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