LOGO

  FEBRUARY 28, 2022

 

  

2022 Annual Report

 

 

iShares Trust

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

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

·     iShares ESG Aware USD Corporate Bond ETF | SUSC | NASDAQ

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of 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

     11  

Shareholder Expenses

     11  

Schedules of Investments

     12  

Financial Statements

  

Statements of Assets and Liabilities

     106  

Statements of Operations

     107  

Statements of Changes in Net Assets

     108  

Financial Highlights

     110  

Notes to Financial Statements

     113  

Report of Independent Registered Public Accounting Firm

     122  

Important Tax Information (Unaudited)

     123  

Statement Regarding Liquidity Risk Management Program

     124  

Supplemental Information

     125  

Trustee and Officer Information

     126  

General Information

     129  

Glossary of Terms Used in this Report

     130  

 

 

 


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® ESG Aware 1-5 Year USD Corporate Bond ETF

 

Investment Objective

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

Since

Inception

           1 Year     

Since

Inception

 

Fund NAV

    (2.33 )%       2.22       (2.33 )%       10.75

Fund Market

    (2.23      2.24         (2.23      10.84  

Index

    (2.13      2.50               (2.13      12.11  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 7/11/17. The first day of secondary market trading was 7/13/17.

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 11 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           $ 971.10             $ 0.59                   $ 1,000.00           $ 1,024.20             $ 0.60       0.12

 

  (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   S U M M A R Y

  5


Fund Summary as of February 28, 2022   (continued)    iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

 

Portfolio Management Commentary

The bond market in the U.S. experienced a challenging year broadly, while investment-grade (“IG”) corporate bonds with positive environmental, social, and governance (“ESG”) characteristics performed similarly to their traditional IG sector. Short-term issues experienced a meaningful downturn due to expectations for tighter Fed policy, weighing on returns for the Index. Although bonds with higher ESG ratings sold off in tandem with the broader fixed-income market, the ESG space continued to benefit from robust inflows and an increased focus from investors, corporations, regulators and other key stakeholders.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the Bloomberg US Corporate 1-5 Year Index. Relative to the broader market, the ESG selection process leads to overweight and underweight positions in bonds with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was higher than the broader market, with lower exposure to carbon intensive companies.

The Index was overweight in industrials and utilities and underweight in financials compared to the market as a whole. Within the industrials sector, the Index’s largest overweights were in the information technology and consumer cyclical industries, and energy and communications were its most notable underweights. Electricity was the key driver of the Index’s overweight in utilities, while its underweight in financials largely stemmed from below-benchmark weightings in insurance and finance companies.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    1.6

Aa

    3.8  

A

    47.1  

Baa

    45.8  

Ba

    0.7  

Not Rated

    1.0  

ALLOCATION BY MATURITY

 

   
Maturity    

Percent of

Total Investments

 

(a) 

0-1 Year

    0.1

1-2 Years

    19.7  

2-3 Years

    25.0  

3-4 Years

    31.9  

4-5 Years

    17.4  

5-6 Years

    4.8  

6-7 Years

    0.2  

7-8 Years

    0.3  

9-10 Years

    0.4  

21-22 Years

    0.2  
  *

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.

 
   

 

 

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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


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

 

Investment Objective

The iShares ESG Aware U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade bonds from issuers generally evaluated for favorable environmental, social and governance practices while seeking to exhibit risk and return characteristics similar to those of the broad U.S. dollar-denominated investment-grade bond market, as represented by the Bloomberg MSCI US Aggregate ESG Focus Index (the “Index”) (formerly the Bloomberg Barclays MSCI US Aggregate ESG Focus 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     

Since

Inception

           1 Year     

Since

Inception

 

Fund NAV

    (2.78 )%       3.89       (2.78 )%       13.73

Fund Market

    (2.72      3.92         (2.72      13.81  

Index

    (2.65      4.02               (2.65      14.19  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 10/18/18. The first day of secondary market trading was 10/23/18.

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 11 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          $ 958.40             $ 0.44                  $ 1,000.00          $ 1,024.30             $ 0.45       0.09

 

  (a) 

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

 

 

 

U N D   S U M M A R Y

  7


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

 

Portfolio Management Commentary

The bond market in the U.S. experienced a challenging year broadly, while investment-grade (“IG”) corporate bonds with positive environmental, social, and governance (“ESG”) characteristics performed similarly to their traditional IG sector. Short-term issues experienced a meaningful downturn due to expectations for tighter Fed Policy, weighing on returns for the Index.

At the asset class level, U.S. Treasuries experienced the smallest losses and outpaced securitized assets and corporate bonds, respectively. Corporate bonds strongly outperformed in 2021, but their relative strength in this time was outweighed by their slump in January-February 2022 following the outbreak of the Russia-Ukraine conflict Although bonds with higher ESG ratings sold off in tandem with the broader fixed-income market, the ESG space continued to benefit from robust inflows and an increased focus from investors, corporations, regulators, and other key stakeholders.

The Index slightly underperformed the broader market, as represented by the Bloomberg U.S. Aggregate Index. Relative to the broader market, the ESG selection process leads to overweight and underweight positions in bonds with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was higher than the broader market, with lower exposure to carbon intensive companies.

The Index held a small overweight position in corporate bonds relative to the market, with overweights in industrials and utilities and an underweight in financials. It had modest underweights in U.S. Treasuries, government-related bonds and securitized assets.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    51.4

Aa

    12.7  

A

    17.0  

Baa

    14.1  

Ba

    0.3  

Not Rated

    4.5  

ALLOCATION BY INVESTMENT TYPE

 

   
Investment Type    

Percent of

Total Investments

 

(a) 

U.S. Government & Agency Obligations

    71.0

Corporate Bonds & Notes

    27.0  

Foreign Government Obligations

    3.1  

Collaterized Mortgage Obligations

    1.2  

Asset-Backed Securities

    0.3  

Municipal Debt Obligations

    0.0 (b) 

TBA Sales Commitments

    (2.6
  *

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

 
  (a) 

Excludes money market funds.

 
  (b) 

Rounds to less than 0.1%.

 

 

 

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Fund Summary as of February 28, 2022    iShares® ESG Aware USD Corporate Bond ETF

 

Investment Objective

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

Since

Inception

           1 Year     

Since

Inception

 

Fund NAV

    (3.60 )%       3.48       (3.60 )%       17.20

Fund Market

    (3.39      3.50         (3.39      17.28  

Index

    (3.41      3.79               (3.41      18.82  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 7/11/17. The first day of secondary market trading was 7/13/17.

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 11 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            $ 937.60               $ 0.86                     $ 1,000.00             $ 1,023.90               $ 0.90       0.18

 

  (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   S U M M A R Y

  9


Fund Summary  as of February 28, 2022   (continued)    iShares® ESG Aware USD Corporate Bond ETF

 

Portfolio Management Commentary

The bond market in the U.S. experienced a challenging year broadly, while investment-grade (“IG”) corporate bonds with positive environmental, social, and governance (“ESG”) characteristics performed similarly to their traditional IG sector. Short-term issues experienced a meaningful downturn due to expectations for tighter Fed policy, weighing on returns. Although bonds with higher ESG ratings sold off in tandem with the broader fixed-income market, the ESG space continued to benefit from robust inflows and an increased focus from investors, corporations, regulators and other key stakeholders.

The Index slightly underperformed the broader market, as represented by the Bloomberg US Corporate 1-5 Year Index. Relative to the broader market, the ESG selection process leads to overweight and underweight positions in bonds with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was higher than the broader market, with lower exposure to carbon intensive companies.

The Index was overweight in industrials and utilities and underweight in financials compared to the market as a whole. Within the industrials sector, the Index’s largest overweights were in the information technology and consumer cyclical industries, and energy and communications were its most notable underweights. Electricity was the key driver of the Index’s overweight in utilities, while its underweight in financials largely stemmed from below-benchmark weightings in REITs and finance companies.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    2.4

Aa

    3.8  

A

    40.1  

Baa

    51.6  

Ba

    1.1  

Not Rated

    1.0  

ALLOCATION BY MATURITY

 

   
Maturity    

Percent of

Total Investments

 

(a) 

1-5 Years

    30.3

5-10 Years

    28.5  

10-15 Years

    6.9  

15-20 Years

    7.2  

More than 20 Years

    27.1  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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About Fund Performance

 

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

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

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

Shareholder Expenses

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

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

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

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

 

 

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

  11


Schedule of Investments

February 28, 2022

  

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

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   

Advertising — 0.3%

   

WPP Finance 2010, 3.75%, 09/19/24

  $ 2,761     $ 2,859,292  
   

 

 

 
Aerospace & Defense — 0.2%            

L3Harris Technologies Inc.

   

3.83%, 04/27/25 (Call 01/27/25)

    713       743,003  

3.85%, 06/15/23 (Call 05/15/23)(a)

    288       295,154  

3.85%, 12/15/26 (Call 09/15/26)

    25       26,243  

3.95%, 05/28/24 (Call 02/28/24)

    320       331,574  

Raytheon Technologies Corp., 3.95%, 08/16/25 (Call 06/16/25)

    521       549,296  

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

    300       289,206  
   

 

 

 
            2,234,476  
Agriculture — 1.0%            

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    5,239       5,085,550  

3.25%, 08/15/26 (Call 05/15/26)(a)

    2,055       2,104,792  

4.35%, 03/15/24 (Call 03/10/22)

    2,617       2,742,773  
   

 

 

 
      9,933,115  
Airlines — 0.1%            

Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)

    1,008       1,087,078  
   

 

 

 

Apparel — 0.3%

   

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

    568       576,156  

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

    1,192       1,259,050  

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

    383       400,821  

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

    920       922,981  
   

 

 

 
      3,159,008  
Auto Manufacturers — 1.4%            

American Honda Finance Corp.

   

1.00%, 09/10/25

    360       344,812  

1.20%, 07/08/25

    432       417,606  

2.15%, 09/10/24(a)

    955       956,222  

2.40%, 06/27/24(a)

    471       475,639  

2.90%, 02/16/24

    499       508,321  

3.55%, 01/12/24(a)

    790       814,893  

3.63%, 10/10/23

    357       367,507  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

        3,140       2,989,971  

3.65%, 10/01/23 (Call 07/01/23)

    1,687       1,729,698  

General Motors Co., 4.00%, 04/01/25

    595       617,598  

General Motors Financial Co. Inc.

   

2.75%, 06/20/25 (Call 05/20/25)

    110       109,946  

2.90%, 02/26/25 (Call 01/26/25)

    887       892,428  

4.00%, 01/15/25 (Call 10/15/24)

    555       574,264  

4.30%, 07/13/25 (Call 04/13/25)

    62       64,699  

4.35%, 04/09/25 (Call 02/09/25)

    1,375       1,438,814  

PACCAR Financial Corp.

   

1.80%, 02/06/25

    25       24,786  

2.15%, 08/15/24(a)

    80       80,411  

Toyota Motor Corp.

   

2.36%, 07/02/24(a)

    95       95,684  

3.42%, 07/20/23

    251       257,441  

Toyota Motor Credit Corp.

   

0.50%, 08/14/23

    230       226,619  

1.35%, 08/25/23

    167       166,492  

1.80%, 02/13/25(a)

    378       375,263  

2.00%, 10/07/24

    222       221,967  
Security  

Par

(000)

    Value  

Auto Manufacturers (continued)

   

2.25%, 10/18/23

  $ 91     $ 91,873  

2.90%, 04/17/24

    163       166,309  

3.00%, 04/01/25

    413       423,106  

3.35%, 01/08/24

    75       77,125  

3.40%, 04/14/25

    162       167,644  

3.45%, 09/20/23

    247       253,852  
   

 

 

 
          14,930,990  
Auto Parts & Equipment — 0.2%            

BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)(a)

    569       586,662  

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

    961       987,754  
   

 

 

 
      1,574,416  
Banks — 34.3%            

Banco Bilbao Vizcaya Argentaria SA

   

0.88%, 09/18/23

    3,555       3,502,884  

1.13%, 09/18/25

        8,316       7,902,445  

Banco Santander SA

   

1.72%, 09/14/27 (Call 09/14/26)(b)

    35       33,001  

1.85%, 03/25/26

    1,495       1,436,740  

2.71%, 06/27/24

    105       105,956  

2.75%, 05/28/25

    550       550,528  

3.85%, 04/12/23

    295       301,402  

5.18%, 11/19/25

    710       758,337  

Bank of America Corp.

   

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

    440       423,399  

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

    160       151,355  

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

    528       504,805  

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

    325       323,024  

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

    2,411       2,303,156  

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

    230       227,755  

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

    4,035       3,968,261  

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

    915       912,896  

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

    460       452,727  

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

    608       616,561  

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

    287       292,640  

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

    936       954,439  

3.50%, 04/19/26

    114       118,224  

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

    1,107       1,124,668  

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

    270       277,204  

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

    2,000       2,084,640  

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

    939       961,132  

3.88%, 08/01/25

    615       644,520  

4.00%, 04/01/24

    371       384,861  

4.00%, 01/22/25

    244       253,404  

4.10%, 07/24/23

    388       401,010  

4.13%, 01/22/24(a)

    281       292,144  

4.20%, 08/26/24

    684       712,188  

4.45%, 03/03/26

    170       180,747  

Series L, 3.95%, 04/21/25

    802       831,393  

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

    1,303       1,246,476  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

Bank of Montreal

   

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

  $ 2,540     $ 2,397,227  

1.25%, 09/15/26

    2,065       1,958,322  

1.50%, 01/10/25

    200       195,814  

1.85%, 05/01/25

    525       518,915  

2.50%, 06/28/24(a)

    1,312       1,324,057  

4.34%, 10/05/28 (Call 10/05/23)(b)

    820       844,821  

Series E, 3.30%, 02/05/24

    2,837       2,907,102  

Bank of New York Mellon Corp. (The)

   

0.75%, 01/28/26 (Call 12/28/25)

    215       203,943  

1.60%, 04/24/25 (Call 03/24/25)

    2,245       2,210,202  

2.05%, 01/26/27 (Call 12/26/26)

    250       247,218  

2.10%, 10/24/24

    946       949,510  

2.20%, 08/16/23 (Call 06/16/23)

    2,828       2,850,228  

2.80%, 05/04/26 (Call 02/04/26)

    45       46,008  

3.25%, 09/11/24 (Call 08/11/24)(a)

    421       433,681  

3.40%, 05/15/24 (Call 04/15/24)

    441       455,134  

3.45%, 08/11/23

    920       944,058  

3.50%, 04/28/23

    1,024       1,046,948  

3.95%, 11/18/25 (Call 10/18/25)

    170       180,346  

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

    1,106       1,141,646  

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

    340       348,945  

Bank of Nova Scotia (The)

   

0.40%, 09/15/23

    85       83,327  

1.05%, 03/02/26

    8,210       7,776,019  

1.30%, 06/11/25

    1,761       1,699,400  

1.30%, 09/15/26 (Call 06/15/26)

    4,145       3,941,066  

1.35%, 06/24/26

    2,830       2,700,839  

1.95%, 02/02/27

    200       194,284  

2.20%, 02/03/25(a)

    3,814       3,801,643  

2.70%, 08/03/26

    1,075       1,085,503  

3.40%, 02/11/24

    2,231       2,289,296  

4.50%, 12/16/25

    55       58,462  

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

    2,290       2,272,459  

Barclays Bank PLC, 3.75%, 05/15/24(a)

    42       43,495  

Barclays PLC

   

2.28%, 11/24/27 (Call 11/24/26)(b)

    2,580       2,488,462  

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

    1,190       1,188,548  

3.65%, 03/16/25

    340       348,966  

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

    1,955       2,008,352  

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

        2,020       2,076,095  

4.38%, 09/11/24

    125       129,604  

4.38%, 01/12/26

    1,445       1,525,718  

5.20%, 05/12/26

    1,050       1,131,196  

BNP Paribas SA, 4.25%, 10/15/24

    1,295       1,352,161  

BPCE SA, 4.00%, 04/15/24

    1,710           1,771,970  

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

    75       76,097  

Canadian Imperial Bank of Commerce

   

0.95%, 06/23/23

    802       793,627  

0.95%, 10/23/25

    730       693,982  

1.25%, 06/22/26 (Call 05/22/26)

    305       288,676  

2.25%, 01/28/25

    2,068       2,065,436  

3.10%, 04/02/24

    2,146       2,188,727  

3.50%, 09/13/23

    2,441       2,509,006  

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

    276       285,260  
Security  

Par

(000)

    Value  

Banks (continued)

   

Citigroup Inc.

   

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

  $ 3,110     $ 2,929,869  

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

    1,255       1,188,736  

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

    550       549,307  

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

    360       354,737  

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

    500       504,400  

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

    1,502       1,522,157  

3.30%, 04/27/25(a)

    498       509,987  

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

    1,146       1,169,779  

3.40%, 05/01/26

    70       72,161  

3.50%, 05/15/23

    1,058       1,082,239  

3.70%, 01/12/26

    1,565       1,634,815  

3.75%, 06/16/24

    241       249,442  

3.88%, 10/25/23

    262       270,426  

3.88%, 03/26/25

    425       439,395  

4.00%, 08/05/24

    239       247,014  

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

    1,836       1,883,185  

4.40%, 06/10/25

    1,688       1,771,505  

4.60%, 03/09/26

    730       778,968  

5.50%, 09/13/25

    587       640,382  

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

    320       319,002  

Comerica Bank

   

2.50%, 07/23/24

    849       857,456  

4.00%, 07/27/25

    405       425,756  

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

    2,682       2,743,766  

Cooperatieve Rabobank U.A.

   

4.38%, 08/04/25

    350       366,534  

4.63%, 12/01/23(a)

    170       177,254  

Credit Suisse AG/New York NY

   

1.00%, 05/05/23

    292       289,752  

2.95%, 04/09/25

    210       212,860  

3.63%, 09/09/24

    1,280       1,321,050  

Credit Suisse Group AG

   

3.75%, 03/26/25

    729       748,770  

3.80%, 06/09/23

    576       588,925  

4.55%, 04/17/26(a)

    825       871,431  

Deutsche Bank AG, 4.10%, 01/13/26

    490       510,276  

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

    889       912,523  

Deutsche Bank AG/New York NY

   

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

    2,805           2,700,430  

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

    867       865,387  

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

    25       23,908  

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

    2,750       2,644,977  

3.70%, 05/30/24

    956       979,613  

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

    2,480       2,537,362  

4.10%, 01/13/26

        1,083       1,129,601  

Discover Bank

   

2.45%, 09/12/24 (Call 08/12/24)

    312       312,465  

4.20%, 08/08/23

    252       259,908  

4.68%, 08/09/28 (Call 08/09/23)(b)

    927       951,417  

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

    125       124,248  

First Horizon Corp.

   

3.55%, 05/26/23 (Call 04/26/23)(a)

    252       256,029  

4.00%, 05/26/25 (Call 04/26/25)

    582       604,064  

First-Citizens Bank & Trust Co., 2.97%, 09/27/25 (Call 09/27/24), (SOFR + 1.715%)(b)

    347       350,276  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

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

  $ 25     $ 25,030  

Goldman Sachs Group Inc. (The)

   

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

    175       164,658  

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

    2,357       2,228,072  

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

    1,085       1,022,439  

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

    350       346,213  

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

    2,905       2,784,965  

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

    2,680       2,648,590  

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

    1,992       2,027,637  

3.50%, 01/23/25 (Call 10/23/24)

    364       374,523  

3.50%, 04/01/25 (Call 03/01/25)

    529       543,891  

3.63%, 02/20/24 (Call 01/20/24)

    945       971,016  

3.75%, 05/22/25 (Call 02/22/25)

    531       549,404  

3.85%, 07/08/24 (Call 04/08/24)(a)

    668       690,104  

4.00%, 03/03/24

        1,195             1,237,554  

HSBC Holdings PLC

   

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

    300       289,983  

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

    200       195,852  

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

    3,325       3,134,610  

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

    985       949,855  

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

    1,015       990,122  

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

    230       221,495  

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

    785       784,011  

3.60%, 05/25/23

    285       291,609  

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

    1,865       1,911,494  

3.90%, 05/25/26

    4,040       4,203,176  

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

    385       393,362  

4.25%, 03/14/24(a)

    375       387,518  

4.25%, 08/18/25

    402       417,015  

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

    1,470       1,533,254  

4.30%, 03/08/26

    255       269,334  

4.38%, 11/23/26

    1,935       2,035,581  

HSBC USA Inc., 3.50%, 06/23/24

    225       231,644  

Huntington Bancshares Inc./OH

   

2.63%, 08/06/24 (Call 07/06/24)

    1,240       1,249,412  

4.00%, 05/15/25 (Call 04/15/25)

    1,185       1,238,692  

Huntington National Bank (The)

   

1.80%, 02/03/23 (Call 01/03/23)

    180       180,110  

3.55%, 10/06/23 (Call 09/06/23)

    200       205,350  

ING Groep NV

   

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

    2,600       2,485,496  

3.55%, 04/09/24

    1,707       1,751,536  

4.10%, 10/02/23

    2,300       2,375,049  

Intesa Sanpaolo SpA, 5.25%, 01/12/24

    7,040       7,391,366  

JPMorgan Chase & Co.

   

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

    170       166,756  

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

    940       880,131  

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

    160       150,416  

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

    2,770       2,613,440  

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

    379       377,454  

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

    570       545,045  

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

    2,475       2,435,152  

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

    3,622       3,566,113  

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

    534       531,549  

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

    200       200,506  

2.70%, 05/18/23 (Call 03/18/23)

    141       142,574  
Security  

Par

(000)

    Value  

Banks (continued)

   

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

  $ 470     $ 472,801  

3.13%, 01/23/25 (Call 10/23/24)

    54       55,202  

3.20%, 06/15/26 (Call 03/15/26)

    110       112,878  

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

    355       361,230  

3.38%, 05/01/23

    336       342,337  

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

    225       229,118  

3.63%, 05/13/24

    544       562,153  

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

    2,000       2,088,460  

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

    223       228,310  

3.88%, 02/01/24

    183       189,868  

3.88%, 09/10/24

    776       805,333  

3.90%, 07/15/25 (Call 04/15/25)

    131       136,908  

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

    55       57,579  

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

    690       712,101  

7.63%, 10/15/26

    30       36,254  

7.75%, 07/15/25

    35       41,001  

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

    272       281,115  

Lloyds Bank PLC, 3.50%, 05/14/25(a)

    700       719,236  

Lloyds Banking Group PLC

   

1.63%, 05/11/27 (Call 05/11/26)(b)

    25       23,716  

2.44%, 02/05/26 (Call 02/05/25)(b)

    1,875       1,861,181  

3.87%, 07/09/25 (Call 07/09/24)(b)

    936       963,930  

3.90%, 03/12/24

    875       906,518  

4.05%, 08/16/23

    1,215       1,251,535  

4.45%, 05/08/25

    370       389,469  

4.50%, 11/04/24

    950       991,430  

4.58%, 12/10/25

    2,020       2,118,091  

4.65%, 03/24/26

    3,000             3,172,950  

Mitsubishi UFJ Financial Group Inc.

   

0.85%, 09/15/24 (Call 09/15/23)(b)

    320       314,106  

1.41%, 07/17/25

    500       482,340  

2.19%, 02/25/25

        1,345       1,335,141  

2.34%, 01/19/28 (Call 01/19/27)(b)

    395       385,469  

2.80%, 07/18/24

    255       258,274  

3.41%, 03/07/24

    300       307,560  

3.76%, 07/26/23

    388       398,658  

3.78%, 03/02/25

    138       143,378  

Mizuho Financial Group Inc.

   

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

    180       176,567  

1.23%, 05/22/27 (Call 05/22/26)(b)

    1,140       1,067,633  

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

    387       382,836  

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

    1,305       1,288,413  

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

    655       655,675  

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

    390       393,260  

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

    337       345,877  

Morgan Stanley

   

0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.610%)(b)

    160       157,811  

0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.590%)(b)

    35       34,007  

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

    125       120,556  

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

    4,317       4,044,640  

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

    2,965       2,810,761  

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

    4,565       4,349,167  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

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

  $ 2,031     $ 2,003,744  

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

    825       811,223  

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

    1,000       1,000,780  

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

    1,902       1,913,184  

3.13%, 07/27/26

    2,045       2,083,650  

3.70%, 10/23/24

    1,932       1,998,519  

3.74%, 04/24/24 (Call 04/24/23), (3 mo. LIBOR US + 0.847%)(b)

    2,902       2,958,212  

3.88%, 01/27/26

    2,496       2,606,947  

4.00%, 07/23/25

    834       874,074  

4.10%, 05/22/23

    805       826,123  

4.35%, 09/08/26

    140       148,677  

5.00%, 11/24/25

    1,158       1,245,730  

6.25%, 08/09/26

    195       223,257  

Series F, 3.88%, 04/29/24

    1,916       1,980,569  

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

    436       418,451  

National Australia Bank Ltd./New York, 3.63%, 06/20/23

    47       48,230  

Natwest Group PLC

   

1.64%, 06/14/27 (Call 06/14/26)(a)(b)

        1,825       1,733,476  

2.36%, 05/22/24 (Call 05/22/23)(b)

    460       460,943  

3.75%, 11/01/29 (Call 11/01/24)(b)

    1,259       1,274,788  

3.88%, 09/12/23

    1,470       1,505,515  

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

    1,510       1,561,612  

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

    1,285       1,322,149  

4.80%, 04/05/26

    2,030       2,175,551  

5.13%, 05/28/24

    1,477       1,551,441  

6.00%, 12/19/23

    1,125       1,194,829  

6.10%, 06/10/23(a)

    1,213       1,268,968  

Northern Trust Corp., 3.95%, 10/30/25

    823       872,503  

Pacific Western Bank, 3.25%, 05/01/31 (Call 05/01/26), (SOFR + 2.520%)(b)

    5       4,885  

People’s United Bank N.A., 4.00%, 07/15/24 (Call 04/16/24)

    30       30,934  

PNC Bank N.A.

   

2.95%, 02/23/25 (Call 01/24/25)

    85       87,230  

3.25%, 06/01/25 (Call 05/02/25)

    157       162,330  

3.30%, 10/30/24 (Call 09/30/24)

    27       27,872  

3.50%, 06/08/23 (Call 05/09/23)

    237       242,264  

3.80%, 07/25/23 (Call 06/25/23)

    80       82,093  

PNC Bank NA

   

3.88%, 04/10/25 (Call 03/10/25)

    2,050       2,138,970  

2.50%, 08/27/24 (Call 07/27/24)

    2,530             2,557,273  

PNC Financial Services Group Inc. (The)

   

2.20%, 11/01/24 (Call 10/02/24)

    803       805,706  

3.50%, 01/23/24 (Call 12/23/23)

    2,610       2,686,055  

3.90%, 04/29/24 (Call 03/29/24)

    427       443,367  

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

    1,900       1,902,831  

Royal Bank of Canada

   

1.15%, 06/10/25

    1,718       1,654,125  

1.20%, 04/27/26

    280       265,944  

1.60%, 04/17/23

    506       506,729  

2.05%, 01/21/27

    250       244,913  

2.25%, 11/01/24

    988       988,731  

2.55%, 07/16/24

    1,183       1,194,830  

3.70%, 10/05/23

    515       530,826  

Santander Holdings USA Inc.

   

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

    2,245       2,180,546  
Security  

Par

(000)

    Value  

Banks (continued)

   

3.24%, 10/05/26 (Call 08/05/26)

  $ 20     $ 20,208  

3.45%, 06/02/25 (Call 05/02/25)

    420       427,102  

3.50%, 06/07/24 (Call 05/07/24)

    441       450,067  

4.50%, 07/17/25 (Call 04/17/25)

    660       692,003  

Santander UK Group Holdings PLC

   

1.53%, 08/21/26 (Call 08/21/25)(b)

    475       453,117  

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

    200       188,946  

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

    1,995       1,931,220  

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

    1,005       1,044,497  

Santander UK PLC

   

2.88%, 06/18/24(a)

    30       30,408  

4.00%, 03/13/24

    281       291,349  

State Street Corp.

   

1.75%, 02/06/26 (Call 02/06/25), (SOFR + 0.441%)(b)

    90       88,966  

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

    300       296,163  

2.35%, 11/01/25 (Call 11/01/24)(b)

    2,232       2,245,481  

2.65%, 05/19/26

    35       35,725  

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

    245       249,993  

3.10%, 05/15/23

    1,068       1,086,861  

3.30%, 12/16/24

    963       996,262  

3.55%, 08/18/25

    2,338       2,440,778  

3.70%, 11/20/23

    526       543,495  

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

    525       541,758  

Sumitomo Mitsui Banking Corp.

   

3.40%, 07/11/24

    250       257,655  

3.65%, 07/23/25

    260       270,559  

3.95%, 07/19/23(a)

    115       118,292  

3.95%, 01/10/24

    20       20,751  

Sumitomo Mitsui Financial Group Inc.

   

1.47%, 07/08/25

    1,995       1,926,472  

2.35%, 01/15/25

    1,875       1,868,400  

2.45%, 09/27/24

    1,045       1,047,832  

2.70%, 07/16/24(a)

    975       984,282  

3.75%, 07/19/23

    377       387,345  

3.94%, 10/16/23

    486       501,999  

SVB Financial Group, 3.50%, 01/29/25

    424       437,004  

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

    500       518,665  

Toronto-Dominion Bank (The)

   

0.45%, 09/11/23

    578       566,729  

0.75%, 06/12/23

    513       507,629  

0.75%, 09/11/25

    605       571,804  

0.75%, 01/06/26

    50       47,154  

1.15%, 06/12/25

    1,372       1,321,867  

1.20%, 06/03/26

    150       142,764  

1.25%, 09/10/26

    4,125       3,912,604  

2.65%, 06/12/24

    2,577       2,609,934  

3.25%, 03/11/24

    1,486       1,524,918  

3.50%, 07/19/23

    4,173       4,277,367  

3.63%, 09/15/31 (Call 09/15/26)(b)

        1,040             1,072,094  

Truist Bank

   

1.25%, 03/09/23 (Call 02/09/23)

    150       149,670  

1.50%, 03/10/25 (Call 02/10/25)

    45       44,263  

2.15%, 12/06/24 (Call 11/05/24)

    155       155,521  

2.64%, 09/17/29 (Call 09/17/24)(b)

    631       633,492  

2.75%, 05/01/23 (Call 04/01/23)

    245       248,229  

3.20%, 04/01/24 (Call 03/01/24)

    141       144,776  

3.30%, 05/15/26 (Call 04/15/26)

    90       93,165  

3.63%, 09/16/25 (Call 08/16/25)

    435       453,218  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

3.69%, 08/02/24 (Call 08/02/23), (3 mo. LIBOR US + 0.735%)(b)

  $ 80     $ 82,067  

Truist Financial Corp.

   

1.20%, 08/05/25 (Call 07/03/25)

    65       62,669  

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

    475       453,772  

2.20%, 03/16/23 (Call 02/13/23)

    171       171,911  

2.50%, 08/01/24 (Call 07/01/24)

    213       215,439  

2.85%, 10/26/24 (Call 09/26/24)

    134       136,554  

3.70%, 06/05/25 (Call 05/05/25)

    74       77,329  

3.75%, 12/06/23 (Call 11/06/23)

    305       314,720  

4.00%, 05/01/25 (Call 03/01/25)

    390       409,305  

U.S. Bancorp.

   

1.45%, 05/12/25 (Call 04/11/25)

    210       205,361  

2.40%, 07/30/24 (Call 06/28/24)

    378       382,260  

3.38%, 02/05/24 (Call 01/05/24)

    284       291,969  

3.60%, 09/11/24 (Call 08/11/24)

    126       130,730  

3.70%, 01/30/24 (Call 12/29/23)

    116       120,109  

U.S. Bank N.A./Cincinnati OH

   

2.05%, 01/21/25 (Call 12/20/24)

    117       117,089  

2.80%, 01/27/25 (Call 12/27/24)

    102       104,033  

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

    270       265,372  

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

    925       917,193  

Westpac Banking Corp.

   

1.15%, 06/03/26

    155       148,391  

2.35%, 02/19/25

    1,138       1,147,377  

2.85%, 05/13/26

    345       354,077  

2.89%, 02/04/30 (Call 02/04/25)(b)

    1,401       1,384,314  

3.30%, 02/26/24

    1,552       1,597,908  

3.65%, 05/15/23

    1,137       1,166,596  

4.32%, 11/23/31 (Call 11/23/26)(b)

    30       31,292  
   

 

 

 
          354,053,547  
Beverages — 3.3%            

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

    415       433,820  

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

    55       57,180  

Coca-Cola Co. (The), 1.75%, 09/06/24

    144       144,055  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    5,245       5,091,059  

2.13%, 10/24/24 (Call 09/24/24)

    4,850       4,868,042  

2.63%, 04/29/23 (Call 01/29/23)

    2,735       2,763,116  

3.50%, 09/18/23 (Call 08/18/23)

    3,950       4,051,752  

Keurig Dr Pepper Inc.

   

3.13%, 12/15/23 (Call 10/15/23)

    295       300,992  

4.06%, 05/25/23 (Call 04/25/23)

    256       262,615  

4.42%, 05/25/25 (Call 03/25/25)

    339       358,587  

Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)

        10,550       10,738,951  

PepsiCo Inc.

   

0.75%, 05/01/23

    507       503,400  

2.25%, 03/19/25 (Call 02/19/25)

    1,310       1,323,297  

2.75%, 04/30/25 (Call 01/30/25)(a)

    706       720,995  

2.85%, 02/24/26 (Call 11/24/25)

    245       252,558  

3.50%, 07/17/25 (Call 04/17/25)

    2,021       2,111,622  

3.60%, 03/01/24 (Call 12/01/23)(a)

    547       565,401  
   

 

 

 
          34,547,442  
Security  

Par

(000)

    Value  

Biotechnology — 1.2%

   

Amgen Inc.

   

1.90%, 02/21/25 (Call 01/21/25)

  $ 627     $ 623,257  

2.25%, 08/19/23 (Call 06/19/23)(a)

    747       753,409  

2.60%, 08/19/26 (Call 05/19/26)(a)

    80       80,724  

3.13%, 05/01/25 (Call 02/01/25)

    811       829,515  

3.63%, 05/22/24 (Call 02/22/24)(a)

    2,210       2,283,505  

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

    375       391,957  

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

    1,302       1,361,111  

Gilead Sciences Inc.

   

0.75%, 09/29/23 (Call 03/21/22)

    293       288,775  

2.50%, 09/01/23 (Call 07/01/23)

    1,123       1,135,308  

3.50%, 02/01/25 (Call 11/01/24)

    969       1,002,469  

3.65%, 03/01/26 (Call 12/01/25)

    788       822,199  

3.70%, 04/01/24 (Call 01/01/24)

        2,791       2,881,317  
   

 

 

 
      12,453,546  
Building Materials — 0.9%            

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

    492       491,395  

Fortune Brands Home & Security Inc.

   

4.00%, 09/21/23 (Call 08/21/23)

    752       773,244  

4.00%, 06/15/25 (Call 03/15/25)(a)

    643       672,302  

Johnson Controls International PLC

   

3.63%, 07/02/24 (Call 04/02/24)(c)

    2,340       2,416,401  

3.90%, 02/14/26 (Call 11/14/25)

    3,092       3,257,051  

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)

    595       572,580  

3.00%, 11/15/23 (Call 09/15/23)

    491       498,247  

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

    238       248,572  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    350       360,206  

4.20%, 12/01/24 (Call 09/01/24)

    254       265,163  

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

    65       68,881  
   

 

 

 
            9,624,042  
Chemicals — 1.7%            

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

    175       180,320  

Albemarle Corp., 4.15%, 12/01/24 (Call 09/01/24)

    324       337,579  

Celanese U.S. Holdings LLC, 3.50%, 05/08/24 (Call 04/08/24)

    379       386,667  

Dow Chemical Co. (The), 3.63%, 05/15/26 (Call 03/15/26)

    660       689,311  

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

    771       798,879  

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

    763       790,811  

Ecolab Inc.

   

1.65%, 02/01/27 (Call 01/01/27)(a)

    4,305       4,188,593  

2.70%, 11/01/26 (Call 08/01/26)

    2,605       2,653,036  

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

    779       763,334  

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

    15       15,466  

International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)

    351       355,180  

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

    1,035       1,053,144  

LYB International Finance BV, 4.00%, 07/15/23

    268       275,713  

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

    300       319,605  

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

    368       380,597  

Nutrien Ltd.

   

1.90%, 05/13/23

    511       511,899  

3.00%, 04/01/25 (Call 01/01/25)

    75       76,267  

4.00%, 12/15/26 (Call 09/15/26)

    500       532,575  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Chemicals (continued)

   

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

  $ 1,696     $ 1,619,053  

2.40%, 08/15/24 (Call 07/15/24)

    566       570,488  

3.20%, 03/15/23 (Call 02/15/23)

    307       312,277  

Sherwin-Williams Co. (The)

   

3.13%, 06/01/24 (Call 04/01/24)

    380       388,664  

3.45%, 08/01/25 (Call 05/01/25)

    115       118,348  
   

 

 

 
          17,317,806  
Commercial Services — 2.1%            

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

    7,625       7,959,356  

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

    335       361,334  

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

    2,240       2,137,587  

Moody’s Corp.

   

3.75%, 03/24/25 (Call 02/24/25)

    40       41,725  

4.88%, 02/15/24 (Call 11/15/23)(a)

    280       293,628  

PayPal Holdings Inc.

   

1.35%, 06/01/23

    727       725,437  

1.65%, 06/01/25 (Call 05/01/25)

        2,609       2,556,950  

RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)

    7,352       7,476,911  

S&P Global Inc., 4.00%, 06/15/25 (Call 03/15/25)

    332       349,692  
   

 

 

 
      21,902,620  
Computers — 2.7%            

Hewlett Packard Enterprise Co.

   

1.45%, 04/01/24 (Call 03/01/24)

    986       970,678  

1.75%, 04/01/26 (Call 03/01/26)(a)

    997       962,554  

2.25%, 04/01/23 (Call 03/01/23)

    1,061       1,067,430  

4.45%, 10/02/23 (Call 09/02/23)

    1,010       1,047,703  

4.90%, 10/15/25 (Call 07/15/25)

    2,738       2,940,448  

HP Inc.

   

1.45%, 06/17/26 (Call 05/17/26)

    275       260,835  

2.20%, 06/17/25 (Call 05/17/25)

    1,838       1,826,365  

International Business Machines Corp.

   

3.00%, 05/15/24

    5,103       5,222,359  

3.30%, 05/15/26

    925       962,869  

3.38%, 08/01/23

    1,774       1,818,368  

3.45%, 02/19/26(a)

    5,190       5,414,416  

3.63%, 02/12/24

    2,209       2,284,923  

7.00%, 10/30/25

    2,138       2,482,154  

Leidos Inc.

   

2.95%, 05/15/23 (Call 04/15/23)

    301       304,639  

3.63%, 05/15/25 (Call 04/15/25)

    681       702,247  
   

 

 

 
      28,267,988  
Cosmetics & Personal Care — 0.4%            

Colgate-Palmolive Co.

   

2.10%, 05/01/23

    598       602,072  

3.25%, 03/15/24(a)

    1,883       1,941,298  

Procter & Gamble Co. (The), 3.10%, 08/15/23

    318       325,546  

Unilever Capital Corp.

   

0.38%, 09/14/23

    240       235,438  

2.60%, 05/05/24 (Call 03/05/24)

    614       621,362  

3.25%, 03/07/24 (Call 02/07/24)(a)

    525       537,589  

3.38%, 03/22/25 (Call 01/22/25)

    200       206,708  
   

 

 

 
      4,470,013  
Distribution & Wholesale — 0.3%            

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

    2,996       2,971,732  
   

 

 

 
Security  

Par

(000)

    Value  

Diversified Financial Services — 5.7%

   

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.75%, 01/30/26 (Call 12/30/25)

  $ 2,415     $ 2,291,086  

2.45%, 10/29/26 (Call 09/29/26)

    1,460       1,406,958  

2.88%, 08/14/24 (Call 07/14/24)

    708       710,181  

3.15%, 02/15/24 (Call 01/15/24)

    145       146,478  

3.50%, 01/15/25 (Call 11/15/24)

    1,065       1,082,029  

4.13%, 07/03/23 (Call 06/03/23)

    600       613,404  

4.45%, 10/01/25 (Call 08/01/25)

    665       692,132  

4.50%, 09/15/23 (Call 08/15/23)

    320       330,112  

4.88%, 01/16/24 (Call 12/16/23)

    420       436,800  

6.50%, 07/15/25 (Call 06/15/25)

    680       749,598  

Affiliated Managers Group Inc.

   

3.50%, 08/01/25

    35       36,229  

4.25%, 02/15/24

    295       307,375  

Air Lease Corp.

   

2.20%, 01/15/27 (Call 12/15/26)

    1,000       959,820  

2.30%, 02/01/25 (Call 01/01/25)

    810       801,041  

2.88%, 01/15/26 (Call 12/15/25)(a)

    491       489,763  

3.00%, 09/15/23 (Call 07/15/23)

    325       328,520  

3.25%, 03/01/25 (Call 01/01/25)

    569       574,201  

3.38%, 07/01/25 (Call 06/01/25)

    199       201,336  

4.25%, 02/01/24 (Call 01/01/24)

    473       488,609  

4.25%, 09/15/24 (Call 06/15/24)

    576       596,667  

Aircastle Ltd.

   

4.13%, 05/01/24 (Call 02/01/24)

    271       277,320  

4.25%, 06/15/26 (Call 04/15/26)

    55       56,613  

4.40%, 09/25/23 (Call 08/25/23)

    602       617,110  

5.00%, 04/01/23

    510       524,984  

Ally Financial Inc.

   

1.45%, 10/02/23 (Call 09/02/23)

    255       251,960  

3.05%, 06/05/23 (Call 05/05/23)

    288       291,381  

3.88%, 05/21/24 (Call 04/21/24)

    815       840,893  

4.63%, 03/30/25

    528       555,963  

5.13%, 09/30/24

    1,275       1,352,469  

5.80%, 05/01/25 (Call 04/01/25)(a)

    260       281,468  

American Express Co.

   

2.50%, 07/30/24 (Call 06/30/24)

    2,550       2,580,370  

3.00%, 10/30/24 (Call 09/29/24)

    1,890       1,932,903  

3.13%, 05/20/26 (Call 04/20/26)

    423       434,506  

3.40%, 02/22/24 (Call 01/22/24)

    1,784       1,834,148  

3.63%, 12/05/24 (Call 11/04/24)(a)

    779       806,421  

3.70%, 08/03/23 (Call 07/03/23)

    1,695       1,740,511  

4.20%, 11/06/25 (Call 10/06/25)(a)

    1,262             1,342,579  

Ameriprise Financial Inc.

   

3.00%, 04/02/25 (Call 03/02/25)

    949       966,082  

3.70%, 10/15/24(a)

    504       525,027  

4.00%, 10/15/23

    379       391,700  

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

    650       662,149  

Brookfield Finance Inc.

   

4.00%, 04/01/24 (Call 02/01/24)

        1,591       1,645,237  

4.25%, 06/02/26 (Call 03/02/26)

    60       64,010  

Charles Schwab Corp. (The)

   

3.00%, 03/10/25 (Call 12/10/24)

    258       264,233  

3.85%, 05/21/25 (Call 03/21/25)(a)

    447       469,614  

4.20%, 03/24/25 (Call 02/24/25)

    404       428,648  

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

    805       826,510  

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

    505       523,084  

3.95%, 11/06/24 (Call 08/06/24)

    263       273,194  

Franklin Resources Inc., 2.85%, 03/30/25(a)

    515       525,176  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

Intercontinental Exchange Inc.

   

0.70%, 06/15/23

  $ 240     $ 237,271  

3.45%, 09/21/23 (Call 08/21/23)

    189       193,700  

4.00%, 10/15/23

    313       323,964  

Invesco Finance PLC

   

3.75%, 01/15/26

    283       296,522  

4.00%, 01/30/24

    888       916,416  

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

    1,595       1,701,083  

Legg Mason Inc., 4.75%, 03/15/26

    150       163,214  

Mastercard Inc.

   

2.00%, 03/03/25 (Call 02/03/25)

    543       544,520  

3.38%, 04/01/24

    476       492,227  

Mizuho Financial Group Inc., 2.65%, 05/22/26 (Call 05/22/25)(b)

    500       500,365  

Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24)

    293       305,344  

Nomura Holdings Inc.

   

1.65%, 07/14/26

    2,515       2,389,200  

1.85%, 07/16/25

    2,015       1,960,655  

2.33%, 01/22/27

    1,815       1,752,673  

2.65%, 01/16/25

    330       331,040  

ORIX Corp.

   

3.25%, 12/04/24

    185       189,418  

4.05%, 01/16/24(a)

    250       259,013  

Synchrony Financial

   

3.70%, 08/04/26 (Call 05/04/26)

    155       157,928  

4.25%, 08/15/24 (Call 05/15/24)(a)

    1,277       1,321,363  

4.38%, 03/19/24 (Call 02/19/24)

    630       651,773  

4.50%, 07/23/25 (Call 04/23/25)

    1,770       1,856,270  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)(a)

    2,052       1,958,244  

2.85%, 01/10/25 (Call 12/10/24)

    2,559       2,591,525  

4.25%, 06/09/23 (Call 05/09/23)

        1,014       1,039,147  
          58,661,477  
Electric — 5.2%            

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)(a)

    4,171       4,253,669  

3.20%, 04/15/25 (Call 03/15/25)

    7,666       7,841,781  

Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)

    680       692,084  

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

    50       50,488  

Connecticut Light & Power Co. (The), Series A, 0.75%, 12/01/25 (Call 11/01/25)

    160       151,258  

Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 04/08/22)

    217       212,506  

Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)

    767       786,275  

Edison International

   

2.95%, 03/15/23 (Call 01/15/23)

    402       404,890  

3.55%, 11/15/24 (Call 10/15/24)

    290       296,716  

4.95%, 04/15/25 (Call 03/15/25)

    541       572,600  

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

    1,045       1,076,601  

Eversource Energy

   

2.80%, 05/01/23 (Call 02/01/23)

    881       888,938  

2.90%, 03/01/27 (Call 02/01/27)

    1,000       1,006,630  

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

    418       426,134  

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

    1,897       1,924,905  

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

    913       938,464  

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

    611       577,016  
Security  

Par

(000)

    Value  

Electric (continued)

   

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

  $ 2,875     $ 2,737,086  

Exelon Corp.

   

3.40%, 04/15/26 (Call 01/15/26)

    405       418,017  

3.95%, 06/15/25 (Call 03/15/25)

    1,770       1,841,296  

Florida Power & Light Co.

   

2.75%, 06/01/23 (Call 12/01/22)

    120       121,129  

2.85%, 04/01/25 (Call 03/01/25)

    4,739       4,839,040  

3.13%, 12/01/25 (Call 06/01/25)

    636       655,239  

3.25%, 06/01/24 (Call 12/01/23)

    778       797,613  

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

    2,975       3,003,649  

Iberdrola International BV, 5.81%, 03/15/25(a)

    315       348,018  

ITC Holdings Corp.

   

3.25%, 06/30/26 (Call 03/30/26)

    2,680       2,751,476  

3.65%, 06/15/24 (Call 03/15/24)

    1,996       2,047,657  

National Rural Utilities Cooperative Finance Corp.

   

4.75%, 04/30/43 (Call 04/30/23), (3 mo. LIBOR US + 2.910%)(b)

    1,078       1,059,210  

5.25%, 04/20/46 (Call 04/20/26), (3 mo. LIBOR US + 3.630%)(b)

    10       10,335  

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

        1,850       1,791,207  

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

    2,370       2,417,376  

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

    35       36,009  

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

    210       216,378  

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

    307       313,984  

Public Service Electric & Gas Co.

   

0.95%, 03/15/26 (Call 02/15/26)

    107       102,158  

2.38%, 05/15/23 (Call 02/15/23)

    361       363,794  

3.00%, 05/15/25 (Call 02/15/25)

    70       71,387  

3.25%, 09/01/23 (Call 08/01/23)

    498       508,109  

Public Service Enterprise Group Inc.

   

0.80%, 08/15/25 (Call 07/15/25)

    788       745,046  

2.88%, 06/15/24 (Call 05/15/24)

    2,052       2,080,708  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)

    145       146,320  

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

    755       771,285  

Southern California Edison Co.

   

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

    267       272,866  

Series D, 3.40%, 06/01/23 (Call 05/01/23)

    40       40,552  

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

    530       549,372  
   

 

 

 
          53,157,271  
Electrical Components & Equipment — 0.0%            

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

    127       130,805  
   

 

 

 

Electronics — 1.4%

   

Agilent Technologies Inc.

   

3.05%, 09/22/26 (Call 06/22/26)

    55       56,218  

3.88%, 07/15/23 (Call 04/15/23)

    1,638       1,676,444  

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

    384       389,100  

Amphenol Corp.

   

2.05%, 03/01/25 (Call 02/01/25)

    225       223,279  

3.20%, 04/01/24 (Call 02/01/24)

    193       196,956  

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

    25       26,492  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    2,420       2,497,730  

4.75%, 06/15/25 (Call 03/15/25)

    200       212,074  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electronics (continued)

   

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

  $ 10     $ 10,298  

Honeywell International Inc.

   

1.35%, 06/01/25 (Call 05/01/25)

    2,748       2,684,851  

2.30%, 08/15/24 (Call 07/15/24)

    1,467       1,481,905  

3.35%, 12/01/23

    280       287,655  

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

    959       1,009,242  

Legrand France SA, 8.50%, 02/15/25

    328       385,964  

Trimble Inc.

   

4.15%, 06/15/23 (Call 05/15/23)

    868       890,516  

4.75%, 12/01/24 (Call 09/01/24)

    1,120       1,181,544  

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

    84       86,239  

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

    738       689,351  
   

 

 

 
          13,985,858  
Environmental Control — 0.1%            

Republic Services Inc.

   

2.50%, 08/15/24 (Call 07/15/24)

    243       245,384  

3.20%, 03/15/25 (Call 12/15/24)

    273       279,418  

Waste Management Inc.

   

2.40%, 05/15/23 (Call 03/15/23)

    266       268,027  

3.13%, 03/01/25 (Call 12/01/24)

    45       46,317  
   

 

 

 
      839,146  
Food — 2.6%            

Campbell Soup Co.

   

3.30%, 03/19/25 (Call 12/19/24)

    308       315,026  

3.95%, 03/15/25 (Call 01/15/25)

    470       490,379  

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

    1,333       1,383,734  

General Mills Inc.

   

3.20%, 02/10/27 (Call 11/10/26)

    3,000       3,087,930  

3.65%, 02/15/24 (Call 11/15/23)(a)

    443       456,290  

3.70%, 10/17/23 (Call 09/17/23)

        2,125       2,186,476  

4.00%, 04/17/25 (Call 02/17/25)

    1,128       1,180,486  

Hershey Co. (The)

   

0.90%, 06/01/25 (Call 05/01/25)

    540       519,809  

3.20%, 08/21/25 (Call 05/21/25)

    15       15,497  

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

    20       19,477  

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

    650       667,531  

JM Smucker Co. (The), 3.50%, 03/15/25

    507       524,603  

Kellogg Co.

   

2.65%, 12/01/23

    2,657       2,695,394  

3.25%, 04/01/26

    8,902       9,138,704  

Kroger Co. (The)

   

3.85%, 08/01/23 (Call 05/01/23)

    135       138,325  

4.00%, 02/01/24 (Call 11/01/23)

    232       240,064  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    560       528,018  

3.15%, 08/15/24 (Call 06/15/24)

    1,192       1,220,894  

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

    1,302       1,268,200  

Tyson Foods Inc.

   

3.90%, 09/28/23 (Call 08/28/23)

    88       90,487  

3.95%, 08/15/24 (Call 05/15/24)

    349       362,482  
   

 

 

 
      26,529,806  
Forest Products & Paper — 0.0%            

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

    420       434,473  
   

 

 

 
Security  

Par

(000)

    Value  

Gas — 0.3%

   

National Fuel Gas Co.

   

3.75%, 03/01/23 (Call 12/01/22)

  $ 187     $ 189,510  

5.20%, 07/15/25 (Call 04/15/25)

    235       250,541  

5.50%, 01/15/26 (Call 12/15/25)

    1,249       1,354,203  

ONE Gas Inc.

   

1.10%, 03/11/24 (Call 03/11/24)

    215       210,182  

3.61%, 02/01/24 (Call 11/01/23)

    276       282,635  

Southern California Gas Co.

   

3.15%, 09/15/24 (Call 06/15/24)

    325       333,063  

3.20%, 06/15/25 (Call 03/15/25)

    50       51,359  

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

    310       313,212  
   

 

 

 
            2,984,705  
Hand & Machine Tools — 0.0%            

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

    492       477,668  
   

 

 

 

Health Care - Products — 0.0%

   

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

    32       33,125  

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

    338       338,223  

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

    45       46,302  
   

 

 

 
      417,650  
Health Care - Services — 1.1%            

Aetna Inc.

   

2.80%, 06/15/23 (Call 04/15/23)

    411       416,298  

3.50%, 11/15/24 (Call 08/15/24)

    301       309,870  

Anthem Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    805       778,701  

2.38%, 01/15/25 (Call 12/15/24)

    525       527,525  

3.35%, 12/01/24 (Call 10/01/24)

    643       661,904  

3.50%, 08/15/24 (Call 05/15/24)

    505       519,524  

HCA Inc.

   

4.75%, 05/01/23

    263       270,893  

5.00%, 03/15/24

        2,021       2,124,111  

5.25%, 04/15/25

    782       839,751  

5.25%, 06/15/26 (Call 12/15/25)

    255       276,293  

Humana Inc.

   

3.85%, 10/01/24 (Call 07/01/24)

    314       325,659  

4.50%, 04/01/25 (Call 03/01/25)

    702       745,629  

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

    510       488,942  

2.30%, 12/01/24 (Call 11/01/24)

    123       122,963  

3.25%, 09/01/24 (Call 07/01/24)

    589       600,509  

3.60%, 02/01/25 (Call 11/01/24)

    441       453,533  

4.00%, 11/01/23 (Call 08/01/23)

    30       30,877  

Quest Diagnostics Inc.

   

3.45%, 06/01/26 (Call 03/01/26)(a)

    265       274,362  

3.50%, 03/30/25 (Call 12/30/24)

    555       572,044  

4.25%, 04/01/24 (Call 01/01/24)

    713       741,499  

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

    251       263,151  
   

 

 

 
      11,344,038  
Home Furnishings — 0.0%            

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

    20       21,043  

Whirlpool Corp.

   

3.70%, 05/01/25

    2       2,085  

4.00%, 03/01/24

    40       41,557  
   

 

 

 
      64,685  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Household Products & Wares — 0.2%

   

Clorox Co. (The), 3.50%, 12/15/24 (Call 09/15/24)

  $ 888     $ 921,229  

Kimberly-Clark Corp.

   

2.40%, 06/01/23

    569       575,367  

2.75%, 02/15/26

    185       189,316  

3.05%, 08/15/25

    240       247,539  
   

 

 

 
      1,933,451  
Insurance — 1.5%            

Aflac Inc.

   

3.25%, 03/17/25(a)

    184       190,350  

3.63%, 11/15/24

    310       323,541  

Allstate Corp. (The), Series B, 5.75%, 08/15/53 (Call 08/15/23), (3 mo. LIBOR US +
2.938%)(b)

    1,007       1,012,921  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    280       281,268  

3.75%, 07/10/25 (Call 04/10/25)

    383       398,665  

4.13%, 02/15/24

    93       96,895  

Aspen Insurance Holdings Ltd., 4.65%, 11/15/23

    70       72,709  

Assurant Inc., 4.20%, 09/27/23 (Call 08/27/23)

    230       237,636  

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

    313       335,289  

Lincoln National Corp.

   

3.35%, 03/09/25(a)

    225       232,018  

4.00%, 09/01/23

    110       113,484  

Manulife Financial Corp., 4.15%, 03/04/26

    215       228,117  

Marsh & McLennan Companies Inc.

   

3.50%, 06/03/24 (Call 03/03/24)

    1,186       1,222,137  

3.50%, 03/10/25 (Call 12/10/24)

    356       368,777  

3.75%, 03/14/26 (Call 12/14/25)

    50       52,778  

3.88%, 03/15/24 (Call 02/15/24)

        1,412       1,462,945  

MetLife Inc.

   

3.00%, 03/01/25

    807       830,766  

3.60%, 04/10/24(a)

    345       357,168  

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

    51       52,324  

Prudential Financial Inc.

   

5.20%, 03/15/44 (Call 03/15/24), (3 mo. LIBOR US + 3.040%)(b)

    413       416,940  

5.38%, 05/15/45 (Call 05/15/25), (3 mo. LIBOR US + 3.031%)(a)(b)

    1,055       1,074,064  

5.63%, 06/15/43 (Call 06/15/23), (3 mo. LIBOR US + 3.920%)(b)

    394       405,556  

Reinsurance Group of America Inc., 4.70%, 09/15/23

    58       60,305  

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

    1,835       2,147,849  

Voya Financial Inc.

   

3.65%, 06/15/26

    30       31,479  

5.65%, 05/15/53 (Call 05/15/23), (3 mo. LIBOR US + 3.580%)(b)

    581       586,490  

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

    294       301,582  

XLIT Ltd., 4.45%, 03/31/25

    2,025       2,137,286  
   

 

 

 
          15,031,339  
Internet — 0.4%            

Amazon.com Inc.

   

0.80%, 06/03/25 (Call 05/03/25)

    776       748,700  

2.80%, 08/22/24 (Call 06/22/24)(a)

    317       324,231  

3.80%, 12/05/24 (Call 09/05/24)

    381       399,280  

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

    263       273,339  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    200       191,690  

1.90%, 03/11/25 (Call 02/11/25)

    526       519,830  
Security  

Par

(000)

    Value  

Internet (continued)

   

3.45%, 08/01/24 (Call 05/01/24)

  $ 347     $ 356,511  

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

    1,190       1,281,142  
   

 

 

 
      4,094,723  
Iron & Steel — 0.2%            

Nucor Corp.

   

2.00%, 06/01/25 (Call 05/01/25)

    238       235,506  

4.00%, 08/01/23 (Call 05/01/23)

    210       215,569  

Reliance Steel & Aluminum Co.

   

1.30%, 08/15/25 (Call 07/15/25)

    553       532,196  

4.50%, 04/15/23 (Call 01/15/23)(a)

    244       249,636  

Steel Dynamics Inc.

   

2.40%, 06/15/25 (Call 05/15/25)

    239       238,434  

2.80%, 12/15/24 (Call 11/15/24)

    360       365,436  

5.00%, 12/15/26 (Call 04/08/22)

    25       25,689  
   

 

 

 
          1,862,466  
Leisure Time — 0.0%            

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

    330       335,716  
   

 

 

 

Lodging — 0.8%

   

Hyatt Hotels Corp.

   

4.85%, 03/15/26 (Call 12/15/25)(a)

    162       171,924  

5.38%, 04/23/25 (Call 03/23/25)

    545       589,118  

Las Vegas Sands Corp.

   

2.90%, 06/25/25 (Call 05/25/25)

    529       510,136  

3.20%, 08/08/24 (Call 07/08/24)

    613       605,160  

3.50%, 08/18/26 (Call 06/18/26)

    30       29,166  

Marriott International Inc./MD

   

3.60%, 04/15/24 (Call 03/15/24)

    265       272,430  

3.75%, 03/15/25 (Call 12/15/24)

    339       349,543  

3.75%, 10/01/25 (Call 07/01/25)

    95       98,246  

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

    426       464,595  

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

    120       122,149  

Series Z, 4.15%, 12/01/23 (Call 11/01/23)

    61       62,970  

Sands China Ltd.

   

3.80%, 01/08/26 (Call 12/08/25)

    1,000       953,810  

5.13%, 08/08/25 (Call 06/08/25)

        4,159       4,188,030  
   

 

 

 
      8,417,277  
Machinery — 1.4%            

Caterpillar Financial Services Corp.

   

0.45%, 09/14/23

    220       216,271  

0.65%, 07/07/23

    364       359,840  

1.45%, 05/15/25

    327       319,930  

2.15%, 11/08/24

    246       247,193  

2.85%, 05/17/24

    545       556,298  

3.25%, 12/01/24

    231       238,669  

3.30%, 06/09/24

    785       809,578  

3.45%, 05/15/23

    65       66,552  

3.65%, 12/07/23(a)

    184       190,451  

3.75%, 11/24/23

    356       369,250  

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

    302       311,918  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    645       612,550  

1.88%, 01/15/26 (Call 12/15/25)

    2,095       2,041,305  

1.95%, 07/02/23

    766       766,008  

4.20%, 01/15/24

    1,371       1,417,408  

CNH Industrial NV, 4.50%, 08/15/23

    1,897       1,959,544  

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

    215       219,085  

John Deere Capital Corp.

   

0.70%, 07/05/23

    50       49,433  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Machinery (continued)

   

1.20%, 04/06/23

  $ 183     $ 182,583  

2.05%, 01/09/25

    37       37,084  

2.60%, 03/07/24

    174       176,882  

2.65%, 06/24/24

    320       325,277  

3.35%, 06/12/24

    214       220,546  

3.40%, 09/11/25

    100       104,107  

3.45%, 06/07/23

    142       145,479  

3.45%, 01/10/24

    238       245,388  

3.45%, 03/13/25(a)

    149       155,178  

3.65%, 10/12/23

    402       414,852  

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

    581       576,195  

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

    60       61,401  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)

    245       247,369  

4.40%, 03/15/24 (Call 02/15/24)

    287       297,329  

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

    20       20,539  
   

 

 

 
      13,961,492  
Manufacturing — 3.1%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)(a)

        3,161       3,151,991  

2.25%, 03/15/23 (Call 02/15/23)

    2,372       2,392,708  

2.25%, 09/19/26 (Call 06/19/26)(a)

    315       314,820  

2.65%, 04/15/25 (Call 03/15/25)

    3,301       3,349,789  

3.00%, 08/07/25(a)

    2,217       2,281,360  

3.25%, 02/14/24 (Call 01/14/24)

    3,841       3,954,117  

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

    198       204,219  

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

    374       385,078  

Parker-Hannifin Corp.

   

2.70%, 06/14/24 (Call 05/14/24)

    351       355,549  

3.30%, 11/21/24 (Call 08/21/24)

    278       284,494  

Textron Inc.

   

3.88%, 03/01/25 (Call 12/01/24)

    176       183,515  

4.30%, 03/01/24 (Call 12/01/23)

    20       20,763  

Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23

    7,386       7,610,904  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)

    2,110       2,202,629  

3.55%, 11/01/24 (Call 08/01/24)(a)

    5,478       5,657,733  
   

 

 

 
          32,349,669  
Media — 0.6%            

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

    271       287,501  

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

    311       321,845  

Discovery Communications LLC

   

2.95%, 03/20/23 (Call 02/20/23)

    335       338,796  

3.45%, 03/15/25 (Call 12/15/24)

    133       135,947  

3.80%, 03/13/24 (Call 01/13/24)

    179       183,890  

3.90%, 11/15/24 (Call 08/15/24)

    261       270,200  

3.95%, 06/15/25 (Call 03/15/25)

    224       231,883  

4.90%, 03/11/26 (Call 12/11/25)

    30       32,061  

Fox Corp.

   

3.05%, 04/07/25 (Call 03/07/25)

    588       599,766  

4.03%, 01/25/24 (Call 12/25/23)

    350       362,719  

Paramount Global

   

3.50%, 01/15/25 (Call 10/15/24)

    240       247,493  

3.70%, 08/15/24 (Call 03/03/22)

    157       163,291  

3.88%, 04/01/24 (Call 03/18/22)

    65       67,436  

4.75%, 05/15/25 (Call 04/15/25)

    523       558,622  
Security  

Par

(000)

    Value  

Media (continued)

   

Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)

  $ 252     $ 260,578  

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

    473       486,745  

Walt Disney Co. (The)

   

1.75%, 08/30/24 (Call 07/30/24)

    290       288,770  

3.35%, 03/24/25

    821       850,014  

3.70%, 09/15/24 (Call 06/15/24)

    276       286,452  
   

 

 

 
            5,974,009  
Metal Fabricate & Hardware — 0.0%            

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

    30       30,903  
   

 

 

 
Mining — 0.2%            

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

    1,870       1,980,311  
   

 

 

 
Office & Business Equipment — 0.0%            

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

    500       488,840  
   

 

 

 
Oil & Gas — 1.9%            

BP Capital Markets America Inc.

   

2.75%, 05/10/23

    55       55,662  

3.19%, 04/06/25 (Call 03/06/25)

    302       309,402  

3.79%, 02/06/24 (Call 01/06/24)

    331       341,615  

3.80%, 09/21/25 (Call 07/21/25)

    279       292,526  

BP Capital Markets PLC

   

2.75%, 05/10/23

    115       116,421  

3.51%, 03/17/25

    307       318,230  

3.54%, 11/04/24

    168       173,880  

3.81%, 02/10/24

    443       458,230  

3.99%, 09/26/23

    314       324,152  

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

        1,389       1,368,776  

ConocoPhillips Co.

   

2.40%, 03/07/25 (Call 03/07/23)

    230       230,287  

3.35%, 11/15/24 (Call 08/15/24)

    231       238,156  

4.95%, 03/15/26 (Call 12/15/25)(a)

    145       158,875  

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

    605       674,787  

Diamondback Energy Inc., 4.75%, 05/31/25 (Call 03/18/22)

    677       723,381  

Exxon Mobil Corp.

   

2.71%, 03/06/25 (Call 12/06/24)(a)

    312       317,778  

2.99%, 03/19/25 (Call 02/19/25)

    776       797,115  

Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)

    1,951       1,997,941  

HollyFrontier Corp.

   

2.63%, 10/01/23(a)

    63       63,364  

5.88%, 04/01/26 (Call 01/01/26)

    1,754       1,904,914  

Marathon Petroleum Corp.

   

3.63%, 09/15/24 (Call 06/15/24)

    515       529,276  

4.70%, 05/01/25 (Call 04/01/25)

    614       652,535  

5.13%, 12/15/26 (Call 09/15/26)

    10       11,004  

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

    1,105       1,194,472  

Phillips 66

   

1.30%, 02/15/26 (Call 01/15/26)

    479       457,062  

3.70%, 04/06/23

    178       181,911  

3.85%, 04/09/25 (Call 03/09/25)(a)

    339       352,787  

TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23

    884       896,482  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

    1,176       1,185,761  

3.70%, 01/15/24

    1,404       1,452,747  

3.75%, 04/10/24

    1,571       1,615,334  

Valero Energy Corp., 2.85%, 04/15/25 (Call 03/15/25)

    95       96,067  
   

 

 

 
      19,490,930  

 

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Oil & Gas Services — 0.5%

   

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

  $     2,675     $ 2,612,485  

Halliburton Co.

   

3.50%, 08/01/23 (Call 05/01/23)(a)

    417       425,457  

3.80%, 11/15/25 (Call 08/15/25)

    206       215,791  

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

    580       563,099  

Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)

    1,353       1,389,856  
   

 

 

 
          5,206,688  
Packaging & Containers — 0.2%            

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

    795       832,174  

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

    599       619,216  

WRKCo Inc.

   

3.00%, 09/15/24 (Call 07/15/24)

    160       162,810  

3.75%, 03/15/25 (Call 01/15/25)

    255       264,930  
   

 

 

 
      1,879,130  
Pharmaceuticals — 2.7%            

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

    498       514,648  

AmerisourceBergen Corp.

   

3.25%, 03/01/25 (Call 12/01/24)

    151       154,991  

3.40%, 05/15/24 (Call 02/15/24)

    226       231,829  

Astrazeneca Finance LLC

   

0.70%, 05/28/24 (Call 05/28/22)

    160       155,786  

1.20%, 05/28/26 (Call 04/28/26)

    2,945       2,823,578  

AstraZeneca PLC

   

0.30%, 05/26/23

    155       152,895  

0.70%, 04/08/26 (Call 03/08/26)

    2,842       2,671,253  

3.38%, 11/16/25

    4,483       4,669,313  

3.50%, 08/17/23 (Call 07/17/23)

    2,522       2,588,278  

Becton Dickinson and Co.

   

3.36%, 06/06/24 (Call 04/06/24)

    211       216,283  

3.73%, 12/15/24 (Call 09/15/24)

    110       113,800  

Bristol-Myers Squibb Co.

   

2.90%, 07/26/24 (Call 06/26/24)

    211       216,037  

3.25%, 11/01/23(a)

    149       153,022  

3.63%, 05/15/24 (Call 02/15/24)(a)

    15       15,511  

3.88%, 08/15/25 (Call 04/04/22)

    188       198,297  

Cardinal Health Inc.

   

3.08%, 06/15/24 (Call 04/15/24)

    1,190       1,211,836  

3.20%, 03/15/23

    267       271,032  

3.50%, 11/15/24 (Call 08/15/24)

    696       716,469  

3.75%, 09/15/25 (Call 06/15/25)

    670       697,483  

Cigna Corp.

   

1.25%, 03/15/26 (Call 02/15/26)(a)

    332       317,591  

3.00%, 07/15/23 (Call 05/16/23)

    74       75,122  

3.25%, 04/15/25 (Call 01/15/25)

    195       199,259  

3.50%, 06/15/24 (Call 03/17/24)

    353       362,538  

3.75%, 07/15/23 (Call 06/15/23)

    269       276,107  

4.13%, 11/15/25 (Call 09/15/25)

    351       369,750  

CVS Health Corp.

   

2.63%, 08/15/24 (Call 07/15/24)(a)

    360       364,252  

3.38%, 08/12/24 (Call 05/12/24)

    222       228,025  

3.88%, 07/20/25 (Call 04/20/25)

    657       686,775  

4.00%, 12/05/23 (Call 09/05/23)

    91       93,969  

4.10%, 03/25/25 (Call 01/25/25)

    686       719,868  

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

    257       262,312  
Security  

Par

(000)

    Value  

Pharmaceuticals (continued)

   

GlaxoSmithKline Capital Inc.

   

2.80%, 03/18/23

  $ 359     $ 363,972  

3.38%, 05/15/23

    459       469,130  

3.63%, 05/15/25

    223       233,294  

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

    780       797,534  

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

    202       192,338  

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

    349       360,046  

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

    660       695,000  

Merck & Co. Inc.

   

2.75%, 02/10/25 (Call 11/10/24)

        425       434,775  

2.80%, 05/18/23

    394       400,785  

2.90%, 03/07/24 (Call 02/07/24)(a)

    197       201,498  

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

    263       261,475  

3.40%, 05/06/24

    465       480,610  

Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)

    642       650,609  

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

    365       378,903  

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

    120       128,101  
   

 

 

 
          27,775,979  
Pipelines — 2.2%            

Boardwalk Pipelines LP

   

3.38%, 02/01/23 (Call 11/01/22)

    116       116,916  

4.95%, 12/15/24 (Call 09/15/24)

    207       218,673  

5.95%, 06/01/26 (Call 03/01/26)

    35       38,963  

Cheniere Corpus Christi Holdings LLC

   

5.88%, 03/31/25 (Call 10/02/24)

    999       1,079,100  

7.00%, 06/30/24 (Call 01/01/24)

    735       795,784  

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

    526       558,307  

Enbridge Inc.

   

1.60%, 10/04/26 (Call 09/04/26)

    15       14,325  

2.15%, 02/16/24

    80       80,159  

2.50%, 01/15/25 (Call 12/15/24)

    619       620,158  

2.50%, 02/14/25

    160       160,576  

3.50%, 06/10/24 (Call 03/10/24)

    315       322,790