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