|
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 |
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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 |
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2022 | ||||
6-Month | 12-Month | |||
U.S.
large cap equities |
(5.50)% | (14.61)% | ||
U.S.
small cap equities |
(0.20) | (18.54) | ||
International
equities |
(12.70) | (23.00) | ||
Emerging
market equities |
(19.66) | (31.03) | ||
3-month Treasury bills |
0.72 | 0.79 | ||
U.S.
Treasury securities |
(8.24) | (17.68) | ||
U.S.
investment grade bonds |
(6.86) | (15.68) | ||
Tax-exempt municipal
bonds |
(4.43) | (11.98) | ||
U.S.
high yield bonds |
(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. |
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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 |
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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 IndexTM (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)
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 IndexTM (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)
The inception date of the Fund was April 11, 2017. The first day of secondary market trading was April 13, 2017.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (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) |
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 |
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 |
* |
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. |
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 IndexTM (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)
The inception date of the Fund was March 20, 2018. The first day of secondary market trading was March 22, 2018.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (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) |
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 |
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 |
* |
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. |
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 IndexTM (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)
The inception date of the Fund was November 13, 2018. The first day of secondary market trading was November 15, 2018.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (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) |
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 |
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 IndexTM (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)
The inception date of the Fund was April 2, 2019. The first day of secondary market trading was April 4, 2019.
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 | $ | 986.70 | $ | 0.90 | $ | 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 |
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 |
* |
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. |
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 IndexTM (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)
The inception date of the Fund was April 9, 2019. The first day of secondary market trading was April 11, 2019.
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 | $ | 984.30 | $ | 0.90 | $ | 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 |
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 |
* |
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. |
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 IndexTM (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)
The inception date of the Fund was April 16, 2019. The first day of secondary market trading was April 18, 2019.
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 | $ | 980.50 | $ | 0.90 | $ | 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 |
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 |
* |
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. |
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 |
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.
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 |
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 |
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) |
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 |
8,175 | 8,175,000 | ||||||
Series
J-2, VRDN, 2.12%,
07/01/31 |
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 |
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 |
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, |
4,842 | 4,841,340 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.2% |
4,841,340 | |||||||
|
|
|||||||
Total
Investments — 102.6% |
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 | ||||||