LOGO

  OCTOBER 31, 2022

 

 

   

  

 

2022 Annual Report

 

 

iShares Trust

 

·  

iShares 0-5 Year TIPS Bond ETF | STIP | NYSE Arca

·  

iShares CMBS ETF | CMBS | NYSE Arca

·  

iShares GNMA Bond ETF | GNMA | NASDAQ

·  

iShares TIPS Bond ETF | TIP | NYSE Arca

·  

iShares Treasury Floating Rate Bond ETF | TFLO | NYSE Arca

·  

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


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

     38  

Statements of Operations

     40  

Statements of Changes in Net Assets

     42  

Financial Highlights

     45  

Notes to Financial Statements

     51  

Report of Independent Registered Public Accounting Firm

     60  

Important Tax Information

     61  

Board Review and Approval of Investment Advisory Contract

     62  

Supplemental Information

     72  

Trustee and Officer Information

     74  

General Information

     77  

Glossary of Terms Used in this Report

     78  

 

 

 


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 TIPS Bond ETF

 

Investment Objective

The iShares 0-5 Year TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds with remaining maturities of less than five years, as represented by the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) (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

    (2.51 )%       2.57      1.34      (2.51 )%      13.50      14.28

Fund Market

    (2.55      2.56        1.34        (2.55     13.48        14.24  

Index

    (2.55      2.52        1.37        (2.55     13.24        14.59  

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              $        973.70          $        0.15          $      1,000.00          $      1,025.10          $         0.15          0.03

 

  (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 TIPS Bond ETF

 

Portfolio Management Commentary

All major segments of the fixed-income market including U.S. Treasury inflation-protected securities (“TIPS”) 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 ten 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 3.75% to 4.0%, 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.

Performance for TIPS is influenced both by the direction of interest rates and changes in inflation expectations. The five-year “breakeven” inflation rate for TIPS, which measures expectations for annualized inflation five years from the present, declined slightly during the reporting period, finishing at 2.67% (source: St. Louis Fed). The rise in Treasury yields pressured TIPS performance in absolute terms, most notably for longer-maturity TIPS which are more interest rate sensitive.

Portfolio Information

 

MATURITY ALLOCATION

 

 

 
Maturity  

Percent of   

Total Investments(a)

 

 

 

0-1 Year

    17.8%  

1-2 Years

    21.5     

2-3 Years

    22.6     

3-4 Years

    20.7     

4-5 Years

    17.4     

 

 
FIVE LARGEST HOLDINGS

 

 

 
Security    

Percent of   

Total Investments(a)

 

 

 

 

U.S. Treasury Inflation-Indexed Bonds,
0.13%, 04/15/25

    8.7%  

U.S. Treasury Inflation-Indexed Bonds,
0.13%, 01/15/23

    8.2     

U.S. Treasury Inflation-Indexed Bonds,
0.63%, 04/15/23

    7.7     

U.S. Treasury Inflation-Indexed Bonds,
0.13%, 04/15/26

    7.2     

U.S. Treasury Inflation-Indexed Bonds,
0.13%, 04/15/27

    6.8     

 

 
  (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® CMBS ETF

 

Investment Objective

The iShares CMBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg U.S. CMBS (ERISA Only) Index (the “Index”). 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

    (13.75 )%       (0.06 )%      1.05       (13.75 )%       (0.29 )%       10.99

Fund Market

    (14.02      (0.07     1.04         (14.02      (0.36      10.94  

Index

    (13.44      0.23       1.35           (13.44      1.14        14.33  

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               $          939.10          $        1.22            $        1,000.00            $      1,023.90          $        1.28          0.25

 

  (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® CMBS ETF

 

Portfolio Management Commentary

All major segments of the fixed-income market including commercial mortgage-backed securities (“CMBS”) 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. In addition, the yield curve became inverted as the market anticipated recession driven by tighter financial conditions.

Against this backdrop of rising rates and recession fears, CMBS issuance declined dramatically relative to the historically high volumes seen in 2021 and early 2022. Performance across property types varied between the pandemic winners and losers. Pandemic losers, such as hotel and retail properties, continued to experience elevated delinquencies relative to the pandemic winners such as industrial and multifamily properties. That said, certain segments are seeing improvement mainly driven by leisure and corporate travel returning to more normalized levels. The office sector remains an area of concern as remote work policies are being implemented which is resulting in lower demand for office space.

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Rating*    

Percent of   

Total Investments(a)

 

 

 

 

Aaa

    67.7%  

Aa

    4.1     

A

    0.8     

Baa

    0.5     

Not Rated

    26.9     

 

 
MATURITY ALLOCATION

 

 

 
Maturity    

Percent of   

Total Investments(a)

 

 

 

 

1-5 Years

    12.7%  

5-10 Years

    29.5     

10-15 Years

    2.2     

20-25 Years

    6.4     

25-30 Years

    30.8     

30-35 Years

    12.5     

35-40 Years

    3.8     

More than 40 Years

    2.1     

 

 

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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® GNMA Bond ETF

 

Investment Objective

The iShares GNMA Bond ETF (the “Fund”) seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg U.S. GNMA Bond Index (the “Index”). 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

    (13.42 )%       (1.22 )%       0.07       (13.42 )%      (5.95 )%       0.72

Fund Market

    (13.31      (1.24      0.03         (13.31     (6.06      0.32  

Index

    (13.44      (1.07      0.31           (13.44     (5.23      3.09  

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               $          934.30          $        0.44            $        1,000.00            $      1,024.80          $        0.46          0.09

 

  (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® GNMA Bond ETF

 

Portfolio Management Commentary

All major segments of the fixed-income market including GNMAs 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.

While GNMA payments of principal and interest are guaranteed by the U.S. government, mortgage-backed securities including GNMAs typically perform best in a relatively stable interest rate environment. The upward shift in Treasury yields brought prepayments on underlying mortgages to a virtual halt, leading to extended durations and greater interest rate sensitivity for existing GNMAs. In addition, performance for lower-coupon GNMAs was negatively impacted by concerns that the Fed was prepared to begin selling its holdings of these issues in conjunction with an overall tightening of policy.

Portfolio Information

 

MATURITY ALLOCATION

 

 

 
Maturity    

Percent of   

Total Investments(a)

 

 

 

 

5-10 Years

    1.7%  

10-15 Years

    0.4     

15-20 Years

    1.1     

20-25 Years

    14.8     

25-30 Years

    72.5     

30-35 Years

    9.5     

 

 
FIVE LARGEST HOLDINGS

 

 

 
Security    

Percent of   

Total Investments(a)

 

 

 

 

Government National Mortgage Association,
2.00%, 12/20/51

    15.1%  

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

    5.6     

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

    5.3     

Government National Mortgage Association,
2.00%, 02/20/51

    4.0     

Government National Mortgage Association,
2.50%, 08/20/50

    3.2     

 

 

 

  (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® TIPS Bond ETF

 

The iShares TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds, as represented by the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (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

    (11.62 )%      1.98     0.87%         (11.62 )%      10.30     9.10

Fund Market

    (11.56     1.99       0.90            (11.56     10.38       9.34  

Index

    (11.47     2.16       1.02                  (11.47     11.28       10.66  

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        $           920.70        $         0.92         $       1,000.00        $       1,024.20        $         0.97                  0.19

 

  (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® TIPS Bond ETF

 

Portfolio Management Commentary

All major segments of the fixed-income market including U.S. Treasury inflation-protected securities (“TIPS”) 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 ten 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 3.75% to 4.0%, 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.

Performance for TIPS is influenced both by the direction of interest rates and changes in inflation expectations. The five-year “breakeven” inflation rate for TIPS, which measures expectations for annualized inflation five years from the present, declined slightly during the reporting period, finishing at 2.67% (source: St. Louis Fed). The rise in Treasury yields pressured TIPS performance in absolute terms, most notably for longer-maturity TIPS which are more interest rate sensitive.

Portfolio Information

 

MATURITY ALLOCATION

 

 

 
Maturity  

Percent of   

Total Investments(a)

 

 

 

1-5 Years

    51.8%  

5-10 Years

    34.6     

15-20 Years

    2.8     

20-25 Years

    7.1     

25-30 Years

    3.7     

 

 

FIVE LARGEST HOLDINGS

 

 

 

 
Security   Percent of   
Total Investments(a)
 

 

 

U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/26

    5.9%  

U.S. Treasury Inflation-Indexed Bonds, 0.50%, 04/15/24

    5.3     

U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/25

    5.0     

U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/30

    4.2     

U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/31

    3.8     

 

 

 

  (a)

Excludes money market funds.

 

 

 

12  

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

 

Investment Objective

The iShares Treasury Floating Rate Bond ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury floating rate bonds, as represented by the Bloomberg U.S. Treasury Floating Rate 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

    1.22      1.15      0.81%         1.22      5.88      7.29

Fund Market

    1.27        1.15        0.81            1.27        5.91        7.35  

Index

    1.37        1.29        0.92                  1.37        6.61        8.32  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

 

LOGO

The inception date of the Fund was February 3, 2014. The first day of secondary market trading was February 4, 2014.

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          $      1,009.80          $        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® Treasury Floating Rate Bond ETF

 

Portfolio Management Commentary

While most major segments of the fixed-income market experienced steeply negative returns over the 12-month period against the backdrop of hawkish monetary policy and rising Treasury yields, returns for Treasury Floating Rate Notes (“FRNs”) were positive for the period.

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 ten 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 3.75% to 4.0%, 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.

Treasury FRNs are issued with maturities of two years and coupons that reset periodically based on the three-month Treasury bill rate. As a result, prices for FRNs are relatively unimpacted by the direction of market interest rates. Moreover, FRN performance benefits from increases in short-term Treasury yields.

Portfolio Information

 

MATURITY ALLOCATION

 

 

 
Maturity  

Percent of   

Total Investments(a)

 

 

 

0-1 Year

    47.1%  

1-2 Years

    52.9     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Total Investments(a)

 

 

 

U.S. Treasury Floating Rate Note, 4.07%, 07/31/23

    21.3%  

U.S. Treasury Floating Rate Note, 3.95%, 10/31/24

    19.9     

U.S. Treasury Floating Rate Note, 4.09%, 01/31/23

    16.6     

U.S. Treasury Floating Rate Note, 4.08%, 07/31/24

    14.9     

U.S. Treasury Floating Rate Note, 3.97%, 04/30/24

    10.0     

 

 

 

  (a) 

Excludes money market funds.

 

 

 

14  

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Fund Summary as of October 31, 2022   iShares® U.S. Treasury Bond ETF

 

Investment Objective

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

Performance

 

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

Fund NAV

    (14.21 )%       (0.60 )%       0.27%          (14.21 )%       (2.98 )%       2.73

Fund Market

    (14.21      (0.58      0.28             (14.21      (2.87      2.88  

Index

    (14.07      (0.48      0.38               (14.07      (2.37      3.85  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data from July 1, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data prior to July 1, 2016 is for the Barclays U.S. Treasury Bond Index.

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          $        935.90          $        0.24           $      1,000.00          $      1,025.00          $        0.26                  0.05

 

  (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® U.S. Treasury Bond ETF

 

Portfolio Management Commentary

All major segments of the fixed-income market including U.S. Treasuries 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 ten 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 3.75% to 4.0%, 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.

Portfolio Information

 

MATURITY ALLOCATION

 

 

 

 
Maturity  

Percent of   

Total Investments(a)

 

 

 

1-5 Years

    50.2%  

5-10 Years

    31.9     

10-15 Years

    0.4     

15-20 Years

    1.8     

More than 20 Years

    15.7     

FIVE LARGEST HOLDINGS

 

 

 

 
Security   Percent of   
Total Investments(a)
 

 

 

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

    6.7%  

U.S. Treasury Note/Bond, 3.13%, 11/15/28

    5.3     

U.S. Treasury Note/Bond, 1.38%, 11/15/31

    5.0     

U.S. Treasury Note/Bond, 2.63%, 02/15/29

    4.2     

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

    3.7     

 

  (a) 

Excludes money market funds.

 

 

 

16  

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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 TIPS Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

     Value  

 

 

U.S. Government Obligations

 

U.S. Government Obligations — 99.5%  

U.S. Treasury Inflation-Indexed Bonds

    

0.13%, 01/15/23

  $ 996,405      $ 994,251,045  

0.13%, 07/15/24

    770,678        750,998,622  

0.13%, 10/15/24

    703,144        682,422,728  

0.13%, 04/15/25

    1,090,016        1,045,713,148  

0.13%, 10/15/25

    652,321        623,907,068  

0.13%, 04/15/26

    918,871        867,200,733  

0.13%, 07/15/26

    733,783        693,850,537  

0.13%, 10/15/26

    800,972        754,147,469  

0.13%, 04/15/27

    882,620        823,855,086  

0.25%, 01/15/25

    697,687        674,030,955  

0.38%, 07/15/23

    218,140        216,377,488  

0.38%, 07/15/25

    374,507        361,938,506  

0.38%, 01/15/27

    594,386        562,064,934  

0.38%, 07/15/27

    449,907        425,023,833  

0.50%, 04/15/24

    403,882        395,417,503  

0.63%, 04/15/23

    938,105        932,204,711  

0.63%, 01/15/24

    791,308        778,544,071  

0.63%, 01/15/26

    173,132        166,979,333  

1.63%, 10/15/27

    269,734        270,345,182  

2.00%, 01/15/26

    13,499        13,576,802  
Security  

Par/

Shares

(000)

     Value  

 

 
U.S. Government Obligations (continued)  

2.38%, 01/15/25

  $   20,895      $ 21,122,958  

2.38%, 01/15/27

    13,061        13,392,079  
    

 

 

 
       12,067,364,791  
    

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $12,913,482,122)

       12,067,364,791  
    

 

 

 
Short-Term Securities  
Money Market Funds — 0.3%  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b)

    29,880        29,880,000  
    

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $29,880,000)

       29,880,000  
    

 

 

 

Total Investments — 99.8%
(Cost: $12,943,362,122)

       12,097,244,791  

Other Assets Less Liabilities — 0.2%

       26,573,132  
    

 

 

 

Net Assets — 100.0%

     $   12,123,817,923  
    

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/21

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/22

   

Shares

Held at

10/31/22

(000)

    Income    

Capital Gain

Distributions from
Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 558,699,039     $     $ (528,819,039 )(a)    $     $     $ 29,880,000       29,880     $ 1,316,788 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

U.S. Government Obligations

   $        $ 12,067,364,791        $        $ 12,067,364,791  

Money Market Funds

     29,880,000                            29,880,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     29,880,000        $ 12,067,364,791        $                   —        $ 12,097,244,791  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

18  

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Schedule of Investments 

October 31, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Collaterized Mortgage Obligations

 

Mortgage-Backed Securities — 58.4%  

Bank

   

2.92%, 12/15/52 (Call 12/15/29)

  $ 1,000     $ 836,457  

3.30%, 05/15/64 (Call 05/15/31)

    500       352,098  

3.79%, 04/15/65(a)

    1,500       1,301,930  

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

    220       198,151  

Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 04/15/27)

    500       447,053  

Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 04/15/27)

    260       247,410  

Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 04/15/27)(a)

    485       415,506  

Series 2017-BNK5, Class A4, 3.13%, 06/15/60 (Call 07/15/27)

    1,960           1,747,517  

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

    550       478,537  

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

    683       607,429  

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

    1,000       887,243  

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

    800       672,577  

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

    600       547,491  

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

    500       450,220  

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

    750       660,773  

Series 2018-BN15, Class A3, 4.14%, 11/15/61 (Call 11/15/28)

    500       459,204  

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

    262       231,101  

Series 2019-BN18, Class A2, 3.47%, 05/15/62 (Call 05/15/29)

    830       797,496  

Series 2019-BN19, Class A3, 2.93%, 08/15/61 (Call 07/15/29)

    2,000       1,709,148  

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

    497       425,258  

Series 2019-BN20, Class A2, 2.76%, 09/15/62 (Call 10/15/29)

    425       355,069  

Series 2019-BN20, Class A3, 3.01%, 09/15/62 (Call 10/15/29)

    1,000       844,247  

Series 2019-BN20, Class B, 3.40%, 09/15/62 (Call 10/15/29)(a)

    1,000       811,287  

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

    2,000       1,665,941  

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

    500       417,882  

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

    1,000       793,707  

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

    1,000       825,498  

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

    820       689,696  

Series 2019-BN24, Class ASB, 2.93%, 11/15/62 (Call 12/15/29)

    1,000       889,190  

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

    2,100       1,904,135  

Series 2020, Class A5, 2.65%, 01/15/63 (Call 02/15/30)

    1,000       818,247  
Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)        

Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 02/15/30)

  $ 1,000     $ 873,512  

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

    250       190,965  

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

    1,000       766,484  

Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 10/15/30)

    500       378,080  

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

    520       381,160  

Series 2020-BN30, Class ABS, 1.67%, 12/15/53

    240       197,853  

Series 2021-BN32, Class AS, 2.64%, 04/15/54 (Call 04/15/31)

    2,075           1,653,817  

Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 07/15/31)

    244       190,152  

Series 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 07/15/31)

    500       377,354  

Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 08/15/31)

    1,000       714,192  

Series 2022-BNK40, Class A4, 3.39%, 03/15/64 (Call 03/15/32)(a)

    1,000       841,147  

Series 2022-BNK40, Class AS, 3.39%, 03/15/64 (Call 03/15/32)(a)

    1,000       803,916  

Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 04/15/27)

    1,000       914,553  

Serise BN23, Class C, 3.51%, 12/15/52 (Call 12/15/29)(a)

    500       379,961  

Bank of America Merrill Lynch Commercial Mortgage Trust

   

Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 02/15/31)

    800       732,773  

Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 02/15/31)

    250       224,202  

Series 2017-BNK3, Class A3, 3.31%, 02/15/50 (Call 02/15/27)

    1,351       1,222,388  

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

    1,000       915,680  

Barclays Commercial Mortgage Trust

   

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

    1,746       1,543,235  

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

    1,000       844,121  

Series 2019-C5, 2.81%, 11/15/52 (Call 11/15/29)

    1,000       834,342  

Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 11/15/29)

    678       644,873  

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

    1,000       848,373  

BBCMS Mortgage Trust

   

2.95%, 02/15/55 (Call 02/15/32)(a)

    1,500       1,211,062  

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

    1,000       917,595  

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

    1,250       1,156,733  

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

    250       212,212  

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

    1,500       1,229,722  

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

    300       231,269  

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

    1,000       769,533  

Series 2021-C11, Class A5, 2.32%, 09/15/54

    2,500       1,924,723  

Series 2021-C12, Class A4, 2.42%, 11/15/54

    2,000       1,573,459  

Series 2021-C12, Class C, 3.21%, 11/15/54(a)

    1,500       1,066,199  

Series 2022-C14, Class AS, 3.35%, 02/15/55 (Call 02/15/32)(a)

    250       202,279  

Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)(a)

    2,640       2,263,394  

Series 2022-C17, Class A4, 4.17%, 09/15/55 (Call 09/15/32)

    2,000       1,786,492  

 

 

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® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

BBCMS Trust

   

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

  $ 1,750     $ 1,383,991  

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

    1,000       757,440  

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

    1,000       713,002  

Series 2021-C10, Class C, 2.84%, 07/15/54 (Call 07/15/31)

    500       346,445  

Benchmark Mortgage Trust

   

3.46%, 03/15/55 (Call 03/15/32)

    2,000           1,677,828  

4.45%, 05/15/55 (Call 05/15/32)(a)

    1,750       1,599,539  

Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 01/15/28)(a)

    1,000       905,417  

Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 01/15/28)(a)

    500       446,033  

Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 02/15/28)

    1,350       1,217,931  

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

    1,000       888,538  

Series 2018-B2, Class C, 4.24%, 02/15/51 (Call 02/15/28)(a)

    500       425,704  

Series 2018-B3, Class A4, 3.76%, 04/10/51 (Call 04/10/28)

    1,700       1,543,768  

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

    1,000       918,778  

Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 07/15/28)(a)

    1,023       940,520  

Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)(a)

    464       438,640  

Series 2018-B4, Class C, 4.55%, 07/15/51 (Call 07/15/28)(a)

    400       333,941  

Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 08/15/28)

    500       444,170  

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

    400       360,497  

Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 12/15/28)

    2,000       1,840,589  

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

    1,000       919,428  

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

    1,563       1,428,551  

Series 2019-B10, Class AM, 3.98%, 03/15/62 (Call 03/15/29)

    600       524,039  

Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 06/15/29)

    500       428,846  

Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 06/15/29)(a)

    500       415,786  

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

    500       394,181  

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

    500       421,356  

Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29)

    1,000       906,574  

Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 02/15/29)(a)

    250       212,931  

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

    1,990       1,634,679  

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

    1,000       799,485  

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

    250       190,908  

Series 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 08/15/30)

    430       326,495  

Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30)

    450       320,567  

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

    500       370,419  

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

    500       380,709  

Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 01/15/31)

    1,000       757,148  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 1,750     $     1,423,128  

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

    500       375,840  

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

    2,000       1,578,691  

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

    2,000       1,582,886  

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

    650       537,145  

Series 2021-B26, Class A5, 2.61%, 06/15/54 (Call 06/15/31)

    1,500       1,188,286  

Series 2021-B26, Class AM, 2.83%, 06/15/54 (Call 06/15/31)

    500       384,695  

Series 2021-B27, Class A2, 2.02%, 07/15/54 (Call 07/15/31)

    1,000       872,581  

Series 2021-B27, Class A5, 2.39%, 07/15/54 (Call 07/15/31)

    1,000       773,403  

Series 2021-B27, Class AS, 2.51%, 07/15/54 (Call 07/15/31)

    500       374,964  

Series 2021-B29, Class A2, 2.02%, 09/15/54 (Call 10/15/31)

    1,740       1,515,071  

Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 10/15/31)

    830       638,958  

Series 2022-B32, Class A5, 3.00%, 01/15/55(a)

    1,000       807,114  

Series 2022-B34, Class A5, 3.79%, 04/15/55 (Call 04/15/32)(a)

    1,500       1,293,129  

Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/30)

    1,000       914,938  

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

    1,000       793,406  

CCUBS Commercial Mortgage Trust,
Series 2017-C1, Class A4, 3.54%, 11/15/50
(Call 12/15/27)(a)

    1,510       1,351,840  

CD Mortgage Trust

   

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

    230       209,505  

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

    750       668,044  

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

    300       250,637  

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

    1,000       906,243  

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

    750       674,464  

Series 2017-CD6, Class C, 4.23%, 11/13/50 (Call 11/13/27)(a)

    500       430,129  

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

    550       522,036  

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

    1,000       835,988  

CFCRE Commercial Mortgage Trust

   

Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 01/10/26)

    500       469,079  

Series 2016-C4, Class A4, 3.28%, 05/10/58 (Call 05/10/26)

    1,650       1,506,058  

Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 05/15/27)

    901       856,642  

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

    750       666,461  

Citigroup Commercial Mortgage Trust

   

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

    500       488,389  

 

 

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® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2014-GC21, Class A5, 3.86%, 05/10/47 (Call 05/10/24)

  $ 1,145     $ 1,110,118  

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

    750       721,269  

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

    250       238,866  

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

    250       235,260  

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

    1,000       956,183  

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

    953       905,653  

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

    100       94,792  

Series 2015-GC27, Class A5, 3.14%, 02/10/48 (Call 01/10/25)

    2,180           2,057,378  

Series 2015-GC29, Class C, 4.14%, 04/10/48 (Call 04/10/25)(a)

    250       229,709  

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

    750       708,976  

Series 2015-GC33, Class A4, 3.78%, 09/10/58 (Call 05/10/26)

    1,500       1,415,979  

Series 2015-GC33, Class AS, 4.11%, 09/10/58 (Call 05/10/26)

    850       797,750  

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

    328       318,179  

Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 05/15/26)

    356       335,073  

Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 06/10/26)

    874       797,469  

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

    1,000       889,410  

Series 2016-C3, Class AAB, 2.98%, 11/15/49 (Call 11/15/26)

    872       831,133  

Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 02/10/26)

    1,000       934,406  

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

    1,500       1,413,671  

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

    75       69,084  

Series 2016-P6, Class AS, 4.03%, 12/10/49 (Call 01/10/27)(a)

    1,000       912,231  

Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 11/12/27)

    1,000       901,953  

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

    885       788,188  

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

    750       667,375  

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

    600       550,716  

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

    1,000       924,954  

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

    1,199       1,111,493  

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

    2,000       1,684,621  

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

    750       613,208  

Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 11/10/29)

    863       812,989  

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

    750       632,174  

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

    1,000       821,870  

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

    500       396,206  

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

    234       182,927  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Commission Mortgage Trust

   

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

  $ 250     $ 246,773  

Series 2013-CR6, Class ASB, 2.62%, 03/10/46 (Call 03/10/23)

    17       17,214  

Series 2013-LC6, Class B, 3.74%, 01/10/46 (Call 02/10/23)

    430       428,373  

Series 2014-CR14, Class C, 4.59%, 02/10/47 (Call 01/10/24)(a)

    200       190,446  

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

    500       485,602  

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

    49       48,193  

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

    500       484,728  

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

    292       275,659  

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

    300       286,717  

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

    438       422,717  

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

    850       811,016  

Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 01/10/29)

    250       234,509  

Series 2014-LC17, Class A5, 3.92%, 10/10/47 (Call 12/10/24)

    675       650,184  

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

    1,521           1,482,818  

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

    425       411,319  

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

    150       141,292  

Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 07/10/29)

    250       240,511  

Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29)

    500       480,078  

Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/29)

    500       475,495  

Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/29)

    250       234,441  

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

    730       701,789  

Series 2014-UBS6, Class A4, 3.38%, 12/10/47 (Call 10/10/28)

    834       794,659  

Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 10/10/28)

    500       477,419  

Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25)

    500       471,655  

Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)(a)

    200       186,206  

Series 2015-CR22, Class C, 4.07%, 03/10/48 (Call 03/10/25)(a)

    300       275,370  

Series 2015-CR23, Class A4, 3.50%, 05/10/48 (Call 05/10/25)

    500       471,153  

Series 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 06/10/26)

    954       896,232  

Series 2015-CR24, Class B, 4.43%, 08/10/48 (Call 06/10/26)(a)

    750       700,323  

Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 06/10/26)(a)

    200       162,976  

 

 

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® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 750     $ 706,616  

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

    571       552,534  

Series 2015-CR25, Class B, 4.52%, 08/10/48 (Call 08/10/25)(a)

    300       277,732  

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

    750       708,716  

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

    1,000       919,712  

Series 2015-DC1, Class C, 4.30%, 02/10/48 (Call 02/10/25)(a)

    250       228,171  

Series 2015-LC19, Class A4, 3.18%, 02/10/48 (Call 01/10/27)

    1,000       944,554  

Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26)

    500       472,384  

Series 2015-LC23, Class A4, 3.77%, 10/10/48 (Call 11/10/25)

    1,000       941,859  

Series 2015-PC1, Class ASB, 3.61%, 07/10/50 (Call 06/10/25)

    96       93,889  

Series 2016-CR28, Class C, 4.60%, 02/10/49 (Call 01/10/26)(a)

    604       545,746  

Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 02/10/26)

    367       345,132  

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

    750       686,790  

Series 2016-DC2, Class ASB, 3.55%, 02/10/49 (Call 02/10/26)

    650       627,808  

Series 2016-DC2, Class C, 4.66%, 02/10/49 (Call 02/10/26)(a)

    250       225,075  

Series 2017-COR2, Class C, 4.59%, 09/10/50 (Call 09/10/27)(a)

    750       649,701  

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

    750       688,887  

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

    500       438,989  

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

    500       415,783  

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

    1,000       829,501  

CSAIL Commercial Mortgage Trust

   

Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 03/15/25)

    500       474,105  

Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 03/15/25)(a)

    435       408,136  

Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25)

    500       471,163  

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

    650       612,941  

Series 2015-C4, Class A3, 3.54%, 11/15/48 (Call 11/15/25)

    1,489       1,397,666  

Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25)

    1,464           1,376,132  

Series 2015-C4, Class D, 3.56%, 11/15/48 (Call 11/15/25)(a)

    250       213,442  

Series 2016-C5, Class C, 4.64%, 11/15/48 (Call 11/15/25)(a)

    750       688,912  

Series 2016-C6, Class C, 4.92%, 01/15/49 (Call 05/15/26)(a)

    350       311,849  

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

    193       179,604  

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

    1,000       907,720  

Series 2017-CX9, Class A5, 3.45%, 09/15/50 (Call 09/15/27)

    1,000       901,132  

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

    1,000       917,222  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2019-C15, Class A2, 3.45%, 03/15/52 (Call 02/15/29)

  $ 1,045     $ 1,011,610  

Series 2019-C15, Class A3, 3.78%, 03/15/52 (Call 02/15/29)

    1,400       1,262,843  

Series 2019-C15, Class B, 4.48%, 03/15/52 (Call 02/15/29)

    1,000       861,907  

Series 2019-C17, Class A5, 3.02%, 09/15/52 (Call 09/15/29)

    2,000       1,673,871  

Series 2019-C18, Class ASB, 2.87%, 12/15/52 (Call 12/15/29)

    500       441,796  

Series 2020-C19, Class A3, 2.56%, 03/15/53 (Call 03/15/30)

    500       403,915  

DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51 (Call 10/15/28)

    1,400       1,298,431  

DBJPM Mortgage Trust

   

Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 04/10/26)

    1,000       918,553  

Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 04/10/26)

    385       366,454  

Series 2016-C1, Class B, 4.20%, 05/10/49 (Call 04/10/26)(a)

    1,160       1,026,422  

Series 2016-C1, Class C, 3.32%, 05/10/49 (Call 04/10/26)(a)

    468       396,375  

Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/27)

    561       540,393  

Federal National Mortgage Association

   

1.71%, 11/25/31(a)

    983       828,286  

1.94%, 12/25/31(a)

    1,000       779,471  

2.35%, 02/25/31

    1,000       844,370  

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

    807       761,875  

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

    500       386,536  

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

    260       257,224  

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

    1,000       924,043  

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

    786       719,737  

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

    1,811       1,662,352  

Series 2017-M15, Class ATS2, 3.16%, 11/25/27(a)

    457       442,177  

Series 2018-M14, Class A2, 3.58%, 08/25/28(a)

    409       383,766  

Series 2019-M12, Class A2, 2.89%, 06/25/29(a)

    1,175       1,042,615  

Series 2019-M25, Class A2, 2.33%, 11/25/29(a)

    1,690       1,440,559  

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

    1,568       1,445,419  

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

    4,530           3,877,185  

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

    1,000       803,840  

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

    250       198,270  

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

    1,000       832,859  

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

    100       81,315  

Series 2021-M19, Class A2, 1.74%, 10/25/31(a)

    2,000       1,539,230  

Series 2021-M4, Class A2, 1.46%, 02/25/31(a)

    2,500       1,911,110  

Series 2022-M3, Class A2, 1.71%, 11/25/31(a)

    2,000       1,523,904  

Series 2022-M4, Class A2, 2.29%, 05/25/30(a)

    1,800       1,508,043  

Series2019-M6, Class A2, 3.45%, 01/01/29

    577       538,636  

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

    653       619,868  

GS Mortgage Securities Trust

   

Series 2012-GCJ9, Class AS, 3.12%, 11/10/45

    32       31,542  

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

    150       148,079  

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

    100       97,003  

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

    650       626,958  

Series 2014-GC20, Class A5, 4.00%, 04/10/47 (Call 04/10/24)

    400       389,899  

Series 2014-GC20, Class B, 4.53%, 04/10/47 (Call 04/10/24)(a)

    250       236,222  

 

 

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® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 1,640     $ 1,585,705  

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

    250       239,221  

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

    216       211,697  

Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 12/10/24)

    1,485       1,408,914  

Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 05/10/25)

    215       208,773  

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

    500       467,727  

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

    545       512,717  

Series 2015-GC32, Class C, 4.41%, 07/10/48 (Call 07/10/25)(a)

    804       722,439  

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

    1,500       1,398,906  

Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25)

    1,500       1,397,738  

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

    1,170       1,063,867  

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

    1,291           1,153,249  

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

    780       697,204  

Series 2016-GS4, Class A4, 3.44%, 11/10/49 (Call 11/10/26)(a)

    39       35,559  

Series 2017-GS6, Class B, 3.87%, 05/10/50 (Call 05/10/27)

    1,000       870,145  

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

    1,000       892,073  

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

    500       442,235  

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

    1,000       915,437  

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

    750       677,162  

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

    1,131       966,742  

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

    500       386,873  

Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 01/13/30)

    775       632,576  

JP Morgan Chase Commercial Mortgage Securities Trust

   

Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 12/15/25)

    1,000       938,825  

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

    750       693,946  

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

    1,000       875,542  

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

    108       94,643  

JPMBB Commercial Mortgage Securities Trust

   

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

    150       148,073  

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

    500       488,782  

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

    200       196,054  

Series 2013-C15, Class C, 5.18%, 11/15/45 (Call 10/15/23)(a)

    110       107,556  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2013-C17, Class A4, 4.20%, 01/15/47 (Call 01/15/24)

  $ 490     $ 480,081  

Series 2013-C17, Class C, 4.88%, 01/15/47 (Call 01/15/24)(a)

    100       95,929  

Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 01/15/29)

    1,400       1,362,789  

Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 01/15/29)(a)

    1,200       1,160,852  

Series 2014-C18, Class B, 4.79%, 02/15/47 (Call 01/15/29)(a)

    225       215,418  

Series 2014-C19, Class C, 4.65%, 04/15/47 (Call 01/15/25)(a)

    200       188,748  

Series 2014-C21, Class A4, 3.49%, 08/15/47 (Call 07/15/24)

    510       492,386  

Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 07/15/24)

    500       481,950  

Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 07/15/24)

    119       116,554  

Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26)

    1,006       968,098  

Series 2014-C22, Class C, 4.55%, 09/15/47 (Call 03/15/26)(a)

    200       178,484  

Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26)

    1,144           1,102,232  

Series 2014-C23, Class ASB, 3.66%, 09/15/47 (Call 02/15/26)

    140       136,958  

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

    232       220,028  

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

    185       173,821  

Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 09/15/26)

    500       463,229  

Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 04/15/25)

    803       755,806  

Series 2015-C28, Class ASB, 3.04%, 10/15/48 (Call 04/15/25)

    215       208,152  

Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 06/15/28)

    251       243,266  

Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 06/15/28)(a)

    250       229,553  

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

    635       595,916  

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

    946       897,460  

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

    1,000       941,845  

Series 2016-C1, Class A5, 3.58%, 03/17/49 (Call 02/15/26)

    822       764,215  

Series 2016-C1, Class B, 4.74%, 03/17/49 (Call 02/15/26)(a)

    450       415,546  

Series 2016-C1, Class C, 4.74%, 03/17/49 (Call 02/15/26)(a)

    400       360,750  

JPMCC Commercial Mortgage Securities Trust

   

Series 2017-JP5, Class AS, 3.88%, 03/15/50 (Call 04/15/27)(a)

    650       584,001  

Series 2017-JP5, Class ASB, 3.55%, 03/15/50 (Call 04/15/27)

    112       105,764  

Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 06/15/27)

    300       272,596  

Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 06/15/27)

    400       354,144  

 

 

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® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 08/15/27)

  $ 1,000     $ 902,491  

Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 06/13/29)

    324       312,440  

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

    1,200       1,042,893  

JPMDB Commercial Mortgage Securities Trust

   

Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 05/15/26)

    1,000       913,124  

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

    750       651,715  

Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 04/15/27)

    1,100       1,011,537  

Series 2017-C7, Class A3, 3.05%, 10/15/50 (Call 11/15/27)

    1,196       1,140,931  

Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 11/15/27)

    1,050       943,608  

Series 2018-C8, Class A3, 3.94%, 06/15/51 (Call 06/15/28)

    561       519,143  

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

    955       803,290  

Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 04/13/30)

    539       417,570  

JPMorgan Chase Commercial Mortgage Securities Trust

   

Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 07/15/23)(a)

    205       202,580  

Series 2013-C13, Class ASB, 3.41%, 01/15/46 (Call 07/15/23)

    7       6,943  

Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 06/15/24)

    500       483,462  

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

    100       93,914  

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

    1,462           1,375,526  

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

    1,023       917,072  

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

    700       613,688  

Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 04/15/27)(a)

    1,090       999,992  

Morgan Stanley Bank of America Merrill Lynch Trust

   

Series 2013-C10, Class ASB, 3.91%, 07/15/46 (Call 06/15/28)(a)

    14       14,280  

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

    312       308,038  

Series 2013-C13, Class C, 4.90%, 11/15/46 (Call 11/15/28)(a)

    230       217,475  

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

    200       197,236  

Series 2013-C8, Class B, 3.64%, 12/15/48 (Call 02/15/23)(a)

    200       198,044  

Series 2014-C14, Class A5, 4.06%, 02/15/47 (Call 02/15/24)

    733       716,776  

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

    200       195,592  

Series 2014-C14, Class B, 4.87%, 02/15/47 (Call 02/15/24)(a)

    200       194,198  

Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 04/15/24)

    60       59,116  

Series 2014-C16, Class A5, 3.89%, 06/15/47 (Call 06/15/26)

    500       484,590  

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

    2,220       2,141,537  

Series 2014-C18, Class A3, 3.65%, 10/15/47 (Call 07/15/26)

    329       314,014  
Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

Series 2014-C18, Class A4, 3.92%, 10/15/47 (Call 07/15/26)

  $ 1,150     $ 1,108,347  

Series 2014-C19, Class A4, 3.53%, 12/15/47 (Call 10/15/26)

    1,275       1,216,192  

Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 11/15/26)

    500       466,836  

Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 03/15/31)

    901       845,596  

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

    1,000       937,726  

Series 2015-C22, Class C, 4.20%, 04/15/48 (Call 04/15/25)(a)

    250       217,146  

Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 06/15/25)

    730       686,279  

Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)

    1,000       941,577  

Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 08/15/25)

    336       316,903  

Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25)

    950       888,304  

Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 09/15/25)

    318       306,195  

Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 11/15/25)

    1,373       1,288,493  

Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28)

    1,000       927,686  

Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 10/15/26)

    500       446,889  

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

    1,250           1,123,128  

Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27)

    1,000       918,613  

Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 01/15/27)

    261       247,266  

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

    1,100       1,001,902  

Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 10/15/27)

    1,000       901,924  

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

    500       444,933  

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

    2,010       1,806,350  

Morgan Stanley Capital I Trust

   

Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 07/15/25)(a)

    500       472,906  

Series 2015-UBS8, Class AS, 4.11%, 12/15/48 (Call 12/15/25)

    250       228,945  

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

    1,250       1,120,903  

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

    1,000       891,264  

Series 2016-UB12, Class A3, 3.34%, 12/15/49 (Call 12/15/26)

    983       898,133  

Series 2016-UB12, Class A4, 3.60%, 12/15/49 (Call 12/15/26)

    1,500       1,371,645  

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

    1,000       905,732  

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

    500       457,597  

Series 2019-H7, Class A4, 3.26%, 07/15/52 (Call 07/15/29)

    1,000       855,918  

Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 08/15/30)

    1,120       863,823  

 

 

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® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 1,500     $ 1,225,372  

Series 2021-L5, Class ASB, 2.43%, 05/15/54 (Call 05/15/31)

    145       120,540  

Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/31)(a)

    1,500       1,311,572  

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

    3,000           2,331,827  

SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 07/10/26)

    1,000       897,568  

UBS Commercial Mortgage Trust

   

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

    1,000       903,483  

Series 2017-C6, Class AS, 3.93%, 12/15/50 (Call 12/15/27)(a)

    500       443,495  

Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 01/15/33)

    1,000       900,147  

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

    1,325       1,212,024  

Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 01/15/29)(a)

    750       660,900  

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

    1,592       1,377,825  

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

    1,000       831,011  

Wells Fargo Commercial Mortgage Trust

   

4.15%, 08/15/51 (Call 08/15/28)

    1,623       1,488,322  

Series 2013-LC12, Class AS, 4.30%, 07/15/46 (Call 07/15/23)(a)

    473       458,599  

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

    820       764,699  

Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25)

    1,000       942,417  

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

    330       300,593  

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

    500       470,853  

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

    250       232,902  

Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 08/15/25)

    817       769,282  

Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 08/15/25)

    269       260,958  

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

    500       469,799  

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

    1,000       926,813  

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

    450       404,994  

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

    600       584,087  

Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 04/15/25)

    750       687,657  

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

    1,000       943,086  

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

    750       708,028  

Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 01/15/26)

    718       692,013  

Series 2016-C33, Class A4, 3.43%, 03/15/59 (Call 04/15/26)

    1,000       924,196  

Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 05/15/26)

    1,000       911,159  

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

    1,000       899,686  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 500     $ 439,505  

Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 09/15/26)

    1,680       1,508,062  

Series 2016-LC25, Class B, 4.34%, 12/15/59 (Call 11/15/26)(a)

    198       176,642  

Series 2016-NXS4, Class A4, 3.72%, 12/15/48 (Call 11/15/25)

    1,920       1,803,792  

Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 10/15/26)

    500       435,106  

Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 06/15/27)

    487       437,582  

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

    1,000       902,220  

Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 08/15/27)

    2,500           2,250,651  

Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 08/15/27)

    950       896,712  

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

    500       420,356  

Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27)

    1,250       1,123,593  

Series 2017-C42, Class B, 4.00%, 12/15/50 (Call 12/15/27)(a)

    500       439,160  

Series 2018-C44, Class A4, 3.95%, 05/15/51 (Call 05/15/28)

    1,250       1,138,857  

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

    1,000       923,499  

Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 07/15/28)(a)

    350       314,861  

Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28)

    500       447,681  

Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 10/15/28)

    1,250       1,161,411  

Series 2018-C47, Class ASB, 4.37%, 09/15/61 (Call 10/15/28)

    1,625       1,546,688  

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

    1,010       929,943  

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

    1,625       1,468,159  

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

    665       563,235  

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

    750       663,009  

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

    1,000       866,306  

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

    492       415,762  

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

    1,400       1,178,154  

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

    1,000       817,196  

Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 04/15/30)

    500       430,259  

Series 2020-C56, Class B, 3.74%, 06/15/53 (Call 04/15/30)(a)

    345       280,421  

Series 2020-C56, Class C, 3.74%, 06/15/53 (Call 04/15/30)(a)

    800       617,892  

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

    1,919       1,489,809  

 

 

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® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30)

  $ 1,000     $ 763,207  

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

    1,000       791,176  

Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 04/15/31)

    459       389,414  

WFRBS Commercial Mortgage Trust

   

Series 2012-C10, Class AS, 3.24%, 12/15/45

    250       243,846  

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

    110       107,237  

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

    500       470,811  

Series 2013-C18, Class A4, 3.90%, 12/15/46 (Call 01/15/24)

    419       406,986  

Series 2013-UBS1, Class A4, 4.08%, 03/15/46 (Call 03/15/24)(a)

    712       698,375  

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

    285       278,965  

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

    300       284,853  

Series 2014-C22, Class A4, 3.49%, 09/15/57 (Call 09/15/24)

    972       929,659  

Series 2014-C22, Class A5, 3.75%, 09/15/57 (Call 09/15/24)

    400       383,318  

Series 2014-C22, Class AS, 4.07%, 09/15/57 (Call 09/15/24)(a)

    480       456,856  

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

    100       95,348  

Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 12/15/24)

    1,050       1,001,844  

Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 02/15/24)

    950       928,021  
   

 

 

 
      342,368,885  
   

 

 

 

Total Collaterized Mortgage Obligations — 58.4%
(Cost: $400,031,772)

 

      342,368,885  
   

 

 

 

U.S. Government Agency Obligations

 

Mortgage-Backed Securities — 41.0%  

Federal National Mortgage Association

   

Series 2013-M6, Class 1A2, 3.35%, 02/25/43(a)

    296       277,438  

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

    604       588,711  

Series 2014-M11, Class 2A, 3.29%, 08/25/26(a)

    560       531,140  

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

    102       98,843  

Series 2014-M3, Class A2, 3.50%, 01/25/24(a)

    280       276,850  

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

    375       368,570  

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

    506       487,977  

Series 2015-M11, Class A2, 2.85%, 04/25/25(a)

    725       692,329  

Series 2015-M13, Class A2, 2.70%, 06/25/25(a)

    696       659,689  

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

    324       309,561  

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

    1,125       1,077,977  

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

    274       253,265  

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

    2,000       1,836,966  

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

    935       866,555  

Series 2017-M11, Class A2, 2.98%, 08/25/29

    1,000       894,102  

Series 2017-M15, Class AV2, 2.57%, 11/25/24(a)

    629       607,586  

Series 2017-M2, Class A2, 2.76%, 02/25/27(a)

    2,248       2,080,509  

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

    645       590,093  

Series 2017-M4, Class A2, 2.55%, 12/25/26(a)

    723       662,676  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 948     $ 882,017  

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

    2,181       2,031,817  

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

    755       697,823  

Series 2018-M10, Class A2, 3.36%, 07/25/28(a)

    2,382       2,216,769  

Series 2018-M13, Class A2, 3.74%, 09/25/30(a)

    84       77,786  

Series 2018-M7, Class A2, 3.04%, 03/25/28(a)

    760       699,231  

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

    2,701       2,531,853  

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

    1,852       1,740,059  

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

    2,450       2,257,931  

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

    2,584       2,339,054  

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

    1,792       1,609,234  

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

    2,496       2,107,893  

Series 2021-M17, Class A2, 1.71%, 07/25/31(a)

    2,000       1,544,780  

Series 2022-M1, Class A2, 1.67%, 10/25/31(a)

    3,000       2,284,412  

Freddie Mac Multifamily Structured Pass Through Certificates

   

1.31%, 05/25/30 (Call 06/25/30)

    1,000       772,536  

2.03%, 09/25/28 (Call 10/25/28)

    1,150       983,602  

2.12%, 04/25/55 (Call 09/25/29)(a)

    3,000       2,560,868  

2.25%, 03/25/54 (Call 02/25/32)

    165       132,243  

2.45%, 04/25/32 (Call 05/25/32)

    1,000       811,873  

2.92%, 06/25/54 (Call 07/25/32)

    3,500       2,953,981  

3.00%, 06/25/32 (Call 06/25/32)(a)

    2,500       2,122,397  

3.50%, 07/25/32 (Call 08/25/32)(a)

    2,000       1,770,820  

Class A1, 2.55%, 05/25/31 (Call 02/25/32)

    2,248       1,965,105  

Class A2, 2.25%, 02/25/32 (Call 02/25/32)

    2,500       2,004,014  

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

    750       738,634  

Series K038, Class A2, 3.39%, 03/25/24 (Call 05/25/24)

    500       490,062  

Series K039, Class A2, 3.30%, 07/25/24 (Call 08/25/24)

    263       256,253  

Series K040, Class A2, 3.24%, 09/25/24 (Call 10/25/24)

    1,120       1,087,094  

Series K041, Class A2, 3.17%, 10/25/24 (Call 11/25/24)

    1,250       1,210,887  

Series K043, Class A2, 3.06%, 12/25/24 (Call 01/25/25)

    1,000       961,783  

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

    2,346       2,243,913  

Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25)

    1,785       1,714,637  

Series K048, Class A1, 2.69%, 12/25/24 (Call 08/25/25)

    173       168,978  

Series K049, Class A2, 3.01%, 07/25/25 (Call 08/25/25)

    1,800       1,714,906  

Series K050, Class A2, 3.33%, 08/25/25 (Call 10/25/25)(a)

    2,000       1,918,614  

Series K051, Class A2, 3.31%, 09/25/25 (Call 10/25/25)

    2,630       2,518,356  

Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26)

    800       761,278  

Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26)

    2,200       2,081,590  

Series K054, Class A2, 2.75%, 01/25/26 (Call 02/25/26)

    700       656,146  

Series K055, Class A2, 2.67%, 03/25/26 (Call 04/25/26)

    1,500       1,398,456  

Series K056, Class A1, 2.20%, 07/25/25 (Call 06/25/26)

    174       168,300  

Series K056, Class A2, 2.53%, 05/25/26 (Call 06/25/26)

    1,725       1,596,437  

Series K057, Class A2, 2.57%, 07/25/26 (Call 08/25/26)

    1,725       1,595,300  

Series K058, Class A2, 2.65%, 08/25/26 (Call 09/25/26)

    1,527       1,410,287  

Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)(a)

    1,780       1,671,434  

Series K060, Class A2, 3.30%, 10/25/26 (Call 12/25/26)

    1,046       987,533  

Series K061, Class A2, 3.35%, 11/25/26 (Call 12/25/26)(a)

    1,300       1,229,307  

Series K062, Class A2, 3.41%, 12/25/26 (Call 01/25/27)

    1,000       946,345  

Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)(a)

    1,345       1,273,214  

Series K064, Class A1, 2.89%, 10/25/26 (Call 05/25/27)

    659       633,632  

Series K064, Class A2, 3.22%, 03/25/27 (Call 05/25/27)

    325       304,787  

Series K065, Class A2, 3.24%, 04/25/27 (Call 07/25/27)

    2,570        2,408,373  

Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27)

    755       724,233  

Series K067, Class A2, 3.19%, 07/25/27 (Call 09/25/27)

    1,600       1,491,778  

Series K068, Class A2, 3.24%, 08/25/27 (Call 10/25/27)

    1,000       933,467  

Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)(a)

    1,000       930,454  

Series K070, Class A1, 3.03%, 04/25/27 (Call 12/25/27)

    1,537       1,475,845  

Series K070, Class A2, 3.30%, 11/25/27 (Call 12/25/27)(a)

    1,541       1,438,734  

Series K071, Class A2, 3.29%, 11/25/27 (Call 02/25/28)

    1,500       1,397,832  

 

 

26  

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



Schedule of Investments (continued)

October 31, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 1,000     $ 937,938  

Series K073, Class A2, 3.35%, 01/25/28 (Call 10/25/28)

    2,397       2,235,786  

Series K074, Class A1, 3.60%, 09/25/27 (Call 07/25/28)

    871       842,044  

Series K074, Class A2, 3.60%, 01/25/28 (Call 07/25/28)

    1,000       942,974  

Series K075, Class A2, 3.65%, 02/25/28 (Call 05/25/28)(a)

    1,000       944,700  

Series K076, Class A1, 3.73%, 12/25/27 (Call 05/25/28)

    979       947,176  

Series K076, Class A2, 3.90%, 04/25/28 (Call 05/25/28)

    2,025       1,934,254  

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

    1,000       952,357  

Series K078, Class A2, 3.85%, 06/25/28 (Call 10/25/28)

    1,140       1,085,169  

Series K079, Class A2, 3.93%, 06/25/28 (Call 07/25/28)

    2,100       2,004,029  

Series K080, Class A2, 3.93%, 07/25/28 (Call 08/25/28)(a)

    1,700       1,620,798  

Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)(a)

    1,500       1,426,967  

Series K082, Class A2, 3.92%, 09/25/28 (Call 10/25/28)(a)

    2,310       2,198,236  

Series K083, Class A2, 4.05%, 09/25/28 (Call 10/25/28)(a)

    1,195       1,144,096  

Series K084, Class A2, 3.78%, 10/25/28 (Call 11/25/28)(a)

    1,000       940,627  

Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)(a)

    1,000       954,702  

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

    1,725       1,632,790  

Series K087, Class A2, 3.77%, 12/25/28 (Call 01/25/29)

    1,571       1,479,524  

Series K088, Class A1, 3.48%, 09/25/28 (Call 04/25/29)

    330       315,094  

Series K088, Class A2, 3.69%, 01/25/29 (Call 04/25/29)

    2,010       1,883,306  

Series K089, Class A1, 3.34%, 10/25/28 (Call 04/25/29)

    2,275       2,158,725  

Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29)

    1,400       1,302,032  

Series K091, Class A2, 3.51%, 03/25/29 (Call 10/25/29)

    2,017       1,867,211  

Series K092, Class A2, 3.30%, 04/25/29 (Call 07/25/29)

    2,010       1,836,139  

Series K094, Class A2, 2.90%, 06/25/29 (Call 11/25/29)

    2,420       2,154,080  

Series K095, Class A2, 2.79%, 06/25/29 (Call 01/25/30)

    2,675       2,363,204  

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

    1,215       1,053,078  

Series K097, Class A1, 2.16%, 05/25/29 (Call 12/25/29)

    964       868,733  

Series K097, Class A2, 2.51%, 07/25/29 (Call 12/25/29)

    2,250       1,946,801  

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

    500       430,144  

Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29)

    1,000       871,736  

Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30)

    250       215,485  

Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/30)

    944       849,945  

Series K102, Class A2, 2.54%, 10/25/29 (Call 04/25/30)

    2,000       1,725,275  

Series K103, Class A2, 2.65%, 11/25/29 (Call 06/25/30)

    1,220       1,058,102  

Series K104, Class A2, 2.25%, 01/25/30 (Call 07/25/30)

    3,005       2,529,651  

Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30)

    1,485       1,213,411  

Series K106, Class A1, 1.78%, 10/25/29 (Call 02/25/30)

    2,428       2,095,933  

Series K106, Class A2, 2.07%, 01/25/30 (Call 02/25/30)

    2,250       1,862,542  

Series K107, Class A2, 1.64%, 01/25/30 (Call 02/25/30)

    3,250       2,611,208  

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

    2,153       1,707,244  

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

    3,000           2,375,446  

Series K110, Class A1, 1.02%, 09/25/29 (Call 05/25/30)

    977       809,057  

Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30)

    1,640       1,291,525  

Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30)

    1,500       1,164,952  

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

    760       587,714  

Series K115, Class A2, 1.38%, 06/25/30 (Call 07/25/30)

    1,000       774,759  

Series K116, Class A2, 1.38%, 07/25/30 (Call 09/25/30)

    2,000       1,546,358  

Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30)

    1,500       1,159,496  

Series K118, Class A1, 0.79%, 03/25/30 (Call 09/25/30)

    1,909       1,586,869  

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

    2,500       1,942,344  

Series K119, Class A2, 1.57%, 09/25/30 (Call 10/25/30)

    3,000       2,342,849  

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

    3,200       2,478,703  

Series K121, Class A2, 1.55%, 10/25/30 (Call 03/25/31)

    1,500       1,165,264  

Series K123, Class A2, 1.62%, 12/25/30 (Call 01/25/31)

    600       467,974  

Series K124, Class A2, 1.66%, 12/25/30 (Call 01/25/31)

    2,300       1,796,387  

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

    3,000       2,377,002  

Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31)

    3,866       3,121,757  

Series K127, Class A2, 2.11%, 01/25/31 (Call 02/25/31)

    3,000       2,426,220  

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

    1,000       801,952  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series K130, Class A2, 1.72%, 06/25/31 (Call 07/25/31)

  $ 2,500     $ 1,941,489  

Series K131, Class A2, 1.85%, 07/25/31 (Call 09/25/31)

    3,000       2,352,856  

Series K132, Class A2, 2.02%, 08/25/31 (Call 12/25/31)

    1,000       791,803  

Series K133, Class A2, 2.10%, 09/25/31 (Call 10/25/31)

    1,000       795,980  

Series K135, Class A1, 1.61%, 10/25/30 (Call 11/25/31)

    1,215       1,016,100  

Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)(a)

    2,800       2,237,115  

Series K136, Class A2, 2.13%, 11/25/31 (Call 12/25/31)

    2,000       1,591,297  

Series K139, Class A2, 2.59%, 01/25/32 (Call 02/25/32)(a)

    2,000       1,653,514  

Series K142, Class A2, 2.40%, 03/25/32 (Call 03/25/32)

    3,000       2,433,043  

Series K150, 3.71%, 09/25/32

    2,000       1,806,437  

Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/34)

    250       230,628  

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

    500       451,160  

Series K-1511, Class A2, 3.47%, 03/25/31 (Call 04/25/34)

    1,000       902,547  

Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34)

    730       634,533  

Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34)

    450       373,918  

Series K-1513, Class A3, 2.80%, 08/25/34 (Call 12/25/34)

    1,015       815,450  

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

    1,000       803,754  

Series K-1516, Class A2, 1.72%, 05/25/35 (Call 10/25/35)

    1,825       1,278,016  

Series K-1517, Class A2, 1.72%, 07/25/35 (Call 08/25/35)

    500       351,582  

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

    2,500       1,767,618  

Series K152, Class A1, 2.83%, 05/25/30 (Call 04/25/31)

    1,137       1,041,716  

Series K152, Class A2, 3.08%, 01/25/31 (Call 04/25/31)

    250       220,157  

Series K-1520, Class A2, 2.44%, 02/25/36 (Call 04/25/36)

    2,000       1,486,794  

Series K-1521, Class A2, 2.18%, 08/25/36 (Call 09/25/36)

    1,000       717,106  

Series K153, Class A3, 3.12%, 10/25/31 (Call 02/25/32)(a)

    500       435,220  

Series K154, Class A3, 3.46%, 11/25/32 (Call 12/25/32)

    1,345       1,184,553  

Series K155, Class A1, 3.75%, 11/25/29 (Call 05/25/33)

    468       447,842  

Series K156, Class A3, 3.70%, 06/25/33 (Call 07/25/33)(a)

    500       448,609  

Series K157, Class A2, 3.99%, 05/25/33 (Call 09/25/33)(a)

    1,076       1,013,760  

Series K159, Class A1, 3.95%, 12/25/29 (Call 11/25/33)

    1,497       1,444,175  

Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/33)(a)

    833       783,000  

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

    2,000       1,837,859  

Series K725, Class A2, 3.00%, 01/25/24 (Call 05/25/24)

    989       967,384  

Series K727, Class A2, 2.95%, 07/25/24 (Call 10/25/24)

    866       840,879  

Series K728, Class A2, 3.06%, 08/25/24 (Call 11/25/24)(a)

    1,955       1,902,636  

Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24)

    112       111,947  

Series K730, Class A2, 3.59%, 01/25/25 (Call 02/25/25)(a)

    1,998       1,940,172  

Series K731, Class A2, 3.60%, 02/25/25 (Call 05/25/25)(a)

    991       962,373  

Series K733, Class A2, 3.75%, 08/25/25 (Call 01/25/26)

    1,000       968,365  

Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26)

    1,000       949,299  

Series K735, Class A2, 2.86%, 05/25/26 (Call 06/25/26)

    1,993       1,863,454  

Series K737, Class AM, 2.10%, 10/25/26 (Call 12/25/26)

    300       269,537  

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

    2,150       1,834,690  

Series K740, Class A2, 1.47%, 09/25/27 (Call 10/25/27)

    2,000       1,704,951  

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

    1,120       955,164  

Series K742, Class A2, 1.76%, 03/25/28 (Call 04/25/28)

    1,000       854,896  

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

    1,400       1,161,676  

Series K745, Class A2, 1.66%, 08/25/28 (Call 09/25/28)

    3,000       2,514,367  

Series KS03, Class A4, 3.16%, 05/25/25 (Call 08/25/25)(a)

    1,000       962,041  
   

 

 

 
          240,211,150  
   

 

 

 

Total U.S. Government Agency Obligations — 41.0%
(Cost: $279,621,872)

      240,211,150  
   

 

 

 

Total Long-Term Investments — 99.4%
(Cost: $679,653,644)

      582,580,035  
   

 

 

 

 

 

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

    27  


Schedule of Investments (continued)

October 31, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Shares

(000)

    Value  

 

 

Short-Term Securities

 

 
Money Market Funds — 0.3%        

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(b)(c)

    1,600     $ 1,600,000  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $1,600,000)

 

    1,600,000  
   

 

 

 

Total Investments — 99.7%
(Cost: $681,253,644)

 

    584,180,035  

Other Assets Less Liabilities — 0.3%

 

    1,649,233  
   

 

 

 

Net Assets — 100.0%

    $  585,829,268  
   

 

 

 

 

(a) 

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

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/21

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/22

   

Shares

Held at

10/31/22

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 6,210,000     $     $ (4,610,000 )(a)    $     $     $ 1,600,000       1,600     $ 25,789     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

 

 

 
     Level 1      Level 2              Level 3      Total  

 

 

Investments

           

Assets

           

Collaterized Mortgage Obligations

   $      $ 342,368,885      $      $ 342,368,885  

U.S. Government Agency Obligations

            240,211,150               240,211,150  

Money Market Funds

     1,600,000                      1,600,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $     1,600,000      $ 582,580,035      $      $ 584,180,035  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

28  

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


Schedule of Investments

October 31, 2022

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 

U.S. Government Agency Obligations

 

Mortgage-Backed Securities — 100.8%

 

Government National Mortgage Association

 

1.50%, 10/20/51

  $ 460     $ 354,916  

2.00%, 07/20/50

    42       34,631  

2.00%, 08/20/50

    848       701,306  

2.00%, 09/20/50

    7,797       6,451,625  

2.00%, 02/20/51

    15,893       13,126,781  

2.00%, 10/20/51

    2,140       1,761,941  

2.00%, 12/20/51

    60,152        49,497,896  

2.00%, 01/20/52

    346       284,781  

2.00%, 03/20/52

    485       398,700  

2.00%, 04/20/52

    497       407,259  

2.00%, 11/21/52(a)

    2,855       2,344,669  

2.50%, 01/15/28

    4       3,635  

2.50%, 02/20/28

    6       5,376  

2.50%, 01/20/31

    95       88,057  

2.50%, 07/20/35

    1,418       1,283,688  

2.50%, 04/20/43

    14       12,037  

2.50%, 12/20/46

    1,298       1,122,295  

2.50%, 01/20/47

    124       107,551  

2.50%, 06/20/50

    3,470       2,964,973  

2.50%, 08/20/50

    14,432       12,331,436  

2.50%, 09/20/50

    4,127       3,527,598  

2.50%, 01/20/51

    3,589       3,066,600  

2.50%, 02/20/51

    4,100       3,492,960  

2.50%, 05/20/51

    5,994       5,101,581  

2.50%, 07/20/51

    20,527       17,457,373  

2.50%, 08/20/51

    21,702       18,449,794  

2.50%, 11/20/51

    9,791       8,314,547  

2.50%, 12/20/51

    550       467,474  

2.50%, 02/20/52

    1,942       1,647,566  

2.50%, 04/20/52

    497       420,637  

2.50%, 11/21/52(a)

    3,275       2,774,562  

3.00%, 07/15/27

    3       3,202  

3.00%, 09/15/27

    6       5,910  

3.00%, 01/20/31

    122       112,982  

3.00%, 07/20/31

    194       179,874  

3.00%, 02/20/32

    152       140,352  

3.00%, 09/15/42

    5       4,454  

3.00%, 10/15/42

    37       32,646  

3.00%, 01/20/43

    341       303,115  

3.00%, 07/15/43

    60       53,699  

3.00%, 09/20/43

    708       630,173  

3.00%, 01/15/44

    1,905       1,695,602  

3.00%, 08/20/44

    394       350,371  

3.00%, 05/20/45

    280       248,588  

3.00%, 07/20/45

    77       68,485  

3.00%, 10/20/45

    125       110,361  

3.00%, 12/20/45

    1,545       1,370,182  

3.00%, 01/20/46

    503       445,547  

3.00%, 02/20/46

    521       461,562  

3.00%, 03/20/46

    1,937       1,716,855  

3.00%, 04/20/46

    1,276       1,131,003  

3.00%, 05/20/46

    1,627       1,441,540  

3.00%, 06/20/46

    575       511,522  

3.00%, 07/20/46

    581       514,610  

3.00%, 08/20/46

    3,737       3,312,151  

3.00%, 09/20/46

    2,467       2,185,994  

3.00%, 12/15/46

    141       123,830  
Security  

Par

(000)

    Value  

 

 
Mortgage-Backed Securities (continued)  

3.00%, 12/20/46

  $ 431     $ 381,956  

3.00%, 02/15/47

    171       150,635  

3.00%, 02/20/47

    486       430,674  

3.00%, 06/20/47

    57       50,763  

3.00%, 07/20/47

    983       870,942  

3.00%, 10/20/47

    323       286,128  

3.00%, 02/20/48

    45       40,181  

3.00%, 04/20/49

    1,995       1,767,794  

3.00%, 07/20/49

    410       362,251  

3.00%, 09/20/49

    32       28,050  

3.00%, 10/15/49

    855       749,805  

3.00%, 11/20/49

    1,225       1,079,491  

3.00%, 01/20/50

    3,124       2,752,121  

3.00%, 04/20/50

    8,657       7,613,215  

3.00%, 07/20/50

    11,173       9,821,001  

3.00%, 08/20/50

    1,325       1,164,148  

3.00%, 08/20/51

    1,168       1,021,455  

3.00%, 10/20/51

    6,776        5,919,452  

3.00%, 11/20/51

    1,037       905,931  

3.00%, 12/20/51

    1,924       1,680,143  

3.00%, 05/20/52

    1,195       1,038,135  

3.00%, 07/20/52

    3,322       2,890,148  

3.00%, 11/21/52(a)

    5,381       4,683,572  

3.50%, 02/15/26

    2       1,699  

3.50%, 11/15/26

    1       1,359  

3.50%, 02/20/27

    5       4,250  

3.50%, 01/20/31

    41       38,374  

3.50%, 07/20/32

    108       101,520  

3.50%, 09/15/41

    4       3,963  

3.50%, 06/20/42

    2,848       2,559,074  

3.50%, 09/15/42

    11       10,022  

3.50%, 09/20/42

    120       109,989  

3.50%, 10/15/42

    4       3,995  

3.50%, 10/20/42

    280       257,843  

3.50%, 11/15/42

    24       22,071  

3.50%, 11/20/42

    926       851,276  

3.50%, 12/20/42

    98       90,296  

3.50%, 02/20/43

    755       693,728  

3.50%, 03/15/43

    36       32,781  

3.50%, 05/15/43

    32       29,244  

3.50%, 06/15/43

    125       115,462  

3.50%, 04/20/45

    272       248,907  

3.50%, 09/20/45

    3,001       2,744,364  

3.50%, 11/20/45

    11       9,949  

3.50%, 12/20/45

    75       68,671  

3.50%, 03/20/46

    382       349,148  

3.50%, 04/20/46

    60       54,774  

3.50%, 06/20/46

    581       528,787  

3.50%, 07/20/46

    3,429       3,122,805  

3.50%, 11/20/46

    10       9,408  

3.50%, 12/20/46

    144       131,087  

3.50%, 01/20/47

    52       46,999  

3.50%, 02/20/47

    127       115,828  

3.50%, 03/20/47

    259       236,085  

3.50%, 04/20/47

    1,110       1,009,502  

3.50%, 08/20/47

    513       467,238  

3.50%, 09/20/47

    978       890,076  

3.50%, 10/20/47

    7,430       6,763,963  

3.50%, 12/15/47

    482       437,294  

3.50%, 12/20/47

    578       526,067  

 

 

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

    29  


Schedule of Investments (continued)

October 31, 2022

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

     Value  

 

 

Mortgage-Backed Securities (continued)

 

3.50%, 02/20/48

  $     1,355      $     1,233,150  

3.50%, 04/20/48

    110        99,303  

3.50%, 11/20/48

    697        633,496  

3.50%, 09/20/49

    218        197,450  

3.50%, 10/20/49

    265        240,040  

3.50%, 12/20/49

    734        665,604  

3.50%, 01/20/50

    1,674        1,518,131  

3.50%, 03/20/50

    1,435        1,301,110  

3.50%, 04/20/50

    9,668        8,762,815  

3.50%, 05/20/50

    399        361,449  

3.50%, 06/20/50

    619        560,872  

3.50%, 08/20/50

    2,760        2,499,862  

3.50%, 08/20/52

    1,547        1,382,784  

3.50%, 09/20/52

    3,991        3,567,720  

3.50%, 11/21/52(a)

    7,726        6,914,086  

4.00%, 03/20/26

    1        1,410  

4.00%, 07/20/26

    1        1,142  

4.00%, 02/15/41

    6        5,463  

4.00%, 03/15/41

    5        4,458  

4.00%, 04/15/41

    25        23,747  

4.00%, 05/15/41

    7        6,483  

4.00%, 12/15/41

    8        7,127  

4.00%, 01/15/42

    5        4,620  

4.00%, 02/15/42

    16        15,743  

4.00%, 03/15/42

    40        37,738  

4.00%, 05/15/42

    9        8,025  

4.00%, 08/15/42

    8        7,672  

4.00%, 09/20/42

    216        205,589  

4.00%, 04/15/44

    29        27,079  

4.00%, 05/15/44

    40        37,731  

4.00%, 08/20/44

    25        23,563  

4.00%, 10/20/44

    271        255,287  

4.00%, 03/20/45

    1,092        1,027,868  

4.00%, 08/15/45

    2,998        2,814,645  

4.00%, 08/20/45

    427        400,922  

4.00%, 09/20/45

    589        552,307  

4.00%, 10/20/45

    5        4,985  

4.00%, 01/20/46

    9        8,427  

4.00%, 03/20/46

    104        97,734  

4.00%, 07/20/46

    10        9,383  

4.00%, 09/20/46

    302        283,231  

4.00%, 11/20/46

    116        108,893