LOGO

  FEBRUARY 28, 2022

 

 

  

  

2022 Annual Report

 

 

iShares Trust

 

·  

iShares Core U.S. Aggregate Bond ETF | AGG | NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2022
      6-Month     12-Month 

U.S. large cap equities

(S&P 500® Index)

  (2.62)%   16.39%

U.S. small cap equities

(Russell 2000® Index)

  (9.46)     (6.01)  

International equities

(MSCI Europe, Australasia, Far East Index)

  (6.78)     2.83   

Emerging market equities

(MSCI Emerging Markets Index)

  (9.81)     (10.69)    

3-month Treasury bills

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

  0.02      0.04   

U.S. Treasury securities

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

  (3.94)     (1.67)  

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

  (4.07)     (2.64)  

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

  (3.09)     (0.66)  

U.S. high yield bonds

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

  (3.07)     0.64   

 

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

 

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     7  

Shareholder Expenses

     7  

Schedule of Investments

     8  

Financial Statements

  

Statement of Assets and Liabilities

     104  

Statement of Operations

     105  

Statements of Changes in Net Assets

     106  

Financial Highlights

     107  

Notes to Financial Statements

     108  

Report of Independent Registered Public Accounting Firm

     116  

Important Tax Information (Unaudited)

     117  

Statement Regarding Liquidity Risk Management Program

     118  

Supplemental Information

     119  

Trustee and Officer Information

     121  

General Information

     124  

Glossary of Terms Used in this Report

     125  

 

 

    


Market Overview

 

iShares Trust

U.S. Bond Market Overview

U.S. investment-grade bonds lost ground during the 12 months ended February 28, 2022 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance, returned -2.64% in this interval.

The market downturn reflected a shift from an environment dominated by the adverse economic effects of COVID-19 to one characterized by improving growth and rising inflation. As vaccines were rolled out and lockdowns related to the virus gradually eased, economic growth rebounded in kind. U.S. GDP rose nearly 6% in real (after-inflation) terms in 2021, up from -3.4% in 2020. However, the supply of goods and labor was insufficient to keep up with the increase in demand. These circumstances translated to a surge in inflation, with sharply rising prices for commodities, consumer products, housing costs and labor. Inflation, as measured by the U.S. Core Personal Consumption Index, moved north of 4% in October 2021 and exceeded 5% in January 2022 – well above its range of recent years.

The U.S. Federal Reserve (“Fed”) at first did not adjust its monetary policy in response to accelerating inflation, calling the uptrend “transitory.” As inflation in fact persisted, the Fed shifted gears in November 2021 by announcing it would taper the stimulative bond-buying program known as quantitative easing. It also stated its intention to begin raising interest rates. Investors, appearing to sense that the Fed had fallen behind the curve in fighting inflation, soon began to price in the possibility of as many as six to seven rate increases in 2022.

Late in the period, Russia’s invasion of Ukraine led to a large increase in uncertainty and somewhat dampened expectations regarding the likely extent of Fed tightening. At the same time, commodity prices surged in anticipation that the sanctions levied on Russia would further constrict the available supply of raw materials. Expectations for future inflation therefore remained elevated as of the end of February, limiting the typical “flight to quality” into higher-rated bonds.

Yields on U.S. Treasuries rose, as prices fell, in the annual period. Short-dated issues, which are most sensitive to Fed policy, were hardest hit in the downturn. The yield on the two-year note surged from 0.13% at the beginning of the period to 1.43% by February 28, 2022. Longer-dated bonds, where prices are driven more by longer-term growth expectations than the Fed, held up better on a relative basis. The 10-year yield moved from 1.41% to 1.83% over the 12-month interval, while the 30-year bond stayed even around 2.15%.

Investment-grade corporate bonds experienced a loss and lagged the broader market. Corporate issues performed reasonably well through most of 2021, when the generally favorable investment backdrop encouraged investors to take on greater risk in search of more attractive yields. However, corporates gave up all of their previous gains in January and February 2022 after the start of the Russia-Ukraine conflict fueled a spike in the market’s aversion to risk.

Securitized assets also posted negative returns, underperforming Treasuries but finishing slightly ahead of corporate bonds. Although the housing market remained robust, mortgage-backed securities—which make up the bulk of the category—nonetheless lost ground in the environment of rising interest rates.

 

 

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Fund Summary as of February 28, 2022    iShares® Core U.S. Aggregate Bond ETF

 

Investment Objective

The iShares Core U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of the total U.S. investment-grade bond market, as represented by the Bloomberg U.S. Aggregate Bond Index (the “Index”) (formerly the Bloomberg Barclays U.S. Aggregate Bond 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
     1 Year      5 Years      10 Years              1 Year      5 Years      10 Years  

Fund NAV

    (2.68 )%       2.66      2.41         (2.68 )%       14.01      26.87

Fund Market

    (2.64      2.65        2.39           (2.64      13.98        26.64  

Index

    (2.64      2.71        2.47                 (2.64      14.30        27.66  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
     

Beginning
Account Value
(09/01/21
 
 
      

Ending
Account Value
(02/28/22
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
               
    $        1,000.00          $        959.00          $        0.15               $        1,000.00          $        1,024.60          $        0.15          0.03

 

  (a) 

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

 

 

 

U N D  U M M A R Y

  5


Fund Summary as of February 28, 2022 (continued)    iShares® Core U.S. Aggregate Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Aaa

    54.8

Aa

    10.0  

A

    16.1  

Baa

    13.3  

Ba

    0.4  

Not Rated

    5.4  

ALLOCATION BY INVESTMENT TYPE

 

   

Investment Type

   

Percent of

Total Investments

 

(a) 

U.S. Government & Agency Obligations

    70.5

Corporate Bonds & Notes

    26.0  

Foreign Government Obligations

    2.5  

Collaterized Mortgage Obligations

    1.2  

Municipal Debt Obligations

    0.7  

Asset-Backed Securities

    0.3  

TBA Sales Commitments

    (1.2

 

  *

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.

 

 

 

6  

2 0 2 2   I S H A R E S    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


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 the 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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

Shareholders of the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

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

The expense example also provides information about hypothetical account values and hypothetical expenses based on the 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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.

 

 

 

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

  7


Schedule of Investments

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Asset-Backed Securities

   

American Express Credit Account Master Trust Class A, 0.90%, 11/15/26

  $ 70,000     $ 68,456,602  

AmeriCredit Automobile Receivables Trust

   

Series 2021-1, Class A3, 0.37%, 08/18/25
(Call 04/18/24)

    7,620       7,559,713  

Series 2021-1, Class B, 0.68%, 10/19/26
(Call 04/18/24)

    11,050       10,867,616  

BA Credit Card Trust

   

Series 2020-A1, Class A1, 0.34%, 05/15/26

    9,450       9,225,072  

Series 2021-A1, Class A1, 0.44%, 09/15/26

    23,870       23,259,930  

BMW Vehicle Lease Trust

   

1.10%, 03/25/25 (Call 04/25/24)

    16,740       16,566,265  

1.23%, 05/27/25 (Call 04/25/24)

    6,500       6,406,264  

Capital One Multi-Asset Execution Trust

   

Class A2, 1.39%, 07/15/30

    11,000       10,504,579  

Series 2021-A1, Class A1, 0.55%, 07/15/26

    20,000       19,453,166  

Carmax Auto Owner Trust Series 2021-1, Class A3, 0.34%, 12/15/25 (Call 05/15/24)

    7,490       7,376,189  

CarMax Auto Owner Trust Series 2021-4, Class A3, 0.56%, 09/15/26 (Call 09/15/25)

    7,490       7,294,490  

Discover Card Execution Note Trust Series 2022-A1, Class A1, 1.96%, 02/16/27

    6,900       6,932,047  

Exeter Automobile Receivables Trust Series 2021-2, Class D, 1.40%, 04/15/27 (Call 06/15/24)

    3,261       3,175,222  

GM Financial Automobile Leasing Trust Series 2020-2, Class A4, 1.01%, 07/22/24 (Call 01/20/23)

    3,480       3,476,489  

GM Financial Consumer Automobile Receivables Trust

   

1.26%, 11/16/26 (Call 11/16/25)

    14,000       13,779,358  

1.51%, 04/17/28 (Call 11/16/25)

    2,940       2,901,843  

Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 05/15/24)

    13,720       13,558,695  

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

        28,690       27,897,059  

Volkswagen Auto Lease Trust, Series 2020-A, Class A3, 0.39%, 01/22/24 (Call 03/20/23)

    2,130       2,119,987  
   

 

 

 

Total Asset-Backed Securities — 0.3%
(Cost: $266,317,327)

          260,810,586  
   

 

 

 

Collaterized Mortgage Obligations

 

Mortgage-Backed Securities — 1.2%

   

Banc of America Commercial Mortgage Trust, Series 2017-BNK3, Class ASB, 3.37%, 02/15/50 (Call 06/15/26)

    2,359       2,418,838  

Bank

   

Series 2018-BN15, Class A4,
4.41%, 11/15/61 (Call 10/15/28)(a)

    5,000       5,458,095  

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

    15,310       15,296,334  

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

    6,500       6,388,117  

Series 2020-BN27, Class A5,
2.14%, 04/15/63 (Call 03/15/30)

    23,610       22,357,948  

Series 2020-BN29, Class A4,
2.00%, 11/15/53 (Call 11/15/30)

    5,760       5,362,807  

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

    8,750       8,777,725  

BBCMS Mortgage Trust
2.32%, 09/15/54

    1,965       1,875,641  
Security   Par
(000)
     Value  
Mortgage-Backed Securities (continued)  

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

  $ 18,450      $ 19,190,205  

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

    10,000        9,839,424  

Series 2020-C7, Class A5,
2.04%, 04/15/53 (Call 02/15/30)

    16,670        15,692,102  

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

    18,590        18,024,111  

Benchmark Mortgage Trust

    

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

    10,616        11,227,201  

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

    7,000        7,476,558  

Series 2018-B5, Class A4,
4.21%, 07/15/51 (Call 07/15/28)

    6,150        6,653,113  

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

    10,093        11,123,676  

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

    17,000        18,435,515  

Series 2019-B11, Class A4,
3.28%, 05/15/52 (Call 03/15/29)

    20,650        21,137,088  

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

    20,000        20,905,579  

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

    2,700        2,490,407  

Series 2020-B21, Class A4,
1.70%, 12/17/53 (Call 03/15/30)

    7,000        6,446,337  

Series 2020-B21, Class A5,
1.98%, 12/17/53 (Call 11/15/30)

    8,616        8,046,129  

Series 2020-B23, Class A5,
2.07%, 02/15/54 (Call 01/15/31)

        25,000            23,392,257  

Citigroup Commercial Mortgage Trust

    

Series 2013-GC17, Class A4,
4.13%, 11/10/46 (Call 11/10/23)

    10,000        10,281,783  

Series 2014-GC25, Class AAB,
3.37%, 10/10/47 (Call 07/10/24)

    5,360        5,456,229  

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

    5,209        5,357,653  

Series 2015-GC27, Class AAB,
2.94%, 02/10/48 (Call 07/10/24)

    6,285        6,357,140  

Series 2016-GC37, Class A4,
3.31%, 04/10/49 (Call 01/10/26)

    17,730        18,153,075  

Series 2016-P5, Class A4,
2.94%, 10/10/49 (Call 08/10/26)

    11,400        11,520,258  

Series 2017-P7, Class A4,
3.71%, 04/14/50 (Call 03/14/27)

    13,900        14,473,788  

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

    20,020        21,357,613  

COMM Mortgage Trust

    

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

    13,802        14,216,864  

Series 2013-CR12, Class A4,
4.05%, 10/10/46 (Call 10/10/23)

    8,900        9,105,975  

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

    2,800        2,885,463  

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

    10,000        10,294,966  

Series 2014-CR20, Class A3,
3.33%, 11/10/47 (Call 09/10/24)

    6,335        6,418,112  

 

 

8  

2 0 2 2   I S H A R E S   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  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

Series 2014-UBS2, Class A4,
3.69%, 03/10/47 (Call 01/10/24)

  $ 5,990     $ 6,126,856  

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

    9,700       9,972,967  

Series 2014-UBS3, Class A4,
3.82%, 06/10/47 (Call 05/10/24)

    12,887       13,239,698  

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

    12,920       13,249,376  

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

    3,000       3,059,218  

Series 2015-CR24, Class A5,
3.70%, 08/10/48 (Call 07/10/25)

    16,990       17,497,621  

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

    2,750       2,807,643  

Series 2015-DC1, Class C,
4.31%, 02/10/48 (Call 01/10/25)(a)

    3,000       2,970,003  

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

    15,500       15,893,460  

Series 2015-LC23, Class A2,
3.22%, 10/10/48 (Call 10/10/22)

    10,441       10,364,547  

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

    9,650       10,000,179  

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

    8,000       8,299,673  

Series 2016-DC2, Class A5,
3.77%, 02/10/49 (Call 01/10/26)

    4,000       4,156,216  

CSAIL Commercial Mortgage Trust

   

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

        10,000           10,239,806  

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

    17,519       18,169,165  

Series 2016-C7, Class A5, 3.50%, 11/15/49 (Call 10/15/26)

    5,200       5,369,691  

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

    27,000       28,626,931  

Series 2019-C18, Class A4, 2.97%, 12/15/52

    10,000       10,041,603  

DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49 (Call 07/10/26)

    1,000       1,007,037  

GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 07/10/51(a)

    3,000       3,218,996  

GS Mortgage Securities Trust

   

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

    5,000       5,034,717  

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

    10,000       10,253,519  

Series 2014-GC24, Class A4,
3.67%, 09/10/47 (Call 08/10/24)

    19,444       19,769,666  

Series 2014-GC24, Class A5,
3.93%, 09/10/47 (Call 08/10/24)

    6,000       6,198,532  

Series 2015-GC32, Class A2,
3.06%, 07/10/48 (Call 07/10/22)

    196       195,705  

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

    10,000       10,360,942  

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

    13,000       13,236,398  

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

    3,000       3,187,251  

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

    2,500       2,676,873  

JPMBB Commercial Mortgage Securities Trust

   

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

    7,000       7,213,520  
Security   Par
(000)
     Value  
Mortgage-Backed Securities (continued)  

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

  $ 9,660      $ 9,975,476  

Series 2014-C24, Class A5,
3.64%, 11/15/47 (Call 10/15/24)

    16,995        17,425,064  

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

    3,800        3,915,412  

JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5,
3.80%, 07/15/47 (Call 05/15/24)

    9,000        9,236,980  

Morgan Stanley Bank of America Merrill Lynch Trust

    

Series 2013-C09, Class A4,
3.10%, 05/15/46 (Call 04/15/23)

    5,000        5,033,064  

Series 2013-C10, Class A5,
4.07%, 07/15/46 (Call 06/15/23)(a)

    1,600        1,634,839  

Series 2013-C10, Class AS,
4.07%, 07/15/46 (Call 06/15/23)(a)

    8,166        8,315,985  

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

    5,000        5,088,754  

Series 2015-C23, Class A4,
3.72%, 07/15/50 (Call 06/15/25)

    1,850        1,908,656  

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

    7,275        7,512,506  

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

        17,025            17,619,802  

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

    16,420        16,907,710  

Series 2016-C28, Class AS,
3.95%, 01/15/49 (Call 01/15/26)

    2,000        2,056,795  

Series 2016-C32, Class A3,
3.46%, 12/15/49 (Call 11/15/26)

    9,522        9,735,236  

Morgan Stanley Capital I Trust

    

Series 2015-UBS8, Class A4,
3.81%, 12/15/48 (Call 11/15/25)

    3,500        3,637,755  

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

    12,000        12,422,876  

Series 2018, Class A3,
4.14%, 10/15/51 (Call 07/15/28)

    21,700        23,259,968  

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

    700        739,218  

Series 2019-H6, Class A4,
3.42%, 06/15/52 (Call 05/15/29)

    7,660        7,915,602  

Series 2019-L3, Class AS,
3.49%, 11/15/52 (Call 11/15/29)

    720        729,256  

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

    20,000        19,754,618  

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

    10,430        10,155,211  

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

    18,150        19,276,456  

UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.53%, 05/10/63 (Call 06/10/22)

    16,157        16,168,049  

Wells Fargo Commercial Mortgage Trust

    

Class A4, 2.34%, 08/15/54 (Call 07/15/31)

    4,600        4,384,977  

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

    25,059        25,571,540  

Series 2014-LC16, Class A5,
3.82%, 08/15/50 (Call 05/15/24)

    15,200        15,602,693  

Series 2014-LC18, Class ASB,
3.24%, 12/15/47 (Call 10/15/24)

    9,478        9,639,671  

 

 

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

  9


Schedule of Investments  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)  

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

  $ 8,500     $ 8,688,701  

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

    5,000       5,186,621  

Series 2015-SG1, Class A4,
3.79%, 09/15/48 (Call 08/15/25)

    11,037       11,349,117  

Series 2020-C56, Class A5,
2.45%, 06/15/53 (Call 03/15/30)

    6,480       6,279,147  

Series 2020-C58, Class A4,
2.09%, 07/15/53 (Call 11/15/30)

    17,680       16,560,139  

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

    5,200       5,086,346  

WFRBS Commercial Mortgage Trust

   

Series 2012-C10, Class A3,
2.88%, 12/15/45 (Call 12/15/22)

    27,100       27,177,697  

Series 2013-C14, Class A5,
3.34%, 06/15/46 (Call 05/15/23)

        10,315       10,445,010  
   

 

 

 
      1,052,728,882  
   

 

 

 

Total Collaterized Mortgage
Obligations — 1.2%
(Cost: $1,066,414,695)

          1,052,728,882  
   

 

 

 

Corporate Bonds & Notes

   

Advertising — 0.0%

   

Interpublic Group of Companies Inc. (The)

   

2.40%, 03/01/31 (Call 12/01/30)

    1,833       1,738,234  

3.38%, 03/01/41 (Call 09/01/40)

    3,755       3,517,571  

4.65%, 10/01/28 (Call 07/01/28)

    665       729,345  

4.75%, 03/30/30 (Call 12/30/29)

    2,928       3,247,269  

5.40%, 10/01/48 (Call 04/01/48)

    1,110       1,384,381  

Omnicom Group Inc.

   

2.45%, 04/30/30 (Call 01/30/30)

    4,387       4,211,915  

2.60%, 08/01/31 (Call 05/01/31)

    2,435       2,341,861  

4.20%, 06/01/30 (Call 03/01/30)

    1,876       2,031,239  

Omnicom Group Inc./Omnicom Capital Inc.

   

3.60%, 04/15/26 (Call 01/15/26)

    6,620       6,901,152  

3.65%, 11/01/24 (Call 08/01/24)

    1,900       1,963,270  

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

    6,116       6,333,730  
   

 

 

 
      34,399,967  
Aerospace & Defense — 0.5%            

Boeing Co. (The)

   

1.43%, 02/04/24 (Call 03/31/22)

    5,980       5,884,200  

1.88%, 06/15/23 (Call 04/15/23)

    2,477       2,473,953  

1.95%, 02/01/24

    378       376,624  

2.20%, 02/04/26 (Call 02/04/23)

    6,390       6,188,459  

2.25%, 06/15/26 (Call 03/15/26)

    3,284       3,206,235  

2.60%, 10/30/25 (Call 07/30/25)

    3,053       3,035,232  

2.70%, 02/01/27 (Call 12/01/26)

    6,915       6,820,818  

2.75%, 02/01/26 (Call 01/01/26)

    315       315,104  

2.80%, 03/01/23 (Call 02/01/23)

    1,850       1,869,333  

2.80%, 03/01/24 (Call 02/01/24)

    2,252       2,278,416  

2.80%, 03/01/27 (Call 12/01/26)

    2,220       2,190,985  

2.85%, 10/30/24 (Call 07/30/24)

    3,721       3,758,805  

2.95%, 02/01/30 (Call 11/01/29)

    4,364       4,207,812  

3.10%, 05/01/26 (Call 03/01/26)

    4,946       4,990,019  

3.20%, 03/01/29 (Call 12/01/28)

    3,561       3,520,725  

3.25%, 02/01/28 (Call 12/01/27)

    400       401,020  

3.25%, 03/01/28 (Call 12/01/27)

    1,799       1,801,986  

3.25%, 02/01/35 (Call 11/01/34)

    2,824       2,625,021  
Security   Par
(000)
     Value  
Aerospace & Defense (continued)             

3.38%, 06/15/46 (Call 12/15/45)

  $ 1,043      $ 889,043  

3.45%, 11/01/28 (Call 08/01/28)

    4,003        4,031,101  

3.50%, 03/01/39 (Call 09/01/38)

    2,069        1,881,900  

3.55%, 03/01/38 (Call 09/01/37)

    1,958        1,817,886  

3.60%, 05/01/34 (Call 02/01/34)

    2,571        2,494,101  

3.63%, 02/01/31 (Call 11/01/30)

    362        365,164  

3.63%, 03/01/48 (Call 09/01/47)

    1,040        919,589  

3.65%, 03/01/47 (Call 09/01/46)

    2,051        1,799,732  

3.75%, 02/01/50 (Call 08/01/49)

    5,328        4,950,831  

3.83%, 03/01/59 (Call 09/01/58)

    1,416        1,238,264  

3.85%, 11/01/48 (Call 05/01/48)

    2,089        1,899,194  

3.90%, 05/01/49 (Call 11/01/48)

    3,651        3,402,221  

3.95%, 08/01/59 (Call 02/01/59)

    3,543        3,215,202  

4.51%, 05/01/23 (Call 04/01/23)

    1,025        1,053,536  

4.88%, 05/01/25 (Call 04/01/25)

    11,417        12,139,696  

5.04%, 05/01/27 (Call 03/01/27)

    6,764        7,354,497  

5.15%, 05/01/30 (Call 02/01/30)

    11,943        13,180,773  

5.71%, 05/01/40 (Call 11/01/39)

    6,052        7,050,156  

5.81%, 05/01/50 (Call 11/01/49)

        16,933            20,132,829  

5.88%, 02/15/40

    2,473        2,863,751  

5.93%, 05/01/60 (Call 11/01/59)

    12,527        14,891,722  

6.13%, 02/15/33

    1,798        2,175,526  

6.63%, 02/15/38

    1,344        1,675,861  

6.88%, 03/15/39

    2,615        3,330,359  

General Dynamics Corp.

    

1.15%, 06/01/26 (Call 05/01/26)

    1,875        1,795,781  

1.88%, 08/15/23 (Call 06/15/23)

    2,586        2,595,956  

2.13%, 08/15/26 (Call 05/15/26)

    3,818        3,811,509  

2.25%, 06/01/31 (Call 03/01/31)

    1,375        1,334,671  

2.38%, 11/15/24 (Call 09/15/24)

    751        758,240  

2.63%, 11/15/27 (Call 08/15/27)

    2,334        2,367,983  

2.85%, 06/01/41 (Call 12/01/40)

    2,375        2,222,050  

3.25%, 04/01/25 (Call 03/01/25)

    2,579        2,661,115  

3.38%, 05/15/23 (Call 04/15/23)

    4,198        4,284,689  

3.50%, 05/15/25 (Call 03/15/25)

    4,812        4,995,385  

3.50%, 04/01/27 (Call 02/01/27)

    767        807,804  

3.60%, 11/15/42 (Call 05/15/42)

    608        634,022  

3.63%, 04/01/30 (Call 01/01/30)

    3,837        4,085,216  

3.75%, 05/15/28 (Call 02/15/28)

    3,753        3,993,642  

4.25%, 04/01/40 (Call 10/01/39)

    1,439        1,609,752  

4.25%, 04/01/50 (Call 10/01/49)

    2,990        3,451,566  

L3Harris Technologies Inc.

    

1.80%, 01/15/31 (Call 10/15/30)

    3,040        2,750,288  

2.90%, 12/15/29 (Call 09/15/29)

    2,441        2,424,230  

3.83%, 04/27/25 (Call 01/27/25)

    2,371        2,470,772  

3.85%, 06/15/23 (Call 05/15/23)

    4,438        4,548,240  

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

    2,828        2,968,608  

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

    1,430        1,481,723  

4.40%, 06/15/28 (Call 03/15/28)

    5,532        5,980,455  

4.85%, 04/27/35 (Call 10/27/34)

    2,316        2,650,870  

5.05%, 04/27/45 (Call 10/27/44)

    850        1,011,857  

6.15%, 12/15/40

    1,400        1,871,492  

Lockheed Martin Corp.

    

1.85%, 06/15/30 (Call 03/15/30)

    1,345        1,260,480  

2.80%, 06/15/50 (Call 12/15/49)

    3,340        3,008,071  

2.90%, 03/01/25 (Call 12/01/24)

    3,982        4,074,542  

3.55%, 01/15/26 (Call 10/15/25)

    7,461        7,845,316  

3.60%, 03/01/35 (Call 09/01/34)

    2,778        2,912,233  

3.80%, 03/01/45 (Call 09/01/44)

    3,880        4,069,344  

4.07%, 12/15/42

    1,903        2,075,469  

 

 

10  

2 0 2 2   I S H A R E S   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  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Aerospace & Defense (continued)            

4.09%, 09/15/52 (Call 03/15/52)

  $ 6,016     $ 6,656,764  

4.50%, 05/15/36 (Call 11/15/35)

    2,595       2,953,681  

4.70%, 05/15/46 (Call 11/15/45)

    3,899       4,611,503  

5.72%, 06/01/40

    627       797,695  

Series B, 6.15%, 09/01/36

    1,925       2,544,234  

Northrop Grumman Corp.

   

2.93%, 01/15/25 (Call 11/15/24)

    5,559       5,664,843  

3.20%, 02/01/27 (Call 11/01/26)

    2,254       2,317,698  

3.25%, 08/01/23

    3,645       3,723,914  

3.25%, 01/15/28 (Call 10/15/27)

    6,973       7,156,390  

3.85%, 04/15/45 (Call 10/15/44)

    1,669       1,708,338  

4.03%, 10/15/47 (Call 04/15/47)

    7,996       8,452,971  

4.40%, 05/01/30 (Call 02/01/30)

    377       415,541  

4.75%, 06/01/43

    3,689       4,263,709  

5.05%, 11/15/40(b)

    1,128       1,335,259  

5.15%, 05/01/40 (Call 11/01/39)

    2,135       2,537,469  

5.25%, 05/01/50 (Call 11/01/49)

    3,618       4,572,899  

Raytheon Technologies Corp.

   

1.90%, 09/01/31 (Call 06/01/31)

    2,582       2,359,380  

2.25%, 07/01/30 (Call 04/01/30)

    4,725       4,489,034  

2.38%, 03/15/32 (Call 12/15/31)

    4,680       4,438,980  

2.65%, 11/01/26 (Call 08/01/26)

    525       534,377  

2.82%, 09/01/51 (Call 03/01/51)

    1,440       1,247,270  

3.03%, 03/15/52 (Call 09/15/51)

    5,075       4,561,816  

3.13%, 05/04/27 (Call 02/04/27)

    4,683       4,828,454  

3.13%, 07/01/50 (Call 01/01/50)

    3,230       2,971,923  

3.20%, 03/15/24 (Call 01/15/24)

    3,645       3,733,574  

3.50%, 03/15/27 (Call 12/15/26)

    5,255       5,491,422  

3.70%, 12/15/23 (Call 09/15/23)

    2,058       2,117,497  

3.75%, 11/01/46 (Call 05/01/46)

    4,169       4,208,939  

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

    6,026       6,353,272  

4.05%, 05/04/47 (Call 11/04/46)

    4,158       4,394,133  

4.13%, 11/16/28 (Call 08/16/28)

    7,245       7,831,700  

4.15%, 05/15/45 (Call 11/16/44)

    4,186       4,487,853  

4.35%, 04/15/47 (Call 10/15/46)

    3,468       3,817,262  

4.45%, 11/16/38 (Call 05/16/38)

    3,270       3,650,465  

4.50%, 06/01/42

        11,882       13,254,490  

4.63%, 11/16/48 (Call 05/16/48)

    5,923       6,845,152  

4.70%, 12/15/41

    2,015       2,279,570  

4.80%, 12/15/43 (Call 06/15/43)

    2,996       3,453,729  

4.88%, 10/15/40

    634       731,953  

6.13%, 07/15/38

    95       124,555  

7.20%, 08/15/27

    2,203       2,716,057  

Teledyne Technologies Inc.

   

0.65%, 04/01/23

    500       494,395  

0.95%, 04/01/24 (Call 04/01/22)

    1,115       1,089,154  

1.60%, 04/01/26 (Call 03/01/26)

    460       443,449  

2.25%, 04/01/28 (Call 02/01/28)

    275       267,396  

2.75%, 04/01/31 (Call 01/01/31)

    1,420       1,366,040  
   

 

 

 
          429,807,251  
Agriculture — 0.3%            

Altria Group Inc.

   

2.35%, 05/06/25 (Call 04/06/25)

    4,315       4,307,147  

2.45%, 02/04/32 (Call 11/04/31)

    6,995       6,247,934  

2.63%, 09/16/26 (Call 06/16/26)(b)

    3,760       3,754,849  

3.40%, 05/06/30 (Call 02/06/30)

    3,864       3,819,293  

3.40%, 02/04/41 (Call 08/04/40)

    4,727       3,912,254  

3.70%, 02/04/51 (Call 08/04/50)

    4,892       3,996,275  

3.88%, 09/16/46 (Call 03/16/46)

    5,862       5,035,048  

4.00%, 01/31/24

    80       82,839  
Security   Par
(000)
    Value  
Agriculture (continued)            

4.00%, 02/04/61 (Call 08/04/60)

  $     2,865     $     2,384,368  

4.25%, 08/09/42

    3,611       3,293,954  

4.40%, 02/14/26 (Call 12/14/25)

    2,356       2,502,897  

4.45%, 05/06/50 (Call 11/06/49)

    2,633       2,421,939  

4.50%, 05/02/43

    3,198       2,999,116  

4.80%, 02/14/29 (Call 11/14/28)

    2,600       2,814,162  

5.38%, 01/31/44

    5,952       6,226,566  

5.80%, 02/14/39 (Call 08/14/38)

    7,637       8,375,040  

5.95%, 02/14/49 (Call 08/14/48)

    5,467       6,111,723  

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    5,850       5,916,280  

2.70%, 09/15/51 (Call 03/15/51)

    575       516,827  

2.90%, 03/01/32 (Call 12/01/31)

    1,000       1,011,770  

3.25%, 03/27/30 (Call 12/27/29)

    2,491       2,587,227  

3.75%, 09/15/47 (Call 03/15/47)

    1,499       1,618,126  

4.02%, 04/16/43

    637       704,312  

4.50%, 03/15/49 (Call 09/15/48)

    3,674       4,414,752  

4.54%, 03/26/42

    1,252       1,462,824  

5.38%, 09/15/35

    417       523,485  

5.94%, 10/01/32

    152       193,157  

BAT Capital Corp.

   

2.26%, 03/25/28 (Call 01/25/28)

    1,330       1,241,701  

2.73%, 03/25/31 (Call 12/25/30)

    3,888       3,563,430  

2.79%, 09/06/24 (Call 08/06/24)

    4,968       4,999,348  

3.22%, 08/15/24 (Call 06/15/24)

    7,917       8,038,130  

3.22%, 09/06/26 (Call 07/06/26)

    6,727       6,733,929  

3.46%, 09/06/29 (Call 06/06/29)

    2,387       2,357,210  

3.56%, 08/15/27 (Call 05/15/27)

    8,807       8,889,522  

3.73%, 09/25/40 (Call 03/25/40)

    1,683       1,456,014  

3.98%, 09/25/50 (Call 03/25/50)

    2,141       1,841,688  

4.39%, 08/15/37 (Call 02/15/37)

    7,944       7,627,511  

4.54%, 08/15/47 (Call 02/15/47)

    8,531       7,875,563  

4.70%, 04/02/27 (Call 02/02/27)

    2,165       2,298,905  

4.76%, 09/06/49 (Call 03/06/49)

    4,488       4,267,235  

4.91%, 04/02/30 (Call 01/02/30)

    3,858       4,121,501  

5.28%, 04/02/50 (Call 10/02/49)

    2,547       2,575,093  

BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)

    2,453       2,333,760  

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

    2,125       2,062,759  

2.75%, 05/14/31 (Call 02/14/31)

    4,020       3,826,960  

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

    2,663       2,727,524  

3.75%, 09/25/27 (Call 06/25/27)

    2,920       3,052,364  

4.35%, 03/15/24 (Call 03/10/22)

    5,036       5,278,030  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    1,525       1,434,156  

1.13%, 05/01/23

    1,649       1,643,905  

1.50%, 05/01/25 (Call 04/01/25)

    2,546       2,483,929  

1.75%, 11/01/30 (Call 08/01/30)

    393       356,089  

2.10%, 05/01/30 (Call 02/01/30)

    1,708       1,605,025  

2.13%, 05/10/23 (Call 03/10/23)

    3,188       3,207,511  

2.63%, 03/06/23

    827       836,006  

2.75%, 02/25/26 (Call 11/25/25)

    3,700       3,752,207  

2.88%, 05/01/24 (Call 04/01/24)

    4,578       4,670,613  

3.13%, 08/17/27 (Call 05/17/27)

    2,120       2,188,306  

3.13%, 03/02/28 (Call 12/02/27)

    3,526       3,623,741  

3.25%, 11/10/24

    3,610       3,727,072  

3.38%, 08/11/25 (Call 05/11/25)

    2,473       2,552,062  

3.38%, 08/15/29 (Call 05/15/29)

    4,106       4,226,716  

3.60%, 11/15/23

    2,193       2,262,408  

 

 

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

  11


Schedule of Investments  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Agriculture (continued)            

3.88%, 08/21/42

  $     2,981     $     2,918,011  

4.13%, 03/04/43

    1,619       1,625,800  

4.25%, 11/10/44

    1,249       1,287,257  

4.38%, 11/15/41

    3,012       3,125,161  

4.50%, 03/20/42

    3,785       4,002,259  

4.88%, 11/15/43

    3,720       4,104,685  

6.38%, 05/16/38

    5,363       6,944,495  

Reynolds American Inc.

   

4.45%, 06/12/25 (Call 03/12/25)

    8,898       9,316,028  

4.85%, 09/15/23

    1,900       1,976,589  

5.70%, 08/15/35 (Call 02/15/35)

    2,026       2,226,392  

5.85%, 08/15/45 (Call 02/15/45)

    6,143       6,629,218  

6.15%, 09/15/43

    2,983       3,333,831  

7.25%, 06/15/37

    2,425       3,003,896  
   

 

 

 
          263,465,709  
Airlines — 0.1%            

American Airlines Pass Through Trust

   

Class A, 2.88%, 01/11/36

    4,530       4,275,776  

Series 2015-2, Class AA, 3.60%, 03/22/29

    935       940,707  

Series 2016-1, Class AA, 3.58%, 07/15/29

    963       962,242  

Series 2016-2, Class AA, 3.20%, 12/15/29

    731       717,867  

Series 2016-3, Class AA, 3.00%, 04/15/30

    526       514,668  

Series 2017-1, Class AA, 3.65%, 02/15/29

    3,656       3,691,628  

Series 2017-2, Class AA, 3.35%, 04/15/31

    1,332       1,319,584  

Series 2019-1, Class AA, 3.15%, 08/15/33

    1,389       1,351,607  

Continental Airlines 2012-2 Class A Pass Through Trust, Series 2012-2 A, Class A, 4.00%, 04/29/26

    1,011       1,027,589  

Delta Air Lines Inc. Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25

    200       203,584  

Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29

    5,398       5,138,375  

JetBlue Pass Through Trust

   

Series 1A, Class A, 4.00%, 05/15/34

    2,009       2,109,374  

Series 2019-1, Class AA, 2.75%, 11/15/33

    1,344       1,291,770  

Southwest Airlines Co.

   

2.63%, 02/10/30 (Call 11/10/29)

    803       767,507  

3.00%, 11/15/26 (Call 08/15/26)

    1,515       1,532,983  

3.45%, 11/16/27 (Call 08/16/27)

    1,288       1,326,112  

4.75%, 05/04/23

    1,706       1,763,100  

5.13%, 06/15/27 (Call 04/15/27)

    6,928       7,689,526  

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

    4,579       4,938,223  

Spirit Airlines Pass Through Trust, Series 2015-1, Class A, 4.10%, 10/01/29(b)

    1,580       1,586,191  

United Airlines Pass Through Trust

   

Series 2012-1 A, Class A, 4.15%, 10/11/25

    2,068       2,106,297  

Series 2013-1, Class A, 4.30%, 02/15/27

    911       940,791  

Series 2014-1, Class A, 4.00%, 10/11/27

    4,274       4,362,752  

Series 2014-2, Class A, 3.75%, 03/03/28

    3,573       3,636,347  

Series 2016-1, Class AA, 3.10%, 01/07/30

    2,262       2,237,675  

Series 2016-2, Class AA, 2.88%, 04/07/30

    1,408       1,379,456  

Series 2018-1, Class AA, 3.50%, 09/01/31

    3,847       3,892,467  

Series 2019, Class AA, 4.15%, 02/25/33

    398       419,122  

Series 2019-2, Class AA, 2.70%, 11/01/33

    1,909       1,836,877  

Series 2020-1, Class A, 5.88%, 04/15/29

    3,744       3,945,518  

Series 2020-1, Class B, 4.88%, 07/15/27

    1,969       1,999,143  
   

 

 

 
      69,904,858  
Apparel — 0.1%            

NIKE Inc. 2.25%, 05/01/23 (Call 02/01/23)

    303       305,567  
Security   Par
(000)
    Value  
Apparel (continued)            

2.38%, 11/01/26 (Call 08/01/26)

  $     1,083     $     1,096,191  

2.40%, 03/27/25 (Call 02/27/25)

    6,851       6,949,380  

2.75%, 03/27/27 (Call 01/27/27)

    5,907       6,067,552  

2.85%, 03/27/30 (Call 12/27/29)

    6,695       6,805,668  

3.25%, 03/27/40 (Call 09/27/39)

    1,845       1,840,812  

3.38%, 11/01/46 (Call 05/01/46)

    3,775       3,732,833  

3.38%, 03/27/50 (Call 09/27/49)

    3,357       3,419,977  

3.63%, 05/01/43 (Call 11/01/42)

    1,179       1,228,848  

3.88%, 11/01/45 (Call 05/01/45)

    3,808       4,121,855  

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

    1,928       2,036,450  

Ralph Lauren Corp.

   

2.95%, 06/15/30 (Call 03/15/30)

    1,954       1,951,440  

3.75%, 09/15/25 (Call 07/15/25)

    4,305       4,505,312  

Tapestry Inc.

   

3.05%, 03/15/32 (Call 12/15/31)

    1,375       1,309,894  

4.13%, 07/15/27 (Call 04/15/27)

    296       309,723  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    3,789       3,801,276  

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

    3,909       3,957,628  

2.95%, 04/23/30 (Call 01/23/30)

    2,659       2,631,799  
   

 

 

 
          56,072,205  
Auto Manufacturers — 0.4%            

American Honda Finance Corp.

   

0.55%, 07/12/24

    442       427,052  

0.65%, 09/08/23

    1,451       1,428,814  

0.75%, 08/09/24

    700       679,189  

0.88%, 07/07/23

    480       475,618  

1.00%, 09/10/25

    315       301,710  

1.20%, 07/08/25

    140       135,335  

1.30%, 09/09/26

    2,335       2,237,397  

1.50%, 01/13/25

    3,200       3,140,192  

1.80%, 01/13/31

    606       558,399  

1.95%, 05/10/23

    1,415       1,421,962  

2.00%, 03/24/28

    1,120       1,081,091  

2.15%, 09/10/24

    2,678       2,681,428  

2.25%, 01/12/29

    3,085       2,994,856  

2.30%, 09/09/26

    1,911       1,910,503  

2.35%, 01/08/27

    1,636       1,633,121  

2.40%, 06/27/24

    4,160       4,200,976  

2.90%, 02/16/24

    3,440       3,504,259  

3.45%, 07/14/23

    2,194       2,244,572  

3.50%, 02/15/28

    3,336       3,497,329  

3.55%, 01/12/24

    5,005       5,162,707  

3.63%, 10/10/23

    3,743       3,853,156  

Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32 (Call 12/01/31)

    3,205       3,214,647  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    2,005       1,909,201  

1.50%, 09/01/30 (Call 06/01/30)

    1,589       1,428,940  

2.60%, 09/01/50 (Call 03/01/50)

    3,290       2,715,171  

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

    3,556       3,646,002  

4.88%, 10/01/43 (Call 04/01/43)

    1,271       1,533,500  

Daimler Finance North America LLC,
8.50%, 01/18/31

    6,419       9,106,378  

General Motors Co.

   

4.00%, 04/01/25

    2,117       2,197,404  

4.20%, 10/01/27 (Call 07/01/27)

    2,428       2,560,884  

4.88%, 10/02/23

    6,870       7,170,837  

5.00%, 10/01/28 (Call 07/01/28)

    2,660       2,901,980  

5.00%, 04/01/35

    2,828       3,060,518  

5.15%, 04/01/38 (Call 10/01/37)

    3,120       3,385,918  

5.20%, 04/01/45

    3,302       3,561,141  

 

 

12  

2 0 2 2   I S H A R E S   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  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Auto Manufacturers (continued)            

5.40%, 10/02/23

  $ 4,239     $ 4,457,224  

5.40%, 04/01/48 (Call 10/01/47)

    4,059       4,498,103  

5.95%, 04/01/49 (Call 10/01/48)

    4,062       4,854,537  

6.13%, 10/01/25 (Call 09/01/25)

    7,156       7,914,608  

6.25%, 10/02/43

    1,860       2,255,455  

6.60%, 04/01/36 (Call 10/01/35)

    5,090       6,296,839  

6.75%, 04/01/46 (Call 10/01/45)

    4,477       5,720,979  

6.80%, 10/01/27 (Call 08/01/27)

    3,501       4,126,314  

General Motors Financial Co. Inc.

   

1.05%, 03/08/24

    2,604       2,540,801  

1.20%, 10/15/24

    3,190       3,093,694  

1.25%, 01/08/26 (Call 12/08/25)

    1,130       1,066,517  

1.50%, 06/10/26 (Call 05/10/26)

    5,220       4,943,079  

1.70%, 08/18/23

    1,365       1,360,045  

2.35%, 02/26/27 (Call 01/26/27)

    4,955       4,805,954  

2.35%, 01/08/31 (Call 10/08/30)

    1,060       961,134  

2.40%, 04/10/28 (Call 02/10/28)

    2,950       2,817,486  

2.40%, 10/15/28 (Call 08/15/28)

    4,470       4,238,141  

2.70%, 08/20/27 (Call 06/20/27)

    534       522,984  

2.70%, 06/10/31 (Call 03/10/31)

    4,075       3,781,559  

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

    7,469       7,465,340  

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

    6,286       6,324,470  

3.10%, 01/12/32 (Call 10/12/31)

    1,700       1,623,092  

3.50%, 11/07/24 (Call 09/07/24)

    5,120       5,244,160  

3.60%, 06/21/30 (Call 03/21/30)

    1,696       1,702,767  

3.70%, 05/09/23 (Call 03/09/23)

    4,464       4,544,754  

3.85%, 01/05/28 (Call 10/05/27)

    2,779       2,863,398  

3.95%, 04/13/24 (Call 02/13/24)

    3,093       3,185,481  

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

    2,265       2,343,618  

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

    4,546       4,744,706  

4.15%, 06/19/23 (Call 05/19/23)

    2,587       2,652,839  

4.25%, 05/15/23

    1,909       1,964,075  

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

    2,863       2,987,626  

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

    2,232       2,335,587  

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

    5,444       5,736,452  

5.10%, 01/17/24 (Call 12/17/23)

    7,350       7,712,869  

5.25%, 03/01/26 (Call 12/01/25)

    4,149       4,489,840  

5.65%, 01/17/29 (Call 10/17/28)

    2,669       2,999,769  

PACCAR Financial Corp.

   

0.35%, 08/11/23

    350       344,680  

0.35%, 02/02/24

    560       545,048  

0.50%, 08/09/24

    585       566,058  

0.80%, 06/08/23

    810       803,471  

0.90%, 11/08/24

    170       165,701  

1.10%, 05/11/26

    1,917       1,840,186  

1.80%, 02/06/25

    981       972,583  

2.00%, 02/04/27

    1,075       1,065,916  

2.15%, 08/15/24

    1,508       1,515,751  

2.65%, 04/06/23

    240       243,540  

3.40%, 08/09/23

    1,297       1,329,477  

Stellantis NV, 5.25%, 04/15/23

        22,280           23,035,515  

Toyota Motor Corp.

   

0.68%, 03/25/24 (Call 02/25/24)

    4,525       4,413,051  

1.34%, 03/25/26 (Call 02/25/26)

    2,710       2,616,180  

2.36%, 07/02/24

    2,326       2,342,747  

2.36%, 03/25/31 (Call 12/25/30)

    1,295       1,264,762  

2.76%, 07/02/29

    977       983,409  

3.42%, 07/20/23

    4,830       4,953,938  

3.67%, 07/20/28

    1,790       1,906,332  
Security   Par
(000)
    Value  
Auto Manufacturers (continued)            

Toyota Motor Credit Corp.
0.40%, 04/06/23

  $ 25     $ 24,720  

0.45%, 01/11/24

    295       288,020  

0.50%, 08/14/23

    1,321       1,301,581  

0.50%, 06/18/24

    4,900       4,746,777  

0.63%, 09/13/24

    3,505       3,385,339  

0.80%, 10/16/25

    505       480,169  

1.13%, 06/18/26

    8,904       8,525,402  

1.15%, 08/13/27

    1,978       1,856,452  

1.35%, 08/25/23

    2,522       2,514,333  

1.45%, 01/13/25

    2,160       2,126,952  

1.65%, 01/10/31

    596       545,227  

1.80%, 02/13/25

    2,718       2,698,322  

1.90%, 01/13/27

    2,000       1,964,800  

1.90%, 04/06/28

    3,444       3,318,053  

1.90%, 09/12/31

    4,060       3,765,163  

2.00%, 10/07/24

    1,983       1,982,703  

2.15%, 02/13/30

    3,800       3,655,600  

2.25%, 10/18/23

    3,830       3,866,730  

2.40%, 01/13/32

    200       193,528  

2.90%, 03/30/23

    5,442       5,529,398  

2.90%, 04/17/24

    1,907       1,945,712  

3.00%, 04/01/25

    4,608       4,720,758  

3.05%, 01/11/28

    2,680       2,762,919  

3.20%, 01/11/27

    4,267       4,440,752  

3.35%, 01/08/24

    3,124       3,212,534  

3.38%, 04/01/30

    1,214       1,271,374  

3.40%, 04/14/25

    3,550       3,673,682  

3.45%, 09/20/23

    4,796       4,929,041  

3.65%, 01/08/29

    4,055       4,318,169  
   

 

 

 
          368,091,038  
Auto Parts & Equipment — 0.0%            

Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)

    5,745       4,851,652  

4.35%, 03/15/29 (Call 12/15/28)

    820       882,386  

4.40%, 10/01/46 (Call 04/01/46)

    1,167       1,203,235  

5.40%, 03/15/49 (Call 09/15/48)

    1,962       2,298,483  

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

        3,300       3,307,161  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)

    2,208       2,203,893  

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

    454       468,092  

4.38%, 03/15/45 (Call 09/15/44)

    1,885       1,958,081  

Lear Corp.

   

2.60%, 01/15/32 (Call 10/15/31)

    1,650       1,530,474  

3.50%, 05/30/30 (Call 02/28/30)

    325       326,609  

3.55%, 01/15/52 (Call 07/15/51)

    890       771,995  

3.80%, 09/15/27 (Call 06/15/27)

    1,589       1,656,501  

4.25%, 05/15/29 (Call 02/15/29)

    2,775       2,938,753  

5.25%, 05/15/49 (Call 11/15/48)(b)

    1,265       1,417,711  

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)

    608       585,626  

3.63%, 06/15/24 (Call 03/15/24)

    5,025       5,164,896  

4.15%, 10/01/25 (Call 07/01/25)

    1,934       2,045,263  
   

 

 

 
      33,610,811  
Banks — 5.5%            

Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25

    3,669       3,871,492  

 

 

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

  13


Schedule of Investments  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Banco Bilbao Vizcaya Argentaria SA

   

0.88%, 09/18/23

  $ 6,920     $ 6,818,553  

1.13%, 09/18/25

    4,045       3,843,842  

Banco Santander SA

   

0.70%, 06/30/24 (Call 06/30/23)(a)

    425       417,541  

1.72%, 09/14/27 (Call 09/14/26)(a)

    3,150       2,970,103  

1.85%, 03/25/26

    3,775       3,627,888  

2.71%, 06/27/24

    6,915       6,977,926  

2.75%, 05/28/25

    7,779       7,786,468  

2.75%, 12/03/30

    1,718       1,558,329  

2.96%, 03/25/31

    4,000       3,840,360  

3.23%, 11/22/32 (Call 08/22/31)(a)

    4,560       4,236,468  

3.31%, 06/27/29

    4,159       4,208,284  

3.49%, 05/28/30

    4,950       4,968,067  

3.80%, 02/23/28

    971       1,001,557  

3.85%, 04/12/23

    2,503       2,557,315  

4.25%, 04/11/27

    4,905       5,181,789  

4.38%, 04/12/28

    2,731       2,898,028  

5.18%, 11/19/25

    5,858       6,256,813  

Bank of America Corp.

   

0.52%, 06/14/24 (Call 06/14/23),
(SOFR + 0.410%)(a)

    5,635       5,532,950  

0.81%, 10/24/24 (Call 10/24/23),
(SOFR + 0.740%)(a)

    10,665       10,416,186  

0.98%, 04/22/25 (Call 04/22/24),
(SOFR + 0.690%)(a)

    11,318       10,988,080  

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

    1,298       1,249,026  

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

    9,355       8,849,549  

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

    14,048       13,430,871  

1.49%, 05/19/24 (Call 05/19/23),
(SOFR + 1.460%)(a)

    3,709       3,686,449  

1.53%, 12/06/25 (Call 11/06/25),
(SOFR + 0.650%)(a)

    11,025       10,712,331  

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

    17,638       16,849,052  

1.84%, 02/04/25 (Call 02/04/24),
(SOFR + 0.670%)(a)

    2,890       2,861,794  

1.90%, 07/23/31 (Call 07/23/30),
(SOFR + 1.530%)(a)

    2,450       2,219,675  

1.92%, 10/24/31 (Call 10/24/30),
(SOFR + 1.370%)(a)

    11,841           10,715,513  

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

    4,115       4,046,938  

2.09%, 06/14/29 (Call 06/14/28),
(SOFR + 1.060%)(a)

    7,100       6,719,369  

2.30%, 07/21/32 (Call 07/21/31),
(SOFR + 1.220%)(a)

    6,700       6,217,332  

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

        10,576       10,551,675  

2.48%, 09/21/36 (Call 09/21/31)(a)

    6,725       6,098,970  

2.50%, 02/13/31 (Call 02/13/30),
(3 mo. LIBOR US + 0.990%)(a)

    12,844       12,236,864  

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

    9,645       9,492,513  

2.57%, 10/20/32 (Call 10/20/31),
(SOFR + 1.210%)(a)

    8,755       8,307,007  
Security   Par
(000)
    Value  
Banks (continued)            

2.59%, 04/29/31 (Call 04/29/30),
(SOFR + 2.150%)(a)

  $ 12,384     $ 11,849,878  

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

    14,012       12,307,720  

2.69%, 04/22/32 (Call 04/22/31),
(SOFR + 1.880%)(a)

    12,975       12,475,722  

2.83%, 10/24/51 (Call 10/24/50),
(SOFR + 3.150%)(a)

    2,794       2,436,256  

2.88%, 10/22/30 (Call 10/22/29),
(3 mo. LIBOR US + 1.190%)(a)

    7,388       7,239,871  

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

    13,260       12,993,872  

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

    5,330       4,744,873  

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

    3,994       4,050,236  

3.19%, 07/23/30 (Call 07/23/29),
(3 mo. LIBOR US + 1.180%)(a)

    9,644       9,655,380  

3.25%, 10/21/27 (Call 10/21/26)

    10,136       10,369,635  

3.31%, 04/22/42 (Call 04/22/41),
(SOFR + 1.320%)(a)

    11,965       11,478,862  

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

    4,469       4,556,816  

3.42%, 12/20/28 (Call 12/20/27),
(3 mo. LIBOR US + 1.040%)(a)

    17,175       17,580,845  

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

    7,019       7,157,274  

3.50%, 04/19/26

    11,141       11,553,774  

3.55%, 03/05/24 (Call 03/05/23),
(3 mo. LIBOR US + 0.780%)(a)

    7,045       7,157,438  

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

    12,957       13,302,693  

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

    8,486       8,762,050  

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

    8,515       8,818,219  

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

    10,288       10,723,388  

3.86%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.940%)(a)

    9,206       9,422,985  

3.88%, 08/01/25

    1,943       2,036,264  

3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.190%)(a)

    3,055       3,192,169  

3.97%, 03/05/29 (Call 03/05/28),
(3 mo. LIBOR US + 1.070%)(a)

    8,540       8,941,295  

3.97%, 02/07/30 (Call 02/07/29),
(3 mo. LIBOR US + 1.210%)(a)

    9,084       9,531,024  

4.00%, 04/01/24

    6,353       6,590,348  

4.00%, 01/22/25

    9,614       9,984,524  

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

    2,299       2,434,710  

4.08%, 03/20/51 (Call 03/20/50),
(3 mo. LIBOR US + 1.320%)(a)

        14,968           16,091,797  

4.10%, 07/24/23

    5,449       5,631,705  

4.13%, 01/22/24

    4,236       4,404,000  

4.20%, 08/26/24

    7,527       7,837,188  

4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)(a)

    6,299       6,874,981  

4.25%, 10/22/26

    9,224       9,786,664  

 

 

14  

2 0 2 2   I S H A R E S   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  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

4.27%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.310%)(a)

  $     13,139     $     14,007,488  

4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.520%)(a)

    10,565       11,724,826  

4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)(a)

    7,390       8,274,583  

4.45%, 03/03/26

    7,013       7,456,362  

4.88%, 04/01/44

    1,673       1,943,959  

5.00%, 01/21/44

    8,000       9,414,000  

5.88%, 02/07/42

    6,432       8,347,064  

6.11%, 01/29/37

    8,627       10,854,146  

6.22%, 09/15/26

    2,279       2,603,940  

7.75%, 05/14/38

    6,489       9,416,447  

Series L, 3.95%, 04/21/25

    10,753       11,147,097  

Series L, 4.18%, 11/25/27 (Call 11/25/26)

    8,886       9,337,231  

Series L, 4.75%, 04/21/45

    3,503       3,946,305  

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

    10,635       10,173,654  

Series N, 2.65%, 03/11/32 (Call 03/11/31),
(SOFR + 1.220%)(a)

    9,665       9,238,194  

Series N, 3.48%, 03/13/52 (Call 03/13/51),
(SOFR + 1.650%)(a)

    5,015       4,888,321  

Bank of America N.A., 6.00%, 10/15/36

    6,363       8,099,017  

Bank of Montreal 0.40%, 09/15/23

    373       365,223  

0.45%, 12/08/23

    236       230,232  

0.63%, 07/09/24

    1,461       1,410,596  

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

    440       415,268  

1.25%, 09/15/26

    5,550       5,263,287  

1.50%, 01/10/25

    290       283,930  

1.85%, 05/01/25

    5,427       5,364,101  

2.50%, 06/28/24

    1,513       1,526,904  

3.09%, 01/10/37 (Call 01/10/32)(a)

    210       199,817  

3.80%, 12/15/32 (Call 12/15/27)(a)

    5,678       5,817,736  

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

    4,659       4,800,028  

Series E, 3.30%, 02/05/24

    8,185       8,387,251  

Bank of New York Mellon Corp. (The)
0.35%, 12/07/23 (Call 11/07/23)

    125       122,316  

0.50%, 04/26/24 (Call 03/26/24)

    2,051       1,995,233  

0.75%, 01/28/26 (Call 12/28/25)

    146       138,491  

1.05%, 10/15/26 (Call 09/15/26)

    1,760       1,673,778  

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

    1,581       1,556,495  

1.65%, 07/14/28 (Call 05/14/28)

    2,390       2,266,365  

1.65%, 01/28/31 (Call 10/28/30)

    451       416,350  

1.80%, 07/28/31 (Call 04/28/31)

    4,530       4,161,349  

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

    2,190       2,165,625  

2.10%, 10/24/24

    3,581       3,594,286  

2.20%, 08/16/23 (Call 06/16/23)

    5,655       5,699,448  

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

    2,981       3,017,368  

2.50%, 01/26/32 (Call 10/26/31)

    2,080       2,024,214  

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

    3,652       3,733,841  

3.00%, 10/30/28 (Call 07/30/28)

    2,847       2,874,189  

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

    2,412       2,484,649  

3.25%, 05/16/27 (Call 02/16/27)

    4,022       4,180,145  

3.30%, 08/23/29 (Call 05/23/29)

    2,254       2,330,974  

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

    3,777       3,898,053  

3.40%, 01/29/28 (Call 10/29/27)

    4,352       4,557,066  

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

    2,236       2,337,291  

Security   Par
(000)
    Value  
Banks (continued)            

3.45%, 08/11/23

  $ 2,931     $ 3,007,646  

3.50%, 04/28/23

    2,724       2,785,045  

3.85%, 04/28/28

    2,415       2,583,978  

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

    4,409       4,677,332  

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

    2,680       2,766,376  

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

    2,971       3,049,167  

Series J, 0.85%, 10/25/24 (Call 09/25/24)

    2,302       2,239,754  

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

    2,970       2,848,824  

Bank of Nova Scotia (The)

   

0.40%, 09/15/23

    140       137,245  

0.55%, 09/15/23

    1,150       1,127,529  

0.65%, 07/31/24

    8,110       7,823,149  

0.70%, 04/15/24

    1,186       1,150,645  

0.80%, 06/15/23

    100       98,910  

1.05%, 03/02/26

    860       814,540  

1.30%, 06/11/25

    4,317       4,165,991  

1.30%, 09/15/26

    5,625       5,348,250  

1.35%, 06/24/26

    5,220       4,981,759  

1.63%, 05/01/23

    1,879       1,879,225  

1.95%, 02/02/27

    2,740       2,661,691  

2.15%, 08/01/31

    446       416,546  

2.20%, 02/03/25

    5,369       5,351,604  

2.45%, 02/02/32

    2,000       1,897,720  

2.70%, 08/03/26

    5,446       5,499,207  

3.40%, 02/11/24

    5,588       5,734,014  

4.50%, 12/16/25

    4,867       5,173,329  

Bank of Nova Scotia/The, 1.45%, 01/10/25

    5,090       4,980,972  

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

    470       466,400  

BankUnited Inc.

   

4.88%, 11/17/25 (Call 08/17/25)

    771       826,103  

5.13%, 06/11/30 (Call 03/11/30)

    2,097       2,240,225  

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

    665       688,667  

Barclays PLC
1.01%, 12/10/24 (Call 12/10/23)(a)

    772       752,885  

2.28%, 11/24/27 (Call 11/24/26)(a)

    7,420       7,156,738  

2.65%, 06/24/31 (Call 06/24/30),
(SOFR + 1.900%)(a)

    1,144       1,079,719  

2.67%, 03/10/32 (Call 03/10/31)(a)

    1,235       1,157,948  

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

    3,320       3,315,950  

3.33%, 11/24/42 (Call 11/24/41)(a)

    5,000       4,566,250  

3.56%, 09/23/35 (Call 09/23/30)(a)

    2,480       2,369,863  

3.65%, 03/16/25

        10,118           10,384,812  

3.81%, 03/10/42 (Call 03/10/41)(a)

    350       326,988  

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

    7,052       7,244,449  

4.34%, 05/16/24 (Call 05/16/23),
(3 mo. LIBOR US + 1.356%)(a)

    5,389       5,538,653  

4.34%, 01/10/28 (Call 01/10/27)

    6,020       6,363,020  

4.38%, 09/11/24

    7,128       7,390,524  

4.38%, 01/12/26

    10,992       11,606,013  

4.84%, 05/09/28 (Call 05/07/27)

    7,553       7,995,606  

4.95%, 01/10/47

    6,747       7,622,288  

4.97%, 05/16/29 (Call 05/16/28),
(3 mo. LIBOR US + 1.902%)(a)

    5,885       6,396,289  

5.09%, 06/20/30 (Call 06/20/29),
(3 mo. LIBOR US + 3.054%)(a)

    4,725       5,056,884  

5.20%, 05/12/26

    7,208       7,765,395  

5.25%, 08/17/45

    4,854       5,693,936  

 

 

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

  15


Schedule of Investments  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

BNP Paribas SA
3.25%, 03/03/23

  $ 4,797     $ 4,872,937  

4.25%, 10/15/24

    4,569       4,770,676  

BPCE SA 3.38%, 12/02/26

    3,157       3,254,046  

4.00%, 04/15/24

    3,270       3,388,505  

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

    750       760,973  

Canadian Imperial Bank of Commerce 0.45%, 06/22/23

    515       506,379  

0.50%, 12/14/23

    5,870       5,718,847  

0.95%, 06/23/23

    3,153       3,120,083  

0.95%, 10/23/25

    3,043       2,892,858  

1.00%, 10/18/24

    3,720       3,603,713  

1.25%, 06/22/26

    5,125       4,850,710  

2.25%, 01/28/25

    3,395       3,390,790  

3.10%, 04/02/24

    5,318       5,423,881  

3.50%, 09/13/23

    6,556       6,738,650  

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

    8,052       8,322,145  

Citigroup Inc.

   

0.78%, 10/30/24 (Call 10/30/23),
(SOFR + 0.686%)(a)

    1,781       1,741,729  

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

    4,200       4,082,190  

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

    9,399       8,854,610  

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

    1,320       1,278,842  

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

    9,545       9,041,024  

1.68%, 05/15/24 (Call 05/15/23),
(SOFR + 1.667%)(a)

    1,903       1,900,602  

2.01%, 01/25/26 (Call 01/25/25),
(SOFR + 0.694%)(a)

    2,520       2,483,158  

2.52%, 11/03/32 (Call 11/03/31),
(SOFR + 1.177%)(a)

    2,255       2,124,774  

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

    9,810       9,312,044  

2.57%, 06/03/31 (Call 06/03/30),
(SOFR + 2.107%)(a)

    12,840       12,246,407  

2.67%, 01/29/31 (Call 01/29/30),
(SOFR + 1.146%)(a)

    9,427       9,092,059  

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

    2,110       1,902,397  

2.98%, 11/05/30 (Call 11/05/29),
(SOFR + 1.422%)(a)

    3,417       3,373,707  

3.06%, 01/25/33 (Call 01/25/32),
(SOFR + 1.351%)(a)

    2,775       2,736,899  

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

    5,000       5,044,000  

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

        14,852           15,051,314  

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

    9,860       10,055,129  

3.30%, 04/27/25

    5,347       5,475,702  

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

    13,185       13,458,589  

3.38%, 03/01/23

    1,895       1,928,655  

3.40%, 05/01/26

    7,345       7,571,740  

3.50%, 05/15/23

    6,615       6,766,550  
Security   Par
(000)
    Value  

Banks (continued)

   

3.52%, 10/27/28 (Call 10/27/27),
(3 mo. LIBOR US + 1.151%)(a)

  $ 9,228     $ 9,482,693  

3.67%, 07/24/28 (Call 07/24/27),
(3 mo. LIBOR US + 1.390%)(a)

    8,510       8,807,339  

3.70%, 01/12/26

    7,699       8,042,452  

3.75%, 06/16/24

    4,675       4,838,765  

3.88%, 10/25/23

    1,873       1,933,236  

3.88%, 03/26/25

    5,548       5,735,911  

3.88%, 01/24/39 (Call 01/24/38),
(3 mo. LIBOR US + 1.168%)(a)

    1,881       1,966,115  

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

    11,207       11,701,005  

3.98%, 03/20/30 (Call 03/20/29),
(3 mo. LIBOR US + 1.338%)(a)

    10,214       10,753,912  

4.00%, 08/05/24

    2,768       2,860,811  

4.04%, 06/01/24 (Call 06/01/23),
(3 mo. LIBOR US + 1.023%)(a)

    8,210       8,420,997  

4.08%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.192%)(a)

    8,503       8,959,271  

4.13%, 07/25/28

    7,344       7,714,872  

4.28%, 04/24/48 (Call 04/24/47),
(3 mo. LIBOR US + 1.839%)(a)

    1,895       2,087,229  

4.30%, 11/20/26

    5,329       5,674,213  

4.40%, 06/10/25

    2,845       2,985,742  

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

        12,889           13,991,525  

4.45%, 09/29/27

    14,237       15,211,665  

4.60%, 03/09/26

    7,535       8,040,448  

4.65%, 07/30/45

    4,965       5,626,636  

4.65%, 07/23/48 (Call 06/23/48)

    7,008       8,181,490  

4.75%, 05/18/46

    8,043       8,959,098  

5.30%, 05/06/44

    4,300       5,062,003  

5.32%, 03/26/41 (Call 03/26/40),
(SOFR + 4.548%)(a)

    1,952       2,363,892  

5.50%, 09/13/25

    7,558       8,245,325  

5.88%, 02/22/33

    1,096       1,307,309  

5.88%, 01/30/42

    4,419       5,688,711  

6.00%, 10/31/33

    5,017       6,102,227  

6.13%, 08/25/36

    1,008       1,273,033  

6.63%, 01/15/28

    847       1,012,605  

6.63%, 06/15/32

    3,845       4,820,130  

6.68%, 09/13/43

    4,529       6,261,795  

8.13%, 07/15/39

    7,008       10,976,070  

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

    1,363       1,358,747  

3.70%, 03/29/23 (Call 02/28/23)

    2,478       2,526,296  

3.75%, 02/18/26 (Call 11/18/25)

    2,099       2,206,511  

Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 11/06/29)

    1,583       1,517,068  

2.64%, 09/30/32 (Call 07/02/32)

    1,207       1,123,500  

2.85%, 07/27/26 (Call 04/27/26)

    3,505       3,540,400  

3.25%, 04/30/30 (Call 01/30/30)

    3,668       3,707,908  

4.30%, 12/03/25 (Call 11/03/25)

    450       474,143  

Comerica Bank
2.50%, 07/23/24

    2,251       2,273,420  

4.00%, 07/27/25

    1,055       1,109,069  

Comerica Inc.
3.70%, 07/31/23 (Call 06/30/23)

    4,897       5,009,778  

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

    2,771       2,973,616  

 

 

16  

2 0 2 2   I S H A R E S   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  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

Cooperatieve Rabobank U.A.
3.75%, 07/21/26

  $ 6,113     $ 6,314,179  

4.38%, 08/04/25

    5,689       5,957,748  

5.25%, 05/24/41

    3,191       4,122,006  

5.25%, 08/04/45

    5,470       6,543,378  

5.75%, 12/01/43

    4,935       6,264,341  

Cooperatieve Rabobank U.A./New York

   

0.38%, 01/12/24

    874       852,089  

3.38%, 05/21/25

    3,087       3,201,559  

Cooperatieve Rabobank UA/NY,
1.38%, 01/10/25

    2,000       1,965,580  

Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 06/28/22)(b)

    250       243,103  

Credit Suisse AG/New York NY

   

0.50%, 02/02/24

    1,170       1,134,526  

1.00%, 05/05/23

    10,905       10,821,031  

1.25%, 08/07/26

    3,030       2,847,533  

2.95%, 04/09/25

    5,730       5,808,043  

3.63%, 09/09/24

        11,874           12,254,799  

Credit Suisse Group AG

   

3.75%, 03/26/25

    6,631       6,810,833  

3.80%, 06/09/23

    8,712       8,907,497  

4.55%, 04/17/26

    4,044       4,271,596  

4.88%, 05/15/45

    5,978       6,578,849  

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

    3,354       3,492,789  

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

    5,425       5,568,545  

Deutsche Bank AG/New York NY

   

0.90%, 05/28/24

    2,630       2,551,468  

0.96%, 11/08/23

    1,145       1,124,539  

1.45%, 04/01/25 (Call 04/01/24),
(SOFR + 1.131%)(a)

    2,320       2,265,805  

1.69%, 03/19/26

    3,335       3,220,376  

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

    3,940       3,793,117  

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

    10,465       10,445,535  

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

    4,845       4,633,419  

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

    7,400       7,117,394  

3.04%, 05/28/32 (Call 05/28/31),
(SOFR + 1.718%)(a)

    2,617       2,458,410  

3.55%, 09/18/31 (Call 09/18/30),
(SOFR + 3.043%)(a)

    6,249       6,167,076  

3.70%, 05/30/24

    2,536       2,598,639  

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

    4,170       4,266,452  

4.10%, 01/13/26

    1,608       1,677,192  

Discover Bank

   

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

    3,590       3,595,349  

2.70%, 02/06/30 (Call 11/06/29)

    2,898       2,793,063  

3.45%, 07/27/26 (Call 04/27/26)

    4,848       4,986,798  

4.20%, 08/08/23

    2,256       2,326,793  

4.25%, 03/13/26

    1,450       1,533,593  

4.65%, 09/13/28 (Call 06/13/28)

    4,634       5,030,207  

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

    2,231       2,289,765  

Fifth Third Bancorp.

   

1.63%, 05/05/23 (Call 04/05/23)

    3,437       3,435,178  

1.71%, 11/01/27 (Call 11/01/26),
(SOFR + 0.685%)(a)

    5,260       5,047,864  

2.38%, 01/28/25 (Call 12/28/24)

    4,283       4,289,938  
Security   Par
(000)
    Value  
Banks (continued)            

2.55%, 05/05/27 (Call 04/05/27)

  $ 5,499     $ 5,485,802  

3.65%, 01/25/24 (Call 12/25/23)

    6,686       6,880,696  

3.95%, 03/14/28 (Call 02/14/28)

    4,223       4,480,265  

4.30%, 01/16/24 (Call 12/16/23)

    3,735       3,879,544  

8.25%, 03/01/38

    2,700       4,098,330  

Fifth Third Bank NA

   

2.25%, 02/01/27 (Call 01/01/27)

    4,736       4,706,921  

3.85%, 03/15/26 (Call 02/15/26)

    2,956       3,097,326  

3.95%, 07/28/25 (Call 06/28/25)

    3,292       3,487,084  

First Citizens BancShares Inc./NC,
3.38%, 03/15/30 (Call 03/15/25), (SOFR + 2.465%)(a)

    470       467,171  

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

    2,408       2,777,917  

First Horizon Corp.

   

3.55%, 05/26/23 (Call 04/26/23)

    478       485,643  

4.00%, 05/26/25 (Call 04/26/25)

    190       197,203  

First Republic Bank/CA

   

4.38%, 08/01/46 (Call 02/01/46)

    2,305       2,597,551  

4.63%, 02/13/47 (Call 08/13/46)

    1,978       2,254,880  

First-Citizens Bank & Trust Co.

   

2.97%, 09/27/25 (Call 09/27/24),
(SOFR + 1.715%)(a)

    1,040       1,049,818  

3.93%, 06/19/24 (Call 06/19/23),
(SOFR + 3.827%)(a)

    25       25,487  

6.13%, 03/09/28

    1,415       1,616,524  

FNB Corp./PA, 2.20%, 02/24/23 (Call 01/24/23)

    300       300,354  

Goldman Sachs Capital I, 6.35%, 02/15/34

    5,215       6,518,437  

Goldman Sachs Group Inc. (The)

   

0.52%, 03/08/23 (Call 03/08/22)

    425       421,196  

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

        10,774           10,521,673  

0.67%, 03/08/24 (Call 03/08/23),
(SOFR + 0.572%)(a)

    3,411       3,366,930  

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

    1,170       1,117,970  

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

    5,840       5,717,302  

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

    1,242       1,168,598  

1.22%, 12/06/23 (Call 12/06/22)

    200       197,696  

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

    7,180       6,787,254  

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

    10,285       9,691,967  

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

    7,085       7,008,340  

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

    12,075       11,576,061  

1.99%, 01/27/32 (Call 01/27/31),
(SOFR + 1.090%)(a)

    10,080       9,092,362  

2.38%, 07/21/32 (Call 07/21/31),
(SOFR + 1.248%)(a)

    7,140       6,620,065  

2.60%, 02/07/30 (Call 11/07/29)

    7,171       6,895,418  

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

    14,010       13,253,180  

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

    6,390       6,315,109  

2.65%, 10/21/32 (Call 10/21/31),
(SOFR + 1.264%)(a)

    8,560       8,118,732  

2.91%, 07/21/42 (Call 07/21/41),
(SOFR + 1.472%)(a)

    7,280       6,504,098  

 

 

 

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

  17


Schedule of Investments  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

3.10%, 02/24/33 (Call 02/24/32),
(SOFR + 1.410%)(a)

  $ 11,360     $ 11,174,378  

3.21%, 04/22/42 (Call 04/22/41),
(SOFR + 1.513%)(a)

    8,683       8,088,041  

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

    9,125       9,288,246  

3.44%, 02/24/43 (Call 02/24/42),
(SOFR + 1.632%)(a)

    3,585       3,446,296  

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

    4,418       4,545,724  

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

    14,892       15,311,210  

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

    11,563       11,852,422  

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

    6,604       6,785,808  

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

    9,995       10,351,622  

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

    10,370       10,729,424  

3.75%, 02/25/26 (Call 11/25/25)

    8,373       8,718,972  

3.80%, 03/15/30 (Call 12/15/29)

    9,328       9,715,952  

3.81%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.158%)(a)

    7,231       7,505,055  

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

    12,180       12,583,036  

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

        12,026           12,528,085  

4.00%, 03/03/24

    10,217       10,580,827  

4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)(a)

    5,132       5,408,769  

4.22%, 05/01/29 (Call 05/01/28),
(3 mo. LIBOR US + 1.301%)(a)

    8,456       8,963,445  

4.25%, 10/21/25

    5,278       5,541,847  

4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)(a)

    3,204       3,467,177  

4.75%, 10/21/45 (Call 04/21/45)

    8,109       9,253,423  

4.80%, 07/08/44 (Call 01/08/44)

    8,374       9,604,476  

5.15%, 05/22/45

    8,777       10,301,916  

5.95%, 01/15/27

    4,044       4,566,485  

6.13%, 02/15/33

    2,888       3,579,878  

6.25%, 02/01/41

    3,715       4,878,947  

6.45%, 05/01/36

    4,351       5,544,958  

6.75%, 10/01/37

    20,751       27,259,344  

HSBC Bank USA N.A., 7.00%, 01/15/39

    1,875       2,683,162  

HSBC Bank USA N.A./New York NY

   

5.63%, 08/15/35

    940       1,110,572  

5.88%, 11/01/34

    1,100       1,319,164  

HSBC Holdings PLC

   

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

    900       880,776  

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

    3,600       3,479,796  

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

    3,515       3,442,099  

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

    670       631,636  

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

    8,896       8,578,591  

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

    585       549,145  

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

    2,315       2,258,259  

2.21%, 08/17/29 (Call 08/17/28),
(SOFR + 1.285%)(a)

    2,750       2,566,437  

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

    5,210       5,017,334  
Security   Par
(000)
     Value  
Banks (continued)             

2.36%, 08/18/31 (Call 08/18/30),
(SOFR + 1.947%)(a)

  $ 1,063      $ 975,398  

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

    8,414        8,403,398  

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

    7,430        7,013,400  

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

    2,903        2,773,555  

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

    7,080        6,717,292  

3.60%, 05/25/23

    7,262        7,430,406  

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

    9,510        9,747,084  

3.90%, 05/25/26

    8,184        8,514,552  

3.95%, 05/18/24 (Call 05/18/23),
(3 mo. LIBOR US + 0.987%)(a)

    5,654        5,776,805  

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

        12,575            12,969,478  

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

    8,463        8,772,153  

4.25%, 03/14/24

    10,457        10,806,055  

4.25%, 08/18/25

    7,321        7,594,439  

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

    9,694        10,111,133  

4.30%, 03/08/26

    11,102        11,726,043  

4.38%, 11/23/26

    6,506        6,844,182  

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

    14,130        15,081,514  

4.95%, 03/31/30

    10,242        11,358,276  

5.25%, 03/14/44

    2,664        3,060,696  

6.10%, 01/14/42

    3,062        4,041,442  

6.50%, 05/02/36

    9,482        11,942,105  

6.50%, 09/15/37

    9,577        12,219,869  

6.80%, 06/01/38

    6,452        8,435,280  

7.63%, 05/17/32

    3,179        4,150,312  

HSBC USA Inc., 3.50%, 06/23/24

    2,313        2,381,303  

Huntington Bancshares Inc./OH

    

2.49%, 08/15/36 (Call 08/15/31)(a)(c)

    2,445        2,234,314  

2.55%, 02/04/30 (Call 11/04/29)

    3,077        2,992,198  

2.63%, 08/06/24 (Call 07/06/24)

    3,350        3,375,426  

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

    1,647        1,721,626  

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

    3,365        3,455,014  

Industrial & Commercial Bank of China Ltd./New York NY, 3.54%, 11/08/27

    3,405        3,599,800  

ING Groep NV

    

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

    2,218        2,120,319  

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

    2,640        2,524,342  

3.55%, 04/09/24

    4,543        4,661,527  

3.95%, 03/29/27

    7,997        8,401,408  

4.05%, 04/09/29

    4,380        4,651,297  

4.10%, 10/02/23

    5,461        5,639,192  

4.55%, 10/02/28

    3,681        4,004,376  

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

    200        209,982  

JPMorgan Chase & Co.

    

0.56%, 02/16/25 (Call 02/16/24),
(SOFR + 0.420%)(a)

    1,680        1,630,994  

 

 

 

18  

2 0 2 2   I S H A R E S   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  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

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

  $ 975     $ 956,397  

0.70%, 03/16/24 (Call 03/16/23),
(SOFR + 0.580%)(a)

    1,755       1,735,063  

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

    10,550       10,155,219  

0.82%, 06/01/25 (Call 06/01/24),
(SOFR + 0.540%)(a)

    7,930       7,673,306  

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

    11,060       10,715,149  

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

    1,260       1,179,751  

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

    1,682       1,581,248  

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

    5,985       5,646,728  

1.51%, 06/01/24 (Call 06/01/23),
(SOFR + 1.455%)(a)

    2,188       2,179,073  

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

    10,000       9,747,800  

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

    1,779       1,701,115  

1.76%, 11/19/31 (Call 11/19/30),
(SOFR + 1.105%)(a)

    2,015       1,810,538  

1.95%, 02/04/32 (Call 02/04/31),
(SOFR + 1.065%)(a)

    3,175       2,895,632  

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

    13,265       13,051,433  

2.07%, 06/01/29 (Call 06/01/28),
(SOFR + 1.015%)(a)

    8,256       7,821,404  

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

    11,742       11,560,821  

2.18%, 06/01/28 (Call 06/01/27),
(SOFR + 1.890%)(a)

    6,805       6,579,346  

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

    6,231       6,202,400  

2.52%, 04/22/31 (Call 04/22/30),
(SOFR + 2.040%)(a)

        12,847           12,334,019  

2.53%, 11/19/41 (Call 11/19/40),
(SOFR + 1.510%)(a)

    930       803,734  

2.55%, 11/08/32 (Call 11/08/31),
(SOFR + 1.180%)(a)

    8,020       7,663,030  

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

    4,299       4,119,216  

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

    1,070       1,072,707  

2.70%, 05/18/23 (Call 03/18/23)

    5,961       6,027,525  

2.74%, 10/15/30 (Call 10/15/29),
(SOFR + 1.510%)(a)

    5,725       5,593,210  

2.95%, 10/01/26 (Call 07/01/26)

    11,988       12,190,837  

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

    1,870       1,881,145  

2.96%, 05/13/31 (Call 05/13/30),
(SOFR + 2.515%)(a)

    2,850       2,766,865  

2.96%, 01/25/33 (Call 01/25/32),
(SOFR + 1.260%)(a)

    9,190       9,091,851  

3.11%, 04/22/41 (Call 04/22/40),
(SOFR + 2.460%)(a)

    9,271       8,773,889  

3.11%, 04/22/51 (Call 04/22/50),
(SOFR + 2.440%)(a)

    12,325       11,417,510  
Security   Par
(000)
    Value  
Banks (continued)            

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

  $ 7,285     $ 7,447,091  

3.16%, 04/22/42 (Call 04/22/41),
(SOFR + 1.460%)(a)

    3,455       3,268,983  

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

    5,967       6,123,097  

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

    7,236       7,362,992  

3.30%, 04/01/26 (Call 01/01/26)

    9,441       9,737,259  

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

    8,675       8,357,061  

3.38%, 05/01/23

    10,434       10,630,785  

3.51%, 01/23/29 (Call 01/23/28),
(3 mo. LIBOR US + 0.945%)(a)

    9,819       10,083,917  

3.54%, 05/01/28 (Call 05/01/27),
(3 mo. LIBOR US + 1.380%)(a)

    5,595       5,781,985  

3.56%, 04/23/24 (Call 04/23/23),
(3 mo. LIBOR US + 0.730%)(a)

    11,332       11,539,376  

3.63%, 05/13/24

    7,139       7,377,228  

3.63%, 12/01/27 (Call 12/01/26)

    7,581       7,847,396  

3.70%, 05/06/30 (Call 05/06/29),
(3 mo. LIBOR US + 1.160%)(a)

    9,306       9,657,488  

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

    11,201       11,696,420  

3.80%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.890%)(a)

    9,355       9,577,743  

3.88%, 02/01/24

    10,430       10,821,438  

3.88%, 09/10/24

    11,359       11,788,370  

3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)(a)

    9,471       10,033,767  

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

    10,075       10,529,382  

3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)(a)

    7,823       8,149,610  

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

    9,532       9,978,955  

3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)(a)

    6,841       7,255,975  

4.01%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.120%)(a)

    4,610       4,858,387  

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

    6,396       6,600,864  

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

    7,131       7,597,510  

4.13%, 12/15/26

    10,401       11,055,327  

4.20%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.260%)(a)

    9,797       10,435,177  

4.25%, 10/01/27

    2,973       3,179,088  

4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)(a)

    9,004       9,858,480  

4.45%, 12/05/29 (Call 12/05/28),
(3 mo. LIBOR US + 1.330%)(a)

    8,896       9,612,395  

4.49%, 03/24/31 (Call 03/24/30),
(SOFR + 3.790%)(a)

        15,185           16,667,967  

4.85%, 02/01/44

    4,844       5,745,662  

4.95%, 06/01/45

    6,146       7,211,962  

5.40%, 01/06/42

    7,078       8,772,969  

5.50%, 10/15/40

    8,074       10,036,709  

5.60%, 07/15/41

    7,540       9,502,210  

5.63%, 08/16/43

    6,057       7,626,793  

6.40%, 05/15/38

    6,162       8,266,323  

7.63%, 10/15/26

    3,150       3,806,680  

7.75%, 07/15/25

    880       1,030,894  

 

 

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

  19


Schedule of Investments  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

8.00%, 04/29/27

  $ 5,050     $ 6,285,381  

8.75%, 09/01/30

    1,184       1,662,928  

KeyBank N.A./Cleveland OH

   

0.43%, 06/14/24 (Call 06/14/23),
(SOFR + 0.320%)(a)

    398       390,884  

1.25%, 03/10/23

    440       439,802  

3.30%, 06/01/25

    663       685,217  

3.38%, 03/07/23

    1,876       1,909,149  

3.40%, 05/20/26

    2,032       2,106,920  

3.90%, 04/13/29

    1,925       2,028,257  

KeyCorp.

   

2.25%, 04/06/27

    3,002       2,958,111  

2.55%, 10/01/29

    3,456       3,360,995  

4.10%, 04/30/28

    3,855       4,137,417  

4.15%, 10/29/25

    1,699       1,802,541  

KfW

   

0.00%, 04/18/36(d)

    8,695       6,438,039  

0.00%, 06/29/37(d)

    13,341       9,634,603  

0.25%, 04/25/23

    1,420       1,404,522  

0.25%, 10/19/23

    2,976       2,921,242  

0.25%, 03/08/24

    2,630       2,564,487  

0.38%, 07/18/25

    6,955       6,641,955  

0.50%, 09/20/24

    500       485,965  

0.63%, 01/22/26

    5,120       4,890,880  

0.75%, 09/30/30

    3,904       3,555,763  

1.00%, 10/01/26

    1,165       1,124,959  

1.38%, 08/05/24

    11,595       11,539,692  

1.75%, 09/14/29

    9,322       9,219,644  

2.00%, 05/02/25

    6,762       6,818,192  

2.50%, 11/20/24

        25,715           26,304,131  

2.63%, 02/28/24

    17,025       17,403,295  

2.88%, 04/03/28

    9,669       10,215,008  

Korea Development Bank (The)

   

0.40%, 03/09/24

    460       448,201  

0.80%, 07/19/26

    1,735       1,646,255  

1.00%, 09/09/26

    800       764,160  

1.63%, 01/19/31

    1,990       1,871,615  

2.00%, 09/12/26

    500       499,025  

2.13%, 10/01/24

    1,577       1,590,578  

2.75%, 03/19/23

    280       283,522  

3.00%, 01/13/26

    4,750       4,929,170  

3.25%, 02/19/24

    1,335       1,374,810  

3.38%, 03/12/23

    600       611,190  

3.38%, 09/16/25

    2,845       2,970,322  

3.75%, 01/22/24

    3,960       4,110,678  

Kreditanstalt fuer Wiederaufbau,
1.25%, 01/31/25

    10,000       9,873,200  

Landwirtschaftliche Rentenbank

   

0.88%, 03/30/26(b)

    600       576,810  

0.88%, 09/03/30

    1,215       1,114,447  

1.75%, 07/27/26

    6,930       6,917,803  

2.00%, 01/13/25

    9,627       9,714,509  

2.38%, 06/10/25

    3,515       3,582,207  

3.13%, 11/14/23

    1,405       1,444,677  

Series 37, 2.50%, 11/15/27

    2,597       2,680,130  

Series 40, 0.50%, 05/27/25

    9,125       8,764,654  

Lloyds Banking Group PLC

   

1.63%, 05/11/27 (Call 05/11/26)(a)

    955       905,942  

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

    4,637       4,602,825  

3.37%, 12/14/46 (Call 09/14/41)(a)

    270       236,885  
Security   Par
(000)
    Value  
Banks (continued)            

3.57%, 11/07/28 (Call 11/07/27),
(3 mo. LIBOR US + 1.205%)(a)

  $     4,082     $     4,183,519  

3.75%, 01/11/27

    4,769       4,950,651  

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

    3,197       3,292,398  

3.90%, 03/12/24

    2,454       2,542,393  

4.05%, 08/16/23

    5,624       5,793,114  

4.34%, 01/09/48

    6,284       6,421,180  

4.38%, 03/22/28

    1,808       1,927,292  

4.45%, 05/08/25

    4,977       5,238,890  

4.50%, 11/04/24

    1,995       2,082,002  

4.55%, 08/16/28

    6,440       6,958,420  

4.58%, 12/10/25

    6,073       6,367,905  

4.65%, 03/24/26

    6,552       6,929,723  

5.30%, 12/01/45

    4,294       4,951,240  

M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)

    3,185       3,257,936  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)

    2,751       2,812,100  

3.40%, 08/17/27

    4,350       4,491,418  

Mitsubishi UFJ Financial Group Inc.

   

0.85%, 09/15/24 (Call 09/15/23)(a)

    555       544,777  

0.95%, 07/19/25 (Call 07/19/24)(a)

    1,675       1,617,330  

0.96%, 10/11/25 (Call 10/11/24)(a)

    2,665       2,567,115  

1.41%, 07/17/25

    2,104       2,029,687  

1.54%, 07/20/27 (Call 07/20/26)(a)

    1,200       1,139,076  

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

    2,325       2,208,564  

2.05%, 07/17/30

    970       893,574  

2.19%, 02/25/25

    6,964       6,912,954  

2.31%, 07/20/32 (Call 07/20/31)(a)

    1,350       1,253,948  

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

    2,070       2,020,051  

2.49%, 10/13/32 (Call 10/13/31)(a)

    1,375       1,295,071  

2.53%, 09/13/23

    1,054       1,065,141  

2.56%, 02/25/30

    5,420       5,204,284  

2.76%, 09/13/26

    2,605       2,616,775  

2.80%, 07/18/24

    6,696       6,781,977  

2.85%, 01/19/33 (Call 01/19/32)(a)

    2,000       1,937,140  

3.20%, 07/18/29

    7,594       7,649,968  

3.29%, 07/25/27

    3,157       3,240,408  

3.41%, 03/07/24

    6,604       6,770,421  

3.46%, 03/02/23

    2,659       2,707,154  

3.68%, 02/22/27

    3,569       3,726,322  

3.74%, 03/07/29

    6,519       6,816,788  

3.75%, 07/18/39

    6,405       6,691,624  

3.76%, 07/26/23

    6,392       6,567,588  

3.78%, 03/02/25

    4,761       4,946,536  

3.85%, 03/01/26

    2,429       2,540,394  

3.96%, 03/02/28

    4,828       5,106,624  

4.05%, 09/11/28

    4,451       4,737,733  

4.15%, 03/07/39

    3,041       3,336,159  

4.29%, 07/26/38

    3,155       3,503,280  

Mizuho Financial Group Inc.

   

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

    820       804,363  

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

    1,785       1,671,688  

1.24%, 07/10/24 (Call 07/10/23),
(SOFR + 1.252%)(a)

    6,305       6,237,158  

1.55%, 07/09/27 (Call 07/09/26)(a)

    2,295       2,172,722  

1.98%, 09/08/31 (Call 09/08/30),
(SOFR + 1.532%)(a)

    1,150       1,044,120  

2.17%, 05/22/32 (Call 05/22/31)(a)

    465       426,191  

 

 

20  

2 0 2 2   I S H A R E S   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  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Banks (continued)             

2.20%, 07/10/31 (Call 07/10/30),
(SOFR + 1.772%)(a)

  $ 3,625      $ 3,355,300  

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

    3,326        3,283,727  

2.26%, 07/09/32 (Call 07/09/31)(a)(b)

    2,475        2,285,019  

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

    2,253        2,255,321  

2.56%, 09/13/31

    2,970        2,719,362  

2.59%, 05/25/31 (Call 05/25/30),
(3 mo. LIBOR US + 1.070%)(a)

    2,700        2,581,200  

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

    3,967        4,000,164  

2.84%, 09/13/26

    2,259        2,269,346  

2.87%, 09/13/30 (Call 09/13/29),
(SOFR + 1.572%)(a)

    2,205        2,161,958  

3.15%, 07/16/30 (Call 07/16/29),
(3 mo. LIBOR US + 1.130%)(a)

    2,548        2,545,325  

3.17%, 09/11/27

    4,143        4,218,983  

3.26%, 05/22/30 (Call 05/22/29)(a)

    2,690        2,696,752  

3.55%, 03/05/23

    3,997        4,077,220  

3.66%, 02/28/27

    3,102        3,242,428  

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

    2,653        2,722,880  

4.02%, 03/05/28

    3,940        4,160,325  

4.25%, 09/11/29 (Call 09/11/28),
(3 mo. LIBOR US + 1.270%)(a)

    4,965        5,305,798  

Morgan Stanley

    

0.73%, 04/05/24 (Call 04/05/23),
(SOFR + 0.610%)(a)

    920        907,414  

0.79%, 01/22/25 (Call 01/22/24),
(SOFR + 0.590%)(a)

    4,125        4,007,974  

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

    13,220        12,750,029  

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

        11,639        10,904,695  

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

    13,935            13,461,210  

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

    9,899        9,384,054  

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

    3,287        3,131,591  

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

    6,690        5,978,117  

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

    14,970        13,495,006  

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

    12,139        11,976,095  

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

    8,144        7,521,636  

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

    6,505        6,396,366  

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

    15,205        13,808,117  

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

    7,595        7,176,971  

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

    5,060        5,063,947  

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

    13,107        12,704,877  
Security   Par
(000)
     Value  
Banks (continued)             

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

  $ 10,204      $ 10,264,000  

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

    4,750        4,148,460  

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

    2,925        2,863,341  

3.13%, 07/27/26

    9,907        10,094,242  

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

    1,929        1,840,054  

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

    10,057        10,389,686  

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

    3,054        3,155,332  

3.63%, 01/20/27

    9,806        10,225,108  

3.70%, 10/23/24

    11,378        11,769,745  

3.74%, 04/24/24 (Call 04/24/23),
(3 mo. LIBOR US + 0.847%)(a)

    8,813        8,983,708  

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

        10,509            10,909,078  

3.88%, 01/27/26

    11,436        11,944,330  

3.95%, 04/23/27

    5,140        5,395,150  

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

    7,785        8,189,664  

4.00%, 07/23/25

    7,133        7,475,741  

4.10%, 05/22/23

    7,684        7,885,628  

4.30%, 01/27/45

    6,304        6,860,580  

4.35%, 09/08/26

    9,679        10,278,904  

4.38%, 01/22/47

    8,430        9,364,044  

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

    9,099        9,825,919  

4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 1.431%)(a)

    6,152        6,746,099  

5.00%, 11/24/25

    7,086        7,622,835  

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

    5,760        7,686,259  

6.25%, 08/09/26

    4,836        5,536,785  

6.38%, 07/24/42

    8,022        10,942,650  

7.25%, 04/01/32

    5,164        6,919,140  

Series F, 3.88%, 04/29/24

    7,802        8,064,927  

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

    2,503        2,402,254  

National Australia Bank Ltd./New York

    

2.50%, 07/12/26

    5,901        5,979,247  

2.88%, 04/12/23

    2,131        2,164,371  

3.38%, 01/14/26

    3,229        3,381,118  

3.63%, 06/20/23

    3,390        3,478,716  

National Bank of Canada

    

0.55%, 11/15/24 (Call 11/15/23)(a)

    860        838,947  

0.75%, 08/06/24

    4,350        4,200,621  

Natwest Group PLC

    

1.64%, 06/14/27 (Call 06/14/26)(a)

    3,655        3,471,702  

2.36%, 05/22/24 (Call 05/22/23)(a)

    5,018        5,028,287  

3.03%, 11/28/35 (Call 08/28/30)(a)

    1,790        1,655,482  

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

    6,017        6,017,782  

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

    3,635        3,680,583  

3.88%, 09/12/23

    11,309        11,582,225  

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

    7,818        8,085,219  

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

    2,259        2,408,162  

 

 

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

  21


Schedule of Investments  (continued)

February 28, 2022

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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