LOGO

  APRIL 30, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares CMBS ETF | CMBS | NYSE Arca

·  

iShares GNMA Bond ETF | GNMA | NASDAQ

·  

iShares Treasury Floating Rate Bond ETF | TFLO | NYSE Arca

·  

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

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

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

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

 

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

 

       (9.65)%       0.21%

 

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

 

  (18.38)   (16.87)

 

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

 

  (11.80)     (8.15)

 

Emerging market equities (MSCI Emerging Markets Index)

 

  (14.15)   (18.33)

 

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

 

    0.07     0.08

 

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

 

  (10.29)     (8.86)

 

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

 

    (9.47)     (8.51)

 

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

 

    (7.90)     (7.88)

 

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

 

    (7.40)     (5.22)

 

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

H I S    A G E    I S    N  O T    A R T    O F    O U R    U N D     E P O R T


Table of Contents

 

     Page  

The Markets in Review

    2  

Fund Summary

    4  

About Fund Performance

    8  

Shareholder Expenses

    8  

Schedules of Investments

    9  

Financial Statements

 

Statements of Assets and Liabilities

    27  

Statements of Operations

    28  

Statements of Changes in Net Assets

    29  

Financial Highlights

    31  

Notes to Financial Statements

    35  

Statement Regarding Liquidity Risk Management Program

    42  

Supplemental Information

    43  

General Information

    44  

 


Fund Summary as of April 30, 2022    iShares® CMBS ETF

 

Investment Objective

The iShares CMBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg U.S. CMBS (ERISA Only) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (8.16 )%      (7.84 )%      1.53     2.14       (7.84 )%      7.88     23.54

Fund Market

    (7.87     (7.69     1.61       2.14         (7.69     8.31       23.57  

Index

    (8.00     (7.54     1.80       2.45               (7.54     9.33       27.33  

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

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 918.40        $ 1.19             $ 1,000.00        $ 1,023.60        $ 1.25        0.25

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Rating*

   
Percent of
Total Investments
 
(a) 

Aaa

    70.6

Aa

    4.0  

A

    0.7  

Baa

    0.1  

Not Rated

    24.6  

ALLOCATION BY MATURITY

 

Maturity

   
Percent of
Total Investments
 
(a) 

1-5 Years

    12.6

5-10 Years

    30.7  

10-15 Years

    2.0  

20-25 Years

    5.0  

25-30 Years

    30.9  

30-35 Years

    12.4  

35-40 Years

    4.4  

More than 40 Years

    2.0  

 

  *

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


Fund Summary as of April 30, 2022    iShares® GNMA Bond ETF

 

Investment Objective

The iShares GNMA Bond ETF (the “Fund”) seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg U.S. GNMA Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (7.34 )%      (8.15 )%      0.32     0.84       (8.15 )%      1.60     8.71

Fund Market

    (7.31     (8.18     0.32       0.79         (8.18     1.59       8.22  

Index

    (7.37     (8.01     0.48       1.11               (8.01     2.44       11.71  

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

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 926.60        $ 0.43             $ 1,000.00        $ 1,024.30        $ 0.45        0.09

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity

   
Percent of
Total Investments
 
(a) 

5-10 Years

    0.2

10-15 Years

    0.5  

15-20 Years

    0.2  

20-25 Years

    14.4  

25-30 Years

    78.4  

30-35 Years

    6.3  

FIVE LARGEST HOLDINGS

 

Security

   
Percent of
Total Investments
 
(a) 

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

    17.3

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

    6.3  

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

    5.5  

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

    4.6  

Government National Mortgage Association, 3.00%, 07/20/50

    3.5  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  5


Fund Summary as of April 30, 2022    iShares® Treasury Floating Rate Bond ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year     5 Years     Since
Inception
            1 Year      5 Years      Since
Inception
 

Fund NAV

    0.24      0.20     1.05     0.74        0.20      5.38      6.25

Fund Market

    0.39        0.35       1.08       0.76          0.35        5.53        6.41  

Index

    0.32        0.36       1.19       0.85                0.36        6.08        7.19  

The inception date of the Fund was 2/3/14. The first day of secondary market trading was 2/4/14.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(11/01/21)


 
      

Ending
Account Value
(04/30/22)


 
      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning
Account Value
(11/01/21)


 
      

Ending
Account Value
(04/30/22)


 
      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized
Expense
Ratio
 
 
 
  $  1,000.00        $  1,002.40        $ 0.74             $  1,000.00        $  1,024.10        $ 0.75          0.15

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity

   

Percent of

Total Investments

 

(a) 

0-1 Year

    68.1

1-2 Years

    31.9  

FIVE LARGEST HOLDINGS

 

Security

   

Percent of

Total Investments

 

(a) 

U.S. Treasury Floating Rate Note, 0.95%, 10/31/22

    42.5

U.S. Treasury Floating Rate Note, 0.92%, 07/31/23

    21.1  

U.S. Treasury Floating Rate Note, 0.94%, 01/31/23

    16.5  

U.S. Treasury Floating Rate Note, 0.93%, 04/30/23

    9.1  

U.S. Treasury Floating Rate Note, 0.82%, 04/30/24

    8.2  

 

  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of April 30, 2022    iShares® U.S. Treasury Bond ETF

 

Investment Objective

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

Performance

 

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

Fund NAV

    (8.33 )%      (7.47 )%      0.86     1.11       (7.47 )%      4.38     11.70

Fund Market

    (8.35     (7.44     0.87       1.12         (7.44     4.44       11.80  

Index

    (8.24     (7.33     0.99       1.22               (7.33     5.03       12.85  

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data from 7/1/2016 through 2/28/2021 is for the 3pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data prior to 7/1/2016 is for the Barclays U.S. Treasury Bond Index.

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

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 916.70        $ 0.24             $ 1,000.00        $ 1,024.50        $ 0.25        0.05

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity

   
Percent of
Total Investments
 
(a) 

0-1 Year

    1.4

1-5 Years

    51.8  

5-10 Years

    26.8  

10-15 Years

    0.2  

15-20 Years

    1.4  

More than 20 Years

    18.4  

FIVE LARGEST HOLDINGS

 

Security

   
Percent of
Total Investments
 
(a) 

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

    6.3

U.S. Treasury Note/Bond, 3.75%, 11/15/43

    5.6  

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

    5.3  

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

    4.4  

U.S. Treasury Note/Bond, 2.38%, 08/15/24

    3.5  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  7


About Fund Performance

 

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

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

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

Shareholder Expenses

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

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

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

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

 

 

8  

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


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Collaterized Mortgage Obligations

 

Mortgage-Backed Securities — 69.3%

 

Banc of America Commercial Mortgage Trust

   

Series 2016-UB10, Class A4, 3.17%, 07/15/49
(Call 04/15/26)

  $ 800     $ 780,002  

Series 2016-UB10, Class B, 3.79%, 07/15/49
(Call 05/15/26)

    250       240,614  

Series 2017-BNK3, Class A3, 3.31%, 02/15/50
(Call 11/15/26)

    1,351       1,318,043  

Series 2017-BNK3, Class A4, 3.57%, 02/15/50
(Call 01/15/27)

    1,000       986,045  

Series 2017-BNK3, Class B, 3.88%, 02/15/50
(Call 01/15/27)(a)

    830       805,202  

Bank

   

Series 2019-BN21, Class A5, 2.85%, 10/17/52
(Call 09/15/29)

    1,500       1,393,433  

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

    1,000       912,634  

BANK

   

BANK 2018-BN15, Class A3, 4.14%, 11/15/61
(Call 09/15/28)

    2,500       2,511,730  

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

    240       210,594  

BANK 2021-BN31, Class ASB, 1.74%, 02/15/54 (Call 03/15/30)

    1,000       893,668  

BANK 2022-BNK40, Class A4, 3.51%, 03/15/64 (Call 02/15/32)(a)

    1,000       957,778  

BANK 2022-BNK40, Class AS, 3.51%, 03/15/64 (Call 03/15/32)(a)

    1,000       935,919  

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

    220       214,725  

Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 03/15/27)

    1,500       1,463,541  

Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 10/15/26)

    290       287,050  

Series 2017-BNK4, Class C, 4.37%, 05/15/50
(Call 03/15/27)(a)

    485       462,120  

Series 2017-BNK5, Class A4, 3.13%, 06/15/60
(Call 05/15/27)

    1,960       1,887,916  

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

    550       530,523  

Series 2017-BNK8, Class A3, 3.23%, 11/15/50
(Call 10/15/27)

    1,000       963,782  

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

    1,000       974,981  

Series 2018-BN10, Class A5, 3.69%, 02/15/61
(Call 01/15/28)

    1,500       1,479,757  

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

    800       758,249  

Series 2018-BN14, Class A3, 3.97%, 09/15/60
(Call 07/15/28)

    600       596,355  

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

    500       501,695  

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

    750       748,798  

Series 2019-BN16, Class AS, 4.27%, 02/15/52
(Call 01/15/29)

    262       261,124  

Series 2019-BN18, Class A2, 3.47%, 05/15/62
(Call 05/15/24)

    830       823,317  

Series 2019-BN19, Class A3, 2.93%, 08/15/61
(Call 05/15/29)

    3,000       2,817,006  

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

    497       472,088  
Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

Series 2019-BN20, Class A2, 2.76%, 09/15/62
(Call 08/15/29)

  $ 500     $ 461,594  

Series 2019-BN20, Class A3, 3.01%, 09/15/62
(Call 08/15/29)

    1,000       938,225  

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

    1,000       923,065  

Series 2019-BN21, Class A4, 2.60%, 10/17/52
(Call 08/15/29)

    2,000       1,821,608  

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

    1,000       912,964  

Series 2019-BN22, Class A3, 2.73%, 11/15/62
(Call 09/15/29)

    1,000       917,691  

Series 2019-BN22, Class A4, 2.98%, 11/15/62
(Call 10/15/29)

    820       766,814  

Series 2019-BN24, Class ASB, 2.93%, 11/15/62
(Call 03/15/29)

    1,000       956,012  

Series 2019-BNK16, Class A4, 4.01%, 02/15/52
(Call 01/15/29)

    2,100       2,101,860  

Series 2020-BN25, Class A3, 2.39%, 01/15/63
(Call 01/15/27)

    1,000       933,184  

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

    250       221,412  

Series 2020-BN27, Class AS, 2.55%, 04/15/63
(Call 03/15/30)

    1,000       880,437  

Series 2020-BN28, Class A4, 1.84%, 03/15/63
(Call 09/15/30)

    500       424,794  

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

    520       450,876  

Series 2021-BN32, Class AS, 2.64%, 04/15/54

    2,075       1,871,951  

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

    244       215,834  

Series 2021-BN35, Class B, 2.53%, 06/15/64
(Call 07/15/31)

    1,000       838,286  

Series2017-BNK4, Class A4, 3.63%, 05/15/50
(Call 03/15/27)

    1,000       987,227  

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

    500       441,808  

BANK 2021-BNK34, BANK 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 06/15/31)

    500       441,161  

Barclays Commercial Mortgage Trust

   

Series 2019-C3, Class A4, 3.58%, 05/15/52
(Call 04/15/29)

    2,746       2,670,432  

Series 2019-C4, Class A5, 2.92%, 08/15/52
(Call 07/15/29)

    2,000       1,861,718  

Series 2019-C5, Class A2, 3.04%, 11/15/52
(Call 10/15/24)

    678       667,077  

Series 2019-C5, Class A4, 3.06%, 11/15/52
(Call 10/15/29)

    1,000       937,976  

BBCMS Mortgage Trust

   

BBCMS 2020-C7, Class AS, 2.44%, 04/15/53
(Call 03/15/30)

    300       262,997  

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

    2,500       2,188,759  

BBCMS 2021-C11, Class AS, 2.54%, 09/15/54

    1,000       870,366  

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

    2,000       1,771,349  

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

    1,500       1,278,521  

BBCMS 2022-C14, Class AS, 3.35%, 02/15/55

    250       232,657  

BBCMS 2022-C15, Class A5, 3.66%, 04/15/55
(Call 03/15/32)(a)

    640       623,864  

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

    2,000       1,975,601  

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

    2,250       2,285,330  

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

    250       240,017  

Series 2020-C6, Class A4, 2.64%, 02/15/53
(Call 01/15/30)

    1,500       1,368,187  

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

    1,000       863,424  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

BBCMS Trust

   

BBCMS 2021-C10, Class C, 2.84%, 07/15/54
(Call 06/15/31)

  $ 500     $ 415,045  

Series 2021-C10, Class A5, 2.49%, 07/15/54
(Call 06/15/31)

    3,000       2,673,429  

Series 2021-C10, Class AS, 2.68%, 07/15/54
(Call 06/15/31)

    1,000       886,151  

Series 2021-C10, Class B, 2.49%, 07/15/54
(Call 06/15/31)

    1,000       845,371  

Benchmark Mortgage Trust

   

BMARK 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 07/11/30)

    430       371,677  

BMARK 2021-B27, Class A2, 2.02%, 07/15/54
(Call 07/15/26)

    1,000       933,313  

BMARK 2021-B27, Class A5, 2.39%, 07/15/54
(Call 06/15/31)

    1,000       878,611  

BMARK 2021-B27, Class AS, 2.51%, 07/15/54
(Call 06/15/31)

    500       435,166  

BMARK 2021-B29, Class A2, 2.02%, 09/15/54
(Call 09/15/26)

    1,740       1,614,383  

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

    2,000       1,844,916  

BMARK 2022-B34, Class A5, 3.79%, 04/15/55
(Call 03/15/32)

    1,500       1,477,641  

Series 2018-B1, Class A5, 3.67%, 01/15/51
(Call 12/15/27)(a)

    1,000       986,941  

Series 2018-B1, Class AM, 3.88%, 01/15/51
(Call 12/15/27)(a)

    500       491,436  

Series 2018-B2, Class A4, 3.61%, 02/15/51
(Call 11/15/27)

    1,350       1,325,565  

Series 2018-B2, Class A5, 3.88%, 02/15/51
(Call 01/15/28)(a)

    1,750       1,744,977  

Series 2018-B2, Class AS, 4.08%, 02/15/51
(Call 01/15/28)(a)

    1,000       988,314  

Series 2018-B2, Class C, 4.20%, 02/15/51
(Call 02/15/28)(a)

    500       480,419  

Series 2018-B3, Class A5, 4.03%, 04/10/51
(Call 02/10/28)

    1,000       1,004,204  

Series 2018-B4, Class A2, 3.98%, 07/15/51

    430       431,905  

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

    2,023       2,040,969  

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

    464       464,650  

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

    400       374,958  

Series 2018-B5, Class AS, 4.42%, 07/15/51
(Call 07/15/28)

    1,000       1,009,077  

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

    500       493,160  

Series 2018-B7, Class A4, 4.51%, 05/15/53
(Call 10/15/28)(a)

    1,000       1,030,542  

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

    400       407,318  

Series 2018-B8, Class A4, 3.96%, 01/15/52
(Call 07/15/28)

    2,000       1,990,565  

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

    1,000       1,014,913  

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

    1,563       1,585,996  

Series 2019-B10, Class AM, 3.98%, 03/15/62

    600       587,555  

Series 2019-B11, Class A5, 3.54%, 05/15/52
(Call 05/15/29)

    1,000       974,433  

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

    500       480,747  

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

    500       474,811  

Series 2019-B13, Class AM, 3.18%, 08/15/57
(Call 10/15/29)

    1,000       932,473  

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

    500       459,960  

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

    500       470,189  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

Series 2019-B9, Class A5, 4.02%, 03/15/52
(Call 01/15/29)

  $   1,000     $   1,002,760  

Series 2019-B9, Class C, 4.97%, 03/15/52
(Call 01/15/29)(a)

    250       246,865  

Series 2020-B16, Class A5, 2.73%, 02/15/53
(Call 01/15/30)

    1,990       1,828,801  

Series 2020-B16, Class AM, 2.94%, 02/15/53
(Call 01/15/30)(a)

    1,000       907,665  

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

    250       220,891  

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

    450       378,381  

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

    500       429,370  

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

    500       429,331  

Series 2020-B22, Class A5, 1.97%, 01/15/54
(Call 12/15/30)

    1,000       855,276  

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

    1,750       1,600,751  

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

    500       432,052  

Series 2021-B24, Class A4, 2.26%, 03/15/54
(Call 01/15/31)

    3,000       2,653,400  

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

    2,000       1,790,867  

Series 2021-B25, Class ASB, 2.27%, 04/15/54
(Call 03/15/31)

    650       589,584  

Series 2021-B26, Class A5, 2.61%, 06/15/54

    2,500       2,245,105  

Series 2021-B26, Class AM, 2.83%, 06/15/54

    500       450,592  

Series 2021-B29, Class A5, 2.39%, 09/15/54
(Call 08/15/31)

    830       727,414  

Serise 2020-B17, Class A2, 2.21%, 03/15/53
(Call 03/15/25)

    1,000       954,769  

Serise 2020-B17, Class A5, 2.29%, 03/15/53
(Call 02/15/30)

    1,000       888,421  

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

    1,510       1,475,733  

CD Mortgage Trust

   

Series 2017-CD3, Class A4, 3.63%, 02/10/50
(Call 01/10/27)

    230       226,498  

Series 2017-CD3, Class AS, 3.83%, 02/10/50
(Call 01/10/27)

    750       731,789  

Series 2017-CD3, Class C, 4.55%, 02/10/50
(Call 01/10/27)(a)

    300       277,170  

Series 2017-CD4, Class A4, 3.51%, 05/10/50
(Call 04/10/27)(a)

    1,000       980,557  

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

    750       732,079  

Series 2017-CD6, Class C, 4.26%, 11/13/50
(Call 11/13/27)(a)

    500       464,201  

Series 2018-CD7, Class ASB, 4.21%, 08/15/51
(Call 03/15/28)

    550       554,686  

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

    1,000       929,729  

CFCRE Commercial Mortgage Trust

   

Series 2016-C3, Class A3, 3.87%, 01/10/48
(Call 12/10/25)

    500       499,718  

Series 2016-C4, Class A4, 3.28%, 05/10/58

    1,650       1,609,050  

Series 2017-C8, Class ASB, 3.37%, 06/15/50
(Call 07/15/26)

    1,000       990,734  

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

    750       734,333  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

Citigroup Commercial Mortgage Trust

   

CGCMT 2015-GC33, Class AS, 4.11%, 09/10/58 (Call 09/10/25)

  $ 850     $ 846,012  

CGCMT 2016-C3, Class AAB, 2.98%, 11/15/49 (Call 12/15/25)

    1,002       991,922  

Series 20116-P4, Class A4, 2.90%, 07/10/49
(Call 07/10/26)

    1,729       1,670,399  

Series 2013-GC11, Class AS, 3.42%, 04/10/46
(Call 04/10/23)

    100       100,043  

Series 2013-GC15, Class A4, 4.37%, 09/10/46
(Call 09/10/23)(a)

    750       757,324  

Series 2014-GC19, Class A4, 4.02%, 03/10/47
(Call 01/10/24)

    500       502,832  

Series 2014-GC21, Class A5, 3.86%, 05/10/47
(Call 04/10/24)

    2,085       2,088,476  

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

    750       743,669  

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

    250       247,703  

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

    250       246,634  

Series 2014-GC25, Class A4, 3.64%, 10/10/47
(Call 09/10/24)

    1,000       999,165  

Series 2014-GC25, Class AS, 4.02%, 10/10/47
(Call 09/10/24)

    953       951,220  

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

    100       99,733  

Series 2015-GC27, Class A5, 3.14%, 02/10/48
(Call 12/10/24)

    2,180       2,146,652  

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

    250       239,568  

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

    750       748,459  

Series 2015-GC33, Class A4, 3.78%, 09/10/58
(Call 09/10/25)

    1,500       1,498,080  

Series 2015-GC35, Class AAB, 3.61%, 11/10/48
(Call 04/10/25)

    375       374,941  

Series 2015-P1, Class A5, 3.72%, 09/15/48
(Call 07/15/25)

    356       355,355  

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

    874       852,374  

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

    1,000       957,347  

Series 2016-C3, Class A4, 3.15%, 11/15/49
(Call 10/15/26)

    1,466       1,420,852  

Series 2016-GC36, Class A4, 3.35%, 02/10/49
(Call 11/10/25)

    1,000       978,234  

Series 2016-P3, Class A3, 3.06%, 04/15/49
(Call 01/15/26)

    1,500       1,472,604  

Series 2016-P3, Class A4, 3.33%, 04/15/49
(Call 02/15/26)

    75       73,245  

Series 2016-P6, Class AS, 4.03%, 12/10/49
(Call 11/10/26)(a)

    1,000       984,622  

Series 2017-C4, Class A3, 3.21%, 10/12/50
(Call 08/12/27)

    1,000       969,594  

Series 2017-P8, Class A3, 3.20%, 09/15/50
(Call 07/15/27)

    885       853,699  

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

    750       730,754  

Series 2018-B2, Class A2, 3.79%, 03/10/51
(Call 10/10/27)

    1,000       1,004,571  

Series 2018-B2, Class A4, 4.01%, 03/10/51
(Call 02/10/28)

    600       602,937  

Series 2018-C5, Class A4, 4.23%, 06/10/51
(Call 05/10/28)(a)

    1,000       1,013,210  

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

    1,199       1,225,806  

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

    2,000       1,885,296  

Series 2019-GC41, Class A5, 2.87%, 08/10/56
(Call 08/10/29)

    2,500       2,327,481  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

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

  $ 750     $ 693,677  

Series 2019-GC43, Class A2, 2.98%, 11/10/52
(Call 10/10/24)

    863       845,080  

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

    750       702,997  

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

    2,000       1,835,052  

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

    500       452,543  

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

    234       211,468  

COMM Mortgage Trust

   

Series 2013-CR11, Class A4, 4.26%, 08/10/50
(Call 09/10/23)

    150       151,586  

Series 2013-CR11, Class AM, 4.72%, 08/10/50
(Call 09/10/23)(a)

    250       253,320  

Series 2013-CR6, Class ASB, 2.62%, 03/10/46
(Call 12/10/22)

    106       106,024  

Series 2013-CR9, Class A4, 4.41%, 07/10/45(a)

    1,184       1,184,164  

Series 2013-LC13, Class A5, 4.21%, 08/10/46
(Call 08/10/23)

    778       784,242  

Series 2013-LC6, Class ASB, 2.48%, 01/10/46
(Call 09/10/22)

    24       23,531  

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

    430       430,967  

Series 2014-CR14, Class C, 4.60%, 02/10/47
(Call 01/10/24)(a)

    200       198,036  

Series 2014-CR16, Class A4, 4.05%, 04/10/47
(Call 03/10/24)

    500       502,489  

Series 2014-CR16, Class ASB, 3.65%, 04/10/47
(Call 12/10/23)

    71       71,791  

Series 2014-CR17, Class A5, 3.98%, 05/10/47
(Call 04/10/24)

    500       501,846  

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

    292       289,537  

Series 2014-CR18, Class AM, 4.10%, 07/15/47
(Call 06/15/24)

    300       301,530  

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

    438       438,546  

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

    850       853,817  

Series 2014-CR20, Class AM, 3.94%, 11/10/47
(Call 10/10/24)

    250       247,852  

Series 2014-LC15, Class A4, 4.01%, 04/10/47
(Call 03/10/24)

    1,945       1,953,486  

Series 2014-LC17, Class A5, 3.92%, 10/10/47
(Call 09/10/24)

    675       676,561  

Series 2014-UBS2, Class A5, 3.96%, 03/10/47
(Call 02/10/24)

    1,521       1,524,747  

Series 2014-UBS2, Class AM, 4.20%, 03/10/47
(Call 02/10/24)

    425       425,901  

Series 2014-UBS3, Class C, 4.74%, 06/10/47
(Call 05/10/24)(a)

    150       147,103  

Series 2014-UBS4, Class A4, 3.42%, 08/10/47
(Call 06/10/24)

    250       248,568  

Series 2014-UBS4, Class A5, 3.69%, 08/10/47
(Call 07/10/24)

    500       498,763  

Series 2014-UBS4, Class AM, 3.97%, 08/10/47
(Call 07/10/24)

    500       498,373  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

Series 2014-UBS4, Class B, 4.35%, 08/10/47
(Call 07/10/24)

  $ 250     $ 246,080  

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

    730       729,708  

Series 2014-UBS6, Class A4, 3.38%, 12/10/47
(Call 10/10/24)

    943       934,343  

Series 2014-UBS6, Class A5, 3.64%, 12/10/47
(Call 11/10/24)

    500       497,771  

Series 2015-CR22, Class A5, 3.31%, 03/10/48
(Call 02/10/25)

    500       493,226  

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

    200       197,726  

Series 2015-CR22, Class ASB, 3.14%, 03/10/48
(Call 10/10/24)

    566       564,320  

Series 2015-CR22, Class C, 4.11%, 03/10/48
(Call 03/10/25)(a)

    300       291,697  

Series 2015-CR23, Class A4, 3.50%, 05/10/48
(Call 04/10/25)

    500       495,273  

Series 2015-CR24, Class B, 4.38%, 08/12/48
(Call 07/10/25)(a)

    750       736,293  

Series 2015-CR24, Class D, 3.46%, 08/10/48
(Call 08/10/25)(a)

    200       182,522  

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

    750       747,044  

Series 2015-CR25, Class ASB, 3.54%, 08/10/48
(Call 04/10/25)

    674       674,262  

Series 2015-CR25, Class B, 4.53%, 08/12/48
(Call 08/10/25)(a)

    300       296,698  

Series 2015-CR26, Class A4, 3.63%, 10/10/48
(Call 08/10/25)

    2,398       2,378,334  

Series 2015-DC1, Class A5, 3.35%, 02/10/48
(Call 01/10/25)

    750       740,342  

Series 2015-DC1, Class B, 4.04%, 02/10/48
(Call 01/10/25)(a)

    1,000       970,519  

Series 2015-DC1, Class C, 4.33%, 02/10/48
(Call 01/10/25)(a)

    250       239,308  

Series 2015-LC19, Class A4, 3.18%, 02/10/48
(Call 01/10/25)

    1,000       984,143  

Series 2015-LC21, Class A4, 3.71%, 07/10/48
(Call 05/10/25)

    500       497,809  

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

    1,000       995,756  

Series 2015-PC1, Class A5, 3.90%, 07/10/50
(Call 05/10/25)

    1,533       1,531,144  

Series 2015-PC1, Class ASB, 3.61%, 07/10/50
(Call 11/10/24)

    118       118,275  

Series 2016-CR28, Class A4, 3.76%, 02/10/49

    2,000       1,991,458  

Series 2016-CR28, Class C, 4.64%, 02/10/49(a)

    604       587,437  

Series 2016-DC2, Class A4, 3.50%, 02/10/49
(Call 12/10/25)

    388       384,399  

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

    750       738,233  

Series 2016-DC2, Class ASB, 3.55%, 02/10/49
(Call 08/10/25)

    759       760,451  

Series 2016-DC2, Class C, 4.67%, 02/10/49
(Call 02/10/26)(a)

    250       240,878  

Series 2017-COR2, Class C, 4.59%, 09/10/50
(Call 08/10/27)(a)

    750       718,384  

Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 04/10/28)

    750       760,177  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

Series 2018-COR3, Class B, 4.51%, 05/10/51
(Call 04/10/28)(a)

  $ 500     $ 494,183  

Series 2018-COR3, Class C, 4.56%, 05/10/51
(Call 04/10/28)(a)

    500       475,868  

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

    1,000       932,448  

Commission Mortgage Trust, COMM 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 07/10/25)

    1,350       1,335,983  

CSAIL Commercial Mortgage Trust

   

Series 2015-C1, Class A4, 3.51%, 04/15/50
(Call 01/15/25)

    500       495,760  

Series 2015-C1, Class AS, 3.79%, 04/15/50
(Call 01/15/25)(a)

    435       426,840  

Series 2015-C2, Class A4, 3.50%, 06/15/57
(Call 04/15/25)

    500       494,934  

Series 2015-C2, Class AS, 3.85%, 06/15/57
(Call 04/15/25)(a)

    700       679,350  

Series 2015-C3, Class A4, 3.72%, 08/15/48
(Call 07/15/25)

    650       646,497  

Series 2015-C4, Class A3, 3.54%, 11/15/48

    1,489       1,474,731  

Series 2015-C4, Class A4, 3.81%, 11/15/48

    1,464       1,460,195  

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

    250       229,417  

Series 2016-C5, Class C, 4.65%, 11/15/48
(Call 11/15/25)(a)

    750       711,712  

Series 2016-C6, Class C, 4.92%, 01/15/49
(Call 04/15/26)(a)

    350       340,128  

Series 2016-C7, Class A4, 3.21%, 11/15/49
(Call 07/15/26)

    193       189,501  

Series 2016-C7, Class AS, 3.96%, 11/15/49
(Call 10/15/26)(a)

    1,000       976,742  

Series 2017-CX9, Class A5, 3.45%, 09/15/50

    1,000       973,056  

Series 2018-CX11, Class A5, 4.03%, 04/15/51
(Call 02/15/28)(a)

    1,000       1,001,591  

Series 2019-C15, Class A2, 3.45%, 03/15/52

    1,076       1,071,639  

Series 2019-C15, Class A3, 3.78%, 03/15/52

    1,400       1,372,585  

Series 2019-C15, Class B, 4.48%, 03/15/52

    1,000       985,404  

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

    2,000       1,862,921  

Series 2019-C18, Class ASB, 2.87%, 12/15/52

    500       476,788  

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

    500       445,816  

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

    1,400       1,434,272  

DBJPM Mortgage Trust

   

Series 2016-C1, Class A4, 3.28%, 05/10/49
(Call 02/10/26)

    1,000       975,728  

Series 2016-C1, Class ASB, 3.04%, 05/10/49
(Call 12/10/25)

    440       434,033  

Series 2016-C1, Class B, 4.20%, 05/10/49
(Call 03/10/26)(a)

    1,160       1,120,566  

Series 2016-C1, Class C, 3.33%, 05/10/49
(Call 03/10/26)(a)

    468       413,918  

Series 2017-C6, Class A3, 3.27%, 06/10/50
(Call 06/10/24)

    750       745,406  

Fannie Mae-Aces, FNA 2019-M25, Class A2, 2.33%, 11/25/29(a)

    1,690       1,575,892  

Federal National Mortgage Association

   

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

    481       478,903  

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

    421       426,943  

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

    1,175       1,139,622  

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

    2,000       1,725,175  

FNA 2022-M3, Class A2, 1.76%, 11/25/31(a)

    2,000       1,712,960  

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

    1,800       1,666,842  

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

    900       884,194  

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

    500       447,811  

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

    373       371,234  

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

    1,000       965,727  

 

 

12  

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



Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

Series 2017-M1, Class A2, 2.42%, 10/25/26(a)

  $  822     $  790,576  

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

    1,816       1,776,547  

Series 2019-M1, Class A1, 3.36%, 09/25/28

    319       318,634  

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

    1,590       1,523,763  

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

    4,530       4,256,953  

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

    1,000       889,498  

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

    250       217,938  

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

    1,000       919,623  

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

    100       89,425  

Series 2021-M4, Class A2, 1.47%, 02/25/31(a)

    2,500       2,129,031  

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

    796       798,939  

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

    769       759,612  

Freddie Mac Multifamily Structured Pass Through Certificates

   

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

    976       925,831  

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

    2,250       2,126,644  

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

    1,000       891,359  

FHMS K135, Class A1, 1.61%, 10/25/30
(Call 10/25/30)

    1,218       1,095,850  

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

    2,000       1,783,884  

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

    2,000       1,856,006  

FHMS K141, Class A1, 2.55%, 05/25/31

    2,250       2,138,376  

FHMS K141, Class A2, 2.25%, 02/25/32

    2,500       2,250,355  

FHMS K142, Class A2, 2.40%, 03/25/32

    4,000       3,645,000  

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

    263       262,702  

Series K056, Class A1, 2.20%, 07/25/25
(Call 05/25/25)

    1,007       981,524  

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

    1,725       1,676,277  

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

    1,618       1,605,227  

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

    3,204       3,203,176  

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

    2,175       2,095,156  

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

    500       469,906  

Series K099, Class A2, 2.60%, 09/25/29
(Call 09/25/29)

    2,461       2,338,325  

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

    2,005       1,855,349  

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

    4,399       4,055,270  

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

    3,250       2,870,376  

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

    2,000       1,747,279  

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

    983       868,583  

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

    4,010       3,433,252  

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

    1,932       1,697,337  

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

    2,500       2,154,138  

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

    3,000       2,597,406  

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

    4,450       3,825,634  

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

    1,500       1,294,425  

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

    600       520,357  

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

    2,300       1,999,013  

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

    4,000       3,600,746  

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

    4,000       3,573,773  

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

    1,000       886,187  

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

    1,000       985,709  

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

    1,825       1,437,090  

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

    500       394,778  

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

    2,500       1,994,546  

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

    1,173       1,143,439  

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

    2,000       1,704,809  

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

    1,000       820,731  

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

    481       489,968  

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

    500       498,758  

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

    1,000       990,448  

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

    300       283,193  

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

    2,000       1,814,582  

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

    1,120       1,019,472  

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

    3,950       3,617,668  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

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

  $  1,400     $  1,245,025  

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

    3,000       2,704,777  

GS Mortgage Securities Trust

   

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

    1,000       968,117  

Series 2012-GCJ9, Class AS, 3.12%, 11/10/45
(Call 11/10/22)

    200       200,478  

Series 2013-GC12, Class AS, 3.38%, 06/10/46
(Call 05/10/23)

    300       298,626  

Series 2013-GC12, Class B, 3.78%, 06/10/46
(Call 05/10/23)(a)

    115       114,500  

Series 2013-GC14, Class A5, 4.24%, 08/10/46
(Call 08/10/23)

    550       554,320  

Series 2013-GC16, Class A4, 4.27%, 11/10/46
(Call 10/10/23)

    1,500       1,514,842  

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

    150       151,898  

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

    100       98,955  

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

    650       650,064  

Series 2014-GC20, Class A5, 4.00%, 04/10/47
(Call 03/10/24)

    400       401,747  

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

    250       244,754  

Series 2014-GC22, Class A5, 3.86%, 06/10/47
(Call 05/10/24)

    2,640       2,643,609  

Series 2014-GC22, Class AS, 4.11%, 06/10/47
(Call 05/10/24)

    250       250,035  

Series 2014-GC24, Class AAB, 3.65%, 09/10/47
(Call 06/10/24)

    278       279,571  

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

    1,485       1,478,787  

Series 2015-GC30, Class AAB, 3.12%, 05/10/50
(Call 10/10/24)

    268       267,273  

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

    500       491,989  

Series 2015-GC32, Class A3, 3.50%, 07/10/48
(Call 06/10/25)

    600       593,434  

Series 2015-GC32, Class C, 4.42%, 07/10/48
(Call 07/10/25)(a)

    804       773,666  

Series 2015-GC34, Class A4, 3.51%, 10/10/48
(Call 09/10/25)

    1,500       1,491,156  

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

    1,500       1,493,975  

Series 2016-GS2, Class A4, 3.05%, 05/10/49
(Call 02/10/26)

    1,170       1,135,819  

Series 2016-GS3, Class A3, 2.59%, 10/10/49
(Call 08/10/26)

    1,291       1,229,010  

Series 2016-GS3, Class A4, 2.85%, 10/10/49
(Call 09/10/26)

    780       747,383  

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

    39       38,303  

Series 2017-GS7, Class A3, 3.17%, 08/10/50
(Call 05/10/27)

    1,000       964,005  

Series 2017-GS7, Class B, 3.88%, 08/10/50
(Call 07/10/27)

    500       484,358  

Series 2018-GS9, Class A4, 3.99%, 03/10/51
(Call 02/10/28)(a)

    1,000       999,722  

Series 2019-GC38, Class A4, 3.97%, 02/10/52
(Call 01/10/29)

    750       747,689  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

Series 2019-GC40, Class A4, 3.16%, 07/10/52
(Call 06/10/29)

  $  1,131     $  1,072,448  

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

    500       450,914  

Series 2020-GC45, Class A4, 2.66%, 02/13/53
(Call 11/13/29)

    775       706,395  

JP Morgan Chase Commercial Mortgage Securities Trust

   

Series 2015-JP1, Class A4, 3.65%, 01/15/49
(Call 11/15/25)

    1,000       992,528  

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

    750       741,190  

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

    1,000       955,608  

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

    108       101,077  

JPMBB Commercial Mortgage Securities Trust

   

Series 2013-C12, Class AS, 4.03%, 07/15/45
(Call 05/15/23)(a)

    500       501,794  

Series 2013-C14, Class A4, 4.13%, 08/15/46
(Call 07/15/23)(a)

    513       513,061  

Series 2013-C14, Class AS, 4.41%, 08/15/46
(Call 07/15/23)(a)

    150       149,901  

Series 2013-C14, Class B, 4.55%, 08/15/46
(Call 07/15/23)(a)

    500       493,365  

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

    200       202,211  

Series 2013-C15, Class C, 5.19%, 11/15/45
(Call 10/15/23)(a)

    110       111,539  

Series 2013-C17, Class A4, 4.20%, 01/15/47
(Call 12/15/23)

    490       493,043  

Series 2013-C17, Class C, 4.89%, 01/15/47
(Call 12/15/23)(a)

    100       99,289  

Series 2014-C18, Class A5, 4.08%, 02/15/47
(Call 02/15/24)

    1,400       1,405,388  

Series 2014-C18, Class AS, 4.44%, 02/15/47
(Call 02/15/24)(a)

    1,200       1,195,491  

Series 2014-C18, Class B, 4.79%, 02/15/47
(Call 02/15/24)(a)

    225       224,710  

Series 2014-C19, Class C, 4.65%, 04/15/47
(Call 04/15/24)(a)

    200       200,247  

Series 2014-C21, Class A4, 3.49%, 08/15/47
(Call 05/15/24)

    610       606,246  

Series 2014-C21, Class A5, 3.77%, 08/15/47
(Call 06/15/24)

    500       499,472  

Series 2014-C21, Class ASB, 3.43%, 08/15/47
(Call 02/15/24)

    163       162,933  

Series 2014-C22, Class A4, 3.80%, 09/15/47
(Call 08/15/24)

    2,506       2,510,624  

Series 2014-C22, Class C, 4.55%, 09/17/47
(Call 08/15/24)(a)

    200       184,858  

Series 2014-C23, Class A5, 3.93%, 09/15/47
(Call 09/15/24)

    1,144       1,146,509  

Series 2014-C23, Class ASB, 3.66%, 09/15/47
(Call 07/15/24)

    171       171,251  

Series 2014-C25, Class AS, 4.07%, 11/15/47
(Call 10/15/24)

    232       230,751  

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

    185       181,424  

Series 2015-C27, Class AS, 3.63%, 02/15/48
(Call 01/15/25)

    500       489,155  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

Series 2015-C28, Class A3, 2.91%, 10/15/48
(Call 01/15/25)

  $ 968     $ 948,543  

Series 2015-C28, Class ASB, 3.04%, 10/15/48
(Call 11/15/24)

    263       262,426  

Series 2015-C29, Class A4, 3.61%, 05/15/48
(Call 04/15/25)

    1,000       992,920  

Series 2015-C29, Class ASB, 3.30%, 05/15/48
(Call 01/15/25)

    302       301,769  

Series 2015-C29, Class B, 4.12%, 05/15/48
(Call 05/15/25)(a)

    250       239,679  

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

    635       625,081  

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

    1,003       1,001,454  

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

    1,000       999,450  

Series 2016-C1, Class A5, 3.58%, 03/17/49
(Call 01/15/26)

    822       812,560  

Series 2016-C1, Class B, 4.73%, 03/15/49
(Call 02/15/26)(a)

    450       445,767  

Series 2016-C1, Class C, 4.73%, 03/15/49
(Call 02/15/26)(a)

    400       388,853  

JPMCC Commercial Mortgage Securities Trust

   

JPMCC 2017-JP5, Class ASB, 3.55%, 03/15/50
(Call 11/15/26)

    124       123,068  

Series 2017-JP5, Class A5, 3.72%, 03/15/50
(Call 01/15/27)

    1,300       1,291,547  

Series 2017-JP5, Class AS, 3.88%, 03/15/50
(Call 01/15/27)(a)

    650       630,009  

Series 2017-JP6, Class A5, 3.49%, 07/15/50
(Call 04/15/27)

    300       294,568  

Series 2017-JP6, Class AS, 3.74%, 07/15/50
(Call 05/15/27)

    400       387,100  

Series 2017-JP7, Class A5, 3.45%, 09/15/50
(Call 07/15/27)

    1,000       978,682  

Series 2019-COR4, Class ASB, 3.94%, 03/10/52
(Call 03/10/28)

    1,000       996,678  

Series 2019-COR5, Class A2, 3.15%, 06/13/52
(Call 05/13/24)

    360       356,309  

Series 2019-COR5, Class A4, 3.39%, 06/13/52
(Call 04/13/29)

    1,200       1,156,464  

JPMDB Commercial Mortgage Securities Trust

   

JPMDB 2018-C8, Class A3, 3.94%, 06/15/51
(Call 04/15/28)

    561       559,386  

Series 2016-C2, Class A4, 3.14%, 06/15/49
(Call 04/15/26)

    1,000       973,066  

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

    750       696,542  

Series 2017-C5, Class A5, 3.69%, 03/15/50
(Call 01/15/27)

    2,100       2,082,730  

Series 2017-C7, Class A3, 3.05%, 10/15/50
(Call 07/15/24)

    1,200       1,184,502  

Series 2017-C7, Class A5, 3.41%, 10/15/50
(Call 08/15/27)

    1,050       1,024,949  

Series 2019-COR6, Class A4, 3.06%, 11/13/52
(Call 10/13/29)

    955       897,669  

Series 2020-COR7, Class A5, 2.18%, 05/13/53
(Call 03/13/30)

    539       473,890  

JPMorgan Chase Commercial Mortgage Securities Trust

   

Series 2012-C8, Class ASB, 2.38%, 10/15/45
(Call 05/15/22)

    1       1,420  

Series 2013-C10, Class C, 4.10%, 12/15/47
(Call 02/15/23)(a)

    200       198,830  

Series 2013-C13, Class A4, 3.99%, 01/15/46
(Call 06/15/23)(a)

    205       206,792  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

Series 2013-C13, Class ASB, 3.41%, 01/15/46
(Call 03/15/23)

  $  12     $  11,896  

Series 2014-C20, Class A5, 3.80%, 07/15/47
(Call 05/15/24)

    500       499,860  

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

    100       99,060  

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

    2,462       2,471,757  

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

    1,023       983,819  

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

    700       662,581  

Series 2016-JP4, Class A4, 3.65%, 12/15/49
(Call 11/15/26)(a)

    1,090       1,077,602  

Morgan Stanley Bank of America Merrill Lynch Trust

   

MSBAM 2017-C33, Class ASB, 3.40%, 05/15/50 (Call 10/15/26)

    1,000       993,108  

Series 2013-C10, Class A4, 4.21%, 07/15/46
(Call 06/15/23)(a)

    1,000       1,001,295  

Series 2013-C10, Class ASB, 3.91%, 07/15/46
(Call 01/15/23)(a)

    45       45,480  

Series 2013-C11, Class A3, 3.96%, 08/15/46
(Call 05/15/23)

    479       477,138  

Series 2013-C11, Class A4, 4.30%, 08/15/46
(Call 07/15/23)(a)

    800       799,303  

Series 2013-C13, Class A4, 4.04%, 11/15/46
(Call 11/15/23)

    1,100       1,103,689  

Series 2013-C13, Class C, 4.90%, 11/15/46
(Call 11/15/23)(a)

    230       222,418  

Series 2013-C7, Class AAB, 2.47%, 02/15/46
(Call 10/15/22)

    18       18,119  

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

    200       198,491  

Series 2013-C8, Class B, 3.52%, 12/15/48
(Call 02/15/23)(a)

    200       199,442  

Series 2014-C14, Class A5, 4.06%, 02/15/47
(Call 12/15/23)

    985       990,544  

Series 2014-C14, Class AS, 4.38%, 02/15/47
(Call 01/15/24)(a)

    200       201,245  

Series 2014-C14, Class B, 4.86%, 02/15/47
(Call 01/15/24)(a)

    200       202,301  

Series 2014-C15, Class ASB, 3.65%, 04/15/47
(Call 12/15/23)

    87       87,802  

Series 2014-C16, Class A5, 3.89%, 06/15/47
(Call 05/15/24)

    500       501,433  

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

    2,220       2,216,554  

Series 2014-C18, Class A3, 3.65%, 10/15/47

    329       325,195  

Series 2014-C18, Class A4, 3.92%, 10/15/47

    1,150       1,152,307  

Series 2014-C19, Class A4, 3.53%, 12/15/47
(Call 11/15/24)

    1,275       1,265,735  

Series 2015-C20, Class A4, 3.25%, 02/15/48
(Call 12/15/24)

    2,000       1,970,759  

Series 2015-C20, Class AS, 3.61%, 02/15/48
(Call 01/15/25)

    500       492,701  

Series 2015-C21, Class A4, 3.34%, 03/15/48
(Call 02/15/25)

    901       883,694  

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

    1,000       982,415  

Series 2015-C22, Class C, 4.21%, 04/15/48
(Call 04/15/25)(a)

    250       236,826  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

 

Series 2015-C23, Class A3, 3.45%, 07/15/50
(Call 05/15/25)

  $  730     $  721,030  

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

    363       359,965  

Series 2015-C24, Class A4, 3.73%, 05/15/48
(Call 07/15/25)

    950       945,313  

Series 2015-C25, Class ASB, 3.38%, 10/15/48
(Call 06/15/25)

    460       459,478  

Series 2015-C27, Class A4, 3.75%, 12/15/47
(Call 10/15/25)

    1,373       1,365,473  

Series 2016-C28, Class A4, 3.54%, 01/15/49
(Call 01/15/26)

    1,000       987,007  

Series 2016-C30, Class A5, 2.86%, 09/15/49
(Call 08/15/26)

    500       479,254  

Series 2016-C31, Class A5, 3.10%, 11/15/49
(Call 10/15/26)

    1,250       1,207,646  

Series 2016-C32, Class A4, 3.72%, 12/15/49
(Call 12/15/26)

    1,000       994,718  

Series 2016-C32, Class ASB, 3.51%, 12/15/49
(Call 07/15/26)

    288       285,785  

Series 2017-C33, Class A5, 3.60%, 05/15/50
(Call 04/15/27)

    1,100       1,083,960  

Series 2017-C34, Class A4, 3.54%, 11/15/52
(Call 09/15/27)

    1,000       978,524  

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

    500       490,939  

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

    2,010       1,967,966  

Morgan Stanley Capital I Trust

   

MSC 2016-UB12, Class A3, 3.34%, 12/15/49
(Call 11/15/26)

    983       960,122  

MSC 2016-UB12, Class A4, 3.60%, 12/15/49
(Call 11/15/26)

    1,500       1,475,050  

MSC 2017-H1, Class AS, 3.77%, 06/15/50
(Call 05/15/27)

    1,000       969,665  

MSC 2021-L5, Class ASB, 2.43%, 05/15/54
(Call 12/15/30)

    145       131,919  

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

    500       498,490  

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

    250       242,820  

Series 2016-BNK2, Class A4, 3.05%, 11/15/49
(Call 10/15/26)

    1,250       1,206,811  

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

    1,000       954,181  

Series 2017-H1, Class A5, 3.53%, 06/15/50
(Call 05/15/27)

    1,000       980,160  

Series 2018-H3, Class A4, 3.91%, 07/15/51
(Call 05/15/28)

    500       493,451  

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

    1,000       948,604  

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

    1,120       970,915  

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

    1,500       1,365,868  

Series 2021-L6, Class A2, 2.13%, 06/15/54
(Call 07/15/26)(a)

    1,500       1,396,949  

Series 2021-L7, Class A5, 2.57%, 10/15/54
(Call 09/15/31)

    3,000       2,658,572  

SG Commercial Mortgage Securities Trust

   

Series 2016-C5, Class A4, 3.06%, 10/10/48
(Call 06/10/26)

    1,000       960,254  

Series 2016-C5, Class C5, 2.90%, 10/10/48
(Call 10/10/25)

    1,670       1,642,620  

UBS Commercial Mortgage Trust

   

Series 2017-C2, Class A4, 3.49%, 08/15/50
(Call 07/15/27)

    1,000       977,678  

Series 2017-C6, Class AS, 3.93%, 12/15/50
(Call 11/15/27)(a)

    500       489,461  

Series 2017-C7, Class A4, 3.68%, 12/15/50
(Call 12/15/27)

    1,000       977,122  

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

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

  $ 1,325     $ 1,323,988  

Series 2018-C15, Class B, 4.92%, 12/15/51
(Call 12/15/28)(a)

    750       755,199  

Series 2019-C16, Class AS, 3.89%, 04/15/52
(Call 03/15/29)

    1,334       1,303,585  

Series 2019-C17, Class A4, 2.92%, 10/15/52
(Call 09/15/29)

    1,000       922,100  

UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class AAB, 2.46%, 12/10/45 (Call 05/10/22)

    6       5,784  

Wells Fargo Commercial Mortgage Trust

   

Series 2013-LC12, Class A4, 4.22%, 07/15/46
(Call 06/15/23)(a)

    1,975       1,984,396  

Series 2013-LC12, Class AS, 4.31%, 07/15/46
(Call 07/15/23)(a)

    473       474,687  

Series 2014-LC16, Class ASB, 3.48%, 08/15/50
(Call 03/15/24)

    566       566,014  

Series 2015-C26, Class AS, 3.58%, 02/15/48
(Call 01/15/25)

    820       808,645  

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

    1,000       989,106  

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

    330       317,326  

Series 2015-C28, Class A4, 3.54%, 05/15/48
(Call 04/15/25)

    500       496,947  

Series 2015-C28, Class AS, 3.87%, 05/15/48
(Call 04/15/25)(a)

    250       248,341  

Series 2015-C30, Class A4, 3.66%, 09/15/58
(Call 07/15/25)

    817       813,021  

Series 2015-C30, Class ASB, 3.41%, 09/15/58
(Call 03/15/25)

    321       321,048  

Series 2015-C31, Class A4, 3.70%, 11/15/48
(Call 10/15/25)

    500       497,009  

Series 2015-C31, Class B, 4.48%, 11/15/48
(Call 10/15/25)(a)

    1,000       981,863  

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

    450       432,694  

Series 2015-LC20, Class A3, 3.09%, 04/15/50
(Call 05/15/22)

    600       593,660  

Series 2015-LC20, Class B, 3.72%, 04/15/50
(Call 03/15/25)

    750       727,828  

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

    1,000       999,825  

Series 2015-NXS2, Class A5, 3.77%, 07/15/58
(Call 06/15/25)(a)

    750       747,013  

Series 2016-C32, Class ASB, 3.32%, 01/15/59
(Call 06/15/25)

    831       828,196  

Series 2016-C34, Class A4, 3.10%, 06/15/49
(Call 04/15/26)

    1,000       969,425  

Series 2016-C35, Class A4, 2.93%, 07/15/48
(Call 06/15/26)

    1,000       961,515  

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

    500       470,471  

Series 2016-LC24, Class A4, 2.94%, 10/15/49
(Call 08/15/26)

    1,680       1,617,625  

Series 2016-LC25, Class B, 4.34%, 12/17/59
(Call 11/15/26)(a)

    198       195,644  

Series 2016-NXS4, Class A4, 3.72%, 12/15/48

    1,000       995,448  

Series 2016-NXS6, Class B, 3.81%, 11/15/49
(Call 09/15/26)

    500       470,361  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

Series 2017-C38, Class A4, 3.19%, 07/15/50
(Call 05/15/27)

  $ 500     $ 484,752  

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

    2,000       1,954,221  

Series 2017-C39, Class A5, 3.42%, 09/15/50
(Call 07/15/27)

    2,500       2,438,399  

Series 2017-C39, Class ASB, 3.21%, 09/15/50
(Call 12/15/26)

    1,000       984,474  

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

    500       461,037  

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

    1,250       1,226,173  

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

    500       480,322  

Series 2018-C44, Class A5, 4.21%, 05/15/51
(Call 04/15/28)

    1,000       1,011,521  

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

    350       351,125  

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

    500       496,971  

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

    2,250       2,306,592  

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

    1,000       1,016,151  

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

    1,625       1,623,514  

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

    665       645,808  

Series 2019-C50, Class A5, 3.73%, 05/15/52
(Call 04/15/29)

    750       736,384  

Series 2019-C50, Class AS, 4.02%, 05/15/52
(Call 04/15/29)

    1,000       977,778  

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

    492       470,420  

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

    1,400       1,311,425  

Series 2020-C55, Class A5, 2.73%, 02/15/53
(Call 01/15/30)

    1,000       914,269  

Series 2020-C56, Class ASB, 2.42%, 06/15/53
(Call 11/15/29)

    2,000       1,859,099  

Series 2020-C56, Class B, 3.75%, 06/15/53
(Call 03/15/30)(a)

    345       327,357  

Series 2020-C56, Class C, 3.75%, 06/15/53
(Call 04/15/30)(a)

    800       714,393  

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

    2,919       2,537,220  

Series 2020-C58, Class A4, 2.10%, 07/15/53
(Call 11/15/30)

    1,000       861,694  

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

    1,000       896,172  

Series 2021-C59, Class ASB, 2.30%, 04/15/54
(Call 01/15/30)

    354       321,495  

WFCM 2016-C33, Class A4, 3.43%, 03/15/59
(Call 02/15/26)

    1,000       984,764  

WFCM 2018-C44, Class A4, 3.95%, 05/15/51
(Call 04/15/28)

    1,250       1,245,472  

WFCM 2018-C47, Class ASB, 4.37%, 09/15/61
(Call 05/15/28)

    1,625       1,650,474  

WFRBS Commercial Mortgage Trust

   

Series 2012-C10, Class AS, 3.24%, 12/15/45
(Call 12/15/22)

    250       249,028  

 

 

16  

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


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

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

  $ 110     $ 108,132  

Series 2013-C14, Class B, 3.84%, 06/15/46
(Call 05/15/23)(a)

    500       495,993  

Series 2013-C15, Class A4, 4.15%, 08/15/46
(Call 07/15/23)(a)

    2,000       2,010,794  

Series 2013-C17, Class A3, 3.75%, 12/15/46
(Call 10/15/23)

    756       754,393  

Series 2013-C18, Class A4, 3.90%, 12/15/46
(Call 12/15/23)

    515       512,329  

Series 2013-C18, Class A5, 4.16%, 12/15/46
(Call 12/15/23)(a)

    2,000       2,013,136  

Series 2013-UBS1, Class A4, 4.08%, 03/15/46
(Call 11/15/23)(a)

    739       743,322  

Series 2014-C19, Class A4, 3.83%, 03/15/47
(Call 02/15/24)

    300       299,665  

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

    300       298,425  

Series 2014-C20, Class ASB, 3.64%, 05/15/47
(Call 01/15/24)

    144       144,049  

Series 2014-C22, Class A4, 3.49%, 09/15/57

    1,063       1,054,474  

Series 2014-C22, Class A5, 3.75%, 09/15/57

    400       399,124  

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

    480       475,882  

Series 2014-C24, Class A5, 3.61%, 11/15/47
(Call 10/15/24)

    100       99,307  

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

    1,050       1,044,608  

Series 2014-LC14, Class A5, 4.05%, 03/15/47
(Call 01/15/24)

    950       954,760  
   

 

 

 
      518,408,319  
   

 

 

 

Total Collaterized Mortgage Obligations — 69.3%
(Cost: $566,403,107)

 

    518,408,319  
   

 

 

 

U.S. Government & Agency Obligations

 

Mortgage-Backed Securities — 29.5%

   

Federal National Mortgage Association

   

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

    328       328,372  

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

    615       612,346  

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

    565       564,784  

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

    129       128,078  

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

    348       350,011  

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

    446       446,688  

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

    594       581,339  

Series 2015-M10, Class A2, 3.09%, 04/25/27(a)

    2,446       2,420,689  

Series 2015-M11, Class A2, 2.82%, 04/25/25(a)

    764       755,088  

Series 2015-M13, Class A2, 2.71%, 06/25/25(a)

    815       801,121  

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

    330       323,959  

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

    1,224       1,209,703  

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

    309       299,067  

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

    2,000       1,915,218  

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

    1,000       983,780  

Series 2017-M15, Class AV2, 2.58%, 11/25/24(a)

    715       701,231  

Series 2017-M2, Class A2, 2.80%, 02/25/27(a)

    2,694       2,637,952  

Series 2017-M3, Class A2, 2.49%, 12/25/26(a)

    686       661,013  

Series 2017-M4, Class A2, 2.57%, 12/25/26(a)

    812       785,529  

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

    1,022       997,522  

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

    2,315       2,286,949  

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

    815       797,127  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

Series 2018-M10, Class A2, 3.48%, 07/25/28(a)

  $ 2,382     $ 2,388,092  

Series 2018-M13, Class A2, 3.71%, 09/25/30(a)(b)

    90       91,027  

Series 2018-M7, Class A2, 3.05%, 03/25/28(a)

    782       771,667  

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

    3,000       3,036,042  

Series 2019-M2, Class A2, 3.75%, 11/25/28(a)

    1,864       1,893,541  

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

    2,450       2,438,446  

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

    2,898       2,857,984  

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

    1,954       1,907,631  

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

    2,600       2,404,967  

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

    2,000       1,725,187  

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

    3,000       2,565,622  

FHLMC Multifamily Structured Pass Through Certificates, Series K055, Class A2, 2.67%, 03/25/26 (Call 03/25/26)

    1,500       1,465,466  

Freddie Mac Multifamily Structured Pass Through Certificates

   

FHMS K135, Class A2, 2.15%, 10/25/31
(Call 10/25/31)(a)

    2,800       2,507,837  

Series K032, Class A2, 3.31%, 05/25/23
(Call 05/25/23)(a)

    180       180,483  

Series K033, Class A2, 3.06%, 07/25/23
(Call 07/25/23)(a)

    2,000       1,999,572  

Series K034, Class A2, 3.53%, 07/25/23
(Call 07/25/23)(a)

    2,271       2,282,179  

Series K035, Class A2, 3.46%, 08/25/23
(Call 08/25/23)(a)

    375       376,447  

Series K036, Class A2, 3.53%, 10/25/23
(Call 10/25/23)(a)

    3,150       3,165,183  

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

    4,000       4,015,151  

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

    500       500,818  

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

    1,120       1,117,495  

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

    1,250       1,245,480  

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

    1,000       995,138  

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

    2,371       2,344,769  

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

    1,785       1,780,948  

Series K048, Class A1, 2.69%, 12/25/24
(Call 10/25/24)

    215       213,381  

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

    3,800       3,765,910  

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

    2,000       2,000,351  

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

    2,630       2,627,939  

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

    800       795,298  

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

    2,200       2,175,231  

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

    700       686,167  

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

    1,725       1,674,474  

Series K057, Class A1, 2.21%, 06/25/25
(Call 04/25/25)

    508       499,108  

Series K058, Class A1, 2.34%, 07/25/26
(Call 06/25/26)

    1,072       1,045,220  

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

    1,527       1,486,427  

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

    1,780       1,764,503  

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

    2,796       2,791,430  

Series K061, Class A1, 3.01%, 08/25/26
(Call 12/25/25)

    598       597,641  

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

    1,300       1,300,179  

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

    1,000       1,002,660  

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

    1,345       1,349,527  

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

    734       726,655  

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

    325       323,187  

Series K065, Class A1, 2.86%, 10/25/26
(Call 10/25/26)

    1,751       1,731,137  

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

    2,570       2,558,105  

Series K066, Class A2, 3.12%, 06/25/27
(Call 06/25/27)

    1,610       1,596,005  

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

    840       829,828  

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

    1,600       1,588,469  

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

    1,000       995,163  

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

    3,960       3,928,281  

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

    1,541       1,537,401  

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

    1,500       1,495,336  

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

    2,450       2,460,650  

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

    2,397       2,403,125  

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

    900       907,633  

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

    3,000       3,036,284  

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

    1,000       1,014,936  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

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

  $ 1,003     $ 1,015,661  

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

    3,525       3,623,543  

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

    1,000       1,025,267  

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

    1,000       1,024,574  

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

    2,100       2,161,009  

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

    1,700       1,750,164  

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

    1,500       1,541,778  

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

    2,000       2,059,508  

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

    1,195       1,239,012  

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

    1,000       1,014,276  

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

    1,000       1,030,266  

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

    1,725       1,770,010  

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

    1,571       1,605,194  

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

    337       338,090  

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

    2,010       2,044,934  

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

    2,400       2,422,589  

Series K090, Class A2, 3.42%, 02/25/29
(Call 02/25/29)

    2,500       2,501,402  

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

    2,017       2,028,220  

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

    2,010       1,996,313  

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

    2,420       2,348,627  

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

    1,215       1,149,656  

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

    1,000       951,483  

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

    250       236,073  

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

    959       910,554  

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

    2,000       1,890,645  

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

    2,720       2,589,959  

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

    3,485       3,131,627  

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

    3,500       3,190,188  

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

    4,153       3,624,648  

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

    1,640       1,423,872  

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

    1,500       1,286,297  

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

    1,000       857,615  

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

    2,000       1,712,875  

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

    1,500       1,284,737  

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

    4,000       3,526,645  

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

    3,866       3,475,180  

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

    2,500       2,167,905  

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

    3,000       2,629,052  

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

    250       250,805  

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

    500       497,348  

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

    730       703,614  

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

    1,450       1,350,407  

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

    1,015       916,557  

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

    1,000       907,022  

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

    250       242,920  

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

    500       484,031  

Series K154, Class A2, 3.42%, 04/25/32
(Call 11/25/31)

    1,500       1,497,069  
Security  

Par/
Shares

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 1,345     $ 1,332,322  

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

    1,076       1,099,457  

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

    1,524       1,565,914  

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

    833       848,763  

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

    2,000       2,018,133  

Series K723, Class A2, 2.45%, 08/25/23
(Call 08/25/23)

    429       425,348  

Series K724, Class A2, 3.06%, 11/25/23
(Call 11/25/23)(a)

    1,400       1,398,700  

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

    1,010       1,006,334  

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

    1,970       1,955,748  

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

    234       234,049  

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

    2,000       2,013,148  

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

    999       1,006,211  

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

    1,000       1,007,922  

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

    2,455       2,435,425  

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

    2,000       1,950,339  

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

    2,150       1,945,954  

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

    1,000       995,471  

Uniform Mortgage-Backed Securities, Series 2017-M11, Class A2, 2.98%, 08/25/29

    1,000       975,176  
   

 

 

 
      221,196,014  

U.S. Government Obligations — 0.4%

   

U.S. Treasury Note/Bond, 1.88%, 02/15/32

    3,000       2,739,375  
   

 

 

 

Total U.S. Government & Agency Obligations — 29.9%
(Cost: $239,907,775)

 

    223,935,389  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 0.6%

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(c)(d)

    4,770       4,770,000  
   

 

 

 

Total Short-Term Investments — 0.6%
(Cost: $4,770,000)

      4,770,000  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $811,080,882)

      747,113,708  

Other Assets, Less Liabilities — 0.2%

      1,289,968  
   

 

 

 

Net Assets — 100.0%

    $ 748,403,676  
   

 

 

 

 

(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 is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer

 

 

Value at
10/31/21

 

   

Purchases
at Cost

 

   

Proceeds
from Sales

 

   

Net Realized
Gain (Loss)

 

   

Change in
Unrealized
Appreciation
(Depreciation)

 

   

Value at
04/30/22

 

   

Shares
Held at
04/30/22
(000)

 

   

Income

 

   

Capital Gain
Distributions from
Underlying Funds

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 6,210,000     $     $ (1,440,000 )(a)    $     $     $ 4,770,000       4,770     $ 1,564     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

 

18  

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


Schedule of Investments (unaudited) (continued)

April 30, 2022

   iShares® CMBS ETF

 

 

Affiliates (continued)

 

(a) 

  Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

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

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

 

     

 

Level 1

 

      

 

Level 2

 

      

 

Level 3

 

      

 

Total

 

 

Investments

                 

Assets

                 

Collaterized Mortgage Obligations

   $        $ 518,408,319        $        $ 518,408,319  

U.S. Government & Agency Obligations

              223,844,362          91,027          223,935,389  

Money Market Funds

     4,770,000                            4,770,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     4,770,000        $ 742,252,681        $     91,027        $ 747,113,708  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  19


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Agency Obligations

 

Mortgage-Backed Securities — 99.3%

 

Government National Mortgage Association

   

1.50%, 10/20/51

  $ 489     $ 424,639  

2.00%, 07/20/50

    45       41,454  

2.00%, 08/20/50

    916       835,732  

2.00%, 09/20/50

    8,435       7,693,857  

2.00%, 02/20/51

    17,137       15,614,925  

2.00%, 10/20/51

    2,261       2,055,063  

2.00%, 12/20/51

    65,382       59,365,092  

2.00%, 05/19/52(a)

    750       680,303  

2.50%, 01/15/28

    4       4,042  

2.50%, 02/20/28

    7       6,576  

2.50%, 01/20/31

    106       101,752  

2.50%, 07/20/35

    1,580       1,524,921  

2.50%, 04/20/43

    15       14,382  

2.50%, 12/20/46

    1,438       1,343,668  

2.50%, 01/20/47

    137       127,864  

2.50%, 06/20/50

    3,840       3,587,867  

2.50%, 08/20/50

    15,227       14,228,382  

2.50%, 09/20/50

    4,497       4,202,639  

2.50%, 01/20/51

    3,905       3,648,994  

2.50%, 02/20/51

    4,475       4,175,927  

2.50%, 05/20/51

    6,465       6,026,875  

2.50%, 07/20/51

    20,397       18,967,703  

2.50%, 08/20/51

    23,211       21,610,607  

2.50%, 11/20/51

    6,826       6,347,627  

2.50%, 05/19/52(a)

    9,500       8,814,530  

3.00%, 07/15/27

    4       4,045  

3.00%, 09/15/27

    7       6,917  

3.00%, 01/20/31

    140       137,307  

3.00%, 07/20/31

    224       220,267  

3.00%, 02/20/32

    172       169,974  

3.00%, 09/15/42

    5       5,014  

3.00%, 10/15/42

    38       37,456  

3.00%, 01/20/43

    370       360,850  

3.00%, 07/15/43

    65       63,322  

3.00%, 09/20/43

    768       747,876  

3.00%, 01/15/44

    1,999       1,954,406  

3.00%, 08/20/44

    437       426,197  

3.00%, 05/20/45

    310       300,714  

3.00%, 07/20/45

    85       82,966  

3.00%, 10/20/45

    137       133,038  

3.00%, 11/20/45

    2,151       2,088,519  

3.00%, 12/20/45

    1,696       1,646,999  

3.00%, 01/20/46

    558       541,599  

3.00%, 02/20/46

    575       558,628  

3.00%, 03/20/46

    2,150       2,068,103  

3.00%, 04/20/46

    1,415       1,368,849  

3.00%, 05/20/46

    1,807       1,751,700  

3.00%, 06/20/46

    639       617,969  

3.00%, 07/20/46

    648       627,941  

3.00%, 08/20/46

    4,155       4,018,561  

3.00%, 09/20/46

    2,753       2,662,628  

3.00%, 12/15/46

    155       150,847  

3.00%, 12/20/46

    476       460,677  

3.00%, 02/15/47

    184       178,689  

3.00%, 02/20/47

    537       519,856  

3.00%, 06/20/47

    64       61,562  

3.00%, 07/20/47

    1,088       1,050,586  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

3.00%, 10/20/47

  $ 357     $ 344,937  

3.00%, 02/20/48

    50       48,399  

3.00%, 04/20/49

    2,209       2,132,370  

3.00%, 07/20/49

    465       448,023  

3.00%, 09/20/49

    36       34,458  

3.00%, 10/15/49

    975       938,508  

3.00%, 11/20/49

    1,371       1,318,511  

3.00%, 01/20/50

    3,484       3,350,500  

3.00%, 02/15/50

    669       643,693  

3.00%, 04/20/50

    9,674       9,280,520  

3.00%, 07/20/50

    12,479       11,972,729  

3.00%, 08/20/50

    1,465       1,405,621  

3.00%, 10/20/51

    7,270       6,952,422  

3.00%, 11/20/51

    1,101       1,052,392  

3.00%, 05/19/52(a)

    4,650       4,432,401  

3.50%, 02/15/26

    2       2,386  

3.50%, 11/15/26

    2       1,849  

3.50%, 02/20/27

    5       5,408  

3.50%, 01/20/31

    47       47,610  

3.50%, 07/20/32

    125       125,979  

3.50%, 09/15/41

    5       4,696  

3.50%, 06/20/42

    3,074       2,985,924  

3.50%, 09/15/42

    14       13,159  

3.50%, 09/20/42

    130       129,413  

3.50%, 10/15/42

    6       5,805  

3.50%, 10/20/42

    306       304,464  

3.50%, 11/15/42

    26       25,758  

3.50%, 11/20/42

    1,009       1,005,186  

3.50%, 12/20/42

    108       107,131  

3.50%, 02/20/43

    813       809,662  

3.50%, 03/15/43

    561       564,762  

3.50%, 05/15/43

    35       35,697  

3.50%, 06/15/43

    130       131,384  

3.50%, 04/20/45

    303       301,740  

3.50%, 09/20/45

    3,337       3,319,574  

3.50%, 11/20/45

    12       11,979  

3.50%, 12/20/45

    83       82,959  

3.50%, 03/20/46

    429       426,243  

3.50%, 04/20/46

    67       66,637  

3.50%, 06/20/46

    649       647,026  

3.50%, 07/20/46

    3,837       3,810,370  

3.50%, 11/20/46

    12       11,522  

3.50%, 12/20/46

    160       158,690  

3.50%, 01/20/47

    57       56,710  

3.50%, 02/20/47

    142       140,712  

3.50%, 03/20/47

    289       286,400  

3.50%, 04/20/47

    1,246       1,232,867  

3.50%, 08/20/47

    556       552,108  

3.50%, 09/20/47

    1,106       1,093,891  

3.50%, 10/20/47

    8,327       8,240,412  

3.50%, 12/15/47

    500       495,745  

3.50%, 12/20/47

    592       588,204  

3.50%, 02/20/48

    1,525       1,508,947  

3.50%, 04/20/48

    121       119,619  

3.50%, 11/20/48

    791       780,000  

3.50%, 12/20/49

    837       824,128  

3.50%, 01/20/50

    1,918       1,887,506  

3.50%, 03/20/50

    1,648       1,621,414  

3.50%, 04/20/50

    10,914       10,730,320  

3.50%, 05/20/50

    449       441,817  

 

 

20  

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


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par
(000)

    Value  

Mortgage-Backed Securities (continued)

 

3.50%, 06/20/50

  $ 706     $ 692,258  

3.50%, 08/20/50

    3,105       3,045,772  

3.50%, 05/19/52(a)

    1,325       1,296,119  

4.00%, 03/20/26

    2       1,855  

4.00%, 07/20/26

    1       1,478  

4.00%, 02/15/41

    7       7,159  

4.00%, 03/15/41

    7       6,636  

4.00%, 04/15/41

    28       28,177  

4.00%, 05/15/41

    7       7,371  

4.00%, 12/15/41

    8       7,960  

4.00%, 01/15/42

    5       5,074  

4.00%, 02/15/42

    18       18,366  

4.00%, 03/15/42

    44       45,156  

4.00%, 05/15/42

    9       8,888  

4.00%, 08/15/42

    8       8,518  

4.00%, 09/20/42

    233       238,494  

4.00%, 04/15/44

    38       39,331  

4.00%, 05/15/44

    41       42,012  

4.00%, 08/20/44

    28       28,317  

4.00%, 10/20/44

    300       308,250  

4.00%, 03/20/45

    1,197       1,227,622  

4.00%, 08/15/45

    3,125       3,192,551  

4.00%, 08/20/45

    480       488,414  

4.00%, 09/20/45

    659       670,169  

4.00%, 10/20/45

    6       6,011  

4.00%, 01/20/46

    10       10,211  

4.00%, 03/20/46

    117       118,824  

4.00%, 07/20/46

    11       11,394  

4.00%, 09/20/46

    338       343,750  

4.00%, 11/20/46

    130       131,951  

4.00%, 12/15/46

    23       23,459  

4.00%, 06/20/47

    1,936       1,955,061  

4.00%, 07/20/47

    398       401,786  

4.00%, 08/20/47

    7       7,524  

4.00%, 11/20/47

    117       118,497  

4.00%, 03/20/48

    75       75,714  

4.00%, 04/20/48

    483       490,060  

4.00%, 05/20/48

    3,075       3,125,422  

4.00%, 07/20/48

    428       430,418  

4.00%, 10/20/48

    1,435       1,443,365  

4.00%, 11/20/48

    4,640       4,673,686  

4.00%, 09/15/49

    228       230,885  

4.00%, 01/20/50

    569       571,400  

4.00%, 02/20/50

    13       12,809  

4.00%, 09/20/50

    400       401,372  

4.00%, 05/19/52(a)

    2,750       2,753,975  

4.50%, 07/20/24

    1       889  

4.50%, 08/15/39

    96       101,973  

4.50%, 07/15/40

    22       23,050  

4.50%, 08/15/40

    35       36,723  

4.50%, 11/20/45

    213       223,123  

4.50%, 08/20/46

    380       398,313  

4.50%, 09/20/46

    59       61,612  

4.50%, 10/20/46

    62       65,441  
Security  

Par/

Shares

(000)

    Value  

Mortgage-Backed Securities (continued)

 

4.50%, 11/20/46

  $ 64     $ 66,749  

4.50%, 04/20/47

    6       6,656  

4.50%, 06/20/47

    8       7,926  

4.50%, 07/20/47

    2,716       2,817,598  

4.50%, 02/20/48

    389       402,435  

4.50%, 06/20/48

    25       25,342  

4.50%, 07/20/48

    158       161,923  

4.50%, 08/20/48

    135       138,087  

4.50%, 09/20/48

    3,826       3,920,761  

4.50%, 10/20/48

    128       131,564  

4.50%, 12/20/48

    1,117       1,144,454  

4.50%, 01/20/49

    769       787,393  

4.50%, 03/20/49

    19       19,579  

4.50%, 06/20/49

    757       775,665  

4.50%, 08/20/49

    226       231,132  

4.50%, 10/20/49

    165       169,297  

4.50%, 01/20/50

    892       914,089  

5.00%, 07/15/39

    21       22,470  

5.00%, 07/20/42

    120       128,717  

5.00%, 07/20/46

    47       50,697  

5.00%, 04/20/48

    55       57,752  

5.00%, 05/20/48

    288       301,205  

5.00%, 11/20/48

    67       70,162  

5.00%, 12/20/48

    65       67,991  

5.00%, 01/20/49

    187       196,500  

5.00%, 04/20/49

    12       12,406  

5.00%, 09/20/50

    257       273,127  

5.00%, 05/19/52(a)

    2,712       2,801,220  

5.50%, 10/15/38

    15       16,392  

5.50%, 07/20/40

    204       218,365  

5.50%, 05/19/52(a)

    625       649,023  

6.00%, 09/20/38

    20       21,207  

6.00%, 05/19/52(a)

    200       210,844  
   

 

 

 
      343,052,153  
   

 

 

 

Total U.S. Government Agency Obligations — 99.3%
(Cost: $371,603,369)

      343,052,153  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 6.8%

   

BlackRock Cash Funds: Treasury, SL Agency Shares,
0.34%(b)(c)

    23,484       23,484,000  
   

 

 

 

Total Short-Term Investments — 6.8%
(Cost: $23,484,000)

      23,484,000  
   

 

 

 

Total Investments in Securities — 106.1%
(Cost: $395,087,369)

      366,536,153  

Other Assets, Less Liabilities — (6.1)%

      (21,049,065
   

 

 

 

Net Assets — 100.0%

    $ 345,487,088  
   

 

 

 

 

(a) 

Represents or includes a TBA transaction.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

 

 

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

  21


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® GNMA Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer

 

 

Value at
10/31/21

 

   

Purchases
at Cost

 

   

Proceeds
from Sales

 

   

Net Realized
Gain (Loss)

 

   

 

Change in
Unrealized
Appreciation
(Depreciation)

 

   

Value at
04/30/22

 

   

Shares
Held at
04/30/22
(000)

 

   

Income

 

   

Capital Gain
Distributions from
Underlying Funds

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 96,704,000     $     $ (73,220,000 )(a)    $     $     $ 23,484,000       23,484     $ 10,134     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

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

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

 

     

 

Level 1

 

    

 

Level 2

 

    

 

Level 3

 

   

 

Total

 

 

Investments

          

Assets

          

U.S. Government Agency Obligations

   $      $ 343,052,153      $     $ 343,052,153  

Money Market Funds

     23,484,000                     23,484,000  
  

 

 

    

 

 

    

 

 

   

 

 

 
   $ 23,484,000      $ 343,052,153      $     $ 366,536,153  
  

 

 

    

 

 

    

 

 

   

 

 

 

See notes to financial statements.

 

 

22   2 0 2 2    H A R E S    E M  I - A N N U A L    E P O R T    T O    H A R E  H O L D E R S


Schedule of Investments  (unaudited)

April 30, 2022

  

iShares® Treasury Floating Rate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 99.6%            

U.S. Treasury Floating Rate Note
0.82%, 04/30/24,

   

(3 mo.Treasury money market yield - 0.075%)(a)

  $ 75,730     $ 75,730,177

0.88%, 01/31/24,
(3 mo.Treasury money market yield - 0.015%)(a)

    24,126       24,168,347  

0.92%, 07/31/23,
(3 mo.Treasury money market yield + 0.029%)(a)

    195,458       195,960,724  

0.93%, 04/30/23,
(3 mo.Treasury money market yield + 0.034%)(a)

    83,973       84,158,681  

0.94%, 01/31/23,
(3 mo.Treasury money market yield + 0.049%)(a)

    152,926       153,194,817  

0.95%, 07/31/22,
(3 mo.Treasury money market yield + 0.055%)(a)

    151       151,218  

0.95%, 10/31/22,
(3 mo.Treasury money market yield + 0.055%)(a)

    394,424       394,911,284  
   

 

 

 
      928,275,248  
   

 

 

 

Total U.S. Government Obligations — 99.6%
(Cost: $927,524,049)

      928,275,248  
   

 

 

 
Security   Shares
(000)
     Value  

 

 

Short-Term Investments

    

Money Market Funds — 7.7%

    

BlackRock Cash Funds: Treasury, SL Agency Shares,
0.34%(b)(c)

    72,000      $ 72,000,000  
    

 

 

 

Total Short-Term Investments — 7.7%
(Cost: $72,000,000)

 

     72,000,000  
    

 

 

 

Total Investments in Securities — 107.3%
(Cost: $999,524,049)

 

     1,000,275,248  

Other Assets, Less Liabilities — (7.3)%

 

     (68,461,829
    

 

 

 

Net Assets — 100.0%

     $ 931,813,419  
    

 

 

 

 

(a) 

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

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
   

Affiliated Issuer

 

  

Value at
10/31/21

 

    

Purchases
at Cost

 

    

Proceeds
from Sales

 

    

Net Realized
Gain (Loss)

 

    

 

Change in
Unrealized
Appreciation
(Depreciation)

 

    

Value at
04/30/22

 

    

Shares
Held at
04/30/22
(000)

 

    

Income

 

    

Capital Gain
Distributions from
Underlying Funds

 

       
 

 

   
  BlackRock Cash Funds: Treasury, SL Agency Shares    $ 200,000      $ 71,800,000 (a)     $      $      $      $ 72,000,000        72,000      $ 9,508 (b)     $    
             

 

 

    

 

 

    

 

 

       

 

 

    

 

 

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