LOGO

  AUGUST 31, 2022

 

 

  

  

2022 Semi-Annual Report

(Unaudited)

 

 

 

iShares Trust

· iShares ESG Advanced Investment Grade Corporate Bond ETF | ELQD | NYSE Arca

· iShares ESG Advanced Total USD Bond Market ETF | EUSB | NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. 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 and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period 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 is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce 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 horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

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. Furthermore, the energy shock 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. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, 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, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2022

 

     
     6-Month      12-Month  
   

U.S. large cap equities

(S&P 500® Index)

  (8.84)%   (11.23)%
   

U.S. small cap equities

(Russell 2000® Index)

  (9.31)      (17.88)   
   

International equities

(MSCI Europe, Australasia, Far East Index)

  (13.97)      (19.80)   
   

Emerging market equities

(MSCI Emerging Markets Index)

  (13.30)      (21.80)   
   

3-month Treasury bills

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

  0.36       0.39    
   

U.S. Treasury securities

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

  (9.71)      (13.27)   
   

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

  (7.76)      (11.52)   
   

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

  (5.72)      (8.63)   
   

U.S. high yield bonds

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

  (7.78)      (10.61)   

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

Semi-Annual Report:

  

Fund Summary

   4

About Fund Performance

   6

Disclosure of Expenses

   6

Schedules of Investments

   7

Financial Statements

  

Statements of Assets and Liabilities

   56

Statements of Operations

   57

Statements of Changes in Net Assets

   58

Financial Highlights

   59

Notes to Financial Statements

   61

Board Review and Approval of Investment Advisory Contract

   69

Supplemental Information

   73

General Information

   74

Glossary of Terms Used in this Report

   75

 

 

 

 


Fund Summary as of August 31, 2022    iShares® ESG Advanced Investment Grade Corporate Bond ETF

 

Investment Objective

The iShares ESG Advanced Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment grade corporate bonds that applies extensive climate-based screens and other extensive screens for involvement in controversial activities, and reflects the performance of issuers with a favorable environmental, social and governance rating as identified by the index provider, as represented by the iBoxx MSCI ESG Advanced USD Liquid Investment Grade 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

 

          Cumulative Total Returns  
     6 Months    

Since

Inception

 

Fund NAV

    (10.65 )%      (16.51 )% 

Fund Market

    (11.05     (16.71

Index

    (10.51     (16.38

The inception date of the Fund was November 8, 2021. The first day of secondary market trading was November 10, 2021.

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

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

              

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $        893.50          $         0.86               $      1,000.00          $      1,024.30          $         0.92          0.18

 

  (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.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 
   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    5.4

Aa

    2.3  

A

    42.9  

Baa

    48.4  

Ba

    0.3  

Not Rated

    0.7  

MATURITY ALLOCATION

 

 
   
Maturity    

Percent of

Total Investments

 

(a) 

1-5 Years

    26.2

5-10 Years

    36.9  

10-15 Years

    3.0  

15-20 Years

    7.4  

More than 20 Years

    26.5  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

4  

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


Fund Summary as of August 31, 2022    iShares® ESG Advanced Total USD Bond Market ETF

 

Investment Objective

The iShares ESG Advanced Total USD Bond Market ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated bonds that are rated either investment-grade or high-yield from issuers with a favorable environmental, social and governance rating as identified by the index provider, while applying extensive screens for involvement in controversial activities, as represented by the Bloomberg MSCI US Universal Choice ESG Screened Index (the “Index”) (formerly the Bloomberg Barclays MSCI US Universal Choice ESG Screened Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns          Cumulative Total Returns  
     6 Months     1 Year    

Since

Inception

   

    

   1 Year    

Since

Inception

 

Fund NAV

    (7.52 )%      (11.41 )%      (4.84 )%         (11.41 )%      (10.31 )% 

Fund Market

    (7.65     (11.40     (4.82        (11.40     (10.26

Index

    (7.51     (11.34     (4.71          (11.34     (10.01

The inception date of the Fund was June 23, 2020. The first day of secondary market trading was June 25, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

          

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $         924.80          $         0.53           $      1,000.00          $      1,024.70          $         0.56          0.11

 

  (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.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 
   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    49.2

Aa

    14.2  

A

    11.8  

Baa

    14.3  

Ba

    2.9  

B

    1.6  

Caa

    0.2  

Ca

    0.1  

Not Rated

    5.7  

PORTFOLIO COMPOSITION

 

 
   
Investment Type    

Percent of

Total Investments

 

(a) 

U.S. Government & Agency Obligations

    61.2

Corporate Bonds & Notes

    32.1  

Foreign Government Obligations

    5.8  

Collaterized Mortgage Obligations

    1.1  

Asset-Backed Securities

    0.3  

TBA Sales Commitments

    (0.5
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

    5  


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.

 

 

6  

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


Schedule of Investments (unaudited) 

August 31, 2022

  

iShares® ESG Advanced Investment Grade Corporate  Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Apparel — 0.3%            

NIKE Inc.

   

2.85%, 03/27/30 (Call 12/27/29)

  $     20     $     18,334  

3.38%, 03/27/50 (Call 09/27/49)

    25       20,828  

VF Corp., 2.95%, 04/23/30 (Call 01/23/30)

    10       8,718  
   

 

 

 
      47,880  
Auto Manufacturers — 0.1%            

American Honda Finance Corp., 1.30%, 09/09/26

    10       9,006  
   

 

 

 
Auto Parts & Equipment — 0.2%            

Aptiv PLC/Aptiv Corp.

   

3.25%, 03/01/32 (Call 12/01/31)(a)

    15       12,627  

4.15%, 05/01/52 (Call 11/01/51)

    15       11,128  

BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)

    15       13,640  
   

 

 

 
      37,395  
Banks — 27.9%            

Banco Santander SA, 1.85%, 03/25/26

    200       177,740  

Bank of America Corp.

   

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

    15       10,704  

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

    100       82,998  

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

    25       16,967  

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

    25       21,020  

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

    90       63,072  

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

    25       19,414  

4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.320%)(b)

    60       52,185  

4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.150%)(b)

    15       12,806  

4.25%, 10/22/26

    120       118,218  

Bank of Montreal, 2.65%, 03/08/27

    50       46,549  

Bank of New York Mellon Corp. (The), 2.45%, 08/17/26 (Call 05/17/26)

    150       141,095  

Bank of Nova Scotia (The), 1.35%, 06/24/26

    50       44,880  

Barclays PLC, 4.38%, 01/12/26

    370       362,683  

Canadian Imperial Bank of Commerce, 1.25%, 06/22/26

    50       44,672  

Citigroup Inc.

   

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

    25       20,458  

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

    40       29,166  

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

    25       22,455  

4.30%, 11/20/26

    50       49,397  

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

    105       99,917  

4.45%, 09/29/27

    25       24,410  

4.60%, 03/09/26

    25       24,958  

4.65%, 07/23/48 (Call 06/23/48)

    40       37,416  

4.75%, 05/18/46

    65       58,428  

4.91%, 05/24/33 (Call 05/24/32)(b)

    15       14,689  

Cooperatieve Rabobank U.A., 5.25%, 05/24/41

    10       10,864  

Deutsche Bank AG/New York NY, 2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)(b)

    200       176,428  

Fifth Third Bancorp., 4.77%, 07/28/30 (Call 07/28/29)(b)

    15       14,874  

Goldman Sachs Group Inc. (The)

   

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

    200       164,762  

5.15%, 05/22/45

    50       47,311  

5.95%, 01/15/27

    50       52,439  

6.75%, 10/01/37

    80       88,497  

HSBC Holdings PLC

   

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

    200       169,002  

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

    200       158,772  

Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29)

    15       12,817  
Security   Par
(000)
     Value  
Banks (continued)             

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

  $     200      $     177,291  

JPMorgan Chase & Co.

    

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

    150        123,943  

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

    25        18,793  

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

    25        21,335  

5.40%, 01/06/42

    25        25,477  

6.40%, 05/15/38

    110        124,680  

KeyCorp, 2.55%, 10/01/29

    25        21,413  

Lloyds Banking Group PLC, 1.63%, 05/11/27 (Call 05/11/26)(a)(b)

    250        220,868  

Mitsubishi UFJ Financial Group Inc., 2.05%, 07/17/30

    200        162,915  

Mizuho Financial Group Inc., 2.84%, 09/13/26

    200        184,896  

Morgan Stanley

    

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

    200        161,231  

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

    20        17,027  

4.30%, 01/27/45

    75        67,092  

4.35%, 09/08/26

    25        24,722  

5.00%, 11/24/25

    10        10,154  

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

    55        59,429  

PNC Financial Services Group Inc. (The), 2.55%, 01/22/30 (Call 10/24/29)

    100        87,469  

Royal Bank of Canada

    

1.15%, 07/14/26

    50        44,477  

2.30%, 11/03/31

    15        12,445  

State Street Corp., 2.20%, 03/03/31

    15        12,483  

Sumitomo Mitsui Financial Group Inc., 3.35%, 10/18/27

    270        252,836  

Toronto-Dominion Bank (The)

    

2.00%, 09/10/31

    30        24,292  

4.46%, 06/08/32

    50        49,055  

Truist Financial Corp.

    

1.13%, 08/03/27 (Call 06/03/27)

    25        21,485  

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

    15        13,472  

U.S. Bancorp., 1.38%, 07/22/30 (Call 04/22/30)

    75        59,937  

Westpac Banking Corp., 2.15%, 06/03/31

    100        83,929  
    

 

 

 
       4,575,209  
Beverages — 1.3%             

Coca-Cola Co. (The)

    

2.25%, 01/05/32

    25        21,733  

3.00%, 03/05/51

    45        35,212  

3.45%, 03/25/30

    50        48,498  

Keurig Dr Pepper Inc., 3.80%, 05/01/50 (Call 11/01/49)

    30        23,183  

PepsiCo Inc.

    

1.40%, 02/25/31 (Call 11/25/30)

    50        40,859  

3.63%, 03/19/50 (Call 09/19/49)

    50        44,469  
    

 

 

 
       213,954  
Biotechnology — 2.2%             

Amgen Inc.

    

2.00%, 01/15/32 (Call 10/15/31)

    40        32,490  

4.40%, 02/22/62 (Call 08/22/61)

    20        17,340  

4.66%, 06/15/51 (Call 12/15/50)

    100        93,726  

Biogen Inc.

    

2.25%, 05/01/30 (Call 02/01/30)

    45        36,769  

3.15%, 05/01/50 (Call 11/01/49)

    15        10,219  

Gilead Sciences Inc.

    

1.65%, 10/01/30 (Call 07/01/30)

    60        48,771  

4.00%, 09/01/36 (Call 03/01/36)

    20        18,237  

4.75%, 03/01/46 (Call 09/01/45)

    70        66,649  

 

 

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

  7


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Investment Grade Corporate  Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Biotechnology (continued)            

Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)

  $     40     $     31,845  
   

 

 

 
      356,046  
Building Materials — 0.3%            

Carrier Global Corp., 3.58%, 04/05/50 (Call 10/05/49)

    40       30,397  

Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)

    30       24,707  
   

 

 

 
      55,104  
Chemicals — 0.4%            

Air Products and Chemicals Inc.

   

2.05%, 05/15/30 (Call 02/15/30)

    15       12,950  

2.70%, 05/15/40 (Call 11/15/39)

    15       11,898  

Celanese U.S. Holdings LLC, 6.17%, 07/15/27 (Call 06/15/27)

    15       15,010  

Nutrien Ltd., 5.00%, 04/01/49 (Call 10/01/48)

    10       9,851  

Sherwin-Williams Co. (The), 4.50%, 06/01/47 (Call 12/01/46)

    25       22,321  
   

 

 

 
      72,030  
Commercial Services — 1.1%            

Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30)

    50       40,937  

Global Payments Inc.

   

1.20%, 03/01/26 (Call 02/01/26)

    15       13,227  

5.95%, 08/15/52

    15       14,558  

PayPal Holdings Inc.

   

2.30%, 06/01/30 (Call 03/01/30)

    20       17,181  

2.65%, 10/01/26 (Call 08/01/26)

    80       75,927  

S&P Global Inc., 2.90%, 03/01/32 (Call 12/01/31)(a)(c)

    25       22,190  
   

 

 

 
      184,020  
Computers — 4.6%            

Apple Inc.

   

1.40%, 08/05/28 (Call 06/05/28)

    270       234,839  

2.70%, 08/05/51 (Call 02/05/51)

    50       36,741  

2.80%, 02/08/61 (Call 08/08/60)

    15       10,527  

4.65%, 02/23/46 (Call 08/23/45)

    180       183,644  

Dell International LLC/EMC Corp.

   

3.38%, 12/15/41 (Call 06/15/41)(c)

    15       10,516  

4.90%, 10/01/26 (Call 08/01/26)

    15       15,060  

5.30%, 10/01/29 (Call 07/01/29)

    45       44,624  

6.02%, 06/15/26 (Call 03/15/26)

    15       15,574  

6.20%, 07/15/30 (Call 04/15/30)

    15       15,607  

8.35%, 07/15/46 (Call 01/15/46)

    8       9,667  

Hewlett Packard Enterprise Co., 6.20%, 10/15/35 (Call 04/15/35)

    30       31,574  

HP Inc., 2.65%, 06/17/31 (Call 03/17/31)

    70       55,696  

International Business Machines Corp., 4.15%, 05/15/39

    100       89,897  
   

 

 

 
      753,966  
Cosmetics & Personal Care — 1.1%            

Procter & Gamble Co. (The)

   

1.00%, 04/23/26

    15       13,747  

3.00%, 03/25/30

    50       47,083  

Unilever Capital Corp., 3.50%, 03/22/28 (Call 12/22/27)

    130       126,792  
   

 

 

 
      187,622  
Diversified Financial Services — 4.8%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 (Call 08/29/28)

    155       131,874  

Air Lease Corp., 1.88%, 08/15/26 (Call 07/15/26)

    65       56,897  

Ally Financial Inc., 8.00%, 11/01/31(a)

    25       27,922  

American Express Co.

   

3.13%, 05/20/26 (Call 04/20/26)

    15       14,472  

4.05%, 12/03/42

    15       13,598  

Charles Schwab Corp. (The), 2.45%, 03/03/27 (Call 02/03/27)

    15       14,006  

CME Group Inc., 2.65%, 03/15/32 (Call 12/15/31)

    15       13,186  
Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)

  $     55     $     52,856  

Intercontinental Exchange Inc.

   

1.85%, 09/15/32 (Call 06/15/32)

    75       59,129  

3.00%, 09/15/60 (Call 03/15/60)

    30       20,283  

4.95%, 06/15/52 (Call 12/15/51)

    15       14,731  

Mastercard Inc., 3.85%, 03/26/50 (Call 09/26/49)

    25       22,609  

Nomura Holdings Inc., 1.65%, 07/14/26

    200       176,174  

Raymond James Financial Inc., 3.75%, 04/01/51 (Call 10/01/50)

    25       20,410  

Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)

    35       31,852  

Visa Inc.

   

1.10%, 02/15/31 (Call 11/15/30)

    40       31,965  

2.05%, 04/15/30 (Call 01/15/30)

    20       17,543  

3.15%, 12/14/25 (Call 09/14/25)

    15       14,675  

4.30%, 12/14/45 (Call 06/14/45)

    50       48,352  
   

 

 

 
      782,534  
Electric — 0.1%            

Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)

    10       8,951  
   

 

 

 
Electronics — 0.1%            

Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)

    20       16,501  
   

 

 

 
Entertainment — 0.8%            

Magallanes Inc.

   

4.28%, 03/15/32 (Call 12/15/31)(c)

    50       43,442  

5.05%, 03/15/42 (Call 09/15/41)(c)

    15       12,242  

5.14%, 03/15/52 (Call 09/15/51)(c)

    90       72,005  
   

 

 

 
      127,689  
Environmental Control — 0.3%            

Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)

    25       24,469  

Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30)

    20       16,003  
   

 

 

 
      40,472  
Food — 1.6%            

Conagra Brands Inc., 5.30%, 11/01/38 (Call 05/01/38)

    30       28,572  

General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)

    60       57,587  

Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)

    35       29,654  

Kraft Heinz Foods Co., 4.38%, 06/01/46 (Call 12/01/45)

    90       76,510  

Mondelez International Inc., 2.75%, 04/13/30 (Call 01/13/30)

    12       10,616  

Sysco Corp., 6.60%, 04/01/50 (Call 10/01/49)

    20       23,204  

Tyson Foods Inc., 5.10%, 09/28/48 (Call 03/28/48)

    30       29,701  
   

 

 

 
      255,844  
Hand & Machine Tools — 0.2%            

Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29)

    30       25,611  
   

 

 

 
Health Care - Products — 0.9%            

Abbott Laboratories, 4.90%, 11/30/46 (Call 05/30/46)

    15       15,664  

Baxter International Inc., 3.13%, 12/01/51 (Call 06/01/51)

    20       14,043  

DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)

    100       89,948  

Thermo Fisher Scientific Inc., 2.80%, 10/15/41 (Call 04/15/41)

    40       30,910  
   

 

 

 
      150,565  
Health Care - Services — 3.3%            

Aetna Inc., 3.88%, 08/15/47 (Call 02/15/47)

    20       16,350  

Elevance Health Inc.

   

2.55%, 03/15/31 (Call 12/15/30)

    70       60,071  

3.60%, 03/15/51 (Call 09/15/50)

    40       32,324  

HCA Inc.

   

2.38%, 07/15/31 (Call 04/15/31)

    25       19,781  

3.50%, 07/15/51 (Call 01/15/51)

    70       47,770  

4.13%, 06/15/29 (Call 03/15/29)

    10       9,219  

4.50%, 02/15/27 (Call 08/15/26)

    15       14,661  

5.25%, 06/15/49 (Call 12/15/48)

    15       13,304  

 

 

8  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Investment Grade Corporate  Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health Care - Services (continued)            

5.38%, 09/01/26 (Call 03/01/26)

  $     15     $     15,128  

5.88%, 02/15/26 (Call 08/15/25)

    80       81,688  

Humana Inc., 2.15%, 02/03/32 (Call 11/03/31)

    40       32,410  

UnitedHealth Group Inc.

   

4.20%, 05/15/32 (Call 02/15/32)

    75       74,298  

4.75%, 05/15/52 (Call 11/15/51)

    125       123,495  
   

 

 

 
      540,499  
Insurance — 1.6%            

American International Group Inc.

   

4.38%, 06/30/50 (Call 12/30/49)

    15       13,447  

4.80%, 07/10/45 (Call 01/10/45)

    15       14,001  

Chubb INA Holdings Inc.

   

3.05%, 12/15/61 (Call 06/15/61)

    15       10,602  

4.35%, 11/03/45 (Call 05/03/45)

    15       14,128  

Corebridge Financial Inc., 3.65%, 04/05/27 (Call 03/05/27)(c)

    15       14,113  

Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)

    20       18,704  

Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)

    10       7,906  

Marsh & McLennan Companies Inc., 4.90%, 03/15/49 (Call 09/15/48)

    20       19,955  

MetLife Inc.

   

4.05%, 03/01/45

    35       30,902  

5.70%, 06/15/35

    40       43,310  

Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)

    15       13,662  

Prudential Financial Inc., 4.35%, 02/25/50 (Call 08/25/49)

    50       46,103  

Travelers Companies Inc. (The), 3.05%, 06/08/51 (Call 12/08/50)

    25       19,076  
   

 

 

 
      265,909  
Internet — 2.0%            

Alphabet Inc.

   

2.05%, 08/15/50 (Call 02/15/50)

    25       16,441  

2.25%, 08/15/60 (Call 02/15/60)

    15       9,546  

Amazon.com Inc.

   

2.10%, 05/12/31 (Call 02/12/31)

    130       111,488  

3.10%, 05/12/51 (Call 11/12/50)

    15       11,663  

3.25%, 05/12/61 (Call 11/12/60)

    120       91,131  

3.88%, 08/22/37 (Call 02/22/37)

    15       14,071  

Booking Holdings Inc.

   

3.60%, 06/01/26 (Call 03/01/26)

    20       19,702  

4.63%, 04/13/30 (Call 01/13/30)

    15       15,060  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    30       27,108  

3.65%, 05/10/51 (Call 11/10/50)

    20       15,106  
   

 

 

 
      331,316  
Machinery — 0.7%            

Caterpillar Financial Services Corp., 0.90%, 03/02/26

    25       22,688  

Caterpillar Inc., 3.25%, 09/19/49 (Call 03/19/49)

    40       32,915  

Deere & Co., 3.90%, 06/09/42 (Call 12/09/41)

    30       28,115  

Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)

    30       25,859  
   

 

 

 
      109,577  
Manufacturing — 0.6%            

3M Co.

   

2.88%, 10/15/27 (Call 07/15/27)

    20       18,830  

3.25%, 08/26/49 (Call 02/26/49)(a)

    30       22,327  

Illinois Tool Works Inc., 3.90%, 09/01/42 (Call 03/01/42)

    15       13,259  

Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)

    45       41,223  
   

 

 

 
      95,639  
Media — 4.9%            

Comcast Corp.

   

2.94%, 11/01/56 (Call 05/01/56)

    15       10,122  
Security   Par
(000)
    Value  
Media (continued)            

2.99%, 11/01/63 (Call 05/01/63)

  $     210     $     139,688  

4.15%, 10/15/28 (Call 07/15/28)

    300       297,366  

Discovery Communications LLC

   

3.95%, 03/20/28 (Call 12/20/27)

    70       64,544  

5.20%, 09/20/47 (Call 03/20/47)

    40       32,731  

Fox Corp.

   

4.71%, 01/25/29 (Call 10/25/28)

    15       14,843  

5.48%, 01/25/39 (Call 07/25/38)

    10       9,777  

5.58%, 01/25/49 (Call 07/25/48)

    10       9,663  

Paramount Global, 4.38%, 03/15/43

    60       45,357  

Walt Disney Co. (The)

   

2.65%, 01/13/31

    100       88,240  

3.60%, 01/13/51 (Call 07/13/50)

    100       83,488  

3.80%, 03/22/30(a)

    15       14,494  
   

 

 

 
      810,313  
Mining — 0.3%            

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)

    15       12,325  

6.25%, 10/01/39

    15       16,146  

Rio Tinto Alcan Inc., 6.13%, 12/15/33

    25       28,247  
   

 

 

 
      56,718  
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31)

    15       12,542  
   

 

 

 
Packaging & Containers — 0.1%            

WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)

    20       20,131  
   

 

 

 
Pharmaceuticals — 11.3%            

AbbVie Inc.

   

2.95%, 11/21/26 (Call 09/21/26)

    100       94,342  

4.05%, 11/21/39 (Call 05/21/39)

    90       79,172  

4.25%, 11/21/49 (Call 05/21/49)

    95       83,441  

4.70%, 05/14/45 (Call 11/14/44)

    25       23,183  

AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)

    25       23,867  

Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26)

    40       36,079  

AstraZeneca PLC, 6.45%, 09/15/37

    55       64,620  

Becton Dickinson and Co.

   

2.82%, 05/20/30 (Call 02/20/30)

    65       57,323  

4.67%, 06/06/47 (Call 12/06/46)

    15       14,275  

Bristol-Myers Squibb Co.

   

1.45%, 11/13/30 (Call 08/13/30)

    25       20,417  

2.95%, 03/15/32 (Call 12/15/31)

    25       22,609  

3.40%, 07/26/29 (Call 04/26/29)

    31       29,587  

3.90%, 02/20/28 (Call 11/20/27)

    15       14,904  

4.25%, 10/26/49 (Call 04/26/49)

    90       83,060  

Cigna Corp.

   

4.13%, 11/15/25 (Call 09/15/25)

    30       29,776  

4.90%, 12/15/48 (Call 06/15/48)

    85       80,653  

CVS Health Corp.

   

2.13%, 09/15/31 (Call 06/15/31)(a)

    95       77,219  

4.78%, 03/25/38 (Call 09/25/37)

    15       14,236  

5.05%, 03/25/48 (Call 09/25/47)

    110       105,478  

5.13%, 07/20/45 (Call 01/20/45)

    15       14,349  

Eli Lilly & Co., 2.25%, 05/15/50 (Call 11/15/49)

    40       27,654  

GlaxoSmithKline Capital Inc., 3.88%, 05/15/28

    50       49,177  

GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)

    25       23,809  

Johnson & Johnson

   

2.45%, 03/01/26 (Call 12/01/25)

    25       24,051  

3.70%, 03/01/46 (Call 09/01/45)

    110       98,176  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Investment Grade Corporate  Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

Merck & Co. Inc.

   

1.45%, 06/24/30 (Call 03/24/30)

  $     50     $     41,292  

2.90%, 12/10/61 (Call 06/10/61)

    10       6,892  

3.70%, 02/10/45 (Call 08/10/44)

    80       69,065  

Novartis Capital Corp.

   

2.20%, 08/14/30 (Call 05/14/30)

    40       35,174  

2.75%, 08/14/50 (Call 02/14/50)

    40       30,272  

Pfizer Inc.

   

2.70%, 05/28/50 (Call 11/28/49)

    30       22,278  

3.45%, 03/15/29 (Call 12/15/28)

    15       14,479  

4.13%, 12/15/46

    15       14,276  

7.20%, 03/15/39

    50       64,193  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)

    280       267,399  

Zoetis Inc., 4.50%, 11/13/25 (Call 08/13/25)

    100       101,486  
   

 

 

 
      1,858,263  
Real Estate Investment Trusts — 1.9%            

Alexandria Real Estate Equities Inc.

   

2.00%, 05/18/32 (Call 02/18/32)

    40       31,559  

3.55%, 03/15/52 (Call 09/15/51)

    15       11,360  

American Tower Corp.

   

1.88%, 10/15/30 (Call 07/15/30)

    15       11,816  

2.10%, 06/15/30 (Call 03/15/30)

    15       12,124  

3.10%, 06/15/50 (Call 12/15/49)

    30       20,903  

Boston Properties LP

   

2.45%, 10/01/33 (Call 07/01/33)

    55       41,607  

3.65%, 02/01/26 (Call 11/03/25)

    40       38,925  

Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)

    20       18,411  

Crown Castle Inc.

   

2.10%, 04/01/31 (Call 01/01/31)

    30       23,892  

2.90%, 04/01/41 (Call 10/01/40)

    40       28,664  

Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31)

    40       32,828  

VICI Properties LP

   

4.75%, 02/15/28 (Call 01/15/28)

    25       23,942  

5.63%, 05/15/52 (Call 11/15/51)

    15       13,833  
   

 

 

 
      309,864  
Retail — 5.1%            

Dollar General Corp., 3.50%, 04/03/30
(Call 01/03/30)(a)

    25       23,054  

Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)

    20       19,513  

Home Depot Inc. (The)

   

2.75%, 09/15/51 (Call 03/15/51)

    175       125,050  

2.95%, 06/15/29 (Call 03/15/29)(a)

    50       46,456  

Lowe’s Companies Inc.

   

1.70%, 09/15/28 (Call 07/15/28)

    120       103,138  

2.80%, 09/15/41 (Call 03/15/41)

    55       39,100  

4.45%, 04/01/62 (Call 10/01/61)

    20       16,894  

McDonald’s Corp.

   

3.63%, 09/01/49 (Call 03/01/49)

    45       36,327  

3.70%, 01/30/26 (Call 10/30/25)

    200       198,138  

4.88%, 12/09/45 (Call 06/09/45)

    15       14,608  

Starbucks Corp.

   

3.50%, 11/15/50 (Call 05/15/50)

    25       19,218  

3.55%, 08/15/29 (Call 05/15/29)(a)

    55       51,653  

Target Corp., 2.35%, 02/15/30 (Call 11/15/29)

    15       13,212  

Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)

    135       131,088  
   

 

 

 
      837,449  
Semiconductors — 5.0%            

Analog Devices Inc., 2.95%, 10/01/51 (Call 04/01/51)

    15       11,359  
Security   Par
(000)
    Value  
Semiconductors (continued)            

Applied Materials Inc., 4.35%, 04/01/47 (Call 10/01/46)

  $     20     $     19,421  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)

    30       28,813  

Broadcom Inc.

   

2.45%, 02/15/31 (Call 11/15/30)(c)

    100       79,698  

3.46%, 09/15/26 (Call 07/15/26)

    100       95,919  

3.47%, 04/15/34 (Call 01/15/34)(c)

    15       12,156  

3.75%, 02/15/51 (Call 08/15/50)(c)

    15       10,973  

4.93%, 05/15/37 (Call 02/15/37)(c)

    85       75,685  

Intel Corp.

   

1.60%, 08/12/28 (Call 06/12/28)

    100       86,767  

2.80%, 08/12/41 (Call 02/12/41)

    100       74,032  

3.05%, 08/12/51 (Call 02/12/51)

    40       28,606  

3.73%, 12/08/47 (Call 06/08/47)

    15       12,250  

4.60%, 03/25/40 (Call 09/25/39)

    15       14,215  

KLA Corp., 4.95%, 07/15/52 (Call 01/15/52)

    25       25,083  

Lam Research Corp., 4.88%, 03/15/49 (Call 09/15/48)

    5       5,078  

Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)

    25       20,530  

Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29)

    35       32,826  

NVIDIA Corp., 3.50%, 04/01/40 (Call 10/01/39)

    40       34,359  

NXP BV/NXP Funding LLC/NXP USA Inc., 3.25%, 05/11/41 (Call 11/11/40)

    35       25,411  

QUALCOMM Inc.

   

1.65%, 05/20/32 (Call 02/20/32)

    15       12,044  

3.25%, 05/20/27 (Call 02/20/27)

    75       73,173  

4.50%, 05/20/52 (Call 11/20/51)

    15       14,479  

4.80%, 05/20/45 (Call 11/20/44)

    15       15,046  

Texas Instruments Inc., 3.88%, 03/15/39 (Call 09/15/38)

    20       18,668  
   

 

 

 
      826,591  
Software — 6.4%            

Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50)

    20       13,303  

Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)

    25       22,163  

Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)

    10       8,268  

Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)

    25       21,970  

Citrix Systems Inc., 3.30%, 03/01/30 (Call 12/01/29)

    35       34,563  

Fidelity National Information Services Inc., 1.15%, 03/01/26 (Call 02/01/26)

    100       89,097  

Fiserv Inc.

   

3.20%, 07/01/26 (Call 05/01/26)

    40       38,092  

4.40%, 07/01/49 (Call 01/01/49)

    35       30,281  

Microsoft Corp.

   

2.53%, 06/01/50 (Call 12/01/49)

    250       181,372  

3.30%, 02/06/27 (Call 11/06/26)

    100       98,248  

Oracle Corp.

   

2.88%, 03/25/31 (Call 12/25/30)(a)

    160       132,541  

2.95%, 04/01/30 (Call 01/01/30)

    50       42,735  

3.80%, 11/15/37 (Call 05/15/37)

    15       11,663  

3.95%, 03/25/51 (Call 09/25/50)

    45       32,218  

4.00%, 07/15/46 (Call 01/15/46)

    190       139,019  

salesforce.com Inc.

   

1.95%, 07/15/31 (Call 04/15/31)

    40       33,664  

2.90%, 07/15/51 (Call 01/15/51)

    30       22,148  

VMware Inc., 1.40%, 08/15/26 (Call 07/15/26)

    100       88,169  

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

    15       14,306  
   

 

 

 
      1,053,820  
Telecommunications — 5.5%            

Bell Telephone Co. of Canada or Bell Canada (The), 4.46%, 04/01/48 (Call 10/01/47)

    15       13,569  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Investment Grade Corporate  Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Par
(000)

    Value  

 

 
Telecommunications (continued)            

British Telecommunications PLC, 9.63%, 12/15/30

  $ 20     $     24,605  

Cisco Systems Inc., 5.90%, 02/15/39

    35       39,557  

Corning Inc., 4.38%, 11/15/57 (Call 05/15/57)

    20       16,607  

Deutsche Telekom International Finance BV, 8.75%, 06/15/30

    25       30,747  

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)(a)

    15       11,904  

4.60%, 05/23/29 (Call 02/23/29)

    15       14,465  

Orange SA, 5.50%, 02/06/44 (Call 08/06/43)

    30       31,410  

Rogers Communications Inc.

   

3.80%, 03/15/32 (Call 12/15/31)(c)

    25       22,809  

4.35%, 05/01/49 (Call 11/01/48)

    30       25,113  

4.55%, 03/15/52 (Call 09/15/51)(c)

    15       13,200  

Telefonica Emisiones SA, 7.05%, 06/20/36

    70       76,616  

Verizon Communications Inc.

   

1.45%, 03/20/26 (Call 02/20/26)

    50       45,606  

2.55%, 03/21/31 (Call 12/21/30)

    200       168,969  

2.99%, 10/30/56 (Call 04/30/56)

    140       94,050  

3.40%, 03/22/41 (Call 09/22/40)

    150       120,697  

Vodafone Group PLC

   

4.38%, 05/30/28

    90       88,889  

5.25%, 05/30/48

    65       60,747  
   

 

 

 
      899,560  
Toys, Games & Hobbies — 0.1%            

Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)

    25       23,006  
   

 

 

 
Transportation — 1.0%            

FedEx Corp.

   

2.40%, 05/15/31 (Call 02/15/31)

    50       42,131  

3.25%, 04/01/26 (Call 01/01/26)

    30       29,233  

4.55%, 04/01/46 (Call 10/01/45)

    45       40,154  

United Parcel Service Inc., 3.75%, 11/15/47 (Call 05/15/47)

    50       44,636  
   

 

 

 
      156,154  
Security   Par/
Shares
(000)
    Value  

 

 
Water — 0.1%            

American Water Capital Corp., 3.75%, 09/01/47 (Call 03/01/47)

  $ 15     $ 12,734  
   

 

 

 

Total Long-Term Investments — 98.3%
(Cost: $19,348,098)

          16,120,484  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 3.9%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)

    504       504,199  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)

    140       140,000  
   

 

 

 

Total Short-Term Securities — 3.9%
(Cost: $644,039)

 

    644,199  
   

 

 

 

Total Investments in Securities — 102.2%
(Cost: $19,992,137)

 

    16,764,683  

Liabilities in Excess of Other Assets — (2.2)%

 

    (359,861
   

 

 

 

Net Assets — 100.0%

    $  16,404,822  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 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

02/28/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

     Value at
08/31/22
     Shares
Held at
08/31/22
(000)
     Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 176,035      $ 327,895 (a)    $      $ 98      $ 171      $ 504,199        504      $ 158 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     140,000        0 (a)                           140,000        140        886        
          

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 
           $ 98      $ 171      $ 644,199         $ 1,044     $  
          

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

(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.

 

 

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

  11


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Investment Grade Corporate  Bond ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

                                                                               

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Corporate Bonds & Notes

   $      $ 16,120,484      $      $ 16,120,484  

Money Market Funds

     644,199                      644,199  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 644,199      $ 16,120,484      $      $ 16,764,683  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

12  

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


Schedule of Investments (unaudited) 

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Asset-Backed Securities

   

American Express Credit Account Master Trust Series 2022-2, Class A, 3.39%, 05/17/27

  $     1,000     $ 987,456  

BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26

    400       378,244  

BMW Vehicle Lease Trust Series 2022-1,
Class A3, 1.10%, 03/25/25 (Call 03/25/24)

    420       406,397  

Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 09/15/23)

    170       164,114  

Toyota Auto Receivables Owner Trust Series 2021-B, Class A4, 0.53%, 10/15/26 (Call 04/15/25)

    75       69,048  

Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24)

    100       94,189  
   

 

 

 

Total Asset-Backed Securities — 0.3%
(Cost: $2,164,707)

      2,099,448  
   

 

 

 

Collaterized Mortgage Obligations

   
Mortgage-Backed Securities — 1.1%            

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

    100       94,513  

BBCMS Mortgage Trust, Series 2021-C11, CLASS A5, 2.32%, 09/15/54

    200       168,445  

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

    460       395,215  

Benchmark Mortgage Trust

   

4.59%, 05/15/55 (Call 05/15/32)(a)

    3,000           3,009,579  

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

    1,000       980,178  

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

    100       88,885  

Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 12/15/30)

    100       82,120  

CGMS Commercial Mortgage Trust, Series 2017-B1 AAB3.24%, 08/15/50 (Call 08/15/27)

    150       144,799  

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

    1,000       976,369  

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

    155       151,282  

GS Mortgage Securities Trust, Series 2017-GS7, Class AAB, 3.20%, 08/10/50 (Call 08/10/27)

    719       694,611  

JPMBB Commercial Mortgage Securities Trust

   

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

    75       73,894  

Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 06/15/28)

    172       167,642  

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27)

    100       96,647  

UBS Commercial Mortgage Trust, Series 2018-C13 ASB4.24%, 10/15/51 (Call 10/15/28)

    100       98,226  

Wells Fargo Commercial Mortgage Trust

   

Series 2017-RC1, Class A4, 3.63%, 01/15/60 (Call 03/15/27)

    150       144,472  

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

    900       884,829  

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

    600       518,414  
Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

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

  $ 89     $ 88,508  
   

 

 

 
      8,858,628  
   

 

 

 

Total Collaterized Mortgage Obligations — 1.1%
(Cost: $9,776,789)

      8,858,628  
   

 

 

 

Corporate Bonds & Notes

   
Advertising — 0.1%            

Clear Channel International BV, 6.63%, 08/01/25 (Call 09/12/22)(b)(c)

    30       28,522  

Clear Channel Outdoor Holdings Inc.

   

5.13%, 08/15/27 (Call 10/03/22)(b)(c)

    95       85,260  

7.50%, 06/01/29 (Call 06/01/24)(b)

    80       64,326  

7.75%, 04/15/28 (Call 04/15/24)(b)(c)

    75       61,060  

Interpublic Group of Companies Inc. (The)

   

2.40%, 03/01/31 (Call 12/01/30)

    50       39,840  

3.38%, 03/01/41 (Call 09/01/40)

    43       30,773  

4.75%, 03/30/30 (Call 12/30/29)

    63       60,523  

5.40%, 10/01/48 (Call 04/01/48)

    70       67,399  

Outfront Media Capital LLC/Outfront Media Capital Corp.

   

4.25%, 01/15/29 (Call 01/15/24)(b)

    42       35,303  

4.63%, 03/15/30 (Call 03/15/25)(b)

    40       33,395  

5.00%, 08/15/27 (Call 09/12/22)(b)(c)

    55       50,499  

6.25%, 06/15/25 (Call 10/03/22)(b)

    35       34,793  

WPP Finance 2010, 3.75%, 09/19/24

        250       246,102  
   

 

 

 
          837,795  
Aerospace & Defense — 0.1%            

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

    40       38,082  

4.95%, 08/15/25 (Call 05/15/25)

    39       39,081  

Howmet Aerospace Inc.

   

3.00%, 01/15/29 (Call 11/15/28)

    46       38,876  

5.13%, 10/01/24 (Call 07/01/24)

    100       99,442  

5.90%, 02/01/27(c)

    51       51,255  

5.95%, 02/01/37(c)

    40       38,773  

6.75%, 01/15/28

    45       46,480  

6.88%, 05/01/25 (Call 04/01/25)(c)

    44       45,417  

Teledyne Technologies Inc.

   

0.95%, 04/01/24 (Call 10/03/22)

    150       141,631  

1.60%, 04/01/26 (Call 03/01/26)

    80       71,774  

2.25%, 04/01/28 (Call 02/01/28)

    135       117,046  

Triumph Group Inc.

   

6.25%, 09/15/24 (Call 10/03/22)(b)

    35       32,075  

7.75%, 08/15/25 (Call 10/03/22)(c)

    35       29,531  

8.88%, 06/01/24 (Call 02/01/23)(b)

    61       61,492  
   

 

 

 
      850,955  
Agriculture — 0.0%            

Darling Ingredients Inc.

   

5.25%, 04/15/27 (Call 09/12/22)(b)

    45       44,190  

6.00%, 06/15/30 (Call 06/15/25)(b)

    50       50,048  
   

 

 

 
      94,238  
Airlines — 0.0%            

Gol Finance SA, 7.00%, 01/31/25(d)

    50       30,332  
   

 

 

 
Apparel — 0.1%            

Crocs Inc.

   

4.13%, 08/15/31 (Call 08/15/26)(b)(c)

    30       23,559  

4.25%, 03/15/29 (Call 03/15/24)(b)

    25       20,505  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Apparel (continued)            

Hanesbrands Inc.

   

4.63%, 05/15/24 (Call 02/15/24)(b)

  $ 56     $ 53,959  

4.88%, 05/15/26 (Call 02/15/26)(b)

    78       71,798  

Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)(b)

    35       29,949  

Levi Strauss & Co., 3.50%, 03/01/31
(Call 03/01/26)(b)

    35       29,434  

PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)

        125       124,346  

Ralph Lauren Corp.

   

2.95%, 06/15/30 (Call 03/15/30)

    5       4,454  

3.75%, 09/15/25 (Call 07/15/25)

    10       9,908  

Tapestry Inc.

   

3.05%, 03/15/32 (Call 12/15/31)

    25       19,934  

4.13%, 07/15/27 (Call 04/15/27)

    73       69,793  

VF Corp., 2.95%, 04/23/30 (Call 01/23/30)

    155       134,757  

William Carter Co. (The), 5.63%, 03/15/27 (Call 10/03/22)(b)

    45       43,641  

Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)(b)(c)

    45       36,793  
   

 

 

 
      672,830  
Auto Manufacturers — 0.3%            

Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(b)

    90       90,113  

BMW Finance NV

   

2.40%, 08/14/24 (Call 07/14/24)(b)

    265       256,486  

2.85%, 08/14/29 (Call 05/14/29)(b)

    95       85,368  

BMW U.S. Capital LLC

   

0.80%, 04/01/24(b)

    335       319,275  

1.25%, 08/12/26 (Call 07/12/26)(b)(c)

    25       22,278  

2.55%, 04/01/31 (Call 01/01/31)(b)

    100       85,869  

2.80%, 04/11/26 (Call 01/11/26)(b)

    255       242,770  

3.15%, 04/18/24 (Call 03/18/24)(b)

    15       14,810  

3.30%, 04/06/27 (Call 01/06/27)(b)

    5       4,785  

3.70%, 04/01/32 (Call 01/01/32)(b)

    10       9,336  

3.90%, 04/09/25 (Call 03/09/25)(b)

    90       89,397  

3.95%, 08/14/28 (Call 05/14/28)(b)

    125       120,567  

4.15%, 04/09/30 (Call 01/09/30)(b)

    65       63,409  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    22       20,167  

1.50%, 09/01/30 (Call 06/01/30)(c)

    60       48,902  

2.60%, 09/01/50 (Call 03/01/50)(c)

    100       69,375  

3.65%, 10/01/23 (Call 07/01/23)

    71       70,986  

4.88%, 10/01/43 (Call 04/01/43)

    55       55,263  

Daimler Trucks Finance North America LLC

   

1.13%, 12/14/23(b)

    65       62,422  

2.38%, 12/14/28(b)

    220       187,972  

2.50%, 12/14/31(b)

    70       56,472  

3.65%, 04/07/27(b)

    10       9,513  

Harley-Davidson Financial Services Inc., 3.35%, 06/08/25 (Call 05/08/25)(b)

    228       218,609  

PACCAR Financial Corp.

   

0.35%, 02/02/24

    10       9,534  

1.10%, 05/11/26

    55       49,775  

1.80%, 02/06/25

    70       66,716  

2.15%, 08/15/24

    15       14,529  

Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)(b)

    35       29,782  
   

 

 

 
        2,374,480  
Auto Parts & Equipment — 0.2%            

American Axle & Manufacturing Inc.

   

5.00%, 10/01/29 (Call 10/01/24)(c)

    55       46,169  

6.25%, 03/15/26 (Call 09/12/22)(c)

    16       15,531  

6.50%, 04/01/27 (Call 10/03/22)(c)

    35       32,712  
Security   Par
(000)
    Value  
Auto Parts & Equipment (continued)            

6.88%, 07/01/28 (Call 07/01/23)(c)

  $ 25     $ 23,757  

Aptiv PLC

   

3.10%, 12/01/51 (Call 06/01/51)

    85       53,079  

4.35%, 03/15/29 (Call 12/15/28)

    12       11,253  

4.40%, 10/01/46 (Call 04/01/46)

    2       1,571  

5.40%, 03/15/49 (Call 09/15/48)

    70       61,746  

Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 (Call 11/01/51)

        110       81,521  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)

    235       213,904  

4.38%, 03/15/45 (Call 09/15/44)

    10       8,043  

5.00%, 10/01/25(b)

    115       115,098  

Cooper-Standard Automotive Inc.

   

5.63%, 11/15/26 (Call 09/16/22)(b)

    20       10,006  

13.00%, 06/01/24 (Call 10/03/22)(b)(c)

    25       26,391  

Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 10/03/22)(b)

    25       24,791  

Dana Inc.

   

4.25%, 09/01/30 (Call 05/01/26)

    35       28,415  

4.50%, 02/15/32 (Call 02/15/27)

    26       20,954  

5.38%, 11/15/27 (Call 11/15/22)

    35       31,230  

5.63%, 06/15/28 (Call 06/15/23)

    30       26,987  

Lear Corp.

   

3.55%, 01/15/52 (Call 07/15/51)

    35       22,819  

3.80%, 09/15/27 (Call 06/15/27)

    20       18,859  

4.25%, 05/15/29 (Call 02/15/29)

    40       36,681  

5.25%, 05/15/49 (Call 11/15/48)

    75       64,893  

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)(c)

    45       38,433  

3.63%, 06/15/24 (Call 03/15/24)

    205       203,372  

4.15%, 10/01/25 (Call 07/01/25)

    102       101,584  

Meritor Inc.

   

4.50%, 12/15/28 (Call 09/29/22)(b)

    45       46,184  

6.25%, 06/01/25 (Call 09/02/22)(b)

    20       20,625  
   

 

 

 
        1,386,608  
Banks — 8.4%            

ABN AMRO Bank NV

   

1.54%, 06/16/27 (Call 06/16/26)(a)(b)

    285       248,979  

2.47%, 12/13/29 (Call 12/13/28)(a)(b)

    50       41,970  

3.32%, 03/13/37 (Call 12/13/31)(a)(b)

    50       38,996  

4.75%, 07/28/25(b)

    70       69,145  

4.80%, 04/18/26(b)

    260       254,592  

ADIB Capital Invest 2 Ltd., 7.13%,
(Call 09/20/23)(a)(d)(e)

    200       205,024  

Agricultural Bank of China Ltd./Hong Kong,
0.70%, 06/17/24(d)

    200       189,184  

Agricultural Bank Of China Ltd./Singapore,
1.25%, 03/02/26(d)

    200       183,356  

AIB Group PLC

   

4.26%, 04/10/25 (Call 04/10/24)(a)(b)

    200       194,880  

4.75%, 10/12/23(b)

    390       386,779  

Banco de Credito del Peru S.A., 3.13%, 07/01/30 (Call 07/01/25)(a)(d)

    100       92,005  

Banco do Brasil SA/Cayman, 4.63%, 01/15/25(d)

    200       196,086  

Banco Santander Chile, 3.18%, 10/26/31 (Call 07/28/31)(d)

    150       127,519  

Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24)

    210       197,339  

Bangkok Bank PCL/Hong Kong, 3.47%, 09/23/36

    200       168,380  

Bank Mandiri Persero Tbk PT, 3.75%, 04/11/24(d)

    200       197,832  

Bank of China Ltd.

   

3.50%, 04/20/27(d)

    200       196,498  

5.00%, 11/13/24(d)

    400       406,568  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Bank of Montreal

   

0.45%, 12/08/23

  $ 40     $ 38,356  

0.63%, 07/09/24

    80       75,257  

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

    15       13,369  

1.85%, 05/01/25

    125       117,809  

2.50%, 06/28/24

    444           433,033  

2.65%, 03/08/27

    50       46,516  

3.80%, 12/15/32 (Call 12/15/27)(a)

    165       150,614  

4.34%, 10/05/28 (Call 10/05/23)(a)

    200       199,226  

Series E, 3.30%, 02/05/24

        155       153,599  

Bank of New York Mellon Corp. (The)

   

0.35%, 12/07/23 (Call 11/07/23)

    20       19,195  

0.50%, 04/26/24 (Call 03/26/24)

    60       56,986  

1.05%, 10/15/26 (Call 09/15/26)

    5       4,447  

1.60%, 04/24/25 (Call 03/24/25)

    72       67,798  

1.65%, 07/14/28 (Call 05/14/28)

    10       8,646  

1.65%, 01/28/31 (Call 10/28/30)

    75       60,610  

1.80%, 07/28/31 (Call 04/28/31)(c)

    45       36,265  

2.10%, 10/24/24

    45       43,570  

2.45%, 08/17/26 (Call 05/17/26)

    120       112,939  

2.80%, 05/04/26 (Call 02/04/26)

    120       115,738  

3.00%, 10/30/28 (Call 07/30/28)

    90       82,411  

3.25%, 09/11/24 (Call 08/11/24)

    40       39,699  

3.25%, 05/16/27 (Call 02/16/27)

    110       106,468  

3.30%, 08/23/29 (Call 05/23/29)

    100       93,145  

3.40%, 05/15/24 (Call 04/15/24)

    85       84,557  

3.40%, 01/29/28 (Call 10/29/27)

    160       152,933  

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

    170       163,202  

3.85%, 04/28/28(c)

    102       100,105  

3.95%, 11/18/25 (Call 10/18/25)(c)

    50       49,921  

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

    70       69,994  

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

    110       107,879  

Series J, 1.90%, 01/25/29 (Call 11/25/28)

    20       17,190  

Bank of Nova Scotia (The)

   

0.65%, 07/31/24

    120       112,367  

0.70%, 04/15/24

    184       174,472  

1.05%, 03/02/26

    25       22,424  

1.30%, 09/15/26

    35       31,067  

1.35%, 06/24/26

    300       269,178  

2.15%, 08/01/31

    135       110,545  

2.20%, 02/03/25

    240       228,696  

2.70%, 08/03/26

    15       14,127  

3.40%, 02/11/24

    45       44,645  

4.50%, 12/16/25

    65       64,813  

4.59%, 05/04/37 (Call 02/04/32)(a)

    30       27,093  

Banque Federative du Credit Mutuel SA

   

0.65%, 02/27/24(b)

    265       251,159  

1.00%, 02/04/25(b)

    30       27,482  

1.60%, 10/04/26(b)

    40       35,375  

2.38%, 11/21/24(b)

    300       286,995  

BDO Unibank Inc., 2.13%, 01/13/26(d)

    200       187,712  

BNG Bank NV

   

1.50%, 10/16/24(b)

    50       47,858  

2.63%, 02/27/24(b)

    50       49,284  

BNP Paribas SA

   

1.32%, 01/13/27 (Call 01/13/26)(a)(b)

    225       197,660  

1.90%, 09/30/28 (Call 09/30/27), (SOFR + 1.609%)(a)(b)

    200       168,756  

2.22%, 06/09/26 (Call 06/09/25)(a)(b)

    215       198,443  

2.59%, 01/20/28 (Call 01/20/27)(a)(b)

    200       177,560  
Security   Par
(000)
    Value  
Banks (continued)            

2.82%, 01/26/41(b)(c)

  $ 235     $     158,834  

2.87%, 04/19/32 (Call 04/19/31), (SOFR +
1.387%)(a)(b)

    220       178,490  

3.05%, 01/13/31 (Call 01/13/30), (SOFR +
1.507%)(a)(b)

    225       190,849  

4.38%, 05/12/26(b)

    200       195,996  

4.40%, 08/14/28(b)

    230       218,955  

4.63%, 03/13/27(b)

    250       243,212  

4.71%, 01/10/25 (Call 01/10/24)(a)(b)

    255       255,110  

5.20%, 01/10/30 (Call 01/10/29), (3 mo. LIBOR US + 2.567%)(a)(b)

        150       146,781  

BPCE SA

   

1.00%, 01/20/26(b)

    85       75,098  

1.65%, 10/06/26 (Call 10/06/25)(a)(b)

    90       80,063  

2.38%, 01/14/25(b)

    445       419,724  

2.70%, 10/01/29(b)(c)

    75       64,855  

3.12%, 10/19/32 (Call 10/19/31), (SOFR +
1.730%)(a)(b)

    50       39,223  

3.38%, 12/02/26

    15       14,286  

3.58%, 10/19/42 (Call 10/19/41), (SOFR +
1.952%)(a)(b)

    55       39,261  

4.50%, 03/15/25(b)

    200       194,288  

4.63%, 07/11/24(b)

    30       29,638  

4.63%, 09/12/28(b)

    335       319,000  

4.88%, 04/01/26(b)

    245       238,904  

5.15%, 07/21/24(b)

    271       269,770  

5.70%, 10/22/23(b)

    20       20,117  

Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24),
(3 mo. LIBOR US + 2.470%)(a)

    25       24,294  

Canadian Imperial Bank of Commerce

   

0.50%, 12/14/23

    155       148,540  

0.95%, 10/23/25

    95       86,388  

1.00%, 10/18/24

    30       28,061  

1.25%, 06/22/26

    60       53,640  

2.25%, 01/28/25

    205       195,467  

3.10%, 04/02/24(c)

    278       274,125  

CBQ Finance Ltd., 2.00%, 05/12/26(d)

    200       183,876  

China Construction Bank Corp.

   

2.45%, 06/24/30 (Call 06/24/25)(a)(d)

    200       190,792  

4.25%, 02/27/29 (Call 02/27/24)(a)(d)

    200       200,018  

China Everbright Bank Co. Ltd./Luxembourg,
0.83%, 09/14/24(d)

    200       187,810  

CIMB Bank Bhd, 3.20%, 10/09/24, (3 mo. LIBOR US + 0.780%)(a)(d)

    200       200,110  

Citizens Financial Group Inc.

   

2.50%, 02/06/30 (Call 11/06/29)

    85       71,339  

2.64%, 09/30/32 (Call 07/02/32)

    80       63,345  

2.85%, 07/27/26 (Call 04/27/26)

    160       151,526  

3.25%, 04/30/30 (Call 01/30/30)

    100       87,798  

4.30%, 12/03/25 (Call 11/03/25)

    30       29,652  

5.64%, 05/21/37 (Call 05/21/32)(a)

    5       4,881  

Comerica Bank, 2.50%, 07/23/24

    200       194,028  

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

    130       125,649  

Commerzbank AG, 8.13%, 09/19/23(b)

    100       101,722  

Cooperatieve Rabobank U.A

   

1.11%, 02/24/27 (Call 02/24/26)(a)(b)

    50       43,930  

1.34%, 06/24/26 (Call 06/24/25)(a)(b)

    300       271,731  

1.98%, 12/15/27 (Call 12/15/26)(a)(b)

    290       256,511  

3.75%, 07/21/26

    15       14,311  

4.63%, 12/01/23

    45       45,092  

5.25%, 05/24/41

    106       115,336  

5.25%, 08/04/45(c)

    20       19,426  

5.75%, 12/01/43

    35       36,348  

5.80%, 09/30/2110(b)

    40       45,060  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Cooperatieve Rabobank U.A./NY, 3.38%, 05/21/25

  $     290     $     283,916  

Cooperatieve Rabobank UA, 3.76%, 04/06/33 (Call 04/06/32)(a)(b)

    260       231,860  

Credit Agricole SA

   

2.81%, 01/11/41(b)

    65       44,112  

4.00%, 01/10/33 (Call 01/10/28)(a)(b)

    310       280,417  

4.38%, 03/17/25(b)

    25       24,519  

Credit Agricole SA/London

   

1.91%, 06/16/26 (Call 06/16/25)(a)(b)

    230       211,016  

3.25%, 10/04/24(b)

    400       389,780  

3.88%, 04/15/24(b)

    415       412,257  

4.13%, 01/10/27(b)

    66       63,973  

DBS Group Holdings Ltd., 4.52%, 12/11/28 (Call 12/11/23)(a)(b)

    385       385,223  

Development Bank of Kazakhstan JSC, 2.95%, 05/06/31(d)

    200       155,394  

Discover Bank

   

2.45%, 09/12/24 (Call 08/12/24)

    50       48,056  

2.70%, 02/06/30 (Call 11/06/29)

    30       25,001  

3.45%, 07/27/26 (Call 04/27/26)

    45       42,637  

4.65%, 09/13/28 (Call 06/13/28)

    240       230,801  

DNB Bank ASA

   

0.86%, 09/30/25 (Call 09/30/24)(a)(b)

    125       115,717  

1.13%, 09/16/26 (Call 09/16/25)(a)(b)(c)

    250       223,217  

1.54%, 05/25/27 (Call 05/25/26)(a)(b)

    230       204,132  

1.61%, 03/30/28 (Call 03/30/27)(a)(b)

    15       13,006  

2.97%, 03/28/25 (Call 03/28/24)(a)(b)

    15       14,618  

Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)(b)

    95       104,309  

Emirates NBD Bank PJSC, 6.13%,
(Call 04/09/26)(a)(d)(e)

    200       198,660  

Federation des Caisses Desjardins du Quebec

   

0.70%, 05/21/24(b)

    215       201,866  

2.05%, 02/10/25(b)

    240       225,125  

First Abu Dhabi Bank PJSC, 4.50%,
(Call 04/05/26)(a)(d)(e)

    200       194,182  

First Horizon Bank, 5.75%, 05/01/30
(Call 02/01/30)(c)

    20       20,295  

First Horizon Corp., 4.00%, 05/26/25
(Call 04/26/25)

    140       136,979  

First Republic Bank/CA

   

4.38%, 08/01/46 (Call 02/01/46)(c)

    35       29,939  

4.63%, 02/13/47 (Call 08/13/46)

    25       22,126  

Hana Bank, 1.25%, 12/16/26(d)

    200       176,842  

HSBC Bank USA N.A., 7.00%, 01/15/39

    260       299,065  

HSBC Holdings PLC

   

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

    35       32,656  

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

    355       309,315  

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

    220       200,545  

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

    205       188,307  

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

    200       176,248  

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

    75       71,180  

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

    305       242,322  

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

    255       210,684  

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

    330       262,393  

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

    20       19,618  

3.90%, 05/25/26

    35       34,029  

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

    320       289,165  

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

    200       188,106  

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

    30       29,148  

4.30%, 03/08/26

    30       29,648  

4.38%, 11/23/26

    230       225,078  
Security   Par
(000)
     Value  
Banks (continued)             

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

  $     195      $     184,037  

4.76%, 03/29/33 (Call 03/29/32), (SOFR + 2.530%)(a)

    200        178,518  

4.95%, 03/31/30

    300        292,068  

5.21%, 08/11/28

    200        195,214  

6.10%, 01/14/42

    25        27,336  

6.50%, 05/02/36

    145        152,072  

6.50%, 09/15/37(c)

    145        151,364  

6.80%, 06/01/38

    160        172,446  

7.63%, 05/17/32

    20        22,690  

Huntington Bancshares Inc., 2.49%, 08/15/36 (Call 08/15/31)(a)

    65        49,219  

Huntington Bancshares Inc./OH

    

2.55%, 02/04/30 (Call 11/04/29)

    150        128,226  

2.63%, 08/06/24 (Call 07/06/24)

    371        360,371  

4.00%, 05/15/25 (Call 04/15/25)

    145        143,660  

Industrial & Commercial Bank of China Ltd.

    

3.20%, (Call 09/24/26)(a)(d)(e)

    200        191,644  

4.88%, 09/21/25(d)

    200        202,858  

Industrial & Commercial Bank of China Ltd./Dubai DIFC, 3.51%, 10/17/24, (3 mo. LIBOR US + 0.770%)(a)(d)

    200        200,334  

Industrial & Commercial Bank of China Ltd./Singapore, 1.20%, 09/09/25(d)

    200        184,628  

Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(a)(d)

    200        193,772  

Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24(d)

    200        189,688  

ING Groep NV

    

1.40%, 07/01/26 (Call 07/01/25)(a)(b)

    35        31,650  

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

    210        186,304  

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

    95        78,550  

3.55%, 04/09/24

    120        118,645  

3.95%, 03/29/27

    265        254,342  

4.10%, 10/02/23

    325        324,922  

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

    15        13,835  

4.55%, 10/02/28

    200        193,604  

Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(a)(d)

    200        179,604  

KeyBank N.A./Cleveland OH

    

3.40%, 05/20/26

    15        14,329  

3.90%, 04/13/29

    25        22,894  

KeyCorp

    

2.25%, 04/06/27

    156        140,342  

2.55%, 10/01/29

    140        119,930  

4.10%, 04/30/28

    85        82,542  

4.15%, 10/29/25

    160        158,410  

KfW

    

0.00%, 04/18/36(c)(f)

    70        43,425  

0.25%, 10/19/23

    295        284,194  

0.25%, 03/08/24

    410        390,111  

0.38%, 07/18/25

    370        337,677  

0.50%, 09/20/24

    187        175,821  

0.63%, 01/22/26

    214        194,096  

0.75%, 09/30/30

    190        155,044  

1.00%, 10/01/26

    50        45,224  

1.38%, 08/05/24

    325        311,909  

1.75%, 09/14/29

    295        265,181  

2.00%, 05/02/25

    179        171,813  

2.50%, 11/20/24

    375        366,634  

2.63%, 02/28/24(c)

    565        557,401  

2.88%, 04/03/28

    149        144,484  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Kookmin Bank, 4.50%, 02/01/29(d)

  $     200     $     194,538  

Korea Development Bank (The)

   

2.00%, 10/25/31

    200       168,660  

3.00%, 01/13/26

    200       194,500  

Landwirtschaftliche Rentenbank

   

0.88%, 03/30/26

    85       77,302  

1.75%, 07/27/26

    215       200,976  

1.75%, 01/14/27(d)

    75       69,689  

2.00%, 01/13/25

    20       19,296  

2.38%, 01/23/24(d)

    165       162,192  

2.38%, 06/10/25

    105       101,566  

3.13%, 11/14/23

    290       288,460  

Series 37, 2.50%, 11/15/27

    115       109,467  

Series 40, 0.50%, 05/27/25

    240       220,750  

Lloyds Banking Group PLC

   

2.44%, 02/05/26 (Call 02/05/25)(a)

    340       319,947  

3.75%, 01/11/27

    250       238,485  

4.34%, 01/09/48

    295       238,437  

4.45%, 05/08/25

    200       198,376  

4.55%, 08/16/28

    215       208,182  

4.58%, 12/10/25

    220       215,512  

Macquarie Bank Ltd.

   

2.30%, 01/22/25(b)

    245       234,183  

3.05%, 03/03/36 (Call 03/03/31)(a)(b)

    90       70,342  

3.62%, 06/03/30(b)

    65       55,981  

3.90%, 01/15/26(b)

    210       206,382  

4.00%, 07/29/25(b)

    145       143,662  

4.88%, 06/10/25(b)

    30       29,864  

Mitsubishi UFJ Financial Group Inc.

   

0.85%, 09/15/24 (Call 09/15/23)(a)

    35       33,756  

1.41%, 07/17/25

    95       87,159  

1.54%, 07/20/27 (Call 07/20/26)(a)

    20       17,656  

2.05%, 07/17/30

    200       163,130  

2.19%, 02/25/25

    240       227,398  

2.31%, 07/20/32 (Call 07/20/31)(a)

    230       185,891  

2.49%, 10/13/32 (Call 10/13/31)(a)

    110       89,736  

2.56%, 02/25/30(c)

    200       171,122  

2.76%, 09/13/26

    10       9,319  

2.80%, 07/18/24

    15       14,589  

2.85%, 01/19/33 (Call 01/19/32)(a)

    235       197,113  

3.20%, 07/18/29

    35       31,730  

3.29%, 07/25/27

    10       9,420  

3.41%, 03/07/24

    300       297,057  

3.74%, 03/07/29

    95       89,527  

3.75%, 07/18/39

    260       224,975  

3.78%, 03/02/25

    15       14,815  

4.05%, 09/11/28

    10       9,603  

4.29%, 07/26/38

    30       28,031  

5.13%, 07/20/33 (Call 07/20/32)(a)

    200       200,844  

Morgan Stanley

   

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

    50       47,410  

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

    95       88,836  

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

    305       270,132  

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

    70       65,034  

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

    229       202,905  

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

    294       262,204  

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

    300       236,349  

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

    250       197,495  

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

    60       56,347  

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

    250       201,615  
Security   Par
(000)
    Value  
Banks (continued)            

2.48%, 09/16/36 (Call 09/16/31), (SOFR +
1.360%)(a)

  $     340     $     262,953  

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

    290       237,803  

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

    130       112,555  

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

    60       58,021  

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

    155       105,268  

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

    225       191,907  

3.13%, 07/27/26

    55       52,402  

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

    30       23,419  

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

    79       74,625  

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

    335       307,306  

3.63%, 01/20/27

    280       271,950  

3.70%, 10/23/24

    355       352,788  

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

    185       174,179  

3.88%, 01/27/26

    145       143,050  

3.95%, 04/23/27

    210       203,540  

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

    259       231,023  

4.00%, 07/23/25

    135       134,275  

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

    30       29,206  

4.30%, 01/27/45

    150       134,071  

4.35%, 09/08/26

    75       74,140  

4.38%, 01/22/47

    195       177,512  

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

    330       321,377  

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

    190       177,196  

5.00%, 11/24/25

    195       198,083  

5.30%, 04/20/37 (Call 04/20/32)(a)

    45       43,217  

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

    135       145,766  

6.25%, 08/09/26

    25       26,572  

6.38%, 07/24/42

    162       185,438  

7.25%, 04/01/32

    140       165,537  

Series F, 3.88%, 04/29/24

    385       384,292  

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

    60       55,468  

MUFG Bank Ltd., 4.70%, 03/10/44(b)

    35       34,539  

National Bank of Canada

   

0.55%, 11/15/24 (Call 11/15/23)(a)

    455       433,965  

0.75%, 08/06/24

    300       280,044  

Natwest Group PLC

   

3.03%, 11/28/35 (Call 08/28/30)(a)

    30       23,497  

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

    200       192,000  

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

    400       388,240  

NatWest Group PLC

   

3.75%, 11/01/29 (Call 11/01/24)(a)

    30       28,494  

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

    200       186,708  

NatWest Markets PLC, 0.80%, 08/12/24(b)

    20       18,598  

Nordea Bank Abp

   

0.63%, 05/24/24(b)

    40       37,602  

0.75%, 08/28/25(b)

    290       261,119  

1.50%, 09/30/26(b)

    90       79,713  

4.63%, 09/13/33 (Call 09/13/28)(a)(b)

    85       80,940  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)

    65       54,912  

3.15%, 05/03/29 (Call 02/03/29)

    146       136,472  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

3.38%, 05/08/32 (Call 05/08/27), (3 mo. LIBOR US + 1.131%)(a)

  $     160     $     149,118  

3.65%, 08/03/28 (Call 05/03/28)(c)

    135       131,464  

3.95%, 10/30/25

    45       44,822  

4.00%, 05/10/27 (Call 04/10/27)

    15       14,949  

NRW Bank

   

0.63%, 05/19/25(d)

    120       110,712  

0.88%, 03/09/26(d)

    25       22,675  

1.88%, 07/31/24(d)

    189       183,111  

Oesterreichische Kontrollbank AG

   

0.38%, 09/17/25

    170       154,142  

0.50%, 09/16/24

    125       117,505  

0.50%, 02/02/26

    230       207,018  

1.50%, 02/12/25

    245       232,934  

3.13%, 11/07/23

    470       467,551  

Oversea-Chinese Banking Corp. Ltd.

   

1.83%, 09/10/30 (Call 09/10/25)(a)(b)

    108       98,875  

4.25%, 06/19/24(b)

    35       34,920  

PNC Bank NA

   

2.70%, 10/22/29

    20       17,432  

3.25%, 01/22/28 (Call 12/23/27)

    75       71,131  

4.05%, 07/26/28

    45       43,463  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)

    50       44,822  

2.20%, 11/01/24 (Call 10/02/24)

    160       154,680  

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

    125       105,045  

2.55%, 01/22/30 (Call 10/24/29)

    230       201,935  

2.60%, 07/23/26 (Call 05/23/26)

    170       160,796  

3.15%, 05/19/27 (Call 04/19/27)

    65       62,232  

3.45%, 04/23/29 (Call 01/23/29)

    201       190,279  

3.50%, 01/23/24 (Call 12/23/23)

    159       158,482  

3.90%, 04/29/24 (Call 03/29/24)(c)

    55       55,007  

QNB Finance Ltd.

   

2.63%, 05/12/25(d)

    200       191,766  

3.50%, 03/28/24(d)

    200       197,886  

Regions Financial Corp.

   

1.80%, 08/12/28 (Call 06/12/28)

    165       142,060  

2.25%, 05/18/25 (Call 04/18/25)

    160       152,387  

7.38%, 12/10/37

    76       89,460  

Shanghai Commercial Bank Ltd., 5.00%, 01/17/29 (Call 01/17/24)(a)(d)

    250       250,052  

Shinhan Bank Co. Ltd., 3.88%, 03/24/26(c)(d)

    200       193,484  

Skandinaviska Enskilda Banken AB

   

0.65%, 09/09/24(b)

    200       185,846  

0.85%, 09/02/25(b)

    200       181,064  

Societe Generale SA

   

1.49%, 12/14/26 (Call 12/14/25)(a)(b)

    245       213,951  

2.63%, 10/16/24(b)

    36       34,407  

2.63%, 01/22/25(b)

    15       14,160  

2.89%, 06/09/32 (Call 06/09/31)(a)(b)

    300       235,497  

3.00%, 01/22/30(b)

    200       168,122  

3.34%, 01/21/33 (Call 01/21/32)(a)(b)

    15       12,083  

3.63%, 03/01/41(b)

    70       46,731  

3.88%, 03/28/24(b)

    15       14,775  

4.00%, 01/12/27(b)

    240       227,616  

4.25%, 04/14/25(b)

    300       292,638  

4.25%, 08/19/26(b)

    15       14,310  

4.75%, 11/24/25(b)

    50       48,902  

4.75%, 09/14/28(b)

    310       298,294  

5.00%, 01/17/24(b)

    35       35,078  
Security   Par
(000)
    Value  
Banks (continued)            

Standard Chartered PLC

   

0.99%, 01/12/25 (Call 01/12/24)(a)(b)

  $ 15     $ 14,157  

2.61%, 01/12/28 (Call 01/12/27)(a)(b)

    400           354,644  

2.68%, 06/29/32 (Call 06/29/31)(a)(b)

        200       157,626  

2.89%, 01/30/26 (Call 01/30/25)(a)(b)

    15       14,125  

3.27%, 02/18/36 (Call 11/18/30)(a)(b)

    147       116,212  

4.64%, 04/01/31 (Call 04/01/30)(a)(b)

    200       188,522  

4.87%, 03/15/33 (Call 03/15/28)(a)(b)

    165       152,759  

5.70%, 03/26/44(b)

    200       186,596  

State Street Corp.

   

2.20%, 03/03/31

    145       120,656  

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

    120       115,860  

2.40%, 01/24/30

    65       57,141  

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

    15       12,778  

2.65%, 05/19/26

    90       86,602  

2.90%, 03/30/26 (Call 03/30/25), (SOFR +
2.600%)(a)

    125       120,192  

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

    65       56,867  

3.15%, 03/30/31 (Call 03/30/30), (SOFR +
2.650%)(a)

    5       4,544  

3.30%, 12/16/24

    89       88,232  

3.55%, 08/18/25

    99       98,131  

3.70%, 11/20/23

    35       35,047  

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

    65       64,841  

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

    115       112,453  

Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25

    35       34,092  

Sumitomo Mitsui Financial Group Inc.

   

0.51%, 01/12/24

    10       9,527  

1.40%, 09/17/26(c)

    20       17,646  

1.47%, 07/08/25

    240       220,860  

1.71%, 01/12/31

    110       85,335  

2.13%, 07/08/30

    85       69,676  

2.14%, 09/23/30

    125       99,501  

2.22%, 09/17/31

    10       8,077  

2.30%, 01/12/41

    65       44,002  

2.63%, 07/14/26

    55       51,215  

2.70%, 07/16/24

    250       242,495  

2.72%, 09/27/29

    15       13,021  

2.75%, 01/15/30

    215       185,945  

2.93%, 09/17/41

    190       137,853  

3.01%, 10/19/26

    80       75,301  

3.04%, 07/16/29

    45       39,948  

3.05%, 01/14/42

    35       26,441  

3.20%, 09/17/29

    145       128,044  

3.35%, 10/18/27

    83       77,946  

3.36%, 07/12/27

    130       122,697  

3.45%, 01/11/27

    55       52,398  

3.54%, 01/17/28

    15       14,206  

3.78%, 03/09/26

    125       122,007  

3.94%, 10/16/23

    80       79,971  

3.94%, 07/19/28

    15       14,279  

4.31%, 10/16/28

    45       43,832  

4.44%, 04/02/24(b)

    60       59,890  

Suncorp-Metway Ltd., 3.30%, 04/15/24(b)

    75       73,600  

SVB Financial Group

   

1.80%, 10/28/26 (Call 09/28/26)

    40       35,493  

1.80%, 02/02/31 (Call 11/02/30)

    75       56,556  

2.10%, 05/15/28 (Call 03/15/28)

    55       46,611  

3.13%, 06/05/30 (Call 03/05/30)

    120       102,719  

3.50%, 01/29/25(c)

    40       38,880  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Svenska Handelsbanken AB

   

0.55%, 06/11/24(b)

  $     360     $     338,303  

1.42%, 06/11/27 (Call 06/11/26)(a)(b)

    225       200,025  

3.90%, 11/20/23

    30       30,028  

Synovus Financial Corp., 5.90%, 02/07/29 (Call 02/07/24)(a)

    25       24,757  

Toronto-Dominion Bank (The)

   

0.55%, 03/04/24

    215       204,422  

0.70%, 09/10/24

    45       42,097  

0.75%, 09/11/25(c)

    85       76,774  

0.75%, 01/06/26

    205       183,135  

1.15%, 06/12/25

    45       41,494  

1.20%, 06/03/26

    200       178,860  

1.25%, 09/10/26

    60       53,286  

2.00%, 09/10/31

    20       16,224  

2.65%, 06/12/24

    280       273,417  

3.20%, 03/10/32

    200       177,706  

3.25%, 03/11/24

    155       153,292  

3.63%, 09/15/31 (Call 09/15/26)(a)

    185       175,752  

4.46%, 06/08/32

    50       49,048  

Truist Bank

   

1.50%, 03/10/25 (Call 02/10/25)

    40       37,503  

2.15%, 12/06/24 (Call 11/05/24)

    20       19,186  

2.25%, 03/11/30 (Call 12/11/29)

    60       50,108  

2.64%, 09/17/29 (Call 09/17/24)(a)

    35       33,156  

3.20%, 04/01/24 (Call 03/01/24)

    55       54,433  

3.30%, 05/15/26 (Call 04/15/26)

    55       52,889  

3.63%, 09/16/25 (Call 08/16/25)

    25       24,473  

3.80%, 10/30/26 (Call 09/30/26)

    10       9,762  

4.05%, 11/03/25 (Call 09/03/25)

    5       4,992  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    35       30,049  

1.20%, 08/05/25 (Call 07/03/25)

    105       96,477  

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

    150       134,908  

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

    85       72,916  

1.95%, 06/05/30 (Call 03/05/30)

    85       70,540  

2.50%, 08/01/24 (Call 07/01/24)

    118       114,902  

2.85%, 10/26/24 (Call 09/26/24)

    95       93,350  

3.70%, 06/05/25 (Call 05/05/25)

    200       197,836  

3.75%, 12/06/23 (Call 11/06/23)

    190       190,281  

3.88%, 03/19/29 (Call 02/16/29)

    90       85,143  

4.00%, 05/01/25 (Call 03/01/25)

    30       29,920  

4.12%, 06/06/28 (Call 06/06/27)(a)

    200       196,370  

Turkiye Vakiflar Bankasi TAO, 5.25%, 02/05/25(d)

    200       178,208  

U.S. Bancorp.

   

1.45%, 05/12/25 (Call 04/11/25)

    10       9,375  

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

    30       27,420  

2.40%, 07/30/24 (Call 06/28/24)

    180       175,664  

2.49%, 11/03/36 (Call 11/03/31)(a)

    120       96,754  

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

    60       51,624  

3.00%, 07/30/29 (Call 04/30/29)

    195       175,440  

3.10%, 04/27/26 (Call 03/27/26)

    40       38,499  

3.38%, 02/05/24 (Call 01/05/24)

    10       9,952  

3.60%, 09/11/24 (Call 08/11/24)

    225       223,999  

3.70%, 01/30/24 (Call 12/29/23)

    15       15,011  

3.95%, 11/17/25 (Call 10/17/25)

    10       10,010  

4.97%, 07/22/33 (Call 07/22/32)(a)

    200       198,230  

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

    220       207,341  

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

    170       163,684  

UBS AG/London

   

0.45%, 02/09/24(b)

    215       203,721  
Security   Par
(000)
    Value  
Banks (continued)            

1.25%, 06/01/26(b)

  $     100     $ 89,034  

1.38%, 01/13/25 (Call 12/13/24), (SOFR +
0.300%)(b)

    165       154,318  

UBS Group AG

   

1.36%, 01/30/27 (Call 01/30/26)(a)(b)

    200       176,838  

2.10%, 02/11/32 (Call 02/11/31)(a)(b)

    200       156,194  

2.75%, 02/11/33 (Call 02/11/32)(a)(b)

    70       56,157  

3.13%, 08/13/30 (Call 08/13/29), (3 mo. LIBOR US + 1.468%)(a)(b)

    415       363,374  

3.18%, 02/11/43 (Call 02/11/42)(a)(b)

    75       55,140  

4.13%, 09/24/25(b)

    15       14,854  

4.13%, 04/15/26(b)

    310       304,026  

4.75%, 05/12/28 (Call 05/12/27)(a)(b)

    15       14,705  

4.99%, 08/05/33

    200       193,428  

United Overseas Bank Ltd.

   

1.25%, 04/14/26(b)

    30       27,340  

3.75%, 04/15/29 (Call 04/15/24)(a)(b)

    250       246,745  

3.88%, (Call 10/19/23)(a)(d)(e)

    200       197,954  

Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.360%)(a)

    55       49,166  

Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)

    170       159,130  

Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.250%)(a)

    35       30,946  

Wintrust Financial Corp., 4.85%, 06/06/29

    20       19,469  

Woori Bank

   

0.75%, 02/01/26(d)

    200       177,812  

2.00%, 01/20/27(d)

    200       181,526  

Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)

    15       12,740  
   

 

 

 
      66,225,213  
Beverages — 0.6%            

Coca-Cola Co. (The)

   

1.00%, 03/15/28

    90       77,703  

1.38%, 03/15/31

    103       83,919  

1.45%, 06/01/27

    125       113,109  

1.50%, 03/05/28(c)

    20       17,875  

1.65%, 06/01/30

    124       104,680  

1.75%, 09/06/24

    207       200,726  

2.00%, 03/05/31

    110       94,218  

2.13%, 09/06/29

    107       95,355  

2.25%, 01/05/32

    220       191,259  

2.50%, 06/01/40

    125       96,951  

2.50%, 03/15/51

    115       81,817  

2.60%, 06/01/50

    141       103,732  

2.75%, 06/01/60

    70       49,930  

2.88%, 05/05/41

    35       28,480  

2.90%, 05/25/27

    35       33,780  

3.00%, 03/05/51(c)

    30       23,509  

3.38%, 03/25/27

    50       49,410  

3.45%, 03/25/30

    120       115,601  

Coca-Cola Europacific Partners PLC, 0.80%, 05/03/24(b)

    80       75,555  

Coca-Cola Femsa SAB de CV

   

1.85%, 09/01/32 (Call 06/01/32)(c)

    15       11,774  

2.75%, 01/22/30 (Call 10/22/29)

    20       18,002  

Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(d)

    200       167,404  

Embotelladora Andina SA, 3.95%, 01/21/50 (Call 07/21/49)(d)

    150       118,529  

Keurig Dr Pepper Inc.

   

0.75%, 03/15/24 (Call 10/03/22)

    50       47,550  

2.25%, 03/15/31 (Call 12/15/30)

    5       4,114  

2.55%, 09/15/26 (Call 06/15/26)

    90       84,154  

3.20%, 05/01/30 (Call 02/01/30)

    105       94,278  

3.35%, 03/15/51 (Call 09/15/50)

    55       40,094  

 

 

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 (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Beverages (continued)            

3.40%, 11/15/25 (Call 08/15/25)

  $     135     $ 131,860  

3.43%, 06/15/27 (Call 03/15/27)

    25       23,897  

3.80%, 05/01/50 (Call 11/01/49)

    35       27,262  

3.95%, 04/15/29 (Call 02/15/29)

    30       28,547  

4.42%, 05/25/25 (Call 03/25/25)

    15       15,049  

4.42%, 12/15/46 (Call 06/15/46)

    76       66,334  

4.50%, 11/15/45 (Call 05/15/45)

    35       30,940  

4.50%, 04/15/52 (Call 10/15/51)

    30       26,103  

PepsiCo Inc.

   

1.40%, 02/25/31 (Call 11/25/30)

    220       179,780  

1.63%, 05/01/30 (Call 02/01/30)

    148       124,913  

1.95%, 10/21/31 (Call 07/21/31)

    210       177,826  

2.25%, 03/19/25 (Call 02/19/25)

    77       74,268  

2.38%, 10/06/26 (Call 07/06/26)

    134       127,165  

2.63%, 03/19/27 (Call 01/19/27)

    58       55,045  

2.63%, 07/29/29 (Call 04/29/29)

    89       81,536  

2.75%, 04/30/25 (Call 01/30/25)(c)

    40       39,014  

2.75%, 03/19/30 (Call 12/19/29)

    162       148,311  

2.75%, 10/21/51 (Call 04/21/51)

    180       136,260  

2.85%, 02/24/26 (Call 11/24/25)

    120       116,868  

2.88%, 10/15/49 (Call 04/15/49)

    65       50,721  

3.00%, 10/15/27 (Call 07/15/27)

    112       108,222  

3.38%, 07/29/49 (Call 01/29/49)

    32       27,037  

3.45%, 10/06/46 (Call 04/06/46)

    31       27,008  

3.50%, 07/17/25 (Call 04/17/25)

    100       99,515  

3.60%, 03/01/24 (Call 12/01/23)

    10       10,006  

3.60%, 08/13/42

    30       26,519  

3.63%, 03/19/50 (Call 09/19/49)

    86       76,853  

3.88%, 03/19/60 (Call 09/19/59)

    40       37,883  

4.00%, 03/05/42

    5       4,705  

4.00%, 05/02/47 (Call 11/02/46)

    20       18,822  

5.50%, 01/15/40

    25       28,023  
   

 

 

 
          4,349,800  
Biotechnology — 0.4%            

Amgen Inc.

   

1.65%, 08/15/28 (Call 06/15/28)

    25       21,603  

1.90%, 02/21/25 (Call 01/21/25)

    95       90,468  

2.00%, 01/15/32 (Call 10/15/31)

    200       162,542  

2.20%, 02/21/27 (Call 12/21/26)

    143       131,477  

2.30%, 02/25/31 (Call 11/25/30)

    46       38,962  

2.45%, 02/21/30 (Call 11/21/29)

    70       61,285  

2.60%, 08/19/26 (Call 05/19/26)

    67       63,440  

2.77%, 09/01/53 (Call 03/01/53)

    125       83,030  

2.80%, 08/15/41 (Call 02/15/41)

    85       63,793  

3.00%, 01/15/52 (Call 07/15/51)

    5       3,524  

3.13%, 05/01/25 (Call 02/01/25)

    37       36,258  

3.15%, 02/21/40 (Call 08/21/39)

    207       163,826  

3.20%, 11/02/27 (Call 08/02/27)

    60       57,378  

3.38%, 02/21/50 (Call 08/21/49)

    127       96,354  

3.63%, 05/22/24 (Call 02/22/24)

    304       302,751  

4.40%, 05/01/45 (Call 11/01/44)

    117       105,325  

4.40%, 02/22/62 (Call 08/22/61)

    10       8,672  

4.56%, 06/15/48 (Call 12/15/47)

    75       69,291  

4.66%, 06/15/51 (Call 12/15/50)

    257       240,997  

4.95%, 10/01/41

    286       277,963  

5.15%, 11/15/41 (Call 05/15/41)

    87       86,106  

6.38%, 06/01/37

    125       143,932  

6.40%, 02/01/39

    115       128,698  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    124       101,577  
Security   Par
(000)
    Value  
Biotechnology (continued)            

3.15%, 05/01/50 (Call 11/01/49)

  $     120     $ 81,677  

3.25%, 02/15/51 (Call 08/15/50)

    119       83,016  

4.05%, 09/15/25 (Call 06/15/25)

    95       94,561  

5.20%, 09/15/45 (Call 03/15/45)

    35       33,599  

CSL Finance PLC

   

4.05%, 04/27/29 (Call 02/27/29)(b)

    10       9,713  

4.25%, 04/27/32 (Call 01/27/32)(b)

    20       19,416  

4.63%, 04/27/42 (Call 10/27/41)(b)

    10       9,495  

4.75%, 04/27/52 (Call 10/27/51)(b)

    200       192,214  

Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)(b)

    20       16,954  

Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30)

    95       77,298  

Regeneron Pharmaceuticals Inc.

   

1.75%, 09/15/30 (Call 06/15/30)(c)

    119       94,624  

2.80%, 09/15/50 (Call 03/15/50)

    86       57,836  
   

 

 

 
      3,309,655  
Building Materials — 0.3%            

Boise Cascade Co., 4.88%, 07/01/30 (Call 07/01/25)(b)

    35       31,272  

Boral Finance Pty Ltd., 3.75%, 05/01/28 (Call 02/01/28)(b)

    10       9,218  

Builders FirstSource Inc.

   

4.25%, 02/01/32 (Call 08/01/26)(b)

    105       83,903  

5.00%, 03/01/30 (Call 03/01/25)(b)

    35       31,073  

6.38%, 06/15/32 (Call 06/15/27)(b)

    25       23,195  

Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(b)

    50       45,314  

Carrier Global Corp.

   

2.24%, 02/15/25 (Call 01/15/25)

    40       38,034  

2.49%, 02/15/27 (Call 12/15/26)

    4       3,680  

2.70%, 02/15/31 (Call 11/15/30)

    60       51,138  

2.72%, 02/15/30 (Call 11/15/29)

    94       81,300  

3.38%, 04/05/40 (Call 10/05/39)

    99       78,152  

3.58%, 04/05/50 (Call 10/05/49)

    227       172,992  

Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)(b)

    40       27,984  

CRH America Finance Inc.

   

3.95%, 04/04/28 (Call 01/04/28)(b)

    15       14,539  

4.40%, 05/09/47 (Call 11/09/46)(b)

    10       8,906  

4.50%, 04/04/48 (Call 10/04/47)(b)

    10       9,049  

CRH America Inc., 5.13%, 05/18/45 (Call 11/18/44)(b)

    15       14,509  

Fortune Brands Home & Security Inc.

   

3.25%, 09/15/29 (Call 06/15/29)

    62       54,119  

4.00%, 06/15/25 (Call 03/15/25)

    117       115,068  

James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)(b)

    25       23,050  

Jeld-Wen Inc.

   

4.63%, 12/15/25 (Call 10/03/22)(b)(c)

    30       25,831  

4.88%, 12/15/27 (Call 12/15/22)(b)(c)

    30       23,258  

6.25%, 05/15/25 (Call 10/03/22)(b)

    30       29,220  

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)

    189       171,659  

1.70%, 08/01/27 (Call 06/01/27)

    47       40,888  

3.00%, 11/15/23 (Call 09/15/23)

    87       85,642  

Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)(b)

    35       28,765  

Martin Marietta Materials Inc.

   

2.40%, 07/15/31 (Call 04/15/31)

    22       18,106  

3.20%, 07/15/51 (Call 01/15/51)

    67       47,024  

3.45%, 06/01/27 (Call 03/01/27)

    35       33,258  

3.50%, 12/15/27 (Call 09/15/27)

    60       57,356  

4.25%, 07/02/24 (Call 04/02/24)

    5       4,988  

4.25%, 12/15/47 (Call 06/15/47)

    95       79,657  

Series CB, 2.50%, 03/15/30 (Call 12/15/29)

    42       35,421  

 

 

20  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Building Materials (continued)            

Masco Corp.

   

2.00%, 10/01/30 (Call 07/01/30)

  $ 94     $ 74,531  

2.00%, 02/15/31 (Call 11/15/30)

    15       11,970  

3.13%, 02/15/51 (Call 08/15/50)

    5       3,338  

3.50%, 11/15/27 (Call 08/15/27)

    35       32,613  

4.50%, 05/15/47 (Call 11/15/46)(c)

    70       59,339  

Masonite International Corp.

   

3.50%, 02/15/30 (Call 08/15/29)(b)(c)

    25       20,258  

5.38%, 02/01/28 (Call 02/01/23)(b)

    40       37,187  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

        114       108,595  

3.88%, 06/01/30 (Call 03/01/30)

    45       40,978  

3.95%, 08/15/29 (Call 05/15/29)

    5       4,688  

4.20%, 12/01/24 (Call 09/01/24)

    39       38,943  

4.30%, 07/15/47 (Call 01/15/47)

    45       36,726  

4.40%, 01/30/48 (Call 07/30/47)

    40       32,815  

7.00%, 12/01/36

    25       27,015  

St Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(b)

    10       10,096  

Summit Materials LLC/Summit Materials Finance Corp.

   

5.25%, 01/15/29 (Call 07/15/23)(b)

    51       46,365  

6.50%, 03/15/27 (Call 09/12/22)(b)(c)

    25       24,855  

Vulcan Materials Co.

   

3.50%, 06/01/30 (Call 03/01/30)

    60       54,216  

3.90%, 04/01/27 (Call 01/01/27)

    165       161,860  

4.50%, 04/01/25 (Call 01/01/25)

    50       50,114  

4.50%, 06/15/47 (Call 12/15/46)

    27       23,907  

4.70%, 03/01/48 (Call 09/01/47)

    40       36,397  
   

 

 

 
          2,534,374  
Chemicals — 0.6%            

Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)(b)

    15       12,632  

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)

    115       107,101  

1.85%, 05/15/27 (Call 03/15/27)

    108       98,423  

2.05%, 05/15/30 (Call 02/15/30)

    64       55,248  

2.70%, 05/15/40 (Call 11/15/39)

    90       70,904  

2.80%, 05/15/50 (Call 11/15/49)

    50       37,212  

3.35%, 07/31/24 (Call 04/30/24)

    55       54,696  

Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)

    70       67,322  

Avient Corp., 5.75%, 05/15/25 (Call 10/03/22)(b)

    55       54,226  

Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(b)(c)

    65       54,688  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(b)(c)

    75       69,487  

Celanese U.S. Holdings LLC

   

1.40%, 08/05/26 (Call 07/05/26)

    40       33,632  

3.50%, 05/08/24 (Call 04/08/24)

    80       77,897  

6.17%, 07/15/27 (Call 06/15/27)

    100       100,152  

6.33%, 07/15/29 (Call 05/15/29)

    100       99,402  

6.38%, 07/15/32 (Call 04/15/32)

    100       99,328  

CF Industries Inc., 5.38%, 03/15/44

    50       46,838  

Ecolab Inc.

   

0.90%, 12/15/23 (Call 12/15/22)

    300       290,247  

2.70%, 11/01/26 (Call 08/01/26)

    20       19,224  

2.70%, 12/15/51 (Call 06/15/51)

    170       120,601  

2.75%, 08/18/55 (Call 02/18/55)

    110       77,584  

3.95%, 12/01/47 (Call 06/01/47)

    20       18,181  

FMC Corp., 4.50%, 10/01/49 (Call 04/01/49)

    55       46,331  

HB Fuller Co.

   

4.00%, 02/15/27 (Call 11/15/26)

    30       27,815  
Security   Par
(000)
    Value  
Chemicals (continued)            

4.25%, 10/15/28 (Call 10/15/23)

  $ 25     $ 22,067  

Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)(b)

    40       34,501  

International Flavors & Fragrances Inc.

   

1.23%, 10/01/25 (Call 09/01/25)(b)

        170           152,667  

1.83%, 10/15/27 (Call 08/15/27)(b)

    90       77,095  

2.30%, 11/01/30 (Call 08/01/30)(b)

    169       138,440  

3.27%, 11/15/40 (Call 05/15/40)(b)

    92       69,276  

3.47%, 12/01/50 (Call 06/01/50)(b)

    81       59,446  

4.38%, 06/01/47 (Call 12/01/46)

    55       46,423  

4.45%, 09/26/28 (Call 06/26/28)

    15       14,566  

5.00%, 09/26/48 (Call 03/26/48)

    50       46,280  

Linde Inc./CT

   

1.10%, 08/10/30 (Call 05/10/30)

    34       27,228  

2.00%, 08/10/50 (Call 02/10/50)

    60       37,483  

2.65%, 02/05/25 (Call 11/05/24)

    35       34,062  

3.20%, 01/30/26 (Call 10/30/25)

    90       88,236  

3.55%, 11/07/42 (Call 05/07/42)

    50       43,036  

Methanex Corp.

   

4.25%, 12/01/24 (Call 09/01/24)

    20       19,508  

5.13%, 10/15/27 (Call 04/15/27)

    50       45,521  

5.25%, 12/15/29 (Call 09/15/29)

    55       46,304  

5.65%, 12/01/44 (Call 06/01/44)

    20       14,694  

Nutrien Ltd.

   

2.95%, 05/13/30 (Call 02/13/30)

    94       83,240  

3.00%, 04/01/25 (Call 01/01/25)

    20       19,405  

3.95%, 05/13/50 (Call 11/13/49)

    65       55,405  

4.00%, 12/15/26 (Call 09/15/26)

    20       19,667  

4.13%, 03/15/35 (Call 09/15/34)

    55       50,093  

4.20%, 04/01/29 (Call 01/01/29)

    55       53,399  

4.90%, 06/01/43 (Call 12/01/42)

    30       28,749  

5.00%, 04/01/49 (Call 10/01/48)

    51       50,379  

5.25%, 01/15/45 (Call 07/15/44)

    74       72,361  

5.63%, 12/01/40

    5       5,155  

5.88%, 12/01/36

    30       32,064  

OCI NV, 4.63%, 10/15/25 (Call 10/15/22)(b)

    40       38,756  

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

    40       35,833  

2.40%, 08/15/24 (Call 07/15/24)

    15       14,548  

2.55%, 06/15/30 (Call 03/15/30)

    100       87,383  

3.75%, 03/15/28 (Call 12/15/27)

    144       139,490  

SABIC Capital II BV, 4.50%, 10/10/28(d)

    200       202,922  

Sherwin-Williams Co. (The)

   

2.20%, 03/15/32 (Call 12/15/31)

    135       109,521  

2.30%, 05/15/30 (Call 02/15/30)

    35       29,513  

2.90%, 03/15/52 (Call 09/15/51)

    60       39,943  

2.95%, 08/15/29 (Call 05/15/29)

    25       22,453  

3.30%, 05/15/50 (Call 11/15/49)

    30       22,004  

3.45%, 08/01/25 (Call 05/01/25)

    10       9,785  

3.45%, 06/01/27 (Call 03/01/27)

    64       61,260  

3.80%, 08/15/49 (Call 02/15/49)

    65       51,772  

3.95%, 01/15/26 (Call 10/15/25)

    15       14,836  

4.50%, 06/01/47 (Call 12/01/46)

    100       89,216  

4.55%, 08/01/45 (Call 02/01/45)

    16       13,994  

Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.

   

5.13%, 04/01/29 (Call 04/01/24)(b)

    35       24,830  

5.38%, 09/01/25 (Call 10/03/22)(b)(c)

    45       38,821  

Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(b)

    80       66,542  

Yara International ASA

   

3.15%, 06/04/30 (Call 03/04/30)(b)

    105       89,077  

 

 

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 (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Chemicals (continued)            

3.80%, 06/06/26 (Call 03/06/26)(b)

  $ 15     $ 14,225  

4.75%, 06/01/28 (Call 03/01/28)(b)(c)

        130       124,580  
   

 

 

 
          4,567,225  
Commercial Services — 0.9%            

ADT Security Corp. (The)

   

4.13%, 08/01/29 (Call 08/01/28)(b)

    80       68,621  

4.88%, 07/15/32(b)(c)

    55       46,432  

AMN Healthcare Inc.

   

4.00%, 04/15/29 (Call 04/15/24)(b)

    35       30,205  

4.63%, 10/01/27 (Call 10/03/22)(b)

    30       27,791  

APi Escrow Corp., 4.75%, 10/15/29
(Call 10/15/24)(b)

    30       25,097  

APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)(b)(c)

    26       21,419  

APX Group Inc.

   

5.75%, 07/15/29 (Call 07/15/24)(b)(c)

    60       49,208  

6.75%, 02/15/27 (Call 02/15/23)(b)(c)

    45       44,150  

ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)(b)

    55       48,838  

Ashtead Capital Inc.

   

1.50%, 08/12/26 (Call 07/12/26)(b)

    15       12,908  

2.45%, 08/12/31 (Call 05/12/31)(b)

    15       11,688  

4.00%, 05/01/28 (Call 05/01/23)(b)

    15       13,718  

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

    111       90,786  

1.70%, 05/15/28 (Call 03/15/28)

    42       37,604  

3.38%, 09/15/25 (Call 06/15/25)

    227       224,805  

Avis Budget Car Rental LLC/Avis Budget Finance Inc.

   

4.75%, 04/01/28 (Call 04/01/24)(b)

    35       30,568  

5.38%, 03/01/29 (Call 03/01/24)(b)(c)

    50       43,610  

5.75%, 07/15/27 (Call 10/03/22)(b)

    80       75,661  

Block Financial LLC

   

2.50%, 07/15/28 (Call 05/15/28)

    130       112,885  

3.88%, 08/15/30 (Call 05/15/30)

    5       4,539  

5.25%, 10/01/25 (Call 07/01/25)

    25       25,266  

Block Inc.

   

2.75%, 06/01/26 (Call 05/01/26)(c)

    95       84,626  

3.50%, 06/01/31 (Call 03/01/31)(c)

    80       65,750  

Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)(b)(c)

    30       25,552  

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

    135       133,101  

Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(b)

    40       35,606  

Element Fleet Management Corp.

   

1.60%, 04/06/24 (Call 03/06/24)(b)(c)

    117       111,033  

3.85%, 06/15/25 (Call 05/15/25)(b)

    37       35,662  

ERAC USA Finance LLC

   

2.70%, 11/01/23 (Call 09/01/23)(b)

    49       48,085  

3.30%, 12/01/26 (Call 09/01/26)(b)

    325       307,008  

3.80%, 11/01/25 (Call 08/01/25)(b)

    67       64,972  

3.85%, 11/15/24 (Call 08/15/24)(b)

    55       54,077  

4.20%, 11/01/46 (Call 05/01/46)(b)

    47       38,807  

4.50%, 02/15/45 (Call 08/15/44)(b)

    70       59,877  

6.70%, 06/01/34(b)

    5       5,543  

7.00%, 10/15/37(b)

    20       22,657  

Gartner Inc.

   

3.63%, 06/15/29 (Call 06/15/24)(b)

    50       43,221  

3.75%, 10/01/30 (Call 10/01/25)(b)

    60       51,470  

4.50%, 07/01/28 (Call 07/01/23)(b)

    55       50,816  

Graham Holdings Co., 5.75%, 06/01/26 (Call 09/12/22)(b)

    25       24,624  

Grand Canyon University

   

4.13%, 10/01/24

    35       33,243  

5.13%, 10/01/28 (Call 08/01/28)

    40       36,896  

GXO Logistics Inc.

   

1.65%, 07/15/26 (Call 06/15/26)

    150       126,849  
Security   Par
(000)
    Value  
Commercial Services (continued)            

2.65%, 07/15/31 (Call 04/15/31)

  $ 35     $ 26,769  

Herc Holdings Inc., 5.50%, 07/15/27
(Call 10/03/22)(b)

        101       95,445  

Hertz Corp. (The)

   

4.63%, 12/01/26 (Call 12/01/23)(b)

    45       38,597  

5.00%, 12/01/29 (Call 12/01/24)(b)

    80       64,370  

Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)(b)

    45       41,741  

MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)(b)

    25       24,567  

Moody’s Corp.

   

2.00%, 08/19/31 (Call 05/19/31)

    140           112,980  

2.55%, 08/18/60 (Call 02/18/60)

    82       50,065  

3.10%, 11/29/61 (Call 05/29/61)

    35       24,075  

3.25%, 01/15/28 (Call 10/15/27)

    12       11,311  

3.25%, 05/20/50 (Call 11/20/49)

    46       34,282  

3.75%, 03/24/25 (Call 02/24/25)

    40       39,570  

3.75%, 02/25/52 (Call 08/25/51)

    35       28,595  

4.25%, 02/01/29 (Call 11/01/28)

    2       1,975  

4.88%, 02/15/24 (Call 11/15/23)

    29       29,306  

4.88%, 12/17/48 (Call 06/17/48)

    24       23,305  

5.25%, 07/15/44

    77       77,758  

Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/25 (Call 10/03/22)(b)(c)

    35       35,202  

Nielsen Finance LLC/Nielsen Finance Co.

   

4.50%, 07/15/29 (Call 07/15/24)(b)

    45       45,209  

4.75%, 07/15/31 (Call 07/15/26)(b)

    55       54,694  

5.63%, 10/01/28 (Call 10/01/23)(b)

    80       80,317  

5.88%, 10/01/30 (Call 10/01/25)(b)

    60       60,196  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

    59       55,580  

2.30%, 06/01/30 (Call 03/01/30)(c)

    74       63,648  

2.40%, 10/01/24 (Call 09/01/24)

    76       73,976  

2.65%, 10/01/26 (Call 08/01/26)

    95       90,165  

2.85%, 10/01/29 (Call 07/01/29)

    84       76,068  

3.25%, 06/01/50 (Call 12/01/49)

    87       65,743  

4.40%, 06/01/32 (Call 03/01/32)

    200       196,982  

5.25%, 06/01/62 (Call 12/01/61)

    30       29,699  

Prime Security Services Borrower LLC/Prime Finance Inc.

   

3.38%, 08/31/27 (Call 08/31/26)(b)

    80       68,864  

5.25%, 04/15/24(b)

    55       54,519  

5.75%, 04/15/26(b)

    115       110,990  

6.25%, 01/15/28 (Call 01/15/23)(b)(c)

    95       84,041  

Quanta Services Inc.

   

2.35%, 01/15/32 (Call 10/15/31)

    85       67,029  

2.90%, 10/01/30 (Call 07/01/30)

    46       39,050  

3.05%, 10/01/41 (Call 04/01/41)

    95       66,149  

RELX Capital Inc.

   

3.00%, 05/22/30 (Call 02/22/30)

    55       49,218  

4.00%, 03/18/29 (Call 12/18/28)

    157       151,271  

Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 10/03/22)(b)

    35       34,755  

RR Donnelley & Sons Co.

   

6.13%, 11/01/26 (Call 11/01/23)(b)

    30       28,336  

8.25%, 07/01/27 (Call 07/01/23)

    35       33,255  

8.50%, 04/15/29(b)

    26       33,870  

S&P Global Inc.

   

1.25%, 08/15/30 (Call 05/15/30)

    34       27,206  

2.30%, 08/15/60 (Call 02/15/60)

    90       54,535  

2.45%, 03/01/27 (Call 02/01/27)(b)

    30       27,992  

2.50%, 12/01/29 (Call 09/01/29)

    15       13,272  

2.70%, 03/01/29 (Call 01/01/29)(b)

    100       91,054  

 

 

22  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Commercial Services (continued)            

2.90%, 03/01/32 (Call 12/01/31)(b)

  $ 50     $ 44,382  

2.95%, 01/22/27 (Call 10/22/26)

    12       11,516  

3.25%, 12/01/49 (Call 06/01/49)

    71       55,664  

3.70%, 03/01/52 (Call 09/01/51)(b)

    20       17,207  

3.90%, 03/01/62 (Call 09/01/61)(b)

    5       4,303  

4.25%, 05/01/29 (Call 02/01/29)(b)

    40       39,481  

4.75%, 08/01/28 (Call 05/01/28)(b)

    50       51,226  

Service Corp. International/U.S.

   

3.38%, 08/15/30 (Call 08/15/25)

    60       49,567  

4.00%, 05/15/31 (Call 05/15/26)

    60       51,389  

4.63%, 12/15/27 (Call 12/15/22)

    40       37,548  

5.13%, 06/01/29 (Call 06/01/24)(c)

    60       56,918  

7.50%, 04/01/27

    15       15,849  

Sodexo Inc.

   

1.63%, 04/16/26 (Call 03/16/26)(b)

        130           117,029  

2.72%, 04/16/31 (Call 01/16/31)(b)(c)

    10       8,355  

Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)(b)(c)

    50       47,473  

Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)(b)

    30       25,646  

Transurban Finance Co. Pty Ltd.

   

2.45%, 03/16/31 (Call 12/16/30)(b)

    42       34,092  

3.38%, 03/22/27 (Call 12/22/26)(b)

    93       87,625  

4.13%, 02/02/26 (Call 11/02/25)(b)

    37       36,094  

TriNet Group Inc., 3.50%, 03/01/29
(Call 03/01/24)(b)

    35       30,051  

Triton Container International Ltd.

   

1.15%, 06/07/24 (Call 05/07/24)(b)

    75       69,966  

2.05%, 04/15/26 (Call 03/15/26)(b)(c)

    107       92,937  

3.15%, 06/15/31 (Call 03/15/31)(b)

    75       58,630  

Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)

    25       19,786  

United Rentals North America Inc.

   

3.75%, 01/15/32 (Call 07/15/26)

    65       54,462  

3.88%, 11/15/27 (Call 11/15/22)

    36       33,350  

3.88%, 02/15/31 (Call 08/15/25)(c)

    80       69,077  

4.00%, 07/15/30 (Call 07/15/25)(c)

    50       43,494  

4.88%, 01/15/28 (Call 01/15/23)(c)

    125       116,934  

5.25%, 01/15/30 (Call 01/15/25)

    60       56,746  

5.50%, 05/15/27 (Call 10/03/22)

    44       43,576  

Verisk Analytics Inc.

   

3.63%, 05/15/50 (Call 11/15/49)

    34       26,370  

4.00%, 06/15/25 (Call 03/15/25)

    80       79,065  

4.13%, 03/15/29 (Call 12/15/28)

    70       66,936  

5.50%, 06/15/45 (Call 12/15/44)

    37       37,293  

Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(b)

    50       44,862  

WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)(b)

    35       21,879  

ZipRecruiter Inc., 5.00%, 01/15/30
(Call 01/15/25)(b)

    50       41,830  
   

 

 

 
          6,991,478  
Computers — 0.5%            

Booz Allen Hamilton Inc.

   

3.88%, 09/01/28 (Call 09/01/23)(b)

    55       48,953  

4.00%, 07/01/29 (Call 07/01/24)(b)

    50       44,585  

CGI Inc.

   

1.45%, 09/14/26 (Call 08/14/26)

    65       57,268  

2.30%, 09/14/31 (Call 06/14/31)

    100       79,182  

Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)(c)

    60       53,114  

Dell Inc.

   

6.50%, 04/15/38

    45       45,317  

7.10%, 04/15/28

    20       21,783  
Security   Par
(000)
    Value  
Computers (continued)            

Dell International LLC/EMC Corp.

   

3.45%, 12/15/51 (Call 06/15/51)(b)

  $     105     $ 68,509  

4.00%, 07/15/24 (Call 06/15/24)(c)

    22       21,918  

4.90%, 10/01/26 (Call 08/01/26)

    52       52,214  

5.30%, 10/01/29 (Call 07/01/29)

    105       104,384  

5.85%, 07/15/25 (Call 06/15/25)

    97       100,433  

6.02%, 06/15/26 (Call 03/15/26)

    159       165,199  

6.10%, 07/15/27 (Call 05/15/27)

    67       70,550  

6.20%, 07/15/30 (Call 04/15/30)

    64       66,548  

8.10%, 07/15/36 (Call 01/15/36)

    116       134,764  

8.35%, 07/15/46 (Call 01/15/46)(c)

    91           110,668  

Diebold Nixdorf Inc.

   

8.50%, 04/15/24 (Call 10/03/22)(c)

    30       18,535  

9.38%, 07/15/25 (Call 09/16/22)(b)(c)

    50       41,140  

DXC Technology Co.

   

1.80%, 09/15/26 (Call 08/15/26)(c)

    40       35,233  

2.38%, 09/15/28 (Call 07/15/28)

    50       42,543  

Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)(b)

    40       12,983  

Fortinet Inc.

   

1.00%, 03/15/26 (Call 02/15/26)

    22       19,431  

2.20%, 03/15/31 (Call 12/15/30)

    67       53,055  

Hewlett Packard Enterprise Co.

   

1.45%, 04/01/24 (Call 03/01/24)

    73       70,121  

1.75%, 04/01/26 (Call 03/01/26)

    75       68,752  

4.45%, 10/02/23 (Call 09/02/23)

    82       82,343  

4.90%, 10/15/25 (Call 07/15/25)

    54       54,841  

6.20%, 10/15/35 (Call 04/15/35)

    89       94,717  

6.35%, 10/15/45 (Call 04/15/45)

    131       131,452  

HP Inc.

   

1.45%, 06/17/26 (Call 05/17/26)

    200       178,232  

2.20%, 06/17/25 (Call 05/17/25)

    90       84,903  

2.65%, 06/17/31 (Call 03/17/31)

    27       21,455  

3.00%, 06/17/27 (Call 04/17/27)(c)

    70       64,813  

3.40%, 06/17/30 (Call 03/17/30)

    142       122,836  

4.00%, 04/15/29 (Call 02/15/29)

    30       28,136  

6.00%, 09/15/41(c)

    71       68,930  

Lenovo Group Ltd., 3.42%, 11/02/30 (Call 08/02/30)(d)

    200       162,992  

NCR Corp.

   

5.00%, 10/01/28 (Call 10/01/23)(b)

    60       56,487  

5.13%, 04/15/29 (Call 04/15/24)(b)

    95       88,700  

5.25%, 10/01/30 (Call 10/01/25)(b)

    37       34,446  

5.75%, 09/01/27 (Call 09/12/22)(b)

    30       29,045  

6.13%, 09/01/29 (Call 09/01/24)(b)

    40       38,293  

NetApp Inc.

   

1.88%, 06/22/25 (Call 05/22/25)

    80       74,718  

2.70%, 06/22/30 (Call 03/22/30)

    62       53,271  

3.30%, 09/29/24 (Call 07/29/24)

    20       19,639  

Seagate HDD Cayman

   

3.13%, 07/15/29 (Call 01/15/24)

    40       31,968  

3.38%, 07/15/31 (Call 01/15/26)

    45       35,181  

4.09%, 06/01/29 (Call 03/01/29)

    30       25,792  

4.13%, 01/15/31 (Call 10/15/30)

    35       28,634  

4.75%, 01/01/25

    40       39,121  

4.88%, 03/01/24 (Call 01/01/24)

    45       44,329  

4.88%, 06/01/27 (Call 03/01/27)

    40       38,001  

5.75%, 12/01/34 (Call 06/01/34)

    40       35,504  

Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)

    52       42,721  

Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)(b)

    35       29,379  

Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)(b)

    31       24,567  

 

 

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 (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Computers (continued)            

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

  $ 60     $ 48,922  

3.10%, 02/01/32 (Call 11/01/31)

    75       56,536  

4.75%, 02/15/26 (Call 11/15/25)

        195       187,851  
   

 

 

 
          3,765,937  
Cosmetics & Personal Care — 0.1%  

Colgate-Palmolive Co.

   

3.70%, 08/01/47 (Call 02/01/47)

    79       70,719  

4.00%, 08/15/45

    42       38,747  

Edgewell Personal Care Co.

   

4.13%, 04/01/29 (Call 04/01/24)(b)(c)

    40       34,434  

5.50%, 06/01/28 (Call 06/01/23)(b)

    70       64,856  

Estee Lauder Companies Inc. (The)

   

1.95%, 03/15/31 (Call 12/15/30)

    15       12,635  

2.00%, 12/01/24 (Call 11/01/24)

    87       84,402  

2.38%, 12/01/29 (Call 09/01/29)

    69       61,349  

2.60%, 04/15/30 (Call 01/15/30)

    65       58,337  

3.13%, 12/01/49 (Call 06/01/49)

    45       35,468  

3.15%, 03/15/27 (Call 12/15/26)

    63       61,349  

4.15%, 03/15/47 (Call 09/15/46)

    65       60,035  

4.38%, 06/15/45 (Call 12/15/44)(c)

    30       27,794  

6.00%, 05/15/37

    15       17,008  
   

 

 

 
      627,133  
Distribution & Wholesale — 0.1%            

Ferguson Finance PLC

   

3.25%, 06/02/30 (Call 03/02/30)(b)

    30       25,755  

4.50%, 10/24/28 (Call 07/24/28)(b)

    35       33,620  

IAA Inc., 5.50%, 06/15/27 (Call 10/03/22)(b)(c)

    35       32,990  

KAR Auction Services Inc., 5.13%, 06/01/25 (Call 10/03/22)(b)

    52       51,388  

Li & Fung Ltd., 4.38%, 10/04/24 (Call 09/04/24)(d)

    200       184,372  

Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)(b)

    25       21,229  

WW Grainger Inc.

   

1.85%, 02/15/25 (Call 01/15/25)

    220       209,064  

3.75%, 05/15/46 (Call 11/15/45)

    115       97,753  

4.20%, 05/15/47 (Call 11/15/46)

    35       31,871  

4.60%, 06/15/45 (Call 12/15/44)

    12       11,602  
   

 

 

 
      699,644  
Diversified Financial Services — 2.3%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust 1.15%, 10/29/23

    45       43,060  

1.75%, 01/30/26 (Call 12/30/25)

    160       141,221  

2.88%, 08/14/24 (Call 07/14/24)

    175       167,452  

3.00%, 10/29/28 (Call 08/29/28)

    215       184,270  

3.15%, 02/15/24 (Call 01/15/24)

    150       145,326  

3.30%, 01/30/32 (Call 10/30/31)

    165       132,711  

3.40%, 10/29/33 (Call 07/29/33)

    150       118,488  

3.65%, 07/21/27 (Call 04/21/27)

    120       109,202  

3.85%, 10/29/41 (Call 04/29/41)

    150       111,199  

3.88%, 01/23/28 (Call 10/23/27)

    200       181,746  

4.45%, 10/01/25 (Call 08/01/25)

    200       193,950  

4.45%, 04/03/26 (Call 02/03/26)

    210       203,043  

4.63%, 10/15/27 (Call 08/15/27)

    170       161,602  

Affiliated Managers Group Inc.

   

3.30%, 06/15/30 (Call 03/15/30)

    100       88,123  

3.50%, 08/01/25

    35       34,331  

4.25%, 02/15/24

    80       79,998  

AIG Global Funding

   

0.45%, 12/08/23(b)

    10       9,564  
Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

0.65%, 06/17/24(b)(c)

  $ 75     $ 70,505  

0.90%, 09/22/25(b)

    95       85,307  

Air Lease Corp.

   

0.80%, 08/18/24 (Call 07/18/24)

    30       27,707  

1.88%, 08/15/26 (Call 07/15/26)

        140       122,336  

2.10%, 09/01/28 (Call 07/01/28)

    25       20,534  

2.88%, 01/15/26 (Call 12/15/25)(c)

    15       13,836  

2.88%, 01/15/32 (Call 10/15/31)

    115       92,445  

3.00%, 02/01/30 (Call 11/01/29)

    130       109,127  

3.13%, 12/01/30 (Call 09/01/30)

    105       87,469  

3.25%, 03/01/25 (Call 01/01/25)

    50       47,932  

3.25%, 10/01/29 (Call 07/01/29)

    105       90,048  

3.38%, 07/01/25 (Call 06/01/25)

    95       90,172  

3.75%, 06/01/26 (Call 04/01/26)

    10       9,455  

4.63%, 10/01/28 (Call 07/01/28)

    45       42,394  

Ally Financial Inc.

   

1.45%, 10/02/23 (Call 09/02/23)

    140       135,628  

2.20%, 11/02/28 (Call 09/02/28)

    20       16,512  

3.88%, 05/21/24 (Call 04/21/24)

    120       118,861  

4.63%, 03/30/25

    75       74,809  

5.13%, 09/30/24

    105       106,499  

5.75%, 11/20/25 (Call 10/21/25)

    75       75,855  

5.80%, 05/01/25 (Call 04/01/25)(c)

    164       167,885  

8.00%, 11/01/31

    200           222,002  

American Express Co.

   

0.75%, 11/03/23

    10       9,663  

1.65%, 11/04/26 (Call 10/04/26)

    15       13,557  

2.50%, 07/30/24 (Call 06/30/24)

    80       77,832  

2.55%, 03/04/27 (Call 02/01/27)

    15       13,929  

3.00%, 10/30/24 (Call 09/29/24)

    180       176,414  

3.13%, 05/20/26 (Call 04/20/26)

    80       77,217  

3.30%, 05/03/27 (Call 04/03/27)

    159       152,152  

3.40%, 02/22/24 (Call 01/22/24)

    120       119,039  

3.63%, 12/05/24 (Call 11/04/24)

    39       38,780  

4.05%, 05/03/29 (Call 03/03/29)

    200       194,060  

4.05%, 12/03/42

    105       95,400  

4.20%, 11/06/25 (Call 10/06/25)

    120       120,198  

4.42%, 08/03/33 (Call 08/03/32)(a)

    200       193,078  

American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)

    20       19,243  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)

    95       90,388  

3.00%, 04/02/25 (Call 03/02/25)

    67       65,251  

3.70%, 10/15/24

    70       69,455  

4.00%, 10/15/23

    196       196,100  

4.50%, 05/13/32 (Call 02/13/32)

    15       14,940  

Aviation Capital Group LLC

   

1.95%, 01/30/26 (Call 12/30/25)(b)

    100       86,314  

1.95%, 09/20/26 (Call 08/20/26)(b)

    50       41,953  

3.50%, 11/01/27 (Call 07/01/27)(b)

    85       72,691  

4.13%, 08/01/25 (Call 06/01/25)(b)

    70       65,451  

4.38%, 01/30/24 (Call 12/30/23)(b)

    95       92,544  

4.88%, 10/01/25 (Call 07/01/25)(b)

    86       81,988  

5.50%, 12/15/24 (Call 11/15/24)(b)

    75       73,534  

B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(d)

    200       169,608  

Bocom Leasing Management Hong Kong Co. Ltd., 1.13%, 06/18/24(d)

    200       188,602  

Cboe Global Markets Inc.

   

3.00%, 03/16/32 (Call 12/16/31)

    10       8,860  

3.65%, 01/12/27 (Call 10/12/26)

    30       29,315  

 

 

24  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Diversified Financial Services (continued)  

CCBL Cayman 1 Corp. Ltd., 1.60%, 09/15/26 (Call 08/15/26)(d)

  $     200     $     179,252  

CDBL Funding 1, 3.50%, 10/24/27(d)

    200       188,522  

Charles Schwab Corp. (The)

   

0.90%, 03/11/26 (Call 02/11/26)

    20       17,997  

1.15%, 05/13/26 (Call 04/13/26)

    40       36,070  

1.65%, 03/11/31 (Call 12/11/30)

    210       169,525  

1.95%, 12/01/31 (Call 09/01/31)

    45       36,725  

2.00%, 03/20/28 (Call 01/20/28)

    65       58,439  

2.30%, 05/13/31 (Call 02/13/31)

    15       12,773  

2.75%, 10/01/29 (Call 07/01/29)

    80       72,066  

2.90%, 03/03/32 (Call 12/03/31)

    5       4,412  

3.20%, 03/02/27 (Call 12/02/26)

    55       53,249  

3.20%, 01/25/28 (Call 10/25/27)

    189       180,325  

3.25%, 05/22/29 (Call 02/22/29)

    40       37,494  

3.30%, 04/01/27 (Call 01/01/27)

    20       19,397  

3.45%, 02/13/26 (Call 11/13/25)

    35       34,529  

3.55%, 02/01/24 (Call 01/01/24)

    65       64,800  

3.85%, 05/21/25 (Call 03/21/25)

    55       55,089  

4.00%, 02/01/29 (Call 11/01/28)

    10       9,836  

4.20%, 03/24/25 (Call 02/24/25)

    105       105,475  

4.63%, 03/22/30 (Call 12/22/29)

    75       76,006  

China Development Bank Financial Leasing Co. Ltd., 2.88%, 09/28/30 (Call 09/28/25)(a)(d)

    200       188,330  

CI Financial Corp.

   

3.20%, 12/17/30 (Call 09/17/30)

    35       26,553  

4.10%, 06/15/51 (Call 12/15/50)

    125       81,794  

CICC Hong Kong Finance 2016 MTN Ltd., 2.00%, 01/26/26(d)

    200       185,568  

CME Group Inc.

   

3.00%, 03/15/25 (Call 12/15/24)

    115       112,783  

3.75%, 06/15/28 (Call 03/15/28)

    60       58,947  

4.15%, 06/15/48 (Call 12/15/47)

    15       14,279  

5.30%, 09/15/43 (Call 03/15/43)

    65       70,717  

Coinbase Global Inc.

   

3.38%, 10/01/28 (Call 10/01/24)(b)

    60       39,300  

3.63%, 10/01/31 (Call 10/01/26)(b)

    95       57,844  

Discover Financial Services

   

4.10%, 02/09/27 (Call 11/09/26)

    95       91,478  

4.50%, 01/30/26 (Call 11/30/25)

    155       152,591  

Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)

    20       19,144  

Franklin Resources Inc.

   

1.60%, 10/30/30 (Call 07/30/30)

    95       75,477  

2.85%, 03/30/25

    55       53,242  

2.95%, 08/12/51 (Call 02/12/51)

    50       34,640  

ICBCIL Finance Co. Ltd.

   

1.75%, 08/25/25(d)

    200       184,974  

1.75%, 08/02/26(d)

    200       181,320  

Intercontinental Exchange Inc.

   

1.85%, 09/15/32 (Call 06/15/32)

    85       67,067  

2.10%, 06/15/30 (Call 03/15/30)

    150       126,669  

2.65%, 09/15/40 (Call 03/15/40)

    92       68,201  

3.00%, 06/15/50 (Call 12/15/49)

    110       80,217  

3.00%, 09/15/60 (Call 03/15/60)

    75       50,870  

3.10%, 09/15/27 (Call 06/15/27)

    104       98,505  

3.65%, 05/23/25 (Call 04/23/25)

    5       4,946  

3.75%, 12/01/25 (Call 09/01/25)

    115       113,898  

3.75%, 09/21/28 (Call 06/21/28)

    35       33,865  

4.25%, 09/21/48 (Call 03/21/48)

    180       161,386  

4.60%, 03/15/33 (Call 12/15/32)

    210       207,931  
Security   Par
(000)
    Value  
Diversified Financial Services (continued)  

4.95%, 06/15/52 (Call 12/15/51)

  $ 25     $ 24,582  

5.20%, 06/15/62 (Call 12/15/61)

    10       9,839  

Intercorp Financial Services Inc., 4.13%, 10/19/27 (Call 07/19/27)(c)(d)

        200           176,520  

Invesco Finance PLC

   

3.75%, 01/15/26

    64       62,481  

4.00%, 01/30/24

    139       138,291  

5.38%, 11/30/43

    30       29,559  

Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)

    50       50,143  

Legg Mason Inc.

   

4.75%, 03/15/26

    80       80,882  

5.63%, 01/15/44

    64       66,064  

LPL Holdings Inc.

   

4.00%, 03/15/29 (Call 03/15/24)(b)

    70       62,501  

4.38%, 05/15/31 (Call 05/15/26)(b)

    30       26,393  

4.63%, 11/15/27 (Call 11/15/22)(b)

    30       28,227  

LSEGA Financing PLC

   

0.65%, 04/06/24 (Call 03/06/24)(b)

    190       179,214  

1.38%, 04/06/26 (Call 03/06/26)(b)

    15       13,491  

2.00%, 04/06/28 (Call 02/06/28)(b)

    335       293,601  

2.50%, 04/06/31 (Call 01/06/31)(b)

    25       21,510  

3.20%, 04/06/41 (Call 10/06/40)(b)

    20       15,918  

Mastercard Inc.

   

1.90%, 03/15/31 (Call 12/15/30)

    37       31,625  

2.00%, 03/03/25 (Call 02/03/25)

    75       71,944  

2.00%, 11/18/31 (Call 08/18/31)

    25       21,042  

2.95%, 11/21/26 (Call 08/21/26)

    64       61,869  

2.95%, 06/01/29 (Call 03/01/29)

    79       73,777  

2.95%, 03/15/51 (Call 09/15/50)

    67       51,498  

3.30%, 03/26/27 (Call 01/26/27)

    77       75,362  

3.35%, 03/26/30 (Call 12/26/29)

    139       132,197  

3.38%, 04/01/24

    199       198,351  

3.50%, 02/26/28 (Call 11/26/27)

    60       58,795  

3.65%, 06/01/49 (Call 12/01/48)

    70       61,263  

3.80%, 11/21/46 (Call 05/21/46)

    44       39,805  

3.85%, 03/26/50 (Call 09/26/49)

    114       103,055  

3.95%, 02/26/48 (Call 08/26/47)

    52       47,745  

Mitsubishi HC Capital Inc.

   

3.64%, 04/13/25 (Call 03/13/25)(b)

    10       9,772  

3.97%, 04/13/30 (Call 01/13/30)(b)(c)

    10       9,606  

Morgan Stanley Domestic Holdings Inc.

   

3.80%, 08/24/27 (Call 05/24/27)

    65       62,655  

4.50%, 06/20/28 (Call 03/20/28)

    155       153,461  

Nasdaq Inc.

   

1.65%, 01/15/31 (Call 10/15/30)

    100       79,619  

2.50%, 12/21/40 (Call 06/21/40)

    76       52,870  

3.25%, 04/28/50 (Call 10/28/49)

    60       44,620  

3.85%, 06/30/26 (Call 03/30/26)

    130       128,020  

Nationstar Mortgage Holdings Inc.

   

5.13%, 12/15/30 (Call 12/15/25)(b)

    52       40,932  

5.50%, 08/15/28 (Call 08/15/23)(b)

    65       54,770  

5.75%, 11/15/31 (Call 11/15/26)(b)

    45       35,734  

6.00%, 01/15/27 (Call 01/15/23)(b)

    50       44,679  

Nomura Holdings Inc.

   

1.65%, 07/14/26

    200       176,336  

1.85%, 07/16/25

    340       312,933  

2.61%, 07/14/31

    200       160,070  

2.65%, 01/16/25

    115       109,486  

3.10%, 01/16/30

    200       170,790  

 

 

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 (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

OneMain Finance Corp.

   

4.00%, 09/15/30 (Call 09/15/25)

  $     100     $ 74,668  

5.38%, 11/15/29 (Call 05/15/29)

    100       82,894  

6.63%, 01/15/28 (Call 07/15/27)(c)

    100       91,928  

6.88%, 03/15/25

    100       97,405  

7.13%, 03/15/26

    75       69,880  

PennyMac Financial Services Inc.

   

4.25%, 02/15/29 (Call 02/15/24)(b)

    50       39,180  

5.38%, 10/15/25 (Call 10/15/22)(b)(c)

    50       45,758  

5.75%, 09/15/31 (Call 09/15/26)(b)

    40       32,477  

PRA Group Inc.

   

5.00%, 10/01/29 (Call 10/01/24)(b)

    25       21,473  

7.38%, 09/01/25 (Call 10/03/22)(b)(c)

    30       29,797  

Radian Group Inc.

   

4.50%, 10/01/24 (Call 07/01/24)

    51       49,032  

4.88%, 03/15/27 (Call 09/15/26)

    32       29,820  

6.63%, 03/15/25 (Call 09/15/24)

    55       55,102  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)(c)

    36       29,080  

4.65%, 04/01/30 (Call 01/01/30)

    111       109,005  

4.95%, 07/15/46

    5       4,876  

Shinhan Card Co. Ltd., 1.38%, 10/19/25(d)

    200       180,766  

SLM Corp.

   

3.13%, 11/02/26 (Call 10/02/26)

    40       33,350  

4.20%, 10/29/25 (Call 09/29/25)

    40       36,955  

State Elite Global Ltd., 1.50%, 09/29/26(d)

    200       181,930  

StoneX Group Inc., 8.63%, 06/15/25 (Call 10/03/22)(b)

    35       35,956  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)(c)

    35       26,998  

3.70%, 08/04/26 (Call 05/04/26)(c)

    10       9,368  

3.95%, 12/01/27 (Call 09/01/27)

    60       54,574  

4.25%, 08/15/24 (Call 05/15/24)

    15       14,825  

4.38%, 03/19/24 (Call 02/19/24)

    300       298,857  

4.50%, 07/23/25 (Call 04/23/25)

    115       112,435  

5.15%, 03/19/29 (Call 12/19/28)

    119       113,256  

Visa Inc.

   

0.75%, 08/15/27 (Call 06/15/27)

    110       95,363  

1.10%, 02/15/31 (Call 11/15/30)

    90       71,931  

1.90%, 04/15/27 (Call 02/15/27)

    122       112,610  

2.00%, 08/15/50 (Call 02/15/50)

    152       99,303  

2.05%, 04/15/30 (Call 01/15/30)

    102       89,434  

2.70%, 04/15/40 (Call 10/15/39)

    79       63,213  

2.75%, 09/15/27 (Call 06/15/27)

    5       4,765  

3.15%, 12/14/25 (Call 09/14/25)

    427       417,956  

3.65%, 09/15/47 (Call 03/15/47)

    52       46,053  

4.15%, 12/14/35 (Call 06/14/35)

    100       99,113  

4.30%, 12/14/45 (Call 06/14/45)(c)

    302       291,451  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)

    140       123,970  

2.75%, 03/15/31 (Call 12/15/30)

    50       39,919  

2.85%, 01/10/25 (Call 12/10/24)

    92       88,310  

6.20%, 11/17/36

    65       64,328  
   

 

 

 
          18,257,938  
Electric — 0.4%            

Adani Green Energy Ltd., 4.38%, 09/08/24(d)

    200       179,682  

AEP Texas Inc., 3.80%, 10/01/47 (Call 04/01/47)

    60       48,206  

American Transmission Systems Inc.

   

2.65%, 01/15/32 (Call 10/15/31)(b)(c)

    225       189,445  

5.00%, 09/01/44 (Call 03/01/44)(b)

    50       48,471  
Security   Par
(000)
    Value  
Electric (continued)            

CenterPoint Energy Houston Electric LLC

   

3.55%, 08/01/42 (Call 02/01/42)

  $     100     $ 85,065  

3.95%, 03/01/48 (Call 09/01/47)

    45       39,970  

4.50%, 04/01/44 (Call 10/01/43)

    85       80,840  

Series AA, 3.00%, 02/01/27 (Call 11/01/26)

    15       14,344  

Series AC, 4.25%, 02/01/49 (Call 08/01/48)

    75       69,868  

Series AD, 2.90%, 07/01/50 (Call 01/01/50)

    45       33,422  

Series AE, 2.35%, 04/01/31 (Call 01/01/31)

    60       51,943  

Series AG, 3.00%, 03/01/32 (Call 12/01/31)(c)

    25       22,680  

Series K2, 6.95%, 03/15/33

    10       11,910  

Cleveland Electric Illuminating Co. (The), 4.55%, 11/15/30 (Call 08/15/30)(b)

    75       73,579  

Consorcio Transmantaro SA, 4.70%, 04/16/34(c)(d)

    200           185,374  

FirstEnergy Transmission LLC

   

2.87%, 09/15/28 (Call 07/15/28)(b)

    85       75,446  

4.35%, 01/15/25 (Call 10/15/24)(b)

    45       44,288  

4.55%, 04/01/49 (Call 10/01/48)(b)

    35       30,357  

5.45%, 07/15/44 (Call 01/15/44)(b)

    30       29,598  

ITC Holdings Corp.

   

2.95%, 05/14/30 (Call 02/14/30)(b)

    81       70,846  

3.25%, 06/30/26 (Call 03/30/26)

    65       61,946  

3.35%, 11/15/27 (Call 08/15/27)

    90       85,261  

3.65%, 06/15/24 (Call 03/15/24)

    43       42,382  

5.30%, 07/01/43 (Call 01/01/43)

    45       43,779  

Jersey Central Power & Light Co., 2.75%, 03/01/32 (Call 12/01/31)(b)

    20       16,918  

Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (Call 02/15/28)(b)

    80       77,194  

National Rural Utilities Cooperative Finance Corp.

   

4.30%, 03/15/49 (Call 09/15/48)

    50       45,440  

4.40%, 11/01/48 (Call 05/01/48)

    100       91,818  

5.25%, 04/20/46 (Call 04/20/26), (3 mo. LIBOR US + 3.630%)(a)

    30       28,028  

Ohio Power Co.

   

4.00%, 06/01/49 (Call 12/01/48)

    105       88,366  

4.15%, 04/01/48 (Call 10/01/47)

    50       43,431  

Series P, 2.60%, 04/01/30 (Call 01/01/30)

    70       61,210  

Series Q, 1.63%, 01/15/31 (Call 10/15/30)

    50       40,045  

Series R, 2.90%, 10/01/51 (Call 04/01/51)

    20       14,309  

Oncor Electric Delivery Co. LLC

   

2.70%, 11/15/51 (Call 05/15/51)

    5       3,558  

2.75%, 05/15/30 (Call 02/15/30)

    105       95,388  

2.95%, 04/01/25 (Call 01/01/25)

    30       29,167  

3.10%, 09/15/49 (Call 03/15/49)

    146       113,032  

3.70%, 11/15/28 (Call 08/15/28)

    6       5,811  

3.70%, 05/15/50 (Call 11/15/49)

    5       4,291  

3.75%, 04/01/45 (Call 10/01/44)

    60       51,357  

3.80%, 09/30/47 (Call 03/30/47)

    35       30,576  

3.80%, 06/01/49 (Call 12/01/48)

    100       87,106  

4.10%, 11/15/48 (Call 05/15/48)

    20       18,193  

4.55%, 12/01/41 (Call 06/01/41)

    5       4,833  

5.25%, 09/30/40

    25       26,000  

5.35%, 10/01/52 (Call 04/01/52)

    30       31,733  

Pennsylvania Electric Co., 3.60%, 06/01/29 (Call 03/01/29)(b)

    15       14,011  

Potomac Electric Power Co.

   

3.60%, 03/15/24 (Call 12/15/23)

    65       64,637  

4.15%, 03/15/43 (Call 09/15/42)

    102       92,131  

PPL Electric Utilities Corp.

   

3.00%, 10/01/49 (Call 04/01/49)

    65       48,566  

3.95%, 06/01/47 (Call 12/01/46)

    65       57,536  

 

 

26  

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



Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

4.13%, 06/15/44 (Call 12/15/43)

  $ 50     $ 44,457  

4.15%, 06/15/48 (Call 12/15/47)

    60       54,368  

6.25%, 05/15/39

    25       28,021  

Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(d)

        200       168,560  

Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (Call 03/01/25)(b)

    10       9,767  
   

 

 

 
          3,208,560  
Electrical Components & Equipment — 0.0%  

Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)

    45       35,765  

EnerSys, 4.38%, 12/15/27 (Call 09/15/27)(b)(c)

    40       36,749  

WESCO Distribution Inc.

   

7.13%, 06/15/25 (Call 10/03/22)(b)

    110       110,448  

7.25%, 06/15/28 (Call 06/15/23)(b)

    90       90,867  
   

 

 

 
      273,829  
Electronics — 0.3%            

AAC Technologies Holdings Inc., 3.00%, 11/27/24 (Call 11/27/22)(d)

    200       173,200  

Agilent Technologies Inc.

   

2.10%, 06/04/30 (Call 03/04/30)

    90       74,173  

2.30%, 03/12/31 (Call 12/12/30)

    30       24,686  

2.75%, 09/15/29 (Call 06/15/29)

    50       43,840  

3.05%, 09/22/26 (Call 06/22/26)

    74       70,315  

Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)

    32       28,238  

Allegion U.S. Holding Co. Inc.

   

3.20%, 10/01/24 (Call 08/01/24)

    135       131,224  

3.55%, 10/01/27 (Call 07/01/27)

    10       9,221  

Amphenol Corp.

   

2.05%, 03/01/25 (Call 02/01/25)

    22       20,923  

2.20%, 09/15/31 (Call 06/15/31)

    5       4,123  

2.80%, 02/15/30 (Call 11/15/29)

    70       61,218  

3.20%, 04/01/24 (Call 02/01/24)

    30       29,699  

4.35%, 06/01/29 (Call 03/01/29)

    90       88,891  

Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(b)(c)

    30       25,553  

Avnet Inc.

   

3.00%, 05/15/31 (Call 02/15/31)

    90       71,470  

4.63%, 04/15/26 (Call 01/15/26)

    80       79,136  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    50       47,661  

4.88%, 06/15/29 (Call 03/15/29)

    89       84,069  

4.88%, 05/12/30 (Call 02/12/30)

    76       71,746  

Fortive Corp.

   

3.15%, 06/15/26 (Call 03/15/26)

    192       183,715  

4.30%, 06/15/46 (Call 12/15/45)

    57       49,977  

Hubbell Inc.

   

2.30%, 03/15/31 (Call 12/15/30)

    7       5,853  

3.15%, 08/15/27 (Call 05/15/27)

    15       14,043  

3.35%, 03/01/26 (Call 12/01/25)

    20       19,380  

3.50%, 02/15/28 (Call 11/15/27)

    22       20,989  

Jabil Inc.

   

1.70%, 04/15/26 (Call 03/15/26)

    192       171,446  

3.00%, 01/15/31 (Call 10/15/30)

    35       29,163  

3.60%, 01/15/30 (Call 10/15/29)

    35       30,643  

3.95%, 01/12/28 (Call 10/12/27)

    22       20,737  

Keysight Technologies Inc.

   

3.00%, 10/30/29 (Call 07/30/29)

    52       45,586  

4.55%, 10/30/24 (Call 07/30/24)

    97       97,525  

4.60%, 04/06/27 (Call 01/06/27)

    45       45,150  
Security   Par
(000)
    Value  
Electronics (continued)            

Sensata Technologies BV

   

4.00%, 04/15/29 (Call 04/15/24)(b)

  $ 85     $ 73,498  

4.88%, 10/15/23(b)

    35       35,260  

5.00%, 10/01/25(b)

    46       45,206  

5.63%, 11/01/24(b)(c)

    70       70,830  

Sensata Technologies Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(b)

    50       41,698  

4.38%, 02/15/30 (Call 11/15/29)(b)

    35       31,217  

Trimble Inc.

   

4.75%, 12/01/24 (Call 09/01/24)

    35       35,144  

4.90%, 06/15/28 (Call 03/15/28)

    72       71,070  

TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)(b)

    35       30,500  

Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27)

    55       52,236  

Vontier Corp.

   

1.80%, 04/01/26 (Call 03/01/26)(c)

    84       73,482  

2.40%, 04/01/28 (Call 02/01/28)

    45       36,581  

2.95%, 04/01/31 (Call 01/01/31)

    98       75,355  
   

 

 

 
          2,545,670  
Energy - Alternate Sources — 0.0%  

Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)(d)

        200       183,012  

Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 10/03/22)(b)

    30       29,152  

Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)(b)(c)

    30       27,785  
   

 

 

 
      239,949  
Engineering & Construction — 0.1%            

AECOM, 5.13%, 03/15/27 (Call 12/15/26)

    65       63,467  

Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(b)

    30       27,156  

Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)(b)

    50       34,663  

Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(b)

    40       36,032  

Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)(b)(c)

    25       21,472  

INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)(b)

    30       24,191  

Sydney Airport Finance Co. Pty Ltd.

   

3.38%, 04/30/25 (Call 01/30/25)(b)

    22       21,098  

3.63%, 04/28/26 (Call 01/28/26)(b)

    155       147,634  

TopBuild Corp.

   

3.63%, 03/15/29 (Call 03/15/24)(b)

    30       25,261  

4.13%, 02/15/32 (Call 10/15/26)(b)(c)

    40       33,040  

VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)(b)(c)

    27       23,961  
   

 

 

 
      457,975  
Entertainment — 0.3%            

AMC Entertainment Holdings Inc.

   

7.50%, 02/15/29 (Call 02/15/25)(b)

    75       64,505  

10.00%, 06/15/26 (Call 06/15/23), (12.00% PIK)(b)

    100       79,923  

Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)

    35       31,856  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op

   

5.38%, 04/15/27 (Call 10/03/22)(c)

    40       37,696  

5.50%, 05/01/25 (Call 10/03/22)(b)

    85       83,618  

6.50%, 10/01/28 (Call 10/01/23)

    25       24,481  

Cinemark USA Inc.

   

5.25%, 07/15/28 (Call 07/15/24)(b)(c)

    60       48,614  

5.88%, 03/15/26 (Call 03/15/23)(b)

    30       26,630  

8.75%, 05/01/25 (Call 10/03/22)(b)

    45       46,494  

Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(b)(c)

    75       59,482  

Magallanes Inc.

   

3.76%, 03/15/27 (Call 02/15/27)(b)

    300       280,215  

 

 

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 (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Entertainment (continued)            

4.05%, 03/15/29 (Call 01/15/29)(b)

  $     200     $ 181,664  

4.28%, 03/15/32 (Call 12/15/31)(b)(c)

    625       542,912  

5.05%, 03/15/42 (Call 09/15/41)(b)

    310       253,335  

5.14%, 03/15/52 (Call 09/15/51)(b)

    525       422,672  

5.39%, 03/15/62 (Call 09/15/61)(b)

    15       12,062  

Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)(b)

    25       23,753  

Motion Bondco DAC, 6.63%, 11/15/27 (Call 11/15/22)(b)(c)

    40       34,766  

SeaWorld Parks & Entertainment Inc.

   

5.25%, 08/15/29 (Call 08/15/24)(b)(c)

    55       47,989  

8.75%, 05/01/25 (Call 10/03/22)(b)

    15       15,566  

Six Flags Entertainment Corp.

   

4.88%, 07/31/24 (Call 10/03/22)(b)

    80       77,124  

5.50%, 04/15/27 (Call 10/03/22)(b)(c)

    35       32,170  

Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 10/03/22)(b)

    25       25,277  

Vail Resorts Inc., 6.25%, 05/15/25
(Call 10/03/22)(b)(c)

    50       50,097  
   

 

 

 
      2,502,901  
Environmental Control — 0.2%            

Covanta Holding Corp.

   

4.88%, 12/01/29 (Call 12/01/24)(b)

    60       51,089  

5.00%, 09/01/30 (Call 09/01/25)

    35       29,567  

Republic Services Inc.

   

0.88%, 11/15/25 (Call 10/15/25)

    2       1,799  

1.45%, 02/15/31 (Call 11/15/30)(c)

    80       62,951  

1.75%, 02/15/32 (Call 11/15/31)(c)

    82       64,177  

2.30%, 03/01/30 (Call 12/01/29)

    59       50,644  

2.50%, 08/15/24 (Call 07/15/24)

    98       95,055  

2.90%, 07/01/26 (Call 04/01/26)(c)

    95       90,359  

3.05%, 03/01/50 (Call 09/01/49)

    61       45,567  

3.20%, 03/15/25 (Call 12/15/24)

    62       60,595  

3.38%, 11/15/27 (Call 08/15/27)

    63       60,001  

3.95%, 05/15/28 (Call 02/15/28)

    33       32,316  

6.20%, 03/01/40

    60       66,082  

Waste Connections Inc.

   

2.20%, 01/15/32 (Call 10/15/31)

    20       16,477  

2.60%, 02/01/30 (Call 11/01/29)

    60       52,617  

2.95%, 01/15/52 (Call 07/15/51)

    40       28,818  

3.05%, 04/01/50 (Call 10/01/49)

    92       68,340  

3.50%, 05/01/29 (Call 02/01/29)

    50       47,154  

4.25%, 12/01/28 (Call 09/01/28)

    70       68,792  

Waste Management Inc.

   

0.75%, 11/15/25 (Call 10/15/25)

    32       28,917  

1.15%, 03/15/28 (Call 01/15/28)

    226       191,327  

1.50%, 03/15/31 (Call 12/15/30)

    12       9,587  

2.50%, 11/15/50 (Call 05/15/50)

    22       14,790  

3.13%, 03/01/25 (Call 12/01/24)

    50       49,159  

3.15%, 11/15/27 (Call 08/15/27)

    24       22,893  

4.10%, 03/01/45 (Call 09/01/44)(c)

    90       80,358  

4.15%, 07/15/49 (Call 01/15/49)

    30       27,693  
   

 

 

 
          1,417,124  
Food — 0.6%            

Ahold Finance USA LLC, 6.88%, 05/01/29

    35       38,282  

B&G Foods Inc.

   

5.25%, 04/01/25 (Call 10/03/22)

    25       22,316  

5.25%, 09/15/27 (Call 10/03/22)

    50       41,706  

Campbell Soup Co.

   

2.38%, 04/24/30 (Call 01/24/30)

    60       50,789  

3.95%, 03/15/25 (Call 01/15/25)

    87       86,269  
Security   Par
(000)
    Value  
Food (continued)            

4.15%, 03/15/28 (Call 12/15/27)

  $ 70     $ 68,743  

4.80%, 03/15/48 (Call 09/15/47)

    60       55,893  

China Mengniu Dairy Co. Ltd., 2.50%, 06/17/30 (Call 03/17/30)(d)

        200           169,162  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    57       47,699  

4.30%, 05/01/24 (Call 04/01/24)

    92       91,944  

4.60%, 11/01/25 (Call 09/01/25)

    105       104,833  

4.85%, 11/01/28 (Call 08/01/28)

    86       85,105  

5.30%, 11/01/38 (Call 05/01/38)

    83       79,036  

5.40%, 11/01/48 (Call 05/01/48)(c)

    105       99,617  

8.25%, 09/15/30

    45       52,308  

Flowers Foods Inc.

   

2.40%, 03/15/31 (Call 12/15/30)

    30       24,901  

3.50%, 10/01/26 (Call 07/01/26)

    15       14,268  

General Mills Inc.

   

2.25%, 10/14/31 (Call 07/14/31)

    15       12,424  

2.88%, 04/15/30 (Call 01/15/30)(c)

    75       67,091  

3.00%, 02/01/51 (Call 08/01/50)

    67       48,719  

3.20%, 02/10/27 (Call 11/10/26)

    45       43,374  

4.00%, 04/17/25 (Call 02/17/25)

    60       59,815  

4.15%, 02/15/43 (Call 08/15/42)(c)

    5       4,389  

4.20%, 04/17/28 (Call 01/17/28)

    81       80,563  

4.70%, 04/17/48 (Call 10/17/47)

    65       61,708  

5.40%, 06/15/40

    22       22,737  

Hormel Foods Corp.

   

1.70%, 06/03/28 (Call 04/03/28)

    5       4,445  

1.80%, 06/11/30 (Call 03/11/30)

    197       166,556  

3.05%, 06/03/51 (Call 12/03/50)

    60       46,556  

Ingredion Inc.

   

2.90%, 06/01/30 (Call 03/01/30)

    55       47,873  

3.20%, 10/01/26 (Call 07/01/26)

    82       78,587  

3.90%, 06/01/50 (Call 12/01/49)

    80       63,235  

JM Smucker Co. (The)

   

2.13%, 03/15/32 (Call 12/15/31)

    10       8,013  

2.38%, 03/15/30 (Call 12/15/29)

    60       51,011  

2.75%, 09/15/41 (Call 03/15/41)

    5       3,522  

3.38%, 12/15/27 (Call 09/15/27)(c)

    35       33,315  

3.50%, 03/15/25

    75       73,999  

3.55%, 03/15/50 (Call 09/15/49)

    25       18,593  

4.25%, 03/15/35

    95       87,499  

4.38%, 03/15/45

    70       60,596  

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40(c)

    35       36,730  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)

    125       118,200  

3.75%, 04/01/30 (Call 01/01/30)

    60       55,445  

3.88%, 05/15/27 (Call 02/15/27)

    90       86,937  

4.25%, 03/01/31 (Call 12/01/30)

    26       24,663  

4.38%, 06/01/46 (Call 12/01/45)

    210       178,204  

4.63%, 01/30/29 (Call 10/30/28)

    76       75,218  

4.63%, 10/01/39 (Call 04/01/39)

    45       39,960  

4.88%, 10/01/49 (Call 04/01/49)

    135       122,415  

5.00%, 07/15/35 (Call 01/15/35)

    70       68,028  

5.00%, 06/04/42

    135       125,904  

5.20%, 07/15/45 (Call 01/15/45)

    10       9,398  

5.50%, 06/01/50 (Call 12/01/49)

    70       69,343  

6.50%, 02/09/40

    60       64,205  

6.75%, 03/15/32

    45       49,875  

6.88%, 01/26/39

    65       71,932  

7.13%, 08/01/39(b)

    75       83,812  

 

 

28  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Food (continued)            

Lamb Weston Holdings Inc.

   

4.13%, 01/31/30 (Call 01/31/25)(b)

  $ 80     $ 72,057  

4.38%, 01/31/32 (Call 01/31/27)(b)

    50       44,416  

4.88%, 05/15/28 (Call 11/15/27)(b)

    45       43,020  

MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(d)

        200       158,360  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    40       35,649  

1.85%, 02/15/31 (Call 11/15/30)

    55       43,787  

2.50%, 04/15/30 (Call 01/15/30)

    40       34,489  

3.15%, 08/15/24 (Call 06/15/24)

    89       87,583  

3.40%, 08/15/27 (Call 05/15/27)

    70       67,233  

4.20%, 08/15/47 (Call 02/15/47)

    57       49,870  

Smithfield Foods Inc.

   

2.63%, 09/13/31 (Call 06/13/31)(b)

    70       54,254  

3.00%, 10/15/30 (Call 07/15/30)(b)

    37       30,236  

4.25%, 02/01/27 (Call 11/01/26)(b)

    69       65,987  

5.20%, 04/01/29 (Call 01/01/29)(b)

    56       54,736  

TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23)(c)

    37       31,039  

U.S. Foods Inc.

   

4.63%, 06/01/30 (Call 06/01/25)(b)(c)

    40       34,520  

4.75%, 02/15/29 (Call 02/15/24)(b)(c)

    70       62,180  

6.25%, 04/15/25 (Call 10/03/22)(b)

    75       75,305  

United Natural Foods Inc., 6.75%, 10/15/28 (Call 10/15/23)(b)(c)

    40       38,492  
   

 

 

 
          4,640,973  
Forest Products & Paper — 0.1%            

Clearwater Paper Corp.

   

4.75%, 08/15/28 (Call 08/15/23)(b)

    20       17,977  

5.38%, 02/01/25(b)

    21       20,881  

Glatfelter Corp., 4.75%, 11/15/29
(Call 11/01/24)(b)(c)

    35       21,792  

International Paper Co.

   

4.35%, 08/15/48 (Call 02/15/48)(c)

    64       56,545  

4.40%, 08/15/47 (Call 02/15/47)

    39       34,197  

4.80%, 06/15/44 (Call 12/15/43)

    58       52,563  

5.00%, 09/15/35 (Call 03/15/35)(c)

    60       59,854  

5.15%, 05/15/46 (Call 11/15/45)

    25       24,284  

6.00%, 11/15/41 (Call 05/15/41)

    52       53,216  

7.30%, 11/15/39

    50       57,678  

Mercer International Inc.

   

5.13%, 02/01/29 (Call 02/01/24)

    65       56,740  

5.50%, 01/15/26 (Call 10/03/22)

    26       24,702  

Stora Enso OYJ, 7.25%, 04/15/36(b)

    25       28,334  

West Fraser Timber Co. Ltd., 4.35%, 10/15/24 (Call 07/15/24)(b)

    33       32,533  
   

 

 

 
      541,296  
Hand & Machine Tools — 0.1%            

Snap-on Inc.

   

3.10%, 05/01/50 (Call 11/01/49)

    39       30,749  

3.25%, 03/01/27 (Call 12/01/26)

    7       6,833  

4.10%, 03/01/48 (Call 09/01/47)

    65       59,382  

Stanley Black & Decker Inc.

   

2.30%, 03/15/30 (Call 12/15/29)

    20       17,104  

2.75%, 11/15/50 (Call 05/15/50)

    30       20,390  

3.40%, 03/01/26 (Call 01/01/26)

    12       11,716  

4.00%, 03/15/60 (Call 03/15/25)(a)

    148       135,507  

4.25%, 11/15/28 (Call 08/15/28)

    20       19,795  

4.85%, 11/15/48 (Call 05/15/48)

    90       88,441  

5.20%, 09/01/40

    31       31,183  
   

 

 

 
      421,100  
Security   Par
(000)
    Value  
Health Care - Products — 0.2%            

Alcon Finance Corp.

   

2.60%, 05/27/30 (Call 02/27/30)(b)(c)

  $ 45     $ 38,296  

3.00%, 09/23/29 (Call 06/23/29)(b)

    55       48,681  

3.80%, 09/23/49 (Call 03/23/49)(b)(c)

    65       51,044  

Avantor Funding Inc.

   

3.88%, 11/01/29 (Call 11/01/24)(b)

    65       56,445  

4.63%, 07/15/28 (Call 07/15/23)(b)(c)

        130           118,312  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)

    20       13,783  

2.80%, 12/10/51 (Call 06/10/51)

    35       25,016  

3.35%, 09/15/25 (Call 06/15/25)(c)

    15       14,753  

4.38%, 09/15/45 (Call 03/15/45)

    95       87,249  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)

    65       53,560  

DH Europe Finance II Sarl

   

2.20%, 11/15/24 (Call 10/15/24)

    20       19,205  

2.60%, 11/15/29 (Call 08/15/29)

    5       4,498  

3.25%, 11/15/39 (Call 05/15/39)

    25       20,705  

3.40%, 11/15/49 (Call 05/15/49)(c)

    92       74,261  

Hologic Inc.

   

3.25%, 02/15/29 (Call 09/28/23)(b)(c)

    75       63,997  

4.63%, 02/01/28 (Call 02/01/23)(b)

    30       28,549  

PerkinElmer Inc.

   

0.85%, 09/15/24 (Call 10/03/22)

    10       9,321  

1.90%, 09/15/28 (Call 07/15/28)

    20       16,896  

2.25%, 09/15/31 (Call 06/15/31)

    75       60,058  

2.55%, 03/15/31 (Call 12/15/30)

    17       13,973  

3.30%, 09/15/29 (Call 06/15/29)

    73       65,158  

3.63%, 03/15/51 (Call 09/15/50)

    58       44,475  

STERIS Irish FinCo UnLtd Co.

   

2.70%, 03/15/31 (Call 12/15/30)

    85       71,167  

3.75%, 03/15/51 (Call 09/15/50)

    85       65,288  

Teleflex Inc.

   

4.25%, 06/01/28 (Call 06/01/23)(b)(c)

    35       31,912  

4.63%, 11/15/27 (Call 11/15/22)

    35       32,763  

Thermo Fisher Scientific Inc.

   

1.22%, 10/18/24 (Call 10/18/22)

    5       4,731  

2.60%, 10/01/29 (Call 07/01/29)

    79       72,151  

2.80%, 10/15/41 (Call 04/15/41)

    35       27,142  

4.10%, 08/15/47 (Call 02/15/47)

    97       90,473  

5.30%, 02/01/44 (Call 08/01/43)

    40       42,807  

Varex Imaging Corp., 7.88%, 10/15/27
(Call 10/15/23)(b)

    19       18,433  
   

 

 

 
      1,385,102  
Health Care - Services — 1.0%            

Acadia Healthcare Co. Inc.

   

5.00%, 04/15/29 (Call 10/15/23)(b)(c)

    40       37,102  

5.50%, 07/01/28 (Call 07/01/23)(b)

    40       37,820  

AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)(b)

    20       15,903  

Anthem Inc., 4.10%, 05/15/32 (Call 02/15/32)

    15       14,430  

Catalent Pharma Solutions Inc.

   

3.13%, 02/15/29 (Call 02/15/24)(b)

    45       37,381  

3.50%, 04/01/30 (Call 04/01/25)(b)

    60       49,558  

5.00%, 07/15/27 (Call 10/03/22)(b)

    40       37,768  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    160       135,058  

2.50%, 03/01/31 (Call 12/01/30)

    170       135,772  

2.63%, 08/01/31 (Call 05/01/31)

    100       79,913  

3.00%, 10/15/30 (Call 07/15/30)

    168       140,312  

3.38%, 02/15/30 (Call 02/15/25)

    155       132,951  

4.25%, 12/15/27 (Call 12/15/22)

    200       189,870  

4.63%, 12/15/29 (Call 12/15/24)

    265       249,651  

 

 

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 (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health Care - Services (continued)            

DaVita Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(b)

  $     115     $ 84,700  

4.63%, 06/01/30 (Call 06/01/25)(b)

    200           160,370  

Elevance Health Inc.

   

2.25%, 05/15/30 (Call 02/15/30)

    120       102,187  

2.38%, 01/15/25 (Call 12/15/24)

    20       19,208  

2.55%, 03/15/31 (Call 12/15/30)

    200       171,546  

2.88%, 09/15/29 (Call 06/15/29)

    10       8,979  

3.13%, 05/15/50 (Call 11/15/49)

    100       74,844  

3.35%, 12/01/24 (Call 10/01/24)

    15       14,754  

3.50%, 08/15/24 (Call 05/15/24)

    120       118,676  

3.60%, 03/15/51 (Call 09/15/50)

    225       180,974  

3.65%, 12/01/27 (Call 09/01/27)(c)

    230       222,898  

4.10%, 03/01/28 (Call 12/01/27)

    210       205,720  

4.38%, 12/01/47 (Call 06/01/47)

    60       55,415  

4.55%, 03/01/48 (Call 09/01/47)

    205       191,964  

4.63%, 05/15/42

    30       28,540  

4.65%, 01/15/43

    80       75,604  

6.38%, 06/15/37

    10       11,401  

Encompass Health Corp.

   

4.50%, 02/01/28 (Call 02/01/23)

    45       39,647  

4.63%, 04/01/31 (Call 04/01/26)

    25       20,789  

4.75%, 02/01/30 (Call 02/01/25)

    50       43,123  

5.75%, 09/15/25 (Call 10/03/22)

    35       34,795  

HCA Inc.

   

2.38%, 07/15/31 (Call 04/15/31)

    70       55,544  

3.38%, 03/15/29 (Call 01/15/29)(b)

    55       48,642  

3.50%, 09/01/30 (Call 03/01/30)

    215       187,007  

3.50%, 07/15/51 (Call 01/15/51)

    90       61,611  

3.63%, 03/15/32 (Call 12/15/31)(b)

    150       129,640  

4.13%, 06/15/29 (Call 03/15/29)

    86       79,707  

4.38%, 03/15/42 (Call 09/15/41)(b)

    5       4,093  

4.50%, 02/15/27 (Call 08/15/26)

    143       139,758  

4.63%, 03/15/52 (Call 09/15/51)(b)

    150       124,134  

5.00%, 03/15/24

    113       113,621  

5.13%, 06/15/39 (Call 12/15/38)

    125       112,640  

5.25%, 04/15/25

    240       242,134  

5.25%, 06/15/26 (Call 12/15/25)

    100       100,315  

5.25%, 06/15/49 (Call 12/15/48)

    125       111,725  

5.38%, 02/01/25

    185       186,619  

5.38%, 09/01/26 (Call 03/01/26)

    95       95,623  

5.50%, 06/15/47 (Call 12/15/46)

    106       97,769  

5.63%, 09/01/28 (Call 03/01/28)

    130       130,749  

5.88%, 02/15/26 (Call 08/15/25)

    110       112,242  

5.88%, 02/01/29 (Call 08/01/28)

    90       91,579  

Humana Inc.

   

1.35%, 02/03/27 (Call 01/03/27)

    118       103,108  

2.15%, 02/03/32 (Call 11/03/31)(c)

    90       72,984  

3.13%, 08/15/29 (Call 05/15/29)(c)

    40       36,352  

3.85%, 10/01/24 (Call 07/01/24)

    45       44,765  

3.95%, 03/15/27 (Call 12/15/26)

    93       90,468  

3.95%, 08/15/49 (Call 02/15/49)

    30       25,326  

4.50%, 04/01/25 (Call 03/01/25)

    10       10,066  

4.63%, 12/01/42 (Call 06/01/42)

    17       15,740  

4.80%, 03/15/47 (Call 09/15/46)

    55       52,745  

4.88%, 04/01/30 (Call 01/01/30)

    97       97,644  

4.95%, 10/01/44 (Call 04/01/44)

    75       72,417  

IQVIA Inc.

   

5.00%, 10/15/26 (Call 10/03/22)(b)

    50       48,437  

5.00%, 05/15/27 (Call 10/03/22)(b)

    125       120,796  
Security   Par
(000)
    Value  
Health Care - Services (continued)            

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

  $ 25     $ 22,520  

2.30%, 12/01/24 (Call 11/01/24)

        161       154,475  

2.70%, 06/01/31 (Call 03/01/31)

    20       17,043  

2.95%, 12/01/29 (Call 09/01/29)(c)

    82       73,392  

3.25%, 09/01/24 (Call 07/01/24)

    181       177,811  

3.60%, 02/01/25 (Call 11/01/24)

    71       69,946  

3.60%, 09/01/27 (Call 06/01/27)(c)

    5       4,854  

4.70%, 02/01/45 (Call 08/01/44)

    95       86,222  

ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)(b)

    35       33,168  

Molina Healthcare Inc.

   

3.88%, 11/15/30 (Call 08/17/30)(b)

    55       47,599  

3.88%, 05/15/32 (Call 02/15/32)(b)(c)

    60       51,655  

4.38%, 06/15/28 (Call 06/15/23)(b)(c)

    60       55,331  

Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)(b)(c)

    35       29,828  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

    20       17,083  

2.95%, 06/30/30 (Call 03/30/30)

    71       62,608  

3.45%, 06/01/26 (Call 03/01/26)

    90       87,736  

3.50%, 03/30/25 (Call 12/30/24)

    37       36,378  

4.20%, 06/30/29 (Call 03/30/29)

    50       47,949  

4.25%, 04/01/24 (Call 01/01/24)

    10       10,008  

4.70%, 03/30/45 (Call 09/30/44)

    57       51,019  

Select Medical Corp., 6.25%, 08/15/26 (Call 10/03/22)(b)(c)

    107       102,816  

Surgery Center Holdings Inc.

   

6.75%, 07/01/25 (Call 10/03/22)(b)

    31       29,895  

10.00%, 04/15/27 (Call 10/03/22)(b)

    44       44,179  
   

 

 

 
          7,489,138  
Holding Companies - Diversified — 0.1%  

Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)

    50       45,989  

Temasek Financial I Ltd.

   

2.38%, 08/02/41 (Call 02/02/41)(b)(c)

    250       193,905  

3.38%, 07/23/42(b)

    250       225,895  
   

 

 

 
      465,789  
Home Builders — 0.1%            

Beazer Homes USA Inc.

   

5.88%, 10/15/27 (Call 10/15/22)

    30       24,783  

6.75%, 03/15/25 (Call 09/16/22)(c)

    20       19,116  

7.25%, 10/15/29 (Call 10/15/24)

    25       21,633  

Century Communities Inc.

   

3.88%, 08/15/29 (Call 02/15/29)(b)

    40       32,166  

6.75%, 06/01/27 (Call 10/03/22)

    35       34,315  

DR Horton Inc.

   

1.40%, 10/15/27 (Call 08/15/27)

    5       4,191  

2.50%, 10/15/24 (Call 09/15/24)

    80       76,833  

2.60%, 10/15/25 (Call 09/15/25)

    10       9,397  

K Hovnanian Enterprises Inc., 7.75%, 02/15/26 (Call 09/12/22)(b)

    20       19,642  

KB Home

   

4.00%, 06/15/31 (Call 12/15/30)

    30       23,670  

4.80%, 11/15/29 (Call 05/15/29)

    20       17,065  

6.88%, 06/15/27 (Call 12/15/26)

    30       29,727  

LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)(b)

    20       15,603  

MDC Holdings Inc.

   

2.50%, 01/15/31 (Call 07/15/30)

    30       21,555  

3.85%, 01/15/30 (Call 07/15/29)

    25       20,373  

3.97%, 08/06/61 (Call 02/06/61)

    35       20,279  

 

 

30  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Home Builders (continued)            

6.00%, 01/15/43 (Call 10/15/42)

  $ 50     $ 41,001  

Meritage Homes Corp.

   

3.88%, 04/15/29 (Call 10/15/28)(b)

    35       29,891  

5.13%, 06/06/27 (Call 12/06/26)

    25       23,436  

6.00%, 06/01/25 (Call 03/01/25)

    30       29,931  

NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)

    64       54,699  

Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 09/16/22)(b)(c)

    33       33,105  

PulteGroup Inc.

   

5.00%, 01/15/27 (Call 10/15/26)

    20       20,049  

5.50%, 03/01/26 (Call 12/01/25)

    44       44,550  

6.00%, 02/15/35

    41       39,892  

6.38%, 05/15/33

    45       45,649  

7.88%, 06/15/32

    25       27,882  

Taylor Morrison Communities Inc.

   

5.13%, 08/01/30 (Call 02/01/30)(b)

    35       30,039  

5.75%, 01/15/28 (Call 10/15/27)(b)

    35       32,290  

5.88%, 06/15/27 (Call 03/15/27)(b)

    40       38,672  

Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24
(Call 12/01/23)(b)

    35       34,812  

Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)(b)

    35       27,881  

TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24

    40       39,517  

Tri Pointe Homes Inc.

   

5.25%, 06/01/27 (Call 12/01/26)(c)

    35       31,995  

5.70%, 06/15/28 (Call 12/15/27)(c)

    25       22,535  

Winnebago Industries Inc., 6.25%, 07/15/28 (Call 07/15/23)(b)(c)

    35       33,465  
   

 

 

 
          1,071,639  
Home Furnishings — 0.0%            

Leggett & Platt Inc.

   

3.50%, 11/15/51 (Call 05/15/51)

    20       15,200  

4.40%, 03/15/29 (Call 12/15/28)

    22       21,303  

Whirlpool Corp.

   

2.40%, 05/15/31 (Call 02/15/31)

    120       98,579  

4.50%, 06/01/46 (Call 12/01/45)

    35       29,052  

4.60%, 05/15/50 (Call 11/15/49)

    35       29,127  

4.75%, 02/26/29 (Call 11/26/28)(c)

    10       9,842  
   

 

 

 
      203,103  
Household Products & Wares — 0.2%            

ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)(b)

    50       41,777  

Avery Dennison Corp.

   

2.25%, 02/15/32 (Call 11/15/31)

    55       43,138  

2.65%, 04/30/30 (Call 02/01/30)

    18       15,171  

Church & Dwight Co. Inc.

   

2.30%, 12/15/31 (Call 09/15/31)

    10       8,418  

3.15%, 08/01/27 (Call 05/01/27)

    65       61,685  

3.95%, 08/01/47 (Call 02/01/47)

    92       80,281  

5.00%, 06/15/52 (Call 12/15/51)

    5       5,122  

Clorox Co. (The)

   

1.80%, 05/15/30 (Call 02/15/30)

    45       36,743  

3.10%, 10/01/27 (Call 07/01/27)

        221       209,561  

3.90%, 05/15/28 (Call 02/15/28)

    35       34,407  

Kimberly-Clark Corp.

   

1.05%, 09/15/27 (Call 07/15/27)

    64       55,984  

2.00%, 11/02/31 (Call 08/02/31)(c)

    10       8,437  

2.75%, 02/15/26

    20       19,324  

2.88%, 02/07/50 (Call 08/07/49)(c)

    75       55,935  

3.05%, 08/15/25

    40       39,202  
Security   Par
(000)
    Value  
Household Products & Wares (continued)            

3.10%, 03/26/30 (Call 12/26/29)

  $ 70     $ 65,130  

3.20%, 04/25/29 (Call 01/25/29)

    50       47,150  

3.20%, 07/30/46 (Call 01/30/46)

    60       47,585  

3.90%, 05/04/47 (Call 11/04/46)

    25       21,907  

3.95%, 11/01/28 (Call 08/01/28)

    35       34,836  

5.30%, 03/01/41

    52       54,609  

6.63%, 08/01/37

    72       86,671  

Reckitt Benckiser Treasury Services PLC

   

2.75%, 06/26/24 (Call 04/26/24)(b)

    488       475,907  

3.00%, 06/26/27 (Call 03/26/27)(b)

    180       170,132  

SC Johnson & Son Inc.

   

4.75%, 10/15/46 (Call 04/16/46)(b)

    25       24,284  

4.80%, 09/01/40(b)

    10       9,735  

Spectrum Brands Inc.

   

3.88%, 03/15/31 (Call 03/15/26)(b)

    42       32,615  

5.00%, 10/01/29 (Call 10/01/24)(b)

    25       21,819  

5.50%, 07/15/30 (Call 07/15/25)(b)

    25       21,707  

5.75%, 07/15/25 (Call 10/03/22)

    35       34,478  
   

 

 

 
          1,863,750  
Housewares — 0.0%            

Newell Brands Inc.

   

4.00%, 12/01/24 (Call 09/01/24)

    20       19,715  

4.45%, 04/01/26 (Call 01/01/26)

    150       141,104  

4.88%, 06/01/25 (Call 05/01/25)

    41       40,144  

5.63%, 04/01/36 (Call 10/01/35)(c)

    35       31,218  

5.75%, 04/01/46 (Call 10/01/45)

    50       41,000  
   

 

 

 
      273,181  
Insurance — 1.6%            

ACE Capital Trust II, Series N, 9.70%, 04/01/30

    15       19,247  

Aflac Inc.

   

1.13%, 03/15/26 (Call 02/15/26)

    10       9,043  

2.88%, 10/15/26 (Call 07/15/26)

    70       67,184  

3.25%, 03/17/25

    90       88,597  

3.60%, 04/01/30 (Call 01/01/30)

    143       136,068  

3.63%, 11/15/24

    45       44,812  

4.00%, 10/15/46 (Call 04/15/46)

    25       21,373  

4.75%, 01/15/49 (Call 07/15/48)

    50       48,082  

AIA Group Ltd.

   

2.70%, (Call 04/07/26)(a)(d)(e)

    200       176,048  

3.20%, 09/16/40 (Call 03/16/40)(b)

        235       186,846  

3.38%, 04/07/30 (Call 01/07/30)(b)

    15       13,928  

3.60%, 04/09/29 (Call 01/09/29)(b)

    235       224,065  

3.90%, 04/06/28 (Call 01/06/28)(b)

    125       121,857  

4.88%, 03/11/44(b)

    15       14,867  

Allstate Corp. (The)

   

0.75%, 12/15/25 (Call 11/15/25)

    85       76,190  

3.28%, 12/15/26 (Call 09/15/26)

    35       34,011  

3.85%, 08/10/49 (Call 02/10/49)

    32       27,256  

4.20%, 12/15/46 (Call 06/15/46)

    80       72,406  

4.50%, 06/15/43

    10       9,322  

5.35%, 06/01/33

    40       42,296  

5.55%, 05/09/35

    122       130,921  

6.50%, 05/15/67 (Call 05/15/37), (3 mo. LIBOR US + 2.120%)(a)

    40       40,714  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    240       228,785  

3.75%, 07/10/25 (Call 04/10/25)(c)

    45       44,427  

3.90%, 04/01/26 (Call 01/01/26)

    40       39,298  

4.38%, 06/30/50 (Call 12/30/49)

    120       107,731  

 

 

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

  31


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

4.75%, 04/01/48 (Call 10/01/47)

  $ 150     $ 141,916  

6.25%, 05/01/36(c)

    50       55,603  

Series A-9, 5.75%, 04/01/48 (Call 04/01/28),
(3 mo. LIBOR US + 2.868%)(a)

    35       32,916  

Arch Capital Finance LLC

   

4.01%, 12/15/26 (Call 09/15/26)

    15       14,723  

5.03%, 12/15/46 (Call 06/15/46)

    29       27,137  

Arch Capital Group Ltd.

   

3.64%, 06/30/50 (Call 12/30/49)

    80       62,050  

7.35%, 05/01/34(c)

    5       5,968  

Arch Capital Group U.S. Inc., 5.14%, 11/01/43

    65       62,551  

Arthur J Gallagher & Co., 2.40%, 11/09/31 (Call 08/09/31)

    10       8,160  

Assurant Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    63       48,959  

3.70%, 02/22/30 (Call 11/22/29)

    100       88,507  

4.90%, 03/27/28 (Call 12/27/27)

    60       59,270  

7.00%, 03/27/48 (Call 03/27/28), (3 mo. LIBOR US + 4.135%)(a)

    35       35,334  

AXA SA

   

6.38%, (Call 12/14/36), (3 mo. LIBOR US + 2.256%)(a)(b)(e)

    30       33,790  

8.60%, 12/15/30

        225           279,337  

AXIS Specialty Finance LLC, 4.90%, 01/15/40 (Call 01/15/30)(a)

    5       4,271  

AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)

    20       19,246  

Chubb Corp. (The), Series 1, 6.50%, 05/15/38

    10       11,716  

Chubb INA Holdings Inc.

   

2.85%, 12/15/51 (Call 06/15/51)

    55       40,176  

3.05%, 12/15/61 (Call 06/15/61)

    210       148,279  

3.15%, 03/15/25

    15       14,788  

3.35%, 05/03/26 (Call 02/03/26)

    215       210,377  

4.15%, 03/13/43(c)

    10       9,024  

4.35%, 11/03/45 (Call 05/03/45)

    50       46,971  

6.70%, 05/15/36

    45       52,676  

Corebridge Financial Inc.

   

3.85%, 04/05/29 (Call 02/05/29)(b)

    5       4,602  

4.40%, 04/05/52 (Call 10/05/51)(b)

    200       164,448  

Dai-Ichi Life Insurance Co. Ltd. (The)

   

4.00%, (Call 07/24/26)(a)(b)(e)

    15       14,315  

5.10%, (Call 10/28/24)(a)(b)(e)

    220       219,716  

Empower Finance 2020 LP

   

1.36%, 09/17/27 (Call 07/17/27)(b)

    35       30,053  

1.78%, 03/17/31 (Call 12/17/30)(b)(c)

    110       87,649  

3.08%, 09/17/51 (Call 03/17/51)(b)

    15       10,382  

Genworth Holdings Inc.

   

4.80%, 02/15/24

    45       45,666  

6.50%, 06/15/34

    20       17,622  

Great-West Lifeco Finance 2018 LP, 4.05%, 05/17/28 (Call 02/17/28)(b)(c)

    45       43,372  

Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(b)

    50       42,631  

Great-West Lifeco U.S. Finance 2020 LP, 0.90%, 08/12/25 (Call 07/12/25)(b)

    167       150,098  

Hanover Insurance Group Inc. (The)

   

2.50%, 09/01/30 (Call 06/01/30)

    50       40,440  

4.50%, 04/15/26 (Call 01/15/26)

    80       79,260  

Hartford Financial Services Group Inc. (The)

   

2.90%, 09/15/51 (Call 03/15/51)

    30       20,594  

3.60%, 08/19/49 (Call 02/19/49)

    91       71,714  

4.30%, 04/15/43

    45       39,219  
Security  

Par

(000)

    Value  
Insurance (continued)            

4.40%, 03/15/48 (Call 09/15/47)

  $ 45     $ 40,801  

5.95%, 10/15/36

    40       42,799  

6.10%, 10/01/41

    50       53,779  

Lincoln National Corp.

   

3.05%, 01/15/30 (Call 10/15/29)

    35       30,710  

3.35%, 03/09/25

    35       34,312  

3.40%, 01/15/31 (Call 10/15/30)

    85       75,798  

3.63%, 12/12/26 (Call 09/15/26)

    70       67,796  

3.80%, 03/01/28 (Call 12/01/27)

    51       48,792  

4.35%, 03/01/48 (Call 09/01/47)

    50       42,769  

4.38%, 06/15/50 (Call 12/15/49)

    44       37,279  

6.30%, 10/09/37

    5       5,414  

7.00%, 06/15/40

    45       50,876  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)

    41       34,796  

3.50%, 06/03/24 (Call 03/03/24)

    80       79,458  

3.50%, 03/10/25 (Call 12/10/24)

    92       90,608  

3.75%, 03/14/26 (Call 12/14/25)

    91       90,165  

3.88%, 03/15/24 (Call 02/15/24)

    195       194,756  

4.20%, 03/01/48 (Call 09/01/47)

    55       49,080  

4.35%, 01/30/47 (Call 07/30/46)

    75       68,512  

4.38%, 03/15/29 (Call 12/15/28)

    72       71,549  

4.75%, 03/15/39 (Call 09/15/38)

    60       58,550  

4.90%, 03/15/49 (Call 09/15/48)

    112           111,919  

5.88%, 08/01/33

    45       48,690  

Meiji Yasuda Life Insurance Co.

   

5.10%, 04/26/48 (Call 04/26/28)(a)(b)

    25       24,911  

5.20%, 10/20/45 (Call 10/20/25)(a)(b)

    35       34,990  

Metropolitan Life Global Funding I

   

0.40%, 01/07/24(b)

    35       33,366  

0.95%, 07/02/25(b)(c)

    10       9,136  

1.55%, 01/07/31(b)

    50       39,643  

2.95%, 04/09/30(b)

    150       133,726  

3.45%, 12/18/26(b)

    100       95,954  

MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23)

    50       46,408  

Munich Re America Corp., Series B, 7.45%, 12/15/26(c)

    103       115,974  

Nippon Life Insurance Co.

   

2.75%, 01/21/51 (Call 01/21/31)(a)(b)

    60       50,120  

2.90%, 09/16/51 (Call 09/16/31)(a)(b)

    15       12,568  

3.40%, 01/23/50 (Call 01/23/30)(a)(b)

    15       13,341  

4.00%, 09/19/47 (Call 09/19/27)(a)(b)

    15       14,137  

4.70%, 01/20/46 (Call 01/20/26)(a)(b)

    245       242,222  

5.10%, 10/16/44 (Call 10/16/24)(a)(b)

        390       390,234  

Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)(c)

    35       29,234  

Principal Financial Group Inc.

   

2.13%, 06/15/30 (Call 03/15/30)

    45       37,407  

3.10%, 11/15/26 (Call 08/15/26)

    85       79,987  

3.40%, 05/15/25 (Call 02/15/25)

    20       19,576  

3.70%, 05/15/29 (Call 02/15/29)

    75       70,633  

4.30%, 11/15/46 (Call 05/15/46)

    45       39,791  

4.35%, 05/15/43

    22       19,532  

4.63%, 09/15/42

    20       18,381  

6.05%, 10/15/36

    51       55,405  

Principal Life Global Funding, 1.38%, 01/10/25(b)

    20       18,649  

Principal Life Global Funding II

   

0.88%, 01/12/26(b)

    40       35,491  

1.25%, 06/23/25(b)

    153       139,923  

1.50%, 08/27/30(b)

    65       51,000  

1.63%, 11/19/30(b)

    15       11,801  

2.25%, 11/21/24(b)(c)

    95       90,525  

 

 

32  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

2.50%, 09/16/29(b)

  $ 71     $ 61,225  

3.00%, 04/18/26(b)

    65       61,547  

Progressive Corp. (The)

   

2.45%, 01/15/27(c)

    25       23,581  

3.20%, 03/26/30 (Call 12/26/29)

    80       74,392  

3.70%, 01/26/45

    25       20,766  

3.95%, 03/26/50 (Call 09/26/49)

    30       26,514  

4.00%, 03/01/29 (Call 12/01/28)

    27       26,735  

4.13%, 04/15/47 (Call 10/15/46)

    47       42,810  

4.20%, 03/15/48 (Call 09/15/47)

    60       55,027  

4.35%, 04/25/44

    15       13,856  

6.25%, 12/01/32

    68       77,566  

Protective Life Corp.

   

3.40%, 01/15/30 (Call 10/15/29)(b)

        115           104,296  

4.30%, 09/30/28 (Call 06/30/28)(b)

    60       57,948  

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)

    105       96,203  

2.10%, 03/10/30 (Call 12/10/29)(c)

    89       75,666  

3.00%, 03/10/40 (Call 09/10/39)

    55       44,144  

3.70%, 10/01/50 (Call 07/01/30)(a)

    75       64,836  

3.70%, 03/13/51 (Call 09/13/50)

    80       66,350  

3.88%, 03/27/28 (Call 12/27/27)

    132       129,565  

3.91%, 12/07/47 (Call 06/07/47)

    60       52,115  

3.94%, 12/07/49 (Call 06/07/49)

    72       62,438  

4.35%, 02/25/50 (Call 08/25/49)

    75       69,020  

4.42%, 03/27/48 (Call 09/27/47)

    60       55,403  

4.50%, 09/15/47 (Call 09/15/27), (3 mo. LIBOR US + 2.380%)(a)

    77       73,219  

4.60%, 05/15/44

    95       90,883  

5.20%, 03/15/44 (Call 03/15/24), (3 mo. LIBOR US + 3.040%)(a)

    65       63,128  

5.38%, 05/15/45 (Call 05/15/25), (3 mo. LIBOR US + 3.031%)(a)

    118       116,006  

5.70%, 12/14/36

    62       66,714  

5.70%, 09/15/48 (Call 09/15/28), (3 mo. LIBOR US + 2.665%)(a)

    125       122,645  

5.75%, 07/15/33

    18       19,438  

6.63%, 06/21/40

    30       34,277  

QBE Insurance Group Ltd.

   

5.25%, (Call 05/16/25)(a)(d)(e)

    200       186,562  

7.50%, 11/24/43 (Call 11/24/23)(a)(b)(c)

    200       203,660  

Reinsurance Group of America Inc.

   

3.15%, 06/15/30 (Call 03/15/30)

    82       72,171  

3.90%, 05/15/29 (Call 02/15/29)

    73       68,363  

3.95%, 09/15/26 (Call 06/15/26)

    136       133,619  

Reliance Standard Life Global Funding II

   

1.51%, 09/28/26(b)

    70       62,043  

2.50%, 10/30/24(b)

    15       14,351  

2.75%, 05/07/25(b)

    15       14,261  

2.75%, 01/21/27(b)

    40       36,915  

Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)

    10       9,382  

Swiss Re Finance Luxembourg SA, 5.00%, 04/02/49 (Call 04/02/29)(a)(b)

    200       190,338  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)

    77       53,636  

3.75%, 05/15/46 (Call 11/15/45)

    54       46,112  

4.00%, 05/30/47 (Call 11/30/46)

    35       31,222  

4.05%, 03/07/48 (Call 09/07/47)

    20       17,907  

4.10%, 03/04/49 (Call 09/04/48)

    52       46,719  
Security  

Par

(000)

    Value  
Insurance (continued)            

4.30%, 08/25/45 (Call 02/25/45)

  $ 60     $ 54,582  

4.60%, 08/01/43

    25       23,663  

5.35%, 11/01/40

    80       84,726  

6.25%, 06/15/37

    75       87,657  

6.75%, 06/20/36

    40       47,862  

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

    70       68,941  

Voya Financial Inc.

   

3.65%, 06/15/26

    39       37,730  

4.70%, 01/23/48 (Call 01/23/28), (3 mo. LIBOR US + 2.084%)(a)

    55       45,637  

4.80%, 06/15/46

    50       44,391  

5.70%, 07/15/43

    30       29,541  

Willis North America Inc.

   

2.95%, 09/15/29 (Call 06/15/29)

    73       62,968  

3.60%, 05/15/24 (Call 03/15/24)

    105       103,596  

3.88%, 09/15/49 (Call 03/15/49)

    34       26,220  

4.50%, 09/15/28 (Call 06/15/28)

    87       84,193  

4.65%, 06/15/27 (Call 05/15/27)

    15       14,719  

5.05%, 09/15/48 (Call 03/15/48)

    70       64,464  

XLIT Ltd.

   

5.25%, 12/15/43

    50       52,270  

5.50%, 03/31/45

    60       61,030  

Zurich Finance Ireland Designated Activity Co., 3.00%, 04/19/51 (Call 01/19/31)(a)(d)

    200       161,876  
   

 

 

 
          12,315,813  
Internet — 0.4%            

Alibaba Group Holding Ltd.

   

3.60%, 11/28/24 (Call 08/28/24)

    500       492,635  

4.20%, 12/06/47 (Call 06/06/47)(c)

    200       160,658  

4.50%, 11/28/34 (Call 05/28/34)

    500       456,545  

Baidu Inc.

   

2.38%, 08/23/31 (Call 05/23/31)

        200       164,384  

3.63%, 07/06/27

    40       38,098  

Booking Holdings Inc.

   

3.55%, 03/15/28 (Call 12/15/27)(c)

    145       139,506  

3.60%, 06/01/26 (Call 03/01/26)

    51       50,223  

3.65%, 03/15/25 (Call 12/15/24)

    120       119,161  

4.63%, 04/13/30 (Call 01/13/30)

    128       128,584  

Cogent Communications Group Inc.

   

3.50%, 05/01/26 (Call 02/01/26)(b)

    40       35,866  

7.00%, 06/15/27 (Call 06/15/24)(b)

    25       24,186  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    55       49,672  

1.90%, 03/11/25 (Call 02/11/25)

    123       116,105  

2.60%, 05/10/31 (Call 02/10/31)(c)

    40       33,198  

2.70%, 03/11/30 (Call 12/11/29)

    112       96,636  

3.45%, 08/01/24 (Call 05/01/24)

    72       71,176  

3.60%, 06/05/27 (Call 03/05/27)(c)

    62       59,902  

3.65%, 05/10/51 (Call 11/10/50)

    80       59,949  

4.00%, 07/15/42 (Call 01/15/42)

    81       67,143  

Go Daddy Operating Co. LLC/GD Finance Co. Inc.

   

3.50%, 03/01/29 (Call 03/01/24)(b)(c)

    60       50,851  

5.25%, 12/01/27 (Call 10/03/22)(b)

    40       37,901  

GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 09/12/22)(b)

    35       27,479  

Meituan, 2.13%, 10/28/25 (Call 09/28/25)(d)

    200       176,158  

NortonLifeLock Inc., 5.00%, 04/15/25 (Call 09/12/22)(b)

    70       69,046  

Prosus NV

   

3.68%, 01/21/30 (Call 10/21/29)(d)

    200       161,800  

4.99%, 01/19/52 (Call 07/19/51)(d)

    200       144,270  

 

 

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

  33


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Internet (continued)            

Rakuten Group Inc.

   

5.13%, (Call 04/22/26)(a)(b)(c)(e)

  $ 75     $ 60,879  

6.25%, (Call 04/22/31)(a)(b)(e)

    75       60,428  

VeriSign Inc.

   

2.70%, 06/15/31 (Call 03/15/31)(c)

    55       45,230  

4.75%, 07/15/27 (Call 10/03/22)

    15       14,825  

5.25%, 04/01/25 (Call 01/01/25)

    75       76,147  
   

 

 

 
      3,288,641  
Iron & Steel — 0.2%            

Allegheny Technologies Inc.

   

4.88%, 10/01/29 (Call 10/01/24)

    25       22,462  

5.13%, 10/01/31 (Call 10/01/26)

    30       26,394  

5.88%, 12/01/27 (Call 12/01/22)

    25       23,813  

Cleveland-Cliffs Inc.

   

4.63%, 03/01/29 (Call 03/01/24)(b)(c)

    45       39,982  

4.88%, 03/01/31 (Call 03/01/26)(b)(c)

    35       30,606  

5.88%, 06/01/27 (Call 10/03/22)

    56       53,639  

6.25%, 10/01/40(c)

    20       17,430  

6.75%, 03/15/26 (Call 10/03/22)(b)

    75       75,852  

Commercial Metals Co.

   

3.88%, 02/15/31 (Call 02/15/26)

    30       25,082  

4.13%, 01/15/30 (Call 01/15/25)

    25       21,948  

4.38%, 03/15/32 (Call 03/15/27)

    30       25,581  

Mineral Resources Ltd.

   

8.00%, 11/01/27 (Call 11/01/24)(b)

    50       50,173  

8.13%, 05/01/27 (Call 10/03/22)(b)

    46       46,164  

8.50%, 05/01/30 (Call 05/01/25)(b)

    50       50,423  

Prosus NV, 3.83%, 02/08/51(d)

    200       124,688  

Reliance Steel & Aluminum Co.

   

1.30%, 08/15/25 (Call 07/15/25)

        115       104,958  

2.15%, 08/15/30 (Call 05/15/30)(c)

    70       56,535  

Steel Dynamics Inc.

   

1.65%, 10/15/27 (Call 08/15/27)

    60       51,263  

2.40%, 06/15/25 (Call 05/15/25)

    97       91,836  

2.80%, 12/15/24 (Call 11/15/24)

    45       43,509  

3.25%, 01/15/31 (Call 10/15/30)

    65       56,159  

3.25%, 10/15/50 (Call 04/15/50)

    15       10,238  

3.45%, 04/15/30 (Call 01/15/30)

    90       80,210  

5.00%, 12/15/26 (Call 10/03/22)

    30       29,791  
   

 

 

 
          1,158,736  
Leisure Time — 0.0%            

Brunswick Corp.

   

0.85%, 08/18/24 (Call 10/03/22)

    85       78,943  

2.40%, 08/18/31 (Call 05/18/31)

    25       18,517  

Harley-Davidson Inc.

   

3.50%, 07/28/25 (Call 04/28/25)

    42       40,483  

4.63%, 07/28/45 (Call 01/28/45)

    53       41,249  
   

 

 

 
      179,192  
Lodging — 0.1%            

Hilton Domestic Operating Co. Inc.

   

3.63%, 02/15/32 (Call 08/15/26)(b)

    110       88,856  

3.75%, 05/01/29 (Call 05/01/24)(b)

    50       43,174  

4.00%, 05/01/31 (Call 05/01/26)(b)

    86       72,839  

4.88%, 01/15/30 (Call 01/15/25)

    70       63,969  

5.38%, 05/01/25 (Call 09/12/22)(b)

    26       25,759  

5.75%, 05/01/28 (Call 05/01/23)(b)

    35       34,233  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc

   

4.88%, 07/01/31 (Call 07/01/26)(b)

    35       28,909  
Security   Par
(000)
    Value  
Lodging (continued)            

5.00%, 06/01/29 (Call 06/01/24)(b)

  $ 70     $ 61,955  

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 09/16/22)(c)

    35       33,402  

Marriott Ownership Resorts Inc.

   

4.50%, 06/15/29 (Call 06/15/24)(b)

    40       33,596  

4.75%, 01/15/28 (Call 10/03/22)(c)

    25       22,064  

6.13%, 09/15/25 (Call 10/03/22)(b)

    20       19,979  

Travel + Leisure Co.

   

4.50%, 12/01/29 (Call 09/01/29)(b)

    50       40,649  

4.63%, 03/01/30 (Call 12/01/29)(b)(c)

    25       20,404  

5.65%, 04/01/24 (Call 02/01/24)

    25       24,765  

6.00%, 04/01/27 (Call 01/01/27)

    35       33,304  

6.60%, 10/01/25 (Call 07/01/25)

    35       35,357  

6.63%, 07/31/26 (Call 04/30/26)(b)

    50       48,485  
   

 

 

 
          731,699  
Machinery — 0.7%            

ABB Finance USA Inc., 4.38%, 05/08/42

    10       9,246  

ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)(b)(c)

    25       22,000  

Caterpillar Financial Services Corp.

   

0.45%, 05/17/24

    30       28,397  

0.90%, 03/02/26(c)

    75       68,041  

1.10%, 09/14/27

    199       174,236  

1.15%, 09/14/26

    5       4,480  

1.45%, 05/15/25

    90       84,669  

2.15%, 11/08/24(c)

    110       106,318  

2.40%, 08/09/26

    15       14,185  

2.85%, 05/17/24

    95       93,702  

3.25%, 12/01/24

    67       66,313  

3.30%, 06/09/24

    41       40,725  

3.65%, 12/07/23

    19       19,017  

3.75%, 11/24/23

    70       70,120  

Caterpillar Inc.

   

1.90%, 03/12/31 (Call 12/12/30)(c)

    25       21,255  

2.60%, 09/19/29 (Call 06/19/29)

    76       69,307  

2.60%, 04/09/30 (Call 01/09/30)

    49       44,441  

3.25%, 09/19/49 (Call 03/19/49)

    96       79,065  

3.25%, 04/09/50 (Call 10/09/49)

    67       55,346  

3.40%, 05/15/24 (Call 02/15/24)

    75       74,766  

3.80%, 08/15/42

    20       18,264  

4.30%, 05/15/44 (Call 11/15/43)

    85       82,311  

4.75%, 05/15/64 (Call 11/15/63)

    40       40,795  

5.20%, 05/27/41

    30       32,397  

6.05%, 08/15/36

    166       190,696  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    12       10,647  

1.88%, 01/15/26 (Call 12/15/25)

    65       59,054  

CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)

    109       103,237  

Deere & Co.

   

2.75%, 04/15/25 (Call 03/15/25)

        122       118,729  

2.88%, 09/07/49 (Call 03/07/49)

    35       27,335  

3.10%, 04/15/30 (Call 01/15/30)

    71       66,791  

3.75%, 04/15/50 (Call 10/15/49)(c)

    112       103,131  

3.90%, 06/09/42 (Call 12/09/41)

    88       82,625  

5.38%, 10/16/29

    25       26,934  

7.13%, 03/03/31

    60       72,102  

Dover Corp.

   

2.95%, 11/04/29 (Call 08/04/29)

    70       63,399  

3.15%, 11/15/25 (Call 08/15/25)

    77       74,502  

5.38%, 03/01/41 (Call 12/01/40)

    57       56,169  

 

 

34  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Machinery (continued)            

Flowserve Corp.

   

2.80%, 01/15/32 (Call 10/15/31)

  $ 65     $ 50,526  

3.50%, 10/01/30 (Call 07/01/30)

    59       50,612  

IDEX Corp.

   

2.63%, 06/15/31 (Call 03/15/31)

    82       69,051  

3.00%, 05/01/30 (Call 02/01/30)

    79       69,435  

John Deere Capital Corp.

   

0.40%, 10/10/23

    27       26,076  

0.45%, 01/17/24

    12       11,487  

0.45%, 06/07/24

    45       42,630  

0.70%, 01/15/26

    2       1,808  

1.05%, 06/17/26

    47       42,636  

1.30%, 10/13/26

    5       4,515  

1.45%, 01/15/31

    17       13,881  

1.50%, 03/06/28

    12       10,556  

1.75%, 03/09/27

    75       68,457  

2.00%, 06/17/31

    12       10,183  

2.05%, 01/09/25

    95       91,335  

2.25%, 09/14/26

    150       142,005  

2.45%, 01/09/30

    16       14,196  

2.60%, 03/07/24

    47       46,260  

2.65%, 06/24/24

    54       53,115  

2.65%, 06/10/26(c)

    27       25,898  

2.80%, 09/08/27

    85       80,798  

2.80%, 07/18/29

    102       94,443  

3.05%, 01/06/28

    18       17,298  

3.35%, 06/12/24

    45       44,758  

3.40%, 09/11/25

    53       52,319  

3.45%, 01/10/24

    7       6,979  

3.45%, 03/13/25

    91       90,520  

3.45%, 03/07/29

    22       21,302  

3.65%, 10/12/23

        265           265,109  

Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 09/16/22)(b)(c)

    16       15,170  

Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)(b)

    31       27,882  

nVent Finance Sarl, 2.75%, 11/15/31 (Call 08/15/31)

    55       43,243  

Otis Worldwide Corp.

   

2.06%, 04/05/25 (Call 03/05/25)

    166       156,843  

2.29%, 04/05/27 (Call 02/05/27)(c)

    70       63,840  

2.57%, 02/15/30 (Call 11/15/29)

    95       81,856  

3.11%, 02/15/40 (Call 08/15/39)

    65       49,967  

3.36%, 02/15/50 (Call 08/15/49)

    80       59,537  

Rockwell Automation Inc.

   

2.80%, 08/15/61 (Call 02/15/61)

    25       16,307  

3.50%, 03/01/29 (Call 12/01/28)

    110       105,514  

4.20%, 03/01/49 (Call 09/01/48)

    105       96,994  

SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)(b)(c)

    40       33,312  

Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)(b)(c)

    45       44,843  

Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)(b)(c)

    55       49,250  

Vertiv Group Corp., 4.13%, 11/15/28
(Call 11/15/24)(b)(c)

    75       64,886  

Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)(b)

    65       56,035  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)

    120       105,598  

2.25%, 01/30/31 (Call 10/30/30)

    77       64,345  

3.25%, 11/01/26 (Call 08/01/26)

    60       57,350  

4.38%, 11/01/46 (Call 05/01/46)(c)

    47       41,962  
   

 

 

 
      5,127,669  
Security  

Par

(000)

    Value  
Manufacturing — 0.2%            

Carlisle Companies Inc.

   

2.75%, 03/01/30 (Call 12/01/29)

  $ 102     $ 87,246  

3.50%, 12/01/24 (Call 10/01/24)

    55       54,088  

3.75%, 12/01/27 (Call 09/01/27)

    44       41,740  

Eaton Corp.

   

3.10%, 09/15/27 (Call 06/15/27)

    115       109,311  

3.92%, 09/15/47 (Call 03/15/47)

    10       8,565  

4.00%, 11/02/32

    20       19,159  

4.15%, 11/02/42

    121       108,706  

EnPro Industries Inc., 5.75%, 10/15/26 (Call 10/03/22)

    25       24,762  

Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 10/03/22)(b)(c)

    35       33,187  

Hillenbrand Inc.

   

3.75%, 03/01/31 (Call 03/01/26)

    35       29,511  

5.00%, 09/15/26 (Call 07/15/26)

    31       30,292  

5.75%, 06/15/25 (Call 10/03/22)

    40       40,124  

Illinois Tool Works Inc.

   

2.65%, 11/15/26 (Call 08/15/26)

    175       167,911  

3.50%, 03/01/24 (Call 12/01/23)

    15       14,961  

3.90%, 09/01/42 (Call 03/01/42)

    28       24,731  

4.88%, 09/15/41 (Call 03/15/41)

    47       47,548  

Parker-Hannifin Corp.

   

2.70%, 06/14/24 (Call 05/14/24)

        210           204,626  

3.25%, 03/01/27 (Call 12/01/26)

    5       4,793  

3.25%, 06/14/29 (Call 03/14/29)

    101       92,467  

3.30%, 11/21/24 (Call 08/21/24)

    45       44,250  

4.00%, 06/14/49 (Call 12/14/48)

    103       87,351  

4.10%, 03/01/47 (Call 09/01/46)

    45       39,090  

4.20%, 11/21/34 (Call 05/21/34)

    76       70,746  

4.45%, 11/21/44 (Call 05/21/44)

    27       24,360  

6.25%, 05/15/38

    40       42,777  

Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)

    30       28,043  

Trane Technologies Global Holding Co. Ltd.

   

3.75%, 08/21/28 (Call 05/21/28)

    32       30,751  

4.30%, 02/21/48 (Call 08/21/47)

    17       14,167  

5.75%, 06/15/43

    50       50,734  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)

    45       43,357  

3.55%, 11/01/24 (Call 08/01/24)

    60       59,180  

3.80%, 03/21/29 (Call 12/21/28)

    83       78,184  

4.50%, 03/21/49 (Call 09/21/48)

    29       25,066  

4.65%, 11/01/44 (Call 05/01/44)

    35       30,727  

Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)

    31       30,292  
   

 

 

 
      1,842,803  
Media — 1.1%            

Belo Corp.

   

7.25%, 09/15/27

    20       19,806  

7.75%, 06/01/27

    20       19,556  

Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)(b)

    50       41,617  

Comcast Corp.

   

1.50%, 02/15/31 (Call 11/15/30)

    1,000       801,810  

1.95%, 01/15/31 (Call 10/15/30)

    200       165,640  

2.65%, 02/01/30 (Call 11/01/29)

    200       177,142  

2.65%, 08/15/62 (Call 02/15/62)

    100       62,950  

2.80%, 01/15/51 (Call 07/15/50)

    200       138,584  

2.89%, 11/01/51 (Call 05/01/51)

    500       352,860  

2.94%, 11/01/56 (Call 05/01/56)

    500       341,145  

2.99%, 11/01/63 (Call 05/01/63)

    500       334,915  

3.30%, 02/01/27 (Call 11/01/26)

    200       193,056  

3.40%, 04/01/30 (Call 01/01/30)

    200       186,552  

 

 

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

  35


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Media (continued)            

3.45%, 02/01/50 (Call 08/01/49)

  $ 100     $ 78,686  

3.75%, 04/01/40 (Call 10/01/39)

    200       173,374  

3.90%, 03/01/38 (Call 09/01/37)

    200       180,086  

3.95%, 10/15/25 (Call 08/15/25)

    200       199,646  

3.97%, 11/01/47 (Call 05/01/47)

    50       42,918  

4.00%, 11/01/49 (Call 05/01/49)

    200       171,414  

4.15%, 10/15/28 (Call 07/15/28)

    500       495,830  

4.25%, 10/15/30 (Call 07/15/30)

    250       246,797  

4.25%, 01/15/33

    200       194,794  

4.70%, 10/15/48 (Call 04/15/48)

    200       191,646  

4.95%, 10/15/58 (Call 04/15/58)

    50       49,020  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)

    40       38,702  

3.63%, 05/15/30 (Call 02/15/30)

    99       86,395  

3.80%, 03/13/24 (Call 01/13/24)

    22       21,767  

3.95%, 06/15/25 (Call 03/15/25)

    25       24,389  

3.95%, 03/20/28 (Call 12/20/27)

    167       153,338  

4.00%, 09/15/55 (Call 03/15/55)

    66       43,662  

4.13%, 05/15/29 (Call 02/15/29)

    90       82,069  

4.65%, 05/15/50 (Call 11/15/49)

    57       43,267  

4.88%, 04/01/43

    59       46,965  

4.90%, 03/11/26 (Call 12/11/25)

    55       54,922  

5.00%, 09/20/37 (Call 03/20/37)

    97       84,591  

5.20%, 09/20/47 (Call 03/20/47)

    127       103,563  

5.30%, 05/15/49 (Call 11/15/48)

    88       72,523  

6.35%, 06/01/40

    44       42,202  

Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)(b)(c)

    25       19,793  

Gray Escrow II Inc., 5.38%, 11/15/31
(Call 11/15/26)(b)(c)

    98       82,856  

Gray Television Inc.

   

4.75%, 10/15/30 (Call 10/15/25)(b)

    65       52,911  

5.88%, 07/15/26 (Call 10/03/22)(b)

    65       62,754  

7.00%, 05/15/27 (Call 09/12/22)(b)(c)

    55       54,288  

Grupo Televisa SAB

   

6.13%, 01/31/46 (Call 07/31/45)

        200           218,096  

6.63%, 01/15/40

    90       96,710  

iHeartCommunications Inc.

   

4.75%, 01/15/28 (Call 01/15/23)(b)(c)

    45       38,587  

5.25%, 08/15/27 (Call 09/16/22)(b)(c)

    60       54,023  

6.38%, 05/01/26 (Call 09/16/22)

    70       66,184  

8.38%, 05/01/27 (Call 09/16/22)

    105       92,388  

Nexstar Media Inc.

   

4.75%, 11/01/28 (Call 11/01/23)(b)

    75       67,921  

5.63%, 07/15/27 (Call 09/12/22)(b)

    125       119,112  

Scripps Escrow II Inc.

   

3.88%, 01/15/29 (Call 01/15/24)(b)

    45       38,167  

5.38%, 01/15/31 (Call 01/15/26)(b)(c)

    35       28,958  

Scripps Escrow Inc., 5.88%, 07/15/27
(Call 10/03/22)(b)(c)

    35       31,705  

Sirius XM Radio Inc.

   

3.13%, 09/01/26 (Call 09/01/23)(b)

    65       57,899  

3.88%, 09/01/31 (Call 09/01/26)(b)

    110       88,957  

4.00%, 07/15/28 (Call 07/15/24)(b)

    145       126,463  

4.13%, 07/01/30 (Call 07/01/25)(b)

    110       93,268  

5.00%, 08/01/27 (Call 10/03/22)(b)

    125       117,662  

5.50%, 07/01/29 (Call 07/01/24)(b)(c)

    95       88,883  

Sky Group Finance Ltd., 6.50%, 10/15/35(b)

    20       22,893  

Sky Ltd., 3.75%, 09/16/24(b)

    10       9,926  

TEGNA Inc.

   

4.63%, 03/15/28 (Call 03/15/23)

    80       76,598  

4.75%, 03/15/26 (Call 03/15/23)(b)

    51       50,219  

5.00%, 09/15/29 (Call 09/15/24)

    80       76,647  
Security   Par
(000)
    Value  
Media (continued)            

Thomson Reuters Corp.

   

3.35%, 05/15/26 (Call 02/15/26)

  $ 66     $ 63,927  

4.30%, 11/23/23 (Call 08/23/23)

    42       42,146  

5.50%, 08/15/35

    47       47,298  

5.65%, 11/23/43 (Call 05/23/43)

    39       39,209  

5.85%, 04/15/40

    22       22,719  

Univision Communications Inc.

   

4.50%, 05/01/29 (Call 05/01/24)(b)(c)

    80       69,946  

5.13%, 02/15/25 (Call 09/12/22)(b)

    120       115,907  

6.63%, 06/01/27 (Call 06/01/23)(b)

    130       125,882  

7.38%, 06/30/30 (Call 06/30/25)(b)(c)

    25       24,804  

Videotron Ltd.

   

3.63%, 06/15/29 (Call 06/15/24)(b)(c)

    39       32,437  

5.13%, 04/15/27 (Call 10/03/22)(b)

    65       60,929  

5.38%, 06/15/24 (Call 03/15/24)(b)

    40       39,763  

VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(b)

    150       122,232  

Ziggo Bond Co. BV

   

5.13%, 02/28/30 (Call 02/15/25)(b)

    30       23,992  

6.00%, 01/15/27 (Call 10/03/22)(b)(c)

    20       18,016  

Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(b)

    70       59,879  
   

 

 

 
          8,601,153  
Metal Fabricate & Hardware — 0.0%            

Advanced Drainage Systems Inc.

   

5.00%, 09/30/27 (Call 09/30/22)(b)

    35       33,615  

6.38%, 06/15/30 (Call 07/15/25)(b)

    25       24,752  

Timken Co. (The)

   

3.88%, 09/01/24 (Call 06/01/24)

    23       22,695  

4.50%, 12/15/28 (Call 09/15/28)

    30       28,688  

Valmont Industries Inc., 5.00%, 10/01/44 (Call 04/01/44)

    42       38,469  
   

 

 

 
      148,219  
Mining — 0.2%            

Century Aluminum Co., 7.50%, 04/01/28 (Call 04/01/24)(b)(c)

    25       22,823  

Coeur Mining Inc., 5.13%, 02/15/29
(Call 02/15/24)(b)(c)

    30       21,802  

Compass Minerals International Inc.

   

4.88%, 07/15/24 (Call 05/15/24)(b)

    40       37,978  

6.75%, 12/01/27 (Call 12/01/22)(b)(c)

    35       33,322  

Constellium SE

   

3.75%, 04/15/29 (Call 04/15/24)(b)(c)

    50       41,333  

5.63%, 06/15/28 (Call 06/15/23)(b)(c)

    20       18,086  

5.88%, 02/15/26 (Call 10/03/22)(b)

    25       24,158  

First Quantum Minerals Ltd., 6.88%, 03/01/26 (Call 09/12/22)(d)

        200       192,592  

FMG Resources August 2006 Pty Ltd.

   

4.38%, 04/01/31 (Call 01/01/31)(b)

    110       89,992  

4.50%, 09/15/27 (Call 06/15/27)(b)

    55       50,249  

5.13%, 05/15/24 (Call 02/15/24)(b)(c)

    55       54,447  

FMG Resources August Pty. Ltd.

   

5.88%, 04/15/30 (Call 01/15/30)(b)

    50       46,463  

6.13%, 04/15/32 (Call 01/15/32)(b)

    65       60,080  

Industrias Penoles SAB de CV, 4.15%, 09/12/29 (Call 06/12/29)(d)

    200       185,300  

Kaiser Aluminum Corp., 4.50%, 06/01/31 (Call 06/01/26)(b)

    50       39,425  

Kinross Gold Corp.

   

4.50%, 07/15/27 (Call 04/15/27)

    155       150,116  

5.95%, 03/15/24 (Call 12/15/23)

    45       45,761  

New Gold Inc., 7.50%, 07/15/27 (Call 07/15/23)(b)

    30       23,855  

Newcrest Finance Pty Ltd.

   

3.25%, 05/13/30 (Call 02/13/30)(b)

    70       61,246  

4.20%, 05/13/50 (Call 11/13/49)(b)

    10       7,964  

 

 

36  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mining (continued)            

5.75%, 11/15/41(b)

  $ 52     $ 50,641  

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)

    95       78,071  

2.60%, 07/15/32 (Call 04/15/32)

    80       65,401  

2.80%, 10/01/29 (Call 07/01/29)

    80       69,838  

4.88%, 03/15/42 (Call 09/15/41)

    60       57,017  

5.45%, 06/09/44 (Call 12/09/43)

    67       66,416  

5.88%, 04/01/35

    67       69,556  

6.25%, 10/01/39

    38       40,895  

Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 10/07/22)(b)(c)

    50       45,868  

Taseko Mines Ltd., 7.00%, 02/15/26 (Call 02/15/23)(b)

    25       20,718  

Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)

    25       19,550  
   

 

 

 
          1,790,963  
Multi-National — 0.0%            

Nordic Investment Bank, 0.38%, 09/20/24

    150       140,629  
   

 

 

 
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp.

   

2.67%, 12/01/26 (Call 11/01/26)

    34       30,538  

3.25%, 02/15/29 (Call 08/15/23)

    110       95,666  

3.28%, 12/01/28 (Call 10/01/28)

    60       52,785  

3.57%, 12/01/31 (Call 09/01/31)

    10       8,417  

4.13%, 05/01/25 (Call 10/03/22)

    15       14,783  

4.25%, 04/01/28 (Call 10/03/22)

    80       73,936  

5.50%, 12/01/24 (Call 06/01/24)

    70       71,603  

Pitney Bowes Inc.

   

4.63%, 03/15/24 (Call 12/15/23)(c)

    20       18,661  

6.88%, 03/15/27 (Call 03/15/24)(b)

    25       18,940  

7.25%, 03/15/29 (Call 03/15/24)(b)

    30       20,525  

Xerox Corp.

   

3.80%, 05/15/24

    25       24,164  

4.80%, 03/01/35

    15       11,106  

6.75%, 12/15/39

    25       20,964  

Xerox Holdings Corp.

   

5.00%, 08/15/25 (Call 07/15/25)(b)

    55       50,973  

5.50%, 08/15/28 (Call 07/15/28)(b)

    60       52,479  
   

 

 

 
      565,540  
Office Furnishings — 0.0%            

Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)(c)

    37       34,814  
   

 

 

 
Oil & Gas — 0.1%            

Qatar Energy, 2.25%, 07/12/31 (Call 04/12/31)(d)

    200       174,386  

Qatar Petroleum

   

3.13%, 07/12/41 (Call 01/12/41)(d)

        200       161,950  

3.30%, 07/12/51 (Call 01/12/51)(d)

    200       159,360  
   

 

 

 
      495,696  
Packaging & Containers — 0.3%            

Amcor Flexibles North America Inc.

   

2.63%, 06/19/30 (Call 03/19/30)

    115       95,417  

2.69%, 05/25/31 (Call 02/25/31)

    52       42,691  

AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)

    10       8,709  

Ball Corp.

   

2.88%, 08/15/30 (Call 05/15/30)

    105       85,252  

3.13%, 09/15/31 (Call 06/15/31)

    75       61,038  

4.00%, 11/15/23

    75       74,357  

4.88%, 03/15/26 (Call 12/15/25)

    50       48,418  

5.25%, 07/01/25

    75       74,788  

Brambles USA Inc., 4.13%, 10/23/25 (Call 07/25/25)(b)

    65       63,436  
Security  

Par

(000)

    Value  
Packaging & Containers (continued)            

Cascades Inc./Cascades USA Inc.

   

5.13%, 01/15/26 (Call 01/15/23)(b)

  $ 20     $ 18,682  

5.38%, 01/15/28 (Call 01/15/23)(b)

    37       33,344  

Graphic Packaging International LLC

   

0.82%, 04/15/24 (Call 03/15/24)(b)

    110       103,245  

1.51%, 04/15/26 (Call 03/15/26)(b)

    140       124,389  

3.50%, 03/15/28(b)

    35       31,244  

3.50%, 03/01/29 (Call 09/01/28)(b)

    30       25,757  

3.75%, 02/01/30 (Call 08/01/29)(b)(c)

    30       25,800  

4.13%, 08/15/24 (Call 05/15/24)

    15       14,706  

4.75%, 07/15/27 (Call 04/15/27)(b)

    25       23,852  

Matthews International Corp., 5.25%, 12/01/25 (Call 10/03/22)(b)

    41       37,415  

Sealed Air Corp.

   

1.57%, 10/15/26 (Call 09/15/26)(b)

    115       100,525  

4.00%, 12/01/27 (Call 09/01/27)(b)

    30       27,348  

5.13%, 12/01/24 (Call 09/01/24)(b)

    40       39,558  

5.50%, 09/15/25 (Call 06/15/25)(b)(c)

    25       24,936  

6.88%, 07/15/33(b)

    45       45,971  

Sonoco Products Co.

   

1.80%, 02/01/25 (Call 02/01/23)(c)

    255       240,488  

2.25%, 02/01/27 (Call 01/01/27)

    185       168,159  

3.13%, 05/01/30 (Call 02/01/30)

    70       60,681  

Trivium Packaging Finance BV

   

5.50%, 08/15/26 (Call 10/03/22)(b)

    100       95,976  

8.50%, 08/15/27 (Call 09/12/22)(b)(c)

    50       47,522  

WRKCo Inc.

   

3.00%, 09/15/24 (Call 07/15/24)

    20       19,470  

3.00%, 06/15/33 (Call 03/15/33)

    50       41,740  

3.38%, 09/15/27 (Call 06/15/27)

    10       9,412  

3.75%, 03/15/25 (Call 01/15/25)

    30       29,491  

3.90%, 06/01/28 (Call 03/01/28)

    20       19,204  

4.20%, 06/01/32 (Call 03/01/32)

    15       14,085  

4.65%, 03/15/26 (Call 01/15/26)

        170       171,034  

4.90%, 03/15/29 (Call 12/15/28)

    30       29,980  
   

 

 

 
          2,178,120  
Pharmaceuticals — 0.3%            

180 Medical Inc., 3.88%, 10/15/29
(Call 10/07/24)(b)(c)

    30       23,161  

AdaptHealth LLC

   

4.63%, 08/01/29 (Call 02/01/24)(b)

    40       32,789  

5.13%, 03/01/30 (Call 03/01/25)(b)

    45       38,646  

6.13%, 08/01/28 (Call 08/01/23)(b)

    35       32,905  

Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)

    60       55,798  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)

    40       27,683  

2.75%, 06/01/25 (Call 03/01/25)

    120       117,601  

3.38%, 03/15/29 (Call 12/15/28)(c)

    56       54,274  

3.95%, 05/15/47 (Call 11/15/46)

    70       66,200  

3.95%, 03/15/49 (Call 09/15/48)

    35       33,610  

4.15%, 03/15/59 (Call 09/15/58)

    50       47,408  

Embecta Corp.

   

5.00%, 02/15/30 (Call 02/15/27)(b)(c)

    40       35,100  

6.75%, 02/15/30 (Call 02/15/27)(b)

    15       14,397  

EMD Finance LLC, 3.25%, 03/19/25
(Call 12/19/24)(b)

    155       150,992  

Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 10/03/22)(b)

    45       43,118  

Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(b)

    100       90,208  

Mead Johnson Nutrition Co.

   

4.13%, 11/15/25 (Call 08/15/25)

    45       45,122  

4.60%, 06/01/44 (Call 12/01/43)

    40       38,587  

 

 

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

  37


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Novartis Capital Corp.

   

2.20%, 08/14/30 (Call 05/14/30)

  $ 200     $ 175,944  

3.00%, 11/20/25 (Call 08/20/25)

    20       19,603  

3.40%, 05/06/24

    10       9,950  

4.00%, 11/20/45 (Call 05/20/45)

    310       286,564  

4.40%, 05/06/44

    35       34,451  

Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)(b)

    40       35,230  

Organon & Co./Organon Foreign Debt Co-Issuer BV

   

4.13%, 04/30/28 (Call 04/30/24)(b)

    165       147,914  

5.13%, 04/30/31 (Call 04/30/26)(b)

    150       131,257  

Owens & Minor Inc.

   

4.38%, 12/15/24 (Call 09/15/24)

    25       24,493  

4.50%, 03/31/29 (Call 03/31/24)(b)

    40       34,159  

6.63%, 04/01/30 (Call 04/01/25)(b)

    50       46,112  

Perrigo Finance Unlimited Co.

   

3.90%, 12/15/24 (Call 09/15/24)

    75       71,413  

4.38%, 03/15/26 (Call 12/15/25)

    50       47,454  

4.40%, 06/15/30 (Call 03/15/30)

    60       52,052  

4.90%, 12/15/44 (Call 06/15/44)

    10       7,351  

Zoetis Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    55       46,198  

3.00%, 09/12/27 (Call 06/12/27)

    15       14,196  

3.00%, 05/15/50 (Call 11/15/49)

    50       36,852  

3.90%, 08/20/28 (Call 05/20/28)

    30       29,229  

3.95%, 09/12/47 (Call 03/12/47)

    52       45,047  

4.45%, 08/20/48 (Call 02/20/48)

    50       46,653  

4.50%, 11/13/25 (Call 08/13/25)

    85       86,025  

4.70%, 02/01/43 (Call 08/01/42)

        109       103,779  
   

 

 

 
          2,479,525  
Private Equity — 0.0%            

Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(b)

    65       62,023  

Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29 (Call 06/19/29)(b)

    25       22,393  

Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(b)

    30       28,137  
   

 

 

 
      112,553  
Real Estate — 0.2%            

CBRE Services Inc.

   

2.50%, 04/01/31 (Call 01/01/31)

    20       16,032  

4.88%, 03/01/26 (Call 12/01/25)

    55       55,348  

Corp Inmobiliaria Vesta SAB de CV, 3.63%, 05/13/31 (Call 02/13/31)(d)

    200       158,798  

Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28 (Call 05/15/23)(b)(c)

    65       64,350  

Howard Hughes Corp. (The)

   

4.13%, 02/01/29 (Call 02/01/24)(b)

    50       42,310  

4.38%, 02/01/31 (Call 02/01/26)(b)

    50       40,027  

5.38%, 08/01/28 (Call 08/01/23)(b)

    55       48,940  

Hysan MTN Ltd., 2.88%, 06/02/27
(Call 03/02/27)(d)

    200       186,908  

Kennedy-Wilson Inc.

   

4.75%, 03/01/29 (Call 03/01/24)(c)

    50       41,682  

4.75%, 02/01/30 (Call 09/01/24)(c)

    50       40,317  

5.00%, 03/01/31 (Call 03/01/26)

    50       41,211  

MAF Sukuk Ltd., 3.93%, 02/28/30(d)

    200       194,298  

Realogy Group LLC/Realogy Co-Issuer Corp.

   

5.25%, 04/15/30 (Call 04/15/25)(b)

    80       60,293  

5.75%, 01/15/29 (Call 01/15/24)(b)

    70       54,884  

Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24(d)

    200       94,194  

Sun Hung Kai Properties Capital Market Ltd., 2.75%, 05/13/30 (Call 02/13/30)(d)

    200       176,082  
Security  

Par

(000)

    Value  
Real Estate (continued)            

Swire Properties MTN Financing Ltd., 3.50%, 01/10/28(d)

  $ 200     $ 192,296  

Vanke Real Estate Hong Kong Co. Ltd., 3.50%, 11/12/29(d)

    200       150,822  

Wharf REIC Finance BVI Ltd., 2.38%, 05/07/25(d)

    200       189,394  
   

 

 

 
          1,848,186  
Real Estate Investment Trusts — 2.0%            

Alexandria Real Estate Equities Inc.

   

1.88%, 02/01/33 (Call 11/01/32)

    63       47,459  

2.00%, 05/18/32 (Call 02/18/32)

    35       27,603  

2.75%, 12/15/29 (Call 09/15/29)

    15       13,087  

2.95%, 03/15/34 (Call 12/15/33)

        175       147,472  

3.00%, 05/18/51 (Call 11/18/50)

    62       41,879  

3.38%, 08/15/31 (Call 05/15/31)

    40       35,608  

3.45%, 04/30/25 (Call 02/28/25)

    175       171,957  

3.80%, 04/15/26 (Call 02/15/26)

    115       112,433  

3.95%, 01/15/27 (Call 10/15/26)

    23       22,468  

4.00%, 02/01/50 (Call 08/01/49)

    60       49,479  

4.30%, 01/15/26 (Call 10/15/25)

    110       109,194  

4.50%, 07/30/29 (Call 04/30/29)

    80       77,738  

4.70%, 07/01/30 (Call 04/01/30)

    40       39,345  

4.85%, 04/15/49 (Call 10/15/48)

    15       13,896  

4.90%, 12/15/30 (Call 09/15/30)

    76       75,572  

American Tower Corp.

   

1.30%, 09/15/25 (Call 08/15/25)

    5       4,538  

1.45%, 09/15/26 (Call 08/15/26)

    35       30,759  

1.50%, 01/31/28 (Call 11/30/27)

    45       37,760  

1.60%, 04/15/26 (Call 03/15/26)

    30       26,902  

1.88%, 10/15/30 (Call 07/15/30)

    105       82,852  

2.10%, 06/15/30 (Call 03/15/30)

    129       104,240  

2.30%, 09/15/31 (Call 06/15/31)

    40       31,765  

2.40%, 03/15/25 (Call 02/15/25)

    95       90,060  

2.70%, 04/15/31 (Call 01/15/31)

    20       16,594  

2.75%, 01/15/27 (Call 11/15/26)

    84       76,965  

2.90%, 01/15/30 (Call 10/15/29)

    105       90,490  

2.95%, 01/15/25 (Call 12/15/24)

    40       38,426  

2.95%, 01/15/51 (Call 07/15/50)

    25       16,831  

3.10%, 06/15/50 (Call 12/15/49)

    90       62,626  

3.13%, 01/15/27 (Call 10/15/26)

    84       78,273  

3.38%, 10/15/26 (Call 07/15/26)

    69       65,195  

3.55%, 07/15/27 (Call 04/15/27)

    54       51,010  

3.60%, 01/15/28 (Call 10/15/27)

    49       45,591  

3.70%, 10/15/49 (Call 04/15/49)

    92       69,903  

3.80%, 08/15/29 (Call 05/15/29)

    36       33,192  

3.95%, 03/15/29 (Call 12/15/28)

    61       57,175  

4.00%, 06/01/25 (Call 03/01/25)

    34       33,444  

4.40%, 02/15/26 (Call 11/15/25)

    70       69,396  

5.00%, 02/15/24

    140       141,434  

AvalonBay Communities Inc.

   

1.90%, 12/01/28 (Call 10/01/28)

    10       8,608  

3.20%, 01/15/28 (Call 10/15/27)

    20       18,730  

3.30%, 06/01/29 (Call 03/01/29)

    200       185,592  

3.35%, 05/15/27 (Call 02/15/27)

    50       47,599  

3.90%, 10/15/46 (Call 04/15/46)

    40       34,089  

4.15%, 07/01/47 (Call 01/01/47)

    25       22,334  

Boston Properties LP

   

2.45%, 10/01/33 (Call 07/01/33)(c)

    80       60,597  

2.55%, 04/01/32 (Call 01/01/32)

    30       23,864  

2.75%, 10/01/26 (Call 07/01/26)

    80       74,207  

2.90%, 03/15/30 (Call 12/15/29)

    50       42,567  

3.20%, 01/15/25 (Call 10/15/24)

    79       77,024  

3.25%, 01/30/31 (Call 10/30/30)

    165       142,019  

 

 

38  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.40%, 06/21/29 (Call 03/21/29)

  $ 25     $ 22,367  

3.65%, 02/01/26 (Call 11/03/25)

    206       200,185  

3.80%, 02/01/24 (Call 11/01/23)

    62       61,556  

4.50%, 12/01/28 (Call 09/01/28)

    40       38,913  

Brandywine Operating Partnership LP

   

3.95%, 11/15/27 (Call 08/15/27)

    55       50,743  

4.10%, 10/01/24 (Call 07/01/24)

    50       49,103  

4.55%, 10/01/29 (Call 07/01/29)

    65       61,039  

Brixmor Operating Partnership LP

   

2.25%, 04/01/28 (Call 02/01/28)

    80       67,702  

2.50%, 08/16/31 (Call 05/16/31)

    10       7,744  

3.65%, 06/15/24 (Call 04/15/24)

    10       9,769  

3.85%, 02/01/25 (Call 11/01/24)

    40       38,953  

3.90%, 03/15/27 (Call 12/15/26)

    60       56,681  

4.05%, 07/01/30 (Call 04/01/30)

    160       142,358  

4.13%, 06/15/26 (Call 03/15/26)

    57       55,120  

4.13%, 05/15/29 (Call 02/15/29)

    15       13,661  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

   

4.50%, 04/01/27 (Call 10/01/23)(b)

    65       55,787  

5.75%, 05/15/26 (Call 09/12/22)(b)(c)

    75       70,299  

Camden Property Trust

   

2.80%, 05/15/30 (Call 02/15/30)

    16       14,171  

3.15%, 07/01/29 (Call 04/01/29)

    29       26,529  

3.35%, 11/01/49 (Call 05/01/49)

    75       58,205  

4.10%, 10/15/28 (Call 07/15/28)

    20       19,532  

Corporate Office Properties LP

   

2.25%, 03/15/26 (Call 02/15/26)(c)

    88           78,732  

2.75%, 04/15/31 (Call 01/15/31)

    35       27,530  

2.90%, 12/01/33 (Call 09/01/33)

    20       14,922  

Crown Castle Inc.

   

1.05%, 07/15/26 (Call 06/15/26)

    25       21,916  

2.10%, 04/01/31 (Call 01/01/31)

    81       64,499  

2.25%, 01/15/31 (Call 10/15/30)

    67       54,286  

2.90%, 04/01/41 (Call 10/01/40)

    87       62,773  

3.20%, 09/01/24 (Call 07/01/24)

    92       90,532  

3.25%, 01/15/51 (Call 07/15/50)

    43       30,568  

3.30%, 07/01/30 (Call 04/01/30)

    82       72,805  

3.65%, 09/01/27 (Call 06/01/27)(c)

    59       56,101  

3.70%, 06/15/26 (Call 03/15/26)

    50       48,432  

3.80%, 02/15/28 (Call 11/15/27)

    77       72,697  

4.00%, 03/01/27 (Call 12/01/26)

    25       24,299  

4.45%, 02/15/26 (Call 11/15/25)

    57       56,718  

4.75%, 05/15/47 (Call 11/15/46)

    52       46,789  

Crown Castle International Corp.

   

1.35%, 07/15/25 (Call 06/15/25)

    65       59,610  

2.50%, 07/15/31 (Call 04/15/31)

    66       54,220  

3.10%, 11/15/29 (Call 08/15/29)

    55       48,596  

4.00%, 11/15/49 (Call 05/15/49)

    45       36,059  

4.15%, 07/01/50 (Call 01/01/50)

    53       43,988  

4.30%, 02/15/29 (Call 11/15/28)

    47       45,153  

5.20%, 02/15/49 (Call 08/15/48)

    57       53,978  

Digital Realty Trust LP

   

3.60%, 07/01/29 (Call 04/01/29)(c)

    40       36,834  

3.70%, 08/15/27 (Call 05/15/27)(c)

        225       214,807  

4.45%, 07/15/28 (Call 04/15/28)

    65       63,562  

Duke Realty LP

   

1.75%, 07/01/30 (Call 04/01/30)

    74       60,451  

2.88%, 11/15/29 (Call 08/15/29)

    24       21,414  

3.05%, 03/01/50 (Call 09/01/49)

    52       38,818  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.25%, 06/30/26 (Call 03/30/26)

  $ 120     $ 114,797  

3.38%, 12/15/27 (Call 09/15/27)

    10       9,443  

4.00%, 09/15/28 (Call 06/15/28)

    26       25,193  

Equinix Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    30       27,056  

1.25%, 07/15/25 (Call 06/15/25)

    89       81,460  

1.55%, 03/15/28 (Call 01/15/28)

    55       46,632  

1.80%, 07/15/27 (Call 05/15/27)

    120       104,944  

2.00%, 05/15/28 (Call 03/15/28)

    65       55,873  

2.15%, 07/15/30 (Call 04/15/30)

    99       80,763  

2.63%, 11/18/24 (Call 10/18/24)

    207       199,447  

2.90%, 11/18/26 (Call 09/18/26)

    74       69,086  

2.95%, 09/15/51 (Call 03/15/51)

    79       53,318  

3.00%, 07/15/50 (Call 01/15/50)

    85       58,291  

3.20%, 11/18/29 (Call 08/18/29)(c)

    126       112,842  

3.40%, 02/15/52 (Call 08/15/51)

    15       11,005  

ERP Operating LP

   

1.85%, 08/01/31 (Call 05/01/31)

    145       117,441  

2.50%, 02/15/30 (Call 11/15/29)

    47       40,908  

2.85%, 11/01/26 (Call 08/01/26)

    20       18,991  

3.00%, 07/01/29 (Call 04/01/29)

    135       122,230  

3.25%, 08/01/27 (Call 05/01/27)

    122       114,914  

3.38%, 06/01/25 (Call 03/01/25)

    25       24,353  

3.50%, 03/01/28 (Call 12/01/27)(c)

    142       133,815  

4.50%, 06/01/45 (Call 12/01/44)

    15       13,775  

Federal Realty Investment Trust

   

1.25%, 02/15/26 (Call 01/15/26)(c)

    20       17,974  

3.20%, 06/15/29 (Call 03/15/29)

    85       75,933  

3.50%, 06/01/30 (Call 03/01/30)

    96       85,976  

3.95%, 01/15/24 (Call 10/15/23)

    85       84,592  

Federal Realty OP LP

   

3.25%, 07/15/27 (Call 04/15/27)

    15       14,134  

4.50%, 12/01/44 (Call 06/01/44)

    20       17,529  

Goodman U.S. Finance Three LLC, 3.70%, 03/15/28 (Call 12/15/27)(b)

    35       33,124  

HAT Holdings I LLC/HAT Holdings II LLC

   

3.38%, 06/15/26 (Call 03/15/26)(b)

    80       69,486  

3.75%, 09/15/30(b)

    30       24,121  

6.00%, 04/15/25 (Call 10/03/22)(b)(c)

    25       24,279  

Healthpeak Properties Inc.

   

1.35%, 02/01/27 (Call 01/01/27)

    25       21,943  

2.88%, 01/15/31 (Call 10/15/30)

    56       48,345  

3.00%, 01/15/30 (Call 10/15/29)

    75       66,359  

3.25%, 07/15/26 (Call 05/15/26)

    40       38,402  

4.00%, 06/01/25 (Call 03/01/25)

    25       24,708  

6.75%, 02/01/41 (Call 08/01/40)

    54       59,997  

Host Hotels & Resorts LP

   

3.88%, 04/01/24 (Call 02/01/24)

    45       44,397  

Series E, 4.00%, 06/15/25 (Call 03/15/25)

        160           155,416  

Series F, 4.50%, 02/01/26 (Call 11/01/25)(c)

    87       85,056  

Series H, 3.38%, 12/15/29 (Call 09/15/29)

    92       78,426  

Series I, 3.50%, 09/15/30 (Call 06/15/30)

    27       22,823  

Series J, 2.90%, 12/15/31 (Call 09/15/31)

    10       7,789  

Hudson Pacific Properties LP

   

3.25%, 01/15/30 (Call 10/15/29)

    20       16,921  

4.65%, 04/01/29 (Call 01/01/29)

    30       28,193  

Iron Mountain Inc.

   

4.50%, 02/15/31 (Call 02/15/26)(b)

    80       66,658  

4.88%, 09/15/27 (Call 09/15/22)(b)

    82       75,243  

4.88%, 09/15/29 (Call 09/15/24)(b)

    70       60,747  

 

 

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

  39


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

5.00%, 07/15/28 (Call 07/15/23)(b)

  $ 40     $ 36,514  

5.25%, 03/15/28 (Call 12/27/22)(b)(c)

    60       55,405  

5.25%, 07/15/30 (Call 07/15/25)(b)

    100       88,501  

5.63%, 07/15/32 (Call 07/15/26)(b)

    50       43,958  

Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(b)

    65       54,219  

iStar Inc.

   

4.25%, 08/01/25 (Call 05/01/25)(c)

    40       39,911  

4.75%, 10/01/24 (Call 07/01/24)

    65       65,042  

5.50%, 02/15/26 (Call 10/03/22)(c)

    45       45,893  

Kilroy Realty LP

   

2.50%, 11/15/32 (Call 08/15/32)(c)

    40       30,996  

2.65%, 11/15/33 (Call 08/15/33)

    15       11,380  

3.05%, 02/15/30 (Call 11/15/29)

    10       8,465  

3.45%, 12/15/24 (Call 09/15/24)

    10       9,773  

4.25%, 08/15/29 (Call 05/15/29)

    35       32,524  

4.38%, 10/01/25 (Call 07/01/25)

    35       34,489  

4.75%, 12/15/28 (Call 09/15/28)

    30       28,840  

Kimco Realty Corp.

   

1.90%, 03/01/28 (Call 01/01/28)

    20       17,164  

2.70%, 10/01/30 (Call 07/01/30)

    75       63,713  

2.80%, 10/01/26 (Call 07/01/26)

    19       17,824  

3.70%, 10/01/49 (Call 04/01/49)

    48       36,854  

3.80%, 04/01/27 (Call 01/01/27)

    25       23,988  

4.13%, 12/01/46 (Call 06/01/46)

    30       24,693  

4.25%, 04/01/45 (Call 10/01/44)

    25       20,675  

4.45%, 09/01/47 (Call 03/01/47)

    77       66,587  

Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)

    50       38,065  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

   

4.88%, 05/15/29 (Call 05/15/24)(b)

    50       44,060  

5.88%, 10/01/28 (Call 10/01/23)(b)

    50       45,961  

Physicians Realty LP

   

2.63%, 11/01/31 (Call 08/01/31)

    20       16,145  

3.95%, 01/15/28 (Call 10/15/27)

    10       9,437  

4.30%, 03/15/27 (Call 12/15/26)

    20       19,415  

Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)

    5       4,121  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)

    35       28,002  

1.63%, 03/15/31 (Call 12/15/30)(c)

    80       65,271  

2.13%, 04/15/27 (Call 02/15/27)

    51       46,979  

2.13%, 10/15/50 (Call 04/15/50)

    62       39,350  

2.25%, 04/15/30 (Call 01/15/30)

    74       64,148  

3.00%, 04/15/50 (Call 10/15/49)

    27       20,226  

3.25%, 10/01/26 (Call 07/01/26)

    40       38,479  

3.88%, 09/15/28 (Call 06/15/28)

        120           116,303  

4.38%, 09/15/48 (Call 03/15/48)

    35       32,702  

Realty Income Corp.

   

0.75%, 03/15/26 (Call 02/15/26)

    10       8,800  

2.20%, 06/15/28 (Call 04/15/28)

    45       39,503  

3.00%, 01/15/27 (Call 10/15/26)

    30       28,259  

3.10%, 12/15/29 (Call 09/15/29)

    95       86,377  

3.25%, 01/15/31 (Call 10/15/30)

    102       91,578  

3.65%, 01/15/28 (Call 10/15/27)

    40       38,348  

3.88%, 04/15/25 (Call 02/15/25)

    10       9,915  

3.95%, 08/15/27 (Call 05/15/27)

    25       24,452  

4.65%, 03/15/47 (Call 09/15/46)

    75       72,083  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Regency Centers LP

   

2.95%, 09/15/29 (Call 06/15/29)

  $ 65     $ 56,659  

3.60%, 02/01/27 (Call 11/01/26)

    80       76,558  

3.70%, 06/15/30 (Call 03/15/30)

    30       27,191  

4.40%, 02/01/47 (Call 08/01/46)

    20       17,275  

4.65%, 03/15/49 (Call 09/15/48)

    35       31,164  

RHP Hotel Properties LP/RHP Finance Corp.

   

4.50%, 02/15/29 (Call 02/15/24)(b)(c)

    50       43,541  

4.75%, 10/15/27 (Call 10/15/22)

    50       45,458  

SBA Communications Corp.

   

3.13%, 02/01/29 (Call 02/01/24)

    125       102,969  

3.88%, 02/15/27 (Call 02/15/23)

    115       105,123  

Scentre Group Trust 1/Scentre Group Trust 2

   

3.25%, 10/28/25 (Call 07/30/25)(b)

    40       37,910  

3.50%, 02/12/25 (Call 11/14/24)(b)

    90       87,250  

3.63%, 01/28/26 (Call 12/28/25)(b)

    75       71,791  

4.38%, 05/28/30 (Call 02/28/30)(b)(c)

    60       56,809  

Scentre Group Trust 2

   

4.75%, 09/24/80 (Call 06/24/26)(a)(b)

    235       217,962  

5.13%, 09/24/80 (Call 06/24/30)(a)(b)

    25       21,686  

Starwood Property Trust Inc.

   

3.63%, 07/15/26 (Call 01/15/26)(b)(c)

    35       31,064  

3.75%, 12/31/24 (Call 09/30/24)(b)

    55       51,154  

4.38%, 01/15/27 (Call 07/15/26)(b)

    40       35,636  

4.75%, 03/15/25 (Call 09/15/24)

    40       38,138  

5.50%, 11/01/23 (Call 08/01/23)(b)(c)

    20       19,916  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC

   

6.00%, 01/15/30 (Call 01/15/25)(b)

    55       38,996  

7.88%, 02/15/25 (Call 10/03/22)(b)

    175       173,376  

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC

   

4.75%, 04/15/28 (Call 04/15/24)(b)

    45       37,852  

6.50%, 02/15/29 (Call 02/15/24)(b)

    85       64,728  

Ventas Realty LP

   

2.50%, 09/01/31 (Call 06/01/31)

    40       32,690  

2.65%, 01/15/25 (Call 12/15/24)

    138       132,088  

3.00%, 01/15/30 (Call 10/15/29)

    50       43,570  

3.25%, 10/15/26 (Call 07/15/26)

    60       56,638  

3.50%, 04/15/24 (Call 03/15/24)

    35       34,513  

3.50%, 02/01/25 (Call 11/01/24)

    32       31,206  

3.75%, 05/01/24 (Call 02/01/24)

    19       18,794  

3.85%, 04/01/27 (Call 01/01/27)

    42       40,290  

4.00%, 03/01/28 (Call 12/01/27)

    27       25,725  

4.13%, 01/15/26 (Call 10/15/25)

    60       58,828  

4.38%, 02/01/45 (Call 08/01/44)

    50       42,136  

4.40%, 01/15/29 (Call 10/15/28)

    27       26,026  

4.75%, 11/15/30 (Call 08/15/30)

    62       60,100  

4.88%, 04/15/49 (Call 10/15/48)

    32       29,610  

5.70%, 09/30/43 (Call 03/30/43)

    25       25,062  

VICI Properties LP

   

4.38%, 05/15/25

    30       29,352  

4.75%, 02/15/28 (Call 01/15/28)

        200           192,190  

5.13%, 05/15/32 (Call 02/15/32)

    5       4,765  

VICI Properties LP/VICI Note Co. Inc.

   

3.50%, 02/15/25 (Call 10/03/22)(b)

    55       51,893  

3.75%, 02/15/27 (Call 02/15/23)(b)

    120       108,798  

4.13%, 08/15/30 (Call 02/15/25)(b)

    140       123,008  

4.25%, 12/01/26 (Call 12/01/22)(b)

    110       102,881  

4.63%, 12/01/29 (Call 12/01/24)(b)

    115       106,217  

5.63%, 05/01/24 (Call 02/01/24)(b)

    45       45,065  

 

 

40  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

WEA Finance LLC

   

2.88%, 01/15/27 (Call 11/15/26)(b)

  $     130     $ 115,016  

3.50%, 06/15/29 (Call 03/15/29)(b)

    105       91,306  

4.13%, 09/20/28 (Call 06/20/28)(b)

    40       36,380  

4.63%, 09/20/48 (Call 03/20/48)(b)

    75       58,077  

WEA Finance LLC/Westfield UK & Europe Finance PLC

   

3.75%, 09/17/24 (Call 06/17/24)(b)

    85       81,443  

4.75%, 09/17/44 (Call 03/17/44)(b)

    10       7,673  

Welltower Inc.

   

2.05%, 01/15/29 (Call 11/15/28)

    111       93,667  

2.70%, 02/15/27 (Call 12/15/26)

    80       74,237  

2.75%, 01/15/31 (Call 10/15/30)

    75       63,021  

2.75%, 01/15/32 (Call 10/15/31)

    25       20,682  

2.80%, 06/01/31 (Call 03/01/31)

    25       21,128  

3.63%, 03/15/24 (Call 02/15/24)

    300       297,396  

4.00%, 06/01/25 (Call 03/01/25)

    165       163,043  

4.13%, 03/15/29 (Call 12/15/28)

    50       47,482  

4.25%, 04/01/26 (Call 01/01/26)

    150       148,570  

4.25%, 04/15/28 (Call 01/15/28)

    20       19,456  

4.50%, 01/15/24 (Call 10/15/23)

    40       40,106  

4.95%, 09/01/48 (Call 03/01/48)

    30       28,256  

6.50%, 03/15/41 (Call 09/15/40)

    60       65,600  

WP Carey Inc.

   

2.25%, 04/01/33 (Call 01/01/33)

    105       79,906  

2.40%, 02/01/31 (Call 11/01/30)

    30       24,402  

3.85%, 07/15/29 (Call 04/15/29)

    10       9,271  

4.00%, 02/01/25 (Call 11/01/24)

    20       19,784  

4.25%, 10/01/26 (Call 07/01/26)

    90       87,865  

4.60%, 04/01/24 (Call 01/01/24)

    40       40,220  

XHR LP

   

4.88%, 06/01/29 (Call 06/01/24)(b)

    45       39,498  

6.38%, 08/15/25 (Call 09/12/22)(b)

    35       34,047  
   

 

 

 
          15,389,065  
Retail — 1.1%            

Advance Auto Parts Inc.

   

1.75%, 10/01/27 (Call 08/01/27)

    112       95,483  

3.50%, 03/15/32 (Call 12/15/31)

    15       12,743  

3.90%, 04/15/30 (Call 01/15/30)

    67       60,575  

Asbury Automotive Group Inc.

   

4.50%, 03/01/28 (Call 03/01/23)

    30       26,794  

4.63%, 11/15/29 (Call 11/15/24)(b)

    62       53,180  

4.75%, 03/01/30 (Call 03/01/25)

    30       25,601  

5.00%, 02/15/32 (Call 11/15/26)(b)

    50       41,772  

AutoNation Inc.

   

2.40%, 08/01/31 (Call 05/01/31)

    75       57,522  

3.50%, 11/15/24 (Call 09/15/24)

    72       70,259  

3.80%, 11/15/27 (Call 08/15/27)

    35       32,210  

4.50%, 10/01/25 (Call 07/01/25)

    15       14,928  

4.75%, 06/01/30 (Call 03/01/30)

    129       120,828  

Beacon Roofing Supply Inc.

   

4.13%, 05/15/29 (Call 05/15/24)(b)

    25       21,116  

4.50%, 11/15/26 (Call 11/15/22)(b)

    25       23,596  

Best Buy Co. Inc.

   

1.95%, 10/01/30 (Call 07/01/30)

    104       83,224  

4.45%, 10/01/28 (Call 07/01/28)

    45       44,165  

Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(b)

    40       38,726  

Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 11/01/22)(b)

    41       41,401  

Dollar General Corp.

   

3.50%, 04/03/30 (Call 01/03/30)

    30       27,672  

3.88%, 04/15/27 (Call 01/15/27)

    40       39,285  
Security   Par
(000)
    Value  
Retail (continued)            

4.13%, 05/01/28 (Call 02/01/28)

  $ 35     $ 34,429  

4.13%, 04/03/50 (Call 10/03/49)

    95       80,013  

4.15%, 11/01/25 (Call 08/01/25)

    10       9,959  

Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51)

    30       21,265  

Falabella SA, 3.75%, 10/30/27 (Call 07/30/27)(d)

        200           189,228  

Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)(b)

    30       24,495  

Gap Inc. (The)

   

3.63%, 10/01/29 (Call 10/01/24)(b)

    50       34,787  

3.88%, 10/01/31 (Call 10/01/26)(b)

    60       41,653  

Genuine Parts Co.

   

1.75%, 02/01/25 (Call 02/01/23)

    5       4,703  

1.88%, 11/01/30 (Call 08/01/30)

    25       19,772  

Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)(b)

    62       52,987  

GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)(b)

    25       21,222  

Home Depot Inc. (The)

   

0.90%, 03/15/28 (Call 01/15/28)

    135       114,927  

1.38%, 03/15/31 (Call 12/15/30)

    85       68,195  

1.50%, 09/15/28 (Call 07/15/28)

    50       43,485  

1.88%, 09/15/31 (Call 06/15/31)

    10       8,263  

2.13%, 09/15/26 (Call 06/15/26)

    60       56,237  

2.38%, 03/15/51 (Call 09/15/50)

    70       46,269  

2.50%, 04/15/27 (Call 02/15/27)

    271       255,805  

2.70%, 04/15/30 (Call 01/15/30)

    104       93,753  

2.75%, 09/15/51 (Call 03/15/51)

    40       28,550  

2.80%, 09/14/27 (Call 06/14/27)

    112       106,399  

2.95%, 06/15/29 (Call 03/15/29)(c)

    145       134,846  

3.00%, 04/01/26 (Call 01/01/26)

    43       41,813  

3.13%, 12/15/49 (Call 06/15/49)

    117       89,599  

3.30%, 04/15/40 (Call 10/15/39)

    175       146,954  

3.35%, 09/15/25 (Call 06/15/25)

    25       24,747  

3.35%, 04/15/50 (Call 10/15/49)

    112       89,204  

3.50%, 09/15/56 (Call 03/15/56)

    45       35,984  

3.63%, 04/15/52 (Call 10/15/51)

    10       8,383  

3.75%, 02/15/24 (Call 11/15/23)

    44       44,076  

3.90%, 12/06/28 (Call 09/06/28)

    85       84,227  

3.90%, 06/15/47 (Call 12/15/46)

    110       97,219  

4.20%, 04/01/43 (Call 10/01/42)

    10       9,198  

4.25%, 04/01/46 (Call 10/01/45)

    200       185,214  

4.40%, 03/15/45 (Call 09/15/44)

    67       63,278  

4.50%, 12/06/48 (Call 06/06/48)

    130       125,294  

4.88%, 02/15/44 (Call 08/15/43)

    131       131,149  

5.40%, 09/15/40 (Call 03/15/40)

    114       121,697  

5.88%, 12/16/36

    214       240,444  

5.95%, 04/01/41 (Call 10/01/40)

    82       92,740  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 10/03/22)(b)

    55       52,837  

Kohl’s Corp.

   

3.38%, 05/01/31 (Call 02/01/31)(c)

    61       43,836  

5.55%, 07/17/45 (Call 01/17/45)

    40       28,076  

Lithia Motors Inc.

   

3.88%, 06/01/29 (Call 06/01/24)(b)

    70       59,185  

4.38%, 01/15/31 (Call 10/15/25)(b)

    45       39,379  

4.63%, 12/15/27 (Call 12/15/22)(b)

    30       27,784  

Lowe’s Companies Inc.

   

1.70%, 09/15/28 (Call 07/15/28)

    125       107,334  

1.70%, 10/15/30 (Call 07/15/30)

    200       160,374  

2.63%, 04/01/31 (Call 01/01/31)

    100       85,752  

3.00%, 10/15/50 (Call 04/15/50)

    170       116,605  

3.10%, 05/03/27 (Call 02/03/27)

    115       109,378  

3.13%, 09/15/24 (Call 06/15/24)

    50       49,213  

 

 

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

  41


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Retail (continued)            

3.50%, 04/01/51 (Call 10/01/50)

  $ 75     $ 56,758  

3.65%, 04/05/29 (Call 01/05/29)

    100       94,613  

3.70%, 04/15/46 (Call 10/15/45)

    215       170,385  

3.75%, 04/01/32 (Call 01/01/32)

    200       184,958  

4.00%, 04/15/25 (Call 03/15/25)

        300           299,922  

4.05%, 05/03/47 (Call 11/03/46)

    175       145,500  

4.50%, 04/15/30 (Call 01/15/30)

    50       49,501  

4.65%, 04/15/42 (Call 10/15/41)

    70       64,241  

5.00%, 04/15/40 (Call 10/15/39)

    30       28,997  

5.13%, 04/15/50 (Call 10/15/49)

    100       97,436  

5.50%, 10/15/35

    56       57,472  

Macy’s Retail Holdings LLC

   

4.30%, 02/15/43 (Call 08/15/42)

    20       12,169  

4.50%, 12/15/34 (Call 06/15/34)

    30       20,987  

5.13%, 01/15/42 (Call 07/15/41)

    20       13,689  

5.88%, 04/01/29 (Call 04/01/24)(b)(c)

    45       38,932  

5.88%, 03/15/30 (Call 03/15/25)(b)

    35       29,917  

6.13%, 03/15/32 (Call 03/15/27)(b)(c)

    35       29,443  

6.38%, 03/15/37

    15       11,905  

6.70%, 07/15/34(b)

    15       13,040  

Marks & Spencer PLC, 7.13%, 12/01/37(b)

    25       23,762  

Nordstrom Inc.

   

2.30%, 04/08/24 (Call 09/16/22)

    20       18,864  

4.00%, 03/15/27 (Call 12/15/26)(c)

    30       26,293  

4.25%, 08/01/31 (Call 05/01/31)

    30       21,976  

4.38%, 04/01/30 (Call 01/01/30)(c)

    45       34,648  

5.00%, 01/15/44 (Call 07/15/43)

    70       47,230  

6.95%, 03/15/28(c)

    30       28,922  

Rite Aid Corp.

   

7.50%, 07/01/25 (Call 10/03/22)(b)

    30       25,636  

8.00%, 11/15/26 (Call 01/15/23)(b)(c)

    60       48,982  

Ross Stores Inc.

   

0.88%, 04/15/26 (Call 03/15/26)

    115       101,544  

4.60%, 04/15/25 (Call 03/15/25)

    30       30,160  

Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 10/03/22)

    55       53,459  

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)(c)

    60       55,816  

2.25%, 04/15/25 (Call 03/15/25)

    25       24,019  

2.35%, 02/15/30 (Call 11/15/29)

    30       26,413  

2.50%, 04/15/26

    15       14,389  

2.65%, 09/15/30 (Call 06/15/30)

    220       196,295  

3.38%, 04/15/29 (Call 01/15/29)

    15       14,409  

3.50%, 07/01/24

    5       4,990  

3.63%, 04/15/46

    155       132,136  

3.90%, 11/15/47 (Call 05/15/47)

    65       57,767  

4.00%, 07/01/42

    5       4,617  

6.50%, 10/15/37

    135       157,963  

TJX Companies Inc. (The)

   

1.15%, 05/15/28 (Call 03/15/28)

    5       4,263  

1.60%, 05/15/31 (Call 02/15/31)

    140       112,496  

2.25%, 09/15/26 (Call 06/15/26)

    100       94,213  

3.88%, 04/15/30 (Call 01/15/30)

    68       66,104  

4.50%, 04/15/50 (Call 10/15/49)

    40       39,644  

Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)

    5       3,952  

Walgreens Boots Alliance Inc.

   

0.95%, 11/17/23 (Call 10/03/22)

    45       43,420  

3.20%, 04/15/30 (Call 01/15/30)

    40       35,670  

3.45%, 06/01/26 (Call 03/01/26)

    140       135,590  

3.80%, 11/18/24 (Call 08/18/24)

    60       59,597  
Security   Par
(000)
    Value  
Retail (continued)            

4.10%, 04/15/50 (Call 10/15/49)

  $ 70     $ 55,471  

4.50%, 11/18/34 (Call 05/18/34)

    12       11,054  

4.65%, 06/01/46 (Call 12/01/45)

    85       72,842  

4.80%, 11/18/44 (Call 05/18/44)

    25       22,068  

Yum! Brands Inc.

   

3.63%, 03/15/31 (Call 12/15/30)

    87       73,235  

3.88%, 11/01/23 (Call 08/01/23)

    15       14,896  

4.63%, 01/31/32 (Call 10/01/26)(c)

    80       70,683  

4.75%, 01/15/30 (Call 10/15/29)(b)

    45       41,021  

5.35%, 11/01/43 (Call 05/01/43)

    20       17,261  

5.38%, 04/01/32 (Call 04/01/27)(c)

    70       64,484  

6.88%, 11/15/37

    20       21,194  
   

 

 

 
          8,562,608  
Savings & Loans — 0.1%            

Nationwide Building Society

   

0.55%, 01/22/24(b)

        140       132,835  

1.00%, 08/28/25(b)

    83       74,665  

3.90%, 07/21/25(b)

    260       255,323  

3.96%, 07/18/30 (Call 07/18/29), (3 mo. LIBOR US + 1.855%)(a)(b)

    20       18,425  

4.00%, 09/14/26(b)

    15       14,180  

4.30%, 03/08/29 (Call 03/08/28), (3 mo. LIBOR US + 1.452%)(a)(b)

    290       272,696  
   

 

 

 
      768,124  
Semiconductors — 1.1%            

ams-OSRAM AG, 7.00%, 07/31/25
(Call 10/03/22)(b)(c)

    50       47,485  

Analog Devices Inc.

   

1.70%, 10/01/28 (Call 08/01/28)

    25       21,906  

2.10%, 10/01/31 (Call 07/01/31)

    40       33,966  

2.80%, 10/01/41 (Call 04/01/41)(c)

    55       42,929  

2.95%, 04/01/25 (Call 03/01/25)(c)

    82       80,147  

2.95%, 10/01/51 (Call 04/01/51)

    110       83,135  

3.50%, 12/05/26 (Call 09/05/26)

    45       44,204  

Applied Materials Inc.

   

1.75%, 06/01/30 (Call 03/01/30)

    92       77,246  

2.75%, 06/01/50 (Call 12/01/49)

    94       70,000  

3.30%, 04/01/27 (Call 01/01/27)

    62       60,649  

3.90%, 10/01/25 (Call 07/01/25)

    174       174,362  

4.35%, 04/01/47 (Call 10/01/46)

    32       30,861  

5.10%, 10/01/35 (Call 04/01/35)

    69       72,676  

5.85%, 06/15/41

    69       78,917  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)

    10       9,615  

Broadcom Inc.

   

2.45%, 02/15/31 (Call 11/15/30)(b)

    500       398,995  

2.60%, 02/15/33 (Call 11/15/32)(b)

    10       7,692  

3.14%, 11/15/35 (Call 08/15/35)(b)

    400       303,252  

3.19%, 11/15/36 (Call 08/15/36)(b)

    205       152,085  

3.42%, 04/15/33 (Call 01/15/33)(b)

    210       173,197  

3.47%, 04/15/34 (Call 01/15/34)(b)

    400       324,144  

3.50%, 02/15/41 (Call 08/15/40)(b)

    305       229,360  

4.00%, 04/15/29 (Call 02/15/29)(b)

    10       9,270  

4.15%, 04/15/32 (Call 01/15/32)(b)

    10       8,955  

4.30%, 11/15/32 (Call 08/15/32)

    200       180,388  

4.93%, 05/15/37 (Call 02/15/37)(b)

    210       187,366  

Entegris Escrow Corp.

   

4.75%, 04/15/29 (Call 01/15/29)(b)

    30       27,608  

5.95%, 06/15/30 (Call 06/15/25)(b)

    25       23,728  

 

 

42  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Semiconductors (continued)            

Entegris Inc.

   

3.63%, 05/01/29 (Call 05/01/24)(b)

  $ 30     $ 25,280  

4.38%, 04/15/28 (Call 04/15/23)(b)

    30       26,499  

KLA Corp.

   

4.65%, 07/15/32 (Call 04/15/32)

        200           203,444  

4.95%, 07/15/52 (Call 01/15/52)

    100       100,657  

5.25%, 07/15/62 (Call 01/15/62)

    50       50,957  

Lam Research Corp.

   

1.90%, 06/15/30 (Call 03/15/30)

    87       73,107  

2.88%, 06/15/50 (Call 12/15/49)

    84       61,692  

3.13%, 06/15/60 (Call 12/15/59)

    84       61,671  

3.75%, 03/15/26 (Call 01/15/26)

    58       57,794  

3.80%, 03/15/25 (Call 12/15/24)

    22       21,899  

4.00%, 03/15/29 (Call 12/15/28)

    78       76,648  

4.88%, 03/15/49 (Call 09/15/48)

    87       89,078  

Marvell Technology Inc.

   

1.65%, 04/15/26 (Call 03/15/26)

    111       99,874  

2.45%, 04/15/28 (Call 02/15/28)

    12       10,422  

2.95%, 04/15/31 (Call 01/15/31)

    77       63,410  

4.88%, 06/22/28 (Call 03/22/28)

    61       59,843  

Microchip Technology Inc.

   

0.98%, 09/01/24

    60       55,957  

4.25%, 09/01/25 (Call 10/03/22)

    25       24,833  

Micron Technology Inc.

   

3.37%, 11/01/41 (Call 05/01/41)

    35       24,710  

3.48%, 11/01/51 (Call 05/01/51)

    50       33,276  

4.19%, 02/15/27 (Call 12/15/26)

    62       60,401  

4.66%, 02/15/30 (Call 11/15/29)

    104       97,885  

4.98%, 02/06/26 (Call 12/06/25)

    75       75,107  

5.33%, 02/06/29 (Call 11/06/28)

    66       65,125  

NVIDIA Corp.

   

0.58%, 06/14/24 (Call 06/14/23)

    10       9,481  

1.55%, 06/15/28 (Call 04/15/28)

    207       180,398  

2.00%, 06/15/31 (Call 03/15/31)

    217       183,252  

2.85%, 04/01/30 (Call 01/01/30)

    81       73,185  

3.20%, 09/16/26 (Call 06/16/26)

    71       69,892  

3.50%, 04/01/40 (Call 10/01/39)

    74       63,689  

3.50%, 04/01/50 (Call 10/01/49)

    131       109,082  

3.70%, 04/01/60 (Call 10/01/59)

    42       34,308  

NXP BV/NXP Funding LLC

   

4.88%, 03/01/24 (Call 02/01/24)

    95       95,465  

5.35%, 03/01/26 (Call 01/01/26)

    40       40,697  

5.55%, 12/01/28 (Call 09/01/28)

    89       90,697  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.50%, 05/11/31 (Call 02/11/31)

    132       106,557  

2.65%, 02/15/32 (Call 11/15/31)

    40       32,300  

2.70%, 05/01/25 (Call 04/01/25)

    72       68,351  

3.13%, 02/15/42 (Call 08/15/41)

    25       17,857  

3.15%, 05/01/27 (Call 03/01/27)

    87       81,027  

3.25%, 05/11/41 (Call 11/11/40)

    45       32,564  

3.25%, 11/30/51 (Call 05/30/51)

    100       67,916  

3.40%, 05/01/30 (Call 02/01/30)

    79       69,935  

3.88%, 06/18/26 (Call 04/18/26)

    15       14,510  

4.30%, 06/18/29 (Call 03/18/29)

    100       94,462  

4.40%, 06/01/27 (Call 05/01/27)

    10       9,702  

ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)(b)

    55       49,042  

Qorvo Inc.

   

1.75%, 12/15/24 (Call 12/15/22)(b)

    5       4,672  

3.38%, 04/01/31 (Call 04/01/26)(b)

    105       84,153  

4.38%, 10/15/29 (Call 10/15/24)

    60       53,411  
Security   Par
(000)
    Value  
Semiconductors (continued)            

QUALCOMM Inc.

   

1.65%, 05/20/32 (Call 02/20/32)

  $     200     $ 160,668  

3.25%, 05/20/50 (Call 11/20/49)

    5       4,067  

4.30%, 05/20/47 (Call 11/20/46)

    200       187,682  

4.50%, 05/20/52 (Call 11/20/51)

    50       48,422  

Renesas Electronics Corp.

   

1.54%, 11/26/24 (Call 10/26/24)(b)

    15       13,911  

2.17%, 11/25/26 (Call 10/25/26)(b)

    30       26,608  

SK Hynix Inc., 1.50%, 01/19/26(d)

    200           177,540  

Skyworks Solutions Inc.

   

1.80%, 06/01/26 (Call 05/01/26)

    202       179,950  

3.00%, 06/01/31 (Call 03/01/31)

    42       34,220  

Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)(b)

    25       21,397  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    10       9,074  

1.38%, 03/12/25 (Call 02/12/25)

    122       115,022  

1.75%, 05/04/30 (Call 02/04/30)

    98       83,415  

1.90%, 09/15/31 (Call 06/15/31)

    60       50,544  

2.25%, 09/04/29 (Call 06/04/29)

    65       57,936  

2.63%, 05/15/24 (Call 03/15/24)

    41       40,316  

2.70%, 09/15/51 (Call 03/15/51)

    90       67,276  

2.90%, 11/03/27 (Call 08/03/27)

    52       49,574  

3.88%, 03/15/39 (Call 09/15/38)

    77       72,001  

4.15%, 05/15/48 (Call 11/15/47)

    79       75,472  

TSMC Arizona Corp.

   

2.50%, 10/25/31 (Call 07/25/31)

    245       207,395  

3.13%, 10/25/41 (Call 04/25/41)

    220       179,681  

3.25%, 10/25/51 (Call 04/25/51)

    25       19,931  

TSMC Global Ltd.

   

1.00%, 09/28/27 (Call 07/28/27)(d)

    200       168,974  

1.38%, 09/28/30 (Call 06/28/30)(d)

    200       156,790  

1.75%, 04/23/28(d)

    200       172,698  

Xilinx Inc.

   

2.38%, 06/01/30 (Call 03/01/30)

    51       44,552  

2.95%, 06/01/24 (Call 04/01/24)

    151       149,478  
   

 

 

 
      8,784,906  
Software — 1.1%            

ACI Worldwide Inc., 5.75%, 08/15/26 (Call 10/03/22)(b)

    25       24,885  

Adobe Inc.

   

1.90%, 02/01/25 (Call 01/01/25)

    75       71,892  

2.15%, 02/01/27 (Call 12/01/26)

    100       93,619  

2.30%, 02/01/30 (Call 11/01/29)

    71       62,857  

3.25%, 02/01/25 (Call 11/01/24)

    117       115,824  

Autodesk Inc.

   

2.40%, 12/15/31 (Call 09/15/31)

    50       41,298  

2.85%, 01/15/30 (Call 10/15/29)

    80       70,960  

3.50%, 06/15/27 (Call 03/15/27)

    127       122,198  

4.38%, 06/15/25 (Call 03/15/25)

    27       27,170  

Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(b)

    65       56,998  

Broadridge Financial Solutions Inc.

   

2.60%, 05/01/31 (Call 02/01/31)

    25       21,037  

2.90%, 12/01/29 (Call 09/01/29)

    80       70,421  

3.40%, 06/27/26 (Call 03/27/26)

    35       33,835  

Camelot Finance SA, 4.50%, 11/01/26
(Call 11/01/22)(b)(c)

    45       41,836  

Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(b)

    50       47,911  

Citrix Systems Inc.

   

1.25%, 03/01/26 (Call 02/01/26)

    30       29,410  

3.30%, 03/01/30 (Call 12/01/29)

    53       52,040  

 

 

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

  43


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Software (continued)            

4.50%, 12/01/27 (Call 09/01/27)

  $ 56     $ 55,850  

Clarivate Science Holdings Corp.

   

3.88%, 07/01/28 (Call 06/30/24)(b)(c)

    65       55,778  

4.88%, 07/01/29 (Call 06/30/24)(b)

    65       53,801  

Consensus Cloud Solutions Inc.

   

6.00%, 10/15/26 (Call 10/15/23)(b)(c)

    20       18,152  

6.50%, 10/15/28 (Call 10/15/26)(b)

    40       35,653  

Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)(b)(c)

    45       38,091  

Electronic Arts Inc.

   

1.85%, 02/15/31 (Call 11/15/30)

    70       57,273  

2.95%, 02/15/51 (Call 08/15/50)

    75       54,670  

4.80%, 03/01/26 (Call 12/01/25)

    37       37,633  

Fair Isaac Corp.

   

4.00%, 06/15/28 (Call 12/15/22)(b)

    75       66,586  

5.25%, 05/15/26 (Call 02/15/26)(b)

    30       29,008  

Fidelity National Information Services Inc.

   

0.60%, 03/01/24

        300           284,403  

1.65%, 03/01/28 (Call 01/01/28)

    25       21,372  

2.25%, 03/01/31 (Call 12/01/30)

    160       130,014  

3.10%, 03/01/41 (Call 09/01/40)

    46       33,443  

4.50%, 08/15/46 (Call 02/15/46)

    50       43,320  

5.63%, 07/15/52 (Call 01/15/52)

    25       24,836  

Fiserv Inc.

   

2.25%, 06/01/27 (Call 04/01/27)(c)

    120       107,911  

2.65%, 06/01/30 (Call 03/01/30)

    54       46,168  

2.75%, 07/01/24 (Call 06/01/24)

    95       92,654  

3.20%, 07/01/26 (Call 05/01/26)

    184       175,118  

3.50%, 07/01/29 (Call 04/01/29)

    200       182,792  

3.80%, 10/01/23 (Call 09/01/23)

    177       176,665  

3.85%, 06/01/25 (Call 03/01/25)

    72       70,864  

4.20%, 10/01/28 (Call 07/01/28)

    15       14,547  

4.40%, 07/01/49 (Call 01/01/49)

    127       109,764  

Intuit Inc.

   

0.95%, 07/15/25 (Call 06/15/25)

    37       34,048  

1.35%, 07/15/27 (Call 05/15/27)

    127       111,597  

1.65%, 07/15/30 (Call 04/15/30)

    92       75,792  

Microsoft Corp.

   

2.40%, 08/08/26 (Call 05/08/26)

    510       487,305  

2.53%, 06/01/50 (Call 12/01/49)

    395       287,726  

2.68%, 06/01/60 (Call 12/01/59)

    320       227,638  

2.70%, 02/12/25 (Call 11/12/24)

    45       44,245  

2.88%, 02/06/24 (Call 12/06/23)

    30       29,700  

2.92%, 03/17/52 (Call 09/17/51)

    585       461,436  

3.04%, 03/17/62 (Call 09/17/61)

    180       137,785  

3.13%, 11/03/25 (Call 08/03/25)

    340       334,499  

3.30%, 02/06/27 (Call 11/06/26)

    600       590,106  

3.45%, 08/08/36 (Call 02/08/36)

    205       193,053  

3.50%, 02/12/35 (Call 08/12/34)

    116       111,028  

3.50%, 11/15/42

    35       31,328  

3.63%, 12/15/23 (Call 09/15/23)

    100       100,216  

3.70%, 08/08/46 (Call 02/08/46)

    220       202,572  

3.95%, 08/08/56 (Call 02/08/56)(c)

    100       93,330  

4.20%, 11/03/35 (Call 05/03/35)

    30       30,513  

4.50%, 02/06/57 (Call 08/06/56)

    5       5,170  

4.75%, 11/03/55 (Call 05/03/55)(c)

    0       265  

Open Text Corp.

   

3.88%, 02/15/28 (Call 02/15/23)(b)

    70       59,653  

3.88%, 12/01/29 (Call 12/01/24)(b)

    70       57,333  
Security   Par
(000)
     Value  
Software (continued)             

Open Text Holdings Inc.

    

4.13%, 02/15/30 (Call 02/15/25)(b)

  $ 70      $ 56,375  

4.13%, 12/01/31 (Call 12/01/26)(b)

    52        41,224  

PTC Inc.

    

3.63%, 02/15/25 (Call 10/03/22)(b)

    42        39,478  

4.00%, 02/15/28 (Call 02/15/23)(b)

    45        41,177  

Rackspace Technology Global Inc.

    

3.50%, 02/15/28 (Call 02/15/24)(b)(c)

    40        28,902  

5.38%, 12/01/28 (Call 12/01/23)(b)

    40        22,754  

Roper Technologies Inc.

    

1.00%, 09/15/25 (Call 08/15/25)

        110            99,539  

1.40%, 09/15/27 (Call 07/15/27)

    55        47,107  

1.75%, 02/15/31 (Call 11/15/30)

    121        94,977  

2.00%, 06/30/30 (Call 03/30/30)(c)

    60        48,871  

2.35%, 09/15/24 (Call 08/15/24)

    67        64,621  

2.95%, 09/15/29 (Call 06/15/29)

    55        48,475  

3.80%, 12/15/26 (Call 09/15/26)

    104        101,784  

3.85%, 12/15/25 (Call 09/15/25)

    62        60,865  

4.20%, 09/15/28 (Call 06/15/28)

    15        14,640  

salesforce.com Inc.

    

0.63%, 07/15/24 (Call 10/03/22)

    30        28,400  

1.50%, 07/15/28 (Call 05/15/28)

    145        127,161  

1.95%, 07/15/31 (Call 04/15/31)(c)

    205        172,985  

2.70%, 07/15/41 (Call 01/15/41)

    17        12,963  

2.90%, 07/15/51 (Call 01/15/51)

    195        144,214  

3.05%, 07/15/61 (Call 01/15/61)

    95        68,125  

3.70%, 04/11/28 (Call 01/11/28)

    75        74,180  

ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)

    115        90,307  

Twilio Inc.

    

3.63%, 03/15/29 (Call 03/15/24)

    35        29,226  

3.88%, 03/15/31 (Call 03/15/26)(c)

    40        32,326  

VMware Inc.

    

1.00%, 08/15/24 (Call 10/03/22)

    35        32,824  

1.40%, 08/15/26 (Call 07/15/26)

    25        22,059  

2.20%, 08/15/31 (Call 05/15/31)

    175        136,607  

3.90%, 08/21/27 (Call 05/21/27)

    107        102,160  

4.50%, 05/15/25 (Call 04/15/25)

    108        107,890  

4.65%, 05/15/27 (Call 03/15/27)

    102        101,164  

4.70%, 05/15/30 (Call 02/15/30)

    92        87,304  

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)(b)

    55        48,007  
    

 

 

 
       8,935,586  
Storage & Warehousing — 0.0%             

GLP China Holdings Ltd., 2.95%, 03/29/26(d)

    200        160,886  
    

 

 

 
Telecommunications — 1.9%             

Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(b)

    77        42,055  

Bell Canada, Series US-6, 3.20%, 02/15/52 (Call 08/15/51)

    100        72,993  

Bell Telephone Co. of Canada or Bell Canada (The)

    

4.30%, 07/29/49 (Call 01/29/49)

    67        59,296  

4.46%, 04/01/48 (Call 10/01/47)

    59        54,049  

Series US-3, 0.75%, 03/17/24

    125        118,794  

Series US-4, 3.65%, 03/17/51 (Call 09/17/50)

    90        70,705  

Bharti Airtel Ltd., 4.38%, 06/10/25(d)

    200        197,264  

Ciena Corp., 4.00%, 01/31/30
(Call 01/31/25)(b)

    30        26,003  

Cisco Systems Inc.

    

2.50%, 09/20/26 (Call 06/20/26)

    207        198,728  

2.95%, 02/28/26

    72        70,470  

3.50%, 06/15/25

    32        31,943  

3.63%, 03/04/24

    96        96,071  

 

 

44  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Telecommunications (continued)             

5.50%, 01/15/40

  $     195      $     212,628  

5.90%, 02/15/39

    149        169,184  

CommScope Inc.

    

4.75%, 09/01/29 (Call 09/01/24)(b)

    85        72,243  

6.00%, 03/01/26 (Call 10/03/22)(b)

    120        113,484  

7.13%, 07/01/28 (Call 07/01/23)(b)(c)

    55        45,225  

8.25%, 03/01/27 (Call 10/03/22)(b)(c)

    70        59,996  

CommScope Technologies LLC

    

5.00%, 03/15/27 (Call 09/12/22)(b)(c)

    55        43,438  

6.00%, 06/15/25 (Call 09/12/22)(b)

    99        89,920  

Consolidated Communications Inc.

    

5.00%, 10/01/28 (Call 10/01/23)(b)

    30        23,209  

6.50%, 10/01/28 (Call 10/01/23)(b)

    55        44,815  

Corning Inc.

    

3.90%, 11/15/49 (Call 05/15/49)

    62        48,235  

4.38%, 11/15/57 (Call 05/15/57)

    27        22,189  

4.70%, 03/15/37

    14        13,193  

4.75%, 03/15/42

    30        27,843  

5.35%, 11/15/48 (Call 05/15/48)

    31        30,544  

5.45%, 11/15/79 (Call 05/19/79)

    89        81,718  

5.75%, 08/15/40

    6        6,211  

5.85%, 11/15/68 (Call 05/15/68)

    52        49,982  

Embarq Corp., 8.00%, 06/01/36

    110        85,120  

Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26 (Call 05/03/26)(d)

    200        197,020  

HKT Capital No. 5 Ltd., 3.25%, 09/30/29(d)

    200        182,064  

Juniper Networks Inc.

    

1.20%, 12/10/25 (Call 11/10/25)

    47        42,073  

2.00%, 12/10/30 (Call 09/10/30)

    22        17,134  

3.75%, 08/15/29 (Call 05/15/29)

    35        31,805  

5.95%, 03/15/41

    45        43,188  

Level 3 Financing Inc.

    

3.63%, 01/15/29 (Call 01/15/24)(b)

    50        40,165  

3.75%, 07/15/29 (Call 01/15/24)(b)

    65        52,309  

3.88%, 11/15/29 (Call 08/15/29)(b)

    60        51,149  

4.25%, 07/01/28 (Call 07/01/23)(b)

    90        74,872  

4.63%, 09/15/27 (Call 10/03/22)(b)

    75        66,209  

5.25%, 03/15/26 (Call 09/28/22)(c)

    70        71,194  

Lumen Technologies Inc.

    

4.00%, 02/15/27 (Call 02/15/23)(b)

    105        91,299  

4.50%, 01/15/29 (Call 01/15/24)(b)

    70        52,250  

5.13%, 12/15/26 (Call 12/15/22)(b)(c)

    105        90,777  

5.38%, 06/15/29 (Call 06/15/24)(b)

    75        58,526  

5.63%, 04/01/25 (Call 01/01/25)

    40        38,848  

Series G, 6.88%, 01/15/28(c)

    30        27,242  

Series P, 7.60%, 09/15/39

    40        31,496  

Series U, 7.65%, 03/15/42(c)

    40        31,164  

Series W, 6.75%, 12/01/23

    50        50,587  

Series Y, 7.50%, 04/01/24 (Call 01/01/24)

    85        86,737  

Maxar Technologies Inc., 7.54%, 12/31/27 (Call 06/25/24)(b)

    15        14,131  

Motorola Solutions Inc.

    

2.30%, 11/15/30 (Call 08/15/30)

    82        65,229  

4.00%, 09/01/24

    12        11,907  

4.60%, 02/23/28 (Call 11/23/27)

    89        87,564  

4.60%, 05/23/29 (Call 02/23/29)

    62        59,739  

5.50%, 09/01/44

    54        50,591  

Nokia OYJ

    

4.38%, 06/12/27(c)

    35        33,200  

6.63%, 05/15/39

    40        40,424  
Security   Par
(000)
     Value  
Telecommunications (continued)             

NTT Finance Corp.

    

1.16%, 04/03/26 (Call 03/03/26)(b)

  $ 15      $ 13,465  

2.07%, 04/03/31 (Call 01/03/31)(b)

    360        302,299  

Ooredoo International Finance Ltd., 2.63%, 04/08/31(d)

        200            178,956  

Plantronics Inc., 4.75%, 03/01/29 (Call 03/01/24)(b)

    40        40,064  

Qwest Corp., 7.25%, 09/15/25

    30        31,256  

Rogers Communications Inc.

    

2.90%, 11/15/26 (Call 08/15/26)

    69        64,822  

3.63%, 12/15/25 (Call 09/15/25)

    122        118,007  

3.70%, 11/15/49 (Call 05/15/49)(c)

    135        102,646  

3.80%, 03/15/32 (Call 12/15/31)(b)

    215        195,730  

4.10%, 10/01/23 (Call 07/01/23)

    150        150,064  

4.30%, 02/15/48 (Call 08/15/47)

    79        65,616  

4.35%, 05/01/49 (Call 11/01/48)

    56        46,939  

4.50%, 03/15/42 (Call 09/15/41)(b)

    45        39,664  

4.50%, 03/15/43 (Call 09/15/42)

    60        51,718  

5.00%, 03/15/44 (Call 09/15/43)

    103        94,196  

5.45%, 10/01/43 (Call 04/01/43)

    80        78,053  

7.50%, 08/15/38

    57        68,255  

SES Global Americas Holdings Inc., 5.30%, 03/25/44(b)

    88        73,101  

SingTel Group Treasury Pte. Ltd.

    

1.88%, 06/10/30 (Call 03/10/30)(d)

    200        169,864  

2.38%, 08/28/29 (Call 05/28/29)(d)

    200        178,522  

Telecom Italia Capital SA

    

6.00%, 09/30/34

    75        60,668  

6.38%, 11/15/33

    75        62,861  

7.20%, 07/18/36

    75        64,003  

7.72%, 06/04/38

    75        64,739  

Telecom Italia SpA/Milano, 5.30%, 05/30/24(b)

    140        134,778  

Telefonica Emisiones SA

    

4.67%, 03/06/38

    35        30,265  

4.90%, 03/06/48

    80        66,502  

5.21%, 03/08/47

    205        176,880  

5.52%, 03/01/49 (Call 09/01/48)

    10        8,972  

7.05%, 06/20/36

    324        353,539  

Telefonica Europe BV, 8.25%, 09/15/30

    71        82,988  

TELUS Corp.

    

2.80%, 02/16/27 (Call 11/16/26)

    42        39,459  

3.40%, 05/13/32 (Call 02/13/32)

    55        48,897  

3.70%, 09/15/27 (Call 06/15/27)

    275        267,803  

4.30%, 06/15/49 (Call 12/15/48)

    49        43,603  

4.60%, 11/16/48 (Call 05/16/48)

    60        55,884  

U.S. Cellular Corp., 6.70%, 12/15/33

    45        43,691  

Verizon Communications Inc.

    

0.75%, 03/22/24

    123        117,396  

0.85%, 11/20/25 (Call 10/20/25)

    66        59,517  

1.45%, 03/20/26 (Call 02/20/26)

    5        4,560  

1.50%, 09/18/30 (Call 06/18/30)

    37        29,438  

1.68%, 10/30/30 (Call 07/30/30)

    200        159,018  

1.75%, 01/20/31 (Call 10/20/30)

    113        89,885  

2.10%, 03/22/28 (Call 01/22/28)

    204        180,442  

2.36%, 03/15/32 (Call 12/15/31)

    406        332,952  

2.55%, 03/21/31 (Call 12/21/30)

    197        166,615  

2.63%, 08/15/26

    140        132,007  

2.65%, 11/20/40 (Call 05/20/40)

    168        121,405  

2.85%, 09/03/41 (Call 03/03/41)

    155        114,922  

2.88%, 11/20/50 (Call 05/20/50)

    268        184,298  

2.99%, 10/30/56 (Call 04/30/56)

    290        195,306  

3.00%, 03/22/27 (Call 01/22/27)

    222        210,341  

3.00%, 11/20/60 (Call 05/20/60)

    152        101,326  

 

 

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

  45


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Telecommunications (continued)            

3.15%, 03/22/30 (Call 12/22/29)

  $     184     $ 165,158  

3.38%, 02/15/25

    40       39,476  

3.40%, 03/22/41 (Call 09/22/40)(c)

    302       243,252  

3.50%, 11/01/24 (Call 08/01/24)

    80       79,255  

3.55%, 03/22/51 (Call 09/22/50)

    339       266,403  

3.70%, 03/22/61 (Call 09/22/60)

    235       181,357  

3.85%, 11/01/42 (Call 05/01/42)

    117       98,117  

3.88%, 02/08/29 (Call 11/08/28)

    169       162,399  

3.88%, 03/01/52 (Call 09/01/51)(c)

    75       62,283  

4.00%, 03/22/50 (Call 09/22/49)

    69       58,745  

4.02%, 12/03/29 (Call 09/03/29)

    333       319,454  

4.13%, 03/16/27

    279       277,281  

4.13%, 08/15/46

    110       97,001  

4.27%, 01/15/36

    100       92,382  

4.33%, 09/21/28

    166       163,754  

4.40%, 11/01/34 (Call 05/01/34)(c)

    97       91,728  

4.50%, 08/10/33

    186       179,462  

4.52%, 09/15/48

    20       18,610  

4.67%, 03/15/55

    10       9,398  

4.75%, 11/01/41

    97       92,093  

4.81%, 03/15/39

    74       72,101  

4.86%, 08/21/46

    199       194,413  

5.01%, 04/15/49

    50       49,645  

5.25%, 03/16/37

    104       105,921  

5.50%, 03/16/47

    72       76,383  

5.85%, 09/15/35

    72       76,193  

6.40%, 09/15/33

    7       7,740  

6.55%, 09/15/43

    27       32,345  

7.75%, 12/01/30

    15       17,813  

Vodafone Group PLC

   

3.25%, 06/04/81 (Call 06/04/26)(a)

    30       25,909  

3.75%, 01/16/24

    71       71,028  

4.13%, 05/30/25

    87       86,691  

4.13%, 06/04/81 (Call 03/04/31)(a)

    70       55,100  

4.25%, 09/17/50

    84       68,322  

4.38%, 05/30/28

    237       234,203  

4.38%, 02/19/43

    24       20,543  

4.88%, 06/19/49

    131       116,565  

5.00%, 05/30/38

    139       131,759  

5.13%, 06/19/59

    78       70,741  

5.13%, 06/04/81 (Call 12/04/50)(a)

    70       51,260  

5.25%, 05/30/48

    169       157,942  

6.15%, 02/27/37

    20       20,972  

6.25%, 11/30/32

    187       200,255  

7.00%, 04/04/79 (Call 01/04/29)(a)(c)

    145       149,939  
   

 

 

 
          14,728,029  
Toys, Games & Hobbies — 0.0%            

Hasbro Inc.

   

3.00%, 11/19/24 (Call 10/19/24)

    15       14,602  

3.50%, 09/15/27 (Call 06/15/27)

    15       14,134  

3.55%, 11/19/26 (Call 09/19/26)

    55       52,378  

3.90%, 11/19/29 (Call 08/19/29)

    90       82,812  

5.10%, 05/15/44 (Call 11/15/43)

    53       47,371  

6.35%, 03/15/40

    46       47,250  
   

 

 

 
      258,547  
Transportation — 0.1%            

AP Moller - Maersk A/S

   

3.88%, 09/28/25 (Call 06/28/25)(b)

    22       21,730  

4.50%, 06/20/29 (Call 03/20/29)(b)

    65       62,537  
Security   Par
(000)
    Value  
Transportation (continued)            

CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)

  $ 97     $ 93,671  

JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)

    100       98,183  

MTR Corp. Ltd., 1.63%, 08/19/30(d)

        200       166,110  

Ryder System Inc.

   

2.50%, 09/01/24 (Call 08/01/24)

    70       67,663  

2.85%, 03/01/27 (Call 02/01/27)

    80       73,871  

2.90%, 12/01/26 (Call 10/01/26)

    99       91,802  

3.35%, 09/01/25 (Call 08/01/25)

    96       92,516  

3.65%, 03/18/24 (Call 02/18/24)

    80       79,282  

3.88%, 12/01/23 (Call 11/01/23)

    55       54,774  

4.63%, 06/01/25 (Call 05/01/25)

    82       81,905  
   

 

 

 
          984,044  
Trucking & Leasing — 0.1%            

AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(a)(b)

    45       42,427  

GATX Corp.

   

1.90%, 06/01/31 (Call 03/01/31)

    120       92,450  

3.10%, 06/01/51 (Call 12/01/50)(c)

    45       29,448  

3.25%, 03/30/25 (Call 12/30/24)

    15       14,483  

3.25%, 09/15/26 (Call 06/15/26)

    30       28,341  

3.50%, 03/15/28 (Call 12/15/27)

    15       13,832  

3.85%, 03/30/27 (Call 12/30/26)

    5       4,744  

4.00%, 06/30/30 (Call 03/30/30)

    50       45,817  

4.35%, 02/15/24 (Call 01/15/24)

    105       104,918  

4.55%, 11/07/28 (Call 08/07/28)

    61       58,927  

4.70%, 04/01/29 (Call 01/01/29)

    25       24,229  

5.20%, 03/15/44 (Call 09/15/43)

    25       22,947  

Penske Truck Leasing Co. LP/PTL Finance Corp.

   

1.70%, 06/15/26 (Call 05/15/26)(b)

    177       156,700  

2.70%, 11/01/24 (Call 10/01/24)(b)

    212       202,967  

3.35%, 11/01/29 (Call 08/01/29)(b)

    12       10,762  

3.40%, 11/15/26 (Call 08/15/26)(b)

    5       4,676  

3.45%, 07/01/24 (Call 06/01/24)(b)

    35       34,156  

3.95%, 03/10/25 (Call 01/10/25)(b)

    37       36,171  

4.00%, 07/15/25 (Call 06/15/25)(b)(c)

    22       21,505  

4.45%, 01/29/26 (Call 11/29/25)(b)

    32       31,354  
   

 

 

 
      980,854  
Water — 0.1%            

American Water Capital Corp.

   

2.80%, 05/01/30 (Call 02/01/30)

    55       49,233  

2.95%, 09/01/27 (Call 06/01/27)

    5       4,704  

3.40%, 03/01/25 (Call 12/01/24)

    30       29,552  

3.45%, 06/01/29 (Call 03/01/29)

    67       62,449  

3.45%, 05/01/50 (Call 11/01/49)

    59       46,447  

3.75%, 09/01/28 (Call 06/01/28)

    45       43,597  

3.75%, 09/01/47 (Call 03/01/47)

    61       51,419  

3.85%, 03/01/24 (Call 12/01/23)

    60       59,944  

4.00%, 12/01/46 (Call 06/01/46)

    45       38,386  

4.15%, 06/01/49 (Call 12/01/48)

    57       50,695  

4.20%, 09/01/48 (Call 03/01/48)

    60       53,717  

4.30%, 12/01/42 (Call 06/01/42)

    77       70,075  

4.30%, 09/01/45 (Call 03/01/45)

    15       13,387  

4.45%, 06/01/32 (Call 03/01/32)

    5       4,962  

 

 

46  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Water (continued)            

6.59%, 10/15/37

  $ 80     $ 91,341  
   

 

 

 
      669,908  
   

 

 

 

Total Corporate Bonds & Notes — 31.8%
(Cost: $284,251,302)

      249,839,222  
   

 

 

 

Foreign Government Obligations(g)

 

Argentina — 0.1%            

Argentina Bonar Bonds

   

0.50%, 07/09/30(h)

        405       84,637  

1.00%, 07/09/29

    190       40,770  

1.50%, 07/09/35(h)

    470       100,754  

3.50%, 07/09/41(h)

    150       34,910  

3.88%, 01/09/38(h)

    320       81,139  

Argentine Republic Government International Bond

   

0.50%, 07/09/30 (Call 10/03/22)(h)

    550       132,000  

1.00%, 07/09/29 (Call 10/03/22)

    90       20,950  

1.50%, 07/09/35 (Call 10/03/22)(h)

    650       146,711  

1.50%, 07/09/46 (Call 10/03/22)(h)

    115       26,280  

3.50%, 07/09/41 (Call 10/03/22)(h)

    390       102,473  

3.88%, 01/09/38 (Call 10/03/22)(h)

    430       120,920  
   

 

 

 
      891,544  
Bermuda — 0.0%            

Bermuda Government International Bond, 2.38%, 08/20/30(d)

    105       88,658  
   

 

 

 
Brazil — 0.2%            

Brazilian Government International Bond

   

3.75%, 09/12/31(c)

    200       170,352  

3.88%, 06/12/30(c)

    200       174,704  

5.63%, 01/07/41(c)

    300       256,578  

7.13%, 01/20/37(c)

    100       104,501  

8.25%, 01/20/34

    110       124,953  

8.75%, 02/04/25

    100       111,261  

10.13%, 05/15/27

    200       241,700  
   

 

 

 
      1,184,049  
Canada — 0.7%            

Canada Government International Bond

   

0.75%, 05/19/26

    130       117,437  

1.63%, 01/22/25

    570       544,886  

CDP Financial Inc.

   

0.88%, 06/10/25(b)

    35       32,364  

1.00%, 05/26/26(b)

    50       45,218  

CPPIB Capital Inc.

   

0.88%, 09/09/26(b)

    20       17,854  

1.25%, 03/04/25(b)

    40       37,670  

Export Development Canada, 2.63%, 02/21/24

    425       419,139  

Ontario Teachers’ Finance Trust, 1.38%, 04/15/25(b)

    20       18,799  

Province of Alberta Canada

   

1.00%, 05/20/25

    130       120,978  

1.30%, 07/22/30

    225       188,199  

1.88%, 11/13/24

    32       30,813  

2.05%, 08/17/26(b)(c)

    100       93,867  

3.30%, 03/15/28

    125       121,995  

3.35%, 11/01/23

    15       14,955  

Province of British Columbia Canada

   

0.90%, 07/20/26

    145       130,542  

1.30%, 01/29/31(c)

    120       99,934  

2.25%, 06/02/26(c)

    30       28,435  

6.50%, 01/15/26(c)

    125       134,821  
Security   Par
(000)
    Value  
Canada (continued)            

7.25%, 09/01/36

  $ 20     $ 27,525  

Series 10, 1.75%, 09/27/24

    15       14,445  

Province of Manitoba Canada

   

2.13%, 06/22/26(c)

    195       183,245  

3.05%, 05/14/24

    57       56,409  

Province of New Brunswick Canada, 3.63%, 02/24/28

    195       193,863  

Province of Ontario Canada

   

0.63%, 01/21/26

    106       95,400  

1.05%, 04/14/26

    10       9,083  

1.05%, 05/21/27

    190       168,072  

1.13%, 10/07/30

    75       61,464  

1.60%, 02/25/31

    70       59,410  

1.80%, 10/14/31

    200       170,032  

2.00%, 10/02/29

    15       13,406  

2.30%, 06/15/26

    60       56,836  

2.50%, 04/27/26

    305       291,592  

3.05%, 01/29/24

    110       109,066  

3.20%, 05/16/24

    297       294,648  

3.40%, 10/17/23(c)

    211       210,487  

Province of Quebec Canada

   

0.60%, 07/23/25

    55       50,370  

2.50%, 04/20/26(c)

    165       157,912  

2.75%, 04/12/27

    208       199,846  

Series NN, 7.13%, 02/09/24

    163       170,493  

Series PD, 7.50%, 09/15/29

    110       134,876  

Series QO, 2.88%, 10/16/24

    185       182,164  

Series QW, 2.50%, 04/09/24

    10       9,823  

Series QX, 1.50%, 02/11/25

        212       201,574  

PSP Capital Inc., 0.50%, 09/15/24(b)

    60       56,290  
   

 

 

 
          5,376,237  
Chile — 0.2%            

Chile Government International Bond

   

3.10%, 05/07/41 (Call 11/07/40)

    200       146,272  

3.24%, 02/06/28 (Call 11/06/27)

    200       186,248  

3.50%, 01/31/34 (Call 10/31/33)

    200       173,972  

3.50%, 01/25/50 (Call 07/25/49)

    200       146,706  

3.50%, 04/15/53 (Call 10/15/52)

    200       142,752  

3.63%, 10/30/42(c)

    200       154,654  

3.86%, 06/21/47(c)

    200       159,852  
   

 

 

 
      1,110,456  
Colombia — 0.1%            

Colombia Government International Bond

   

3.25%, 04/22/32 (Call 01/22/32)

    200       147,526  

3.88%, 04/25/27 (Call 01/25/27)

    200       179,260  

4.13%, 02/22/42 (Call 08/22/41)

    200       125,632  

6.13%, 01/18/41

    200       159,926  

7.38%, 09/18/37

    300       284,541  
   

 

 

 
      896,885  
Costa Rica — 0.0%            

Costa Rica Government International Bond, 6.13%, 02/19/31(d)

    200       187,794  
   

 

 

 
Croatia — 0.0%            

Croatia Government International Bond, 6.00%, 01/26/24(d)

    200       205,226  
   

 

 

 
Finland — 0.0%            

Finland Government International Bond, 6.95%, 02/15/26

    95       104,343  

Finnvera OYJ, 1.63%, 10/23/24(b)

    20       19,185  
   

 

 

 
      123,528  

 

 

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

  47


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
France — 0.0%            

Caisse d’Amortissement de la Dette Sociale, 0.38%, 09/23/25(b)

  $     300     $ 271,464  
   

 

 

 
Germany — 0.0%            

FMS Wertmanagement, 2.75%, 01/30/24

    215       212,528  

State of North Rhine-Westphalia Germany, 1.00%, 04/21/26(d)

    100       90,922  
   

 

 

 
      303,450  
Hong Kong — 0.1%            

Airport Authority

   

1.75%, 01/12/27 (Call 12/12/26)(b)

    200       183,892  

2.63%, 02/04/51 (Call 08/04/50)(b)

    200       139,548  

Hong Kong Government International Bond, 1.38%, 02/02/31(b)

    200       169,186  
   

 

 

 
          492,626  
Hungary — 0.1%            

Hungary Government International Bond

   

2.13%, 09/22/31(d)

    200       146,438  

5.25%, 06/16/29(d)

    200       193,174  

5.38%, 03/25/24

    100       100,380  

7.63%, 03/29/41

    100       114,473  
   

 

 

 
      554,465  
Israel — 0.1%            

Israel Government International Bond, 4.50%, 01/30/43

    200       202,564  

State of Israel

   

2.50%, 01/15/30

    200       185,978  

3.38%, 01/15/50

    400       330,936  

3.80%, 05/13/60(d)

    200       170,102  
   

 

 

 
      889,580  
Italy — 0.1%            

Republic of Italy Government International Bond

   

0.88%, 05/06/24

    50       46,872  

2.38%, 10/17/24

    295       280,595  

2.88%, 10/17/29

    250       214,562  

3.88%, 05/06/51

    100       73,142  

4.00%, 10/17/49

    30       23,174  

5.38%, 06/15/33

    262       263,237  
   

 

 

 
      901,582  
Japan — 0.2%            

Development Bank of Japan Inc., 1.75%, 08/28/24(b)

    15       14,427  

Japan Bank for International Cooperation

   

0.63%, 07/15/25

    330       301,250  

1.25%, 01/21/31

    100       82,443  

1.88%, 04/15/31

    395       341,059  

2.13%, 02/16/29

    100       90,508  

2.25%, 11/04/26

    15       14,056  

2.50%, 05/23/24

    6       5,872  

2.50%, 05/28/25

    20       19,301  

2.75%, 01/21/26

    200       192,424  

2.75%, 11/16/27

    15       14,238  

2.88%, 06/01/27

    50       47,939  

2.88%, 07/21/27

    200       191,504  

3.25%, 07/20/28

    10       9,670  

Japan International Cooperation Agency

   

1.00%, 07/22/30

    15       12,164  

2.13%, 10/20/26

    46       42,924  
   

 

 

 
      1,379,779  
Security   Par
(000)
    Value  
Kazakhstan — 0.0%            

Kazakhstan Government International Bond, 5.13%, 07/21/25(d)

  $     200     $ 210,174  
   

 

 

 
Malaysia — 0.0%            

Malaysia Wakala Sukuk Bhd, 2.07%, 04/28/31(d)

    250       221,563  
   

 

 

 
Mongolia — 0.0%            

Mongolia Government International Bond, 5.13%, 04/07/26(d) .

    200       184,668  
   

 

 

 
Namibia — 0.0%            

Namibia International Bonds, 5.25%, 10/29/25(d)

    200       180,180  
   

 

 

 
Netherlands — 0.0%            

Nederlandse Waterschapsbank NV, 1.00%, 05/28/30(b)

    45       37,453  
   

 

 

 
Norway — 0.1%            

Kommunalbanken AS

   

0.88%, 03/12/25(b)

    300       280,326  

1.13%, 06/14/30(b)

    200       167,582  

2.75%, 02/05/24(b)

    40       39,510  
   

 

 

 
      487,418  
Panama — 0.2%            

Panama Government International Bond

   

2.25%, 09/29/32 (Call 06/29/32)

    200       155,436  

3.16%, 01/23/30 (Call 10/23/29)

    200       175,958  

4.50%, 05/15/47

    400       320,784  

4.50%, 04/16/50 (Call 10/16/49)

    200       158,302  

6.70%, 01/26/36

    160       172,394  

8.88%, 09/30/27

    25       29,661  

9.38%, 04/01/29

    100       122,251  
   

 

 

 
      1,134,786  
Paraguay — 0.0%            

Paraguay Government International Bond, 5.60%, 03/13/48(c)(d)

    200       170,824  
   

 

 

 
Peru — 0.1%            

Peruvian Government International Bond

   

1.86%, 12/01/32 (Call 09/01/32)

    200       152,240  

2.39%, 01/23/26 (Call 12/23/25)

    100       93,577  

2.78%, 01/23/31 (Call 10/23/30)

    100       85,359  

2.78%, 12/01/60 (Call 06/01/60)

    100       62,541  

3.00%, 01/15/34 (Call 10/15/33)

    200       163,084  

3.30%, 03/11/41 (Call 09/11/40)

    60       45,649  

3.55%, 03/10/51 (Call 09/10/50)

    75       56,054  

3.60%, 01/15/72 (Call 07/15/71)

    25       17,120  

5.63%, 11/18/50

    50       52,101  

6.55%, 03/14/37

    100       109,557  

8.75%, 11/21/33

    100       128,827  
   

 

 

 
      966,109  
Poland — 0.0%            

Republic of Poland Government International Bond

   

3.25%, 04/06/26

    90       88,637  

4.00%, 01/22/24

    160       159,867  
   

 

 

 
      248,504  
Qatar — 0.2%            

Qatar Government International Bond

   

3.40%, 04/16/25(d)

    200       198,842  

3.75%, 04/16/30(d)

    200       200,586  

4.00%, 03/14/29(d)

    200       203,660  

4.40%, 04/16/50(d)

    200       196,016  

4.50%, 04/23/28(d)

    200       208,136  

 

 

48  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Qatar (continued)            

4.82%, 03/14/49(d)

  $     200     $ 206,354  

5.10%, 04/23/48(d)

    400       428,980  

5.75%, 01/20/42(b)

    200       229,376  
   

 

 

 
          1,871,950  
Romania — 0.1%            

Romanian Government International Bond

   

3.00%, 02/14/31(d)

    176       139,770  

3.63%, 03/27/32(d)

    50       40,348  

4.00%, 02/14/51(d)

    60       41,248  

4.88%, 01/22/24(d)

    76       76,271  

5.13%, 06/15/48(d)

    100       82,363  

6.13%, 01/22/44(c)(d)

    50       47,280  
   

 

 

 
      427,280  
South Africa — 0.1%            

Republic of South Africa Government International Bond

   

4.88%, 04/14/26

    200       193,178  

5.65%, 09/27/47

    200       142,992  

5.88%, 09/16/25

    200       202,670  

5.88%, 06/22/30(c)

    200       187,242  

6.25%, 03/08/41

    125       102,331  
   

 

 

 
      828,413  
South Korea — 0.1%            

Korea Development Bank (The), 1.25%, 06/03/25(d)

    200       185,510  

Korea International Bond

   

1.75%, 10/15/31

    200       172,152  

2.75%, 01/19/27

    200       192,368  

Korea National Oil Corp, 2.13%, 04/18/27(d)

    200       180,584  

Korea National Oil Corp., 2.50%, 10/24/26(d)

    200       185,598  
   

 

 

 
      916,212  
Supranational — 2.4%            

African Development Bank

   

0.88%, 03/23/26

    295       268,120  

0.88%, 07/22/26

    310       279,539  

Asian Development Bank

   

0.25%, 10/06/23

    160       154,320  

0.38%, 06/11/24

    137       129,577  

0.38%, 09/03/25

    180       163,609  

0.50%, 02/04/26

    270       243,440  

0.63%, 10/08/24

    340       320,110  

0.63%, 04/29/25

    301       278,624  

0.75%, 10/08/30

    160       130,122  

1.00%, 04/14/26

    219       200,074  

1.25%, 06/09/28

    25       22,034  

1.50%, 10/18/24

    376       360,415  

1.50%, 01/20/27

    25       22,995  

1.50%, 03/04/31(c)

    20       17,261  

1.75%, 08/14/26

    10       9,340  

1.75%, 09/19/29

    285       255,209  

1.88%, 01/24/30

    40       35,961  

2.00%, 01/22/25

    110       106,055  

2.00%, 04/24/26

    99       93,749  

2.13%, 03/19/25(c)

    74       71,405  

2.38%, 08/10/27

    115       109,234  

2.50%, 11/02/27

    35       33,357  

2.63%, 01/30/24

    195       192,529  

2.63%, 01/12/27

    10       9,658  

2.75%, 01/19/28

    25       24,066  

2.88%, 05/06/25

    5       4,907  

3.13%, 09/26/28

    10       9,781  
Security   Par
(000)
    Value  
Supranational (continued)  

5.82%, 06/16/28

  $     100     $     111,532  

6.22%, 08/15/27

    180       199,460  

6.38%, 10/01/28

    35       40,152  

Council of Europe Development Bank

   

0.25%, 10/20/23

    340       327,355  

0.38%, 06/10/24

    85       80,391  

0.88%, 09/22/26

    185       166,167  

1.38%, 02/27/25

    95       90,006  

European Bank for Reconstruction & Development

   

0.50%, 05/19/25

    169       155,558  

0.50%, 11/25/25

    60       54,356  

0.50%, 01/28/26

    285       256,779  

1.50%, 02/13/25

    195       185,494  

1.63%, 09/27/24

    125       120,247  

European Investment Bank

   

0.38%, 12/15/25

    150       135,211  

0.38%, 03/26/26

    240       214,721  

0.63%, 07/25/25

    100       91,940  

0.63%, 10/21/27

    30       26,066  

0.75%, 10/26/26

    270       241,588  

0.75%, 09/23/30

    419       342,897  

0.88%, 05/17/30

    74       61,572  

1.25%, 02/14/31(c)

    60       51,088  

1.38%, 03/15/27

    10       9,134  

1.63%, 03/14/25

    252       240,227  

1.63%, 10/09/29

    40       35,628  

1.63%, 05/13/31

    5       4,384  

1.88%, 02/10/25

    591       567,721  

2.13%, 04/13/26

    115       109,610  

2.25%, 06/24/24

    180       175,973  

2.38%, 05/24/27

    230       219,489  

2.50%, 10/15/24(c)

    169       165,519  

2.63%, 03/15/24

    105       103,563  

3.13%, 12/14/23

    551       548,107  

3.25%, 01/29/24

    373       371,508  

4.88%, 02/15/36

    152       173,824  

European Stability Mechanism

   

0.38%, 09/10/25(b)

    215       195,069  

1.38%, 09/11/24(b)

    30       28,714  

Inter-American Development Bank

   

0.25%, 11/15/23

    75       72,100  

0.50%, 09/23/24

    95       89,295  

0.63%, 07/15/25

    75       68,934  

0.63%, 09/16/27

    70       60,798  

0.88%, 04/03/25

    100       93,311  

0.88%, 04/20/26(c)

    370       336,315  

1.13%, 07/20/28

    355       310,305  

1.13%, 01/13/31

    100       83,810  

1.75%, 03/14/25

    95       90,768  

2.00%, 06/02/26

    50       47,270  

2.00%, 07/23/26

    225       212,447  

2.13%, 01/15/25

    196       189,550  

2.25%, 06/18/29

    106       98,353  

2.38%, 07/07/27

    10       9,509  

2.63%, 01/16/24

    127       125,393  

3.00%, 10/04/23

    226       224,608  

3.00%, 02/21/24

    202       200,384  

3.13%, 09/18/28(c)

    331       324,069  

3.20%, 08/07/42

    5       4,544  

3.88%, 10/28/41

    125       125,041  

 

 

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

  49


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Supranational (continued)            

4.38%, 01/24/44

  $ 79     $ 84,996  

International Bank for Reconstruction & Development

   

0.25%, 11/24/23

        384       368,832  

0.38%, 07/28/25

    170       155,042  

0.50%, 10/28/25

    100       90,861  

0.63%, 04/22/25

    507       469,822  

0.65%, 02/10/26 (Call 11/10/22)

    5       4,448  

0.75%, 03/11/25

    220       205,077  

0.75%, 11/24/27

    184       159,997  

0.75%, 08/26/30

    66       53,778  

0.85%, 02/10/27 (Call 11/10/22)

    25       21,604  

0.88%, 07/15/26

    45       40,676  

0.88%, 05/14/30

    104       86,337  

1.13%, 09/13/28

    385       335,658  

1.25%, 02/10/31

    151       127,843  

1.38%, 04/20/28

    280       249,808  

1.50%, 08/28/24

    470       451,731  

1.63%, 01/15/25

    185       176,903  

1.63%, 11/03/31

    95       82,069  

1.75%, 10/23/29

    250       224,842  

1.88%, 10/27/26

    323       302,137  

2.50%, 03/19/24

    537       528,558  

2.50%, 11/25/24

    197       192,668  

2.50%, 07/29/25

    352       341,306  

2.50%, 11/22/27

    50       47,672  

3.13%, 11/20/25

    40       39,422  

4.75%, 02/15/35

    170       188,419  

International Finance Corp.

   

0.38%, 07/16/25

    340       310,495  

0.75%, 10/08/26

    50       44,737  

0.75%, 08/27/30

    5       4,076  

1.38%, 10/16/24

    365       349,097  

2.13%, 04/07/26

    300       285,453  

Nordic Investment Bank, 0.38%, 09/11/25

    450       408,645  
   

 

 

 
          18,646,354  
Sweden — 0.1%            

Svensk Exportkredit AB

   

0.25%, 09/29/23(c)

    40       38,537  

0.50%, 08/26/25

    200       181,914  

0.63%, 10/07/24

    15       14,088  

0.63%, 05/14/25

    200       184,276  

1.75%, 12/12/23

    200       195,290  
   

 

 

 
      614,105  
United Arab Emirates — 0.3%            

Abu Dhabi Government International Bond

   

1.63%, 06/02/28(d)

    200       178,710  

1.70%, 03/02/31(d)

    400       341,484  

1.88%, 09/15/31(d)

    200       173,288  

2.50%, 09/30/29(d)

    200       185,746  

3.00%, 09/15/51(d)

    200       154,644  

3.13%, 10/11/27(d)

    200       197,084  

3.88%, 04/16/50(d)

    200       180,952  

4.13%, 10/11/47(d)

    200       188,816  

Dubai DOF Sukuk Ltd., 2.76%, 09/09/30(d)

    200       181,164  

Finance Department Government of Sharjah, 3.63%, 03/10/33(d)

    200       165,524  

Sharjah Sukuk Ltd., 3.76%, 09/17/24(d)

    200       196,168  

UAE International Government Bond, 2.88%, 10/19/41(d)

    200       163,278  
   

 

 

 
      2,306,858  
Security   Par
(000)
    Value  
Uruguay — 0.1%            

Uruguay Government International Bond

   

4.13%, 11/20/45(c)

  $ 215     $ 204,100  

4.38%, 01/23/31 (Call 10/23/30)(c)

    50       51,066  

4.50%, 08/14/24(c)

    20       20,254  

4.98%, 04/20/55

    58       58,325  

5.10%, 06/18/50

    124       126,306  

7.63%, 03/21/36

    100       128,666  

7.88%, 01/15/33(c)

        125       160,616  
   

 

 

 
      749,333  
   

 

 

 

Total Foreign Government Obligations — 5.7%
(Cost: $50,733,391)

          45,059,507  
   

 

 

 

U.S. Government & Agency Obligations

 

Mortgage-Backed Securities — 24.9%  

Federal Home Loan Mortgage Corp.

   

1.50%, 09/15/37

    1,881       1,690,631  

2.00%, 10/01/50

    218       188,518  

3.00%, 05/01/29

    613       600,399  

3.00%, 10/01/35

    273       264,773  

3.00%, 07/01/37

    472       457,656  

3.50%, 07/01/52

    348       334,411  

4.00%, 01/01/48

    41       41,017  

4.00%, 06/01/52

    349       341,300  

4.00%, 08/01/52

    2,263       2,212,786  

Federal National Mortgage Association

   

2.50%, 10/01/51

    981       878,683  

3.00%, 09/01/34

    486       472,064  

3.00%, 05/01/52

    224       207,507  

3.50%, 06/01/52

    588       561,079  

4.50%, 09/01/52

    950       944,198  

Series 2018-M12, Class A2, 3.77%, 08/25/30(a)

    50       49,318  

Series 2021-M13, Class A2, 1.66%, 04/25/31(a)

    340       283,934  

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

    250       209,452  

Series 2022-M1, Class A2, 1.72%, 10/25/31(a)

    490       407,653  

Federal National Mortgage Association-Aces, Series 2017-M3, Class A2, 2.55%, 12/25/26(a)

    154       145,922  

Freddie Mac Multifamily Structured Pass Through Certificates

   

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

    1,000       992,575  

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

    75       73,620  

Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)(a)

    100       98,386  

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

    75       71,788  

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

    100       97,566  

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

    200       195,593  

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

    50       41,792  

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

    1,000       854,111  

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

    699       675,169  

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

    180       160,611  

Government National Mortgage Association

   

1.50%, 10/20/51

    189       160,185  

2.00%, 08/20/50

    179       158,448  

2.00%, 11/20/50

    478       423,222  

2.00%, 12/20/50

    3,429       3,038,575  

2.00%, 01/20/51

    4,678       4,145,797  

2.00%, 02/20/51

    1,813       1,610,835  

2.00%, 10/20/51

    2,215       1,962,384  

2.00%, 12/20/51

    433       383,324  

2.00%, 09/21/52(i)

    764       674,633  

2.50%, 10/20/50

    586       538,473  

 

 

50  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

2.50%, 01/20/51

  $ 207     $ 190,551  

2.50%, 02/20/51

    214       195,782  

2.50%, 05/20/51

        2,172       1,988,203  

2.50%, 07/20/51

    1,551       1,419,102  

2.50%, 08/20/51

    135       123,386  

2.50%, 11/20/51

    3,812       3,483,983  

2.50%, 12/20/51

    958       875,148  

2.50%, 02/20/52

    1,967       1,795,933  

2.50%, 08/20/52

    400       364,503  

2.50%, 09/21/52(i)

    998       909,311  

3.00%, 03/20/45

    37       34,985  

3.00%, 12/20/45

    4       4,116  

3.00%, 01/20/46

    4       4,148  

3.00%, 03/20/46

    296       282,937  

3.00%, 05/20/46

    3       2,567  

3.00%, 08/20/46

    12       10,989  

3.00%, 09/20/46

    106       100,619  

3.00%, 04/20/49

    54       51,748  

3.00%, 10/15/49

    38       35,662  

3.00%, 12/20/49

    1,176       1,114,046  

3.00%, 01/20/50

    165       156,341  

3.00%, 02/20/50

    416       393,725  

3.00%, 07/20/50

    137       129,677  

3.00%, 12/20/50

    190       179,987  

3.00%, 08/20/51

    1,198       1,128,883  

3.00%, 09/20/51

    1,378       1,298,419  

3.00%, 10/20/51

    672       633,203  

3.00%, 11/20/51

    154       145,507  

3.00%, 12/20/51

    496       466,915  

3.00%, 02/20/52

    1,004       944,696  

3.00%, 09/21/52(i)

    1,547       1,451,944  

3.50%, 10/20/42

    833       818,760  

3.50%, 05/20/47

    485       472,915  

3.50%, 09/20/47

    936       912,505  

3.50%, 02/20/48

    170       165,449  

3.50%, 09/20/49

    262       253,882  

3.50%, 10/20/49

    175       169,844  

3.50%, 12/20/49

    73       71,161  

3.50%, 01/20/50

    388       376,585  

3.50%, 09/21/52(i)

    3,011       2,903,145  

4.00%, 02/20/49

    940       935,031  

4.00%, 01/20/50

    54       53,205  

4.00%, 07/20/52

    97       95,410  

4.00%, 09/20/52

    275       271,060  

4.00%, 09/21/52(i)

    2,528           2,491,067  

4.50%, 09/20/48

    106       107,476  

4.50%, 01/20/49

    209       211,354  

4.50%, 09/21/52(i)

    3,575       3,575,559  

5.00%, 09/21/52(i)

    650       658,582  

Uniform Mortgage-Backed Securities

   

1.50%, 03/01/36

    185       166,353  

1.50%, 10/01/36

    71       63,976  

1.50%, 02/01/37

    1,373       1,233,781  

1.50%, 03/01/37

    1,659       1,491,050  

1.50%, 04/01/37

    141       126,630  

1.50%, 11/01/50

    475       389,765  

1.50%, 03/01/51

    670       549,289  

1.50%, 04/01/51

    497       407,984  

1.50%, 05/01/51

    956       784,750  

1.50%, 07/01/51

    1,709       1,403,106  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

1.50%, 11/01/51

  $ 351     $ 287,858  

1.50%, 09/15/52(i)

        1,000       817,520  

2.00%, 12/01/35

    53       48,862  

2.00%, 02/01/36

    895       825,976  

2.00%, 03/01/36

    171       158,419  

2.00%, 04/01/36

    63       57,818  

2.00%, 05/01/36

    38       34,665  

2.00%, 06/01/36

    690       636,025  

2.00%, 08/01/36

    475       437,748  

2.00%, 09/01/36

    837       771,442  

2.00%, 10/01/36

    279       257,457  

2.00%, 11/01/36

    242       223,050  

2.00%, 12/01/36

    519       478,857  

2.00%, 01/01/37

    714       658,414  

2.00%, 02/01/37

    93       85,787  

2.00%, 04/01/37

    3,436       3,167,123  

2.00%, 05/01/37

    2,297       2,117,132  

2.00%, 06/01/37

    713       657,252  

2.00%, 09/19/37(i)

    1,493       1,376,820  

2.00%, 07/01/50

    281       242,853  

2.00%, 08/01/50

    890       769,721  

2.00%, 09/01/50

    371       320,608  

2.00%, 10/01/50

    617       533,747  

2.00%, 11/01/50

    1,843       1,593,774  

2.00%, 12/01/50

    63       54,322  

2.00%, 01/01/51

    770       665,427  

2.00%, 02/01/51

    426       368,713  

2.00%, 03/01/51

    2,343       2,020,720  

2.00%, 04/01/51

    1,762       1,519,335  

2.00%, 05/01/51

    1,164       1,004,346  

2.00%, 06/01/51

    897       774,112  

2.00%, 07/01/51

    665       574,909  

2.00%, 08/01/51

    2,139       1,844,523  

2.00%, 09/01/51

    1,937       1,669,222  

2.00%, 10/01/51

    4,884       4,215,916  

2.00%, 11/01/51

    3,482       3,001,458  

2.00%, 12/01/51

    5,338       4,599,140  

2.00%, 01/01/52

    4,359       3,757,024  

2.00%, 02/01/52

    2,020       1,738,912  

2.00%, 03/01/52

    1,025       882,462  

2.00%, 09/14/52(i)

    1,422       1,223,373  

2.50%, 07/01/32

    473       453,310  

2.50%, 11/01/34

    47       44,953  

2.50%, 10/01/35

    125       118,250  

2.50%, 03/01/36

    103       97,649  

2.50%, 05/01/36

    553       524,238  

2.50%, 06/01/36

    100       94,334  

2.50%, 07/01/36

    630       597,038  

2.50%, 08/01/36

    107       101,047  

2.50%, 05/01/37

    28       26,417  

2.50%, 09/19/37(i)

    3,888           3,677,805  

2.50%, 10/01/50

    111       100,642  

2.50%, 11/01/50

    1,451       1,304,827  

2.50%, 12/01/50

    324       290,793  

2.50%, 01/01/51

    320       286,756  

2.50%, 03/01/51

    575       515,818  

2.50%, 04/01/51

    149       133,067  

2.50%, 07/01/51

    429       384,115  

2.50%, 08/01/51

    1,672       1,499,656  

2.50%, 09/01/51

    1,779       1,593,717  

 

 

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

  51


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

2.50%, 10/01/51

  $     2,003     $ 1,792,575  

2.50%, 11/01/51

    2,650       2,370,956  

2.50%, 12/01/51

    3,720       3,333,296  

2.50%, 01/01/52

    3,269       2,927,084  

2.50%, 02/01/52

    502       449,089  

2.50%, 03/01/52

    7,630           6,819,273  

2.50%, 04/01/52

    2,158       1,928,741  

2.50%, 09/14/52(i)

    3,057       2,729,328  

3.00%, 03/01/30

    126       123,327  

3.00%, 03/01/35

    45       43,359  

3.00%, 07/01/35

    34       32,915  

3.00%, 09/19/37(i)

    2,470       2,392,330  

3.00%, 11/01/46

    103       96,660  

3.00%, 12/01/46

    92       86,893  

3.00%, 04/01/48

    666       630,323  

3.00%, 11/01/48

    136       127,426  

3.00%, 02/01/49

    956       899,084  

3.00%, 12/01/49

    1,329       1,240,072  

3.00%, 04/01/50

    20       19,135  

3.00%, 07/01/50

    35       32,201  

3.00%, 08/01/50

    193       181,054  

3.00%, 10/01/50

    275       255,811  

3.00%, 01/01/51

    89       82,411  

3.00%, 04/01/51

    86       79,422  

3.00%, 07/01/51

    2,362       2,193,292  

3.00%, 08/01/51

    462       429,219  

3.00%, 11/01/51

    75       69,963  

3.00%, 01/01/52

    1,374       1,274,049  

3.00%, 03/01/52

    1,926       1,783,960  

3.00%, 04/01/52

    4,809       4,456,937  

3.00%, 05/01/52

    977       905,334  

3.00%, 09/14/52(i)

    3,348       3,098,731  

3.50%, 02/01/34

    139       137,729  

3.50%, 09/15/37

    1,100       1,080,194  

3.50%, 09/01/43

    1,441       1,400,384  

3.50%, 07/01/45

    1,912       1,852,234  

3.50%, 07/01/47

    67       64,620  

3.50%, 09/01/47

    697       673,358  

3.50%, 10/01/47

    352       339,490  

3.50%, 11/01/47

    88       84,813  

3.50%, 02/01/48

    423       408,358  

3.50%, 02/01/49

    69       66,230  

3.50%, 03/01/49

    270       260,747  

3.50%, 06/01/49

    275       265,949  

3.50%, 12/01/49

    335       322,412  

3.50%, 05/01/50

    467       447,939  

3.50%, 02/01/51

    1,932       1,857,409  

3.50%, 06/01/52

    1,973       1,883,530  

3.50%, 09/15/52(i)

    2,616       2,492,353  

4.00%, 09/15/37(i)

    250       249,127  

4.00%, 09/01/47

    45       44,269  

4.00%, 05/01/48

    1,345       1,328,110  

4.00%, 09/01/48

    227       223,872  

4.00%, 03/01/49

    203       200,079  

4.00%, 07/01/49

    826       816,193  

4.00%, 08/01/49

    296       292,741  

4.00%, 04/01/50

    604       594,960  

4.00%, 05/01/50

    282       277,734  

4.00%, 03/01/51

    1,453       1,431,696  

4.00%, 09/14/52(i)

    2,050       2,000,832  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

4.50%, 04/01/49

  $ 94     $ 95,057  

4.50%, 10/01/50

    175       174,691  

4.50%, 06/01/52

    777       772,630  

4.50%, 09/14/52(i)

    2,975       2,956,871  

5.00%, 09/01/49

    33       33,471  

5.00%, 09/15/52(i)

        1,250       1,261,426  

5.50%, 09/15/52(i)

    200       204,500  
   

 

 

 
        195,522,610  
U.S. Government Obligations — 35.7%  

U.S. Treasury Bonds, 2.75%, 08/15/32

    1,000       965,000  

U.S. Treasury Note/Bond

   

0.13%, 07/31/23

    5,930       5,751,405  

0.13%, 08/15/23

    1,000       968,516  

0.13%, 09/15/23

    6,260       6,047,013  

0.13%, 10/15/23

    1,830       1,763,019  

0.13%, 12/15/23

    3,250       3,114,160  

0.13%, 01/15/24

    1,500       1,432,852  

0.25%, 11/15/23

    700       673,695  

0.25%, 03/15/24

    1,710       1,627,372  

0.25%, 05/15/24

    2,600       2,461,672  

0.25%, 06/15/24

    3,875       3,659,150  

0.25%, 05/31/25

    1,250       1,144,238  

0.25%, 06/30/25

    1,150       1,050,723  

0.25%, 07/31/25

    1,200       1,092,844  

0.25%, 08/31/25

    300       272,438  

0.25%, 09/30/25

    2,780       2,519,158  

0.25%, 10/31/25

    1,300       1,174,469  

0.38%, 04/15/24

    1,850       1,759,523  

0.38%, 07/15/24

    1,300       1,227,789  

0.38%, 08/15/24

    2,400       2,260,594  

0.38%, 09/15/24

    10,540       9,899,366  

0.38%, 04/30/25

    2,590       2,385,633  

0.38%, 11/30/25

    800       723,813  

0.38%, 12/31/25

    1,560       1,408,022  

0.38%, 01/31/26

    3,770       3,393,884  

0.38%, 09/30/27

    2,300       1,982,492  

0.50%, 11/30/23

    1,000       963,906  

0.50%, 02/28/26

    800       721,813  

0.50%, 05/31/27

    1,000       875,000  

0.50%, 08/31/27

    1,380       1,200,492  

0.50%, 10/31/27

    230       199,112  

0.63%, 10/15/24

    4,040       3,806,437  

0.63%, 07/31/26

    2,000       1,794,531  

0.63%, 11/30/27

    700       608,563  

0.63%, 12/31/27

    1,745       1,513,242  

0.63%, 05/15/30

    115       94,803  

0.63%, 08/15/30

    2,050       1,681,961  

0.75%, 12/31/23

    2,000       1,929,141  

0.75%, 11/15/24

    5,150       4,852,668  

0.75%, 03/31/26

    300       272,602  

0.75%, 04/30/26

    1,400       1,270,062  

0.75%, 08/31/26

    600       540,047  

0.75%, 01/31/28

    2,700       2,353,219  

0.88%, 01/31/24

    1,950       1,879,389  

0.88%, 06/30/26

    6,300       5,719,711  

0.88%, 09/30/26

    6,900       6,232,641  

0.88%, 11/15/30

    1,190       994,766  

1.00%, 12/15/24

    1,770       1,673,756  

1.00%, 07/31/28

    2,100       1,835,695  

1.13%, 01/15/25

    4,840       4,580,984  

 

 

52  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)  

1.13%, 10/31/26

  $ 3,100     $ 2,824,633  

1.13%, 02/28/27

    700       634,922  

1.13%, 02/29/28

    2,130       1,892,705  

1.13%, 08/31/28

    2,400       2,111,063  

1.13%, 02/15/31

    1,015       863,226  

1.13%, 05/15/40

    2,950       2,009,227  

1.13%, 08/15/40

    1,390       938,033  

1.25%, 11/30/26

    1,900       1,738,500  

1.25%, 12/31/26

    2,700       2,467,125  

1.25%, 03/31/28

    2,550       2,276,871  

1.25%, 04/30/28

    1,400       1,248,078  

1.25%, 05/31/28

    2,600       2,315,422  

1.25%, 06/30/28

    4,660       4,141,211  

1.25%, 09/30/28

    4,700       4,157,297  

1.25%, 08/15/31

    2,550       2,170,687  

1.25%, 05/15/50

    1,055       652,452  

1.38%, 09/30/23

    900       880,031  

1.38%, 10/31/28

    1,970       1,754,070  

1.38%, 12/31/28

    1,400       1,245,234  

1.38%, 11/15/31

    2,950       2,527,781  

1.38%, 11/15/40

    1,480       1,041,781  

1.38%, 08/15/50

    1,840       1,176,737  

1.50%, 02/29/24

    3,000       2,913,867  

1.50%, 02/15/25

    14,750           14,060,898  

1.50%, 08/15/26

    1,400       1,299,703  

1.50%, 01/31/27

    2,000       1,845,469  

1.50%, 11/30/28

    2,300       2,061,016  

1.63%, 05/15/26

    1,650       1,546,230  

1.63%, 10/31/26

    600       558,469  

1.63%, 05/15/31

    3,400       3,003,687  

1.63%, 11/15/50

    1,500       1,026,562  

1.75%, 03/15/25

    910       871,894  

1.75%, 01/31/29

    2,300       2,091,203  

1.75%, 08/15/41

    2,820       2,096,053  

1.88%, 02/28/27

    8,800       8,252,750  

1.88%, 02/28/29

    5,750       5,271,582  

1.88%, 02/15/32

    5,250       4,695,469  

1.88%, 02/15/41

    1,150       881,367  

1.88%, 02/15/51

    2,470       1,802,714  

1.88%, 11/15/51

    1,570       1,144,137  

2.00%, 04/30/24

    500       488,242  

2.00%, 06/30/24

    720       701,353  

2.00%, 11/15/26

    4,000       3,776,563  

2.00%, 11/15/41

    1,800       1,398,375  

2.00%, 02/15/50

    900       680,906  

2.00%, 08/15/51

    3,150       2,367,422  

2.13%, 11/30/24

    450       436,816  

2.25%, 11/15/24

    1,600       1,558,875  

2.25%, 03/31/26

    600       575,859  

2.25%, 02/15/27

    570       542,791  

2.25%, 08/15/27

    700       664,781  

2.25%, 05/15/41

    3,150       2,569,219  

2.25%, 08/15/46

    2,300       1,800,828  

2.25%, 02/15/52

    4,620       3,693,834  

2.38%, 08/15/24

    2,000       1,958,828  

2.38%, 05/15/27

    1,200       1,147,406  

2.38%, 03/31/29

    1,680       1,584,450  

2.38%, 05/15/29

    400       377,188  

2.38%, 02/15/42

    4,300       3,566,312  

2.38%, 05/15/51

    3,000       2,470,781  
Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)  

2.50%, 03/31/27

  $ 1,700     $ 1,636,914  

2.50%, 02/15/45

    1,375       1,136,738  

2.50%, 02/15/46

    1,360       1,121,150  

2.50%, 05/15/46

    2,700       2,224,547  

2.63%, 12/31/23

    500       494,668  

2.63%, 05/31/27

    1,000       968,516  

2.63%, 02/15/29

    1,000       959,063  

2.63%, 07/31/29

    500       479,375  

2.75%, 05/15/25

    3,000       2,942,344  

2.75%, 04/30/27

    1,000       973,359  

2.75%, 05/31/29

    1,400       1,351,219  

2.75%, 08/15/42

    390       342,591  

2.75%, 08/15/47

    1,150       999,602  

2.75%, 11/15/47

    1,000       870,469  

2.88%, 09/30/23

    100       99,379  

2.88%, 10/31/23

    1,550       1,539,646  

2.88%, 05/31/25

    600       590,156  

2.88%, 06/15/25

    2,250       2,212,910  

2.88%, 08/15/28

    600       584,109  

2.88%, 04/30/29

    1,200       1,167,187  

2.88%, 05/15/32

    2,200       2,145,000  

2.88%, 08/15/45

    960       848,850  

2.88%, 11/15/46

    600       531,750  

2.88%, 05/15/52

    1,200       1,106,625  

3.00%, 09/30/25

    1,480       1,459,072  

3.00%, 10/31/25

    250       246,406  

3.00%, 05/15/42

    250       229,727  

3.00%, 11/15/44

    500       452,266  

3.00%, 05/15/45

    990       894,867  

3.00%, 11/15/45

    400       361,875  

3.00%, 02/15/47

    1,200       1,088,625  

3.00%, 05/15/47

    600       545,156  

3.00%, 02/15/48

    1,000       916,250  

3.00%, 08/15/48

    400       368,500  

3.00%, 08/15/52

    600       568,875  

3.13%, 11/15/28

    700       691,141  

3.13%, 08/15/44

    500       462,422  

3.13%, 05/15/48

    1,000       941,406  

3.25%, 06/30/27

    1,700       1,691,766  

3.25%, 06/30/29

    1,500       1,494,375  

3.25%, 05/15/42

    600       574,125  

3.38%, 05/15/44

    100       96,484  

3.38%, 11/15/48

    500       495,391  

4.25%, 05/15/39

    400       448,875  

4.50%, 02/15/36

    100       115,234  

4.75%, 02/15/37

    800       947,125  

5.00%, 05/15/37

    400       485,063  
   

 

 

 
      280,105,559  
   

 

 

 

Total U.S. Government & Agency Obligations — 60.6%
(Cost: $520,672,004)

 

        475,628,169  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $867,598,193)

 

    781,484,974  
   

 

 

 

 

 

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

  53


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Advanced Total USD Bond Market ETF

(Percentages shown are based on Net Assets)

 

Security  

Shares/

Par

(000)

    Value  

 

 

Short-Term Securities

   
Money Market Funds — 8.1%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(j)(k)(l)

    63,769     $ 63,769,486  
   

 

 

 

Total Short-Term Securities — 8.1%
(Cost: $63,769,498)

      63,769,486  
   

 

 

 

Total Investments Before TBA Sales
Commitments — 107.6%
(Cost: $931,367,691)

 

    845,254,460  
   

 

 

 

TBA Sales Commitments(i)

   
Mortgage-Backed Securities — (0.5)%            

Government National Mortgage Association

   

3.00%, 09/21/52

    (704     (660,743

3.50%, 09/21/52

    (325     (313,358

Uniform Mortgage-Backed Securities

   

2.00%, 09/14/52

    (218     (187,527

2.50%, 09/14/52

    (324     (289,271

3.00%, 09/19/37

    (745     (721,573

3.00%, 09/14/52

    (224     (207,322

4.00%, 09/14/52

    (624     (609,034

4.50%, 09/14/52

    (950     (944,211
   

 

 

 

Total TBA Sales Commitments — (0.5)%
(Proceeds: $(3,996,006))

 

    (3,933,039
   

 

 

 

Total Investments, Net of TBA Sales
Commitments — 107.1%
(Cost: $927,371,685)

 

    841,321,421  

Liabilities in Excess of Other Assets — (7.1)%

 

    (55,708,446
   

 

 

 

Net Assets — 100.0%

    $   785,612,975  
   

 

 

 

 

 

 

 

(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) 

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

(c) 

All or a portion of this security is on loan.

(d) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e) 

Perpetual security with no stated maturity date.

(f) 

Zero-coupon bond.

(g) 

U.S. dollar denominated security issued by foreign domiciled entity.

(h) 

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

(i) 

Represents or includes a TBA transaction.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

(l) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 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

02/28/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/22

    

Shares

Held at

08/31/22

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 61,606,954      $ 2,162,532 (a)    $      $      $      $ 63,769,486        63,769      $ 308,491 (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.

 

 

54  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

   iShares® ESG Advanced Total USD Bond Market ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

                                                                                       

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Investments

          

Assets

          

Asset-Backed Securities

  $      $ 2,099,448      $      $ 2,099,448  

Collaterized Mortgage Obligations

           8,858,628               8,858,628  

Corporate Bonds & Notes

           249,839,222               249,839,222  

Foreign Government Obligations

           45,059,507               45,059,507  

U.S. Government & Agency Obligations

           475,628,169               475,628,169  

Money Market Funds

    63,769,486                      63,769,486  
 

 

 

    

 

 

    

 

 

    

 

 

 
    63,769,486        781,484,974               845,254,460  
 

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities

          

TBA Sales Commitments

           (3,933,039             (3,933,039
 

 

 

    

 

 

    

 

 

    

 

 

 
  $   63,769,486      $ 777,551,935      $      $ 841,321,421  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  55


Statements of Assets and Liabilities (unaudited)

August 31, 2022

 

   

iShares

ESG

Advanced

Investment

Grade

Corporate

Bond ETF

    

iShares

ESG

Advanced

Total USD

Bond Market

ETF

 

 

 

ASSETS

 

  

Investments, at value — unaffiliated(a)(b)

  $ 16,120,484      $ 781,484,974  

Investments, at value — affiliated(c)

    644,199        63,769,486  

Cash

    8,093        2,795  

Foreign currency, at value(d)

           410  

Receivables:

    

Investments sold

    85,953        7,081,716  

Securities lending income — affiliated

    33        1,960  

TBA sales commitments

           3,996,006  

Capital shares sold

           4,986  

Dividends — affiliated

    317        75,210  

Interest — unaffiliated

    173,332        4,300,723  
 

 

 

    

 

 

 

Total assets

    17,032,411        860,718,266  
 

 

 

    

 

 

 

LIABILITIES

    

Collateral on securities loaned, at value

    503,952        18,579,486  

TBA sales commitments, at value(e)

           3,933,039  

Payables:

    

Investments purchased

    121,064        52,514,925  

Investment advisory fees

    2,573        77,841  
 

 

 

    

 

 

 

Total liabilities

    627,589        75,105,291  
 

 

 

    

 

 

 

NET ASSETS

  $ 16,404,822      $ 785,612,975  
 

 

 

    

 

 

 

NET ASSETS CONSIST OF

    

Paid-in capital

  $ 20,019,201      $ 884,156,702  

Accumulated loss

    (3,614,379      (98,543,727
 

 

 

    

 

 

 

NET ASSETS

  $ 16,404,822      $ 785,612,975  
 

 

 

    

 

 

 

NET ASSET VALUE

    

Shares outstanding

    200,000        18,000,000  
 

 

 

    

 

 

 

Net asset value

  $ 82.02      $ 43.65  
 

 

 

    

 

 

 

Shares authorized

    Unlimited        Unlimited  
 

 

 

    

 

 

 

Par value

    None        None  
 

 

 

    

 

 

 

(a) Investments, at cost — unaffiliated

  $ 19,348,098      $ 867,598,205  

(b) Securities loaned, at value

  $ 513,045      $ 17,898,181  

(c)  Investments, at cost — affiliated

  $ 644,039      $ 63,769,486  

(d) Foreign currency, at cost

  $      $ 436  

(e) Proceeds from TBA sales commitments

  $      $ 3,996,006  

See notes to financial statements.

 

56  

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


Statements of Operations (unaudited)

Six Months Ended August 31, 2022

 

   

iShares

ESG

Advanced
Investment
Grade

Corporate

Bond ETF

    

iShares

ESG

Advanced

Total USD

Bond Market

ETF

 

 

 

INVESTMENT INCOME

    

Dividends — affiliated

  $ 886      $ 289,413  

Interest — unaffiliated

    243,446        8,242,143  

Securities lending income — affiliated — net

    158        19,078  

Other income — unaffiliated

           1,538  
 

 

 

    

 

 

 

Total investment income

    244,490        8,552,172  
 

 

 

    

 

 

 

EXPENSES

    

Investment advisory fees

    15,487        490,215  
 

 

 

    

 

 

 

Total expenses

    15,487        490,215  

Less:

    

Investment advisory fees waived

           (25,439
 

 

 

    

 

 

 

Total expenses after fees waived

    15,487        464,776  
 

 

 

    

 

 

 

Net investment income

    229,003        8,087,396  
 

 

 

    

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

    

Net realized gain (loss) from:

    

Investments — unaffiliated

    (411,426      (8,351,749

Investments — affiliated

    98         

In-kind redemptions — unaffiliated(a)

           (2,835,670
 

 

 

    

 

 

 
    (411,328      (11,187,419
 

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation) on:

    

Investments — unaffiliated

    (1,788,111      (60,681,192

Investments — affiliated

    171         

Foreign currency translations

           (26
 

 

 

    

 

 

 
    (1,787,940      (60,681,218
 

 

 

    

 

 

 

Net realized and unrealized loss

    (2,199,268      (71,868,637
 

 

 

    

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ (1,970,265    $ (63,781,241
 

 

 

    

 

 

 

 

(a)

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

F I N A N C I A L   S T A T E M E N T S

  57


Statements of Changes in Net Assets

 

   

iShares

ESG Advanced Investment Grade

Corporate Bond ETF

   

iShares

ESG Advanced Total USD Bond Market

ETF

 
 

 

 

      

 

 

 
     

Six Months

Ended

08/31/22

(unaudited

 

 

 

   

Period From

11/08/21

to 02/28/22

 

(a) 

 

      


Six Months

Ended
08/31/22

(unaudited)

 


 

 

   

Year Ended

02/28/22

 

 

 

 

INCREASE (DECREASE) IN NET ASSETS

              

OPERATIONS

              

Net investment income

             $ 229,003     $ 128,150        $ 8,087,396              $ 5,189,044  

Net realized loss

      (411,328     (17,137        (11,187,419       (3,015,642

Net change in unrealized appreciation (depreciation)

      (1,787,940     (1,439,514             (60,681,218       (22,621,449
   

 

 

   

 

 

      

 

 

     

 

 

 

Net decrease in net assets resulting from operations

      (1,970,265     (1,328,501        (63,781,241       (20,448,047
   

 

 

   

 

 

      

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

              

Decrease in net assets resulting from distributions to shareholders

      (223,565     (92,048        (7,402,551       (4,734,208
   

 

 

   

 

 

      

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

              

Net increase in net assets derived from capital share transactions

            20,019,201          247,001,979         446,455,562  
   

 

 

   

 

 

      

 

 

     

 

 

 

NET ASSETS

              

Total increase (decrease) in net assets

      (2,193,830     18,598,652          175,818,187         421,273,307  

Beginning of period

      18,598,652                609,794,788         188,521,481  
   

 

 

   

 

 

      

 

 

     

 

 

 

End of period

    $ 16,404,822     $ 18,598,652        $ 785,612,975       $ 609,794,788  
   

 

 

   

 

 

      

 

 

     

 

 

 

 

(a) 

Commencement of operations.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

58  

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


Financial Highlights

(For a share outstanding throughout each period)

 

    iShares ESG Advanced Investment Grade Corporate Bond ETF  
 

 

 

 
    Six Months Ended       Period From  
      08/31/22          11/08/21 (a) 
    (unaudited)       to 02/28/22  

 

 

Net asset value, beginning of period

    $ 92.99        $ 100.00  
   

 

 

      

 

 

 

Net investment income(b)

      1.15          0.64  

Net realized and unrealized loss(c)

                             (11.00                             (7.19
   

 

 

      

 

 

 

Net decrease from investment operations

      (9.85        (6.55
   

 

 

      

 

 

 

Distributions from net investment income(d)

      (1.12        (0.46
   

 

 

      

 

 

 

Net asset value, end of period

    $ 82.02        $ 92.99  
   

 

 

      

 

 

 

Total Return(e)

        

Based on net asset value

      (10.65 )%(f)         (6.56 )%(f) 
   

 

 

      

 

 

 

Ratios to Average Net Assets(g)

        

Total expenses

      0.18 %(h)         0.18 %(h) 
   

 

 

      

 

 

 

Net investment income

      2.66 %(h)         2.16 %(h) 
   

 

 

      

 

 

 

Supplemental Data

        

Net assets, end of period (000)

    $ 16,405        $ 18,599  
   

 

 

      

 

 

 

Portfolio turnover rate(i)

      18 %(f)         7 %(f) 
   

 

 

      

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

F I N A N C I A L   H I G H L I G H T S

  59


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares ESG Advanced Total USD Bond Market ETF  
 

 

 

 
    Six Months Ended       Year Ended       Period From  
      08/31/22          02/28/22          06/23/20 (a) 
    (unaudited)         to 02/28/21  

 

 

Net asset value, beginning of period

                 $ 47.64        $ 49.61        $ 50.00  
   

 

 

      

 

 

      

 

 

 

Net investment income(b)

      0.45          0.60          0.35  

Net realized and unrealized loss(c)

      (4.02        (2.01        (0.42
   

 

 

      

 

 

      

 

 

 

Net decrease from investment operations

      (3.57        (1.41        (0.07
   

 

 

      

 

 

      

 

 

 

Distributions from net investment income(d)

      (0.42              (0.56              (0.32
   

 

 

      

 

 

      

 

 

 

Net asset value, end of period

    $ 43.65        $ 47.64        $ 49.61  
   

 

 

      

 

 

      

 

 

 

Total Return(e)

             

Based on net asset value

      (7.52 )%(f)         (2.85 )%         (0.16 )%(f) 
   

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(g)

             

Total expenses

      0.12 %(h)         0.12        0.12 %(h) 
   

 

 

      

 

 

      

 

 

 

Total expenses after fees waived

      0.11 %(h)         0.11        0.11 %(h) 
   

 

 

      

 

 

      

 

 

 

Net investment income

      1.98 %(h)         1.23        1.03 %(h) 
   

 

 

      

 

 

      

 

 

 

Supplemental Data

             

Net assets, end of period (000)

    $ 785,613        $ 609,795        $ 188,521  
   

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(i)(j)

      103 %(f)         243        216 %(f) 
   

 

 

      

 

 

      

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

(j) 

Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

 

60  

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Notes to Financial Statements (unaudited)

 

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF   Diversification  
Classification  
 

ESG Advanced Investment Grade Corporate Bond

    Non-diversified    

ESG Advanced Total USD Bond Market

    Non-diversified    

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

 

   

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows

 

 

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Notes to Financial Statements (unaudited) (continued)

 

  of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 

iShares ETF and Counterparty

   

Securities Loaned

at Value

 

 

    
Cash Collateral
Received
 
(a) 
   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

ESG Advanced Investment Grade Corporate Bond

        

BMO Capital Markets Corp.

  $ 187,686      $ (184,565   $     $ 3,121  

BofA Securities, Inc.

    248,268        (243,507           4,761  

Credit Suisse Securities (USA) LLC

    11,547        (11,295           252  

J.P. Morgan Securities LLC

    65,544        (64,832           712 (b) 
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 513,045      $ (504,199   $     $ 8,846  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

 

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Notes to Financial Statements (unaudited) (continued)

 

 

 

iShares ETF and Counterparty

   

Securities Loaned

at Value

 

 

   

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

ESG Advanced Total USD Bond Market

       

Barclays Bank PLC

  $ 2,007,800     $ (2,007,800   $     $  

Barclays Capital, Inc.

    1,416,488       (1,416,488            

BMO Capital Markets Corp.

    261,439       (261,439            

BNP Paribas SA

    1,836,233       (1,836,233            

BofA Securities, Inc.

    1,183,471       (1,183,471            

Citigroup Global Markets, Inc.

    538,310       (538,310            

Credit Suisse Securities (USA) LLC

    57,884       (57,884            

Goldman Sachs & Co. LLC

    4,273,647       (4,273,647            

J.P. Morgan Securities LLC

    3,195,099       (3,195,099            

Jefferies LLC

    389,377       (389,377            

Nomura Securities International, Inc.

    292,518       (292,518            

RBC Capital Markets LLC

    992,364       (992,364            

Scotia Capital (USA), Inc.

    60,591       (60,591            

State Street Bank & Trust Co.

    60,892       (60,892            

Toronto-Dominion Bank

    722,989       (722,989            

Wells Fargo Securities LLC

    609,079       (609,079            
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 17,898,181     $ (17,898,181   $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

 
  (b) 

The market value of the loaned securities is determined as of August 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

5.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees  

ESG Advanced Investment Grade Corporate Bond

    0.18 %   

ESG Advanced Total USD Bond Market

    0.12  

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares ESG Advanced Total USD Bond Market ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts Waived    

ESG Advanced Total USD Bond Market

  $ 25,439    

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF  

Fees Paid  

to BTC  

 

ESG Advanced Investment Grade Corporate Bond

  $ 65    

ESG Advanced Total USD Bond Market

    7,071    

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended August 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

       
iShares ETF   Purchases      Sales     

Net Realized

Gain (Loss)

 

ESG Advanced Total USD Bond Market

  $      $ 68,914        $     (14,666 )   

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

6.

PURCHASES AND SALES

For the six months ended August 31, 2022, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

 

     
    U.S. Government Securities      Other Securities  
iShares ETF   Purchases      Sales      Purchases      Sales  

ESG Advanced Investment Grade Corporate Bond

  $      $      $ 3,144,657      $ 3,000,192    

ESG Advanced Total USD Bond Market

    834,047,878        770,978,031        24,319,907        26,772,598  

 

 

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Notes to Financial Statements (unaudited) (continued)

 

For the six months ended August 31, 2022, in-kind transactions were as follows:

 

     
iShares ETF  

In-kind

Purchases

      

In-kind

Sales

 

ESG Advanced Total USD Bond Market

  $ 220,740,910        $ 33,407,957    

 

7.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of February 28, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

 

   
iShares ETF     Non-Expiring  

ESG Advanced Investment Grade Corporate Bond

  $ 17,125    

ESG Advanced Total USD Bond Market

    2,571,066  

As of August 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost     

Gross Unrealized

Appreciation

    

Gross Unrealized

Depreciation

   

Net Unrealized

Appreciation

(Depreciation)

 

ESG Advanced Investment Grade Corporate Bond

  $ 19,992,149      $ 191      $ (3,227,657   $ (3,227,466 )   

ESG Advanced Total USD Bond Market

    931,776,377        144,515        (86,603,465     (86,458,950

 

8.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial

 

 

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Notes to Financial Statements (unaudited) (continued)

 

instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

9.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
    Six Months Ended
08/31/22
     Period Ended
02/28/22
 
iShares ETF   Shares      Amount      Shares      Amount  

 

 

ESG Advanced Investment Grade Corporate Bond

          

Shares sold

         $        200,000      $ 20,019,201  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

 

 
    Six Months Ended
08/31/22
    Year Ended
02/28/22
 
iShares ETF   Shares     Amount     Shares     Amount  

 

 

ESG Advanced Total USD Bond Market

       

Shares sold

    6,200,000     $ 291,525,674       9,600,000     $ 475,382,350  

Shares redeemed

    (1,000,000     (44,523,695     (600,000     (28,926,788
 

 

 

   

 

 

   

 

 

   

 

 

 
    5,200,000     $ 247,001,979       9,000,000     $ 446,455,562  
 

 

 

   

 

 

   

 

 

   

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

 

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Board Review and Approval of Investment Advisory Contract

 

iShares ESG Advanced Investment Grade Corporate Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on September 29 – October 1, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median ofthe overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale:The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds,

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

iShares ESG Advanced Total USD Bond Market ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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Supplemental Information (unaudited)

 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

August 31, 2022

 

     
   

Total Cumulative Distributions

for the Fiscal Year-to-Date

   

% Breakdown of the Total Cumulative

Distributions for the Fiscal Year-to-Date

 
 

 

 

   

 

 

 
iShares ETF  

Net

Investment

Income

   

Net Realized

Capital Gains

   

Return of

Capital

   

Total Per

Share

   

Net

Investment

Income

   

Net Realized

Capital Gains

   

Return of

Capital

   

Total Per

Share

 

ESG Advanced Total USD Bond Market

  $ 0.423468     $     $     $ 0.423468       100             100

 

 

S U P P L E M E N T A L   I N F O R M A T I O N

  73


General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

74  

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Glossary of Terms Used in this Report

 

Portfolio Abbreviations - Fixed Income
JSC    Joint Stock Company
LIBOR    London Interbank Offered Rate
PIK    Payment-in-kind
PJSC    Public Joint Stock Company
REIT    Real Estate Investment Trust
SOFR    Secured Overnight Financing Rate
TBA    To-Be-Announced

 

 

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

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Want to know more?

iShares.com     |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-213-0822

 

 

 

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