LOGO

  APRIL 30, 2022

 

   

 

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

·  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

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and 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 invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. 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 is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

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

Sincerely,

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of April 30, 2022  
 
       6-Month       12-Month  
 

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

    (9.65)     0.21%   
 

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

    (18.38)       (16.87)     
 

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

    (11.80)       (8.15)     
 

Emerging market equities
(MSCI Emerging Markets Index)

    (14.15)       (18.33)     
 

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

    0.07        0.08      
 

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

    (10.29)       (8.86)     
 

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

    (9.47)       (8.51)     
 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (7.90)       (7.88)     
 

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

    (7.40)       (5.22)     
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  

Fund Summary

     4  

About Fund Performance

     8  

Shareholder Expenses

     8  

Schedules of Investments

     9  

Financial Statements

  

Statements of Assets and Liabilities

     62  

Statements of Operations

     63  

Statements of Changes in Net Assets

     64  

Financial Highlights

     66  

Notes to Financial Statements

     70  

Statement Regarding Liquidity Risk Management Program

     78  

Supplemental Information

     79  

General Information

     80  

Glossary of Terms Used in this Report

     81  

 

 

 


Fund Summary as of April 30, 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  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (12.15 )%       (10.26 )%       1.48      2.37       (10.26 )%       7.61      26.38

Fund Market

    (12.35      (10.63      1.42        2.28         (10.63      7.32        25.28  

Index

    (12.10      (10.17      1.59        2.51               (10.17      8.21        28.08  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.    

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(11/01/21)

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
  Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized
Expense
Ratio
 
 
 
   

$      1,000.00

       $         878.50          $        0.70               $      1,000.00          $      1,024.10          $        0.75          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY MATURITY

 

   
Maturity   Percent of    
Total Investments(a)

1-5 Years

  38.6%

5-10 Years

  25.8   

10-15 Years

  5.3   

15-20 Years

  7.1   

More than 20 Years

  23.2   

TEN LARGEST HOLDINGS

 

   
Security   Percent of    
Total Investments(a)

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

  0.3%

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

  0.2   

Wells Fargo & Co., 5.01%, 04/04/51

  0.2   

Amazon.com Inc., 1.20%, 06/03/27

  0.2   

Wells Fargo & Co., 4.61%, 04/25/53

  0.2   

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

  0.2   

HSBC Holdings PLC, 4.04%, 03/13/28

  0.2   

Citigroup Inc., 4.41%, 03/31/31

  0.2   

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

  0.2   

International Business Machines Corp., 3.00%, 05/15/24

  0.2   

 

  (a) 

Excludes money market funds.

 

 

 

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2 0 2 2   I S H A R E S   S E M I - 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 April 30, 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  
     6 Months     1 Year    

Since

Inception

           1 Year     Since
Inception
 

Fund NAV

    (8.10 )%            (5.85 )%      (0.56 )%        (5.85 )%      (0.87 )% 

Fund Market

    (8.52     (6.28     (0.74       (6.28     (1.16

Index

    (7.99     (5.67     (0.32             (5.67     (0.50

The inception date of the Fund was 10/6/20. The first day of secondary market trading was 10/8/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA BB US High Yield Constrained Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA BB US High Yield Constrained Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA BB US High Yield Constrained Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)      

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
   

$      1,000.00      

       $         919.00          $        0.71               $      1,000.00          $      1,024.10          $        0.75          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY MATURITY

 

   
Maturity   Percent of    
Total Investments(a)

0-1 Year

  0.3%

1-5 Years

  31.0   

5-10 Years

  58.6   

10-15 Years

  4.2   

15-20 Years

  1.5   

More than 20 Years

  4.4   

TEN LARGEST HOLDINGS

 

   
Security   Percent of    
Total Investments(a)
Sprint Corp., 7.88%, 09/15/23   0.6%
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27   0.5   
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26   0.5   
Centene Corp., 4.63%, 12/15/29   0.5   
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29   0.4   
HCA Inc., 5.38%, 02/01/25   0.4   
Intesa Sanpaolo SpA, 5.02%, 06/26/24   0.4   
Sprint Capital Corp., 6.88%, 11/15/28   0.4   
HCA Inc., 3.50%, 09/01/30   0.4   
Centene Corp., 4.25%, 12/15/27   0.4   
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of April 30, 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  
     6 Months      1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    (18.74 )%       (17.19 )%       12.99      10.76       (17.19 )%       84.17      102.75

Fund Market

    (19.18      (17.45      12.78        10.69         (17.45      82.48        101.89  

Index

    (18.65      (16.96      13.54        11.34               (16.96      88.66        110.04  

The inception date of the Fund was 6/2/15. The first day of secondary market trading was 6/4/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)       

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
   

$      1,000.00      

       $         812.60          $      0.90               $      1,000.00          $      1,023.80          $      1.00          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY MATURITY

 

   
Maturity   Percent of    
Total Investments(a)

0-1 Year

  4.8%

1-5 Years

  81.3   

5-10 Years

  11.2   

10-15 Years

  0.2   

15-20 Years

  0.2   

More than 20 Years

  2.3   

TEN LARGEST HOLDINGS

 

   
Security   Percent of    
Total Investments(a)
Palo Alto Networks Inc., 0.38%, 06/01/25   1.7%
Palo Alto Networks Inc., 0.75%, 07/01/23   1.6   
Pioneer Natural Resources Co., 0.25%, 05/15/25   1.3   
Southwest Airlines Co., 1.25%, 05/01/25   1.2   
DISH Network Corp., 3.38%, 08/15/26   1.1   
Ford Motor Co. , 03/15/26   1.1   
Sea Ltd., 0.25%, 09/15/26   1.0   
MongoDB Inc., 0.25%, 01/15/26   0.9   
DexCom Inc., 0.75%, 12/01/23   0.8   
DISH Network Corp. , 12/15/25   0.8   
  (a) 

Excludes money market funds.

 

 

 

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2 0 2 2   I S H A R E S   S E M I - 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 April 30, 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  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (0.31 )%       (0.13 )%       1.49      1.30       (0.13 )%       7.65      13.83

Fund Market

    (0.34      (0.06      1.50        1.29         (0.06      7.70        13.64  

Index

    (0.23      0.04        1.77        1.53               0.04        9.17        16.45  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.    

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)       

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
   

$      1,000.00      

       $         996.90          $      0.74               $        1,000.00          $      1,024.10          $        0.75          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

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

Aaa

  12.6%

Aa

  13.3   

A

  54.9   

Baa

  15.1   

Ba

  0.3   

Not Rated

  3.8   

ALLOCATION BY MATURITY

 

   
Maturity   Percent of    
Total Investments(a)

0-1 Year

  22.9%

1-5 Years

  76.7   

5-10 Years

  0.4   

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


About Fund Performance

 

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

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

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

Shareholder Expenses

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

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

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

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

 

 

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2 0 2 2   I S H A R E S   S E M I - 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  (unaudited)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   

Aerospace & Defense — 0.9%

   

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)

  $     165     $ 150,185  

1.88%, 08/15/23 (Call 06/15/23)

    277       273,814  

2.13%, 08/15/26 (Call 05/15/26)

    425       400,388  

2.25%, 06/01/31 (Call 03/01/31)(a)

    155       136,818  

2.38%, 11/15/24 (Call 09/15/24)

    90       88,150  

2.63%, 11/15/27 (Call 08/15/27)(a)

    353       334,905  

2.85%, 06/01/41 (Call 12/01/40)

    320       259,722  

3.25%, 04/01/25 (Call 03/01/25)

    475       473,708  

3.38%, 05/15/23 (Call 04/15/23)

    82       82,635  

3.50%, 05/15/25 (Call 03/15/25)

    462       463,497  

3.50%, 04/01/27 (Call 02/01/27)

    487       482,763  

3.60%, 11/15/42 (Call 05/14/42)(a)

    278       250,598  

3.63%, 04/01/30 (Call 01/01/30)(a)

    540       531,301  

3.75%, 05/15/28 (Call 02/15/28)

    412       410,649  

4.25%, 04/01/40 (Call 10/01/39)

    449       443,639  

4.25%, 04/01/50 (Call 10/01/49)(a)

    207       206,354  

Lockheed Martin Corp.

   

2.80%, 06/15/50 (Call 12/15/49)

    464       359,141  

2.90%, 03/01/25 (Call 12/01/24)

    545       545,093  

3.55%, 01/15/26 (Call 10/15/25)

    894       901,000  

3.60%, 03/01/35 (Call 09/01/34)

    333       315,204  

3.80%, 03/01/45 (Call 09/01/44)

    610       564,000  

3.90%, 06/15/32

    210       208,509  

4.07%, 12/15/42

    668       642,629  

4.09%, 09/15/52 (Call 03/15/52)

    811       781,058  

4.15%, 06/15/53

    300       291,144  

4.30%, 06/15/62

    300       293,046  

4.50%, 05/15/36 (Call 11/15/35)

    210       215,599  

4.70%, 05/15/46 (Call 11/15/45)(a)

    593       627,074  

Series B, 6.15%, 09/01/36

    55       65,076  
   

 

 

 
            10,797,699  
Agriculture — 0.8%            

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    523       502,629  

2.70%, 09/15/51 (Call 03/15/51)(a)

    365       282,379  

2.90%, 03/01/32 (Call 12/01/31)

    560       513,638  

3.25%, 03/27/30 (Call 12/27/29)

    655       624,811  

4.50%, 03/15/49 (Call 09/15/48)

    198       205,585  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    405       363,795  

1.13%, 05/01/23

    380       373,985  

1.50%, 05/01/25 (Call 04/01/25)

    510       481,379  

1.75%, 11/01/30 (Call 08/01/30)

    10       8,180  

2.10%, 05/01/30 (Call 02/01/30)

    251       214,613  

2.13%, 05/10/23 (Call 03/10/23)

    333       331,495  

2.75%, 02/25/26 (Call 11/25/25)

    514       498,045  

2.88%, 05/01/24 (Call 04/01/24)

    340       338,773  

3.13%, 08/17/27 (Call 05/17/27)

    195       187,857  

3.13%, 03/02/28 (Call 12/02/27)(a)

    255       242,362  

3.25%, 11/10/24

    767       765,558  

3.38%, 08/11/25 (Call 05/11/25)

    250       248,233  

3.38%, 08/15/29 (Call 05/15/29)

    289       273,015  

3.60%, 11/15/23

    259       261,885  

3.88%, 08/21/42

    335       279,648  

4.13%, 03/04/43

    389       334,956  

4.25%, 11/10/44(a)

    603       528,698  

4.38%, 11/15/41

    421       377,595  
Security  

Par

(000)

    Value  

Agriculture (continued)

   

4.50%, 03/20/42

  $ 371     $ 338,222  

4.88%, 11/15/43

    392       372,674  

6.38%, 05/16/38

    730       825,959  
   

 

 

 
              9,775,969  
Airlines — 0.3%            

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

    300       266,490  

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

    32       28,780  

JetBlue Pass Through Trust

   

Series 1A, Class A, 4.00%, 11/15/32

    280       268,327  

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

    234       210,026  

United Airlines Pass Through Trust

   

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

    267       248,862  

Series 2016-2, Class AA, 2.88%, 04/07/30

    214       198,067  

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

    507       471,716  

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

    222       196,337  

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

      1,402       1,419,406  
   

 

 

 
      3,308,011  
Apparel — 0.4%            

NIKE Inc.

   

2.25%, 05/01/23 (Call 02/01/23)

    427       426,539  

2.38%, 11/01/26 (Call 08/01/26)

    605       579,021  

2.40%, 03/27/25 (Call 02/27/25)

    638       623,371  

2.75%, 03/27/27 (Call 01/27/27)(a)

    566       546,371  

2.85%, 03/27/30 (Call 12/27/29)

    717       668,810  

3.25%, 03/27/40 (Call 09/27/39)

    467       414,990  

3.38%, 11/01/46 (Call 05/01/46)

    260       230,121  

3.38%, 03/27/50 (Call 09/27/49)

    715       629,186  

3.63%, 05/01/43 (Call 11/01/42)

    242       221,527  

3.88%, 11/01/45 (Call 05/01/45)(a)

    470       447,327  

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

    520       474,193  
   

 

 

 
      5,261,456  
Auto Manufacturers — 1.8%            

American Honda Finance Corp.

   

0.55%, 07/12/24

    67       63,247  

0.65%, 09/08/23

    158       153,456  

0.88%, 07/07/23

    245       239,860  

1.00%, 09/10/25

    560       515,407  

1.20%, 07/08/25

    290       269,778  

1.30%, 09/09/26(a)

    535       485,962  

1.50%, 01/13/25

    500       476,170  

1.80%, 01/13/31(a)

    50       42,038  

1.95%, 05/10/23

    543       538,656  

2.00%, 03/24/28

    420       379,415  

2.15%, 09/10/24

    465       453,054  

2.25%, 01/12/29

    450       404,141  

2.30%, 09/09/26(a)

    376       356,335  

2.35%, 01/08/27

    382       360,142  

2.40%, 06/27/24

    246       242,544  

2.90%, 02/16/24

    634       631,312  

3.45%, 07/14/23

    70       70,508  

3.50%, 02/15/28(a)

    396       389,260  

3.55%, 01/12/24(a)

    68       68,486  

3.63%, 10/10/23

    529       533,565  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    357       327,594  

1.50%, 09/01/30 (Call 06/01/30)(a)

    203       166,407  

2.60%, 09/01/50 (Call 03/01/50)

    370       260,006  

 

 

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

  9


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Auto Manufacturers (continued)

   

3.65%, 10/01/23 (Call 07/01/23)

  $ 462     $ 465,913  

4.88%, 10/01/43 (Call 04/01/43)

    270       273,567  

Daimler Finance North America LLC, 8.50%, 01/18/31

    245       315,636  

Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31)(a)

    500       454,820  

Toyota Motor Corp.

   

0.68%, 03/25/24 (Call 02/25/24)

    645       616,504  

1.34%, 03/25/26 (Call 02/25/26)

    631       580,955  

2.36%, 07/02/24(a)

    265       260,768  

2.36%, 03/25/31 (Call 12/25/30)(a)

    270       241,369  

2.76%, 07/02/29

    350       326,165  

3.42%, 07/20/23

    35       35,265  

3.67%, 07/20/28

    16       15,918  

Toyota Motor Credit Corp.

   

0.50%, 08/14/23

    145       141,014  

0.50%, 06/18/24

    555       525,052  

0.63%, 09/13/24(a)

    200       188,646  

0.80%, 10/16/25

    410       375,130  

0.80%, 01/09/26

    70       63,562  

1.13%, 06/18/26

    805       731,093  

1.15%, 08/13/27(a)

    360       316,282  

1.35%, 08/25/23

    227       223,084  

1.45%, 01/13/25(a)

    360       342,860  

1.65%, 01/10/31

    480       397,402  

1.80%, 02/13/25(a)

    558       534,145  

1.90%, 01/13/27(a)

    510       473,458  

1.90%, 04/06/28

    270       243,643  

1.90%, 09/12/31

    155       130,391  

2.00%, 10/07/24

    285       277,165  

2.15%, 02/13/30

    220       194,663  

2.25%, 10/18/23

      1,285       1,273,679  

2.90%, 04/17/24(a)

    653       650,662  

3.00%, 04/01/25

    758       748,775  

3.05%, 03/22/27

    400       388,980  

3.05%, 01/11/28

    310       300,012  

3.20%, 01/11/27

    552       542,550  

3.35%, 01/08/24

    316       317,864  

3.38%, 04/01/30(a)

    450       432,176  

3.40%, 04/14/25

    60       60,025  

3.45%, 09/20/23

    968       975,899  

3.65%, 01/08/29

    150       147,704  
   

 

 

 
            22,010,139  
Auto Parts & Equipment — 0.1%            

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)

    561       491,700  

3.63%, 06/15/24 (Call 03/15/24)

    689       691,122  

4.15%, 10/01/25 (Call 07/01/25)

    478       484,501  
   

 

 

 
      1,667,323  
Banks — 33.9%            

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

    710       716,752  

Banco Bilbao Vizcaya Argentaria SA

   

0.88%, 09/18/23(a)

    500       483,375  

1.13%, 09/18/25

    630       571,819  

Banco Santander SA

   

0.70%, 06/30/24 (Call 06/30/23)(b)

    300       290,013  

1.72%, 09/14/27 (Call 09/14/26)(b)

    480       422,741  

1.85%, 03/25/26

    905       823,152  

2.71%, 06/27/24

    875       857,797  

2.75%, 05/28/25

    970       926,583  
Security  

Par

(000)

    Value  

Banks (continued)

   

2.96%, 03/25/31

  $ 410     $ 354,338  

3.31%, 06/27/29(a)

    505       466,241  

3.49%, 05/28/30

    448       407,913  

3.80%, 02/23/28

    608       578,573  

4.18%, 03/24/28 (Call 03/24/27)(b)

    600       582,840  

4.25%, 04/11/27

    205       201,784  

4.38%, 04/12/28

    668       652,683  

Bank of America Corp.

   

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

    35       33,852  

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

    456       437,883  

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

    385       363,956  

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

    496       462,029  

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

    560       505,585  

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

    697       638,738  

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

    230       225,830  

1.53%, 12/06/25 (Call 11/06/25), (SOFR + 0.650%)(b)

    180       168,734  

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

    85       76,293  

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

    645       624,218  

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

    850       691,152  

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

    660       624,188  

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

    645       561,543  

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

      1,030       851,522  

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

    457       440,310  

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

    1,045       898,397  

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

    750       692,235  

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

    890       751,854  

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

    689       596,998  

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

    725       543,221  

2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.880%)(b)

    1,185               1,019,183  

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

    360       262,166  

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

    560       499,817  

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

    985       858,940  

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

    400       296,520  

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

    653       640,071  

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

    771       704,756  

3.25%, 10/21/27 (Call 10/21/26)

    719       684,833  

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

    750       617,280  

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

    535       523,433  

3.38%, 04/02/26 (Call 04/02/25)(b)

    500       489,240  

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

    1,312       1,241,795  

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

    890       883,076  

3.50%, 04/19/26

    690       677,697  

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

    752       730,613  

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

    509       488,523  

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

    500       483,285  

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

    710       690,383  

3.84%, 04/25/25 (Call 04/27/24)(a)(b)

    1,000       999,040  

 

 

10  

2 0 2 2   I S H A R E S   S E M I - 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  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

3.86%, 07/23/24 (Call 07/23/23),

   

(3 mo. LIBOR US + 0.940%)(b)

  $ 525     $ 526,192  

3.88%, 08/01/25

    438       440,260  

3.95%, 01/23/49 (Call 01/23/48),

   

(3 mo. LIBOR US + 1.19%)(b)

    309       275,217  

3.97%, 03/05/29 (Call 03/05/28),

   

(3 mo. LIBOR US + 1.070%)(b)

    654       634,884  

3.97%, 02/07/30 (Call 02/07/29),

   

(3 mo. LIBOR US + 1.210%)(b)

    635       613,302  

4.00%, 04/01/24

    935       948,165  

4.08%, 04/23/40 (Call 04/23/39),

   

(3 mo. LIBOR US + 1.320%)(b)

    503       462,780  

4.08%, 03/20/51 (Call 03/20/50),

   

(3 mo. LIBOR US + 1.315%)(b)

    1,203               1,083,723  

4.10%, 07/24/23(a)

    489       496,936  

4.13%, 01/22/24

    802       813,653  

4.24%, 04/24/38 (Call 04/24/37),

   

(3 mo. LIBOR US + 1.814%)(b)

    373       355,230  

4.27%, 07/23/29 (Call 07/23/28),

   

(3 mo. LIBOR US + 1.310%)(b)

    878       863,364  

4.33%, 03/15/50 (Call 03/15/49),

   

(3 mo. LIBOR US + 1.15%)(b)

    699       662,841  

4.38%, 04/27/28 (Call 04/27/27)(b)

    910       908,553  

4.44%, 01/20/48 (Call 01/20/47),

   

(3 mo. LIBOR US + 1.990%)(b)

    510       486,152  

4.57%, 04/27/33 (Call 04/27/32)(b)

    790       786,619  

4.88%, 04/01/44

    250       251,208  

5.00%, 01/21/44

    502       512,386  

5.88%, 02/07/42

    453       512,728  

Series N, 1.66%, 03/11/27 (Call 03/11/26),

   

(SOFR + 0.910%)(b)

    710       643,658  

Series N, 2.65%, 03/11/32 (Call 03/11/31),

   

(SOFR + 1.220%)(b)

    431       370,117  

Series N, 3.48%, 03/13/52 (Call 03/11/51),

   

(SOFR + 1.650%)(b)

    330       271,075  

Bank of America N.A., 6.00%, 10/15/36

    366       409,715  

Bank of Montreal

   

0.40%, 09/15/23

    185       178,710  

0.45%, 12/08/23

    408       391,219  

0.63%, 07/09/24

    610       574,626  

0.75%, 01/10/25, (SOFR + 0.465%)(b)

    400       395,856  

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

    635       570,313  

1.25%, 09/15/26

      1,030       920,047  

1.50%, 01/10/25

    225       212,900  

1.85%, 05/01/25

    442       419,622  

2.15%, 03/08/24

    300       293,961  

2.50%, 06/28/24(a)

    485       476,600  

2.65%, 03/08/27

    300       281,355  

Series E, 3.30%, 02/05/24

    583       583,764  

Bank of New York Mellon Corp. (The)

   

0.35%, 12/07/23 (Call 11/07/23)

    100       96,103  

0.50%, 04/26/24 (Call 03/26/24)

    200       190,318  

0.75%, 01/28/26 (Call 12/28/25)

    290       263,210  

1.05%, 10/15/26 (Call 09/15/26)(a)

    370       332,819  

1.60%, 04/24/25 (Call 03/24/25)

    609       578,020  

1.65%, 07/14/28 (Call 05/14/28)(a)

    210       186,428  

1.65%, 01/28/31 (Call 10/28/30)

    230       192,639  

1.80%, 07/28/31 (Call 04/28/31)(a)

    300       249,591  

2.05%, 01/26/27 (Call 12/26/26)(a)

    100       93,555  

2.10%, 10/24/24

    496       484,666  
Security  

Par

(000)

    Value  

Banks (continued)

   

2.20%, 08/16/23 (Call 06/16/23)

  $ 513     $ 508,881  

2.45%, 08/17/26 (Call 05/17/26)

    508       488,036  

2.80%, 05/04/26 (Call 02/04/26)

    402       392,577  

3.00%, 10/30/28 (Call 07/30/28)

    216       201,426  

3.25%, 09/11/24 (Call 08/11/24)

    376       376,293  

3.25%, 05/16/27 (Call 02/16/27)

    198       194,737  

3.30%, 08/23/29 (Call 05/23/29)

    445       421,749  

3.35%, 04/25/25

    200       199,602  

3.40%, 05/15/24 (Call 04/15/24)(a)

    486       489,135  

3.40%, 01/29/28 (Call 10/29/27)

    448       439,107  

3.44%, 02/07/28 (Call 02/07/27),

   

(3 mo. LIBOR US + 1.069%)(b)

    566       557,323  

3.45%, 08/11/23

    245       246,950  

3.85%, 04/28/28

    165       165,358  

3.85%, 04/26/29

    200       198,058  

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

    551       556,604  

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

    483       479,431  

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

    410       387,782  

Bank of Nova Scotia (The)

   

0.40%, 09/15/23

    100       96,754  

0.55%, 09/15/23

    292       282,609  

0.65%, 07/31/24

    255       239,335  

0.70%, 04/15/24

    475       451,701  

1.05%, 03/02/26

    465       417,463  

1.30%, 06/11/25

    125       116,018  

1.30%, 09/15/26

    575       514,458  

1.35%, 06/24/26

    400       361,076  

1.45%, 01/10/25

    595       562,251  

1.63%, 05/01/23

    510       504,349  

1.95%, 02/02/27

    510       464,992  

2.15%, 08/01/31(a)

    545       457,304  

2.20%, 02/03/25

    761       732,531  

2.45%, 02/02/32

    500       425,410  

2.70%, 08/03/26(a)

    464       442,489  

3.40%, 02/11/24(a)

    636       637,119  

3.45%, 04/11/25

      1,000       988,650  

Barclays PLC, 3.75%, 05/15/24

    385       385,766  

BPCE SA

   

3.38%, 12/02/26

    540       524,599  

4.00%, 04/15/24

    760       766,794  

Canadian Imperial Bank of Commerce

   

0.45%, 06/22/23

    110       107,161  

0.50%, 12/14/23

    530       508,853  

0.95%, 06/23/23

    244       238,944  

0.95%, 10/23/25

    445       404,140  

1.00%, 10/18/24

    845       794,342  

1.25%, 06/22/26

    340       303,606  

2.25%, 01/28/25

    898       864,909  

3.10%, 04/02/24(a)

    1,030               1,025,056  

3.50%, 09/13/23

    547       550,665  

Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23)(a)

    545       549,387  

Citigroup Inc.

   

0.78%, 10/30/24 (Call 09/30/23), (SOFR + 0.686%)(b)

    1,155       1,106,351  

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

    830       782,541  

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

    430       383,723  

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

    340       318,213  

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

    1,341       1,193,262  

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

    653       643,577  

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

    735       695,016  

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

    845       705,389  

 

 

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

  11


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

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

  $   1,370     $         1,157,760  

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

    1,703       1,463,149  

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

    1,101       959,026  

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

    600       457,212  

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

    1,038       928,647  

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

    1,375       1,202,465  

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

    1,160       1,091,688  

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

    1,648       1,597,143  

3.20%, 10/21/26 (Call 07/21/26)

    1,329       1,280,585  

3.29%, 03/17/26 (Call 03/17/25)(b)

    500       487,855  

3.30%, 04/27/25

    539       532,925  

3.35%, 04/24/25 (Call 04/24/24),

   

(3 mo. LIBOR US + 0.897%)(b)

    1,513       1,491,077  

3.40%, 05/01/26

    955       930,924  

3.52%, 10/27/28 (Call 10/27/27),

   

(3 mo. LIBOR US + 1.151%)(b)

    1,136       1,080,347  

3.67%, 07/24/28 (Call 07/24/27),

   

(3 mo. LIBOR US + 1.390%)(b)

    1,179       1,133,998  

3.70%, 01/12/26

    770       761,522  

3.75%, 06/16/24

    376       378,756  

3.79%, 03/17/33 (Call 03/17/32)(b)

    800       740,424  

3.88%, 10/25/23(a)

    540       547,506  

3.88%, 01/24/39 (Call 01/22/38),

   

(3 mo. LIBOR US + 1.168%)(b)

    521       473,313  

3.89%, 01/10/28 (Call 01/10/27),

   

(3 mo. LIBOR US + 1.563%)(b)

    1,164       1,134,504  

3.98%, 03/20/30 (Call 03/20/29),

   

(3 mo. LIBOR US + 1.338%)(b)

    165       158,382  

4.04%, 06/01/24 (Call 06/01/23),

   

(3 mo. LIBOR US + 1.023%)(a)(b)

    744       748,107  

4.08%, 04/23/29 (Call 04/23/28),

   

(3 mo. LIBOR US + 1.192%)(b)

    939       913,102  

4.28%, 04/24/48 (Call 04/24/47),

   

(3 mo. LIBOR US + 1.839%)(b)

    426       401,637  

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

    1,949       1,904,933  

4.65%, 07/30/45

    619       602,510  

4.65%, 07/23/48 (Call 06/23/48)(a)

    1,228       1,214,603  

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

    640       678,022  

5.88%, 01/30/42

    495       552,752  

8.13%, 07/15/39

    908       1,251,978  

Comerica Bank, 2.50%, 07/23/24

    255       249,801  

Comerica Inc.

   

3.70%, 07/31/23 (Call 07/01/23)

    573       576,747  

4.00%, 02/01/29 (Call 10/31/28)

    595       592,477  

Cooperatieve Rabobank U.A./New York

   

0.38%, 01/12/24

    465       443,852  

1.38%, 01/10/25(a)

    450       427,203  

3.38%, 05/21/25

    780       775,437  

5.25%, 05/24/41

    396       450,985  

Credit Suisse AG/New York NY

   

0.50%, 02/02/24

    185       176,068  

1.00%, 05/05/23

    365       358,397  

1.25%, 08/07/26

    1,065       941,897  

2.95%, 04/09/25

    1,100       1,069,101  

3.63%, 09/09/24

    1,175       1,172,861  

Credit Suisse USA Inc., 3.70%, 02/21/25

    1,200       1,188,720  

Deutsche Bank AG/New York NY

   

0.90%, 05/28/24

    470       443,666  

0.96%, 11/08/23

    805       775,762  

1.69%, 03/19/26

    450       410,909  
Security  

Par

(000)

    Value  

Banks (continued)

   

Fifth Third Bank NA

   

2.25%, 02/01/27 (Call 01/01/27)

  $ 695     $ 651,319  

3.95%, 07/28/25 (Call 06/28/25)

    765       774,310  

Goldman Sachs Group Inc. (The)

   

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

    140       134,610  

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

    92       83,985  

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

    500       480,870  

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

    525       469,948  

1.22%, 12/06/23 (Call 12/06/22)

    500       485,925  

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

      1,570               1,403,972  

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

    882       778,974  

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

    300       289,962  

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

    1,125       1,010,149  

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

    410       331,419  

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

    1,747       1,447,075  

2.60%, 02/07/30 (Call 11/07/29)(a)

    881       765,025  

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

    1,395       1,181,133  

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

    750       690,292  

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

    1,320       1,114,357  

2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.430%)(b)

    562       434,842  

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

    1,330       1,162,606  

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

    697       561,705  

3.27%, 09/29/25 (Call 09/29/24),

   

(3 mo. LIBOR US + 1.201%)(b)

    1,112       1,094,430  

3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.513%)(b)

    500       413,380  

3.50%, 01/23/25 (Call 10/23/24)

    1,179       1,169,061  

3.50%, 04/01/25 (Call 03/01/25)

    1,528       1,509,664  

3.50%, 11/16/26 (Call 11/16/25)

    1,556       1,519,652  

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

    1,000       962,420  

3.63%, 02/20/24 (Call 01/20/24)

    926       927,491  

3.69%, 06/05/28 (Call 06/05/27),

   

(3 mo. LIBOR US + 1.510%)(b)

    1,330       1,275,510  

3.75%, 05/22/25 (Call 02/22/25)(a)

    954       950,117  

3.75%, 02/25/26 (Call 11/25/25)

    740       734,842  

3.80%, 03/15/30 (Call 12/15/29)

    1,138       1,075,808  

3.81%, 04/23/29 (Call 04/23/28),

   

(3 mo. LIBOR US + 1.158%)(b)

    568       545,331  

3.85%, 07/08/24 (Call 04/08/24)

    1,112       1,118,861  

3.85%, 01/26/27 (Call 01/26/26)

    1,317       1,288,711  

4.00%, 03/03/24

    1,308       1,320,164  

4.02%, 10/31/38 (Call 10/31/37),

   

(3 mo. LIBOR US + 1.373%)(b)

    1,003       918,818  

4.22%, 05/01/29 (Call 05/01/28),

   

(3 mo. LIBOR US + 1.301%)(b)

    1,532       1,498,664  

4.41%, 04/23/39 (Call 04/23/38),

   

(3 mo. LIBOR US + 1.430%)(b)

    615       587,743  

4.75%, 10/21/45 (Call 04/21/45)

    760       752,354  

4.80%, 07/08/44 (Call 01/08/44)

    793       786,672  

6.13%, 02/15/33

    543       605,157  

6.25%, 02/01/41

    1,069       1,246,368  

HSBC Bank USA N.A., 7.00%, 01/15/39

    235       293,609  

HSBC Holdings PLC

   

0.73%, 08/17/24 (Call 08/17/23), (SOFR + 0.534%)(b)

    500       481,670  

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

    825       774,865  

1.00%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)(b)

    1,065       917,615  

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

    315       302,104  

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

    1,050       933,513  

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

    1,828       1,694,245  

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

    500       436,305  

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

    1,230       1,149,423  

 

 

12  

2 0 2 2   I S H A R E S   S E M I - 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  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

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

  $ 1,165     $         1,053,043  

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

    855       709,881  

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

    1,155       1,112,253  

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

    785       659,502  

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

    735       635,025  

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

      1,100       917,928  

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

    560       539,829  

3.60%, 05/25/23

    760       766,825  

3.80%, 03/11/25 (Call 03/11/24),

   

(3 mo. LIBOR US + 1.211%)(b)

    1,200       1,194,660  

3.90%, 05/25/26

    1,285       1,265,969  

3.95%, 05/18/24 (Call 05/18/23),

   

(3 mo. LIBOR US + 0.987%)(b)

    795       798,371  

3.97%, 05/22/30 (Call 05/22/29),

   

(3 mo. LIBOR US + 1.610%)(b)

    1,178       1,114,694  

4.04%, 03/13/28 (Call 03/13/27),

   

(3 mo. LIBOR US + 1.546%)(b)

    1,988       1,927,943  

4.29%, 09/12/26 (Call 09/15/25),

   

(3 mo. LIBOR US + 1.348%)(b)

    1,210       1,203,163  

4.30%, 03/08/26

    1,692       1,695,773  

4.58%, 06/19/29 (Call 06/19/28),

   

(3 mo. LIBOR US + 1.535%)(b)

    973       955,846  

4.95%, 03/31/30

    1,378       1,391,656  

6.10%, 01/14/42

    320       362,723  

HSBC USA Inc., 3.50%, 06/23/24

    495       495,198  

Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)

    505       507,717  

ING Groep NV

   

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

    470       423,705  

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

    213       182,130  

3.55%, 04/09/24

    445       444,061  

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

    300       296,733  

3.95%, 03/29/27

    795       777,025  

4.02%, 03/28/28 (Call 03/28/27)(b)

    300       291,345  

4.05%, 04/09/29

    505       485,800  

4.10%, 10/02/23

    817       825,064  

4.25%, 03/28/33 (Call 03/28/32)(b)

    300       287,121  

4.55%, 10/02/28

    770       765,773  

JPMorgan Chase & Co.

   

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

    150       142,133  

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

    65       62,865  

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

    85       79,404  

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

    365       343,137  

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

    60       53,434  

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

    110       98,793  

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

    710       631,147  

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

    250       245,945  

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

    700       659,092  

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

    825       746,064  

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

    140       112,983  

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

    339       276,851  

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

    360       339,336  

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

    180       157,687  

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

    1,230       1,157,602  

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

    321       288,714  

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

    540       518,535  

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

    885       768,738  

2.53%, 11/19/41 (Call 11/19/40), (SOFR + 2.460%)(b)

    290       215,325  

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

    725       615,206  

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

    745       641,140  
Security  

Par

(000)

    Value  

Banks (continued)

   

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

  $ 550     $           529,215  

2.70%, 05/18/23 (Call 03/18/23)

    727       726,215  

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

    915       812,200  

2.95%, 10/01/26 (Call 07/01/26)

    692       663,351  

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

    595       560,419  

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

    606       532,922  

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

    570       502,204  

3.11%, 04/22/41 (Call 04/22/40), (SOFR + 1.38%)(a)(b)

    465       374,957  

3.11%, 04/22/51 (Call 04/22/50), (SOFR + 1.220%)(b)

    210       161,906  

3.13%, 01/23/25 (Call 10/23/24)

    855       846,749  

3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.440%)(b)

    440       357,082  

3.20%, 06/15/26 (Call 03/15/26)

    675       658,935  

3.22%, 03/01/25 (Call 03/01/24),

   

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

    685       678,157  

3.30%, 04/01/26 (Call 01/01/26)

    683       667,872  

3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.510%)(b)

    975       778,820  

3.38%, 05/01/23

    199       200,077  

3.51%, 01/23/29 (Call 01/23/28),

   

(3 mo. LIBOR US + 0.945%)(b)

    290       276,260  

3.54%, 05/01/28 (Call 05/01/27),

   

(3 mo. LIBOR US + 1.380%)(b)

    778       747,355  

3.56%, 04/23/24 (Call 04/23/23),

   

(3 mo. LIBOR US + 0.730%)(b)

    792       793,109  

3.63%, 05/13/24

    890       897,405  

3.63%, 12/01/27 (Call 12/01/26)

    277       267,593  

3.70%, 05/06/30 (Call 05/06/29),

   

(3 mo. LIBOR US + 1.160%)(b)

    836       793,815  

3.78%, 02/01/28 (Call 02/01/27),

   

(3 mo. LIBOR US + 1.337%)(b)

    649       630,718  

3.80%, 07/23/24 (Call 07/23/23),

   

(3 mo. LIBOR US + 0.890%)(a)(b)

    546       548,184  

3.88%, 02/01/24

    629       637,642  

3.88%, 09/10/24

    830       834,167  

3.88%, 07/24/38 (Call 07/24/37),

   

(3 mo. LIBOR US + 1.360%)(b)

    691       635,126  

3.90%, 07/15/25 (Call 04/15/25)(a)

    657       660,449  

3.90%, 01/23/49 (Call 01/23/48),

   

(3 mo. LIBOR US + 1.460%)(b)

    465       410,558  

3.96%, 01/29/27 (Call 01/29/26),

   

(3 mo. LIBOR US + 1.245%)(b)

    60       59,386  

3.96%, 11/15/48 (Call 11/15/47),

   

(3 mo. LIBOR US + 1.360%)(b)

    925       825,387  

4.01%, 04/23/29 (Call 04/23/28),

   

(3 mo. LIBOR US + 1.120%)(b)

    640       624,275  

4.02%, 12/05/24 (Call 12/05/23),

   

(3 mo. LIBOR US + 1.000%)(b)

    435       436,962  

4.03%, 07/24/48 (Call 07/24/47),

   

(3 mo. LIBOR US + 1.580%)(b)

    463       417,607  

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

    960       958,205  

4.13%, 12/15/26

    480       477,422  

4.20%, 07/23/29 (Call 07/23/28),

   

(3 mo. LIBOR US + 1.260%)(b)

    870       854,975  

4.25%, 10/01/27

    460       457,318  

4.26%, 02/22/48 (Call 02/22/47),

   

(3 mo. LIBOR US + 1.580%)(b)

    548       513,690  

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

      1,000       997,110  

4.45%, 12/05/29 (Call 12/05/28),

   

(3 mo. LIBOR US + 1.330%)(b)

    715       710,631  

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

    135       134,536  

4.59%, 04/26/33 (Call 04/26/32)(b)

    95       95,523  

 

 

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

  13


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

 

4.85%, 02/01/44(a)

  $ 268     $ 271,564  

4.95%, 06/01/45

    555       556,437  

5.40%, 01/06/42

    354       380,794  

5.50%, 10/15/40

    350       380,608  

5.60%, 07/15/41

    463       508,328  

5.63%, 08/16/43(a)

    255       276,104  

6.40%, 05/15/38(a)

    552       654,622  

7.63%, 10/15/26

    420       479,090  

8.00%, 04/29/27

    184       213,808  

KeyBank N.A./Cleveland OH

   

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

    415       403,459  

3.30%, 06/01/25

    602       597,328  

Lloyds Banking Group PLC

   

0.70%, 05/11/24 (Call 05/11/23),

   

(1 year CMT + 0.550%)(b)

    115       111,671  

1.63%, 05/11/27 (Call 05/11/26)(b)

    435       390,147  

2.44%, 02/05/26 (Call 02/05/25)(b)

    290       277,002  

3.57%, 11/07/28 (Call 11/07/27),

   

(3 mo. LIBOR US + 1.205%)(b)

    685       650,812  

3.75%, 01/11/27

    730       710,998  

3.75%, 03/18/28 (Call 03/18/27)(b)

    500       482,700  

3.87%, 07/09/25 (Call 07/09/24)(b)

    739       737,633  

3.90%, 03/12/24

    505       506,141  

4.05%, 08/16/23

    728       735,171  

4.38%, 03/22/28

    740       730,661  

4.45%, 05/08/25

    845       853,349  

4.55%, 08/16/28

    565       564,378  

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

    449       451,523  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)

    520       511,654  

3.40%, 08/17/27

    705       683,575  

Mitsubishi UFJ Financial Group Inc.

   

0.85%, 09/15/24 (Call 09/15/23)(b)

    615       593,075  

0.95%, 07/19/25 (Call 07/19/24)(b)

    700       657,307  

0.96%, 10/11/25 (Call 10/11/24)(b)

    475       442,719  

1.41%, 07/17/25

    865       799,104  

1.54%, 07/20/27 (Call 07/20/26)(b)

    905       810,880  

1.64%, 10/13/27 (Call 10/13/26)(b)

    780       696,127  

2.05%, 07/17/30

    455       378,687  

2.19%, 02/25/25

      1,175               1,126,273  

2.31%, 07/20/32 (Call 07/20/31)(b)

    990       825,056  

2.34%, 01/19/28 (Call 01/19/27)(b)

    615       564,066  

2.49%, 10/13/32 (Call 10/13/31)(b)

    410       344,724  

2.56%, 02/25/30(a)

    559       488,236  

2.76%, 09/13/26

    360       340,564  

2.80%, 07/18/24

    480       472,334  

2.85%, 01/19/33 (Call 01/19/32)(b)

    615       532,442  

3.20%, 07/18/29

    955       877,960  

3.29%, 07/25/27(a)

    547       524,409  

3.41%, 03/07/24

    753       752,450  

3.68%, 02/22/27(a)

    627       615,137  

3.74%, 03/07/29

    860       826,030  

3.75%, 07/18/39

    610       553,758  

3.76%, 07/26/23

    368       371,496  

3.78%, 03/02/25

    159       159,817  

3.84%, 04/17/26 (Call 04/17/25)(b)

    500       498,130  

3.85%, 03/01/26

    635       629,729  

3.96%, 03/02/28

    567       554,821  

4.05%, 09/11/28

    676       658,836  

4.08%, 04/19/28 (Call 04/19/27)(b)

    500       493,710  
Security  

Par

(000)

    Value  

Banks (continued)

 

4.15%, 03/07/39

  $ 186     $ 177,403  

4.29%, 07/26/38

    55       53,535  

4.32%, 04/19/33(a)

    500       490,155  

Mizuho Financial Group Inc.

   

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

    550       530,315  

1.23%, 05/22/27 (Call 05/22/26)(b)

    435       384,984  

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

    310       302,163  

1.55%, 07/09/27 (Call 07/09/26)(b)

    650       580,846  

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

    215       175,833  

2.17%, 05/22/32 (Call 05/22/31)(b)

    325       267,092  

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

    460       385,259  

2.23%, 05/25/26 (Call 05/25/25),

   

(3 mo. LIBOR US + 0.830%)(b)

    440       416,011  

2.26%, 07/09/32 (Call 07/09/31)(a)(b)

    355       293,755  

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

    250       242,488  

2.59%, 05/25/31 (Call 05/25/30),

   

(3 mo. LIBOR US + 1.070%)(b)

    255       221,758  

2.65%, 05/22/26 (Call 05/22/25)(a)(b)

    350       336,672  

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

    25       24,469  

2.84%, 09/13/26

    220       208,208  

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

    325       291,831  

3.15%, 07/16/30 (Call 07/16/29),

   

(3 mo. LIBOR US + 1.130%)(b)

    385       353,461  

3.17%, 09/11/27(a)

    396       374,806  

3.26%, 05/22/30 (Call 05/22/29)(b)

    375       347,224  

3.66%, 02/28/27

    562       549,046  

3.92%, 09/11/24 (Call 09/11/23),

   

(3 mo. LIBOR US + 1.000%)(a)(b)

    295       296,387  

4.02%, 03/05/28

    490       480,504  

4.25%, 09/11/29 (Call 09/11/28),

   

(3 mo. LIBOR US + 1.270%)(b)

    425       417,393  

Morgan Stanley

   

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

    460       448,049  

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

    802       762,550  

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

    565       528,371  

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

    1,487       1,327,832  

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

    1,500       1,401,585  

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

    1,082       965,945  

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

    47       42,401  

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

    550       441,062  

1.93%, 04/28/32 (Call 01/28/32), (SOFR + 1.020%)(b)

    1,063       858,213  

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

    510       481,578  

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

    1,340       1,109,440  

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

    970       892,895  

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

    995       837,979  

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

    650       625,761  

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

      1,096       964,612  

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

    1,298       1,263,992  

2.80%, 01/25/52 (Call 07/25/51), (SOFR + 1.430%)(b)

    535       389,298  

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

    735       641,420  

3.13%, 07/27/26

    1,428               1,368,838  

3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.431%)(a)(b)

    1,042       854,346  

3.59%, 07/22/28 (Call 07/22/27),

   

(3 mo. LIBOR US + 1.340%)(b)

    1,470       1,409,113  

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

    1,120       1,113,885  

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

    630       590,461  

3.63%, 01/20/27

    1,503       1,466,312  

3.70%, 10/23/24(a)

    1,528       1,531,774  

3.74%, 04/24/24 (Call 04/24/23),

   

(3 mo. LIBOR US + 0.847%)(b)

    1,497       1,496,790  

 

 

14  

2 0 2 2   I S H A R E S   S E M I - 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  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

3.77%, 01/24/29 (Call 01/24/28),

   

(3 mo. LIBOR US + 1.140%)(b)

  $ 1,057     $ 1,020,047  

3.88%, 01/27/26

    1,666       1,654,105  

3.97%, 07/22/38 (Call 07/22/37),

   

(3 mo. LIBOR US + 1.455%)(b)

    1,059       977,372  

4.00%, 07/23/25

    1,477       1,479,230  

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

    795       789,085  

4.30%, 01/27/45

    985       927,466  

4.38%, 01/22/47

      1,080       1,033,873  

4.43%, 01/23/30 (Call 01/23/29),

   

(3 mo. LIBOR US + 1.628%)(b)

    437       434,116  

4.46%, 04/22/39 (Call 04/22/38),

   

(3 mo. LIBOR US + 0.408%)(b)

    420       413,074  

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

    826       940,021  

6.25%, 08/09/26

    620       671,299  

6.38%, 07/24/42

    892       1,075,128  

7.25%, 04/01/32

    846       1,015,462  

Series F, 3.88%, 04/29/24

    1,616               1,627,619  

Series I, 0.86%, 10/21/25 (Call 10/21/24),

   

(SOFR + 0.745%)(b)

    510       473,479  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26

    705       673,085  

3.38%, 01/14/26

    580       575,128  

3.63%, 06/20/23

    40       40,404  

National Bank of Canada

   

0.55%, 11/15/24 (Call 11/15/23)(b)

    785       751,284  

0.75%, 08/06/24

    735       690,643  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)(a)

    555       482,634  

3.15%, 05/03/29 (Call 02/03/29)

    400       383,824  

3.65%, 08/03/28 (Call 05/03/28)

    410       408,327  

3.95%, 10/30/25

    700       709,436  

PNC Bank N.A.

   

2.70%, 10/22/29

    590       531,248  

2.95%, 02/23/25 (Call 01/23/25)

    370       366,282  

3.10%, 10/25/27 (Call 09/25/27)(a)

    275       266,591  

3.25%, 06/01/25 (Call 05/02/25)

    260       258,656  

3.25%, 01/22/28 (Call 12/23/27)

    350       339,119  

3.30%, 10/30/24 (Call 09/30/24)

    420       418,748  

3.80%, 07/25/23 (Call 06/25/23)

    275       277,291  

3.88%, 04/10/25 (Call 03/10/25)

    295       295,817  

4.05%, 07/26/28

    595       590,734  

4.20%, 11/01/25 (Call 10/01/25)

    290       294,660  

2.50%, 08/27/24 (Call 07/27/24)

    345       337,941  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)

    450       407,817  

2.20%, 11/01/24 (Call 10/02/24)

    441       430,385  

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

    638       549,911  

2.55%, 01/22/30 (Call 10/24/29)

    620       554,912  

2.60%, 07/23/26 (Call 05/24/26)(a)

    625       600,231  

3.15%, 05/19/27 (Call 04/19/27)

    450       438,174  

3.45%, 04/23/29 (Call 01/23/29)(a)

    711       684,025  

3.50%, 01/23/24 (Call 12/24/23)

    750       754,492  

3.90%, 04/29/24 (Call 03/29/24)

    407       411,624  

Royal Bank of Canada

   

0.43%, 01/19/24(a)

    130       124,615  

0.50%, 10/26/23

    611       589,804  

0.65%, 07/29/24

    667       627,313  

0.75%, 10/07/24

    765       717,975  

0.88%, 01/20/26(a)

    15       13,466  
Security  

Par

(000)

    Value  

Banks (continued)

   

1.15%, 06/10/25

  $ 772     $ 713,969  

1.15%, 07/14/26

    405       363,107  

1.20%, 04/27/26

    720       650,124  

1.40%, 11/02/26

    530       477,085  

1.60%, 01/21/25(a)

    225       213,480  

2.05%, 01/21/27(a)

    690       635,718  

2.25%, 11/01/24

    793       770,503  

2.30%, 11/03/31

    685       582,757  

2.55%, 07/16/24

    330       324,235  

3.38%, 04/14/25

    300       296,823  

3.63%, 05/04/27(a)

    1,000       981,820  

3.70%, 10/05/23

    866       875,491  

3.88%, 05/04/32

    1,000       960,460  

4.65%, 01/27/26(a)

    463       472,306  

Santander UK PLC, 4.00%, 03/13/24(a)

    1,215       1,228,158  

State Street Corp.

   

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

    325       297,268  

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

    355       329,618  

2.20%, 03/03/31

    387       328,679  

2.35%, 11/01/25 (Call 11/01/24)(b)

    458       444,736  

2.40%, 01/24/30(a)

    355       318,687  

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

    425       375,662  

2.65%, 05/19/26

    375       364,515  

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

    225       205,778  

3.10%, 05/15/23

    481       483,294  

3.30%, 12/16/24(a)

    673       673,774  

3.55%, 08/18/25

    319       319,603  

3.70%, 11/20/23

    704       711,800  

3.78%, 12/03/24 (Call 12/03/23),

   

(3 mo. LIBOR US + 0.770%)(b)

    260       262,296  

4.14%, 12/03/29 (Call 12/03/28),

   

(3 mo. LIBOR US + 1.030%)(b)

    245       246,299  

Sumitomo Mitsui Banking Corp.

   

3.40%, 07/11/24(a)

    200       199,384  

3.65%, 07/23/25

    55       54,622  

3.95%, 07/19/23

    485       489,312  

3.95%, 01/10/24(a)

    335       338,762  

Sumitomo Mitsui Financial Group Inc.

   

0.95%, 01/12/26

    260       232,931  

1.40%, 09/17/26

    780       695,573  

1.47%, 07/08/25

    325       301,399  

1.71%, 01/12/31

    830       663,685  

1.90%, 09/17/28

    645       554,726  

2.13%, 07/08/30

    325       273,130  

2.17%, 01/14/27

    50       45,859  

2.22%, 09/17/31

    505       418,524  

2.30%, 01/12/41

    290       210,441  

2.35%, 01/15/25

    815       783,272  

2.45%, 09/27/24

    242       235,069  

2.47%, 01/14/29

    265       235,007  

2.63%, 07/14/26

    959       906,485  

2.70%, 07/16/24

    465       455,719  

2.72%, 09/27/29(a)

    405       362,151  

2.75%, 01/15/30(a)

    900       800,343  

3.01%, 10/19/26

    760       726,248  

3.04%, 07/16/29

      1,184               1,084,059  

3.05%, 01/14/42

    260       211,611  

3.35%, 10/18/27

    465       446,935  

3.36%, 07/12/27

    839       809,123  

3.45%, 01/11/27

    852       825,503  

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

3.54%, 01/17/28

  $ 445     $ 428,588  

3.75%, 07/19/23

    510       514,080  

3.78%, 03/09/26

    339       334,915  

3.94%, 10/16/23

    419       423,249  

3.94%, 07/19/28

    236       230,131  

4.31%, 10/16/28(a)

    205       203,518  

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

    580       587,412  

Toronto-Dominion Bank (The)

   

0.30%, 06/02/23

    25       24,380  

0.45%, 09/11/23

    165       159,756  

0.55%, 03/04/24

    115       109,633  

0.70%, 09/10/24

    30       28,261  

0.75%, 06/12/23

    160       156,581  

0.75%, 09/11/25(a)

    572       520,955  

0.75%, 01/06/26(a)

    867       779,502  

1.15%, 06/12/25

    695       645,398  

1.20%, 06/03/26

    470       423,973  

1.25%, 12/13/24

    155       147,090  

1.25%, 09/10/26

    160       143,458  

1.45%, 01/10/25(a)

    800       758,496  

1.95%, 01/12/27

    800       734,696  

2.00%, 09/10/31

    315       262,449  

2.35%, 03/08/24

    200       196,944  

2.45%, 01/12/32

    380       326,017  

2.65%, 06/12/24

    730       721,576  

2.80%, 03/10/27

    200       190,114  

3.20%, 03/10/32

    700       638,883  

3.25%, 03/11/24

    716       716,508  

3.50%, 07/19/23

    908       915,754  

3.63%, 09/15/31 (Call 09/15/26)(a)(b)

    397       387,686  

Truist Bank

   

1.50%, 03/10/25 (Call 02/10/25)

    215       204,072  

2.15%, 12/06/24 (Call 11/06/24)

    150       145,634  

2.25%, 03/11/30 (Call 12/11/29)

    762       659,991  

2.64%, 09/17/29 (Call 09/17/24)(b)

    437       423,182  

2.75%, 05/01/23 (Call 04/01/23)

    256       255,488  

3.20%, 04/01/24 (Call 03/01/24)

    388       387,922  

3.30%, 05/15/26 (Call 04/15/26)

    30       29,445  

3.63%, 09/16/25 (Call 08/16/25)

    695       691,685  

3.69%, 08/02/24 (Call 08/02/23),

   

(3 mo. LIBOR US + 0.735%)(a)(b)

    155       155,944  

3.80%, 10/30/26 (Call 09/30/26)(a)

    302       299,789  

4.05%, 11/03/25 (Call 09/03/25)

    164       166,829  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    405       352,370  

1.20%, 08/05/25 (Call 07/03/25)

    160       148,544  

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

    762       692,826  

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

    695       608,556  

1.95%, 06/05/30 (Call 03/05/30)

    263       225,241  

2.50%, 08/01/24 (Call 07/01/24)

    530       520,259  

2.85%, 10/26/24 (Call 09/26/24)

    860       849,714  

3.70%, 06/05/25 (Call 05/05/25)

    570       571,436  

3.75%, 12/06/23 (Call 11/06/23)

    125       126,266  

3.88%, 03/19/29 (Call 02/19/29)

    473                 459,671  

4.00%, 05/01/25 (Call 03/01/25)

        502       507,562  

U.S. Bancorp.

   

1.38%, 07/22/30 (Call 04/22/30)

    255       208,649  

1.45%, 05/12/25 (Call 04/12/25)

    679       640,474  

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

    330       306,755  

2.40%, 07/30/24 (Call 06/30/24)

    707       694,140  
Security  

Par

(000)

    Value  

Banks (continued)

   

2.49%, 11/03/36 (Call 11/03/31)(b)

  $ 600     $ 505,038  

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

    255       226,029  

3.00%, 07/30/29 (Call 04/30/29)(a)

    412       383,020  

3.10%, 04/27/26 (Call 03/27/26)

    698       682,728  

3.38%, 02/05/24 (Call 01/05/24)

    726       728,810  

3.60%, 09/11/24 (Call 08/11/24)

    887       891,737  

3.70%, 01/30/24 (Call 12/29/23)

    492       497,127  

3.90%, 04/26/28 (Call 03/26/28)

    440       440,770  

3.95%, 11/17/25 (Call 10/17/25)

    665       675,394  

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

    929       885,105  

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

    774       754,905  

U.S. Bank N.A./Cincinnati OH

   

2.05%, 01/21/25 (Call 12/21/24)

    150       145,083  

2.80%, 01/27/25 (Call 12/27/24)(a)

    464       458,348  

3.40%, 07/24/23 (Call 06/23/23)

    485       489,181  

Wachovia Corp., 5.50%, 08/01/35

    360       375,037  

Wells Fargo & Co.

   

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

    505       475,493  

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

    1,365       1,341,972  

2.16%, 02/11/26 (Call 02/11/25),

   

(3 mo. LIBOR US + 0.750%)(b)

    1,070       1,014,948  

2.19%, 04/30/26 (Call 04/29/25), (SOFR + 2.000%)(b)

    640       604,640  

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

    795       722,313  

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

    945       908,542  

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

    430       377,101  

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

    1,115       1,000,601  

3.00%, 02/19/25(a)

    1,117       1,097,910  

3.00%, 04/22/26

    1,419       1,364,056  

3.00%, 10/23/26

    1,310       1,251,417  

3.07%, 04/30/41 (Call 04/29/40), (SOFR + 2.530%)(b)

    1,208       977,079  

3.20%, 06/17/27 (Call 06/17/26),

   

(3 mo. LIBOR US + 1.170%)(b)

    917       878,138  

3.30%, 09/09/24

    990       986,208  

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

    1,000       908,920  

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

    655       630,582  

3.55%, 09/29/25

    973       966,646  

3.58%, 05/22/28 (Call 05/22/27),

   

(3 mo. LIBOR US + 1.310%)(b)

    1,274       1,223,129  

3.75%, 01/24/24 (Call 12/24/23)(a)

    1,414       1,425,171  

3.90%, 05/01/45

    790       710,723  

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

    1,540       1,529,559  

4.10%, 06/03/26

    889       885,177  

4.13%, 08/15/23

    391       395,583  

4.15%, 01/24/29 (Call 10/24/28)

    1,075       1,059,036  

4.30%, 07/22/27

    936       934,091  

4.40%, 06/14/46(a)

    840       780,931  

4.48%, 01/16/24

    671       683,615  

4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)(b)

    586       585,420  

4.61%, 04/25/53(b)

        2,040       2,011,583  

4.65%, 11/04/44

    787       750,735  

4.75%, 12/07/46

    831       812,136  

4.90%, 11/17/45

    638       626,599  

5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)(b)

    2,077               2,160,599  

5.38%, 11/02/43

    825       860,805  

5.61%, 01/15/44

    610       651,090  

Wells Fargo Bank N.A.

   

5.85%, 02/01/37

    330       367,307  

5.95%, 08/26/36

    600       666,738  

6.60%, 01/15/38

    348       422,723  

 

 

16  

2 0 2 2   I S H A R E S   S E M I - 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  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

Westpac Banking Corp.

   

1.02%, 11/18/24

  $ 375     $ 355,553  

1.15%, 06/03/26

    150       135,869  

1.95%, 11/20/28

    555       490,231  

2.15%, 06/03/31

    540       460,868  

2.35%, 02/19/25

    228       221,757  

2.65%, 01/16/30

    505       460,151  

2.70%, 08/19/26

    535       514,007  

2.85%, 05/13/26

    720       698,818  

3.30%, 02/26/24

    826       830,006  

3.35%, 03/08/27

    690       676,379  

3.40%, 01/25/28

    615       597,128  

3.65%, 05/15/23

    568       573,958  
   

 

 

 
          408,660,105  
Beverages — 2.1%            

Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)

    405       395,973  

Coca-Cola Co. (The)

   

1.00%, 03/15/28

    115       99,591  

1.38%, 03/15/31

    184       150,350  

1.45%, 06/01/27(a)

    745       677,525  

1.50%, 03/05/28

    246       220,268  

1.65%, 06/01/30

    770       654,777  

1.75%, 09/06/24(a)

    269       263,615  

2.00%, 03/05/31

    270       233,056  

2.13%, 09/06/29

    748       669,602  

2.25%, 01/05/32

      1,345       1,180,587  

2.50%, 06/01/40(a)

    434       348,085  

2.50%, 03/15/51

    508       375,194  

2.60%, 06/01/50

    670       506,969  

2.75%, 06/01/60(a)

    497       365,722  

2.88%, 05/05/41

    355       296,592  

2.90%, 05/25/27

    494       481,739  

3.00%, 03/05/51

    1,049       859,467  

3.38%, 03/25/27

    341       340,339  

3.45%, 03/25/30

    695       677,569  

4.20%, 03/25/50

    295       297,357  

Coca-Cola Femsa SAB de CV

   

1.85%, 09/01/32 (Call 06/01/32)

    150       119,390  

2.75%, 01/22/30 (Call 10/22/29)

    490       440,838  

5.25%, 11/26/43

    335       349,894  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    475       444,353  

2.00%, 04/29/30 (Call 01/29/30)

    535       465,562  

2.13%, 10/24/24 (Call 09/24/24)

    480       466,277  

2.13%, 04/29/32 (Call 01/29/32)

    425       362,351  

2.38%, 10/24/29 (Call 07/24/29)(a)

    480       432,850  

3.50%, 09/18/23 (Call 08/18/23)

    100       100,691  

3.88%, 05/18/28 (Call 02/18/28)(a)

    60       60,299  

3.88%, 04/29/43 (Call 10/29/42)(a)

    286       265,611  

5.88%, 09/30/36

    369       429,859  

Diageo Investment Corp., 4.25%, 05/11/42(a)

    248       240,726  

Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49)

    930       744,316  

PepsiCo Inc.

   

0.40%, 10/07/23

    345       334,885  

0.75%, 05/01/23(a)

    502       494,073  

1.40%, 02/25/31 (Call 11/25/30)

    520       429,083  

1.63%, 05/01/30 (Call 02/01/30)

    495       422,532  

1.95%, 10/21/31 (Call 07/21/31)(a)

    545       467,550  

2.25%, 03/19/25 (Call 02/19/25)(a)

    1,139       1,112,199  
Security  

Par

(000)

    Value  

Beverages (continued)

   

2.38%, 10/06/26 (Call 07/06/26)

  $ 227     $ 217,947  

2.63%, 03/19/27 (Call 01/19/27)

    135       130,031  

2.63%, 07/29/29 (Call 04/29/29)

    658       614,796  

2.63%, 10/21/41 (Call 04/21/41)(a)

    315       255,790  

2.75%, 04/30/25 (Call 01/30/25)

    722       713,863  

2.75%, 03/19/30 (Call 12/19/29)

    892       829,453  

2.75%, 10/21/51 (Call 04/21/51)

    630       497,517  

2.85%, 02/24/26 (Call 11/24/25)

    797       782,901  

2.88%, 10/15/49 (Call 04/15/49)

    615       500,063  

3.00%, 10/15/27 (Call 07/15/27)(a)

    358       350,636  

3.38%, 07/29/49 (Call 01/29/49)

    249       218,597  

3.45%, 10/06/46 (Call 04/06/46)

    561       500,356  

3.50%, 07/17/25 (Call 04/17/25)

    796       801,644  

3.60%, 03/01/24 (Call 12/01/23)

    561       567,137  

3.63%, 03/19/50 (Call 09/19/49)

    499       463,102  

3.88%, 03/19/60 (Call 09/19/59)

    200       190,158  

4.00%, 05/02/47 (Call 11/02/46)(a)

    200       195,416  

7.00%, 03/01/29

    50       59,757  
   

 

 

 
          25,166,880  
Chemicals — 0.7%            

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)

    470       440,724  

1.85%, 05/15/27 (Call 03/15/27)

    476       438,058  

2.05%, 05/15/30 (Call 02/15/30)

    505       443,016  

2.70%, 05/15/40 (Call 11/15/39)

    492       397,777  

2.80%, 05/15/50 (Call 11/15/49)

    468       364,024  

Ecolab Inc.

   

0.90%, 12/15/23 (Call 12/15/22)

    300       290,748  

1.30%, 01/30/31 (Call 10/30/30)

    345       279,802  

1.65%, 02/01/27 (Call 01/01/27)

    220       202,365  

2.13%, 02/01/32 (Call 11/01/31)(a)

    350       300,367  

2.13%, 08/15/50 (Call 02/15/50)(a)

    430       290,710  

2.70%, 11/01/26 (Call 08/01/26)

    845       817,436  

2.70%, 12/15/51 (Call 06/15/51)(a)

    110       83,244  

2.75%, 08/18/55 (Call 02/18/55)

    345       254,407  

3.25%, 12/01/27 (Call 09/01/27)(a)

    142       139,384  

4.80%, 03/24/30 (Call 12/24/29)(a)

    357       377,163  

EI du Pont de Nemours and Co.

   

1.70%, 07/15/25 (Call 06/15/25)

    408       385,091  

2.30%, 07/15/30 (Call 04/15/30)(a)

    327       289,768  

Linde Inc./CT

   

1.10%, 08/10/30 (Call 05/10/30)

    690       564,344  

3.20%, 01/30/26 (Call 10/30/25)(a)

    396       392,804  

3.55%, 11/07/42 (Call 05/07/42)(a)

    327       299,705  

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

    75       68,212  

3.75%, 03/15/28 (Call 12/15/27)

    683       681,415  

Washington University (The)

   

3.52%, 04/15/54

    200       176,492  

4.35%, 04/15/2122

    200       175,862  
   

 

 

 
      8,152,918  
Commercial Services — 1.2%            

American University (The), Series 2019, 3.67%, 04/01/49

    303       267,070  

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

    986       810,867  

1.70%, 05/15/28 (Call 03/15/28)

    155       139,674  

3.38%, 09/15/25 (Call 06/15/25)

        901       905,424  

 

 

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

  17


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® Aaa - A Rated Corporate Bond  ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Commercial Services (continued)

 

Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)

  $ 265     $ 217,658  

California Institute of Technology, 3.65%, 09/01/2119 (Call 03/01/2119)

    185       140,902  

Cintas Corp., 4.00%, 05/01/32

    100       99,185  

Cintas Corp. No. 2

   

3.45%, 05/01/25 (Call 04/01/25)

    75       74,765  

3.70%, 04/01/27 (Call 01/01/27)

    283       281,333  

Duke University, Series 2020, 2.83%, 10/01/55(a)

    315       243,646  

Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69)

    315       220,963  

George Washington University (The), Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

    141       136,533  

Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47)

    419       398,792  

Massachusetts Institute of Technology

   

3.89%, 07/01/2116

    313       271,102  

4.68%,

    260       270,080  

5.60%, (a)

    283       350,337  

Series F, 2.99%, 07/01/50 (Call 01/01/50)

    175       148,243  

Northwestern University, 4.64%, 12/01/44

    279       294,356  

PayPal Holdings Inc.

   

1.35%, 06/01/23

    145       143,089  

1.65%, 06/01/25 (Call 05/01/25)

    195       184,581  

2.30%, 06/01/30 (Call 03/01/30)

    545       476,673  

2.40%, 10/01/24 (Call 09/01/24)

    225       220,748  

2.65%, 10/01/26 (Call 08/01/26)

    210       201,212  

2.85%, 10/01/29 (Call 07/01/29)

      1,025       941,001  

3.25%, 06/01/50 (Call 12/01/49)(a)

    460       365,304  

President and Fellows of Harvard College

   

2.52%, 10/15/50 (Call 04/15/50)

    261       199,699  

3.15%, 07/15/46 (Call 01/15/46)

    289       258,340  

3.30%, 07/15/56 (Call 01/15/56)

    310       277,016  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)

    330       245,193  

S&P Global Inc.

   

1.25%, 08/15/30 (Call 05/15/30)

    25       20,370  

2.30%, 08/15/60 (Call 02/15/60)

    393       244,650  

2.45%, 03/01/27 (Call 02/01/27)(c)

    90       84,822  

2.50%, 12/01/29 (Call 09/01/29)

    370       333,004  

2.70%, 03/01/29 (Call 01/01/29)(c)

    300       277,038  

2.90%, 03/01/32 (Call 12/01/31)(c)

    800       723,376  

2.95%, 01/22/27 (Call 10/22/26)(a)

    308       297,266  

3.25%, 12/01/49 (Call 06/01/49)

    249       199,735  

3.70%, 03/01/52 (Call 09/01/51)(c)

    240       209,604  

3.90%, 03/01/62 (Call 09/01/61)(c)

    200       175,224  

4.25%, 05/01/29 (Call 02/02/29)(c)

    600       603,612  

4.75%, 08/01/28 (Call 05/01/28)(c)

    600       621,606  

Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)

    205       173,026  

Trustees of Princeton University (The)

   

5.70%, 03/01/39

    294       354,220  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)

    264       207,235  

University of Southern California, 3.03%, 10/01/39

    399       344,137  

Yale University

   

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

    53       49,695  

Series 2020, 1.48%, 04/15/30 (Call 01/15/30)

    130       111,284  

Series 2020, 2.40%, 04/15/50 (Call 10/15/49)

    70       52,713  
   

 

 

 
              13,866,403  
Security  

Par

(000)

    Value  

Computers — 3.9%

   

Apple Inc.

   

0.55%, 08/20/25 (Call 07/20/25)

  $ 345     $ 317,300  

0.70%, 02/08/26 (Call 01/08/26)

    960       876,720  

0.75%, 05/11/23

    33       32,497  

1.13%, 05/11/25 (Call 04/11/25)

    1,207       1,138,430  

1.20%, 02/08/28 (Call 12/08/27)

    1,078       944,037  

1.25%, 08/20/30 (Call 05/20/30)

    420       346,697  

1.40%, 08/05/28 (Call 06/05/28)

    760       667,417  

1.65%, 05/11/30 (Call 02/11/30)

    493       423,526  

1.65%, 02/08/31 (Call 11/08/30)

    940       795,531  

1.70%, 08/05/31 (Call 05/05/31)

    700       590,975  

1.80%, 09/11/24 (Call 08/11/24)

    296       288,789  

2.05%, 09/11/26 (Call 07/11/26)

    775       734,444  

2.20%, 09/11/29 (Call 06/11/29)

    652       591,879  

2.38%, 02/08/41 (Call 08/08/40)

    735       573,351  

2.40%, 05/03/23

    1,602       1,604,451  

2.40%, 08/20/50 (Call 06/20/50)

    205       148,133  

2.45%, 08/04/26 (Call 05/04/26)

    1,095       1,056,357  

2.50%, 02/09/25(a)

    836       824,304  

2.55%, 08/20/60 (Call 02/20/60)

    345       243,066  

2.65%, 05/11/50 (Call 11/11/49)

    552       420,293  

2.65%, 02/08/51 (Call 08/08/50)(a)

    852       644,351  

2.70%, 08/05/51 (Call 02/05/51)

    460       351,008  

2.75%, 01/13/25 (Call 11/13/24)

    977       968,940  

2.80%, 02/08/61 (Call 02/08/60)

    1,110       814,984  

2.85%, 05/11/24 (Call 03/11/24)

    878       877,561  

2.85%, 08/05/61 (Call 02/05/61)

    1,005       749,368  

2.90%, 09/12/27 (Call 06/12/27)

    1,000       967,550  

2.95%, 09/11/49 (Call 03/11/49)

    780       629,335  

3.00%, 02/09/24 (Call 12/09/23)

    953       956,660  

3.00%, 06/20/27 (Call 03/20/27)(a)

    631       620,727  

3.00%, 11/13/27 (Call 08/13/27)(a)

    699       686,453  

3.20%, 05/13/25

    998       1,000,565  

3.20%, 05/11/27 (Call 02/11/27)

    947       934,414  

3.25%, 02/23/26 (Call 11/23/25)

    1,381       1,378,625  

3.35%, 02/09/27 (Call 11/09/26)

    1,023       1,018,929  

3.45%, 05/06/24

    1,291       1,305,537  

3.45%, 02/09/45

    889       793,566  

3.75%, 09/12/47 (Call 03/12/47)

    595       551,892  

3.75%, 11/13/47 (Call 05/13/47)

    607       565,269  

3.85%, 05/04/43

    1,279       1,212,441  

3.85%, 08/04/46 (Call 02/04/46)

    975       922,691  

4.25%, 02/09/47 (Call 08/09/46)

    538       535,009  

4.38%, 05/13/45(a)

    940       952,370  

4.45%, 05/06/44

    454       466,036  

4.50%, 02/23/36 (Call 08/23/35)

    793       843,118  

4.65%, 02/23/46 (Call 08/23/45)

    1,742       1,841,172  

IBM Corp.

   

2.72%, 02/09/32 (Call 11/09/31)

    200       177,594  

3.43%, 02/09/52 (Call 08/09/51)

    325       267,530  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    30       27,237