
		OCTOBER 31, 2022



		2022 Annual Report

iShares Trust

iShares iBonds Dec 2022 Term Muni Bond ETF | IBMK | NYSE Arca

iShares iBonds Dec 2023 Term Muni Bond ETF | IBML | Cboe BZX

iShares iBonds Dec 2024 Term Muni Bond ETF | IBMM | Cboe BZX

iShares iBonds Dec 2025 Term Muni Bond ETF | IBMN | Cboe BZX

iShares iBonds Dec 2026 Term Muni Bond ETF | IBMO | Cboe BZX

iShares iBonds Dec 2027 Term Muni Bond ETF | IBMP | Cboe BZX

iShares iBonds Dec 2028 Term Muni Bond ETF | IBMQ | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

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

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

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	(5.50)%	(14.61)%
U.S. small cap equities (Russell 2000^® Index)	(0.20)	(18.54)
International equities (MSCI Europe, Australasia, Far East Index)	(12.70)	(23.00)
Emerging market equities (MSCI Emerging Markets Index)	(19.66)	(31.03)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.72	0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(8.24)	(17.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.86)	(15.68)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.43)	(11.98)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.71)	(11.76)

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		19
Disclosure of Expenses		19
Schedules of Investments		20
Financial Statements:
Statements of Assets and Liabilities		105
Statements of Operations		107
Statements of Changes in Net Assets		109
Financial Highlights		113
Notes to Financial Statements		120
Report of Independent Registered Public Accounting Firm		126
Important Tax Information		127
Board Review and Approval of Investment Advisory Contract		128
Supplemental Information		130
Trustee and Officer Information		131
General Information		134
Glossary of Terms Used in this Report		135

Market Overview

iShares Trust

Municipal Bond Market Overview

Municipal bonds posted losses for the 12 months ended October 31, 2021 (the “reporting period”). The Bloomberg Municipal Bond Index returned 11.98%, outpacing the 15.68% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance.

The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year’s fourth calendar quarter. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further disrupted global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained elevated throughout the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. Evidence emerged later in the period that the Fed’s rate hikes had begun to reduce activity in certain segments of the economy; however, consumer price inflation remained elevated.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.49% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.04%. Municipal bonds declined along with Treasuries, and the downturn was exacerbated by heavy outflows from the category. However, tax-exempt issues outperformed both Treasuries and the broader bond market, as municipal bonds benefited from sharply reduced new-issue supply and improved finances for states and municipalities. The reopening of the economy, pandemic-era federal aid, and increasing tax receipts all played a role in bolstering the financial health of municipal issuers. As a result, default rates remained historically low on the low end of the historical range, boosting investor confidence in the asset class despite the broader “risk-off” tone. Notably, the sell-off led to a sizable increase in tax-equivalent yields and caused the ratio of municipal to U.S. Treasury yields to climb above the long-term average.

Higher-rated issues generally outperformed their lower-quality counterparts, reflecting the “flight to safety” brought about by the challenging market environment. The relative weakness in Puerto Rico bonds was an additional headwind for the high-yield category. Shorter-term securities strongly outpaced longer-term debt due to their lower degree of interest-rate sensitivity.


4		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 October 31, 2022		iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2022 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2021 and before December 2, 2022, as represented by the S&P AMT-Free Municipal Series Dec 2022 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.32	%		1.33	%		1.89	%		0.32	%		6.85	%		14.38	%
Fund Market		0.21			1.29			1.88			0.21			6.61			14.29
Index		0.63			1.55			2.02			0.63			7.99			15.38

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 1, 2015. The first day of secondary market trading was September 3, 2015.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,006.40	$	0.91		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)

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


F U N D S U M M A R Y		5


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	39.7	%
AA+	22.6
AA	15.6
AA-	9.8
A+	1.9
A	—	^(b)
A-	0.1
BBB+	1.2
Not Rated	10.5
Short-Term and Other Assets	(1.4	)

TEN LARGEST STATES


State^(a)	Percent of Net Assets
New York		15.6	%
California		13.1
Ohio		13.1
Texas		6.7
Maryland		6.5
Massachusetts		6.5
Michigan		4.2
Washington		3.8
Pennsylvania		3.6
Colorado		3.6

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%


6		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2023 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2022 and before December 2, 2023, as represented by the S&P AMT-Free Municipal Series Dec 2023 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.76	)%		1.28	%		1.57	%		(1.76	)%		6.58	%		9.05	%
Fund Market		(1.77	)		1.27			1.57			(1.77	)		6.52			9.03
Index		(1.49	)		1.49			1.71			(1.49	)		7.69			9.86

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,002.20	$	0.91		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)


F U N D S U M M A R Y		7


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	30.6	%
AA+	21.1
AA	16.4
AA-	10.6
A+	5.9
A	0.8
A-	1.0
BBB+	2.6
BBB	0.2
Not Rated	9.2
Short-Term and Other Assets	1.6

TEN LARGEST STATES


State^(a)	Percent of Net Assets
California		11.4	%
Texas		10.1
New York		9.3
Washington		5.9
Virginia		4.8
Maryland		4.7
Florida		3.5
Ohio		3.5
Wisconsin		2.9
Nevada		2.8

^(a)

Excludes money market funds.


8		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2024 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2023 and before December 2, 2024, as represented by the S&P AMT-Free Municipal Series Dec 2024 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(4.20	)%		1.77	%		(4.20	)%		8.46	%
Fund Market		(4.22	)		1.78			(4.22	)		8.48
Index		(4.08	)		1.88			(4.08	)		8.95

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 20, 2018. The first day of secondary market trading was March 22, 2018.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	996.90	$	0.91		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)


F U N D S U M M A R Y		9


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	30.0	%
AA+	22.1
AA	14.2
AA-	10.2
A+	6.9
A	0.7
A-	0.6
BBB+	2.3
Not Rated	11.4
Short-Term and Other Assets	1.6

TEN LARGEST STATES


State^(a)	Percent of Net Assets
California		12.2	%
Texas		11.8
New York		8.7
Washington		4.7
Maryland		4.1
Virginia		4.1
Ohio		3.6
Massachusetts		3.4
North Carolina		2.8
Florida		2.8

^(a)

Excludes money market funds.


10		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2025 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2024 and before December 2, 2025, as represented by the S&P AMT-Free Municipal Series Dec 2025 Index^TM (the“Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.31	)%		2.01	%		(6.31	)%		8.20	%
Fund Market		(6.60	)		1.94			(6.60	)		7.93
Index		(6.18	)		1.89			(6.18	)		7.71

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

LOGO

The inception date of the Fund was November 13, 2018. The first day of secondary market trading was November 15, 2018.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	990.60	$	0.90		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	33.5	%
AA+	19.3
AA	15.0
AA-	11.8
A+	6.1
A	1.0
A-	1.0
BBB+	2.3
Not Rated	8.6
Short-Term and Other Assets	1.4

TEN LARGEST STATES


State^(a)	Percent of Net Assets
California		13.3	%
Texas		11.6
New York		7.5
Washington		5.0
Virginia		4.7
Maryland		4.1
Massachusetts		3.2
Illinois		3.1
Tennessee		3.1
Florida		2.9

Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P 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 BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2026 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2026, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index^TM (the“Index”).The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(7.55	)%		0.44	%		(7.55	)%		1.58	%
Fund Market		(7.89	)		0.38			(7.89	)		1.35
Index		(7.65	)		0.50			(7.65	)		1.79

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

LOGO

The inception date of the Fund was April 2, 2019. The first day of secondary market trading was April 4, 2019.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	986.70	$	0.90		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	29.9	%
AA+	19.8
AA	14.9
AA-	14.1
A+	6.3
A	1.0
A-	0.7
BBB+	2.7
Not Rated	9.1
Short-Term and Other Assets	1.5

TEN LARGEST STATES


State^(a)	Percent of Net Assets
California		13.3	%
Texas		11.0
New York		9.2
Washington		5.0
Virginia		4.7
Maryland		4.3
Massachusetts		3.6
Florida		3.0
Tennessee		2.8
Ohio		2.6

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2027 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2027 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2027, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2027 Index^TM (the“Index”).The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.60	)%		0.32	%		(8.60	)%		1.13	%
Fund Market		(8.68	)		0.35			(8.68	)		1.27
Index		(9.00	)		0.33			(9.00	)		1.17

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

LOGO

The inception date of the Fund was April 9, 2019. The first day of secondary market trading was April 11, 2019.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	984.30	$	0.90		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)


F U N D S U M M A R Y		15


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2027 Term Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	26.6	%
AA+	22.6
AA	14.6
AA-	13.5
A+	4.2
A	0.7
A-	0.8
BBB+	3.1
Not Rated	12.1
Short-Term and Other Assets	1.8

TEN LARGEST STATES


State^(a)	Percent of Net Assets
California		13.3	%
New York		11.7
Texas		8.3
Washington		5.4
Maryland		5.0
Illinois		3.7
Virginia		3.4
Ohio		3.0
Massachusetts		2.9
Tennessee		2.7

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2028 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2028, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(9.82	)%		0.20	%		(9.82	)%		0.72	%
Fund Market		(9.94	)		0.20			(9.94	)		0.72
Index		(10.22	)		0.10			(10.22	)		0.35

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was April 16, 2019. The first day of secondary market trading was April 18, 2019.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	980.50	$	0.90		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)


F U N D S U M M A R Y		17


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	29.1	%
AA+	19.2
AA	13.9
AA-	12.6
A+	4.4
A	1.3
A-	0.5
BBB+	2.4
Not Rated	15.2
Short-Term and Other Assets	1.4

TEN LARGEST STATES


State^(a)	Percent of Net Assets
California		12.4	%
New York		11.4
Texas		11.2
Maryland		5.9
Washington		5.2
Virginia		5.0
Florida		3.7
Ohio		3.3
Illinois		2.5
Tennessee		2.5

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		19

Schedule of Investments

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 0.5%
Alabama Public School and College Authority RB, Series A, 5.00%, 11/01/22	$	1,610	$	1,610,000
City of Huntsville AL GOL, Series C, 5.00%, 11/01/22		170		170,000
City of Huntsville AL Water Revenue RB, 5.00%, 11/01/22		180		180,000

				1,960,000

Arizona — 0.1%
Salt River Project Agricultural Improvement & Power District RB, Series A, 5.00%, 12/01/22		200		200,302


Arkansas — 0.0%
University of Arkansas RB, Series A, 5.00%, 11/01/22		135		135,000


California — 13.1%
Bay Area Toll Authority RB
VRDN, 1.80%, 04/01/53 (Put 11/07/22)^(a)		3,100		3,100,000
VRDN, 1.83%, 04/01/47 (Put 11/07/22)^(a)		3,800		3,800,000
California Educational Facilities Authority RB, VRDN, 1.85%, 10/01/36 (Put 11/07/22)^(a)		1,500		1,500,000
California Health Facilities Financing Authority RB, Series C, VRDN, 5.00%, 08/01/31 Put^(a)		355		355,000
California State Public Works Board RB
Series C, 5.00%, 11/01/22		135		135,000
Series G, 5.00%, 11/01/22		95		95,000
Series H, 5.00%, 12/01/22		860		861,261
California State University RB
4.00%, 11/01/29 (PR 11/01/22)		1,750		1,750,000
5.00%, 11/01/22		1,005		1,005,000
Series A, 3.00%, 11/01/22		200		200,000
Series A, 5.00%, 11/01/22		1,710		1,710,000
Series C, 5.00%, 11/01/22 (AGM)		30		30,000
City of San Francisco CA Public Utilities Commission Water Revenue RB
4.00%, 11/01/22		50		50,000
5.00%, 11/01/22		295		295,000
Las Virgenes Unified School District GO, 0.00%, 11/01/22 (AGM)^(b)		55		55,000
Los Angeles County Public Works Financing Authority RB, Series D, 5.00%, 12/01/22		50		50,079
Los Angeles County Redevelopment Refunding Authority TA, Series C, 5.00%, 12/01/22		25		25,038
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/22		185		185,000
Orange County Water District COP, Series A, VRDN, 1.82%, 08/01/42 (Put 11/07/22)^(a)		10,450		10,450,000
Sacramento County Sanitation Districts Financing Authority RB
Series A, 5.00%, 12/01/22		325		325,490
Series A, 5.25%, 12/01/22 (NPFGC)		145		145,247
San Diego County Regional Transportation Commission RB
VRDN, 1.85%, 04/01/38 (Put 11/07/22)^(a)		5,100		5,100,000
Series B, VRDN, 1.82%, 04/01/38 (Put 11/07/22)^(a)		4,000		4,000,000
San Francisco City & County Airport Commission San Francisco International Airport RB, VRDN, 1.90%, 05/01/58 (Put 11/07/22)^(a)		4,585		4,585,000
San Rafael Redevelopment Agency TA, 0.00%, 12/01/22 (AMBAC)^(b)		75		74,792
Santa Clara County Financing Authority RB, Series A, 5.00%, 11/15/22		515		515,347


Security	Par (000)		Value

California (continued)
State of California Department of Water Resources RB
Series AM, 5.00%, 12/01/22	$	430	$	430,701
Series AR, 5.00%, 12/01/22		65		65,106
Series AS, 5.00%, 12/01/22		75		75,122
Series AW, 5.00%, 12/01/22		505		505,824
Series AX, 5.00%, 12/01/22		1,100		1,101,794
Series BB, 5.00%, 12/01/22		215		215,351
State of California GO
2.00%, 11/01/22		5,450		5,450,000
4.00%, 12/01/22		645		645,482
5.00%, 11/01/22		410		410,000
5.00%, 12/01/22		2,495		2,498,844
University of California RB, Series AL-2, VRDN, 1.24%, 05/15/48 Put^(a)		2,000		2,000,000

				53,795,478

Colorado — 3.6%
Adams & Arapahoe Joint School District 28J Aurora, 5.00%, 12/01/22 (SAW)		1,550		1,552,248
City & County of Denver CO Airport System Revenue RB, Series B, 5.00%, 11/15/22		325		325,213
City of Colorado Springs CO Utilities System Revenue RB, Series A, 5.00%, 11/15/22		190		190,125
City of Colorado Springs Co. Utilities System Revenue RB
VRDN, 2.19%, 11/01/37 (Put 11/07/22)^(a)		7,650		7,650,000
VRDN, 2.19%, 11/01/41 (Put 11/07/22)^(a)		2,145		2,145,000
Denver City & County School District No. 1 GO
4.00%, 12/01/22 (SAW)		100		100,075
Series B, 4.00%, 12/01/22 (SAW)		275		275,208
Series B, 4.00%, 12/01/28 (PR 12/01/22) (SAW)		1,100		1,100,750
Series B, 5.00%, 12/01/25 (PR 12/01/22) (SAW)		225		225,337
Series B, 5.00%, 12/01/26 (PR 12/01/22) (SAW)		480		480,720
Series B, 5.00%, 12/01/31 (PR 12/01/22) (SAW)		465		465,697
Summit County School District No. Re-1 Summit GO, 5.00%, 12/01/22 (SAW)		75		75,113

				14,585,486

Connecticut — 2.7%
Connecticut State Health & Educational Facilities Authority, VRDN, 2.00%, 07/01/42 (Put 11/07/22)^(a)		10,000		10,000,000
State of Connecticut GO
5.00%, 11/15/22		150		150,101
Series F, 4.00%, 11/15/22		675		675,215
Series F, 5.00%, 11/15/22		130		130,088

				10,955,404

Delaware — 0.9%
University of Delaware RB
Series A, 5.00%, 11/01/22		105		105,000
Series C, VRDN, 1.62%, 11/01/37 (Put 11/01/22)^(a)		3,700		3,700,000

				3,805,000

District of Columbia — 1.0%
District of Columbia RB
Series A, 4.00%, 12/01/22		195		195,139
Series A, 5.00%, 12/01/22		1,415		1,417,134
Series C, 4.00%, 12/01/22		150		150,107
Series C, 5.00%, 12/01/22		2,350		2,353,543

				4,115,923

Florida — 0.1%
County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/22		160		160,000


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)

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
County of Palm Beach FL RB
5.00%, 11/01/22	$	45	$	45,000
Series A, 5.00%, 11/01/22		50		50,000
School Board of Miami-Dade County (The) COP, Series D, 5.00%, 11/01/22		160		160,000

				415,000

Georgia — 1.0%
City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/22		950		950,000
Series B, 5.00%, 11/01/22		150		150,000
Municipal Electric Authority of Georgia RB, Series A, 5.00%, 11/01/22		135		135,000
State of Georgia GO
Series E, 5.00%, 12/01/22		1,985		1,988,156
Serise H, 5.00%, 12/01/22		650		651,033

				3,874,189

Hawaii — 1.7%
City & County of Honolulu HI GO
Series A, 5.00%, 11/01/22 (ETM)		25		25,000
Series A, 5.00%, 11/01/25 (PR 11/01/22)		2,000		2,000,000
Series A, 5.00%, 11/01/33 (PR 11/01/22)		1,175		1,175,000
Series B, 5.00%, 11/01/22		225		225,000
State of Hawaii GO
Series EE, 4.00%, 11/01/22 (ETM)		35		35,000
Series EE, 5.00%, 11/01/23 (PR 11/01/22)		580		580,000
Series EE, 5.00%, 11/01/27 (PR 11/01/22)		115		115,000
Series EF, 5.00%, 11/01/22		320		320,000
Series EF, 5.00%, 11/01/24 (PR 11/01/22)		2,430		2,430,000

				6,905,000

Illinois — 1.2%
Illinois State Toll Highway Authority RB, Series A, 5.00%, 12/01/22		3,645		3,650,345
State of Illinois GO
Series A, 5.00%, 12/01/22		500		500,424
Series D, 5.00%, 11/01/22		800		800,000

				4,950,769

Indiana — 0.1%
Indiana Finance Authority RB
Series A, 5.00%, 12/01/22		210		210,287
Serise A, 5.00%, 12/01/22		245		245,365
Indiana Transportation Finance Authority RB, Series B, 5.75%, 12/01/22		115		115,244

				570,896

Kentucky — 0.0%
Kentucky State Property & Building Commission RB, Series B, 5.00%, 11/01/22		100		100,000


Louisiana — 0.0%
Louisiana Office Facilities Corp. RB, 5.00%, 11/01/22		110		110,000


Maine — 0.2%
Maine Municipal Bond Bank RB
Series A, 5.00%, 11/01/22		100		100,000
Series B, 5.00%, 11/01/22		85		85,000
Series C, 5.00%, 11/01/22		320		320,000
Series D, 5.00%, 11/01/22		160		160,000
Series D, 5.00%, 11/01/22 (ETM)		10		10,000

				675,000


Security	Par (000)		Value

Maryland — 6.5%
County of Montgomery MD GO
5.00%, 11/01/22	$	15,000	$	15,000,000
Series A, 5.00%, 11/01/22		110		110,000
Series A, 5.00%, 12/01/22		250		250,377
Series B, 5.00%, 12/01/22		120		120,181
Maryland Health & Higher Educational Facilities Authority RB, VRDN, 2.22%, 07/01/36 (Put 11/07/22)^(a)		10,200		10,200,000
Washington Suburban Sanitary Commission RB, VRDN, 2.19%, 06/01/23 (Put 11/07/22) (GTD)^(a)		1,000		1,000,000

				26,680,558

Massachusetts — 6.5%
Boston Water & Sewer Commission RB, Series A, 4.25%, 11/01/22		440		440,000
City of Boston MA GO, Series A, 5.00%, 11/01/22		750		750,000
Commonwealth of Massachusetts GOL
Series C, 5.50%, 12/01/22 (AMBAC)		485		485,923
Series E, 5.00%, 11/01/22		510		510,000
Series F, 5.00%, 11/01/23 (PR 11/01/22)		570		570,000
Series F, 5.00%, 11/01/25 (PR 11/01/22)		150		150,000
Series F, 5.00%, 11/01/26 (PR 11/01/22)		500		500,000
Series H, 5.00%, 12/01/22		1,215		1,216,832
Massachusetts Health & Educational Facilities Authority RB
Series J-1, VRDN, 2.10%, 07/01/31 (Put 11/07/22)^(a)		8,175		8,175,000
Series J-2, VRDN, 2.12%, 07/01/31 (Put 11/07/22)^(a)		4,000		4,000,000
Massachusetts Water Resources Authority, VRDN, 2.23%, 08/01/37 (Put 11/07/22)^(a)		2,520		2,520,000
University of Massachusetts Building Authority RB
Series 1, 5.00%, 11/01/22		50		50,000
Series 1, 5.00%, 11/01/39 (PR 11/01/22)		6,900		6,900,000
Series 2, 5.00%, 11/01/22		405		405,000

				26,672,755

Michigan — 4.2%
Michigan State Hospital Finance Authority RB, Series 200, 4.00%, 11/01/22		250		250,000
State of Michigan GO
Series A, 5.00%, 12/01/22		470		470,708
Series B, 5.00%, 11/01/22		710		710,000
State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/22		2,970		2,971,971
University of Michigan RB, VRDN, 2.19%, 04/01/36 (Put 11/07/22)^(a)		12,940		12,940,000

				17,342,679

Minnesota — 1.8%
City of Minneapolis MN GO
4.00%, 12/01/22		510		510,364
5.00%, 12/01/22		190		190,286
County of Hennepin MN, 5.00%, 12/01/22		3,500		3,505,852
County of Hennepin MN GO
5.00%, 12/01/22		395		395,661
Series A, 5.00%, 12/01/22		140		140,234
Series B, 5.00%, 12/01/22		105		105,176
Series C, 5.00%, 12/01/22		100		100,167
University of Minnesota RB, 5.00%, 12/01/22		2,570		2,573,832

				7,521,572

Mississippi — 1.0%
State of Mississippi GO
5.00%, 11/01/23 (PR 11/01/22)		3,600		3,600,000
Series F, 4.00%, 11/01/22		260		260,000
Series H, 5.00%, 12/01/22		300		300,452

				4,160,452


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Missouri — 2.7%
Curators of the University of Missouri (The) RB, VRDN, 2.20%, 11/01/31 (Put 11/07/22)^(a)	$	10,525	$	10,525,000
Health & Educational Facilities Authority of the State of Missouri RB, Series A, 5.00%, 11/15/22		75		75,037
University of Missouri RB, Series A, 5.00%, 11/01/22		405		405,000

				11,005,037

Nebraska — 0.3%
City of Omaha NE GO, Series B, 5.00%, 11/15/22		695		695,456
City of Omaha NE Sewer Revenue RB, 5.00%, 11/15/22		115		115,077
Metropolitan Utilities District of Omaha Water System Revenue RB, 5.00%, 12/01/22		360		360,540

				1,171,073

Nevada — 1.5%
County of Clark Department of Aviation RB, VRDN, 2.37%, 07/01/40 (Put 11/07/22)^(a)		3,725		3,725,000
County of Clark NV GOL
5.00%, 11/01/22		395		395,000
Series A, 5.00%, 11/01/22		400		400,000
Series B, 5.00%, 11/01/22		450		450,000
County of Clark NV RB, 5.00%, 11/01/22		315		315,000
State of Nevada GOL, Series B, 5.00%, 11/01/22		80		80,000
State of Nevada Highway Improvement Revenue RB
4.00%, 12/01/22		550		550,393
5.00%, 12/01/22		120		120,181

				6,035,574

New Hampshire — 0.0%
State of New Hampshire GO, 5.00%, 12/01/22		170		170,258


New Jersey — 0.4%
Monmouth County Improvement Authority (The) RB
4.00%, 12/01/22 (GTD)		125		125,090
5.00%, 12/01/22 (GTD)		775		776,168
New Jersey Economic Development Authority RB, Series B, 5.00%, 11/01/22		905		905,000

				1,806,258

New York — 15.6%
City of New York NY GO
VRDN, 2.20%, 03/01/39 (Put 11/07/22)^(a)		8,100		8,100,000
Series B-1, 5.00%, 12/01/22		660		660,995
Series F6, VRDN, 1.59%, 06/01/44 (Put 11/01/22)^(a)		500		500,000
Metropolitan Transportation Authority RB
Series A, 5.00%, 11/15/22		110		110,071
Series A-1, 5.00%, 11/15/22		230		230,134
Series A-2, 5.00%, 11/15/22		300		300,175
Series B, 5.00%, 11/15/22		700		700,409
Series B, 5.25%, 11/15/22 (AMBAC)		35		35,027
Series B-2, 5.00%, 11/15/22		595		595,348
Series C, 5.00%, 11/15/22		290		290,169
Series C, 5.00%, 11/15/22 (ETM)		20		20,013
Series D, 5.00%, 11/15/22		45		45,026
Series D-1, 5.00%, 11/01/22		680		680,000
Series E, 5.00%, 11/15/22		125		125,073
Series F, 5.00%, 11/15/22		515		515,301
Series H, 4.00%, 11/15/22		115		115,026
Series H, 4.00%, 11/15/22 (ETM)		40		40,013
Nassau County Interim Finance Authority RB
4.00%, 11/15/22		5		5,002
4.00%, 11/15/22 (ETM)		120		120,033


Security	Par (000)		Value

New York (continued)
New York City Municipal Water Finance Authority, VRDN, 2.20%, 06/15/35 (Put 11/07/22)^(a)	$	5,000	$	5,000,000
New York City Municipal Water Finance Authority RB, VRDN, 2.20%, 06/15/51 (Put 11/07/22)^(a)		7,355		7,355,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB
3.00%, 11/01/22		115		115,000
5.00%, 11/01/22		1,155		1,155,000
VRDN, 1.60%, 11/01/42 (Put 11/01/22)^(a)		8,100		8,100,000
Series A-1, 5.00%, 11/01/22		440		440,000
Series B, 5.00%, 11/01/22		385		385,000
Series B-1, 5.00%, 11/01/22		110		110,000
Series C, 5.00%, 11/01/22		1,565		1,565,000
Series D, 5.00%, 11/01/22		205		205,000
Series G-6, VRDN, 1.60%, 05/01/34 (Put 11/01/22)^(a)		2,800		2,800,000
Serise C-1, 4.00%, 11/01/22		100		100,000
New York Convention Center Development Corp. RB, 5.00%, 11/15/22		205		205,127
New York Municipal Bond Bank Agency RB, 5.00%, 12/01/22 (SAW)		65		65,098
New York Power Authority RB, Series A, 5.00%, 11/15/22		25		25,017
New York State Dormitory Authority RB, VRDN, 2.05%, 09/01/39 (Put 11/07/22)^(a)		8,925		8,925,000
New York State Environmental Facilities Corp. RB, Series B, 4.00%, 11/15/22		80		80,027
New York State Urban Development Corp., VRDN, 2.22%, 03/15/33 (Put 11/07/22)^(a)		12,000		12,000,000
Port Authority of New York & New Jersey RB
4.00%, 12/01/22		100		100,065
Series 179, 5.00%, 12/01/22		275		275,397
Series 205, 5.00%, 11/15/22		200		200,129
Triborough Bridge & Tunnel Authority RB
Series A, 4.00%, 11/15/22		200		200,064
Series A, 5.00%, 11/15/22		460		460,269
Series B, 5.00%, 11/15/22		765		765,516
Series B-1, 5.00%, 11/15/22		235		235,158

				64,054,682

North Carolina — 0.5%
City of Charlotte NC GO, 5.00%, 12/01/22		270		270,407
County of Forsyth NC GO, 5.00%, 12/01/22		275		275,403
County of Mecklenburg NC, 5.00%, 12/01/22		1,000		1,001,549
County of Mecklenburg NC GO
5.25%, 12/01/22		100		100,175
Series B, 5.00%, 12/01/22		120		120,186
County of Wake NC RB, Series A, 5.00%, 12/01/22		330		330,497

				2,098,217

Ohio — 13.1%
City of Cincinnati OH GO, Series A, 4.00%, 12/01/22		50		50,036
City of Cincinnati OH Water System Revenue RB, Series B, 5.00%, 12/01/22		90		90,140
City of Columbus OH Sewerage Revenue RB, VRDN, 2.16%, 06/01/32 (Put 11/07/22)^(a)		10,000		10,000,000
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/22		1,995		1,997,942
Ohio Higher Educational Facility Commission RB
5.00%, 12/01/22		115		115,168
Series A, 5.00%, 12/01/22		60		60,086
Ohio State University (The), VRDN, 2.15%, 12/01/44 (Put 11/07/22)^(a)		5,600		5,600,000


22		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)

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
Ohio State University (The) RB
5.00%, 12/01/22	$	315	$	315,477
VRDN, 2.15%, 12/01/39 (Put 11/07/22)^(a)		2,375		2,375,000
Series D, 5.00%, 12/01/22		1,065		1,066,614
Serise A, 5.00%, 12/01/22		625		625,947
Ohio University RB, 5.00%, 12/01/43 (PR 12/01/22)		2,425		2,428,636
Ohio Water Development Authority RB
5.00%, 12/01/22		175		175,264
5.50%, 12/01/22		175		175,333
Series A, 5.00%, 12/01/22		120		120,181
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 12/01/22		12,820		12,839,327
VRDN, 2.20%, 12/01/36 (Put 11/07/22)^(a)		11,700		11,700,000
Series 2015-A, 5.00%, 12/01/22		230		230,347
Series B, 5.00%, 12/01/22		90		90,136
State of Ohio, VRDN, 2.24%, 03/15/24 (Put 11/07/22)^(a)		2,590		2,590,000
State of Ohio GO
Series B, 4.00%, 11/01/22		100		100,000
Series C, 5.00%, 11/01/22		100		100,000
Series T, 5.00%, 11/01/22		160		160,000
State of Ohio RB, Series A, 5.00%, 12/01/22		500		500,713

				53,506,347

Oregon — 0.2%
Clackamas County Service District No. 1 RB, 5.00%, 12/01/22		75		75,113
State of Oregon Department of Transportation RB, Series A, 5.00%, 11/15/22		635		635,435
State of Oregon GO, 4.00%, 11/01/22		175		175,000

				885,548

Pennsylvania — 3.6%
Pennsylvania Higher Educational Facilities Authority RB, Series A, 4.00%, 12/01/22		110		110,070
Pennsylvania Turnpike Commission, VRDN, 2.40%, 12/01/39 (Put 11/07/22)^(a)		10,300		10,300,000
Pennsylvania Turnpike Commission RB
5.00%, 12/01/22		1,800		1,802,477
Series A, 5.00%, 12/01/37 (PR 12/01/22)		2,000		2,002,999
Series A-1, 5.00%, 12/01/22		415		415,571
Series B, 5.00%, 12/01/22		120		120,165

				14,751,282

Rhode Island — 0.5%
Rhode Island Health & Educational Building Corp., VRDN, 2.22%, 05/01/35 (Put 11/07/22)^(a)		2,035		2,035,000


South Carolina — 2.4%
Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/22		300		300,445
County of Charleston SC GO, 5.00%, 11/01/22		2,200		2,200,000
Greenville County School District RB, 5.00%, 12/01/22		180		180,271
SCAGO Educational Facilities Corp. for Pickens School District RB, 5.00%, 12/01/22		70		70,088
South Carolina Jobs-Economic Development Authority RB, 5.00%, 11/01/29 (PR 11/01/22)		7,000		7,000,000
South Carolina Public Service Authority RB, Series A, 5.00%, 12/01/22		195		195,230

				9,946,034


Security	Par (000)		Value

Tennessee — 0.5%
City of Memphis TN Electric System Revenue, 5.00%, 12/01/22	$	100	$	100,146
City of Memphis TN Electric System Revenue RB, 4.00%, 12/01/22		135		135,090
City of Memphis TN GO, 5.00%, 12/01/22		1,000		1,001,458
Tennessee State School Bond Authority RB
5.00%, 11/01/22		175		175,000
Series A, 5.00%, 11/01/22		360		360,000
Series B, 5.00%, 11/01/22		165		165,000

				1,936,694

Texas — 6.7%
Board of Regents of the University of Texas System RB, VRDN, 2.15%, 08/01/25 (Put 11/07/22)^(a)		12,000		12,000,000
City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/22		715		715,429
City of Austin TX Water & Wastewater System Revenue RB
5.00%, 11/15/22		270		270,176
Series A, 5.00%, 11/15/22		725		725,497
City of Houston TX Combined Utility System Revenue RB
Series B, 5.00%, 11/15/22		370		370,241
Series D, 5.00%, 11/15/22		125		125,082
Dallas Area Rapid Transit RB
Series A, 5.00%, 12/01/22		460		460,690
Series B, 4.00%, 12/01/22		150		150,106
Series B, 5.00%, 12/01/22		1,420		1,422,129
Dallas Fort Worth International Airport
5.00%, 11/01/22		60		60,000
5.00%, 11/01/22 (ETM)		95		95,000
Dallas/Fort Worth International Airport RB
Series C, 5.00%, 11/01/22		360		360,000
Series F, 5.00%, 11/01/22		295		295,000
Series G, 5.00%, 11/01/22		25		25,000
Harris County Cultural Education Facilities Finance Corp. RB, 5.00%, 11/15/22		25		25,014
Metropolitan Transit Authority of Harris County RB
5.00%, 11/01/22		120		120,000
Series B, 5.00%, 11/01/22		120		120,000
State of Texas GO, VRDN, 2.24%, 04/01/36 (Put 11/07/22)^(a)		10,000		10,000,000
Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 12/01/22		45		45,057

				27,384,421

Utah — 0.1%
County of Utah UT Transportation Sales Tax Revenue RB, 5.00%, 12/01/22		220		220,328


Vermont — 0.1%
Vermont Municipal Bond Bank RB
Series 1, 5.00%, 12/01/22		325		325,477
Series 5, 5.00%, 12/01/22		60		60,088

				385,565

Virginia — 1.6%
City of Norfolk VA Water Revenue RB, 5.00%, 11/01/22		2,000		2,000,000
County of Loudoun VA GO, Series A, 5.00%, 12/01/22 (SAW)		75		75,119
Virginia Beach Development Authority RB, Series B, 5.00%, 12/01/22		45		45,067
Virginia Resources Authority RB
4.00%, 11/01/41 (PR 11/01/22)		2,000		2,000,000
5.00%, 11/01/22		620		620,000
5.00%, 11/01/22 (ETM)		50		50,000


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Virginia (continued)
Series A, 5.00%, 11/01/22	$	1,405	$	1,405,000
Serise S, 5.00%, 11/01/22		165		165,000

				6,360,186

Washington — 3.8%
Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/22		170		170,000
City of Seattle WA GOL, Series A, 5.00%, 12/01/22		100		100,151
City of Vancouver WA GOL, Series B, 5.00%, 12/01/22		330		330,498
Clark County School District No. 119 Battleground GO, 4.00%, 12/01/22 (GTD)		155		155,113
County of King WA GO, 5.00%, 12/01/22		600		600,905
County of King WA GOL
4.00%, 12/01/22		20		20,014
Series C, 5.00%, 12/01/22		210		210,317
Series E, 5.00%, 12/01/22		1,235		1,236,862
County of Snohomish WA, 5.00%, 12/01/22		3,300		3,304,975
County of Snohomish WA GOL, 5.00%, 12/01/22		140		140,211
County of Spokane WA, 5.00%, 12/01/22		1,025		1,026,562
King & Snohomish Counties School District No. 417 Northshore GO
5.00%, 12/01/22		225		225,330
5.00%, 12/01/22 (GTD)		565		565,829
King County Rural Library District GO, 4.00%, 12/01/22		355		355,245
King County School District No 405 Bellevue GO, 5.00%, 12/01/22		100		100,153
King County School District No. 405 Bellevue GO, 5.00%, 12/01/22 (GTD)		455		455,697
King County School District No. 409 Tahoma GO, 5.00%, 12/01/22 (GTD)		220		220,324
King County School District No. 414 Lake Washington GO, 5.00%, 12/01/22 (GTD)		1,145		1,146,717
North Thurston Public Schools, 4.00%, 12/01/22		1,000		1,000,714
Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/22 (GTD)		845		846,239
Port of Seattle WA RB, 5.00%, 12/01/22		1,125		1,126,511
Port of Tacoma WA RB, Series A, 5.00%, 12/01/22		135		135,192
Snohomish County Public Utility District No. 1 Electric System Revenue, 5.00%, 12/01/22		190		190,286
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/22 (GTD)		230		230,337
Spokane County School District No. 81 Spokane GO, 5.00%, 12/01/22 (GTD)		250		250,369
State of Washington GO, Series F, 0.00%, 12/01/22 (NPFGC)^(b)		65		64,828
University of Washington RB
Series A, 5.00%, 12/01/22		75		75,112


Security	Par (000)		Value

Washington (continued)
Series C, 5.00%, 12/01/22	$	720	$	721,074
Washington Health Care Facilities Authority RB, Series A, 5.00%, 11/15/22		125		125,075
Yakima County School District No. 7 Yakima GO, 5.00%, 12/01/22 (GTD)		200		200,293
Yakima County School District No. 90 East Valley GO, 5.00%, 12/01/22 (GTD)		130		130,187

				15,461,120

West Virginia — 1.0%
State of West Virginia, 5.00%, 12/01/22		3,610		3,616,036
State of West Virginia GO, Series A, 5.00%, 11/01/22		575		575,000

				4,191,036

Wisconsin — 0.6%
State of Wisconsin GO
5.00%, 11/01/22		205		205,000
Series 1, 5.00%, 11/01/22		125		125,000
Series 2, 4.00%, 11/01/22		140		140,000
Series 2, 5.00%, 11/01/22		955		955,000
Series 3, 4.00%, 11/01/22		125		125,000
Series 3, 5.00%, 11/01/22		685		685,000
Wisconsin Health & Educational Facilities Authority RB, Series E, 4.00%, 11/15/22		125		125,032

				2,360,032


Total Long-Term Investments — 101.4% (Cost: $415,406,346)				415,296,155


Short-Term Securities

Money Market Funds — 1.2%
BlackRock Liquidity Funds: MuniCash, 1.83%^(c)(d)		4,842		4,841,340


Total Short-Term Securities — 1.2% (Cost: $4,841,340)				4,841,340


Total Investments — 102.6% (Cost: $420,247,686)				420,137,495

Liabilities in Excess of Other Assets — (2.6)%				(10,626,221	)


Net Assets — 100.0%			$	409,511,274

^(a)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(b)	Zero-coupon bond.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash	$	346,035	$	4,490,415	^(a)	$	—	$	4,908	$	(18	)	$	4,841,340		4,842	$	63,710	$	—

^(a)

Represents net amount purchased (sold).


24		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)

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	415,296,155	$	—	$	415,296,155
Money Market Funds		4,841,340		—		—		4,841,340

	$	4,841,340	$	415,296,155	$	—	$	420,137,495

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.0%
Alabama Federal Aid Highway Finance Authority RB
5.00%, 09/01/23	$	300	$	304,199
Series A, 5.00%, 09/01/23		325		329,816
Series B, 5.00%, 09/01/23		540		548,003
Alabama Public School & College Authority RB
Series C, 5.00%, 06/01/23		100		101,054
Series A, 3.00%, 06/01/23		335		334,567
Series A, 5.00%, 02/01/23		505		507,285
Alabama Public School and College Authority RB
Series A, 5.00%, 11/01/23		170		172,978
Series B, 5.00%, 01/01/23		290		290,872
City of Huntsville AL GOL
Series C, 5.00%, 05/01/23		130		131,170
Series D, 5.00%, 05/01/23		115		116,035
State of Alabama GO
Series A, 5.00%, 08/01/23		255		258,519
Series A, 5.00%, 11/01/23		400		407,245
Series C, 5.00%, 08/01/23		170		172,346
Series C, 5.00%, 11/01/23		290		295,253
University of Alabama (The) RB, Series B, 5.00%, 07/01/23		255		258,046
University of Alabama at Birmingham RB
5.00%, 10/01/23		700		710,198
Series A, 5.00%, 10/01/23		135		136,967

				5,074,553

Alaska — 0.1%
Municipality of Anchorage AK GO, Series D, 5.00%, 09/01/23		165		167,309
State of Alaska GO, Series B, 5.00%, 08/01/23		100		101,358

				268,667

Arizona — 2.8%
Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/23		460		465,616
Arizona Health Facilities Authority RB, Series A, 5.00%, 01/01/23		35		35,099
Arizona School Facilities Board COP, Series A, 5.00%, 09/01/23		365		370,409
Arizona State University RB
5.00%, 08/01/23		150		151,970
Series B, 5.00%, 07/01/23		220		222,613
Series C, 5.00%, 07/01/23		295		298,504
Arizona Transportation Board RB
5.00%, 07/01/23		2,105		2,130,702
Series A, 5.00%, 07/01/23		100		101,221
Arizona Water Infrastructure Finance Authority RB, Series A, 5.00%, 10/01/23		170		172,784
City of Mesa AZ Utility System Revenue RB, 5.00%, 07/01/23		35		35,416
City of Phoenix AZ GO, 5.00%, 07/01/23		120		121,449
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/23		735		743,707
5.50%, 07/01/23 (NPFGC)		85		86,298
Series A, 5.00%, 07/01/23		575		581,832
Series B, 5.00%, 07/01/23		640		647,651
Series D, 5.00%, 07/01/23		505		510,666
SeriesB, 5.00%, 07/01/23		140		141,682
City of Scottsdale AZ GO, 5.00%, 07/01/23		120		121,433
City of Tucson AZ Water System Revenue RB, Series A, 5.00%, 07/01/23		420		424,962
County of Pima AZ GOL, 4.00%, 07/01/23		310		311,705


Security	Par (000)		Value

Arizona (continued)
County of Pima Sewer System Revenue
5.00%, 07/01/23	$	405	$	409,865
5.00%, 07/01/23 (ETM)		175		176,871
Maricopa County Community College District GO, 5.00%, 07/01/23		2,200		2,225,990
Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/23		75		75,906
Maricopa County Unified School District No. 80 Chandler GOL, 4.50%, 07/01/23		40		40,342
Maricopa County Union High School District No. 210-Phoenix GO
5.00%, 07/01/23		330		333,986
Series B, 5.00%, 07/01/23		175		177,114
Phoenix AZ, 4.00%, 07/01/23		685		688,744
Regional Public Transportation Authority RB, 5.25%, 07/01/23		135		136,814
Salt River Project Agricultural Improvement & Power District RB
5.00%, 01/01/23		365		366,116
Series A, 5.00%, 01/01/23		610		611,865
State of Arizona
5.00%, 09/01/23		75		76,056
5.00%, 09/01/23 (ETM)		185		187,589
University of Arizona (The) RB
5.00%, 06/01/23		215		217,290
5.00%, 08/01/23		55		55,722

				13,455,989

Arkansas — 0.3%
State of Arkansas GO
4.25%, 06/01/23		80		80,514
5.00%, 04/01/23		315		317,428
5.00%, 10/01/23		925		940,151
University of Arkansas RB, Series A, 5.00%, 11/01/23		105		106,859

				1,444,952

California — 11.4%
Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/23 (AGM)^(a)		50		48,724
Anaheim Housing & Public Improvements Authority RB, Series A, 5.00%, 10/01/23		175		177,946
Bay Area Toll Authority, 5.00%, 04/01/28 (PR 04/01/23)		250		252,041
Bay Area Toll Authority RB
5.00%, 04/01/23		100		100,754
Series S-4, 5.00%, 04/01/43 (PR 04/01/23)		100		100,816
Series S-4, 5.25%, 04/01/53 (PR 04/01/23)		135		136,240
Benicia Unified School District GO, Series B, 0.00%, 08/01/23 (NPFGC)^(a)		80		77,929
California Educational Facilities Authority RB, Series T-5, 5.00%, 03/15/23		590		594,057
California Health Facilities Financing Authority RB
5.00%, 11/15/23		25		25,462
Series A, 4.00%, 03/01/23		70		70,122
Series A, 5.00%, 11/15/23		15		15,287
Series B, 5.00%, 11/15/23		110		111,784
California Infrastructure & Economic Development Bank RB,
Series A, 5.00%, 10/01/23		185		188,131
California State Public Works Board RB
5.00%, 09/01/23		200		202,915
Series A, 5.00%, 03/01/23		170		171,017
Series A, 5.00%, 09/01/23		175		177,550
Series A, 5.25%, 06/01/23 (ETM NPFGC)		15		15,187


26		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)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
Series B, 5.00%, 10/01/23	$	665	$	675,591
Series C, 5.00%, 11/01/23		65		66,126
Series D, 5.00%, 09/01/23		600		608,744
Series F, 5.00%, 05/01/23		940		948,459
Series F, 5.00%, 09/01/23		255		258,716
Series G, 5.00%, 09/01/23		20		20,291
Series H, 5.00%, 06/01/23		195		197,032
Series H, 5.00%, 12/01/23		125		127,335
Series I, 5.00%, 11/01/23		545		554,441
California State University RB
5.00%, 11/01/23		170		173,180
Series A, 5.00%, 11/01/23		1,085		1,105,296
Series C, 5.00%, 11/01/23 (AGM)		120		122,245
Chabot-Las Positas Community College District GO, 4.00%, 08/01/23		210		211,392
City of Los Angeles CA GO, 5.00%, 09/01/23		350		355,245
City of Los Angeles CA Wastewater System Revenue RB
Series B, 4.00%, 06/01/23		100		100,501
Series B, 5.00%, 06/01/23		125		126,339
City of Los Angeles Department of Airports, 5.00%, 05/15/23		2,000		2,019,648
City of San Francisco CA Public Utilities Commission Water Revenue RB
5.00%, 11/01/23		745		758,567
Series B, 5.00%, 11/01/23		100		101,821
Coast Community College District GO
5.00%, 08/01/26 (PR 08/01/23)		1,200		1,216,828
Series A, 5.00%, 08/01/23		100		101,336
Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/23		320		322,053
Contra Costa Water District RB, Series T, 5.00%, 10/01/23		230		233,746
East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/23		185		186,982
Eastern Municipal Water District RB, Series A, 5.00%, 07/01/23		50		50,607
Escondido Union High School District GO, Series A, 0.00%, 08/01/23 (AGC)^(a)		150		146,117
Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 GO, Series A, 0.00%, 10/01/23 (NPFGC)^(a)		195		188,804
Foothill-De Anza Community College District GO, 5.00%, 08/01/23		140		141,880
Grossmont Union High School District GO, 4.00%, 08/01/23		125		125,865
Huntington Beach Union High School District GO, 5.00%, 08/01/23		135		136,883
Irvine Ranch Water District SA, 5.00%, 02/01/23		30		30,132
Laguna Beach Unified School District GO, 4.00%, 08/01/23		155		155,970
Las Virgenes Unified School District GO
Series C, 0.00%, 11/01/23 (NPFGC)^(a)		50		48,266
Series D, 0.00%, 09/01/23 (NPFGC)^(a)		105		101,974
Long Beach Community College District GO
5.00%, 08/01/23		115		116,604
Series D, 0.00%, 05/01/23 (NPFGC)^(a)		165		162,296
Los Angeles Community College District/CA GO
Series A, 5.00%, 08/01/23		450		456,578
Series C, 5.00%, 08/01/23		535		542,821
Los Angeles County Metropolitan Transportation Authority RB
5.00%, 07/01/23		125		126,567
Series A, 5.00%, 06/01/23		585		591,467
Series A, 5.00%, 07/01/23		1,470		1,488,433
Series C, 5.00%, 07/01/23		185		187,320


Security	Par (000)		Value

California (continued)
Los Angeles County Sanitation Districts Financing Authority RB, 5.00%, 10/01/23	$	410	$	416,715
Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/23		135		136,702
Los Angeles Department of Water & Power System Revenue RB
Series A, 5.00%, 07/01/23		250		253,151
Series A, 5.00%, 07/01/23		445		450,669
Series B, 4.00%, 07/01/23		150		150,914
Series B, 5.00%, 07/01/23		165		167,080
Series D, 4.00%, 07/01/23		205		206,249
Series E, 5.00%, 07/01/23		165		167,080
Los Angeles Unified School District/CA GO
Series A, 4.00%, 07/01/23		595		598,820
Series A, 5.00%, 07/01/23		2,085		2,111,973
Series B-1, 5.00%, 07/01/23		1,000		1,012,937
Series C, 5.00%, 07/01/23		185		187,393
Metropolitan Water District of Southern California RB
5.00%, 07/01/23		995		1,007,280
Series A, 5.00%, 07/01/23		150		151,851
Series B, 5.00%, 09/01/23		75		76,142
Series E, 5.00%, 07/01/23		2,500		2,532,507
Modesto Irrigation District RB, 5.00%, 10/01/23		220		223,364
Mount Diablo Unified School District/CA GO, Series F, 5.00%, 08/01/23		20		20,272
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/23		475		483,651
Newport Mesa Unified School District GO, Series 2007, 0.00%, 08/01/23 (NPFGC)^(a)		50		48,763
Northern California Power Agency RB, 5.00%, 08/01/23		75		76,018
Orange County Water District RB, 5.00%, 08/15/23		375		380,572
Palomar Community College District GO, Series B, 0.00%, 08/01/23^(a)		200		194,838
Rancho Santiago Community College District GO, 4.00%, 09/01/23		50		50,343
Riverside County Transportation Commission RB, Series A, 5.00%, 06/01/23		1,010		1,020,817
Sacramento Municipal Utility District RB
5.00%, 08/15/23		250		253,735
Series D, 5.00%, 08/15/23		125		126,867
San Diego Community College District GO
0.00%, 08/01/23^(a)		35		34,139
5.00%, 08/01/23		125		126,697
San Diego County Regional Transportation Commission RB, Series A, 5.00%, 04/01/23		75		75,594
San Diego County Water Authority RB, 5.00%, 05/01/23		100		100,949
San Diego Public Facilities Financing Authority RB, 5.00%, 10/15/23		65		66,078
San Diego Unified School District/CA GO
5.00%, 07/01/23		335		339,312
Series A, 0.00%, 07/01/23 (NPFGC)^(a)		150		146,784
Series H-2, 3.00%, 07/01/23		200		199,957
Series H-2, 5.00%, 07/01/23		350		354,505
Series J-2, 5.00%, 07/01/23		135		136,737
San Diego Unified School District/CA RB, Series N-2, 5.00%, 07/01/23		225		227,896
San Francisco City & County Airport Commission San Francisco International Airport RB, Series D, 5.00%, 05/01/23		135		136,255


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
San Jose Evergreen Community College District GO
5.00%, 09/01/23	$	180	$	182,697
Series A, 5.00%, 09/01/23		285		289,271
San Jose Financing Authority RB, Series A, 5.00%, 06/01/23		25		25,269
San Mateo County Community College District GO, Series A, 0.00%, 09/01/23 (NPFGC)^(a)		160		155,859
San Mateo Joint Powers Financing Authority RB, Series A, 5.00%, 07/15/23		180		182,243
San Mateo Union High School District GO
Series A, 4.00%, 09/01/23		140		140,960
Series A, 5.00%, 09/01/23		125		126,873
Series B, 0.00%, 09/01/23 (NPFGC)^(a)		160		155,350
San Ramon Valley Unified School District/CA GO, 5.00%, 08/01/23		500		506,789
Santa Clara County Financing Authority RB, Series Q, 5.00%, 05/15/23		105		106,043
Santa Clara Unified School District GO, 5.00%, 07/01/23		850		860,603
Santa Monica Community College District GO, Series A, 5.00%, 08/01/23		290		294,153
Santa Monica-Malibu Unified School District GO
0.00%, 08/01/23 (NPFGC)^(a)		100		97,412
Series B, 4.00%, 08/01/23		200		201,370
Southern California Public Power Authority RB, Series A, 5.00%, 07/01/23		390		394,942
State of California Department of Water Resources RB
5.00%, 12/01/23		125		127,549
5.00%, 12/01/24 (PR 06/01/23)		1,000		1,011,056
Series AS, 5.00%, 12/01/23		370		377,545
Series AW, 5.00%, 12/01/23		215		219,384
Series AX, 5.00%, 12/01/23		415		423,463
Series BA, 5.00%, 12/01/23		235		239,792
State of California GO
4.00%, 03/01/23		75		75,227
4.00%, 05/01/23		230		231,046
4.00%, 10/01/23		315		317,459
5.00%, 02/01/23		100		100,470
5.00%, 08/01/23		2,015		2,042,958
5.00%, 09/01/23		2,630		2,670,278
5.00%, 10/01/23		1,030		1,047,244
5.00%, 11/01/23		1,820		1,853,145
5.00%, 12/01/23		945		963,561
Series B, 5.00%, 08/01/23		715		724,921
Series B, 5.00%, 09/01/23		660		670,108
Torrance Unified School District GO
5.00%, 08/01/23		115		116,561
5.00%, 08/01/39 (PR 08/01/23)		230		233,225
University of California RB
Series AF, 5.00%, 05/15/23		335		338,362
Series AK, VRDN, 5.00%, 05/15/48^(b)		4,825		4,872,400
Series AO, 5.00%, 05/15/23		495		499,968
Series AR, 4.00%, 05/15/23		210		211,000
West Valley-Mission Community College District GO, 5.00%, 08/01/23		500		506,789

				55,901,411

Colorado — 1.1%
Adams County School District No. 1 GO, 4.00%, 12/01/23 (SAW)		250		252,037
Arapahoe County School District No. 6 Littleton GO, 5.00%, 12/01/23 (SAW)		1,070		1,089,987


Security	Par (000)		Value

Colorado (continued)
Board of Water Commissioners City & County of Denver (The) RB, Series B, 5.00%, 09/15/23	$	130	$	132,032
City & County of Denver Co. Airport System Revenue RB
Series A, 5.00%, 11/15/23		455		462,704
Series B, 5.00%, 11/15/23		200		203,386
City & County of Denver Co. GO, 5.00%, 08/01/23		1,000		1,013,949
City of Boulder Water & Sewer Revenue, 5.00%, 12/01/23		100		101,921
City of Colorado Springs Co. Utilities System Revenue RB, Series C, 5.00%, 11/15/23		100		101,796
Colorado Health Facilities Authority, 5.00%, 11/01/23		400		404,690
Denver City & County School District No. 1 GO, 5.00%, 12/01/23 (SAW)		415		423,196
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/23 (NPFGC)^(a)		120		116,323
Metro Wastewater Reclamation District RB, Series A, 5.00%, 04/01/23		500		503,792
University of Colorado RB, Series A-2, 5.00%, 06/01/23		390		394,064

				5,199,877

Connecticut — 2.0%
City of Stamford CT GO, 5.00%, 06/01/23		100		101,042
Connecticut State Health & Educational Facilities Authority RB
Series 214-A, VRDN, 1.10%, 07/01/48^(b)		500		496,176
Series C-2, VRDN, 5.00%, 07/01/57^(b)		1,030		1,034,634
State of Connecticut Clean Water Fund - State Revolving Fund RB, Series B, 5.00%, 06/01/23		125		126,360
State of Connecticut GO
5.00%, 07/15/23		1,000		1,012,813
Series A, 5.00%, 03/15/23		275		276,891
Series A, 5.00%, 04/15/23		520		524,381
Series A, 5.00%, 10/15/23		535		544,121
Series B, 3.00%, 06/01/23		150		149,845
Series B, 5.00%, 04/15/23		200		201,685
Series B, 5.00%, 05/15/23		335		338,327
Series D, 5.00%, 06/15/23		120		121,365
Series D, 5.00%, 09/15/23		400		406,254
Series E, 5.00%, 09/01/23		190		192,847
Series E, 5.00%, 10/15/23		100		101,705
Series F, 5.00%, 09/15/23		175		177,736
Series F, 5.00%, 11/15/23		200		203,694
Series H, 5.00%, 11/15/23		120		122,216
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 01/01/23		145		145,414
Series A, 5.00%, 08/01/23		275		278,489
Series A, 5.00%, 09/01/23		190		192,659
Series A, 5.00%, 10/01/23		775		786,852
Series B, 5.00%, 08/01/23		240		243,045
Series B, 5.00%, 10/01/23		100		101,529
Series C, 5.00%, 01/01/23		1,800		1,805,144
University of Connecticut RB
Series A, 4.00%, 02/15/23		50		50,121
Series A, 5.00%, 02/15/23		100		100,524
Series A, 5.00%, 04/15/23		100		100,829

				9,936,698

Delaware — 0.7%
City of Wilmington DE GO, 3.00%, 06/01/23		160		159,737
County of New Castle DE GO
5.00%, 04/01/23		120		120,935
5.00%, 10/01/23		215		218,560


28		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)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Delaware (continued)
Delaware River & Bay Authority RB, Series B, 5.00%, 01/01/23	$	40	$	40,114
Delaware Transportation Authority RB, 5.00%, 07/01/23		1,325		1,341,265
State of Delaware GO
5.00%, 02/01/23		405		406,863
Series C, 5.00%, 03/01/23		640		643,936
Series A, 5.00%, 02/01/23		90		90,414
Series B, 5.00%, 07/01/23		165		167,004
Series C, 5.00%, 03/01/23		140		140,861
Series D, 5.00%, 07/01/23		210		212,550

				3,542,239

District of Columbia — 0.9%
District of Columbia GO
Series A, 5.00%, 06/01/23		2,080		2,102,276
Series B, 5.00%, 06/01/23		350		353,748
District of Columbia RB
5.00%, 07/15/23		20		20,187
Series A, 5.00%, 12/01/23		470		479,031
District of Columbia Water & Sewer Authority RB
Series A, 5.00%, 10/01/23		150		152,443
Series B, 5.00%, 10/01/23		215		218,288
Series C, 5.00%, 10/01/23		130		132,117
Washington Metropolitan Area Transit Authority RB
5.00%, 07/01/23		100		101,168
Series A, 5.00%, 07/15/23		500		506,162
Series A-1, 5.00%, 07/01/23		170		171,986
Series B, 5.00%, 07/01/23		220		222,570

				4,459,976

Florida — 3.5%
City of Jacksonville FL RB
5.00%, 10/01/23		110		111,583
Series C, 5.00%, 10/01/23		100		101,448
City of Orlando FL RB, Series B, 5.00%, 10/01/23		135		137,199
City of Tallahassee FL Utility System Revenue RB, 5.00%, 10/01/23		35		35,557
City of Tampa FL Sales Tax Revenue RB, 5.00%, 10/01/23		100		101,584
County of Broward FL Airport System Revenue RB
Series C, 5.00%, 10/01/23		110		111,553
Series C, 5.25%, 10/01/28 (PR 10/01/23)		800		814,745
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/23		330		334,659
County of Miami-Dade FL GO
5.00%, 07/01/23		25		25,287
Series 2015-D, 5.00%, 07/01/23		290		293,330
Series A, 5.00%, 07/01/23		390		394,479
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/23		460		465,374
County of Miami-Dade FL Water & Sewer System Revenue RB
5.00%, 10/01/23		1,050		1,066,247
Series B, 5.00%, 10/01/23		215		218,327
County of Orange FL Sales Tax Revenue RB, Series C, 5.00%, 01/01/23		130		130,397
County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/23		110		111,802
County of Palm Beach FL Water & Sewer Revenue RB, 5.00%, 10/01/28 (PR 10/01/23)		1,240		1,260,085
County of Seminole FL Water & Sewer Revenue RB, Series A, 5.00%, 10/01/23		180		182,916


Security	Par (000)		Value

Florida (continued)
Florida Department of Environmental Protection RB
5.00%, 07/01/23	$	625	$	632,218
Series A, 5.00%, 07/01/23		765		773,835
Florida Department of Management Services COP, Series A, 5.00%, 08/01/23		210		212,649
Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/23		125		126,946
Florida’s Turnpike Enterprise RB
Series A, 5.00%, 07/01/23		700		708,270
Series B, 5.00%, 07/01/23		625		632,383
Series C, 5.00%, 07/01/23		25		25,295
Hillsborough County School Board COP
5.00%, 07/01/23		100		100,977
Series A, 5.00%, 07/01/23		60		60,586
Jacksonville Transportation Authority RB, 5.00%, 08/01/23		185		187,210
Miami-Dade County Expressway Authority RB, Series A, 4.00%, 07/01/23		115		115,234
Orange County School Board COP
Series A, 5.00%, 08/01/23		90		91,102
Series D, 5.00%, 08/01/23		50		50,612
Orlando Utilities Commission RB, Series A, 5.00%, 10/01/23		270		274,300
Orlando-Orange County Convention Center RB, 5.00%, 10/01/23		285		289,410
Orlando-Orange County Expressway Authority RB, Series B, 5.00%, 07/01/23		150		151,535
Palm Beach County School District COP
Series A, 5.00%, 08/01/23		115		116,433
Series B, 5.00%, 08/01/23		250		253,116
Pasco County School Board COP, Series A, 5.00%, 08/01/23		20		20,234
Reedy Creek Improvement District GOL
5.00%, 06/01/23		125		126,288
Series A, 5.00%, 06/01/23		255		257,628
School Board of Miami-Dade County (The) COP, Series D, 5.00%, 02/01/23		150		150,634
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/23		260		261,653
School District of Broward County/FL COP
Series A, 5.00%, 07/01/23		270		272,745
Series B, 5.00%, 07/01/23		170		171,728
Seminole County School Board COP, Series C, 5.00%, 07/01/23		20		20,226
State of Florida Department of Transportation RB, 5.00%, 07/01/23		100		101,201
State of Florida Department of Transportation Turnpike System Revenue RB, Series B, 5.00%, 07/01/23		140		141,654
State of Florida GO
5.00%, 06/01/23		1,000		1,010,710
5.00%, 07/01/23		50		50,591
Series A, 5.00%, 06/01/23		705		712,550
Series A, 5.00%, 07/01/23		950		961,222
Series B, 5.00%, 06/01/23		640		646,854
Series C, 5.00%, 06/01/23		355		358,802
Series E, 5.00%, 06/01/23		210		212,249
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/23		255		257,962
Series B, 5.00%, 07/01/23		700		708,131
Volusia County School Board COP, Series A, 5.00%, 08/01/23 (BAM)		110		111,412

				17,253,157


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia — 1.2%
City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/23.	$	390	$	394,504
City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/23		160		162,787
Series A, 5.00%, 11/01/23		125		127,178
City of Gainesville GA Water & Sewerage Revenue RB, 5.00%, 11/15/23		60		61,084
County of DeKalb GA Water & Sewerage Revenue RB, 5.00%, 10/01/23		135		137,150
County of Forsyth GA GO, Series B, 5.00%, 03/01/23		190		191,150
Development Authority for Fulton County RB, 5.00%, 11/01/23		125		127,153
Forsyth County School District GO, 5.00%, 02/01/23		130		130,598
Georgia State Road & Tollway Authority RB, Series A, 5.00%, 06/01/23		150		151,520
Gwinnett County Development Authority COP, 5.25%, 01/01/23 (NPFGC)		115		115,398
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/23		500		506,789
Metropolitan Atlanta Rapid Transit Authority RB, 5.00%, 07/01/23		125		126,435
State of Georgia GO
Series A, 5.00%, 07/01/23		785		794,585
Series A-1, 5.00%, 02/01/23		450		452,182
Series C, 5.00%, 07/01/23		75		75,916
Series C-1, 5.00%, 07/01/23		175		177,137
Series D, 5.00%, 02/01/23		355		356,721
Series E, 5.00%, 12/01/23		870		886,809
Series F, 5.00%, 01/01/23		1,000		1,003,223

				5,978,319

Hawaii — 1.4%
City & County Honolulu HI Wastewater System Revenue RB, Series B, 5.00%, 07/01/23		555		561,593
City & County of Honolulu HI GO
5.00%, 07/01/23		275		278,321
5.00%, 08/01/23		220		222,971
Series A, 5.00%, 09/01/23		355		360,290
Series A, 5.00%, 10/01/23		200		203,258
Series B, 4.00%, 10/01/23		100		100,736
Series B, 5.00%, 09/01/23		360		365,365
Series B, 5.00%, 10/01/23		185		188,013
Series C, 5.00%, 10/01/23		145		147,362
Series E, 4.00%, 09/01/23		145		145,983
County of Hawaii HI GO, Series D, 5.00%, 09/01/23		75		76,093
State of Hawaii GO
Series EH, 5.00%, 08/01/29 (PR 08/01/23)		500		506,715
Series EH, 5.00%, 08/01/30 (PR 08/01/23)		325		329,244
Series EH-2017, 5.00%, 08/01/23 (ETM)		520		526,790
Series EO, 5.00%, 08/01/23 (ETM)		50		50,634
Series EP, 5.00%, 08/01/23		455		461,144
Series EY, 5.00%, 10/01/23		385		391,271
Series EZ, 5.00%, 10/01/23		160		162,606
Series FE, 5.00%, 10/01/23		300		304,887
Series FG, 4.00%, 10/01/23		135		135,993
Series FG, 5.00%, 10/01/23		70		71,140
Series FH, 5.00%, 10/01/23		115		116,873
Series FK, 4.00%, 05/01/23		160		160,688
Series FK, 5.00%, 05/01/23		215		216,977
Series FN, 5.00%, 10/01/23		130		132,118
State of Hawaii State Highway Fund RB
Series A, 5.00%, 01/01/23		100		100,306
Series B, 4.00%, 01/01/23		165		165,238


Security	Par (000)		Value

Hawaii (continued)
Series B, 5.00%, 01/01/23	$	280	$	280,856

				6,763,465

Idaho — 0.1%
Idaho Housing & Finance Association RB, 5.00%, 07/15/23		330		333,883


Illinois — 1.7%
Chicago O’Hare International Airport RB
4.13%, 01/01/23		50		50,049
Series C, 5.00%, 01/01/23		100		100,293
Series B, 5.00%, 01/01/23		500		501,462
Series D, 5.00%, 01/01/23		90		90,263
Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/23		200		201,727
Illinois Finance Authority RB
5.00%, 01/01/23		335		335,857
5.00%, 07/01/23		700		707,531
5.00%, 12/01/23		275		280,137
Series A, 5.00%, 10/01/23		280		284,409
State of Illinois GO
5.00%, 02/01/23		120		120,305
5.00%, 05/01/23		625		628,137
5.00%, 06/01/23		165		165,933
5.00%, 07/01/23		235		236,469
5.00%, 08/01/23		380		382,559
5.38%, 05/01/23		145		145,993
Series A, 5.00%, 04/01/23		250		251,053
Series A, 5.00%, 10/01/23		200		201,513
Series B, 5.00%, 03/01/23		765		767,586
Series B, 5.00%, 10/01/23		460		463,479
Series B, 5.00%, 12/01/23		50		50,403
Series D, 5.00%, 11/01/23		1,915		1,930,153
State of Illinois RB
5.00%, 06/15/23		325		326,953
First Series, 6.00%, 06/15/23 (NPFGC)		90		91,060
Series C, 4.00%, 06/15/23		25		24,999

				8,338,323

Indiana — 0.8%
Ball State University, Series R, 5.00%, 07/01/23		240		242,756
Indiana Finance Authority RB
5.00%, 10/01/23		425		431,691
Series 2, 5.00%, 10/01/23		255		259,015