LOGO

  OCTOBER 31, 2022

 

   2022 Annual Report

 

iShares Trust

 

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

 


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2022
     6-Month   12-Month

U.S. large cap equities
(S&P 500® Index)

          (5.50)%      (14.61)%

U.S. small cap equities
(Russell 2000® Index)

       (0.20)   (18.54)

International equities
(MSCI Europe, Australasia, Far East Index)

     (12.70)   (23.00)

Emerging market equities
(MSCI Emerging Markets Index)

     (19.66)   (31.03)

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

       0.72     0.79

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

       (8.24)   (17.68)

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

       (6.86)   (15.68)

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

       (4.43)   (11.98)

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

       (4.71)   (11.76)

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

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     19  

Disclosure of Expenses

     19  

Schedules of Investments

     20  

Financial Statements:

  

Statements of Assets and Liabilities

     105  

Statements of Operations

     107  

Statements of Changes in Net Assets

     109  

Financial Highlights

     113  

Notes to Financial Statements

     120  

Report of Independent Registered Public Accounting Firm

     126  

Important Tax Information

     127  

Board Review and Approval of Investment Advisory Contract

     128  

Supplemental Information

     130  

Trustee and Officer Information

     131  

General Information

     134  

Glossary of Terms Used in this Report

     135  


Market Overview

 

iShares Trust

Municipal Bond Market Overview

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

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

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

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

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

 

 

4  

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


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

 

Investment Objective

The iShares iBonds Dec 2022 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2021 and before December 2, 2022, as represented by the S&P AMT-Free Municipal Series Dec 2022 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)

 

LOGO

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

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

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,006.40        $ 0.91             $ 1,000.00        $ 1,024.30        $ 0.92          0.18

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  5


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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

S&P Credit Rating*    
Percent of
Net Assets
 
(a) 

AAA

    39.7

AA+

    22.6  

AA

    15.6  

AA-

    9.8  

A+

    1.9  

A

    (b) 

A-

    0.1  

BBB+

    1.2  

Not Rated

    10.5  

Short-Term and Other Assets

    (1.4

TEN LARGEST STATES

 

State(a)   Percent of
Net Assets
 

New York

    15.6

California

    13.1  

Ohio

    13.1  

Texas

    6.7  

Maryland

    6.5  

Massachusetts

    6.5  

Michigan

    4.2  

Washington

    3.8  

Pennsylvania

    3.6  

Colorado

    3.6  

 

  *

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

 
  (a) 

Excludes money market funds.

 
  (b) 

Rounds to less than 0.1%

 

 

 

6  

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


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

 

Investment Objective

The iShares iBonds Dec 2023 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2022 and before December 2, 2023, as represented by the S&P AMT-Free Municipal Series Dec 2023 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)

 

LOGO

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)

 

LOGO

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)

 

LOGO

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.

 

 

 

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


Fund Summary as of 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)

 

LOGO

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.

 

 

 

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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)

 

LOGO

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.

 

 

 

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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)

 

LOGO

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  

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About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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

  19


Schedule of Investments

October 31, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Debt Obligations

   

Alabama — 0.5%

   

Alabama Public School and College Authority RB, Series A, 5.00%, 11/01/22

  $ 1,610     $ 1,610,000  

City of Huntsville AL GOL, Series C, 5.00%, 11/01/22

    170       170,000  

City of Huntsville AL Water Revenue RB, 5.00%, 11/01/22

    180       180,000  
   

 

 

 
      1,960,000  
Arizona — 0.1%            

Salt River Project Agricultural Improvement & Power District RB, Series A, 5.00%, 12/01/22

    200       200,302  
   

 

 

 

Arkansas — 0.0%

   

University of Arkansas RB, Series A, 5.00%, 11/01/22

    135       135,000  
   

 

 

 

California — 13.1%

   

Bay Area Toll Authority RB

   

VRDN, 1.80%, 04/01/53 (Put 11/07/22)(a)

    3,100       3,100,000  

VRDN, 1.83%, 04/01/47 (Put 11/07/22)(a)

    3,800       3,800,000  

California Educational Facilities Authority RB, VRDN, 1.85%, 10/01/36 (Put 11/07/22)(a)

    1,500       1,500,000  

California Health Facilities Financing Authority RB, Series C, VRDN, 5.00%, 08/01/31 Put(a)

    355       355,000  

California State Public Works Board RB

   

Series C, 5.00%, 11/01/22

    135       135,000  

Series G, 5.00%, 11/01/22

    95       95,000  

Series H, 5.00%, 12/01/22

    860       861,261  

California State University RB

   

4.00%, 11/01/29 (PR 11/01/22)

    1,750       1,750,000  

5.00%, 11/01/22

    1,005       1,005,000  

Series A, 3.00%, 11/01/22

    200       200,000  

Series A, 5.00%, 11/01/22

    1,710       1,710,000  

Series C, 5.00%, 11/01/22 (AGM)

    30       30,000  

City of San Francisco CA Public Utilities Commission Water Revenue RB

   

4.00%, 11/01/22

    50       50,000  

5.00%, 11/01/22

    295       295,000  

Las Virgenes Unified School District GO, 0.00%, 11/01/22 (AGM)(b)

    55       55,000  

Los Angeles County Public Works Financing Authority RB, Series D, 5.00%, 12/01/22

    50       50,079  

Los Angeles County Redevelopment Refunding Authority TA, Series C, 5.00%, 12/01/22

    25       25,038  

Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/22

    185       185,000  

Orange County Water District COP, Series A, VRDN, 1.82%, 08/01/42 (Put 11/07/22)(a)

      10,450           10,450,000  

Sacramento County Sanitation Districts Financing Authority RB

   

Series A, 5.00%, 12/01/22

    325       325,490  

Series A, 5.25%, 12/01/22 (NPFGC)

    145       145,247  

San Diego County Regional Transportation Commission RB

   

VRDN, 1.85%, 04/01/38 (Put 11/07/22)(a)

    5,100       5,100,000  

Series B, VRDN, 1.82%, 04/01/38
(Put 11/07/22)(a)

    4,000       4,000,000  

San Francisco City & County Airport Commission San Francisco International Airport RB, VRDN, 1.90%, 05/01/58 (Put 11/07/22)(a)

    4,585       4,585,000  

San Rafael Redevelopment Agency TA, 0.00%, 12/01/22 (AMBAC)(b)

    75       74,792  

Santa Clara County Financing Authority RB, Series A, 5.00%, 11/15/22

    515       515,347  
Security   Par
(000)
    Value  

California (continued)

   

State of California Department of Water Resources RB

   

Series AM, 5.00%, 12/01/22

  $ 430     $ 430,701  

Series AR, 5.00%, 12/01/22

    65       65,106  

Series AS, 5.00%, 12/01/22

    75       75,122  

Series AW, 5.00%, 12/01/22

    505       505,824  

Series AX, 5.00%, 12/01/22

    1,100       1,101,794  

Series BB, 5.00%, 12/01/22

    215       215,351  

State of California GO

   

2.00%, 11/01/22

    5,450       5,450,000  

4.00%, 12/01/22

    645       645,482  

5.00%, 11/01/22

    410       410,000  

5.00%, 12/01/22

    2,495       2,498,844  

University of California RB, Series AL-2, VRDN, 1.24%, 05/15/48 Put(a)

    2,000       2,000,000  
   

 

 

 
      53,795,478  

Colorado — 3.6%

   

Adams & Arapahoe Joint School District 28J Aurora, 5.00%, 12/01/22 (SAW)

    1,550       1,552,248  

City & County of Denver CO Airport System Revenue RB, Series B, 5.00%, 11/15/22

    325       325,213  

City of Colorado Springs CO Utilities System Revenue RB, Series A, 5.00%, 11/15/22

    190       190,125  

City of Colorado Springs Co. Utilities System Revenue RB

   

VRDN, 2.19%, 11/01/37 (Put 11/07/22)(a)

    7,650       7,650,000  

VRDN, 2.19%, 11/01/41 (Put 11/07/22)(a)

    2,145       2,145,000  

Denver City & County School District No. 1 GO

   

4.00%, 12/01/22 (SAW)

    100       100,075  

Series B, 4.00%, 12/01/22 (SAW)

    275       275,208  

Series B, 4.00%, 12/01/28 (PR 12/01/22) (SAW)

    1,100       1,100,750  

Series B, 5.00%, 12/01/25 (PR 12/01/22) (SAW)

    225       225,337  

Series B, 5.00%, 12/01/26 (PR 12/01/22) (SAW)

    480       480,720  

Series B, 5.00%, 12/01/31 (PR 12/01/22) (SAW)

    465       465,697  

Summit County School District No. Re-1 Summit GO, 5.00%, 12/01/22 (SAW)

    75       75,113  
   

 

 

 
      14,585,486  
Connecticut — 2.7%            

Connecticut State Health & Educational Facilities Authority, VRDN, 2.00%, 07/01/42 (Put 11/07/22)(a)

      10,000           10,000,000  

State of Connecticut GO

   

5.00%, 11/15/22

    150       150,101  

Series F, 4.00%, 11/15/22

    675       675,215  

Series F, 5.00%, 11/15/22

    130       130,088  
   

 

 

 
      10,955,404  
Delaware — 0.9%            

University of Delaware RB

   

Series A, 5.00%, 11/01/22

    105       105,000  

Series C, VRDN, 1.62%, 11/01/37 (Put 11/01/22)(a)

    3,700       3,700,000  
   

 

 

 
      3,805,000  
District of Columbia — 1.0%            

District of Columbia RB

   

Series A, 4.00%, 12/01/22

    195       195,139  

Series A, 5.00%, 12/01/22

    1,415       1,417,134  

Series C, 4.00%, 12/01/22

    150       150,107  

Series C, 5.00%, 12/01/22

    2,350       2,353,543  
   

 

 

 
      4,115,923  
Florida — 0.1%            

County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/22

    160       160,000  

 

 

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Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Florida (continued)            

County of Palm Beach FL RB

   

5.00%, 11/01/22

  $ 45     $ 45,000  

Series A, 5.00%, 11/01/22

    50       50,000  

School Board of Miami-Dade County (The) COP, Series D, 5.00%, 11/01/22

    160       160,000  
   

 

 

 
      415,000  
Georgia — 1.0%            

City of Atlanta GA Water & Wastewater Revenue RB

   

5.00%, 11/01/22

    950       950,000  

Series B, 5.00%, 11/01/22

    150       150,000  

Municipal Electric Authority of Georgia RB, Series A, 5.00%, 11/01/22

    135       135,000  

State of Georgia GO

   

Series E, 5.00%, 12/01/22

    1,985       1,988,156  

Serise H, 5.00%, 12/01/22

    650       651,033  
   

 

 

 
      3,874,189  
Hawaii — 1.7%            

City & County of Honolulu HI GO

   

Series A, 5.00%, 11/01/22 (ETM)

    25       25,000  

Series A, 5.00%, 11/01/25 (PR 11/01/22)

    2,000       2,000,000  

Series A, 5.00%, 11/01/33 (PR 11/01/22)

    1,175       1,175,000  

Series B, 5.00%, 11/01/22

    225       225,000  

State of Hawaii GO

   

Series EE, 4.00%, 11/01/22 (ETM)

    35       35,000  

Series EE, 5.00%, 11/01/23 (PR 11/01/22)

    580       580,000  

Series EE, 5.00%, 11/01/27 (PR 11/01/22)

    115       115,000  

Series EF, 5.00%, 11/01/22

    320       320,000  

Series EF, 5.00%, 11/01/24 (PR 11/01/22)

        2,430             2,430,000  
   

 

 

 
      6,905,000  
Illinois — 1.2%            

Illinois State Toll Highway Authority RB, Series A, 5.00%, 12/01/22

    3,645       3,650,345  

State of Illinois GO

   

Series A, 5.00%, 12/01/22

    500       500,424  

Series D, 5.00%, 11/01/22

    800       800,000  
   

 

 

 
      4,950,769  
Indiana — 0.1%            

Indiana Finance Authority RB

   

Series A, 5.00%, 12/01/22

    210       210,287  

Serise A, 5.00%, 12/01/22

    245       245,365  

Indiana Transportation Finance Authority RB, Series B, 5.75%, 12/01/22

    115       115,244  
   

 

 

 
      570,896  
Kentucky — 0.0%            

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

    100       100,000  
   

 

 

 

Louisiana — 0.0%

   

Louisiana Office Facilities Corp. RB, 5.00%, 11/01/22

    110       110,000  
   

 

 

 

Maine — 0.2%

   

Maine Municipal Bond Bank RB

   

Series A, 5.00%, 11/01/22

    100       100,000  

Series B, 5.00%, 11/01/22

    85       85,000  

Series C, 5.00%, 11/01/22

    320       320,000  

Series D, 5.00%, 11/01/22

    160       160,000  

Series D, 5.00%, 11/01/22 (ETM)

    10       10,000  
   

 

 

 
      675,000  
Security   Par
(000)
    Value  

Maryland — 6.5%

   

County of Montgomery MD GO

   

5.00%, 11/01/22

  $ 15,000     $     15,000,000  

Series A, 5.00%, 11/01/22

    110       110,000  

Series A, 5.00%, 12/01/22

    250       250,377  

Series B, 5.00%, 12/01/22

    120       120,181  

Maryland Health & Higher Educational Facilities Authority RB, VRDN, 2.22%, 07/01/36 (Put 11/07/22)(a)

      10,200       10,200,000  

Washington Suburban Sanitary Commission RB, VRDN, 2.19%, 06/01/23 (Put 11/07/22)
(GTD)(a)

    1,000       1,000,000  
   

 

 

 
      26,680,558  
Massachusetts — 6.5%            

Boston Water & Sewer Commission RB, Series A, 4.25%, 11/01/22

    440       440,000  

City of Boston MA GO, Series A, 5.00%, 11/01/22

    750       750,000  

Commonwealth of Massachusetts GOL

   

Series C, 5.50%, 12/01/22 (AMBAC)

    485       485,923  

Series E, 5.00%, 11/01/22

    510       510,000  

Series F, 5.00%, 11/01/23 (PR 11/01/22)

    570       570,000  

Series F, 5.00%, 11/01/25 (PR 11/01/22)

    150       150,000  

Series F, 5.00%, 11/01/26 (PR 11/01/22)

    500       500,000  

Series H, 5.00%, 12/01/22

    1,215       1,216,832  

Massachusetts Health & Educational Facilities Authority RB

   

Series J-1, VRDN, 2.10%, 07/01/31
(Put 11/07/22)(a)

    8,175       8,175,000  

Series J-2, VRDN, 2.12%, 07/01/31
(Put 11/07/22)(a)

    4,000       4,000,000  

Massachusetts Water Resources Authority, VRDN, 2.23%, 08/01/37 (Put 11/07/22)(a)

    2,520       2,520,000  

University of Massachusetts Building Authority RB

   

Series 1, 5.00%, 11/01/22

    50       50,000  

Series 1, 5.00%, 11/01/39 (PR 11/01/22)

    6,900       6,900,000  

Series 2, 5.00%, 11/01/22

    405       405,000  
   

 

 

 
      26,672,755  
Michigan — 4.2%            

Michigan State Hospital Finance Authority RB, Series 200, 4.00%, 11/01/22

    250       250,000  

State of Michigan GO

   

Series A, 5.00%, 12/01/22

    470       470,708  

Series B, 5.00%, 11/01/22

    710       710,000  

State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/22

    2,970       2,971,971  

University of Michigan RB, VRDN, 2.19%, 04/01/36 (Put 11/07/22)(a)

    12,940       12,940,000  
   

 

 

 
      17,342,679  
Minnesota — 1.8%            

City of Minneapolis MN GO

   

4.00%, 12/01/22

    510       510,364  

5.00%, 12/01/22

    190       190,286  

County of Hennepin MN, 5.00%, 12/01/22

    3,500       3,505,852  

County of Hennepin MN GO

   

5.00%, 12/01/22

    395       395,661  

Series A, 5.00%, 12/01/22

    140       140,234  

Series B, 5.00%, 12/01/22

    105       105,176  

Series C, 5.00%, 12/01/22

    100       100,167  

University of Minnesota RB, 5.00%, 12/01/22

    2,570       2,573,832  
   

 

 

 
      7,521,572  
Mississippi — 1.0%            

State of Mississippi GO

   

5.00%, 11/01/23 (PR 11/01/22)

    3,600       3,600,000  

Series F, 4.00%, 11/01/22

    260       260,000  

Series H, 5.00%, 12/01/22

    300       300,452  
   

 

 

 
      4,160,452  

 

 

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

  21


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Missouri — 2.7%

   

Curators of the University of Missouri (The) RB, VRDN, 2.20%, 11/01/31 (Put 11/07/22)(a)

  $   10,525     $     10,525,000  

Health & Educational Facilities Authority of the State of Missouri RB, Series A, 5.00%, 11/15/22

    75       75,037  

University of Missouri RB, Series A, 5.00%, 11/01/22

    405       405,000  
   

 

 

 
      11,005,037  
Nebraska — 0.3%            

City of Omaha NE GO, Series B, 5.00%, 11/15/22

    695       695,456  

City of Omaha NE Sewer Revenue RB, 5.00%, 11/15/22

    115       115,077  

Metropolitan Utilities District of Omaha Water System Revenue RB, 5.00%, 12/01/22

    360       360,540  
   

 

 

 
      1,171,073  
Nevada — 1.5%            

County of Clark Department of Aviation RB, VRDN, 2.37%, 07/01/40 (Put 11/07/22)(a)

    3,725       3,725,000  

County of Clark NV GOL

   

5.00%, 11/01/22

    395       395,000  

Series A, 5.00%, 11/01/22

    400       400,000  

Series B, 5.00%, 11/01/22

    450       450,000  

County of Clark NV RB, 5.00%, 11/01/22

    315       315,000  

State of Nevada GOL, Series B, 5.00%, 11/01/22

    80       80,000  

State of Nevada Highway Improvement Revenue RB

   

4.00%, 12/01/22

    550       550,393  

5.00%, 12/01/22

    120       120,181  
   

 

 

 
      6,035,574  
New Hampshire — 0.0%            

State of New Hampshire GO, 5.00%, 12/01/22

    170       170,258  
   

 

 

 

New Jersey — 0.4%

   

Monmouth County Improvement Authority (The) RB

   

4.00%, 12/01/22 (GTD)

    125       125,090  

5.00%, 12/01/22 (GTD)

    775       776,168  

New Jersey Economic Development Authority RB, Series B, 5.00%, 11/01/22

    905       905,000  
   

 

 

 
      1,806,258  
New York — 15.6%            

City of New York NY GO

   

VRDN, 2.20%, 03/01/39 (Put 11/07/22)(a)

    8,100       8,100,000  

Series B-1, 5.00%, 12/01/22

    660       660,995  

Series F6, VRDN, 1.59%, 06/01/44 (Put 11/01/22)(a)

    500       500,000  

Metropolitan Transportation Authority RB

   

Series A, 5.00%, 11/15/22

    110       110,071  

Series A-1, 5.00%, 11/15/22

    230       230,134  

Series A-2, 5.00%, 11/15/22

    300       300,175  

Series B, 5.00%, 11/15/22

    700       700,409  

Series B, 5.25%, 11/15/22 (AMBAC)

    35       35,027  

Series B-2, 5.00%, 11/15/22

    595       595,348  

Series C, 5.00%, 11/15/22

    290       290,169  

Series C, 5.00%, 11/15/22 (ETM)

    20       20,013  

Series D, 5.00%, 11/15/22

    45       45,026  

Series D-1, 5.00%, 11/01/22

    680       680,000  

Series E, 5.00%, 11/15/22

    125       125,073  

Series F, 5.00%, 11/15/22

    515       515,301  

Series H, 4.00%, 11/15/22

    115       115,026  

Series H, 4.00%, 11/15/22 (ETM)

    40       40,013  

Nassau County Interim Finance Authority RB

   

4.00%, 11/15/22

    5       5,002  

4.00%, 11/15/22 (ETM)

    120       120,033  
Security   Par
(000)
    Value  
New York (continued)            

New York City Municipal Water Finance Authority, VRDN, 2.20%, 06/15/35 (Put 11/07/22)(a)

  $ 5,000     $ 5,000,000  

New York City Municipal Water Finance Authority RB, VRDN, 2.20%, 06/15/51 (Put 11/07/22)(a)

    7,355       7,355,000  

New York City Transitional Finance Authority Future Tax Secured Revenue RB

   

3.00%, 11/01/22

    115       115,000  

5.00%, 11/01/22

    1,155       1,155,000  

VRDN, 1.60%, 11/01/42 (Put 11/01/22)(a)

    8,100       8,100,000  

Series A-1, 5.00%, 11/01/22

    440       440,000  

Series B, 5.00%, 11/01/22

    385       385,000  

Series B-1, 5.00%, 11/01/22

    110       110,000  

Series C, 5.00%, 11/01/22

    1,565       1,565,000  

Series D, 5.00%, 11/01/22

    205       205,000  

Series G-6, VRDN, 1.60%, 05/01/34
(Put 11/01/22)(a)

    2,800       2,800,000  

Serise C-1, 4.00%, 11/01/22

    100       100,000  

New York Convention Center Development Corp. RB, 5.00%, 11/15/22

    205       205,127  

New York Municipal Bond Bank Agency RB, 5.00%, 12/01/22 (SAW)

    65       65,098  

New York Power Authority RB, Series A, 5.00%, 11/15/22

    25       25,017  

New York State Dormitory Authority RB, VRDN, 2.05%, 09/01/39 (Put 11/07/22)(a)

    8,925       8,925,000  

New York State Environmental Facilities Corp. RB, Series B, 4.00%, 11/15/22

    80       80,027  

New York State Urban Development Corp., VRDN, 2.22%, 03/15/33 (Put 11/07/22)(a)

      12,000       12,000,000  

Port Authority of New York & New Jersey RB

   

4.00%, 12/01/22

    100       100,065  

Series 179, 5.00%, 12/01/22

    275       275,397  

Series 205, 5.00%, 11/15/22

    200       200,129  

Triborough Bridge & Tunnel Authority RB

   

Series A, 4.00%, 11/15/22

    200       200,064  

Series A, 5.00%, 11/15/22

    460       460,269  

Series B, 5.00%, 11/15/22

    765       765,516  

Series B-1, 5.00%, 11/15/22

    235       235,158  
   

 

 

 
          64,054,682  
North Carolina — 0.5%            

City of Charlotte NC GO, 5.00%, 12/01/22

    270       270,407  

County of Forsyth NC GO, 5.00%, 12/01/22

    275       275,403  

County of Mecklenburg NC, 5.00%, 12/01/22

    1,000       1,001,549  

County of Mecklenburg NC GO

   

5.25%, 12/01/22

    100       100,175  

Series B, 5.00%, 12/01/22

    120       120,186  

County of Wake NC RB, Series A, 5.00%, 12/01/22

    330       330,497  
   

 

 

 
      2,098,217  
Ohio — 13.1%            

City of Cincinnati OH GO, Series A, 4.00%, 12/01/22

    50       50,036  

City of Cincinnati OH Water System Revenue RB, Series B, 5.00%, 12/01/22

    90       90,140  

City of Columbus OH Sewerage Revenue RB, VRDN, 2.16%, 06/01/32 (Put 11/07/22)(a)

    10,000       10,000,000  

County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/22

    1,995       1,997,942  

Ohio Higher Educational Facility Commission RB

   

5.00%, 12/01/22

    115       115,168  

Series A, 5.00%, 12/01/22

    60       60,086  

Ohio State University (The), VRDN, 2.15%, 12/01/44 (Put 11/07/22)(a)

    5,600       5,600,000  

 

 

22  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Ohio (continued)            

Ohio State University (The) RB

   

5.00%, 12/01/22

  $ 315     $ 315,477  

VRDN, 2.15%, 12/01/39 (Put 11/07/22)(a)

    2,375       2,375,000  

Series D, 5.00%, 12/01/22

    1,065       1,066,614  

Serise A, 5.00%, 12/01/22

    625       625,947  

Ohio University RB, 5.00%, 12/01/43 (PR 12/01/22)

    2,425       2,428,636  

Ohio Water Development Authority RB

   

5.00%, 12/01/22

    175       175,264  

5.50%, 12/01/22

    175       175,333  

Series A, 5.00%, 12/01/22

    120       120,181  

Ohio Water Development Authority Water Pollution Control Loan Fund RB

   

5.00%, 12/01/22

      12,820           12,839,327  

VRDN, 2.20%, 12/01/36 (Put 11/07/22)(a)

    11,700       11,700,000  

Series 2015-A, 5.00%, 12/01/22

    230       230,347  

Series B, 5.00%, 12/01/22

    90       90,136  

State of Ohio, VRDN, 2.24%, 03/15/24 (Put 11/07/22)(a)

    2,590       2,590,000  

State of Ohio GO

   

Series B, 4.00%, 11/01/22

    100       100,000  

Series C, 5.00%, 11/01/22

    100       100,000  

Series T, 5.00%, 11/01/22

    160       160,000  

State of Ohio RB, Series A, 5.00%, 12/01/22

    500       500,713  
   

 

 

 
      53,506,347  
Oregon — 0.2%            

Clackamas County Service District No. 1 RB, 5.00%, 12/01/22

    75       75,113  

State of Oregon Department of Transportation RB, Series A, 5.00%, 11/15/22

    635       635,435  

State of Oregon GO, 4.00%, 11/01/22

    175       175,000  
   

 

 

 
      885,548  
Pennsylvania — 3.6%            

Pennsylvania Higher Educational Facilities Authority RB, Series A, 4.00%, 12/01/22

    110       110,070  

Pennsylvania Turnpike Commission, VRDN, 2.40%, 12/01/39 (Put 11/07/22)(a)

    10,300       10,300,000  

Pennsylvania Turnpike Commission RB

   

5.00%, 12/01/22

    1,800       1,802,477  

Series A, 5.00%, 12/01/37 (PR 12/01/22)

    2,000       2,002,999  

Series A-1, 5.00%, 12/01/22

    415       415,571  

Series B, 5.00%, 12/01/22

    120       120,165  
   

 

 

 
      14,751,282  
Rhode Island — 0.5%            

Rhode Island Health & Educational Building Corp., VRDN, 2.22%, 05/01/35
(Put 11/07/22)(a)

    2,035       2,035,000  
   

 

 

 

South Carolina — 2.4%

   

Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/22

    300       300,445  

County of Charleston SC GO, 5.00%, 11/01/22

    2,200       2,200,000  

Greenville County School District RB, 5.00%, 12/01/22

    180       180,271  

SCAGO Educational Facilities Corp. for Pickens School District RB, 5.00%, 12/01/22

    70       70,088  

South Carolina Jobs-Economic Development Authority RB, 5.00%, 11/01/29 (PR 11/01/22)

    7,000       7,000,000  

South Carolina Public Service Authority RB, Series A, 5.00%, 12/01/22

    195       195,230  
   

 

 

 
      9,946,034  
Security   Par
(000)
    Value  

Tennessee — 0.5%

   

City of Memphis TN Electric System Revenue, 5.00%, 12/01/22

  $ 100     $ 100,146  

City of Memphis TN Electric System Revenue RB, 4.00%, 12/01/22

    135       135,090  

City of Memphis TN GO, 5.00%, 12/01/22

    1,000       1,001,458  

Tennessee State School Bond Authority RB

   

5.00%, 11/01/22

    175       175,000  

Series A, 5.00%, 11/01/22

    360       360,000  

Series B, 5.00%, 11/01/22

    165       165,000  
   

 

 

 
      1,936,694  
Texas — 6.7%            

Board of Regents of the University of Texas System RB, VRDN, 2.15%, 08/01/25 (Put 11/07/22)(a)

      12,000           12,000,000  

City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/22

    715       715,429  

City of Austin TX Water & Wastewater System Revenue RB

   

5.00%, 11/15/22

    270       270,176  

Series A, 5.00%, 11/15/22

    725       725,497  

City of Houston TX Combined Utility System Revenue RB

   

Series B, 5.00%, 11/15/22

    370       370,241  

Series D, 5.00%, 11/15/22

    125       125,082  

Dallas Area Rapid Transit RB

   

Series A, 5.00%, 12/01/22

    460       460,690  

Series B, 4.00%, 12/01/22

    150       150,106  

Series B, 5.00%, 12/01/22

    1,420       1,422,129  

Dallas Fort Worth International Airport

   

5.00%, 11/01/22

    60       60,000  

5.00%, 11/01/22 (ETM)

    95       95,000  

Dallas/Fort Worth International Airport RB

   

Series C, 5.00%, 11/01/22

    360       360,000  

Series F, 5.00%, 11/01/22

    295       295,000  

Series G, 5.00%, 11/01/22

    25       25,000  

Harris County Cultural Education Facilities Finance Corp. RB, 5.00%, 11/15/22

    25       25,014  

Metropolitan Transit Authority of Harris County RB

   

5.00%, 11/01/22

    120       120,000  

Series B, 5.00%, 11/01/22

    120       120,000  

State of Texas GO, VRDN, 2.24%, 04/01/36 (Put 11/07/22)(a)

    10,000       10,000,000  

Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 12/01/22

    45       45,057  
   

 

 

 
      27,384,421  
Utah — 0.1%            

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

    220       220,328  
   

 

 

 

Vermont — 0.1%

   

Vermont Municipal Bond Bank RB

   

Series 1, 5.00%, 12/01/22

    325       325,477  

Series 5, 5.00%, 12/01/22

    60       60,088  
   

 

 

 
      385,565  
Virginia — 1.6%            

City of Norfolk VA Water Revenue RB, 5.00%, 11/01/22

    2,000       2,000,000  

County of Loudoun VA GO, Series A, 5.00%, 12/01/22 (SAW)

    75       75,119  

Virginia Beach Development Authority RB, Series B, 5.00%, 12/01/22

    45       45,067  

Virginia Resources Authority RB

   

4.00%, 11/01/41 (PR 11/01/22)

    2,000       2,000,000  

5.00%, 11/01/22

    620       620,000  

5.00%, 11/01/22 (ETM)

    50       50,000  

 

 

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

  23


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Virginia (continued)            

Series A, 5.00%, 11/01/22

  $     1,405     $       1,405,000  

Serise S, 5.00%, 11/01/22

    165       165,000  
   

 

 

 
      6,360,186  
Washington — 3.8%            

Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/22

    170       170,000  

City of Seattle WA GOL, Series A, 5.00%, 12/01/22

    100       100,151  

City of Vancouver WA GOL, Series B, 5.00%, 12/01/22

    330       330,498  

Clark County School District No. 119 Battleground GO, 4.00%, 12/01/22 (GTD)

    155       155,113  

County of King WA GO, 5.00%, 12/01/22

    600       600,905  

County of King WA GOL

   

4.00%, 12/01/22

    20       20,014  

Series C, 5.00%, 12/01/22

    210       210,317  

Series E, 5.00%, 12/01/22

    1,235       1,236,862  

County of Snohomish WA, 5.00%, 12/01/22

    3,300       3,304,975  

County of Snohomish WA GOL, 5.00%, 12/01/22

    140       140,211  

County of Spokane WA, 5.00%, 12/01/22

    1,025       1,026,562  

King & Snohomish Counties School District No. 417 Northshore GO

   

5.00%, 12/01/22

    225       225,330  

5.00%, 12/01/22 (GTD)

    565       565,829  

King County Rural Library District GO, 4.00%, 12/01/22

    355       355,245  

King County School District No 405 Bellevue GO, 5.00%, 12/01/22

    100       100,153  

King County School District No. 405 Bellevue GO, 5.00%, 12/01/22 (GTD)

    455       455,697  

King County School District No. 409 Tahoma GO, 5.00%, 12/01/22 (GTD)

    220       220,324  

King County School District No. 414 Lake Washington GO, 5.00%, 12/01/22 (GTD)

    1,145       1,146,717  

North Thurston Public Schools, 4.00%, 12/01/22

    1,000       1,000,714  

Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/22 (GTD)

    845       846,239  

Port of Seattle WA RB, 5.00%, 12/01/22

    1,125       1,126,511  

Port of Tacoma WA RB, Series A, 5.00%, 12/01/22

    135       135,192  

Snohomish County Public Utility District No. 1 Electric System Revenue, 5.00%, 12/01/22

    190       190,286  

Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/22 (GTD)

    230       230,337  

Spokane County School District No. 81 Spokane GO, 5.00%, 12/01/22 (GTD)

    250       250,369  

State of Washington GO, Series F, 0.00%, 12/01/22 (NPFGC)(b)

    65       64,828  

University of Washington RB

   

Series A, 5.00%, 12/01/22

    75       75,112  
Security   Par
(000)
    Value  
Washington (continued)            

Series C, 5.00%, 12/01/22

  $ 720     $ 721,074  

Washington Health Care Facilities Authority RB, Series A, 5.00%, 11/15/22

    125       125,075  

Yakima County School District No. 7 Yakima GO, 5.00%, 12/01/22 (GTD)

    200       200,293  

Yakima County School District No. 90 East Valley GO, 5.00%, 12/01/22 (GTD)

    130       130,187  
   

 

 

 
      15,461,120  
West Virginia — 1.0%            

State of West Virginia, 5.00%, 12/01/22

        3,610       3,616,036  

State of West Virginia GO, Series A, 5.00%, 11/01/22

    575       575,000  
   

 

 

 
      4,191,036  
Wisconsin — 0.6%            

State of Wisconsin GO

   

5.00%, 11/01/22

    205       205,000  

Series 1, 5.00%, 11/01/22

    125       125,000  

Series 2, 4.00%, 11/01/22

    140       140,000  

Series 2, 5.00%, 11/01/22

    955       955,000  

Series 3, 4.00%, 11/01/22

    125       125,000  

Series 3, 5.00%, 11/01/22

    685       685,000  

Wisconsin Health & Educational Facilities Authority RB, Series E, 4.00%, 11/15/22

    125       125,032  
   

 

 

 
      2,360,032  
   

 

 

 

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

      415,296,155  
   

 

 

 
Short-Term Securities            

Money Market Funds — 1.2%

   

BlackRock Liquidity Funds: MuniCash,
1.83%(c)(d)

    4,842       4,841,340  
   

 

 

 

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

      4,841,340  
   

 

 

 

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

      420,137,495  

Liabilities in Excess of Other Assets — (2.6)%

 

    (10,626,221
   

 

 

 

Net Assets — 100.0%

    $   409,511,274  
   

 

 

 

 

(a) 

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

(b) 

Zero-coupon bond.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

Affiliated Issuer    Value at
10/31/21
     Purchases
at Cost
     Proceeds
from Sale
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/22
     Shares
Held at
10/31/22
(000)
     Income      Capital Gain
Distributions from
Underlying Funds
 

BlackRock Liquidity Funds: MuniCash

   $ 346,035      $ 4,490,415 (a)     $      $ 4,908      $ (18    $ 4,841,340        4,842      $ 63,710      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 

 

 

24  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

 

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Municipal Debt Obligations

   $        $ 415,296,155        $        $ 415,296,155  

Money Market Funds

     4,841,340                            4,841,340  
  

 

 

      

 

 

      

 

 

      

 

 

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

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  25


Schedule of Investments

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Debt Obligations

   

Alabama — 1.0%

   

Alabama Federal Aid Highway Finance Authority RB

   

5.00%, 09/01/23

  $ 300     $ 304,199  

Series A, 5.00%, 09/01/23

    325       329,816  

Series B, 5.00%, 09/01/23

    540       548,003  

Alabama Public School & College Authority RB

   

Series C, 5.00%, 06/01/23

    100       101,054  

Series A, 3.00%, 06/01/23

    335       334,567  

Series A, 5.00%, 02/01/23

    505       507,285  

Alabama Public School and College Authority RB

   

Series A, 5.00%, 11/01/23

    170       172,978  

Series B, 5.00%, 01/01/23

    290       290,872  

City of Huntsville AL GOL

   

Series C, 5.00%, 05/01/23

    130       131,170  

Series D, 5.00%, 05/01/23

    115       116,035  

State of Alabama GO

   

Series A, 5.00%, 08/01/23

    255       258,519  

Series A, 5.00%, 11/01/23

    400       407,245  

Series C, 5.00%, 08/01/23

    170       172,346  

Series C, 5.00%, 11/01/23

    290       295,253  

University of Alabama (The) RB, Series B, 5.00%, 07/01/23

    255       258,046  

University of Alabama at Birmingham RB

   

5.00%, 10/01/23

    700       710,198  

Series A, 5.00%, 10/01/23

    135       136,967  
   

 

 

 
            5,074,553  
Alaska — 0.1%            

Municipality of Anchorage AK GO, Series D, 5.00%, 09/01/23

    165       167,309  

State of Alaska GO, Series B, 5.00%, 08/01/23

    100       101,358  
   

 

 

 
      268,667  
Arizona — 2.8%            

Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/23

    460       465,616  

Arizona Health Facilities Authority RB, Series A, 5.00%, 01/01/23

    35       35,099  

Arizona School Facilities Board COP, Series A, 5.00%, 09/01/23

    365       370,409  

Arizona State University RB

   

5.00%, 08/01/23

    150       151,970  

Series B, 5.00%, 07/01/23

    220       222,613  

Series C, 5.00%, 07/01/23

    295       298,504  

Arizona Transportation Board RB

   

5.00%, 07/01/23

      2,105       2,130,702  

Series A, 5.00%, 07/01/23

    100       101,221  

Arizona Water Infrastructure Finance Authority RB, Series A, 5.00%, 10/01/23

    170       172,784  

City of Mesa AZ Utility System Revenue RB, 5.00%, 07/01/23

    35       35,416  

City of Phoenix AZ GO, 5.00%, 07/01/23

    120       121,449  

City of Phoenix Civic Improvement Corp. RB

   

5.00%, 07/01/23

    735       743,707  

5.50%, 07/01/23 (NPFGC)

    85       86,298  

Series A, 5.00%, 07/01/23

    575       581,832  

Series B, 5.00%, 07/01/23

    640       647,651  

Series D, 5.00%, 07/01/23

    505       510,666  

SeriesB, 5.00%, 07/01/23

    140       141,682  

City of Scottsdale AZ GO, 5.00%, 07/01/23

    120       121,433  

City of Tucson AZ Water System Revenue RB, Series A, 5.00%, 07/01/23

    420       424,962  

County of Pima AZ GOL, 4.00%, 07/01/23

    310       311,705  
Security   Par
(000)
    Value  
Arizona (continued)            

County of Pima Sewer System Revenue

   

5.00%, 07/01/23

  $ 405     $ 409,865  

5.00%, 07/01/23 (ETM)

    175       176,871  

Maricopa County Community College District GO, 5.00%, 07/01/23

      2,200       2,225,990  

Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/23

    75       75,906  

Maricopa County Unified School District No. 80 Chandler GOL, 4.50%, 07/01/23

    40       40,342  

Maricopa County Union High School District No. 210-Phoenix GO

   

5.00%, 07/01/23

    330       333,986  

Series B, 5.00%, 07/01/23

    175       177,114  

Phoenix AZ, 4.00%, 07/01/23

    685       688,744  

Regional Public Transportation Authority RB, 5.25%, 07/01/23

    135       136,814  

Salt River Project Agricultural Improvement & Power District RB

   

5.00%, 01/01/23

    365       366,116  

Series A, 5.00%, 01/01/23

    610       611,865  

State of Arizona

   

5.00%, 09/01/23

    75       76,056  

5.00%, 09/01/23 (ETM)

    185       187,589  

University of Arizona (The) RB

   

5.00%, 06/01/23

    215       217,290  

5.00%, 08/01/23

    55       55,722  
   

 

 

 
          13,455,989  
Arkansas — 0.3%            

State of Arkansas GO

   

4.25%, 06/01/23

    80       80,514  

5.00%, 04/01/23

    315       317,428  

5.00%, 10/01/23

    925       940,151  

University of Arkansas RB, Series A, 5.00%, 11/01/23

    105       106,859  
   

 

 

 
      1,444,952  
California — 11.4%            

Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/23 (AGM)(a)

    50       48,724  

Anaheim Housing & Public Improvements Authority RB, Series A, 5.00%, 10/01/23

    175       177,946  

Bay Area Toll Authority, 5.00%, 04/01/28 (PR 04/01/23)

    250       252,041  

Bay Area Toll Authority RB

   

5.00%, 04/01/23

    100       100,754  

Series S-4, 5.00%, 04/01/43 (PR 04/01/23)

    100       100,816  

Series S-4, 5.25%, 04/01/53 (PR 04/01/23)

    135       136,240  

Benicia Unified School District GO, Series B, 0.00%, 08/01/23 (NPFGC)(a)

    80       77,929  

California Educational Facilities Authority RB, Series T-5, 5.00%, 03/15/23

    590       594,057  

California Health Facilities Financing Authority RB

   

5.00%, 11/15/23

    25       25,462  

Series A, 4.00%, 03/01/23

    70       70,122  

Series A, 5.00%, 11/15/23

    15       15,287  

Series B, 5.00%, 11/15/23

    110       111,784  

California Infrastructure & Economic Development Bank RB,

   

Series A, 5.00%, 10/01/23

    185       188,131  

California State Public Works Board RB

   

5.00%, 09/01/23

    200       202,915  

Series A, 5.00%, 03/01/23

    170       171,017  

Series A, 5.00%, 09/01/23

    175       177,550  

Series A, 5.25%, 06/01/23 (ETM NPFGC)

    15       15,187  

 

 

26  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
California (continued)            

Series B, 5.00%, 10/01/23

  $ 665     $ 675,591  

Series C, 5.00%, 11/01/23

    65       66,126  

Series D, 5.00%, 09/01/23

    600       608,744  

Series F, 5.00%, 05/01/23

    940       948,459  

Series F, 5.00%, 09/01/23

    255       258,716  

Series G, 5.00%, 09/01/23

    20       20,291  

Series H, 5.00%, 06/01/23

    195       197,032  

Series H, 5.00%, 12/01/23

    125       127,335  

Series I, 5.00%, 11/01/23

    545       554,441  

California State University RB

   

5.00%, 11/01/23

    170       173,180  

Series A, 5.00%, 11/01/23

    1,085             1,105,296  

Series C, 5.00%, 11/01/23 (AGM)

    120       122,245  

Chabot-Las Positas Community College District GO, 4.00%, 08/01/23

    210       211,392  

City of Los Angeles CA GO, 5.00%, 09/01/23

    350       355,245  

City of Los Angeles CA Wastewater System Revenue RB

   

Series B, 4.00%, 06/01/23

    100       100,501  

Series B, 5.00%, 06/01/23

    125       126,339  

City of Los Angeles Department of Airports, 5.00%, 05/15/23

      2,000       2,019,648  

City of San Francisco CA Public Utilities Commission Water Revenue RB

   

5.00%, 11/01/23

    745       758,567  

Series B, 5.00%, 11/01/23

    100       101,821  

Coast Community College District GO

   

5.00%, 08/01/26 (PR 08/01/23)

    1,200       1,216,828  

Series A, 5.00%, 08/01/23

    100       101,336  

Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/23

    320       322,053  

Contra Costa Water District RB, Series T, 5.00%, 10/01/23

    230       233,746  

East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/23

    185       186,982  

Eastern Municipal Water District RB, Series A, 5.00%, 07/01/23

    50       50,607  

Escondido Union High School District GO, Series A, 0.00%, 08/01/23 (AGC)(a)

    150       146,117  

Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 GO, Series A, 0.00%, 10/01/23 (NPFGC)(a)

    195       188,804  

Foothill-De Anza Community College District GO, 5.00%, 08/01/23

    140       141,880  

Grossmont Union High School District GO, 4.00%, 08/01/23

    125       125,865  

Huntington Beach Union High School District GO, 5.00%, 08/01/23

    135       136,883  

Irvine Ranch Water District SA, 5.00%, 02/01/23

    30       30,132  

Laguna Beach Unified School District GO, 4.00%, 08/01/23

    155       155,970  

Las Virgenes Unified School District GO

   

Series C, 0.00%, 11/01/23 (NPFGC)(a)

    50       48,266  

Series D, 0.00%, 09/01/23 (NPFGC)(a)

    105       101,974  

Long Beach Community College District GO

   

5.00%, 08/01/23

    115       116,604  

Series D, 0.00%, 05/01/23 (NPFGC)(a)

    165       162,296  

Los Angeles Community College District/CA GO

   

Series A, 5.00%, 08/01/23

    450       456,578  

Series C, 5.00%, 08/01/23

    535       542,821  

Los Angeles County Metropolitan Transportation Authority RB

   

5.00%, 07/01/23

    125       126,567  

Series A, 5.00%, 06/01/23

    585       591,467  

Series A, 5.00%, 07/01/23

    1,470       1,488,433  

Series C, 5.00%, 07/01/23

    185       187,320  
Security   Par
(000)
    Value  
California (continued)            

Los Angeles County Sanitation Districts Financing Authority RB, 5.00%, 10/01/23

  $ 410     $ 416,715  

Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/23

    135       136,702  

Los Angeles Department of Water & Power System Revenue RB

   

Series A, 5.00%, 07/01/23

    250       253,151  

Series A, 5.00%, 07/01/23

    445       450,669  

Series B, 4.00%, 07/01/23

    150       150,914  

Series B, 5.00%, 07/01/23

    165       167,080  

Series D, 4.00%, 07/01/23

    205       206,249  

Series E, 5.00%, 07/01/23

    165       167,080  

Los Angeles Unified School District/CA GO

   

Series A, 4.00%, 07/01/23

    595       598,820  

Series A, 5.00%, 07/01/23

    2,085             2,111,973  

Series B-1, 5.00%, 07/01/23

    1,000       1,012,937  

Series C, 5.00%, 07/01/23

    185       187,393  

Metropolitan Water District of Southern California RB

   

5.00%, 07/01/23

    995       1,007,280  

Series A, 5.00%, 07/01/23

    150       151,851  

Series B, 5.00%, 09/01/23

    75       76,142  

Series E, 5.00%, 07/01/23

      2,500       2,532,507  

Modesto Irrigation District RB, 5.00%, 10/01/23

    220       223,364  

Mount Diablo Unified School District/CA GO, Series F, 5.00%, 08/01/23

    20       20,272  

Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/23

    475       483,651  

Newport Mesa Unified School District GO, Series 2007, 0.00%, 08/01/23 (NPFGC)(a)

    50       48,763  

Northern California Power Agency RB, 5.00%, 08/01/23

    75       76,018  

Orange County Water District RB, 5.00%, 08/15/23

    375       380,572  

Palomar Community College District GO, Series B, 0.00%, 08/01/23(a)

    200       194,838  

Rancho Santiago Community College District GO, 4.00%, 09/01/23

    50       50,343  

Riverside County Transportation Commission RB, Series A, 5.00%, 06/01/23

    1,010       1,020,817  

Sacramento Municipal Utility District RB

   

5.00%, 08/15/23

    250       253,735  

Series D, 5.00%, 08/15/23

    125       126,867  

San Diego Community College District GO

   

0.00%, 08/01/23(a)

    35       34,139  

5.00%, 08/01/23

    125       126,697  

San Diego County Regional Transportation Commission RB, Series A, 5.00%, 04/01/23

    75       75,594  

San Diego County Water Authority RB, 5.00%, 05/01/23

    100       100,949  

San Diego Public Facilities Financing Authority RB, 5.00%, 10/15/23

    65       66,078  

San Diego Unified School District/CA GO

   

5.00%, 07/01/23

    335       339,312  

Series A, 0.00%, 07/01/23 (NPFGC)(a)

    150       146,784  

Series H-2, 3.00%, 07/01/23

    200       199,957  

Series H-2, 5.00%, 07/01/23

    350       354,505  

Series J-2, 5.00%, 07/01/23

    135       136,737  

San Diego Unified School District/CA RB, Series N-2, 5.00%, 07/01/23

    225       227,896  

San Francisco City & County Airport Commission San Francisco International Airport RB, Series D, 5.00%, 05/01/23

    135       136,255  

 

 

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

  27


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
California (continued)            

San Jose Evergreen Community College District GO

   

5.00%, 09/01/23

  $ 180     $ 182,697  

Series A, 5.00%, 09/01/23

    285       289,271  

San Jose Financing Authority RB, Series A, 5.00%, 06/01/23

    25       25,269  

San Mateo County Community College District GO, Series A, 0.00%, 09/01/23 (NPFGC)(a)

    160       155,859  

San Mateo Joint Powers Financing Authority RB, Series A, 5.00%, 07/15/23

    180       182,243  

San Mateo Union High School District GO

   

Series A, 4.00%, 09/01/23

    140       140,960  

Series A, 5.00%, 09/01/23

    125       126,873  

Series B, 0.00%, 09/01/23 (NPFGC)(a)

    160       155,350  

San Ramon Valley Unified School District/CA GO, 5.00%, 08/01/23

    500       506,789  

Santa Clara County Financing Authority RB, Series Q, 5.00%, 05/15/23

    105       106,043  

Santa Clara Unified School District GO, 5.00%, 07/01/23

    850       860,603  

Santa Monica Community College District GO, Series A, 5.00%, 08/01/23

    290       294,153  

Santa Monica-Malibu Unified School District GO

   

0.00%, 08/01/23 (NPFGC)(a)

    100       97,412  

Series B, 4.00%, 08/01/23

    200       201,370  

Southern California Public Power Authority RB, Series A, 5.00%, 07/01/23

    390       394,942  

State of California Department of Water Resources RB

   

5.00%, 12/01/23

    125       127,549  

5.00%, 12/01/24 (PR 06/01/23)

    1,000       1,011,056  

Series AS, 5.00%, 12/01/23

    370       377,545  

Series AW, 5.00%, 12/01/23

    215       219,384  

Series AX, 5.00%, 12/01/23

    415       423,463  

Series BA, 5.00%, 12/01/23

    235       239,792  

State of California GO

   

4.00%, 03/01/23

    75       75,227  

4.00%, 05/01/23

    230       231,046  

4.00%, 10/01/23

    315       317,459  

5.00%, 02/01/23

    100       100,470  

5.00%, 08/01/23

      2,015       2,042,958  

5.00%, 09/01/23

    2,630       2,670,278  

5.00%, 10/01/23

    1,030       1,047,244  

5.00%, 11/01/23

    1,820       1,853,145  

5.00%, 12/01/23

    945       963,561  

Series B, 5.00%, 08/01/23

    715       724,921  

Series B, 5.00%, 09/01/23

    660       670,108  

Torrance Unified School District GO

   

5.00%, 08/01/23

    115       116,561  

5.00%, 08/01/39 (PR 08/01/23)

    230       233,225  

University of California RB

   

Series AF, 5.00%, 05/15/23

    335       338,362  

Series AK, VRDN, 5.00%, 05/15/48(b)

    4,825       4,872,400  

Series AO, 5.00%, 05/15/23

    495       499,968  

Series AR, 4.00%, 05/15/23

    210       211,000  

West Valley-Mission Community College District GO, 5.00%, 08/01/23

    500       506,789  
   

 

 

 
          55,901,411  
Colorado — 1.1%            

Adams County School District No. 1 GO, 4.00%, 12/01/23 (SAW)

    250       252,037  

Arapahoe County School District No. 6 Littleton GO, 5.00%, 12/01/23 (SAW)

    1,070       1,089,987  
Security   Par
(000)
    Value  
Colorado (continued)            

Board of Water Commissioners City & County of Denver (The) RB, Series B, 5.00%, 09/15/23

  $ 130     $ 132,032  

City & County of Denver Co. Airport System Revenue RB

   

Series A, 5.00%, 11/15/23

    455       462,704  

Series B, 5.00%, 11/15/23

    200       203,386  

City & County of Denver Co. GO, 5.00%, 08/01/23

      1,000       1,013,949  

City of Boulder Water & Sewer Revenue, 5.00%, 12/01/23

    100       101,921  

City of Colorado Springs Co. Utilities System Revenue RB, Series C, 5.00%, 11/15/23

    100       101,796  

Colorado Health Facilities Authority, 5.00%, 11/01/23

    400       404,690  

Denver City & County School District No. 1 GO, 5.00%, 12/01/23 (SAW)

    415       423,196  

E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/23 (NPFGC)(a)

    120       116,323  

Metro Wastewater Reclamation District RB, Series A, 5.00%, 04/01/23

    500       503,792  

University of Colorado RB, Series A-2, 5.00%, 06/01/23

    390       394,064  
   

 

 

 
            5,199,877  
Connecticut — 2.0%            

City of Stamford CT GO, 5.00%, 06/01/23

    100       101,042  

Connecticut State Health & Educational Facilities Authority RB

   

Series 214-A, VRDN, 1.10%, 07/01/48(b)

    500       496,176  

Series C-2, VRDN, 5.00%, 07/01/57(b)

    1,030       1,034,634  

State of Connecticut Clean Water Fund - State Revolving Fund RB, Series B, 5.00%, 06/01/23

    125       126,360  

State of Connecticut GO

   

5.00%, 07/15/23

    1,000       1,012,813  

Series A, 5.00%, 03/15/23

    275       276,891  

Series A, 5.00%, 04/15/23

    520       524,381  

Series A, 5.00%, 10/15/23

    535       544,121  

Series B, 3.00%, 06/01/23

    150       149,845  

Series B, 5.00%, 04/15/23

    200       201,685  

Series B, 5.00%, 05/15/23

    335       338,327  

Series D, 5.00%, 06/15/23

    120       121,365  

Series D, 5.00%, 09/15/23

    400       406,254  

Series E, 5.00%, 09/01/23

    190       192,847  

Series E, 5.00%, 10/15/23

    100       101,705  

Series F, 5.00%, 09/15/23

    175       177,736  

Series F, 5.00%, 11/15/23

    200       203,694  

Series H, 5.00%, 11/15/23

    120       122,216  

State of Connecticut Special Tax Revenue RB

   

Series A, 5.00%, 01/01/23

    145       145,414  

Series A, 5.00%, 08/01/23

    275       278,489  

Series A, 5.00%, 09/01/23

    190       192,659  

Series A, 5.00%, 10/01/23

    775       786,852  

Series B, 5.00%, 08/01/23

    240       243,045  

Series B, 5.00%, 10/01/23

    100       101,529  

Series C, 5.00%, 01/01/23

    1,800       1,805,144  

University of Connecticut RB

   

Series A, 4.00%, 02/15/23

    50       50,121  

Series A, 5.00%, 02/15/23

    100       100,524  

Series A, 5.00%, 04/15/23

    100       100,829  
   

 

 

 
      9,936,698  
Delaware — 0.7%            

City of Wilmington DE GO, 3.00%, 06/01/23

    160       159,737  

County of New Castle DE GO

   

5.00%, 04/01/23

    120       120,935  

5.00%, 10/01/23

    215       218,560  

 

 

28  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Delaware (continued)            

Delaware River & Bay Authority RB, Series B, 5.00%, 01/01/23

  $ 40     $ 40,114  

Delaware Transportation Authority RB, 5.00%, 07/01/23

      1,325       1,341,265  

State of Delaware GO

   

5.00%, 02/01/23

    405       406,863  

Series C, 5.00%, 03/01/23

    640       643,936  

Series A, 5.00%, 02/01/23

    90       90,414  

Series B, 5.00%, 07/01/23

    165       167,004  

Series C, 5.00%, 03/01/23

    140       140,861  

Series D, 5.00%, 07/01/23

    210       212,550  
   

 

 

 
      3,542,239  
District of Columbia — 0.9%            

District of Columbia GO

   

Series A, 5.00%, 06/01/23

    2,080       2,102,276  

Series B, 5.00%, 06/01/23

    350       353,748  

District of Columbia RB

   

5.00%, 07/15/23

    20       20,187  

Series A, 5.00%, 12/01/23

    470       479,031  

District of Columbia Water & Sewer Authority RB

   

Series A, 5.00%, 10/01/23

    150       152,443  

Series B, 5.00%, 10/01/23

    215       218,288  

Series C, 5.00%, 10/01/23

    130       132,117  

Washington Metropolitan Area Transit Authority RB

   

5.00%, 07/01/23

    100       101,168  

Series A, 5.00%, 07/15/23

    500       506,162  

Series A-1, 5.00%, 07/01/23

    170       171,986  

Series B, 5.00%, 07/01/23

    220       222,570  
   

 

 

 
            4,459,976  
Florida — 3.5%            

City of Jacksonville FL RB

   

5.00%, 10/01/23

    110       111,583  

Series C, 5.00%, 10/01/23

    100       101,448  

City of Orlando FL RB, Series B, 5.00%, 10/01/23

    135       137,199  

City of Tallahassee FL Utility System Revenue RB, 5.00%, 10/01/23

    35       35,557  

City of Tampa FL Sales Tax Revenue RB, 5.00%, 10/01/23

    100       101,584  

County of Broward FL Airport System Revenue RB

   

Series C, 5.00%, 10/01/23

    110       111,553  

Series C, 5.25%, 10/01/28 (PR 10/01/23)

    800       814,745  

County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/23

    330       334,659  

County of Miami-Dade FL GO

   

5.00%, 07/01/23

    25       25,287  

Series 2015-D, 5.00%, 07/01/23

    290       293,330  

Series A, 5.00%, 07/01/23

    390       394,479  

County of Miami-Dade FL Transit System RB, 5.00%, 07/01/23

    460       465,374  

County of Miami-Dade FL Water & Sewer System Revenue RB

   

5.00%, 10/01/23

    1,050       1,066,247  

Series B, 5.00%, 10/01/23

    215       218,327  

County of Orange FL Sales Tax Revenue RB, Series C, 5.00%, 01/01/23

    130       130,397  

County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/23

    110       111,802  

County of Palm Beach FL Water & Sewer Revenue RB, 5.00%, 10/01/28 (PR 10/01/23)

    1,240       1,260,085  

County of Seminole FL Water & Sewer Revenue RB, Series A, 5.00%, 10/01/23

    180       182,916  
Security   Par
(000)
    Value  
Florida (continued)            

Florida Department of Environmental Protection RB

   

5.00%, 07/01/23

  $ 625     $ 632,218  

Series A, 5.00%, 07/01/23

    765       773,835  

Florida Department of Management Services COP, Series A, 5.00%, 08/01/23

    210       212,649  

Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/23

    125       126,946  

Florida’s Turnpike Enterprise RB

   

Series A, 5.00%, 07/01/23

    700       708,270  

Series B, 5.00%, 07/01/23

    625       632,383  

Series C, 5.00%, 07/01/23

    25       25,295  

Hillsborough County School Board COP

   

5.00%, 07/01/23

    100       100,977  

Series A, 5.00%, 07/01/23

    60       60,586  

Jacksonville Transportation Authority RB, 5.00%, 08/01/23

    185       187,210  

Miami-Dade County Expressway Authority RB, Series A, 4.00%, 07/01/23

    115       115,234  

Orange County School Board COP

   

Series A, 5.00%, 08/01/23

    90       91,102  

Series D, 5.00%, 08/01/23

    50       50,612  

Orlando Utilities Commission RB, Series A, 5.00%, 10/01/23

    270       274,300  

Orlando-Orange County Convention Center RB, 5.00%, 10/01/23

    285       289,410  

Orlando-Orange County Expressway Authority RB, Series B, 5.00%, 07/01/23

    150       151,535  

Palm Beach County School District COP

   

Series A, 5.00%, 08/01/23

    115       116,433  

Series B, 5.00%, 08/01/23

    250       253,116  

Pasco County School Board COP, Series A, 5.00%, 08/01/23

    20       20,234  

Reedy Creek Improvement District GOL

   

5.00%, 06/01/23

    125       126,288  

Series A, 5.00%, 06/01/23

    255       257,628  

School Board of Miami-Dade County (The) COP, Series D, 5.00%, 02/01/23

    150       150,634  

School Board of Miami-Dade County (The) GO, 5.00%, 03/15/23

    260       261,653  

School District of Broward County/FL COP

   

Series A, 5.00%, 07/01/23

    270       272,745  

Series B, 5.00%, 07/01/23

    170       171,728  

Seminole County School Board COP, Series C, 5.00%, 07/01/23

    20       20,226  

State of Florida Department of Transportation RB, 5.00%, 07/01/23

    100       101,201  

State of Florida Department of Transportation Turnpike System Revenue RB, Series B, 5.00%, 07/01/23

    140       141,654  

State of Florida GO

   

5.00%, 06/01/23

      1,000       1,010,710  

5.00%, 07/01/23

    50       50,591  

Series A, 5.00%, 06/01/23

    705       712,550  

Series A, 5.00%, 07/01/23

    950       961,222  

Series B, 5.00%, 06/01/23

    640       646,854  

Series C, 5.00%, 06/01/23

    355       358,802  

Series E, 5.00%, 06/01/23

    210       212,249  

State of Florida Lottery Revenue RB

   

Series A, 5.00%, 07/01/23

    255       257,962  

Series B, 5.00%, 07/01/23

    700       708,131  

Volusia County School Board COP, Series A, 5.00%, 08/01/23 (BAM)

    110       111,412  
   

 

 

 
          17,253,157  

 

 

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

  29


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Georgia — 1.2%

   

City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/23.

  $ 390     $ 394,504  

City of Atlanta GA Water & Wastewater Revenue RB

   

5.00%, 11/01/23

    160       162,787  

Series A, 5.00%, 11/01/23

    125       127,178  

City of Gainesville GA Water & Sewerage Revenue RB, 5.00%, 11/15/23

    60       61,084  

County of DeKalb GA Water & Sewerage Revenue RB, 5.00%, 10/01/23

    135       137,150  

County of Forsyth GA GO, Series B, 5.00%, 03/01/23

    190       191,150  

Development Authority for Fulton County RB, 5.00%, 11/01/23

    125       127,153  

Forsyth County School District GO, 5.00%, 02/01/23

    130       130,598  

Georgia State Road & Tollway Authority RB, Series A, 5.00%, 06/01/23

    150       151,520  

Gwinnett County Development Authority COP, 5.25%, 01/01/23 (NPFGC)

    115       115,398  

Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/23

    500       506,789  

Metropolitan Atlanta Rapid Transit Authority RB, 5.00%, 07/01/23

    125       126,435  

State of Georgia GO

   

Series A, 5.00%, 07/01/23

    785       794,585  

Series A-1, 5.00%, 02/01/23

    450       452,182  

Series C, 5.00%, 07/01/23

    75       75,916  

Series C-1, 5.00%, 07/01/23

    175       177,137  

Series D, 5.00%, 02/01/23

    355       356,721  

Series E, 5.00%, 12/01/23

    870       886,809  

Series F, 5.00%, 01/01/23

      1,000       1,003,223  
   

 

 

 
            5,978,319  
Hawaii — 1.4%            

City & County Honolulu HI Wastewater System Revenue RB, Series B, 5.00%, 07/01/23

    555       561,593  

City & County of Honolulu HI GO

   

5.00%, 07/01/23

    275       278,321  

5.00%, 08/01/23

    220       222,971  

Series A, 5.00%, 09/01/23

    355       360,290  

Series A, 5.00%, 10/01/23

    200       203,258  

Series B, 4.00%, 10/01/23

    100       100,736  

Series B, 5.00%, 09/01/23

    360       365,365  

Series B, 5.00%, 10/01/23

    185       188,013  

Series C, 5.00%, 10/01/23

    145       147,362  

Series E, 4.00%, 09/01/23

    145       145,983  

County of Hawaii HI GO, Series D, 5.00%, 09/01/23

    75       76,093  

State of Hawaii GO

   

Series EH, 5.00%, 08/01/29 (PR 08/01/23)

    500       506,715  

Series EH, 5.00%, 08/01/30 (PR 08/01/23)

    325       329,244  

Series EH-2017, 5.00%, 08/01/23 (ETM)

    520       526,790  

Series EO, 5.00%, 08/01/23 (ETM)

    50       50,634  

Series EP, 5.00%, 08/01/23

    455       461,144  

Series EY, 5.00%, 10/01/23

    385       391,271  

Series EZ, 5.00%, 10/01/23

    160       162,606  

Series FE, 5.00%, 10/01/23

    300       304,887  

Series FG, 4.00%, 10/01/23

    135       135,993  

Series FG, 5.00%, 10/01/23

    70       71,140  

Series FH, 5.00%, 10/01/23

    115       116,873  

Series