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