LOGO

  AUGUST 31, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

 

·  

iShares ESG Aware 1-5 Year USD Corporate Bond ETF | SUSB | NASDAQ

 

·  

iShares ESG Aware U.S. Aggregate Bond ETF | EAGG | NYSE Arca

 

·  

iShares ESG Aware USD Corporate Bond ETF | SUSC | NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

 

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2022
     
     6-Month    12-Month 
   

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

    (8.84)%     (11.23)% 
   

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

    (9.31)       (17.88)   
   

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

  (13.97)       (19.80)   
   

Emerging market equities
(MSCI Emerging Markets Index)

  (13.30)       (21.80)   
   

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

  0.36     0.39 
   

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

    (9.71)       (13.27)   
   

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

    (7.76)       (11.52)   
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (5.72)       (8.63) 
   

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

    (7.78)       (10.61)   
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     7  

Disclosure of Expenses

     7  

Schedules of Investments

     8  

Financial Statements

  

Statements of Assets and Liabilities

     104  

Statements of Operations

     105  

Statements of Changes in Net Assets

     106  

Financial Highlights

     108  

Notes to Financial Statements

     111  

Board Review and Approval of Investment Advisory Contract

     119  

Supplemental Information

     123  

General Information

     124  

Glossary of Terms Used in this Report

     125  

 

 

 


Fund Summary as of August 31, 2022         iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

 

Investment Objective

The iShares ESG Aware 1-5 Year USD Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds having remaining maturities between one and five years and issued by companies that have positive environmental, social and governance characteristics while seeking to exhibit risk and return characteristics similar to those of the parent index of such index, as represented by the Bloomberg MSCI US Corporate 1-5 Year ESG Focus 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

    (3.58 )%      (6.37 )%      1.18      1.28       (6.37 )%      6.02      6.78

Fund Market

    (3.78     (6.53     1.09        1.26         (6.53     5.56        6.66  

Index

    (3.55     (6.24     1.41        1.53               (6.24     7.25        8.13  

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
           

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 964.20        $ 0.59             $ 1,000.00        $ 1,024.60        $ 0.61          0.12

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Rating*    

Percent of

Total Investments


(a) 

Aaa

    2.4

Aa

    3.7  

A

    46.1  

Baa

    46.4  

Ba

    0.5  

Not Rated

    0.9  

MATURITY ALLOCATION

 

   
Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    0.6

1-2 Years

    19.5  

2-3 Years

    28.4  

3-4 Years

    25.8  

4-5 Years

    18.9  

5-6 Years

    5.9  

6-7 Years

    0.2  

7-8 Years

    0.3  

8-9 Years

    0.1  

9-10 Years

    0.3  
  *

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

 
  (a)

Excludes money market funds.

 

 

 

 

4  

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


Fund Summary as of August 31, 2022         iShares® ESG Aware U.S. Aggregate Bond ETF

 

Investment Objective

The iShares ESG Aware U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade bonds from issuers generally evaluated for favorable environmental, social and governance practices while seeking to exhibit risk and return characteristics similar to those of the broad U.S. dollar-denominated investment-grade bond market, as represented by the Bloomberg MSCI US Aggregate ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (7.80 )%       (11.63 )%       1.23        (11.63 )%       4.86

Fund Market

    (7.89      (11.75      1.22          (11.75      4.82  

Index

    (7.77      (11.54      1.35                (11.54      5.32  

The inception date of the Fund was October 18, 2018. The first day of secondary market trading was October 23, 2018.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
           

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 922.00        $ 0.44             $ 1,000.00        $ 1,024.80        $ 0.46          0.09

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

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

Aaa

    53.9

Aa

    15.1  

A

    10.6  

Baa

    13.7  

Ba

    0.4  

Not Rated

    6.3  

PORTFOLIO COMPOSITION

 

   
Investment Type    
Percent of
Total Investments
 
(a) 

U.S. Government & Agency Obligations

    70.6

Corporate Bonds & Notes

    25.9  

Foreign Government Obligations

    3.2  

Collaterized Mortgage Obligations

    1.0  

Asset-Backed Securities

    0.3  

Municipal Debt Obligations

    0.0 (b)  

TBA Sales Commitments

    (1.0
  *

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.

 
  (b) 

Rounds to less than 0.1%.

 

 

 

U N D   S U M M A R Y

  5


Fund Summary as of August 31, 2022         iShares® ESG Aware USD Corporate Bond ETF

 

Investment Objective

The iShares ESG Aware USD Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds issued by companies that have positive environmental, social and governance characteristics while seeking to exhibit risk and return characteristics similar to those of the parent index of such index, as represented by the Bloomberg MSCI US Corporate ESG Focus 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

    (9.57 )%      (15.21 )%      0.86      1.14       (15.21 )%      4.35      5.98

Fund Market

    (9.84     (15.40     0.71        1.09         (15.40     3.62        5.74  

Index

    (9.42     (14.97     1.14        1.44               (14.97     5.82        7.63  

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

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

Expense Example

 

Actual           Hypothetical 5% Return        

 

 

     

 

 

   
 

Beginning
Account Value
(03/01/22)
 
 
 
   

Ending
Account Value
(08/31/22)
 
 
 
   

Expenses
Paid During
the Period
 
 
(a)  
           

Beginning
Account Value
(03/01/22)
 
 
 
   

Ending
Account Value
(08/31/22)
 
 
 
   

Expenses
Paid During
the Period
 
 
(a) 
   

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00           $ 904.30           $ 0.86             $ 1,000.00           $ 1,024.30           $ 0.92       0.18

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

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

Aaa

    2.3

Aa

    4.0  

A

    41.2  

Baa

    50.5  

Ba

    1.0  

Not Rated

    1.0  

MATURITY ALLOCATION

 

   
Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    0.8

1-5 Years

    32.5  

5-10 Years

    28.7  

10-15 Years

    6.0  

15-20 Years

    7.1  

More than 20 Years

    24.9  
  * 

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.

 

 

 

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About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S

  7


Schedule of Investments (unaudited)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   

Advertising — 0.3%

   

WPP Finance 2010, 3.75%, 09/19/24

  $   2,455     $ 2,416,727  
   

 

 

 
Aerospace & Defense — 0.2%            

L3Harris Technologies Inc.
3.83%, 04/27/25 (Call 01/27/25)

    743       729,567  

3.85%, 12/15/26 (Call 09/15/26)

    100       97,247  

3.95%, 05/28/24 (Call 02/28/24)

    85       84,401  

Raytheon Technologies Corp.
3.50%, 03/15/27 (Call 12/15/26)

    50       48,506  

3.95%, 08/16/25 (Call 06/16/25)

    428       427,966  

Teledyne Technologies Inc., 1.60%, 04/01/26
(Call 03/01/26)

    415       372,325  
   

 

 

 
      1,760,012  
Agriculture — 0.8%            

Archer-Daniels-Midland Co., 2.50%, 08/11/26
(Call 05/11/26)

    35       33,328  

Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)

    5,211       4,837,476  

3.25%, 08/15/26 (Call 05/15/26)

    2,665       2,561,491  
   

 

 

 
      7,432,295  
Airlines — 0.0%            

Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)

    5       5,102  

5.25%, 05/04/25 (Call 04/04/25)

    345       353,956  
   

 

 

 
      359,058  
Apparel — 0.4%            

NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)

    568       549,949  

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

    1,137       1,131,054  

Ralph Lauren Corp., 3.75%, 09/15/25
(Call 07/15/25)

    383       379,465  

VF Corp.
2.40%, 04/23/25 (Call 03/23/25)(a)

    890       849,291  

2.80%, 04/23/27 (Call 02/23/27)

    1,200       1,121,592  
   

 

 

 
      4,031,351  
Auto Manufacturers — 1.6%            

American Honda Finance Corp.
1.00%, 09/10/25(a)

    425       388,492  

1.20%, 07/08/25

    249       230,684  

1.30%, 09/09/26

    50       45,046  

2.15%, 09/10/24

    1,052       1,017,368  

2.30%, 09/09/26

    105       97,975  

2.35%, 01/08/27

    50       46,368  

2.40%, 06/27/24

    481       469,163  

2.90%, 02/16/24

    499       492,513  

3.55%, 01/12/24(a)

    487       485,383  

3.63%, 10/10/23(a)

    357       356,414  

Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)

    3,055       2,800,518  

3.65%, 10/01/23 (Call 07/01/23)

    1,187       1,186,763  

General Motors Co., 4.00%, 04/01/25

    615       605,314  

General Motors Financial Co. Inc.
2.35%, 02/26/27 (Call 01/26/27)

    965       856,833  

2.75%, 06/20/25 (Call 05/20/25)

    180       170,275  

2.90%, 02/26/25 (Call 01/26/25)

    897       858,375  

4.00%, 01/15/25 (Call 10/15/24)

    170       167,707  

4.00%, 10/06/26 (Call 07/06/26)

    40       38,483  

4.30%, 07/13/25 (Call 04/13/25)

    62       61,071  

4.35%, 04/09/25 (Call 02/09/25)

    1,402             1,385,260  

4.35%, 01/17/27 (Call 10/17/26)

    35       33,787  

5.00%, 04/09/27 (Call 03/09/27)

    1,200       1,183,092  
Security   Par
(000)
    Value  
Auto Manufacturers (continued)            

PACCAR Financial Corp.
1.80%, 02/06/25

  $ 25     $ 23,827  

2.15%, 08/15/24

    80       77,486  

Toyota Motor Corp., 2.36%, 07/02/24

    100       97,591  

Toyota Motor Credit Corp.
1.15%, 08/13/27

    500       435,440  

1.80%, 02/13/25

    278       264,417  

1.90%, 01/13/27(a)

    140       128,692  

2.00%, 10/07/24(a)

    227       218,917  

2.90%, 04/17/24(a)

    33       32,583  

3.00%, 04/01/25

    523       511,227  

3.05%, 03/22/27

    50       47,951  

3.35%, 01/08/24

    110       109,551  

3.40%, 04/14/25(a)

    162       159,980  
   

 

 

 
          15,084,546  
Auto Parts & Equipment — 0.2%            

Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25
(Call 02/18/23)

    100       95,209  

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

    10       9,102  

3.38%, 03/15/25 (Call 12/15/24)

    539       528,775  

Magna International Inc., 3.63%, 06/15/24
(Call 03/15/24)(a)

    761       754,958  
   

 

 

 
      1,388,044  
Banks — 34.2%            

Banco Bilbao Vizcaya Argentaria SA
0.88%, 09/18/23

    3,805       3,674,260  

1.13%, 09/18/25

    8,848       8,018,146  

Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26)(b)

    245       211,408  

1.85%, 03/25/26

    1,472       1,310,021  

2.71%, 06/27/24

    105       101,879  

2.75%, 05/28/25

    550       517,671  

4.18%, 03/24/28 (Call 03/24/27)(b)

    1,030       969,251  

4.25%, 04/11/27

    1,395       1,341,460  

5.18%, 11/19/25

    422       417,814  

Bank of America Corp.

   

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

    440       408,584  

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

    160       143,091  

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

    670       608,728  

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

    2,456       2,179,700  

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

    4,125       3,857,906  

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

    915       873,450  

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

    560       507,668  

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

    558       540,669  

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

    337       326,010  

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

    941       925,323  

3.50%, 04/19/26

    114       111,125  

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

    320       304,963  

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

    1,000       941,260  

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

    2,220       2,108,445  

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

    1,765       1,688,999  

 

 

8  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

3.88%, 08/01/25

  $ 461     $ 460,046  

4.00%, 04/01/24

    101       101,194  

4.00%, 01/22/25

    274       271,718  

4.13%, 01/22/24

    181       181,728  

4.20%, 08/26/24

    714       713,486  

4.25%, 10/22/26

    70       68,944  

4.38%, 04/27/28 (Call 04/27/27),
(SOFR + 1.580%)(b)

    1,415       1,380,814  

4.45%, 03/03/26

    225       224,091  

Series L, 3.95%, 04/21/25

    802       793,499  

Series N, 1.66%, 03/11/27 (Call 03/11/26),
(SOFR + 0.910%)(b)

      1,128       1,008,308  

Bank of Montreal
0.45%, 12/08/23

    155       148,631  

0.63%, 07/09/24

    205       192,846  

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

    2,540       2,263,800  

1.25%, 09/15/26

    2,135       1,903,779  

1.50%, 01/10/25

    200       188,204  

1.85%, 05/01/25

    307       289,338  

2.50%, 06/28/24

    1,417       1,382,000  

2.65%, 03/08/27

    25       23,258  

3.70%, 06/07/25

    310       305,905  

4.34%, 10/05/28 (Call 10/05/23)(b)

    850       846,710  

Series E, 3.30%, 02/05/24(a)

    2,874       2,848,019  

Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)

    215       193,986  

1.60%, 04/24/25 (Call 03/24/25)

    1,815       1,709,077  

2.05%, 01/26/27 (Call 12/26/26)

    165       151,713  

2.10%, 10/24/24

    733       709,705  

2.45%, 08/17/26 (Call 05/17/26)

    30       28,235  

2.80%, 05/04/26 (Call 02/04/26)

    100       96,448  

3.25%, 09/11/24 (Call 08/11/24)

    421       417,834  

3.40%, 05/15/24 (Call 04/15/24)

    443       440,692  

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

    75       72,001  

3.95%, 11/18/25 (Call 10/18/25)(a)

    170       169,733  

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

    1,010       1,009,909  

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

    370       362,866  

Bank of Nova Scotia (The)
0.40%, 09/15/23

    110       106,099  

0.55%, 09/15/23(a)

    5       4,831  

0.65%, 07/31/24

    225       210,688  

0.70%, 04/15/24(a)

    172       163,094  

1.05%, 03/02/26(a)

    8,105       7,269,699  

1.30%, 06/11/25(a)

    1,761       1,628,309  

1.30%, 09/15/26

    4,245       3,767,989  

1.35%, 06/24/26

    2,540       2,279,040  

1.45%, 01/10/25

    5       4,699  

1.95%, 02/02/27

    200       180,040  

2.20%, 02/03/25

    3,814       3,634,361  

2.44%, 03/11/24(a)

    705       689,060  

2.70%, 08/03/26(a)

    1,085       1,021,875  

2.95%, 03/11/27

    695       653,001  

3.40%, 02/11/24

    2,386       2,367,174  

3.45%, 04/11/25

    5       4,890  

4.50%, 12/16/25

    25       24,928  

Bank OZK, 2.75%, 10/01/31 (Call 10/01/26),
(SOFR + 2.090%)(b)

    1,885       1,687,640  

Barclays Bank PLC, 3.75%, 05/15/24

    152       151,035  

Barclays PLC
2.28%, 11/24/27 (Call 11/24/26)(b)

    3,505             3,078,792  
Security   Par
(000)
    Value  
Banks (continued)            

2.85%, 05/07/26 (Call 05/07/25),
(SOFR + 2.714%)(b)

  $ 1,005     $ 940,871  

3.65%, 03/16/25

    345       335,167  

3.93%, 05/07/25 (Call 05/07/24),
(3 mo. LIBOR US + 1.610%)(b)

    1,920       1,877,702  

4.38%, 09/11/24

    165       163,094  

4.38%, 01/12/26

    1,495             1,464,427  

5.20%, 05/12/26

    1,055       1,044,661  

BNP Paribas SA, 4.25%, 10/15/24

    1,140       1,136,135  

BPCE SA
3.38%, 12/02/26

    60       57,145  

4.00%, 04/15/24

    1,365       1,358,011  

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

    175       170,056  

Canadian Imperial Bank of Commerce
0.95%, 10/23/25(a)

    610       554,703  

1.00%, 10/18/24(a)

    105       98,212  

1.25%, 06/22/26

    315       281,610  

2.25%, 01/28/25(a)

    2,008       1,914,628  

3.10%, 04/02/24(a)

      2,258       2,226,523  

3.30%, 04/07/25

    5       4,873  

3.45%, 04/07/27(a)

    165       158,232  

3.50%, 09/13/23

    2,391       2,384,138  

3.95%, 08/04/25

    500       494,165  

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

    276       275,658  

Citigroup Inc.

   

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

    5       4,709  

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

    3,110       2,742,771  

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

    102       94,913  

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

    1,305       1,151,023  

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

    550       509,228  

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

    1,672       1,605,087  

3.20%, 10/21/26 (Call 07/21/26)

    70       66,663  

3.30%, 04/27/25

    553       539,861  

3.35%, 04/24/25 (Call 04/24/24),
(3 mo. LIBOR US + 0.897%)(b)

    996       975,951  

3.40%, 05/01/26

    70       67,618  

3.70%, 01/12/26

    1,615       1,577,580  

3.75%, 06/16/24(a)

    271       270,789  

3.88%, 03/26/25

    300       296,280  

3.89%, 01/10/28 (Call 01/10/27),
(3 mo. LIBOR US + 1.563%)(b)

    1,170       1,121,925  

4.00%, 08/05/24(a)

    239       238,056  

4.14%, 05/24/25 (Call 05/24/24),
(SOFR + 1.372%)(b)

    100       99,327  

4.30%, 11/20/26

    25       24,686  

4.40%, 06/10/25

    1,308       1,302,860  

4.60%, 03/09/26

    480       479,381  

4.66%, 05/24/28 (Call 05/24/27),
(SOFR + 1.887%)(a)(b)

    455       449,390  

5.50%, 09/13/25

    587       602,362  

Citizens Bank N.A./Providence RI, 2.25%, 04/28/25 (Call 03/28/25)

    322       304,863  

Citizens Financial Group Inc., 2.85%, 07/27/26
(Call 04/27/26)

    2       1,894  

Comerica Bank
2.50%, 07/23/24

    849       823,649  

4.00%, 07/27/25

    290       286,163  

Cooperatieve Rabobank U.A., 4.38%, 08/04/25

    250       246,020  

Credit Suisse AG/New York NY
2.95%, 04/09/25(a)

    235       222,999  

3.63%, 09/09/24

    450       439,254  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Credit Suisse Group AG
3.75%, 03/26/25

  $ 464     $ 443,839  

4.55%, 04/17/26(a)

    635       608,647  

Deutsche Bank AG, 4.10%, 01/13/26

    390       380,386  

Deutsche Bank AG/London, 3.70%, 05/30/24

    709       698,890  

Deutsche Bank AG/New York NY
1.69%, 03/19/26(a)

    150       135,203  

2.13%, 11/24/26 (Call 11/24/25),
(SOFR + 1.870%)(b)

      2,415             2,127,470  

2.22%, 09/18/24 (Call 09/18/23),
(SOFR + 2.159%)(b)

    367       353,685  

2.31%, 11/16/27 (Call 11/16/26),
(SOFR + 1.219%)(b)

    50       42,505  

2.55%, 01/07/28 (Call 01/07/27),
(SOFR + 1.318%)(b)

    2,625       2,234,531  

3.70%, 05/30/24

    571       561,521  

3.96%, 11/26/25 (Call 11/26/24),
(SOFR + 2.581%)(b)

    2,480       2,375,890  

4.10%, 01/13/26

    888       864,184  

Discover Bank
2.45%, 09/12/24 (Call 08/12/24)

    299       287,375  

4.68%, 08/09/28 (Call 08/09/23)(b)

    1,732       1,677,113  

Fifth Third Bancorp., 4.06%, 04/25/28
(Call 04/25/27)(b)

    25       24,374  

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

    357       349,296  

Goldman Sachs Group Inc. (The)

   

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

    2       1,916  

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

    65       59,117  

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

    2       1,916  

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

    175       155,166  

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

    2,587       2,301,111  

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

    1,335       1,171,583  

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

    250       240,147  

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

    3,120       2,768,064  

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

    2,230       2,022,967  

3.27%, 09/29/25 (Call 09/29/24),
(3 mo. LIBOR US + 1.201%)(b)

    1,992       1,940,407  

3.50%, 01/23/25 (Call 10/23/24)

    171       167,660  

3.50%, 04/01/25 (Call 03/01/25)

    34       33,248  

3.50%, 11/16/26 (Call 11/16/25)

    25       24,011  

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

    595       562,816  

3.63%, 02/20/24 (Call 01/20/24)

    850       844,441  

3.69%, 06/05/28 (Call 06/05/27),
(3 mo. LIBOR US + 1.510%)(b)

    1,050       991,945  

3.75%, 05/22/25 (Call 02/22/25)

    341       335,073  

3.85%, 07/08/24 (Call 04/08/24)

    408       406,482  

3.85%, 01/26/27 (Call 01/26/26)

    50       48,458  

4.00%, 03/03/24

    1,400       1,399,258  

4.25%, 10/21/25

    440       434,975  

5.95%, 01/15/27

    20       20,847  

HSBC Holdings PLC

   

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

    200       191,930  

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

    300       279,906  

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

    202       192,906  

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

    3,295       2,870,966  

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

    985       897,896  

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

    1,215       1,116,063  

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

    355       312,840  

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

    785       745,020  

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

    1,910       1,873,481  

3.90%, 05/25/26

    3,782       3,677,049  

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

    1,245       1,170,960  

4.18%, 12/09/25 (Call 12/09/24)(b)

    500       490,175  

4.25%, 03/14/24

    280       278,995  
Security   Par
(000)
    Value  
Banks (continued)            

4.25%, 08/18/25

  $ 404     $ 396,946  

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

      1,540       1,496,279  

4.30%, 03/08/26

    255       252,009  

4.38%, 11/23/26

    1,665       1,629,369  

4.76%, 06/09/28 (Call 06/09/27)(b)

    525       505,759  

HSBC USA Inc.
3.50%, 06/23/24

    225       221,832  

3.75%, 05/24/24

    460       456,927  

Huntington Bancshares Inc./OH
2.63%, 08/06/24 (Call 07/06/24)

    1,050       1,019,917  

4.00%, 05/15/25 (Call 04/15/25)

    845       837,192  

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

    200       199,224  

4.55%, 05/17/28 (Call 05/17/27)(b)

    1,800       1,788,048  

ING Groep NV

   

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

    2,700       2,395,332  

3.55%, 04/09/24

    1,757       1,737,163  

3.95%, 03/29/27

    90       86,380  

4.02%, 03/28/28 (Call 03/28/27),
(SOFR + 1.830%)(b)

    95       90,090  

4.10%, 10/02/23

    2,005       2,004,519  

Intesa Sanpaolo SpA, 5.25%, 01/12/24

    7,090       7,096,381  

JPMorgan Chase & Co.

   

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

    170       163,423  

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

    7       6,520  

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

    2       1,874  

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

    840       739,561  

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

    210       186,696  

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

    2,775       2,432,676  

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

    2       1,866  

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

    620       553,945  

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

    2,555       2,389,027  

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

    3,847       3,599,715  

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

    259       247,192  

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

    50       47,489  

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

    510       471,837  

3.13%, 01/23/25 (Call 10/23/24)

    59       58,090  

3.20%, 06/15/26 (Call 03/15/26)(a)

    110       105,867  

3.22%, 03/01/25 (Call 03/01/24),
(3 mo. LIBOR US + 1.155%)(b)

    280       274,618  

3.63%, 05/13/24

    458       456,864  

3.78%, 02/01/28 (Call 02/01/27),
(3 mo. LIBOR US + 1.337%)(b)

    2,025       1,943,170  

3.88%, 02/01/24

    43       43,160  

3.88%, 09/10/24

    541       538,771  

3.90%, 07/15/25 (Call 04/15/25)

    86       85,620  

3.96%, 01/29/27 (Call 01/29/26),
(3 mo. LIBOR US + 1.245%)(b)

    55       53,514  

4.02%, 12/05/24 (Call 12/05/23),
(3 mo. LIBOR US + 1.000%)(b)

    700       696,360  

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

    445       439,175  

4.13%, 12/15/26

    25       24,714  

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

    3,590             3,507,968  

4.85%, 07/25/28 (Call 07/25/27)(b)

    2,495       2,492,231  

7.63%, 10/15/26(a)

    30       33,668  

7.75%, 07/15/25

    35       38,222  

8.00%, 04/29/27

    125       143,694  

KeyBank N.A./Cleveland OH,
3.30%, 06/01/25

    250       243,535  

Lloyds Bank PLC, 3.50%, 05/14/25(a)

    700       678,832  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

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

  $ 460     $ 406,925  

2.44%, 02/05/26 (Call 02/05/25)(b)

      2,075             1,952,616  

3.87%, 07/09/25 (Call 07/09/24)(b)

    756       741,402  

3.90%, 03/12/24

    745       741,469  

4.05%, 08/16/23

    885       884,097  

4.45%, 05/08/25

    460       456,265  

4.50%, 11/04/24

    622       618,654  

4.58%, 12/10/25

    1,877       1,838,709  

4.65%, 03/24/26(a)

    3,045       2,976,914  

M&T Bank Corp., 4.00%, 07/15/24
(Call 04/16/24)

    30       29,864  

Mitsubishi UFJ Financial Group Inc.
0.85%, 09/15/24 (Call 09/15/23)(a)(b)

    215       207,361  

1.41%, 07/17/25(a)

    465       426,619  

1.64%, 10/13/27 (Call 10/13/26)(b)

    50       43,985  

2.19%, 02/25/25

    1,440       1,364,386  

2.34%, 01/19/28 (Call 01/19/27)(b)

    525       471,949  

2.80%, 07/18/24(a)

    255       248,008  

3.29%, 07/25/27

    30       28,261  

3.41%, 03/07/24

    140       138,627  

3.78%, 03/02/25(a)

    138       136,297  

4.08%, 04/19/28 (Call 04/19/27)(b)

    1,075       1,038,321  

Mizuho Financial Group Inc.

   

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

    182       175,137  

1.23%, 05/22/27 (Call 05/22/26)(b)

    1,005       876,501  

2.23%, 05/25/26 (Call 05/25/25),
(3 mo. LIBOR US + 0.830%)(b)

    1,325       1,229,481  

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

    510       486,458  

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

    272       261,686  

3.92%, 09/11/24 (Call 09/11/23),
(3 mo. LIBOR US + 1.000%)(b)

    244       242,160  

Morgan Stanley

   

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

    105       99,561  

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

    130       121,566  

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

    4,142       3,668,487  

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

    7       6,503  

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

    2,965       2,627,138  

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

    4,445       3,964,273  

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

    1,983       1,862,275  

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

    925       840,797  

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

    680       647,346  

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

    1,902       1,839,253  

3.13%, 07/27/26

    2,050       1,953,158  

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

    380       374,718  

3.70%, 10/23/24

    1,932       1,919,964  

3.88%, 01/27/26

    2,571       2,536,420  

3.95%, 04/23/27

    25       24,231  

4.00%, 07/23/25

    914       909,092  

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

    770       749,626  

4.35%, 09/08/26

    140       138,394  

4.68%, 07/17/26 (Call 07/17/25)(b)

    425       425,416  

5.00%, 11/24/25

    1,128       1,145,834  

6.25%, 08/09/26

    195       207,262  

Series F, 3.88%, 04/29/24

    1,521       1,518,201  

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

    513       474,248  

National Bank of Canada, 0.75%, 08/06/24

    250       233,370  

NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26)(a)(b)

    1,945       1,700,047  

3.07%, 05/22/28 (Call 05/22/27)(b)

    1,025       926,579  
Security   Par
(000)
    Value  
Banks (continued)            

3.75%, 11/01/29 (Call 11/01/24)(b)

  $   1,061     $       1,007,738  

4.27%, 03/22/25 (Call 03/22/24),
(3 mo. LIBOR US + 1.762%)(b)

    1,512       1,493,947  

4.52%, 06/25/24 (Call 06/25/23),
(3 mo. LIBOR US + 1.550%)(a)(b)

    1,292       1,285,333  

4.80%, 04/05/26

    1,570       1,561,271  

5.52%, 09/30/28 (Call 09/30/27)(b)

    555       555,527  

Northern Trust Corp.

   

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

    10       9,320  

3.95%, 10/30/25(a)

    453       451,206  

PNC Bank NA
2.95%, 02/23/25 (Call 01/24/25)

    85       82,708  

3.25%, 06/01/25 (Call 05/02/25)

    332       324,925  

3.30%, 10/30/24 (Call 09/30/24)

    29       28,533  

3.88%, 04/10/25 (Call 03/10/25)

    2,052       2,027,294  

2.50%, 08/27/24 (Call 07/27/24)

    2,280       2,216,912  

PNC Financial Services Group Inc. (The)
2.20%, 11/01/24 (Call 10/02/24)

    728       703,794  

3.15%, 05/19/27 (Call 04/19/27)(a)

    520       497,858  

3.50%, 01/23/24 (Call 12/23/23)

    2,412       2,404,137  

3.90%, 04/29/24 (Call 03/29/24)

    431       431,056  

Regions Financial Corp., 2.25%, 05/18/25
(Call 04/18/25)

    1,430       1,361,961  

Royal Bank of Canada
1.15%, 06/10/25(a)

    893       823,194  

1.15%, 07/14/26

    40       35,660  

1.20%, 04/27/26

    255       229,240  

1.40%, 11/02/26

    75       66,728  

2.05%, 01/21/27

    265       241,770  

2.25%, 11/01/24

    880       846,569  

2.55%, 07/16/24

    995       968,105  

3.70%, 10/05/23

    60       59,993  

Santander Holdings USA Inc.

   

2.49%, 01/06/28 (Call 01/06/27),
(SOFR + 1.249%)(b)

    2,375       2,065,157  

3.24%, 10/05/26 (Call 08/05/26)(a)

    35       32,576  

3.45%, 06/02/25 (Call 05/02/25)

    575       549,878  

3.50%, 06/07/24 (Call 05/07/24)

    468       459,510  

4.50%, 07/17/25 (Call 04/17/25)

    860       851,503  

Santander UK Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25)(b)

    355       317,239  

1.67%, 06/14/27 (Call 06/14/26),
(SOFR + 0.989%)(b)

    335       290,438  

2.47%, 01/11/28 (Call 01/11/27),
(SOFR + 1.220%)(b)

    2,025       1,774,507  

4.80%, 11/15/24 (Call 11/15/23),
(3 mo. LIBOR US + 1.570%)(b)

    1,195       1,188,858  

Santander UK PLC
2.88%, 06/18/24

    30       29,251  

4.00%, 03/13/24

    136       135,863  

State Street Corp.

   

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

    50       45,038  

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

    55       50,404  

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

    2,032       1,961,896  

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

    230       221,154  

3.30%, 12/16/24

    913       905,121  

3.55%, 08/18/25

    2,475       2,453,269  

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

    295       294,280  

Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24

    250       245,577  

3.65%, 07/23/25(a)

    260       253,258  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Sumitomo Mitsui Financial Group Inc.
1.47%, 07/08/25

  $   1,675     $       1,541,419  

2.35%, 01/15/25

    1,895       1,804,722  

2.45%, 09/27/24

    1,045       1,001,831  

2.70%, 07/16/24

    910       882,682  

3.01%, 10/19/26

    25       23,532  

3.94%, 10/16/23

    72       71,974  

SVB Financial Group
3.50%, 01/29/25(a)

    264       256,608  

4.35%, 04/29/28 (Call 04/29/27)(b)

    745       719,432  

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

    535       535,508  

Toronto-Dominion Bank (The)
0.45%, 09/11/23

    528       509,953  

0.70%, 09/10/24

    97       90,744  

0.75%, 09/11/25(a)

    335       302,579  

0.75%, 01/06/26

    50       44,667  

1.15%, 06/12/25

    1,304       1,202,418  

1.20%, 06/03/26

    275       245,932  

1.25%, 09/10/26

    4,175       3,707,817  

2.35%, 03/08/24

    810       790,843  

2.65%, 06/12/24

    2,822       2,755,655  

2.80%, 03/10/27

    795       745,583  

3.25%, 03/11/24

    1,436       1,420,175  

3.50%, 07/19/23(a)

    1,603       1,599,441  

3.63%, 09/15/31 (Call 09/15/26)(b)

    840       798,008  

Truist Bank
1.50%, 03/10/25 (Call 02/10/25)

    45       42,191  

2.15%, 12/06/24 (Call 11/05/24)

    234       224,474  

2.64%, 09/17/29 (Call 09/17/24)(b)

    806       763,532  

3.20%, 04/01/24 (Call 03/01/24)

    57       56,413  

3.30%, 05/15/26 (Call 04/15/26)

    200       192,324  

3.63%, 09/16/25 (Call 08/16/25)

    352       344,573  

Truist Financial Corp.
1.20%, 08/05/25 (Call 07/03/25)

    65       59,724  

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

    500       449,695  

2.50%, 08/01/24 (Call 07/01/24)

    140       136,325  

2.85%, 10/26/24 (Call 09/26/24)

    34       33,409  

3.70%, 06/05/25 (Call 05/05/25)

    74       73,199  

4.00%, 05/01/25 (Call 03/01/25)

    167       166,552  

U.S. Bancorp.
1.45%, 05/12/25 (Call 04/11/25)

    215       201,571  

2.40%, 07/30/24 (Call 06/28/24)

    80       78,073  

3.60%, 09/11/24 (Call 08/11/24)

    53       52,764  

U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)

    117       112,092  

2.80%, 01/27/25 (Call 12/27/24)(a)

    107       104,300  

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

    270       241,358  

Wells Fargo & Co.

   

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

    30       26,836  

3.58%, 05/22/28 (Call 05/22/27),
(3 mo. LIBOR US + 1.310%)(b)

    50       47,155  

4.30%, 07/22/27

    20       19,647  

4.81%, 07/25/28 (Call 07/25/27)(b)

    3,900       3,879,369  

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

    680       601,236  

Westpac Banking Corp.
1.15%, 06/03/26

    100       89,686  

2.35%, 02/19/25

    880       846,349  

2.85%, 05/13/26

    450       429,745  
Security   Par
(000)
    Value  
Banks (continued)            

2.89%, 02/04/30 (Call 02/04/25)(b)

  $ 1,206     $ 1,133,954  

3.30%, 02/26/24

    1,489       1,482,553  

3.35%, 03/08/27

    75       72,371  

4.32%, 11/23/31 (Call 11/23/26)(b)

    100       95,146  
   

 

 

 
        319,450,476  
Beverages — 3.4%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)

    490       481,925  

Brown-Forman Corp., 3.50%, 04/15/25
(Call 02/15/25)

    55       54,394  

Coca-Cola Co. (The)
1.45%, 06/01/27

    5       4,524  

1.75%, 09/06/24(a)

    184       178,423  

2.90%, 05/25/27(a)

    35       33,780  

3.38%, 03/25/27

    1,065       1,052,433  

Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)

    5,435       5,037,702  

2.13%, 10/24/24 (Call 09/24/24)

    4,850       4,679,232  

3.50%, 09/18/23 (Call 08/18/23)

    3,975       3,963,155  

Keurig Dr Pepper Inc.
3.13%, 12/15/23 (Call 10/15/23)

    195       193,118  

3.43%, 06/15/27 (Call 03/15/27)

    1,635       1,562,880  

4.42%, 05/25/25 (Call 03/25/25)(a)

    86       86,280  

Molson Coors Beverage Co., 3.00%, 07/15/26

   

(Call 04/15/26)

    10,264       9,623,321  

PepsiCo Inc.
2.25%, 03/19/25 (Call 02/19/25)

    505       487,083  

2.63%, 03/19/27 (Call 01/19/27)

    1,735       1,646,602  

2.75%, 04/30/25 (Call 01/30/25)

    421       410,622  

2.85%, 02/24/26 (Call 11/24/25)

    235       228,867  

3.50%, 07/17/25 (Call 04/17/25)

    1,816       1,807,192  

3.60%, 03/01/24 (Call 12/01/23)

    244       244,134  
   

 

 

 
      31,775,667  
Biotechnology — 1.3%            

Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)(a)

    662       630,423  

2.20%, 02/21/27 (Call 12/21/26)

    95       87,345  

2.60%, 08/19/26 (Call 05/19/26)(a)

    30       28,406  

3.13%, 05/01/25 (Call 02/01/25)(a)

    731       716,336  

3.63%, 05/22/24 (Call 02/22/24)(a)

    2,297       2,287,559  

Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)(a)

    195       193,549  

Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)

    1,172       1,166,585  

Gilead Sciences Inc.
0.75%, 09/29/23 (Call 09/12/22)

    493       476,928  

2.50%, 09/01/23 (Call 07/01/23)

    1,123       1,108,682  

2.95%, 03/01/27 (Call 12/01/26)(a)

    625       592,312  

3.50%, 02/01/25 (Call 11/01/24)

    969       955,938  

3.65%, 03/01/26 (Call 12/01/25)

    890       874,069  

3.70%, 04/01/24 (Call 01/01/24)

    2,826       2,819,331  
   

 

 

 
      11,937,463  
Building Materials — 1.2%            

Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)

    75       71,315  

2.49%, 02/15/27 (Call 12/15/26)

    1,230       1,131,674  

Fortune Brands Home & Security Inc.
4.00%, 09/21/23 (Call 08/21/23)

    667       665,453  

4.00%, 06/15/25 (Call 03/15/25)(a)

    588       578,292  

Johnson Controls International PLC
3.63%, 07/02/24 (Call 04/02/24)(c)

    2,625       2,597,306  

3.90%, 02/14/26 (Call 11/14/25)(a)

    4,192       4,140,355  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Building Materials (continued)

   

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)(a)

  $ 575     $ 522,244  

3.00%, 11/15/23 (Call 09/15/23)(a)

    491       483,335  

Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)(a)

    238       237,410  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    602       573,459  

4.20%, 12/01/24 (Call 09/01/24)

    299       298,566  

Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)(a)

    65       65,148  
   

 

 

 
          11,364,557  
Chemicals — 1.5%            

Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)

    175       174,034  

Celanese U.S. Holdings LLC

   

3.50%, 05/08/24 (Call 04/08/24)

    379       369,036  

6.05%, 03/15/25

    7       7,019  

6.17%, 07/15/27 (Call 06/15/27)

    1,025       1,026,558  

DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)

    196       196,482  

Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)

    43       42,338  

Ecolab Inc.

   

0.90%, 12/15/23 (Call 12/15/22)

    115       111,261  

1.65%, 02/01/27 (Call 01/01/27)

        4,595       4,184,667  

2.70%, 11/01/26 (Call 08/01/26)

    2,865       2,753,838  

EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25)

    599       563,018  

FMC Corp., 4.10%, 02/01/24 (Call 11/01/23)

    55       54,773  

Linde Inc./CT, 2.65%, 02/05/25 (Call 11/05/24)

    855       832,095  

LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)

    300       306,195  

Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)

    368       368,449  

Nutrien Ltd.

   

3.00%, 04/01/25 (Call 01/01/25)

    75       72,769  

4.00%, 12/15/26 (Call 09/15/26)

    445       437,586  

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

    1,636       1,465,562  

2.40%, 08/15/24 (Call 07/15/24)

    591       573,205  

Sherwin-Williams Co. (The)

   

3.13%, 06/01/24 (Call 04/01/24)(a)

    430       423,541  

3.45%, 08/01/25 (Call 05/01/25)

    165       161,453  
   

 

 

 
      14,123,879  
Commercial Services — 1.7%            

Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)

    7,927       7,850,346  

Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)(a)

    337       340,582  

GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26)

    2,100       1,775,886  

Moody’s Corp.

   

3.75%, 03/24/25 (Call 02/24/25)(a)

    40       39,570  

4.88%, 02/15/24 (Call 11/15/23)(a)

    280       282,957  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

    2,929       2,759,206  

2.65%, 10/01/26 (Call 08/01/26)

    25       23,728  

S&P Global Inc., 2.45%, 03/01/27 (Call 02/01/27)(d)

    2,665       2,486,605  
   

 

 

 
      15,558,880  
Computers — 2.7%            

Dell International LLC/EMC Corp.

   

4.90%, 10/01/26 (Call 08/01/26)

    140       140,577  

6.02%, 06/15/26 (Call 03/15/26)

    830       862,362  

DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)

    75       66,062  
Security  

Par

(000)

    Value  

Computers (continued)

   

Hewlett Packard Enterprise Co.

   

1.45%, 04/01/24 (Call 03/01/24)

  $ 880     $ 845,293  

1.75%, 04/01/26 (Call 03/01/26)

    997       913,950  

4.45%, 10/02/23 (Call 09/02/23)

    805       808,365  

4.90%, 10/15/25 (Call 07/15/25)

    2,748       2,790,814  

HP Inc.

   

2.20%, 06/17/25 (Call 05/17/25)

    2,018       1,903,721  

3.00%, 06/17/27 (Call 04/17/27)(a)

    50       46,295  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)(a)

    35       31,434  

3.00%, 05/15/24

    5,450       5,379,531  

3.30%, 05/15/26

    735       712,685  

3.45%, 02/19/26

    5,105       5,003,615  

3.63%, 02/12/24

    1,991       1,986,202  

7.00%, 10/30/25

        2,140       2,322,050  

Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)

    656       640,879  

Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)

    580       558,737  
   

 

 

 
          25,012,572  
Cosmetics & Personal Care — 0.8%            

Colgate-Palmolive Co.

   

3.10%, 08/15/27

    2,400       2,334,792  

3.25%, 03/15/24(a)

    1,883       1,873,529  

GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/27 (Call 02/24/27)(d)

    1,900       1,787,140  

Procter & Gamble Co. (The), 2.80%, 03/25/27

    50       48,103  

Unilever Capital Corp.
2.60%, 05/05/24 (Call 03/05/24)

    536       526,009  

3.10%, 07/30/25

    102       99,931  

3.25%, 03/07/24 (Call 02/07/24)

    382       379,719  

3.38%, 03/22/25 (Call 01/22/25)(a)

    200       197,200  
   

 

 

 
      7,246,423  
Distribution & Wholesale — 0.3%            

WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)(a)

    3,021       2,870,826  
   

 

 

 
Diversified Financial Services — 6.0%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.75%, 01/30/26 (Call 12/30/25)

    2,390       2,109,486  

2.45%, 10/29/26 (Call 09/29/26)

    1,515       1,335,200  

2.88%, 08/14/24 (Call 07/14/24)(a)

    748       715,739  

3.15%, 02/15/24 (Call 01/15/24)

    157       152,108  

3.50%, 01/15/25 (Call 11/15/24)

    989       949,836  

4.45%, 10/01/25 (Call 08/01/25)(a)

    685       664,279  

4.45%, 04/03/26 (Call 02/03/26)

    940       908,858  

4.50%, 09/15/23 (Call 08/15/23)

    170       169,114  

4.88%, 01/16/24 (Call 12/16/23)

    237       235,798  

6.50%, 07/15/25 (Call 06/15/25)

    722       739,516  

Affiliated Managers Group Inc.

   

3.50%, 08/01/25

    35       34,331  

4.25%, 02/15/24

    145       144,997  

Air Lease Corp.

   

2.20%, 01/15/27 (Call 12/15/26)

    945       829,530  

2.30%, 02/01/25 (Call 01/01/25)

    715       670,248  

2.88%, 01/15/26 (Call 12/15/25)(a)

    533       491,650  

3.25%, 03/01/25 (Call 01/01/25)

    569       545,472  

3.38%, 07/01/25 (Call 06/01/25)

    146       138,580  

3.63%, 04/01/27 (Call 01/01/27)

    15       13,897  

4.25%, 02/01/24 (Call 01/01/24)

    488       485,228  

4.25%, 09/15/24 (Call 06/15/24)

    401       396,513  

Aircastle Ltd.

   

4.13%, 05/01/24 (Call 02/01/24)

    286       279,376  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

4.25%, 06/15/26 (Call 04/15/26)

  $ 1,720     $ 1,584,395  

4.40%, 09/25/23 (Call 08/25/23)(a)

    102       101,553  

Ally Financial Inc.

   

1.45%, 10/02/23 (Call 09/02/23)

    40       38,751  

3.88%, 05/21/24 (Call 04/21/24)

    902       893,440  

4.63%, 03/30/25

    338       337,138  

4.75%, 06/09/27 (Call 05/09/27)(a)

    650       634,004  

5.13%, 09/30/24

        1,275           1,293,207  

5.80%, 05/01/25 (Call 04/01/25)(a)

    85       87,014  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    50       45,191  

2.50%, 07/30/24 (Call 06/30/24)

    2,610       2,539,269  

2.55%, 03/04/27 (Call 02/01/27)

    320       297,152  

3.00%, 10/30/24 (Call 09/29/24)

    1,940       1,901,355  

3.13%, 05/20/26 (Call 04/20/26)

    498       480,675  

3.30%, 05/03/27 (Call 04/03/27)

    100       95,693  

3.40%, 02/22/24 (Call 01/22/24)

    1,836       1,821,294  

3.63%, 12/05/24 (Call 11/04/24)

    184       182,960  

3.95%, 08/01/25 (Call 07/01/25)

    500       494,785  

4.20%, 11/06/25 (Call 10/06/25)

    292       292,482  

Ameriprise Financial Inc.

   

3.00%, 04/02/25 (Call 03/02/25)

    969       943,709  

3.70%, 10/15/24

    354       351,242  

4.00%, 10/15/23

    64       64,033  

BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)

    42       40,684  

Brookfield Finance Inc.

   

4.00%, 04/01/24 (Call 02/01/24)

    1,256       1,250,737  

4.25%, 06/02/26 (Call 03/02/26)

    87       85,775  

Capital One Financial Corp.

   

1.88%, 11/02/27 (Call 11/02/26), (SOFR + 0.855%)(b)

    100       87,988  

3.75%, 07/28/26 (Call 06/28/26)

    40       38,502  

3.75%, 03/09/27 (Call 02/09/27)

    70       67,205  

4.93%, 05/10/28 (Call 05/10/27), (SOFR + 2.057%)(b)

    2,075       2,050,453  

Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)(a)

    1,270       1,241,019  

Charles Schwab Corp. (The)

   

2.45%, 03/03/27 (Call 02/03/27)

    55       51,325  

3.00%, 03/10/25 (Call 12/10/24)(a)

    158       154,622  

3.85%, 05/21/25 (Call 03/21/25)

    207       207,335  

4.20%, 03/24/25 (Call 02/24/25)

    424       425,916  

CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)

    729       714,945  

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

    590       575,191  

3.95%, 11/06/24 (Call 08/06/24)(a)

    263       260,252  

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

    180       173,327  

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

    175       167,510  

Franklin Resources Inc., 2.85%, 03/30/25

    535       517,901  

Invesco Finance PLC

   

3.75%, 01/15/26(a)

    283       276,284  

4.00%, 01/30/24

    863       858,599  

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

    1,690       1,694,850  

Legg Mason Inc., 4.75%, 03/15/26

    330       333,640  

Mastercard Inc.
2.00%, 03/03/25 (Call 02/03/25)(a)

    425       407,681  

3.38%, 04/01/24(a)

    246       245,198  

Morgan Stanley Domestic Holdings Inc., 3.80%, 08/24/27 (Call 05/24/27)

    3,000       2,891,760  

Nomura Holdings Inc.
1.65%, 07/14/26

    2,480       2,186,566  

1.85%, 07/16/25

    1,675       1,541,653  
Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

2.33%, 01/22/27

  $ 2,815     $ 2,509,460  

2.65%, 01/16/25

    330       314,177  

ORIX Corp.
3.25%, 12/04/24(a)

    185       180,987  

4.05%, 01/16/24(a)

    130       129,667  

Radian Group Inc.

   

4.88%, 03/15/27 (Call 09/15/26)

    60       55,913  

6.63%, 03/15/25 (Call 09/15/24)

    700       701,302  

Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)(a)

    235       220,153  

4.25%, 08/15/24 (Call 05/15/24)

    1,402       1,385,611  

4.38%, 03/19/24 (Call 02/19/24)

    500       498,095  

4.50%, 07/23/25 (Call 04/23/25)(a)

    1,305       1,275,898  

Western Union Co. (The)
1.35%, 03/15/26 (Call 02/15/26)

    2,112       1,870,176  

2.85%, 01/10/25 (Call 12/10/24)

        2,271       2,179,910  
   

 

 

 
          56,357,365  
Electric — 5.0%            

Avangrid Inc.
3.15%, 12/01/24 (Call 10/01/24)(a)

    4,003       3,892,077  

3.20%, 04/15/25 (Call 03/15/25)

    7,856       7,606,258  

Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26)

    195       185,057  

Connecticut Light & Power Co. (The)

   

Series A, 0.75%, 12/01/25 (Call 11/01/25)

    160       143,659  

Series A, 3.20%, 03/15/27 (Call 12/15/26)

    100       96,503  

Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 10/03/22)

    237       227,477  

Edison International
3.55%, 11/15/24 (Call 10/15/24)

    194       189,744  

4.95%, 04/15/25 (Call 03/15/25)

    343       343,209  

5.75%, 06/15/27 (Call 04/15/27)

    550       557,639  

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

    1,195       1,173,275  

Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)

    30       28,224  

Eversource Energy
2.90%, 03/01/27 (Call 02/01/27)(a)

    2,795       2,622,493  

Series H, 3.15%, 01/15/25 (Call 10/15/24)

    198       192,191  

Series L, 2.90%, 10/01/24 (Call 08/01/24)(a)

    1,657       1,611,830  

Series N, 3.80%, 12/01/23 (Call 11/01/23)(a)

    913       908,974  

Series Q, 0.80%, 08/15/25 (Call 07/15/25)(a)

    406       366,906  

Series U, 1.40%, 08/15/26 (Call 07/15/26)

    2,895       2,575,797  

Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)(a)

    237       229,589  

3.95%, 06/15/25 (Call 03/15/25)

    1,349       1,338,397  

Florida Power & Light Co.
2.85%, 04/01/25 (Call 03/01/25)

    4,501       4,401,978  

3.13%, 12/01/25 (Call 06/01/25)(a)

    423       417,082  

3.25%, 06/01/24 (Call 12/01/23)

    215       213,390  

Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)

    2,685       2,513,563  

Iberdrola International BV, 5.81%, 03/15/25

    695       724,246  

ITC Holdings Corp.
3.25%, 06/30/26 (Call 03/30/26)

    2,805       2,673,221  

3.65%, 06/15/24 (Call 03/15/24)

    1,671       1,646,988  

National Rural Utilities Cooperative Finance Corp., 5.25%, 04/20/46 (Call 04/20/26),
(3 mo. LIBOR US + 3.630%)(a)(b)

    10       9,343  

NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)

    1,965       1,763,371  

3.80%, 03/15/82 (Call 03/15/27)(b)

    420       353,065  

NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)

    235       226,655  

Oncor Electric Delivery Co. LLC, 2.95%, 04/01/25 (Call 01/01/25)

    2,395       2,328,515  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

Pacific Gas and Electric Co., 5.45%, 06/15/27 (Call 05/15/27)

  $ 770     $ 756,386  

PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)

    25       24,346  

Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)

    210       208,828  

Public Service Co. of New Hampshire, 3.50%, 11/01/23 (Call 08/01/23)(a)

    332       330,951  

Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)

    57       51,344  

3.00%, 05/15/25 (Call 02/15/25)(a)

    72       70,111  

Public Service Enterprise Group Inc.
0.80%, 08/15/25 (Call 07/15/25)

    755       681,667  

0.84%, 11/08/23 (Call 10/03/22)

    110       105,673  

2.88%, 06/15/24 (Call 05/15/24)

        1,829       1,787,463  

San Diego Gas & Electric Co.
2.50%, 05/15/26 (Call 02/15/26)

    140       132,110  

Series NNN, 3.60%, 09/01/23 (Call 06/01/23)

    255       254,500  

Sempra Energy, 4.13%, 04/01/52 (Call 01/01/27)(b)

    505       427,280  

Southern California Edison Co.

   

Series C, 3.50%, 10/01/23 (Call 07/01/23)

    39       38,816  

Series D, 4.70%, 06/01/27 (Call 05/01/27)(a)

    165       164,975  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

    325       320,265  
   

 

 

 
          46,915,431  
Electrical Components & Equipment — 0.0%            

Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)

    134       131,814  
   

 

 

 
Electronics — 1.2%            

Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)(a)

    595       565,369  

Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)

    524       509,344  

Amphenol Corp.
2.05%, 03/01/25 (Call 02/01/25)

    225       213,986  

3.20%, 04/01/24 (Call 02/01/24)

    93       92,067  

Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26)

    30       29,676  

Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)

    2,210       2,106,594  

4.75%, 06/15/25 (Call 03/15/25)

    202       200,544  

Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)

    10       9,568  

Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)

    30       26,768  

1.35%, 06/01/25 (Call 05/01/25)

    2,895       2,717,479  

2.30%, 08/15/24 (Call 07/15/24)

    1,004       979,432  

2.50%, 11/01/26 (Call 08/01/26)

    110       104,422  

3.35%, 12/01/23(a)

    280       279,289  

Keysight Technologies Inc.
4.55%, 10/30/24 (Call 07/30/24)

    934       939,053  

4.60%, 04/06/27 (Call 01/06/27)

    35       35,117  

Legrand France SA, 8.50%, 02/15/25

    355       390,929  

Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)

    875       878,587  

Tyco Electronics Group SA, 3.45%, 08/01/24 (Call 05/01/24)

    84       83,283  

Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26)

    783       684,953  
   

 

 

 
      10,846,460  
Entertainment — 0.2%            

Magallanes Inc., 3.76%, 03/15/27 (Call 02/15/27)(d)

    1,890       1,765,354  
   

 

 

 
Environmental Control — 0.1%            

Republic Services Inc.
2.50%, 08/15/24 (Call 07/15/24)(a)

    250       242,487  

3.20%, 03/15/25 (Call 12/15/24)

    278       271,701  

Waste Management Inc., 3.13%, 03/01/25 (Call 12/01/24)

    45       44,243  
   

 

 

 
      558,431  
Security  

Par

(000)

    Value  

Food — 3.0%

   

Campbell Soup Co.
3.30%, 03/19/25 (Call 12/19/24)

  $ 308     $ 300,704  

3.95%, 03/15/25 (Call 01/15/25)

    422       418,455  

Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24)

    1,208       1,207,263  

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

    3,620       3,489,173  

3.65%, 02/15/24 (Call 11/15/23)

    770       767,659  

4.00%, 04/17/25 (Call 02/17/25)(a)

    1,233       1,229,202  

Hershey Co. (The)
0.90%, 06/01/25 (Call 05/01/25)(a)

    465       429,311  

3.20%, 08/21/25 (Call 05/21/25)

    15       14,728  

Hormel Foods Corp., 0.65%, 06/03/24 (Call 10/03/22)

    20       18,998  

Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)

    1,850       1,773,003  

JM Smucker Co. (The), 3.50%, 03/15/25

    412       406,504  

Kellogg Co.
2.65%, 12/01/23(a)

    2,707       2,669,806  

3.25%, 04/01/26(a)

    8,947       8,681,274  

Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)

    72       68,083  

3.88%, 05/15/27 (Call 02/15/27)

    10       9,660  

Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)

    325       306,924  

3.50%, 02/01/26 (Call 11/01/25)

    55       53,727  

4.00%, 02/01/24 (Call 11/01/23)(a)

    237       237,033  

McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)

    300       267,366  

3.15%, 08/15/24 (Call 06/15/24)(a)

    1,242       1,222,227  

3.40%, 08/15/27 (Call 05/15/27)

        2,500       2,401,175  

Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25)

    1,384       1,295,189  

Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)

    349       347,984  
   

 

 

 
          27,615,448  
Forest Products & Paper — 0.0%            

Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)

    220       220,198  

Fibria Overseas Finance Ltd., 5.50%, 01/17/27

    15       15,154  
   

 

 

 
      235,352  
Gas — 0.3%            

National Fuel Gas Co.
5.20%, 07/15/25 (Call 04/15/25)

    235       235,745  

5.50%, 01/15/26 (Call 12/15/25)

    1,249       1,261,365  

ONE Gas Inc.
1.10%, 03/11/24 (Call 09/16/22)

    270       259,794  

3.61%, 02/01/24 (Call 11/01/23)

    191       189,348  

Southern California Gas Co.
3.15%, 09/15/24 (Call 06/15/24)

    435       428,840  

3.20%, 06/15/25 (Call 03/15/25)(a)

    50       48,775  

Series TT, 2.60%, 06/15/26 (Call 03/15/26)

    410       387,282  
   

 

 

 
      2,811,149  
Hand & Machine Tools — 0.1%            

Stanley Black & Decker Inc., 4.00%, 03/15/60 (Call 03/15/25)(a)(b)

    494       452,301  
   

 

 

 
Health Care - Products — 0.1%            

Danaher Corp., 3.35%, 09/15/25
(Call 06/15/25)(a)

    32       31,472  

DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)

    340       326,492  

Zimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)(a)

    75       73,292  
   

 

 

 
      431,256  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Health Care - Services — 1.4%

   

Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)

  $ 301     $ 296,918  

Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)

    1,340       1,222,549  

2.38%, 01/15/25 (Call 12/15/24)

    700       672,273  

3.35%, 12/01/24 (Call 10/01/24)

    393       386,551  

3.50%, 08/15/24 (Call 05/15/24)

    505       499,430  

HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)(d)

    1,185       1,088,683  

4.50%, 02/15/27 (Call 08/15/26)

    1,040       1,016,423  

5.00%, 03/15/24

        2,173       2,184,951  

5.25%, 04/15/25

    612       617,441  

5.25%, 06/15/26 (Call 12/15/25)

    100       100,315  

5.38%, 09/01/26 (Call 03/01/26)

    67       67,440  

5.88%, 02/15/26 (Call 08/15/25)

    25       25,510  

Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)

    50       43,690  

3.85%, 10/01/24 (Call 07/01/24)

    219       217,859  

3.95%, 03/15/27 (Call 12/15/26)

    95       92,413  

4.50%, 04/01/25 (Call 03/01/25)(a)

    542       545,561  

Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)

    512       461,215  

2.30%, 12/01/24 (Call 11/01/24)

    123       118,015  

3.25%, 09/01/24 (Call 07/01/24)

    526       516,732  

3.60%, 02/01/25 (Call 11/01/24)

    408       401,945  

4.00%, 11/01/23 (Call 08/01/23)

    20       19,963  

Quest Diagnostics Inc.
3.45%, 06/01/26 (Call 03/01/26)

    470       458,175  

3.50%, 03/30/25 (Call 12/30/24)

    470       462,104  

4.25%, 04/01/24 (Call 01/01/24)

    1,053       1,053,842  

UnitedHealth Group Inc., 3.75%, 07/15/25

    258       257,319  
   

 

 

 
          12,827,317  
Holding Companies - Diversified — 0.0%            

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

    340       312,729  
   

 

 

 
Home Furnishings — 0.0%            

Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)

    20       19,832  

Whirlpool Corp.
3.70%, 05/01/25

    2       1,971  

4.00%, 03/01/24(a)

    20       19,985  
   

 

 

 
      41,788  
Household Products & Wares — 0.0%            

Kimberly-Clark Corp.
2.75%, 02/15/26

    175       169,089  

3.05%, 08/15/25

    240       235,214  
   

 

 

 
      404,303  
Insurance — 1.0%            

Aflac Inc.
3.25%, 03/17/25

    184       181,131  

3.63%, 11/15/24

    310       308,704  

American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)

    137       130,598  

3.75%, 07/10/25 (Call 04/10/25)

    93       91,816  

4.13%, 02/15/24

    26       26,064  

Chubb INA Holdings Inc.
3.15%, 03/15/25

    30       29,576  

3.35%, 05/15/24

    65       64,620  

CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)

    313       313,977  
Security  

Par

(000)

     Value  

Insurance (continued)

    

Lincoln National Corp., 3.35%, 03/09/25(a)

  $ 25      $ 24,508  

Manulife Financial Corp.
4.06%, 02/24/32 (Call 02/24/27)(b)

    10        9,266  

4.15%, 03/04/26

    217        215,071  

Marsh & McLennan Companies Inc.
3.50%, 06/03/24 (Call 03/03/24)

    1,191        1,182,925  

3.50%, 03/10/25 (Call 12/10/24)

    401        394,933  

3.75%, 03/14/26 (Call 12/14/25)

    60        59,449  

3.88%, 03/15/24 (Call 02/15/24)

        1,079        1,077,651  

MetLife Inc., 3.00%, 03/01/25

    807        790,360  

Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)

    51        49,919  

Prudential Financial Inc.
1.50%, 03/10/26 (Call 02/10/26)

    25        22,906  

5.20%, 03/15/44 (Call 03/15/24),

    

(3 mo. LIBOR US + 3.040%)(b)

    413        401,106  

5.38%, 05/15/45 (Call 05/15/25),

    

(3 mo. LIBOR US + 3.031%)(b)

    895        879,874  

5.63%, 06/15/43 (Call 06/15/23),

    

(3 mo. LIBOR US + 3.920%)(b)

    444        442,268  

Swiss Re America Holding Corp., 7.00%, 02/15/26

    2,105        2,278,705  

Voya Financial Inc., 3.65%, 06/15/26

    32        30,958  

Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)(a)

    99        97,676  
    

 

 

 
           9,104,061  
Internet — 0.3%             

Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)

    870        804,706  

2.80%, 08/22/24 (Call 06/22/24)

    342        337,725  

3.80%, 12/05/24 (Call 09/05/24)

    88        88,435  

Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)

    13        12,909  

eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)

    225        203,202  

1.90%, 03/11/25 (Call 02/11/25)

    373        352,090  

3.45%, 08/01/24 (Call 05/01/24)

    327        323,259  

3.60%, 06/05/27 (Call 03/05/27)

    10        9,662  

Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25)(a)

    885        886,186  
    

 

 

 
       3,018,174  
Iron & Steel — 0.2%             

Nucor Corp.
2.00%, 06/01/25 (Call 05/01/25)

    188        177,011  

4.30%, 05/23/27 (Call 04/23/27)

    90        89,512  

Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25)

    553        504,712  

Steel Dynamics Inc.
2.40%, 06/15/25 (Call 05/15/25)

    214        202,607  

2.80%, 12/15/24 (Call 11/15/24)

    360        348,070  

5.00%, 12/15/26 (Call 10/03/22)

    800        794,424  
    

 

 

 
       2,116,336  
Leisure Time — 0.0%             

Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)

    355        342,177  
    

 

 

 
Lodging — 0.2%             

Hyatt Hotels Corp.
4.85%, 03/15/26 (Call 12/15/25)(a)

    267        268,719  

5.63%, 04/23/25 (Call 03/23/25)

    170        171,763  

Marriott International Inc./MD
3.60%, 04/15/24 (Call 03/15/24)

    55        54,474  

3.75%, 03/15/25 (Call 12/15/24)(a)

    339        333,661  

3.75%, 10/01/25 (Call 07/01/25)

    97        94,729  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Lodging (continued)            

Series EE, 5.75%, 05/01/25 (Call 04/01/25)

  $ 426     $ 439,065  

Series R, 3.13%, 06/15/26 (Call 03/15/26)

    120       113,850  
   

 

 

 
      1,476,261  
Machinery — 1.1%            

Caterpillar Financial Services Corp.

   

1.45%, 05/15/25

    67       63,032  

1.70%, 01/08/27(a)

    30       27,451  

2.15%, 11/08/24

    71       68,624  

2.85%, 05/17/24

    550       542,487  

3.25%, 12/01/24(a)

    231       228,632  

3.30%, 06/09/24

    795       789,666  

3.65%, 12/07/23

    96       96,084  

Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)

    12       11,963  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    795       705,380  

1.88%, 01/15/26 (Call 12/15/25)

    1,820       1,653,506  

3.95%, 05/23/25

    800       786,360  

4.20%, 01/15/24

    1,171       1,167,452  

CNH Industrial NV, 4.50%, 08/15/23(a)

    1,467       1,469,890  

Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)

    235       228,700  

John Deere Capital Corp.

   

1.75%, 03/09/27

    15       13,691  

2.05%, 01/09/25

    37       35,572  

2.60%, 03/07/24(a)

    86       84,646  

2.65%, 06/24/24(a)

    370       363,936  

3.35%, 06/12/24

    274       272,529  

3.40%, 09/11/25

    80       78,972  

3.45%, 01/10/24(a)

    98       97,703  

3.45%, 03/13/25

    159       158,162  

Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)

    491       463,916  

Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)

    65       63,284  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)

    190       181,233  

3.45%, 11/15/26 (Call 08/15/26)(a)

    35       32,854  

4.40%, 03/15/24 (Call 02/15/24)

    242       240,727  

Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)

    220       210,283  
   

 

 

 
        10,136,735  
Manufacturing — 2.2%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)(a)

        2,956       2,816,536  

2.25%, 09/19/26 (Call 06/19/26)(a)

    315       293,659  

2.65%, 04/15/25 (Call 03/15/25)

    3,031       2,938,494  

3.00%, 08/07/25

    2,284       2,226,443  

3.25%, 02/14/24 (Call 01/14/24)

    3,896       3,870,286  

Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)

    198       194,715  

Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)(a)

    184       183,523  

Parker-Hannifin Corp.

   

2.70%, 06/14/24 (Call 05/14/24)(a)

    421       410,227  

3.30%, 11/21/24 (Call 08/21/24)

    78       76,701  

Textron Inc.

   

3.88%, 03/01/25 (Call 12/01/24)(a)

    176       173,624  

4.30%, 03/01/24 (Call 12/01/23)

    20       20,003  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)(a)

    1,810       1,743,917  

3.55%, 11/01/24 (Call 08/01/24)

    5,398       5,324,209  
   

 

 

 
      20,272,337  
Security   Par
(000)
    Value  
Media — 0.5%            

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)

  $ 123     $ 122,713  

Comcast Corp., 3.38%, 08/15/25 (Call 05/15/25)

    311       305,862  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)(a)

    133       128,683  

3.80%, 03/13/24 (Call 01/13/24)

    99       97,950  

3.90%, 11/15/24 (Call 08/15/24)

    221       216,319  

3.95%, 06/15/25 (Call 03/15/25)

    100       97,556  

4.90%, 03/11/26 (Call 12/11/25)

    30       29,957  

FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)

    900       842,688  

Fox Corp.

   

3.05%, 04/07/25 (Call 03/07/25)

    598       578,164  

4.03%, 01/25/24 (Call 12/25/23)

    87       86,678  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)(a)

        1,015       942,032  

4.00%, 01/15/26 (Call 10/15/25)

    5       4,918  

4.75%, 05/15/25 (Call 04/15/25)(a)

    234       235,587  

TWDC Enterprises 18 Corp., 3.15%, 09/17/25

    353       345,195  

Walt Disney Co. (The)

   

1.75%, 08/30/24 (Call 07/30/24)

    115       110,458  

3.35%, 03/24/25

    846       834,173  

3.70%, 09/15/24 (Call 06/15/24)

    76       75,692  

3.70%, 03/23/27

    25       24,679  
   

 

 

 
          5,079,304  
Metal Fabricate & Hardware — 0.0%            

Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)

    30       29,602  
   

 

 

 
Mining — 0.1%            

Kinross Gold Corp., 5.95%, 03/15/24
(Call 12/15/23)

    937       952,845  
   

 

 

 
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 (Call 11/01/26)

    1,220       1,095,780  
   

 

 

 
Oil & Gas — 1.7%            

BP Capital Markets America Inc., 3.80%, 09/21/25 (Call 07/21/25)(a)

    243       242,444  

Chevron Corp., 1.55%, 05/11/25 (Call 04/11/25)

    1,436       1,354,995  

ConocoPhillips Co., 3.35%, 11/15/24 (Call 08/15/24)(a)

    236       233,829  

Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)

    615       636,150  

Exxon Mobil Corp.

   

2.71%, 03/06/25 (Call 12/06/24)

    341       332,056  

2.99%, 03/19/25 (Call 02/19/25)

    806       788,566  

Hess Corp.

   

3.50%, 07/15/24 (Call 04/15/24)

    2,321       2,283,678  

4.30%, 04/01/27 (Call 01/01/27)(a)

    2,280       2,225,782  

HF Sinclair Corp., 5.88%, 04/01/26
(Call 01/01/26)(d)

    1,504       1,512,001  

Marathon Petroleum Corp.

   

3.63%, 09/15/24 (Call 06/15/24)

    425       420,941  

4.70%, 05/01/25 (Call 04/01/25)

    569       572,710  

5.13%, 12/15/26 (Call 09/15/26)

    95       97,632  

Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)

    1,180       1,198,137  

Phillips 66

   

1.30%, 02/15/26 (Call 01/15/26)(a)

    379       342,942  

3.85%, 04/09/25 (Call 03/09/25)(a)

    241       238,913  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

    548       530,667  

3.70%, 01/15/24

    1,331       1,331,519  

3.75%, 04/10/24

    1,613       1,616,210  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas (continued)            

Valero Energy Corp.

   

2.85%, 04/15/25 (Call 03/15/25)(a)

  $ 125     $ 120,937  

3.40%, 09/15/26 (Call 06/15/26)

    5       4,875  
   

 

 

 
        16,084,984  
Oil & Gas Services — 0.3%            

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.06%, 12/15/26 (Call 11/15/26)

        2,390       2,176,597  

Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25)

    231       228,545  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)

    630       587,878  
   

 

 

 
      2,993,020  
Packaging & Containers — 0.2%            

Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)

    995       948,483  

Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24)

    19       18,844  

WRKCo Inc.

   

3.00%, 09/15/24 (Call 07/15/24)

    267       259,919  

3.75%, 03/15/25 (Call 01/15/25)

    260       255,588  
   

 

 

 
      1,482,834  
Pharmaceuticals — 2.3%            

AbbVie Inc., 3.60%, 05/14/25 (Call 02/14/25)

    400       393,048  

AmerisourceBergen Corp.

   

3.25%, 03/01/25 (Call 12/01/24)

    151       147,399  

3.40%, 05/15/24 (Call 02/15/24)

    66       65,068  

Astrazeneca Finance LLC

   

0.70%, 05/28/24 (Call 10/03/22)

    285       270,160  

1.20%, 05/28/26 (Call 04/28/26)

    2,605       2,351,820  

AstraZeneca PLC

   

0.70%, 04/08/26 (Call 03/08/26)

    3,257       2,900,293  

3.38%, 11/16/25

    4,655       4,571,489  

3.50%, 08/17/23 (Call 07/17/23)(a)

    272       271,380  

Becton Dickinson and Co.

   

3.36%, 06/06/24 (Call 04/06/24)

    166       164,113  

3.73%, 12/15/24 (Call 09/15/24)

    110       108,601  

Bristol-Myers Squibb Co.

   

2.90%, 07/26/24 (Call 06/26/24)

    218       214,870  

3.25%, 11/01/23(a)

    34       33,890  

3.63%, 05/15/24 (Call 02/15/24)

    15       14,965  

Cardinal Health Inc.

   

3.08%, 06/15/24 (Call 04/15/24)

    812       798,561  

3.50%, 11/15/24 (Call 08/15/24)

    701       692,006  

3.75%, 09/15/25 (Call 06/15/25)

    660       654,238  

Cigna Corp.

   

1.25%, 03/15/26 (Call 02/15/26)(a)

    287       258,377  

3.25%, 04/15/25 (Call 01/15/25)

    200       195,136  

3.40%, 03/01/27 (Call 12/01/26)

    5       4,781  

3.50%, 06/15/24 (Call 03/17/24)

    348       344,551  

4.13%, 11/15/25 (Call 09/15/25)

    341       338,712  

CVS Health Corp.

   

2.63%, 08/15/24 (Call 07/15/24)

    485       473,670  

3.38%, 08/12/24 (Call 05/12/24)

    231       228,789  

3.63%, 04/01/27 (Call 02/01/27)

    10       9,730  

3.88%, 07/20/25 (Call 04/20/25)

    304       301,836  

4.00%, 12/05/23 (Call 09/05/23)

    21       21,033  

4.10%, 03/25/25 (Call 01/25/25)(a)

    766       767,279  

Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25)

    262       256,763  

GlaxoSmithKline Capital Inc., 3.63%, 05/15/25

    365       363,252  

GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24)

    645       638,298  

Johnson & Johnson, 0.55%, 09/01/25 (Call 08/01/25)

    57       52,206  
Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)

  $ 101     $ 100,847  

Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)

    580       581,566  

Merck & Co. Inc.

   

2.75%, 02/10/25 (Call 11/10/24)

    425       415,744  

2.90%, 03/07/24 (Call 02/07/24)(a)

    54       53,459  

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

    68       65,131  

3.40%, 05/06/24

    477       474,634  

Shire Acquisitions Investments Ireland DAC

   

2.88%, 09/23/23 (Call 07/23/23)

    127       125,371  

3.20%, 09/23/26 (Call 06/23/26)

    5       4,778  

Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)

    310       310,586  

Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)

    45       42,297  

Viatris Inc., 2.30%, 06/22/27 (Call 04/22/27)

    910       782,172  

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

    145       146,749  
   

 

 

 
          21,009,648  
Pipelines — 2.5%            

Boardwalk Pipelines LP

   

4.95%, 12/15/24 (Call 09/15/24)

    207       208,548  

5.95%, 06/01/26 (Call 03/01/26)

    35       36,177  

Cheniere Corpus Christi Holdings LLC

   

5.13%, 06/30/27 (Call 01/01/27)

        2,005       2,002,975  

5.88%, 03/31/25 (Call 10/02/24)

    1,004       1,024,321  

7.00%, 06/30/24 (Call 01/01/24)

    735       756,587  

Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)

    426       424,807  

Enbridge Inc.

   

1.60%, 10/04/26 (Call 09/04/26)

    65       57,764  

2.50%, 01/15/25 (Call 12/15/24)

    474       454,206  

3.50%, 06/10/24 (Call 03/10/24)

    459       453,253  

4.00%, 10/01/23 (Call 07/01/23)

    57       56,838  

4.25%, 12/01/26 (Call 09/01/26)

    70       68,974  

Energy Transfer LP

   

3.90%, 05/15/24 (Call 02/15/24)

    220       216,951  

4.40%, 03/15/27 (Call 12/15/26)

    10       9,687  

Kinder Morgan Energy Partners LP

   

3.50%, 09/01/23 (Call 06/01/23)

    58       57,742  

4.15%, 02/01/24 (Call 11/01/23)

    91       91,019  

4.25%, 09/01/24 (Call 06/01/24)

    245       244,731  

4.30%, 05/01/24 (Call 02/01/24)

    271       272,043  

Kinder Morgan Inc.

   

1.75%, 11/15/26 (Call 10/15/26)

    45       40,226  

4.30%, 06/01/25 (Call 03/01/25)

    178       177,473  

MPLX LP

   

4.00%, 02/15/25 (Call 11/15/24)(a)

    241       237,486  

4.88%, 12/01/24 (Call 09/01/24)

    544       547,792  

4.88%, 06/01/25 (Call 03/01/25)

    543       545,726  

ONEOK Inc.

   

2.20%, 09/15/25 (Call 08/15/25)

    700       653,373  

2.75%, 09/01/24 (Call 08/01/24)

    1,225       1,184,624  

4.00%, 07/13/27 (Call 04/13/27)

    100       95,630  

5.85%, 01/15/26 (Call 12/15/25)

    5,043       5,173,009  

7.50%, 09/01/23 (Call 06/01/23)

    925       947,255  

ONEOK Partners LP

   

4.90%, 03/15/25 (Call 12/15/24)

    201       201,096  

5.00%, 09/15/23 (Call 06/15/23)

    797       801,025  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.60%, 11/01/24 (Call 08/01/24)

    374       365,667  

4.65%, 10/15/25 (Call 07/15/25)

    204       201,984  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pipelines (continued)

   

Sabine Pass Liquefaction LLC
5.00%, 03/15/27 (Call 09/15/26)

  $ 15     $ 14,954  

5.63%, 03/01/25 (Call 12/01/24)

        1,242       1,265,499  

5.75%, 05/15/24 (Call 02/15/24)

    980       994,857  

Spectra Energy Partners LP
3.38%, 10/15/26 (Call 07/15/26)

    60       57,134  

3.50%, 03/15/25 (Call 12/15/24)

    568       555,549  

4.75%, 03/15/24 (Call 12/15/23)

    592       595,120  

TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24)

    616       614,380  

Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27

    800       853,984  

Williams Companies Inc. (The)
3.90%, 01/15/25 (Call 10/15/24)

    492       485,801  

4.00%, 09/15/25 (Call 06/15/25)

    200       197,180  

4.30%, 03/04/24 (Call 12/04/23)

    137       136,977  

4.50%, 11/15/23 (Call 08/15/23)

    4       4,012  

4.55%, 06/24/24 (Call 03/24/24)

    248       248,600  
   

 

 

 
          23,633,036  
Real Estate — 0.3%            

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)

    315       312,108  

CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)(a)

    2,765       2,782,475  
   

 

 

 
      3,094,583  
Real Estate Investment Trusts — 4.0%            

Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)(a)

    284       279,061  

American Tower Corp.
0.60%, 01/15/24

    7       6,659  

1.30%, 09/15/25 (Call 08/15/25)

    168       152,492  

1.45%, 09/15/26 (Call 08/15/26)

    1,155       1,015,060  

1.60%, 04/15/26 (Call 03/15/26)

    260       233,147  

2.40%, 03/15/25 (Call 02/15/25)

    844       800,112  

2.75%, 01/15/27 (Call 11/15/26)

    1,125       1,030,781  

2.95%, 01/15/25 (Call 12/15/24)

    340       326,618  

3.13%, 01/15/27 (Call 10/15/26)

    770       717,501  

3.38%, 05/15/24 (Call 04/15/24)(a)

    759       749,649  

3.38%, 10/15/26 (Call 07/15/26)

    600       566,910  

3.55%, 07/15/27 (Call 04/15/27)

    35       33,062  

3.65%, 03/15/27 (Call 02/15/27)

    225       213,966  

4.00%, 06/01/25 (Call 03/01/25)

    240       236,078  

4.40%, 02/15/26 (Call 11/15/25)

    345       342,023  

5.00%, 02/15/24

    1,728       1,745,695  

Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)

    20       18,552  

3.13%, 09/01/23 (Call 06/01/23)

    209       206,950  

3.20%, 01/15/25 (Call 10/15/24)

    746       727,343  

3.65%, 02/01/26 (Call 11/03/25)

    5       4,859  

3.80%, 02/01/24 (Call 11/01/23)

    767       761,508  

Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)(a)

    178       174,809  

Brixmor Operating Partnership LP
3.65%, 06/15/24 (Call 04/15/24)

    371       362,426  

3.85%, 02/01/25 (Call 11/01/24)

    640       623,251  

3.90%, 03/15/27 (Call 12/15/26)(a)

    20       18,894  

Corporate Office Properties LP, 2.25%, 03/15/26 (Call 02/15/26)

    240       214,723  

Crown Castle Inc.
1.05%, 07/15/26 (Call 06/15/26)

    5       4,383  

3.20%, 09/01/24 (Call 07/01/24)

    325       319,813  

3.70%, 06/15/26 (Call 03/15/26)

    55       53,275  
Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

4.00%, 03/01/27 (Call 12/01/26)

  $ 60     $ 58,318  

4.45%, 02/15/26 (Call 11/15/25)

    45       44,777  

Crown Castle International Corp.
1.35%, 07/15/25 (Call 06/15/25)

    200       183,414  

2.90%, 03/15/27 (Call 02/15/27)

    1,635       1,514,076  

EPR Properties
4.50%, 06/01/27 (Call 03/01/27)

    600       546,246  

4.75%, 12/15/26 (Call 09/15/26)

    1,000       933,360  

Equinix Inc.
1.00%, 09/15/25 (Call 08/15/25)

    1,433       1,292,394  

1.25%, 07/15/25 (Call 06/15/25)

    1,053       963,790  

1.45%, 05/15/26 (Call 04/15/26)

    849       759,201  

2.63%, 11/18/24 (Call 10/18/24)

        1,722       1,659,164  

ERP Operating LP, 3.38%, 06/01/25 (Call 03/01/25)

    46       44,810  

Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 10/15/23)

    97       96,534  

GLP Capital LP/GLP Financing II Inc.
5.25%, 06/01/25 (Call 03/01/25)

    52       51,292  

5.38%, 04/15/26 (Call 01/15/26)

    5       4,924  

Healthpeak Properties Inc.
1.35%, 02/01/27 (Call 01/01/27)

    1,015       890,886  

3.40%, 02/01/25 (Call 11/01/24)(a)

    109       106,545  

4.00%, 06/01/25 (Call 03/01/25)(a)

    328       324,162  

Host Hotels & Resorts LP
3.88%, 04/01/24 (Call 02/01/24)

    504       497,246  

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

    520       505,102  

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

    1,362           1,331,573  

Kilroy Realty LP
3.45%, 12/15/24 (Call 09/15/24)(a)

    584       570,761  

4.38%, 10/01/25 (Call 07/01/25)

    168       165,547  

Kimco Realty Corp.
2.70%, 03/01/24 (Call 01/01/24)(a)

    105       102,815  

3.30%, 02/01/25 (Call 12/01/24)

    468       456,801  

Office Properties Income Trust
2.40%, 02/01/27 (Call 01/01/27)

    1,200       910,728  

4.50%, 02/01/25 (Call 11/01/24)

    570       534,512  

Omega Healthcare Investors Inc., 4.50%, 04/01/27 (Call 01/01/27)

    500       478,125  

Piedmont Operating Partnership LP, 4.45%, 03/15/24 (Call 12/15/23)

    68       67,916  

Realty Income Corp.
3.88%, 07/15/24 (Call 04/15/24)

    67       66,734  

3.88%, 04/15/25 (Call 02/15/25)(a)

    273       270,688  

Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)

    145       140,512  

Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25)

    480       473,520  

SITE Centers Corp.
3.63%, 02/01/25 (Call 11/01/24)

    494       474,917  

4.25%, 02/01/26 (Call 11/01/25)

    245       238,481  

Ventas Realty LP
2.65%, 01/15/25 (Call 12/15/24)

    855       818,372  

3.25%, 10/15/26 (Call 07/15/26)

    185       174,633  

3.50%, 04/15/24 (Call 03/15/24)

    459       452,615  

3.50%, 02/01/25 (Call 11/01/24)(a)

    493       480,769  

3.75%, 05/01/24 (Call 02/01/24)(a)

    559       552,929  

3.85%, 04/01/27 (Call 01/01/27)

    1,100       1,055,219  

4.13%, 01/15/26 (Call 10/15/25)

    30       29,414  

Welltower Inc.
2.70%, 02/15/27 (Call 12/15/26)

    2,200       2,041,512  

3.63%, 03/15/24 (Call 02/15/24)

    1,195       1,184,627  

4.00%, 06/01/25 (Call 03/01/25)

    833       823,121  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

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

4.25%, 04/01/26 (Call 01/01/26)

  $ 20     $ 19,809  

4.50%, 01/15/24 (Call 10/15/23)

    205       205,543  

WP Carey Inc.

   

4.00%, 02/01/25 (Call 11/01/24)

    135       133,545  

4.60%, 04/01/24 (Call 01/01/24)

    200       201,098  
   

 

 

 
        36,872,677  
Retail — 3.3%            

AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24)

    451       440,095  

AutoZone Inc., 3.63%, 04/15/25 (Call 03/15/25)

        1,226       1,206,176  

Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)

    339       335,600  

Home Depot Inc. (The)

   

2.13%, 09/15/26 (Call 06/15/26)

    85       79,669  

2.50%, 04/15/27 (Call 02/15/27)

    2,095       1,977,533  

2.70%, 04/15/25 (Call 03/15/25)(a)

    7       6,834  

2.88%, 04/15/27 (Call 03/15/27)

    920       884,111  

3.00%, 04/01/26 (Call 01/01/26)

    535       520,229  

3.35%, 09/15/25 (Call 06/15/25)

    746       738,458  

3.75%, 02/15/24 (Call 11/15/23)

    1,204       1,206,083  

Lowe’s Companies Inc.

   

2.50%, 04/15/26 (Call 01/15/26)

    580       551,928  

3.10%, 05/03/27 (Call 02/03/27)

    610       580,177  

3.13%, 09/15/24 (Call 06/15/24)

    593       583,672  

3.35%, 04/01/27 (Call 03/01/27)

    2,560       2,466,688  

3.38%, 09/15/25 (Call 06/15/25)

    560       548,643  

3.88%, 09/15/23 (Call 06/15/23)

    50       50,024  

4.00%, 04/15/25 (Call 03/15/25)

    896       895,767  

McDonald’s Corp.

   

1.45%, 09/01/25 (Call 08/01/25)

    316       293,984  

3.25%, 06/10/24

    110       109,079  

3.30%, 07/01/25 (Call 06/01/25)

    87       85,403  

3.38%, 05/26/25 (Call 02/26/25)

    22       21,608  

Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)

    836       840,448  

Starbucks Corp., 3.80%, 08/15/25
(Call 06/15/25)(a)

    8       7,951  

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)

    1,480       1,376,785  

2.25%, 04/15/25 (Call 03/15/25)

    6,426       6,173,908  

2.50%, 04/15/26

    7,017       6,731,408  

3.50%, 07/01/24

    1,615       1,611,899  

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

    815       789,327  
   

 

 

 
      31,113,487  
Savings & Loans — 0.0%            

New York Community Bancorp Inc., 5.90%, 11/06/28 (Call 11/06/23),
(3 mo. LIBOR US + 2.780%)(b)

    320       318,810  
   

 

 

 
Semiconductors — 1.7%            

Altera Corp., 4.10%, 11/15/23

    214       215,093  

Applied Materials Inc., 3.90%, 10/01/25 (Call 07/01/25)

    2,123       2,127,416  

Intel Corp.

   

2.60%, 05/19/26 (Call 02/19/26)

    1,460       1,398,315  

2.88%, 05/11/24 (Call 03/11/24)

    819       808,246  

3.40%, 03/25/25 (Call 02/25/25)(a)

    595       587,771  

3.70%, 07/29/25 (Call 04/29/25)

    582       579,334  

3.75%, 03/25/27 (Call 01/25/27)

    782       772,241  

3.75%, 08/05/27

    500       491,025  

Lam Research Corp.

   

3.75%, 03/15/26 (Call 01/15/26)

    2       1,993  

3.80%, 03/15/25 (Call 12/15/24)(a)

    335       333,459  
Security   Par
(000)
    Value  
Semiconductors (continued)            

NVIDIA Corp.

   

0.58%, 06/14/24 (Call 06/14/23)

  $ 75     $ 71,104  

3.20%, 09/16/26 (Call 06/16/26)(a)

    1,215       1,196,034  

NXP BV/NXP Funding LLC

   

4.88%, 03/01/24 (Call 02/01/24)

    5       5,024  

5.35%, 03/01/26 (Call 01/01/26)

        1,127       1,146,644  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.70%, 05/01/25 (Call 04/01/25)

    296       280,999  

4.40%, 06/01/27 (Call 05/01/27)

    465       451,152  

Skyworks Solutions Inc., 1.80%, 06/01/26 (Call 05/01/26)

    2       1,782  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    100       90,740  

1.38%, 03/12/25 (Call 02/12/25)

    2,762       2,604,014  

2.63%, 05/15/24 (Call 03/15/24)

    1,732       1,703,093  

TSMC Arizona Corp.

   

1.75%, 10/25/26 (Call 09/25/26)

    60       54,210  

3.88%, 04/22/27 (Call 03/22/27)

    1,285       1,263,605  
   

 

 

 
          16,183,294  
Shipbuilding — 0.1%            

Huntington Ingalls Industries Inc.

   

0.67%, 08/16/23 (Call 09/12/22)

    20       19,345  

3.84%, 05/01/25 (Call 04/01/25)

    420       410,945  
   

 

 

 
      430,290  
Software — 5.0%            

Adobe Inc.

   

1.90%, 02/01/25 (Call 01/01/25)

    544       521,457  

2.15%, 02/01/27 (Call 12/01/26)

    7,165       6,707,801  

3.25%, 02/01/25 (Call 11/01/24)(a)

    1,022       1,011,729  

Autodesk Inc., 4.38%, 06/15/25 (Call 03/15/25)

    424       426,663  

Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)

    800       805,112  

Citrix Systems Inc., 1.25%, 03/01/26 (Call 02/01/26)

    1,545       1,514,594  

Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25)(a)

    90       91,539  

Fidelity National Information Services Inc., 4.70%, 07/15/27 (Call 06/15/27)(a)

    360       359,413  

Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25)

    132       129,917  

Intuit Inc.

   

0.95%, 07/15/25 (Call 06/15/25)

    4,431       4,077,451  

1.35%, 07/15/27 (Call 05/15/27)

    85       74,691  

Microsoft Corp.

   

2.00%, 08/08/23 (Call 06/08/23)

    1,710       1,685,581  

2.40%, 08/08/26 (Call 05/08/26)

    3,640       3,478,020  

2.70%, 02/12/25 (Call 11/12/24)

    2,026       1,992,004  

2.88%, 02/06/24 (Call 12/06/23)

    2,561       2,535,364  

3.13%, 11/03/25 (Call 08/03/25)

    3,055       3,005,570  

3.30%, 02/06/27 (Call 11/06/26)

    7,340       7,218,963  

3.63%, 12/15/23 (Call 09/15/23)

    2,247       2,251,854  

Oracle Corp.

   

1.65%, 03/25/26 (Call 02/25/26)

    25       22,551  

2.50%, 04/01/25 (Call 03/01/25)(a)

    582       552,411  

2.65%, 07/15/26 (Call 04/15/26)

    52       47,967  

2.80%, 04/01/27 (Call 02/01/27)

    1,190       1,090,183  

2.95%, 05/15/25 (Call 02/15/25)

    52       49,871  

Roper Technologies Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    296       267,850  

2.35%, 09/15/24 (Call 08/15/24)

    640       617,280  

3.65%, 09/15/23 (Call 08/15/23)

    226       225,112  

3.80%, 12/15/26 (Call 09/15/26)(a)

    35       34,254  

 

 

20  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security       
Par
(000)
    Value  
Software (continued)            

Take-Two Interactive Software Inc., 3.70%, 04/14/27 (Call 03/14/27)

  $ 865     $ 832,831  

VMware Inc.

   

1.00%, 08/15/24 (Call 10/03/22)

    200       187,564  

1.40%, 08/15/26 (Call 07/15/26)

        3,657       3,226,827  

4.50%, 05/15/25 (Call 04/15/25)

    1,046       1,044,933  

4.65%, 05/15/27 (Call 03/15/27)

    20       19,836  

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

    915       873,715  
   

 

 

 
        46,980,908  
Telecommunications — 1.4%            

British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)

    1,204       1,205,156  

Cisco Systems Inc., 3.50%, 06/15/25

    2,104       2,100,276  

Motorola Solutions Inc., 4.00%, 09/01/24

    120       119,066  

Rogers Communications Inc.

   

2.90%, 11/15/26 (Call 08/15/26)

    85       79,853  

3.20%, 03/15/27 (Call 02/15/27)(d)

    1,050       999,170  

3.63%, 12/15/25 (Call 09/15/25)

    1,400       1,354,178  

4.10%, 10/01/23 (Call 07/01/23)

    188       188,081  

TELUS Corp., 2.80%, 02/16/27 (Call 11/16/26)

    35       32,883  

T-Mobile USA Inc.

   

3.50%, 04/15/25 (Call 03/15/25)

    701       684,912  

3.75%, 04/15/27 (Call 02/15/27)(a)

    15       14,388  

Verizon Communications Inc.

   

1.45%, 03/20/26 (Call 02/20/26)

    23       20,978  

2.63%, 08/15/26

    725       683,610  

3.00%, 03/22/27 (Call 01/22/27)

    2,835       2,686,106  

3.38%, 02/15/25

    206       203,299  

3.50%, 11/01/24 (Call 08/01/24)(a)

    124       122,846  

4.13%, 03/16/27

    155       154,045  

Vodafone Group PLC

   

3.75%, 01/16/24

    213       213,083  

4.13%, 05/30/25

    2,143       2,135,392  
   

 

 

 
      12,997,322  
Toys, Games & Hobbies — 0.4%            

Hasbro Inc.

   

3.00%, 11/19/24 (Call 10/19/24)

    1,926       1,874,845  

3.55%, 11/19/26 (Call 09/19/26)

    2,200       2,095,126  
   

 

 

 
      3,969,971  
Transportation — 1.7%            

Canadian National Railway Co.

   

2.75%, 03/01/26 (Call 12/01/25)

    2       1,915  

2.95%, 11/21/24 (Call 08/21/24)

    324       317,488  

Canadian Pacific Railway Co., 2.90%, 02/01/25 (Call 11/01/24)

    100       97,118  

CSX Corp., 3.40%, 08/01/24 (Call 05/01/24)

    102       100,977  

Norfolk Southern Corp.

   

2.90%, 06/15/26 (Call 03/15/26)

    60       57,298  

3.65%, 08/01/25 (Call 06/01/25)

    85       83,964  

3.85%, 01/15/24 (Call 10/15/23)(a)

    96       95,992  

Ryder System Inc.

   

1.75%, 09/01/26 (Call 08/01/26)

    3,720       3,343,722  

2.50%, 09/01/24 (Call 08/01/24)

    3,088       2,984,923  

2.85%, 03/01/27 (Call 02/01/27)

    440       406,292  

2.90%, 12/01/26 (Call 10/01/26)

    700       649,103  

3.35%, 09/01/25 (Call 08/01/25)

    1,631       1,571,811  

3.65%, 03/18/24 (Call 02/18/24)

    2,569       2,545,930  

3.88%, 12/01/23 (Call 11/01/23)

    2,304       2,294,531  

4.63%, 06/01/25 (Call 05/01/25)

    782       781,093  
Security   Par/
Shares
(000)
    Value  
Transportation (continued)            

Union Pacific Corp.

   

3.25%, 01/15/25 (Call 10/15/24)(a)

  $ 32     $ 31,594  

3.25%, 08/15/25 (Call 05/15/25)(a)

    197       193,797  

3.75%, 03/15/24 (Call 12/15/23)

    17       16,998  

3.75%, 07/15/25 (Call 05/15/25)

    60       59,849  

United Parcel Service Inc.

   

2.20%, 09/01/24 (Call 08/01/24)

    317       307,401  

2.40%, 11/15/26 (Call 08/15/26)

    25       23,742  

2.80%, 11/15/24 (Call 09/15/24)(a)

    55       53,968  

3.90%, 04/01/25 (Call 03/01/25)

    151       151,279  
   

 

 

 
      16,170,785  
Trucking & Leasing — 0.1%            

GATX Corp.

   

3.25%, 03/30/25 (Call 12/30/24)

    193       186,343  

3.25%, 09/15/26 (Call 06/15/26)

    35       33,065  

3.85%, 03/30/27 (Call 12/30/26)

    915       868,207  

4.35%, 02/15/24 (Call 01/15/24)

    145       144,887  
   

 

 

 
      1,232,502  
Venture Capital — 0.1%            

Hercules Capital Inc.

   

2.63%, 09/16/26 (Call 08/16/26)(a)

    55       46,256  

3.38%, 01/20/27 (Call 12/20/26)

    1,300       1,113,190  
   

 

 

 
      1,159,446  
Water — 0.1%            

American Water Capital Corp.

   

3.40%, 03/01/25 (Call 12/01/24)

    347       341,819  

3.85%, 03/01/24 (Call 12/01/23)

    110       109,897  
   

 

 

 
      451,716  
   

 

 

 

Total Long-Term Investments — 98.9%
(Cost: $987,009,147)

      923,322,199  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 3.8%            

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

        27,358       27,365,804  

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

    7,800       7,800,000  
   

 

 

 

Total Short-Term Securities — 3.8%
(Cost: $35,148,495)

 

    35,165,804  
   

 

 

 

Total Investments in Securities — 102.7%
(Cost: $1,022,157,642)

 

    958,488,003  

Liabilities in Excess of Other Assets — (2.7)%

 

    (24,859,306
   

 

 

 

Net Assets — 100.0%

    $   933,628,697  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

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

(d) 

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

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

 

 

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

  21


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

 

(g) 

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

    

 

Affiliates

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

 

 

 
Affiliated Issuer   Value at
02/28/22
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
08/31/22
    Shares
Held at
08/31/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 29,636,964       $            —     $ (2,276,134 )(a)    $ (9,486   $ 14,460     $ 27,365,804       27,358     $ 37,297 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    2,760,000       5,040,000 (a)                        7,800,000       7,800       20,165        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (9,486   $ 14,460     $ 35,165,804       $ 57,462     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2                    Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 923,322,199        $        $ 923,322,199  

Money Market Funds

     35,165,804                            35,165,804  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   35,165,804        $ 923,322,199        $        $ 958,488,003  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

22  

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


Schedule of Investments (unaudited)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Asset-Backed Securities

   

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

  $ 1,000     $ 987,455  

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

    100       94,561  

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

    420       406,397  

Carmax Auto Owner Trust 2021-1 Series 2021-1, Class A3, 0.34%, 12/15/25 (Call 03/15/24)

    2,805       2,731,214  

GM Financial Consumer Automobile Receivables Trust Series 2021-1, Class A4, 0.54%, 05/17/27 (Call 08/16/24)

    850       794,554  

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

    1,000       920,645  
   

 

 

 

Total Asset-Backed Securities — 0.3%
(Cost: $6,176,019)

          5,934,826  
   

 

 

 

Collaterized Mortgage Obligations

   
Mortgage-Backed Securities — 1.0%            

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

    850       800,026  

BBCMS Mortgage Trust

   

Series 2020-C7, Class A5, 2.04%, 04/15/53 (Call 04/15/30)

    670       567,359  

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

        2,000       1,684,447  

Benchmark Mortgage Trust
3.93%, 03/15/52 (Call 02/15/29)

    1,500       1,457,769  

4.59%, 05/15/55 (Call 05/15/32)(a)

    2,000       2,006,386  

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

    100       98,144  

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

    250       245,044  

Series 2018-B6, Class AAB, 4.17%, 10/10/51 (Call 10/10/28)

    250       245,300  

Series 2019-B11, Class A4, 3.28%, 05/15/52 (Call 06/15/29)

    100       93,266  

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

    1,200       985,437  

Series 2020-B21, Class A5, 1.98%, 12/17/53 (Call 12/15/30)

    800       663,704  

CD Mortgage Trust, 3.35%, 11/10/49 (Call 11/10/26)

    1,972       1,917,547  

COMM Mortgage Trust

   

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

    585       579,190  

Series 2014-UBS3, Class A4, 3.82%, 06/10/47 (Call 06/10/24)

    720       710,767  

GS Mortgage Securities Corp. II, Series 2013-GC10, Class A4, 2.68%, 02/10/46 (Call 02/10/23)

    122       121,765  

GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 05/10/50 (Call 05/10/25)

    250       242,377  

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class A5, 2.87%, 08/15/49 (Call 09/15/26)

    100       93,756  

JPMCC Commercial Mortgage Securities Trust, 3.28%, 07/15/50 (Call 06/15/27)

    1,432       1,387,165  

Morgan Stanley Bank of America Merrill Lynch Trust

   

Series 2014-C18, Class ASB, 3.62%, 10/15/47 (Call 07/15/26)

    42       41,817  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 100     $ 97,783  

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

    250       243,586  

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

    500       472,552  

Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/52 (Call 11/15/29)

    82       73,353  

SG Commercial Mortgage Securities Trust, Series 2016-C5, Class C5, 2.90%, 10/10/48 (Call 07/10/26)

    912       884,223  

UBS Commercial Mortgage Trust, Series 2018-C12, Class ASB, 4.19%, 08/15/51
(Call 08/15/28)

    400       394,284  

Wells Fargo Commercial Mortgage Trust

   

Class A4, 2.34%, 08/15/54 (Call 07/15/31)

    460       387,041  

Class ASB, 4.17%, 05/15/51 (Call 05/15/28)

    1,000       981,366  

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

    500       489,261  

Series 2017-C41, Class A4, 3.47%, 11/15/50 (Call 11/15/27)

    1,000       951,220  

Series 2019-C51, Class A4, 3.31%, 06/15/52 (Call 06/15/29)

        2,000       1,850,439  

Series 2020-C56, Class A5, 2.45%, 06/15/53 (Call 04/15/30)

    130       112,719  

WFRBS Commercial Mortgage Trust

   

Series 2014-C21, Class A5, 3.68%, 08/15/47 (Call 08/15/24)

    635       624,176  

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

    213       208,252  
   

 

 

 
          21,711,521  
   

 

 

 

Total Collaterized Mortgage Obligations — 1.0%
(Cost: $24,526,334)

 

    21,711,521  
   

 

 

 

Corporate Bonds & Notes

   
Advertising — 0.0%            

Interpublic Group of Companies Inc. (The),
5.40%, 10/01/48 (Call 04/01/48)

    195       187,756  

WPP Finance 2010, 3.75%, 09/19/24

    857       843,639  
   

 

 

 
      1,031,395  
Aerospace & Defense — 0.2%            

L3Harris Technologies Inc.
2.90%, 12/15/29 (Call 09/15/29)

    282       249,339  

3.83%, 04/27/25 (Call 01/27/25)

    240       235,661  

4.40%, 06/15/28 (Call 03/15/28)

    367       360,750  

4.85%, 04/27/35 (Call 10/27/34)

    245       242,148  

5.05%, 04/27/45 (Call 10/27/44)

    109       105,728  

6.15%, 12/15/40(b)

    84       91,547  

Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)

    100       80,797  

2.25%, 07/01/30 (Call 04/01/30)

    179       152,904  

2.38%, 03/15/32 (Call 12/15/31)

    185       155,352  

2.65%, 11/01/26 (Call 08/01/26)

    25       23,598  

3.03%, 03/15/52 (Call 09/15/51)

    170       123,876  

3.13%, 05/04/27 (Call 02/04/27)

    147       140,357  

3.13%, 07/01/50 (Call 01/01/50)

    66       49,142  

3.75%, 11/01/46 (Call 05/01/46)

    242       201,475  

3.95%, 08/16/25 (Call 06/16/25)

    240       239,981  

4.05%, 05/04/47 (Call 11/04/46)

    162       141,752  

4.13%, 11/16/28 (Call 08/16/28)

    166       162,067  

 

 

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

  23


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Aerospace & Defense (continued)            

4.15%, 05/15/45 (Call 11/16/44)

  $ 265     $ 233,078  

4.35%, 04/15/47 (Call 10/15/46)

    227       205,984  

4.45%, 11/16/38 (Call 05/16/38)

    90       85,068  

4.50%, 06/01/42

    313       296,571  

4.63%, 11/16/48 (Call 05/16/48)

    214       204,327  

4.70%, 12/15/41

    17       16,194  

4.80%, 12/15/43 (Call 06/15/43)

    55       52,988  

4.88%, 10/15/40

    85       83,716  

5.40%, 05/01/35

    10       10,442  

6.05%, 06/01/36

    15       16,628  

6.13%, 07/15/38

    120       133,511  

7.50%, 09/15/29

    5       5,812  

Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)

    315       262,070  
   

 

 

 
      4,362,863  
Agriculture — 0.2%            

Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)

    318       302,812  

2.70%, 09/15/51 (Call 03/15/51)

    80       59,982  

2.90%, 03/01/32 (Call 12/01/31)

    50       45,210  

3.25%, 03/27/30 (Call 12/27/29)

    203       190,968  

3.75%, 09/15/47 (Call 03/15/47)(b)

    39       35,017  

4.02%, 04/16/43

    8       7,261  

4.50%, 03/15/49 (Call 09/15/48)

    55       55,367  

4.54%, 03/26/42

    42       41,102  

5.94%, 10/01/32

    97       109,077  

Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)

    655       608,050  

2.75%, 05/14/31 (Call 02/14/31)

    280       234,699  

3.25%, 08/15/26 (Call 05/15/26)

    961       923,675  

3.75%, 09/25/27 (Call 06/25/27)

    789       764,446  
   

 

 

 
      3,377,666  
Airlines — 0.0%            

Southwest Airlines Co.
2.63%, 02/10/30 (Call 11/10/29)

    185       155,434  

3.00%, 11/15/26 (Call 08/15/26)

    37       34,864  

3.45%, 11/16/27 (Call 08/16/27)

    10       9,433  

5.13%, 06/15/27 (Call 04/15/27)

        244       248,992  
   

 

 

 
      448,723  
Apparel — 0.1%            

NIKE Inc.
2.40%, 03/27/25 (Call 02/27/25)

    130       125,869  

3.25%, 03/27/40 (Call 09/27/39)(b)

    220       186,593  

3.38%, 11/01/46 (Call 05/01/46)

    35       29,344  

3.38%, 03/27/50 (Call 09/27/49)(b)

    178       148,623  

3.63%, 05/01/43 (Call 11/01/42)

    44       38,779  

3.88%, 11/01/45 (Call 05/01/45)

    212       192,074  

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

    585       581,940  

Tapestry Inc.
4.13%, 07/15/27 (Call 04/15/27)

    7       6,692  

4.25%, 04/01/25 (Call 01/01/25)

    5       4,995  

VF Corp.
2.40%, 04/23/25 (Call 03/23/25)

    150       143,139  

2.80%, 04/23/27 (Call 02/23/27)(b)

    51       47,668  

2.95%, 04/23/30 (Call 01/23/30)

    310       269,514  
   

 

 

 
          1,775,230  
Auto Manufacturers — 0.1%            

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

    65       58,560  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

2.25%, 01/12/29

  $ 25     $ 21,982  

2.30%, 09/09/26

    25       23,328  

2.35%, 01/08/27

    140       129,832  

3.50%, 02/15/28

    190       182,915  

Cummins Inc.
1.50%, 09/01/30 (Call 06/01/30)(b)

    434       353,723  

4.88%, 10/01/43 (Call 04/01/43)

    342       343,638  

General Motors Co.
5.00%, 04/01/35

    55       49,402  

5.15%, 04/01/38 (Call 10/01/37)

    45       39,582  

5.20%, 04/01/45

    169       143,501  

5.40%, 04/01/48 (Call 10/01/47)

    172       151,350  

5.95%, 04/01/49 (Call 10/01/48)(b)

    85       78,940  

6.25%, 10/02/43

    80       76,457  

6.60%, 04/01/36 (Call 10/01/35)

    111       112,298  

6.75%, 04/01/46 (Call 10/01/45)

    129       129,292  

General Motors Financial Co. Inc.
2.40%, 10/15/28 (Call 08/15/28)

    25       20,816  

2.70%, 06/10/31 (Call 03/10/31)

    5       3,958  

3.10%, 01/12/32 (Call 10/12/31)(b)

    5       4,044  

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

    25       22,486  

Mercedes-Benz Finance North America LLC,
8.50%, 01/18/31

    232       293,274  

Toyota Motor Credit Corp.
1.80%, 02/13/25

    132       125,550  

2.15%, 02/13/30

    67       58,111  

3.05%, 01/11/28

    57       54,397  

3.20%, 01/11/27

    120       116,147  

3.38%, 04/01/30

    155       146,306  

3.65%, 08/18/25

    160       158,469  

3.65%, 01/08/29

    66       63,907  
   

 

 

 
          2,962,265  
Auto Parts & Equipment — 0.1%            

Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)

    270       168,604  

4.35%, 03/15/29 (Call 12/15/28)

    105       98,463  

4.40%, 10/01/46 (Call 04/01/46)

    54       42,413  

5.40%, 03/15/49 (Call 09/15/48)

    397       350,190  

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

    5       3,705  

BorgWarner Inc.
3.38%, 03/15/25 (Call 12/15/24)

    80       78,482  

4.38%, 03/15/45 (Call 09/15/44)

    36       28,954  

Lear Corp.
2.60%, 01/15/32 (Call 10/15/31)

    25       19,387  

3.50%, 05/30/30 (Call 02/28/30)

    179       155,709  

3.55%, 01/15/52 (Call 07/15/51)

    35       22,819  

3.80%, 09/15/27 (Call 06/15/27)

    111       104,665  

4.25%, 05/15/29 (Call 02/15/29)

    122       111,876  

5.25%, 05/15/49 (Call 11/15/48)(b)

    112       96,907  

Magna International Inc.
3.63%, 06/15/24 (Call 03/15/24)

    85       84,325  

4.15%, 10/01/25 (Call 07/01/25)

    60       59,755  
   

 

 

 
      1,426,254  
Banks — 5.7%            

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

    130       128,716  

Banco Bilbao Vizcaya Argentaria SA
0.88%, 09/18/23

    425       410,397  

1.13%, 09/18/25

        6,337       5,742,653  

 

 

24  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Banco Santander SA
3.23%, 11/22/32 (Call 11/22/31)(a)

  $ 425     $ 324,067  

3.80%, 02/23/28

    2       1,831  

4.38%, 04/12/28

          215       202,844  

Bank of America Corp.

   

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

    30       28,842  

2.02%, 02/13/26 (Call 02/13/25),

   

(3 mo. LIBOR US + 0.640%)(a)

    60       56,115  

2.46%, 10/22/25 (Call 10/22/24),

   

(3 mo. LIBOR US + 0.870%)(a)

    51             48,684  

2.48%, 09/21/36 (Call 09/21/31)(a)

    75       58,013  

2.50%, 02/13/31 (Call 02/13/30),

   

(3 mo. LIBOR US + 0.990%)(a)

    108       90,665  

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

    50       45,328  

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

    284       239,741  

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

    75       53,815  

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

    90       74,767  

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

    55       37,336  

2.88%, 10/22/30 (Call 10/22/29),

   

(3 mo. LIBOR US + 1.190%)(a)

    88       76,459  

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

    172       145,140  

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

    222       155,020  

3.09%, 10/01/25 (Call 10/01/24),

   

(3 mo. LIBOR US + 1.090%)(a)

    90       87,205  

3.19%, 07/23/30 (Call 07/23/29),

   

(3 mo. LIBOR US + 1.180%)(a)

    100       89,003  

3.25%, 10/21/27 (Call 10/21/26)

    175       165,149  

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

    5       3,914  

3.37%, 01/23/26 (Call 01/23/25),

   

(3 mo. LIBOR US + 0.810%)(a)

    115       111,250  

3.42%, 12/20/28 (Call 12/20/27),

   

(3 mo. LIBOR US + 1.040%)(a)

    110       102,083  

3.50%, 04/19/26

    132       128,671  

3.56%, 04/23/27 (Call 04/23/26),

   

(3 mo. LIBOR US + 1.060%)(a)

    40       38,120  

3.59%, 07/21/28 (Call 07/21/27),

   

(3 mo. LIBOR US + 1.370%)(a)

    205       192,958  

3.71%, 04/24/28 (Call 04/24/27),

   

(3 mo. LIBOR US + 1.512%)(a)

    167       158,608  

3.82%, 01/20/28 (Call 01/20/27),

   

(3 mo. LIBOR US + 1.575%)(a)

    40       38,278  

3.84%, 04/25/25 (Call 04/25/24),
(SOFR + 1.110%)(a)

    50       49,497  

3.85%, 03/08/37 (Call 03/08/32)(a)

    140       121,089  

3.88%, 08/01/25

    85       84,824  

3.95%, 01/23/49 (Call 01/23/48),

   

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

    181       153,039  

3.97%, 03/05/29 (Call 03/05/28),

   

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

    120       113,213  

3.97%, 02/07/30 (Call 02/07/29),

   

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

    141       132,116  

4.00%, 01/22/25

    145       143,792  

4.08%, 04/23/40 (Call 04/23/39),

   

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

    85       74,208  

4.08%, 03/20/51 (Call 03/20/50),

   

(3 mo. LIBOR US + 3.150%)(a)

    611       523,260  

4.20%, 08/26/24

    185       184,867  

4.24%, 04/24/38 (Call 04/24/37),

   

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

    300       270,984  

4.25%, 10/22/26

    67       65,989  
Security  

Par

(000)

    Value  
Banks (continued)            

4.27%, 07/23/29 (Call 07/23/28),

   

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

  $ 95     $ 91,155  

4.33%, 03/15/50 (Call 03/15/49),

   

(3 mo. LIBOR US + 1.520%)(a)

    408       365,780  

4.38%, 04/27/28 (Call 04/27/27),
(SOFR + 1.580%)(a)

    50       48,792  

4.44%, 01/20/48 (Call 01/20/47),

   

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

    305       279,417  

4.45%, 03/03/26

    85       84,657  

4.57%, 04/27/33 (Call 04/27/32),
(SOFR + 1.830%)(a)

        1,080           1,032,923  

4.83%, 07/22/26 (Call 07/22/25)(a)

    160       160,242  

4.88%, 04/01/44

    96       92,295  

4.95%, 07/22/28 (Call 07/22/27)(a)

    170       169,813  

5.00%, 01/21/44

    328       318,616  

5.02%, 07/22/33 (Call 07/22/32)(a)

    180       178,560  

5.88%, 02/07/42

    299       326,003  

6.11%, 01/29/37

    485       513,765  

7.75%, 05/14/38

    175       216,053  

Series L, 3.95%, 04/21/25

    90       89,046  

Series L, 4.18%, 11/25/27 (Call 11/25/26)

    180       175,675  

Series L, 4.75%, 04/21/45(b)

    157       142,233  

Series N, 2.65%, 03/11/32 (Call 03/11/31),
(SOFR + 1.220%)(a)

    15       12,454  

Series N, 3.48%, 03/13/52 (Call 03/13/51),
(SOFR + 1.650%)(a)

    260       201,305  

Bank of America N.A., 6.00%, 10/15/36

    337       362,673  

Bank of Montreal

   

1.25%, 09/15/26

    150       133,755  

1.85%, 05/01/25

    215       202,631  

2.50%, 06/28/24

    435       424,255  

2.58%, 01/10/25, (SOFR + 0.465%)(a)

    50       49,088  

2.65%, 03/08/27(b)

    200       186,064  

3.80%, 12/15/32 (Call 12/15/27)(a)

    475       433,585  

4.34%, 10/05/28 (Call 10/05/23)(a)

    160       159,381  

Series E, 3.30%, 02/05/24

    554       548,992  

Bank of New York Mellon Corp.
3.43%, 06/13/25 (Call 06/13/24)(a)

    100       98,790  

3.99%, 06/13/28 (Call 06/13/27)(a)

    100       97,936  

Bank of New York Mellon Corp. (The)
1.60%, 04/24/25 (Call 03/24/25)

    408       384,189  

2.05%, 01/26/27 (Call 12/26/26)(b)

    190       174,699  

2.10%, 10/24/24

    287       277,879  

2.45%, 08/17/26 (Call 05/17/26)

    153       143,997  

2.50%, 01/26/32 (Call 10/26/31)

    100       84,619  

2.80%, 05/04/26 (Call 02/04/26)

    211       203,505  

3.00%, 10/30/28 (Call 07/30/28)(b)

    159       145,593  

3.25%, 09/11/24 (Call 08/11/24)

    135       133,985  

3.25%, 05/16/27 (Call 02/16/27)

    62       60,009  

3.30%, 08/23/29 (Call 05/23/29)

    225       209,576  

3.35%, 04/25/25 (Call 03/25/25)

    200       197,194  

3.40%, 05/15/24 (Call 04/15/24)

    60       59,687  

3.40%, 01/29/28 (Call 10/29/27)

    220       210,283  

3.44%, 02/07/28 (Call 02/07/27),

   

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

    359       344,644  

3.85%, 04/28/28

    235       230,634  

3.85%, 04/26/29 (Call 02/26/29)

    200       192,070  

3.95%, 11/18/25 (Call 10/18/25)

    239       238,625  

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

    184       183,983  

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

    130       127,494  

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

    50       46,927  

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

    200       171,898  

 

 

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

  25


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Bank of Nova Scotia (The)

   

0.65%, 07/31/24

  $ 135     $ 126,413  

0.70%, 04/15/24

        2,305           2,185,647  

1.05%, 03/02/26

    910       816,215  

1.30%, 06/11/25(b)

    662       612,118  

1.30%, 09/15/26

    300       266,289  

1.45%, 01/10/25

    100       93,971  

1.95%, 02/02/27

    200       180,040  

2.15%, 08/01/31

    1,775       1,453,459  

2.20%, 02/03/25

    775       738,497  

2.44%, 03/11/24

    3,630       3,547,926  

2.45%, 02/02/32

    200       166,310  

2.70%, 08/03/26

    406       382,379  

3.40%, 02/11/24

    1,569       1,556,621  

3.45%, 04/11/25

    800       782,448  

4.50%, 12/16/25

    881       878,472  

BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)

    140       135,197  

Barclays PLC

   

2.28%, 11/24/27 (Call 11/24/26)(a)

    450       395,280  

2.89%, 11/24/32 (Call 11/24/31)(a)

    140       109,673  

3.56%, 09/23/35 (Call 09/23/30)(a)

    355       286,169  

3.65%, 03/16/25

    160       155,440  

3.93%, 05/07/25 (Call 05/07/24),

   

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

    340       332,510  

4.34%, 01/10/28 (Call 01/10/27)

    125       118,419  

4.38%, 09/11/24

    30       29,654  

4.38%, 01/12/26

    385       377,127  

4.84%, 05/09/28 (Call 05/07/27)

    225       213,016  

4.95%, 01/10/47(b)

    455       414,992  

5.09%, 06/20/30 (Call 06/20/29),

   

(3 mo. LIBOR US + 3.054%)(a)

    430       401,775  

5.20%, 05/12/26

    250       247,550  

5.30%, 08/09/26

    245       243,035  

5.50%, 08/09/28

    300       295,137  

BNP Paribas SA, 4.25%, 10/15/24

    205       204,305  

BPCE SA

   

3.38%, 12/02/26

    290       276,199  

4.00%, 04/15/24

    50       49,744  

Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24),

   

(3 mo. LIBOR US + 2.470%)(a)

    35       34,011  

Canadian Imperial Bank of Commerce

   

1.00%, 10/18/24

    150       140,302  

2.25%, 01/28/25

    264       251,724  

3.10%, 04/02/24

    602       593,608  

3.60%, 04/07/32 (Call 03/07/32)

    15       13,694  

3.95%, 08/04/25

    200       197,666  

Citigroup Inc.

   

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

    5       4,099  

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

    7       5,852  

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

    172       145,906  

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

    55       47,900  

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

    271       260,155  

3.20%, 10/21/26 (Call 07/21/26)

    340       323,792  

3.30%, 04/27/25

    30       29,287  

3.35%, 04/24/25 (Call 04/24/24),

   

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

    260       254,766  

3.40%, 05/01/26

    10       9,660  

3.52%, 10/27/28 (Call 10/27/27),

   

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

    90       83,785  
Security   Par
(000)
    Value  
Banks (continued)            

3.67%, 07/24/28 (Call 07/24/27),

   

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

  $ 90     $ 84,421  

3.70%, 01/12/26

    282           275,466  

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

    287       258,197  

3.88%, 03/26/25

    90       88,884  

3.88%, 01/24/39 (Call 01/24/38),

   

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

    175       152,147  

3.89%, 01/10/28 (Call 01/10/27),

   

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

    80       76,713  

3.98%, 03/20/30 (Call 03/20/29),

   

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

    95       88,762  

4.00%, 08/05/24

    15       14,941  

4.04%, 06/01/24 (Call 06/01/23),

   

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

    317       316,141  

4.08%, 04/23/29 (Call 04/23/28),

   

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

    46       43,764  

4.13%, 07/25/28

    131       124,923  

4.28%, 04/24/48 (Call 04/24/47),

   

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

    69       61,943  

4.30%, 11/20/26

    75       74,057  

4.40%, 06/10/25

    175       174,312  

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

    135       128,446  

4.45%, 09/29/27

    392       382,396  

4.60%, 03/09/26

    95       94,877  

4.65%, 07/30/45

    239       221,247  

4.65%, 07/23/48 (Call 06/23/48)

    295       277,790  

4.66%, 05/24/28 (Call 05/24/27),
(SOFR + 1.887%)(a)

    25       24,692  

4.75%, 05/18/46

    280       252,143  

5.30%, 05/06/44

    181       176,109  

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

    90       89,912  

5.50%, 09/13/25

    228       233,967  

5.88%, 02/22/33(b)

    16       16,495  

5.88%, 01/30/42

    220       233,785  

6.00%, 10/31/33

    82       85,552  

6.63%, 01/15/28

    43       46,749  

6.63%, 06/15/32

    272       295,286  

6.68%, 09/13/43

    126       142,274  

8.13%, 07/15/39

    349       457,707  

Citizens Bank N.A./Providence RI, 3.75%, 02/18/26 (Call 11/18/25)

    265       259,514  

Citizens Financial Group Inc.

   

2.50%, 02/06/30 (Call 11/06/29)

    70       58,750  

2.85%, 07/27/26 (Call 04/27/26)

    77       72,922  

3.25%, 04/30/30 (Call 01/30/30)

    90       79,018  

4.30%, 12/03/25 (Call 11/03/25)

    80       79,071  

5.64%, 05/21/37 (Call 05/21/32)(a)

    50       48,809  

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

    234       226,168  

Cooperatieve Rabobank U.A.

   

3.75%, 07/21/26

    75       71,554  

4.38%, 08/04/25

    90       88,567  

5.25%, 05/24/41

    196       213,264  

5.25%, 08/04/45(b)

    107       103,929  

5.75%, 12/01/43

    97       100,736  

Cooperatieve Rabobank U.A./NY, 1.38%, 01/10/25

        250       234,532  

Credit Suisse AG/New York NY

   

2.95%, 04/09/25

    30       28,468  

3.63%, 09/09/24

    140       136,657  

Credit Suisse Group AG

   

3.75%, 03/26/25

    225       215,224  

4.55%, 04/17/26

    175       167,737  

 

 

26  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

4.88%, 05/15/45

  $     235     $ 189,492  

Deutsche Bank AG

   

4.10%, 01/13/26

    205       199,947  

6.12%, 07/14/26 (Call 07/14/25)(a)

    295       295,133  

Deutsche Bank AG/London, 3.70%, 05/30/24

    221           217,849  

Deutsche Bank AG/New York NY

   

2.31%, 11/16/27 (Call 11/16/26),
(SOFR + 1.219%)(a)

    170       144,515  

2.55%, 01/07/28 (Call 01/07/27),
(SOFR + 1.318%)(a)

    205       174,506  

3.04%, 05/28/32 (Call 05/28/31),
(SOFR + 1.718%)(a)

    170       132,374  

3.55%, 09/18/31 (Call 09/18/30),
(SOFR + 3.043%)(a)

    340       279,133  

3.70%, 05/30/24

    205       201,597  

3.96%, 11/26/25 (Call 11/26/24),
(SOFR + 2.581%)(a)

    40       38,321  

4.10%, 01/13/26

    45       43,793  

Discover Bank

   

2.70%, 02/06/30 (Call 11/06/29)

    125       104,169  

3.45%, 07/27/26 (Call 04/27/26)

    45       42,638  

4.65%, 09/13/28 (Call 06/13/28)

    270       259,651  

Fifth Third Bancorp.

   

4.77%, 07/28/30 (Call 07/28/29)(a)

    100       99,528  

8.25%, 03/01/38

    226       291,682  

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

    20       20,295  

First Republic Bank/CA, 4.38%, 08/01/46 (Call 02/01/46)

    165       141,141  

Goldman Sachs Capital I, 6.35%, 02/15/34

    120       125,686  

Goldman Sachs Group Inc. (The)

   

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

    50       47,891  

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

    5       4,436  

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

    110       86,856  

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

    190       153,336  

2.60%, 02/07/30 (Call 11/07/29)

    102       87,330  

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

    172       141,680  

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

    55       45,213  

2.91%, 07/21/42 (Call 07/21/41),
(SOFR + 1.472%)(a)

    25       18,228  

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

    200       170,198  

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

    117       90,070  

3.44%, 02/24/43 (Call 02/24/42),
(SOFR + 1.632%)(a)

    60       47,318  

3.50%, 04/01/25 (Call 03/01/25)

    235       229,802  

3.50%, 11/16/26 (Call 11/16/25)

    318       305,417  

3.69%, 06/05/28 (Call 06/05/27),
(3 mo. LIBOR US + 1.510%)(a)

    167       157,767  

3.75%, 05/22/25 (Call 02/22/25)

    113       111,036  

3.75%, 02/25/26 (Call 11/25/25)

    135       132,226  

3.80%, 03/15/30 (Call 12/15/29)

    133       123,202  

3.81%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.158%)(a)

    327       306,847  

3.85%, 01/26/27 (Call 01/26/26)

    317       307,224  

4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)(a)

    310       270,487  

4.22%, 05/01/29 (Call 05/01/28),
(3 mo. LIBOR US + 1.301%)(a)

    255       243,744  

4.25%, 10/21/25

    105       103,801  

4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)(a)

    200       182,492  

4.48%, 08/23/28

    200       195,410  

4.75%, 10/21/45 (Call 04/21/45)

    191       179,020  

4.80%, 07/08/44 (Call 01/08/44)

    420       402,385  

5.15%, 05/22/45

    274       259,681  

5.95%, 01/15/27

    65       67,751  

6.13%, 02/15/33

    340       369,900  

6.25%, 02/01/41

    330       367,178  

6.45%, 05/01/36

    114       122,779  
Security   Par
(000)
    Value  

Banks (continued)

   

6.75%, 10/01/37

  $     631     $     699,735  

HSBC Holdings PLC

   

2.21%, 08/17/29 (Call 08/17/28),
(SOFR + 1.285%)(a)

    40       33,121  

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

    200       176,248  

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

    10       7,907  

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

    487       462,197  

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

    75       59,588  

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

    300       294,264  

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

    165       149,101  

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

    300       282,159  

4.25%, 03/14/24

    230       229,174  

4.25%, 08/18/25

    55       54,040  

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

    55       53,439  

4.30%, 03/08/26

    367       362,695  

4.38%, 11/23/26

    55       53,823  

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

    325       306,728  

4.95%, 03/31/30

    245       238,522  

5.25%, 03/14/44

    210       193,040  

6.10%, 01/14/42

    235       256,958  

6.50%, 05/02/36

    570       597,799  

6.50%, 09/15/37

    380       396,678  

6.80%, 06/01/38

    375       404,171  

7.63%, 05/17/32

    167       189,460  

HSBC USA Inc., 3.50%, 06/23/24

    110       108,451  

Huntington Bancshares Inc.

   

2.49%, 08/15/36 (Call 08/15/31)(a)

    290       219,594  

4.44%, 08/04/28 (Call 08/04/27)(a)

    100       97,949  

5.02%, 05/17/33 (Call 05/17/32)(a)

    42       41,533  

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

    309       264,146  

ING Groep NV

   

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

    300       248,052  

3.55%, 04/09/24

    435       430,089  

3.95%, 03/29/27

    355       340,722  

4.10%, 10/02/23

    737       736,823  

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

    80       73,784  

4.55%, 10/02/28

    155       150,043  

Intesa Sanpaolo SpA, 5.25%, 01/12/24

    545       545,490  

JPMorgan Chase & Co.

   

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

    250       232,842  

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

    150       131,496  

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

    150       139,930  

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

    60       50,759  

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

    260       214,224  

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

    27       22,336  

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

    136       117,786  

2.95%, 10/01/26 (Call 07/01/26)

    142       134,987  

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

    265       225,202  

3.11%, 04/22/41 (Call 04/22/40),
(SOFR + 2.460%)(a)

    293       226,082  

3.11%, 04/22/51 (Call 04/22/50),
(SOFR + 2.440%)(a)

    353       255,886  

3.20%, 06/15/26 (Call 03/15/26)

    255       245,420  

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

    280       211,364  

3.51%, 01/23/29 (Call 01/23/28),
(3 mo. LIBOR US + 0.945%)(a)

    82       75,971  

 

 

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

  27


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

3.54%, 05/01/28 (Call 05/01/27),
(3 mo. LIBOR US + 1.380%)(a)

  $     120     $     113,066  

3.63%, 12/01/27 (Call 12/01/26)

    190       181,583  

3.70%, 05/06/30 (Call 05/06/29),
(3 mo. LIBOR US + 1.160%)(a)

    165       152,046  

3.78%, 02/01/28 (Call 02/01/27),
(3 mo. LIBOR US + 1.337%)(a)

    230       220,706  

3.85%, 06/14/25 (Call 06/14/24)(a)

    100       98,957  

3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)(a)(b)

    138       121,375  

3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)(a)

    296       247,160  

3.96%, 01/29/27 (Call 01/29/26),
(3 mo. LIBOR US + 1.245%)(a)

    95       92,434  

3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)(a)

    301       252,033  

4.01%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.120%)(a)

    52       49,260  

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

    275       235,922  

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

    195       192,447  

4.13%, 12/15/26

    199       196,721  

4.20%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.260%)(a)

    60       57,354  

4.25%, 10/01/27

    65       64,325  

4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)(a)

    209       184,093  

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

    190       185,658  

4.45%, 12/05/29 (Call 12/05/28),
(3 mo. LIBOR US + 1.330%)(a)

    89       86,124  

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

    172       166,959  

4.57%, 06/14/30 (Call 06/14/29)(a)

    200       194,578  

4.59%, 04/26/33 (Call 04/26/32),
(SOFR + 1.800%)(a)

    357       344,991  

4.85%, 07/25/28 (Call 07/25/27)(a)

    200       199,778  

4.85%, 02/01/44

    166       164,836  

4.91%, 07/25/33 (Call 07/25/32)(a)

    95       94,175  

4.95%, 06/01/45(b)

    87       83,272  

5.40%, 01/06/42

    275       283,137  

5.50%, 10/15/40

    240       251,095  

5.60%, 07/15/41

    305       322,461  

5.63%, 08/16/43(b)

    214       223,512  

6.40%, 05/15/38

    330       375,731  

7.63%, 10/15/26

    105       117,836  

7.75%, 07/15/25

    10       10,921  

8.00%, 04/29/27

    237       272,443  

8.75%, 09/01/30

    5       6,062  

KeyBank N.A./Cleveland OH

   

3.40%, 05/20/26

    415       396,433  

3.90%, 04/13/29

    17       15,568  

6.95%, 02/01/28

    20       21,465  

KeyCorp

   

2.25%, 04/06/27

    225       202,417  

2.55%, 10/01/29

    220       188,461  

4.10%, 04/30/28

    70       67,976  

4.15%, 10/29/25

    66       65,344  

KfW

   

0.00%, 04/18/36(b)(c)

    778       482,640  

0.00%, 06/29/37(c)

    445       264,334  

0.25%, 10/19/23

    330       317,912  

0.38%, 07/18/25

    390       355,930  
Security  

Par

(000)

    Value  

Banks (continued)

   

0.63%, 01/22/26

  $ 700     $ 634,893  

0.75%, 09/30/30

    295       240,726  

1.75%, 09/14/29

    621       558,229  

2.00%, 05/02/25

    963       924,336  

2.50%, 11/20/24

    1,155       1,129,232  

2.63%, 02/28/24

        2,308           2,276,957  

2.88%, 04/03/28

    1,227       1,189,810  

Lloyds Banking Group PLC

   

2.44%, 02/05/26 (Call 02/05/25)(a)

    60       56,461  

3.57%, 11/07/28 (Call 11/07/27),
(3 mo. LIBOR US + 1.205%)(a)

    220       203,366  

3.75%, 01/11/27

    145       138,321  

3.87%, 07/09/25 (Call 07/09/24)(a)

    580       568,800  

3.90%, 03/12/24

    90       89,573  

4.05%, 08/16/23

    45       44,954  

4.34%, 01/09/48

    280       226,313  

4.38%, 03/22/28

    265       255,441  

4.45%, 05/08/25

    320       317,402  

4.50%, 11/04/24

    482       479,407  

4.55%, 08/16/28

    85       82,305  

4.58%, 12/10/25

    255       249,798  

4.65%, 03/24/26

    190       185,752  

Mitsubishi UFJ Financial Group Inc.

   

0.96%, 10/11/25 (Call 10/11/24)(a)

    200       184,986  

1.64%, 10/13/27 (Call 10/13/26)(a)

    200       175,938  

2.31%, 07/20/32 (Call 07/20/31)(a)

    2       1,616  

2.34%, 01/19/28 (Call 01/19/27)(a)

    200       179,790  

2.76%, 09/13/26

    250       232,962  

3.20%, 07/18/29

    45       40,796  

3.29%, 07/25/27

    170       160,145  

3.68%, 02/22/27

    10       9,637  

3.74%, 03/07/29

    95       89,527  

3.78%, 03/02/25

    86       84,939  

3.85%, 03/01/26

    255       249,013  

3.96%, 03/02/28

    50       48,159  

4.05%, 09/11/28

    75       72,023  

4.15%, 03/07/39

    84       76,476  

4.29%, 07/26/38

    100       93,435  

Mizuho Financial Group Inc.

   

2.23%, 05/25/26 (Call 05/25/25),
(3 mo. LIBOR US + 0.830%)(a)

    40       37,116  

2.56%, 09/13/31

    200       157,630  

2.59%, 05/25/31 (Call 05/25/30),
(3 mo. LIBOR US + 1.070%)(a)

    22       18,279  

3.15%, 07/16/30 (Call 07/16/29),
(3 mo. LIBOR US + 1.130%)(a)

    227       200,071  

3.17%, 09/11/27

    10       9,223  

3.66%, 02/28/27

    20       19,062  

3.92%, 09/11/24 (Call 09/11/23),
(3 mo. LIBOR US + 1.000%)(a)

    20       19,849  

4.25%, 09/11/29 (Call 09/11/28),
(3 mo. LIBOR US + 1.270%)(a)

    99       94,010  

Morgan Stanley

   

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

    50       39,392  

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

    50       39,499  

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

    662       621,697  

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

    230       185,486  

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

    295       228,150  

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

    225       184,502  

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

    187       161,906  

 

 

28  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

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

  $ 135     $     130,546  

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

    175       118,851  

3.13%, 07/27/26

    140       133,386  

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

    337       318,337  

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

    304       278,868  

3.63%, 01/20/27

    225       218,531  

3.70%, 10/23/24

    290       288,193  

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

    239       225,021  

3.88%, 01/27/26

    130       128,251  

3.95%, 04/23/27

    330       319,849  

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

    460       410,311  

4.00%, 07/23/25

    126       125,323  

4.30%, 01/27/45

    355       317,303  

4.35%, 09/08/26

    265       261,960  

4.38%, 01/22/47

    242       220,297  

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

    62       60,380  

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

    160       149,218  

4.68%, 07/17/26 (Call 07/17/25)(a)

    85       85,083  

4.89%, 07/20/33 (Call 07/20/32)(a)

    45       44,807  

5.00%, 11/24/25

    186       188,941  

5.30%, 04/20/37 (Call 04/20/32)(a)

    135       129,650  

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

    538       580,905  

6.25%, 08/09/26

    280       297,606  

6.38%, 07/24/42

    406       464,740  

7.25%, 04/01/32

    339       400,837  

Series F, 3.88%, 04/29/24

    355       354,347  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26

    297       279,097  

3.38%, 01/14/26

    100       97,370  

Natwest Group PLC

   

3.03%, 11/28/35 (Call 08/28/30)(a)

    275       215,385  

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

    120       115,200  

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

    400       388,240  

NatWest Group PLC

   

3.75%, 11/01/29 (Call 11/01/24)(a)

    590       560,382  

4.27%, 03/22/25 (Call 03/22/24),
(3 mo. LIBOR US + 1.762%)(a)

    737       728,200  

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

    199       185,774  

4.52%, 06/25/24 (Call 06/25/23),
(3 mo. LIBOR US + 1.550%)(a)

    250       248,710  

4.80%, 04/05/26

    425       422,637  

Northern Trust Corp.

   

3.15%, 05/03/29 (Call 02/03/29)

    721       673,948  

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

    820       764,232  

3.65%, 08/03/28 (Call 05/03/28)(b)

    259       252,217  

3.95%, 10/30/25

    495       493,040  

Oesterreichische Kontrollbank AG, 1.50%, 02/12/25

        1,024       973,568  

PNC Bank NA

   

2.70%, 10/22/29

    155       135,096  

2.95%, 02/23/25 (Call 01/24/25)

    80       77,842  

3.10%, 10/25/27 (Call 09/25/27)

    500       475,275  
Security   Par
(000)
    Value  

Banks (continued)

   

3.25%, 01/22/28 (Call 12/23/27)

  $ 45     $ 42,678  

3.88%, 04/10/25 (Call 03/10/25)

    835       824,947  

4.05%, 07/26/28

    75       72,439  

2.50%, 08/27/24 (Call 07/27/24)

    541       526,031  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)

    100       89,644  

2.20%, 11/01/24 (Call 10/02/24)

    162       156,613  

2.55%, 01/22/30 (Call 10/24/29)

    170       149,257  

2.60%, 07/23/26 (Call 05/23/26)

    281       265,787  

3.15%, 05/19/27 (Call 04/19/27)

    205       196,271  

3.45%, 04/23/29 (Call 01/23/29)

    508       480,903  

Regions Bank/Birmingham AL, 6.45%, 06/26/37

    163       181,665  

Regions Financial Corp.

   

1.80%, 08/12/28 (Call 06/12/28)

    100       86,097  

7.38%, 12/10/37

    143       168,325  

Royal Bank of Canada

   

0.75%, 10/07/24

    100       93,274  

1.40%, 11/02/26

    150       133,455  

2.25%, 11/01/24

    300       288,603  

2.55%, 07/16/24

    213       207,243  

3.38%, 04/14/25

    100       98,221  

3.63%, 05/04/27(b)

    100       96,491  

3.88%, 05/04/32

    100       94,479  

3.97%, 07/26/24

    190       189,561  

4.24%, 08/03/27

    200       197,204  

4.65%, 01/27/26

    100       100,600  

Santander Holdings USA Inc.

   

2.49%, 01/06/28 (Call 01/06/27),
(SOFR + 1.249%)(a)

    35       30,434  

3.24%, 10/05/26 (Call 08/05/26)

    206       191,734  

4.40%, 07/13/27 (Call 04/14/27)

    752       724,123  

4.50%, 07/17/25 (Call 04/17/25)

    452       447,534  

Santander UK Group Holdings PLC

   

2.47%, 01/11/28 (Call 01/11/27),
(SOFR + 1.220%)(a)

    80       70,104  

2.90%, 03/15/32 (Call 03/15/31),
(SOFR + 1.475%)(a)

    50       40,282  

State Street Corp.

   

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

    150       135,112  

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

    50       45,822  

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

    255       246,202  

2.40%, 01/24/30

    305       268,125  

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

    50       42,593  

2.65%, 05/19/26

    223       214,580  

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

    488       426,941  

3.55%, 08/18/25

        1,023           1,014,018  

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

    198       197,517  

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

    42       41,070  

4.16%, 08/04/33

    25       24,159  

Sumitomo Mitsui Financial Group Inc.

   

2.45%, 09/27/24

    115       110,249  

2.63%, 07/14/26

    60       55,871  

2.70%, 07/16/24

    205       198,846  

2.72%, 09/27/29

    40       34,723  

2.75%, 01/15/30

    25       21,622  

3.01%, 10/19/26

    175       164,720  

3.04%, 07/16/29

    115       102,089  

3.20%, 09/17/29

    172       151,886  

3.35%, 10/18/27

    92       86,398  

3.36%, 07/12/27

    183       172,719  

3.45%, 01/11/27

    222       211,497  

 

 

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

  29


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

3.54%, 01/17/28

  $ 25     $ 23,677  

3.78%, 03/09/26

    140       136,648  

3.94%, 07/19/28

    105       99,952  

4.31%, 10/16/28

    48       46,754  

SVB Financial Group

   

1.80%, 10/28/26 (Call 09/28/26)

    150       133,098  

3.13%, 06/05/30 (Call 03/05/30)

    274       234,541  

3.50%, 01/29/25

    110       106,920  

4.35%, 04/29/28 (Call 04/29/27)(a)

    190       183,479  

4.57%, 04/29/33 (Call 04/29/32)(a)

        190       177,021  

Toronto-Dominion Bank (The)

   

0.70%, 09/10/24

    50       46,775  

1.25%, 12/13/24

    50       46,979  

1.25%, 09/10/26

    50       44,405  

1.45%, 01/10/25

    200       188,974  

1.95%, 01/12/27

    200       181,198  

2.00%, 09/10/31

    100       81,122  

2.45%, 01/12/32

    190       158,443  

2.65%, 06/12/24

    581           567,341  

2.80%, 03/10/27

    100       93,784  

3.25%, 03/11/24

    373       368,890  

3.63%, 09/15/31 (Call 09/15/26)(a)

    516       490,205  

Truist Bank

   

2.25%, 03/11/30 (Call 12/11/29)

    340       283,944  

2.64%, 09/17/29 (Call 09/17/24)(a)

    50       47,366  

3.30%, 05/15/26 (Call 04/15/26)

    25       24,041  

4.05%, 11/03/25 (Call 09/03/25)

    70       69,884  

Truist Financial Corp.

   

3.70%, 06/05/25 (Call 05/05/25)

    140       138,485  

3.88%, 03/19/29 (Call 02/16/29)

    35       33,111  

4.00%, 05/01/25 (Call 03/01/25)

    133       132,644  

4.12%, 06/06/28 (Call 06/06/27)(a)

    65       63,820  

4.26%, 07/28/26 (Call 07/28/25)(a)

    50       49,943  

4.92%, 07/28/33 (Call 07/28/32)(a)

    50       48,037  

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

    109       102,031  

Wells Fargo & Co.

   

4.61%, 04/25/53 (Call 04/25/52)(a)

    500       461,015  

4.90%, 07/25/33 (Call 07/25/32)(a)

    300       295,602  

4.90%, 11/17/45

    500       463,680  

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

    205       202,409  

5.38%, 11/02/43

    5       4,985  

5.61%, 01/15/44

    500       505,650  

Westpac Banking Corp.

   

2.35%, 02/19/25

    56       53,859  

2.67%, 11/15/35 (Call 11/15/30)(a)

    5       3,953  

2.70%, 08/19/26

    130       122,967  

2.85%, 05/13/26

    510       487,045  

2.89%, 02/04/30 (Call 02/04/25)(a)

    260       244,468  

3.02%, 11/18/36 (Call 11/18/31)(a)

    240       191,222  

3.30%, 02/26/24(b)

    476       473,939  

3.35%, 03/08/27

    123       118,688  

3.40%, 01/25/28

    197       188,360  

4.11%, 07/24/34 (Call 07/24/29)(a)

    469       422,907  

4.32%, 11/23/31 (Call 11/23/26)(a)

    244       232,156  

4.42%, 07/24/39

    106       93,423  

5.41%, 08/10/33

    100       96,780  

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

    15       14,602  

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

    77       65,396  
   

 

 

 
      123,475,240  
Security   Par
(000)
    Value  

Beverages — 1.2%

   

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

3.65%, 02/01/26 (Call 11/01/25)

  $ 576     $ 566,508  

4.70%, 02/01/36 (Call 08/01/35)

    277       266,842  

4.90%, 02/01/46 (Call 08/01/45)

    575           545,985  

Anheuser-Busch InBev Finance Inc.

   

4.00%, 01/17/43

    180       150,377  

4.63%, 02/01/44

    255       233,432  

4.70%, 02/01/36 (Call 08/01/35)

    366       353,790  

4.90%, 02/01/46 (Call 08/01/45)

    183       171,314  

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)

        115       108,253  

3.75%, 07/15/42

    87       71,908  

4.00%, 04/13/28 (Call 01/13/28)

    414       408,904  

4.35%, 06/01/40 (Call 12/01/39)

    150       136,475  

4.38%, 04/15/38 (Call 10/15/37)

    189       175,316  

4.44%, 10/06/48 (Call 04/06/48)

    240       213,751  

4.50%, 06/01/50 (Call 12/01/49)

    206       186,885  

4.60%, 04/15/48 (Call 10/15/47)

    298       270,995  

4.60%, 06/01/60 (Call 12/01/59)

    150       133,760  

4.75%, 01/23/29 (Call 10/23/28)

    302       308,097  

4.75%, 04/15/58 (Call 10/15/57)

    152       138,838  

4.90%, 01/23/31 (Call 10/23/30)

    183       188,226  

4.95%, 01/15/42

    157       152,931  

5.45%, 01/23/39 (Call 07/23/38)(b)

    313       321,157  

5.55%, 01/23/49 (Call 07/23/48)

    283       294,113  

5.80%, 01/23/59 (Call 07/23/58)

    198       211,391  

8.00%, 11/15/39

    44       56,181  

8.20%, 01/15/39

    270       349,882  

Brown-Forman Corp.

   

3.50%, 04/15/25 (Call 02/15/25)

    197       194,831  

4.00%, 04/15/38 (Call 10/15/37)

    48       43,456  

4.50%, 07/15/45 (Call 01/15/45)

    134       125,163  

Coca-Cola Co. (The)

   

1.65%, 06/01/30

    301       254,101  

2.13%, 09/06/29

    365       325,277  

2.50%, 06/01/40

    237       183,820  

2.50%, 03/15/51

    95       67,588  

2.60%, 06/01/50

    193       141,988  

2.75%, 06/01/60

    39       27,818  

2.90%, 05/25/27

    105       101,340  

3.00%, 03/05/51(b)

    100       78,362  

3.38%, 03/25/27

    280       276,696  

3.45%, 03/25/30

    502       483,597  

4.20%, 03/25/50

    140       136,314  

Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43

    210       211,674  

Constellation Brands Inc.

   

3.75%, 05/01/50 (Call 11/01/49)

    51       40,599  

4.10%, 02/15/48 (Call 08/15/47)

    37       31,041  

4.50%, 05/09/47 (Call 11/09/46)

    87       77,270  

5.25%, 11/15/48 (Call 05/15/48)

    56       54,772  

Diageo Capital PLC

   

2.00%, 04/29/30 (Call 01/29/30)

    1,755       1,502,684  

2.13%, 10/24/24 (Call 09/24/24)

    4,580       4,418,738  

2.13%, 04/29/32 (Call 01/29/32)(b)

    1,210       1,006,042  

2.38%, 10/24/29 (Call 07/24/29)

    585       518,866  

3.50%, 09/18/23 (Call 08/18/23)

    1,550       1,545,381  

3.88%, 05/18/28 (Call 02/18/28)

    470       467,091  

5.88%, 09/30/36

    90       100,265  

 

 

30  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Beverages (continued)

   

Diageo Investment Corp.

   

4.25%, 05/11/42

  $ 130     $ 121,282  

7.45%, 04/15/35

    124       156,634  

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

    245       189,363  

Keurig Dr Pepper Inc.

   

2.55%, 09/15/26 (Call 06/15/26)

    123       115,010  

3.13%, 12/15/23 (Call 10/15/23)

    162       160,437  

3.20%, 05/01/30 (Call 02/01/30)

    169       151,743  

3.40%, 11/15/25 (Call 08/15/25)(b)

    160       156,278  

3.43%, 06/15/27 (Call 03/15/27)

    263       251,399  

3.80%, 05/01/50 (Call 11/01/49)

    117       91,132  

3.95%, 04/15/29 (Call 02/15/29)

    50       47,579  

4.05%, 04/15/32 (Call 01/15/32)

    60       55,952  

4.42%, 05/25/25 (Call 03/25/25)

    164       164,535  

4.42%, 12/15/46 (Call 06/15/46)

    225       196,382  

4.50%, 11/15/45 (Call 05/15/45)

    29       25,636  

4.50%, 04/15/52 (Call 10/15/51)

    110       95,710  

4.60%, 05/25/28 (Call 02/25/28)

    115       115,415  

Molson Coors Beverage Co.

   

3.00%, 07/15/26 (Call 04/15/26)

        1,145           1,073,529  

4.20%, 07/15/46 (Call 01/15/46)

    215       176,339  

5.00%, 05/01/42

    152       140,162  

PepsiCo Inc.

   

1.95%, 10/21/31 (Call 07/21/31)

    50       42,340  

2.25%, 03/19/25 (Call 02/19/25)

    290       279,711  

2.38%, 10/06/26 (Call 07/06/26)

    509       483,036  

2.63%, 03/19/27 (Call 01/19/27)

    276       261,938  

2.63%, 07/29/29 (Call 04/29/29)

    285       261,100  

2.63%, 10/21/41 (Call 04/21/41)

    50       39,239  

2.75%, 04/30/25 (Call 01/30/25)

    507       494,502  

2.75%, 03/19/30 (Call 12/19/29)

    389       356,129  

2.85%, 02/24/26 (Call 11/24/25)

    245       238,605  

2.88%, 10/15/49 (Call 04/15/49)

    95       74,131  

3.00%, 10/15/27 (Call 07/15/27)

    349       337,228  

3.38%, 07/29/49 (Call 01/29/49)

    90       76,042  

3.45%, 10/06/46 (Call 04/06/46)

    259       225,651  

3.50%, 07/17/25 (Call 04/17/25)

    145       144,297  

3.50%, 03/19/40 (Call 09/19/39)

    10       8,907  

3.60%, 03/01/24 (Call 12/01/23)

    220       220,121  

3.60%, 02/18/28 (Call 01/18/28)

    50       49,067  

3.60%, 08/13/42

    75       66,298  

3.63%, 03/19/50 (Call 09/19/49)

    121       108,130  

3.88%, 03/19/60 (Call 09/19/59)

    30       28,412  

3.90%, 07/18/32 (Call 04/18/32)

    70       68,569  

4.00%, 03/05/42

    50       47,045  

4.00%, 05/02/47 (Call 11/02/46)

    110       103,523  

4.20%, 07/18/52 (Call 01/18/52)

    25       24,491  

4.45%, 04/14/46 (Call 10/14/45)

    15       15,160  

4.88%, 11/01/40

    10       10,405  

7.00%, 03/01/29

    110       128,421  
   

 

 

 
      26,107,100  

Biotechnology — 0.5%

   

Amgen Inc.

   

1.90%, 02/21/25 (Call 01/21/25)

    611       581,855  

2.20%, 02/21/27 (Call 12/21/26)

    367       337,427  

2.30%, 02/25/31 (Call 11/25/30)

    295       249,868  

2.45%, 02/21/30 (Call 11/21/29)

    551       482,401  

2.60%, 08/19/26 (Call 05/19/26)

    177       167,594  

2.77%, 09/01/53 (Call 03/01/53)

    10       6,642  
Security   Par
(000)
    Value  

Biotechnology (continued)

   

3.00%, 01/15/52 (Call 07/15/51)

  $ 210     $ 147,993  

3.13%, 05/01/25 (Call 02/01/25)(b)

    131       128,372  

3.15%, 02/21/40 (Call 08/21/39)

    280       221,600  

3.20%, 11/02/27 (Call 08/02/27)

    157       150,139  

3.35%, 02/22/32 (Call 11/22/31)

    30       27,175  

3.38%, 02/21/50 (Call 08/21/49)

    240       182,086  

3.63%, 05/22/24 (Call 02/22/24)

    279       277,853  

4.05%, 08/18/29

    300       291,849  

4.20%, 03/01/33

    300       289,782  

4.40%, 05/01/45 (Call 11/01/44)

    295       265,562  

4.40%, 02/22/62 (Call 08/22/61)

    25       21,680  

4.56%, 06/15/48 (Call 12/15/47)

    259       239,285  

4.66%, 06/15/51 (Call 12/15/50)

    178       166,916  

4.88%, 03/01/53

    55       53,364  

4.95%, 10/01/41

    166       161,335  

5.15%, 11/15/41 (Call 05/15/41)

    102       100,951  

5.65%, 06/15/42 (Call 12/15/41)

    10       10,543  

6.38%, 06/01/37

    55       63,330  

6.40%, 02/01/39

    5       5,596  

Baxalta Inc.

   

4.00%, 06/23/25 (Call 03/23/25)

        316       313,649  

5.25%, 06/23/45 (Call 12/23/44)

    225           222,786  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    140       114,684  

3.15%, 05/01/50 (Call 11/01/49)

    237       161,312  

3.25%, 02/15/51 (Call 08/15/50)

    75       52,321  

4.05%, 09/15/25 (Call 06/15/25)

    552       549,450  

5.20%, 09/15/45 (Call 03/15/45)

    202       193,916  

Gilead Sciences Inc.

   

1.65%, 10/01/30 (Call 07/01/30)

    280       227,847  

2.80%, 10/01/50 (Call 04/01/50)

    171       117,393  

2.95%, 03/01/27 (Call 12/01/26)

    468       443,524  

3.50%, 02/01/25 (Call 11/01/24)

    289       285,104  

3.65%, 03/01/26 (Call 12/01/25)

    415       407,572  

3.70%, 04/01/24 (Call 01/01/24)

    270       269,363  

4.00%, 09/01/36 (Call 03/01/36)

    119       108,563  

4.15%, 03/01/47 (Call 09/01/46)

    260       226,377  

4.50%, 02/01/45 (Call 08/01/44)

    250       227,360  

4.60%, 09/01/35 (Call 03/01/35)

    330       322,889  

4.75%, 03/01/46 (Call 09/01/45)

    231       220,825  

4.80%, 04/01/44 (Call 10/01/43)

    298       282,438  

5.65%, 12/01/41 (Call 06/01/41)

    100       105,651  

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

    150       122,049  

Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)

    124       83,391  

Royalty Pharma PLC

   

3.35%, 09/02/51 (Call 03/02/51)

    17       11,377  

3.55%, 09/02/50 (Call 03/02/50)

    64       44,112  
   

 

 

 
      9,745,151  

Building Materials — 0.3%

   

Carrier Global Corp.

   

2.70%, 02/15/31 (Call 11/15/30)

    210       178,983  

3.38%, 04/05/40 (Call 10/05/39)

    190       149,988  

3.58%, 04/05/50 (Call 10/05/49)

    160       121,933  

Fortune Brands Home & Security Inc.

   

3.25%, 09/15/29 (Call 06/15/29)

    157       137,042  

4.00%, 09/21/23 (Call 08/21/23)

    423       422,019  

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

    132       129,821  

4.00%, 03/25/32 (Call 12/25/31)

    40       35,448  

4.50%, 03/25/52 (Call 09/25/51)

    20       15,224  

 

 

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

  31


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Building Materials (continued)

   

Johnson Controls International PLC

   

3.63%, 07/02/24 (Call 04/02/24)(d)

  $ 636     $ 629,290  

3.90%, 02/14/26 (Call 11/14/25)

    610       602,485  

4.50%, 02/15/47 (Call 08/15/46)

    132       115,070  

4.63%, 07/02/44 (Call 01/02/44)

    195       172,027  

4.95%, 07/02/64 (Call 01/02/64)(d)

    140       121,692  

5.13%, 09/14/45 (Call 03/14/45)

    172       164,134  

6.00%, 01/15/36

    185       198,111  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

   

1.75%, 09/15/30 (Call 06/15/30)

    500       408,960  

2.00%, 09/16/31 (Call 06/16/31)

    170       136,549  

Lafarge SA, 7.13%, 07/15/36

    48       53,827  

Lennox International Inc., 3.00%, 11/15/23
(Call 09/15/23)

    125       123,049  

Martin Marietta Materials Inc.

   

3.20%, 07/15/51 (Call 01/15/51)

    30       21,055  

4.25%, 12/15/47 (Call 06/15/47)

    57       47,794  

Masco Corp.

   

3.50%, 11/15/27 (Call 08/15/27)

    111       103,431  

4.50%, 05/15/47 (Call 11/15/46)(b)

    165       139,870  

Mohawk Industries Inc., 3.63%, 05/15/30
(Call 02/15/30)

    50       44,508  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    363       345,790  

3.95%, 08/15/29 (Call 05/15/29)

    136       127,518  

4.20%, 12/01/24 (Call 09/01/24)

    660       659,043  

4.30%, 07/15/47 (Call 01/15/47)

    220       179,548  

4.40%, 01/30/48 (Call 07/30/47)

    55       45,121  

7.00%, 12/01/36

    51       55,110  

Vulcan Materials Co.

   

4.50%, 06/15/47 (Call 12/15/46)

    69       61,095  

4.70%, 03/01/48 (Call 09/01/47)

    55       50,046  
   

 

 

 
          5,795,581  

Chemicals — 0.6%

   

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

    125       120,219  

CF Industries Inc., 5.38%, 03/15/44

    40       37,471  

Dow Chemical Co. (The)

   

3.60%, 11/15/50 (Call 05/15/50)(b)

    25       19,123  

4.25%, 10/01/34 (Call 04/01/34)(b)

    74       68,568  

4.38%, 11/15/42 (Call 05/15/42)

    47       41,145  

4.63%, 10/01/44 (Call 04/01/44)

    117       104,591  

4.80%, 11/30/28 (Call 08/30/28)

    80       80,490  

4.80%, 05/15/49 (Call 11/15/48)

    204       185,546  

5.25%, 11/15/41 (Call 05/15/41)

    144       141,549  

5.55%, 11/30/48 (Call 05/30/48)

    20       20,217  

7.38%, 11/01/29

    165       189,880  

9.40%, 05/15/39

    115       158,906  

DuPont de Nemours Inc.

   

4.49%, 11/15/25 (Call 09/15/25)

    355       357,868  

4.73%, 11/15/28 (Call 08/15/28)

    529       534,232  

5.32%, 11/15/38 (Call 05/15/38)

    299       297,947  

5.42%, 11/15/48 (Call 05/15/48)

    180       177,131  

Eastman Chemical Co.

   

4.65%, 10/15/44 (Call 04/15/44)

    137       119,615  

4.80%, 09/01/42 (Call 03/01/42)

    98       85,750  

Ecolab Inc.

   

1.30%, 01/30/31 (Call 10/30/30)

    295       235,906  

2.13%, 02/01/32 (Call 11/01/31)(b)

    150       126,123  

2.70%, 11/01/26 (Call 08/01/26)

    4,550       4,373,460  

2.70%, 12/15/51 (Call 06/15/51)

    250       177,355  

2.75%, 08/18/55 (Call 02/18/55)

    175       123,429  
Security   Par
(000)
    Value  

Chemicals (continued)

   

3.25%, 12/01/27 (Call 09/01/27)

  $ 466     $ 451,726  

3.95%, 12/01/47 (Call 06/01/47)

    270       245,443  

4.80%, 03/24/30 (Call 12/24/29)

    716       737,795  

5.50%, 12/08/41

    10       10,797  

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

    137       115,406  

International Flavors & Fragrances Inc.

   

4.38%, 06/01/47 (Call 12/01/46)

    40       33,762  

4.45%, 09/26/28 (Call 06/26/28)

    555       538,944  

5.00%, 09/26/48 (Call 03/26/48)

    36       33,322  

LYB International Finance BV

   

4.88%, 03/15/44 (Call 09/15/43)

    150       136,042  

5.25%, 07/15/43

    78       72,822  

LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)

    515       488,761  

LYB International Finance III LLC
3.63%, 04/01/51 (Call 10/01/50)

    120       89,021  

3.80%, 10/01/60 (Call 04/01/60)

    65       46,198  

4.20%, 10/15/49 (Call 04/15/49)

    72       57,869  

4.20%, 05/01/50 (Call 11/01/49)

    214       173,391  

LyondellBasell Industries NV, 4.63%, 02/26/55
(Call 08/26/54)

    130       109,512  

Mosaic Co. (The)

   

4.05%, 11/15/27 (Call 08/15/27)

    10       9,711  

4.88%, 11/15/41 (Call 05/15/41)

    5       4,401  

5.45%, 11/15/33 (Call 05/15/33)

    15       15,258  

5.63%, 11/15/43 (Call 05/15/43)

    125       123,671  

Nutrien Ltd.

   

4.13%, 03/15/35 (Call 09/15/34)

    107       97,453  

4.90%, 06/01/43 (Call 12/01/42)

    120       114,995  

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

    38       37,538  

5.25%, 01/15/45 (Call 07/15/44)

    73       71,383  

5.63%, 12/01/40

    173       178,358  

5.88%, 12/01/36

    120       128,257  

6.13%, 01/15/41 (Call 07/15/40)

    10       10,835  

PPG Industries Inc.

   

2.40%, 08/15/24 (Call 07/15/24)

    30       29,097  

2.80%, 08/15/29 (Call 05/15/29)

    159       143,130  

3.75%, 03/15/28 (Call 12/15/27)

    660       639,329  

Rohm & Haas Co., 7.85%, 07/15/29

    203       237,015  

RPM International Inc.

   

4.25%, 01/15/48 (Call 07/15/47)

    35       27,951  

5.25%, 06/01/45 (Call 12/01/44)

    25       22,999  

Sherwin-Williams Co. (The)

   

2.20%, 03/15/32 (Call 12/15/31)

    200       162,254  

3.30%, 05/15/50 (Call 11/15/49)

    50       36,672  

3.45%, 08/01/25 (Call 05/01/25)

    120       117,420  

3.80%, 08/15/49 (Call 02/15/49)

    75       59,737  

3.95%, 01/15/26 (Call 10/15/25)

    235       232,436  

4.00%, 12/15/42 (Call 06/15/42)

    33       26,850  

4.50%, 06/01/47 (Call 12/01/46)

    194       173,079  

4.55%, 08/01/45 (Call 02/01/45)

    40       34,984  
   

 

 

 
          13,852,145  

Commercial Services — 0.5%

   

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

    2,391       1,955,575  

1.70%, 05/15/28 (Call 03/15/28)

    1,070       958,003  

3.38%, 09/15/25 (Call 06/15/25)

    792       784,341  

Block Financial LLC

   

3.88%, 08/15/30 (Call 05/15/30)

    292       265,057  

5.25%, 10/01/25 (Call 07/01/25)

    38       38,404  

 

 

32  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Commercial Services (continued)

   

Global Payments Inc.

   

2.15%, 01/15/27 (Call 12/15/26)

  $ 80     $ 70,956  

4.15%, 08/15/49 (Call 02/15/49)

    102       77,900  

5.30%, 08/15/29

    35       34,633  

5.95%, 08/15/52

    25       24,241  

GXO Logistics Inc., 2.65%, 07/15/31
(Call 04/15/31)

    305       233,273  

Moody’s Corp.

   

2.55%, 08/18/60 (Call 02/18/60)

    45       27,475  

3.10%, 11/29/61 (Call 05/29/61)

    110       75,666  

3.25%, 01/15/28 (Call 10/15/27)

    220       207,372  

3.25%, 05/20/50 (Call 11/20/49)

    84       62,603  

3.75%, 03/24/25 (Call 02/24/25)

    225       222,581  

3.75%, 02/25/52 (Call 08/25/51)

    5       4,085  

4.25%, 02/01/29 (Call 11/01/28)

    108       106,653  

4.88%, 02/15/24 (Call 11/15/23)

    358       361,781  

4.88%, 12/17/48 (Call 06/17/48)

    169       164,107  

5.25%, 07/15/44

    105       106,034  

PayPal Holdings Inc.

   

2.40%, 10/01/24 (Call 09/01/24)

    697           678,439  

2.65%, 10/01/26 (Call 08/01/26)

    290       275,242  

2.85%, 10/01/29 (Call 07/01/29)

    205       185,642  

3.25%, 06/01/50 (Call 12/01/49)(b)

    96       72,544  

4.40%, 06/01/32 (Call 03/01/32)

    100       98,491  

Quanta Services Inc.

   

2.35%, 01/15/32 (Call 10/15/31)

    130       102,515  

2.90%, 10/01/30 (Call 07/01/30)

    250       212,230  

3.05%, 10/01/41 (Call 04/01/41)

    30       20,889  

RELX Capital Inc.

   

3.00%, 05/22/30 (Call 02/22/30)

        1,050       939,614  

4.00%, 03/18/29 (Call 12/18/28)

    708       682,165  

4.75%, 05/20/32 (Call 02/20/32)

    75       75,329  

S&P Global Inc.

   

2.50%, 12/01/29 (Call 09/01/29)

    182       161,039  

2.70%, 03/01/29 (Call 01/01/29)(e)

    50       45,527  

2.90%, 03/01/32 (Call 12/01/31)(e)

    25       22,191  

2.95%, 01/22/27 (Call 10/22/26)

    138       132,435  

3.25%, 12/01/49 (Call 06/01/49)

    208       163,072  

Verisk Analytics Inc.

   

3.63%, 05/15/50 (Call 11/15/49)

    110       85,316  

4.13%, 03/15/29 (Call 12/15/28)

    176       168,297  

5.50%, 06/15/45 (Call 12/15/44)

    71       71,562  
   

 

 

 
      9,973,279  

Computers — 0.5%

   

Apple Inc.

   

1.40%, 08/05/28 (Call 06/05/28)

    75       65,273  

1.70%, 08/05/31 (Call 05/05/31)(b)

    100       83,298  

2.55%, 08/20/60 (Call 02/20/60)

    28       19,009  

2.65%, 05/11/50 (Call 11/11/49)

    298       218,002  

2.65%, 02/08/51 (Call 08/08/50)

    55       40,214  

2.80%, 02/08/61 (Call 08/08/60)

    135       94,886  

2.85%, 08/05/61 (Call 02/05/61)

    110       78,063  

2.95%, 09/11/49 (Call 03/11/49)

    144       112,154  

3.45%, 02/09/45

    222       192,516  

3.75%, 09/12/47 (Call 03/12/47)

    115       103,053  

3.75%, 11/13/47 (Call 05/13/47)

    71       63,725  

3.85%, 05/04/43

    307       281,780  

3.85%, 08/04/46 (Call 02/04/46)

    130       118,295  

4.25%, 02/09/47 (Call 08/09/46)

    45       43,931  

4.38%, 05/13/45

    215       210,984  

4.45%, 05/06/44

    44       43,938  
Security   Par
(000)
    Value  

Computers (continued)

   

4.65%, 02/23/46 (Call 08/23/45)

  $ 412     $ 421,731  

Dell Inc., 6.50%, 04/15/38

    80       80,563  

Dell International LLC/EMC Corp.

   

3.45%, 12/15/51 (Call 06/15/51)(e)

    105       68,509  

8.10%, 07/15/36 (Call 01/15/36)

    10       11,618  

8.35%, 07/15/46 (Call 01/15/46)(b)

    353           429,294  

Hewlett Packard Enterprise Co.

   

4.45%, 10/02/23 (Call 09/02/23)

    527       529,203  

4.90%, 10/15/25 (Call 07/15/25)

    735       746,451  

6.20%, 10/15/35 (Call 04/15/35)

    264       280,959  

6.35%, 10/15/45 (Call 04/15/45)

    375       376,294  

HP Inc.

   

3.40%, 06/17/30 (Call 03/17/30)

    406       351,206  

4.20%, 04/15/32 (Call 01/15/32)

    25       22,075  

4.75%, 01/15/28 (Call 12/15/27)

    50       49,239  

5.50%, 01/15/33 (Call 10/15/32)

    25       24,042  

6.00%, 09/15/41

    287       278,634  

International Business Machines Corp.

   

3.00%, 05/15/24

        479       472,807  

3.30%, 05/15/26(b)

    462       447,974  

3.30%, 01/27/27

    105       101,644  

3.45%, 02/19/26(b)

    527       516,534  

3.50%, 05/15/29

    370       349,310  

3.63%, 02/12/24

    360       359,132  

4.00%, 06/20/42

    280       241,718  

4.15%, 07/27/27 (Call 06/27/27)

    100       99,382  

4.15%, 05/15/39

    262       236,521  

4.25%, 05/15/49

    271       240,228  

4.40%, 07/27/32 (Call 04/27/32)

    100       98,348  

4.70%, 02/19/46

    120       113,378  

5.60%, 11/30/39(b)

    56       59,010  

5.88%, 11/29/32

    235       257,215  

6.22%, 08/01/27

    35       38,146  

6.50%, 01/15/28

    182       199,254  

7.00%, 10/30/25

    396       429,688  

7.13%, 12/01/96

    20       25,906  

Kyndryl Holdings Inc., 4.10%, 10/15/41
(Call 04/15/41)(e)

    15       9,127  

Leidos Inc.

   

2.30%, 02/15/31 (Call 11/15/30)

    120       94,224  

4.38%, 05/15/30 (Call 02/15/30)

    756       699,882  

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

    165       135,556  

Western Digital Corp., 2.85%, 02/01/29 (Call 12/01/28)

    25       20,384  
   

 

 

 
      10,684,307  

Cosmetics & Personal Care — 0.2%

   

Colgate-Palmolive Co.

   

3.25%, 03/15/24

    355       353,214  

3.70%, 08/01/47 (Call 02/01/47)

    156       139,648  

4.00%, 08/15/45

    343       316,438  

Estee Lauder Companies Inc. (The)

   

3.13%, 12/01/49 (Call 06/01/49)

    57       44,926  

4.38%, 06/15/45 (Call 12/15/44)(b)

    12       11,118  

6.00%, 05/15/37

    25       28,347  

Procter & Gamble Co. (The)

   

2.30%, 02/01/32(b)

    200       177,304  

2.45%, 11/03/26

    371       355,080  

2.70%, 02/02/26

    285       278,864  

2.80%, 03/25/27

    457       439,657  

2.85%, 08/11/27

    290       278,388  

3.60%, 03/25/50

    80       73,553  

5.55%, 03/05/37

    96       109,421  

 

 

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

  33


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
     Value  
Cosmetics & Personal Care (continued)  

5.80%, 08/15/34

  $ 25      $               28,664  

Unilever Capital Corp.

    

1.75%, 08/12/31 (Call 05/12/31)

           100        81,963  

2.00%, 07/28/26

    185        172,723  

2.90%, 05/05/27 (Call 02/05/27)

    105        100,382  

3.10%, 07/30/25

    60        58,783  

3.38%, 03/22/25 (Call 01/22/25)

    195        192,270  

3.50%, 03/22/28 (Call 12/22/27)

    145        141,329  
    

 

 

 
       3,382,072  
Distribution & Wholesale — 0.0%             

WW Grainger Inc.

    

1.85%, 02/15/25 (Call 01/15/25)

    479        455,189  

3.75%, 05/15/46 (Call 11/15/45)

    96        81,603  

4.20%, 05/15/47 (Call 11/15/46)

    84        76,489  

4.60%, 06/15/45 (Call 12/15/44)

    157        151,791  
    

 

 

 
       765,072  
Diversified Financial Services — 1.1%             

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    

1.65%, 10/29/24 (Call 09/29/24)

    290        268,534  

2.45%, 10/29/26 (Call 09/29/26)

    200        176,264  

3.00%, 10/29/28 (Call 08/29/28)

    17        14,570  

3.30%, 01/30/32 (Call 10/30/31)

    382        307,246  

3.40%, 10/29/33 (Call 07/29/33)

    90        71,093  

3.50%, 01/15/25 (Call 11/15/24)

    342        328,457  

3.65%, 07/21/27 (Call 04/21/27)

    370        336,707  

3.88%, 01/23/28 (Call 10/23/27)

    285        258,988  

4.45%, 10/01/25 (Call 08/01/25)

    355        344,261  

4.45%, 04/03/26 (Call 02/03/26)

    280        270,724  

4.63%, 10/15/27 (Call 08/15/27)

    90        85,554  

6.50%, 07/15/25 (Call 06/15/25)

    535        547,979  

Affiliated Managers Group Inc.

    

3.30%, 06/15/30 (Call 03/15/30)

    165        145,403  

3.50%, 08/01/25

    45        44,140  

Air Lease Corp.

    

3.00%, 02/01/30 (Call 11/01/29)

    122        102,412  

3.25%, 10/01/29 (Call 07/01/29)

    102        87,475  

3.63%, 04/01/27 (Call 01/01/27)

    60        55,588  

3.63%, 12/01/27 (Call 09/01/27)

    84        76,376  

3.75%, 06/01/26 (Call 04/01/26)

    89        84,148  

4.63%, 10/01/28 (Call 07/01/28)

    232        218,567  

Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)

    114        105,012  

Ally Financial Inc.

    

4.63%, 03/30/25

    145        144,630  

5.13%, 09/30/24

    418        423,969  

5.80%, 05/01/25 (Call 04/01/25)

    205        209,856  

8.00%, 11/01/31(b)

    309        343,979  

8.00%, 11/01/31

    290        320,186  

American Express Co.

    

1.65%, 11/04/26 (Call 10/04/26)

    100        90,382  

2.50%, 07/30/24 (Call 06/30/24)

    315        306,464  

2.55%, 03/04/27 (Call 02/01/27)

    120        111,432  

3.00%, 10/30/24 (Call 09/29/24)

    529        518,462  

3.13%, 05/20/26 (Call 04/20/26)

    320        308,867  

3.30%, 05/03/27 (Call 04/03/27)

    85        81,339  

3.40%, 02/22/24 (Call 01/22/24)

    704        698,361  

3.63%, 12/05/24 (Call 11/04/24)

    255        253,559  

3.95%, 08/01/25 (Call 07/01/25)

    300        296,871  

4.05%, 12/03/42

    441        400,679  

4.20%, 11/06/25 (Call 10/06/25)

    296        296,488  
    
Security
  Par
(000)
     Value  
Diversified Financial Services (continued)  

4.42%, 08/03/33 (Call 08/03/32)(a)

  $ 300      $             289,617  

4.99%, 05/26/33 (Call 02/26/32)(a)

    35        34,763  

American Express Credit Corp., 3.30%, 05/03/27

    

(Call 04/03/27)

           290        279,029  

Ameriprise Financial Inc.

    

2.88%, 09/15/26 (Call 06/15/26)

    45        42,815  

3.00%, 04/02/25 (Call 03/02/25)

    20        19,478  

3.70%, 10/15/24

    35        34,727  

4.50%, 05/13/32 (Call 02/13/32)

    50        49,799  

Brookfield Finance Inc.

    

3.50%, 03/30/51 (Call 09/30/50)

    50        35,924  

3.90%, 01/25/28 (Call 10/25/27)

    195        183,725  

4.00%, 04/01/24 (Call 02/01/24)

    137        136,426  

4.25%, 06/02/26 (Call 03/02/26)

    50        49,296  

4.35%, 04/15/30 (Call 01/15/30)

    192        181,290  

4.70%, 09/20/47 (Call 03/20/47)

    260        224,437  

4.85%, 03/29/29 (Call 12/29/28)

    210        205,937  

Brookfield Finance LLC, 3.45%, 04/15/50
(Call 10/15/49)

    100        70,849  

Capital One Financial Corp.

    

2.36%, 07/29/32 (Call 07/29/31), (SOFR + 1.337%)(a)

    5        3,859  

4.99%, 07/24/26 (Call 07/24/25)(a)

    50        49,969  

5.25%, 07/26/30 (Call 07/26/29)(a)

    50        49,316  

5.27%, 05/10/33 (Call 05/10/32)(a)

    130        126,928  

Cboe Global Markets Inc., 3.65%, 01/12/27

    

(Call 10/12/26)

    182        177,847  

Charles Schwab Corp. (The)

    

2.75%, 10/01/29 (Call 07/01/29)

    22        19,818  

3.20%, 03/02/27 (Call 12/02/26)

    30        29,045  

3.20%, 01/25/28 (Call 10/25/27)

    196        187,004  

3.25%, 05/22/29 (Call 02/22/29)

    85        79,674  

4.00%, 02/01/29 (Call 11/01/28)(b)

    104        102,291  

4.63%, 03/22/30 (Call 12/22/29)

    20        20,268  

CI Financial Corp.

    

3.20%, 12/17/30 (Call 09/17/30)

    174        132,007  

4.10%, 06/15/51 (Call 12/15/50)

    79        51,694  

CME Group Inc.

    

2.65%, 03/15/32 (Call 12/15/31)

    50        44,017  

4.15%, 06/15/48 (Call 12/15/47)

    220        209,418  

5.30%, 09/15/43 (Call 03/15/43)

    99        107,707  

Credit Suisse USA Inc., 7.13%, 07/15/32

    191        208,528  

Discover Financial Services

    

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

    331        318,730  

4.50%, 01/30/26 (Call 11/30/25)

    215        211,659  

Intercontinental Exchange Inc.

    

3.00%, 06/15/50 (Call 12/15/49)

    135        98,449  

3.00%, 09/15/60 (Call 03/15/60)

    170        115,306  

3.10%, 09/15/27 (Call 06/15/27)

    140        132,602  

3.75%, 09/21/28 (Call 06/21/28)

    69        66,762  

4.00%, 09/15/27 (Call 08/15/27)

    100        98,491  

4.25%, 09/21/48 (Call 03/21/48)

    161        144,351  

4.35%, 06/15/29 (Call 04/15/29)

    85        83,907  

4.60%, 03/15/33 (Call 12/15/32)

    60        59,409  

4.95%, 06/15/52 (Call 12/15/51)(b)

    70        68,830  

5.20%, 06/15/62 (Call 12/15/61)

    80        78,710  

Invesco Finance PLC

    

3.75%, 01/15/26

    45        43,932  

4.00%, 01/30/24

    92        91,531  

5.38%, 11/30/43

    113        111,340  

Janus Henderson U.S. Holdings Inc.,

    

4.88%, 08/01/25 (Call 05/01/25)

    420        421,205  

 

 

34  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

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

Jefferies Group LLC

   

6.25%, 01/15/36

  $ 112     $ 113,019  

6.50%, 01/20/43

    50                     50,571  

Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30

    102       91,889  

Legg Mason Inc.

   

4.75%, 03/15/26

    321       324,541  

5.63%, 01/15/44

    143       147,612  

Mastercard Inc.

   

2.00%, 03/03/25 (Call 02/03/25)

           145       139,091  

2.00%, 11/18/31 (Call 08/18/31)

    150       126,252  

2.95%, 11/21/26 (Call 08/21/26)

    170       164,341  

2.95%, 06/01/29 (Call 03/01/29)

    120       112,066  

3.30%, 03/26/27 (Call 01/26/27)

    102       99,830  

3.35%, 03/26/30 (Call 12/26/29)

    289       274,856  

3.50%, 02/26/28 (Call 11/26/27)

    280       274,375  

3.65%, 06/01/49 (Call 12/01/48)

    35       30,631  

3.80%, 11/21/46 (Call 05/21/46)

    125       113,083  

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

    253       228,710  

3.95%, 02/26/48 (Call 08/26/47)

    47       43,154  

Morgan Stanley Domestic Holdings Inc.

   

3.80%, 08/24/27 (Call 05/24/27)

    224       215,918  

4.50%, 06/20/28 (Call 03/20/28)

    200       198,014  

Nasdaq Inc.

   

3.25%, 04/28/50 (Call 10/28/49)

    100       74,367  

3.85%, 06/30/26 (Call 03/30/26)

    117       115,218  

3.95%, 03/07/52 (Call 09/07/51)

    74       61,862  

Nomura Holdings Inc.

   

2.61%, 07/14/31

    75       60,026  

2.65%, 01/16/25

    325       309,416  

2.71%, 01/22/29

    200       171,140  

3.00%, 01/22/32

    225       184,790  

3.10%, 01/16/30

    375       320,231  

ORIX Corp.

   

3.25%, 12/04/24

    20       19,566  

4.05%, 01/16/24

    40       39,898  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)(b)

    30       24,233  

4.65%, 04/01/30 (Call 01/01/30)

    139       136,502  

4.95%, 07/15/46

    160       156,030  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)

    10       7,714  

3.70%, 08/04/26 (Call 05/04/26)(b)

    325       304,467  

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

    336       305,612  

4.50%, 07/23/25 (Call 04/23/25)

    252       246,380  

4.88%, 06/13/25 (Call 05/13/25)

    195       192,157  

5.15%, 03/19/29 (Call 12/19/28)

    242       230,319  

Visa Inc.

   

1.90%, 04/15/27 (Call 02/15/27)

    428       395,057  

2.05%, 04/15/30 (Call 01/15/30)

    267       234,106  

2.70%, 04/15/40 (Call 10/15/39)

    120       96,020  

2.75%, 09/15/27 (Call 06/15/27)

    285       271,582  

3.15%, 12/14/25 (Call 09/14/25)

    552       540,309  

3.65%, 09/15/47 (Call 03/15/47)

    191       169,157  

4.15%, 12/14/35 (Call 06/14/35)

    214       212,102  

4.30%, 12/14/45 (Call 06/14/45)

    421       406,295  

Western Union Co. (The)

   

2.85%, 01/10/25 (Call 12/10/24)

    494       474,186  

6.20%, 11/17/36

    197       194,963  
   

 

 

 
      23,019,396  
Security   Par
(000)
    Value  
Electric — 2.0%            

AEP Texas Inc.

   

3.45%, 05/15/51 (Call 11/15/50)

  $ 10     $ 7,721  

5.25%, 05/15/52 (Call 11/15/51)(b)

    210       211,812  

Series G, 4.15%, 05/01/49 (Call 11/01/48)

    10       8,390  

Atlantic City Electric Co., 2.30%, 03/15/31
(Call 12/15/30)

    230       198,989  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    3,657       3,555,665  

3.20%, 04/15/25 (Call 03/15/25)

    1,327       1,284,815  

3.80%, 06/01/29 (Call 03/01/29)

    1,157       1,081,425  

Avista Corp.

   

4.00%, 04/01/52 (Call 10/01/51)

    65                     57,600  

4.35%, 06/01/48 (Call 12/01/47)

           144       131,062  

Baltimore Gas & Electric Co.

   

2.90%, 06/15/50 (Call 12/15/49)

    37       27,051  

3.20%, 09/15/49 (Call 03/15/49)

    167       130,066  

3.50%, 08/15/46 (Call 02/15/46)

    95       77,509  

3.75%, 08/15/47 (Call 02/15/47)

    91       77,183  

6.35%, 10/01/36

    55       62,417  

CenterPoint Energy Houston Electric LLC

   

3.55%, 08/01/42 (Call 02/01/42)

    70       59,546  

3.95%, 03/01/48 (Call 09/01/47)

    84       74,611  

4.50%, 04/01/44 (Call 10/01/43)

    167       158,827  

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

    164       152,779  

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

    97       72,042  

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

    25       22,680  

Series K2, 6.95%, 03/15/33

    15       17,865  

Cleveland Electric Illuminating Co. (The),
5.95%, 12/15/36

    70       73,107  

Commonwealth Edison Co.

   

2.20%, 03/01/30 (Call 12/01/29)

    284       247,929  

3.00%, 03/01/50 (Call 09/01/49)

    215       161,491  

3.65%, 06/15/46 (Call 12/15/45)

    266       222,834  

3.70%, 08/15/28 (Call 05/15/28)

    260       252,320  

3.70%, 03/01/45 (Call 09/01/44)

    43       35,799  

4.00%, 03/01/48 (Call 09/01/47)

    109       97,759  

4.00%, 03/01/49 (Call 09/01/48)

    125       111,043  

4.35%, 11/15/45 (Call 05/15/45)

    56       51,874  

5.90%, 03/15/36

    25       27,743  

6.45%, 01/15/38

    19       21,775  

Series 122, 2.95%, 08/15/27 (Call 05/15/27)(b)

    105       99,660  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    140       120,012  

Series 127, 3.20%, 11/15/49 (Call 05/15/49)

    214       166,430  

Connecticut Light & Power Co. (The)

   

4.00%, 04/01/48 (Call 10/01/47)

    240       219,413  

4.30%, 04/15/44 (Call 10/15/43)

    125       116,153  

Series A, 2.05%, 07/01/31 (Call 04/01/31)

    192       161,939  

Series A, 3.20%, 03/15/27 (Call 12/15/26)

    520       501,816  

Series A, 4.15%, 06/01/45 (Call 12/01/44)

    120       108,100  

Consolidated Edison Co. of New York Inc.

   

3.70%, 11/15/59 (Call 05/15/59)

    174       136,357  

3.80%, 05/15/28 (Call 02/15/28)

    164       159,697  

3.85%, 06/15/46 (Call 12/15/45)

    59       49,562  

3.95%, 03/01/43 (Call 09/01/42)

    64       55,038  

4.45%, 03/15/44 (Call 09/15/43)

    55       50,984  

4.50%, 12/01/45 (Call 06/01/45)

    65       59,730  

4.50%, 05/15/58 (Call 11/15/57)

    85       76,446  

4.63%, 12/01/54 (Call 06/01/54)

    39       36,304  

5.70%, 06/15/40

    62       64,930  

Series 05-A, 5.30%, 03/01/35

    122       124,640  

Series 06-A, 5.85%, 03/15/36

    59       62,774  

Series 06-B, 6.20%, 06/15/36

    60       65,905  

 

 

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

  35


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

Series 08-B, 6.75%, 04/01/38

  $ 90     $ 102,999  

Series 09-C, 5.50%, 12/01/39

    70                     71,219  

Series 12-A, 4.20%, 03/15/42

    112       99,295  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    161       134,802  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    75       70,028  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)

    237       204,950  

Series A, 4.13%, 05/15/49 (Call 11/15/48)

    135       117,916  

Series C, 4.00%, 11/15/57 (Call 05/15/57)

    64       52,474  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

    66       57,414  

Series D, 4.00%, 12/01/28 (Call 09/01/28)

           169       166,210  

Series E, 4.65%, 12/01/48 (Call 06/01/48)

    120       112,556  

Constellation Energy Generation LLC,
6.25%, 10/01/39

    37       38,854  

Delmarva Power & Light Co., 4.15%, 05/15/45

   

(Call 11/15/44)

    15       13,138  

Edison International

   

4.13%, 03/15/28 (Call 12/15/27)

    200       188,124  

5.75%, 06/15/27 (Call 04/15/27)

    352       356,889  

El Paso Electric Co.

   

5.00%, 12/01/44 (Call 06/01/44)

    25       23,437  

6.00%, 05/15/35

    112       114,874  

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

    710       697,092  

Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)(b)

    225       177,167  

Entergy Louisiana LLC

   

2.90%, 03/15/51 (Call 09/15/50)

    260       186,805  

4.20%, 09/01/48 (Call 03/01/48)

    262       234,490  

4.20%, 04/01/50 (Call 10/01/49)

    220       196,418  

4.95%, 01/15/45 (Call 01/15/25)

    30       28,609  

Entergy Mississippi LLC

   

3.50%, 06/01/51 (Call 03/01/51)

    25       20,117  

3.85%, 06/01/49 (Call 12/01/48)

    115       95,919  

Eversource Energy

   

3.38%, 03/01/32 (Call 12/01/31)

    215       193,438  

3.45%, 01/15/50 (Call 07/15/49)

    310       242,984  

4.60%, 07/01/27 (Call 06/01/27)

    85       85,186  

Series H, 3.15%, 01/15/25 (Call 10/15/24)(b)

    445       431,944  

Series L, 2.90%, 10/01/24 (Call 08/01/24)

    760       739,282  

Series M, 3.30%, 01/15/28 (Call 10/15/27)(b)

    445       419,404  

Series O, 4.25%, 04/01/29 (Call 01/01/29)

    265       258,242  

Series R, 1.65%, 08/15/30 (Call 05/15/30)

    700       560,245  

Exelon Corp.

   

3.40%, 04/15/26 (Call 01/15/26)

    1,100       1,065,603  

4.05%, 04/15/30 (Call 01/15/30)

    880       845,724  

4.45%, 04/15/46 (Call 10/15/45)

    151       135,319  

4.70%, 04/15/50 (Call 10/15/49)

    205       191,396  

4.95%, 06/15/35 (Call 12/15/34)

    127       124,014  

5.10%, 06/15/45 (Call 12/15/44)

    120       119,119  

5.63%, 06/15/35

    120       126,162  

Florida Power & Light Co.

   

3.15%, 10/01/49 (Call 04/01/49)

    126       100,699  

3.70%, 12/01/47 (Call 06/01/47)

    168       146,503  

3.80%, 12/15/42 (Call 06/15/42)

    67       59,829  

3.95%, 03/01/48 (Call 09/01/47)

    174       158,401  

3.99%, 03/01/49 (Call 09/01/48)

    193       176,398  

4.05%, 06/01/42 (Call 12/01/41)

    77       71,108  

4.05%, 10/01/44 (Call 04/01/44)

    235       214,200  

4.13%, 02/01/42 (Call 08/01/41)

    135       125,210  

4.13%, 06/01/48 (Call 12/01/47)

    145       135,436  

4.95%, 06/01/35

    20       20,566  

5.25%, 02/01/41 (Call 08/01/40)

    170       177,908  

5.63%, 04/01/34

    220       239,734  
Security   Par
(000)
     Value  
Electric (continued)             

5.65%, 02/01/37

  $ 17      $ 18,347  

5.69%, 03/01/40

    70                      76,366  

5.95%, 02/01/38

    110        122,648  

5.96%, 04/01/39

    55        61,911  

Iberdrola International BV

    

5.81%, 03/15/25

    655        682,562  

6.75%, 07/15/36

    549        613,085  

ITC Holdings Corp.

    

3.25%, 06/30/26 (Call 03/30/26)

           500        476,510  

3.35%, 11/15/27 (Call 08/15/27)

    404        382,729  

3.65%, 06/15/24 (Call 03/15/24)

    615        606,162  

5.30%, 07/01/43 (Call 01/01/43)

    314        305,478  

National Grid USA, 5.80%, 04/01/35

    485        509,720  

National Rural Utilities Cooperative Finance Corp.

    

2.40%, 03/15/30 (Call 12/15/29)

    114        99,411  

4.02%, 11/01/32 (Call 05/01/32)

    40        37,694  

4.15%, 12/15/32

    50        48,583  

4.30%, 03/15/49 (Call 09/15/48)

    32        29,081  

4.40%, 11/01/48 (Call 05/01/48)

    85        78,045  

Series C, 8.00%, 03/01/32

    85        104,542  

NextEra Energy Capital Holdings Inc.

    

2.25%, 06/01/30 (Call 03/01/30)

    1,069        902,610  

2.75%, 11/01/29 (Call 08/01/29)

    527        469,257  

3.50%, 04/01/29 (Call 01/01/29)

    300        280,719  

3.55%, 05/01/27 (Call 02/01/27)

    644        619,522  

4.26%, 09/01/24

    100        100,095  

4.63%, 07/15/27 (Call 06/15/27)

    475        477,242  

4.80%, 12/01/77 (Call 12/01/27),

    

(3 mo. LIBOR US + 2.409%)(a)

    235        196,277  

5.00%, 07/15/32 (Call 04/15/32)

    300        305,556  

5.65%, 05/01/79 (Call 05/01/29),

    

(3 mo. LIBOR US + 3.156%)(a)

    140        128,344  

NSTAR Electric Co.

    

1.95%, 08/15/31 (Call 05/15/31)

    144        120,074  

3.10%, 06/01/51 (Call 12/01/50)

    170        128,510  

3.20%, 05/15/27 (Call 02/15/27)

    605        583,516  

3.25%, 05/15/29 (Call 02/15/29)

    10        9,430  

3.95%, 04/01/30 (Call 01/01/30)

    300        293,481  

4.40%, 03/01/44 (Call 09/01/43)

    74        68,679  

5.50%, 03/15/40

    210        221,812  

Oglethorpe Power Corp., 5.25%, 09/01/50

    5        4,648  

Ohio Edison Co., 6.88%, 07/15/36

    60        68,929  

Ohio Power Co.

    

4.00%, 06/01/49 (Call 12/01/48)

    110        92,574  

4.15%, 04/01/48 (Call 10/01/47)

    155        134,636  

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

    165        132,147  

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

    370        264,713  

Oncor Electric Delivery Co. LLC

    

3.10%, 09/15/49 (Call 03/15/49)

    120        92,903  

3.75%, 04/01/45 (Call 10/01/44)

    114        97,578  

3.80%, 09/30/47 (Call 03/30/47)

    68        59,404  

3.80%, 06/01/49 (Call 12/01/48)

    105        91,461  

4.10%, 11/15/48 (Call 05/15/48)

    140        127,350  

4.55%, 12/01/41 (Call 06/01/41)

    20        19,331  

4.60%, 06/01/52 (Call 12/01/51)(e)

    50        49,244  

5.25%, 09/30/40

    40        41,600  

5.30%, 06/01/42 (Call 12/01/41)

    70        73,540  

7.00%, 05/01/32

    21        25,155  

7.25%, 01/15/33

    2        2,452  

7.50%, 09/01/38

    15        18,981  

 

 

36  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

Pacific Gas and Electric Co.

   

4.20%, 06/01/41 (Call 12/01/40)

  $ 5     $ 3,741  

4.30%, 03/15/45 (Call 09/15/44)

    5       3,669  

4.55%, 07/01/30 (Call 01/01/30)

    1,005       894,540  

4.95%, 07/01/50 (Call 01/01/50)

           505       404,040  

5.90%, 06/15/32 (Call 03/15/32)

    5       4,831  

PECO Energy Co.

   

2.80%, 06/15/50 (Call 12/15/49)

    104                     75,035  

3.00%, 09/15/49 (Call 03/15/49)

    85       63,668  

3.70%, 09/15/47 (Call 03/15/47)

    321       276,397  

3.90%, 03/01/48 (Call 09/01/47)

    184       163,469  

4.15%, 10/01/44 (Call 04/01/44)

    277       250,749  

4.38%, 08/15/52

    100       95,446  

4.60%, 05/15/52 (Call 11/15/51)

    100       98,777  

Potomac Electric Power Co.

   

4.15%, 03/15/43 (Call 09/15/42)

    45       40,646  

6.50%, 11/15/37

    10       11,554  

PPL Electric Utilities Corp.

   

3.00%, 10/01/49 (Call 04/01/49)

    5       3,736  

3.95%, 06/01/47 (Call 12/01/46)

    39       34,522  

4.15%, 10/01/45 (Call 04/01/45)

    15       13,236  

4.15%, 06/15/48 (Call 12/15/47)

    75       67,961  

Public Service Co. of New Hampshire

   

3.60%, 07/01/49 (Call 01/01/49)

    435       364,260  

Series V, 2.20%, 06/15/31 (Call 03/15/31)

    80       67,801  

Public Service Electric & Gas Co.

   

2.45%, 01/15/30 (Call 10/15/29)

    210       187,005  

2.70%, 05/01/50 (Call 11/01/49)

    72       51,177  

3.15%, 01/01/50 (Call 07/01/49)

    70       53,829  

3.20%, 05/15/29 (Call 02/15/29)

    275       259,834  

3.20%, 08/01/49 (Call 02/01/49)

    225       176,438  

3.60%, 12/01/47 (Call 06/01/47)

    60       50,327  

3.65%, 09/01/28 (Call 06/01/28)

    340       328,984  

3.65%, 09/01/42 (Call 03/01/42)

    10       8,533  

3.70%, 05/01/28 (Call 02/01/28)

    72       70,347  

3.80%, 01/01/43 (Call 07/01/42)

    15       12,982  

3.80%, 03/01/46 (Call 09/01/45)

    305       263,483  

3.85%, 05/01/49 (Call 11/01/48)

    120       104,292  

3.95%, 05/01/42 (Call 11/01/41)

    15       13,501  

4.05%, 05/01/48 (Call 11/01/47)

    50       44,998  

5.80%, 05/01/37

    70       76,710  

Public Service Enterprise Group Inc.

   

1.60%, 08/15/30 (Call 05/15/30)

    662       528,746  

2.45%, 11/15/31 (Call 08/15/31)(b)

    145       120,882  

San Diego Gas & Electric Co.

   

4.15%, 05/15/48 (Call 11/15/47)

    180       163,453  

4.50%, 08/15/40

    72       68,031  

6.00%, 06/01/39(b)

    55       60,147  

Series RRR, 3.75%, 06/01/47 (Call 12/01/46)

    129       109,022  

Series TTT, 4.10%, 06/15/49 (Call 12/15/48)

    224       198,300  

Series UUU, 3.32%, 04/15/50 (Call 10/15/49)

    42       32,727  

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    320       263,312  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    317       299,936  

3.40%, 02/01/28 (Call 11/01/27)

    548       519,033  

3.80%, 02/01/38 (Call 08/01/37)

    259       221,784  

4.00%, 02/01/48 (Call 08/01/47)

    299       249,611  

4.13%, 04/01/52 (Call 01/01/27)(a)

    295       249,599  

6.00%, 10/15/39

    69       73,288  
Security   Par
(000)
    Value  
Electric (continued)            

Southern California Edison Co.

   

2.25%, 06/01/30 (Call 03/01/30)

  $ 190     $ 159,066  

2.85%, 08/01/29 (Call 05/01/29)

    67                     59,154  

3.65%, 02/01/50 (Call 08/01/49)

    183       140,220  

4.00%, 04/01/47 (Call 10/01/46)

           202       162,854  

4.05%, 03/15/42 (Call 09/15/41)

    69       56,798  

4.50%, 09/01/40 (Call 03/01/40)

    20       17,609  

4.65%, 10/01/43 (Call 04/01/43)

    96       86,571  

5.50%, 03/15/40

    29       28,600  

5.63%, 02/01/36

    102       102,090  

6.00%, 01/15/34

    135       141,993  

6.05%, 03/15/39

    156       163,368  

6.65%, 04/01/29

    250       261,777  

Series 04-G, 5.75%, 04/01/35

    35       35,651  

Series 05-E, 5.35%, 07/15/35

    75       74,108  

Series 06-E, 5.55%, 01/15/37

    10       9,895  

Series 08-A, 5.95%, 02/01/38

    37       38,170  

Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)

    20       16,144  

Series A, 4.20%, 03/01/29 (Call 12/01/28)(b)

    142       137,530  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    109       100,477  

Series C, 3.60%, 02/01/45 (Call 08/01/44)

    99       74,271  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    126       104,533  
   

 

 

 
      42,259,381  
Electrical Components & Equipment — 0.0%            

Acuity Brands Lighting Inc., 2.15%, 12/15/30

   

(Call 09/15/30)

    35       27,818  

Emerson Electric Co.

   

2.00%, 12/21/28 (Call 10/21/28)

    25       22,225  

2.20%, 12/21/31 (Call 09/21/31)

    25       21,222  

2.75%, 10/15/50 (Call 04/15/50)

    49       35,874  

5.25%, 11/15/39

    40       41,733  
   

 

 

 
      148,872  
Electronics — 0.4%            

Agilent Technologies Inc.

   

2.75%, 09/15/29 (Call 06/15/29)

    152       133,272  

3.05%, 09/22/26 (Call 06/22/26)

    205       194,791  

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

    730       644,181  

Allegion U.S. Holding Co. Inc.

   

3.20%, 10/01/24 (Call 08/01/24)

    246       239,119  

3.55%, 10/01/27 (Call 07/01/27)

    155       142,932  

5.41%, 07/01/32 (Call 04/01/32)

    190       187,142  

Amphenol Corp., 4.35%, 06/01/29 (Call 03/01/29)

    71       70,125  

Arrow Electronics Inc., 3.88%, 01/12/28 (Call 10/12/27)

    247       233,146  

Avnet Inc.

   

3.00%, 05/15/31 (Call 02/15/31)

    130       103,234  

4.63%, 04/15/26 (Call 01/15/26)

    497       491,632  

5.50%, 06/01/32 (Call 03/01/32)

    25       23,833  

Flex Ltd.

   

4.75%, 06/15/25 (Call 03/15/25)

    35       34,748  

4.88%, 06/15/29 (Call 03/15/29)

    305       288,100  

4.88%, 05/12/30 (Call 02/12/30)

    520       490,890  

Fortive Corp.

   

3.15%, 06/15/26 (Call 03/15/26)

    243       232,515  

4.30%, 06/15/46 (Call 12/15/45)

    55       48,223  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)

    50       44,614  

1.75%, 09/01/31 (Call 06/01/31)

    50       41,391  

1.95%, 06/01/30 (Call 03/01/30)

    215       185,296  

2.30%, 08/15/24 (Call 07/15/24)

    369       359,971  

 

 

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

  37


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Electronics (continued)             

2.50%, 11/01/26 (Call 08/01/26)

  $ 466      $ 442,369  

2.70%, 08/15/29 (Call 05/15/29)

    165        151,704  

3.35%, 12/01/23

    75        74,810  

3.81%, 11/21/47 (Call 05/21/47)

           177        159,629  

5.38%, 03/01/41

    30        32,606  

5.70%, 03/15/36

    45        50,221  

5.70%, 03/15/37

    22        24,817  

Hubbell Inc.

    

3.15%, 08/15/27 (Call 05/15/27)

    86                      80,511  

3.35%, 03/01/26 (Call 12/01/25)

    175        169,579  

3.50%, 02/15/28 (Call 11/15/27)

    60        57,242  

Jabil Inc.

    

3.60%, 01/15/30 (Call 10/15/29)

    85        74,418  

3.95%, 01/12/28 (Call 10/12/27)

    102        96,145  

Keysight Technologies Inc.

    

3.00%, 10/30/29 (Call 07/30/29)

    663        581,226  

4.55%, 10/30/24 (Call 07/30/24)

    833        837,507  

4.60%, 04/06/27 (Call 01/06/27)

    428        429,425  

Legrand France SA, 8.50%, 02/15/25

    390        429,472  

Trimble Inc.

    

4.75%, 12/01/24 (Call 09/01/24)

    411        412,685  

4.90%, 06/15/28 (Call 03/15/28)

    284        280,334  

Tyco Electronics Group SA

    

3.13%, 08/15/27 (Call 05/15/27)

    235        223,191  

3.70%, 02/15/26 (Call 11/15/25)

    50        49,289  

7.13%, 10/01/37

    105        128,149  

Vontier Corp., 2.40%, 04/01/28 (Call 02/01/28)

    75        60,968  
    

 

 

 
       9,035,452  
Entertainment — 0.1%             

Magallanes Inc.

    

4.28%, 03/15/32 (Call 12/15/31)(b)(e)

    50        43,433  

5.05%, 03/15/42 (Call 09/15/41)(e)

    515        420,863  

5.14%, 03/15/52 (Call 09/15/51)(e)

    790        636,021  

5.39%, 03/15/62 (Call 09/15/61)(e)

    115        92,479  
    

 

 

 
       1,192,796  
Environmental Control — 0.0%             

Republic Services Inc.

    

3.05%, 03/01/50 (Call 09/01/49)

    75        56,025  

6.20%, 03/01/40

    38        41,852  

Waste Connections Inc., 3.05%, 04/01/50
(Call 10/01/49)

    57        42,341  

Waste Management Inc.

    

4.10%, 03/01/45 (Call 09/01/44)

    5        4,465  

4.15%, 07/15/49 (Call 01/15/49)

    37        34,154  
    

 

 

 
       178,837  
Food — 0.7%             

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

    110        120,314  

Campbell Soup Co.

    

2.38%, 04/24/30 (Call 01/24/30)

    183        154,906  

3.13%, 04/24/50 (Call 10/24/49)

    31        21,952  

3.30%, 03/19/25 (Call 12/19/24)

    145        141,565  

3.95%, 03/15/25 (Call 01/15/25)

    500        495,800  

4.15%, 03/15/28 (Call 12/15/27)

    278        273,010  

4.80%, 03/15/48 (Call 09/15/47)

    236        219,846  

Conagra Brands Inc.

    

4.60%, 11/01/25 (Call 09/01/25)

    282        281,552  

4.85%, 11/01/28 (Call 08/01/28)

    269        266,200  

5.30%, 11/01/38 (Call 05/01/38)

    185        176,164  

5.40%, 11/01/48 (Call 05/01/48)

    121        114,796  

7.00%, 10/01/28

    55        59,361  
Security   Par
(000)
     Value  
Food (continued)             

8.25%, 09/15/30

  $ 185      $ 215,042  

General Mills Inc.

    

2.25%, 10/14/31 (Call 07/14/31)

    270        223,633  

2.88%, 04/15/30 (Call 01/15/30)(b)

    201        179,803  

3.00%, 02/01/51 (Call 08/01/50)

    45                      32,722  

3.20%, 02/10/27 (Call 11/10/26)

           268        258,314  

3.65%, 02/15/24 (Call 11/15/23)

    625        623,100  

4.00%, 04/17/25 (Call 02/17/25)

    658        655,973  

4.20%, 04/17/28 (Call 01/17/28)

    483        480,397  

4.70%, 04/17/48 (Call 10/17/47)

    50        47,468  

5.40%, 06/15/40

    25        25,838  

Hershey Co. (The)

    

3.13%, 11/15/49 (Call 05/15/49)

    20        15,856  

3.38%, 08/15/46 (Call 02/15/46)

    90        75,446  

Hormel Foods Corp., 3.05%, 06/03/51
(Call 12/03/50)

    15        11,639  

Ingredion Inc.

    

2.90%, 06/01/30 (Call 03/01/30)

    35        30,465  

3.20%, 10/01/26 (Call 07/01/26)

    240        230,011  

3.90%, 06/01/50 (Call 12/01/49)

    139        109,871  

JM Smucker Co. (The)

    

2.13%, 03/15/32 (Call 12/15/31)

    50        40,063  

3.55%, 03/15/50 (Call 09/15/49)

    43        31,979  

4.25%, 03/15/35

    107        98,551  

4.38%, 03/15/45

    40        34,626  

Kellogg Co.

    

2.10%, 06/01/30 (Call 03/01/30)

    345        286,236  

2.65%, 12/01/23

    844        832,403  

3.25%, 04/01/26

    1,147        1,112,934  

3.40%, 11/15/27 (Call 08/15/27)

    718        682,926  

4.30%, 05/15/28 (Call 02/15/28)

    124        122,584  

4.50%, 04/01/46

    384        351,337  

Series B, 7.45%, 04/01/31

    719        826,002  

Koninklijke Ahold Delhaize NV,
5.70%, 10/01/40

    146        153,217  

Kraft Heinz Foods Co.

    

4.38%, 06/01/46 (Call 12/01/45)

    125        106,074  

4.88%, 10/01/49 (Call 04/01/49)

    90        81,610  

5.20%, 07/15/45 (Call 01/15/45)

    280        263,155  

5.50%, 06/01/50 (Call 12/01/49)

    215        212,981  

6.50%, 02/09/40

    235        251,471  

6.88%, 01/26/39

    35        38,733  

Kroger Co. (The)

    

2.65%, 10/15/26 (Call 07/15/26)

    289        272,926  

3.50%, 02/01/26 (Call 11/01/25)

    310        302,824  

3.70%, 08/01/27 (Call 05/01/27)

    59        57,321  

3.88%, 10/15/46 (Call 04/15/46)

    143        119,209  

3.95%, 01/15/50 (Call 07/15/49)

    80        67,828  

4.45%, 02/01/47 (Call 08/01/46)

    90        81,615  

4.50%, 01/15/29 (Call 10/15/28)

    170        168,798  

4.65%, 01/15/48 (Call 07/15/47)

    115        106,757  

5.00%, 04/15/42 (Call 10/15/41)

    70        66,835  

5.15%, 08/01/43 (Call 02/01/43)

    85        83,381  

5.40%, 07/15/40 (Call 01/15/40)

    42        42,285  

5.40%, 01/15/49 (Call 07/15/48)

    133        137,695  

6.90%, 04/15/38

    22        25,392  

7.50%, 04/01/31

    90        106,513  

McCormick & Co. Inc./MD

    

1.85%, 02/15/31 (Call 11/15/30)

    85        67,670  

3.15%, 08/15/24 (Call 06/15/24)

    524        515,658  

3.40%, 08/15/27 (Call 05/15/27)

    330        316,955  

4.20%, 08/15/47 (Call 02/15/47)

    214        187,233  

 

 

38  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Food (continued)             

Mondelez International Inc.,
2.63%, 09/04/50

    

(Call 03/04/50)

  $ 80      $ 53,743  

Sysco Corp.

    

2.40%, 02/15/30 (Call 11/15/29)

           110                      94,623  

3.25%, 07/15/27 (Call 04/15/27)

    54        51,216  

3.30%, 07/15/26 (Call 04/15/26)

    110        106,423  

3.30%, 02/15/50 (Call 08/15/49)

    48        35,383  

3.75%, 10/01/25 (Call 07/01/25)

    75        73,945  

4.45%, 03/15/48 (Call 09/15/47)

    92        81,396  

4.50%, 04/01/46 (Call 10/01/45)

    79        70,165  

4.85%, 10/01/45 (Call 04/01/45)

    156        145,376  

5.38%, 09/21/35

    37        37,965  

5.95%, 04/01/30 (Call 01/01/30)

    90        95,810  

6.60%, 04/01/40 (Call 10/01/39)

    40        45,687  

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

    130        151,862  

Tyson Foods Inc.

    

4.55%, 06/02/47 (Call 12/02/46)

    95        87,075  

5.10%, 09/28/48 (Call 03/28/48)

    129        127,355  

5.15%, 08/15/44 (Call 02/15/44)

    77        75,452  
    

 

 

 
       15,128,297  
Forest Products & Paper — 0.0%             

Celulosa Arauco y Constitucion SA,

    

3.88%, 11/02/27 (Call 08/02/27)

    102        94,178  

International Paper Co.

    

4.35%, 08/15/48 (Call 02/15/48)(b)

    75        66,263  

4.40%, 08/15/47 (Call 02/15/47)

    236        206,934  

4.80%, 06/15/44 (Call 12/15/43)

    216        195,752  

5.15%, 05/15/46 (Call 11/15/45)

    25        24,284  

6.00%, 11/15/41 (Call 05/15/41)

    125        127,922  

7.30%, 11/15/39

    175        201,875  

Suzano Austria GmbH

    

5.00%, 01/15/30 (Call 10/15/29)

    30        28,053  

6.00%, 01/15/29 (Call 10/15/28)

    30        29,989  
    

 

 

 
       975,250  
Gas — 0.1%             

Atmos Energy Corp.

    

2.85%, 02/15/52 (Call 08/15/51)

    20        14,290  

3.38%, 09/15/49 (Call 03/15/49)

    182        144,162  

4.13%, 10/15/44 (Call 04/15/44)(b)

    99        87,218  

4.13%, 03/15/49 (Call 09/15/48)

    85        76,253  

4.15%, 01/15/43 (Call 07/15/42)

    10        8,922  

4.30%, 10/01/48 (Call 04/01/48)

    75        69,057  

5.50%, 06/15/41 (Call 12/15/40)

    15        15,639  

National Fuel Gas Co.

    

2.95%, 03/01/31 (Call 12/01/30)

    27        22,061  

3.95%, 09/15/27 (Call 06/15/27)

    50        46,077  

4.75%, 09/01/28 (Call 06/01/28)

    110        105,943  

ONE Gas Inc.

    

4.50%, 11/01/48 (Call 05/01/48)

    125        109,288  

4.66%, 02/01/44 (Call 08/01/43)

    65        59,565  

Piedmont Natural Gas Co. Inc.

    

3.35%, 06/01/50 (Call 12/01/49)

    85        62,525  

5.05%, 05/15/52 (Call 11/15/51)

    112        109,530  

Southern California Gas Co.

    

2.95%, 04/15/27 (Call 03/15/27)

    100        95,315  

3.75%, 09/15/42 (Call 03/15/42)

    110        91,509  

5.13%, 11/15/40

    10        9,840  

Series UU, 4.13%, 06/01/48 (Call 12/01/47)

    125        107,971  

Series VV, 4.30%, 01/15/49 (Call 07/15/48)

    125        111,867  
Security   Par
(000)
     Value  
Gas (continued)             

Series WW, 3.95%, 02/15/50 (Call 08/15/49)

  $ 167      $ 141,529  

Southwest Gas Corp.

    

3.70%, 04/01/28 (Call 01/01/28)

    65        60,319  

3.80%, 09/29/46 (Call 03/29/46)

    55        41,273  

4.15%, 06/01/49 (Call 12/01/48)

    151        120,507  

Washington Gas Light Co.

    

3.65%, 09/15/49 (Call 03/15/49)

           139        113,138  

Series K, 3.80%, 09/15/46 (Call 03/15/46)

    95                      79,411  
    

 

 

 
       1,903,209  
Hand & Machine Tools — 0.0%             

Kennametal Inc., 4.63%, 06/15/28
(Call 03/15/28)

    196        188,372  

Snap-on Inc.

    

3.10%, 05/01/50 (Call 11/01/49)

    62        48,883  

3.25%, 03/01/27 (Call 12/01/26)

    45        43,928  

4.10%, 03/01/48 (Call 09/01/47)

    42        38,369  

Stanley Black & Decker Inc.

    

4.00%, 03/15/60 (Call 03/15/25)(a)

    2        1,831  

4.25%, 11/15/28 (Call 08/15/28)

    15        14,847  

4.85%, 11/15/48 (Call 05/15/48)

    40        39,307  

5.20%, 09/01/40

    37        37,218  
    

 

 

 
       412,755  
Health Care - Products — 0.2%             

Abbott Laboratories

    

4.75%, 11/30/36 (Call 05/30/36)

    106        111,612  

4.75%, 04/15/43 (Call 10/15/42)

    47        47,462  

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

    230        242,307  

5.30%, 05/27/40

    110        118,821  

6.00%, 04/01/39

    155        178,819  

6.15%, 11/30/37

    45        53,234  

Baxter International Inc.

    

1.92%, 02/01/27 (Call 01/01/27)

    45        40,442  

3.13%, 12/01/51 (Call 06/01/51)

    12        8,408  

3.50%, 08/15/46 (Call 02/15/46)

    263        202,786  

Boston Scientific Corp.

    

4.55%, 03/01/39 (Call 09/01/38)

    66        61,249  

4.70%, 03/01/49 (Call 09/01/48)

    59        56,133  

6.75%, 11/15/35

    2        2,269  

7.38%, 01/15/40(b)

    90        108,199  

Danaher Corp.

    

2.60%, 10/01/50 (Call 04/01/50)

    30        20,674  

2.80%, 12/10/51 (Call 06/10/51)

    55        39,311  

4.38%, 09/15/45 (Call 03/15/45)

    75        68,881  

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

    199        163,976  

DH Europe Finance II Sarl

    

3.25%, 11/15/39 (Call 05/15/39)

    80        66,255  

3.40%, 11/15/49 (Call 05/15/49)

    142        114,620  

Edwards Lifesciences Corp.,
4.30%, 06/15/28 (Call 03/15/28)

    259        257,547  

Koninklijke Philips NV

    

5.00%, 03/15/42

    37        34,754  

6.88%, 03/11/38

    65        74,212  

Medtronic Inc., 4.63%, 03/15/45

    148        148,403  

PerkinElmer Inc.

    

3.30%, 09/15/29 (Call 06/15/29)

    268        239,211  

3.63%, 03/15/51 (Call 09/15/50)

    45        34,506  

Smith & Nephew PLC, 2.03%, 10/14/30
(Call 07/14/30)

    95        75,144  

 

 

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

  39


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

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

STERIS Irish FinCo UnLtd Co.

   

2.70%, 03/15/31 (Call 12/15/30)

  $ 250     $ 209,315  

3.75%, 03/15/51 (Call 09/15/50)

           280       215,068  

Stryker Corp.

   

2.90%, 06/15/50 (Call 12/15/49)

    10       7,154  

4.10%, 04/01/43 (Call 10/01/42)

    85                     73,881  

4.38%, 05/15/44 (Call 11/15/43)

    24       21,616  

4.63%, 03/15/46 (Call 09/15/45)

    79       74,956  

Thermo Fisher Scientific Inc.

   

4.10%, 08/15/47 (Call 02/15/47)

    13       12,125  

5.30%, 02/01/44 (Call 08/01/43)

    163       174,439  

Zimmer Biomet Holdings Inc.

   

2.60%, 11/24/31 (Call 08/24/31)

    165       137,381  

4.45%, 08/15/45 (Call 02/15/45)

    124       105,142  

5.75%, 11/30/39

    20       20,146  
   

 

 

 
      3,620,458  
Health Care - Services — 0.5%            

Aetna Inc.

   

3.88%, 08/15/47 (Call 02/15/47)(b)

    210       171,276  

4.13%, 11/15/42 (Call 05/15/42)

    180       153,407  

4.50%, 05/15/42 (Call 11/15/41)

    35       31,224  

4.75%, 03/15/44 (Call 09/15/43)

    164       149,721  

6.63%, 06/15/36

    191       213,326  

6.75%, 12/15/37

    114       127,701  

Anthem Inc.

   

4.10%, 05/15/32 (Call 02/15/32)

    50       48,101  

4.55%, 05/15/52 (Call 11/15/51)

    50       46,948  

Elevance Health Inc.

   

2.88%, 09/15/29 (Call 06/15/29)

    91       81,713  

3.13%, 05/15/50 (Call 11/15/49)

    98       73,347  

3.60%, 03/15/51 (Call 09/15/50)

    80       64,346  

3.70%, 09/15/49 (Call 03/15/49)

    90       73,589  

4.38%, 12/01/47 (Call 06/01/47)

    111       102,517  

4.55%, 03/01/48 (Call 09/01/47)

    97       90,832  

4.63%, 05/15/42

    162       154,117  

4.65%, 01/15/43

    215       203,186  

4.65%, 08/15/44 (Call 02/15/44)

    22       20,587  

5.10%, 01/15/44

    131       130,793  

5.85%, 01/15/36

    55       58,861  

5.95%, 12/15/34

    30       32,258  

6.38%, 06/15/37

    14       15,962  

HCA Inc.

   

3.13%, 03/15/27 (Call 02/15/27)(e)

    80       73,498  

3.50%, 09/01/30 (Call 03/01/30)

    15       13,047  

3.50%, 07/15/51 (Call 01/15/51)

    99       67,772  

3.63%, 03/15/32 (Call 12/15/31)(e)

    172       148,654  

4.13%, 06/15/29 (Call 03/15/29)

    413       382,781  

4.50%, 02/15/27 (Call 08/15/26)

    424       414,388  

4.63%, 03/15/52 (Call 09/15/51)(e)

    22       18,206  

5.00%, 03/15/24

    407       409,239  

5.13%, 06/15/39 (Call 12/15/38)

    144       129,761  

5.25%, 04/15/25

    391       394,476  

5.25%, 06/15/26 (Call 12/15/25)

    411       412,295  

5.25%, 06/15/49 (Call 12/15/48)

    149       133,176  

5.50%, 06/15/47 (Call 12/15/46)

    394       363,406  

5.88%, 02/01/29 (Call 08/01/28)

    95       96,666  

Humana Inc.

   

3.13%, 08/15/29 (Call 05/15/29)

    60       54,527  

3.95%, 08/15/49 (Call 02/15/49)

    46       38,834  

4.63%, 12/01/42 (Call 06/01/42)

    112       103,696  
Security   Par
(000)
    Value  
Health Care - Services (continued)            

4.80%, 03/15/47 (Call 09/15/46)

  $ 105     $ 100,696  

4.88%, 04/01/30 (Call 01/01/30)

    99       99,657  

4.95%, 10/01/44 (Call 04/01/44)

           165       159,317  

Laboratory Corp. of America Holdings

   

2.70%, 06/01/31 (Call 03/01/31)

    70                     59,651  

2.95%, 12/01/29 (Call 09/01/29)(b)

    442       395,603  

4.70%, 02/01/45 (Call 08/01/44)

    124       112,542  

Providence St Joseph Health Obligated Group

   

Series A, 3.93%, 10/01/48 (Call 04/01/48)

    25       20,993  

Series I, 3.74%, 10/01/47

    64       53,980  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

    370       316,036  

2.95%, 06/30/30 (Call 03/30/30)

    381       335,970  

3.45%, 06/01/26 (Call 03/01/26)

    760       740,878  

3.50%, 03/30/25 (Call 12/30/24)

    424       416,877  

4.20%, 06/30/29 (Call 03/30/29)

    201       192,755  

4.25%, 04/01/24 (Call 01/01/24)

    205       205,164  

4.70%, 03/30/45 (Call 09/30/44)

    250       223,768  

UnitedHealth Group Inc.

   

2.90%, 05/15/50 (Call 11/15/49)

    85       62,160  

3.13%, 05/15/60 (Call 11/15/59)

    72       52,715  

3.25%, 05/15/51 (Call 11/15/50)

    65       50,922  

3.50%, 08/15/39 (Call 02/15/39)

    10       8,593  

3.70%, 08/15/49 (Call 02/15/49)

    76       64,662  

3.75%, 10/15/47 (Call 04/15/47)

    55       47,355  

3.88%, 08/15/59 (Call 02/15/59)

    68       57,947  

3.95%, 10/15/42 (Call 04/15/42)

    90       80,691  

4.20%, 01/15/47 (Call 07/15/46)

    114       105,623  

4.25%, 03/15/43 (Call 09/15/42)

    55       51,445  

4.25%, 04/15/47 (Call 10/15/46)

    117       108,888  

4.25%, 06/15/48 (Call 12/15/47)

    125       114,881  

4.38%, 03/15/42 (Call 09/15/41)

    80       75,781  

4.45%, 12/15/48 (Call 06/15/48)

    219       208,219  

4.63%, 07/15/35

    106       105,870  

4.63%, 11/15/41 (Call 05/15/41)

    96       94,131  

4.75%, 07/15/45

    167       165,221  

4.75%, 05/15/52 (Call 11/15/51)

    5       4,962  

4.95%, 05/15/62 (Call 11/15/61)

    120       120,408  

5.70%, 10/15/40 (Call 04/15/40)

    124       136,091  

5.80%, 03/15/36

    125       137,581  

5.95%, 02/15/41 (Call 08/15/40)

    60       67,277  

6.50%, 06/15/37

    94       110,916  

6.63%, 11/15/37

    125       148,791  

6.88%, 02/15/38

    95       115,707  
   

 

 

 
      11,028,958  
Home Builders — 0.0%            

MDC Holdings Inc.

   

3.97%, 08/06/61 (Call 02/06/61)

    125       72,425  

6.00%, 01/15/43 (Call 10/15/42)

    90       73,803  
   

 

 

 
      146,228  
Home Furnishings — 0.0%            

Leggett & Platt Inc.

   

3.50%, 11/15/27 (Call 08/15/27)

    57       53,018  

3.50%, 11/15/51 (Call 05/15/51)

    170       129,205  

4.40%, 03/15/29 (Call 12/15/28)

    100       96,833  

Whirlpool Corp.

   

4.50%, 06/01/46 (Call 12/01/45)

    67       55,613  

4.60%, 05/15/50 (Call 11/15/49)(b)

    93       77,394  

 

 

40  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Home Furnishings (continued)             

4.75%, 02/26/29 (Call 11/26/28)

  $ 192      $ 188,968  
    

 

 

 
       601,031  
Household Products & Wares — 0.1%             

Church & Dwight Co. Inc.

    

3.95%, 08/01/47 (Call 02/01/47)

    95                      82,899  

5.00%, 06/15/52 (Call 12/15/51)

    50        51,222  

Clorox Co. (The)

    

1.80%, 05/15/30 (Call 02/15/30)

    145        118,392  

3.10%, 10/01/27 (Call 07/01/27)

           641        607,822  

3.90%, 05/15/28 (Call 02/15/28)

    199        195,631  

Kimberly-Clark Corp.

    

2.00%, 11/02/31 (Call 08/02/31)(b)

    100        84,366  

2.75%, 02/15/26

    214        206,771  

2.88%, 02/07/50 (Call 08/07/49)(b)

    165        123,057  

3.05%, 08/15/25

    60        58,804  

3.10%, 03/26/30 (Call 12/26/29)

    478        444,746  

3.20%, 04/25/29 (Call 01/25/29)

    295        278,182  

3.20%, 07/30/46 (Call 01/30/46)

    130        103,102  

3.90%, 05/04/47 (Call 11/04/46)

    120        105,152  

3.95%, 11/01/28 (Call 08/01/28)

    10        9,953  

5.30%, 03/01/41

    130        136,523  

6.63%, 08/01/37

    125        150,470  
    

 

 

 
       2,757,092  
Insurance — 0.7%             

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

    112        143,711  

Aegon NV, 5.50%, 04/11/48 (Call 04/11/28),

    

(6 mo. LIBOR US + 3.540%)(a)

    215        205,620  

Aflac Inc.

    

3.60%, 04/01/30 (Call 01/01/30)

    169        160,807  

4.00%, 10/15/46 (Call 04/15/46)

    25        21,373  

4.75%, 01/15/49 (Call 07/15/48)

    37        35,581  

Allstate Corp. (The), 5.35%, 06/01/33

    38        40,181  

American Financial Group Inc./OH

    

4.50%, 06/15/47 (Call 12/15/46)

    37        31,350  

5.25%, 04/02/30 (Call 01/02/30)

    65        65,149  

American International Group Inc.

    

4.20%, 04/01/28 (Call 01/01/28)

    5        4,903  

4.50%, 07/16/44 (Call 01/16/44)

    85        76,562  

4.75%, 04/01/48 (Call 10/01/47)

    101        95,557  

4.80%, 07/10/45 (Call 01/10/45)

    60        55,958  

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

    60        56,428  

Aon Corp.

    

3.75%, 05/02/29 (Call 02/02/29)(b)

    52        49,316  

4.50%, 12/15/28 (Call 09/15/28)

    59        58,437  

6.25%, 09/30/40

    75        82,062  

Aon Global Ltd.

    

4.60%, 06/14/44 (Call 03/14/44)

    55        50,293  

4.75%, 05/15/45 (Call 11/15/44)

    92        85,378  

Arch Capital Finance LLC,
5.03%, 12/15/46 (Call 06/15/46)

    81        75,796  

Arch Capital Group Ltd.

    

3.64%, 06/30/50 (Call 12/30/49)

    75        58,172  

7.35%, 05/01/34

    42        50,129  

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

    60        57,740  

Assurant Inc.

    

3.70%, 02/22/30 (Call 11/22/29)

    49        43,368  

4.90%, 03/27/28 (Call 12/27/27)

    49        48,404  
Security   Par
(000)
     Value  
Insurance (continued)             

Athene Holding Ltd.

    

4.13%, 01/12/28 (Call 10/12/27)

  $ 75      $ 70,473  

6.15%, 04/03/30 (Call 01/03/30)

    66                      66,768  

AXA SA, 8.60%, 12/15/30

    483        599,644  

AXIS Specialty Finance LLC

    

3.90%, 07/15/29 (Call 04/15/29)

    20        18,503  

4.90%, 01/15/40 (Call 01/15/30)(a)

    45        38,435  

Berkshire Hathaway Finance Corp.

    

2.30%, 03/15/27 (Call 02/15/27)(b)

           100        94,150  

3.85%, 03/15/52 (Call 09/15/51)

    50        43,075  

4.20%, 08/15/48 (Call 02/15/48)

    342        317,838  

4.25%, 01/15/49 (Call 07/15/48)

    174        163,353  

4.30%, 05/15/43

    27        25,493  

Brighthouse Financial Inc.,
4.70%, 06/22/47 (Call 12/22/46)

    43        34,006  

Brown & Brown Inc., 4.50%, 03/15/29
(Call 12/15/28)

    10        9,724  

Chubb INA Holdings Inc., 6.70%, 05/15/36

    5        5,853  

CNO Financial Group Inc., 5.25%, 05/30/29

    

(Call 02/28/29)

    151        145,917  

Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)

    16        15,005  

Equitable Holdings Inc.

    

4.35%, 04/20/28 (Call 01/20/28)

    360        354,038  

5.00%, 04/20/48 (Call 10/20/47)

    227        212,486  

7.00%, 04/01/28

    20        22,147  

Everest Reinsurance Holdings Inc.,

    

4.87%, 06/01/44

    35        32,082  

First American Financial Corp.

    

4.00%, 05/15/30 (Call 02/15/30)

    160        142,178  

4.60%, 11/15/24

    80        79,938  

Hanover Insurance Group Inc. (The),
4.50%, 04/15/26 (Call 01/15/26)

    178        176,353  

Hartford Financial Services Group Inc. (The) 2.80%, 08/19/29 (Call 05/19/29)

    122        108,120  

3.60%, 08/19/49 (Call 02/19/49)

    104        81,959  

4.30%, 04/15/43

    60        52,292  

4.40%, 03/15/48 (Call 09/15/47)

    41        37,174  

5.95%, 10/15/36

    63        67,409  

6.10%, 10/01/41

    67        72,064  

Lincoln National Corp.

    

3.05%, 01/15/30 (Call 10/15/29)

    45        39,484  

3.63%, 12/12/26 (Call 09/15/26)

    61        59,080  

3.80%, 03/01/28 (Call 12/01/27)

    110        105,237  

4.35%, 03/01/48 (Call 09/01/47)

    114        97,512  

6.30%, 10/09/37

    52        56,301  

7.00%, 06/15/40

    95        107,404  

Loews Corp.

    

4.13%, 05/15/43 (Call 11/15/42)

    34        28,759  

6.00%, 02/01/35

    15        15,939  

Manulife Financial Corp.

    

4.06%, 02/24/32 (Call 02/24/27)(a)

    150        138,988  

4.15%, 03/04/26

    471        466,813  

5.38%, 03/04/46

    190        197,872  

Markel Corp.

    

3.35%, 09/17/29 (Call 06/17/29)

    90        81,544  

4.15%, 09/17/50 (Call 03/17/50)

    75        61,490  

4.30%, 11/01/47 (Call 05/01/47)

    40        33,900  

5.00%, 04/05/46

    111        103,611  

5.00%, 05/20/49 (Call 11/20/48)

    65        61,489  

Marsh & McLennan Companies Inc.

    

3.50%, 06/03/24 (Call 03/03/24)

    185        183,746  

3.50%, 03/10/25 (Call 12/10/24)

    115        113,260  

 

 

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

  41


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Insurance (continued)            

3.75%, 03/14/26 (Call 12/14/25)

  $ 169     $ 167,449  

3.88%, 03/15/24 (Call 02/15/24)

    116       115,855  

4.20%, 03/01/48 (Call 09/01/47)

    95       84,775  

4.35%, 01/30/47 (Call 07/30/46)

    162       147,987  

4.38%, 03/15/29 (Call 12/15/28)

    27       26,831  

4.75%, 03/15/39 (Call 09/15/38)

    80       78,066  

4.90%, 03/15/49 (Call 09/15/48)

           377       376,729  

5.88%, 08/01/33

    55                     59,511  

MetLife Inc.

   

4.05%, 03/01/45

    238       209,661  

4.13%, 08/13/42

    180       161,204  

4.55%, 03/23/30 (Call 12/23/29)(b)

    111       112,121  

4.60%, 05/13/46 (Call 11/13/45)

    40       38,544  

4.72%, 12/15/44

    97       92,276  

4.88%, 11/13/43

    62       61,099  

5.70%, 06/15/35

    55       59,766  

5.88%, 02/06/41

    15       16,374  

6.38%, 06/15/34

    125       143,385  

6.40%, 12/15/66 (Call 12/15/31)

    192       197,800  

6.50%, 12/15/32

    15       17,100  

10.75%, 08/01/69 (Call 08/01/34)

    15       20,453  

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

    15       16,889  

Nationwide Financial Services Inc., 6.75%, 05/15/87

    5       4,949  

Principal Financial Group Inc.

   

3.10%, 11/15/26 (Call 08/15/26)

    273       256,898  

3.70%, 05/15/29 (Call 02/15/29)

    92       86,643  

4.30%, 11/15/46 (Call 05/15/46)

    84       74,276  

4.35%, 05/15/43

    106       94,109  

4.63%, 09/15/42

    9       8,272  

6.05%, 10/15/36

    64       69,528  

Progressive Corp. (The)

   

2.45%, 01/15/27

    81       76,403  

3.20%, 03/26/30 (Call 12/26/29)

    25       23,248  

3.70%, 01/26/45

    39       32,395  

3.95%, 03/26/50 (Call 09/26/49)

    70       61,865  

4.00%, 03/01/29 (Call 12/01/28)

    54       53,469  

4.13%, 04/15/47 (Call 10/15/46)

    76       69,225  

4.20%, 03/15/48 (Call 09/15/47)

    113       103,635  

4.35%, 04/25/44

    85       78,515  

6.25%, 12/01/32

    30       34,220  

6.63%, 03/01/29

    9       10,149  

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)

    144       131,936  

2.10%, 03/10/30 (Call 12/10/29)

    50       42,509  

3.00%, 03/10/40 (Call 09/10/39)(b)

    25       20,066  

3.70%, 10/01/50 (Call 07/01/30)(a)

    55       47,546  

3.70%, 03/13/51 (Call 09/13/50)

    50       41,469  

3.88%, 03/27/28 (Call 12/27/27)

    59       57,911  

3.91%, 12/07/47 (Call 06/07/47)

    134       116,390  

3.94%, 12/07/49 (Call 06/07/49)

    185       160,432  

4.35%, 02/25/50 (Call 08/25/49)

    105       96,628  

4.42%, 03/27/48 (Call 09/27/47)

    108       99,725  

4.50%, 09/15/47 (Call 09/15/27),

   

(3 mo. LIBOR US + 2.380%)(a)(b)

    135       128,370  

4.60%, 05/15/44

    162       154,979  

5.13%, 03/01/52 (Call 11/28/31)(a)

    5       4,670  

5.20%, 03/15/44 (Call 03/15/24),

   

(3 mo. LIBOR US + 3.040%)(a)

    30       29,136  

5.38%, 05/15/45 (Call 05/15/25),

   

(3 mo. LIBOR US + 3.031%)(a)

    148       145,499  
Security   Par
(000)
    Value  
Insurance (continued)            

5.70%, 12/14/36

  $ 265     $ 285,151  

5.70%, 09/15/48 (Call 09/15/28),

   

(3 mo. LIBOR US + 2.665%)(a)

    147       144,231  

5.75%, 07/15/33

    15       16,198  

6.63%, 12/01/37

    45                     51,851  

6.63%, 06/21/40

    15       17,139  

Prudential PLC

   

3.13%, 04/14/30

    40       35,633  

3.63%, 03/24/32 (Call 12/24/31)

           185       167,144  

Reinsurance Group of America Inc.

   

3.90%, 05/15/29 (Call 02/15/29)

    182       170,439  

3.95%, 09/15/26 (Call 06/15/26)

    70       68,774  

Selective Insurance Group Inc., 5.38%, 03/01/49

   

(Call 09/01/48)

    30       28,147  

Swiss Re America Holding Corp., 7.00%, 02/15/26

    45       48,713  

Transatlantic Holdings Inc., 8.00%, 11/30/39

    10       12,618  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)

    45       31,346  

3.75%, 05/15/46 (Call 11/15/45)

    153       130,650  

4.00%, 05/30/47 (Call 11/30/46)

    172       153,433  

4.05%, 03/07/48 (Call 09/07/47)

    10       8,953  

4.10%, 03/04/49 (Call 09/04/48)

    175       157,227  

4.30%, 08/25/45 (Call 02/25/45)

    125       113,712  

4.60%, 08/01/43

    87       82,346  

5.35%, 11/01/40

    85       90,022  

6.25%, 06/15/37

    152       177,652  

6.75%, 06/20/36

    149       178,286  

Travelers Property Casualty Corp., 6.38%, 03/15/33(b)

    115       134,166  

Unum Group

   

4.50%, 12/15/49 (Call 06/15/49)

    35       27,151  

5.75%, 08/15/42

    100       93,130  

Voya Financial Inc.

   

3.65%, 06/15/26

    115       111,254  

4.70%, 01/23/48 (Call 01/23/28),

   

(3 mo. LIBOR US + 2.084%)(a)

    25       20,744  

4.80%, 06/15/46

    154       136,723  

5.70%, 07/15/43

    86       84,685  

W R Berkley Corp., 4.75%, 08/01/44

    67       61,905  

Willis North America Inc.

   

2.95%, 09/15/29 (Call 06/15/29)

    65       56,067  

3.88%, 09/15/49 (Call 03/15/49)

    78       60,152  

4.50%, 09/15/28 (Call 06/15/28)

    54       52,257  

4.65%, 06/15/27 (Call 05/15/27)

    50       49,064  

5.05%, 09/15/48 (Call 03/15/48)

    148       136,296  

XLIT Ltd., 5.25%, 12/15/43

    334       349,164  
   

 

 

 
      14,852,544  
Internet — 0.2%            

Alibaba Group Holding Ltd.

   

4.00%, 12/06/37 (Call 06/06/37)

    120       100,542  

4.20%, 12/06/47 (Call 06/06/47)

    75       60,247  

4.40%, 12/06/57 (Call 06/06/57)

    70       55,933  

Alphabet Inc.

   

2.00%, 08/15/26 (Call 05/15/26)

    444       418,532  

2.25%, 08/15/60 (Call 02/15/60)

    69       44,126  

Amazon.com Inc.

   

2.50%, 06/03/50 (Call 12/03/49)

    95       66,195  

2.70%, 06/03/60 (Call 12/03/59)

    244       163,197  

3.10%, 05/12/51 (Call 11/12/50)

    240       187,860  

3.25%, 05/12/61 (Call 11/12/60)

    120       91,334  

3.95%, 04/13/52 (Call 10/13/51)

    50       45,454  

 

 

42  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Internet (continued)            

4.05%, 08/22/47 (Call 02/22/47)

  $ 307     $ 284,614  

4.10%, 04/13/62 (Call 10/13/61)

    280       253,260  

4.25%, 08/22/57 (Call 02/22/57)

    191       180,394  

4.95%, 12/05/44 (Call 06/05/44)

    144       150,313  

Booking Holdings Inc.

   

3.55%, 03/15/28 (Call 12/15/27)

    69                     66,386  

3.60%, 06/01/26 (Call 03/01/26)

           132       129,990  

4.63%, 04/13/30 (Call 01/13/30)

    125       125,570  

eBay Inc.

   

1.90%, 03/11/25 (Call 02/11/25)

    171       161,414  

3.45%, 08/01/24 (Call 05/01/24)

    27       26,691  

3.60%, 06/05/27 (Call 03/05/27)

    234       226,081  

3.65%, 05/10/51 (Call 11/10/50)

    45       33,721  

4.00%, 07/15/42 (Call 01/15/42)

    182       150,865  

Expedia Group Inc., 3.25%, 02/15/30 (Call 11/15/29)

    235       203,371  

JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)

    200       155,116  

VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)

    120       98,683  
   

 

 

 
      3,479,889  
Iron & Steel — 0.0%            

Nucor Corp.

   

4.40%, 05/01/48 (Call 11/01/47)

    120       107,473  

5.20%, 08/01/43 (Call 02/01/43)

    22       21,631  

6.40%, 12/01/37

    20       22,343  

Steel Dynamics Inc.

   

2.80%, 12/15/24 (Call 11/15/24)

    270       261,052  

3.25%, 10/15/50 (Call 04/15/50)

    30       20,477  

3.45%, 04/15/30 (Call 01/15/30)

    295       262,910  
   

 

 

 
      695,886  
Leisure Time — 0.0%            

Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51)

    30       22,295  

Harley-Davidson Inc.

   

3.50%, 07/28/25 (Call 04/28/25)

    160       154,221  

4.63%, 07/28/45 (Call 01/28/45)(b)

    110       85,612  
   

 

 

 
      262,128  
Lodging — 0.0%            

Choice Hotels International Inc.

   

3.70%, 12/01/29 (Call 09/01/29)

    95       84,215  

3.70%, 01/15/31 (Call 10/15/30)

    122       106,407  

Marriott International Inc./MD

   

Series AA, 4.65%, 12/01/28 (Call 09/01/28)

    125       122,416  

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    335       319,881  

Series GG, 3.50%, 10/15/32 (Call 07/15/32)

    85       72,888  

Series X, 4.00%, 04/15/28 (Call 01/15/28)

    140       132,944  
   

 

 

 
      838,751  
Machinery — 0.3%            

ABB Finance USA Inc., 3.80%, 04/03/28 (Call 01/03/28)

    150       146,226  

Caterpillar Financial Services Corp.

   

1.15%, 09/14/26

    50       44,803  

1.70%, 01/08/27(b)

    50       45,751  

2.15%, 11/08/24

    209       202,005  

2.40%, 08/09/26

    40       37,826  

2.85%, 05/17/24

    44       43,399  

3.65%, 12/07/23

    274       274,241  

Caterpillar Inc.

   

2.60%, 09/19/29 (Call 06/19/29)

    61       55,628  

3.25%, 09/19/49 (Call 03/19/49)

    61       50,239  

3.25%, 04/09/50 (Call 10/09/49)

    82       67,737  

3.80%, 08/15/42

    45       41,094  

4.30%, 05/15/44 (Call 11/15/43)

    30       29,051  
Security   Par
(000)
    Value  
Machinery (continued)            

4.75%, 05/15/64 (Call 11/15/63)

  $ 77     $ 78,530  

5.20%, 05/27/41

    42       45,355  

5.30%, 09/15/35

    24       25,878  

6.05%, 08/15/36

    31       35,612  

CNH Industrial Capital LLC

   

3.95%, 05/23/25

    490       481,645  

4.20%, 01/15/24

           311       310,058  

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

    167       158,171  

Crane Holdings Co., 4.20%, 03/15/48 (Call 09/15/47)

    50                     39,678  

Deere & Co.

   

2.75%, 04/15/25 (Call 03/15/25)

    300       291,957  

3.10%, 04/15/30 (Call 01/15/30)

    30       28,222  

3.75%, 04/15/50 (Call 10/15/49)(b)

    80       73,665  

5.38%, 10/16/29

    65       70,029  

7.13%, 03/03/31

    5       6,009  

Dover Corp., 5.38%, 03/01/41 (Call 12/01/40)

    25       24,635  

Flowserve Corp.

   

2.80%, 01/15/32 (Call 10/15/31)

    50       38,866  

3.50%, 10/01/30 (Call 07/01/30)

    70       60,048  

John Deere Capital Corp.

   

1.70%, 01/11/27(b)

    25       22,868  

1.75%, 03/09/27

    109       99,491  

2.05%, 01/09/25

    40       38,457  

2.25%, 09/14/26

    35       33,134  

2.45%, 01/09/30

    27       23,957  

2.65%, 06/10/26

    235       225,410  

2.80%, 09/08/27

    43       40,875  

2.80%, 07/18/29

    90       83,332  

3.05%, 01/06/28

    144       138,387  

3.35%, 04/18/29

    50       47,843  

3.40%, 09/11/25

    55       54,293  

3.45%, 03/07/29

    20       19,365  

Oshkosh Corp.

   

3.10%, 03/01/30 (Call 12/01/29)

    92       77,939  

4.60%, 05/15/28 (Call 02/15/28)

    48       46,164  

Rockwell Automation Inc.

   

2.88%, 03/01/25 (Call 12/01/24)

    87       84,703  

3.50%, 03/01/29 (Call 12/01/28)

    339       325,176  

4.20%, 03/01/49 (Call 09/01/48)

    62       57,272  

Westinghouse Air Brake Technologies Corp.,
4.95%, 09/15/28 (Call 06/15/28)

    369       358,701  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)(b)

    833       733,023  

2.25%, 01/30/31 (Call 10/30/30)(b)

    385       321,725  

3.25%, 11/01/26 (Call 08/01/26)

    185       176,829  

4.38%, 11/01/46 (Call 05/01/46)

    200       178,560  
   

 

 

 
      5,993,862  
Manufacturing — 0.5%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)

    1,526       1,454,003  

2.25%, 09/19/26 (Call 06/19/26)

    791       737,410  

2.38%, 08/26/29 (Call 05/26/29)

    1,014       871,411  

2.65%, 04/15/25 (Call 03/15/25)

    534       517,702  

2.88%, 10/15/27 (Call 07/15/27)

    610       573,620  

3.00%, 08/07/25

    765       745,722  

3.05%, 04/15/30 (Call 01/15/30)

    150       133,584  

3.25%, 08/26/49 (Call 02/26/49)(b)

    55       41,171  

3.38%, 03/01/29 (Call 12/01/28)

    139       129,071  

3.63%, 09/14/28 (Call 06/14/28)

    245       234,291  

3.63%, 10/15/47 (Call 04/15/47)

    239       191,241  

 

 

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

  43


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Manufacturing (continued)            

3.70%, 04/15/50 (Call 10/15/49)(b)

  $ 15     $ 12,037  

4.00%, 09/14/48 (Call 03/14/48)

    122       102,903  

5.70%, 03/15/37

    110       117,070  

Carlisle Companies Inc.

   

2.20%, 03/01/32 (Call 12/01/31)

    35       27,530  

2.75%, 03/01/30 (Call 12/01/29)

    127       108,629  

3.50%, 12/01/24 (Call 10/01/24)

           116       114,076  

3.75%, 12/01/27 (Call 09/01/27)

    70       66,405  

Eaton Corp.

   

3.10%, 09/15/27 (Call 06/15/27)

    117       111,212  

3.92%, 09/15/47 (Call 03/15/47)

    65       55,669  

4.00%, 11/02/32

    87       83,341  

4.15%, 03/15/33

    100       96,419  

4.15%, 11/02/42

    60       53,904  

4.70%, 08/23/52

    60       58,349  

GE Capital International Funding Co. Unlimited Co.,
4.42%, 11/15/35

    450       424,350  

General Electric Co.

   

4.35%, 05/01/50 (Call 11/01/49)

    5       4,409  

6.75%, 03/15/32

    124       140,549  

Illinois Tool Works Inc.

   

3.90%, 09/01/42 (Call 03/01/42)

    56       49,463  

4.88%, 09/15/41 (Call 03/15/41)

    15       15,175  

Parker-Hannifin Corp.

   

3.25%, 03/01/27 (Call 12/01/26)

    20       19,172  

3.25%, 06/14/29 (Call 03/14/29)

    70       64,086  

3.65%, 06/15/24

    20       19,818  

4.00%, 06/14/49 (Call 12/14/48)

    68       57,669  

4.10%, 03/01/47 (Call 09/01/46)

    71       61,676  

4.20%, 11/21/34 (Call 05/21/34)

    65                     60,506  

4.45%, 11/21/44 (Call 05/21/44)

    128       115,484  

6.25%, 05/15/38

    30       32,083  

Pentair Finance Sarl

   

4.50%, 07/01/29 (Call 04/01/29)

    235       219,671  

5.90%, 07/15/32 (Call 04/15/32)

    100       99,652  

Textron Inc.

   

3.00%, 06/01/30 (Call 03/01/30)

    71       61,441  

3.38%, 03/01/28 (Call 12/01/27)

    95       87,369  

3.65%, 03/15/27 (Call 12/15/26)

    229       218,326  

3.90%, 09/17/29 (Call 06/17/29)

    152       141,936  

4.00%, 03/15/26 (Call 12/15/25)

    188       184,095  

Trane Technologies Global Holding Co. Ltd.

   

3.75%, 08/21/28 (Call 05/21/28)

    135       129,731  

4.30%, 02/21/48 (Call 08/21/47)

    80       66,670  

5.75%, 06/15/43

    104       105,527  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)

    127       122,363  

3.55%, 11/01/24 (Call 08/01/24)

    369       363,956  

3.80%, 03/21/29 (Call 12/21/28)

    390       367,372  

4.50%, 03/21/49 (Call 09/21/48)

    195       168,550  

4.65%, 11/01/44 (Call 05/01/44)

    137       120,272  
   

 

 

 
      10,158,141  
Media — 0.5%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

3.70%, 04/01/51 (Call 10/01/50)

    97       64,587  

3.85%, 04/01/61 (Call 10/01/60)

    160       104,088  

3.90%, 06/01/52 (Call 12/01/51)

    364       246,901  

3.95%, 06/30/62 (Call 12/30/61)

    75       49,645  

4.40%, 04/01/33 (Call 01/01/33)

    45       39,760  
Security   Par
(000)
    Value  
Media (continued)            

4.40%, 12/01/61 (Call 06/01/61)

  $ 200     $ 141,620  

4.80%, 03/01/50 (Call 09/01/49)

    190       149,270  

5.13%, 07/01/49 (Call 01/01/49)

    284       231,312  

5.25%, 04/01/53 (Call 10/01/52)

    100       83,784  

5.38%, 04/01/38 (Call 10/01/37)

    45       39,479  

5.38%, 05/01/47 (Call 11/01/46)

    109       92,897  

5.50%, 04/01/63 (Call 10/01/62)

    100       83,687  

5.75%, 04/01/48 (Call 10/01/47)

           152       134,529  

6.38%, 10/23/35 (Call 04/23/35)

    220       219,190  

6.48%, 10/23/45 (Call 04/23/45)(b)

    230       219,031  

6.83%, 10/23/55 (Call 04/23/55)

    135       135,898  

Comcast Corp.

   

2.45%, 08/15/52 (Call 02/15/52)

    102       65,959  

2.65%, 08/15/62 (Call 02/15/62)

    84       52,878  

2.80%, 01/15/51 (Call 07/15/50)

    58       40,189  

2.89%, 11/01/51 (Call 05/01/51)

    267       188,427  

2.94%, 11/01/56 (Call 05/01/56)

    317       216,286  

2.99%, 11/01/63 (Call 05/01/63)

    239       160,089  

3.40%, 07/15/46 (Call 01/15/46)

    85       66,479  

3.45%, 02/01/50 (Call 08/01/49)

    205       161,306  

3.75%, 04/01/40 (Call 10/01/39)

    220       190,711  

3.90%, 03/01/38 (Call 09/01/37)

    137       123,359  

3.97%, 11/01/47 (Call 05/01/47)

    278       238,627  

4.00%, 08/15/47 (Call 02/15/47)

    124       107,351  

4.00%, 03/01/48 (Call 09/01/47)

    243       208,351  

4.00%, 11/01/49 (Call 05/01/49)

    251       215,125  

4.05%, 11/01/52 (Call 05/01/52)

    64                     54,985  

4.60%, 10/15/38 (Call 04/15/38)

    140       134,681  

4.60%, 08/15/45 (Call 02/15/45)

    141       130,961  

4.65%, 07/15/42

    239       224,949  

4.70%, 10/15/48 (Call 04/15/48)

    135       129,361  

4.75%, 03/01/44

    14       13,355  

4.95%, 10/15/58 (Call 04/15/58)

    80       78,432  

5.65%, 06/15/35

    28       30,205  

6.45%, 03/15/37

    30       34,917  

6.50%, 11/15/35

    333       380,836  

6.55%, 07/01/39

    5       5,961  

6.95%, 08/15/37

    105       125,433  

Discovery Communications LLC

   

4.00%, 09/15/55 (Call 03/15/55)

    177       117,094  

4.65%, 05/15/50 (Call 11/15/49)

    193       146,501  

4.88%, 04/01/43

    80       63,682  

5.00%, 09/20/37 (Call 03/20/37)

    127       110,753  

5.20%, 09/20/47 (Call 03/20/47)

    187       152,491  

5.30%, 05/15/49 (Call 11/15/48)(b)

    123       101,368  

6.35%, 06/01/40

    35       33,570  

Fox Corp.

   

5.48%, 01/25/39 (Call 07/25/38)

    50       48,806  

5.58%, 01/25/49 (Call 07/25/48)

    254       247,828  

Grupo Televisa SAB

   

5.00%, 05/13/45 (Call 11/13/44)

    95       88,000  

6.63%, 01/15/40

    195       209,539  

NBCUniversal Media LLC

   

4.45%, 01/15/43

    66       60,425  

6.40%, 04/30/40

    10       11,612  

Paramount Global

   

3.38%, 02/15/28 (Call 11/15/27)

    112       104,590  

3.70%, 06/01/28 (Call 03/01/28)

    20       18,877  

4.20%, 06/01/29 (Call 03/01/29)

    55       52,077  

4.38%, 03/15/43

    142       106,428  

 

 

44  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Media (continued)            

4.60%, 01/15/45 (Call 07/15/44)

  $      146     $           112,096  

4.85%, 07/01/42 (Call 01/01/42)

    55       44,970  

4.90%, 08/15/44 (Call 02/15/44)

    117       93,364  

4.95%, 01/15/31 (Call 10/15/30)

    45       42,698  

4.95%, 05/19/50 (Call 11/19/49)

    120       97,717  

5.25%, 04/01/44 (Call 10/01/43)

    58       49,170  

5.50%, 05/15/33

    42       40,483  

5.85%, 09/01/43 (Call 03/01/43)

    185       167,277  

5.90%, 10/15/40 (Call 04/15/40)

    72       65,935  

6.88%, 04/30/36

    137       141,422  

7.88%, 07/30/30

    55       61,727  

Thomson Reuters Corp.

   

5.50%, 08/15/35

    40       40,253  

5.65%, 11/23/43 (Call 05/23/43)

    57       57,305  

5.85%, 04/15/40

    105       108,430  

Time Warner Cable LLC

   

4.50%, 09/15/42 (Call 03/15/42)

    197       149,196  

5.50%, 09/01/41 (Call 03/01/41)

    157       135,598  

5.88%, 11/15/40 (Call 05/15/40)

    129       115,936  

6.55%, 05/01/37

    75       73,755  

6.75%, 06/15/39

    117       114,073  

7.30%, 07/01/38

    105       107,977  

Time Warner Entertainment Co. LP, 8.38%, 07/15/33

    107       122,805  

TWDC Enterprises 18 Corp.

   

3.00%, 07/30/46

    80       60,647  

3.70%, 12/01/42

    50       42,767  

4.13%, 06/01/44

    36       33,000  

4.38%, 08/16/41

    105       99,545  

Series E, 4.13%, 12/01/41

    70       63,804  

Walt Disney Co. (The)

   

2.75%, 09/01/49 (Call 03/01/49)

    195       140,049  

3.50%, 05/13/40 (Call 11/13/39)

    51       43,598  

3.60%, 01/13/51 (Call 07/13/50)

    210       175,944  

3.80%, 05/13/60 (Call 11/13/59)

    51       42,849  

4.63%, 03/23/40 (Call 09/23/39)

    22       21,567  

4.70%, 03/23/50 (Call 09/23/49)(b)

    101       100,927  

4.75%, 09/15/44 (Call 03/15/44)

    10       9,777  

4.75%, 11/15/46 (Call 05/15/46)

    160       158,339  

4.95%, 10/15/45 (Call 04/15/45)

    42       41,759  

5.40%, 10/01/43

    67       71,244  

6.15%, 03/01/37

    40       45,066  

6.15%, 02/15/41

    4       4,590  

6.20%, 12/15/34

    125       141,586  

6.40%, 12/15/35

    139       159,967  

6.65%, 11/15/37

    185       220,481  

7.75%, 12/01/45

    225       299,959  
   

 

 

 
      11,008,184  
Metal Fabricate & Hardware — 0.0%            

Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28)

    39       37,294  

Valmont Industries Inc.

   

5.00%, 10/01/44 (Call 04/01/44)

    104       95,257  

5.25%, 10/01/54 (Call 04/01/54)

    15       14,174  
   

 

 

 
      146,725  
Mining — 0.4%            

AngloGold Ashanti Holdings PLC,
3.75%, 10/01/30 (Call 07/01/30)

    7,025       6,000,123  

Kinross Gold Corp.

   

4.50%, 07/15/27 (Call 04/15/27)

    659       638,235  

5.95%, 03/15/24 (Call 12/15/23)

    225       228,805  
Security   Par
(000)
    Value  
Mining (continued)            

Newmont Corp.

   

2.60%, 07/15/32 (Call 04/15/32)(b)

  $      115     $             94,014  

2.80%, 10/01/29 (Call 07/01/29)

    355       309,904  

4.88%, 03/15/42 (Call 09/15/41)(b)

    275       261,330  

5.45%, 06/09/44 (Call 12/09/43)

    90       89,216  

6.25%, 10/01/39

    98       105,466  

Rio Tinto Finance USA Ltd., 5.20%, 11/02/40

    145       151,461  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)

    98       89,985  

4.75%, 03/22/42 (Call 09/22/41)

    55       54,653  
   

 

 

 
      8,023,192  
Office & Business Equipment — 0.0%            

CDW LLC/CDW Finance Corp.

   

3.25%, 02/15/29 (Call 08/15/23)

    15       13,045  

3.57%, 12/01/31 (Call 09/01/31)

    85       71,541  

4.25%, 04/01/28 (Call 10/03/22)

    5       4,621  
   

 

 

 
      89,207  
Oil & Gas — 0.8%            

BP Capital Markets America Inc.

   

2.72%, 01/12/32 (Call 10/12/31)

    140       122,048  

2.77%, 11/10/50 (Call 05/10/50)

    177       124,226  

2.94%, 06/04/51 (Call 12/04/50)(b)

    165       119,031  

3.00%, 02/24/50 (Call 08/24/49)

    210       153,575  

3.00%, 03/17/52 (Call 09/17/51)

    130       94,151  

3.02%, 01/16/27 (Call 10/16/26)

    20       19,137  

3.12%, 05/04/26 (Call 02/04/26)

    90       87,112  

3.38%, 02/08/61 (Call 08/08/60)

    55       41,199  

3.41%, 02/11/26 (Call 12/11/25)(b)

    22       21,593  

3.54%, 04/06/27 (Call 02/06/27)(b)

    75       73,104  

3.59%, 04/14/27 (Call 01/14/27)

    128       124,655  

3.63%, 04/06/30 (Call 01/06/30)

    171       162,530  

3.80%, 09/21/25 (Call 07/21/25)(b)

    70       69,840  

3.94%, 09/21/28 (Call 06/21/28)

    65       63,571  

4.23%, 11/06/28 (Call 08/06/28)

    123       121,675  

BP Capital Markets PLC

   

3.28%, 09/19/27 (Call 06/19/27)

    145       138,955  

3.72%, 11/28/28 (Call 08/28/28)

    60       58,153  

Burlington Resources LLC

   

5.95%, 10/15/36

    20       21,545  

7.20%, 08/15/31

    102       119,678  

7.40%, 12/01/31

    132       158,696  

Chevron Corp., 3.08%, 05/11/50 (Call 11/11/49)

    199       158,227  

Chevron USA Inc., 5.25%, 11/15/43 (Call 05/15/43)

    25       26,370  

CNOOC Finance 2014 ULC, 4.88%, 04/30/44

    200       187,134  

CNOOC Petroleum North America ULC, 6.40%, 05/15/37

    5       5,354  

ConocoPhillips

   

5.90%, 10/15/32

    182       201,288  

6.50%, 02/01/39

    15       17,599  

ConocoPhillips Co.

   

3.35%, 11/15/24 (Call 08/15/24)

    2       1,982  

3.76%, 03/15/42 (Call 09/15/41)(e)

    317       278,586  

3.80%, 03/15/52 (Call 09/15/51)

    25       21,566  

4.03%, 03/15/62 (Call 09/15/61)(e)

    525       447,568  

4.30%, 11/15/44 (Call 05/15/44)

    99       91,181  

6.95%, 04/15/29

    5       5,716  

Devon Energy Corp.

   

4.75%, 05/15/42 (Call 11/15/41)

    134       120,954  

5.00%, 06/15/45 (Call 12/15/44)(b)

    132       121,814  

5.60%, 07/15/41 (Call 01/15/41)(b)

    181       179,038  

 

 

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

  45


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas (continued)            

Diamondback Energy Inc.

   

3.50%, 12/01/29 (Call 09/01/29)(b)

  $      328     $           298,132  

4.25%, 03/15/52 (Call 09/15/51)

    40       33,062  

4.40%, 03/24/51 (Call 09/24/50)

    68       57,904  

Eni USA Inc., 7.30%, 11/15/27

    210       232,270  

EOG Resources Inc.

   

3.90%, 04/01/35 (Call 10/01/34)

    100       92,127  

4.38%, 04/15/30 (Call 01/15/30)

    128       128,351  

4.95%, 04/15/50 (Call 10/15/49)

    117       120,853  

EQT Corp.

   

3.90%, 10/01/27 (Call 07/01/27)

    30       28,429  

7.00%, 02/01/30 (Call 11/01/29)

    120       128,485  

Equinor ASA

   

2.38%, 05/22/30 (Call 02/22/30)

    435       381,947  

2.65%, 01/15/24

    426       419,687  

2.88%, 04/06/25 (Call 03/06/25)

    335       326,602  

3.00%, 04/06/27 (Call 02/06/27)

    225       215,329  

3.13%, 04/06/30 (Call 01/06/30)

    235       217,704  

3.25%, 11/10/24

    595       589,395  

3.25%, 11/18/49 (Call 05/18/49)

    140       111,982  

3.63%, 09/10/28 (Call 06/10/28)

    129       125,842  

3.70%, 03/01/24

    287       286,945  

3.70%, 04/06/50 (Call 10/06/49)

    205       177,983  

3.95%, 05/15/43

    182       164,541  

4.25%, 11/23/41

    122       115,034  

4.80%, 11/08/43

    145       146,699  

5.10%, 08/17/40

    200       207,390  

7.25%, 09/23/27

    85       96,263  

Exxon Mobil Corp.

   

2.28%, 08/16/26 (Call 06/16/26)

    69       65,170  

2.44%, 08/16/29 (Call 05/16/29)

    65       58,627  

2.61%, 10/15/30 (Call 07/15/30)

    84       75,319  

3.10%, 08/16/49 (Call 02/16/49)

    106       82,888  

3.29%, 03/19/27 (Call 01/19/27)

    60       58,811  

3.45%, 04/15/51 (Call 10/15/50)

    196       162,018  

3.48%, 03/19/30 (Call 12/19/29)

    219       209,791  

3.57%, 03/06/45 (Call 09/06/44)

    102       86,310  

4.11%, 03/01/46 (Call 09/01/45)

    194       178,717  

4.23%, 03/19/40 (Call 09/19/39)

    186       177,277  

4.33%, 03/19/50 (Call 09/19/49)

    297       283,195  

Hess Corp.

   

3.50%, 07/15/24 (Call 04/15/24)

    210       206,623  

4.30%, 04/01/27 (Call 01/01/27)

    330       322,153  

5.60%, 02/15/41

    179       172,368  

5.80%, 04/01/47 (Call 10/01/46)(b)

    177       176,414  

6.00%, 01/15/40

    177       180,559  

7.13%, 03/15/33

    85       94,426  

7.30%, 08/15/31

    183       204,343  

7.88%, 10/01/29

    80       91,386  

HF Sinclair Corp., 4.50%, 10/01/30 (Call 07/01/30)(e)

    85       76,367  

Marathon Oil Corp.

   

4.40%, 07/15/27 (Call 04/15/27)

    245       238,282  

6.60%, 10/01/37

    211       221,333  

6.80%, 03/15/32

    176       188,146  

Marathon Petroleum Corp.
3.80%, 04/01/28 (Call 01/01/28)

    30       28,326  

4.50%, 04/01/48 (Call 10/01/47)

    160       134,074  

4.70%, 05/01/25 (Call 04/01/25)

    141       141,919  

4.75%, 09/15/44 (Call 03/15/44)

    139       122,497  

5.00%, 09/15/54 (Call 03/15/54)

    86       76,425  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

5.13%, 12/15/26 (Call 09/15/26)

  $ 80     $ 82,217  

6.50%, 03/01/41 (Call 09/01/40)

         103                 110,558  

Ovintiv Inc.

   

6.50%, 08/15/34

    135       139,369  

6.50%, 02/01/38

    47       48,003  

6.63%, 08/15/37

    205       210,851  

7.20%, 11/01/31

    130       139,053  

7.38%, 11/01/31

    102       110,984  

8.13%, 09/15/30

    105       116,732  

Phillips 66

   

3.30%, 03/15/52 (Call 09/15/51)

    145       107,976  

3.85%, 04/09/25 (Call 03/09/25)

    172       170,510  

3.90%, 03/15/28 (Call 12/15/27)

    225       216,175  

4.65%, 11/15/34 (Call 05/15/34)

    124       119,377  

4.88%, 11/15/44 (Call 05/15/44)

    280       268,299  

5.88%, 05/01/42

    52       55,431  

Phillips 66 Co.

   

4.68%, 02/15/45 (Call 08/15/44)(e)

    2       1,818  

4.90%, 10/01/46 (Call 04/01/46)(e)

    25       23,508  

Shell International Finance BV, 3.25%, 04/06/50 (Call 10/06/49)

    500       397,240  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

    215       208,200  

2.83%, 01/10/30 (Call 10/10/29)

    150       135,970  

2.99%, 06/29/41 (Call 12/29/40)

    130       103,705  

3.13%, 05/29/50 (Call 11/29/49)

    223       172,928  

3.39%, 06/29/60 (Call 12/29/59)

    45       34,953  

3.46%, 02/19/29 (Call 11/19/28)

    60       57,430  

3.46%, 07/12/49 (Call 01/12/49)

    170       139,884  

3.70%, 01/15/24

    110       110,043  

TotalEnergies Capital SA, 3.88%, 10/11/28

    70       68,639  

Valero Energy Corp.

   

3.65%, 12/01/51 (Call 06/01/51)

    90       68,594  

4.00%, 04/01/29 (Call 01/01/29)

    140       134,074  

4.00%, 06/01/52 (Call 12/01/51)

    5       4,051  

4.35%, 06/01/28 (Call 03/01/28)

    77       75,637  

4.90%, 03/15/45

    61       56,146  

6.63%, 06/15/37

    308       333,946  

7.50%, 04/15/32

    96       111,170  
   

 

 

 
      16,709,042  
Oil & Gas Services — 0.1%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40

    401       387,819  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

   

2.06%, 12/15/26 (Call 11/15/26)

    70       63,750  

3.14%, 11/07/29 (Call 08/07/29)

    352       315,786  

3.34%, 12/15/27 (Call 09/15/27)

    631       591,783  

4.08%, 12/15/47 (Call 06/15/47)

    267       222,059  

Halliburton Co.

   

2.92%, 03/01/30 (Call 12/01/29)

    173       153,145  

3.80%, 11/15/25 (Call 08/15/25)

    54       53,426  

4.50%, 11/15/41 (Call 05/15/41)

    80       69,024  

4.75%, 08/01/43 (Call 02/01/43)

    85       75,457  

4.85%, 11/15/35 (Call 05/15/35)

    160       152,285  

5.00%, 11/15/45 (Call 05/15/45)

    119       108,379  

6.70%, 09/15/38

    118       128,005  

7.45%, 09/15/39

    114       132,387  

NOV Inc.

   

3.60%, 12/01/29 (Call 09/01/29)

    311       274,800  

3.95%, 12/01/42 (Call 06/01/42)

    147       106,528  

 

 

46  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas Services (continued)            

Schlumberger Investment SA

   

2.65%, 06/26/30 (Call 03/26/30)

  $      265     $           233,900  

3.65%, 12/01/23 (Call 09/01/23)

    25       24,988  
   

 

 

 
      3,093,521  
Packaging & Containers — 0.0%            

Amcor Finance USA Inc.

   

3.63%, 04/28/26 (Call 01/28/26)

    257       244,985  

4.50%, 05/15/28 (Call 02/15/28)

    131       126,414  

Amcor Flexibles North America Inc.

   

2.63%, 06/19/30 (Call 03/19/30)

    185       153,496  

4.00%, 05/17/25 (Call 04/17/25)

    100       98,074  

Packaging Corp. of America, 4.05%, 12/15/49 (Call 06/15/49)

    57       47,154  

WestRock MWV LLC, 8.20%, 01/15/30

    40       46,825  
   

 

 

 
      716,948  
Pharmaceuticals — 1.0%            

AbbVie Inc.

   

4.05%, 11/21/39 (Call 05/21/39)

    328       289,257  

4.25%, 11/14/28 (Call 08/14/28)

    240       236,018  

4.25%, 11/21/49 (Call 05/21/49)

    324       285,049  

4.30%, 05/14/36 (Call 11/14/35)

    263       245,474  

4.40%, 11/06/42

    232       209,712  

4.45%, 05/14/46 (Call 11/14/45)

    315       285,677  

4.50%, 05/14/35 (Call 11/14/34)

    370       352,151  

4.63%, 10/01/42 (Call 04/01/42)

    47       43,181  

4.70%, 05/14/45 (Call 11/14/44)

    398       372,106  

4.88%, 11/14/48 (Call 05/14/48)

    188       181,396  

AmerisourceBergen Corp.

   

3.45%, 12/15/27 (Call 09/15/27)

    130       124,132  

4.25%, 03/01/45 (Call 09/01/44)

    122       105,673  

4.30%, 12/15/47 (Call 06/15/47)

    169       152,311  

AstraZeneca PLC

   

3.13%, 06/12/27 (Call 03/12/27)

    225       217,087  

3.38%, 11/16/25

    467       458,622  

4.00%, 01/17/29 (Call 10/17/28)(b)

    284       283,406  

4.00%, 09/18/42

    289       265,539  

4.38%, 11/16/45

    255       245,759  

4.38%, 08/17/48 (Call 02/17/48)

    69       66,769  

6.45%, 09/15/37

    365       429,890  

Becton Dickinson and Co.

   

3.70%, 06/06/27 (Call 03/06/27)

    632       613,116  

3.79%, 05/20/50 (Call 11/20/49)

    49       40,611  

4.67%, 06/06/47 (Call 12/06/46)

    117       111,483  

4.69%, 12/15/44 (Call 06/15/44)(b)

    83       78,696  

Bristol-Myers Squibb Co.

   

2.95%, 03/15/32 (Call 12/15/31)

    10       9,071  

3.25%, 08/01/42

    48       39,167  

3.55%, 03/15/42 (Call 09/15/41)

    10       8,600  

3.70%, 03/15/52 (Call 09/15/51)

    50       42,380  

3.90%, 03/15/62 (Call 09/15/61)

    90       75,681  

4.25%, 10/26/49 (Call 04/26/49)

    268       248,152  

4.35%, 11/15/47 (Call 05/15/47)

    158       148,809  

4.55%, 02/20/48 (Call 08/20/47)

    155       150,359  

5.00%, 08/15/45 (Call 02/15/45)

    75       76,850  

Cardinal Health Inc.

   

3.41%, 06/15/27 (Call 03/15/27)

    495       476,838  

3.75%, 09/15/25 (Call 06/15/25)

    407       403,447  

4.37%, 06/15/47 (Call 12/15/46)

    197       167,243  

4.50%, 11/15/44 (Call 05/15/44)

    111       94,329  
Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

4.60%, 03/15/43

  $      161     $           140,350  

4.90%, 09/15/45 (Call 03/15/45)

    180       162,792  

Cigna Corp.

   

2.40%, 03/15/30 (Call 12/15/29)

    201       172,265  

3.20%, 03/15/40 (Call 09/15/39)

    45       35,421  

3.40%, 03/15/50 (Call 09/15/49)

    274       206,215  

3.88%, 10/15/47 (Call 04/15/47)

    176       142,004  

4.13%, 11/15/25 (Call 09/15/25)

    291       289,047  

4.38%, 10/15/28 (Call 07/15/28)

    486       478,924  

4.80%, 08/15/38 (Call 02/15/38)

    288       277,888  

4.80%, 07/15/46 (Call 01/16/46)

    165       153,943  

4.90%, 12/15/48 (Call 06/15/48)

    220       209,361  

6.13%, 11/15/41

    134       145,304  

CVS Health Corp.

   

3.25%, 08/15/29 (Call 05/15/29)

    312       285,555  

3.63%, 04/01/27 (Call 02/01/27)

    195       189,727  

3.75%, 04/01/30 (Call 01/01/30)

    223       209,228  

4.13%, 04/01/40 (Call 10/01/39)

    111       96,936  

4.25%, 04/01/50 (Call 10/01/49)

    203       174,416  

4.30%, 03/25/28 (Call 12/25/27)

    478       472,742  

4.78%, 03/25/38 (Call 09/25/37)

    542       518,954  

4.88%, 07/20/35 (Call 01/20/35)

    307       299,218  

5.05%, 03/25/48 (Call 09/25/47)

    606       583,287  

5.13%, 07/20/45 (Call 01/20/45)

    310       296,782  

5.30%, 12/05/43 (Call 06/05/43)

    275       273,235  

6.13%, 09/15/39

    70       75,052  

6.25%, 06/01/27

    10       10,808  

Eli Lilly & Co.

   

3.10%, 05/15/27 (Call 02/15/27)

    260       252,941  

3.38%, 03/15/29 (Call 12/15/28)

    300       290,751  

3.70%, 03/01/45 (Call 09/01/44)

    130       116,407  

3.95%, 05/15/47 (Call 11/15/46)

    150       141,857  

3.95%, 03/15/49 (Call 09/15/48)(b)

    15       14,404  

5.50%, 03/15/27

    115       123,133  

5.55%, 03/15/37

    105       119,561  

GlaxoSmithKline Capital Inc.
3.63%, 05/15/25

    220       218,946  

3.88%, 05/15/28

    104       102,130  

4.20%, 03/18/43

    90       82,429  

6.38%, 05/15/38

    136       159,559  

GlaxoSmithKline Capital PLC

   

3.00%, 06/01/24 (Call 05/01/24)

    316       312,717  

3.38%, 06/01/29 (Call 03/01/29)

    149       141,784  

Johnson & Johnson

   

3.40%, 01/15/38 (Call 07/15/37)

    86       77,071  

3.50%, 01/15/48 (Call 07/15/47)

    87       76,357  

3.55%, 03/01/36 (Call 09/01/35)

    94       87,554  

3.63%, 03/03/37 (Call 09/03/36)

    140       130,015  

3.70%, 03/01/46 (Call 09/01/45)

    135       120,589  

3.75%, 03/03/47 (Call 09/03/46)

    85       76,475  

4.50%, 12/05/43 (Call 06/05/43)

    128       128,512  

4.85%, 05/15/41

    57       59,082  

5.85%, 07/15/38

    60       69,329  

5.95%, 08/15/37

    52       60,762  

6.95%, 09/01/29

    20       24,052  

Mead Johnson Nutrition Co.

   

4.13%, 11/15/25 (Call 08/15/25)

    530       531,431  

4.60%, 06/01/44 (Call 12/01/43)

    42       40,516  

5.90%, 11/01/39

    108       118,948  

 

 

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

  47


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

Merck & Co. Inc.

   

1.70%, 06/10/27 (Call 05/10/27)

  $ 70     $ 63,589  

1.90%, 12/10/28 (Call 10/10/28)

    80       70,721  

2.15%, 12/10/31 (Call 09/10/31)

    65       55,340  

2.45%, 06/24/50 (Call 12/24/49)

    110       76,163  

2.75%, 12/10/51 (Call 06/10/51)

    80       57,915  

2.90%, 12/10/61 (Call 06/10/61)

         160                 111,197  

3.40%, 03/07/29 (Call 12/07/28)

    240       231,214  

3.60%, 09/15/42 (Call 03/15/42)

    15       12,971  

3.70%, 02/10/45 (Call 08/10/44)

    245       212,141  

3.90%, 03/07/39 (Call 09/07/38)

    140       129,227  

4.00%, 03/07/49 (Call 09/07/48)

    121       109,695  

4.15%, 05/18/43

    125       116,735  

6.50%, 12/01/33

    86       102,062  

6.55%, 09/15/37

    17       20,325  

Merck Sharp & Dohme Corp.

   

5.75%, 11/15/36

    67       75,549  

5.95%, 12/01/28

    15       16,355  

Mylan Inc., 5.20%, 04/15/48 (Call 10/15/47)

    68       52,602  

Novartis Capital Corp., 4.00%, 11/20/45 (Call 05/20/45)

    5       4,622  

Pfizer Inc.

   

4.00%, 03/15/49 (Call 09/15/48)

    5       4,696  

4.20%, 09/15/48 (Call 03/15/48)

    190       183,551  

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

    303       289,553  

Takeda Pharmaceutical Co. Ltd.

   

3.18%, 07/09/50 (Call 01/09/50)

    55       40,469  

3.38%, 07/09/60 (Call 01/09/60)

    85       61,799  

5.00%, 11/26/28 (Call 08/26/28)

    345       349,426  

Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45)

    155       122,300  

Viatris Inc., 4.00%, 06/22/50 (Call 12/22/49)

    222       143,587  

Zoetis Inc.

   

3.00%, 09/12/27 (Call 06/12/27)

    665       629,336  

3.90%, 08/20/28 (Call 05/20/28)

    206       200,708  

3.95%, 09/12/47 (Call 03/12/47)

    235       203,578  

4.45%, 08/20/48 (Call 02/20/48)

    196       182,880  

4.50%, 11/13/25 (Call 08/13/25)

    852       862,275  

4.70%, 02/01/43 (Call 08/01/42)

    355       337,995  
   

 

 

 
      22,341,383  
Pipelines — 0.6%            

Boardwalk Pipelines LP

   

3.40%, 02/15/31 (Call 11/15/30)

    104       88,317  

4.45%, 07/15/27 (Call 04/15/27)

    25       24,005  

4.80%, 05/03/29 (Call 02/03/29)(b)

    279       268,141  

5.95%, 06/01/26 (Call 03/01/26)

    61       63,051  

Cheniere Corpus Christi Holdings LLC

   

3.70%, 11/15/29 (Call 05/18/29)

    267       245,798  

5.13%, 06/30/27 (Call 01/01/27)

    147       146,852  

5.88%, 03/31/25 (Call 10/02/24)

    205       209,149  

Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)

    85       86,915  

Enbridge Energy Partners LP, 7.38%, 10/15/45 (Call 04/15/45)

    65       77,417  

Enbridge Inc.

   

2.50%, 01/15/25 (Call 12/15/24)

    87       83,367  

3.13%, 11/15/29 (Call 08/15/29)

    100       90,475  

3.40%, 08/01/51 (Call 02/01/51)

    10       7,506  

3.70%, 07/15/27 (Call 04/15/27)

    104       99,553  

4.00%, 11/15/49 (Call 05/15/49)

    180       148,664  
Security   Par
(000)
    Value  
Pipelines (continued)            

4.25%, 12/01/26 (Call 09/01/26)

  $      105     $           103,461  

4.50%, 06/10/44 (Call 12/10/43)

    80       70,150  

5.50%, 12/01/46 (Call 06/01/46)

    75       76,708  

Energy Transfer LP

   

4.15%, 09/15/29 (Call 06/15/29)

    120       110,180  

4.40%, 03/15/27 (Call 12/15/26)

    190       184,045  

4.95%, 05/15/28 (Call 02/15/28)

    156       152,303  

5.00%, 05/15/44 (Call 11/15/43)

    56       47,809  

6.63%, 10/15/36

    300       304,062  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    112       98,612  

3.13%, 07/31/29 (Call 04/30/29)

    75       68,036  

3.70%, 01/31/51 (Call 07/31/50)

    110       86,328  

3.95%, 01/31/60 (Call 07/31/59)

    46       35,894  

4.15%, 10/16/28 (Call 07/16/28)

    40       39,244  

4.20%, 01/31/50 (Call 07/31/49)

    66       55,882  

4.25%, 02/15/48 (Call 08/15/47)

    157       134,436  

4.45%, 02/15/43 (Call 08/15/42)

    43       38,175  

4.80%, 02/01/49 (Call 08/01/48)

    71       65,327  

4.85%, 08/15/42 (Call 02/15/42)

    92       86,442  

4.85%, 03/15/44 (Call 09/15/43)

    50       46,559  

4.90%, 05/15/46 (Call 11/15/45)

    143       133,440  

4.95%, 10/15/54 (Call 04/15/54)

    54       49,212  

5.10%, 02/15/45 (Call 08/15/44)

    179       171,097  

5.38%, 02/15/78 (Call 02/15/28), (3 mo. LIBOR US + 2.570%)(a)

    115       95,012  

5.70%, 02/15/42

    103       105,032  

5.95%, 02/01/41

    103       107,883  

6.13%, 10/15/39

    55       58,502  

6.45%, 09/01/40

    64       69,771  

7.55%, 04/15/38

    29       34,033  

Series D, 6.88%, 03/01/33

    35       39,783  

Series E, 5.25%, 08/16/77 (Call 08/16/27), (3 mo. LIBOR US + 3.033%)(a)

    20       17,485  

Series H, 6.65%, 10/15/34

    20       22,180  

Kinder Morgan Energy Partners LP

   

4.70%, 11/01/42 (Call 05/01/42)

    38       32,498  

5.00%, 08/15/42 (Call 02/15/42)

    15       13,456  

5.00%, 03/01/43 (Call 09/01/42)

    30       26,861  

5.40%, 09/01/44 (Call 03/01/44)

    104       96,251  

5.50%, 03/01/44 (Call 09/01/43)

    111       103,949  

5.63%, 09/01/41

    25       23,319  

5.80%, 03/15/35

    45       45,148  

6.38%, 03/01/41

    94       94,858  

6.50%, 02/01/37

    72       75,389  

6.50%, 09/01/39

    88       90,647  

6.55%, 09/15/40

    54       55,834  

6.95%, 01/15/38

    220       238,095  

7.30%, 08/15/33

    72       79,861  

7.40%, 03/15/31

    15       16,509  

7.50%, 11/15/40

    31       34,722  

7.75%, 03/15/32

    65       73,797  

Kinder Morgan Inc.

   

3.25%, 08/01/50 (Call 02/01/50)

    112       77,872  

3.60%, 02/15/51 (Call 08/15/50)

    25       18,615  

4.30%, 03/01/28 (Call 12/01/27)

    87       85,022  

4.80%, 02/01/33 (Call 11/01/32)

    100       96,485  

5.05%, 02/15/46 (Call 08/15/45)

    15       13,625  

5.20%, 03/01/48 (Call 09/01/47)

    169       156,986  

5.30%, 12/01/34 (Call 06/01/34)

    145       141,826  

 

 

48  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pipelines (continued)            

5.45%, 08/01/52 (Call 02/01/52)

  $      100     $ 97,148  

5.55%, 06/01/45 (Call 12/01/44)

    136                 132,214  

7.75%, 01/15/32

    72       83,545  

7.80%, 08/01/31

    15       17,281  

Magellan Midstream Partners LP

   

3.95%, 03/01/50 (Call 09/01/49)

    155       121,726  

4.20%, 10/03/47 (Call 04/03/47)

    100       81,453  

4.25%, 09/15/46 (Call 03/15/46)

    55       45,348  

4.85%, 02/01/49 (Call 08/01/48)

    59       52,360  

5.15%, 10/15/43 (Call 04/15/43)

    57       52,348  

MPLX LP

   

4.00%, 03/15/28 (Call 12/15/27)

    59       56,462  

4.25%, 12/01/27 (Call 09/01/27)

    145       140,403  

4.50%, 04/15/38 (Call 10/15/37)

    96       84,895  

4.70%, 04/15/48 (Call 10/15/47)

    228       194,792  

4.80%, 02/15/29 (Call 11/15/28)

    188       183,941  

4.90%, 04/15/58 (Call 10/15/57)

    72       60,234  

4.95%, 09/01/32

    100       96,890  

4.95%, 03/14/52 (Call 09/14/51)

    100       88,065  

5.20%, 03/01/47 (Call 09/01/46)

    82       74,412  

5.50%, 02/15/49 (Call 08/15/48)

    201       191,372  

Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)

    27       26,016  

ONEOK Inc.

   

2.20%, 09/15/25 (Call 08/15/25)

    109       101,740  

2.75%, 09/01/24 (Call 08/01/24)

    90       87,034  

3.10%, 03/15/30 (Call 12/15/29)

    145       125,219  

3.40%, 09/01/29 (Call 06/01/29)

    30       26,555  

4.00%, 07/13/27 (Call 04/13/27)

    134       128,144  

4.35%, 03/15/29 (Call 12/15/28)

    105       99,148  

4.45%, 09/01/49 (Call 03/01/49)

    155       123,550  

4.50%, 03/15/50 (Call 09/15/49)

    83       66,774  

4.55%, 07/15/28 (Call 04/15/28)

    208       201,727  

4.95%, 07/13/47 (Call 01/06/47)

    197       169,865  

5.20%, 07/15/48 (Call 01/15/48)

    70       62,882  

6.00%, 06/15/35

    105       102,480  

6.35%, 01/15/31 (Call 10/15/30)

    45       47,040  

7.15%, 01/15/51 (Call 07/15/50)

    137       146,220  

ONEOK Partners LP

   

4.90%, 03/15/25 (Call 12/15/24)

    180       180,086  

6.13%, 02/01/41 (Call 08/01/40)

    91       87,917  

6.20%, 09/15/43 (Call 03/15/43)

    131       124,370  

6.65%, 10/01/36

    40       40,878  

6.85%, 10/15/37

    35       36,417  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)

    22       19,287  

4.30%, 01/31/43 (Call 07/31/42)

    122       91,473  

4.70%, 06/15/44 (Call 12/15/43)

    77       60,832  

4.90%, 02/15/45 (Call 08/15/44)

    66       53,647  

5.15%, 06/01/42 (Call 12/01/41)

    70       58,555  

6.65%, 01/15/37

    47       47,135  

Sabine Pass Liquefaction LLC

   

4.20%, 03/15/28 (Call 09/15/27)

    152       144,984  

4.50%, 05/15/30 (Call 11/15/29)

    126       120,634  

5.00%, 03/15/27 (Call 09/15/26)

    192       191,411  

Spectra Energy Partners LP
3.38%, 10/15/26 (Call 07/15/26)

    95       90,462  

3.50%, 03/15/25 (Call 12/15/24)

    60       58,685  

4.50%, 03/15/45 (Call 09/15/44)

    99       86,323  

5.95%, 09/25/43 (Call 03/25/43)

    27       27,893  

TC PipeLines LP, 3.90%, 05/25/27 (Call 02/25/27)

    100       97,059  
Security   Par
(000)
    Value  
Pipelines (continued)            

Tennessee Gas Pipeline Co. LLC

   

7.00%, 03/15/27

  $ 60     $ 64,049  

7.00%, 10/15/28

    5       5,385  

7.63%, 04/01/37

    10       11,192  

Texas Eastern Transmission LP, 7.00%, 07/15/32

         132                 147,778  

TransCanada PipeLines Ltd.

   

4.10%, 04/15/30 (Call 01/15/30)

    84       79,822  

4.25%, 05/15/28 (Call 02/15/28)

    155       151,227  

4.63%, 03/01/34 (Call 12/01/33)

    52       49,712  

4.75%, 05/15/38 (Call 11/15/37)

    20       18,942  

4.88%, 05/15/48 (Call 11/15/47)

    79       75,704  

5.10%, 03/15/49 (Call 09/15/48)

    119       118,100  

5.60%, 03/31/34

    17       17,133  

5.85%, 03/15/36

    70       72,231  

6.10%, 06/01/40

    55       58,475  

6.20%, 10/15/37

    99       106,302  

7.25%, 08/15/38

    84       99,247  

7.63%, 01/15/39(b)

    189       230,548  

Transcontinental Gas Pipe Line Co. LLC

   

3.95%, 05/15/50 (Call 11/15/49)

    105       87,171  

4.00%, 03/15/28 (Call 12/15/27)

    15       14,415  

4.45%, 08/01/42 (Call 02/01/42)

    7       6,296  

4.60%, 03/15/48 (Call 09/15/47)

    102       92,351  

5.40%, 08/15/41 (Call 02/15/41)

    23       22,844  

Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)

    155       153,111  

Williams Companies Inc. (The)

   

3.75%, 06/15/27 (Call 03/15/27)

    107       103,315  

4.85%, 03/01/48 (Call 09/01/47)

    80       72,482  

4.90%, 01/15/45 (Call 07/15/44)

    97       87,031  

5.10%, 09/15/45 (Call 03/15/45)

    241       225,566  

5.40%, 03/04/44 (Call 09/04/43)

    53       50,547  

5.75%, 06/24/44 (Call 12/24/43)

    40       40,172  

5.80%, 11/15/43 (Call 05/15/43)

    26       25,777  

6.30%, 04/15/40

    150       159,930  

8.75%, 03/15/32

    78       96,307  

Series A, 7.50%, 01/15/31

    7       7,939  

Williams Cos. Inc., 4.65%, 08/15/32

    25       24,109  
   

 

 

 
      13,600,459  
Real Estate — 0.0%            

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)

    145       143,669  

CBRE Services Inc.
2.50%, 04/01/31 (Call 01/01/31)

    265       212,419  

4.88%, 03/01/26 (Call 12/01/25)

    613       616,874  
   

 

 

 
      972,962  
Real Estate Investment Trusts — 0.8%            

Alexandria Real Estate Equities Inc.

   

2.75%, 12/15/29 (Call 09/15/29)

    55       47,986  

3.38%, 08/15/31 (Call 05/15/31)

    42       37,389  

3.95%, 01/15/27 (Call 10/15/26)

    48       46,890  

3.95%, 01/15/28 (Call 10/15/27)

    15       14,439  

4.00%, 02/01/50 (Call 08/01/49)

    105       86,588  

4.50%, 07/30/29 (Call 04/30/29)

    95       92,313  

4.70%, 07/01/30 (Call 04/01/30)

    142       139,674  

4.85%, 04/15/49 (Call 10/15/48)

    42       38,908  

4.90%, 12/15/30 (Call 09/15/30)

    114       113,358  

 

 

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

  49


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

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

American Homes 4 Rent LP

   

4.25%, 02/15/28 (Call 11/15/27)

  $ 24     $ 23,178  

4.90%, 02/15/29 (Call 11/15/28)

    43       41,986  

American Tower Corp.

   

1.88%, 10/15/30 (Call 07/15/30)

    5       3,945  

2.10%, 06/15/30 (Call 03/15/30)

    65       52,524  

2.40%, 03/15/25 (Call 02/15/25)

         452                 428,496  

2.70%, 04/15/31 (Call 01/15/31)

    45       37,336  

2.75%, 01/15/27 (Call 11/15/26)

    210       192,413  

2.90%, 01/15/30 (Call 10/15/29)

    95       81,872  

2.95%, 01/15/25 (Call 12/15/24)

    205       196,931  

2.95%, 01/15/51 (Call 07/15/50)

    200       134,650  

3.10%, 06/15/50 (Call 12/15/49)

    224       155,870  

3.13%, 01/15/27 (Call 10/15/26)

    75       69,887  

3.38%, 05/15/24 (Call 04/15/24)

    180       177,782  

3.38%, 10/15/26 (Call 07/15/26)

    230       217,315  

3.55%, 07/15/27 (Call 04/15/27)

    140       132,248  

3.60%, 01/15/28 (Call 10/15/27)

    245       227,953  

3.70%, 10/15/49 (Call 04/15/49)

    82       62,304  

3.80%, 08/15/29 (Call 05/15/29)

    290       267,380  

3.95%, 03/15/29 (Call 12/15/28)

    141       132,159  

4.00%, 06/01/25 (Call 03/01/25)

    437       429,859  

4.40%, 02/15/26 (Call 11/15/25)

    260       257,756  

5.00%, 02/15/24

    315       318,226  

AvalonBay Communities Inc.

   

2.30%, 03/01/30 (Call 12/01/29)

    27       23,479  

3.30%, 06/01/29 (Call 03/01/29)

    47       43,614  

3.90%, 10/15/46 (Call 04/15/46)

    29       24,715  

4.35%, 04/15/48 (Call 10/18/47)

    77       69,960  

Boston Properties LP

   

2.55%, 04/01/32 (Call 01/01/32)(b)

    5       3,977  

2.75%, 10/01/26 (Call 07/01/26)

    180       166,966  

2.90%, 03/15/30 (Call 12/15/29)

    70       59,593  

3.20%, 01/15/25 (Call 10/15/24)

    260       253,497  

3.25%, 01/30/31 (Call 10/30/30)

    94       80,908  

3.40%, 06/21/29 (Call 03/21/29)

    141       126,151  

3.65%, 02/01/26 (Call 11/03/25)

    367       356,640  

4.50%, 12/01/28 (Call 09/01/28)

    35       34,049  

Brandywine Operating Partnership LP

   

3.95%, 11/15/27 (Call 08/15/27)

    175       161,455  

4.55%, 10/01/29 (Call 07/01/29)

    40       37,562  

Brixmor Operating Partnership LP

   

3.85%, 02/01/25 (Call 11/01/24)

    10       9,738  

3.90%, 03/15/27 (Call 12/15/26)

    60       56,681  

4.05%, 07/01/30 (Call 04/01/30)

    179       159,263  

4.13%, 06/15/26 (Call 03/15/26)

    35       33,846  

4.13%, 05/15/29 (Call 02/15/29)

    10       9,108  

Camden Property Trust

   

2.80%, 05/15/30 (Call 02/15/30)

    45       39,856  

3.15%, 07/01/29 (Call 04/01/29)

    55       50,314  

3.35%, 11/01/49 (Call 05/01/49)

    30       23,282  

4.10%, 10/15/28 (Call 07/15/28)

    15       14,649  

Crown Castle Inc.

   

2.25%, 01/15/31 (Call 10/15/30)

    30       24,307  

3.25%, 01/15/51 (Call 07/15/50)

    18       12,796  

3.30%, 07/01/30 (Call 04/01/30)

    175       155,377  

3.65%, 09/01/27 (Call 06/01/27)

    165       156,894  

3.70%, 06/15/26 (Call 03/15/26)

    160       154,982  

3.80%, 02/15/28 (Call 11/15/27)

    92       86,859  

4.00%, 03/01/27 (Call 12/01/26)

    80       77,758  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

4.45%, 02/15/26 (Call 11/15/25)

  $      259     $           257,718  

4.75%, 05/15/47 (Call 11/15/46)

    144       129,568  

Crown Castle International Corp.

   

2.50%, 07/15/31 (Call 04/15/31)

    25       20,538  

3.10%, 11/15/29 (Call 08/15/29)

    105       92,775  

4.00%, 11/15/49 (Call 05/15/49)

    145       116,190  

4.15%, 07/01/50 (Call 01/01/50)

    10       8,300  

4.30%, 02/15/29 (Call 11/15/28)

    115       110,481  

5.20%, 02/15/49 (Call 08/15/48)

    211       199,815  

CubeSmart LP

   

3.00%, 02/15/30 (Call 11/15/29)

    30       26,208  

4.38%, 02/15/29 (Call 11/15/28)

    5       4,812  

Digital Realty Trust LP

   

3.60%, 07/01/29 (Call 04/01/29)

    124       114,187  

3.70%, 08/15/27 (Call 05/15/27)

    59       56,327  

4.45%, 07/15/28 (Call 04/15/28)

    197       192,640  

Duke Realty LP

   

2.88%, 11/15/29 (Call 08/15/29)

    30       26,768  

3.05%, 03/01/50 (Call 09/01/49)

    66       49,269  

3.25%, 06/30/26 (Call 03/30/26)

    27       25,829  

3.38%, 12/15/27 (Call 09/15/27)

    10       9,443  

4.00%, 09/15/28 (Call 06/15/28)

    20       19,379  

Equinix Inc.

   

2.15%, 07/15/30 (Call 04/15/30)

    285       232,500  

2.50%, 05/15/31 (Call 02/15/31)

    5       4,110  

2.63%, 11/18/24 (Call 10/18/24)

    410       395,039  

2.90%, 11/18/26 (Call 09/18/26)

    245       228,732  

2.95%, 09/15/51 (Call 03/15/51)

    60       40,495  

3.00%, 07/15/50 (Call 01/15/50)

    227       155,672  

3.20%, 11/18/29 (Call 08/18/29)(b)

    413       369,870  

3.40%, 02/15/52 (Call 08/15/51)

    65       47,689  

ERP Operating LP

   

1.85%, 08/01/31 (Call 05/01/31)

    65       52,646  

2.50%, 02/15/30 (Call 11/15/29)

    79       68,761  

2.85%, 11/01/26 (Call 08/01/26)

    12       11,395  

3.00%, 07/01/29 (Call 04/01/29)

    57       51,608  

3.25%, 08/01/27 (Call 05/01/27)

    10       9,419  

3.50%, 03/01/28 (Call 12/01/27)

    34       32,040  

4.00%, 08/01/47 (Call 02/01/47)

    5       4,311  

4.15%, 12/01/28 (Call 09/01/28)

    5       4,830  

4.50%, 07/01/44 (Call 01/01/44)

    45       41,973  

4.50%, 06/01/45 (Call 12/01/44)

    36       33,060  

Essex Portfolio LP

   

3.00%, 01/15/30 (Call 10/15/29)

    30       26,241  

4.00%, 03/01/29 (Call 12/01/28)

    55       51,928  

4.50%, 03/15/48 (Call 09/15/47)

    15       13,235  

Federal Realty Investment Trust, 3.20%, 06/15/29 (Call 03/15/29)

    9       8,040  

Federal Realty OP LP

   

3.25%, 07/15/27 (Call 04/15/27)

    5       4,711  

4.50%, 12/01/44 (Call 06/01/44)

    25       21,912  

GLP Capital LP/GLP Financing II Inc.

   

4.00%, 01/15/30 (Call 10/15/29)

    229       200,721  

5.30%, 01/15/29 (Call 10/15/28)

    57       55,230  

5.75%, 06/01/28 (Call 03/03/28)

    112       111,063  

Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)

    15       12,898  

Healthpeak Properties Inc.

   

3.00%, 01/15/30 (Call 10/15/29)

    274       242,432  

3.25%, 07/15/26 (Call 05/15/26)

    205       196,810  

 

 

50  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

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

3.40%, 02/01/25 (Call 11/01/24)

  $ 15     $ 14,662  

3.50%, 07/15/29 (Call 04/15/29)

         156                 143,642  

4.00%, 06/01/25 (Call 03/01/25)

    22       21,743  

6.75%, 02/01/41 (Call 08/01/40)

    115       127,772  

Highwoods Realty LP, 3.05%, 02/15/30 (Call 11/15/29)

    10       8,523  

Host Hotels & Resorts LP

   

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

    100       97,766  

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

    25       21,312  

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

    95       80,304  

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

    80       62,310  

Hudson Pacific Properties LP

   

3.25%, 01/15/30 (Call 10/15/29)

    20       16,921  

3.95%, 11/01/27 (Call 08/01/27)

    25       23,434  

4.65%, 04/01/29 (Call 01/01/29)

    40       37,590  

Kilroy Realty LP

   

2.50%, 11/15/32 (Call 08/15/32)

    35       27,121  

3.05%, 02/15/30 (Call 11/15/29)

    74       62,642  

3.45%, 12/15/24 (Call 09/15/24)

    45       43,980  

4.25%, 08/15/29 (Call 05/15/29)

    190       176,558  

4.38%, 10/01/25 (Call 07/01/25)

    55       54,197  

4.75%, 12/15/28 (Call 09/15/28)

    100       96,133  

Kimco Realty Corp.

   

2.80%, 10/01/26 (Call 07/01/26)

    15       14,072  

3.70%, 10/01/49 (Call 04/01/49)

    52       39,926  

3.80%, 04/01/27 (Call 01/01/27)

    25       23,988  

4.13%, 12/01/46 (Call 06/01/46)

    132       108,649  

4.25%, 04/01/45 (Call 10/01/44)

    50       41,350  

4.45%, 09/01/47 (Call 03/01/47)

    85       73,505  

4.60%, 02/01/33

    130       125,701  

Life Storage LP

   

3.88%, 12/15/27 (Call 09/15/27)

    10       9,443  

4.00%, 06/15/29 (Call 03/15/29)

    35       32,581  

Mid-America Apartments LP

   

2.75%, 03/15/30 (Call 12/15/29)

    12       10,435  

3.95%, 03/15/29 (Call 12/15/28)

    22       20,984  

4.20%, 06/15/28 (Call 03/15/28)

    2       1,948  

National Retail Properties Inc.

   

2.50%, 04/15/30 (Call 01/15/30)

    10       8,447  

3.10%, 04/15/50 (Call 10/15/49)

    10       6,796  

4.30%, 10/15/28 (Call 07/15/28)

    10       9,561  

Omega Healthcare Investors Inc., 3.63%, 10/01/29 (Call 07/01/29)

    87       74,240  

Physicians Realty LP, 3.95%, 01/15/28 (Call 10/15/27)

    5       4,718  

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

    75       61,810  

Prologis LP

   

2.13%, 04/15/27 (Call 02/15/27)

    200       184,230  

2.25%, 04/15/30 (Call 01/15/30)

    194       168,171  

3.00%, 04/15/50 (Call 10/15/49)

    101       75,659  

3.25%, 10/01/26 (Call 07/01/26)

    22       21,163  

3.88%, 09/15/28 (Call 06/15/28)

    110       106,611  

4.38%, 02/01/29 (Call 11/01/28)

    35       34,572  

4.38%, 09/15/48 (Call 03/15/48)

    110       102,777  

Realty Income Corp.

   

3.25%, 06/15/29 (Call 03/15/29)

    10       9,214  

3.65%, 01/15/28 (Call 10/15/27)

    102       97,788  

4.65%, 03/15/47 (Call 09/15/46)

    83       79,772  

Regency Centers LP

   

2.95%, 09/15/29 (Call 06/15/29)

    95       82,809  

3.60%, 02/01/27 (Call 11/01/26)

    55       52,634  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

4.13%, 03/15/28 (Call 12/15/27)

  $ 62     $ 59,671  

4.40%, 02/01/47 (Call 08/01/46)

    60       51,824  

4.65%, 03/15/49 (Call 09/15/48)

    70       62,328  

Sabra Health Care LP

   

3.20%, 12/01/31 (Call 09/01/31)

    75       59,578  

3.90%, 10/15/29 (Call 07/15/29)

    100       87,850  

Simon Property Group LP

   

2.45%, 09/13/29 (Call 06/13/29)

    70       60,361  

3.25%, 09/13/49 (Call 03/13/49)

         210                 152,611  

3.38%, 06/15/27 (Call 03/15/27)

    10       9,551  

3.38%, 12/01/27 (Call 09/01/27)

    65       61,453  

3.80%, 07/15/50 (Call 01/15/50)

    104       84,013  

4.25%, 10/01/44 (Call 04/01/44)

    50       43,144  

4.25%, 11/30/46 (Call 05/30/46)

    27       23,567  

6.75%, 02/01/40 (Call 11/01/39)

    14       15,817  

SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)

    137       132,209  

Spirit Realty LP, 3.40%, 01/15/30 (Call 10/15/29)

    60       51,680  

STORE Capital Corp., 4.63%, 03/15/29 (Call 12/15/28)

    59       57,127  

Tanger Properties LP, 3.88%, 07/15/27 (Call 04/15/27)

    25       23,057  

UDR Inc.

   

3.00%, 08/15/31 (Call 05/15/31)

    95       81,078  

3.10%, 11/01/34 (Call 08/01/34)

    25       20,445  

3.20%, 01/15/30 (Call 10/15/29)

    35       30,960  

3.50%, 01/15/28 (Call 10/15/27)

    30       27,870  

4.40%, 01/26/29 (Call 10/26/28)

    30       28,915  

Ventas Realty LP

   

2.65%, 01/15/25 (Call 12/15/24)

    55       52,644  

3.00%, 01/15/30 (Call 10/15/29)

    55       47,926  

3.25%, 10/15/26 (Call 07/15/26)

    40       37,758  

3.50%, 02/01/25 (Call 11/01/24)

    55       53,635  

3.85%, 04/01/27 (Call 01/01/27)

    70       67,150  

4.00%, 03/01/28 (Call 12/01/27)

    35       33,348  

4.13%, 01/15/26 (Call 10/15/25)

    105       102,948  

4.38%, 02/01/45 (Call 08/01/44)

    46       38,765  

4.40%, 01/15/29 (Call 10/15/28)

    97       93,500  

4.75%, 11/15/30 (Call 08/15/30)

    45       43,621  

4.88%, 04/15/49 (Call 10/15/48)

    154       142,498  

5.70%, 09/30/43 (Call 03/30/43)

    88       88,216  

VICI Properties LP

   

5.13%, 05/15/32 (Call 02/15/32)

    10       9,530  

5.63%, 05/15/52 (Call 11/15/51)

    15       13,885  

Welltower Inc.

   

2.70%, 02/15/27 (Call 12/15/26)(b)

    190       176,312  

2.75%, 01/15/32 (Call 10/15/31)

    10       8,273  

2.80%, 06/01/31 (Call 03/01/31)

    55       46,482  

3.10%, 01/15/30 (Call 10/15/29)

    105       92,435  

3.63%, 03/15/24 (Call 02/15/24)

    240       237,917  

4.00%, 06/01/25 (Call 03/01/25)

    170       167,984  

4.13%, 03/15/29 (Call 12/15/28)

    65       61,727  

4.25%, 04/01/26 (Call 01/01/26)

    286       283,274  

4.25%, 04/15/28 (Call 01/15/28)

    84       81,716  

4.95%, 09/01/48 (Call 03/01/48)

    28       26,372  

6.50%, 03/15/41 (Call 09/15/40)

    110       120,266  

Weyerhaeuser Co.

   

3.38%, 03/09/33 (Call 12/09/32)

    60       52,451  

4.00%, 11/15/29 (Call 08/15/29)

    164       155,244  

4.00%, 04/15/30 (Call 01/15/30)

    502       473,185  

6.95%, 10/01/27

    95       104,567  

7.38%, 03/15/32

    220       254,005  

 

 

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

  51


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

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

WP Carey Inc.

   

2.45%, 02/01/32 (Call 11/01/31)

  $ 35     $ 27,900  

3.85%, 07/15/29 (Call 04/15/29)

    55       50,992  
   

 

 

 
      18,229,308  
Retail — 0.7%            

AutoNation Inc.

   

3.80%, 11/15/27 (Call 08/15/27)

    217       199,701  

3.85%, 03/01/32 (Call 12/01/31)

    90       77,351  

4.75%, 06/01/30 (Call 03/01/30)

    186       174,217  

Best Buy Co. Inc.

   

1.95%, 10/01/30 (Call 07/01/30)

    1,215       972,279  

4.45%, 10/01/28 (Call 07/01/28)

    1,106       1,085,473  

Darden Restaurants Inc.

   

3.85%, 05/01/27 (Call 02/01/27)

    213       205,620  

4.55%, 02/15/48 (Call 08/15/47)

    178       144,223  

Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49)

    89       74,959  

Home Depot Inc. (The)

   

1.50%, 09/15/28 (Call 07/15/28)

    100       86,971  

1.88%, 09/15/31 (Call 06/15/31)

    100       82,625  

2.13%, 09/15/26 (Call 06/15/26)

    105       98,414  

2.50%, 04/15/27 (Call 02/15/27)

    267       252,029  

2.70%, 04/15/30 (Call 01/15/30)

    453       408,366  

2.80%, 09/14/27 (Call 06/14/27)

    105       99,749  

2.95%, 06/15/29 (Call 03/15/29)

    980       911,371  

3.00%, 04/01/26 (Call 01/01/26)

    5       4,862  

3.13%, 12/15/49 (Call 06/15/49)

    197       150,863  

3.30%, 04/15/40 (Call 10/15/39)

    61       51,224  

3.35%, 09/15/25 (Call 06/15/25)

         275                 272,220  

3.35%, 04/15/50 (Call 10/15/49)

    87       69,292  

3.50%, 09/15/56 (Call 03/15/56)

    100       79,965  

3.75%, 02/15/24 (Call 11/15/23)

    82       82,142  

3.90%, 12/06/28 (Call 09/06/28)

    250       247,728  

3.90%, 06/15/47 (Call 12/15/46)

    100       88,381  

4.20%, 04/01/43 (Call 10/01/42)

    85       78,185  

4.25%, 04/01/46 (Call 10/01/45)

    164       151,876  

4.40%, 03/15/45 (Call 09/15/44)

    185       174,723  

4.50%, 12/06/48 (Call 06/06/48)

    170       163,846  

4.88%, 02/15/44 (Call 08/15/43)

    55       55,063  

5.40%, 09/15/40 (Call 03/15/40)

    90       96,077  

5.88%, 12/16/36

    475       533,696  

5.95%, 04/01/41 (Call 10/01/40)

    186       210,362  

Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)

    17       11,932  

Lowe’s Companies Inc.

   

2.50%, 04/15/26 (Call 01/15/26)

    79       75,176  

2.63%, 04/01/31 (Call 01/01/31)

    65       55,739  

3.00%, 10/15/50 (Call 04/15/50)

    113       77,508  

3.10%, 05/03/27 (Call 02/03/27)

    210       199,733  

3.13%, 09/15/24 (Call 06/15/24)

    17       16,733  

3.38%, 09/15/25 (Call 06/15/25)

    120       117,566  

3.65%, 04/05/29 (Call 01/05/29)

    255       241,263  

3.70%, 04/15/46 (Call 10/15/45)

    195       154,536  

3.75%, 04/01/32 (Call 01/01/32)

    55       50,863  

4.00%, 04/15/25 (Call 03/15/25)

    180       179,953  

4.05%, 05/03/47 (Call 11/03/46)

    210       174,600  

4.25%, 04/01/52 (Call 10/01/51)

    10       8,531  

4.38%, 09/15/45 (Call 03/15/45)

    189       162,684  

4.45%, 04/01/62 (Call 10/01/61)

    70       58,942  

4.50%, 04/15/30 (Call 01/15/30)

    240       237,605  

4.55%, 04/05/49 (Call 10/05/48)

    160       142,590  

4.65%, 04/15/42 (Call 10/15/41)

    85       78,007  
Security   Par
(000)
    Value  
Retail (continued)            

5.00%, 04/15/40 (Call 10/15/39)

  $      109     $           105,356  

5.13%, 04/15/50 (Call 10/15/49)

    76       74,051  

5.50%, 10/15/35

    73       74,918  

6.50%, 03/15/29

    80       87,924  

McDonald’s Corp.

   

3.63%, 05/01/43

    83       67,958  

3.63%, 09/01/49 (Call 03/01/49)

    52       42,167  

3.70%, 02/15/42

    70       58,339  

3.80%, 04/01/28 (Call 01/01/28)

    196       192,270  

4.20%, 04/01/50 (Call 10/01/49)

    82       73,016  

4.45%, 03/01/47 (Call 09/01/46)

    132       122,125  

4.45%, 09/01/48 (Call 03/01/48)

    71       65,515  

4.60%, 05/26/45 (Call 11/26/44)

    115       107,514  

4.70%, 12/09/35 (Call 06/09/35)

    84       83,362  

4.88%, 07/15/40

    70       68,503  

4.88%, 12/09/45 (Call 06/09/45)

    140       136,413  

5.70%, 02/01/39

    86       91,802  

6.30%, 10/15/37

    67       75,668  

6.30%, 03/01/38

    90       102,485  

O’Reilly Automotive Inc.

   

3.90%, 06/01/29 (Call 03/01/29)

    20       18,940  

4.20%, 04/01/30 (Call 01/01/30)

    92       88,458  

Starbucks Corp.

   

2.00%, 03/12/27 (Call 01/12/27)

    140       127,632  

2.25%, 03/12/30 (Call 12/12/29)

    105       89,221  

3.35%, 03/12/50 (Call 09/12/49)

    115       85,959  

3.50%, 03/01/28 (Call 12/01/27)(b)

    121       116,442  

3.50%, 11/15/50 (Call 05/15/50)

    75       57,801  

3.55%, 08/15/29 (Call 05/15/29)

    105       98,884  

3.75%, 12/01/47 (Call 06/01/47)

    108       87,665  

4.00%, 11/15/28 (Call 08/15/28)

    47       46,127  

4.30%, 06/15/45 (Call 12/15/44)

    37       32,584  

4.45%, 08/15/49 (Call 02/15/49)

    81       72,429  

4.50%, 11/15/48 (Call 05/15/48)

    90       81,576  

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)(b)

    35       32,559  

2.25%, 04/15/25 (Call 03/15/25)

    267       256,526  

2.35%, 02/15/30 (Call 11/15/29)(b)

    86       75,718  

2.50%, 04/15/26

    135       129,506  

2.65%, 09/15/30 (Call 06/15/30)(b)

    110       98,148  

3.38%, 04/15/29 (Call 01/15/29)

    260       249,759  

3.50%, 07/01/24

    197       196,622  

3.63%, 04/15/46

    146       124,464  

3.90%, 11/15/47 (Call 05/15/47)

    50       44,436  

4.00%, 07/01/42

    151       139,435  

6.50%, 10/15/37

    120       140,412  

7.00%, 01/15/38

    135       166,402  

TJX Companies Inc. (The)

   

2.25%, 09/15/26 (Call 06/15/26)

    85       80,081  

3.88%, 04/15/30 (Call 01/15/30)

    162       157,483  

4.50%, 04/15/50 (Call 10/15/49)(b)

    66       65,412  

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

    209       165,202  

Walgreens Boots Alliance Inc., 4.10%, 04/15/50 (Call 10/15/49)

    23       18,226  
   

 

 

 
      14,201,309  
Semiconductors — 0.7%            

Analog Devices Inc., 5.30%, 12/15/45 (Call 06/15/45)

    20       21,003  

Applied Materials Inc.

   

2.75%, 06/01/50 (Call 12/01/49)

    25       18,617  

3.30%, 04/01/27 (Call 01/01/27)

    586       573,231  

 

 

52  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Semiconductors (continued)            

3.90%, 10/01/25 (Call 07/01/25)

  $      152     $           152,316  

4.35%, 04/01/47 (Call 10/01/46)

    281       271,002  

5.10%, 10/01/35 (Call 04/01/35)

    35       36,865  

5.85%, 06/15/41

    250       285,930  

Broadcom Inc.

   

3.14%, 11/15/35 (Call 08/15/35)(e)

    65       49,278  

3.19%, 11/15/36 (Call 08/15/36)(e)

    49       36,352  

3.42%, 04/15/33 (Call 01/15/33)(e)

    299       246,600  

3.47%, 04/15/34 (Call 01/15/34)(e)

    634       513,768  

3.50%, 02/15/41 (Call 08/15/40)(e)

    118       88,736  

3.75%, 02/15/51 (Call 08/15/50)(e)

    94       69,381  

4.15%, 04/15/32 (Call 01/15/32)(e)

    130       116,410  

4.30%, 11/15/32 (Call 08/15/32)

    328       295,836  

4.93%, 05/15/37 (Call 02/15/37)(e)

    287       256,067  

Intel Corp.

   

1.60%, 08/12/28 (Call 06/12/28)

    75       65,017  

2.00%, 08/12/31 (Call 05/12/31)(b)

    100       82,470  

2.45%, 11/15/29 (Call 08/15/29)

    250       219,497  

2.60%, 05/19/26 (Call 02/19/26)

    340       325,635  

2.70%, 06/17/24 (Call 04/17/24)(b)

    30       29,424  

2.88%, 05/11/24 (Call 03/11/24)

    326       321,720  

3.05%, 08/12/51 (Call 02/12/51)

    40       28,739  

3.10%, 02/15/60 (Call 08/15/59)

    32       21,905  

3.15%, 05/11/27 (Call 02/11/27)

    145       139,866  

3.20%, 08/12/61 (Call 02/12/61)

    105       73,817  

3.25%, 11/15/49 (Call 05/15/49)

    245       182,503  

3.40%, 03/25/25 (Call 02/25/25)(b)

    376       371,432  

3.70%, 07/29/25 (Call 04/29/25)

    269       267,768  

3.73%, 12/08/47 (Call 06/08/47)

    264       215,448  

3.75%, 03/25/27 (Call 01/25/27)

    133       131,340  

3.90%, 03/25/30 (Call 12/25/29)

    122       117,978  

4.00%, 12/15/32

    206       197,966  

4.10%, 05/19/46 (Call 11/19/45)

    124       109,614  

4.10%, 05/11/47 (Call 11/11/46)

    130       113,918  

4.25%, 12/15/42

    45       40,474  

4.60%, 03/25/40 (Call 09/25/39)

    360       342,990  

4.75%, 03/25/50 (Call 09/25/49)(b)

    188       179,384  

4.80%, 10/01/41

    115       112,854  

4.90%, 07/29/45 (Call 01/29/45)

    87       85,164  

4.95%, 03/25/60 (Call 09/25/59)(b)

    145       138,433  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)

    75       58,670  

4.65%, 07/15/32 (Call 04/15/32)

    25       25,430  

4.95%, 07/15/52 (Call 01/15/52)

    45       45,296  

5.00%, 03/15/49 (Call 09/15/48)

    20       20,200  

5.25%, 07/15/62 (Call 01/15/62)

    40       40,766  

Lam Research Corp.

   

2.88%, 06/15/50 (Call 12/15/49)

    146       107,227  

3.13%, 06/15/60 (Call 12/15/59)

    70       51,393  

3.75%, 03/15/26 (Call 01/15/26)

    394       392,601  

3.80%, 03/15/25 (Call 12/15/24)

    54       53,752  

4.00%, 03/15/29 (Call 12/15/28)

    256       251,564  

4.88%, 03/15/49 (Call 09/15/48)

    210       215,015  

Maxim Integrated Products Inc., 3.45%, 06/15/27 (Call 03/15/27)

    40       38,347  

Micron Technology Inc.

   

3.48%, 11/01/51 (Call 05/01/51)

    90       59,897  

4.19%, 02/15/27 (Call 12/15/26)

    219       213,352  

4.66%, 02/15/30 (Call 11/15/29)

    104       97,885  

4.98%, 02/06/26 (Call 12/06/25)

    260       260,372  
Security   Par
(000)
    Value  
Semiconductors (continued)            

5.33%, 02/06/29 (Call 11/06/28)

  $ 208     $ 205,244  

NVIDIA Corp.

   

2.00%, 06/15/31 (Call 03/15/31)

    610       515,133  

2.85%, 04/01/30 (Call 01/01/30)

    410       370,443  

3.20%, 09/16/26 (Call 06/16/26)

    790       777,668  

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

    270       232,378  

3.50%, 04/01/50 (Call 10/01/49)(b)

    342       284,780  

3.70%, 04/01/60 (Call 10/01/59)

    90       73,516  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.50%, 05/11/31 (Call 02/11/31)

    345       278,501  

2.65%, 02/15/32 (Call 11/15/31)

    255       205,910  

3.25%, 11/30/51 (Call 05/30/51)

    154       104,591  

5.00%, 01/15/33 (Call 10/15/32)

    95       91,925  

QUALCOMM Inc.

   

4.30%, 05/20/47 (Call 11/20/46)

    125       117,301  

4.80%, 05/20/45 (Call 11/20/44)

    249       250,780  

Texas Instruments Inc.

   

1.38%, 03/12/25 (Call 02/12/25)

    783       738,212  

1.75%, 05/04/30 (Call 02/04/30)

    175       148,955  

1.90%, 09/15/31 (Call 06/15/31)

    120       101,088  

2.25%, 09/04/29 (Call 06/04/29)

    159       141,720  

2.63%, 05/15/24 (Call 03/15/24)

    585       575,236  

2.70%, 09/15/51 (Call 03/15/51)

    115       85,964  

2.90%, 11/03/27 (Call 08/03/27)

    455       433,770  

3.65%, 08/16/32

    100       96,626  

3.88%, 03/15/39 (Call 09/15/38)

    153       143,067  

4.10%, 08/16/52

    50       47,708  

4.15%, 05/15/48 (Call 11/15/47)

    350       334,369  

TSMC Arizona Corp.

   

2.50%, 10/25/31 (Call 07/25/31)

    205       173,535  

3.25%, 10/25/51 (Call 04/25/51)

    35       27,904  
   

 

 

 
      15,434,839  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc.

   

3.48%, 12/01/27 (Call 09/01/27)

    200       185,944  

3.84%, 05/01/25 (Call 04/01/25)

    225       220,149  

4.20%, 05/01/30 (Call 02/01/30)

         214       199,302  
   

 

 

 
                605,395  
Software — 1.1%            

Activision Blizzard Inc.

   

2.50%, 09/15/50 (Call 03/15/50)

    124       83,014  

3.40%, 06/15/27 (Call 03/15/27)

    80       77,110  

4.50%, 06/15/47 (Call 12/15/46)

    164       155,723  

Adobe Inc.

   

1.90%, 02/01/25 (Call 01/01/25)

    758       726,588  

2.15%, 02/01/27 (Call 12/01/26)

    329       308,007  

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

    565       500,200  

3.25%, 02/01/25 (Call 11/01/24)

    650       643,468  

Autodesk Inc.

   

2.40%, 12/15/31 (Call 09/15/31)

    105       86,727  

2.85%, 01/15/30 (Call 10/15/29)

    465       412,455  

3.50%, 06/15/27 (Call 03/15/27)(b)

    423       407,006  

4.38%, 06/15/25 (Call 03/15/25)

    175       176,099  

Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)

    182       183,163  

Citrix Systems Inc.

   

3.30%, 03/01/30 (Call 12/01/29)

    149       146,300  

4.50%, 12/01/27 (Call 09/01/27)

    277       276,258  

Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25)

    424       431,250  

 

 

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

  53


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Software (continued)            

Fidelity National Information Services Inc., 4.50%, 08/15/46 (Call 02/15/46)

  $ 67     $ 58,049  

Fiserv Inc.

   

3.50%, 07/01/29 (Call 04/01/29)

         130       118,815  

3.85%, 06/01/25 (Call 03/01/25)

    147                 144,680  

4.20%, 10/01/28 (Call 07/01/28)

    156       151,287  

4.40%, 07/01/49 (Call 01/01/49)

    168       145,199  

Microsoft Corp.

   

2.40%, 08/08/26 (Call 05/08/26)

    2,304       2,201,472  

2.53%, 06/01/50 (Call 12/01/49)

    345       251,305  

2.68%, 06/01/60 (Call 12/01/59)

    517       367,778  

2.70%, 02/12/25 (Call 11/12/24)

    1,240       1,219,193  

2.88%, 02/06/24 (Call 12/06/23)

    1,135       1,123,639  

2.92%, 03/17/52 (Call 09/17/51)

    1,225       966,256  

3.04%, 03/17/62 (Call 09/17/61)

    291       222,752  

3.13%, 11/03/25 (Call 08/03/25)

    2,212       2,176,210  

3.30%, 02/06/27 (Call 11/06/26)

    1,494       1,469,364  

3.45%, 08/08/36 (Call 02/08/36)

    375       353,145  

3.50%, 02/12/35 (Call 08/12/34)

    385       368,499  

3.50%, 11/15/42

    40       35,804  

3.63%, 12/15/23 (Call 09/15/23)

    950       952,052  

3.70%, 08/08/46 (Call 02/08/46)

    75       69,059  

3.75%, 02/12/45 (Call 08/12/44)(b)

    5       4,571  

3.95%, 08/08/56 (Call 02/08/56)

    10       9,333  

4.10%, 02/06/37 (Call 08/06/36)

    105       105,450  

4.20%, 11/03/35 (Call 05/03/35)

    130       132,222  

4.25%, 02/06/47 (Call 08/06/46)

    55       55,031  

4.45%, 11/03/45 (Call 05/03/45)

    10       10,231  

Oracle Corp.

   

3.60%, 04/01/40 (Call 10/01/39)

    97       70,651  

3.60%, 04/01/50 (Call 10/01/49)

    387       263,725  

3.80%, 11/15/37 (Call 05/15/37)

    307       239,233  

3.85%, 07/15/36 (Call 01/15/36)

    69       55,027  

3.85%, 04/01/60 (Call 10/01/59)

    438       290,766  

3.90%, 05/15/35 (Call 11/15/34)

    252       204,992  

3.95%, 03/25/51 (Call 09/25/50)

    216       155,352  

4.00%, 07/15/46 (Call 01/15/46)

    422       308,820  

4.00%, 11/15/47 (Call 05/15/47)

    239       173,452  

4.10%, 03/25/61 (Call 09/25/60)

    59       41,138  

4.13%, 05/15/45 (Call 11/15/44)

    147       109,706  

4.30%, 07/08/34 (Call 01/08/34)

    300       261,390  

4.38%, 05/15/55 (Call 11/15/54)

    196       146,894  

4.50%, 07/08/44 (Call 01/08/44)

    105       84,062  

5.38%, 07/15/40

    142       127,966  

6.13%, 07/08/39

    139       137,392  

6.50%, 04/15/38

    156       160,332  

Roper Technologies Inc.

   

2.35%, 09/15/24 (Call 08/15/24)

    218       210,261  

2.95%, 09/15/29 (Call 06/15/29)

    120       105,763  

3.80%, 12/15/26 (Call 09/15/26)

    144       140,931  

3.85%, 12/15/25 (Call 09/15/25)

    110       107,987  

4.20%, 09/15/28 (Call 06/15/28)

    230       224,485  

salesforce.com Inc.

   

2.90%, 07/15/51 (Call 01/15/51)

    375       277,335  

3.05%, 07/15/61 (Call 01/15/61)

    145       103,981  

3.70%, 04/11/28 (Call 01/11/28)

    450       445,082  

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

    130       102,086  

VMware Inc.

   

3.90%, 08/21/27 (Call 05/21/27)

    460       439,194  

4.50%, 05/15/25 (Call 04/15/25)

    380       379,612  
Security   Par
(000)
    Value  
Software (continued)            

4.65%, 05/15/27 (Call 03/15/27)

  $ 300     $ 297,540  

4.70%, 05/15/30 (Call 02/15/30)

    223       211,618  
   

 

 

 
      23,201,537  
Telecommunications — 1.1%            

America Movil SAB de CV

   

6.13%, 11/15/37

    2       2,153  

6.13%, 03/30/40

    257       281,685  

AT&T Inc.

   

3.50%, 06/01/41 (Call 12/01/40)

         280                 220,870  

3.50%, 09/15/53 (Call 03/15/53)

    569       422,625  

3.55%, 09/15/55 (Call 03/15/55)

    866       632,734  

3.65%, 06/01/51 (Call 12/01/50)

    274       209,530  

3.65%, 09/15/59 (Call 03/15/59)

    443       321,038  

3.80%, 12/01/57 (Call 06/01/57)

    405       306,249  

3.85%, 06/01/60 (Call 12/01/59)

    155       116,391  

4.30%, 02/15/30 (Call 11/15/29)

    481       462,573  

4.30%, 12/15/42 (Call 06/15/42)

    45       39,011  

4.35%, 06/15/45 (Call 12/15/44)

    50       42,804  

4.50%, 05/15/35 (Call 11/15/34)

    339       318,257  

4.50%, 03/09/48 (Call 09/09/47)

    297       257,829  

4.55%, 03/09/49 (Call 09/09/48)

    211       188,282  

4.65%, 06/01/44 (Call 12/01/43)

    85       76,045  

4.75%, 05/15/46 (Call 11/15/45)

    70       64,388  

4.85%, 03/01/39 (Call 09/01/38)

    80       75,200  

4.85%, 07/15/45 (Call 01/15/45)

    55       50,756  

4.90%, 08/15/37 (Call 02/14/37)(b)

    108       105,421  

5.15%, 03/15/42

    32       30,780  

5.15%, 02/15/50 (Call 08/14/49)

    216       208,503  

5.25%, 03/01/37 (Call 09/01/36)

    207       207,503  

5.35%, 09/01/40

    14       13,845  

5.45%, 03/01/47 (Call 09/01/46)

    70       71,068  

5.55%, 08/15/41

    10       10,118  

5.65%, 02/15/47 (Call 08/15/46)

    30       31,338  

5.70%, 03/01/57 (Call 09/01/56)

    76       79,063  

6.00%, 08/15/40 (Call 05/15/40)

    55       58,209  

6.38%, 03/01/41

    35       38,486  

6.55%, 02/15/39

    28       31,387  

British Telecommunications PLC

   

4.50%, 12/04/23 (Call 11/04/23)

    435       435,418  

5.13%, 12/04/28 (Call 09/04/28)

    175       172,156  

9.63%, 12/15/30

    602       740,761  

Cisco Systems Inc.

   

2.50%, 09/20/26 (Call 06/20/26)

    252       241,930  

2.95%, 02/28/26

    175       171,281  

3.50%, 06/15/25

    115       114,796  

3.63%, 03/04/24

    375       375,277  

5.50%, 01/15/40

    310       338,024  

5.90%, 02/15/39

    237       269,104  

Corning Inc.

   

3.90%, 11/15/49 (Call 05/15/49)

    17       13,226  

4.38%, 11/15/57 (Call 05/15/57)

    106       87,114  

5.35%, 11/15/48 (Call 05/15/48)

    59       58,132  

5.45%, 11/15/79 (Call 05/19/79)

    137       125,791  

5.75%, 08/15/40

    43       44,515  

5.85%, 11/15/68 (Call 05/15/68)

    95       91,313  

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

    353       434,522  

Juniper Networks Inc., 5.95%, 03/15/41

    69       66,221  

Koninklijke KPN NV, 8.38%, 10/01/30

    835       968,708  

 

 

54  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Telecommunications (continued)            

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)

  $ 75     $ 59,660  

4.00%, 09/01/24

    45       44,650  

4.60%, 02/23/28 (Call 11/23/27)

         468                 460,446  

4.60%, 05/23/29 (Call 02/23/29)

    147       141,639  

5.50%, 09/01/44

    195       182,690  

Orange SA

   

5.38%, 01/13/42

    325       336,037  

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

    100       105,385  

9.00%, 03/01/31

    515       658,113  

Rogers Communications Inc.

   

2.90%, 11/15/26 (Call 08/15/26)

    89       83,611  

2.95%, 03/15/25 (Call 03/15/23)(e)

    40       38,733  

3.20%, 03/15/27 (Call 02/15/27)(e)

    40       38,064  

3.63%, 12/15/25 (Call 09/15/25)

    277       267,934  

3.70%, 11/15/49 (Call 05/15/49)

    85       64,629  

3.80%, 03/15/32 (Call 12/15/31)(e)

    45       40,967  

4.30%, 02/15/48 (Call 08/15/47)

    135       112,128  

4.35%, 05/01/49 (Call 11/01/48)(b)

    200       167,638  

4.50%, 03/15/42 (Call 09/15/41)(e)

    45       39,664  

4.50%, 03/15/43 (Call 09/15/42)

    72       62,062  

4.55%, 03/15/52 (Call 09/15/51)(e)

    55       48,423  

5.00%, 03/15/44 (Call 09/15/43)

    170       155,468  

5.45%, 10/01/43 (Call 04/01/43)

    80       78,053  

7.50%, 08/15/38

    37       44,306  

Telefonica Emisiones SA

   

4.10%, 03/08/27

    60       58,208  

4.67%, 03/06/38

    35       30,264  

4.90%, 03/06/48

    200       166,256  

5.21%, 03/08/47

    125       107,854  

5.52%, 03/01/49 (Call 09/01/48)

    202       181,230  

7.05%, 06/20/36

    418       456,109  

Telefonica Europe BV, 8.25%, 09/15/30

    225       262,989  

TELUS Corp.

   

2.80%, 02/16/27 (Call 11/16/26)

    255       239,572  

3.70%, 09/15/27 (Call 06/15/27)

    285       277,542  

4.30%, 06/15/49 (Call 12/15/48)

    116       103,224  

4.60%, 11/16/48 (Call 05/16/48)

    56       52,158  

T-Mobile USA Inc.

   

3.30%, 02/15/51 (Call 08/15/50)

    100       71,433  

3.40%, 10/15/52 (Call 04/15/52)

    170       123,082  

3.60%, 11/15/60 (Call 05/15/60)

    270       194,467  

3.88%, 04/15/30 (Call 01/15/30)

    480       443,688  

4.38%, 04/15/40 (Call 10/15/39)

    179       157,993  

4.50%, 04/15/50 (Call 10/15/49)

    435       379,316  

Verizon Communications Inc.

   

2.88%, 11/20/50 (Call 05/20/50)

    185       127,221  

2.99%, 10/30/56 (Call 04/30/56)

    466       313,837  

3.00%, 11/20/60 (Call 05/20/60)

    121       80,661  

3.55%, 03/22/51 (Call 09/22/50)

    230       180,745  

3.70%, 03/22/61 (Call 09/22/60)(b)

    567       437,571  

3.85%, 11/01/42 (Call 05/01/42)

    256       214,684  

4.13%, 08/15/46

    234       206,348  

4.27%, 01/15/36

    295       272,527  

4.40%, 11/01/34 (Call 05/01/34)

    441       417,032  

4.50%, 08/10/33

    324       312,611  

4.52%, 09/15/48

    120       111,661  

4.67%, 03/15/55

    150       140,973  

4.75%, 11/01/41

    299       283,874  

4.81%, 03/15/39

    227       221,175  
Security   Par
(000)
    Value  
Telecommunications (continued)            

4.86%, 08/21/46

  $      388     $           379,057  

5.01%, 04/15/49

    20       19,858  

5.01%, 08/21/54

    5       5,002  

5.25%, 03/16/37

    300       305,541  

5.50%, 03/16/47

    57       60,470  

5.85%, 09/15/35

    50       52,912  

6.55%, 09/15/43

    20       23,959  

7.75%, 12/01/30

    5       5,938  

Vodafone Group PLC

   

3.75%, 01/16/24

    135       135,053  

4.13%, 05/30/25

    661       658,653  

4.25%, 09/17/50

    200       162,672  

4.38%, 05/30/28

    365       360,693  

4.38%, 02/19/43

    62       53,069  

4.88%, 06/19/49

    230       204,656  

5.00%, 05/30/38

    143       135,551  

5.13%, 06/19/59

    140       126,970  

5.25%, 05/30/48

    209       195,325  

6.15%, 02/27/37

    255       267,390  

6.25%, 11/30/32

    70       74,962  

7.88%, 02/15/30

    185       214,726  
   

 

 

 
      23,021,492  
Toys, Games & Hobbies — 0.1%            

Hasbro Inc.

   

3.00%, 11/19/24 (Call 10/19/24)

    430       418,579  

3.50%, 09/15/27 (Call 06/15/27)

    209       196,941  

3.55%, 11/19/26 (Call 09/19/26)

    179       170,467  

3.90%, 11/19/29 (Call 08/19/29)

    836       769,229  

6.35%, 03/15/40

    30       30,815  
   

 

 

 
      1,586,031  
Transportation — 0.5%            

Burlington Northern Santa Fe LLC

   

3.05%, 02/15/51 (Call 08/15/50)

    52       39,866  

3.55%, 02/15/50 (Call 08/15/49)

    53       44,386  

3.90%, 08/01/46 (Call 02/01/46)

    72       63,487  

4.05%, 06/15/48 (Call 12/15/47)

    67       60,902  

4.13%, 06/15/47 (Call 12/15/46)

    37       34,112  

4.15%, 04/01/45 (Call 10/01/44)

    57       51,968  

4.15%, 12/15/48 (Call 06/15/48)

    23       21,183  

4.45%, 03/15/43 (Call 09/15/42)

    90       86,122  

4.55%, 09/01/44 (Call 03/01/44)

    20       19,300  

4.70%, 09/01/45 (Call 03/01/45)

    20       19,513  

4.90%, 04/01/44 (Call 10/01/43)

    65       65,031  

5.15%, 09/01/43 (Call 03/01/43)

    82       85,263  

5.40%, 06/01/41 (Call 12/01/40)

    70       74,352  

5.75%, 05/01/40 (Call 11/01/39)

    165       181,274  

6.15%, 05/01/37

    5       5,740  

6.20%, 08/15/36

    25       28,710  

Canadian National Railway Co.

   

2.45%, 05/01/50 (Call 11/01/49)

    70       47,792  

3.20%, 08/02/46 (Call 02/02/46)

    154       121,392  

3.65%, 02/03/48 (Call 08/03/47)

    57       48,282  

3.85%, 08/05/32

    50       48,389  

4.40%, 08/05/52

    40       38,258  

4.45%, 01/20/49 (Call 07/20/48)

    50       48,023  

6.20%, 06/01/36

    95       107,600  

6.25%, 08/01/34

    10       11,379  

6.38%, 11/15/37

    41       46,866  

 

 

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

  55


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Transportation (continued)            

Canadian Pacific Railway Co.

   

2.45%, 12/02/31 (Call 09/02/31)

  $ 70     $ 59,888  

3.00%, 12/02/41 (Call 06/02/41)

    45       35,360  

3.10%, 12/02/51 (Call 06/02/51)

    60       44,376  

4.80%, 09/15/35 (Call 03/15/35)

    50       49,526  

4.80%, 08/01/45 (Call 02/01/45)

    70       67,955  

5.95%, 05/15/37

    65       71,274  

6.13%, 09/15/2115 (Call 03/15/15)

    110       115,647  

7.13%, 10/15/31(b)

    85       98,450  

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

    220       212,450  

CSX Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    59       51,529  

2.50%, 05/15/51 (Call 11/15/50)

    40       26,496  

3.35%, 09/15/49 (Call 03/15/49)

    65       51,057  

3.80%, 11/01/46 (Call 05/01/46)

    99       84,272  

3.80%, 04/15/50 (Call 10/15/49)

        105       88,597  

3.95%, 05/01/50 (Call 11/01/49)

    88       76,294  

4.10%, 11/15/32 (Call 08/15/32)

    50       48,253  

4.10%, 03/15/44 (Call 09/15/43)

    69       61,162  

4.25%, 11/01/66 (Call 05/01/66)

    55       47,059  

4.30%, 03/01/48 (Call 09/01/47)

    150       136,890  

4.40%, 03/01/43 (Call 09/01/42)

    38       34,724  

4.50%, 03/15/49 (Call 09/15/48)

    128       119,967  

4.50%, 11/15/52 (Call 05/15/52)

    50       46,600  

4.50%, 08/01/54 (Call 02/01/54)

    110       101,966  

4.65%, 03/01/68 (Call 09/01/67)

    153       140,780  

4.75%, 05/30/42 (Call 11/30/41)

    120       115,520  

4.75%, 11/15/48 (Call 05/15/48)

    43       41,971  

5.50%, 04/15/41 (Call 10/15/40)

    120       126,554  

6.00%, 10/01/36

    107       117,303  

6.15%, 05/01/37

    44       49,285  

6.22%, 04/30/40

    80       91,093  

FedEx Corp.

   

3.88%, 08/01/42

    10       8,369  

3.90%, 02/01/35

    49       44,596  

4.05%, 02/15/48 (Call 08/15/47)

    110       92,940  

4.10%, 04/15/43

    58       49,544  

4.10%, 02/01/45

    90       76,050  

4.40%, 01/15/47 (Call 07/15/46)

    65       57,472  

4.55%, 04/01/46 (Call 10/01/45)

    178       159,821  

4.75%, 11/15/45 (Call 05/15/45)

    148           137,186  

4.90%, 01/15/34(b)

    32       32,228  

4.95%, 10/17/48 (Call 04/17/48)

    76       72,464  

5.10%, 01/15/44

    80       77,381  

5.25%, 05/15/50 (Call 11/15/49)(b)

    291       287,997  

Kansas City Southern

   

2.88%, 11/15/29 (Call 08/15/29)

    380       341,514  

3.50%, 05/01/50 (Call 11/01/49)

    100       77,894  

4.20%, 11/15/69 (Call 05/15/69)

    220       180,985  

4.30%, 05/15/43 (Call 11/15/42)

    122       107,421  

4.70%, 05/01/48 (Call 11/01/47)

    206       194,353  

4.95%, 08/15/45 (Call 02/15/45)

    300       288,870  

Norfolk Southern Corp.

   

2.55%, 11/01/29 (Call 08/01/29)

    147       130,552  

2.90%, 08/25/51 (Call 02/25/51)

    91       65,231  

3.16%, 05/15/55 (Call 11/15/54)

    100       72,371  

3.40%, 11/01/49 (Call 05/01/49)

    86       67,450  

3.94%, 11/01/47 (Call 05/01/47)

    80       69,375  

3.95%, 10/01/42 (Call 04/01/42)

    57       49,864  
Security  

Par

(000)

    Value  
Transportation (continued)            

4.05%, 08/15/52 (Call 02/15/52)

  $ 184     $ 159,868  

4.10%, 05/15/49 (Call 11/15/48)

        315       278,803  

4.15%, 02/28/48 (Call 08/28/47)

    184       164,432  

4.45%, 06/15/45 (Call 12/15/44)

    56       52,032  

4.55%, 06/01/53 (Call 12/01/52)

    40       37,734  

4.65%, 01/15/46 (Call 07/15/45)

    100       95,765  

4.84%, 10/01/41

    130       127,360  

Ryder System Inc.

   

1.75%, 09/01/26 (Call 08/01/26)

    135       121,345  

2.50%, 09/01/24 (Call 08/01/24)

    360       347,983  

2.85%, 03/01/27 (Call 02/01/27)

    45       41,553  

3.65%, 03/18/24 (Call 02/18/24)

    365       361,722  

3.88%, 12/01/23 (Call 11/01/23)

    85       84,651  

4.30%, 06/15/27 (Call 05/15/27)

    40       39,023  

4.63%, 06/01/25 (Call 05/01/25)

    283       282,672  

Union Pacific Corp.

   

3.25%, 02/05/50 (Call 08/05/49)

    85       67,037  

3.35%, 08/15/46 (Call 02/15/46)

    44       35,365  

3.38%, 02/01/35 (Call 08/01/34)

    60       53,318  

3.55%, 08/15/39 (Call 02/15/39)

    150       129,955  

3.55%, 05/20/61 (Call 11/20/60)

    75       59,252  

3.60%, 09/15/37 (Call 03/15/37)

    20       17,834  

3.75%, 02/05/70 (Call 08/05/69)

    72       57,568  

3.80%, 10/01/51 (Call 04/01/51)

    69       59,391  

3.80%, 04/06/71 (Call 10/06/70)

    55       44,189  

3.84%, 03/20/60 (Call 09/20/59)

    97       81,474  

3.85%, 02/14/72 (Call 08/14/71)

    45       36,645  

3.88%, 02/01/55 (Call 08/01/54)

    150       129,274  

3.95%, 08/15/59 (Call 02/15/59)

    85       73,033  

4.00%, 04/15/47 (Call 10/15/46)

    25       22,210  

4.05%, 11/15/45 (Call 05/15/45)

    64       56,231  

4.05%, 03/01/46 (Call 09/01/45)

    197       178,687  

4.10%, 09/15/67 (Call 03/15/67)

    60       51,436  

4.30%, 03/01/49 (Call 09/01/48)

    10       9,279  

4.50%, 09/10/48 (Call 03/10/48)

    300       283,722  

United Parcel Service Inc.

   

3.40%, 11/15/46 (Call 05/15/46)

    76       63,132  

3.40%, 09/01/49 (Call 03/01/49)

    120       101,756  

3.63%, 10/01/42

    120       105,586  

3.75%, 11/15/47 (Call 05/15/47)

    165       146,845  

4.25%, 03/15/49 (Call 09/15/48)

    45       43,401  

4.88%, 11/15/40 (Call 05/15/40)

    100       102,760  

5.20%, 04/01/40 (Call 10/01/39)

    150       159,751  

5.30%, 04/01/50 (Call 10/01/49)(b)

    138       153,933  

6.20%, 01/15/38

    156       183,263  
   

 

 

 
          11,254,686  
Trucking & Leasing — 0.0%            

GATX Corp.

   

3.10%, 06/01/51 (Call 12/01/50)

    60       39,264  

3.25%, 03/30/25 (Call 12/30/24)

    185       178,619  

3.25%, 09/15/26 (Call 06/15/26)(b)

    110       103,917  

3.50%, 03/15/28 (Call 12/15/27)

    45       41,497  

3.85%, 03/30/27 (Call 12/30/26)

    110       104,375  

4.35%, 02/15/24 (Call 01/15/24)

    60       59,953  

4.55%, 11/07/28 (Call 08/07/28)

    154       148,767  

4.70%, 04/01/29 (Call 01/01/29)

    20       19,383  

5.20%, 03/15/44 (Call 09/15/43)

    87       79,856  
   

 

 

 
      775,631  

 

 

56  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Venture Capital — 0.0%            

Hercules Capital Inc., 3.38%, 01/20/27 (Call 12/20/26)

  $ 5     $ 4,282  
   

 

 

 
Water — 0.1%            

American Water Capital Corp.

   

2.80%, 05/01/30 (Call 02/01/30)

    134       119,949  

3.25%, 06/01/51 (Call 12/01/50)

    5       3,894  

3.45%, 06/01/29 (Call 03/01/29)

    112       104,393  

3.45%, 05/01/50 (Call 11/01/49)

    160       125,958  

3.75%, 09/01/47 (Call 03/01/47)

    212       178,701  

4.00%, 12/01/46 (Call 06/01/46)

    81       69,094  

4.15%, 06/01/49 (Call 12/01/48)

    93       82,713  

4.20%, 09/01/48 (Call 03/01/48)

    111       99,377  

4.30%, 12/01/42 (Call 06/01/42)

    50       45,503  

4.30%, 09/01/45 (Call 03/01/45)

    20       17,849  

4.45%, 06/01/32 (Call 03/01/32)(b)

    25       24,811  

6.59%, 10/15/37

    80       91,341  

Essential Utilities Inc.

   

2.70%, 04/15/30 (Call 01/15/30)

    37       31,948  

3.35%, 04/15/50 (Call 10/15/49)

    208       153,024  

3.57%, 05/01/29 (Call 02/01/29)

    75       69,718  

4.28%, 05/01/49 (Call 11/01/48)

    118       101,858  

5.30%, 05/01/52 (Call 11/01/51)

    130       129,912  

United Utilities PLC, 6.88%, 08/15/28

    30       32,566  
   

 

 

 
      1,482,609  
   

 

 

 

Total Corporate Bonds & Notes — 25.6%
(Cost: $634,823,482)

       554,352,298  
   

 

 

 

Foreign Government Obligations(f)

   
Canada — 0.2%            

Hydro-Quebec

   

Series HH, 8.50%, 12/01/29

    180       230,604  

Series HK, 9.38%, 04/15/30

    80       108,973  

Series HQ, 9.50%, 11/15/30

    100       138,597  

Series IO, 8.05%, 07/07/24

    1,314       1,409,449  

Province of Alberta Canada

   

1.30%, 07/22/30

    421       352,141  

1.88%, 11/13/24

    390       375,539  

2.95%, 01/23/24

    100       99,002  

3.30%, 03/15/28

    474       462,605  

Province of Ontario Canada

   

1.13%, 10/07/30

    45       36,879  

1.60%, 02/25/31

    120       101,845  

Province of Quebec Canada

   

1.90%, 04/21/31

    55       47,880  

Series PD, 7.50%, 09/15/29

    469       575,064  
   

 

 

 
      3,938,578  
Chile — 0.0%            

Chile Government International Bond

   

3.10%, 01/22/61 (Call 07/22/60)

    65       41,838  

3.25%, 09/21/71 (Call 03/21/71)

    65       40,940  

3.50%, 01/25/50 (Call 07/25/49)(b)

    497       364,564  

3.86%, 06/21/47

    70       55,948  
   

 

 

 
      503,290  
Hungary — 0.0%            

Hungary Government International Bond,
7.63%, 03/29/41

    183       209,486  
   

 

 

 
Security  

Par

(000)

    Value  
Indonesia — 0.0%            

Indonesia Government International Bond

   

3.20%, 09/23/61 (Call 03/23/61)(b)

  $ 15     $ 10,861  

3.35%, 03/12/71

    70       50,273  

3.50%, 01/11/28

    62       60,354  

3.50%, 02/14/50

    120       95,057  

3.70%, 10/30/49

    20       16,455  

4.10%, 04/24/28

    265       265,572  

4.20%, 10/15/50

    25       21,781  

4.45%, 04/15/70

    447       391,205  

5.35%, 02/11/49

    40       40,098  
   

 

 

 
      951,656  
Israel — 0.0%            

Israel Government International Bond

   

3.88%, 07/03/50

    425       383,278  

4.13%, 01/17/48

    255       240,993  

4.50%, 01/30/43

    90       91,154  

4.50%, April 03, 2120

    145       132,637  

State of Israel, 3.38%, 01/15/50

    5       4,136  
   

 

 

 
      852,198  
Italy — 0.1%            

Republic of Italy Government International Bond

   

2.88%, 10/17/29

    55       47,204  

3.88%, 05/06/51

    500       365,710  

4.00%, 10/17/49

    507       391,637  

5.38%, 06/15/33

    946       950,465  
   

 

 

 
        1,755,016  
Mexico — 0.2%            

Mexico Government International Bond

   

3.77%, 05/24/61 (Call 11/24/60)

    235       156,957  

4.28%, 08/14/41 (Call 02/14/41)

    25       20,118  

4.35%, 01/15/47

    207       162,474  

4.40%, 02/12/52 (Call 08/12/51)

    200       153,142  

4.50%, 04/22/29

    475       465,676  

4.50%, 01/31/50 (Call 07/31/49)(b)

    302       239,996  

4.60%, 01/23/46

    297       242,536  

4.60%, 02/10/48

    307       250,122  

4.75%, 03/08/44

    410       347,713  

4.88%, 05/19/33

    200       191,720  

5.00%, 04/27/51 (Call 10/27/50)

    45       38,190  

5.55%, 01/21/45

    315       294,909  

5.75%, October 12, 2110

    309       265,100  

6.05%, 01/11/40

    373       374,354  

6.75%, 09/27/34

    416       458,881  

7.50%, 04/08/33

    260       309,379  

8.30%, 08/15/31

    270       335,254  
   

 

 

 
      4,306,521  
Panama — 0.1%            

Panama Government International Bond

   

3.87%, 07/23/60 (Call 01/23/60)

    140       96,646  

4.30%, 04/29/53

    20       15,279  

4.50%, 05/15/47

    30       24,059  

4.50%, 04/16/50 (Call 10/16/49)

    25       19,788  

4.50%, 04/01/56 (Call 10/01/55)

    512       395,883  

4.50%, 01/19/63 (Call 07/19/62)

    235       178,273  

6.70%, 01/26/36

    617       664,793  

9.38%, 04/01/29

    207       253,060  
   

 

 

 
      1,647,781  

 

 

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

  57


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Peru — 0.1%            

Peruvian Government International Bond

   

2.78%, 12/01/60 (Call 06/01/60)

  $ 115     $ 71,922  

3.00%, 01/15/34 (Call 10/15/33)

    145       118,236  

3.23%, July 28, 2121 (Call 01/28/21)

    120       74,833  

3.30%, 03/11/41 (Call 09/11/40)

    30       22,824  

3.55%, 03/10/51 (Call 09/10/50)

    55       41,107  

3.60%, 01/15/72 (Call 07/15/71)

    25       17,120  

5.63%, 11/18/50

    247       257,379  

6.55%, 03/14/37

    281       307,855  

8.75%, 11/21/33

    452       582,298  
   

 

 

 
          1,493,574  
Philippines — 0.1%            

Philippine Government International Bond

   

3.70%, 03/01/41

    322       277,999  

3.70%, 02/02/42

    207       177,939  

3.95%, 01/20/40

    117       106,479  

5.00%, 01/13/37

    307       313,837  

6.38%, 01/15/32

    125       142,529  

6.38%, 10/23/34

    262       301,557  

7.75%, 01/14/31

    130       160,104  

9.50%, 02/02/30

    292       385,025  
   

 

 

 
      1,865,469  
South Korea — 0.0%            

Korea International Bond

   

3.88%, 09/20/48

    255       248,605  

4.13%, 06/10/44

    500       511,555  
   

 

 

 
      760,160  
Supranational — 2.3%            

Asian Development Bank

   

6.22%, 08/15/27

    345       382,298  

6.38%, 10/01/28

    96       110,131  

Council of Europe Development Bank

   

0.38%, 06/10/24

    125       118,223  

0.88%, 09/22/26

    290       260,478  

1.38%, 02/27/25

    395       374,235  

2.50%, 02/27/24

    530       522,018  

European Investment Bank

   

2.38%, 05/24/27

    850       811,155  

3.13%, 12/14/23

    510       507,322  

3.25%, 01/29/24

      1,009       1,004,964  

4.88%, 02/15/36

    1,158       1,324,266  

Inter-American Development Bank

   

0.50%, 09/23/24

    95       89,295  

0.63%, 07/15/25

    380       349,266  

0.63%, 09/16/27

    584       507,233  

0.88%, 04/03/25

    1,150       1,073,076  

0.88%, 04/20/26

    450       409,032  

1.13%, 07/20/28

    325       284,083  

1.13%, 01/13/31

    680       569,908  

1.75%, 03/14/25

    490       468,170  

2.00%, 06/02/26

    270       255,261  

2.00%, 07/23/26

    255       240,774  

2.13%, 01/15/25

    800       773,672  

2.25%, 06/18/29

    740       686,616  

2.38%, 07/07/27

    832       791,124  

2.63%, 01/16/24

    720       710,892  

3.00%, 10/04/23

    400       397,536  

3.00%, 02/21/24

    1,280       1,269,760  

3.13%, 09/18/28

    865       846,887  
Security  

Par

(000)

    Value  
Supranational (continued)            

3.20%, 08/07/42

  $ 475     $ 431,671  

3.88%, 10/28/41

    695       695,229  

4.38%, 01/24/44

    545       586,365  

7.00%, 06/15/25

    35       37,971  

International Bank for Reconstruction & Development

 

0.25%, 11/24/23

    315       302,558  

0.38%, 07/28/25

    590       538,086  

0.63%, 04/22/25

    1,710       1,584,606  

0.65%, 02/10/26 (Call 11/10/22)(b)

    275       244,648  

0.75%, 03/11/25(b)

    450       419,477  

0.75%, 11/24/27

    1,740       1,513,017  

0.75%, 08/26/30

    2,215       1,804,826  

0.85%, 02/10/27 (Call 11/10/22)

    75       64,811  

0.88%, 05/14/30

    1,615       1,340,708  

1.50%, 08/28/24

    1,580       1,518,585  

1.63%, 01/15/25

    2,138       2,044,420  

1.63%, 11/03/31

    2,150       1,857,342  

1.75%, 10/23/29

    1,377       1,238,432  

1.88%, 10/27/26

    2,099       1,963,426  

2.13%, 03/03/25

    1,290       1,245,740  

2.50%, 03/19/24

    2,210       2,175,259  

2.50%, 11/25/24

    1,003       980,944  

2.50%, 07/29/25

    1,936       1,877,184  

2.50%, 11/22/27

    1,675       1,597,012  

2.50%, 03/29/32

    70       65,102  

3.00%, 09/27/23

    2,363       2,347,806  

3.13%, 11/20/25

    730       719,459  

4.75%, 02/15/35

    369       408,981  

International Finance Corp.

   

0.38%, 07/16/25

    370       337,891  

0.75%, 08/27/30(b)

    390       317,928  

1.38%, 10/16/24

      1,816       1,736,877  

2.13%, 04/07/26

    540       513,815  

Nordic Investment Bank, 2.25%, 05/21/24

    1,265       1,237,562  
   

 

 

 
        48,885,413  
Uruguay — 0.1%            

Uruguay Government International Bond

   

4.13%, 11/20/45(b)

    175       166,128  

4.98%, 04/20/55

    284       285,590  

5.10%, 06/18/50

    432       440,035  

7.63%, 03/21/36

    163       209,726  
   

 

 

 
      1,101,479  
   

 

 

 

Total Foreign Government Obligations — 3.2%
(Cost: $76,044,192)

 

    68,270,621  
   

 

 

 

Municipal Debt Obligations

   
California — 0.0%            

State of California GO BAB, 7.55%, 04/01/39

    35       46,427  
   

 

 

 
Illinois — 0.0%            

State of Illinois GO, 5.10%, 06/01/33

    95       94,057  
   

 

 

 

Total Municipal Debt Obligations — 0.0%
(Cost: $139,898)

 

    140,484  
   

 

 

 

 

 

58  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

U.S. Government & Agency Obligations

 

Mortgage-Backed Securities — 29.7%            

Federal Home Loan Mortgage Corp.

   

1.50%, 09/15/37

  $ 5,881     $ 5,283,982  

2.00%, 10/01/50

    651       562,960  

2.50%, 01/01/32

    109       104,495  

3.00%, 05/01/29

    4,532       4,439,841  

3.00%, 10/01/35

    547       530,517  

3.00%, 07/01/37

    919       891,072  

3.00%, 03/01/46

    391       367,472  

3.00%, 09/01/46

    371       351,562  

3.00%, 12/01/46

    469       441,601  

3.50%, 05/01/33

    23       22,713  

3.50%, 06/01/34

    17       16,493  

3.50%, 03/01/38

    31       30,791  

3.50%, 10/01/42

    11       10,532  

3.50%, 10/01/44

    12       11,866  

3.50%, 07/01/47

    15       14,939  

3.50%, 09/01/47

    15       14,189  

3.50%, 02/01/48

    7       7,104  

3.50%, 03/01/48

    6       5,610  

4.00%, 09/01/45

    6       6,175  

4.00%, 01/01/48

    403       399,105  

4.00%, 02/01/48

    5       4,851  

4.00%, 01/01/49

    9       9,075  

4.00%, 06/01/52

      1,098           1,073,538  

4.00%, 08/01/52

    3,685       3,602,874  

4.50%, 10/01/48

    17       16,839  

4.50%, 01/01/49

    3       3,088  

4.50%, 08/01/52

    264       263,009  

Series 1, 0.00%, 11/15/38(c)

    20       11,128  

Federal National Mortgage Association

   

1.63%, 01/07/25

    300       287,304  

2.50%, 10/01/51

    2,944       2,636,048  

3.00%, 05/01/52

    622       576,202  

4.00%, 07/01/52

    1,982       1,937,612  

4.00%, 09/01/52

    300       292,754  

4.50%, 05/01/52

    39       38,552  

4.50%, 08/01/52

    148       147,539  

4.50%, 09/01/52

    1,375       1,366,602  

5.00%, 08/01/52

    25       25,528  

5.63%, 07/15/37

    2,052       2,464,103  

6.21%, 08/06/38

    110       140,122  

6.25%, 05/15/29

    53       61,955  

6.63%, 11/15/30

    85       104,026  

7.13%, 01/15/30

    100       123,785  

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

    150       142,204  

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

    1,853       1,796,016  

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

    600       501,061  

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

    1,000       837,808  

FHLMC Multifamily Structured Pass Through Certificates, Series K047, Class A2, 3.33%, 05/25/25 (Call 05/25/25)(a)

    200       197,169  

Freddie Mac Multifamily Structured Pass Through Certificates

 

 

2.58%, 06/25/55 (Call 06/25/32)

    5,000       4,510,446  

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

    1,000       992,575  

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

    225       221,369  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 100     $ 98,352  

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

      2,000           2,006,387  

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

    1,000       929,899  

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

    300       275,972  

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

    1,920       1,604,797  

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

    2,000       1,708,222  

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

    2,996       2,893,580  

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

    900       803,053  

Government National Mortgage Association

   

1.50%, 10/20/51

    259       220,254  

2.00%, 07/20/50

    84       74,484  

2.00%, 08/20/50

    3,804       3,371,117  

2.00%, 09/20/50

    4,554       4,035,828  

2.00%, 11/20/50

    1,891       1,675,961  

2.00%, 12/20/50

    1,948       1,726,463  

2.00%, 02/20/51

    1,249       1,109,686  

2.00%, 08/20/51

    4,670       4,140,092  

2.00%, 10/20/51

    3,543       3,138,817  

2.00%, 11/20/51

    975       863,062  

2.00%, 12/20/51

    3,608       3,194,365  

2.00%, 03/20/52

    1,005       887,370  

2.00%, 04/20/52

    984       869,067  

2.00%, 09/21/52(g)

    9,944       8,780,824  

2.50%, 12/20/46

    125       116,274  

2.50%, 06/20/50

    4,442       4,082,537  

2.50%, 08/20/50

    367       336,657  

2.50%, 09/20/50

    504       463,297  

2.50%, 01/20/51

    1,365       1,254,458  

2.50%, 02/20/51

    1,691       1,549,943  

2.50%, 07/20/51

    3,213       2,939,337  

2.50%, 08/20/51(h)

    6,746       6,169,292  

2.50%, 11/20/51

    3,365       3,075,369  

2.50%, 12/20/51

    3,117       2,847,946  

2.50%, 02/20/52

    2,453       2,239,373  

2.50%, 05/20/52

    2,245       2,047,462  

2.50%, 07/20/52

    753       687,039  

2.50%, 08/20/52

    1,825       1,663,046  

2.50%, 09/21/52(g)

    9,136       8,324,109  

3.00%, 07/20/45

    62       59,187  

3.00%, 11/20/45

    287       273,242  

3.00%, 12/20/45

    50       47,316  

3.00%, 01/20/46

    26       24,897  

3.00%, 03/20/46

    464       442,624  

3.00%, 04/20/46

    12       11,579  

3.00%, 05/20/46

    31       29,773  

3.00%, 08/20/46

    378       359,533  

3.00%, 09/20/46

    912       868,198  

3.00%, 11/20/46

    23       22,369  

3.00%, 02/15/47

    26       25,116  

3.00%, 03/20/47

    9       9,042  

3.00%, 06/20/47

    30       28,578  

3.00%, 10/20/47

    540       513,873  

3.00%, 02/20/48

    21       19,485  

 

 

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

  59


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.00%, 04/20/49

  $ 966     $ 919,163  

3.00%, 10/15/49

    170       160,478  

3.00%, 01/20/50

    987       934,721  

3.00%, 02/20/50

    210       198,383  

3.00%, 07/20/50

    1,328       1,256,868  

3.00%, 08/20/50

    149       140,866  

3.00%, 12/20/50

    1,352       1,278,933  

3.00%, 08/20/51

    2,503       2,359,229  

3.00%, 09/20/51

    1,881       1,772,445  

3.00%, 10/20/51

    3,550       3,343,652  

3.00%, 11/20/51

    1,582       1,490,128  

3.00%, 12/20/51

    968       911,596  

3.00%, 02/20/52

    2,817       2,650,067  

3.00%, 07/20/52

    996       934,496  

3.00%, 09/21/52(g)

    8,366       7,851,949  

3.50%, 09/20/42

    39       38,019  

3.50%, 12/20/42

    35       34,108  

3.50%, 09/20/45

    2,971       2,898,977  

3.50%, 11/20/46

    9       8,951  

3.50%, 01/20/47

    9       8,456  

3.50%, 06/20/47

    8       7,608  

3.50%, 08/20/47

    138       134,751  

3.50%, 09/20/47

    3,395       3,308,054  

3.50%, 11/20/47

    34       33,064  

3.50%, 02/20/48

    18       17,669  

3.50%, 08/20/48

    34       33,020  

3.50%, 01/20/49

    15       14,310  

3.50%, 09/20/49

    1,021       991,264  

3.50%, 10/20/49

    724       702,667  

3.50%, 12/20/49

    291       282,694  

3.50%, 01/20/50

    665       645,547  

3.50%, 03/20/50

    464       450,377  

3.50%, 08/20/50

    227       220,182  

3.50%, 09/21/52(g)

      12,763           12,306,307  

4.00%, 04/20/47

    68       67,739  

4.00%, 07/20/47

    78       77,617  

4.00%, 11/20/47

    16       15,841  

4.00%, 04/20/48

    3       3,102  

4.00%, 05/15/48

    5       4,775  

4.00%, 05/20/48

    12       11,783  

4.00%, 08/20/48

    26       25,608  

4.00%, 09/20/48

    66       66,094  

4.00%, 11/20/48

    744       740,376  

4.00%, 12/20/48

    1,325       1,318,196  

4.00%, 02/20/49

    940       935,031  

4.00%, 02/20/50

    52       52,154  

4.00%, 07/20/52

    281       277,377  

4.00%, 09/20/52

    700       689,971  

4.00%, 09/21/52(g)

    7,456       7,347,072  

4.50%, 06/20/48

    24       24,058  

4.50%, 08/20/48

    4       3,967  

4.50%, 09/20/48

    288       291,441  

4.50%, 10/20/48

    143       144,656  

4.50%, 12/20/48

    57       57,431  

4.50%, 01/20/49

    209       211,354  

4.50%, 03/20/49

    3       2,853  

4.50%, 06/20/49

    40       40,521  

4.50%, 07/20/49

    16       16,641  

4.50%, 08/20/49

    4       4,184  

4.50%, 09/21/52(g)

    4,323       4,323,675  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.00%, 04/20/48

  $ 8     $ 7,801  

5.00%, 05/20/48

    3       3,401  

5.00%, 11/20/48

    2       2,569  

5.00%, 12/20/48

    5       5,417  

5.00%, 01/20/49

    27       27,261  

5.00%, 06/20/49

    414       425,171  

5.00%, 09/21/52(g)

    2,163       2,191,558  

5.50%, 09/21/52(g)

    100       102,531  

Uniform Mortgage-Backed Securities

   

1.50%, 03/01/36

    537       482,751  

1.50%, 10/01/36

    449       403,306  

1.50%, 11/01/36

    301       270,368  

1.50%, 02/01/37

    2,655       2,386,615  

1.50%, 03/01/37

    3,631           3,263,744  

1.50%, 04/01/37

    688       618,372  

1.50%, 11/01/50

    475       389,765  

1.50%, 02/01/51

    3,562       2,923,807  

1.50%, 04/01/51

    1,265       1,038,504  

1.50%, 05/01/51

    2,413       1,980,560  

1.50%, 07/01/51

    4,845       3,976,703  

1.50%, 11/01/51

    1,596       1,309,070  

1.50%, 09/15/52(g)

    1,475       1,205,841  

2.00%, 12/01/35

    1,874       1,731,601  

2.00%, 02/01/36

    5,407       4,995,009  

2.00%, 03/01/36

    815       753,035  

2.00%, 05/01/36

    1,752       1,616,209  

2.00%, 06/01/36

    1,606       1,481,692  

2.00%, 08/01/36

    1,401       1,291,924  

2.00%, 09/01/36

    2,333       2,151,918  

2.00%, 10/01/36

    674       621,329  

2.00%, 11/01/36

    1,366       1,260,250  

2.00%, 12/01/36

    1,840       1,696,387  

2.00%, 01/01/37

    2,858       2,634,986  

2.00%, 02/01/37

    692       638,438  

2.00%, 04/01/37(h)

    6,789       6,257,019  

2.00%, 04/01/37

    2,460       2,267,539  

2.00%, 05/01/37

    3,576       3,296,336  

2.00%, 06/01/37

    2,546       2,347,199  

2.00%, 09/19/37(g)

    8,274       7,628,022  

2.00%, 07/01/50

    1,387       1,199,981  

2.00%, 08/01/50

    890       769,721  

2.00%, 09/01/50

    2,180       1,885,711  

2.00%, 10/01/50

    2,283       1,974,224  

2.00%, 11/01/50

    4,547       3,931,310  

2.00%, 12/01/50

    5,642       4,879,000  

2.00%, 01/01/51

    4,156       3,594,657  

2.00%, 02/01/51

    3,318       2,865,175  

2.00%, 03/01/51

    4,937       4,257,732  

2.00%, 04/01/51

    9,208       7,940,804  

2.00%, 05/01/51

    13,498       11,641,515  

2.00%, 06/01/51

    4,429       3,822,118  

2.00%, 07/01/51

    3,093       2,667,733  

2.00%, 08/01/51

    6,079       5,240,320  

2.00%, 09/01/51

    1,939       1,671,557  

2.00%, 10/01/51

      15,319       13,210,889  

2.00%, 11/01/51

    13,686       11,794,975  

2.00%, 12/01/51

    8,736       7,526,987  

2.00%, 01/01/52

    12,706       10,953,856  

2.00%, 02/01/52

    8,591       7,395,188  

2.00%, 03/01/52

    407       350,235  

 

 

60  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

2.00%, 09/14/52(g)

  $ 17,961     $ 15,450,329  

2.50%, 01/01/32

    90       86,373  

2.50%, 04/01/32

    422       404,993  

2.50%, 06/01/32

    160       153,079  

2.50%, 01/01/33

    85       81,647  

2.50%, 11/01/34

    474       449,532  

2.50%, 07/01/35

    643       609,194  

2.50%, 10/01/35

    2,550       2,416,388  

2.50%, 03/01/36

    1,051       996,017  

2.50%, 05/01/36

    2,152       2,038,405  

2.50%, 06/01/36

    538       509,403  

2.50%, 07/01/36

    2,070       1,960,674  

2.50%, 08/01/36

    380       360,215  

2.50%, 03/01/37

    1,169       1,106,594  

2.50%, 04/01/37

    354       334,334  

2.50%, 05/01/37

    77       72,875  

2.50%, 09/19/37(g)

    6,995       6,616,833  

2.50%, 04/01/47

    14       12,935  

2.50%, 06/01/50

    92       82,298  

2.50%, 07/01/50

    258       233,476  

2.50%, 08/01/50

    279       251,218  

2.50%, 09/01/50

    1,702       1,532,622  

2.50%, 10/01/50

    674       606,459  

2.50%, 11/01/50

    8,252       7,422,744  

2.50%, 12/01/50

    7,247       6,500,122  

2.50%, 01/01/51

    1,142       1,025,859  

2.50%, 02/01/51

    232       208,501  

2.50%, 03/01/51

    2,044       1,835,401  

2.50%, 04/01/51

    312       278,798  

2.50%, 07/01/51

    1,336       1,196,570  

2.50%, 08/01/51

    6,075       5,446,367  

2.50%, 09/01/51

    6,137       5,495,526  

2.50%, 10/01/51

    2,824       2,527,599  

2.50%, 11/01/51

    6,854       6,133,241  

2.50%, 12/01/51

      16,740           14,992,412  

2.50%, 01/01/52

    5,296       4,739,345  

2.50%, 02/01/52

    3,932       3,522,535  

2.50%, 03/01/52

    9,409       8,407,350  

2.50%, 04/01/52

    5,239       4,681,982  

2.50%, 05/01/52

    1,000       895,397  

2.50%, 07/01/52

    1,991       1,779,118  

2.50%, 09/14/52(g)

    13,451       12,009,221  

3.00%, 03/01/30

    1,332       1,302,470  

3.00%, 01/01/31

    54       52,917  

3.00%, 08/01/32

    96       93,977  

3.00%, 10/01/33

    40       38,815  

3.00%, 07/01/34

    10       10,057  

3.00%, 09/01/34

    67       65,360  

3.00%, 11/01/34

    30       29,438  

3.00%, 12/01/34

    73       71,155  

3.00%, 03/01/35

    234       227,636  

3.00%, 07/01/35

    192       186,517  

3.00%, 09/19/37(g)

    5,184       5,020,988  

3.00%, 07/01/46

    463       434,474  

3.00%, 11/01/46

    974       915,418  

3.00%, 12/01/46

    459       431,586  

3.00%, 12/01/47

    210       197,421  

3.00%, 01/01/48

    75       70,222  

3.00%, 03/01/48

    1,290       1,212,237  

3.00%, 11/01/48

    140       131,268  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.00%, 02/01/49

  $ 4,799     $ 4,511,620  

3.00%, 09/01/49

    12       10,771  

3.00%, 11/01/49

    9       8,075  

3.00%, 12/01/49

    104       96,893  

3.00%, 02/01/50

    61       57,098  

3.00%, 03/01/50

    170       157,918  

3.00%, 04/01/50

    289       269,826  

3.00%, 05/01/50

    44       40,788  

3.00%, 06/01/50

    2,663       2,472,664  

3.00%, 07/01/50

    289       268,341  

3.00%, 08/01/50

    1,975       1,849,599  

3.00%, 10/01/50

    2,974       2,761,927  

3.00%, 01/01/51

    842       781,260  

3.00%, 04/01/51(h)

    8,152       7,564,978  

3.00%, 05/01/51

    350       328,286  

3.00%, 06/01/51

    3,028       2,812,879  

3.00%, 08/01/51

    1,096       1,022,713  

3.00%, 11/01/51

    625       579,564  

3.00%, 03/01/52

    2,407       2,229,950  

3.00%, 04/01/52

    8,451       7,830,469  

3.00%, 05/01/52

    2,443       2,263,336  

3.00%, 09/14/52(g)

      16,362           15,143,798  

3.50%, 06/01/33

    25       24,624  

3.50%, 11/01/33

    20       19,664  

3.50%, 02/01/34

    498       492,951  

3.50%, 07/01/34

    37       36,970  

3.50%, 08/01/34

    14       13,800  

3.50%, 01/01/35

    19       19,042  

3.50%, 09/15/37

    3,047       2,992,139  

3.50%, 07/01/45

    4,781       4,630,584  

3.50%, 08/01/45

    48       46,346  

3.50%, 01/01/46

    109       106,232  

3.50%, 09/01/46

    444       428,436  

3.50%, 01/01/47

    66       63,737  

3.50%, 07/01/47

    2,116       2,053,788  

3.50%, 08/01/47

    13       12,450  

3.50%, 09/01/47

    176       169,996  

3.50%, 10/01/47

    1,237       1,194,000  

3.50%, 11/01/47

    309       298,611  

3.50%, 01/01/48

    117       113,304  

3.50%, 02/01/48

    932       899,692  

3.50%, 04/01/48

    72       69,167  

3.50%, 07/01/48

    192       185,135  

3.50%, 11/01/48

    12       11,225  

3.50%, 01/01/49

    129       124,292  

3.50%, 02/01/49

    336       324,149  

3.50%, 03/01/49

    913       881,421  

3.50%, 06/01/49

    1,292       1,247,634  

3.50%, 04/01/50

    181       174,150  

3.50%, 05/01/50

    5,524       5,298,041  

3.50%, 02/01/51

    5,179       4,979,106  

3.50%, 10/01/51

    977       943,110  

3.50%, 05/01/52

    2,992       2,853,063  

3.50%, 06/01/52

    3,255       3,107,824  

3.50%, 09/15/52(g)

    11,878       11,316,579  

4.00%, 07/01/33

    14       14,263  

4.00%, 09/15/37(g)

    800       797,208  

4.00%, 01/01/46

    313       310,277  

4.00%, 10/01/46

    9       9,062  

4.00%, 07/01/47

    2,045       2,023,491  

 

 

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

  61


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.00%, 08/01/47

  $ 384     $ 382,923  

4.00%, 09/01/47

    450       445,158  

4.00%, 05/01/48

    2,704       2,671,143  

4.00%, 09/01/48

    2,473       2,442,240  

4.00%, 10/01/48

    6       5,919  

4.00%, 12/01/48

    3       3,015  

4.00%, 03/01/49

    1,832       1,808,109  

4.00%, 05/01/49

    18       17,384  

4.00%, 06/01/49

    18       17,911  

4.00%, 07/01/49

    2,491       2,460,816  

4.00%, 12/01/49

    11       11,131  

4.00%, 04/01/50

    2,173       2,140,551  

4.00%, 05/01/50

    1,269       1,250,194  

4.00%, 09/14/52(g)

    7,152       6,980,464  

4.50%, 09/15/37

    25       25,264  

4.50%, 10/01/47

    10       10,659  

4.50%, 08/01/48

    26       26,080  

4.50%, 10/01/48

    512       514,409  

4.50%, 11/01/48

    23       22,340  

4.50%, 12/01/48

    28       29,000  

4.50%, 01/01/49

    75       75,330  

4.50%, 02/01/49

    104       104,731  

4.50%, 04/01/49

    189       191,018  

4.50%, 05/01/49

    14       14,123  

4.50%, 06/01/52

    2,193       2,181,193  

4.50%, 09/14/52(g)

    8,450       8,398,508  

5.00%, 06/01/48

    150       154,495  

5.00%, 04/01/49

    12       12,955  

5.00%, 12/01/49

    455       468,408  

5.00%, 09/15/52(g)

    5,661       5,712,745  

5.50%, 09/15/52(g)

    2,475       2,530,688  
   

 

 

 
      641,600,173  
U.S. Government Agency Obligations — 0.0%  

Federal Home Loan Banks, 3.25%, 11/16/28

    510       507,358  
   

 

 

 
U.S. Government Obligations — 40.1%            

U.S. Treasury Note/Bond

   

0.13%, 07/31/23

    4,000       3,879,531  

0.13%, 08/31/23

    930       899,048  

0.13%, 09/15/23

    6,550       6,327,146  

0.13%, 10/15/23

    2,600       2,504,836  

0.13%, 12/15/23

    9,900       9,486,211  

0.13%, 01/15/24

    9,630       9,198,907  

0.25%, 09/30/23

    1,400       1,352,313  

0.25%, 11/15/23

      10,650           10,249,793  

0.25%, 03/15/24

    4,950       4,710,814  

0.25%, 05/15/24

    10,250       9,704,668  

0.25%, 06/15/24

    11,650       11,001,059  

0.25%, 05/31/25

    2,500       2,288,477  

0.25%, 06/30/25

    4,120       3,764,328  

0.25%, 07/31/25

    3,850       3,506,207  

0.25%, 08/31/25

    5,100       4,631,437  

0.25%, 09/30/25

    3,300       2,990,367  

0.25%, 10/31/25

    8,390       7,579,841  

0.38%, 04/15/24

    12,000       11,413,125  

0.38%, 08/15/24

    4,050       3,814,752  

0.38%, 09/15/24

    9,600       9,016,500  

0.38%, 04/30/25

    3,400       3,131,719  

0.38%, 11/30/25

    10,650       9,635,754  

0.38%, 12/31/25

    10,500       9,477,070  
Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)            

0.38%, 01/31/26

  $ 10,250     $ 9,227,402  

0.38%, 09/30/27

    8,400       7,240,406  

0.50%, 11/30/23

    1,800       1,735,031  

0.50%, 03/31/25

    3,400       3,151,109  

0.50%, 02/28/26

    4,850       4,375,988  

0.50%, 04/30/27

    2,350       2,060,840  

0.50%, 05/31/27

    1,100       962,500  

0.50%, 06/30/27

    1,900       1,659,234  

0.50%, 08/31/27

    2,300       2,000,820  

0.50%, 10/31/27

    7,250       6,276,348  

0.63%, 10/15/24

    7,000       6,595,312  

0.63%, 07/31/26

    3,000       2,691,797  

0.63%, 03/31/27

    1,000       884,141  

0.63%, 11/30/27

    7,450       6,476,844  

0.63%, 12/31/27

    10,300       8,932,031  

0.63%, 05/15/30

    1,800       1,483,875  

0.63%, 08/15/30

    7,300       5,989,422  

0.75%, 11/15/24

    10,230       9,639,377  

0.75%, 05/31/26

    1,350       1,222,066  

0.75%, 08/31/26

    7,000       6,300,547  

0.75%, 01/31/28

    6,300       5,490,844  

0.88%, 01/31/24

    5,000       4,818,945  

0.88%, 06/30/26

    7,590       6,890,890  

0.88%, 09/30/26

    5,700       5,148,703  

0.88%, 11/15/30

    5,090       4,254,922  

1.00%, 12/15/24

    10,750       10,165,469  

1.00%, 07/31/28

    5,000       4,370,703  

1.13%, 01/15/25

      12,000           11,357,813  

1.13%, 10/31/26

    1,500       1,366,758  

1.13%, 02/28/27

    2,850       2,585,039  

1.13%, 02/29/28

    4,000       3,554,375  

1.13%, 08/31/28

    8,750       7,696,582  

1.13%, 02/15/31

    11,700       9,950,484  

1.13%, 05/15/40

    6,100       4,154,672  

1.13%, 08/15/40

    8,500       5,736,172  

1.25%, 07/31/23

    4,100       4,018,480  

1.25%, 08/31/24

    2,300       2,202,430  

1.25%, 11/30/26

    7,200       6,588,000  

1.25%, 12/31/26

    6,200       5,665,250  

1.25%, 03/31/28

    7,100       6,339,523  

1.25%, 04/30/28

    5,100       4,546,570  

1.25%, 05/31/28

    4,700       4,185,570  

1.25%, 06/30/28

    10,470       9,304,395  

1.25%, 09/30/28

    10,200       9,022,219  

1.25%, 08/15/31

    12,400       10,555,500  

1.25%, 05/15/50

    8,550       5,287,641  

1.38%, 09/30/23

    9,850       9,631,453  

1.38%, 01/31/25

    5,150       4,899,742  

1.38%, 08/31/26

    375       346,494  

1.38%, 10/31/28

    5,000       4,451,953  

1.38%, 12/31/28

    5,750       5,114,355  

1.38%, 11/15/31

    10,500       8,997,187  

1.38%, 11/15/40

    7,650       5,384,883  

1.38%, 08/15/50

    4,720       3,018,587  

1.50%, 10/31/24

    2,800       2,686,469  

1.50%, 11/30/24

    2,500       2,393,750  

1.50%, 02/15/25

    10,100       9,628,141  

1.50%, 08/15/26

    3,550       3,295,676  

1.50%, 01/31/27

    9,900       9,135,070  

1.50%, 11/30/28

    8,800       7,885,625  

 

 

62  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)            

1.50%, 02/15/30

  $ 4,200     $ 3,725,531  

1.63%, 02/15/26

    3,975       3,734,326  

1.63%, 05/15/26

    3,100       2,905,039  

1.63%, 10/31/26

    2,500       2,326,953  

1.63%, 11/30/26

    1,600       1,488,875  

1.63%, 08/15/29

    665       598,292  

1.63%, 05/15/31

    6,100       5,388,969  

1.63%, 11/15/50

    6,100       4,174,687  

1.75%, 06/30/24

    6,000       5,817,422  

1.75%, 12/31/24

    1,700       1,634,656  

1.75%, 03/15/25

    4,670       4,474,444  

1.75%, 12/31/26

    2,750       2,569,961  

1.75%, 01/31/29

    7,200       6,546,375  

1.75%, 11/15/29

    550       499,297  

1.75%, 08/15/41

    7,400       5,500,281  

1.88%, 08/31/24

      3,010       2,918,642  

1.88%, 06/30/26

    175       165,334  

1.88%, 02/28/27

    1,800       1,688,062  

1.88%, 02/28/29

    3,400       3,117,109  

1.88%, 02/15/32

    11,100       9,927,562  

1.88%, 02/15/41

    6,500       4,981,641  

1.88%, 02/15/51

    8,800       6,422,625  

1.88%, 11/15/51

    9,250       6,740,937  

2.00%, 04/30/24

    780       761,658  

2.00%, 05/31/24

    5,750       5,606,924  

2.00%, 06/30/24

    300       292,230  

2.00%, 02/15/25

    1,425       1,375,348  

2.00%, 08/15/25

    2,900           2,778,789  

2.00%, 11/15/26

    4,150       3,918,184  

2.00%, 11/15/41

    6,900       5,360,437  

2.00%, 02/15/50

    1,950       1,475,297  

2.00%, 08/15/51

    7,000       5,260,937  

2.13%, 02/29/24

    850       833,299  

2.13%, 03/31/24

    2,100       2,056,605  

2.13%, 09/30/24

    3,000       2,920,781  

2.13%, 05/15/25

    12,480       12,040,275  

2.13%, 05/31/26

    800       763,000  

2.25%, 01/31/24

    500       491,523  

2.25%, 03/31/24

    2,590       2,540,426  

2.25%, 04/30/24

    2,643       2,590,863  

2.25%, 11/15/24

    375       365,361  

2.25%, 12/31/24

    2,100       2,042,250  

2.25%, 11/15/25

    1,500       1,443,516  

2.25%, 03/31/26

    275       263,936  

2.25%, 02/15/27

    4,300       4,094,742  

2.25%, 08/15/27

    1,400       1,329,563  

2.25%, 11/15/27

    8,570       8,118,736  

2.25%, 05/15/41

    5,300       4,322,812  

2.25%, 08/15/46

    7,855       6,150,220  

2.25%, 08/15/49

    400       320,563  

2.25%, 02/15/52

    6,650       5,316,883  

2.38%, 08/15/24

    675       661,104  

2.38%, 05/15/27

    7,150       6,836,629  

2.38%, 03/31/29

    6,200       5,847,375  

2.38%, 05/15/29

    6,090       5,742,680  

2.38%, 02/15/42

    7,250       6,013,135  

2.38%, 11/15/49

    1,690       1,393,194  

2.38%, 05/15/51

    5,500       4,529,766  

2.50%, 04/30/24

    6,110       6,012,861  

2.50%, 05/15/24

    5,485       5,396,512  
Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)            

2.50%, 05/31/24

  $   6,500     $ 6,392,598  

2.50%, 01/31/25

    1,000       977,109  

2.50%, 03/31/27

    3,400       3,273,828  

2.50%, 02/15/45

    3,250       2,686,836  

2.50%, 02/15/46

    6,050       4,987,469  

2.50%, 05/15/46

    4,950       4,078,336  

2.63%, 12/31/23

    7,300       7,222,152  

2.63%, 03/31/25

    600       587,344  

2.63%, 04/15/25

    3,130       3,062,265  

2.63%, 12/31/25

    2,600       2,531,344  

2.63%, 01/31/26

    350       340,539  

2.63%, 05/31/27

    2,000       1,937,031  

2.63%, 02/15/29

    5,215       5,001,511  

2.75%, 07/31/23

    1,000       994,180  

2.75%, 02/15/24

    3,000       2,968,711  

2.75%, 05/15/25

    3,500       3,432,734  

2.75%, 06/30/25

    3,900       3,823,219  

2.75%, 08/31/25

    2,900       2,839,055  

2.75%, 04/30/27

    1,000       973,359  

2.75%, 07/31/27

    2,000       1,946,250  

2.75%, 02/15/28

    4,225       4,093,629  

2.75%, 05/31/29

    6,700       6,466,547  

2.75%, 08/15/42

    475       417,258  

2.75%, 11/15/42

    925       810,965  

2.75%, 08/15/47

    4,300       3,737,641  

2.75%, 11/15/47

    3,300       2,872,547  

2.88%, 09/30/23

    1,125       1,118,013  

2.88%, 10/31/23

    2,600       2,582,633  

2.88%, 04/30/25

    2,160       2,125,406  

2.88%, 05/31/25

    1,975       1,942,598  

2.88%, 06/15/25

    9,000       8,851,641  

2.88%, 07/31/25

    1,500       1,474,687  

2.88%, 11/30/25

    3,000       2,943,984  

2.88%, 05/15/28

    1,458       1,420,021  

2.88%, 08/15/28

    4,900       4,770,227  

2.88%, 04/30/29

    6,540       6,361,172  

2.88%, 05/15/32

    9,100       8,872,500  

2.88%, 05/15/43

    400       356,500  

2.88%, 08/15/45

    3,395       3,001,923  

2.88%, 11/15/46

    3,800       3,367,750  

2.88%, 05/15/49

    935       850,704  

2.88%, 05/15/52

    8,910       8,216,691  

3.00%, 07/15/25

    3,800       3,749,531  

3.00%, 10/31/25

    1,200       1,182,750  

3.00%, 05/15/42

    170       156,214  

3.00%, 11/15/44

    1,600       1,447,250  

3.00%, 05/15/45

    1,285       1,161,520  

3.00%, 11/15/45

    4,400       3,980,625  

3.00%, 02/15/47

    4,475       4,059,664  

3.00%, 05/15/47

    3,900       3,543,516  

3.00%, 02/15/48

    500       458,125  

3.00%, 08/15/48

    555       511,294  

3.00%, 02/15/49

    375       348,809  

3.00%, 08/15/52

    500       474,063  

3.13%, 08/31/27

    3,000       2,973,516  

3.13%, 11/15/28

    275       271,520  

3.13%, 11/15/41

    825       776,402  

3.13%, 02/15/42

    1,000       939,531  

3.13%, 02/15/43

    500       464,688  

3.13%, 08/15/44

    1,600           1,479,750  

 

 

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

  63


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)            

3.13%, 05/15/48

  $ 750     $ 706,055  

3.25%, 06/30/27

    600       597,094  

3.25%, 06/30/29

    5,500       5,479,375  

3.25%, 05/15/42

    2,928       2,802,304  

3.38%, 08/15/42

    1,500       1,464,375  

3.38%, 05/15/44

    1,020       984,141  

3.50%, 02/15/39

    350       358,641  

3.63%, 08/15/43

    225       226,090  

3.63%, 02/15/44

    720       722,138  

3.75%, 11/15/43

    300       307,125  

3.88%, 08/15/40

    300       317,484  

4.25%, 11/15/40

    250       277,656  

4.38%, 02/15/38

    2,600       2,968,062  

4.38%, 11/15/39

    150       170,484  

4.38%, 05/15/40

    250       283,281  

4.38%, 05/15/41

    500       563,281  

4.50%, 02/15/36

    1,900       2,189,453  

4.50%, 05/15/38

    500       577,969  

4.63%, 02/15/40

    250       292,734  

5.00%, 05/15/37

    2,400       2,910,375  

6.25%, 08/15/23

    300       307,676  

6.25%, 05/15/30

    100       120,234  

6.38%, 08/15/27

    800       906,688  
   

 

 

 
      866,434,151  
   

 

 

 

Total U.S. Government & Agency
Obligations — 69.8%
(Cost: $1,648,531,283)

 

    1,508,541,682  
   

 

 

 

Total Long-Term Investments — 99.9%
(Cost: $2,390,241,208)

      2,158,951,432  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 8.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(i)(j)

    165,490       165,539,511  

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

    13,595       13,594,607  
   

 

 

 

Total Short-Term Securities — 8.3%
(Cost: $179,067,563)

 

    179,134,118  
   

 

 

 

Total Investments Before TBA Sales
Commitments — 108.2%
(Cost: $2,569,308,771)

 

      2,338,085,550  
   

 

 

 
Security  

    

Par

(000)

    Value  

 

 

TBA Sales Commitments(g)

 

Mortgage-Backed Securities — (1.0)%  

Government National Mortgage Association

   

2.50%, 09/21/52

    (2,000   $ (1,822,266

3.00%, 09/21/52

    (3,503     (3,287,757

3.50%, 09/21/52

    (1,699     (1,638,141

Uniform Mortgage-Backed Securities

   

2.00%, 09/19/37

    (175     (161,328

2.00%, 09/14/52

    (7,651     (6,581,504

2.50%, 09/19/37

    (475     (449,320

2.50%, 09/14/52

    (822     (733,892

3.00%, 09/19/37

    (1,541     (1,492,543

3.00%, 09/14/52

    (622     (575,690

4.00%, 09/14/52

    (2,598     (2,535,688

4.50%, 09/14/52

    (1,825     (1,813,879
   

 

 

 

Total TBA Sales Commitments — (1.0)%
(Proceeds: $(21,449,095))

 

    (21,092,008
   

 

 

 

Total Investments, Net of TBA Sales
Commitments — 107.2%
(Cost: $2,547,859,676)

 

    2,316,993,542  

Liabilities in Excess of Other Assets — (7.2)%

 

    (156,496,691
   

 

 

 

Net Assets — 100.0%

    $  2,160,496,851  
   

 

 

 

 

(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) 

All or a portion of this security is on loan.

(c) 

Zero-coupon bond.

(d) 

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

(e) 

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

(f) 

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

(g) 

Represents or includes a TBA transaction.

(h) 

All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

(i) 

Affiliate of the Fund.

(j) 

Annualized 7-day yield as of period end.

(k) 

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

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

02/28/22

    

Purchases

at Cost

    

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/22

    

Shares

Held at

08/31/22

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional,

                      

SL Agency Shares

  $ 234,003,604      $      $ (68,461,155 )(a)    $ (101,507   $ 98,569      $ 165,539,511        165,490      $ 1,009,856     $  

BlackRock Cash Funds: Treasury, SL

                      

Agency Shares

    32,053,228               (18,458,621 )(a)                   13,594,607        13,595        18,033 (b)        
         

 

 

   

 

 

    

 

 

       

 

 

   

 

 

 
          $ (101,507   $ 98,569      $ 179,134,118         $ 1,027,889     $  
         

 

 

   

 

 

    

 

 

       

 

 

   

 

 

 

 

 

64  

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


 

Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware U.S. Aggregate Bond ETF

 

Affiliates (continued)

 

(a)

Represents net amount purchased (sold).

(b)

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                                                   
         
     Level 1     Level 2     Level 3     Total  

Investments

       

Assets

       

Asset-Backed Securities

  $         $ 5,934,826         $         $ 5,934,826  

Collaterized Mortgage Obligations

          21,711,521             21,711,521  

Corporate Bonds & Notes

          554,352,298             554,352,298  

Foreign Government Obligations

          68,270,621             68,270,621  

Municipal Debt Obligations

          140,484             140,484  

U.S. Government & Agency Obligations

          1,508,541,682             1,508,541,682  

Money Market Funds

    179,134,118                   179,134,118  
 

 

 

   

 

 

   

 

 

   

 

 

 
    179,134,118       2,158,951,432             2,338,085,550  
 

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

       

TBA Sales Commitments

          (21,092,008           (21,092,008
 

 

 

   

 

 

   

 

 

   

 

 

 
  $  179,134,118     $ 2,137,859,424     $     $ 2,316,993,542  
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

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

  65


Schedule of Investments (unaudited)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.2%            

Interpublic Group of Companies Inc. (The)

   

4.65%, 10/01/28 (Call 07/01/28)

  $ 27     $ 26,259  

4.75%, 03/30/30 (Call 12/30/29)

    29       27,860  

5.40%, 10/01/48 (Call 04/01/48)

    373       359,143  

Omnicom Group Inc.

   

2.45%, 04/30/30 (Call 01/30/30)

    37       31,043  

4.20%, 06/01/30 (Call 03/01/30)(a)

    37       35,179  

WPP Finance 2010, 3.75%, 09/19/24

        1,099       1,081,867  
   

 

 

 
      1,561,351  
Aerospace & Defense — 1.0%            

L3Harris Technologies Inc.

   

1.80%, 01/15/31 (Call 10/15/30)

    379       301,525  

2.90%, 12/15/29 (Call 09/15/29)

    378       334,220  

3.83%, 04/27/25 (Call 01/27/25)

    1,017       998,613  

4.40%, 06/15/28 (Call 03/15/28)

    1,496       1,471,310  

4.85%, 04/27/35 (Call 10/27/34)

    418       413,134  

5.05%, 04/27/45 (Call 10/27/44)

    284       275,474  

6.15%, 12/15/40

    130       141,680  

Raytheon Technologies Corp.

   

2.25%, 07/01/30 (Call 04/01/30)

    1,255       1,072,033  

2.65%, 11/01/26 (Call 08/01/26)(a)

    30       28,318  

2.82%, 09/01/51 (Call 03/01/51)

    61       42,389  

3.03%, 03/15/52 (Call 09/15/51)

    45       32,791  

3.13%, 05/04/27 (Call 02/04/27)(a)

    499       476,450  

3.13%, 07/01/50 (Call 01/01/50)

    274       204,012  

3.75%, 11/01/46 (Call 05/01/46)

    277       230,614  

4.05%, 05/04/47 (Call 11/04/46)

    212       185,502  

4.13%, 11/16/28 (Call 08/16/28)

    603       588,715  

4.15%, 05/15/45 (Call 11/16/44)

    235       206,692  

4.35%, 04/15/47 (Call 10/15/46)

    190       172,410  

4.45%, 11/16/38 (Call 05/16/38)

    179       169,191  

4.50%, 06/01/42

    464       439,645  

4.63%, 11/16/48 (Call 05/16/48)

    462       441,118  

4.70%, 12/15/41

    42       40,009  

4.80%, 12/15/43 (Call 06/15/43)

    22       21,195  

4.88%, 10/15/40

    184       181,222  

5.40%, 05/01/35(a)

    25       26,104  

6.13%, 07/15/38

    55       61,192  

7.50%, 09/15/29

    400       464,980  

Teledyne Technologies Inc.

   

2.25%, 04/01/28 (Call 02/01/28)

    87       75,430  

2.75%, 04/01/31 (Call 01/01/31)

    1,446       1,203,029  
   

 

 

 
          10,298,997  
Agriculture — 0.9%            

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    534       508,496  

2.70%, 09/15/51 (Call 03/15/51)

    130       97,470  

3.25%, 03/27/30 (Call 12/27/29)

    340       319,848  

3.75%, 09/15/47 (Call 03/15/47)(a)

    239       214,593  

4.02%, 04/16/43

    98       88,950  

4.50%, 03/15/49 (Call 09/15/48)

    125       125,834  

4.54%, 03/26/42

    105       102,755  

5.38%, 09/15/35

    54       58,608  

5.94%, 10/01/32

    222       249,641  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)(a)

    2,180       2,023,738  

2.75%, 05/14/31 (Call 02/14/31)

    1,610       1,349,518  

3.25%, 08/15/26 (Call 05/15/26)(a)

    1,798       1,728,166  
Security  

Par

(000)

     Value  

Agriculture (continued)

    

3.75%, 09/25/27 (Call 06/25/27)

  $     1,967      $       1,905,787  
    

 

 

 
       8,773,404  
Airlines — 0.1%             

Southwest Airlines Co.

    

2.63%, 02/10/30 (Call 11/10/29)

    130        109,223  

3.00%, 11/15/26 (Call 08/15/26)

    77        72,555  

3.45%, 11/16/27 (Call 08/16/27)

    144        135,835  

5.13%, 06/15/27 (Call 04/15/27)(a)

    477        486,760  
    

 

 

 
       804,373  
Apparel — 0.4%             

NIKE Inc.

    

2.38%, 11/01/26 (Call 08/01/26)

    326        309,058  

2.40%, 03/27/25 (Call 02/27/25)

    123        119,091  

2.75%, 03/27/27 (Call 01/27/27)

    180        172,114  

2.85%, 03/27/30 (Call 12/27/29)

    324        297,364  

3.25%, 03/27/40 (Call 09/27/39)

    118        100,082  

3.38%, 11/01/46 (Call 05/01/46)

    141        118,214  

3.38%, 03/27/50 (Call 09/27/49)

    173        144,448  

3.63%, 05/01/43 (Call 11/01/42)

    194        170,978  

3.88%, 11/01/45 (Call 05/01/45)(a)

    243        220,161  

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

    605        601,836  

Ralph Lauren Corp.

    

2.95%, 06/15/30 (Call 03/15/30)

    45        40,090  

3.75%, 09/15/25 (Call 07/15/25)

    133        131,772  

Tapestry Inc.

    

4.13%, 07/15/27 (Call 04/15/27)

    5        4,780  

4.25%, 04/01/25 (Call 01/01/25)(a)

    302        301,701  

VF Corp.

    

2.40%, 04/23/25 (Call 03/23/25)

    240        229,022  

2.80%, 04/23/27 (Call 02/23/27)(a)

    333        311,242  

2.95%, 04/23/30 (Call 01/23/30)

    393        341,674  
    

 

 

 
       3,613,627  
Auto Manufacturers — 0.6%             

American Honda Finance Corp.

    

2.30%, 09/09/26

    352        328,451  

2.35%, 01/08/27

    335        310,669  

3.50%, 02/15/28

    353        339,837  

Cummins Inc.

    

1.50%, 09/01/30 (Call 06/01/30)(a)

    421        343,128  

2.60%, 09/01/50 (Call 03/01/50)

    455        315,656  

3.65%, 10/01/23 (Call 07/01/23)

    79        78,984  

4.88%, 10/01/43 (Call 04/01/43)

    245        246,174  

General Motors Co.

    

5.00%, 04/01/35

    96        86,229  

5.15%, 04/01/38 (Call 10/01/37)

    165        145,134  

5.20%, 04/01/45

    158        134,161  

5.40%, 10/15/29 (Call 08/15/29)

    125        121,923  

5.40%, 04/01/48 (Call 10/01/47)

    111        97,673  

5.60%, 10/15/32 (Call 07/15/32)

    200        191,712  

5.95%, 04/01/49 (Call 10/01/48)(a)

    183        169,954  

6.25%, 10/02/43

    341        325,897  

6.60%, 04/01/36 (Call 10/01/35)

    598        604,991  

6.75%, 04/01/46 (Call 10/01/45)(a)

    148        148,334  

General Motors Financial Co. Inc.

    

2.70%, 06/10/31 (Call 03/10/31)

    5        3,958  

3.10%, 01/12/32 (Call 10/12/31)

    25        20,220  

3.60%, 06/21/30 (Call 03/21/30)

    75        64,855  

5.65%, 01/17/29 (Call 10/17/28)

    24        23,899  

 

 

66  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31

  $ 483     $ 610,565  

Toyota Motor Corp., 3.67%, 07/20/28

    28       27,476  

Toyota Motor Credit Corp.

   

1.80%, 02/13/25

    101       96,065  

2.00%, 10/07/24

    40       38,576  

2.15%, 02/13/30

    90       78,060  

3.00%, 04/01/25

    135       131,961  

3.05%, 01/11/28

    182       173,690  

3.20%, 01/11/27

    108       104,532  

3.38%, 04/01/30(a)

    28       26,429  

3.40%, 04/14/25

    46       45,426  

3.65%, 01/08/29(a)

    23       22,271  
   

 

 

 
      5,456,890  
Auto Parts & Equipment — 0.2%            

Aptiv PLC

   

3.10%, 12/01/51 (Call 06/01/51)

    350       218,561  

4.35%, 03/15/29 (Call 12/15/28)

    122       114,404  

4.40%, 10/01/46 (Call 04/01/46)

    226       177,505  

5.40%, 03/15/49 (Call 09/15/48)

    276       243,457  

Aptiv PLC/Aptiv Corp.

   

3.25%, 03/01/32 (Call 12/01/31)(a)

    125       105,415  

4.15%, 05/01/52 (Call 11/01/51)

    203       150,443  

BorgWarner Inc.

   

3.38%, 03/15/25 (Call 12/15/24)

    156       153,041  

4.38%, 03/15/45 (Call 09/15/44)

    213       171,309  

Lear Corp.

   

3.50%, 05/30/30 (Call 02/28/30)

    115       100,036  

3.55%, 01/15/52 (Call 07/15/51)

    62       40,423  

3.80%, 09/15/27 (Call 06/15/27)

    60       56,576  

4.25%, 05/15/29 (Call 02/15/29)

    55       50,436  

5.25%, 05/15/49 (Call 11/15/48)

    273       236,211  

Magna International Inc.

   

3.63%, 06/15/24 (Call 03/15/24)

    251       249,007  

4.15%, 10/01/25 (Call 07/01/25)

    75       74,694  
   

 

 

 
      2,141,518  
Banks — 22.7%            

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

        1,317       1,303,988  

Banco Bilbao Vizcaya Argentaria SA

   

0.88%, 09/18/23

    9,145           8,830,778  

1.13%, 09/18/25

    5,690       5,156,335  

Banco Santander SA

   

1.72%, 09/14/27 (Call 09/14/26)(b)

    315       271,810  

2.71%, 06/27/24

    200       194,056  

2.96%, 03/25/31

    200       163,228  

3.23%, 11/22/32 (Call 11/22/31)(b)

    203       154,790  

3.31%, 06/27/29

    233       210,310  

3.49%, 05/28/30

    125       107,445  

3.80%, 02/23/28

    276       252,697  

4.25%, 04/11/27

    400       384,648  

5.18%, 11/19/25

    56       55,444  

Bank of America Corp.

   

1.90%, 07/23/31 (Call 07/23/30), (SOFR + 1.530%)(b)

    20       15,804  

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

    90       84,173  

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

    30       23,965  

2.48%, 09/21/36 (Call 09/21/31)(b)

    476       368,191  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 155     $ 130,121  

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

    145       118,832  

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

    168       141,819  

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

    424       304,233  

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

        1,792           1,488,686  

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

    180       122,189  

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

    243       211,131  

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

    75       63,288  

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

    490       342,162  

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

    150       133,505  

3.25%, 10/21/27 (Call 10/21/26)

    173       163,262  

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

    115       90,011  

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

    192       185,739  

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

    123       114,148  

3.50%, 04/19/26

    188       183,259  

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

    117       111,502  

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

    73       68,712  

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

    232       220,342  

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

    343       328,230  

3.85%, 03/08/37 (Call 03/08/32)(b)

    410       354,617  

3.88%, 08/01/25

    118       117,756  

3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.19%)(b)

    361       305,233  

3.97%, 03/05/29 (Call 03/05/28),
(3 mo. LIBOR US + 1.070%)(b)

    262       247,181  

3.97%, 02/07/30 (Call 02/07/29),
(3 mo. LIBOR US + 1.210%)(b)

    128       119,935  

4.00%, 01/22/25

    129       127,925  

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

    245       213,892  

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

    1,090       933,476  

4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)(b)

    512       462,479  

4.25%, 10/22/26

    288       283,654  

4.27%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.310%)(b)

    142       136,253  

4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.520%)(b)

    558       500,258  

4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)(b)

    722       661,439  

4.45%, 03/03/26

    239       238,034  

4.57%, 04/27/33 (Call 04/27/32), (SOFR + 1.830%)(b)

    850       812,948  

4.83%, 07/22/26 (Call 07/22/25)(b)

    400       400,604  

4.88%, 04/01/44

    328       315,342  

4.95%, 07/22/28 (Call 07/22/27)(b)

    420       419,538  

5.00%, 01/21/44

    521       506,094  

5.02%, 07/22/33 (Call 07/22/32)(a)(b)

    1,295       1,284,640  

5.88%, 02/07/42

    591       644,373  

6.11%, 01/29/37

    777       823,084  

6.22%, 09/15/26

    155       162,854  

 

 

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

  67


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

7.75%, 05/14/38

  $ 262     $ 323,463  

Series L, 3.95%, 04/21/25

    59       58,375  

Series L, 4.18%, 11/25/27 (Call 11/25/26)

    294       286,935  

Series N, 2.65%, 03/11/32 (Call 03/11/31),
(SOFR + 1.220%)(b)

    20       16,605  

Series N, 3.48%, 03/13/52 (Call 03/13/51),
(SOFR + 1.650%)(b)

    445       344,541  

Bank of America N.A., 6.00%, 10/15/36

    274       294,873  

Bank of Montreal

   

1.85%, 05/01/25

    498       469,350  

2.50%, 06/28/24

    472       460,342  

2.58%, 01/10/25, (SOFR + 0.465%)(b)

    100       98,176  

2.65%, 03/08/27

    200       186,064  

3.09%, 01/10/37 (Call 01/10/32)(b)

    115       92,668  

3.80%, 12/15/32 (Call 12/15/27)(b)

    936       854,390  

4.34%, 10/05/28 (Call 10/05/23)(b)

    712       709,245  

Series E, 3.30%, 02/05/24

    848       840,334  

Bank of New York Mellon Corp. (The)

   

1.60%, 04/24/25 (Call 03/24/25)

        1,660           1,563,122  

2.10%, 10/24/24

    311       301,116  

2.20%, 08/16/23 (Call 06/16/23)

    506       498,881  

2.45%, 08/17/26 (Call 05/17/26)

    1,431       1,346,800  

2.80%, 05/04/26 (Call 02/04/26)

    980       945,190  

3.00%, 10/30/28 (Call 07/30/28)(a)

    1,077       986,187  

3.25%, 09/11/24 (Call 08/11/24)

    356       353,323  

3.25%, 05/16/27 (Call 02/16/27)

    668       646,551  

3.30%, 08/23/29 (Call 05/23/29)

    431       401,455  

3.40%, 05/15/24 (Call 04/15/24)

    279       277,546  

3.40%, 01/29/28 (Call 10/29/27)

    486       464,533  

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

    935       897,609  

3.45%, 08/11/23

    464       463,504  

3.85%, 04/28/28(a)

    783       768,452  

3.85%, 04/26/29 (Call 02/26/29)

    500       480,175  

3.95%, 11/18/25 (Call 10/18/25)

    235       234,631  

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

    274       273,975  

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

    312       305,985  

Bank of Nova Scotia (The)

   

0.65%, 07/31/24

    235       220,052  

0.70%, 04/15/24

    375       355,583  

1.05%, 03/02/26

    4,235       3,798,541  

1.30%, 06/11/25(a)

    2,465       2,279,262  

1.35%, 06/24/26

    465       417,226  

1.45%, 01/10/25

    100       93,971  

1.95%, 02/02/27

    250       225,050  

2.15%, 08/01/31

    1,890       1,547,626  

2.20%, 02/03/25

    2,963       2,823,443  

2.45%, 02/02/32

    125       103,944  

2.70%, 08/03/26

    261       245,815  

2.95%, 03/11/27

    500       469,785  

3.40%, 02/11/24

    3,032       3,008,078  

3.45%, 04/11/25

    2,000       1,956,120  

4.50%, 12/16/25

    1,727       1,722,044  

BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)

    170       164,167  

Barclays PLC

   

2.67%, 03/10/32 (Call 03/10/31)(b)

    428       334,812  

2.89%, 11/24/32 (Call 11/24/31)(b)

    1,210       947,890  

3.56%, 09/23/35 (Call 09/23/30)(b)

    358       288,587  

3.65%, 03/16/25

    220       213,730  
Security  

Par

(000)

    Value  
Banks (continued)            

3.93%, 05/07/25 (Call 05/07/24),
(3 mo. LIBOR US + 1.610%)(b)

  $     1,206     $     1,179,432  

4.34%, 01/10/28 (Call 01/10/27)

    380       359,993  

4.38%, 09/11/24

    145       143,325  

4.38%, 01/12/26(a)

    310       303,661  

4.84%, 05/09/28 (Call 05/07/27)

    226       213,963  

4.95%, 01/10/47

    400       364,828  

4.97%, 05/16/29 (Call 05/16/28),
(3 mo. LIBOR US + 1.902%)(b)

    407       388,832  

5.09%, 06/20/30 (Call 06/20/29),
(3 mo. LIBOR US + 3.054%)(b)

    288       269,096  

5.20%, 05/12/26

    185       183,187  

5.25%, 08/17/45

    375       351,705  

BNP Paribas SA, 4.25%, 10/15/24

    490       488,339  

BPCE SA

   

3.38%, 12/02/26

    1,565       1,490,522  

4.00%, 04/15/24(a)

    1,323       1,316,226  

Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24),

   

(3 mo. LIBOR US + 2.470%)(a)(b)

    7       6,802  

Canadian Imperial Bank of Commerce

   

2.25%, 01/28/25

    567       540,634  

3.10%, 04/02/24(a)

    1,232       1,214,826  

3.50%, 09/13/23

    1,428       1,423,902  

3.60%, 04/07/32 (Call 03/07/32)

    105       95,858  

3.95%, 08/04/25

    500       494,165  

Citigroup Inc.

   

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

    299       245,108  

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

    55       45,979  

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

    247       209,528  

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

    103       89,703  

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

    100       84,721  

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

    343       329,273  

3.20%, 10/21/26 (Call 07/21/26)

    141       134,279  

3.30%, 04/27/25

    183       178,652  

3.35%, 04/24/25 (Call 04/24/24),

   

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

    242       237,129  

3.40%, 05/01/26

    139       134,270  

3.52%, 10/27/28 (Call 10/27/27),

   

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

    484       450,580  

3.67%, 07/24/28 (Call 07/24/27),

   

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

    511       479,323  

3.70%, 01/12/26

    182       177,783  

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

    705       634,246  

3.88%, 03/26/25

    123       121,475  

3.88%, 01/24/39 (Call 01/24/38),

   

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

    321       279,081  

3.89%, 01/10/28 (Call 01/10/27),

   

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

    371       355,756  

3.98%, 03/20/30 (Call 03/20/29),

   

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

    442       412,978  

4.08%, 04/23/29 (Call 04/23/28),

   

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

    176       167,445  

4.13%, 07/25/28

    217       206,933  

4.28%, 04/24/48 (Call 04/24/47),

   

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

    363       325,876  

4.30%, 11/20/26

    136       134,289  

4.40%, 06/10/25

    251       250,014  

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

    706       671,724  

4.45%, 09/29/27

    530       517,015  

4.60%, 03/09/26

    204       203,737  

 

 

68  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.65%, 07/30/45

  $ 306     $     283,270  

4.65%, 07/23/48 (Call 06/23/48)

    660       621,496  

4.75%, 05/18/46

    313       281,860  

4.91%, 05/24/33 (Call 05/24/32)(b)

    125       122,716  

5.30%, 05/06/44

    243       236,434  

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

    345       344,662  

5.50%, 09/13/25

    97       99,538  

5.88%, 02/22/33(a)

    47       48,453  

5.88%, 01/30/42

    190       201,905  

6.00%, 10/31/33(a)

    89       92,855  

6.13%, 08/25/36

    285       300,997  

6.63%, 01/15/28(a)

    299       325,070  

6.63%, 06/15/32

    124       134,616  

6.68%, 09/13/43

    249       281,161  

8.13%, 07/15/39

    423       554,756  

Citizens Bank N.A./Providence RI, 3.75%, 02/18/26 (Call 11/18/25)

    112       109,682  

Citizens Financial Group Inc.

   

2.50%, 02/06/30 (Call 11/06/29)

    257       215,695  

2.85%, 07/27/26 (Call 04/27/26)

    11       10,417  

3.25%, 04/30/30 (Call 01/30/30)

    304       266,906  

4.30%, 12/03/25 (Call 11/03/25)

    86       85,002  

Comerica Bank

   

2.50%, 07/23/24

    41       39,776  

4.00%, 07/27/25

    375       370,039  

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

    551       532,558  

Cooperatieve Rabobank U.A.

   

3.75%, 07/21/26

    93       88,727  

4.38%, 08/04/25

    376       370,014  

5.25%, 05/24/41

    325       353,626  

5.75%, 12/01/43

    207       214,974  

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

    158       154,685  

Credit Suisse AG/New York NY, 3.63%, 09/09/24

    112       109,325  

Credit Suisse Group AG

   

3.75%, 03/26/25

    84       80,350  

3.80%, 06/09/23

    105       104,327  

4.55%, 04/17/26

    181       173,489  

4.88%, 05/15/45

    455       366,889  

Deutsche Bank AG, 4.10%, 01/13/26

    144       140,450  

Deutsche Bank AG/London, 3.70%, 05/30/24

    226       222,777  

Deutsche Bank AG/New York NY

   

2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)(b)

        1,020       868,275  

3.04%, 05/28/32 (Call 05/28/31), (SOFR + 1.718%)(b)

    267       207,905  

3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)(b)

    637       522,964  

3.70%, 05/30/24

    503       494,650  

3.96%, 11/26/25 (Call 11/26/24), (SOFR + 2.581%)(b)

    505       483,800  

4.10%, 01/13/26

    292       284,169  

Discover Bank

   

2.70%, 02/06/30 (Call 11/06/29)

    256       213,338  

3.45%, 07/27/26 (Call 04/27/26)

    180       170,550  

4.25%, 03/13/26

    49       47,867  

4.65%, 09/13/28 (Call 06/13/28)

    221       212,529  

4.68%, 08/09/28 (Call 08/09/23)(b)

    165       159,771  

Fifth Third Bancorp., 8.25%, 03/01/38

    452       583,365  

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

    137       139,023  

First Republic Bank/CA

   

4.38%, 08/01/46 (Call 02/01/46)

    327       279,716  

4.63%, 02/13/47 (Call 08/13/46)

    105       92,929  

Goldman Sachs Capital I, 6.35%, 02/15/34

    284       297,456  
Security  

Par

(000)

    Value  
Banks (continued)            

Goldman Sachs Group Inc. (The)

   

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

  $ 19     $ 15,002  

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

    394       317,970  

2.60%, 02/07/30 (Call 11/07/29)

    258       220,894  

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

        1,044       859,964  

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

    319       262,237  

2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)(b)

    250       182,278  

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

    594       505,488  

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

    25       19,246  

3.27%, 09/29/25 (Call 09/29/24),

   

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

    93       90,591  

3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.632%)(b)

    210       165,614  

3.50%, 01/23/25 (Call 10/23/24)

    84       82,359  

3.50%, 04/01/25 (Call 03/01/25)

    215       210,244  

3.50%, 11/16/26 (Call 11/16/25)

    710       681,905  

3.69%, 06/05/28 (Call 06/05/27),

   

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

    324       306,086  

3.75%, 02/25/26 (Call 11/25/25)

    134       131,246  

3.80%, 03/15/30 (Call 12/15/29)

    244       226,025  

3.81%, 04/23/29 (Call 04/23/28),

   

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

    324       304,032  

3.85%, 01/26/27 (Call 01/26/26)

    142       137,621  

4.02%, 10/31/38 (Call 10/31/37),

   

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

    579       505,201  

4.22%, 05/01/29 (Call 05/01/28),

   

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

    602       575,428  

4.25%, 10/21/25

    316       312,391  

4.41%, 04/23/39 (Call 04/23/38),

   

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

    425       387,795  

4.48%, 08/23/28

    500       488,525  

4.75%, 10/21/45 (Call 04/21/45)

    482       451,769  

4.80%, 07/08/44 (Call 01/08/44)

    537       514,478  

5.15%, 05/22/45

    158       149,743  

5.95%, 01/15/27

    133       138,630  

6.13%, 02/15/33

    611       664,731  

6.25%, 02/01/41

    908       1,010,295  

6.45%, 05/01/36

    340       366,183  

6.75%, 10/01/37

    898       995,819  

HSBC Bank USA N.A., 7.00%, 01/15/39

    360       414,090  

HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35

    258       256,741  

HSBC Holdings PLC

   

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

    1,371           1,194,566  

2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)(a)(b)

    211       174,712  

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

    1,000       881,240  

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

    141       111,486  

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

    180       170,833  

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

    935       742,857  

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

    135       111,538  

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

    340       270,344  

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

    200       189,504  

3.80%, 03/11/25 (Call 03/11/24),

   

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

    265       259,933  

3.90%, 05/25/26

    160       155,560  

3.97%, 05/22/30 (Call 05/22/29),

   

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

    960       867,494  

4.04%, 03/13/28 (Call 03/13/27),

   

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

    371       348,937  

4.25%, 03/14/24

    317       315,862  

4.25%, 08/18/25

    95       93,341  

 

 

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

  69


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.29%, 09/12/26 (Call 09/12/25),

   

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

  $ 355     $ 344,922  

4.30%, 03/08/26

    95       93,886  

4.38%, 11/23/26

    461       451,135  

4.58%, 06/19/29 (Call 06/19/28),

   

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

    776       732,373  

4.76%, 06/09/28 (Call 06/09/27)(b)

    155       149,319  

4.95%, 03/31/30

    476       463,415  

5.25%, 03/14/44

    399       366,777  

6.10%, 01/14/42

    409       447,217  

6.50%, 05/02/36

    526       551,653  

6.50%, 09/15/37

    491       512,550  

6.80%, 06/01/38

    227       244,658  

7.63%, 05/17/32

    612       694,308  

Huntington Bancshares Inc.

   

2.49%, 08/15/36 (Call 08/15/31)(b)

    435       329,391  

4.44%, 08/04/28 (Call 08/04/27)(b)

    250       244,873  

Huntington Bancshares Inc./OH

   

2.49%, 08/15/36 (Call 08/15/31)(b)(c)

    30       22,717  

2.55%, 02/04/30 (Call 11/04/29)

    844       721,485  

2.63%, 08/06/24 (Call 07/06/24)

    446       433,222  

4.00%, 05/15/25 (Call 04/15/25)(a)

    448       443,860  

ING Groep NV

   

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

    260       230,662  

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

    758       626,745  

3.55%, 04/09/24

    432       427,123  

3.95%, 03/29/27

    676       648,811  

4.05%, 04/09/29

    422       395,722  

4.10%, 10/02/23

    393       392,906  

4.55%, 10/02/28

    550       532,411  

Intesa Sanpaolo SpA, 5.25%, 01/12/24

        7,580           7,586,822  

JPMorgan Chase & Co.

   

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

    299       279,577  

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

    153       143,165  

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

    206       174,272  

2.53%, 11/19/41 (Call 11/19/40), (SOFR + 1.510%)(b)

    50       34,893  

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

    60       49,436  

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

    1,014       838,842  

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

    591       511,847  

2.95%, 10/01/26 (Call 07/01/26)

    299       284,232  

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

    675       573,628  

3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)(b)

    242       186,730  

3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)(b)

    584       423,336  

3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.460%)(b)

    224       173,631  

3.20%, 06/15/26 (Call 03/15/26)

    370       356,099  

3.30%, 04/01/26 (Call 01/01/26)

    128       123,802  

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

    1,299       980,576  

3.51%, 01/23/29 (Call 01/23/28),

   

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

    108       100,060  

3.54%, 05/01/28 (Call 05/01/27),

   

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

    2       1,884  

3.63%, 12/01/27 (Call 12/01/26)

    258       246,571  

3.70%, 05/06/30 (Call 05/06/29),

   

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

    301       277,368  

3.78%, 02/01/28 (Call 02/01/27),

   

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

    338       324,341  

3.88%, 07/24/38 (Call 07/24/37),

   

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

    487       428,331  

3.90%, 01/23/49 (Call 01/23/48),

   

(3 mo. LIBOR US + 1.220%)(b)

    429       358,215  
Security  

Par

(000)

    Value  
Banks (continued)            

3.96%, 01/29/27 (Call 01/29/26),

   

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

  $     195     $     189,733  

3.96%, 11/15/48 (Call 11/15/47),

   

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

    740       619,617  

4.01%, 04/23/29 (Call 04/23/28),

   

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

    344       325,875  

4.03%, 07/24/48 (Call 07/24/47),

   

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

    415       356,029  

4.13%, 12/15/26

    152       150,260  

4.20%, 07/23/29 (Call 07/23/28),

   

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

    254       242,799  

4.25%, 10/01/27

    188       186,049  

4.26%, 02/22/48 (Call 02/22/47),

   

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

    546       480,933  

4.45%, 12/05/29 (Call 12/05/28),

   

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

    237       229,340  

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

    162       157,252  

4.59%, 04/26/33 (Call 04/26/32),
(SOFR + 1.800%)(b)

    195       188,440  

4.85%, 07/25/28 (Call 07/25/27)(b)

    200       199,778  

4.85%, 02/01/44

    365       362,441  

4.91%, 07/25/33 (Call 07/25/32)(b)

    135       133,828  

4.95%, 06/01/45(a)

    169       161,758  

5.40%, 01/06/42

    411       423,161  

5.50%, 10/15/40

    276       288,759  

5.60%, 07/15/41

    578       611,090  

6.40%, 05/15/38

    548       623,942  

7.63%, 10/15/26(a)

    109       122,325  

7.75%, 07/15/25

    63       68,800  

8.00%, 04/29/27

    541       621,907  

8.75%, 09/01/30(a)

    14       16,974  

KeyBank N.A./Cleveland OH

   

3.30%, 06/01/25

    108       105,207  

3.40%, 05/20/26

    440       420,314  

3.90%, 04/13/29

    180       164,833  

KeyCorp

   

2.25%, 04/06/27

    333       299,577  

2.55%, 10/01/29

    386       330,663  

4.10%, 04/30/28

    315       305,890  

4.15%, 10/29/25(a)

    87       86,135  

Lloyds Bank PLC, 3.50%, 05/14/25(a)

    200       193,952  

Lloyds Banking Group PLC

   

1.63%, 05/11/27 (Call 05/11/26)(b)

    322       284,848  

2.44%, 02/05/26 (Call 02/05/25)(b)

    400       376,408  

3.57%, 11/07/28 (Call 11/07/27),

   

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

    365       337,402  

3.75%, 01/11/27

    345       329,109  

3.87%, 07/09/25 (Call 07/09/24)(b)

    230       225,559  

3.90%, 03/12/24

    180       179,147  

4.05%, 08/16/23

    86       85,912  

4.34%, 01/09/48

    213       172,159  

4.38%, 03/22/28

    571       550,404  

4.45%, 05/08/25

    490       486,021  

4.55%, 08/16/28

    160       154,926  

4.58%, 12/10/25

    661       647,516  

4.65%, 03/24/26

    425       415,497  

5.30%, 12/01/45

    162       147,205  

M&T Bank Corp., 4.00%, 07/15/24 (Call 04/16/24)

    15       14,932  

Mitsubishi UFJ Financial Group Inc.

   

2.19%, 02/25/25

    205       194,235  

2.31%, 07/20/32 (Call 07/20/31)(b)

    70       56,575  

 

 

70  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.56%, 02/25/30

  $ 83     $ 71,016  

2.80%, 07/18/24(a)

    68       66,135  

3.20%, 07/18/29

    48       43,515  

3.29%, 07/25/27(a)

    177       166,739  

3.68%, 02/22/27

    105       101,193  

3.74%, 03/07/29

    122       114,972  

3.75%, 07/18/39

    386       334,002  

3.78%, 03/02/25

    126       124,445  

3.85%, 03/01/26

    15       14,648  

3.96%, 03/02/28

    108           104,023  

4.05%, 09/11/28

    10       9,603  

4.15%, 03/07/39

    253       230,339  

4.29%, 07/26/38(a)

    153       142,956  

Mizuho Financial Group Inc.

   

2.23%, 05/25/26 (Call 05/25/25),

   

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

    140       129,907  

2.59%, 05/25/31 (Call 05/25/30),

   

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

    10       8,309  

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

    302       260,771  

3.15%, 07/16/30 (Call 07/16/29),

   

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

    61       53,764  

3.17%, 09/11/27

    15       13,834  

3.66%, 02/28/27

    15       14,296  

3.92%, 09/11/24 (Call 09/11/23),

   

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

    55       54,585  

4.02%, 03/05/28(a)

    50       47,665  

4.25%, 09/11/29 (Call 09/11/28),

   

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

    218       207,013  

Morgan Stanley

   

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

    90       80,267  

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

    290       228,471  

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

    540       426,589  

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

    173       162,468  

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

        1,095       883,074  

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

    260       236,332  

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

    552       426,911  

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

    290       237,803  

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

    312       270,133  

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

    456       440,957  

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

    455       309,013  

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

    115       98,086  

3.13%, 07/27/26

    315       300,119  

3.59%, 07/22/28 (Call 07/22/27),

   

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

    658       621,560  

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

    225       221,873  

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

    457       419,220  

3.63%, 01/20/27

    140       135,975  

3.70%, 10/23/24

    420       417,383  

3.77%, 01/24/29 (Call 01/24/28),

   

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

    321       302,225  

3.88%, 01/27/26

    563       555,428  

3.95%, 04/23/27

    310       300,464  

3.97%, 07/22/38 (Call 07/22/37),

   

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

    412       367,496  

4.00%, 07/23/25

    269       267,555  

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

    120       116,825  

4.30%, 01/27/45

    865       773,146  

4.35%, 09/08/26

    524       517,990  

4.38%, 01/22/47

    755       687,292  
Security  

Par

(000)

    Value  
Banks (continued)            

4.43%, 01/23/30 (Call 01/23/29),

   

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

  $ 324     $ 315,534  

4.46%, 04/22/39 (Call 04/22/38),

   

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

    381       355,324  

4.68%, 07/17/26 (Call 07/17/25)(b)

    215       215,211  

4.89%, 07/20/33 (Call 07/20/32)(b)

    115       114,506  

5.00%, 11/24/25

    322       327,091  

5.30%, 04/20/37 (Call 04/20/32)(b)

    190       182,470  

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

    391       422,182  

6.25%, 08/09/26

    380       403,894  

6.38%, 07/24/42(a)

    709       811,578  

7.25%, 04/01/32

    437       516,713  

Series F, 3.88%, 04/29/24

    155       154,715  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26

    791       743,319  

3.38%, 01/14/26

    475       462,507  

Natwest Group PLC

   

3.03%, 11/28/35 (Call 08/28/30)(b)

    390       305,456  

4.89%, 05/18/29 (Call 05/18/28),

   

(3 mo. LIBOR US + 1.754%)(b)

    783       751,680  

5.08%, 01/27/30 (Call 01/27/29),

   

(3 mo. LIBOR US + 1.905%)(b)

    945       917,217  

NatWest Group PLC

   

3.75%, 11/01/29 (Call 11/01/24)(b)

    291       276,392  

4.27%, 03/22/25 (Call 03/22/24),

   

(3 mo. LIBOR US + 1.762%)(b)

    605       597,776  

4.45%, 05/08/30 (Call 05/08/29),

   

(3 mo. LIBOR US + 1.871%)(b)

    404       377,150  

4.80%, 04/05/26

    711       707,047  

5.52%, 09/30/28 (Call 09/30/27)(b)

    225       225,214  

Northern Trust Corp.

   

3.15%, 05/03/29 (Call 02/03/29)

    672       628,145  

3.38%, 05/08/32 (Call 05/08/27),

   

(3 mo. LIBOR US + 1.131%)(b)

    1,343       1,251,663  

3.65%, 08/03/28 (Call 05/03/28)(a)

    474       461,586  

3.95%, 10/30/25

        2,366           2,356,631  

PNC Bank NA

   

2.70%, 10/22/29

    485       422,721  

2.95%, 02/23/25 (Call 01/24/25)

    15       14,595  

3.10%, 10/25/27 (Call 09/25/27)

    351       333,643  

3.25%, 01/22/28 (Call 12/23/27)

    1,921       1,821,896  

3.30%, 10/30/24 (Call 09/30/24)

    20       19,678  

3.88%, 04/10/25 (Call 03/10/25)

    2,644       2,612,166  

4.05%, 07/26/28

    397       383,442  

2.50%, 08/27/24 (Call 07/27/24)

    2,968       2,885,875  

PNC Financial Services Group Inc. (The)

   

2.55%, 01/22/30 (Call 10/24/29)

    416       365,240  

2.60%, 07/23/26 (Call 05/23/26)

    716       677,236  

3.15%, 05/19/27 (Call 04/19/27)(a)

    207       198,186  

3.45%, 04/23/29 (Call 01/23/29)

    623       589,769  

3.90%, 04/29/24 (Call 03/29/24)

    146       146,019  

Regions Bank/Birmingham AL, 6.45%, 06/26/37

    160       178,322  

Regions Financial Corp., 7.38%, 12/10/37

    373       439,058  

Royal Bank of Canada

   

2.25%, 11/01/24

    567       545,460  

2.55%, 07/16/24

    397       386,269  

3.97%, 07/26/24

    285       284,342  

4.24%, 08/03/27

    300       295,806  

4.65%, 01/27/26

    147       147,882  

 

 

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

  71


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Santander Holdings USA Inc.

   

3.24%, 10/05/26 (Call 08/05/26)

  $ 503     $ 468,167  

3.50%, 06/07/24 (Call 05/07/24)

    812       797,270  

4.40%, 07/13/27 (Call 04/14/27)

    862       830,046  

4.50%, 07/17/25 (Call 04/17/25)

    801       793,086  

Santander UK Group Holdings PLC

   

2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)(b)

    105       92,012  

2.90%, 03/15/32 (Call 03/15/31), (SOFR + 1.475%)(b)

    75       60,423  

3.82%, 11/03/28 (Call 11/03/27),

   

(3 mo. LIBOR US + 1.400%)(b)

    161       147,310  

4.80%, 11/15/24 (Call 11/15/23),

   

(3 mo. LIBOR US + 1.570%)(b)

    452       449,677  

State Street Corp.

   

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

    691       667,160  

2.65%, 05/19/26(a)

        1,838           1,768,597  

3.30%, 12/16/24

    1,101       1,091,498  

3.55%, 08/18/25

    1,882       1,865,476  

3.78%, 12/03/24 (Call 12/03/23),

   

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

    1,160       1,157,170  

4.14%, 12/03/29 (Call 12/03/28),

   

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

    498       486,969  

4.16%, 08/04/33

    125       120,794  

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

    30       29,222  

Sumitomo Mitsui Financial Group Inc.

   

2.35%, 01/15/25

    45       42,856  

2.45%, 09/27/24

    53       50,811  

2.63%, 07/14/26

    91       84,737  

2.70%, 07/16/24

    75       72,749  

2.72%, 09/27/29

    20       17,362  

2.75%, 01/15/30

    475       410,808  

3.01%, 10/19/26

    93       87,537  

3.04%, 07/16/29

    502       445,640  

3.20%, 09/17/29

    269       237,543  

3.35%, 10/18/27

    164       154,014  

3.36%, 07/12/27

    185       174,607  

3.45%, 01/11/27

    114       108,607  

3.54%, 01/17/28

    301       285,068  

3.78%, 03/09/26

    179       174,715  

3.94%, 07/19/28

    56       53,308  

4.31%, 10/16/28

    128       124,678  

SVB Financial Group

   

3.13%, 06/05/30 (Call 03/05/30)

    406       347,532  

3.50%, 01/29/25

    280       272,160  

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

    71       71,067  

Toronto-Dominion Bank (The)

   

1.45%, 01/10/25(a)

    100       94,487  

1.95%, 01/12/27

    100       90,599  

2.00%, 09/10/31

    396       321,243  

2.45%, 01/12/32

    100       83,391  

2.65%, 06/12/24

    769       750,921  

2.80%, 03/10/27

    100       93,784  

3.20%, 03/10/32

    100       88,853  

3.25%, 03/11/24

    734       725,911  

3.63%, 09/15/31 (Call 09/15/26)(b)

    1,077       1,023,161  

Truist Bank

   

2.15%, 12/06/24 (Call 11/05/24)

    322       308,891  

2.25%, 03/11/30 (Call 12/11/29)

    142       118,588  

2.64%, 09/17/29 (Call 09/17/24)(b)

    43       40,734  

3.20%, 04/01/24 (Call 03/01/24)

    10       9,897  

3.63%, 09/16/25 (Call 08/16/25)

    134       131,173  
Security  

Par

(000)

    Value  
Banks (continued)            

3.80%, 10/30/26 (Call 09/30/26)

  $ 45     $ 43,930  

4.05%, 11/03/25 (Call 09/03/25)

    143       142,763  

Truist Financial Corp.

   

2.85%, 10/26/24 (Call 09/26/24)(a)

    187       183,752  

3.70%, 06/05/25 (Call 05/05/25)

    204       201,793  

3.88%, 03/19/29 (Call 02/16/29)(a)

    129       122,038  

4.00%, 05/01/25 (Call 03/01/25)

    200       199,464  

4.92%, 07/28/33 (Call 07/28/32)(b)

    100       96,074  

U.S. Bancorp.

   

3.00%, 07/30/29 (Call 04/30/29)

    187       168,242  

3.90%, 04/26/28 (Call 03/24/28)

    163       160,188  

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

    52       48,675  

Wells Fargo & Co.

   

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

    25       19,192  

4.65%, 11/04/44

    10       9,048  

4.90%, 07/25/33 (Call 07/25/32)(b)

    1,515       1,492,790  

4.90%, 11/17/45

    40       37,094  

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

        3,500       3,455,760  

5.61%, 01/15/44

    30       30,339  

Westpac Banking Corp.

   

2.35%, 02/19/25

    170       163,499  

2.65%, 01/16/30

    231       205,867  

2.67%, 11/15/35 (Call 11/15/30)(b)

    397       313,872  

2.70%, 08/19/26

    391       369,847  

2.85%, 05/13/26

    617       589,229  

2.89%, 02/04/30 (Call 02/04/25)(b)

    267       251,049  

3.02%, 11/18/36 (Call 11/18/31)(b)

    315       250,979  

3.35%, 03/08/27

    558       538,437  

3.40%, 01/25/28

    420       401,579  

4.11%, 07/24/34 (Call 07/24/29)(b)

    336       302,978  

4.32%, 11/23/31 (Call 11/23/26)(b)

    265       252,137  

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

    20       19,469  

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

    455       386,432  
   

 

 

 
          223,784,520  
Beverages — 4.3%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

3.65%, 02/01/26 (Call 11/01/25)

    841       827,140  

4.70%, 02/01/36 (Call 08/01/35)

    844       813,050  

4.90%, 02/01/46 (Call 08/01/45)

    1,311       1,244,847  

Anheuser-Busch InBev Finance Inc.

   

4.00%, 01/17/43

    230       192,149  

4.63%, 02/01/44

    321       293,850  

4.70%, 02/01/36 (Call 08/01/35)(a)

    497       480,420  

4.90%, 02/01/46 (Call 08/01/45)

    225       210,631  

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)

    262       246,628  

3.75%, 07/15/42

    394       325,653  

4.00%, 04/13/28 (Call 01/13/28)

    601       593,602  

4.35%, 06/01/40 (Call 12/01/39)

    167       151,942  

4.38%, 04/15/38 (Call 10/15/37)

    226       209,638  

4.44%, 10/06/48 (Call 04/06/48)

    333       296,580  

4.50%, 06/01/50 (Call 12/01/49)

    346       313,895  

4.60%, 04/15/48 (Call 10/15/47)

    386       351,021  

4.60%, 06/01/60 (Call 12/01/59)

    156       139,110  

4.75%, 01/23/29 (Call 10/23/28)

    631       643,740  

4.75%, 04/15/58 (Call 10/15/57)

    348       317,867  

4.90%, 01/23/31 (Call 10/23/30)

    481       494,737  

4.95%, 01/15/42

    279       271,768  

5.45%, 01/23/39 (Call 07/23/38)

    334       342,704  

 

 

72  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Beverages (continued)            

5.55%, 01/23/49 (Call 07/23/48)

  $ 539     $ 560,166  

5.80%, 01/23/59 (Call 07/23/58)

    429       458,013  

5.88%, 06/15/35

    65       69,111  

8.00%, 11/15/39

    109       139,174  

8.20%, 01/15/39

    259       335,628  

Brown-Forman Corp.

   

3.50%, 04/15/25 (Call 02/15/25)

    202       199,776  

4.00%, 04/15/38 (Call 10/15/37)

    109       98,681  

4.50%, 07/15/45 (Call 01/15/45)

    174       162,525  

Coca-Cola Co. (The)

   

1.65%, 06/01/30

    758       639,896  

1.75%, 09/06/24(a)

    358       347,149  

2.13%, 09/06/29

    552       491,926  

2.50%, 06/01/40

    455       352,902  

2.50%, 03/15/51

    176       125,215  

2.60%, 06/01/50

    297       218,500  

2.75%, 06/01/60

    220       156,924  

2.90%, 05/25/27

    165       159,248  

3.00%, 03/05/51

    270       211,577  

3.38%, 03/25/27

    603       595,885  

3.45%, 03/25/30

    223       214,825  

4.20%, 03/25/50

    160       155,787  

Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 (Call 10/22/29)

    123       110,715  

Constellation Brands Inc.

   

2.88%, 05/01/30 (Call 02/01/30)

    100       86,889  

3.15%, 08/01/29 (Call 05/01/29)

    30       26,977  

3.50%, 05/09/27 (Call 02/09/27)

    63       60,246  

3.60%, 02/15/28 (Call 11/15/27)(a)

    190       180,517  

3.70%, 12/06/26 (Call 09/06/26)

    160       154,981  

3.75%, 05/01/50 (Call 11/01/49)

    92       73,237  

4.10%, 02/15/48 (Call 08/15/47)

    30       25,168  

4.50%, 05/09/47 (Call 11/09/46)(a)

    117       103,915  

4.65%, 11/15/28 (Call 08/15/28)

    55       54,616  

5.25%, 11/15/48 (Call 05/15/48)

    145       141,820  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

        1,626           1,507,139  

2.00%, 04/29/30 (Call 01/29/30)

    1,187       1,016,345  

2.13%, 10/24/24 (Call 09/24/24)

    3,731       3,599,631  

2.13%, 04/29/32 (Call 01/29/32)

    220       182,917  

2.38%, 10/24/29 (Call 07/24/29)

    1,725       1,529,989  

3.50%, 09/18/23 (Call 08/18/23)

    1,678       1,673,000  

3.88%, 05/18/28 (Call 02/18/28)(a)

    1,875       1,863,394  

5.88%, 09/30/36

    219       243,977  

Diageo Investment Corp.

   

4.25%, 05/11/42

    370       345,188  

7.45%, 04/15/35(a)

    460       581,063  

Fomento Economico Mexicano SAB de CV

   

3.50%, 01/16/50 (Call 07/16/49)

    579       447,515  

4.38%, 05/10/43

    120       105,218  

Keurig Dr Pepper Inc.

   

2.55%, 09/15/26 (Call 06/15/26)

    240       224,410  

3.13%, 12/15/23 (Call 10/15/23)

    69       68,334  

3.20%, 05/01/30 (Call 02/01/30)

    325       291,814  

3.35%, 03/15/51 (Call 09/15/50)

    55       40,094  

3.40%, 11/15/25 (Call 08/15/25)

    348       339,905  

3.43%, 06/15/27 (Call 03/15/27)

    167       159,634  

3.80%, 05/01/50 (Call 11/01/49)

    129       100,479  

4.05%, 04/15/32 (Call 01/15/32)

    430       400,988  

4.42%, 05/25/25 (Call 03/25/25)(a)

    122       122,398  
Security  

Par

(000)

    Value  
Beverages (continued)            

4.42%, 12/15/46 (Call 06/15/46)

  $ 268     $ 233,913  

4.50%, 11/15/45 (Call 05/15/45)

    111       98,123  

4.50%, 04/15/52 (Call 10/15/51)

    175       152,266  

4.60%, 05/25/28 (Call 02/25/28)

    5       5,018  

5.09%, 05/25/48 (Call 11/25/47)

    75       72,235  

Molson Coors Beverage Co.

   

3.00%, 07/15/26 (Call 04/15/26)

    1,009       946,018  

4.20%, 07/15/46 (Call 01/15/46)

    680       557,722  

5.00%, 05/01/42

    389       358,705  

PepsiCo Inc.

   

1.63%, 05/01/30 (Call 02/01/30)

    409       345,200  

2.25%, 03/19/25 (Call 02/19/25)

    624       601,860  

2.38%, 10/06/26 (Call 07/06/26)

    690       654,803  

2.63%, 03/19/27 (Call 01/19/27)

    364       345,454  

2.63%, 07/29/29 (Call 04/29/29)

    683       625,724  

2.63%, 10/21/41 (Call 04/21/41)

    50       39,238  

2.75%, 04/30/25 (Call 01/30/25)(a)

    840       819,294  

2.75%, 03/19/30 (Call 12/19/29)

    488       446,764  

2.75%, 10/21/51 (Call 04/21/51)

    100       75,700  

2.85%, 02/24/26 (Call 11/24/25)

    369       359,369  

2.88%, 10/15/49 (Call 04/15/49)

    229       178,696  

3.00%, 10/15/27 (Call 07/15/27)

    1,221       1,179,816  

3.38%, 07/29/49 (Call 01/29/49)

    188       158,843  

3.45%, 10/06/46 (Call 04/06/46)

    221       192,544  

3.50%, 07/17/25 (Call 04/17/25)

    386       384,128  

3.50%, 03/19/40 (Call 09/19/39)

    115       102,435  

3.60%, 03/01/24 (Call 12/01/23)

    1,105       1,105,608  

3.60%, 02/18/28 (Call 01/18/28)

    95       93,226  

3.63%, 03/19/50 (Call 09/19/49)

    359       320,817  

3.88%, 03/19/60 (Call 09/19/59)

    60       56,824  

3.90%, 07/18/32 (Call 04/18/32)

    135       132,241  

4.00%, 03/05/42

    145       136,430  

4.00%, 05/02/47 (Call 11/02/46)

    15       14,117  

4.20%, 07/18/52 (Call 01/18/52)

    45       44,084  

4.25%, 10/22/44 (Call 04/22/44)

    95       90,132  

4.45%, 04/14/46 (Call 10/14/45)

    645       651,895  

4.88%, 11/01/40

    25       26,012  

5.50%, 01/15/40

    55       61,651  

7.00%, 03/01/29

    35       40,861  
   

 

 

 
      42,024,159  
Biotechnology — 1.5%            

Amgen Inc.

   

1.90%, 02/21/25 (Call 01/21/25)

    280       266,644  

2.20%, 02/21/27 (Call 12/21/26)

    897       824,720  

2.30%, 02/25/31 (Call 11/25/30)

    299       253,256  

2.45%, 02/21/30 (Call 11/21/29)

    300       262,650  

2.60%, 08/19/26 (Call 05/19/26)

    414       392,000  

2.77%, 09/01/53 (Call 03/01/53)

    125       83,030  

3.00%, 01/15/52 (Call 07/15/51)

    395       278,368  

3.13%, 05/01/25 (Call 02/01/25)(a)

    602       589,924  

3.15%, 02/21/40 (Call 08/21/39)

    285       225,558  

3.20%, 11/02/27 (Call 08/02/27)(a)

    463       442,767  

3.38%, 02/21/50 (Call 08/21/49)

    300       227,607  

3.63%, 05/22/24 (Call 02/22/24)

    444       442,175  

4.40%, 05/01/45 (Call 11/01/44)

    451       405,995  

4.40%, 02/22/62 (Call 08/22/61)

    120       104,065  

4.56%, 06/15/48 (Call 12/15/47)

    417       385,258  

4.66%, 06/15/51 (Call 12/15/50)

    678       635,781  

4.95%, 10/01/41

    282       274,076  

5.15%, 11/15/41 (Call 05/15/41)

    310       306,813  

 

 

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

  73


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Biotechnology (continued)            

5.65%, 06/15/42 (Call 12/15/41)(a)

  $ 88     $ 92,782  

5.75%, 03/15/40

    55       58,066  

6.38%, 06/01/37

    25       28,787  

Baxalta Inc.

   

4.00%, 06/23/25 (Call 03/23/25)

    454       450,622  

5.25%, 06/23/45 (Call 12/23/44)

    295       292,097  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    330       270,326  

3.15%, 05/01/50 (Call 11/01/49)

    358       243,669  

3.25%, 02/15/51 (Call 08/15/50)

    85       59,297  

4.05%, 09/15/25 (Call 06/15/25)

    415       413,083  

5.20%, 09/15/45 (Call 03/15/45)

    510       489,590  

Gilead Sciences Inc.

   

1.65%, 10/01/30 (Call 07/01/30)

    50       40,687  

2.50%, 09/01/23 (Call 07/01/23)

    70       69,108  

2.80%, 10/01/50 (Call 04/01/50)

    170       116,707  

2.95%, 03/01/27 (Call 12/01/26)

    952       902,210  

3.50%, 02/01/25 (Call 11/01/24)

    886       874,057  

3.65%, 03/01/26 (Call 12/01/25)

    552       542,119  

3.70%, 04/01/24 (Call 01/01/24)

    678       676,400  

4.00%, 09/01/36 (Call 03/01/36)

    180       164,212  

4.15%, 03/01/47 (Call 09/01/46)

    450       391,806  

4.50%, 02/01/45 (Call 08/01/44)

    576       523,837  

4.60%, 09/01/35 (Call 03/01/35)

    477       466,721  

4.75%, 03/01/46 (Call 09/01/45)

    509       486,579  

4.80%, 04/01/44 (Call 10/01/43)

    366       346,887  

5.65%, 12/01/41 (Call 06/01/41)

    387       408,869  

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

    70       56,956  

Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)

 

 

160

 

 

 

107,602

 

Royalty Pharma PLC

   

3.35%, 09/02/51 (Call 03/02/51)

    75       50,192  

3.55%, 09/02/50 (Call 03/02/50)

    174       119,929  
   

 

 

 
          15,143,884  
Building Materials — 1.0%            

Carrier Global Corp.

   

2.70%, 02/15/31 (Call 11/15/30)

    442       376,717  

2.72%, 02/15/30 (Call 11/15/29)

    175       151,356  

3.38%, 04/05/40 (Call 10/05/39)

    333       262,874  

3.58%, 04/05/50 (Call 10/05/49)

    301       229,386  

Fortune Brands Home & Security Inc.

   

3.25%, 09/15/29 (Call 06/15/29)

    313       273,211  

4.00%, 09/21/23 (Call 08/21/23)

    416       415,035  

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

    341       335,370  

4.00%, 03/25/32 (Call 12/25/31)(a)

    40       35,448  

4.50%, 03/25/52 (Call 09/25/51)

    75       57,090  

Johnson Controls International PLC

   

3.63%, 07/02/24 (Call 04/02/24)(d)

        1,018       1,007,260  

3.90%, 02/14/26 (Call 11/14/25)

    541       534,335  

4.50%, 02/15/47 (Call 08/15/46)

    143       124,659  

4.63%, 07/02/44 (Call 01/02/44)

    314       277,008  

4.95%, 07/02/64 (Call 01/02/64)(d)

    176       152,985  

5.13%, 09/14/45 (Call 03/14/45)(a)

    118       112,604  

6.00%, 01/15/36

    135       144,567  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

   

1.75%, 09/15/30 (Call 06/15/30)

    2,445       1,999,814  

2.00%, 09/16/31 (Call 06/16/31)(a)

    571       458,644  

Lafarge SA, 7.13%, 07/15/36

    55       61,676  

Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)

    141       138,799  
Security  

Par

(000)

    Value  
Building Materials (continued)            

Martin Marietta Materials Inc.

   

3.20%, 07/15/51 (Call 01/15/51)

  $ 72     $ 50,533  

3.45%, 06/01/27 (Call 03/01/27)

    81       76,969  

3.50%, 12/15/27 (Call 09/15/27)(a)

    160       152,950  

4.25%, 12/15/47 (Call 06/15/47)

    121       101,457  

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

    86       72,529  

Masco Corp.

   

3.13%, 02/15/51 (Call 08/15/50)

    20       13,353  

3.50%, 11/15/27 (Call 08/15/27)

    178       165,862  

4.50%, 05/15/47 (Call 11/15/46)(a)

    90       76,293  

Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)(a)

    5       4,451  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    363       345,790  

3.95%, 08/15/29 (Call 05/15/29)

    139       130,331  

4.20%, 12/01/24 (Call 09/01/24)

    210       209,696  

4.30%, 07/15/47 (Call 01/15/47)

    267       217,907  

4.40%, 01/30/48 (Call 07/30/47)

    222       182,124  

7.00%, 12/01/36

    117       126,429  

Vulcan Materials Co.

   

3.90%, 04/01/27 (Call 01/01/27)

    187       183,441  

4.50%, 06/15/47 (Call 12/15/46)

    67       59,324  

4.70%, 03/01/48 (Call 09/01/47)

    109       99,181  
   

 

 

 
          9,417,458  
Chemicals — 1.8%            

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

    128       123,104  

Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)

    95       87,251  

Celanese U.S. Holdings LLC

   

6.17%, 07/15/27 (Call 06/15/27)

    225       225,342  

6.33%, 07/15/29 (Call 05/15/29)

    10       9,940  

6.38%, 07/15/32 (Call 04/15/32)

    210       208,589  

CF Industries Inc.

   

4.95%, 06/01/43

    32       28,473  

5.38%, 03/15/44

    94       88,056  

Dow Chemical Co. (The)

   

3.60%, 11/15/50 (Call 05/15/50)(a)

    117       89,498  

4.25%, 10/01/34 (Call 04/01/34)

    146       135,282  

4.38%, 11/15/42 (Call 05/15/42)

    178       155,825  

4.63%, 10/01/44 (Call 04/01/44)

    63       56,318  

4.80%, 11/30/28 (Call 08/30/28)

    120       120,734  

4.80%, 05/15/49 (Call 11/15/48)

    247       224,656  

5.25%, 11/15/41 (Call 05/15/41)

    208       204,460  

5.55%, 11/30/48 (Call 05/30/48)

    118       119,281  

7.38%, 11/01/29

    553       636,387  

9.40%, 05/15/39(a)

    189       261,158  

DuPont de Nemours Inc.

   

4.49%, 11/15/25 (Call 09/15/25)

    188       189,519  

4.73%, 11/15/28 (Call 08/15/28)(a)

    202       203,998  

5.32%, 11/15/38 (Call 05/15/38)

    385       383,645  

5.42%, 11/15/48 (Call 05/15/48)

    369       363,118  

Eastman Chemical Co.

   

4.50%, 12/01/28 (Call 09/01/28)

    85       83,028  

4.65%, 10/15/44 (Call 04/15/44)

    220       192,082  

4.80%, 09/01/42 (Call 03/01/42)

    134       117,250  

Ecolab Inc.

   

1.30%, 01/30/31 (Call 10/30/30)

    752       601,359  

2.13%, 02/01/32 (Call 11/01/31)(a)

    160       134,531  

2.13%, 08/15/50 (Call 02/15/50)

    55       35,179  

2.70%, 11/01/26 (Call 08/01/26)

        3,304       3,175,805  

2.70%, 12/15/51 (Call 06/15/51)

    170       120,601  

2.75%, 08/18/55 (Call 02/18/55)

    553       390,036  

 

 

74  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

3.25%, 12/01/27 (Call 09/01/27)

  $     1,312     $     1,271,813  

3.95%, 12/01/47 (Call 06/01/47)

    90       81,815  

4.80%, 03/24/30 (Call 12/24/29)

    740       762,526  

5.50%, 12/08/41

    180       194,348  

FMC Corp.

   

3.20%, 10/01/26 (Call 08/01/26)

    92       87,148  

3.45%, 10/01/29 (Call 07/01/29)

    93       83,301  

4.50%, 10/01/49 (Call 04/01/49)

    121       101,928  

International Flavors & Fragrances Inc.

   

4.38%, 06/01/47 (Call 12/01/46)

    286       241,401  

4.45%, 09/26/28 (Call 06/26/28)

    226       219,462  

5.00%, 09/26/48 (Call 03/26/48)

    43       39,801  

Linde Inc./CT

   

2.65%, 02/05/25 (Call 11/05/24)

    169       164,472  

3.20%, 01/30/26 (Call 10/30/25)

    107       104,903  

3.55%, 11/07/42 (Call 05/07/42)(a)

    280       241,002  

LYB International Finance BV

   

4.88%, 03/15/44 (Call 09/15/43)

    305       276,620  

5.25%, 07/15/43

    156       145,643  

LYB International Finance II BV, 3.50%, 03/02/27

   

(Call 12/02/26)

    62       58,841  

LYB International Finance III LLC

   

3.63%, 04/01/51 (Call 10/01/50)

    219       162,463  

3.80%, 10/01/60 (Call 04/01/60)

    86       61,124  

4.20%, 10/15/49 (Call 04/15/49)

    282       226,655  

4.20%, 05/01/50 (Call 11/01/49)

    155       125,587  

LyondellBasell Industries NV, 4.63%, 02/26/55

   

(Call 08/26/54)

    166       139,838  

Mosaic Co. (The)

   

4.05%, 11/15/27 (Call 08/15/27)

    60       58,267  

4.88%, 11/15/41 (Call 05/15/41)

    15       13,202  

5.45%, 11/15/33 (Call 05/15/33)

    492       500,457  

5.63%, 11/15/43 (Call 05/15/43)(a)

    30       29,681  

Nutrien Ltd.

   

3.00%, 04/01/25 (Call 01/01/25)(a)

    481       466,690  

3.95%, 05/13/50 (Call 11/13/49)

    20       17,048  

4.00%, 12/15/26 (Call 09/15/26)

    110       108,167  

4.13%, 03/15/35 (Call 09/15/34)

    72       65,576  

4.20%, 04/01/29 (Call 01/01/29)

    46       44,661  

4.90%, 06/01/43 (Call 12/01/42)

    192       183,992  

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

    141       139,284  

5.25%, 01/15/45 (Call 07/15/44)

    207       202,415  

5.63%, 12/01/40

    87       89,694  

5.88%, 12/01/36

    68       72,679  

6.13%, 01/15/41 (Call 07/15/40)

    20       21,670  

PPG Industries Inc.

   

2.40%, 08/15/24 (Call 07/15/24)(a)

    170       164,881  

2.80%, 08/15/29 (Call 05/15/29)

    92       82,817  

3.75%, 03/15/28 (Call 12/15/27)

    241       233,452  

Rohm & Haas Co., 7.85%, 07/15/29

    42       49,038  

RPM International Inc.

   

4.25%, 01/15/48 (Call 07/15/47)

    79       63,089  

4.55%, 03/01/29 (Call 12/01/28)(a)

    106       101,479  

5.25%, 06/01/45 (Call 12/01/44)

    90       82,796  

Sherwin-Williams Co. (The)

   

2.30%, 05/15/30 (Call 02/15/30)

    215       181,294  

2.95%, 08/15/29 (Call 05/15/29)

    107       96,100  

3.30%, 05/15/50 (Call 11/15/49)

    91       66,744  

3.45%, 08/01/25 (Call 05/01/25)

    133       130,141  

3.45%, 06/01/27 (Call 03/01/27)

    128       122,520  
Security  

Par

(000)

    Value  
Chemicals (continued)            

3.80%, 08/15/49 (Call 02/15/49)

  $ 26     $ 20,709  

3.95%, 01/15/26 (Call 10/15/25)(a)

    119       117,702  

4.00%, 12/15/42 (Call 06/15/42)

    65       52,887  

4.50%, 06/01/47 (Call 12/01/46)

    268       239,099  

4.55%, 08/01/45 (Call 02/01/45)

    232       202,910  

Westlake Corp., 4.38%, 11/15/47 (Call 05/15/47)

    13       11,097  
   

 

 

 
          17,587,434  
Commercial Services — 1.5%            

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

        4,816       3,938,958  

1.70%, 05/15/28 (Call 03/15/28)

    1,093       978,596  

3.38%, 09/15/25 (Call 06/15/25)

    1,604       1,588,489  

Block Financial LLC

   

3.88%, 08/15/30 (Call 05/15/30)

    79       71,711  

5.25%, 10/01/25 (Call 07/01/25)

    130       131,382  

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

    59       58,170  

Global Payments Inc.

   

4.15%, 08/15/49 (Call 02/15/49)(a)

    11       8,401  

5.95%, 08/15/52

    200       193,926  

GXO Logistics Inc.

   

1.65%, 07/15/26 (Call 06/15/26)

    900       761,094  

2.65%, 07/15/31 (Call 04/15/31)

    355       271,515  

Moody’s Corp.

   

2.55%, 08/18/60 (Call 02/18/60)

    125       76,319  

3.10%, 11/29/61 (Call 05/29/61)

    75       51,590  

3.25%, 01/15/28 (Call 10/15/27)

    342       322,369  

3.25%, 05/20/50 (Call 11/20/49)

    89       66,329  

3.75%, 02/25/52 (Call 08/25/51)

    40       32,680  

4.25%, 02/01/29 (Call 11/01/28)

    623       615,231  

4.88%, 12/17/48 (Call 06/17/48)

    253       245,676  

5.25%, 07/15/44

    100       100,985  

PayPal Holdings Inc.

   

2.30%, 06/01/30 (Call 03/01/30)

    300       258,033  

2.85%, 10/01/29 (Call 07/01/29)

    318       287,971  

3.25%, 06/01/50 (Call 12/01/49)(a)

    235       177,582  

4.40%, 06/01/32 (Call 03/01/32)

    50       49,246  

5.05%, 06/01/52 (Call 12/01/51)(a)

    105       102,914  

5.25%, 06/01/62 (Call 12/01/61)

    80       79,198  

Quanta Services Inc.

   

2.35%, 01/15/32 (Call 10/15/31)

    360       283,889  

2.90%, 10/01/30 (Call 07/01/30)

    474       402,388  

3.05%, 10/01/41 (Call 04/01/41)

    127       88,431  

RELX Capital Inc.

   

3.00%, 05/22/30 (Call 02/22/30)

    1,481       1,325,302  

4.00%, 03/18/29 (Call 12/18/28)

    1,882       1,813,326  

4.75%, 05/20/32 (Call 02/20/32)

    75       75,329  

S&P Global Inc.

   

2.30%, 08/15/60 (Call 02/15/60)

    210       127,250  

2.50%, 12/01/29 (Call 09/01/29)

    171       151,306  

3.25%, 12/01/49 (Call 06/01/49)

    225       176,400  

3.90%, 03/01/62 (Call 09/01/61)(a)(c)

    30       25,815  

Verisk Analytics Inc.

   

3.63%, 05/15/50 (Call 11/15/49)

    97       75,233  

5.50%, 06/15/45 (Call 12/15/44)

    7       7,055  
   

 

 

 
      15,020,089  
Computers — 1.9%            

Apple Inc.

   

2.65%, 05/11/50 (Call 11/11/49)

    316       231,170  

2.65%, 02/08/51 (Call 08/08/50)

    80       58,493  

 

 

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

  75


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Computers (continued)            

2.70%, 08/05/51 (Call 02/05/51)

  $ 297     $ 219,156  

2.80%, 02/08/61 (Call 08/08/60)

    214       150,412  

2.85%, 08/05/61 (Call 02/05/61)

    167       118,513  

2.95%, 09/11/49 (Call 03/11/49)(a)

    176       137,078  

3.25%, 08/08/29

    300       286,833  

3.35%, 08/08/32(a)

    300       283,641  

3.45%, 02/09/45

    318       275,766  

3.75%, 09/12/47 (Call 03/12/47)

    89       79,754  

3.75%, 11/13/47 (Call 05/13/47)

    302       271,057  

3.85%, 05/04/43

    366       335,933  

3.85%, 08/04/46 (Call 02/04/46)

    578       525,957  

3.95%, 08/08/52

    100       92,265  

4.10%, 08/08/62

    100       91,860  

4.25%, 02/09/47 (Call 08/09/46)

    117       114,220  

4.38%, 05/13/45

    438       429,818  

4.45%, 05/06/44

    178       177,749  

4.65%, 02/23/46 (Call 08/23/45)(a)

    770       788,187  

Dell Inc., 6.50%, 04/15/38

    80       80,563  

Dell International LLC/EMC Corp.

   

3.45%, 12/15/51 (Call 06/15/51)(c)

    325       212,053  

8.10%, 07/15/36 (Call 01/15/36)

    130       151,029  

8.35%, 07/15/46 (Call 01/15/46)

    425       516,855  

Hewlett Packard Enterprise Co.

   

4.45%, 10/02/23 (Call 09/02/23)

    290       291,212  

4.90%, 10/15/25 (Call 07/15/25)

    1,548       1,572,118  

6.20%, 10/15/35 (Call 04/15/35)

    478       508,707  

6.35%, 10/15/45 (Call 04/15/45)

    494       495,704  

HP Inc.

   

4.20%, 04/15/32 (Call 01/15/32)

    75       66,226  

5.50%, 01/15/33 (Call 10/15/32)

    95       91,360  

6.00%, 09/15/41(a)

    470       456,299  

International Business Machines Corp.

   

2.95%, 05/15/50 (Call 11/15/49)

    345       243,736  

3.00%, 05/15/24

    357       352,384  

3.30%, 05/15/26

    516       500,334  

3.30%, 01/27/27

    725       701,829  

3.45%, 02/19/26

    460       450,864  

3.50%, 05/15/29

        1,307           1,233,913  

3.63%, 02/12/24

    1,347       1,343,754  

4.00%, 06/20/42

    325       280,566  

4.15%, 07/27/27 (Call 06/27/27)

    200       198,764  

4.15%, 05/15/39

    385       347,559  

4.25%, 05/15/49

    620       549,599  

4.40%, 07/27/32 (Call 04/27/32)(a)

    200       196,696  

4.70%, 02/19/46

    215       203,136  

5.60%, 11/30/39(a)

    181       190,729  

5.88%, 11/29/32

    127       139,005  

6.22%, 08/01/27

    385       419,608  

6.50%, 01/15/28

    67       73,352  

7.00%, 10/30/25

    268       290,799  

7.13%, 12/01/96(a)

    20       25,906  

Kyndryl Holdings Inc., 4.10%, 10/15/41
(Call 04/15/41)(c)

    142       86,406  

Leidos Inc.

   

2.30%, 02/15/31 (Call 11/15/30)

    180       141,336  

4.38%, 05/15/30 (Call 02/15/30)

    1,171       1,084,077  

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

    30       24,646  

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

    10       8,154  

3.10%, 02/01/32 (Call 11/01/31)

    100       75,382  

Security

 

Par

(000)

   

Value

 
Computers (continued)            

4.75%, 02/15/26 (Call 11/15/25)

  $   270     $ 260,102  
   

 

 

 
        18,532,624  
Cosmetics & Personal Care — 0.5%            

Colgate-Palmolive Co.

   

3.10%, 08/15/25

    45       44,248  

3.10%, 08/15/27

    35       34,049  

3.25%, 03/15/24(a)

    307       305,456  

3.25%, 08/15/32

    80       75,662  

3.70%, 08/01/47 (Call 02/01/47)

    452       404,621  

4.00%, 08/15/45

    237       218,647  

Estee Lauder Companies Inc. (The)

   

2.38%, 12/01/29 (Call 09/01/29)

    18       16,004  

2.60%, 04/15/30 (Call 01/15/30)

    51       45,772  

3.13%, 12/01/49 (Call 06/01/49)

    138       108,767  

4.15%, 03/15/47 (Call 09/15/46)

    168       155,168  

4.38%, 06/15/45 (Call 12/15/44)(a)

    114       105,616  

6.00%, 05/15/37

    74       83,906  

GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52 (Call 09/24/51)(c)

    10       8,114  

Procter & Gamble Co. (The)

   

2.45%, 11/03/26(a)

    464       444,090  

2.70%, 02/02/26

    101       98,825  

2.80%, 03/25/27

    457       439,657  

2.85%, 08/11/27

    467       448,301  

3.00%, 03/25/30

    111       104,713  

3.60%, 03/25/50

    160       147,106  

5.55%, 03/05/37(a)

    40       45,592  

5.80%, 08/15/34

    35       40,130  

Unilever Capital Corp.

   

2.00%, 07/28/26

    132       123,240  

2.13%, 09/06/29 (Call 06/06/29)

    232       203,237  

2.60%, 05/05/24 (Call 03/05/24)(a)

    116       113,838  

2.90%, 05/05/27 (Call 02/05/27)

    102       97,514  

3.10%, 07/30/25

    330       323,308  

3.25%, 03/07/24 (Call 02/07/24)

    119       118,290  

3.38%, 03/22/25 (Call 01/22/25)(a)

    115       113,390  

3.50%, 03/22/28 (Call 12/22/27)

    51       49,709  

5.90%, 11/15/32(a)

    27       30,587  

Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)

        155           110,761  
   

 

 

 
      4,658,318  
Distribution & Wholesale — 0.1%            

WW Grainger Inc.

   

1.85%, 02/15/25 (Call 01/15/25)

    550       522,660  

3.75%, 05/15/46 (Call 11/15/45)

    178       151,305  

4.20%, 05/15/47 (Call 11/15/46)

    83       75,579  

4.60%, 06/15/45 (Call 12/15/44)

    349       337,420  
   

 

 

 
      1,086,964  
Diversified Financial Services — 3.5%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

2.45%, 10/29/26 (Call 09/29/26)

    75       66,099  

2.88%, 08/14/24 (Call 07/14/24)(a)

    315       301,414  

3.00%, 10/29/28 (Call 08/29/28)

    45       38,568  

3.30%, 01/30/32 (Call 10/30/31)

    820       659,534  

3.40%, 10/29/33 (Call 07/29/33)

    445       351,514  

3.50%, 01/15/25 (Call 11/15/24)

    184       176,714  

3.65%, 07/21/27 (Call 04/21/27)

    485       441,360  

3.85%, 10/29/41 (Call 04/29/41)

    150       111,200  

3.88%, 01/23/28 (Call 10/23/27)

    82       74,516  

4.45%, 10/01/25 (Call 08/01/25)

    175       169,706  

 

 

76  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Diversified Financial Services (continued)            

4.45%, 04/03/26 (Call 02/03/26)

  $ 207     $ 200,142  

4.63%, 10/15/27 (Call 08/15/27)

    969       921,131  

4.88%, 01/16/24 (Call 12/16/23)

    102       101,483  

6.50%, 07/15/25 (Call 06/15/25)

        1,637           1,676,714  

Affiliated Managers Group Inc.

   

3.50%, 08/01/25

    116       113,782  

4.25%, 02/15/24

    24       24,000  

Air Lease Corp.

   

3.00%, 02/01/30 (Call 11/01/29)(a)

    179       150,260  

3.25%, 03/01/25 (Call 01/01/25)

    159       152,425  

3.25%, 10/01/29 (Call 07/01/29)(a)

    182       156,083  

3.63%, 04/01/27 (Call 01/01/27)

    289       267,750  

3.63%, 12/01/27 (Call 09/01/27)

    271       246,404  

3.75%, 06/01/26 (Call 04/01/26)

    209       197,605  

4.63%, 10/01/28 (Call 07/01/28)

    301       283,572  

Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)

    557       513,086  

Ally Financial Inc.

   

3.88%, 05/21/24 (Call 04/21/24)

    190       188,197  

4.63%, 03/30/25

    99       98,748  

5.13%, 09/30/24

    439       445,269  

5.80%, 05/01/25 (Call 04/01/25)(a)

    107       109,535  

8.00%, 11/01/31

    693       767,776  

American Express Co.

   

2.50%, 07/30/24 (Call 06/30/24)

    933       907,716  

3.00%, 10/30/24 (Call 09/29/24)

    966       946,757  

3.13%, 05/20/26 (Call 04/20/26)

    617       595,535  

3.40%, 02/22/24 (Call 01/22/24)

    620       615,034  

3.63%, 12/05/24 (Call 11/04/24)

    291       289,356  

3.95%, 08/01/25 (Call 07/01/25)

    500       494,785  

4.05%, 12/03/42(a)

    490       445,199  

4.20%, 11/06/25 (Call 10/06/25)

    902       903,488  

4.42%, 08/03/33 (Call 08/03/32)(b)

    500       482,695  

American Express Credit Corp., 3.30%, 05/03/27

   

(Call 04/03/27)

    365       351,192  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)

    88       83,728  

3.00%, 04/02/25 (Call 03/02/25)

    40       38,956  

3.70%, 10/15/24

    160       158,754  

Brookfield Finance I UK PLC, 2.34%, 01/30/32

   

(Call 10/30/31)

    10       8,005  

Brookfield Finance Inc.

   

3.50%, 03/30/51 (Call 09/30/50)

    98       70,410  

3.63%, 02/15/52 (Call 08/15/51)

    80       58,934  

3.90%, 01/25/28 (Call 10/25/27)

    236       222,354  

4.00%, 04/01/24 (Call 02/01/24)

    469       467,035  

4.25%, 06/02/26 (Call 03/02/26)

    312       307,607  

4.35%, 04/15/30 (Call 01/15/30)

    189       178,458  

4.70%, 09/20/47 (Call 03/20/47)

    293       252,923  

4.85%, 03/29/29 (Call 12/29/28)

    342       335,382  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)

    176       124,694  

Capital One Financial Corp., 5.27%, 05/10/33

   

(Call 05/10/32)(b)

    350       341,729  

Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)

    107       104,558  

Charles Schwab Corp. (The)

   

3.20%, 01/25/28 (Call 10/25/27)

    169       161,243  

3.25%, 05/22/29 (Call 02/22/29)

    7       6,561  

4.00%, 02/01/29 (Call 11/01/28)(a)

    55       54,096  

4.63%, 03/22/30 (Call 12/22/29)(a)

    50       50,671  
Security  

Par

(000)

   

Value

 
Diversified Financial Services (continued)            

CI Financial Corp.

   

3.20%, 12/17/30 (Call 09/17/30)

  $   200     $   151,732  

4.10%, 06/15/51 (Call 12/15/50)(a)

    219       143,303  

CME Group Inc.

   

3.00%, 03/15/25 (Call 12/15/24)

        164           160,838  

3.75%, 06/15/28 (Call 03/15/28)

    244       239,718  

4.15%, 06/15/48 (Call 12/15/47)

    78       74,248  

5.30%, 09/15/43 (Call 03/15/43)

    175       190,391  

Credit Suisse USA Inc., 7.13%, 07/15/32(a)

    263       287,136  

Discover Financial Services

   

4.10%, 02/09/27 (Call 11/09/26)(a)

    269       259,028  

4.50%, 01/30/26 (Call 11/30/25)

    405       398,706  

Franklin Resources Inc.

   

2.85%, 03/30/25

    151       146,174  

2.95%, 08/12/51 (Call 02/12/51)

    5       3,464  

Intercontinental Exchange Inc.

   

2.65%, 09/15/40 (Call 03/15/40)

    137       101,559  

3.00%, 06/15/50 (Call 12/15/49)

    337       245,757  

3.00%, 09/15/60 (Call 03/15/60)

    380       257,743  

3.10%, 09/15/27 (Call 06/15/27)

    197       186,591  

3.75%, 12/01/25 (Call 09/01/25)(a)

    252       249,586  

3.75%, 09/21/28 (Call 06/21/28)

    85       82,243  

4.25%, 09/21/48 (Call 03/21/48)

    240       215,182  

4.60%, 03/15/33 (Call 12/15/32)

    30       29,705  

4.95%, 06/15/52 (Call 12/15/51)

    280       275,318  

5.20%, 06/15/62 (Call 12/15/61)

    300       295,164  

Invesco Finance PLC

   

3.75%, 01/15/26

    110       107,390  

4.00%, 01/30/24

    95       94,516  

5.38%, 11/30/43

    161       158,635  

Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25

   

(Call 05/01/25)

    707       709,029  

Jefferies Group LLC

   

6.25%, 01/15/36

    53       53,482  

6.50%, 01/20/43(a)

    65       65,742  

Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30

    123       110,807  

Legg Mason Inc.

   

4.75%, 03/15/26

    473       478,217  

5.63%, 01/15/44

    261       269,417  

Mastercard Inc.

   

2.95%, 06/01/29 (Call 03/01/29)

    139       129,809  

2.95%, 03/15/51 (Call 09/15/50)

    45       34,588  

3.35%, 03/26/30 (Call 12/26/29)

    325       309,094  

3.65%, 06/01/49 (Call 12/01/48)

    170       148,781  

3.80%, 11/21/46 (Call 05/21/46)

    206       186,360  

3.85%, 03/26/50 (Call 09/26/49)(a)

    221       199,782  

3.95%, 02/26/48 (Call 08/26/47)

    233       213,936  

Morgan Stanley Domestic Holdings Inc.

   

3.80%, 08/24/27 (Call 05/24/27)

    271       261,222  

4.50%, 06/20/28 (Call 03/20/28)

    311       307,912  

Nasdaq Inc.

   

3.25%, 04/28/50 (Call 10/28/49)

    193       143,528  

3.85%, 06/30/26 (Call 03/30/26)

    265       260,964  

3.95%, 03/07/52 (Call 09/07/51)

    79       66,042  

Nomura Holdings Inc.

   

2.17%, 07/14/28

    195       163,400  

2.33%, 01/22/27

    200       178,292  

2.61%, 07/14/31

    130       104,046  

2.65%, 01/16/25

    212       201,835  

 

 

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

  77


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Diversified Financial Services (continued)            

2.68%, 07/16/30

  $ 321     $ 262,305  

2.71%, 01/22/29

    246       210,502  

3.00%, 01/22/32

    206       169,186  

3.10%, 01/16/30

        631           538,842  

5.10%, 07/03/25

    200       201,478  

5.39%, 07/06/27(a)

    200       201,282  

5.61%, 07/06/29

    200       200,304  

ORIX Corp.

   

3.25%, 12/04/24

    2       1,957  

3.70%, 07/18/27

    106       102,063  

4.05%, 01/16/24(a)

    137       136,649  

Radian Group Inc., 6.63%, 03/15/25 (Call 09/15/24)

    500       500,930  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)(a)

    112       90,470  

4.65%, 04/01/30 (Call 01/01/30)

    214       210,154  

4.95%, 07/15/46

    160       156,030  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)(a)

    262       202,102  

3.70%, 08/04/26 (Call 05/04/26)(a)

    495       463,726  

3.95%, 12/01/27 (Call 09/01/27)

    342       311,070  

4.50%, 07/23/25 (Call 04/23/25)

    430       420,411  

5.15%, 03/19/29 (Call 12/19/28)

    466       443,506  

Visa Inc.

   

2.00%, 08/15/50 (Call 02/15/50)

    296       193,380  

2.05%, 04/15/30 (Call 01/15/30)

    166       145,549  

3.65%, 09/15/47 (Call 03/15/47)

    198       175,357  

4.15%, 12/14/35 (Call 06/14/35)

    498       493,583  

4.30%, 12/14/45 (Call 06/14/45)

    638       615,715  

Western Union Co. (The)

   

2.85%, 01/10/25 (Call 12/10/24)

    596       572,094  

6.20%, 11/17/36

    228       225,642  
   

 

 

 
      34,257,141  
Electric — 7.9%            

AEP Texas Inc.

   

3.45%, 05/15/51 (Call 11/15/50)

    15       11,582  

5.25%, 05/15/52 (Call 11/15/51)

    467       471,030  

Series G, 4.15%, 05/01/49 (Call 11/01/48)

    40       33,560  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    2,571       2,499,758  

3.20%, 04/15/25 (Call 03/15/25)

    2,251       2,179,441  

3.80%, 06/01/29 (Call 03/01/29)

    4,502       4,207,929  

Avista Corp.

   

4.00%, 04/01/52 (Call 10/01/51)

    260       230,402  

4.35%, 06/01/48 (Call 12/01/47)

    329       299,439  

Baltimore Gas & Electric Co.

   

2.40%, 08/15/26 (Call 05/15/26)(a)

    514       481,757  

3.20%, 09/15/49 (Call 03/15/49)

    343       267,142  

3.50%, 08/15/46 (Call 02/15/46)

    236       192,548  

3.75%, 08/15/47 (Call 02/15/47)

    189       160,304  

4.25%, 09/15/48 (Call 03/15/48)

    30       27,411  

6.35%, 10/01/36

    235       266,690  

CenterPoint Energy Houston Electric LLC

   

3.55%, 08/01/42 (Call 02/01/42)

    274       233,078  

3.95%, 03/01/48 (Call 09/01/47)

    283       251,369  

4.50%, 04/01/44 (Call 10/01/43)

    202       192,114  

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

    152       145,348  

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

    162       150,916  

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

    223       165,622  

Series AF, 3.35%, 04/01/51 (Call 10/01/50)

    142       115,038  

Series K2, 6.95%, 03/15/33

    25       29,775  
Security  

Par

(000)

   

Value

 
Electric (continued)            

Series Z, 2.40%, 09/01/26 (Call 06/01/26)

  $   117     $   109,383  

Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36

    35       36,554  

Commonwealth Edison Co.

   

2.20%, 03/01/30 (Call 12/01/29)

    587       512,445  

2.55%, 06/15/26 (Call 03/15/26)(a)

        499           473,556  

3.00%, 03/01/50 (Call 09/01/49)

    110       82,623  

3.65%, 06/15/46 (Call 12/15/45)

    226       189,325  

3.70%, 08/15/28 (Call 05/15/28)

    396       384,302  

3.70%, 03/01/45 (Call 09/01/44)

    169       140,698  

3.80%, 10/01/42 (Call 04/01/42)

    90       77,881  

4.00%, 03/01/48 (Call 09/01/47)

    107       95,965  

4.00%, 03/01/49 (Call 09/01/48)

    282       250,512  

4.35%, 11/15/45 (Call 05/15/45)

    84       77,811  

4.60%, 08/15/43 (Call 02/15/43)

    15       14,287  

4.70%, 01/15/44 (Call 07/15/43)

    108       104,934  

5.90%, 03/15/36

    318       352,894  

6.45%, 01/15/38

    159       182,222  

Series 122, 2.95%, 08/15/27 (Call 05/15/27)

    86       81,626  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    306       262,312  

Series 127, 3.20%, 11/15/49 (Call 05/15/49)

    286       222,425  

Connecticut Light & Power Co. (The)

   

4.00%, 04/01/48 (Call 10/01/47)

    275       251,411  

4.30%, 04/15/44 (Call 10/15/43)

    210       195,136  

Series A, 2.05%, 07/01/31 (Call 04/01/31)

    305       257,246  

Series A, 3.20%, 03/15/27 (Call 12/15/26)

    108       104,223  

Series A, 4.15%, 06/01/45 (Call 12/01/44)

    279       251,332  

Consolidated Edison Co. of New York Inc.

   

3.70%, 11/15/59 (Call 05/15/59)

    64       50,154  

3.80%, 05/15/28 (Call 02/15/28)

    159       154,828  

3.85%, 06/15/46 (Call 12/15/45)

    255       214,208  

3.95%, 03/01/43 (Call 09/01/42)

    220       189,193  

4.45%, 03/15/44 (Call 09/15/43)

    191       177,055  

4.50%, 12/01/45 (Call 06/01/45)

    248       227,895  

4.50%, 05/15/58 (Call 11/15/57)

    139       125,012  

4.63%, 12/01/54 (Call 06/01/54)

    116       107,981  

5.70%, 06/15/40

    165       172,796  

Series 05-A, 5.30%, 03/01/35

    80       81,731  

Series 06-A, 5.85%, 03/15/36(a)

    64       68,094  

Series 06-B, 6.20%, 06/15/36

    35       38,444  

Series 07-A, 6.30%, 08/15/37

    93       103,301  

Series 08-B, 6.75%, 04/01/38

    98       112,154  

Series 09-C, 5.50%, 12/01/39

    252       256,387  

Series 12-A, 4.20%, 03/15/42

    159       140,963  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    208       174,154  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    463       432,308  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)

    266       230,029  

Series A, 4.13%, 05/15/49 (Call 11/15/48)

    208       181,678  

Series B, 3.13%, 11/15/27 (Call 08/15/27)

    361       343,076  

Series C, 4.00%, 11/15/57 (Call 05/15/57)

    105       86,091  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

    180       156,584  

Series D, 4.00%, 12/01/28 (Call 09/01/28)(a)

    129       126,870  

Series E, 4.65%, 12/01/48 (Call 06/01/48)

    208       195,098  

Constellation Energy Generation LLC

   

5.60%, 06/15/42 (Call 12/15/41)

    15       14,853  

6.25%, 10/01/39

    100       105,011  

Delmarva Power & Light Co., 4.15%, 05/15/45

   

(Call 11/15/44)

    134       117,367  

Edison International

   

3.55%, 11/15/24 (Call 10/15/24)

    156       152,577  

4.13%, 03/15/28 (Call 12/15/27)

    353       332,039  

 

 

78  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Electric (continued)            

4.95%, 04/15/25 (Call 03/15/25)

  $ 152     $ 152,093  

5.75%, 06/15/27 (Call 04/15/27)

        362           367,028  

El Paso Electric Co.

   

5.00%, 12/01/44 (Call 06/01/44)

    10       9,375  

6.00%, 05/15/35

    130       133,336  

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

    745       731,456  

Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)(a)

    387       304,728  

Entergy Louisiana LLC

   

2.90%, 03/15/51 (Call 09/15/50)

    507       364,269  

4.20%, 09/01/48 (Call 03/01/48)

    145       129,775  

4.20%, 04/01/50 (Call 10/01/49)

    470       419,621  

4.95%, 01/15/45 (Call 01/15/25)

    150       143,043  

Entergy Mississippi LLC

   

3.50%, 06/01/51 (Call 03/01/51)

    295       237,378  

3.85%, 06/01/49 (Call 12/01/48)

    275       229,372  

Eversource Energy

   

2.55%, 03/15/31 (Call 12/15/30)

    740       628,008  

2.90%, 03/01/27 (Call 02/01/27)

    200       187,656  

3.38%, 03/01/32 (Call 12/01/31)

    200       179,942  

3.45%, 01/15/50 (Call 07/15/49)(a)

    543       425,614  

4.20%, 06/27/24

    100       100,007  

4.60%, 07/01/27 (Call 06/01/27)

    85       85,186  

Series H, 3.15%, 01/15/25 (Call 10/15/24)

    980       951,247  

Series L, 2.90%, 10/01/24 (Call 08/01/24)

    832       809,320  

Series M, 3.30%, 01/15/28 (Call 10/15/27)

    438       412,806  

Series N, 3.80%, 12/01/23 (Call 11/01/23)(a)

    497       494,808  

Series O, 4.25%, 04/01/29 (Call 01/01/29)

    627       611,012  

Series R, 1.65%, 08/15/30 (Call 05/15/30)

    1,947       1,558,281  

Exelon Corp.

   

3.40%, 04/15/26 (Call 01/15/26)

    626       606,425  

3.95%, 06/15/25 (Call 03/15/25)

    955       947,494  

4.05%, 04/15/30 (Call 01/15/30)

    983       944,712  

4.10%, 03/15/52 (Call 09/15/51)(a)(c)

    337       291,225  

4.45%, 04/15/46 (Call 10/15/45)

    491       440,010  

4.70%, 04/15/50 (Call 10/15/49)

    491       458,417  

4.95%, 06/15/35 (Call 12/15/34)

    193       188,463  

5.10%, 06/15/45 (Call 12/15/44)

    215       213,422  

5.63%, 06/15/35

    255       268,094  

Exelon Generation Co. LLC, 5.75%, 10/01/41

   

(Call 04/01/41)

    2       1,982  

Florida Power & Light Co.

   

2.85%, 04/01/25 (Call 03/01/25)

    580       567,240  

3.13%, 12/01/25 (Call 06/01/25)

    537       529,487  

3.15%, 10/01/49 (Call 04/01/49)

    281       224,575  

3.70%, 12/01/47 (Call 06/01/47)

    331       288,645  

3.80%, 12/15/42 (Call 06/15/42)

    162       144,661  

3.95%, 03/01/48 (Call 09/01/47)

    298       271,284  

3.99%, 03/01/49 (Call 09/01/48)

    245       223,925  

4.05%, 06/01/42 (Call 12/01/41)

    246       227,176  

4.05%, 10/01/44 (Call 04/01/44)

    380       346,366  

4.13%, 02/01/42 (Call 08/01/41)

    254       235,580  

4.13%, 06/01/48 (Call 12/01/47)

    301       281,146  

4.95%, 06/01/35

    301       309,524  

5.25%, 02/01/41 (Call 08/01/40)

    25       26,163  

5.63%, 04/01/34

    216       235,375  

5.65%, 02/01/37

    112       120,876  

5.69%, 03/01/40

    205       223,643  

5.95%, 02/01/38

    256       285,435  

5.96%, 04/01/39

    204       229,633  

Security

 

Par

(000)

   

Value

 
Electric (continued)            

Iberdrola International BV

   

5.81%, 03/15/25

  $ 184     $ 191,743  

6.75%, 07/15/36

        1,026           1,145,765  

ITC Holdings Corp.

   

3.25%, 06/30/26 (Call 03/30/26)

    507       483,181  

3.35%, 11/15/27 (Call 08/15/27)

    424       401,676  

3.65%, 06/15/24 (Call 03/15/24)

    359       353,841  

5.30%, 07/01/43 (Call 01/01/43)

    364       354,121  

National Grid USA, 5.80%, 04/01/35

    375       394,114  

National Rural Utilities Cooperative Finance Corp.

   

2.40%, 03/15/30 (Call 12/15/29)

    141       122,956  

3.70%, 03/15/29 (Call 12/15/28)

    180       171,130  

3.90%, 11/01/28 (Call 08/01/28)(a)

    252       244,475  

4.02%, 11/01/32 (Call 05/01/32)

    171       161,142  

4.15%, 12/15/32

    100       97,165  

4.30%, 03/15/49 (Call 09/15/48)

    221       200,843  

4.40%, 11/01/48 (Call 05/01/48)

    115       105,591  

Series C, 8.00%, 03/01/32

    283       348,065  

NextEra Energy Capital Holdings Inc.

   

2.25%, 06/01/30 (Call 03/01/30)

    2,438       2,058,525  

2.75%, 11/01/29 (Call 08/01/29)

    2,266       2,017,714  

3.50%, 04/01/29 (Call 01/01/29)

    1,220       1,141,591  

3.55%, 05/01/27 (Call 02/01/27)

    1,713       1,647,889  

4.80%, 12/01/77 (Call 12/01/27)

   

(3 mo. LIBOR US + 2.409%)(b)

    161       134,470  

NSTAR Electric Co.

   

1.95%, 08/15/31 (Call 05/15/31)

    217       180,945  

3.10%, 06/01/51 (Call 12/01/50)

    395       298,596  

3.20%, 05/15/27 (Call 02/15/27)

    1,475       1,422,623  

3.25%, 05/15/29 (Call 02/15/29)

    108       101,845  

3.95%, 04/01/30 (Call 01/01/30)

    878       858,921  

4.40%, 03/01/44 (Call 09/01/43)

    451       418,573  

4.55%, 06/01/52 (Call 12/01/51)

    135       131,826  

5.50%, 03/15/40

    200       211,250  

Oglethorpe Power Corp.

   

3.75%, 08/01/50 (Call 02/01/50)

    12       9,256  

5.25%, 09/01/50

    12       11,154  

Ohio Power Co.

   

4.00%, 06/01/49 (Call 12/01/48)

    185       155,692  

4.15%, 04/01/48 (Call 10/01/47)

    282       244,951  

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

    1,395       1,117,242  

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

    302       216,063  

Oncor Electric Delivery Co. LLC

   

3.10%, 09/15/49 (Call 03/15/49)

    402       311,224  

3.75%, 04/01/45 (Call 10/01/44)

    400       342,380  

3.80%, 09/30/47 (Call 03/30/47)

    132       115,314  

3.80%, 06/01/49 (Call 12/01/48)

    320       278,739  

4.10%, 11/15/48 (Call 05/15/48)

    115       104,609  

4.55%, 12/01/41 (Call 06/01/41)

    10       9,665  

4.60%, 06/01/52 (Call 12/01/51)(c)

    100       98,487  

5.25%, 09/30/40

    30       31,200  

5.30%, 06/01/42 (Call 12/01/41)

    140       147,080  

5.75%, 03/15/29 (Call 12/15/28)

    52       55,955  

7.00%, 05/01/32

    20       23,958  

7.25%, 01/15/33

    72       88,266  

7.50%, 09/01/38

    35       44,290  

Pacific Gas and Electric Co.

   

3.50%, 08/01/50 (Call 02/01/50)

    25       16,605  

4.50%, 07/01/40 (Call 01/01/40)

    200       156,416  

4.55%, 07/01/30 (Call 01/01/30)

    20       17,802  

 

 

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

  79


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Electric (continued)            

4.95%, 07/01/50 (Call 01/01/50)

  $   1,215     $ 972,097  

5.25%, 03/01/52 (Call 09/01/51)

    200       167,320  

5.90%, 06/15/32 (Call 03/15/32)

        1,000           966,290  

PECO Energy Co.

   

2.85%, 09/15/51 (Call 03/15/51)

    40       29,107  

3.00%, 09/15/49 (Call 03/15/49)

    300       224,709  

3.05%, 03/15/51 (Call 09/15/50)

    100       76,088  

3.15%, 10/15/25 (Call 07/15/25)(a)

    363       353,508  

3.70%, 09/15/47 (Call 03/15/47)

    175       150,684  

3.90%, 03/01/48 (Call 09/01/47)

    333       295,844  

4.15%, 10/01/44 (Call 04/01/44)

    118       106,817  

4.38%, 08/15/52

    200       190,892  

4.60%, 05/15/52 (Call 11/15/51)

    100       98,777  

5.95%, 10/01/36

    46       50,569  

Potomac Electric Power Co.

   

3.60%, 03/15/24 (Call 12/15/23)

    154       153,141  

4.15%, 03/15/43 (Call 09/15/42)

    267       241,168  

6.50%, 11/15/37

    97       112,070  

PPL Electric Utilities Corp.

   

3.00%, 10/01/49 (Call 04/01/49)

    120       89,660  

3.95%, 06/01/47 (Call 12/01/46)

    195       172,608  

4.15%, 06/15/48 (Call 12/15/47)

    159       144,076  

Public Service Co. of New Hampshire

   

3.50%, 11/01/23 (Call 08/01/23)

    319       317,992  

3.60%, 07/01/49 (Call 01/01/49)

    567       474,794  

Series V, 2.20%, 06/15/31 (Call 03/15/31)

    167       141,534  

Public Service Electric & Gas Co.

   

2.25%, 09/15/26 (Call 06/15/26)

    72       67,229  

2.45%, 01/15/30 (Call 10/15/29)

    207       184,334  

3.00%, 05/15/25 (Call 02/15/25)

    41       39,924  

3.00%, 05/15/27 (Call 02/15/27)

    115       110,198  

3.15%, 01/01/50 (Call 07/01/49)

    297       228,387  

3.20%, 05/15/29 (Call 02/15/29)

    185       174,797  

3.20%, 08/01/49 (Call 02/01/49)(a)

    269       210,942  

3.60%, 12/01/47 (Call 06/01/47)

    273       228,990  

3.65%, 09/01/28 (Call 06/01/28)

    225       217,710  

3.65%, 09/01/42 (Call 03/01/42)(a)

    200       170,666  

3.70%, 05/01/28 (Call 02/01/28)

    128       125,061  

3.80%, 01/01/43 (Call 07/01/42)

    75       64,908  

3.80%, 03/01/46 (Call 09/01/45)

    547       472,542  

3.85%, 05/01/49 (Call 11/01/48)

    385       334,604  

3.95%, 05/01/42 (Call 11/01/41)

    71       63,904  

4.05%, 05/01/48 (Call 11/01/47)

    86       77,396  

5.50%, 03/01/40

    35       37,103  

5.80%, 05/01/37

    38       41,643  

Public Service Enterprise Group Inc.

   

1.60%, 08/15/30 (Call 05/15/30)

    1,532       1,223,624  

2.45%, 11/15/31 (Call 08/15/31)

    485       404,330  

2.88%, 06/15/24 (Call 05/15/24)(a)

    523       511,123  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)

    606       571,846  

4.15%, 05/15/48 (Call 11/15/47)

    179       162,545  

4.50%, 08/15/40

    229       216,375  

6.00%, 06/01/39

    7       7,655  

Series RRR, 3.75%, 06/01/47 (Call 12/01/46)

    193       163,110  

Series TTT, 4.10%, 06/15/49 (Call 12/15/48)

    321       284,172  

Series UUU, 3.32%, 04/15/50 (Call 10/15/49)

    378       294,541  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    10       7,400  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)(a)

    700       662,319  
Security  

Par

(000)

   

Value

 
Electric (continued)            

3.40%, 02/01/28 (Call 11/01/27)

  $   557     $ 527,557  

3.80%, 02/01/38 (Call 08/01/37)

    361       309,128  

4.00%, 02/01/48 (Call 08/01/47)

        432           360,642  

4.13%, 04/01/52 (Call 01/01/27)(b)

    672       568,579  

6.00%, 10/15/39

    260       276,156  

Southern California Edison Co.

   

2.25%, 06/01/30 (Call 03/01/30)

    167       139,811  

2.85%, 08/01/29 (Call 05/01/29)

    175       154,506  

3.45%, 02/01/52 (Call 08/01/51)

    65       49,872  

3.65%, 02/01/50 (Call 08/01/49)(a)

    368       281,973  

4.00%, 04/01/47 (Call 10/01/46)

    357       287,817  

4.05%, 03/15/42 (Call 09/15/41)

    129       106,188  

4.50%, 09/01/40 (Call 03/01/40)

    118       103,894  

4.65%, 10/01/43 (Call 04/01/43)

    107       96,490  

5.50%, 03/15/40

    186       183,437  

5.63%, 02/01/36

    147       147,129  

6.00%, 01/15/34

    210       220,878  

6.05%, 03/15/39

    44       46,078  

6.65%, 04/01/29(a)

    186       194,762  

Series 04-G, 5.75%, 04/01/35

    7       7,130  

Series 05-E, 5.35%, 07/15/35

    91       89,918  

Series 06-E, 5.55%, 01/15/37

    5       4,947  

Series 08-A, 5.95%, 02/01/38

    60       61,898  

Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)

    98       79,107  

Series A, 4.20%, 03/01/29 (Call 12/01/28)

    29       28,087  

Series B, 3.65%, 03/01/28 (Call 12/01/27)

    127       120,905  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    94       86,650  

Series C, 3.60%, 02/01/45 (Call 08/01/44)

    153       114,782  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    296       245,570  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

    98       96,572  

Series E, 5.45%, 06/01/52 (Call 12/01/51)

    50       49,886  
   

 

 

 
      77,914,022  
Electrical Components & Equipment — 0.0%            

Acuity Brands Lighting Inc., 2.15%, 12/15/30

   

(Call 09/15/30)

    246       195,518  

Emerson Electric Co.

   

2.80%, 12/21/51 (Call 06/21/51)

    45       32,715  

5.25%, 11/15/39

    10       10,433  
   

 

 

 
      238,666  
Electronics — 1.0%            

Agilent Technologies Inc.

   

2.75%, 09/15/29 (Call 06/15/29)

    713       625,151  

3.05%, 09/22/26 (Call 06/22/26)

    216       205,243  

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

    570       502,991  

Allegion U.S. Holding Co. Inc.

   

3.20%, 10/01/24 (Call 08/01/24)(a)

    304       295,497  

3.55%, 10/01/27 (Call 07/01/27)

    112       103,280  

5.41%, 07/01/32 (Call 04/01/32)

    245       241,315  

Amphenol Corp.

   

2.80%, 02/15/30 (Call 11/15/29)

    151       132,057  

4.35%, 06/01/29 (Call 03/01/29)

    124       122,472  

Avnet Inc.

   

3.00%, 05/15/31 (Call 02/15/31)

    185       146,910  

5.50%, 06/01/32 (Call 03/01/32)

    60       57,199  

Flex Ltd.

   

4.75%, 06/15/25 (Call 03/15/25)

    241       239,262  

4.88%, 06/15/29 (Call 03/15/29)

    298       281,488  

4.88%, 05/12/30 (Call 02/12/30)

    979       924,196  

 

 

80  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Electronics (continued)            

Fortive Corp.

   

3.15%, 06/15/26 (Call 03/15/26)

  $ 110     $ 105,254  

4.30%, 06/15/46 (Call 12/15/45)

    67       58,745  

Honeywell International Inc.

   

2.30%, 08/15/24 (Call 07/15/24)(a)

        428           417,527  

2.50%, 11/01/26 (Call 08/01/26)(a)

    944       896,130  

2.70%, 08/15/29 (Call 05/15/29)

    256       235,372  

3.81%, 11/21/47 (Call 05/21/47)

    107       96,499  

5.38%, 03/01/41(a)

    115       124,988  

5.70%, 03/15/36

    38       42,409  

5.70%, 03/15/37

    23       25,945  

Hubbell Inc.

   

3.15%, 08/15/27 (Call 05/15/27)

    26       24,341  

3.35%, 03/01/26 (Call 12/01/25)

    140       135,663  

3.50%, 02/15/28 (Call 11/15/27)

    70       66,782  

Keysight Technologies Inc.

   

3.00%, 10/30/29 (Call 07/30/29)

    487       426,933  

4.55%, 10/30/24 (Call 07/30/24)

    417       419,256  

4.60%, 04/06/27 (Call 01/06/27)

    737       739,454  

Legrand France SA, 8.50%, 02/15/25

    560       616,678  

Trimble Inc.

   

4.75%, 12/01/24 (Call 09/01/24)

    636       638,608  

4.90%, 06/15/28 (Call 03/15/28)

    645       636,673  

Tyco Electronics Group SA, 7.13%, 10/01/37

    109       133,031  

Vontier Corp.

   

2.40%, 04/01/28 (Call 02/01/28)

    77       62,594  

2.95%, 04/01/31 (Call 01/01/31)

    100       76,893  
   

 

 

 
      9,856,836  
Entertainment — 0.3%            

Magallanes Inc.

   

4.28%, 03/15/32 (Call 12/15/31)(a)(c)

    1,255       1,090,168  

5.05%, 03/15/42 (Call 09/15/41)(c)

    350       286,024  

5.14%, 03/15/52 (Call 09/15/51)(c)

    560       450,850  

5.39%, 03/15/62 (Call 09/15/61)(c)

    1,030       828,285  
   

 

 

 
      2,655,327  
Environmental Control — 0.1%            

Republic Services Inc.

   

3.05%, 03/01/50 (Call 09/01/49)

    10       7,470  

5.70%, 05/15/41 (Call 11/15/40)

    20       21,301  

6.20%, 03/01/40

    90       99,122  

Waste Connections Inc.

   

2.60%, 02/01/30 (Call 11/01/29)

    122       106,988  

2.95%, 01/15/52 (Call 07/15/51)

    40       28,818  

3.05%, 04/01/50 (Call 10/01/49)

    37       27,485  

3.50%, 05/01/29 (Call 02/01/29)(a)

    51       48,096  

4.25%, 12/01/28 (Call 09/01/28)

    5       4,914  

Waste Management Inc.

   

3.15%, 11/15/27 (Call 08/15/27)(a)

    238       227,021  

4.10%, 03/01/45 (Call 09/01/44)(a)

    22       19,643  

4.15%, 07/15/49 (Call 01/15/49)

    126       116,309  
   

 

 

 
      707,167  
Food — 2.6%            

Ahold Finance USA LLC, 6.88%, 05/01/29(a)

    141       154,220  

Bestfoods, Series E, 7.25%, 12/15/26

    10       11,261  

Campbell Soup Co.

   

2.38%, 04/24/30 (Call 01/24/30)

    235       198,923  

3.13%, 04/24/50 (Call 10/24/49)

    109       77,187  

3.30%, 03/19/25 (Call 12/19/24)

    95       92,749  

3.95%, 03/15/25 (Call 01/15/25)

    383       379,783  

Security

 

Par

(000)

   

Value

 
Food (continued)            

4.15%, 03/15/28 (Call 12/15/27)

  $ 654     $ 642,261  

4.80%, 03/15/48 (Call 09/15/47)

    304       283,191  

Conagra Brands Inc.

   

4.30%, 05/01/24 (Call 04/01/24)

    224       223,863  

4.60%, 11/01/25 (Call 09/01/25)

        398           397,367  

4.85%, 11/01/28 (Call 08/01/28)(a)

    180       178,126  

5.30%, 11/01/38 (Call 05/01/38)

    356       338,997  

5.40%, 11/01/48 (Call 05/01/48)

    218       206,823  

7.00%, 10/01/28

    113       121,960  

8.25%, 09/15/30

    184       213,880  

General Mills Inc.

   

2.25%, 10/14/31 (Call 07/14/31)

    890       737,160  

2.88%, 04/15/30 (Call 01/15/30)(a)

    830       742,468  

3.00%, 02/01/51 (Call 08/01/50)

    455       330,853  

3.20%, 02/10/27 (Call 11/10/26)

    622       599,521  

3.65%, 02/15/24 (Call 11/15/23)

    295       294,103  

4.00%, 04/17/25 (Call 02/17/25)

    746       743,702  

4.20%, 04/17/28 (Call 01/17/28)

    482       479,402  

4.70%, 04/17/48 (Call 10/17/47)

    125       118,669  

5.40%, 06/15/40

    172       177,762  

Hershey Co. (The)

   

2.45%, 11/15/29 (Call 08/15/29)

    48       42,874  

3.13%, 11/15/49 (Call 05/15/49)

    132       104,648  

3.38%, 08/15/46 (Call 02/15/46)

    35       29,340  

Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50)

    160       124,150  

Ingredion Inc.

   

2.90%, 06/01/30 (Call 03/01/30)(a)

    1,049       913,071  

3.20%, 10/01/26 (Call 07/01/26)

    130       124,589  

3.90%, 06/01/50 (Call 12/01/49)

    313       247,408  

JM Smucker Co. (The)

   

2.38%, 03/15/30 (Call 12/15/29)

    106       90,119  

3.38%, 12/15/27 (Call 09/15/27)(a)

    124       118,029  

3.50%, 03/15/25

    175       172,666  

3.55%, 03/15/50 (Call 09/15/49)

    141       104,862  

4.25%, 03/15/35

    61       56,183  

4.38%, 03/15/45

    52       45,014  

Kellogg Co.

   

2.10%, 06/01/30 (Call 03/01/30)

    947       785,698  

2.65%, 12/01/23

    2,409       2,375,900  

3.25%, 04/01/26

    1,531       1,485,529  

3.40%, 11/15/27 (Call 08/15/27)

    1,384       1,316,392  

4.30%, 05/15/28 (Call 02/15/28)

    209       206,613  

4.50%, 04/01/46

    633       579,157  

Series B, 7.45%, 04/01/31

    1,081       1,241,874  

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40

    183       192,046  

Kraft Heinz Foods Co.

   

4.38%, 06/01/46 (Call 12/01/45)

    130       110,317  

4.88%, 10/01/49 (Call 04/01/49)

    1,275       1,156,145  

5.00%, 06/04/42

    61       56,890  

5.20%, 07/15/45 (Call 01/15/45)

    240       225,562  

5.50%, 06/01/50 (Call 12/01/49)(a)

    115       113,920  

6.50%, 02/09/40

    104       111,289  

6.88%, 01/26/39

    80       88,532  

Kroger Co. (The)

   

2.20%, 05/01/30 (Call 02/01/30)

    82       68,948  

2.65%, 10/15/26 (Call 07/15/26)

    208       196,431  

3.50%, 02/01/26 (Call 11/01/25)

    199       194,393  

3.70%, 08/01/27 (Call 05/01/27)

    84       81,610  

3.85%, 08/01/23 (Call 05/01/23)(a)

    74       73,982  

3.88%, 10/15/46 (Call 04/15/46)

    197       164,225  

 

 

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

  81


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Food (continued)            

3.95%, 01/15/50 (Call 07/15/49)

  $   203     $ 172,114  

4.00%, 02/01/24 (Call 11/01/23)

    56       56,008  

4.45%, 02/01/47 (Call 08/01/46)

    213       193,155  

4.50%, 01/15/29 (Call 10/15/28)

    125       124,116  

4.65%, 01/15/48 (Call 07/15/47)

    158       146,675  

5.00%, 04/15/42 (Call 10/15/41)

    69       65,881  

5.15%, 08/01/43 (Call 02/01/43)

    156       153,028  

5.40%, 07/15/40 (Call 01/15/40)

        110           110,747  

5.40%, 01/15/49 (Call 07/15/48)

    80       82,824  

6.90%, 04/15/38

    176       203,139  

7.50%, 04/01/31

    196       231,962  

McCormick & Co. Inc./MD

   

1.85%, 02/15/31 (Call 11/15/30)(a)

    135       107,476  

2.50%, 04/15/30 (Call 01/15/30)

    316       272,462  

3.15%, 08/15/24 (Call 06/15/24)

    334       328,683  

3.40%, 08/15/27 (Call 05/15/27)

    237       227,631  

4.20%, 08/15/47 (Call 02/15/47)

    208       181,983  

Mondelez International Inc.

   

2.63%, 09/04/50 (Call 03/04/50)

    158       106,143  

2.75%, 04/13/30 (Call 01/13/30)

    113       99,867  

4.13%, 05/07/28 (Call 02/07/28)(a)

    25       24,809  

Sysco Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    89       76,559  

3.25%, 07/15/27 (Call 04/15/27)

    200       189,688  

3.30%, 07/15/26 (Call 04/15/26)

    135       130,610  

3.30%, 02/15/50 (Call 08/15/49)

    170       125,316  

4.45%, 03/15/48 (Call 09/15/47)

    144       127,403  

4.50%, 04/01/46 (Call 10/01/45)

    162       143,884  

4.85%, 10/01/45 (Call 04/01/45)

    163       151,900  

5.38%, 09/21/35

    40       41,044  

5.95%, 04/01/30 (Call 01/01/30)

    165       175,652  

6.60%, 04/01/40 (Call 10/01/39)

    32       36,549  

6.60%, 04/01/50 (Call 10/01/49)

    273       318,910  

Tyson Foods Inc.

   

3.55%, 06/02/27 (Call 03/02/27)

    293       280,952  

4.35%, 03/01/29 (Call 12/01/28)

    14       13,854  

4.55%, 06/02/47 (Call 12/02/46)

    146       133,821  

4.88%, 08/15/34 (Call 02/15/34)

    32       31,748  

5.10%, 09/28/48 (Call 03/28/48)

    337       332,703  

5.15%, 08/15/44 (Call 02/15/44)

    60       58,793  
   

 

 

 
      26,000,726  
Forest Products & Paper — 0.3%            

Celulosa Arauco y Constitucion SA

   

3.88%, 11/02/27 (Call 08/02/27)

    33       30,469  

5.50%, 11/02/47 (Call 05/02/47)

    27       23,172  

International Paper Co.

   

4.35%, 08/15/48 (Call 02/15/48)

    188       166,100  

4.40%, 08/15/47 (Call 02/15/47)

    269       235,870  

4.80%, 06/15/44 (Call 12/15/43)

    350       317,191  

5.00%, 09/15/35 (Call 03/15/35)(a)

    65       64,842  

5.15%, 05/15/46 (Call 11/15/45)

    20       19,427  

6.00%, 11/15/41 (Call 05/15/41)

    234       239,471  

7.30%, 11/15/39

    122       140,736  

Suzano Austria GmbH

   

3.13%, 01/15/32 (Call 10/15/31)(a)

    382       301,444  

3.75%, 01/15/31 (Call 10/15/30)

    100       84,697  

5.00%, 01/15/30 (Call 10/15/29)

    742       693,837  

6.00%, 01/15/29 (Call 10/15/28)

    312       311,881  
   

 

 

 
      2,629,137  

Security

 

Par

(000)

   

Value

 
Gas — 0.5%            

Atmos Energy Corp.

   

2.63%, 09/15/29 (Call 06/15/29)

  $ 65     $ 58,033  

2.85%, 02/15/52 (Call 08/15/51)

    95       67,877  

3.00%, 06/15/27 (Call 03/15/27)

    25       23,875  

3.38%, 09/15/49 (Call 03/15/49)

    228       180,599  

4.13%, 10/15/44 (Call 04/15/44)

    294       259,011  

4.13%, 03/15/49 (Call 09/15/48)

    277       248,494  

4.15%, 01/15/43 (Call 07/15/42)

    16       14,274  

4.30%, 10/01/48 (Call 04/01/48)

    50       46,038  

5.50%, 06/15/41 (Call 12/15/40)

    78       81,320  

National Fuel Gas Co.

   

3.95%, 09/15/27 (Call 06/15/27)

        10           9,215  

4.75%, 09/01/28 (Call 06/01/28)(a)

    77       74,160  

5.20%, 07/15/25 (Call 04/15/25)

    227       227,720  

ONE Gas Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    155       128,134  

3.61%, 02/01/24 (Call 11/01/23)(a)

    250       247,837  

4.50%, 11/01/48 (Call 05/01/48)

    150       131,145  

4.66%, 02/01/44 (Call 08/01/43)

    179       164,034  

Piedmont Natural Gas Co. Inc.

   

3.35%, 06/01/50 (Call 12/01/49)

    100       73,559  

5.05%, 05/15/52 (Call 11/15/51)

    87       85,082  

Southern California Gas Co.

   

3.15%, 09/15/24 (Call 06/15/24)

    215       211,956  

3.20%, 06/15/25 (Call 03/15/25)(a)

    334       325,817  

3.75%, 09/15/42 (Call 03/15/42)

    238       197,992  

5.13%, 11/15/40

    20       19,679  

Series TT, 2.60%, 06/15/26 (Call 03/15/26)(a)

    374       353,277  

Series UU, 4.13%, 06/01/48 (Call 12/01/47)

    203       175,345  

Series VV, 4.30%, 01/15/49 (Call 07/15/48)

    166       148,560  

Series WW, 3.95%, 02/15/50 (Call 08/15/49)

    325       275,431  

Series XX, 2.55%, 02/01/30 (Call 11/01/29)

    187       166,667  

Southwest Gas Corp.

   

3.18%, 08/15/51 (Call 02/15/51)

    80       53,411  

3.70%, 04/01/28 (Call 01/01/28)

    35       32,480  

3.80%, 09/29/46 (Call 03/29/46)(a)

    299       224,376  

4.15%, 06/01/49 (Call 12/01/48)

    281       224,255  

Washington Gas Light Co.

   

3.65%, 09/15/49 (Call 03/15/49)

    270       219,764  

Series K, 3.80%, 09/15/46 (Call 03/15/46)

    15       12,539  
   

 

 

 
      4,761,956  
Hand & Machine Tools — 0.0%            

Snap-on Inc.

   

3.10%, 05/01/50 (Call 11/01/49)

    27       21,288  

3.25%, 03/01/27 (Call 12/01/26)

    30       29,285  

4.10%, 03/01/48 (Call 09/01/47)

    65       59,381  

Stanley Black & Decker Inc.

   

2.30%, 03/15/30 (Call 12/15/29)

    14       11,973  

4.00%, 03/15/60 (Call 03/15/25)(b)

    97       88,812  

4.25%, 11/15/28 (Call 08/15/28)

    71       70,274  

4.85%, 11/15/48 (Call 05/15/48)

    55       54,047  

5.20%, 09/01/40

    48       48,283  
   

 

 

 
      383,343  
Health Care - Products — 0.9%            

Abbott Laboratories

   

4.75%, 11/30/36 (Call 05/30/36)

    410       431,705  

4.75%, 04/15/43 (Call 10/15/42)

    175       176,722  

4.90%, 11/30/46 (Call 05/30/46)

    616       648,962  

5.30%, 05/27/40

    148       159,868  

 

 

82  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Health Care - Products (continued)            

6.00%, 04/01/39

  $ 113     $ 130,365  

6.15%, 11/30/37

        216           255,524  

Baxter International Inc.

   

2.60%, 08/15/26 (Call 05/15/26)

    110       102,748  

3.13%, 12/01/51 (Call 06/01/51)

    125       87,585  

3.50%, 08/15/46 (Call 02/15/46)

    303       233,628  

Boston Scientific Corp.

   

4.55%, 03/01/39 (Call 09/01/38)

    168       155,907  

4.70%, 03/01/49 (Call 09/01/48)

    231       219,773  

6.75%, 11/15/35

    60       68,062  

7.38%, 01/15/40

    148       177,927  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)

    80       55,131  

2.80%, 12/10/51 (Call 06/10/51)

    203       145,092  

4.38%, 09/15/45 (Call 03/15/45)

    132       121,230  

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

    652       537,248  

DH Europe Finance II Sarl

   

2.60%, 11/15/29 (Call 08/15/29)

    151       135,841  

3.25%, 11/15/39 (Call 05/15/39)

    188       155,700  

3.40%, 11/15/49 (Call 05/15/49)(a)

    282       227,625  

Edwards Lifesciences Corp., 4.30%, 06/15/28

   

(Call 03/15/28)

    1,059       1,053,059  

Koninklijke Philips NV

   

5.00%, 03/15/42

    146       137,136  

6.88%, 03/11/38

    248       283,147  

Medtronic Inc., 4.63%, 03/15/45

    482       483,311  

PerkinElmer Inc.

   

3.30%, 09/15/29 (Call 06/15/29)

    359       320,436  

3.63%, 03/15/51 (Call 09/15/50)(a)

    70       53,677  

Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)

    235       185,883  

STERIS Irish FinCo UnLtd Co.

   

2.70%, 03/15/31 (Call 12/15/30)

    911       762,744  

3.75%, 03/15/51 (Call 09/15/50)(a)

    435       334,124  

Stryker Corp.

   

2.90%, 06/15/50 (Call 12/15/49)

    123       88,000  

4.10%, 04/01/43 (Call 10/01/42)

    62       53,890  

4.38%, 05/15/44 (Call 11/15/43)

    162       145,905  

4.63%, 03/15/46 (Call 09/15/45)

    141       133,782  

Thermo Fisher Scientific Inc.

   

2.60%, 10/01/29 (Call 07/01/29)

    146       133,343  

4.10%, 08/15/47 (Call 02/15/47)

    177       165,090  

5.30%, 02/01/44 (Call 08/01/43)

    236       252,563  

Zimmer Biomet Holdings Inc., 4.45%, 08/15/45

   

(Call 02/15/45)

    125       105,990  
   

 

 

 
      8,918,723  
Health Care - Services — 1.8%            

Aetna Inc.

   

3.88%, 08/15/47 (Call 02/15/47)

    377       307,481  

4.13%, 11/15/42 (Call 05/15/42)

    171       145,736  

4.50%, 05/15/42 (Call 11/15/41)

    144       128,464  

4.75%, 03/15/44 (Call 09/15/43)

    232       211,800  

6.63%, 06/15/36

    126       140,728  

6.75%, 12/15/37

    207       231,877  

Anthem Inc., 4.55%, 05/15/52 (Call 11/15/51)

    55       51,642  

Elevance Health Inc.

   

2.88%, 09/15/29 (Call 06/15/29)

    223       200,243  

3.13%, 05/15/50 (Call 11/15/49)

    105       78,586  

3.60%, 03/15/51 (Call 09/15/50)

    150       120,650  

3.65%, 12/01/27 (Call 09/01/27)(a)

    267       258,755  

3.70%, 09/15/49 (Call 03/15/49)

    205       167,618  

Security

 

Par

(000)

   

Value

 
Health Care - Services (continued)            

4.10%, 03/01/28 (Call 12/01/27)

  $   379     $   371,276  

4.38%, 12/01/47 (Call 06/01/47)

    191       176,404  

4.55%, 03/01/48 (Call 09/01/47)

        147           137,652  

4.63%, 05/15/42

    168       159,825  

4.65%, 01/15/43

    196       185,230  

4.65%, 08/15/44 (Call 02/15/44)

    328       306,939  

5.10%, 01/15/44

    314       313,504  

5.85%, 01/15/36

    59       63,142  

5.95%, 12/15/34

    20       21,505  

6.38%, 06/15/37

    33       37,624  

HCA Inc.

   

3.50%, 09/01/30 (Call 03/01/30)

    140       121,772  

3.50%, 07/15/51 (Call 01/15/51)

    274       187,572  

3.63%, 03/15/32 (Call 12/15/31)(a)(c)

    234       202,239  

4.13%, 06/15/29 (Call 03/15/29)

    546       506,049  

4.50%, 02/15/27 (Call 08/15/26)

    587       573,693  

4.63%, 03/15/52 (Call 09/15/51)(c)

    194       160,547  

5.00%, 03/15/24

    413       415,272  

5.13%, 06/15/39 (Call 12/15/38)

    287       258,621  

5.25%, 04/15/25

    262       264,329  

5.25%, 06/15/26 (Call 12/15/25)

    515       516,622  

5.25%, 06/15/49 (Call 12/15/48)

    471       420,980  

5.50%, 06/15/47 (Call 12/15/46)

    467       430,737  

5.88%, 02/01/29 (Call 08/01/28)

    30       30,526  

Humana Inc.

   

3.13%, 08/15/29 (Call 05/15/29)(a)

    32       29,081  

3.85%, 10/01/24 (Call 07/01/24)

    274       272,573  

3.95%, 03/15/27 (Call 12/15/26)

    322       313,232  

3.95%, 08/15/49 (Call 02/15/49)

    71       59,939  

4.50%, 04/01/25 (Call 03/01/25)

    221       222,452  

4.63%, 12/01/42 (Call 06/01/42)

    244       225,910  

4.80%, 03/15/47 (Call 09/15/46)

    87       83,434  

4.88%, 04/01/30 (Call 01/01/30)

    99       99,657  

4.95%, 10/01/44 (Call 04/01/44)

    191       184,422  

Laboratory Corp. of America Holdings

   

2.70%, 06/01/31 (Call 03/01/31)

    342       291,435  

2.95%, 12/01/29 (Call 09/01/29)(a)

    245       219,282  

3.60%, 02/01/25 (Call 11/01/24)

    320       315,251  

3.60%, 09/01/27 (Call 06/01/27)

    183       177,655  

4.70%, 02/01/45 (Call 08/01/44)

    376       341,258  

Providence St Joseph Health Obligated Group, Series A, 3.93%, 10/01/48 (Call 04/01/48)

    95       79,774  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

    600       512,490  

2.95%, 06/30/30 (Call 03/30/30)

    498       439,141  

3.45%, 06/01/26 (Call 03/01/26)

    749       730,155  

3.50%, 03/30/25 (Call 12/30/24)

    357       351,002  

4.20%, 06/30/29 (Call 03/30/29)

    434       416,197  

4.25%, 04/01/24 (Call 01/01/24)

    122       122,098  

4.70%, 03/30/45 (Call 09/30/44)

    421       376,825  

UnitedHealth Group Inc.

   

2.88%, 08/15/29

    541       496,573  

2.90%, 05/15/50 (Call 11/15/49)

    293       214,268  

3.13%, 05/15/60 (Call 11/15/59)(a)

    110       80,537  

3.25%, 05/15/51 (Call 11/15/50)

    140       109,677  

3.50%, 08/15/39 (Call 02/15/39)

    79       67,883  

3.70%, 08/15/49 (Call 02/15/49)

    219       186,330  

3.75%, 10/15/47 (Call 04/15/47)

    155       133,455  

3.88%, 08/15/59 (Call 02/15/59)

    193       164,467  

3.95%, 10/15/42 (Call 04/15/42)

    140       125,520  

 

 

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

  83


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Health Care - Services (continued)            

4.20%, 01/15/47 (Call 07/15/46)

  $   231     $ 214,026  

4.25%, 03/15/43 (Call 09/15/42)

        132           123,468  

4.25%, 04/15/47 (Call 10/15/46)

    39       36,296  

4.25%, 06/15/48 (Call 12/15/47)

    235       215,977  

4.38%, 03/15/42 (Call 09/15/41)

    125       118,408  

4.45%, 12/15/48 (Call 06/15/48)

    269       255,757  

4.63%, 07/15/35

    188       187,769  

4.63%, 11/15/41 (Call 05/15/41)

    85       83,345  

4.75%, 07/15/45

    215       212,710  

4.75%, 05/15/52 (Call 11/15/51)

    90       89,316  

4.95%, 05/15/62 (Call 11/15/61)

    130       130,442  

5.70%, 10/15/40 (Call 04/15/40)

    43       47,193  

5.80%, 03/15/36

    154       169,500  

5.95%, 02/15/41 (Call 08/15/40)(a)

    60       67,277  

6.50%, 06/15/37

    151       178,174  

6.63%, 11/15/37

    229       272,586  

6.88%, 02/15/38(a)

    198       241,158  
   

 

 

 
      17,991,015  
Holding Companies - Diversified — 0.1%            

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

    800       735,832  
   

 

 

 
Home Builders — 0.1%            

MDC Holdings Inc.

   

3.85%, 01/15/30 (Call 07/15/29)

    10       8,149  

3.97%, 08/06/61 (Call 02/06/61)

    230       133,262  

6.00%, 01/15/43 (Call 10/15/42)

    122       100,044  

PulteGroup Inc.

   

6.00%, 02/15/35

    67       65,190  

6.38%, 05/15/33

    190       192,740  

7.88%, 06/15/32

    102       113,758  
   

 

 

 
      613,143  
Home Furnishings — 0.1%            

Leggett & Platt Inc.

   

3.50%, 11/15/27 (Call 08/15/27)

    256       238,116  

3.50%, 11/15/51 (Call 05/15/51)

    47       35,722  

3.80%, 11/15/24 (Call 08/15/24)(a)

    34       33,556  

4.40%, 03/15/29 (Call 12/15/28)

    245       237,241  

Whirlpool Corp.

   

4.50%, 06/01/46 (Call 12/01/45)

    147       122,017  

4.60%, 05/15/50 (Call 11/15/49)(a)

    160       133,150  

4.75%, 02/26/29 (Call 11/26/28)(a)

    86       84,642  
   

 

 

 
      884,444  
Household Products & Wares — 0.5%            

Avery Dennison Corp.

   

2.65%, 04/30/30 (Call 02/01/30)

    133       112,099  

4.88%, 12/06/28 (Call 09/06/28)

    52       52,513  

Church & Dwight Co. Inc.

   

3.15%, 08/01/27 (Call 05/01/27)

    288       273,312  

3.95%, 08/01/47 (Call 02/01/47)

    65       56,720  

5.00%, 06/15/52 (Call 12/15/51)(a)

    130       133,177  

Clorox Co. (The)

   

1.80%, 05/15/30 (Call 02/15/30)

    443       361,710  

3.10%, 10/01/27 (Call 07/01/27)

    596       565,151  

3.90%, 05/15/28 (Call 02/15/28)

    287       282,141  

4.60%, 05/01/32 (Call 02/01/32)(a)

    100       98,941  

Kimberly-Clark Corp.

   

2.75%, 02/15/26

    113       109,183  

2.88%, 02/07/50 (Call 08/07/49)(a)

    314       234,181  

Security

 

Par

(000)

   

Value

 
Household Products & Wares (continued)            

3.05%, 08/15/25

  $ 405     $ 396,924  

3.10%, 03/26/30 (Call 12/26/29)(a)

        421           391,711  

3.20%, 04/25/29 (Call 01/25/29)

    624       588,426  

3.20%, 07/30/46 (Call 01/30/46)

    246       195,100  

3.90%, 05/04/47 (Call 11/04/46)

    230       201,542  

3.95%, 11/01/28 (Call 08/01/28)

    746       742,509  

5.30%, 03/01/41(a)

    93       97,667  

6.63%, 08/01/37(a)

    179       215,473  
   

 

 

 
      5,108,480  
Insurance — 2.9%            

Aegon NV, 5.50%, 04/11/48 (Call 04/11/28),

   

(6 mo. LIBOR US + 3.540%)(b)

    360       344,293  

Aflac Inc.

   

3.60%, 04/01/30 (Call 01/01/30)

    61       58,043  

4.00%, 10/15/46 (Call 04/15/46)

    10       8,549  

4.75%, 01/15/49 (Call 07/15/48)

    37       35,581  

Alleghany Corp., 4.90%, 09/15/44 (Call 03/15/44)

    9       8,676  

Allstate Corp. (The)

   

3.28%, 12/15/26 (Call 09/15/26)

    56       54,418  

5.35%, 06/01/33

    38       40,181  

5.55%, 05/09/35

    56       60,095  

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

    161       163,874  

American Financial Group Inc./OH

   

4.50%, 06/15/47 (Call 12/15/46)

    64       54,228  

5.25%, 04/02/30 (Call 01/02/30)

    88       88,202  

American International Group Inc.

   

3.88%, 01/15/35 (Call 07/15/34)(a)

    70       63,769  

3.90%, 04/01/26 (Call 01/01/26)

    374       367,433  

4.20%, 04/01/28 (Call 01/01/28)

    2       1,961  

4.38%, 06/30/50 (Call 12/30/49)

    70       62,843  

4.50%, 07/16/44 (Call 01/16/44)

    330       297,241  

4.75%, 04/01/48 (Call 10/01/47)

    201       190,168  

4.80%, 07/10/45 (Call 01/10/45)

    189       176,267  

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

    61       57,369  

Aon Corp.

   

3.75%, 05/02/29 (Call 02/02/29)

    70       66,387  

4.50%, 12/15/28 (Call 09/15/28)

    29       28,723  

6.25%, 09/30/40

    93       101,757  

Aon Global Ltd.

   

4.60%, 06/14/44 (Call 03/14/44)

    36       32,919  

4.75%, 05/15/45 (Call 11/15/44)

    120       111,362  

Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)

    94       87,961  

Arch Capital Group Ltd.

   

3.64%, 06/30/50 (Call 12/30/49)

    87       67,479  

7.35%, 05/01/34(a)

    99       118,161  

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

    122       117,404  

Arthur J Gallagher & Co.

   

3.05%, 03/09/52 (Call 09/09/51)

    110       76,506  

3.50%, 05/20/51 (Call 11/20/50)

    97       73,830  

Assurant Inc.

   

3.70%, 02/22/30 (Call 11/22/29)

    214       189,405  

4.90%, 03/27/28 (Call 12/27/27)

    150       148,176  

Athene Holding Ltd.

   

3.45%, 05/15/52 (Call 11/15/51)

    22       15,091  

3.95%, 05/25/51 (Call 11/25/50)

    49       36,300  

4.13%, 01/12/28 (Call 10/12/27)

    101       94,904  

6.15%, 04/03/30 (Call 01/03/30)

    102       103,186  

AXA SA, 8.60%, 12/15/30

    1,660       2,060,890  

 

 

84  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

   

Value

 
Insurance (continued)            

AXIS Specialty Finance LLC

   

3.90%, 07/15/29 (Call 04/15/29)

  $ 22     $ 20,354  

4.90%, 01/15/40 (Call 01/15/30)(a)(b)

    70       59,787  

AXIS Specialty Finance PLC, 4.00%, 12/06/27

   

(Call 09/06/27)

        142           136,649  

Berkshire Hathaway Finance Corp.

   

3.85%, 03/15/52 (Call 09/15/51)

    55       47,383  

4.20%, 08/15/48 (Call 02/15/48)

    426       395,903  

4.25%, 01/15/49 (Call 07/15/48)(a)

    425       398,994  

4.30%, 05/15/43

    186       175,617  

4.40%, 05/15/42

    223       213,868  

5.75%, 01/15/40(a)

    92       103,649  

Berkshire Hathaway Inc., 4.50%, 02/11/43

    99       96,125  

Brighthouse Financial Inc.

   

3.85%, 12/22/51 (Call 06/22/51)

    5       3,446  

4.70%, 06/22/47 (Call 12/22/46)

    203       160,541  

Brown & Brown Inc., 4.50%, 03/15/29 (Call 12/15/28)

    15       14,586  

Chubb INA Holdings Inc.

   

2.85%, 12/15/51 (Call 06/15/51)

    40       29,219  

3.05%, 12/15/61 (Call 06/15/61)

    5       3,530  

3.15%, 03/15/25

    45       44,364  

3.35%, 05/03/26 (Call 02/03/26)

    1,010       988,285  

4.35%, 11/03/45 (Call 05/03/45)

    600       563,658  

Cincinnati Financial Corp.

   

6.13%, 11/01/34

    45       49,334  

6.92%, 05/15/28

    51       56,122  

CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)

    337       325,657  

Corebridge Financial Inc.

   

4.40%, 04/05/52 (Call 10/05/51)(c)

    142       116,758  

6.88%, 12/15/52

    400       388,580  

Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)

    82       76,900  

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)

    292       287,164  

5.00%, 04/20/48 (Call 10/20/47)

    197       184,404  

7.00%, 04/01/28(a)

    39       43,186  

Everest Reinsurance Holdings Inc.

   

3.13%, 10/15/52 (Call 04/15/52)

    52       36,104  

3.50%, 10/15/50 (Call 04/15/50)

    65       48,597  

4.87%, 06/01/44

    75       68,748  

First American Financial Corp.

   

4.00%, 05/15/30 (Call 02/15/30)

    159       141,289  

4.60%, 11/15/24

    30       29,977  

Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)

    137       135,733  

Hartford Financial Services Group Inc. (The)

   

2.80%, 08/19/29 (Call 05/19/29)

    27       23,928  

3.60%, 08/19/49 (Call 02/19/49)

    78       61,469  

4.30%, 04/15/43

    152       132,474  

4.40%, 03/15/48 (Call 09/15/47)

    53       48,055  

5.95%, 10/15/36

    75       80,249  

6.10%, 10/01/41

    128       137,674  

Lincoln National Corp.

   

3.05%, 01/15/30 (Call 10/15/29)

    76       66,684  

3.40%, 01/15/31 (Call 10/15/30)(a)

    50       44,587  

3.63%, 12/12/26 (Call 09/15/26)(a)

    66       63,922  

3.80%, 03/01/28 (Call 12/01/27)

    100       95,670  

4.35%, 03/01/48 (Call 09/01/47)

    98       83,826  

4.38%, 06/15/50 (Call 12/15/49)

    103       87,266  

6.30%, 10/09/37

    55       59,550  

7.00%, 06/15/40

    116       131,146  

Security

 

Par

(000)

   

Value

 
Insurance (continued)            

Loews Corp.

   

4.13%, 05/15/43 (Call 11/15/42)

  $ 82     $ 69,361  

6.00%, 02/01/35

    30       31,878  

Manulife Financial Corp.

   

4.06%, 02/24/32 (Call 02/24/27)(b)

        253           234,427  

4.15%, 03/04/26(a)

    550       545,111  

5.38%, 03/04/46

    217       225,990  

Markel Corp.

   

3.35%, 09/17/29 (Call 06/17/29)

    57       51,645  

4.15%, 09/17/50 (Call 03/17/50)

    119       97,565  

4.30%, 11/01/47 (Call 05/01/47)

    30       25,425  

5.00%, 04/05/46

    101       94,276  

5.00%, 05/20/49 (Call 11/20/48)

    32       30,272  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)

    247       209,624  

3.50%, 06/03/24 (Call 03/03/24)

    167       165,868  

3.50%, 03/10/25 (Call 12/10/24)

    307       302,355  

3.75%, 03/14/26 (Call 12/14/25)

    353       349,759  

3.88%, 03/15/24 (Call 02/15/24)

    124       123,845  

4.20%, 03/01/48 (Call 09/01/47)

    89       79,421  

4.35%, 01/30/47 (Call 07/30/46)

    216       197,316  

4.38%, 03/15/29 (Call 12/15/28)

    568       564,444  

4.75%, 03/15/39 (Call 09/15/38)

    142       138,568  

4.90%, 03/15/49 (Call 09/15/48)

    303       302,782  

5.88%, 08/01/33

    152       164,466  

MetLife Inc.

   

4.05%, 03/01/45

    146       128,616  

4.13%, 08/13/42

    156       139,710  

4.55%, 03/23/30 (Call 12/23/29)(a)

    109       110,101  

4.60%, 05/13/46 (Call 11/13/45)

    89       85,760  

4.72%, 12/15/44

    195       185,504  

4.88%, 11/13/43

    250       246,368  

5.70%, 06/15/35

    97       105,405  

5.88%, 02/06/41

    162       176,839  

6.38%, 06/15/34

    25       28,677  

6.40%, 12/15/66 (Call 12/15/31)

    344       354,392  

6.50%, 12/15/32

    115       131,101  

10.75%, 08/01/69 (Call 08/01/34)

    110       149,985  

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

    41       46,164  

Nationwide Financial Services Inc., 6.75%, 05/15/87

    38       37,615  

Principal Financial Group Inc.

   

3.10%, 11/15/26 (Call 08/15/26)

    63       59,284  

3.40%, 05/15/25 (Call 02/15/25)

    49       47,961  

3.70%, 05/15/29 (Call 02/15/29)

    42       39,554  

4.30%, 11/15/46 (Call 05/15/46)

    172       152,089  

4.35%, 05/15/43

    253       224,618  

4.63%, 09/15/42

    107       98,339  

6.05%, 10/15/36

    123       133,625  

Progressive Corp. (The)

   

2.45%, 01/15/27(a)

    59       55,652  

3.20%, 03/26/30 (Call 12/26/29)

    45       41,846  

3.70%, 01/26/45

    70       58,144  

3.95%, 03/26/50 (Call 09/26/49)

    76       67,168  

4.00%, 03/01/29 (Call 12/01/28)(a)

    54       53,469  

4.13%, 04/15/47 (Call 10/15/46)

    52       47,364  

4.20%, 03/15/48 (Call 09/15/47)

    92       84,375  

4.35%, 04/25/44

    102       94,218  

6.25%, 12/01/32

    12       13,688  

6.63%, 03/01/29(a)

    70       78,937  

 

 

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

  85


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Insurance (continued)            

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)

  $       275     $         251,961  

2.10%, 03/10/30 (Call 12/10/29)(a)

    147       124,976  

3.00%, 03/10/40 (Call 09/10/39)(a)

    72       57,789  

3.70%, 03/13/51 (Call 09/13/50)(a)

    286       237,203  

3.88%, 03/27/28 (Call 12/27/27)

    70       68,709  

3.91%, 12/07/47 (Call 06/07/47)

    320       277,946  

3.94%, 12/07/49 (Call 06/07/49)

    340       294,848  

4.35%, 02/25/50 (Call 08/25/49)

    176       161,968  

4.42%, 03/27/48 (Call 09/27/47)

    180       166,208  

4.50%, 09/15/47 (Call 09/15/27),

   

(3 mo. LIBOR US + 2.380%)(a)(b)

    227       215,852  

4.60%, 05/15/44(a)

    146       139,672  

5.20%, 03/15/44 (Call 03/15/24),

   

(3 mo. LIBOR US + 3.040%)(b)

    771       748,795  

5.38%, 05/15/45 (Call 05/15/25),

   

(3 mo. LIBOR US + 3.031%)(b)

    158       155,330  

5.63%, 06/15/43 (Call 06/15/23),

   

(3 mo. LIBOR US + 3.920%)(b)

    339       337,678  

5.70%, 12/14/36

    58       62,410  

5.70%, 09/15/48 (Call 09/15/28),

   

(3 mo. LIBOR US + 2.665%)(a)(b)

    338       331,632  

5.75%, 07/15/33

    111       119,867  

6.63%, 12/01/37

    33       38,024  

6.63%, 06/21/40

    101       115,401  

Prudential PLC

   

3.13%, 04/14/30

    482       429,375  

3.63%, 03/24/32 (Call 12/24/31)

    160       144,557  

Reinsurance Group of America Inc.

   

3.90%, 05/15/29 (Call 02/15/29)

    191       178,868  

3.95%, 09/15/26 (Call 06/15/26)

    40       39,300  

RenaissanceRe Holdings Ltd., 3.60%, 04/15/29
(Call 01/15/29)

    17       15,829  

Stewart Information Services Corp., 3.60%, 11/15/31
(Call 08/15/31)

    5       4,101  

Swiss Re America Holding Corp., 7.00%, 02/15/26(a)

    604       653,842  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)

    139       96,823  

3.75%, 05/15/46 (Call 11/15/45)

    182       155,413  

4.00%, 05/30/47 (Call 11/30/46)

    68       60,659  

4.05%, 03/07/48 (Call 09/07/47)

    117       104,755  

4.10%, 03/04/49 (Call 09/04/48)

    109       97,930  

4.30%, 08/25/45 (Call 02/25/45)

    119       108,254  

4.60%, 08/01/43

    185       175,104  

5.35%, 11/01/40

    220       232,998  

6.25%, 06/15/37

    213       248,946  

6.75%, 06/20/36

    229       274,010  

Travelers Property Casualty Corp., 6.38%, 03/15/33

    80       93,333  

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

    76       74,850  

Unum Group

   

4.00%, 06/15/29 (Call 03/15/29)

    15       13,892  

4.13%, 06/15/51 (Call 12/15/50)

    200       146,838  

4.50%, 12/15/49 (Call 06/15/49)

    60       46,544  

Voya Financial Inc.

   

3.65%, 06/15/26

    65       62,883  

4.70%, 01/23/48 (Call 01/23/28),

   

(3 mo. LIBOR US + 2.084%)(b)

    195       161,803  

4.80%, 06/15/46

    125       110,976  

5.65%, 05/15/53 (Call 05/15/23),

   

(3 mo. LIBOR US + 3.580%)(a)(b)

    85       83,303  
Security   Par
(000)
    Value  
Insurance (continued)            

5.70%, 07/15/43

  $       235     $ 231,407  

W R Berkley Corp.

   

4.00%, 05/12/50 (Call 11/12/49)

    52       43,065  

4.75%, 08/01/44(a)

    69       63,753  

Willis North America Inc.

   

2.95%, 09/15/29 (Call 06/15/29)

    76       65,555  

3.88%, 09/15/49 (Call 03/15/49)

    89       68,635  

4.50%, 09/15/28 (Call 06/15/28)

    48       46,451  

5.05%, 09/15/48 (Call 03/15/48)

    171       157,477  

XLIT Ltd.

   

5.25%, 12/15/43

    185       193,399  

5.50%, 03/31/45

    255       259,378  
   

 

 

 
          28,356,184  
Internet — 0.6%            

Alibaba Group Holding Ltd.

   

3.15%, 02/09/51 (Call 08/09/50)

    200       132,624  

3.25%, 02/09/61 (Call 08/09/60)

    292       188,395  

4.00%, 12/06/37 (Call 06/06/37)

    189       158,354  

4.20%, 12/06/47 (Call 06/06/47)

    192       154,232  

4.40%, 12/06/57 (Call 06/06/57)(a)

    293       234,119  

4.50%, 11/28/34 (Call 05/28/34)

    135       123,267  

Alphabet Inc.

   

2.05%, 08/15/50 (Call 02/15/50)

    257       169,335  

2.25%, 08/15/60 (Call 02/15/60)

    287       183,539  

Amazon.com Inc.

   

2.50%, 06/03/50 (Call 12/03/49)

    201       140,055  

2.70%, 06/03/60 (Call 12/03/59)

    420       280,913  

3.10%, 05/12/51 (Call 11/12/50)

    675       528,356  

3.15%, 08/22/27 (Call 05/22/27)

    208       200,986  

3.25%, 05/12/61 (Call 11/12/60)

    247       187,997  

3.88%, 08/22/37 (Call 02/22/37)

    168       157,594  

3.95%, 04/13/52 (Call 10/13/51)

    205       186,359  

4.05%, 08/22/47 (Call 02/22/47)

    336       311,499  

4.10%, 04/13/62 (Call 10/13/61)

    190       171,855  

4.25%, 08/22/57 (Call 02/22/57)

    368       347,565  

4.80%, 12/05/34 (Call 06/05/34)

    180       189,490  

4.95%, 12/05/44 (Call 06/05/44)

    260       271,398  

Booking Holdings Inc.

   

3.55%, 03/15/28 (Call 12/15/27)(a)

    88       84,666  

3.60%, 06/01/26 (Call 03/01/26)

    95       93,553  

4.63%, 04/13/30 (Call 01/13/30)

    51       51,233  

eBay Inc.

   

1.90%, 03/11/25 (Call 02/11/25)

    274       258,640  

2.70%, 03/11/30 (Call 12/11/29)

    255       220,019  

3.45%, 08/01/24 (Call 05/01/24)

    86       85,016  

3.60%, 06/05/27 (Call 03/05/27)(a)

    318       307,239  

3.65%, 05/10/51 (Call 11/10/50)

    140       104,910  

4.00%, 07/15/42 (Call 01/15/42)

    296       245,363  

Expedia Group Inc.

   

3.25%, 02/15/30 (Call 11/15/29)

    255       220,679  

3.80%, 02/15/28 (Call 11/15/27)

    230       214,054  

JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)(a)

    5       3,878  
   

 

 

 
      6,207,182  
Iron & Steel — 0.1%            

ArcelorMittal SA, 7.00%, 10/15/39(a)

    114       115,555  

Nucor Corp.

   

3.95%, 05/01/28 (Call 02/01/28)(a)

    96       93,202  

4.40%, 05/01/48 (Call 11/01/47)

    65       58,215  

6.40%, 12/01/37

    330       368,653  

 

 

86  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Iron & Steel (continued)            

Steel Dynamics Inc.

   

2.80%, 12/15/24 (Call 11/15/24)

  $ 150     $ 145,029  

3.25%, 10/15/50 (Call 04/15/50)

    141       96,242  

3.45%, 04/15/30 (Call 01/15/30)

    86       76,645  
   

 

 

 
      953,541  
Leisure Time — 0.0%            

Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51)

    125       92,899  

Harley-Davidson Inc.

   

3.50%, 07/28/25 (Call 04/28/25)

    92       88,677  

4.63%, 07/28/45 (Call 01/28/45)

            297       231,152  
   

 

 

 
      412,728  
Lodging — 0.1%            

Choice Hotels International Inc.

   

3.70%, 12/01/29 (Call 09/01/29)

    50       44,323  

3.70%, 01/15/31 (Call 10/15/30)

    82       71,520  

Hyatt Hotels Corp., 6.00%, 04/23/30 (Call 01/23/30)(a)

    91       92,713  

Marriott International Inc./MD

   

3.75%, 10/01/25 (Call 07/01/25)

    60       58,595  

Series AA, 4.65%, 12/01/28 (Call 09/01/28)(a)

    60       58,760  

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    172       164,238  

Series GG, 3.50%, 10/15/32 (Call 07/15/32)

    382       327,565  

Series R, 3.13%, 06/15/26 (Call 03/15/26)

    186       176,467  

Series X, 4.00%, 04/15/28 (Call 01/15/28)

    222       210,811  
   

 

 

 
            1,204,992  
Machinery — 1.3%            

ABB Finance USA Inc.

   

3.80%, 04/03/28 (Call 01/03/28)(a)

    120       116,981  

4.38%, 05/08/42

    190       175,670  

Caterpillar Financial Services Corp.

   

2.15%, 11/08/24

    231       223,268  

2.40%, 08/09/26

    62       58,631  

2.85%, 05/17/24

    133       131,183  

3.25%, 12/01/24

    189       187,063  

3.30%, 06/09/24

    159       157,933  

3.65%, 12/07/23

    218       218,192  

Caterpillar Inc.

   

2.60%, 09/19/29 (Call 06/19/29)

    29       26,446  

2.60%, 04/09/30 (Call 01/09/30)

    416       377,295  

3.25%, 09/19/49 (Call 03/19/49)

    215       177,072  

3.25%, 04/09/50 (Call 10/09/49)

    110       90,867  

3.40%, 05/15/24 (Call 02/15/24)

    333       331,961  

3.80%, 08/15/42

    166       151,593  

4.30%, 05/15/44 (Call 11/15/43)

    81       78,438  

4.75%, 05/15/64 (Call 11/15/63)

    107       109,126  

5.20%, 05/27/41

    51       55,074  

5.30%, 09/15/35

    104       112,136  

6.05%, 08/15/36

    75       86,158  

CNH Industrial Capital LLC

   

3.95%, 05/23/25

    1,000       982,950  

4.20%, 01/15/24

    392       390,812  

CNH Industrial NV

   

3.85%, 11/15/27 (Call 08/15/27)

    756       716,030  

4.50%, 08/15/23(a)

    1,049       1,051,067  

Crane Holdings Co., 4.20%, 03/15/48 (Call 09/15/47)

    30       23,807  

Deere & Co.

   

2.75%, 04/15/25 (Call 03/15/25)

    149       145,005  

2.88%, 09/07/49 (Call 03/07/49)

    38       29,678  

3.10%, 04/15/30 (Call 01/15/30)(a)

    132       124,175  

3.75%, 04/15/50 (Call 10/15/49)(a)

    68       62,615  
Security   Par
(000)
    Value  
Machinery (continued)            

3.90%, 06/09/42 (Call 12/09/41)(a)

  $ 26     $ 24,412  

5.38%, 10/16/29(a)

    50       53,869  

7.13%, 03/03/31

    20       24,034  

Dover Corp.

   

2.95%, 11/04/29 (Call 08/04/29)

    25       22,643  

3.15%, 11/15/25 (Call 08/15/25)

    50       48,378  

5.38%, 10/15/35

    25       25,176  

5.38%, 03/01/41 (Call 12/01/40)

    65       64,052  

Flowserve Corp.

   

2.80%, 01/15/32 (Call 10/15/31)

    287       223,091  

3.50%, 10/01/30 (Call 07/01/30)

    159       136,395  

IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31)(a)

    20       16,842  

John Deere Capital Corp.

   

1.75%, 03/09/27

    114       104,055  

2.05%, 01/09/25

    33       31,727  

2.25%, 09/14/26

    267       252,769  

2.45%, 01/09/30

    47       41,702  

2.65%, 06/10/26(a)

    105       100,715  

2.80%, 09/08/27

    105       99,810  

2.80%, 07/18/29

    96       88,887  

3.05%, 01/06/28(a)

    110       105,712  

3.40%, 09/11/25

    45       44,422  

3.45%, 03/13/25

    76       75,599  

3.45%, 03/07/29

    70       67,777  

nVent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28)

    162       152,766  

Oshkosh Corp.

   

3.10%, 03/01/30 (Call 12/01/29)

    706       598,095  

4.60%, 05/15/28 (Call 02/15/28)

    195       187,543  

Otis Worldwide Corp., 3.36%, 02/15/50 (Call 08/15/49)

    29       21,582  

Rockwell Automation Inc.

   

2.80%, 08/15/61 (Call 02/15/61)

    40       26,090  

2.88%, 03/01/25 (Call 12/01/24)(a)

    25       24,340  

3.50%, 03/01/29 (Call 12/01/28)

    181       173,619  

4.20%, 03/01/49 (Call 09/01/48)

    76       70,205  

Westinghouse Air Brake Technologies Corp.

   

3.45%, 11/15/26 (Call 08/15/26)

    69       64,770  

4.95%, 09/15/28 (Call 06/15/28)

    229       222,609  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)

    1,889       1,662,282  

2.25%, 01/30/31 (Call 10/30/30)

    645       538,994  

3.25%, 11/01/26 (Call 08/01/26)

          1,215       1,161,333  

4.38%, 11/01/46 (Call 05/01/46)

    215       191,952  
   

 

 

 
          13,139,473  
Manufacturing — 2.1%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)(a)

    1,372       1,307,269  

2.25%, 09/19/26 (Call 06/19/26)(a)

    753       701,984  

2.38%, 08/26/29 (Call 05/26/29)

    963       827,583  

2.65%, 04/15/25 (Call 03/15/25)(a)

    286       277,271  

2.88%, 10/15/27 (Call 07/15/27)

    925       869,833  

3.00%, 08/07/25

    1,421       1,385,191  

3.05%, 04/15/30 (Call 01/15/30)(a)

    620       552,147  

3.25%, 02/14/24 (Call 01/14/24)

    638       633,789  

3.25%, 08/26/49 (Call 02/26/49)

    236       176,660  

3.38%, 03/01/29 (Call 12/01/28)

    655       608,213  

3.63%, 09/14/28 (Call 06/14/28)

    640       612,026  

3.63%, 10/15/47 (Call 04/15/47)

    286       228,849  

3.70%, 04/15/50 (Call 10/15/49)(a)

    262       210,255  

4.00%, 09/14/48 (Call 03/14/48)(a)

    326       274,971  

5.70%, 03/15/37

    88       93,656  

 

 

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

  87


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Manufacturing (continued)            

Carlisle Companies Inc.

   

2.75%, 03/01/30 (Call 12/01/29)

  $ 197     $ 168,504  

3.50%, 12/01/24 (Call 10/01/24)

    134       131,777  

3.75%, 12/01/27 (Call 09/01/27)

    66       62,610  

Eaton Corp.

   

3.10%, 09/15/27 (Call 06/15/27)

    66       62,735  

3.92%, 09/15/47 (Call 03/15/47)

    65       55,669  

4.00%, 11/02/32

    74       70,888  

4.15%, 11/02/42

    136       122,182  

GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35(a)

      842       794,006  

General Electric Co.

   

4.35%, 05/01/50 (Call 11/01/49)(a)

    65       57,315  

5.88%, 01/14/38(a)

    15       15,797  

6.75%, 03/15/32

    225       255,029  

6.88%, 01/10/39

    12       13,756  

Illinois Tool Works Inc.

   

2.65%, 11/15/26 (Call 08/15/26)

    271       260,022  

3.50%, 03/01/24 (Call 12/01/23)

    116       115,700  

3.90%, 09/01/42 (Call 03/01/42)(a)

    89       78,610  

4.88%, 09/15/41 (Call 03/15/41)

    5       5,058  

Parker-Hannifin Corp.

   

3.25%, 06/14/29 (Call 03/14/29)

    121       110,777  

4.00%, 06/14/49 (Call 12/14/48)

    122       103,465  

4.10%, 03/01/47 (Call 09/01/46)

    53       46,040  

4.20%, 11/21/34 (Call 05/21/34)

    181       168,487  

4.45%, 11/21/44 (Call 05/21/44)

    111       100,146  

6.25%, 05/15/38

    82       87,693  

Pentair Finance Sarl

   

4.50%, 07/01/29 (Call 04/01/29)

    246       229,953  

5.90%, 07/15/32 (Call 04/15/32)

    200       199,304  

Textron Inc.

   

3.00%, 06/01/30 (Call 03/01/30)

    152       131,536  

3.38%, 03/01/28 (Call 12/01/27)

    112       103,003  

3.65%, 03/15/27 (Call 12/15/26)

    195       185,911  

3.90%, 09/17/29 (Call 06/17/29)(a)

    119       111,121  

4.00%, 03/15/26 (Call 12/15/25)

    23       22,522  

Trane Technologies Global Holding Co. Ltd.

   

3.75%, 08/21/28 (Call 05/21/28)(a)

    776       745,713  

4.25%, 06/15/23

    3,570       3,579,282  

4.30%, 02/21/48 (Call 08/21/47)

    156       130,006  

5.75%, 06/15/43(a)

    161       163,364  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)

    480       462,475  

3.55%, 11/01/24 (Call 08/01/24)

    1,689       1,665,911  

3.80%, 03/21/29 (Call 12/21/28)

    715       673,516  

4.50%, 03/21/49 (Call 09/21/48)

    160       138,298  

4.65%, 11/01/44 (Call 05/01/44)

    274       240,545  
   

 

 

 
       20,428,423  
Media — 2.2%            

Charter Communications Operating LLC/Charter

   

Communications Operating Capital

   

2.80%, 04/01/31 (Call 01/01/31)

    18       14,585  

3.70%, 04/01/51 (Call 10/01/50)

    275       183,106  

3.85%, 04/01/61 (Call 10/01/60)

    303       197,117  

3.90%, 06/01/52 (Call 12/01/51)

    757       513,473  

3.95%, 06/30/62 (Call 12/30/61)

    402       266,096  

4.40%, 12/01/61 (Call 06/01/61)

    290       205,349  

4.80%, 03/01/50 (Call 09/01/49)

    386       303,253  

5.13%, 07/01/49 (Call 01/01/49)(a)

    126       102,624  
Security   Par
(000)
    Value  
Media (continued)            

5.25%, 04/01/53 (Call 10/01/52)

  $ 162     $ 135,730  

5.38%, 04/01/38 (Call 10/01/37)

    195       171,075  

5.38%, 05/01/47 (Call 11/01/46)

    709       604,259  

5.50%, 04/01/63 (Call 10/01/62)

    152       127,204  

5.75%, 04/01/48 (Call 10/01/47)

    346       306,231  

6.38%, 10/23/35 (Call 04/23/35)

    682       679,490  

6.48%, 10/23/45 (Call 04/23/45)

    540       514,247  

6.83%, 10/23/55 (Call 04/23/55)

    199       200,323  

Comcast Corp.

   

2.45%, 08/15/52 (Call 02/15/52)

    162       104,759  

2.65%, 02/01/30 (Call 11/01/29)

    154       136,399  

2.65%, 08/15/62 (Call 02/15/62)

    72       45,324  

2.80%, 01/15/51 (Call 07/15/50)

    190       131,655  

2.89%, 11/01/51 (Call 05/01/51)

      1,606         1,133,386  

2.94%, 11/01/56 (Call 05/01/56)

    872       594,957  

2.99%, 11/01/63 (Call 05/01/63)

    455       304,773  

3.20%, 07/15/36 (Call 01/15/36)

    194       163,323  

3.25%, 11/01/39 (Call 05/01/39)

    141       114,801  

3.40%, 04/01/30 (Call 01/01/30)

    49       45,705  

3.40%, 07/15/46 (Call 01/15/46)

    206       161,115  

3.45%, 02/01/50 (Call 08/01/49)

    201       158,159  

3.75%, 04/01/40 (Call 10/01/39)

    71       61,548  

3.90%, 03/01/38 (Call 09/01/37)

    193       173,783  

3.97%, 11/01/47 (Call 05/01/47)

    170       145,923  

4.00%, 08/15/47 (Call 02/15/47)

    176       152,368  

4.00%, 03/01/48 (Call 09/01/47)

    236       202,349  

4.00%, 11/01/49 (Call 05/01/49)

    122       104,563  

4.05%, 11/01/52 (Call 05/01/52)

    354       304,136  

4.15%, 10/15/28 (Call 07/15/28)

    115       114,041  

4.20%, 08/15/34 (Call 02/15/34)(a)

    165       157,628  

4.25%, 10/15/30 (Call 07/15/30)

    47       46,398  

4.25%, 01/15/33

    117       113,954  

4.40%, 08/15/35 (Call 02/15/35)

    108       104,327  

4.60%, 10/15/38 (Call 04/15/38)

    110       105,821  

4.60%, 08/15/45 (Call 02/15/45)

    146       135,605  

4.65%, 07/15/42

    142       133,652  

4.70%, 10/15/48 (Call 04/15/48)

    496       475,282  

4.75%, 03/01/44

    150       143,092  

4.95%, 10/15/58 (Call 04/15/58)

    273       267,649  

5.65%, 06/15/35

    37       39,914  

6.50%, 11/15/35

    120       137,238  

6.55%, 07/01/39

    20       23,845  

7.05%, 03/15/33

    63       74,741  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)

    67       64,825  

3.95%, 06/15/25 (Call 03/15/25)

    69       67,314  

3.95%, 03/20/28 (Call 12/20/27)

    173       158,847  

4.00%, 09/15/55 (Call 03/15/55)

    483       319,529  

4.13%, 05/15/29 (Call 02/15/29)

    154       140,430  

4.65%, 05/15/50 (Call 11/15/49)

    112       85,016  

4.88%, 04/01/43(a)

    67       53,333  

4.90%, 03/11/26 (Call 12/11/25)

    50       49,929  

5.00%, 09/20/37 (Call 03/20/37)

    259       225,866  

5.20%, 09/20/47 (Call 03/20/47)

    306       249,531  

5.30%, 05/15/49 (Call 11/15/48)(a)

    189       155,761  

6.35%, 06/01/40

    40       38,365  

Fox Corp.

   

3.50%, 04/08/30 (Call 01/08/30)

    29       26,317  

4.71%, 01/25/29 (Call 10/25/28)

    51       50,480  

5.48%, 01/25/39 (Call 07/25/38)

    143       139,585  

 

 

88  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Media (continued)            

5.58%, 01/25/49 (Call 07/25/48)

  $ 224     $ 218,557  

Grupo Televisa SAB

   

5.00%, 05/13/45 (Call 11/13/44)(a)

    85       78,737  

5.25%, 05/24/49 (Call 11/24/48)(a)

    30       29,291  

6.63%, 01/15/40

    394       423,377  

Meta Platforms Inc., 4.45%, 08/15/52

    100       90,999  

NBCUniversal Media LLC

   

4.45%, 01/15/43

    225       205,994  

5.95%, 04/01/41

    180       199,310  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)

    41       38,053  

3.38%, 02/15/28 (Call 11/15/27)(a)

    95       88,715  

3.70%, 06/01/28 (Call 03/01/28)

    56       52,856  

4.20%, 06/01/29 (Call 03/01/29)

    70       66,279  

4.20%, 05/19/32 (Call 02/19/32)

    20       17,597  

4.38%, 03/15/43

    316       236,839  

4.60%, 01/15/45 (Call 07/15/44)

    113       86,759  

4.85%, 07/01/42 (Call 01/01/42)

    208       170,069  

4.90%, 08/15/44 (Call 02/15/44)

    204       162,788  

4.95%, 01/15/31 (Call 10/15/30)

    119       112,913  

4.95%, 05/19/50 (Call 11/19/49)

    145       118,075  

5.25%, 04/01/44 (Call 10/01/43)

    142       120,380  

5.50%, 05/15/33

    93       89,641  

5.85%, 09/01/43 (Call 03/01/43)

    271       245,038  

5.90%, 10/15/40 (Call 04/15/40)

    82       75,092  

6.88%, 04/30/36

    213       219,876  

7.88%, 07/30/30

    34       38,158  

Thomson Reuters Corp.

   

5.65%, 11/23/43 (Call 05/23/43)

    172       172,920  

5.85%, 04/15/40

    46       47,503  

Time Warner Cable LLC

   

4.50%, 09/15/42 (Call 03/15/42)

    136       102,998  

5.50%, 09/01/41 (Call 03/01/41)

    256       221,102  

5.88%, 11/15/40 (Call 05/15/40)

    230       206,708  

6.55%, 05/01/37

    371       364,841  

6.75%, 06/15/39

            344       335,393  

7.30%, 07/01/38

    320       329,072  

Time Warner Entertainment Co. LP, 8.38%, 07/15/33

    53       60,829  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26

    61       56,177  

2.95%, 06/15/27

    56       53,756  

3.00%, 02/13/26

    39       37,722  

3.00%, 07/30/46

    17       12,888  

3.15%, 09/17/25

    68       66,497  

3.70%, 12/01/42

    220       188,173  

4.13%, 06/01/44

    191       175,082  

4.38%, 08/16/41(a)

    148       140,311  

Series B, 7.00%, 03/01/32

    33       38,942  

Series E, 4.13%, 12/01/41

    208       189,590  

Walt Disney Co. (The)

   

2.00%, 09/01/29 (Call 06/01/29)

    84       72,661  

2.75%, 09/01/49 (Call 03/01/49)

    545       391,419  

3.35%, 03/24/25

    185       182,414  

3.38%, 11/15/26 (Call 08/15/26)

    42       40,971  

3.60%, 01/13/51 (Call 07/13/50)

    480       402,158  

3.70%, 10/15/25 (Call 07/15/25)

    90       89,307  

3.70%, 03/23/27

    54       53,307  

3.80%, 03/22/30

    79       76,343  

3.80%, 05/13/60 (Call 11/13/59)

    252               211,725  

4.63%, 03/23/40 (Call 09/23/39)

    157       153,910  
Security   Par
(000)
    Value  
Media (continued)            

4.70%, 03/23/50 (Call 09/23/49)(a)

  $ 305     $ 304,780  

4.75%, 09/15/44 (Call 03/15/44)

    220       215,092  

4.75%, 11/15/46 (Call 05/15/46)

    118       116,775  

4.95%, 10/15/45 (Call 04/15/45)

    212       210,783  

5.40%, 10/01/43

    179       190,338  

6.15%, 03/01/37

    15       16,900  

6.15%, 02/15/41(a)

    100       114,740  

6.20%, 12/15/34

    105       118,932  

6.40%, 12/15/35

    50       57,542  

6.55%, 03/15/33(a)

    123       142,360  

6.65%, 11/15/37(a)

          253       301,523  

7.75%, 12/01/45

    15       19,997  
   

 

 

 
            22,131,377  
Metal Fabricate & Hardware — 0.0%            

Timken Co. (The)

   

3.88%, 09/01/24 (Call 06/01/24)

    20       19,735  

4.50%, 12/15/28 (Call 09/15/28)

    5       4,782  

Valmont Industries Inc.

   

5.00%, 10/01/44 (Call 04/01/44)

    25       22,898  

5.25%, 10/01/54 (Call 04/01/54)

    25       23,623  
   

 

 

 
      71,038  
Mining — 1.1%            

AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30)

    9,000       7,686,990  

Freeport-McMoRan Inc.

   

5.40%, 11/14/34 (Call 05/14/34)

    10       9,464  

5.45%, 03/15/43 (Call 09/15/42)

    200       179,568  

Kinross Gold Corp.

   

4.50%, 07/15/27 (Call 04/15/27)

    60       58,109  

5.95%, 03/15/24 (Call 12/15/23)

    348       353,885  

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)

    97       79,715  

2.80%, 10/01/29 (Call 07/01/29)

    46       40,157  

4.88%, 03/15/42 (Call 09/15/41)(a)

    259       246,125  

5.45%, 06/09/44 (Call 12/09/43)

    133       131,841  

5.88%, 04/01/35

    162       168,180  

6.25%, 10/01/39

    276       297,026  

Rio Tinto Alcan Inc.

   

5.75%, 06/01/35

    81       87,670  

6.13%, 12/15/33

    180       204,507  

7.25%, 03/15/31

    142       168,162  

Rio Tinto Finance USA Ltd.

   

2.75%, 11/02/51 (Call 05/02/51)

    25       18,116  

5.20%, 11/02/40

    166       173,397  

7.13%, 07/15/28

    143       161,516  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)

    270       247,919  

4.75%, 03/22/42 (Call 09/22/41)

    97       96,389  
   

 

 

 
      10,408,736  
Office & Business Equipment — 0.0%            

CDW LLC/CDW Finance Corp.

   

3.57%, 12/01/31 (Call 09/01/31)

    246       207,048  

4.25%, 04/01/28 (Call 10/03/22)

    50       46,210  
   

 

 

 
      253,258  
Oil & Gas — 2.7%            

BP Capital Markets America Inc.

   

2.77%, 11/10/50 (Call 05/10/50)

    276       193,708  

2.94%, 06/04/51 (Call 12/04/50)

    263       189,728  

3.00%, 02/24/50 (Call 08/24/49)

    372       272,047  

 

 

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

  89


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas (continued)            

3.00%, 03/17/52 (Call 09/17/51)

  $ 150     $ 108,636  

3.02%, 01/16/27 (Call 10/16/26)

    207       198,066  

3.12%, 05/04/26 (Call 02/04/26)

    173       167,448  

3.38%, 02/08/61 (Call 08/08/60)

    284       212,739  

3.41%, 02/11/26 (Call 12/11/25)(a)

    185       181,574  

3.54%, 04/06/27 (Call 02/06/27)

    161       156,930  

3.59%, 04/14/27 (Call 01/14/27)

    120       116,864  

3.63%, 04/06/30 (Call 01/06/30)

    286       271,834  

3.80%, 09/21/25 (Call 07/21/25)

            373       372,146  

3.94%, 09/21/28 (Call 06/21/28)

    188       183,868  

4.23%, 11/06/28 (Call 08/06/28)

    200       197,846  

BP Capital Markets PLC

   

3.28%, 09/19/27 (Call 06/19/27)

    161       154,288  

3.72%, 11/28/28 (Call 08/28/28)

    194       188,027  

Burlington Resources LLC

   

5.95%, 10/15/36

    30       32,317  

7.20%, 08/15/31

    50       58,665  

7.40%, 12/01/31

    15       18,034  

Chevron Corp., 3.08%, 05/11/50 (Call 11/11/49)

    426       338,717  

Chevron USA Inc.

   

2.34%, 08/12/50 (Call 02/12/50)

    149       102,850  

5.25%, 11/15/43 (Call 05/15/43)

    10       10,548  

ConocoPhillips

   

5.90%, 10/15/32(a)

    216             238,892  

5.90%, 05/15/38

    300       328,800  

6.50%, 02/01/39

    92       107,940  

ConocoPhillips Co.

   

3.35%, 11/15/24 (Call 08/15/24)

    88       87,190  

4.03%, 03/15/62 (Call 09/15/61)(c)

    565       481,668  

4.30%, 11/15/44 (Call 05/15/44)

    182       167,626  

5.95%, 03/15/46 (Call 09/15/45)

    200       225,984  

6.95%, 04/15/29

    512       585,277  

Continental Resources Inc./OK, 4.90%, 06/01/44
(Call 12/01/43)

    117       91,444  

Devon Energy Corp.

   

4.75%, 05/15/42 (Call 11/15/41)

    130       117,343  

5.00%, 06/15/45 (Call 12/15/44)

    255       235,322  

5.60%, 07/15/41 (Call 01/15/41)

    181       179,038  

7.88%, 09/30/31

    49       56,785  

7.95%, 04/15/32

    46       53,422  

Diamondback Energy Inc.

   

3.50%, 12/01/29 (Call 09/01/29)

    349       317,220  

4.40%, 03/24/51 (Call 09/24/50)

    123       104,738  

Eni USA Inc., 7.30%, 11/15/27

    85       94,014  

EOG Resources Inc.

   

3.90%, 04/01/35 (Call 10/01/34)

    97       89,363  

4.38%, 04/15/30 (Call 01/15/30)

    212       212,581  

4.95%, 04/15/50 (Call 10/15/49)

    243       251,002  

EQT Corp.

   

5.00%, 01/15/29 (Call 07/15/28)

    60       58,759  

7.00%, 02/01/30 (Call 11/01/29)(a)

    340       364,041  

Exxon Mobil Corp.

   

3.10%, 08/16/49 (Call 02/16/49)

    201       157,174  

3.45%, 04/15/51 (Call 10/15/50)

    293       242,200  

3.48%, 03/19/30 (Call 12/19/29)

    322       308,460  

3.57%, 03/06/45 (Call 09/06/44)

    198       167,544  

4.11%, 03/01/46 (Call 09/01/45)

    573       527,859  

4.23%, 03/19/40 (Call 09/19/39)

    252       240,181  

4.33%, 03/19/50 (Call 09/19/49)

    435       414,781  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

Hess Corp.

   

3.50%, 07/15/24 (Call 04/15/24)

  $ 688     $ 676,937  

4.30%, 04/01/27 (Call 01/01/27)

          1,623       1,584,405  

5.60%, 02/15/41

    352       338,958  

6.00%, 01/15/40

    288       293,792  

7.13%, 03/15/33

    185       205,515  

7.30%, 08/15/31

    397       443,302  

7.88%, 10/01/29

    368       420,374  

HF Sinclair Corp.

   

4.50%, 10/01/30 (Call 07/01/30)(c)

    85       76,367  

5.88%, 04/01/26 (Call 01/01/26)(c)

    587       590,123  

Marathon Oil Corp.

   

4.40%, 07/15/27 (Call 04/15/27)

    104       101,148  

5.20%, 06/01/45 (Call 12/01/44)

    88       80,477  

6.60%, 10/01/37

    264       276,928  

6.80%, 03/15/32

    351       375,222  

Marathon Petroleum Corp.

   

3.63%, 09/15/24 (Call 06/15/24)

    297       294,164  

3.80%, 04/01/28 (Call 01/01/28)

    145       136,910  

4.50%, 04/01/48 (Call 10/01/47)

    172       144,129  

4.70%, 05/01/25 (Call 04/01/25)

    215       216,402  

4.75%, 09/15/44 (Call 03/15/44)

    223       196,523  

5.00%, 09/15/54 (Call 03/15/54)

    10       8,887  

5.13%, 12/15/26 (Call 09/15/26)

    201       206,570  

6.50%, 03/01/41 (Call 09/01/40)

    281       301,620  

Ovintiv Inc.

   

6.50%, 08/15/34

    990       1,022,036  

6.50%, 02/01/38(a)

    85       86,815  

6.63%, 08/15/37(a)

    145       149,138  

7.20%, 11/01/31

    133       142,262  

7.38%, 11/01/31

    50       54,404  

8.13%, 09/15/30

    170       188,994  

Phillips 66

   

3.30%, 03/15/52 (Call 09/15/51)

    115       85,636  

3.85%, 04/09/25 (Call 03/09/25)

    287       284,515  

3.90%, 03/15/28 (Call 12/15/27)

    346       332,430  

4.65%, 11/15/34 (Call 05/15/34)

    238       229,127  

4.88%, 11/15/44 (Call 05/15/44)

    442       423,529  

5.88%, 05/01/42

    237       252,640  

Phillips 66 Co., 4.90%, 10/01/46 (Call 04/01/46)(c)

    98       92,152  

Shell International Finance BV

   

3.00%, 11/26/51 (Call 05/26/51)

    40       30,110  

4.00%, 05/10/46

    200       176,464  

4.38%, 05/11/45

    45       42,102  

6.38%, 12/15/38

    1,200           1,396,956  

Tosco Corp., 8.13%, 02/15/30

    225       271,316  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

    504       488,058  

2.83%, 01/10/30 (Call 10/10/29)

    125       113,309  

2.99%, 06/29/41 (Call 12/29/40)

    42       33,505  

3.13%, 05/29/50 (Call 11/29/49)

    525       407,116  

3.39%, 06/29/60 (Call 12/29/59)

    141       109,519  

3.46%, 02/19/29 (Call 11/19/28)

    177       169,419  

3.46%, 07/12/49 (Call 01/12/49)

    306       251,792  

3.70%, 01/15/24

    500       500,195  

3.75%, 04/10/24

    489       489,973  

TotalEnergies Capital SA, 3.88%, 10/11/28

    303       297,110  

Valero Energy Corp.

   

2.85%, 04/15/25 (Call 03/15/25)

    101       97,717  

3.40%, 09/15/26 (Call 06/15/26)

    5       4,875  

 

 

90  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas (continued)            

3.65%, 12/01/51 (Call 06/01/51)

  $ 97     $ 73,929  

4.00%, 04/01/29 (Call 01/01/29)

    259       248,037  

4.00%, 06/01/52 (Call 12/01/51)(a)

    59       47,806  

4.35%, 06/01/28 (Call 03/01/28)

    133       130,646  

4.90%, 03/15/45

    178       163,835  

6.63%, 06/15/37

    336       364,305  

7.50%, 04/15/32

    290       335,826  
   

 

 

 
            26,789,879  
Oil & Gas Services — 0.5%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40

    326       315,284  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

   

3.14%, 11/07/29 (Call 08/07/29)

    545       488,930  

3.34%, 12/15/27 (Call 09/15/27)

    637       597,410  

4.08%, 12/15/47 (Call 06/15/47)

            774       643,720  

Halliburton Co.

   

2.92%, 03/01/30 (Call 12/01/29)(a)

    329       291,241  

3.80%, 11/15/25 (Call 08/15/25)

    130       128,618  

4.50%, 11/15/41 (Call 05/15/41)

    92       79,378  

4.75%, 08/01/43 (Call 02/01/43)

    198       175,771  

4.85%, 11/15/35 (Call 05/15/35)

    242       230,331  

5.00%, 11/15/45 (Call 05/15/45)

    385       350,639  

6.70%, 09/15/38

    28       30,374  

7.45%, 09/15/39

    189       219,484  

NOV Inc.

   

3.60%, 12/01/29 (Call 09/01/29)

    282       249,175  

3.95%, 12/01/42 (Call 06/01/42)

    382       276,828  

Schlumberger Investment SA

   

2.65%, 06/26/30 (Call 03/26/30)(a)

    509       449,264  

3.65%, 12/01/23 (Call 09/01/23)

    374       373,828  
   

 

 

 
          4,900,275  
Packaging & Containers — 0.2%            

Amcor Finance USA Inc.

   

3.63%, 04/28/26 (Call 01/28/26)

    375       357,469  

4.50%, 05/15/28 (Call 02/15/28)

    118       113,869  

Amcor Flexibles North America Inc.

   

2.63%, 06/19/30 (Call 03/19/30)

    372       308,652  

2.69%, 05/25/31 (Call 02/25/31)

    205       168,301  

Packaging Corp. of America

   

3.00%, 12/15/29 (Call 09/15/29)

    46       40,842  

4.05%, 12/15/49 (Call 06/15/49)

    9       7,445  

Sonoco Products Co.

   

3.13%, 05/01/30 (Call 02/01/30)

    179       155,170  

5.75%, 11/01/40 (Call 05/01/40)

    5       5,004  

WestRock MWV LLC

   

7.95%, 02/15/31(a)

    48       56,096  

8.20%, 01/15/30

    81       94,820  

WRKCo Inc.

   

3.38%, 09/15/27 (Call 06/15/27)

    54       50,827  

3.90%, 06/01/28 (Call 03/01/28)(a)

    24       23,045  

4.00%, 03/15/28 (Call 12/15/27)

    83       80,105  

4.20%, 06/01/32 (Call 03/01/32)(a)

    40       37,560  

4.90%, 03/15/29 (Call 12/15/28)

    19       18,987  
   

 

 

 
      1,518,192  
Pharmaceuticals — 3.8%            

AbbVie Inc.

   

3.20%, 05/14/26 (Call 02/14/26)

    252       241,114  

4.05%, 11/21/39 (Call 05/21/39)

    445       392,437  

4.25%, 11/14/28 (Call 08/14/28)

    282       277,322  

4.25%, 11/21/49 (Call 05/21/49)

    942       828,753  
Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

4.30%, 05/14/36 (Call 11/14/35)

  $ 472     $ 440,546  

4.40%, 11/06/42

    435       393,210  

4.45%, 05/14/46 (Call 11/14/45)(a)

    602       545,960  

4.50%, 05/14/35 (Call 11/14/34)

    627       596,754  

4.70%, 05/14/45 (Call 11/14/44)

    687       642,304  

4.85%, 06/15/44 (Call 12/15/43)

    123       116,729  

4.88%, 11/14/48 (Call 05/14/48)

    338       326,126  

AmerisourceBergen Corp.

   

3.25%, 03/01/25 (Call 12/01/24)(a)

    40       39,046  

3.45%, 12/15/27 (Call 09/15/27)

    383       365,711  

4.25%, 03/01/45 (Call 09/01/44)

    177       153,312  

4.30%, 12/15/47 (Call 06/15/47)

    326       293,807  

AstraZeneca PLC

   

3.13%, 06/12/27 (Call 03/12/27)(a)

    312       301,027  

3.38%, 11/16/25

            1,055             1,036,073  

3.50%, 08/17/23 (Call 07/17/23)

    440       438,997  

4.00%, 01/17/29 (Call 10/17/28)

    601       599,744  

4.00%, 09/18/42

    377       346,395  

4.38%, 11/16/45

    334       321,896  

4.38%, 08/17/48 (Call 02/17/48)

    246       238,044  

6.45%, 09/15/37

    675       795,001  

Becton Dickinson and Co.

   

3.70%, 06/06/27 (Call 03/06/27)

    300       291,036  

4.67%, 06/06/47 (Call 12/06/46)

    503       479,284  

4.69%, 12/15/44 (Call 06/15/44)

    357       338,486  

Bristol-Myers Squibb Co.

   

2.55%, 11/13/50 (Call 05/13/50)

    89       61,270  

3.25%, 08/01/42(a)

    193       157,484  

3.55%, 03/15/42 (Call 09/15/41)

    40       34,402  

3.70%, 03/15/52 (Call 09/15/51)(a)

    85       72,045  

3.90%, 03/15/62 (Call 09/15/61)

    570       479,313  

4.25%, 10/26/49 (Call 04/26/49)

    503       465,748  

4.35%, 11/15/47 (Call 05/15/47)

    315       296,676  

4.50%, 03/01/44 (Call 09/01/43)

    30       28,565  

4.55%, 02/20/48 (Call 08/20/47)

    382       370,563  

4.63%, 05/15/44 (Call 11/15/43)

    55       53,714  

5.00%, 08/15/45 (Call 02/15/45)

    54       55,332  

Cardinal Health Inc.

   

3.08%, 06/15/24 (Call 04/15/24)

    122       119,981  

3.41%, 06/15/27 (Call 03/15/27)

    154       148,350  

3.50%, 11/15/24 (Call 08/15/24)(a)

    187       184,601  

3.75%, 09/15/25 (Call 06/15/25)

    440       436,159  

4.37%, 06/15/47 (Call 12/15/46)

    340       288,643  

4.50%, 11/15/44 (Call 05/15/44)

    227       192,907  

4.60%, 03/15/43

    200       174,348  

4.90%, 09/15/45 (Call 03/15/45)

    269       243,284  

Cigna Corp.

   

2.40%, 03/15/30 (Call 12/15/29)

    512       438,804  

3.20%, 03/15/40 (Call 09/15/39)

    70       55,100  

3.40%, 03/15/50 (Call 09/15/49)

    367       276,208  

3.40%, 03/15/51 (Call 09/15/50)

    130       98,028  

3.88%, 10/15/47 (Call 04/15/47)

    259       208,972  

4.13%, 11/15/25 (Call 09/15/25)

    778       772,780  

4.38%, 10/15/28 (Call 07/15/28)

    630       620,827  

4.80%, 08/15/38 (Call 02/15/38)(a)

    437       421,657  

4.80%, 07/15/46 (Call 01/16/46)

    249       232,314  

4.90%, 12/15/48 (Call 06/15/48)

    618       588,114  

6.13%, 11/15/41(a)

    139       150,726  

CVS Health Corp.

   

2.88%, 06/01/26 (Call 03/01/26)

    188       179,544  

 

 

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

  91


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

3.00%, 08/15/26 (Call 06/15/26)(a)

  $ 336     $ 322,073  

3.25%, 08/15/29 (Call 05/15/29)

    79       72,304  

3.63%, 04/01/27 (Call 02/01/27)

    401       390,157  

3.75%, 04/01/30 (Call 01/01/30)

    68       63,800  

3.88%, 07/20/25 (Call 04/20/25)

    257       255,170  

4.13%, 04/01/40 (Call 10/01/39)

    313       273,343  

4.25%, 04/01/50 (Call 10/01/49)

    261       224,249  

4.30%, 03/25/28 (Call 12/25/27)

    709       701,201  

4.78%, 03/25/38 (Call 09/25/37)

    521       498,847  

4.88%, 07/20/35 (Call 01/20/35)

    582       567,246  

5.05%, 03/25/48 (Call 09/25/47)

            1,372               1,320,577  

5.13%, 07/20/45 (Call 01/20/45)

    518       495,912  

5.30%, 12/05/43 (Call 06/05/43)

    320       317,946  

6.13%, 09/15/39

    129       138,310  

6.25%, 06/01/27

    64       69,174  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)

    542       375,107  

3.10%, 05/15/27 (Call 02/15/27)

    151       146,900  

3.38%, 03/15/29 (Call 12/15/28)

    257       249,077  

3.70%, 03/01/45 (Call 09/01/44)

    91       81,485  

3.95%, 05/15/47 (Call 11/15/46)

    15       14,186  

3.95%, 03/15/49 (Call 09/15/48)

    155       148,845  

4.15%, 03/15/59 (Call 09/15/58)(a)

    105       99,557  

5.50%, 03/15/27

    20       21,414  

GlaxoSmithKline Capital Inc.

   

3.63%, 05/15/25

    505       502,581  

3.88%, 05/15/28

    336       329,959  

4.20%, 03/18/43

    209       191,419  

5.38%, 04/15/34

    54       57,856  

6.38%, 05/15/38

    452       530,300  

GlaxoSmithKline Capital PLC

   

3.00%, 06/01/24 (Call 05/01/24)

    532       526,473  

3.38%, 06/01/29 (Call 03/01/29)(a)

    58       55,191  

Johnson & Johnson

   

2.45%, 09/01/60 (Call 03/01/60)

    86       57,333  

3.50%, 01/15/48 (Call 07/15/47)

    90       78,990  

3.70%, 03/01/46 (Call 09/01/45)

    398       355,513  

3.75%, 03/03/47 (Call 09/03/46)

    317       285,208  

4.38%, 12/05/33 (Call 06/05/33)

    201       205,038  

4.50%, 09/01/40

    106       105,788  

4.50%, 12/05/43 (Call 06/05/43)(a)

    127       127,508  

4.85%, 05/15/41

    53       54,936  

4.95%, 05/15/33

    120       129,965  

5.85%, 07/15/38

    102       117,860  

5.95%, 08/15/37

    163       190,465  

McKesson Corp., 3.95%, 02/16/28 (Call 11/16/27)

    94       91,647  

Mead Johnson Nutrition Co.

   

4.13%, 11/15/25 (Call 08/15/25)

    680       681,836  

4.60%, 06/01/44 (Call 12/01/43)

    120       115,760  

5.90%, 11/01/39

    21       23,129  

Merck & Co. Inc.

   

2.45%, 06/24/50 (Call 12/24/49)

    50       34,619  

2.75%, 12/10/51 (Call 06/10/51)

    290       209,943  

2.90%, 12/10/61 (Call 06/10/61)

    265       184,170  

3.40%, 03/07/29 (Call 12/07/28)

    504       485,549  

3.60%, 09/15/42 (Call 03/15/42)

    198       171,219  

3.70%, 02/10/45 (Call 08/10/44)

    525       454,587  

3.90%, 03/07/39 (Call 09/07/38)

    62       57,229  

4.00%, 03/07/49 (Call 09/07/48)

    307       278,317  

4.15%, 05/18/43

    107       99,925  
Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

6.50%, 12/01/33

  $       237     $ 281,264  

6.55%, 09/15/37

    102       121,950  

Merck Sharp & Dohme Corp.

   

5.75%, 11/15/36

    120       135,311  

5.95%, 12/01/28

    78       85,045  

Mylan Inc.

   

5.20%, 04/15/48 (Call 10/15/47)

    322       249,086  

5.40%, 11/29/43 (Call 05/29/43)

    64       51,841  

Novartis Capital Corp.

   

2.75%, 08/14/50 (Call 02/14/50)(a)

    95       72,201  

4.00%, 11/20/45 (Call 05/20/45)

    173       159,921  

4.40%, 05/06/44

    136       133,866  

Pfizer Inc.

   

4.00%, 03/15/49 (Call 09/15/48)(a)

    28       26,295  

4.13%, 12/15/46

    96       91,145  

4.20%, 09/15/48 (Call 03/15/48)

    86       83,081  

7.20%, 03/15/39

    62       79,622  

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

    328       313,443  

Takeda Pharmaceutical Co. Ltd.

   

3.18%, 07/09/50 (Call 01/09/50)

    372       273,718  

3.38%, 07/09/60 (Call 01/09/60)

    222       161,405  

5.00%, 11/26/28 (Call 08/26/28)

    255       258,272  

Utah Acquisition Sub Inc., 5.25%, 06/15/46
(Call 12/15/45)

    208       164,118  

Viatris Inc., 4.00%, 06/22/50 (Call 12/22/49)

    412       266,477  

Zoetis Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    25       20,999  

3.00%, 09/12/27 (Call 06/12/27)

    562       531,860  

3.00%, 05/15/50 (Call 11/15/49)

    85       62,648  

3.90%, 08/20/28 (Call 05/20/28)

    182       177,324  

3.95%, 09/12/47 (Call 03/12/47)

    373       323,126  

4.45%, 08/20/48 (Call 02/20/48)

    184       171,683  

4.50%, 11/13/25 (Call 08/13/25)

    378       382,559  

4.70%, 02/01/43 (Call 08/01/42)

    533       507,469  
   

 

 

 
            37,568,495  
Pipelines — 3.2%            

Boardwalk Pipelines LP

   

4.45%, 07/15/27 (Call 04/15/27)

    540       518,513  

4.80%, 05/03/29 (Call 02/03/29)(a)

    159       152,812  

4.95%, 12/15/24 (Call 09/15/24)

    145       146,085  

5.95%, 06/01/26 (Call 03/01/26)

    132       136,439  

Cheniere Corpus Christi Holdings LLC

   

3.70%, 11/15/29 (Call 05/18/29)

    319       293,668  

5.13%, 06/30/27 (Call 01/01/27)

    313       312,684  

5.88%, 03/31/25 (Call 10/02/24)

    135       137,732  

7.00%, 06/30/24 (Call 01/01/24)

    185       190,433  

Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)

    171       174,853  

Enbridge Energy Partners LP

   

7.38%, 10/15/45 (Call 04/15/45)

    124       147,688  

Series B, 7.50%, 04/15/38

    97       111,766  

Enbridge Inc.

   

2.50%, 01/15/25 (Call 12/15/24)

    156       149,485  

3.13%, 11/15/29 (Call 08/15/29)(a)

    255       230,711  

3.40%, 08/01/51 (Call 02/01/51)

    80       60,049  

3.50%, 06/10/24 (Call 03/10/24)

    102       100,723  

3.70%, 07/15/27 (Call 04/15/27)

    212       202,935  

4.00%, 11/15/49 (Call 05/15/49)

    178       147,012  

4.25%, 12/01/26 (Call 09/01/26)

    156       153,713  

4.50%, 06/10/44 (Call 12/10/43)

    169       148,193  

 

 

92  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pipelines (continued)            

5.50%, 12/01/46 (Call 06/01/46)

  $ 227     $ 232,169  

Energy Transfer LP

   

4.15%, 09/15/29 (Call 06/15/29)

    1,005       922,761  

4.40%, 03/15/27 (Call 12/15/26)

    194       187,920  

4.95%, 05/15/28 (Call 02/15/28)

    1,476       1,441,019  

5.00%, 05/15/44 (Call 11/15/43)

            1,460              1,246,446  

5.00%, 05/15/50 (Call 11/15/49)

    100       85,826  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    135       118,862  

3.13%, 07/31/29 (Call 04/30/29)

    276       250,373  

3.70%, 01/31/51 (Call 07/31/50)

    60       47,088  

3.95%, 01/31/60 (Call 07/31/59)

    214       166,986  

4.15%, 10/16/28 (Call 07/16/28)

    427       418,925  

4.20%, 01/31/50 (Call 07/31/49)

    279       236,229  

4.25%, 02/15/48 (Call 08/15/47)

    248       212,357  

4.45%, 02/15/43 (Call 08/15/42)

    125       110,975  

4.80%, 02/01/49 (Call 08/01/48)

    78       71,768  

4.85%, 08/15/42 (Call 02/15/42)

    96       90,201  

4.85%, 03/15/44 (Call 09/15/43)

    147       136,882  

4.90%, 05/15/46 (Call 11/15/45)

    232       216,491  

4.95%, 10/15/54 (Call 04/15/54)

    85       77,463  

5.10%, 02/15/45 (Call 08/15/44)

    407       389,031  

5.38%, 02/15/78 (Call 02/15/28),
(3 mo. LIBOR US + 2.570%)(b)

    342       282,557  

5.70%, 02/15/42

    90       91,776  

5.95%, 02/01/41

    151       158,159  

6.13%, 10/15/39

    75       79,775  

6.45%, 09/01/40

    24       26,164  

7.55%, 04/15/38

    60       70,413  

Series D, 6.88%, 03/01/33

    123       139,810  

Series E, 5.25%, 08/16/77 (Call 08/16/27),
(3 mo. LIBOR US + 3.033%)(b)

    134       117,149  

Series H, 6.65%, 10/15/34

    14       15,526  

Kinder Morgan Energy Partners LP

   

4.70%, 11/01/42 (Call 05/01/42)

    99       84,666  

5.00%, 08/15/42 (Call 02/15/42)

    197       176,723  

5.00%, 03/01/43 (Call 09/01/42)

    168       150,420  

5.40%, 09/01/44 (Call 03/01/44)(a)

    128       118,463  

5.50%, 03/01/44 (Call 09/01/43)

    135       126,425  

5.63%, 09/01/41

    70       65,292  

5.80%, 03/15/35

    53       53,174  

6.38%, 03/01/41

    73       73,666  

6.50%, 02/01/37

    93       97,377  

6.50%, 09/01/39

    113       116,399  

6.55%, 09/15/40

    105       108,567  

6.95%, 01/15/38

    256       277,056  

7.30%, 08/15/33

    151       167,486  

7.40%, 03/15/31

    54       59,434  

7.50%, 11/15/40

    74       82,885  

7.75%, 03/15/32

    146       165,760  

Kinder Morgan Inc.

   

3.25%, 08/01/50 (Call 02/01/50)

    140       97,341  

3.60%, 02/15/51 (Call 08/15/50)

    37       27,550  

4.30%, 06/01/25 (Call 03/01/25)

    249       248,263  

4.30%, 03/01/28 (Call 12/01/27)

    354       345,950  

4.80%, 02/01/33 (Call 11/01/32)

    100       96,485  

5.05%, 02/15/46 (Call 08/15/45)

    215       195,295  

5.20%, 03/01/48 (Call 09/01/47)

    145       134,692  

5.30%, 12/01/34 (Call 06/01/34)

    271       265,068  

5.45%, 08/01/52 (Call 02/01/52)

    100       97,148  
Security   Par
(000)
    Value  
Pipelines (continued)            

5.55%, 06/01/45 (Call 12/01/44)

  $ 317     $ 308,175  

7.75%, 01/15/32

    273       316,776  

7.80%, 08/01/31

    128       147,462  

Magellan Midstream Partners LP

   

3.95%, 03/01/50 (Call 09/01/49)

    185       145,286  

4.20%, 10/03/47 (Call 04/03/47)

    109       88,784  

4.25%, 09/15/46 (Call 03/15/46)

    87       71,731  

4.85%, 02/01/49 (Call 08/01/48)

    83       73,659  

5.15%, 10/15/43 (Call 04/15/43)

    193       177,249  

MPLX LP

   

4.00%, 03/15/28 (Call 12/15/27)

    159       152,161  

4.13%, 03/01/27 (Call 12/01/26)

    386       373,629  

4.25%, 12/01/27 (Call 09/01/27)

    106       102,640  

4.50%, 04/15/38 (Call 10/15/37)

    269               237,882  

4.70%, 04/15/48 (Call 10/15/47)

    393       335,759  

4.80%, 02/15/29 (Call 11/15/28)

    182       178,071  

4.90%, 04/15/58 (Call 10/15/57)

    107       89,514  

4.95%, 09/01/32

    100       96,890  

4.95%, 03/14/52 (Call 09/14/51)

    60       52,839  

5.20%, 03/01/47 (Call 09/01/46)

    262       237,754  

5.50%, 02/15/49 (Call 08/15/48)

    306       291,343  

Northwest Pipeline LLC, 4.00%, 04/01/27
(Call 01/01/27)

    28       26,980  

ONEOK Inc.

   

2.20%, 09/15/25 (Call 08/15/25)

    389       363,089  

2.75%, 09/01/24 (Call 08/01/24)

    292       282,376  

3.10%, 03/15/30 (Call 12/15/29)

    225       194,305  

3.40%, 09/01/29 (Call 06/01/29)

    304       269,086  

4.00%, 07/13/27 (Call 04/13/27)

    294       281,152  

4.35%, 03/15/29 (Call 12/15/28)

    232       219,071  

4.45%, 09/01/49 (Call 03/01/49)

    98       78,116  

4.50%, 03/15/50 (Call 09/15/49)

    117       94,126  

4.55%, 07/15/28 (Call 04/15/28)

    250       242,460  

4.95%, 07/13/47 (Call 01/06/47)

    135       116,405  

5.20%, 07/15/48 (Call 01/15/48)

    99       88,934  

6.00%, 06/15/35

    248       242,048  

6.35%, 01/15/31 (Call 10/15/30)

    65       67,946  

7.15%, 01/15/51 (Call 07/15/50)

    89       94,990  

7.50%, 09/01/23 (Call 06/01/23)

    280       286,737  

ONEOK Partners LP

   

4.90%, 03/15/25 (Call 12/15/24)

    302       302,145  

5.00%, 09/15/23 (Call 06/15/23)

    100       100,505  

6.13%, 02/01/41 (Call 08/01/40)

    213       205,784  

6.20%, 09/15/43 (Call 03/15/43)

    176       167,093  

6.65%, 10/01/36

    234       239,139  

6.85%, 10/15/37

    255       265,325  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)(a)

    189       165,692  

4.70%, 06/15/44 (Call 12/15/43)

    156       123,245  

4.90%, 02/15/45 (Call 08/15/44)

    209       169,884  

5.15%, 06/01/42 (Call 12/01/41)

    74       61,901  

6.65%, 01/15/37

    193       193,556  

Sabine Pass Liquefaction LLC

   

4.20%, 03/15/28 (Call 09/15/27)

            379       361,505  

4.50%, 05/15/30 (Call 11/15/29)

    232       222,119  

5.00%, 03/15/27 (Call 09/15/26)

    374       372,852  

5.63%, 03/01/25 (Call 12/01/24)

    494       503,346  

5.88%, 06/30/26 (Call 12/31/25)

    432       444,437  

Spectra Energy Partners LP

   

3.38%, 10/15/26 (Call 07/15/26)

    363       345,659  

3.50%, 03/15/25 (Call 12/15/24)

    288       281,687  

 

 

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

  93


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pipelines (continued)            

4.50%, 03/15/45 (Call 09/15/44)

  $ 216     $ 188,341  

4.75%, 03/15/24 (Call 12/15/23)

         88       88,464  

5.95%, 09/25/43 (Call 03/25/43)

    156                 161,160  

Targa Resources Corp.,

4.95%, 04/15/52 (Call 10/15/51)

    55       47,476  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.,

6.88%, 01/15/29 (Call 01/15/24)

    45       45,832  

TC PipeLines LP
3.90%, 05/25/27 (Call 02/25/27)

    291       282,442  

4.38%, 03/13/25 (Call 12/13/24)

    94       93,753  

Tennessee Gas Pipeline Co. LLC
7.00%, 03/15/27

    207       220,968  

7.00%, 10/15/28

    156       168,006  

7.63%, 04/01/37

    5       5,596  

Texas Eastern Transmission LP, 7.00%, 07/15/32

    93       104,116  

TransCanada PipeLines Ltd.
4.10%, 04/15/30 (Call 01/15/30)

    133       126,385  

4.25%, 05/15/28 (Call 02/15/28)

    167       162,935  

4.63%, 03/01/34 (Call 12/01/33)(a)

    221       211,276  

4.75%, 05/15/38 (Call 11/15/37)

    86       81,450  

4.88%, 05/15/48 (Call 11/15/47)

    196       187,823  

5.10%, 03/15/49 (Call 09/15/48)

    128       127,032  

5.60%, 03/31/34

    162       163,265  

5.85%, 03/15/36

    123       126,920  

6.10%, 06/01/40

    111       118,013  

6.20%, 10/15/37

    155       166,433  

7.25%, 08/15/38(a)

    233       275,292  

7.63%, 01/15/39

    181       220,789  

Transcontinental Gas Pipe Line Co. LLC
3.95%, 05/15/50 (Call 11/15/49)

    148       122,870  

4.00%, 03/15/28 (Call 12/15/27)

    198       190,276  

4.45%, 08/01/42 (Call 02/01/42)

    65       58,460  

4.60%, 03/15/48 (Call 09/15/47)

    178       161,161  

5.40%, 08/15/41 (Call 02/15/41)

    163       161,893  

Valero Energy Partners LP,

4.50%, 03/15/28 (Call 12/15/27)

    207       204,477  

Williams Companies Inc. (The)

3.75%, 06/15/27 (Call 03/15/27)

    303       292,565  

4.85%, 03/01/48 (Call 09/01/47)(a)

    148       134,092  

4.90%, 01/15/45 (Call 07/15/44)

    292       261,991  

5.10%, 09/15/45 (Call 03/15/45)

    255       238,670  

5.40%, 03/04/44 (Call 09/04/43)

    92       87,742  

5.75%, 06/24/44 (Call 12/24/43)(a)

    82       82,353  

5.80%, 11/15/43 (Call 05/15/43)

    107       106,081  

6.30%, 04/15/40

    218       232,432  

8.75%, 03/15/32

    86       106,184  
   

 

 

 
      31,354,493  
Real Estate — 0.3%            

Brookfield Asset Management Inc.,

4.00%, 01/15/25 (Call 10/15/24)(a)

    479       474,603  

CBRE Services Inc.
2.50%, 04/01/31 (Call 01/01/31)

    1,013       812,000  

4.88%, 03/01/26 (Call 12/01/25)

    1,177       1,184,439  
   

 

 

 
      2,471,042  
Real Estate Investment Trusts — 2.9%            

Alexandria Real Estate Equities Inc.
2.75%, 12/15/29 (Call 09/15/29)

    13       11,342  

3.00%, 05/18/51 (Call 11/18/50)

    160       108,074  

3.38%, 08/15/31 (Call 05/15/31)

    25       22,255  

3.55%, 03/15/52 (Call 09/15/51)

    65       49,150  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

3.95%, 01/15/27 (Call 10/15/26)

  $ 156     $ 152,393  

3.95%, 01/15/28 (Call 10/15/27)

    38       36,578  

4.00%, 02/01/50 (Call 08/01/49)

    249       205,338  

4.30%, 01/15/26 (Call 10/15/25)

    160       158,827  

4.50%, 07/30/29 (Call 04/30/29)

    3       2,915  

4.70%, 07/01/30 (Call 04/01/30)

         113                 111,149  

4.85%, 04/15/49 (Call 10/15/48)

    108       100,050  

4.90%, 12/15/30 (Call 09/15/30)

    97       96,454  

American Homes 4 Rent LP
4.25%, 02/15/28 (Call 11/15/27)

    110       106,234  

4.30%, 04/15/52 (Call 10/15/51)

    7       5,638  

4.90%, 02/15/29 (Call 11/15/28)

    66       64,443  

American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)

    40       31,563  

2.10%, 06/15/30 (Call 03/15/30)

    27       21,818  

2.30%, 09/15/31 (Call 06/15/31)

    55       43,677  

2.40%, 03/15/25 (Call 02/15/25)

    396       375,408  

2.70%, 04/15/31 (Call 01/15/31)

    120       99,562  

2.75%, 01/15/27 (Call 11/15/26)

    132       120,945  

2.90%, 01/15/30 (Call 10/15/29)

    291       250,787  

2.95%, 01/15/25 (Call 12/15/24)

    343       329,500  

2.95%, 01/15/51 (Call 07/15/50)

    85       57,226  

3.10%, 06/15/50 (Call 12/15/49)

    438       304,782  

3.13%, 01/15/27 (Call 10/15/26)

    478       445,410  

3.38%, 05/15/24 (Call 04/15/24)

    350       345,688  

3.38%, 10/15/26 (Call 07/15/26)

    459       433,686  

3.55%, 07/15/27 (Call 04/15/27)

    340       321,174  

3.60%, 01/15/28 (Call 10/15/27)

    230       213,997  

3.70%, 10/15/49 (Call 04/15/49)

    302       229,463  

3.80%, 08/15/29 (Call 05/15/29)

    397       366,034  

3.95%, 03/15/29 (Call 12/15/28)

    257       240,886  

4.00%, 06/01/25 (Call 03/01/25)

    265       260,670  

4.40%, 02/15/26 (Call 11/15/25)

    209       207,196  

5.00%, 02/15/24

    198       200,028  

AvalonBay Communities Inc.
2.30%, 03/01/30 (Call 12/01/29)

    12       10,435  

3.20%, 01/15/28 (Call 10/15/27)

    33       30,905  

3.30%, 06/01/29 (Call 03/01/29)

    32       29,695  

3.90%, 10/15/46 (Call 04/15/46)

    126       107,381  

4.15%, 07/01/47 (Call 01/01/47)

    25       22,334  

4.35%, 04/15/48 (Call 10/18/47)

    25       22,714  

Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)

    200       151,492  

2.55%, 04/01/32 (Call 01/01/32)

    125       99,431  

2.75%, 10/01/26 (Call 07/01/26)

    120       111,311  

2.90%, 03/15/30 (Call 12/15/29)

    66       56,188  

3.20%, 01/15/25 (Call 10/15/24)

    252       245,698  

3.25%, 01/30/31 (Call 10/30/30)

    311       267,684  

3.40%, 06/21/29 (Call 03/21/29)

    154       137,782  

3.65%, 02/01/26 (Call 11/03/25)(a)

    488       474,224  

3.80%, 02/01/24 (Call 11/01/23)

    118       117,155  

4.50%, 12/01/28 (Call 09/01/28)

    123       119,657  

Brandywine Operating Partnership LP
3.95%, 11/15/27 (Call 08/15/27)

    329       303,535  

4.55%, 10/01/29 (Call 07/01/29)

    5       4,695  

Brixmor Operating Partnership LP
2.50%, 08/16/31 (Call 05/16/31)

    25       19,360  

3.65%, 06/15/24 (Call 04/15/24)

    15       14,653  

3.85%, 02/01/25 (Call 11/01/24)

    98       95,435  

3.90%, 03/15/27 (Call 12/15/26)

    136       128,478  

 

 

94  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

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

4.13%, 06/15/26 (Call 03/15/26)

  $ 174     $ 168,261  

4.13%, 05/15/29 (Call 02/15/29)

    88       80,146  

Camden Property Trust
2.80%, 05/15/30 (Call 02/15/30)

    74       65,540  

3.15%, 07/01/29 (Call 04/01/29)

    72       65,866  

3.35%, 11/01/49 (Call 05/01/49)

    54       41,908  

4.10%, 10/15/28 (Call 07/15/28)

    56       54,690  

Corporate Office Properties LP
2.00%, 01/15/29 (Call 11/15/28)

    40       31,624  

2.25%, 03/15/26 (Call 02/15/26)

    1,015                 908,100  

2.75%, 04/15/31 (Call 01/15/31)

    82       64,499  

2.90%, 12/01/33 (Call 09/01/33)

         105       78,341  

Crown Castle Inc.
2.10%, 04/01/31 (Call 01/01/31)

    37       29,462  

2.25%, 01/15/31 (Call 10/15/30)

    195       157,997  

3.25%, 01/15/51 (Call 07/15/50)

    237       168,481  

3.30%, 07/01/30 (Call 04/01/30)

    120       106,544  

3.65%, 09/01/27 (Call 06/01/27)

    207       196,830  

3.70%, 06/15/26 (Call 03/15/26)

    377       365,177  

3.80%, 02/15/28 (Call 11/15/27)

    167       157,668  

4.00%, 03/01/27 (Call 12/01/26)

    193       187,590  

4.45%, 02/15/26 (Call 11/15/25)

    217       215,926  

4.75%, 05/15/47 (Call 11/15/46)

    198       178,156  

Crown Castle International Corp.
2.50%, 07/15/31 (Call 04/15/31)

    47       38,611  

3.10%, 11/15/29 (Call 08/15/29)

    125       110,446  

4.00%, 11/15/49 (Call 05/15/49)

    90       72,118  

4.15%, 07/01/50 (Call 01/01/50)

    70       58,097  

4.30%, 02/15/29 (Call 11/15/28)

    189       181,572  

5.20%, 02/15/49 (Call 08/15/48)(a)

    162       153,412  

CubeSmart LP
3.00%, 02/15/30 (Call 11/15/29)

    20       17,472  

4.38%, 02/15/29 (Call 11/15/28)(a)

    15       14,437  

Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)(a)

    125       115,108  

3.70%, 08/15/27 (Call 05/15/27)(a)

    22       21,003  

4.45%, 07/15/28 (Call 04/15/28)

    150       146,681  

Duke Realty LP
2.88%, 11/15/29 (Call 08/15/29)

    40       35,690  

3.05%, 03/01/50 (Call 09/01/49)

    91       67,932  

3.25%, 06/30/26 (Call 03/30/26)

    68       65,052  

3.38%, 12/15/27 (Call 09/15/27)

    8       7,555  

4.00%, 09/15/28 (Call 06/15/28)

    55       53,293  

Equinix Inc.
1.80%, 07/15/27 (Call 05/15/27)

    246       215,134  

2.15%, 07/15/30 (Call 04/15/30)

    347       283,079  

2.50%, 05/15/31 (Call 02/15/31)

    105       86,309  

2.63%, 11/18/24 (Call 10/18/24)

    517       498,135  

2.90%, 11/18/26 (Call 09/18/26)

    299       279,146  

2.95%, 09/15/51 (Call 03/15/51)

    264       178,176  

3.00%, 07/15/50 (Call 01/15/50)

    94       64,463  

3.20%, 11/18/29 (Call 08/18/29)(a)

    515       461,219  

3.40%, 02/15/52 (Call 08/15/51)

    75       55,025  

ERP Operating LP
2.50%, 02/15/30 (Call 11/15/29)

    140       121,855  

2.85%, 11/01/26 (Call 08/01/26)

    120       113,948  

3.00%, 07/01/29 (Call 04/01/29)

    64       57,946  

3.25%, 08/01/27 (Call 05/01/27)

    53       49,922  

3.50%, 03/01/28 (Call 12/01/27)(a)

    37       34,867  

4.00%, 08/01/47 (Call 02/01/47)

    27       23,279  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

4.15%, 12/01/28 (Call 09/01/28)

  $ 28     $ 27,048  

4.50%, 07/01/44 (Call 01/01/44)(a)

         159                 148,304  

4.50%, 06/01/45 (Call 12/01/44)

    20       18,366  

Essex Portfolio LP
2.65%, 03/15/32 (Call 12/15/31)

    40       32,756  

3.00%, 01/15/30 (Call 10/15/29)

    10       8,747  

4.00%, 03/01/29 (Call 12/01/28)

    20       18,883  

4.50%, 03/15/48 (Call 09/15/47)

    47       41,468  

Federal Realty Investment Trust,

3.20%, 06/15/29 (Call 03/15/29)

    56       50,026  

Federal Realty OP LP
3.25%, 07/15/27 (Call 04/15/27)(a)

    95       89,514  

4.50%, 12/01/44 (Call 06/01/44)

    113       99,040  

GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)(a)

    40       32,376  

4.00%, 01/15/30 (Call 10/15/29)

    126       110,440  

4.00%, 01/15/31 (Call 10/15/30)

    187       162,789  

5.30%, 01/15/29 (Call 10/15/28)

    189       183,132  

5.75%, 06/01/28 (Call 03/03/28)

    168       166,594  

Healthcare Trust of America Holdings LP,

3.10%, 02/15/30 (Call 11/15/29)

    35       30,095  

Healthpeak Properties Inc.
3.00%, 01/15/30 (Call 10/15/29)

    193       170,764  

3.25%, 07/15/26 (Call 05/15/26)

    265       254,413  

3.40%, 02/01/25 (Call 11/01/24)(a)

    134       130,982  

3.50%, 07/15/29 (Call 04/15/29)(a)

    249       229,274  

4.00%, 06/01/25 (Call 03/01/25)

    58       57,321  

6.75%, 02/01/41 (Call 08/01/40)

    271       301,097  

Highwoods Realty LP
3.05%, 02/15/30 (Call 11/15/29)

    62       52,840  

4.20%, 04/15/29 (Call 01/15/29)(a)

    30       27,659  

Host Hotels & Resorts LP

   

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

    137       133,075  

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

    31       30,307  

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

    98       83,541  

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

    145       122,570  

Hudson Pacific Properties LP
3.25%, 01/15/30 (Call 10/15/29)

    74       62,606  

3.95%, 11/01/27 (Call 08/01/27)

    24       22,497  

4.65%, 04/01/29 (Call 01/01/29)

    77       72,362  

Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)(a)

    220       170,476  

3.05%, 02/15/30 (Call 11/15/29)

    40       33,861  

3.45%, 12/15/24 (Call 09/15/24)

    41       40,071  

4.25%, 08/15/29 (Call 05/15/29)

    230       213,728  

4.38%, 10/01/25 (Call 07/01/25)

    121       119,233  

4.75%, 12/15/28 (Call 09/15/28)

    187       179,769  

Kimco Realty Corp.
2.80%, 10/01/26 (Call 07/01/26)

    51       47,844  

3.30%, 02/01/25 (Call 12/01/24)

    69       67,349  

3.70%, 10/01/49 (Call 04/01/49)

    98       75,244  

3.80%, 04/01/27 (Call 01/01/27)

    6       5,757  

4.13%, 12/01/46 (Call 06/01/46)

    115       94,657  

4.25%, 04/01/45 (Call 10/01/44)

    120       99,240  

4.45%, 09/01/47 (Call 03/01/47)

    38       32,861  

Kite Realty Group LP, 4.00%, 10/01/26

(Call 07/01/26)

    35       33,285  

Kite Realty Group Trust, 4.75%, 09/15/30

(Call 06/15/30)

    75       68,616  

Life Storage LP
3.88%, 12/15/27 (Call 09/15/27)

    57       53,822  

4.00%, 06/15/29 (Call 03/15/29)

    34       31,650  

 

 

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

  95


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

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

Mid-America Apartments LP
2.75%, 03/15/30 (Call 12/15/29)

  $ 80     $ 69,566  

3.95%, 03/15/29 (Call 12/15/28)

    70       66,767  

National Retail Properties Inc.

2.50%, 04/15/30 (Call 01/15/30)

    7       5,913  

3.00%, 04/15/52 (Call 10/15/51)

    15       10,082  

3.10%, 04/15/50 (Call 10/15/49)

    43       29,221  

4.30%, 10/15/28 (Call 07/15/28)

    2       1,912  

4.80%, 10/15/48 (Call 04/15/48)

    31       28,278  

Omega Healthcare Investors Inc.
3.38%, 02/01/31 (Call 11/01/30)

    85       69,219  

3.63%, 10/01/29 (Call 07/01/29)

         190                 162,133  

Physicians Realty LP
3.95%, 01/15/28 (Call 10/15/27)

    24       22,648  

4.30%, 03/15/27 (Call 12/15/26)

    117       113,579  

Piedmont Operating Partnership LP,

3.15%, 08/15/30 (Call 05/15/30)(a)

    37       30,493  

Prologis LP
2.13%, 04/15/27 (Call 02/15/27)

    88       81,061  

2.13%, 10/15/50 (Call 04/15/50)

    30       19,040  

2.25%, 04/15/30 (Call 01/15/30)

    48       41,609  

3.00%, 04/15/50 (Call 10/15/49)

    308       230,723  

3.25%, 10/01/26 (Call 07/01/26)

    27       25,973  

3.88%, 09/15/28 (Call 06/15/28)(a)

    116       112,426  

4.38%, 02/01/29 (Call 11/01/28)

    131       129,399  

4.38%, 09/15/48 (Call 03/15/48)

    40       37,374  

Realty Income Corp.
3.25%, 06/15/29 (Call 03/15/29)

    11       10,135  

3.65%, 01/15/28 (Call 10/15/27)

    112       107,376  

4.65%, 03/15/47 (Call 09/15/46)

    53       50,939  

Regency Centers LP
2.95%, 09/15/29 (Call 06/15/29)

    104       90,654  

3.60%, 02/01/27 (Call 11/01/26)(a)

    73       69,860  

4.13%, 03/15/28 (Call 12/15/27)

    40       38,497  

4.40%, 02/01/47 (Call 08/01/46)

    102       88,100  

4.65%, 03/15/49 (Call 09/15/48)

    126       112,190  

Sabra Health Care LP
3.20%, 12/01/31 (Call 09/01/31)

    67       53,223  

3.90%, 10/15/29 (Call 07/15/29)

    75       65,888  

5.13%, 08/15/26 (Call 05/15/26)

    334       323,663  

Simon Property Group LP
2.45%, 09/13/29 (Call 06/13/29)

    53       45,702  

3.25%, 09/13/49 (Call 03/13/49)

    162       117,729  

3.80%, 07/15/50 (Call 01/15/50)

    131       105,824  

4.25%, 10/01/44 (Call 04/01/44)

    70       60,401  

4.25%, 11/30/46 (Call 05/30/46)

    136       118,706  

4.75%, 03/15/42 (Call 09/15/41)

    85       79,168  

6.75%, 02/01/40 (Call 11/01/39)

    91       102,814  

SITE Centers Corp.
4.25%, 02/01/26 (Call 11/01/25)

    55       53,536  

4.70%, 06/01/27 (Call 03/01/27)

    25       24,126  

Spirit Realty LP
3.40%, 01/15/30 (Call 10/15/29)

    81       69,769  

4.00%, 07/15/29 (Call 04/15/29)

    27       24,498  

STORE Capital Corp.
4.50%, 03/15/28 (Call 12/15/27)

    25       24,009  

4.63%, 03/15/29 (Call 12/15/28)(a)

    101       97,794  

Tanger Properties LP
3.13%, 09/01/26 (Call 06/01/26)

    87       80,796  

3.88%, 07/15/27 (Call 04/15/27)

    40       36,891  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

UDR Inc.
3.00%, 08/15/31 (Call 05/15/31)

  $ 17     $ 14,509  

3.20%, 01/15/30 (Call 10/15/29)

    76       67,227  

4.40%, 01/26/29 (Call 10/26/28)

    91       87,708  

Ventas Realty LP
2.50%, 09/01/31 (Call 06/01/31)

    48       39,228  

2.65%, 01/15/25 (Call 12/15/24)

    70       67,001  

3.00%, 01/15/30 (Call 10/15/29)

         186       162,079  

3.25%, 10/15/26 (Call 07/15/26)

    84       79,293  

3.50%, 04/15/24 (Call 03/15/24)

    20       19,722  

3.50%, 02/01/25 (Call 11/01/24)

    134                 130,675  

3.75%, 05/01/24 (Call 02/01/24)

    25       24,729  

3.85%, 04/01/27 (Call 01/01/27)

    118       113,196  

4.00%, 03/01/28 (Call 12/01/27)

    61       58,120  

4.13%, 01/15/26 (Call 10/15/25)

    95       93,144  

4.38%, 02/01/45 (Call 08/01/44)

    131       110,395  

4.40%, 01/15/29 (Call 10/15/28)

    176       169,650  

4.75%, 11/15/30 (Call 08/15/30)

    65       63,008  

4.88%, 04/15/49 (Call 10/15/48)

    213       197,091  

5.70%, 09/30/43 (Call 03/30/43)

    129       129,317  

VICI Properties LP
4.95%, 02/15/30 (Call 12/15/29)

    10       9,548  

5.13%, 05/15/32 (Call 02/15/32)

    15       14,294  

5.63%, 05/15/52 (Call 11/15/51)

    335       310,093  

Welltower Inc.
2.05%, 01/15/29 (Call 11/15/28)

    5       4,219  

2.70%, 02/15/27 (Call 12/15/26)(a)

    72       66,813  

2.75%, 01/15/31 (Call 10/15/30)

    60       50,417  

2.75%, 01/15/32 (Call 10/15/31)

    20       16,545  

2.80%, 06/01/31 (Call 03/01/31)

    185       156,349  

3.10%, 01/15/30 (Call 10/15/29)

    250       220,083  

3.63%, 03/15/24 (Call 02/15/24)

    354       350,927  

4.00%, 06/01/25 (Call 03/01/25)(a)

    388       383,398  

4.13%, 03/15/29 (Call 12/15/28)

    105       99,712  

4.25%, 04/01/26 (Call 01/01/26)

    94       93,104  

4.25%, 04/15/28 (Call 01/15/28)(a)

    214       208,181  

4.50%, 01/15/24 (Call 10/15/23)

    67       67,178  

4.95%, 09/01/48 (Call 03/01/48)

    175       164,827  

6.50%, 03/15/41 (Call 09/15/40)

    322       352,052  

Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)

    271       256,531  

4.00%, 04/15/30 (Call 01/15/30)

    565       532,569  

6.95%, 10/01/27

    209       230,048  

7.38%, 03/15/32

    340       392,554  

WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29)

    42       38,939  
   

 

 

 
      29,026,896  
Retail — 2.4%            

AutoNation Inc.
3.80%, 11/15/27 (Call 08/15/27)

    226       207,983  

4.50%, 10/01/25 (Call 07/01/25)

    27       26,871  

4.75%, 06/01/30 (Call 03/01/30)

    204       191,077  

AutoZone Inc.
3.75%, 04/18/29 (Call 01/18/29)

    74       69,747  

4.00%, 04/15/30 (Call 01/15/30)

    4       3,798  

Best Buy Co. Inc.
1.95%, 10/01/30 (Call 07/01/30)(a)

    2,012       1,610,063  

4.45%, 10/01/28 (Call 07/01/28)(a)

    2,451       2,405,509  

Costco Wholesale Corp.
1.60%, 04/20/30 (Call 01/20/30)

    138       116,493  

1.75%, 04/20/32 (Call 01/20/32)

    121       99,591  

 

 

96  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Retail (continued)            

Darden Restaurants Inc.,

4.55%, 02/15/48 (Call 08/15/47)

  $ 111     $ 89,937  

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

         110                 101,464  

4.13%, 05/01/28 (Call 02/01/28)

    64       62,956  

4.13%, 04/03/50 (Call 10/03/49)

    197       165,921  

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

    20       14,177  

4.20%, 05/15/28 (Call 02/15/28)(a)

    268       261,228  

Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)

    254       238,069  

2.38%, 03/15/51 (Call 09/15/50)

    25       16,525  

2.50%, 04/15/27 (Call 02/15/27)

    623       588,068  

2.70%, 04/15/30 (Call 01/15/30)

    192       173,082  

2.75%, 09/15/51 (Call 03/15/51)

    40       28,550  

2.80%, 09/14/27 (Call 06/14/27)

    490       465,495  

2.95%, 06/15/29 (Call 03/15/29)

    347       322,700  

3.00%, 04/01/26 (Call 01/01/26)

    225       218,788  

3.13%, 12/15/49 (Call 06/15/49)

    302       231,272  

3.30%, 04/15/40 (Call 10/15/39)

    201       168,788  

3.35%, 09/15/25 (Call 06/15/25)

    308       304,886  

3.35%, 04/15/50 (Call 10/15/49)

    217       172,832  

3.50%, 09/15/56 (Call 03/15/56)

    509       407,022  

3.63%, 04/15/52 (Call 10/15/51)

    85       71,253  

3.75%, 02/15/24 (Call 11/15/23)

    110       110,190  

3.90%, 12/06/28 (Call 09/06/28)

    328       325,018  

3.90%, 06/15/47 (Call 12/15/46)

    186       164,389  

4.20%, 04/01/43 (Call 10/01/42)

    170       156,369  

4.25%, 04/01/46 (Call 10/01/45)

    373       345,424  

4.40%, 03/15/45 (Call 09/15/44)

    243       229,501  

4.50%, 12/06/48 (Call 06/06/48)

    281       270,828  

4.88%, 02/15/44 (Call 08/15/43)

    277       277,316  

5.40%, 09/15/40 (Call 03/15/40)

    397       423,805  

5.88%, 12/16/36

    506       568,526  

5.95%, 04/01/41 (Call 10/01/40)

    55       62,204  

Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)

    163       114,408  

Lowe’s Companies Inc.
1.70%, 10/15/30 (Call 07/15/30)

    15       12,028  

2.50%, 04/15/26 (Call 01/15/26)

    73       69,467  

2.63%, 04/01/31 (Call 01/01/31)

    342       293,272  

3.00%, 10/15/50 (Call 04/15/50)

    100       68,591  

3.10%, 05/03/27 (Call 02/03/27)

    352       334,791  

3.13%, 09/15/24 (Call 06/15/24)

    126       124,018  

3.38%, 09/15/25 (Call 06/15/25)

    82       80,337  

3.65%, 04/05/29 (Call 01/05/29)

    295       279,108  

3.70%, 04/15/46 (Call 10/15/45)

    372       294,806  

3.75%, 04/01/32 (Call 01/01/32)(a)

    20       18,496  

3.88%, 09/15/23 (Call 06/15/23)

    160       160,077  

4.00%, 04/15/25 (Call 03/15/25)

    190       189,951  

4.05%, 05/03/47 (Call 11/03/46)

    432       359,178  

4.25%, 04/01/52 (Call 10/01/51)

    95       81,045  

4.38%, 09/15/45 (Call 03/15/45)(a)

    208       179,038  

4.45%, 04/01/62 (Call 10/01/61)

    180       151,565  

4.50%, 04/15/30 (Call 01/15/30)

    272       269,285  

4.55%, 04/05/49 (Call 10/05/48)

    72       64,166  

4.65%, 04/15/42 (Call 10/15/41)

    246       225,762  

5.00%, 04/15/40 (Call 10/15/39)

    284       274,506  

5.13%, 04/15/50 (Call 10/15/49)(a)

    255       248,462  

5.50%, 10/15/35

    363       372,540  

6.50%, 03/15/29

    47       51,655  
Security   Par
(000)
    Value  
Retail (continued)            

McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)(a)

  $ 63     $ 54,121  

2.63%, 09/01/29 (Call 06/01/29)(a)

    6       5,395  

3.50%, 07/01/27 (Call 05/01/27)

    78       75,665  

3.60%, 07/01/30 (Call 04/01/30)

    44       41,773  

3.63%, 09/01/49 (Call 03/01/49)

         230                 186,507  

3.70%, 02/15/42

    124       103,344  

3.80%, 04/01/28 (Call 01/01/28)

    24       23,543  

4.20%, 04/01/50 (Call 10/01/49)

    112       99,729  

4.45%, 03/01/47 (Call 09/01/46)

    138       127,676  

4.45%, 09/01/48 (Call 03/01/48)

    160       147,640  

4.60%, 05/26/45 (Call 11/26/44)

    124       115,928  

4.70%, 12/09/35 (Call 06/09/35)

    77       76,416  

4.88%, 07/15/40

    218       213,339  

4.88%, 12/09/45 (Call 06/09/45)

    249       242,621  

5.70%, 02/01/39

    222       236,978  

6.30%, 10/15/37

    197       222,488  

6.30%, 03/01/38

    182       207,247  

O’Reilly Automotive Inc.
3.90%, 06/01/29 (Call 03/01/29)

    47       44,509  

4.20%, 04/01/30 (Call 01/01/30)

    114       109,611  

Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)

    76       64,579  

3.35%, 03/12/50 (Call 09/12/49)

    132       98,666  

3.50%, 03/01/28 (Call 12/01/27)(a)

    84       80,836  

3.50%, 11/15/50 (Call 05/15/50)

    279       215,020  

3.55%, 08/15/29 (Call 05/15/29)

    47       44,262  

3.75%, 12/01/47 (Call 06/01/47)

    148       120,133  

4.00%, 11/15/28 (Call 08/15/28)

    70       68,699  

4.30%, 06/15/45 (Call 12/15/44)

    82       72,213  

4.45%, 08/15/49 (Call 02/15/49)

    298       266,469  

4.50%, 11/15/48 (Call 05/15/48)

    222       201,221  

Target Corp.
2.25%, 04/15/25 (Call 03/15/25)

    423       406,406  

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

    406       357,459  

2.50%, 04/15/26

    260       249,418  

2.65%, 09/15/30 (Call 06/15/30)

    400       356,900  

3.38%, 04/15/29 (Call 01/15/29)

    490       470,699  

3.50%, 07/01/24

    305       304,414  

3.63%, 04/15/46

    356       303,486  

3.90%, 11/15/47 (Call 05/15/47)

    331       294,166  

4.00%, 07/01/42

    115       106,192  

6.35%, 11/01/32

    60       69,157  

6.50%, 10/15/37

    95       111,159  

7.00%, 01/15/38

    60       73,957  

TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 06/15/26)

    186       175,236  

3.88%, 04/15/30 (Call 01/15/30)

    92       89,435  

4.50%, 04/15/50 (Call 10/15/49)(a)

    214       212,093  

Tractor Supply Co.,

1.75%, 11/01/30 (Call 08/01/30)

    246       194,448  

Walgreens Boots Alliance Inc.
4.10%, 04/15/50 (Call 10/15/49)

    366       290,037  

4.80%, 11/18/44 (Call 05/18/44)(a)

    300       264,822  
   

 

 

 
      23,980,379  
Semiconductors — 2.8%            

Altera Corp., 4.10%, 11/15/23

    168       168,858  

Analog Devices Inc.,

5.30%, 12/15/45 (Call 06/15/45)

    12       12,602  

Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)

    280       235,096  

2.75%, 06/01/50 (Call 12/01/49)

    227       169,042  

 

 

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

  97


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Semiconductors (continued)            

3.30%, 04/01/27 (Call 01/01/27)(a)

  $ 558     $ 545,841  

3.90%, 10/01/25 (Call 07/01/25)

         503                 504,046  

4.35%, 04/01/47 (Call 10/01/46)(a)

    316       304,757  

5.10%, 10/01/35 (Call 04/01/35)

    268       282,279  

5.85%, 06/15/41

    197       225,313  

Broadcom Inc.
3.14%, 11/15/35 (Call 08/15/35)(c)

    295       223,648  

3.19%, 11/15/36 (Call 08/15/36)(c)

    124       91,993  

3.42%, 04/15/33 (Call 01/15/33)(c)

    349       287,838  

3.47%, 04/15/34 (Call 01/15/34)(c)

    97       78,605  

3.50%, 02/15/41 (Call 08/15/40)(c)

    343       257,936  

3.75%, 02/15/51 (Call 08/15/50)(a)(c)

    777       573,504  

4.15%, 11/15/30 (Call 08/15/30)

    198       180,568  

4.30%, 11/15/32 (Call 08/15/32)

    272       245,328  

4.93%, 05/15/37 (Call 02/15/37)(a)(c)

    1,265       1,128,658  

5.00%, 04/15/30 (Call 01/15/30)(a)

    12       11,730  

Intel Corp.
2.45%, 11/15/29 (Call 08/15/29)

    349       306,419  

2.60%, 05/19/26 (Call 02/19/26)

    326       312,226  

2.70%, 06/17/24 (Call 04/17/24)(a)

    10       9,808  

2.88%, 05/11/24 (Call 03/11/24)

    693       683,901  

3.05%, 08/12/51 (Call 02/12/51)

    145       104,180  

3.10%, 02/15/60 (Call 08/15/59)

    70       47,918  

3.15%, 05/11/27 (Call 02/11/27)

    293       282,625  

3.20%, 08/12/61 (Call 02/12/61)

    88       61,866  

3.25%, 11/15/49 (Call 05/15/49)

    493       367,241  

3.40%, 03/25/25 (Call 02/25/25)(a)

    677       668,774  

3.70%, 07/29/25 (Call 04/29/25)

    558       555,444  

3.73%, 12/08/47 (Call 06/08/47)

    278       226,873  

3.75%, 03/25/27 (Call 01/25/27)

    275       271,568  

3.75%, 08/05/27

    50       49,103  

3.90%, 03/25/30 (Call 12/25/29)

    235       227,252  

4.00%, 08/05/29

    50       48,624  

4.00%, 12/15/32

    540       518,940  

4.10%, 05/19/46 (Call 11/19/45)(a)

    311       274,918  

4.10%, 05/11/47 (Call 11/11/46)

    180       157,732  

4.25%, 12/15/42(a)

    92       82,747  

4.60%, 03/25/40 (Call 09/25/39)

    136       129,574  

4.75%, 03/25/50 (Call 09/25/49)

    279       266,213  

4.80%, 10/01/41(a)

    75       73,601  

4.90%, 07/29/45 (Call 01/29/45)(a)

    535       523,711  

4.90%, 08/05/52

    25       24,384  

4.95%, 03/25/60 (Call 09/25/59)

    369       352,288  

5.05%, 08/05/62

    25       24,237  

KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)

    33       25,815  

5.00%, 03/15/49 (Call 09/15/48)

    100       101,000  

5.25%, 07/15/62 (Call 01/15/62)

    100       101,915  

Lam Research Corp.
2.88%, 06/15/50 (Call 12/15/49)(a)

    241       176,998  

3.13%, 06/15/60 (Call 12/15/59)

    182       133,621  

3.75%, 03/15/26 (Call 01/15/26)

    944       940,649  

3.80%, 03/15/25 (Call 12/15/24)

    197       196,094  

4.00%, 03/15/29 (Call 12/15/28)

    383       376,363  

4.88%, 03/15/49 (Call 09/15/48)

    241       246,755  

Maxim Integrated Products Inc.,
3.45%, 06/15/27 (Call 03/15/27)

    160       153,387  

Micron Technology Inc.
3.48%, 11/01/51 (Call 05/01/51)

    45       29,948  

4.66%, 02/15/30 (Call 11/15/29)

    300       282,360  
Security   Par
(000)
    Value  
Semiconductors (continued)            

5.33%, 02/06/29 (Call 11/06/28)

  $ 363     $ 358,190  

NVIDIA Corp.
2.00%, 06/15/31 (Call 03/15/31)

         880                 743,142  

2.85%, 04/01/30 (Call 01/01/30)

    1,671       1,509,782  

3.20%, 09/16/26 (Call 06/16/26)

    2,682       2,640,134  

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

    423       364,059  

3.50%, 04/01/50 (Call 10/01/49)

    497       413,847  

3.70%, 04/01/60 (Call 10/01/59)

    290       236,886  

NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)

    635       512,604  

2.65%, 02/15/32 (Call 11/15/31)

    75       60,562  

3.25%, 05/11/41 (Call 11/11/40)

    25       18,091  

3.25%, 11/30/51 (Call 05/30/51)

    125       84,895  

4.30%, 06/18/29 (Call 03/18/29)

    447       422,245  

4.40%, 06/01/27 (Call 05/01/27)

    30       29,107  

5.00%, 01/15/33 (Call 10/15/32)(a)

    135       130,630  

QUALCOMM Inc.
4.30%, 05/20/47 (Call 11/20/46)

    250       234,602  

4.80%, 05/20/45 (Call 11/20/44)

    192       193,373  

Texas Instruments Inc.
1.38%, 03/12/25 (Call 02/12/25)

    571       538,339  

1.75%, 05/04/30 (Call 02/04/30)

    420       357,491  

1.90%, 09/15/31 (Call 06/15/31)

    235       197,964  

2.25%, 09/04/29 (Call 06/04/29)

    563       501,813  

2.63%, 05/15/24 (Call 03/15/24)

    366       359,891  

2.70%, 09/15/51 (Call 03/15/51)

    230       171,927  

2.90%, 11/03/27 (Call 08/03/27)

    418       398,496  

3.65%, 08/16/32

    200       193,252  

3.88%, 03/15/39 (Call 09/15/38)

    217       202,912  

4.10%, 08/16/52

    95       90,646  

4.15%, 05/15/48 (Call 11/15/47)

    521       497,732  

TSMC Arizona Corp.
2.50%, 10/25/31 (Call 07/25/31)

    1,265       1,070,835  

3.25%, 10/25/51 (Call 04/25/51)(a)

    130       103,643  
   

 

 

 
      27,581,804  
Shipbuilding — 0.1%            

Huntington Ingalls Industries Inc.
3.48%, 12/01/27 (Call 09/01/27)

    164       152,474  

3.84%, 05/01/25 (Call 04/01/25)

    472       461,824  

4.20%, 05/01/30 (Call 02/01/30)

    235       218,860  
   

 

 

 
      833,158  
Software — 3.9%            

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

    162       108,454  

3.40%, 06/15/27 (Call 03/15/27)

    135       130,124  

4.50%, 06/15/47 (Call 12/15/46)

    305       289,607  

Adobe Inc.
1.90%, 02/01/25 (Call 01/01/25)

    349       334,537  

2.15%, 02/01/27 (Call 12/01/26)

    748       700,270  

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

    1,968       1,742,290  

3.25%, 02/01/25 (Call 11/01/24)

    1,604       1,587,880  

Autodesk Inc.
2.85%, 01/15/30 (Call 10/15/29)

    304       269,648  

3.50%, 06/15/27 (Call 03/15/27)

    603       580,201  

4.38%, 06/15/25 (Call 03/15/25)

    373       375,342  

Cadence Design Systems Inc., 4.38%, 10/15/24
(Call 07/15/24)

    226       227,444  

 

 

98  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Software (continued)            

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

  $ 179     $ 175,757  

4.50%, 12/01/27 (Call 09/01/27)

         628                 626,317  

Electronic Arts Inc.
2.95%, 02/15/51 (Call 08/15/50)

    385       280,638  

4.80%, 03/01/26 (Call 12/01/25)

    462       469,900  

Fidelity National Information Services Inc.
4.50%, 08/15/46 (Call 02/15/46)

    52       45,053  

5.10%, 07/15/32 (Call 04/15/32)

    15       14,962  

5.63%, 07/15/52 (Call 01/15/52)

    50       49,672  

Fiserv Inc.
3.50%, 07/01/29 (Call 04/01/29)

    367       335,423  

4.40%, 07/01/49 (Call 01/01/49)

    255       220,391  

Microsoft Corp.
2.00%, 08/08/23 (Call 06/08/23)

    1,414       1,393,808  

2.40%, 08/08/26 (Call 05/08/26)

    1,519       1,451,404  

2.53%, 06/01/50 (Call 12/01/49)

    543       395,532  

2.68%, 06/01/60 (Call 12/01/59)

    507       360,665  

2.70%, 02/12/25 (Call 11/12/24)

    1,584       1,557,420  

2.88%, 02/06/24 (Call 12/06/23)

    1,190       1,178,088  

2.92%, 03/17/52 (Call 09/17/51)

    1,580       1,246,209  

3.04%, 03/17/62 (Call 09/17/61)

    250       191,368  

3.13%, 11/03/25 (Call 08/03/25)

    2,090       2,056,184  

3.30%, 02/06/27 (Call 11/06/26)

    1,544       1,518,539  

3.45%, 08/08/36 (Call 02/08/36)

    223       210,004  

3.50%, 02/12/35 (Call 08/12/34)(a)

    750       717,855  

3.50%, 11/15/42

    170       152,165  

3.63%, 12/15/23 (Call 09/15/23)

    1,007       1,009,175  

3.70%, 08/08/46 (Call 02/08/46)

    495       455,786  

3.75%, 02/12/45 (Call 08/12/44)(a)

    590       539,419  

3.95%, 08/08/56 (Call 02/08/56)

    350       326,655  

4.00%, 02/12/55 (Call 08/12/54)

    60       56,448  

4.10%, 02/06/37 (Call 08/06/36)

    290       291,244  

4.20%, 11/03/35 (Call 05/03/35)

    245       249,187  

4.25%, 02/06/47 (Call 08/06/46)

    230       230,131  

4.45%, 11/03/45 (Call 05/03/45)

    275       281,347  

4.50%, 10/01/40(a)

    110       112,809  

4.50%, 02/06/57 (Call 08/06/56)

    150       155,102  

5.30%, 02/08/41

    25       28,243  

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

    250       213,088  

3.25%, 05/15/30 (Call 02/15/30)

    282       245,213  

3.60%, 04/01/40 (Call 10/01/39)

    270       196,657  

3.60%, 04/01/50 (Call 10/01/49)

    569       387,751  

3.80%, 11/15/37 (Call 05/15/37)

    287       223,648  

3.85%, 07/15/36 (Call 01/15/36)

    261       208,145  

3.85%, 04/01/60 (Call 10/01/59)

    670       444,779  

3.90%, 05/15/35 (Call 11/15/34)

    341       277,390  

3.95%, 03/25/51 (Call 09/25/50)

    379       272,584  

4.00%, 07/15/46 (Call 01/15/46)

    646       472,743  

4.00%, 11/15/47 (Call 05/15/47)

    373       270,701  

4.10%, 03/25/61 (Call 09/25/60)

    332       231,490  

4.13%, 05/15/45 (Call 11/15/44)

    486       362,702  

4.30%, 07/08/34 (Call 01/08/34)

    452       393,828  

4.38%, 05/15/55 (Call 11/15/54)

    427       320,019  

4.50%, 07/08/44 (Call 01/08/44)

    182       145,707  

5.38%, 07/15/40

    516       465,004  

6.13%, 07/08/39

    239       236,235  

6.50%, 04/15/38

    217       223,026  
Security   Par
(000)
    Value  
Software (continued)            

Roper Technologies Inc.
2.35%, 09/15/24 (Call 08/15/24)

  $ 159     $ 153,356  

2.95%, 09/15/29 (Call 06/15/29)

    26       22,915  

3.80%, 12/15/26 (Call 09/15/26)

         254                 248,587  

3.85%, 12/15/25 (Call 09/15/25)

    107       105,042  

4.20%, 09/15/28 (Call 06/15/28)

    154       150,307  

salesforce.com Inc.
2.90%, 07/15/51 (Call 01/15/51)

    278       205,598  

3.05%, 07/15/61 (Call 01/15/61)

    273       195,771  

3.70%, 04/11/28 (Call 01/11/28)

    4,647       4,596,208  

ServiceNow Inc., 1.40%, 09/01/30

(Call 06/01/30)

    300       235,584  

VMware Inc.
3.90%, 08/21/27 (Call 05/21/27)

    522       498,390  

4.50%, 05/15/25 (Call 04/15/25)

    405       404,587  

4.65%, 05/15/27 (Call 03/15/27)

    707       701,203  

4.70%, 05/15/30 (Call 02/15/30)

    562       533,316  
   

 

 

 
      38,370,271  
Telecommunications — 4.1%            

America Movil SAB de CV

4.38%, 07/16/42

    10       8,969  

4.38%, 04/22/49 (Call 10/22/48)(a)

    32       29,314  

6.13%, 11/15/37

    30       32,293  

6.13%, 03/30/40

    270       295,933  

AT&T Inc.
3.30%, 02/01/52 (Call 08/01/51)

    300       216,246  

3.50%, 09/15/53 (Call 03/15/53)

    900       668,475  

3.50%, 02/01/61 (Call 08/01/60)

    715       510,910  

3.55%, 09/15/55 (Call 03/15/55)

    1,105       807,357  

3.65%, 06/01/51 (Call 12/01/50)

    350       267,648  

3.65%, 09/15/59 (Call 03/15/59)

    918       665,265  

3.80%, 12/01/57 (Call 06/01/57)

    898       679,041  

3.85%, 06/01/60 (Call 12/01/59)

    662       497,102  

4.10%, 02/15/28 (Call 11/15/27)

    85       82,796  

4.30%, 02/15/30 (Call 11/15/29)

    47       45,199  

4.30%, 12/15/42 (Call 06/15/42)

    545       472,466  

4.35%, 03/01/29 (Call 12/01/28)

    10       9,745  

4.35%, 06/15/45 (Call 12/15/44)(a)

    160       136,973  

4.50%, 05/15/35 (Call 11/15/34)

    539       506,019  

4.50%, 03/09/48 (Call 09/09/47)

    361       313,388  

4.55%, 03/09/49 (Call 09/09/48)

    231       206,128  

4.65%, 06/01/44 (Call 12/01/43)

    92       82,308  

4.75%, 05/15/46 (Call 11/15/45)

    406       373,451  

4.80%, 06/15/44 (Call 12/15/43)

    32       29,421  

4.85%, 03/01/39 (Call 09/01/38)

    300       282,000  

4.90%, 08/15/37 (Call 02/14/37)

    63       61,496  

5.15%, 03/15/42

    162       155,826  

5.15%, 11/15/46 (Call 05/15/46)

    130       126,044  

5.15%, 02/15/50 (Call 08/14/49)

    146       140,932  

5.25%, 03/01/37 (Call 09/01/36)

    183       183,445  

5.35%, 09/01/40

    262       259,097  

5.45%, 03/01/47 (Call 09/01/46)

    55       55,839  

5.55%, 08/15/41(a)

    47       47,554  

5.65%, 02/15/47 (Call 08/15/46)

    85       88,790  

5.70%, 03/01/57 (Call 09/01/56)

    159       165,408  

6.00%, 08/15/40 (Call 05/15/40)

    158       167,219  

6.30%, 01/15/38

    40       44,362  

6.38%, 03/01/41

    40       43,984  

6.55%, 02/15/39

    5       5,605  

Bell Telephone Co. of Canada or Bell Canada (The)
3.65%, 08/15/52 (Call 02/15/52)

    45       35,564  

 

 

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

  99


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Telecommunications (continued)            

4.30%, 07/29/49 (Call 01/29/49)

  $ 103     $ 91,156  

4.46%, 04/01/48 (Call 10/01/47)(a)

    101       92,525  

British Telecommunications PLC
4.50%, 12/04/23 (Call 11/04/23)

         407                 407,391  

5.13%, 12/04/28 (Call 09/04/28)

    732       720,105  

9.63%, 12/15/30

    1,178       1,449,529  

Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)(a)

    529       507,861  

2.95%, 02/28/26(a)

    596       583,335  

3.50%, 06/15/25

    451       450,202  

5.50%, 01/15/40

    634       691,314  

5.90%, 02/15/39

    637       723,288  

Corning Inc.
3.90%, 11/15/49 (Call 05/15/49)

    99       77,020  

4.38%, 11/15/57 (Call 05/15/57)

    130       106,838  

4.70%, 03/15/37

    25       23,559  

4.75%, 03/15/42

    11       10,209  

5.35%, 11/15/48 (Call 05/15/48)(a)

    81       79,808  

5.45%, 11/15/79 (Call 05/19/79)

    212       194,654  

5.75%, 08/15/40

    65       67,291  

5.85%, 11/15/68 (Call 05/15/68)

    66       63,439  

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

    320       393,901  

9.25%, 06/01/32

    100       131,856  

Juniper Networks Inc.
3.75%, 08/15/29 (Call 05/15/29)(a)

    57       51,796  

5.95%, 03/15/41

    55       52,785  

Koninklijke KPN NV, 8.38%, 10/01/30

    1,754       2,034,868  

Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)

    180       143,185  

4.00%, 09/01/24

    67       66,479  

4.60%, 02/23/28 (Call 11/23/27)

    51       50,177  

4.60%, 05/23/29 (Call 02/23/29)

    127       122,368  

5.50%, 09/01/44

    242       226,723  

Orange SA
5.38%, 01/13/42

    600       620,376  

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

    275       289,809  

9.00%, 03/01/31

    249       318,195  

Rogers Communications Inc.
2.90%, 11/15/26 (Call 08/15/26)

    71       66,701  

3.63%, 12/15/25 (Call 09/15/25)

    169       163,469  

3.70%, 11/15/49 (Call 05/15/49)(a)

    280       212,895  

4.30%, 02/15/48 (Call 08/15/47)

    108       89,703  

4.35%, 05/01/49 (Call 11/01/48)

    243       203,680  

4.50%, 03/15/43 (Call 09/15/42)

    170       146,535  

4.55%, 03/15/52 (Call 09/15/51)(a)(c)

    215       189,288  

5.00%, 03/15/44 (Call 09/15/43)

    262       239,604  

5.45%, 10/01/43 (Call 04/01/43)

    225       219,523  

7.50%, 08/15/38

    90       107,771  

Telefonica Emisiones SA
4.10%, 03/08/27

    377       365,739  

4.67%, 03/06/38

    135       116,734  

4.90%, 03/06/48

    133       110,560  

5.21%, 03/08/47

    583       503,030  

5.52%, 03/01/49 (Call 09/01/48)

    232       208,146  

7.05%, 06/20/36

    508       554,314  

Telefonica Europe BV, 8.25%, 09/15/30

    389       454,679  

TELUS Corp.

2.80%, 02/16/27 (Call 11/16/26)

    612       574,974  

3.70%, 09/15/27 (Call 06/15/27)(a)

    656       638,832  
Security   Par
(000)
    Value  
Telecommunications (continued)            

4.30%, 06/15/49 (Call 12/15/48)

  $ 207     $ 184,201  

4.60%, 11/16/48 (Call 05/16/48)

    374       348,344  

T-Mobile USA Inc.
3.00%, 02/15/41 (Call 08/15/40)

         280                 203,017  

3.30%, 02/15/51 (Call 08/15/50)

    651       465,029  

3.40%, 10/15/52 (Call 04/15/52)

    195       141,182  

3.60%, 11/15/60 (Call 05/15/60)

    414       298,183  

3.75%, 04/15/27 (Call 02/15/27)

    18       17,266  

3.88%, 04/15/30 (Call 01/15/30)

    589       544,442  

4.38%, 04/15/40 (Call 10/15/39)

    362       319,516  

4.50%, 04/15/50 (Call 10/15/49)

    602       524,938  

Verizon Communications Inc.
2.63%, 08/15/26

    121       114,092  

2.88%, 11/20/50 (Call 05/20/50)

    526       361,720  

2.99%, 10/30/56 (Call 04/30/56)

    1,018       685,592  

3.00%, 03/22/27 (Call 01/22/27)

    90       85,273  

3.00%, 11/20/60 (Call 05/20/60)

    380       253,316  

3.15%, 03/22/30 (Call 12/22/29)

    33       29,621  

3.38%, 02/15/25

    294       290,146  

3.55%, 03/22/51 (Call 09/22/50)

    740       581,529  

3.70%, 03/22/61 (Call 09/22/60)

    803       619,699  

3.85%, 11/01/42 (Call 05/01/42)

    348       291,836  

3.88%, 02/08/29 (Call 11/08/28)

    297       285,399  

4.00%, 03/22/50 (Call 09/22/49)(a)

    136       115,788  

4.02%, 12/03/29 (Call 09/03/29)

    4       3,837  

4.13%, 03/16/27

    139       138,144  

4.13%, 08/15/46

    255       224,867  

4.27%, 01/15/36

    683       630,969  

4.33%, 09/21/28

    21       20,716  

4.40%, 11/01/34 (Call 05/01/34)

    653       617,509  

4.50%, 08/10/33

    713       687,938  

4.52%, 09/15/48

    170       158,187  

4.67%, 03/15/55(a)

    150       140,973  

4.75%, 11/01/41

    291       276,278  

4.81%, 03/15/39

    398       387,787  

4.86%, 08/21/46

    692       676,049  

5.01%, 04/15/49

    65       64,538  

5.01%, 08/21/54

    65       65,029  

5.25%, 03/16/37

    677       689,504  

5.50%, 03/16/47(a)

    122       129,427  

5.85%, 09/15/35

    40       42,330  

6.40%, 09/15/33

    10       11,058  

6.55%, 09/15/43

    25       29,949  

7.75%, 12/01/30(a)

    40       47,502  

Vodafone Group PLC
3.75%, 01/16/24

    25       25,010  

4.13%, 05/30/25

    436       434,452  

4.25%, 09/17/50

    284       230,994  

4.38%, 05/30/28

    532       525,722  

4.38%, 02/19/43

    282       241,378  

4.88%, 06/19/49

    141       125,463  

5.00%, 05/30/38

    126       119,437  

5.13%, 06/19/59

    120       108,832  

5.25%, 05/30/48

    749       699,993  

6.15%, 02/27/37

    340       356,521  

6.25%, 11/30/32

    118       126,364  

7.88%, 02/15/30

    242       280,885  
   

 

 

 
      39,885,602  

 

 

100  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Toys, Games & Hobbies — 0.2%            

Hasbro Inc.
3.00%, 11/19/24 (Call 10/19/24)

  $ 236     $ 229,732  

3.50%, 09/15/27 (Call 06/15/27)(a)

         387       364,670  

3.55%, 11/19/26 (Call 09/19/26)

    597                 568,541  

3.90%, 11/19/29 (Call 08/19/29)

    390       358,851  

5.10%, 05/15/44 (Call 11/15/43)

    397       354,834  

6.35%, 03/15/40

    248       254,738  
   

 

 

 
      2,131,366  
Transportation — 2.2%            

Burlington Northern Santa Fe LLC
3.05%, 02/15/51 (Call 08/15/50)

    149       114,232  

3.55%, 02/15/50 (Call 08/15/49)

    138       115,572  

3.90%, 08/01/46 (Call 02/01/46)

    160       141,082  

4.05%, 06/15/48 (Call 12/15/47)

    220       199,978  

4.13%, 06/15/47 (Call 12/15/46)

    40       36,878  

4.15%, 04/01/45 (Call 10/01/44)

    173       157,728  

4.15%, 12/15/48 (Call 06/15/48)

    139       128,019  

4.38%, 09/01/42 (Call 03/01/42)

    65       61,293  

4.40%, 03/15/42 (Call 09/15/41)

    84       79,278  

4.45%, 03/15/43 (Call 09/15/42)

    146       139,709  

4.55%, 09/01/44 (Call 03/01/44)

    132       127,380  

4.70%, 09/01/45 (Call 03/01/45)

    108       105,368  

4.90%, 04/01/44 (Call 10/01/43)

    177       177,083  

4.95%, 09/15/41 (Call 03/15/41)

    63       63,652  

5.05%, 03/01/41 (Call 09/01/40)

    80       82,061  

5.15%, 09/01/43 (Call 03/01/43)

    164       170,526  

5.40%, 06/01/41 (Call 12/01/40)

    70       74,352  

5.75%, 05/01/40 (Call 11/01/39)

    61       67,016  

6.15%, 05/01/37

    40       45,918  

Canadian National Railway Co.
2.45%, 05/01/50 (Call 11/01/49)

    50       34,137  

3.20%, 08/02/46 (Call 02/02/46)(a)

    355       279,832  

3.65%, 02/03/48 (Call 08/03/47)

    511       432,843  

3.85%, 08/05/32

    50       48,389  

4.40%, 08/05/52

    40       38,258  

4.45%, 01/20/49 (Call 07/20/48)

    410       393,784  

6.20%, 06/01/36

    183       207,271  

6.25%, 08/01/34

    37       42,103  

6.38%, 11/15/37

    142       162,317  

6.90%, 07/15/28

    107       121,048  

Canadian Pacific Railway Co.
2.05%, 03/05/30 (Call 12/05/29)

    192       162,747  

2.90%, 02/01/25 (Call 11/01/24)

    107       103,916  

3.10%, 12/02/51 (Call 06/02/51)

    260       192,296  

4.00%, 06/01/28 (Call 03/01/28)(a)

    204       200,034  

4.80%, 09/15/35 (Call 03/15/35)

    63       62,403  

4.80%, 08/01/45 (Call 02/01/45)

    90       87,371  

5.95%, 05/15/37

    136       149,128  

6.13%, 09/15/2115 (Call 03/15/2115)

    74       77,799  

7.13%, 10/15/31(a)

    55       63,703  

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

    880       849,798  

CSX Corp.
2.40%, 02/15/30 (Call 11/15/29)

    91       79,478  

2.60%, 11/01/26 (Call 08/01/26)

    75       70,958  

3.25%, 06/01/27 (Call 03/01/27)

    59       56,817  

3.35%, 11/01/25 (Call 08/01/25)

    84       82,154  

3.35%, 09/15/49 (Call 03/15/49)

    201       157,883  

3.80%, 03/01/28 (Call 12/01/27)

    46       45,009  

3.80%, 11/01/46 (Call 05/01/46)

    218       185,568  
Security   Par
(000)
    Value  
Transportation (continued)            

3.80%, 04/15/50 (Call 10/15/49)

  $ 81     $ 68,346  

3.95%, 05/01/50 (Call 11/01/49)

         299       259,227  

4.10%, 03/15/44 (Call 09/15/43)

    266                 235,782  

4.25%, 03/15/29 (Call 12/15/28)

    73       72,336  

4.25%, 11/01/66 (Call 05/01/66)

    137       117,219  

4.30%, 03/01/48 (Call 09/01/47)

    400       365,040  

4.40%, 03/01/43 (Call 09/01/42)

    189       172,706  

4.50%, 03/15/49 (Call 09/15/48)

    123       115,281  

4.50%, 08/01/54 (Call 02/01/54)

    95       88,061  

4.65%, 03/01/68 (Call 09/01/67)

    20       18,403  

4.75%, 05/30/42 (Call 11/30/41)

    169       162,691  

4.75%, 11/15/48 (Call 05/15/48)

    139       135,675  

5.50%, 04/15/41 (Call 10/15/40)

    103       108,626  

6.00%, 10/01/36

    81       88,799  

6.15%, 05/01/37

    125       140,015  

6.22%, 04/30/40

    60       68,320  

FedEx Corp.
3.10%, 08/05/29 (Call 05/05/29)

    139       127,067  

3.40%, 02/15/28 (Call 11/15/27)

    50       47,871  

3.88%, 08/01/42

    67       56,069  

3.90%, 02/01/35

    85       77,360  

4.05%, 02/15/48 (Call 08/15/47)

    177       149,549  

4.10%, 04/15/43

    47       40,148  

4.10%, 02/01/45

    282       238,290  

4.20%, 10/17/28 (Call 07/17/28)

    156       153,228  

4.25%, 05/15/30 (Call 02/15/30)(a)

    24       23,446  

4.40%, 01/15/47 (Call 07/15/46)

    183       161,807  

4.55%, 04/01/46 (Call 10/01/45)

    189       169,697  

4.75%, 11/15/45 (Call 05/15/45)

    303       280,860  

4.90%, 01/15/34(a)

    74       74,528  

4.95%, 10/17/48 (Call 04/17/48)

    202       192,603  

5.10%, 01/15/44

    153       147,991  

5.25%, 05/15/50 (Call 11/15/49)(a)

    83       82,143  

Kansas City Southern
2.88%, 11/15/29 (Call 08/15/29)

    308       276,806  

3.50%, 05/01/50 (Call 11/01/49)

    315       245,366  

4.20%, 11/15/69 (Call 05/15/69)(a)

    210       172,759  

4.30%, 05/15/43 (Call 11/15/42)

    207       182,263  

4.70%, 05/01/48 (Call 11/01/47)

    336       317,003  

4.95%, 08/15/45 (Call 02/15/45)

    146       140,583  

Norfolk Southern Corp.
2.55%, 11/01/29 (Call 08/01/29)

    58       51,510  

2.90%, 06/15/26 (Call 03/15/26)

    58       55,388  

2.90%, 08/25/51 (Call 02/25/51)

    60       43,009  

3.15%, 06/01/27 (Call 03/01/27)

    94       89,487  

3.16%, 05/15/55 (Call 11/15/54)

    105       75,990  

3.40%, 11/01/49 (Call 05/01/49)

    229       179,605  

3.65%, 08/01/25 (Call 06/01/25)

    53       52,354  

3.70%, 03/15/53 (Call 09/15/52)

    180       147,339  

3.80%, 08/01/28 (Call 05/01/28)

    85       82,887  

3.85%, 01/15/24 (Call 10/15/23)(a)

    40       39,997  

3.94%, 11/01/47 (Call 05/01/47)

    244       211,594  

3.95%, 10/01/42 (Call 04/01/42)

    93       81,357  

4.05%, 08/15/52 (Call 02/15/52)

    325       282,376  

4.10%, 05/15/49 (Call 11/15/48)

    289       255,791  

4.10%, 05/15/2121 (Call 11/15/2120)

    110       81,950  

4.15%, 02/28/48 (Call 08/28/47)

    193       172,474  

4.45%, 06/15/45 (Call 12/15/44)

    103       95,702  

4.65%, 01/15/46 (Call 07/15/45)

    123       117,791  

4.84%, 10/01/41

    108       105,807  

 

 

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

  101


Schedule of Investments (unaudited) (continued)

August 31, 2022

  

iShares® ESG Aware USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Transportation (continued)             

7.80%, 05/15/27

  $ 10      $ 11,404  

Ryder System Inc.
2.50%, 09/01/24 (Call 08/01/24)

         237                  229,089  

2.85%, 03/01/27 (Call 02/01/27)

    45        41,553  

2.90%, 12/01/26 (Call 10/01/26)

    264        244,805  

3.65%, 03/18/24 (Call 02/18/24)(a)

    226        223,971  

3.88%, 12/01/23 (Call 11/01/23)

    196        195,194  

4.63%, 06/01/25 (Call 05/01/25)

    460        459,466  

Union Pacific Corp.
2.40%, 02/05/30 (Call 11/05/29)

    136        119,919  

2.95%, 03/10/52 (Call 09/10/51)

    40        29,422  

3.25%, 02/05/50 (Call 08/05/49)

    372        293,385  

3.35%, 08/15/46 (Call 02/15/46)

    63        50,637  

3.38%, 02/01/35 (Call 08/01/34)

    130        115,523  

3.50%, 02/14/53 (Call 08/14/52)

    470        381,428  

3.55%, 08/15/39 (Call 02/15/39)

    137        118,693  

3.55%, 05/20/61 (Call 11/20/60)

    25        19,751  

3.60%, 09/15/37 (Call 03/15/37)

    82        73,119  

3.70%, 03/01/29 (Call 12/01/28)

    9        8,759  

3.75%, 02/05/70 (Call 08/05/69)

    148        118,333  

3.80%, 10/01/51 (Call 04/01/51)

    276        237,564  

3.80%, 04/06/71 (Call 10/06/70)

    220        176,755  

3.84%, 03/20/60 (Call 09/20/59)

    170        142,790  

3.85%, 02/14/72 (Call 08/14/71)(a)

    77        62,704  

3.88%, 02/01/55 (Call 08/01/54)(a)

    183        157,715  

3.95%, 09/10/28 (Call 06/10/28)

    318        313,567  

3.95%, 08/15/59 (Call 02/15/59)

    203        174,420  

4.00%, 04/15/47 (Call 10/15/46)

    238        211,442  

4.05%, 11/15/45 (Call 05/15/45)

    67        58,867  

4.05%, 03/01/46 (Call 09/01/45)

    258        234,016  

4.10%, 09/15/67 (Call 03/15/67)

    86        73,724  

4.30%, 03/01/49 (Call 09/01/48)

    223        206,926  

4.50%, 09/10/48 (Call 03/10/48)

    198        187,257  

6.63%, 02/01/29(a)

    8        9,028  

United Parcel Service Inc.
2.50%, 09/01/29 (Call 06/01/29)

    225        203,326  

3.40%, 03/15/29 (Call 12/15/28)

    235        227,428  

3.40%, 11/15/46 (Call 05/15/46)

    100        83,069  

3.40%, 09/01/49 (Call 03/01/49)

    302        256,087  

3.63%, 10/01/42

    141        124,063  

3.75%, 11/15/47 (Call 05/15/47)

    301        267,881  

4.25%, 03/15/49 (Call 09/15/48)

    236        227,615  

4.45%, 04/01/30 (Call 01/01/30)(a)

    125        128,034  

4.88%, 11/15/40 (Call 05/15/40)

    98        100,705  

5.20%, 04/01/40 (Call 10/01/39)

    170        181,052  

5.30%, 04/01/50 (Call 10/01/49)(a)

    110        122,701  

6.20%, 01/15/38

    702        824,682  
    

 

 

 
       21,998,410  
Trucking & Leasing — 0.1%             

GATX Corp.
3.10%, 06/01/51 (Call 12/01/50)(a)

    75        49,080  

3.25%, 03/30/25 (Call 12/30/24)

    108        104,275  

3.25%, 09/15/26 (Call 06/15/26)

    80        75,576  

3.50%, 03/15/28 (Call 12/15/27)

    159        146,623  

3.85%, 03/30/27 (Call 12/30/26)

    153        145,176  

4.35%, 02/15/24 (Call 01/15/24)(a)

    166        165,871  

4.55%, 11/07/28 (Call 08/07/28)

    158        152,631  

4.70%, 04/01/29 (Call 01/01/29)(a)

    178        172,510  
Security  

Par

(000)

     Value  

Trucking & Leasing (continued)

    

5.20%, 03/15/44 (Call 09/15/43)

  $ 82      $ 75,266  
    

 

 

 
       1,087,008  
Venture Capital — 0.0%             

Hercules Capital Inc., 3.38%, 01/20/27
(Call 12/20/26)

    100        85,630  
    

 

 

 
Water — 0.3%             

American Water Capital Corp.
2.80%, 05/01/30 (Call 02/01/30)

    211        188,875  

2.95%, 09/01/27 (Call 06/01/27)

    33        31,047  

3.45%, 06/01/29 (Call 03/01/29)

    212                  197,601  

3.45%, 05/01/50 (Call 11/01/49)

         288        226,725  

3.75%, 09/01/28 (Call 06/01/28)

    134        129,823  

3.75%, 09/01/47 (Call 03/01/47)

    251        211,575  

4.00%, 12/01/46 (Call 06/01/46)

    115        98,096  

4.15%, 06/01/49 (Call 12/01/48)

    198        176,099  

4.20%, 09/01/48 (Call 03/01/48)

    302        270,378  

4.30%, 12/01/42 (Call 06/01/42)

    87        79,175  

4.30%, 09/01/45 (Call 03/01/45)

    170        151,717  

6.59%, 10/15/37

    212        242,053  

Essential Utilities Inc.
2.70%, 04/15/30 (Call 01/15/30)

    214        184,780  

3.35%, 04/15/50 (Call 10/15/49)

    154        113,296  

3.57%, 05/01/29 (Call 02/01/29)

    129        119,915  

4.28%, 05/01/49 (Call 11/01/48)

    246        212,347  

5.30%, 05/01/52 (Call 11/01/51)

    222        221,849  

United Utilities PLC, 6.88%, 08/15/28(a)

    50        54,278  
    

 

 

 
       2,909,629  
    

 

 

 

Total Long-Term Investments — 98.5%
(Cost: $1,115,972,519)

       969,621,029  
    

 

 

 

Short-Term Securities

 

Money Market Funds — 5.1%

 

BlackRock Cash Funds: Institutional,

SL Agency Shares, 2.42%(e)(f)(g)

    45,663        45,676,904  

BlackRock Cash Funds: Treasury,

SL Agency Shares, 2.07%(e)(f)

    4,320        4,320,000  
    

 

 

 

Total Short-Term Securities — 5.1%
(Cost: $49,978,643)

 

     49,996,904  
    

 

 

 

Total Investments in Securities — 103.6%
(Cost: $1,165,951,162)

       1,019,617,933  

Liabilities in Excess of Other Assets — (3.6)%

       (35,551,857
    

 

 

 

Net Assets — 100.0%

     $ 984,066,076  
    

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

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

(d) 

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

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

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

 

 

102  

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


Schedule of Investments (unaudited) (continued)

August 31, 2022

   iShares® ESG Aware USD Corporate Bond ETF

 

Affiliates

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

 

Affiliated Issuer   

Value at

02/28/22

    

Purchases

at Cost

    

Proceeds

from Sale

   

Net
Realized

Gain
(Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/22

    

Shares

Held at

08/31/22

(000)

     Income    

Capital Gain

Distributions
from

Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 46,713,665      $ —        $ (1,041,068 )(a)    $ (17,021    $  21,328      $ 45,676,904        45,663      $ 55,258 (b)    $ —    

BlackRock Cash Funds: Treasury, SL Agency Shares

     4,390,000        —          (70,000 )(a)       —          —          4,320,000        4,320        20,032       —    
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 
           $ (17,021    $ 21,328      $ 49,996,904         $ 75,290     $ —    
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

  (a)

Represents net amount purchased (sold).

 

 

  (b) 

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

 

Fair Value Hierarchy as of Period End

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

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

 

                                                                                   
      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $ —          $  969,621,029        $ —          $  969,621,029  

Money Market Funds

     49,996,904          —            —            49,996,904  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 49,996,904        $ 969,621,029        $ —          $ 1,019,617,933  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  103


Statements of Assets and Liabilities (unaudited) 

August 31, 2022

 

   

iShares

ESG Aware 1-5

Year USD

Corporate

Bond ETF

    

iShares

ESG Aware

U.S. Aggregate

Bond ETF

         

iShares

ESG Aware

USD Corporate

Bond ETF

 

 

 

ASSETS

         

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

  $ 923,322,199      $ 2,158,951,432        $ 969,621,029  

Investments, at value — affiliated(c)

    35,165,804        179,134,118          49,996,904  

Cash

    7,113                 9,910  

Receivables:

         

Investments sold

    10,401,196        16,477,137          11,273,754  

Securities lending income — affiliated

    6,714        1,768          11,396  

TBA sales commitments

           21,449,095           

Capital shares sold

           241,425          24,550  

Dividends — unaffiliated

           360,837           

Dividends — affiliated

    9,688        176          5,513  

Interest — unaffiliated

    7,902,711        11,305,585          11,278,286  
 

 

 

    

 

 

      

 

 

 

Total assets

    976,815,425        2,387,921,573          1,042,221,342  
 

 

 

    

 

 

      

 

 

 

LIABILITIES

         

Bank overdraft

           26,095           

Collateral on securities loaned, at value

    27,375,638        13,494,607          45,697,331  

TBA sales commitments, at value(d)

           21,092,008           

Payables:

         

Investments purchased

    15,716,128        188,537,990          12,305,872  

Capital shares redeemed

           4,100,166           

Investment advisory fees

    94,962        173,856          152,063  
 

 

 

    

 

 

      

 

 

 

Total liabilities

    43,186,728        227,424,722          58,155,266  
 

 

 

    

 

 

      

 

 

 

NET ASSETS

  $ 933,628,697      $ 2,160,496,851        $ 984,066,076  
 

 

 

    

 

 

      

 

 

 

NET ASSETS CONSIST OF

         

Paid-in capital

  $ 1,007,208,104      $ 2,413,188,787        $ 1,140,825,982  

Accumulated loss

    (73,579,407      (252,691,936        (156,759,906
 

 

 

    

 

 

      

 

 

 

NET ASSETS

  $ 933,628,697      $ 2,160,496,851        $ 984,066,076  
 

 

 

    

 

 

      

 

 

 

NET ASSET VALUE

         

Shares outstanding

    38,850,000        44,500,000          42,650,000  
 

 

 

    

 

 

      

 

 

 

Net asset value

  $ 24.03      $ 48.55        $ 23.07  
 

 

 

    

 

 

      

 

 

 

Shares authorized

    Unlimited        Unlimited          Unlimited  
 

 

 

    

 

 

      

 

 

 

Par value

    None        None          None  
 

 

 

    

 

 

      

 

 

 

(a) Investments, at cost — unaffiliated

  $ 987,009,147      $ 2,390,241,208        $ 1,115,972,519  

(b) Securities loaned, at value

  $ 26,390,537      $ 12,967,902        $ 43,628,665  

(c)  Investments, at cost — affiliated

  $ 35,148,495      $ 179,067,563        $ 49,978,643  

(d) Proceeds from TBA sales commitments

  $      $ 21,449,095        $  

See notes to financial statements.

 

 

104  

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


Statements of Operations (unaudited) 

Six Months Ended August 31, 2022

 

   

iShares
ESG Aware 1-5
Year USD

Corporate

Bond ETF

            iShares
ESG Aware
U.S. Aggregate
Bond ETF
            iShares
ESG Aware
USD Corporate
Bond ETF
 

 

 

INVESTMENT INCOME

           

Dividends — affiliated

  $ 20,165        $ 1,010,438        $ 20,032  

Interest — unaffiliated

    7,595,349          18,667,256          13,129,220  

Securities lending income — affiliated — net

    37,297          17,451          55,258  
 

 

 

      

 

 

      

 

 

 

Total investment income

    7,652,811          19,695,145          13,204,510  
 

 

 

      

 

 

      

 

 

 

EXPENSES

           

Investment advisory fees

    583,080          1,009,729          832,174  
 

 

 

      

 

 

      

 

 

 

Total expenses

    583,080          1,009,729          832,174  

Less:

           

Investment advisory fees waived

             (83,056         
 

 

 

      

 

 

      

 

 

 

Total expenses after fees waived

    583,080          926,673          832,174  
 

 

 

      

 

 

      

 

 

 

Net investment income

    7,069,731          18,768,472          12,372,336  
 

 

 

      

 

 

      

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

           

Net realized gain (loss) from:

           

Investments — unaffiliated

    (5,507,119        (14,440,680        (10,762,407

Investments — affiliated

    (9,486        (101,507        (17,021

In-kind redemptions — unaffiliated(a)

    (4,084,480        (3,353,473        (1,227,374
 

 

 

      

 

 

      

 

 

 
    (9,601,085        (17,895,660        (12,006,802
 

 

 

      

 

 

      

 

 

 

Net change in unrealized appreciation (depreciation) on:

           

Investments — unaffiliated

    (33,701,228        (161,038,791        (90,684,229

Investments — affiliated

    14,460          98,569          21,328  
 

 

 

      

 

 

      

 

 

 
    (33,686,768        (160,940,222        (90,662,901
 

 

 

      

 

 

      

 

 

 

Net realized and unrealized loss

    (43,287,853        (178,835,882        (102,669,703
 

 

 

      

 

 

      

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ (36,218,122      $ (160,067,410      $ (90,297,367
 

 

 

      

 

 

      

 

 

 

 

(a)

See Note 2 of the Notes to Financial Statements.    

See notes to financial statements.

 

 

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

  105


Statements of Changes in Net Assets

 

   

iShares

ESG Aware 1-5 Year USD Corporate Bond

ETF

   

iShares

ESG Aware U.S. Aggregate Bond ETF

 
 

 

 

   

 

 

 
   

Six Months Ended

08/31/22

(unaudited)

   

Year Ended

02/28/22

   

Six Months Ended

08/31/22

(unaudited)

   

Year Ended

02/28/22

 

 

 

INCREASE (DECREASE) IN NET ASSETS

                                           

OPERATIONS

               

Net investment income

    $ 7,069,731       $ 10,169,250       $ 18,768,472       $ 16,827,766  

Net realized gain (loss)

      (9,601,085       1,857,876         (17,895,660       (7,609,600

Net change in unrealized appreciation (depreciation)

      (33,686,768       (37,855,907       (160,940,222       (63,117,645
   

 

 

     

 

 

     

 

 

     

 

 

 

Net decrease in net assets resulting from operations

      (36,218,122       (25,828,781       (160,067,410       (53,899,479
   

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

               

Decrease in net assets resulting from distributions to shareholders

      (7,267,556       (12,151,822       (16,670,184       (15,695,144
   

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

               

Net increase (decrease) in net assets derived from capital share transactions

      (54,973,250       417,581,930         351,370,524         934,414,027  
   

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

               

Total increase (decrease) in net assets

      (98,458,928       379,601,327         174,632,930         864,819,404  

Beginning of period

      1,032,087,625         652,486,298         1,985,863,921         1,121,044,517  
   

 

 

     

 

 

     

 

 

     

 

 

 

End of period

    $ 933,628,697       $ 1,032,087,625       $ 2,160,496,851       $ 1,985,863,921  
   

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

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

See notes to financial statements.

 

 

106  

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


Statements of Changes in Net Assets (continued)

 

   

iShares

ESG Aware USD Corporate Bond ETF

 
 

 

 

 
   

Six Months

Ended

08/31/22

(unaudited)

   

Year Ended

02/28/22

 

 

 

INCREASE (DECREASE) IN NET ASSETS

                       

OPERATIONS

         

Net investment income

     $ 12,372,336        $ 16,738,290  

Net realized gain (loss)

       (12,006,802        933,311  

Net change in unrealized appreciation (depreciation)

       (90,662,901        (52,798,199
    

 

 

      

 

 

 

Net decrease in net assets resulting from operations

       (90,297,367        (35,126,598
    

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

       (11,703,825        (18,686,761
    

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase in net assets derived from capital share transactions

       188,051,946          123,891,039  
    

 

 

      

 

 

 

NET ASSETS

         

Total increase in net assets

       86,050,754          70,077,680  

Beginning of period

       898,015,322          827,937,642  
    

 

 

      

 

 

 

End of period

     $ 984,066,076        $ 898,015,322  
    

 

 

      

 

 

 

 

(a)

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

See notes to financial statements.

 

 

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

  107


Financial Highlights

(For a share outstanding throughout each period)

 

   

iShares ESG Aware 1-5 Year USD Corporate Bond ETF

 
 

 

 

 
 


 

Six Months Ended
08/31/22

(unaudited)


 

 

   
Year Ended
02/28/22
 
 
   
Year Ended
02/28/21
 
 
   
Year Ended
02/29/20
 
 
   
Year Ended
02/28/19
 
 
   

Period From
07/11/17

to 02/28/18

 
(a)  

 

 

 

Net asset value, beginning of period

    $ 25.11     $ 26.05     $ 25.74     $ 24.72     $ 24.60     $ 25.00  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

      0.18       0.27       0.44       0.70       0.72       0.35  

Net realized and unrealized gain (loss)(c)

      (1.08     (0.88     0.35       1.02       0.06       (0.47
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      (0.90     (0.61     0.79       1.72       0.78       (0.12
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(d)

             

From net investment income

      (0.18     (0.29     (0.47     (0.70     (0.66     (0.28

From net realized gain

            (0.04     (0.01                  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

      (0.18     (0.33     (0.48     (0.70     (0.66     (0.28
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 24.03     $ 25.11     $ 26.05     $ 25.74     $ 24.72     $ 24.60  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

             

Based on net asset value

      (3.58 )%(f)      (2.33 )%      3.07     7.07     3.23     (0.47 )%(f) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(g)

             

Total expenses

      0.12 %(h)       0.12     0.12     0.12     0.12     0.12 %(h) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      1.46 %(h)       1.06     1.68     2.75     2.93     2.20 %(h) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

             

Net assets, end of period (000)

    $ 933,629     $ 1,032,088     $ 652,486     $ 271,577     $ 70,453     $ 24,603  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(i)

      15 %(f)       37     38     24     29     30 %(f)  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

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

(d) 

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

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

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

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

   

iShares ESG Aware U.S. Aggregate Bond ETF

 
 

 

 

 
 


 

Six Months Ended
08/31/22

(unaudited)


 

 

   
Year Ended
02/28/22
 
 
   
Year Ended
02/28/21
 
 
   
Year Ended
02/29/20
 
 
   

Period From
10/18/18

to 02/28/19

 
(a)  

 

 

 

Net asset value, beginning of period

    $ 53.10     $ 55.22     $ 55.42     $ 51.25     $ 50.00  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

      0.47       0.62       0.74       1.44       0.60  

Net realized and unrealized gain (loss)(c)

      (4.60     (2.15     0.04       4.38       1.12  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      (4.13     (1.53     0.78       5.82       1.72  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(d)

           

From net investment income

      (0.42     (0.59     (0.87     (1.48     (0.47

From net realized gain

                  (0.11     (0.17      
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

      (0.42     (0.59     (0.98     (1.65     (0.47
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 48.55     $ 53.10     $ 55.22     $ 55.42     $ 51.25  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

           

Based on net asset value

      (7.80 )%(f)       (2.78 )%      1.39     11.52     3.46 %(f) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(g)

           

Total expenses

      0.10 %(h)       0.10     0.10     0.10     0.10 %(h) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

      0.09 %(h)       0.09     0.08     0.09     0.09 %(h) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      1.86 %(h)       1.13     1.32     2.69     3.21 %(h) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

           

Net assets, end of period (000)

    $ 2,160,497     $ 1,985,864     $ 1,121,045     $ 221,686     $ 56,371  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(i)(j)

      94 %(f)       234     384     266     99 %(f)  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

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

(d) 

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

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

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

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

(j) 

Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

 

 

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

  109


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

   

iShares ESG Aware USD Corporate Bond ETF

 
 

 

 

 
 


 

Six Months Ended
08/31/22

(unaudited)


 

 

   
Year Ended
02/28/22
 
 
   
Year Ended
02/28/21
 
 
   
Year Ended
02/29/20
 
 
   
Year Ended
02/28/19
 
 
   

Period From
07/11/17

to 02/28/18

 
(a)  

 

 

 

Net asset value, beginning of period

    $ 25.84     $ 27.42     $ 27.30     $ 24.31     $ 24.56     $ 24.98  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

      0.32       0.54       0.58       0.82       0.84       0.46  

Net realized and unrealized gain (loss)(c)

      (2.78     (1.51     0.14       2.97       (0.28     (0.48
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      (2.46     (0.97     0.72       3.79       0.56       (0.02
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(d)

             

From net investment income

      (0.31     (0.56     (0.60     (0.80     (0.81     (0.40

From net realized gain

            (0.05                        
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

      (0.31     (0.61     (0.60     (0.80     (0.81     (0.40
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 23.07     $ 25.84     $ 27.42     $ 27.30     $ 24.31     $ 24.56  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

             

Based on net asset value

      (9.57 )%(f)      (3.60 )%      2.64     15.85     2.35     (0.11 )%(f) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(g)

             

Total expenses

      0.18 %(h)       0.18     0.18     0.18     0.18     0.18 %(h) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      2.68 %(h)       2.00     2.08     3.14     3.48     2.90 %(h) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

             

Net assets, end of period (000)

    $ 984,066     $ 898,015     $ 827,938     $ 126,955     $ 25,524     $ 12,279  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(i)

      11 %(f)       17     25     11     20     17 %(f)  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

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

(d) 

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

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

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

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

110  

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Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

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

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

 

   
iShares ETF   Diversification    
Classification    

ESG Aware 1-5 Year USD Corporate Bond

  Diversified    

ESG Aware U.S. Aggregate Bond

  Diversified    

ESG Aware USD Corporate Bond

  Diversified    

 

2.

SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

 

   

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

 

 

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

  111


Notes to Financial Statements (unaudited)  (continued)

 

  of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

 

 

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Notes to Financial Statements (unaudited)  (continued)

 

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 

iShares ETF and Counterparty

   
Securities Loaned
at Value
 
 
    
Cash Collateral
Received
 
(a)  
   
Non-Cash Collateral
Received, at Fair Value
 
(a) 
    Net Amount  

 

 

ESG Aware 1-5 Year USD Corporate Bond

        

Barclays Bank PLC

  $ 3,330,071      $ (3,330,071   $     $  

BNP Paribas SA

    675,426        (675,426            

BofA Securities, Inc.

    6,653,516        (6,653,516            

Citadel Clearing LLC

    145,791        (145,791            

Citigroup Global Markets, Inc.

    1,001,320        (1,001,320            

Credit Suisse Securities (USA) LLC

    614,528        (614,528            

J.P. Morgan Securities LLC

    7,504,033        (7,504,033            

Morgan Stanley

    3,624,030        (3,624,030            

Scotia Capital (USA), Inc.

    773,123        (773,123            

Toronto-Dominion Bank

    1,416,010        (1,416,010            

Wells Fargo Securities LLC

    652,689        (652,689            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 26,390,537      $ (26,390,537   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

ESG Aware U.S. Aggregate Bond

        

Barclays Capital, Inc.

  $ 617,341      $ (617,341   $     $  

BMO Capital Markets Corp.

    118,165        (118,165            

BNP Paribas SA

    2,980,909        (2,980,909            

BofA Securities, Inc.

    2,203,300        (2,203,300            

Citigroup Global Markets, Inc.

    185,377        (185,377            

Credit Suisse Securities (USA) LLC

    155,994        (155,994            

Goldman Sachs & Co. LLC

    1,731,816        (1,731,816            

HSBC Securities (USA), Inc.

    153,889        (153,889            

J.P. Morgan Securities LLC

    2,702,674        (2,702,674            

Morgan Stanley

    518,212        (518,212            

Pershing LLC

    74,135        (74,135            

RBC Capital Markets LLC

    601,431        (601,431            

Scotia Capital (USA), Inc.

    584,765        (584,765            

State Street Bank & Trust Co.

    78,806        (78,806            

Toronto-Dominion Bank

    261,088        (261,088            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 12,967,902      $ (12,967,902   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

ESG Aware USD Corporate Bond

        

Barclays Bank PLC

  $ 7,850,823      $ (7,850,823   $     $  

BNP Paribas SA

    1,505,430        (1,505,430            

BofA Securities, Inc.

    7,357,107        (7,357,107            

Citadel Clearing LLC

    363,639        (363,639            

Citigroup Global Markets, Inc.

    2,383,420        (2,383,420            

Credit Suisse Securities (USA) LLC

    709,213        (709,213            

J.P. Morgan Securities LLC

    13,605,808        (13,605,808            

Jefferies LLC

    342,063        (342,063            

Morgan Stanley

    5,804,306        (5,804,306            

Scotia Capital (USA), Inc.

    1,296,285        (1,296,285            

State Street Bank & Trust Co.

    307,980        (307,980            

Toronto-Dominion Bank

    503,162        (503,162            

Wells Fargo Securities LLC

    1,599,429        (1,599,429            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 43,628,665      $   (43,628,665   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

  (a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

5.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees  

ESG Aware 1-5 Year USD Corporate Bond

    0.12

ESG Aware U.S. Aggregate Bond

    0.10  

ESG Aware USD Corporate Bond

    0.18  

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares ESG Aware U.S. Aggregate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts Waived  

ESG Aware U.S. Aggregate Bond

  $ 83,056  

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Fees Paid
to BTC
 

ESG Aware 1-5 Year USD Corporate Bond

  $ 14,514  

ESG Aware U.S. Aggregate Bond

    6,655  

ESG Aware USD Corporate Bond

    20,680  

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended August 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

       
iShares ETF   Purchases      Sales      Net Realized
Gain (Loss)
 

ESG Aware 1-5 Year USD Corporate Bond

  $      $ 5,747,066      $ (1,437,262

ESG Aware U.S. Aggregate Bond

           8,334,314        (3,208,808

ESG Aware USD Corporate Bond

      197,806          8,201,714          (2,954,868

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

6.

PURCHASES AND SALES

For the six months ended August 31, 2022, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

 

     
    U.S. Government Securities      Other Securities  
iShares ETF   Purchases      Sales      Purchases      Sales  

ESG Aware 1-5 Year USD Corporate Bond

  $      $      $ 157,517,188      $ 147,912,221  

ESG Aware U.S. Aggregate Bond

      1,908,870,861          1,800,625,482        65,453,556        65,075,512  

ESG Aware USD Corporate Bond

                    109,086,585          97,212,936  

For the six months ended August 31, 2022, in-kind transactions were as follows:

 

     
iShares ETF   In-kind
Purchases
    

In-kind

Sales

 

ESG Aware 1-5 Year USD Corporate Bond

  $ 55,741,687      $   108,713,587  

ESG Aware U.S. Aggregate Bond

      301,457,806        51,054,933  

ESG Aware USD Corporate Bond

    203,702,927        19,779,884  

 

7.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of February 28, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

 

   
iShares ETF   Non-Expiring  

ESG Aware U.S. Aggregate Bond

  $ 7,634,554  

As of August 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost      Gross Unrealized
Appreciation
     Gross Unrealized
Depreciation
    Net Unrealized
Appreciation
(Depreciation)
 

ESG Aware 1-5 Year USD Corporate Bond

  $ 1,023,099,489      $ 893,054      $ (65,504,540   $ (64,611,486

ESG Aware U.S. Aggregate Bond

      2,570,462,102        84,851        (232,104,316     (232,019,465

ESG Aware USD Corporate Bond

    1,166,538,407          588,919          (147,509,393       (146,920,474

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

8.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine

 

 

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Notes to Financial Statements  (unaudited) (continued)

 

payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

9.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
   

Six Months Ended

08/31/22

   

Year Ended

02/28/22

 
 

 

 

   

 

 

 
iShares ETF   Shares     Amount     Shares     Amount  

 

 

ESG Aware 1-5 Year USD Corporate Bond

       

Shares sold

    2,350,000     $ 57,023,623       20,750,000     $ 538,810,062  

Shares redeemed

    (4,600,000     (111,996,873     (4,700,000     (121,228,132
 

 

 

   

 

 

   

 

 

   

 

 

 
    (2,250,000   $ (54,973,250     16,050,000     $ 417,581,930  
 

 

 

   

 

 

   

 

 

   

 

 

 

ESG Aware U.S. Aggregate Bond

       

Shares sold

    8,500,000     $ 422,436,388       17,300,000     $ 944,951,917  

Shares redeemed

    (1,400,000     (71,065,864     (200,000     (10,537,890
 

 

 

   

 

 

   

 

 

   

 

 

 
    7,100,000     $ 351,370,524       17,100,000     $ 934,414,027  
 

 

 

   

 

 

   

 

 

   

 

 

 

ESG Aware USD Corporate Bond

       

Shares sold

    8,700,000     $ 208,102,963       11,800,000     $ 320,359,632  

Shares redeemed

    (800,000     (20,051,017     (7,250,000     (196,468,593
 

 

 

   

 

 

   

 

 

   

 

 

 
    7,900,000     $ 188,051,946       4,550,000     $ 123,891,039  
 

 

 

   

 

 

   

 

 

   

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

 

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Board Review and Approval of Investment Advisory Contract

 

iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware USD Corporate Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares ESG Aware U.S. Aggregate Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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Supplemental Information (unaudited)

 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

August 31, 2022

 

       
        

Total Cumulative Distributions

for the Fiscal Year-to-Date

       

% Breakdown of the Total Cumulative

Distributions for the Fiscal Year-to-Date

        
    iShares ETF   Net
Investment
Income
     Net Realized
Capital Gains
     Return of
Capital
     Total Per
Share
         Net
Investment
Income
    Net Realized
Capital Gains
    Return of
Capital
    Total Per
Share
     
  ESG Aware U.S. Aggregate Bond   $ 0.418436      $             —      $         —      $ 0.418436           100             100  

 

 

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General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

Portfolio Abbreviations - Fixed Income

BAB

 

Build America Bond

GO

 

General Obligation

LIBOR

 

London Interbank Offered Rate

SCA

 

Svenska Celluosa Aktiebolaget

SOFR

 

Secured Overnight Financing Rate

TBA

 

To-Be-Announced

 

 

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Want to know more?

iShares.com     |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-209-0822

 

 

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