a)

    14,547       14,394,402  
   

 

 

 
      57,547,756  
Security  

Par

(000)

    Value  

Health Care - Services — 0.6%

   

Roche Holdings Inc.

   

2.99%, 03/05/24, (SOFR + 0.240%)(a)(c)

  $ 11,919     $ 11,846,771  

3.15%, 09/11/23, (SOFR + 0.240%)(a)(b)(c)

    22,425       22,368,265  

3.48%, 03/10/25, (SOFR + 0.330%)(a)(b)(c)

        22,630       22,484,036  
   

 

 

 
          56,699,072  
Insurance — 5.8%            

Athene Global Funding

   

3.22%, 08/19/24, (SOFR + 0.560%)(a)(c)

    15,870       15,416,912  

3.38%, 05/24/24, (SOFR + 0.700%)(a)(c)

    62,695       61,362,731  

3.76%, 01/07/25, (SOFR + 0.715%)(a)(c)

    14,210       13,783,274  

Brighthouse Financial Global Funding

   

2.99%, 02/24/23, (SOFR + 0.310%)(a)(b)(c)

    5,542       5,508,803  

3.80%, 04/12/24, (SOFR + 0.760%)(a)(c)

    16,130       15,927,246  

Equitable Financial Life Global Funding, 3.43%, 04/06/23, (SOFR + 0.390%)(a)(b)(c)

    5,582       5,553,755  

GA Global Funding Trust

   

3.33%, 09/13/24, (SOFR + 0.500%)(a)(b)(c)

    20,270       19,688,251  

4.40%, 04/11/25, (SOFR + 0.500%)(a)(c)

    19,590       19,226,997  

Jackson National Life Global Funding, 3.64%, 01/06/23, (SOFR + 0.600%)(a)(b)(c)

    21,765       21,753,900  

MassMutual Global Funding II

   

2.96%, 06/02/23, (SOFR + 0.220%)(a)(b)(c)

    2,806       2,791,493  

3.30%, 10/21/24, (SOFR + 0.270%)(a)(c)

    18,198       17,939,042  

3.40%, 04/12/24, (SOFR + 0.360%)(a)(b)(c)

    21,662       21,481,339  

3.84%, 03/21/25, (SOFR + 0.270%)(a)(b)(c)

    3,300       3,283,038  

MET Tower Global Funding, 3.58%, 01/17/23, (SOFR + 0.550%)(a)(c)

    15,837       15,835,258  

Metropolitan Life Global Funding I

   

3.32%, 09/27/24, (SOFR + 0.300%)(a)(b)(c)

    11,075       10,900,901  

3.36%, 01/07/24, (SOFR + 0.320%)(a)(c)

    19,232       19,102,761  

3.61%, 01/13/23, (SOFR + 0.570%)(a)(b)(c)

    33,777       33,785,782  

3.88%, 03/21/25, (SOFR + 0.910%)(a)(c)

    13,084       13,057,570  

New York Life Global Funding

   

3.18%, 06/06/24(a)(b)(c)

    21,645       21,505,606  

3.22%, 06/30/23, (SOFR + 0.190%)(a)(c)

    4,469       4,452,420  

3.28%, 02/02/23, (SOFR + 0.220%)(a)(b)(c)

    22,494       22,483,878  

3.29%, 06/09/26, (SOFR + 0.480%)(a)(b)(c)

    13,750       13,316,875  

3.34%, 04/26/24, (SOFR + 0.310%)(a)(c)

    11,076       10,990,272  

3.36%, 01/14/25, (SOFR + 0.190%)(a)(c)

    14,035       13,782,230  

3.39%, 10/21/23, (SOFR + 0.360%)(a)(c)

    6,655       6,641,623  

3.64%, 04/21/25, (SOFR + 0.330%)(a)(c)

    19,800       19,550,520  

4.19%, 01/10/23, (3 mo. LIBOR US + 0.280%)(a)(b)(c)

    18,596       18,574,801  

Northwestern Mutual Global Funding, 3.35%, 03/25/24, (SOFR + 0.330%)(a)(b)(c)

    12,596       12,477,094  

Pacific Life Global Funding II

   

3.37%, 06/04/26, (SOFR + 0.620%)(a)(b)(c)

    16,550       15,758,248  

3.83%, 03/30/25, (SOFR+ 0.800%)(a)(c)

    15,500       15,262,075  

Pacific Life Global Funding II., 3.43%, 01/27/25, (SOFR + 0.620%)(a)(c)

    4,355       4,245,515  

Principal Life Global Funding II

   

3.07%, 08/23/24, (SOFR + 0.380%)(a)(c)

    9,271       9,128,041  

3.49%, 04/12/24, (SOFR + 0.450%)(a)(c)

    11,443       11,402,606  

Protective Life Global Funding, 4.01%, 03/28/25, (SOFR + 0.380%)(a)(b)(c)

    15,475       15,328,452  
   

 

 

 
      531,299,309  
Internet — 0.6%            

eBay Inc., 5.28%, 01/30/23, (3 mo. LIBOR US + 0.870%)(a)

    14,082       14,076,367  

 

 

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

  91


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Internet (continued)

   

Tencent Holdings Ltd.

   

4.82%, 04/11/24, (3 mo. LIBOR US + 0.910%)(a)(b)(d)

  $ 26,923     $ 26,816,924  

4.83%, 01/19/23, (3 mo. LIBOR US + 0.605%)(a)(b)(d)

        17,561       17,534,834  
   

 

 

 
          58,428,125  
Machinery — 1.7%            

Caterpillar Financial Services Corp.

   

2.74%, 11/13/23, (SOFR + 0.450%)(a)(b)

    900       898,956  

2.80%, 11/17/22, (SOFR + 0.150%)(a)(b)

    17,929       17,926,490  

2.89%, 05/17/24, (SOFR + 0.245%)(a)(b)

    17,630       17,500,772  

3.10%, 09/13/24, (SOFR + 0.270%)(a)

    27,482       27,165,957  

3.21%, 01/10/24, (SOFR + 0.170%)(a)

    25,527       25,394,770  

John Deere Capital Corp.

   

3.16%, 07/10/23, (SOFR + 0.120%)(a)(b)

    19,463       19,366,658  

3.24%, 10/11/24, (SOFR + 0.200%)(a)(b)

    19,619       19,360,029  

3.28%, 03/07/25, (SOFR + 0.200%)(a)(b)

    12,985       12,859,176  

3.69%, 06/07/23, (3 mo. LIBOR US + 0.550%)(a)(b)

    13,009       13,005,097  
   

 

 

 
      153,477,905  
Manufacturing — 0.4%            

3M Co., 3.21%, 02/14/24,
(3 mo. LIBOR US + 0.300%)(a)(b)

    7,477       7,448,662  

General Electric Co., 3.21%, 05/05/26,
(3 mo. LIBOR US + 0.380%)(a)(b)

    32,248       30,559,172  
   

 

 

 
      38,007,834  
Media — 0.6%            

Charter Communications Operating LLC/Charter Communications Operating Capital, 6.09%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)(a)

    32,066       32,249,097  

Comcast Corp., 4.71%, 04/15/24, (3 mo. LIBOR US + 0.630%)(a)

    19,591       19,564,160  
   

 

 

 
      51,813,257  
Oil & Gas — 0.6%            

Chevron Corp., 3.82%, 05/11/23, (3 mo. LIBOR US + 0.900%)(a)

    18,470       18,518,761  

Chevron USA Inc., 3.12%, 08/11/23, (3 mo. LIBOR US + 0.200%)(a)

    18,810       18,763,916  

Shell International Finance BV, 3.31%, 11/13/23, (3 mo. LIBOR US + 0.400%)(a)(b)

    20,310       20,294,767  
   

 

 

 
      57,577,444  
Pharmaceuticals — 1.4%            

AbbVie Inc., 3.63%, 11/21/22, (3 mo. LIBOR US + 0.650%)(a)

    26,663       26,645,669  

AstraZeneca PLC, 3.61%, 08/17/23, (3 mo. LIBOR US + 0.665%)(a)

    11,913       11,916,455  

Bayer U.S. Finance II LLC, 4.30%, 12/15/23 (Call 11/15/23), (3 mo. LIBOR US +
1.010%)(a)(c)

    44,975       44,917,882  

Cigna Corp., 4.97%, 07/15/23 (Call 06/15/23), (3 mo. LIBOR US + 0.890%)(a)(b)

    29,323       29,347,631  

GSK Consumer Healthcare Capital U.S. LLC, 3.93%, 03/24/24(c)

    9,905       9,873,715  

Pfizer Inc., 3.62%, 09/15/23, (3 mo. LIBOR US + 0.330%)(a)(b)

    7,558       7,545,378  
   

 

 

 
      130,246,730  
Pipelines — 0.5%            

Enbridge Inc.

   

3.05%, 02/17/23, (SOFR + 0.400%)(a)

    21,111       21,036,900  

3.26%, 02/16/24, (SOFR + 0.630%)(a)

    22,790       22,538,171  
   

 

 

 
      43,575,071  
Security  

Par

(000)

    Value  

Real Estate Investment Trusts — 0.5%

   

Public Storage, 3.49%, 04/23/24 (Call 12/01/22),
(SOFR + 0.470%)(a)(b)

  $ 25,286     $ 25,087,758  

Simon Property Group LP, 3.47%, 01/11/24 (Call 01/11/23), (3 mo. LIBOR US + 0.170%)(a)

    20,450       20,200,919  
   

 

 

 
      45,288,677  
Retail — 0.1%            

Starbucks Corp., 3.05%, 02/14/24 (Call 02/14/23),
(SOFR + 0.420%)(a)(b)

    7,888       7,853,135  
   

 

 

 
Semiconductors — 0.4%            

Analog Devices Inc., 3.28%, 10/01/24, (SOFR + 0.250%)(a)(b)

    16,208       15,944,296  

QUALCOMM Inc., 5.14%, 01/30/23, (3 mo. LIBOR US + 0.730%)(a)(b)

    18,616       18,623,260  
   

 

 

 
      34,567,556  
Telecommunications — 2.3%            

AT&T Inc.

   

3.66%, 03/25/24 (Call 12/01/22),
(SOFR + 0.640%)(a)

    27,301       27,114,534  

4.42%, 06/12/24, (3 mo. LIBOR US + 1.180%)(a)

    57,655       57,750,131  

Verizon Communications Inc.

   

3.48%, 03/22/24, (SOFR + 0.500%)(a)

    19,989       19,844,679  

3.71%, 03/20/26, (SOFR + 0.790%)(a)

    28,091       27,324,678  

4.01%, 05/15/25 (Call 03/15/25), (3 mo. LIBOR US + 1.100%)(a)(b)

    64,471       64,329,808  

Vodafone Group PLC, 5.07%, 01/16/24, (3 mo. LIBOR US + 0.990%)(a)(b)

    17,881       17,845,417  
   

 

 

 
      214,209,247  
Transportation — 0.1%            

United Parcel Service Inc., 4.19%, 04/01/23, (3 mo. LIBOR US + 0.450%)(a)(b)

        13,352       13,337,847  
   

 

 

 

Total Corporate Bonds & Notes — 79.0%
(Cost: $7,330,847,113)

 

        7,252,294,227  
   

 

 

 

Foreign Government Obligations(e)

 

 
Canada — 1.1%            

CPPIB Capital Inc.

   

3.99%, 03/11/26, (SOFR + 1.250%)(a)(c)

    46,220       47,351,003  

4.28%, 04/04/25, (SOFR + 1.250%)(a)(b)(c)

    47,050       48,010,290  

PSP Capital Inc., 2.95%, 03/03/25,
(SOFR + 0.240%)(a)(c)

    3,665       3,654,262  
   

 

 

 
      99,015,555  
Norway — 1.2%            

Kommunalbanken AS

   

3.18%, 10/27/23, (SOFR + 0.160%)(a)(c)

    44,992       44,995,599  

3.85%, 06/17/26, (SOFR + 1.000%)(a)(c)

    66,830       68,161,254  
   

 

 

 
      113,156,853  
South Korea — 0.7%            

Export-Import Bank of Korea

   

3.71%, 11/01/22, (3 mo. LIBOR US + 0.925%)(a)

    19,740       19,740,000  

3.86%, 06/01/23, (3 mo. LIBOR US + 0.775%)(a)(b)

    26,785       26,844,463  

Korea Development Bank (The), 3.15%, 03/09/24,
(SOFR + 0.250%)(a)

    16,275       16,229,104  
   

 

 

 
      62,813,567  
Supranational — 12.8%            

Asian Development Bank

   

3.67%, 08/27/26, (SOFR + 1.000%)(a)

    43,325       44,351,802  

3.81%, 06/16/26, (SOFR + 1.000%)(a)(b)

    34,945       35,773,196  

4.03%, 04/06/27, (SOFR + 1.000%)(a)

    45,338       46,528,122  

 

 

92  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 

Supranational (continued)

   

Asian Infrastructure Investment Bank (The)

   

3.22%, 08/16/27(a)(c)

  $ 22,000     $ 21,999,560  

3.26%, 04/15/26, (SOFR + 0.220%)(a)(b)(c)

        1,000       991,930  

European Bank for Reconstruction & Development

   

3.09%, 03/13/23, (SOFR + 0.260%)(a)

    25,835       25,849,209  

3.22%, 04/14/26, (SOFR + 0.190%)(a)(b)

    58,645       58,354,121  

3.31%, 10/15/24, (SOFR + 0.280%)(a)

    59,250       59,393,977  

European Investment Bank

   

3.03%, 03/05/24, (SOFR + 0.280%)(a)(c)

    55,128       55,236,051  

3.26%, 01/30/23, (SOFR + 0.250%)(a)(c)

    38,020       38,035,588  

4.03%, 01/21/26, (SOFR + 1.000%)(a)(c)

    57,615       58,868,702  

4.33%, 01/19/23, (3 mo. LIBOR US + 0.100%)(a)(b)(c)

    24,982       24,978,503  

Inter-American Development Bank

   

2.53%, 02/04/25, (SOFR + 0.250%)(a)

    36,610       36,651,003  

2.78%, 02/10/26, (SOFR + 0.200%)(a)

    81,009       80,779,745  

2.98%, 09/16/26, (SOFR + 0.170%)(a)(b)

    43,527       43,294,131  

3.32%, 04/12/27, (SOFR + 0.170%)(a)

    42,600       42,531,414  

Inter-American Investment Corp., 3.16%, 03/22/24, (SOFR + 0.270%)(a)

    1,500       1,499,310  

International Bank for Reconstruction & Development

   

2.59%, 08/06/24, (SOFR + 0.300%)(a)(b)

    66,528       66,732,241  

2.98%, 06/15/26, (SOFR + 0.130%)(a)(b)

    46,490       46,264,059  

3.05%, 08/19/27(a)

    71,300       71,575,218  

3.16%, 09/18/25, (SOFR + 0.310%)(a)(b)

    62,180       62,313,687  

3.17%, 01/13/23, (SOFR + 0.130%)(a)(b)

    77,501       77,504,875  

3.22%, 09/23/26(a)

    500       500,415  

3.24%, 06/17/24, (SOFR + 0.390%)(a)

    46,970       47,170,562  

International Finance Corp.

   

3.11%, 06/30/23, (SOFR + 0.090%)(a)

    32,750       32,700,548  

3.12%, 04/03/24, (SOFR + 0.090%)(a)

    18,350       18,339,724  

3.36%, 12/15/22, (3 mo. LIBOR US + 0.070%)(a)(b)

    47,737       47,700,243  

Nordic Investment Bank, 3.59%, 05/12/26, (SOFR + 1.000%)(a)

    29,705       30,407,523  
   

 

 

 
          1,176,325,459  
Sweden — 0.8%            

Svensk Exportkredit AB

   

3.55%, 08/03/26(a)

    19,220       19,547,509  

3.64%, 05/25/23, (SOFR + 1.000%)(a)(b)

    50,935       51,151,474  
   

 

 

 
      70,698,983  
   

 

 

 

Total Foreign Government Obligations — 16.6%
(Cost: $1,525,532,898)

 

    1,522,010,417  
   

 

 

 

Total Long-Term Investments — 95.6%
(Cost: $8,856,380,011)

 

    8,774,304,644  
   

 

 

 
Security  

Shares

(000)

    Value  

 

 

Short-Term Securities

   

Money Market Funds — 6.8%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(f)(g)(h)

        222,209     $ 222,164,418  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(f)(g)

    398,752       398,752,000  
   

 

 

 

Total Short-Term Securities — 6.8%
(Cost: $620,893,789)

 

    620,916,418  
   

 

 

 

Total Investments — 102.4%
(Cost: $9,477,273,800)

 

    9,395,221,062  

Liabilities in Excess of Other Assets — (2.4)%

 

    (217,705,899
   

 

 

 

Net Assets — 100.0%

    $   9,177,515,163  
   

 

 

 

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

All or a portion of this security is on loan.

(c) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e) 

U.S. dollar denominated security issued by foreign domiciled entity.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/21

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/22

   

Shares

Held at

10/31/22

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 239,677,496     $     $ (17,377,453 )(a)    $ (89,839   $ (45,786   $ 222,164,418       222,209     $ 946,239 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    17,502,000       381,250,000 (a)                        398,752,000       398,752       2,042,298        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (89,839   $ (45,786   $ 620,916,418       $ 2,988,537     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

 

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

  93


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Floating Rate Bond ETF

 

Affiliates (continued)

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                   

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Corporate Bonds & Notes

   $      $ 7,252,294,227      $      $ 7,252,294,227  

Foreign Government Obligations

            1,522,010,417               1,522,010,417  

Money Market Funds

     620,916,418                      620,916,418  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $   620,916,418      $ 8,774,304,644      $      $ 9,395,221,062  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

94  

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


Schedule of Investments

October 31, 2022

  

iShares® USD Green Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   

Australia — 1.0%

   

National Australia Bank Ltd./New York, 3.63%, 06/20/23

  $ 1,275     $ 1,265,119  

Pingan Real Estate Capital Ltd., 3.45%, 07/29/26(a)

    200       130,052  

Principal Life Global Funding II, 1.25%, 08/16/26(b)

    1,136       966,031  

WP Carey Inc., 2.45%, 02/01/32 (Call 11/01/31)

    600       439,332  
   

 

 

 
          2,800,534  
Brazil — 0.7%            

Fibria Overseas Finance Ltd., 5.50%, 01/17/27(c)

        1,260       1,212,133  

Suzano Austria GmbH, 5.75%, 07/14/26(a)

    700       688,891  
   

 

 

 
      1,901,024  
Canada — 2.6%            

Alimentation Couche-Tard Inc., 3.63%, 05/13/51 (Call 11/13/50)(b)

    550       346,324  

Bank of Nova Scotia (The), 2.38%, 01/18/23(c)

    305       303,579  

Bank of the Philippine Islands, 2.50%, 09/10/24(a)

    200       188,298  

Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31)

    275       200,439  

Brookfield Finance Inc., 2.72%, 04/15/31 (Call 01/15/31)

    1,585       1,226,742  

Canadian Imperial Bank of Commerce, 0.95%, 10/23/25(c)

    1,050       920,661  

China Merchants Bank Co. Ltd./Hong Kong, 1.20%, 09/10/25(a)

    200       178,712  

Manulife Financial Corp., 3.70%, 03/16/32 (Call 12/16/31)(c)

    1,115       951,396  

Royal Bank of Canada, 1.15%, 07/14/26

    1,300       1,110,343  

Southern Power Co., 0.90%, 01/15/26 (Call 12/15/25)

    600       519,708  

Toronto-Dominion Bank (The), 1.25%, 12/13/24

    1,400       1,285,354  
   

 

 

 
      7,231,556  
Chile — 0.5%            

Colbun SA, 3.15%, 01/19/32 (Call 10/19/31)(a)

    860       657,590  

Inversiones CMPC SA, 4.38%, 04/04/27(a)(c)

    850       784,712  
   

 

 

 
      1,442,302  
China — 8.5%            

Agricultural Bank of China Ltd./Hong Kong

   

2.00%, 03/01/25(a)

    200       187,066  

2.25%, 03/01/27(a)

    800       720,376  

Agricultural Bank of China Ltd./New York

   

1.25%, 01/19/26(a)

    200       179,430  

2.00%, 01/18/27(a)

    1,000       894,670  

Amipeace Ltd., 1.75%, 11/09/26(a)

    700       621,215  

Baidu Inc., 2.38%, 08/23/31 (Call 05/23/31)(c)

    1,100       781,671  

Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(a)

    800       715,064  

Bank of China Ltd./Paris, 0.95%, 09/21/23(a)

    400       386,680  

Bank of China Ltd./Singapore

   

0.80%, 04/28/24(a)

    2,000       1,884,300  

3.25%, 04/28/25(a)

    700       673,575  

Bank of China Ltd./Sydney, 0.75%, 09/29/24(a)

    200       185,098  

Bank of China/Johannesburg, 1.88%, 02/16/25(a)

    200       186,850  

CGNPC International Ltd., 2.75%, 07/02/24(a)

    1,400       1,346,268  

China Construction Bank Corp./Hong Kong

   

1.00%, 08/04/23(a)

    2,000       1,943,920  

1.25%, 08/04/25(a)

    1,200       1,087,524  

China Construction Bank Corp./London, 3.13%, 05/17/25(a)

    1,400       1,341,634  

China Merchants Bank Co. Ltd./Luxembourg Branch, 1.25%, 09/01/26(a)

    2,000       1,749,260  

China Merchants Bank Co. Ltd./Sydney, 2.00%, 03/02/25(a)

    400       373,916  

Greentown China Holdings Ltd., 2.30%, 01/27/25

    200       181,976  

Industrial & Commercial Bank of China Ltd./Hong Kong

   

1.63%, 10/28/26(a)

    1,600       1,420,816  

2.95%, 06/01/25(a)

    1,500       1,430,295  
Security  

Par

(000)

    Value  

China (continued)

   

Industrial & Commercial Bank of China Ltd./Singapore, 1.00%, 10/28/24(a)

  $ 1,200     $ 1,112,664  

Industrial Bank Co. Ltd./Hong Kong

   

0.88%, 06/10/24(a)

    1,000       937,930  

3.25%, 05/18/25(a)

    1,000       960,170  

Lenovo Group Ltd., 6.54%, 07/27/32

    1,000       851,060  

Wuhan Metro Group Co. Ltd., 2.96%, 09/24/24(a)

    800       762,272  

Xiaomi Best Time International Ltd., 4.10%, 07/14/51 (Call 01/14/51)(a)

    600       292,722  

Xingcheng Bvi Ltd., 2.38%, 10/08/26(a)

    600       527,382  
   

 

 

 
          23,735,804  
France — 1.2%            

BNP Paribas SA, 1.68%, 06/30/27 (Call 06/30/26)(b)(d)

        1,680       1,408,210  

Electricite de France SA, 3.63%, 10/13/25 (Call 07/13/25)(b)

    2,030       1,917,497  
   

 

 

 
      3,325,707  
Germany — 3.9%            

Deutsche Bank AG/New York NY, 1.69%, 03/19/26(c)

    1,450       1,247,870  

Kreditanstalt fuer Wiederaufbau

   

0.75%, 09/30/30

    5,450       4,176,171  

1.00%, 10/01/26(c)

    2,925       2,563,090  

1.75%, 09/14/29

    2,200       1,873,256  

Landesbank Baden-Wuerttemberg, 2.00%, 02/24/25(a)

    1,200       1,119,600  
   

 

 

 
      10,979,987  
Hong Kong — 2.3%            

CMB International Leasing Management Ltd.

   

1.25%, 09/16/24 (Call 08/16/24)(a)

    200       183,748  

1.75%, 09/16/26 (Call 08/16/26)(a)

    800       685,272  

Hongkong Land Finance Cayman Islands Co. Ltd. (The), 2.25%, 07/15/31 (Call 04/15/31)(a)

    900       682,767  

ICBCIL Finance Co. Ltd., 2.25%, 11/02/26(a)

    1,500       1,327,830  

Link Finance Cayman 2009 Ltd. (The), 2.88%, 07/21/26(a)

    900       833,436  

MTR Corp. Ltd., 1.63%, 08/19/30(a)

    2,350       1,823,812  

Pingan Real Estate Capital Ltd., 2.75%, 07/29/24(a)

    250       212,635  

Swire Properties MTN Financing Ltd., 3.50%, 01/10/28(a)

    900       827,181  
   

 

 

 
      6,576,681  
India — 1.4%            

Indian Railway Finance Corp. Ltd.

   

3.57%, 01/21/32(a)

    800       624,592  

3.84%, 12/13/27(a)

    600       535,926  

Power Finance Corp. Ltd., 3.75%, 12/06/27(a)

    500       437,460  

REC Ltd., 3.88%, 07/07/27(a)

    700       621,103  

State Bank of India/London, 4.50%, 09/28/23(a)

    1,800       1,783,854  
   

 

 

 
      4,002,935  
Indonesia — 0.5%            

Star Energy Geothermal Darajat II/Star Energy Geothermal Salak

   

3.25%, 04/14/29 (Call 04/14/24)(a)

    458       409,497  

4.85%, 10/14/38 (Call 10/14/29)(a)

    1,200       892,860  
   

 

 

 
      1,302,357  
Ireland — 0.4%            

Bank of Ireland Group PLC, 6.25%, 09/16/26 (Call 09/16/25)(b)(d)

    1,300       1,256,307  
   

 

 

 
Japan — 4.5%            

Central Nippon Expressway Co. Ltd., 0.89%, 12/10/25(a)

    700       610,505  

Honda Motor Co. Ltd.

   

2.27%, 03/10/25 (Call 02/10/25)(c)

    1,100       1,032,559  

2.53%, 03/10/27 (Call 02/10/27)(c)

    4,050       3,623,008  

2.97%, 03/10/32 (Call 12/10/31)(c)

    430       356,083  

 

 

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

  95


Schedule of Investments  (continued)

October 31, 2022

  

iShares® USD Green Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Japan (continued)

   

Marubeni Corp., 1.58%, 09/17/26 (Call 08/17/26)(a)

  $ 1,100     $ 939,092  

Mitsubishi UFJ Financial Group Inc., 2.53%, 09/13/23(c)

    1,100       1,073,919  

Mitsui Fudosan Co. Ltd., 2.57%, 01/21/32 (Call 10/21/31)(b)

    520       413,410  

Mizuho Financial Group Inc., 3.26%, 05/22/30 (Call 05/22/29)(d)

    835       692,658  

Norinchukin Bank (The), 4.87%, 09/14/27(b)

    800       776,696  

Sumitomo Mitsui Financial Group Inc.

   

0.51%, 01/12/24

    1,000       942,040  

2.47%, 01/14/29

    870       705,257  

Sumitomo Mitsui Trust Bank Ltd.

   

1.55%, 03/25/26(b)

    900       789,669  

2.80%, 03/10/27(b)

    650       582,472  
   

 

 

 
      12,537,368  
Netherlands — 3.2%            

ABN AMRO Bank NV, 2.47%, 12/13/29 (Call 12/13/28)(b)(d)

    1,550       1,204,427  

Cooperatieve Rabobank UA

   

1.00%, 09/24/26 (Call 09/24/25)(b)(d)

    1,350       1,165,388  

1.11%, 02/24/27 (Call 02/24/26)(b)(d)

    1,825       1,542,672  

ING Groep NV

   

1.40%, 07/01/26 (Call 07/01/25)(b)(c)(d)

    805       705,180  

4.63%, 01/06/26(b)

    2,800       2,665,264  

Nederlandse Waterschapsbank NV, 2.38%, 03/24/26(b)(c)

    1,900       1,766,829  
   

 

 

 
      9,049,760  
Portugal — 0.5%            

EDP Finance BV

   

1.71%, 01/24/28(b)

    1,450       1,147,124  

6.30%, 10/11/27

    200       198,648  
   

 

 

 
      1,345,772  
Qatar — 0.4%            

QNB Finance Ltd., 1.63%, 09/22/25(a)

    1,200       1,073,208  
   

 

 

 
Saudi Arabia — 0.7%            

Saudi Electricity Global Sukuk Co. 5

   

1.74%, 09/17/25(a)

    1,200       1,080,492  

2.41%, 09/17/30(a)

    1,100       884,763  
   

 

 

 
      1,965,255  
Singapore — 0.3%            

Vena Energy Capital Pte Ltd., 3.13%, 02/26/25(a)

    800       728,848  
   

 

 

 
South Korea — 4.5%            

Hyundai Capital Services Inc., 1.25%, 02/08/26(a)

    1,700       1,467,593  

Hyundai Heavy Industries Co Ltd, 3.18%, 03/28/27(a)

    200       180,608  

Kia Corp.

   

1.00%, 04/16/24(a)

    2,200       2,058,100  

2.38%, 02/14/25(a)

    1,050       969,360  

2.75%, 02/14/27(a)

    500       432,650  

Korea Development Bank (The), 0.75%, 01/25/25

    2,300       2,089,757  

Korea Electric Power Corp., 2.50%, 06/24/24(a)

    1,375       1,317,195  

Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23

    325       322,094  

LG Chem Ltd.

   

3.25%, 10/15/24(a)

    1,100       1,053,987  

3.63%, 04/15/29(a)

    800       711,808  

Mirae Asset Securities Co. Ltd., 1.38%, 07/07/24(a)

    500       462,305  

Shinhan Bank Co. Ltd., 4.38%, 04/13/32(a)(c)

    700       600,677  

SK Battery America Inc., 2.13%, 01/26/26(a)

        1,200       982,680  
   

 

 

 
          12,648,814  
Sweden — 0.6%            

Swedbank AB, 1.54%, 11/16/26(b)

    1,800       1,545,822  
   

 

 

 
Security  

Par

(000)

    Value  

United Arab Emirates — 1.4%

   

Abu Dhabi Commercial Bank PJSC, 4.50%, 09/14/27(a)

  $ 700     $ 666,638  

First Abu Dhabi Bank PJSC, 5.13%, 10/13/27

    775       767,010  

MAF Sukuk Ltd.

   

3.93%, 02/28/30(a)

    400       351,640  

4.64%, 05/14/29(a)

    1,400       1,274,462  

Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(a)

        1,192       905,474  
   

 

 

 
          3,965,224  
United Kingdom — 0.5%            

Natwest Group PLC, 2.36%, 05/22/24 (Call 05/22/23)(d)

    1,300       1,267,643  
   

 

 

 
United States — 38.1%            

AES Corp. (The)

   

1.38%, 01/15/26 (Call 12/15/25)

    1,465       1,268,763  

2.45%, 01/15/31 (Call 10/15/30)

    1,595       1,204,688  

Alexandria Real Estate Equities Inc.

   

2.00%, 05/18/32 (Call 02/18/32)

    690       498,166  

2.95%, 03/15/34 (Call 12/15/33)

    1,735       1,303,610  

3.80%, 04/15/26 (Call 02/15/26)

    1,145       1,083,949  

Apple Inc.

   

2.85%, 02/23/23 (Call 12/23/22)

    365       363,230  

3.00%, 06/20/27 (Call 03/20/27)

    1,810       1,689,146  

Arizona Public Service Co., 2.65%, 09/15/50 (Call 03/15/50)(c)

    630       339,028  

AvalonBay Communities Inc.

   

1.90%, 12/01/28 (Call 10/01/28)(c)

    1,550       1,263,420  

2.05%, 01/15/32 (Call 10/15/31)(c)

    450       342,635  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    2,255       2,144,730  

3.20%, 04/15/25 (Call 03/15/25)

    760       717,440  

3.80%, 06/01/29 (Call 03/01/29)

    1,210       1,059,791  

Bank of America Corp., 2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)(d)

    3,475       3,240,542  

Boston Properties LP

   

2.45%, 10/01/33 (Call 07/01/33)(c)

    410       283,089  

2.55%, 04/01/32 (Call 01/01/32)

    2,185       1,573,659  

3.40%, 06/21/29 (Call 03/21/29)

    2,565       2,124,589  

4.50%, 12/01/28 (Call 09/01/28)

    370       333,629  

Citigroup Inc., 1.68%, 05/15/24 (Call 05/15/23), (SOFR + 1.667%)(d)

    3,350       3,276,434  

Consolidated Edison Co. of New York Inc.

   

3.60%, 06/15/61 (Call 12/15/60)

    1,175       779,330  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    1,100       954,140  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(c)

    1,535       1,136,023  

Dominion Energy Inc., Series C, 2.25%, 08/15/31 (Call 05/15/31)(c)

    1,760       1,358,914  

DTE Electric Co.

   

3.95%, 03/01/49 (Call 09/01/48)

    770       590,867  

Series A, 1.90%, 04/01/28 (Call 02/01/28)(c)

    350       294,683  

Series A, 4.05%, 05/15/48 (Call 11/15/47)(c)

    1,285       1,002,621  

Series B, 3.25%, 04/01/51 (Call 10/01/50)

    375       250,976  

Series B, 3.65%, 03/01/52 (Call 09/01/51)

    1,030       743,042  

Duke Energy Carolinas LLC, 3.95%, 11/15/28 (Call 08/15/28)

    760       708,077  

Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29)

    1,705       1,419,037  

Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)(c)

    775       695,206  

Equinix Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    1,775       1,557,900  

1.55%, 03/15/28 (Call 01/15/28)

    1,060       847,714  

2.50%, 05/15/31 (Call 02/15/31)

    1,655       1,261,193  

3.90%, 04/15/32 (Call 01/15/32)

    1,890       1,592,968  

 

 

96  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® USD Green Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

United States (continued)

   

ERP Operating LP

   

1.85%, 08/01/31 (Call 05/01/31)(c)

  $ 1,000     $ 746,840  

4.15%, 12/01/28 (Call 09/01/28)

    555       505,699  

Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26)

    588       534,498  

Federal Realty Investment Trust, 1.25%, 02/15/26 (Call 01/15/26)

    600       521,418  

Fifth Third Bancorp., 1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)(d)

    930       791,290  

General Motors Co.

   

5.40%, 10/15/29 (Call 08/15/29)

    335       310,505  

5.60%, 10/15/32 (Call 07/15/32)(c)

    2,850       2,587,629  

Georgia Power Co., 3.25%, 04/01/26 (Call 01/01/26)

    1,125       1,048,871  

Healthpeak Properties Inc.

   

1.35%, 02/01/27 (Call 01/01/27)

        1,500           1,262,355  

2.13%, 12/01/28 (Call 10/01/28)

    420       340,406  

Host Hotels & Resorts LP

   

Series H, 3.38%, 12/15/29 (Call 09/15/29)

    455       365,174  

Series I, 3.50%, 09/15/30 (Call 06/15/30)

    2,200       1,731,026  

Series J, 2.90%, 12/15/31 (Call 09/15/31)

    295       213,568  

Hudson Pacific Properties LP, 5.95%, 02/15/28 (Call 01/15/28)

    445       416,071  

Industrial Bank Co. Ltd./Hong Kong, 1.13%, 11/06/23(a)

    200       192,176  

Interstate Power & Light Co.

   

3.50%, 09/30/49 (Call 03/30/49)

    740       503,215  

3.60%, 04/01/29 (Call 01/01/29)

    630       563,182  

4.10%, 09/26/28 (Call 06/26/28)

    260       243,664  

JPMorgan Chase & Co.

   

0.65%, 09/16/24 (Call 09/16/23), (SOFR + 0.600%)(d)

    1,880       1,794,817  

0.77%, 08/09/25 (Call 08/09/24), (SOFR + 0.490%)(d)

    2,130       1,939,727  

Kaiser Foundation Hospitals

   

3.15%, 05/01/27 (Call 02/01/27)

    820       751,243  

Series 2021, 2.81%, 06/01/41

(Call 12/01/40)(c)

    2,060       1,380,591  

Kilroy Realty LP

   

2.50%, 11/15/32 (Call 08/15/32)

    160       111,162  

2.65%, 11/15/33 (Call 08/15/33)

    1,050       711,018  

4.75%, 12/15/28 (Call 09/15/28)

    825       741,518  

Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30)(c)

    860       677,293  

Liberty Utilities Finance GP 1, 2.05%, 09/15/30 (Call 06/15/30)(b)

    1,165       859,479  

Massachusetts Institute of Technology, 3.96%, 07/01/38

    606       529,396  

Metropolitan Life Global Funding I, 0.95%, 07/02/25(b)

    1,650       1,475,017  

MidAmerican Energy Co.

   

2.70%, 08/01/52 (Call 02/01/52)

    50       29,960  

3.10%, 05/01/27 (Call 02/01/27)(c)

    600       552,876  

3.15%, 04/15/50 (Call 10/15/49)

    1,135       741,303  

3.65%, 04/15/29 (Call 01/15/29)

    1,410       1,288,063  

3.65%, 08/01/48 (Call 02/01/48)

    1,530       1,112,555  

3.95%, 08/01/47 (Call 02/01/47)

    590       449,521  

4.25%, 07/15/49 (Call 01/15/49)

    1,395       1,115,344  

NextEra Energy Capital Holdings Inc., 1.90%, 06/15/28 (Call 04/15/28)

    2,555       2,112,193  

Niagara Mohawk Power Corp., 1.96%, 06/27/30 (Call 03/27/30)(b)

    950       722,067  

NiSource Inc., 5.00%, 06/15/52 (Call 12/15/51)

    545       457,593  

Norinchukin Bank (The), 2.08%, 09/22/31(b)

    1,085       804,332  

Northern States Power Co./MN

   

2.60%, 06/01/51 (Call 12/01/50)

    1,000       595,050  

2.90%, 03/01/50 (Call 09/01/49)

    570       363,141  

3.20%, 04/01/52 (Call 10/01/51)

    450       299,570  

4.50%, 06/01/52 (Call 12/01/51)

    530       446,583  
Security  

Par

(000)

    Value  

United States (continued)

   

NSTAR Electric Co.

   

3.10%, 06/01/51 (Call 12/01/50)

  $ 590     $ 377,635  

3.25%, 05/15/29 (Call 02/15/29)

    1,025       911,573  

3.95%, 04/01/30 (Call 01/01/30)

    450       413,235  

4.95%, 09/15/52 (Call 03/15/52)

    500       448,030  

Oncor Electric Delivery Co. LLC, 4.15%, 06/01/32 (Call 03/01/32)(b)

    70       64,331  

Pacific Life Global Funding II, 1.38%, 04/14/26(b)

    1,510       1,314,500  

PacifiCorp, 2.90%, 06/15/52 (Call 12/15/51)(c)

    2,000       1,220,120  

Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)

    540       407,770  

PNC Financial Services Group Inc. (The), 2.20%, 11/01/24 (Call 10/02/24)(c)

    1,050       989,982  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)

    1,230       901,861  

1.75%, 02/01/31

    255       192,464  

2.25%, 01/15/32

    200       151,022  

2.88%, 11/15/29

    440       367,629  

4.63%, 01/15/33 (Call 10/15/32)

    885       820,882  

Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)(c)

    550       487,669  

Public Service Co. of Colorado

   

3.70%, 06/15/28 (Call 12/15/27)

    1,755       1,625,042  

4.10%, 06/15/48 (Call 12/15/47)

    1,475       1,148,641  

Series 34, 3.20%, 03/01/50 (Call 09/01/49)

    400       266,960  

Series 36, 2.70%, 01/15/51 (Call 07/15/50)

    400       240,144  

Public Service Co. of Oklahoma

   

Series J, 2.20%, 08/15/31 (Call 05/15/31)

    625       483,494  

Series K, 3.15%, 08/15/51 (Call 02/15/51)

    295       181,260  

Rexford Industrial Realty LP, 2.15%, 09/01/31 (Call 06/01/31)

    740       543,241  

Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)(c)

    440       257,356  

SK Battery America Inc., 1.63%, 01/26/24(a)

    200       188,492  

Solar Star Funding LLC, 5.38%, 06/30/35(b)(c)

        1,227           1,215,230  

Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)(c)

    660       640,906  

Southwestern Electric Power Co., 3.25%, 11/01/51 (Call 05/01/51)

    1,450       903,640  

Southwestern Public Service Co.

   

3.75%, 06/15/49 (Call 12/15/48)

    75       53,367  

Series 8, 3.15%, 05/01/50 (Call 11/01/49)

    2,050       1,328,728  

Toyota Motor Credit Corp., 2.15%, 02/13/30(c)

    1,255       1,026,226  

Tucson Electric Power Co., 1.50%, 08/01/30 (Call 05/01/30)

    725       539,603  

UDR Inc.

   

1.90%, 03/15/33 (Call 12/15/32)

    515       347,203  

3.10%, 11/01/34 (Call 08/01/34)

    500       366,640  

Union Electric Co., 2.63%, 03/15/51 (Call 09/15/50)

    875       508,716  

Union Pacific Corp., 4.95%, 09/09/52 (Call 03/09/52)

    920       829,978  

Verizon Communications Inc.

   

1.50%, 09/18/30 (Call 06/18/30)

    1,980       1,471,160  

2.85%, 09/03/41 (Call 03/03/41)(c)

    1,600       1,044,032  

3.88%, 02/08/29 (Call 11/08/28)

    1,365       1,240,225  

3.88%, 03/01/52 (Call 09/01/51)

    1,605       1,137,014  

Vornado Realty LP

   

2.15%, 06/01/26 (Call 05/01/26)

    1,560       1,289,558  

3.40%, 06/01/31 (Call 03/01/31)

    130       95,995  

Welltower Inc.

   

2.70%, 02/15/27 (Call 12/15/26)

    820       725,347  

3.85%, 06/15/32 (Call 03/15/32)(c)

    765       633,198  

Wisconsin Electric Power Co., 4.75%, 09/30/32 (Call 06/30/32)

    450       428,706  

 

 

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

  97


Schedule of Investments  (continued)

October 31, 2022

  

iShares® USD Green Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

    Value  
United States (continued)            

Wisconsin Power and Light Co.

   

1.95%, 09/16/31 (Call 06/16/31)

  $ 475     $ 363,066  

3.95%, 09/01/32 (Call 06/01/32)

    700       620,627  

Wisconsin Public Service Corp., 2.85%, 12/01/51 (Call 06/01/51)

    835       507,029  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)

    375       314,704  

2.25%, 01/30/31 (Call 10/30/30)

        1,090       856,304  
   

 

 

 
          106,732,763  
   

 

 

 

Total Corporate Bonds & Notes — 77.7%
(Cost: $248,419,083)

      217,415,671  
   

 

 

 

Foreign Government Obligations

 

 

Canada — 0.6%

   

CDP Financial Inc., 1.00%, 05/26/26(b)

    2,000       1,756,540  
   

 

 

 

Chile — 1.6%

   

Chile Government International Bond

   

2.55%, 01/27/32 (Call 10/27/31)(c)

    2,245       1,769,172  

3.50%, 01/25/50 (Call 07/25/49)(c)

    3,890       2,568,256  
   

 

 

 
      4,337,428  
China — 0.7%            

China Development Bank/Hong Kong, 0.63%, 09/09/24(a)

    2,000       1,854,120  
   

 

 

 
Hong Kong — 1.9%            

Airport Authority, 1.75%, 01/12/27(Call 12/12/26)(b)(c)

    1,500       1,332,165  

Hong Kong Government International Bond

   

0.63%, 02/02/26(b)(c)

    400       354,304  

1.38%, 02/02/31(b)

    1,900       1,493,647  

1.75%, 11/24/31

    1,700       1,354,492  

2.38%, 02/02/51(b)

    800       472,160  

2.50%, 05/28/24(b)

    200       193,430  
   

 

 

 
      5,200,198  
Indonesia — 2.3%            

Perusahaan Penerbit SBSN Indonesia III

   

3.55%, 06/09/51(a)

    1,190       804,797  

3.75%, 03/01/23(a)

    1,130       1,125,988  

3.90%, 08/20/24(a)

    2,280       2,244,136  

4.70%, 06/06/32(a)

    2,460       2,309,079  
   

 

 

 
      6,484,000  
Japan — 0.4%            

Japan Bank for International Cooperation

   

1.63%, 01/20/27(c)

    950       838,347  

4.38%, 10/05/27

    200       197,160  
   

 

 

 
      1,035,507  
Netherlands — 0.3%            

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, 2.75%, 02/20/24(a)

    1,000       975,200  
   

 

 

 
Norway — 0.2%            

Kommunalbanken AS

   

0.50%, 10/21/24(b)

    300       276,810  

2.13%, 02/11/25(b)

    400       378,864  
   

 

 

 
      655,674  
Peru — 0.3%            

Fondo MIVIVIENDA SA, 4.63%, 04/12/27(Call 03/12/27)(a)

    1,050       968,279  
   

 

 

 
Senegal — 0.1%            

European Investment Bank, 0.63%, 10/21/27

    425       355,083  
   

 

 

 
Security  

Par/

Shares

(000)

    Value  

South Korea — 1.9%

   

Export-Import Bank of Korea

   

1.75%, 10/19/28 (Call 08/19/28)(a)

  $ 800     $ 648,184  

2.13%, 01/18/32

    2,200       1,674,354  

Incheon International Airport Corp., 1.25%, 05/04/26(a)

    700       611,597  

Korea Development Bank (The), 0.40%, 06/19/24

    450       417,776  

Korea International Bond, 2.00%, 06/19/24

    2,125       2,032,307  
   

 

 

 
      5,384,218  
Supranational — 9.2%            

Arab Petroleum Investments Corp., 1.48%, 10/06/26(b)

    1,400       1,229,032  

Asian Development Bank

   

1.75%, 08/14/26

    900       813,861  

2.13%, 03/19/25

    1,248       1,180,683  

2.38%, 08/10/27

    789       720,444  

3.13%, 09/26/28

    1,710       1,597,585  

European Bank for Reconstruction & Development, 1.50%, 02/13/25

    2,200       2,055,746  

European Investment Bank

   

0.75%, 09/23/30

    1,471       1,129,316  

1.63%, 10/09/29

    1,399       1,178,769  

1.63%, 05/13/31(c)

    4,000       3,283,840  

2.13%, 04/13/26

    4,000       3,701,280  

2.38%, 05/24/27

    832       764,949  

2.50%, 10/15/24(c)

    2,020       1,942,856  

2.88%, 06/13/25(b)

    200       192,028  

International Bank for Reconstruction & Development

   

2.13%, 03/03/25

    500       473,825  

3.13%, 11/20/25

    2,680       2,573,175  

International Finance Corp., 2.13%, 04/07/26(c)

        3,100       2,865,175  
   

 

 

 
      25,702,564  
Sweden — 1.0%            

Kommuninvest I Sverige AB

   

0.38%, 06/19/24(b)(c)

    2,000       1,866,100  

1.63%, 04/24/23(b)

    1,000       986,240  
   

 

 

 
      2,852,340  
   

 

 

 

Total Foreign Government Obligations — 20.5%
(Cost: $63,978,763)

 

    57,561,151  
   

 

 

 

Municipal Debt Obligations

   

United States — 0.4%

   

City of Los Angeles Department of Airports Customer Facility Charge Revenue RB,
4.24%, 05/15/48 (Call 05/15/32) (AGM)

    285       225,616  

District of Columbia Water & Sewer Authority RB, 4.81%, 10/01/2114

    600       476,395  

University of Michigan RB, 3.50%, 04/01/52 (Call 10/01/51)

    500       357,996  
   

 

 

 

Total Municipal Debt Obligations — 0.4%
(Cost: $1,389,103)

 

    1,060,007  
   

 

 

 

Total Long-Term Investments — 98.6%
(Cost: $313,786,949)

          276,036,829  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 8.5%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g)

    19,206       19,202,604  

 

 

98  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® USD Green Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares
(000)
    Value  

 

 

Money Market Funds (continued)

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f)

    4,610     $ 4,610,000  
   

 

 

 

Total Short-Term Securities — 8.5%
(Cost: $23,811,694)

 

    23,812,604  
   

 

 

 

Total Investments — 107.1%
(Cost: $337,598,643)

      299,849,433  

Liabilities in Excess of Other Assets — (7.1)%

      (20,003,441
   

 

 

 

Net Assets — 100.0%

    $   279,845,992  
   

 

 

 

 

(a) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

 

(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) 

All or a portion of this security is on loan.

(d) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/21

   

Purchases

at Cost

    Proceeds
from Sale
   

Net Realized

Gain (Loss)

    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/22
    Shares
Held at
10/31/22
(000)
    Income      Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 2,357,494     $ 16,843,075 (a)    $     $ 1,451     $ 584     $ 19,202,604       19,206     $ 50,977 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    430,000       4,180,000 (a)                        4,610,000       4,610       44,540         
       

 

 

   

 

 

   

 

 

     

 

 

    

 

 

 
        $ 1,451     $ 584     $ 23,812,604       $ 95,517      $  
       

 

 

   

 

 

   

 

 

     

 

 

    

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
   

Commodity

Contracts

   

Credit

Contracts

   

Equity

Contracts

   

Foreign

Currency

Exchange

Contracts

   

Interest

Rate

Contracts

   

Other

Contracts

       Total  

 

 

Net Realized Gain (Loss) from

                

Futures contracts

  $     $     $     $     $   (166,409   $        $ (166,409

Forward foreign currency exchange contracts

                      8,284,359                      8,284,359  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

      

 

 

 
  $     $     $     $   8,284,359     $ (166,409   $        $   8,117,950  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                

Forward foreign currency exchange contracts

  $     $     $     $ 221,040     $     $        $ 221,040  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

      

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Forward foreign currency exchange contracts

  

Average amounts purchased — in USD

   $ 54,571,334    

Average amounts sold — in USD

   $ 108,581,288    

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

 

 

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

  99


Schedule of Investments  (continued)

October 31, 2022

  

iShares® USD Green Bond ETF

 

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                       

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Investments

          

Assets

          

Corporate Bonds & Notes

  $      $ 217,415,671      $      $ 217,415,671  

Foreign Government Obligations

           57,561,151               57,561,151  

Municipal Debt Obligations

           1,060,007               1,060,007  

Money Market Funds

    23,812,604                      23,812,604  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 23,812,604      $ 276,036,829      $      $ 299,849,433  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

100  

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


Statements of Assets and Liabilities  

October 31, 2022

 

   

iShares

0-5 Year

Investment Grade
Corporate Bond

ETF

   

iShares

Aaa - A

Rated

Corporate

Bond ETF

   

iShares

BB Rated
Corporate

Bond ETF

    iShares
Convertible Bond
ETF
 

 

 

ASSETS

       

Investments, at value — unaffiliated(a)(b)

  $ 2,960,324,717     $ 760,582,892     $ 321,684,876     $ 1,822,368,389  

Investments, at value — affiliated(c)

    237,158,166       60,343,512       34,146,195       10,590,355  

Cash

    209,463             998       7,844  

Foreign currency, at value(d)

                14        

Receivables:

       

Investments sold

    3,112,140       12,594,068       3,995,155       14,486,225  

Securities lending income — affiliated

    51,771       17,902       10,728       97  

Capital shares sold

    202,564             751,940        

Dividends — affiliated

    43,299       6,149       9,653       24,160  

Interest — unaffiliated

    23,304,515       7,228,413       4,682,054       5,394,353  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

    3,224,406,635       840,772,936       365,281,613       1,852,871,423  
 

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES

       

Bank overdraft

          9,818              

Collateral on securities loaned, at value

    222,049,977       58,915,772       29,806,049       310,500  

Payables:

       

Investments purchased

    9,399,127       7,824,267       5,641,952       16,408,903  

Investment advisory fees

    151,179       104,532       32,843       307,031  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    231,600,283       66,854,389       35,480,844       17,026,434  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 2,992,806,352     $ 773,918,547     $ 329,800,769     $ 1,835,844,989  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS CONSIST OF

       

Paid-in capital

  $ 3,194,999,174     $ 952,311,572     $ 347,495,704     $ 2,271,354,644  

Accumulated loss

    (202,192,822     (178,393,025     (17,694,935     (435,509,655
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 2,992,806,352     $ 773,918,547     $ 329,800,769     $ 1,835,844,989  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSET VALUE

       

Shares outstanding

    63,350,000       17,300,000       7,500,000       25,950,000  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value

  $ 47.24     $ 44.74     $ 43.97     $ 70.75  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited       Unlimited       Unlimited  
 

 

 

   

 

 

   

 

 

   

 

 

 

Par value

    None       None       None       None  
 

 

 

   

 

 

   

 

 

   

 

 

 

(a) Investments, at cost — unaffiliated

  $ 3,159,623,858     $ 929,936,439     $ 338,627,160     $ 2,207,952,166  

(b) Securities loaned, at value

  $ 213,403,897     $ 57,118,919     $ 28,653,329     $ 307,262  

(c)  Investments, at cost — affiliated

  $ 237,157,845     $ 60,342,065     $ 34,149,570     $ 10,590,441  

(d) Foreign currency, at cost

  $     $     $ 14     $  

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  101


Statements of Assets and Liabilities  (continued)

October 31, 2022

 

    

iShares

Floating Rate Bond

ETF

   

iShares

USD Green

Bond ETF

 

 

 

ASSETS

                    

Investments, at value — unaffiliated(a)(b)

      $ 8,774,304,644     $ 276,036,829  

Investments, at value — affiliated(c)

        620,916,418       23,812,604  

Cash

        94,450,898       5,830  

Foreign currency, at value(d)

              1,724  

Receivables:

       

Investments sold

        42,925,182       1,304,321  

Securities lending income — affiliated

        122,104       9,341  

Capital shares sold

        13,236,806       630,186  

Dividends — affiliated

        607,031       10,430  

Interest — unaffiliated

        42,882,214       2,044,149  
     

 

 

   

 

 

 

Total assets

        9,589,445,297       303,855,414  
     

 

 

   

 

 

 

LIABILITIES

       

Collateral on securities loaned, at value

        222,136,923       19,199,685  

Payables:

       

Investments purchased

        188,553,469       4,790,645  

Variation margin on futures contracts

              29  

Capital shares redeemed

        67,812        

Investment advisory fees

        1,171,930       19,063  
     

 

 

   

 

 

 

Total liabilities

        411,930,134       24,009,422  
     

 

 

   

 

 

 

NET ASSETS

      $ 9,177,515,163     $ 279,845,992  
     

 

 

   

 

 

 

NET ASSETS CONSIST OF

       

Paid-in capital

      $ 9,300,462,042     $ 332,996,497  

Accumulated loss

        (122,946,879     (53,150,505
     

 

 

   

 

 

 

NET ASSETS

      $ 9,177,515,163     $ 279,845,992  
     

 

 

   

 

 

 

NET ASSET VALUE

       

Shares outstanding

        182,400,000       6,250,000  
     

 

 

   

 

 

 

Net asset value

      $ 50.32     $ 44.78  
     

 

 

   

 

 

 

Shares authorized

        Unlimited       Unlimited  
     

 

 

   

 

 

 

Par value

        None       None  
     

 

 

   

 

 

 

(a) Investments, at cost — unaffiliated

      $ 8,856,380,011     $ 313,786,949  

(b) Securities loaned, at value

      $ 212,109,505     $ 18,628,347  

(c)  Investments, at cost — affiliated

      $ 620,893,789     $ 23,811,694  

(d) Foreign currency, at cost

      $     $ 1,731  

See notes to financial statements.

 

 

102  

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


Statements of Operations

Year Ended October 31, 2022

 

   

iShares

0-5 Year
Investment
Grade

Corporate

Bond ETF

   

iShares

Aaa - A

Rated

Corporate

Bond ETF

   

iShares

BB Rated

Corporate

Bond ETF

   

iShares

Convertible

Bond ETF

 

 

 

INVESTMENT INCOME

       

Dividends — affiliated

  $ 259,047     $ 42,852     $ 30,166     $ 75,594  

Interest — unaffiliated

    46,002,920       26,778,731       7,146,813       28,515,378  

Securities lending income — affiliated — net

    344,297       186,228       47,640       993  

Other income — unaffiliated

    97,353             4,555        
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    46,703,617       27,007,811       7,229,174       28,591,965  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory

    1,555,139       1,618,454       356,773       3,474,137  

Professional

    217       217             217  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    1,555,356       1,618,671       356,773       3,474,354  

Less:

       

Investment advisory fees waived

                (142,709      
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    1,555,356       1,618,671       214,064       3,474,354  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    45,148,261       25,389,140       7,015,110       25,117,611  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — unaffiliated

    (5,730,343     (10,024,915     (1,665,380     (52,385,282

Investments — affiliated

    (60,761     (40,907     (5,586     (138

In-kind redemptions — unaffiliated(a)

    (5,221,529     (72,810,599     (1,352,490     58,348,822  
 

 

 

   

 

 

   

 

 

   

 

 

 
    (11,012,633     (82,876,421     (3,023,456     5,963,402  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — unaffiliated

    (204,180,605     (173,886,257     (17,947,160     (483,804,731

Investments — affiliated

    (38,891     (12,883     (3,375     (86
 

 

 

   

 

 

   

 

 

   

 

 

 
    (204,219,496     (173,899,140     (17,950,535     (483,804,817
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized loss

    (215,232,129     (256,775,561     (20,973,991     (477,841,415
 

 

 

   

 

 

   

 

 

   

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ (170,083,868   $ (231,386,421   $ (13,958,881   $ (452,723,804
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  103


Statements of Operations  (continued)

Year Ended October 31, 2022

 

   

iShares

Floating Rate

Bond ETF

   

iShares

USD Green

Bond ETF

 

 

 

INVESTMENT INCOME

   

Dividends — affiliated

  $ 2,051,492     $ 44,748  

Interest — unaffiliated

    137,738,023       5,911,089  

Securities lending income — affiliated — net

    937,045       50,769  

Other income — unaffiliated

          2,195  
 

 

 

   

 

 

 

Total investment income

    140,726,560       6,008,801  
 

 

 

   

 

 

 

EXPENSES

   

Investment advisory

    13,136,354       549,617  

Professional

    217        
 

 

 

   

 

 

 

Total expenses

    13,136,571       549,617  

Less:

   

Investment advisory fees waived

          (226,751
 

 

 

   

 

 

 

Total expenses after fees waived

    13,136,571       322,866  
 

 

 

   

 

 

 

Net investment income

    127,589,989       5,685,935  
 

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) from:

   

Investments — unaffiliated

    (5,878,280     (21,935,997

Investments — affiliated

    (89,839     1,451  

Forward foreign currency exchange contracts

          8,284,359  

Foreign currency transactions

          (2,267,163

Futures contracts

          (166,409

In-kind redemptions — unaffiliated(a)

    (4,458,598      
 

 

 

   

 

 

 
    (10,426,717     (16,083,759
 

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

   

Investments — unaffiliated

    (97,164,429     (36,000,943

Investments — affiliated

    (45,786     584  

Forward foreign currency exchange contracts

          221,040  

Foreign currency translations

          (4,276
 

 

 

   

 

 

 
    (97,210,215 )        (35,783,595
 

 

 

   

 

 

 

Net realized and unrealized loss

    (107,636,932     (51,867,354
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 19,953,057     $ (46,181,419
 

 

 

   

 

 

 

 

(a) 

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

 

104  

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


Statements of Changes in Net Assets

 

   

iShares

0-5 Year Investment Grade Corporate Bond

ETF

         

iShares

Aaa - A Rated Corporate Bond ETF

 
 

 

 

     

 

 

 
         

Year Ended

10/31/22

         

Year Ended

10/31/21

               

Year Ended

10/31/22

         

Year Ended

10/31/21

 

 

 

INCREASE (DECREASE) IN NET ASSETS

                 

OPERATIONS

                 

Net investment income

    $ 45,148,261       $ 36,355,210         $ 25,389,140       $ 24,954,172  

Net realized gain (loss)

      (11,012,633       16,889,454           (82,876,421       33,193,047  

Net change in unrealized appreciation (depreciation)

             (204,219,496              (45,284,155         (173,899,140              (56,389,478
   

 

 

     

 

 

       

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

      (170,083,868       7,960,509           (231,386,421       1,757,741  
   

 

 

     

 

 

       

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

                 

Decrease in net assets resulting from distributions to shareholders

      (47,021,596       (38,988,629         (25,462,884       (26,862,436
   

 

 

     

 

 

       

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

                 

Net increase (decrease) in net assets derived from capital share transactions

      688,016,139         490,785,692           (155,576,949       (273,973,795
   

 

 

     

 

 

       

 

 

     

 

 

 

NET ASSETS

                 

Total increase (decrease) in net assets

      470,910,675         459,757,572           (412,426,254       (299,078,490

Beginning of year

      2,521,895,677         2,062,138,105           1,186,344,801         1,485,423,291  
   

 

 

     

 

 

       

 

 

     

 

 

 

End of year

    $ 2,992,806,352       $ 2,521,895,677         $ 773,918,547       $ 1,186,344,801  
   

 

 

     

 

 

       

 

 

     

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  105


Statements of Changes in Net Assets (continued)

 

   

iShares

BB Rated Corporate Bond ETF

   

iShares

Convertible Bond ETF

 
 

 

 

   

 

 

 
         

Year Ended

10/31/22

   

Year Ended

10/31/21

          

Year Ended

10/31/22

   

Year Ended

10/31/21

 

 

 

INCREASE (DECREASE) IN NET ASSETS

            

OPERATIONS

            

Net investment income

    $ 7,015,110     $ 4,010,886        $ 25,117,611     $ 11,940,775  

Net realized gain (loss)

             (3,023,456     2,380,664          5,963,402       306,116,739  

Net change in unrealized appreciation (depreciation)

      (17,950,535 )          1,509,216          (483,804,817 )          (34,834,225
   

 

 

   

 

 

      

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

      (13,958,881     7,900,766          (452,723,804     283,223,289  
   

 

 

   

 

 

      

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

            

Decrease in net assets resulting from distributions to shareholders

      (6,600,508     (4,026,444 )          (132,186,015     (48,045,347
   

 

 

   

 

 

      

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

            

Net increase in net assets derived from capital share transactions

      256,748,898       17,586,117          513,557,075       820,513,033  
   

 

 

   

 

 

      

 

 

   

 

 

 

NET ASSETS

            

Total increase (decrease) in net assets

      236,189,509       21,460,439          (71,352,744     1,055,690,975  

Beginning of year

      93,611,260       72,150,821          1,907,197,733       851,506,758  
   

 

 

   

 

 

      

 

 

   

 

 

 

End of year

    $ 329,800,769     $ 93,611,260        $ 1,835,844,989     $ 1,907,197,733  
   

 

 

   

 

 

      

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

106  

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


Statements of Changes in Net Assets (continued)

 

   

iShares

Floating Rate Bond ETF

   

iShares

USD Green Bond ETF

 
 

 

 

   

 

 

 
         

Year Ended

10/31/22

   

Year Ended

10/31/21

          

Year Ended

10/31/22

   

Year Ended

10/31/21

 

 

 

INCREASE (DECREASE) IN NET ASSETS

            

OPERATIONS

            

Net investment income

    $ 127,589,989     $ 26,425,057        $ 5,685,935     $ 1,095,655  

Net realized gain (loss)

      (10,426,717     4,478,942          (16,083,759     3,894,405  

Net change in unrealized appreciation (depreciation)

      (97,210,215     176,023          (35,783,595     (9,384,301
   

 

 

   

 

 

      

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

      19,953,057       31,080,022          (46,181,419     (4,394,241
   

 

 

   

 

 

      

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

            

Decrease in net assets resulting from distributions to shareholders

      (95,055,574 )          (28,120,691 )          (6,645,338 )          (384,864
   

 

 

   

 

 

      

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

            

Net increase in net assets derived from capital share transactions

      2,251,071,596       1,406,363,044          95,766,234       108,214,385  
   

 

 

   

 

 

      

 

 

   

 

 

 

NET ASSETS

            

Total increase in net assets

      2,175,969,079       1,409,322,375          42,939,477       103,435,280  

Beginning of year

      7,001,546,084       5,592,223,709          236,906,515       133,471,235  
   

 

 

   

 

 

      

 

 

   

 

 

 

End of year

    $ 9,177,515,163     $ 7,001,546,084        $ 279,845,992     $ 236,906,515  
   

 

 

   

 

 

      

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  107


Financial Highlights

(For a share outstanding throughout each period)

 

    iShares 0-5 Year Investment Grade Corporate Bond ETF  
 

 

 

 
   

Year Ended

10/31/22

   

Year Ended

10/31/21

   

Year Ended

10/31/20

    

Year Ended

10/31/19

    

Year Ended

10/31/18

 

 

 

Net asset value, beginning of year

  $ 51.36     $ 52.01     $ 51.17      $ 49.43      $ 50.49  
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.86       0.80       1.27        1.48        1.27  

Net realized and unrealized gain (loss)(b)

    (4.09     (0.57     0.90        1.71        (1.18
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    (3.23     0.23       2.17        3.19        0.09  
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Distributions(c)

           

From net investment income

    (0.82     (0.87     (1.32      (1.45      (1.15

From net realized gain

    (0.07     (0.01     (0.01              
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Total distributions

    (0.89     (0.88     (1.33      (1.45      (1.15
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net asset value, end of year

  $ 47.24     $ 51.36     $ 52.01      $ 51.17      $ 49.43  
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Total Return(d)

           

Based on net asset value

    (6.35 )%      0.44     4.31      6.55      0.18
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets(e)

           

Total expenses

    0.06     0.06     0.06      0.06      0.06
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net investment income

    1.74     1.54     2.48      2.95      2.56
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Supplemental Data

           

Net assets, end of year (000)

  $ 2,992,806     $ 2,521,896     $ 2,062,138      $ 1,934,285      $ 1,418,761  
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Portfolio turnover rate(f)

    20     23     29      20      15
 

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

108  

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    iShares Aaa - A Rated Corporate Bond ETF  
 

 

 

 
   

Year Ended

10/31/22

   

Year Ended

10/31/21

   

Year Ended

10/31/20

         

Year Ended

10/31/19

         

Year Ended

10/31/18

 

 

 

Net asset value, beginning of year

    $ 56.49     $ 57.46     $ 54.85       $ 49.57       $ 52.76  
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Net investment income(a)

      1.20       1.10       1.35         1.68         1.53  

Net realized and unrealized gain (loss)(b)

      (11.75     (0.91     2.68         5.25         (3.23
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (10.55     0.19       4.03         6.93         (1.70
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Distributions(c)

               

From net investment income

      (1.20     (1.13     (1.42       (1.65       (1.49

From net realized gain

            (0.03                      
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Total distributions

      (1.20     (1.16     (1.42       (1.65       (1.49
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 44.74     $ 56.49     $ 57.46       $ 54.85       $ 49.57  
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Total Return(d)

               

Based on net asset value

      (18.93 )%      0.34     7.44       14.22       (3.27 )% 
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

               

Total expenses

      0.15     0.15     0.15       0.15       0.15
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Net investment income

      2.35     1.93     2.37       3.19                3.00
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Supplemental Data

               

Net assets, end of year (000)

               $ 773,919     $ 1,186,345     $ 1,485,423                $ 419,610       $ 158,621  
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      14     17     16       16       15
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  109


Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    iShares BB Rated Corporate Bond ETF  
 

 

 
                          Period From  
  Year Ended       Year Ended         10/06/20 (a) 
    10/31/22           10/31/21     to 10/31/20  

 

 

Net asset value, beginning of period

      $ 52.01                $ 49.76                   $ 50.00  
   

 

 

     

 

 

     

 

 

 

Net investment income(b)

      2.28         1.89         0.12  

Net realized and unrealized gain (loss)(c)

      (8.04       2.25         (0.36
   

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (5.76       4.14         (0.24
   

 

 

     

 

 

     

 

 

 

Distributions(d)

           

From net investment income

      (2.12       (1.89        

From net realized gain

      (0.16                
   

 

 

     

 

 

     

 

 

 

Total distributions

      (2.28       (1.89        
   

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 43.97       $ 52.01       $ 49.76  
   

 

 

     

 

 

     

 

 

 

Total Return(e)

           

Based on net asset value

      (11.30 )%        8.39       (0.48 )%(f) 
   

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(g)

           

Total expenses

      0.25       0.25       0.25 %(h) 
   

 

 

     

 

 

     

 

 

 

Total expenses after fees waived

      0.15       0.15       0.15 %(h) 
   

 

 

     

 

 

     

 

 

 

Net investment income

      4.92       3.64       3.36 %(h) 
   

 

 

     

 

 

     

 

 

 

Supplemental Data

           

Net assets, end of period (000)

    $ 329,801       $ 93,611       $ 72,151  
   

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(i)

      21       32       0 %(j) 
   

 

 

     

 

 

     

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

(j) 

Rounds to less than 1%.

See notes to financial statements.

 

 

110  

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


Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

          iShares Convertible Bond ETF  
   

 

 

 
         

Year Ended

10/31/22

   

Year Ended

10/31/21

   

Year Ended

10/31/20

   

Year Ended

10/31/19

   

Year Ended

10/31/18

 

 

 

Net asset value, beginning of year

          $ 102.26       $ 80.71       $ 59.07       $ 55.86       $ 55.38  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      1.13               0.75               0.86               0.96               0.93  

Net realized and unrealized gain (loss)(b)

      (25.49       24.52         21.90         4.74         0.87  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (24.36       25.27         22.76         5.70         1.80  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (1.30       (0.97       (1.12       (2.02       (1.13

From net realized gain

      (5.85       (2.75               (0.47       (0.19
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (7.15       (3.72       (1.12       (2.49       (1.32
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 70.75       $ 102.26       $ 80.71       $ 59.07       $ 55.86  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

      (25.08 )%        31.91       39.02       10.55       3.26 %(e) 
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(f)

                   

Total expenses

      0.20       0.20       0.20       0.20       0.20
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      1.45       0.75       1.24       1.66       1.64
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 1,835,845       $ 1,907,198       $ 851,507       $ 404,627       $ 259,730  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(g)

      17       46       33       24       29
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -1.94%.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  111


Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

        iShares Floating Rate Bond ETF  
   

 

 

 
        Year Ended
10/31/22
    Year Ended
10/31/21
    Year Ended
10/31/20
    Year Ended
10/31/19
    Year Ended
10/31/18
 

 

 

Net asset value, beginning of year

       $ 50.74     $ 50.70     $ 50.98     $ 50.93     $ 50.93  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.73       0.22       0.83       1.44       1.19  

Net realized and unrealized gain (loss)(b)

      (0.63     0.05       (0.24     0.08       (0.13
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase from investment operations

      0.10       0.27       0.59       1.52       1.06  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(c)

      (0.52     (0.23     (0.87     (1.47     (1.06
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

    $ 50.32     $ 50.74     $ 50.70     $ 50.98     $ 50.93  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

           

Based on net asset value

      0.21     0.52     1.19     3.02     2.11
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

           

Total expenses

      0.15     0.20     0.20     0.20     0.20
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      1.46     0.43     1.64     2.84     2.33
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

           

Net assets, end of year (000)

    $ 9,177,515     $ 7,001,546     $ 5,592,224     $ 9,940,510     $ 11,832,089  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(f)

      39     38     29     23     17
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

112  

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

 

    iShares USD Green Bond ETF  
   

 

 

 
                                      Period From  
      Year Ended         Year Ended         Year Ended         11/13/18 (a) 
        10/31/22           10/31/21           10/31/20     to 10/31/19  

 

 

Net asset value, beginning of period

       $ 54.46              $ 55.61              $ 55.00              $ 50.00  
   

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

      1.06         0.30         0.49         0.77  

Net realized and unrealized gain (loss)(c)

      (9.49       (1.29       2.10         5.19  
   

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (8.43       (0.99       2.59         5.96  
   

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(d)

               

From net investment income

      (1.25       (0.16       (1.64       (0.96
   

 

 

     

 

 

     

 

 

     

 

 

 

From net realized gain

                      (0.34        
   

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (1.25       (0.16       (1.98       (0.96
   

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 44.78       $ 54.46       $ 55.61       $ 55.00  
   

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(e)

               

Based on net asset value

      (15.69 )%        (1.82 )%        4.89 %(f)        11.99 %(g) 
   

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(h)

               

Total expenses

      0.21       0.25       0.25       0.25 %(i) 
   

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses after fees waived

      0.12       0.20       0.20       0.20 %(i) 
   

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      2.13       0.55       0.90       1.51 %(i) 
   

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

               

Net assets, end of period (000)

    $ 279,846       $ 236,907       $ 133,471       $ 33,001  
   

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(j)

      94       24       16       21
   

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Includes payment received from an affiliate, which had no impact on the Fund’s total return.

(g) 

Not annualized.

(h) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) 

Annualized.

(j) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

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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

 

0-5 Year Investment Grade Corporate Bond

     Diversified  

Aaa - A Rated Corporate Bond

     Diversified  

BB Rated Corporate Bond

     Diversified  

Convertible Bond

     Diversified  

Floating Rate Bond

     Diversified  

USD Green Bond(a)

     Diversified (b) 

 

  (a) 

Formerly the iShares Global Green Bond ETF.

 
  (b) 

The Fund’s classification changed from non-diversified to diversified during the reporting period.

 

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) 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.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

 

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Notes to Financial Statements  (continued)

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 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 for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

 

   

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

 

   

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee 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 Valuation Committee 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/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

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Notes to Financial Statements  (continued)

 

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 

iShares ETF and Counterparty

    

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

0-5 Year Investment Grade Corporate Bond

         

Barclays Bank PLC

   $ 14,087,739      $ (14,087,739   $     $  

BMO Capital Markets Corp.

     5,721,517        (5,721,517            

BNP Paribas SA

     33,041,685        (33,041,685            

BofA Securities, Inc.

     16,192,904        (16,192,904            

Citigroup Global Markets, Inc.

     3,737,071        (3,737,071            

Credit Suisse Securities (USA) LLC

     1,417,960        (1,417,960            

Deutsche Bank Securities, Inc.

     9,740,944        (9,740,944            

Goldman Sachs & Co. LLC

     38,365,120        (38,365,120            

HSBC Securities (USA), Inc.

     3,854,327        (3,854,327            

J.P. Morgan Securities LLC

     44,619,397        (44,619,397            

Jefferies LLC

     1,445,295        (1,445,295            

Morgan Stanley

     25,431,373        (25,431,373            

Nomura Securities International, Inc.

     1,541,897        (1,541,897            

Pershing LLC

     2,317,029        (2,317,029            

Scotia Capital (USA), Inc.

     1,355,277        (1,355,277            

State Street Bank & Trust Co.

     1,753,544        (1,753,544            

TD Securities (USA) LLC

     2,002,288        (2,002,288            

Toronto-Dominion Bank

     3,234,803        (3,234,803            

Wells Fargo Bank N.A.

     428,293        (428,293            

Wells Fargo Securities LLC

     3,115,434        (3,115,434            
  

 

 

    

 

 

   

 

 

   

 

 

 
   $ 213,403,897      $ (213,403,897   $     $  
  

 

 

    

 

 

   

 

 

   

 

 

 

 

 

116  

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Notes to Financial Statements  (continued)

 

 

 

iShares ETF and Counterparty

    

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

Aaa - A Rated Corporate Bond

         

Barclays Bank PLC

   $ 3,513,934      $ (3,513,934   $     $  

Barclays Capital, Inc.

     1,233,668        (1,233,668            

BMO Capital Markets Corp.

     1,800,466        (1,800,466            

BNP Paribas SA

     9,622,852        (9,622,852            

BofA Securities, Inc.

     4,880,721        (4,880,721            

Citadel Clearing LLC

     365,127        (365,127            

Citigroup Global Markets, Inc.

     2,292,062        (2,292,062            

Credit Suisse Securities (USA) LLC

     221,979        (221,979            

Deutsche Bank Securities, Inc.

     2,418,428        (2,418,428            

HSBC Securities (USA), Inc.

     676,018        (676,018            

J.P. Morgan Securities LLC

     8,973,058        (8,973,058            

Jefferies LLC

     115,479        (115,479            

Morgan Stanley

     5,797,632        (5,797,632            

Nomura Securities International, Inc.

     690,893        (690,893            

Pershing LLC

     1,087,752        (1,087,752            

RBC Capital Markets LLC

     8,272,721        (8,272,721            

Scotia Capital (USA), Inc.

     944,876        (944,876            

TD Securities (USA) LLC

     772,209        (772,209            

Toronto-Dominion Bank

     13,337        (13,337            

UBS AG

     486        (486            

Wells Fargo Bank N.A.

     393,143        (393,143            

Wells Fargo Securities LLC

     3,032,078        (3,032,078            
  

 

 

    

 

 

   

 

 

   

 

 

 
   $ 57,118,919      $ (57,118,919   $     $  
  

 

 

    

 

 

   

 

 

   

 

 

 

BB Rated Corporate Bond

         

Barclays Bank PLC

   $ 2,461,347      $ (2,461,347   $     $  

Barclays Capital, Inc.

     1,625,206        (1,625,206            

BMO Capital Markets Corp.

     329,574        (329,574            

BNP Paribas SA

     7,644,476        (7,644,476            

BofA Securities, Inc.

     2,548,073        (2,548,073            

Citadel Clearing LLC

     410,545        (410,545            

Citigroup Global Markets, Inc.

     57,151        (57,151            

Credit Suisse Securities (USA) LLC

     721,185        (721,185            

J.P. Morgan Securities LLC

     8,673,304        (8,673,304            

Jefferies LLC

     374,183        (374,183            

Nomura Securities International, Inc.

     103,614        (103,614            

Pershing LLC

     204,125        (204,125            

Scotia Capital (USA), Inc.

     1,626,046        (1,626,046            

State Street Bank & Trust Co.

     1,687,753        (1,687,753            

Toronto-Dominion Bank

     161,807        (161,807            

UBS Securities LLC

     24,940        (24,940            
  

 

 

    

 

 

   

 

 

   

 

 

 
   $ 28,653,329      $ (28,653,329   $     $  
  

 

 

    

 

 

   

 

 

   

 

 

 

Convertible Bond

         

Wells Fargo Bank N.A.

   $ 307,262      $ (307,262   $     $  
  

 

 

    

 

 

   

 

 

   

 

 

 

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  117


Notes to Financial Statements  (continued)

 

 

 

iShares ETF and Counterparty

    

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

Floating Rate Bond

         

Barclays Bank PLC

   $ 8,550,618      $ (8,550,618   $     $  

Barclays Capital, Inc.

     5,725,385        (5,725,385            

BMO Capital Markets Corp.

     3,447,132        (3,447,132            

BNP Paribas SA

     197,208        (197,208            

BofA Securities, Inc.

     7,770,798        (7,770,798            

Citigroup Global Markets, Inc.

     995,140        (995,140            

Credit Suisse Securities (USA) LLC

     11,595,967        (11,595,967            

Goldman Sachs & Co. LLC

     8,667,653        (8,667,653            

HSBC Securities (USA), Inc.

     1,101,990        (1,101,990            

J.P. Morgan Securities LLC

     49,026,563        (49,026,563            

Mitsubishi UFJ Securities Holdings Co., Ltd.

     20,258,355        (20,258,355            

Morgan Stanley

     37,644,349        (37,644,349            

Nomura Securities International, Inc.

     20,816,302        (20,816,302            

Pershing LLC

     2,040,408        (2,040,408            

RBC Capital Markets LLC

     28,025,442        (28,025,442            

TD Securities (USA) LLC

     499,430        (499,430            

Toronto-Dominion Bank

     496,975        (496,975            

Wells Fargo Securities LLC

     5,249,790        (5,249,790            
  

 

 

    

 

 

   

 

 

   

 

 

 
   $ 212,109,505      $ (212,109,505   $     $  
  

 

 

    

 

 

   

 

 

   

 

 

 

USD Green Bond

         

Barclays Capital, Inc.

   $ 6,687,537      $ (6,687,537   $     $  

BMO Capital Markets Corp.

     226,139        (226,139            

BNP Paribas SA

     178,914        (178,914            

BofA Securities, Inc.

     1,552,302        (1,552,302            

Citigroup Global Markets, Inc.

     804,962        (804,962            

J.P. Morgan Securities LLC

     4,571,884        (4,571,884            

Jefferies LLC

     862,561        (862,561            

Morgan Stanley

     208,640        (208,640            

Pershing LLC

     239,321        (239,321            

RBC Capital Markets LLC

     654,266        (654,266            

State Street Bank & Trust Co.

     280,258        (280,258            

TD Securities (USA) LLC

     2,361,563        (2,361,563            
  

 

 

    

 

 

   

 

 

   

 

 

 
   $ 18,628,347      $ (18,628,347   $     $  
  

 

 

    

 

 

   

 

 

   

 

 

 

 

  (a) 

Collateral received, if any, 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 Funds’ 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: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it 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, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree 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 (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations

 

 

118  

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Notes to Financial Statements  (continued)

 

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. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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 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, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. 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.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

 

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 of the following Funds, BFAis 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 Fees  

0-5 Year Investment Grade Corporate Bond

    0.06

Aaa - A Rated Corporate Bond

    0.15  

BB Rated Corporate Bond

    0.25  

Convertible Bond

    0.20  

Floating Rate Bond

    0.15  

USD Green Bond

    0.20  

 

 

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Notes to Financial Statements  (continued)

 

Effective December 15, 2021, for its investment advisory services to the iShares USD Green Bond ETF, BFA is entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 15, 2021, BFA was entitled to an annual investment advisory fee of 0.25%, 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, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares USD Green Bond ETF, BFA had contractually agreed to waive a portion of its investment advisory fee through March 1, 2022 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.20% of average daily net assets. The contractual waiver was discontinued on December 15, 2021.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts Waived    

USD Green Bond

  $ 15,224    

BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares BB Rated Corporate Bond ETF, BFA has elected to implement a voluntary fee waiver at an annual rate of 0.10% and currently intends to keep such voluntary fee waiver for the Fund through October 31, 2023. Effective March 8, 2022, for the iShares USD Green Bond ETF, BFA has elected to implement a voluntary fee waiver at an annual rate of 0.12% and currently intends to keep such voluntary fee waiver for the Fund in place for a one-year period through March 8, 2023. Any voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

 

   
iShares ETF   Amounts Waived    

BB Rated Corporate Bond

  $ 142,709    

USD Green Bond

    211,527    

Sub-Adviser: BFA has entered into separate sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited (together the “Sub-Advisers”), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to the iShares USD Green Bond ETF. Effective March 4, 2022, the sub-advisory agreement between BFA and BlackRock (Singapore) Limited was terminated.

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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

 

 

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Notes to Financial Statements  (continued)

 

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Amounts    

0-5 Year Investment Grade Corporate Bond

  $   133,851    

Aaa - A Rated Corporate Bond

    70,428    

BB Rated Corporate Bond

    16,854    

Convertible Bond

    380    

Floating Rate Bond

    288,695    

USD Green Bond

    15,744    

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, 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)

 

0-5 Year Investment Grade Corporate Bond

  $   23,884,649      $   3,944,405      $ (319,362

Aaa - A Rated Corporate Bond

    144,435                

BB Rated Corporate Bond

    176,689        4,703,726        (216,405

USD Green Bond

    196,063        603,361        (547,026

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

7.

PURCHASES AND SALES

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

 

     
iShares ETF   Purchases      Sales    

0-5 Year Investment Grade Corporate Bond

  $ 592,003,846      $ 550,221,559    

Aaa - A Rated Corporate Bond

    176,213,102        164,088,218    

BB Rated Corporate Bond

    33,706,689        34,039,675    

Convertible Bond

    287,088,904        310,274,228    

Floating Rate Bond

    3,434,128,478        3,207,310,032    

USD Green Bond

    259,738,710        252,883,429    

For the year ended October 31, 2022, in-kind transactions were as follows:

 

     
iShares ETF  

In-kind

Purchases

    

In-kind  

Sales  

 

0-5 Year Investment Grade Corporate Bond

  $  1,216,886,438      $  538,818,158    

Aaa - A Rated Corporate Bond

    547,407,178        699,687,336    

BB Rated Corporate Bond

    281,861,734        29,873,158    

Convertible Bond

    1,251,175,763        788,284,741    

Floating Rate Bond

    2,866,587,085        842,023,526    

USD Green Bond

    94,012,826        —    

 

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 each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, 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.

 

 

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Notes to Financial Statements  (continued)

 

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, 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)

 

0-5 Year Investment Grade Corporate Bond

  $ (5,225,891   $ 5,225,891  

Aaa - A Rated Corporate Bond

    (72,849,211     72,849,211  

BB Rated Corporate Bond

    (1,351,564     1,351,564  

Convertible Bond

    56,698,706       (56,698,706

Floating Rate Bond

    (4,458,598     4,458,598  

The tax character of distributions paid was as follows:

 

 

 
iShares ETF  

Year Ended

10/31/22

    

Year Ended

10/31/21

 

 

 

0-5 Year Investment Grade Corporate Bond

    

Ordinary income

  $ 43,850,920      $ 38,680,174  

Long-term capital gains

    3,170,676        308,455  
 

 

 

    

 

 

 
  $ 47,021,596      $ 38,988,629  
 

 

 

    

 

 

 

Aaa - A Rated Corporate Bond

    

Ordinary income

  $ 25,462,884      $ 26,862,436  
 

 

 

    

 

 

 

BB Rated Corporate Bond

    

Ordinary income

  $ 6,590,214      $ 4,026,444  

Long-term capital gains

    10,294         
 

 

 

    

 

 

 
  $ 6,600,508      $ 4,026,444  
 

 

 

    

 

 

 

Convertible Bond

    

Ordinary income

  $ 57,140,640      $ 26,673,704  

Long-term capital gains

    75,045,375        21,371,643  
 

 

 

    

 

 

 
  $ 132,186,015      $ 48,045,347  
 

 

 

    

 

 

 

Floating Rate Bond

    

Ordinary income

  $ 95,055,574      $ 28,120,691  
 

 

 

    

 

 

 

USD Green Bond

    

Ordinary income

  $ 6,645,338      $ 384,864  
 

 

 

    

 

 

 

As of October 31, 2022, 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  

0-5 Year Investment Grade Corporate Bond

  $ 6,321,842      $ (6,882,478   $ (201,632,186   $ (202,192,822

Aaa - A Rated Corporate Bond

    2,167,026        (10,700,298     (169,859,753     (178,393,025

BB Rated Corporate Bond

    1,318,373        (1,791,917     (17,221,391     (17,694,935

Convertible Bond

    7,325,957        (52,953,224     (389,882,388     (435,509,655

Floating Rate Bond

    36,549,602        (75,073,119     (84,423,362     (122,946,879

USD Green Bond

    912,376        (16,105,976     (37,956,905     (53,150,505

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities and dividends deemed recognized for tax purposes.

 

 

 

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Notes to Financial Statements  (continued)

 

As of October 31, 2022, 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)

 

0-5 Year Investment Grade Corporate Bond

  $   3,399,115,069      $ 2,355,412      $ (203,987,598   $ (201,632,186

Aaa - A Rated Corporate Bond

    990,786,157        469,558        (170,329,311     (169,859,753

BB Rated Corporate Bond

    373,052,461        438,999        (17,660,389     (17,221,390

Convertible Bond

    2,222,841,132        40,178,214        (430,060,602     (389,882,388

Floating Rate Bond

    9,479,644,424        1,729,510        (86,152,872     (84,423,362

USD Green Bond

    337,805,996        47,334        (38,003,897     (37,956,563

 

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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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.

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. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and

 

 

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Notes to Financial Statements  (continued)

 

receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. 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.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

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.

 

 

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Notes to Financial Statements  (continued)

 

Transactions in capital shares were as follows:

 

 

 
   

Year Ended

10/31/22

      

Year Ended

10/31/21

 
 

 

 

      

 

 

 
iShares ETF   Shares        Amount        Shares        Amount  

 

 

0-5 Year Investment Grade Corporate Bond

                

Shares sold

    25,450,000        $ 1,245,637,685          20,500,000        $ 1,062,825,693  

Shares redeemed

    (11,200,000        (557,621,546        (11,050,000        (572,040,001
 

 

 

      

 

 

      

 

 

      

 

 

 
    14,250,000        $ 688,016,139          9,450,000        $ 490,785,692  
 

 

 

      

 

 

      

 

 

      

 

 

 

Aaa - A Rated Corporate Bond

                

Shares sold

    11,250,000        $ 559,589,549          6,650,000        $ 378,876,822  

Shares redeemed

    (14,950,000        (715,166,498        (11,500,000        (652,850,617
 

 

 

      

 

 

      

 

 

      

 

 

 
    (3,700,000      $ (155,576,949        (4,850,000      $ (273,973,795
 

 

 

      

 

 

      

 

 

      

 

 

 

BB Rated Corporate Bond

                

Shares sold

    6,350,000        $ 287,526,706          1,500,000        $ 77,463,262  

Shares redeemed

    (650,000        (30,777,808        (1,150,000        (59,877,145
 

 

 

      

 

 

      

 

 

      

 

 

 
    5,700,000        $ 256,748,898          350,000        $ 17,586,117  
 

 

 

      

 

 

      

 

 

      

 

 

 

Convertible Bond

                

Shares sold

    17,350,000        $ 1,320,324,630          14,850,000        $ 1,483,986,664  

Shares redeemed

    (10,050,000        (806,767,555        (6,750,000        (663,473,631
 

 

 

      

 

 

      

 

 

      

 

 

 
    7,300,000        $ 513,557,075          8,100,000        $ 820,513,033  
 

 

 

      

 

 

      

 

 

      

 

 

 

Floating Rate Bond

                

Shares sold

    61,800,000        $ 3,125,726,196          39,500,000        $ 2,005,059,788  

Shares redeemed

    (17,400,000        (874,654,600        (11,800,000        (598,696,744
 

 

 

      

 

 

      

 

 

      

 

 

 
    44,400,000        $ 2,251,071,596          27,700,000        $ 1,406,363,044  
 

 

 

      

 

 

      

 

 

      

 

 

 

USD Green Bond

                

Shares sold

    1,900,000        $ 95,766,234          1,950,000        $ 108,214,385  
 

 

 

      

 

 

      

 

 

      

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

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.

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  125


Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of

iShares Trust and Shareholders of each of the six funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, 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 October 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 

  iShares

 

  iShares 0-5 Year Investment Grade Corporate Bond ETF

  iShares Aaa - A Rated Corporate Bond ETF

  iShares BB Rated Corporate Bond ETF

  iShares Convertible Bond ETF

  iShares Floating Rate Bond ETF

  iShares USD Green Bond ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

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Important Tax Information (unaudited)   

 

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended October 31, 2022:

 

   
iShares ETF  

Qualified Dividend  

Income  

 

Convertible Bond

  $ 3,452,876    

The Fund hereby designates the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

 

   
iShares ETF  

20% Rate Long-Term  

Capital Gain Dividends  

 

0-5 Year Investment Grade Corporate Bond

  $ 3,170,676    

BB Rated Corporate Bond

    10,294    

Convertible Bond

    75,045,375    

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned for the fiscal year ended October 31, 2022:

 

   
iShares ETF  

Foreign Source  

Income Earned  

 

USD Green Bond

  $ 3,189,715    

The Funds hereby designates the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

 

   
iShares ETF  

Federal Obligation  

Interest  

 

0-5 Year Investment Grade Corporate Bond

  $ 2,016    

Aaa - A Rated Corporate Bond

    612    

BB Rated Corporate Bond

    504    

Convertible Bond

    1,694    

Floating Rate Bond

    35,671    

USD Green Bond

    234    

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended October 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

 

   
iShares ETF  

Dividends-Received

Deduction

 

Convertible Bond

    11.84

The Funds hereby designates the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

 

   
iShares ETF   Interest Dividends    

0-5 Year Investment Grade Corporate Bond

  $ 44,182,049  

Aaa - A Rated Corporate Bond

    24,871,669  

BB Rated Corporate Bond

    6,599,315  

Convertible Bond

    26,635,576  

Floating Rate Bond

    114,495,776  

USD Green Bond

    5,262,066    

 

 

I M P O R T A N T   T A X   I N F O R M A T I O N

  127


Important Tax Information (unaudited) (continued)   

 

The Funds hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

 

   
iShares ETF  

Interest-Related    

Dividends    

0-5 Year Investment Grade Corporate Bond

    $38,485,214    

Aaa - A Rated Corporate Bond

    21,491,250  

BB Rated Corporate Bond

    6,477,858  

Convertible Bond

    26,635,576  

Floating Rate Bond

    71,403,591  

USD Green Bond

    2,595,716  

 

 

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Board Review and Approval of Investment Advisory Contract  

 

iShares 0-5Year Investment Grade Corporate Bond ETF, iShares Aaa - A Rated Corporate Bond ETF, iShares BB Rated Corporate Bond ETF, iShares Convertible Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

 

 

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T

  129


Board Review and Approval of Investment Advisory Contract  (continued)

 

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U. S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

iShares Floating Rate Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

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  131


Board Review and Approval of Investment Advisory Contract  (continued)

 

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares USD Green Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited for sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

 

 

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Supplemental Information (unaudited)

 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2022

 

     
    

Total Cumulative Distributions

for the Fiscal Year

    

% Breakdown of the Total Cumulative

Distributions for the Fiscal Year

 
  

 

 

    

 

 

 
iShares ETF   

Net

Investment

Income

    

Net Realized

Capital Gains

    

Return of

Capital

    

Total Per

Share

    

Net

Investment

Income

   

Net Realized

Capital Gains

   

Return of

Capital

   

Total Per

Share

 

0-5 Year Investment Grade Corporate Bond

   $  0.818518      $ 0.069093      $      $  0.887611        92     8         100

Aaa - A Rated Corporate Bond

     1.195701                      1.195701        100                   100  

BB Rated Corporate Bond(a)

     2.119198        0.161986        0.000013        2.281197        93       7       0 (b)      100  

Convertible Bond

     1.298892        5.851040               7.149932        18       82             100  

Floating Rate Bond

     0.524591                      0.524591        100                   100  

USD Green Bond

     1.250009                      1.250009        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.

 
  (b) 

Rounds to less than 1%.

 

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

 

 

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Trustee and Officer Information (unaudited)

 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

 

Interested Trustees
       
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Robert S. Kapito(a)

(65)

   Trustee (since 2009).    President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).    Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji(b)

(52)

   Trustee (since 2019).    Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).    Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

 

(a) 

Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

 
(b) 

Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

 

 

Independent Trustees
       
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee
John E. Kerrigan (67)    Trustee (since 2005); Independent Board Chair (since 2022).    Chief Investment Officer, Santa Clara University (since 2002).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)    Trustee (since 2015); Risk Committee Chair (since 2016).    Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).    Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)    Trustee (since 2017); Audit Committee Chair (since 2019).    Partner, KPMG LLP (2002-2016).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

 

 

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Trustee and Officer Information  (unaudited) (continued)

 

Independent Trustees (continued)
       
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee
Cecilia H. Herbert (73)    Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).    Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)    Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)    Trustee (since 2003); Securities Lending Committee Chair (since 2019).    Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).    Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)    Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).    Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).    Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

 

Officers
     
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

Armando Senra (51)    President (since 2019).    Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)    Treasurer and Chief Financial Officer (since 2020).    Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)    Chief Compliance Officer (since 2006).    Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)    Secretary (since 2022).    Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (52)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

 

 

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Trustee and Officer Information  (unaudited) (continued)

 

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

 

 

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General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
CMT    Constant Maturity Treasury
LIBOR    London Interbank Offered Rate
PIK    Payment-in-kind
PJSC    Public Joint Stock Company
RB    Revenue Bond
REIT    Real Estate Investment Trust
SOFR    Secured Overnight Financing Rate

 

 

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Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, or Markit Indices Limited, 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.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1004-1022

 

 

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