LOGO

  APRIL 30, 2023

 

 

   

 

 

 

 

  

2023 Semi-Annual Report

(Unaudited)

 

 

 

iShares Trust

· iShares iBonds Dec 2023 Term Corporate ETF | IBDO | NYSE Arca

· iShares iBonds Dec 2024 Term Corporate ETF | IBDP | NYSE Arca

· iShares iBonds Dec 2025 Term Corporate ETF | IBDQ | NYSE Arca

· iShares iBonds Dec 2026 Term Corporate ETF | IBDR | NYSE Arca

· iShares iBonds Dec 2027 Term Corporate ETF | IBDS | NYSE Arca

· iShares iBonds Dec 2028 Term Corporate ETF | IBDT | NYSE Arca

· iShares iBonds Dec 2029 Term Corporate ETF | IBDU | NYSE Arca

· iShares iBonds Dec 2030 Term Corporate ETF | IBDV | NYSE Arca

· iShares iBonds Dec 2031 Term Corporate ETF | IBDW | NYSE Arca

· iShares iBonds Dec 2032 Term Corporate ETF | IBDX | NYSE Arca


The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined 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, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe 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. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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 April 30, 2023
     
     6-Month    12-Month
   

 

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

 

  8.63%   2.66% 
   

 

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

 

  (3.45)   (3.65)
   

 

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

 

  24.19   8.42
   

 

Emerging market equities (MSCI Emerging Markets Index)

 

  16.36   (6.51)
   

 

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

 

  2.09   2.83
   

 

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

 

  7.14   (1.68)
   

 

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

 

  6.91   (0.43)
   

 

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

 

  7.65   2.87
   

 

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

 

  6.21   1.21
   
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  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     14  

Disclosure of Expenses

     14  

Schedules of Investments

     15  

Financial Statements

  

Statements of Assets and Liabilities

     85  

Statements of Operations

     88  

Statements of Changes in Net Assets

     91  

Financial Highlights

     96  

Notes to Financial Statements

     106  

Statement Regarding Liquidity Risk Management Program

     116  

Supplemental Information

     117  

General Information

     118  

 

 

    


Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2023 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2023 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2023, as represented by the Bloomberg December 2023 Maturity Corporate Index (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  
     6-Month
Total Returns
     1 Year      5 Years     Since
Inception
            1 Year      5 Years      Since
Inception
 

Fund NAV

    2.45      2.48      3.31     2.92        2.48      17.68      26.36

Fund Market

    2.48        2.49        3.27       2.91          2.49        17.43        26.33  

Index

    2.44        2.56        3.39       2.98                2.56        18.13        26.95  

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
              

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00        $         1,024.50        $       0.50             $       1,000.00                 $       1,024.30        $        0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 
   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    2.7

Aa

    4.9  

A

    47.5  

Baa

    43.6  

Ba

    0.1  

Not Rated

    0.7  

Short-Term and Other Assets

    0.5  

FIVE LARGEST HOLDINGS

 

 
   
Security(a)   Percent of
Net Assets
 

General Motors Financial Co. Inc., 1.70%, 08/18/23

    1.5

Bank of America Corp., 4.10%, 07/24/23

    1.5  

Bank of Nova Scotia (The), 0.40%, 09/15/23

    1.4  

Royal Bank of Canada, 3.70%, 10/05/23

    1.4  

Mitsubishi UFJ Financial Group Inc., 3.76%, 07/26/23

    1.4  

 

  *

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.

 

 

 

4  

2 0 2 3   I S H A R E S   S E M I - 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 April 30, 2023    iShares® iBonds® Dec 2024 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2024 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2024, as represented by the Bloomberg December 2024 Maturity Corporate Index (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  
     6-Month
Total Returns
     1 Year      5 Years     Since
Inception
            1 Year      5 Years      Since
Inception
 

Fund NAV

    2.79      1.49      3.09     2.75        1.49      16.46      24.68

Fund Market

    2.71        1.64        3.09       2.75          1.64        16.42        24.73  

Index

    2.85        1.58        3.21       2.90                1.58        17.09        26.18  

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
               

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
    Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00        $         1,027.90        $         0.50             $       1,000.00                $       1,024.30        $       0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 
   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    1.4

Aa

    4.9  

A

    46.5  

Baa

    43.5  

Ba

    0.6  

Not Rated

    1.9  

Short-Term and Other Assets

    1.2  

FIVE LARGEST HOLDINGS

 

 
   
Security(a)   Percent of
Net Assets
 

AbbVie Inc., 2.60%, 11/21/24

    0.7

Morgan Stanley, Series F, 3.88%, 04/29/24

    0.7  

Morgan Stanley, 3.70%, 10/23/24

    0.7  

Bank of America Corp., 4.20%, 08/26/24

    0.7  

JPMorgan Chase & Co., 3.88%, 09/10/24

    0.6  

 

  *

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.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2025 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2025 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2025, as represented by the Bloomberg December 2025 Maturity Corporate Index (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  
     6-Month
Total Returns
     1 Year      5 Years     Since
Inception
            1 Year      5 Years      Since
Inception
 

Fund NAV

    3.64      1.23      3.29     2.85        1.23      17.56      25.72

Fund Market

    3.75        1.41        3.29       2.85          1.41        17.59        25.74  

Index

    3.73        1.33        3.30       2.91                1.33        17.63        26.32  

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
       

Beginning
Account Value
(11/01/22)
 
 
 
               

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$       1,000.00        $         1,036.40        $       0.50         $       1,000.00                $       1,024.30        $        0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

    
   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    2.2

Aa

    5.5  

A

    39.4  

Baa

    49.1  

Ba

    1.4  

Not Rated

    1.3  

Short-Term and Other Assets

    1.1  

FIVE LARGEST HOLDINGS

 

       
   
Security(a)   Percent of
Net Assets
 

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25

    0.8

Visa Inc., 3.15%, 12/14/25

    0.7  

AbbVie Inc., 3.60%, 05/14/25

    0.6  

Boeing Co. (The), 4.88%, 05/01/25

    0.6  

Goldman Sachs Group Inc. (The), 3.50%, 04/01/25

    0.6  

 

  *

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.

 

 

 

6  

2 0 2 3   I S H A R E S   S E M I - 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 April 30, 2023    iShares® iBonds® Dec 2026 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2026 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2026, as represented by the Bloomberg December 2026 Maturity Corporate Index (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  
     6-Month
Total Returns
     1 Year      5 Years     Since
Inception
            1 Year      5 Years      Since
Inception
 

Fund NAV

    5.29      1.49      3.25     2.27        1.49      17.33      16.06

Fund Market

    5.46        1.79        3.24       2.28          1.79        17.30        16.11  

Index

    5.37        1.60        3.33       2.38                1.60        17.78        16.86  

The inception date of the Fund was September 13, 2016. The first day of secondary market trading was September 15, 2016.

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
              

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$       1,000.00        $       1,052.90        $       0.51              $       1,000.00                 $       1,024.30        $        0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    2.8

Aa

    5.9  

A

    37.9  

Baa

    48.2  

Ba

    0.6  

Not Rated

    1.7  

Short-Term and Other Assets

    2.9  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

Dell International LLC/EMC Corp., 6.02%, 06/15/26

    0.9

Boeing Co. (The), 2.20%, 02/04/26

    0.8  

AbbVie Inc., 2.95%, 11/21/26

    0.7  

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26

    0.7  

Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26

    0.7  

 

  *

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.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2027 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2027 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2027, as represented by the Bloomberg December 2027 Maturity Corporate Index (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  
     6-Month
Total Returns
     1 Year      5 Years     Since
Inception
            1 Year      5 Years      Since
Inception
 

Fund NAV

    6.44      1.84      3.24     2.26        1.84      17.27      13.40

Fund Market

    6.27        2.06        3.23       2.26          2.06        17.24        13.40  

Index

    6.50        1.92        3.29       2.31                1.92        17.56        13.76  

The inception date of the Fund was September 12, 2017. The first day of secondary market trading was September 14, 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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
              

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$       1,000.00        $         1,064.40        $       0.51             $       1,000.00                 $        1,024.30        $        0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    2.5

Aa

    4.5  

A

    35.9  

Baa

    53.1  

Ba

    0.8  

Not Rated

    1.9  

Short-Term and Other Assets

    1.3  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

T-Mobile USA Inc., 3.75%, 04/15/27

    0.9

Citigroup Inc., 4.45%, 09/29/27

    0.8  

Magallanes Inc., 3.76%, 03/15/27

    0.8  

Verizon Communications Inc., 4.13%, 03/16/27

    0.7  

Microsoft Corp., 3.30%, 02/06/27

    0.7  
  *

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 April 30, 2023    iShares® iBonds® Dec 2028 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2028 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2028, as represented by the Bloomberg December 2028 Maturity Corporate Index (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    
      6-Month
Total Returns
     1 Year    

Since   

Inception   

             1 Year     Since
Inception
 

Fund NAV

     7.74      1.93     3.15%         1.93     15.38

Fund Market

     7.56        2.12       3.15            2.12       15.41  

Index

     7.83        2.01       3.19                  2.01       15.58  

The inception date of the Fund was September 18, 2018. The first day of secondary market trading was September 20, 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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
           

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$       1,000.00        $         1,077.40        $       0.52             $       1,000.00              $        1,024.30        $        0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    1.5

Aa

    3.8  

A

    32.0  

Baa

    57.7  

Ba

    2.5  

Not Rated

    1.0  

Short-Term and Other Assets

    1.5  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

CVS Health Corp., 4.30%, 03/25/28

    1.3

Verizon Communications Inc., 4.33%, 09/21/28

    1.1  

Comcast Corp., 4.15%, 10/15/28

    1.0  

Cigna Group (The), 4.38%, 10/15/28

    1.0  

Amgen Inc., 5.15%, 03/02/28

    0.9  

 

  *

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.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2029 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2029 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2029, as represented by the Bloomberg December 2029 Maturity Corporate Index (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  
     6-Month
Total Returns
         1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    8.20      1.69      0.26       1.69      0.96

Fund Market

    8.13        1.94        0.28         1.94        1.01  

Index

    8.29        1.82        0.31               1.82        1.13  

The inception date of the Fund was September 17, 2019. The first day of secondary market trading was September 19, 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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
               

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00        $         1,082.00        $       0.52             $       1,000.00                $       1,024.30        $       0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    0.8

Aa

    3.1  

A

    34.8  

Baa

    54.0  

Ba

    3.5  

Not Rated

    2.1  

Short-Term and Other Assets

    1.7  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

AbbVie Inc., 3.20%, 11/21/29

    1.7

Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29

    1.5  

Verizon Communications Inc., 4.02%, 12/03/29

    1.3  

Centene Corp., 4.63%, 12/15/29

    1.2  

AT&T Inc., 4.35%, 03/01/29

    1.1  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2030 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2030 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated, investment grade corporate bonds maturing in 2030, as represented by the Bloomberg December 2030 Maturity Corporate Index (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  
     6-Month
Total Returns
     1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    9.00      1.62      (3.05 )%        1.62      (8.46 )% 

Fund Market

    9.14        2.21        (2.94       2.21        (8.16

Index

    9.15        1.76        (2.99             1.76        (8.29

The inception date of the Fund was June 23, 2020. The first day of secondary market trading was June 25, 2020.

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
               

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00        $         1,090.00        $       0.52             $       1,000.00                $       1,024.30        $       0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    1.0

Aa

    5.4  

A

    33.6  

Baa

    56.0  

Ba

    1.8  

Not Rated

    0.7  

Short-Term and Other Assets

    1.5  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

T-Mobile USA Inc., 3.88%, 04/15/30

    1.7

Deutsche Telekom International Finance BV, 8.75%, 06/15/30

    1.1  

Boeing Co. (The), 5.15%, 05/01/30

    1.1  

British Telecommunications PLC, 9.63%, 12/15/30

    0.9  

AT&T Inc., 4.30%, 02/15/30

    0.8  

 

  *

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.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2031 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2031 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2031, as represented by the Bloomberg December 2031 Maturity Corporate Index (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  
     6-Month
Total Returns
     1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    9.44      0.63      (6.98 )%        0.63      (12.57 )% 

Fund Market

    9.50        1.08        (6.88       1.08        (12.40

Index

    9.55        0.77        (6.95             0.77        (12.52

The inception date of the Fund was June 22, 2021. The first day of secondary market trading was June 24, 2021.

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
               

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00        $         1,094.40        $       0.52             $       1,000.00                $       1,024.30        $       0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    1.3

Aa

    3.9  

A

    27.2  

Baa

    59.9  

Ba

    4.0  

Not Rated

    2.3  

Short-Term and Other Assets

    1.4  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

Verizon Communications Inc., 2.55%, 03/21/31

    1.6

Orange SA, 9.00%, 03/01/31

    1.4  

Oracle Corp., 2.88%, 03/25/31

    1.2  

AT&T Inc., 2.75%, 06/01/31

    1.1  

Amazon.com Inc., 2.10%, 05/12/31

    1.1  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2032 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2032 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2032, as represented by the Bloomberg December 2032 Maturity Corporate Index (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

 

          Cumulative Total Returns  
     6-Month
Total Returns
           Since
Inception
 

Fund NAV

    9.90       4.03

Fund Market

    10.00         4.07  

Index

    10.02           4.12  

The inception date of the Fund was June 28, 2022. The first day of secondary market trading was June 30, 2022.

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
       

Beginning
Account Value
(11/01/22)
 
 
 
               

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$       1,000.00        $         1,099.00        $       0.52         $       1,000.00                $       1,024.30        $        0.50          0.10

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    0.5

Aa

    3.6  

A

    34.6  

Baa

    56.1  

Ba

    2.0  

Not Rated

    1.7  

Short-Term and Other Assets

    1.5  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

Magallanes Inc., 4.28%, 03/15/32

    1.9

Verizon Communications Inc., 2.36%, 03/15/32

    1.6  

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32

    1.4  

Meta Platforms Inc., 3.85%, 08/15/32

    1.2  

Oracle Corp., 6.25%, 11/09/32

    1.0  

 

  *

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.

 

 

 

F U N D   S U M M A R Y

  13


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.

 

 

14  

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Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Aerospace & Defense — 2.3%            

Boeing Co. (The)

   

1.88%, 06/15/23 (Call 05/30/23)(a)

  $ 4,154     $ 4,135,598  

4.51%, 05/01/23

        21,932       21,932,000  

General Dynamics Corp.

   

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

    3,394       3,361,384  

3.38%, 05/15/23 (Call 05/09/23)(a)

    5,408       5,404,376  

L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)

    4,598       4,584,068  

Northrop Grumman Corp., 3.25%, 08/01/23(a)

    9,594       9,530,488  

Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23)(a)

    4,362       4,318,729  
   

 

 

 
      53,266,643  
Agriculture — 0.7%            

Philip Morris International Inc.

   

1.13%, 05/01/23(a)

    2,597       2,597,000  

2.13%, 05/10/23(a)

    2,889       2,886,429  

3.60%, 11/15/23(a)

    4,893       4,854,296  

Reynolds American Inc., 4.85%, 09/15/23(a)

    4,553       4,531,829  
   

 

 

 
             14,869,554  
Apparel — 0.1%            

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

    2,623       2,623,000  
   

 

 

 
Auto Manufacturers — 7.7%            

American Honda Finance Corp.

   

0.65%, 09/08/23(a)

    19,372       19,049,263  

0.88%, 07/07/23(a)

    27,528       27,297,315  

1.95%, 05/10/23(a)

    6,829       6,822,922  

3.45%, 07/14/23(a)

    7,171       7,144,252  

3.63%, 10/10/23(a)

    10,434       10,354,910  

Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)(a)

    4,495       4,462,906  

General Motors Financial Co. Inc.

   

1.70%, 08/18/23(a)

    34,948       34,550,641  

3.70%, 05/09/23

    5,980       5,977,309  

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

    4,142       4,131,894  

4.25%, 05/15/23(a)

    6,036       6,032,560  

PACCAR Financial Corp.

   

0.35%, 08/11/23(a)

    5,429       5,352,288  

0.80%, 06/08/23(a)

    1,977       1,967,985  

3.40%, 08/09/23(a)

    2,100       2,087,484  

Toyota Motor Corp., 3.42%, 07/20/23(a)

    9,915       9,874,249  

Toyota Motor Credit Corp.

   

0.50%, 08/14/23(a)

    10,284       10,151,337  

1.35%, 08/25/23(a)

    8,358       8,254,110  

2.25%, 10/18/23(a)

    5,907       5,828,496  

3.45%, 09/20/23(a)

    5,672       5,633,033  
   

 

 

 
      174,972,954  
Banks — 28.0%            

Banco Bilbao Vizcaya Argentaria SA, 0.88%, 09/18/23(a)

    13,632       13,387,851  

Bank of America Corp., 4.10%, 07/24/23(a)

    33,835       33,754,473  

Bank of Montreal

   

0.40%, 09/15/23(a)

    22,001       21,592,441  

0.45%, 12/08/23(a)

    7,895       7,663,361  

Bank of New York Mellon Corp. (The)

   

0.35%, 12/07/23 (Call 11/07/23)

    7,304       7,083,565  

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

    8,121       8,042,226  

3.45%, 08/11/23(a)

    6,536       6,498,941  

Bank of Nova Scotia (The)

   

0.40%, 09/15/23

    33,055       32,447,449  
Security  

Par

(000)

    Value  
Banks (continued)            

0.55%, 09/15/23

  $     13,362     $ 13,111,329  

0.80%, 06/15/23(a)

    493       490,091  

1.63%, 05/01/23

    7,772       7,772,000  

Canadian Imperial Bank of Commerce

   

0.45%, 06/22/23

    8,814       8,751,773  

0.50%, 12/14/23(a)

    11,056              10,745,105  

0.95%, 06/23/23(a)

    10,233       10,172,625  

3.50%, 09/13/23(a)

    8,103       8,046,927  

Citigroup Inc.

   

3.50%, 05/15/23(a)

    5,609       5,605,635  

3.88%, 10/25/23(a)

    14,991       14,899,555  

Comerica Inc., 3.70%, 07/31/23 (Call 07/01/23)(a)

    4,924       4,874,957  

Cooperatieve Rabobank UA, 4.63%, 12/01/23(a)

    4,979       4,947,284  

Credit Suisse AG/New York NY

   

0.52%, 08/09/23(a)

    7,585       7,394,086  

1.00%, 05/05/23(a)

    12,103       12,088,476  

Credit Suisse Group AG, 3.80%, 06/09/23

    11,326       11,149,767  

Deutsche Bank AG/New York NY, Series E, 0.96%, 11/08/23

    16,045       15,529,955  

Discover Bank, 4.20%, 08/08/23(a)

    6,954       6,915,823  

Fifth Third Bancorp., 1.63%, 05/05/23

    12,017       12,012,914  

First Horizon Corp., 3.55%, 05/26/23(a)

    2,873       2,858,549  

Goldman Sachs Group Inc. (The), 1.22%, 12/06/23 (Call 05/04/23)

    24,802       24,214,193  

HSBC Holdings PLC, 3.60%, 05/25/23(a)

    8,639       8,625,437  

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

    10,943       10,807,197  

ING Groep NV, 4.10%, 10/02/23

    14,201       14,089,664  

JPMorgan Chase & Co.

   

2.70%, 05/18/23(a)

    11,283       11,268,671  

3.38%, 05/01/23(a)

    12,253       12,253,000  

Lloyds Banking Group PLC, 4.05%, 08/16/23(a)

    15,233       15,162,776  

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

    3,835       3,809,497  

Mitsubishi UFJ Financial Group Inc.

   

2.53%, 09/13/23(a)

    4,815       4,761,457  

3.76%, 07/26/23(a)

    32,190       32,065,103  

Morgan Stanley, 4.10%, 05/22/23(a)

    13,898       13,886,604  

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

    4,139       4,130,722  

NatWest Group PLC, 3.88%, 09/12/23(a)

    3,035       3,011,661  

PNC Bank NA

   

3.50%, 06/08/23 (Call 05/08/23)(a)

    3,450       3,443,583  

3.80%, 07/25/23 (Call 06/25/23)(a)

    9,251       9,208,538  

Royal Bank of Canada

   

0.50%, 10/26/23(a)

    8,586       8,385,088  

3.70%, 10/05/23(a)

    32,379       32,135,186  

State Street Corp.

   

3.10%, 05/15/23(a)

    4,636       4,631,642  

3.70%, 11/20/23

    9,000       8,909,460  

Sumitomo Mitsui Banking Corp., 3.95%, 07/19/23(a)

    2,195       2,188,569  

Sumitomo Mitsui Financial Group Inc.

   

3.75%, 07/19/23(a)

    5,157       5,138,899  

3.94%, 10/16/23

    12,008       11,919,621  

Svenska Handelsbanken AB, 3.90%, 11/20/23(a)

    10,548       10,435,558  

Toronto-Dominion Bank (The)

   

0.30%, 06/02/23(a)

    5,850       5,823,148  

0.45%, 09/11/23(a)

    7,954       7,807,885  

0.75%, 06/12/23

    11,405       11,350,712  

3.50%, 07/19/23(a)

    25,795       25,683,050  

Truist Bank, 2.75%, 05/01/23

    1,767       1,767,000  

Truist Financial Corp., 3.75%, 12/06/23 (Call 11/06/23)(a)

    13,567       13,397,277  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

U.S. Bank N.A./Cincinnati OH, 3.40%, 07/24/23 (Call 06/23/23)(a)

  $     10,933     $ 10,882,818  

Wells Fargo & Co., 4.13%, 08/15/23(a)

    15,039       14,976,588  

Westpac Banking Corp., 3.65%, 05/15/23(a)

    4,595       4,591,554  
   

 

 

 
      638,599,316  
Beverages — 0.8%            

Diageo Capital PLC, 3.50%, 09/18/23 (Call 08/18/23)(a)

    4,447       4,419,606  

Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23(a)

    765       764,610  

Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)(a)

    7,186       7,094,307  

PepsiCo Inc.

   

0.40%, 10/07/23(a)

    4,941       4,848,356  

0.75%, 05/01/23

    445       445,000  
   

 

 

 
      17,571,879  
Biotechnology — 1.3%            

Amgen Inc., 2.25%, 08/19/23
(Call 06/19/23)(a)

    5,308       5,258,423  

Gilead Sciences Inc.

   

0.75%, 09/29/23 (Call 05/09/23)

    10,159       9,971,871  

2.50%, 09/01/23 (Call 07/01/23)(a)

    8,998       8,914,319  

Royalty Pharma PLC, 0.75%, 09/02/23

    6,747       6,625,217  
   

 

 

 
             30,769,830  
Building Materials — 0.8%            

Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)(a)

    10,805       10,733,795  

Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)

    4,533       4,461,696  

Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 05/30/23)(a)

    3,303       3,268,649  
   

 

 

 
      18,464,140  
Chemicals — 1.0%            

Ecolab Inc., 0.90%, 12/15/23
(Call 05/30/23)(a)

    5,215       5,073,986  

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

    465       465,000  

LYB International Finance BV, 4.00%, 07/15/23(a)

    4,120       4,100,677  

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

    9,345       9,262,017  

Nutrien Ltd., 1.90%, 05/13/23(a)

    3,388       3,381,495  
   

 

 

 
      22,283,175  
Commercial Services — 0.4%            

Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)(a)

    2,211       2,204,190  

Global Payments Inc.

   

3.75%, 06/01/23 (Call 05/30/23)

    2,835       2,829,784  

4.00%, 06/01/23 (Call 05/01/23)

    3,291       3,282,410  

PayPal Holdings Inc., 1.35%, 06/01/23

    315       313,970  
   

 

 

 
      8,630,354  
Computers — 2.8%            

Apple Inc.

   

0.75%, 05/11/23(a)

    7,145       7,138,284  

2.40%, 05/03/23

    30,488       30,488,000  

Hewlett Packard Enterprise Co., 4.45%, 10/02/23 (Call 09/02/23)(a)

    10,773       10,720,428  

International Business Machines Corp., 3.38%, 08/01/23(a)

    16,608       16,525,458  
   

 

 

 
      64,872,170  
Cosmetics & Personal Care — 0.4%            

Colgate-Palmolive Co., 2.10%, 05/01/23(a)

    640       640,000  

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

    4,900       4,879,910  

Unilever Capital Corp., 0.38%, 09/14/23(a)

    3,368       3,309,094  
   

 

 

 
      8,829,004  
Security  

Par

(000)

    Value  
Diversified Financial Services — 5.1%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.15%, 10/29/23

  $     25,260     $ 24,669,421  

4.50%, 09/15/23 (Call 08/15/23)(a)

    16,366       16,262,076  

Air Lease Corp.

   

3.00%, 09/15/23 (Call 07/15/23)

    5,297       5,246,096  

3.88%, 07/03/23 (Call 06/03/23)(a)

    4,685       4,668,884  

Aircastle Ltd., 4.40%, 09/25/23
(Call 08/25/23)(a)

    4,942       4,901,377  

Ally Financial Inc.

   

1.45%, 10/02/23 (Call 09/02/23)(a)

    9,096       8,866,690  

3.05%, 06/05/23 (Call 05/05/23)(a)

    3,606       3,589,701  

American Express Co.

   

0.75%, 11/03/23(a)

    16,370       15,986,451  

3.70%, 08/03/23 (Call 07/03/23)(a)

    9,777       9,728,310  

Ameriprise Financial Inc., 4.00%, 10/15/23(a)

    4,816       4,778,965  

BGC Partners Inc., 5.38%, 07/24/23

    3,510       3,491,923  

Capital One Financial Corp., 3.50%, 06/15/23(a)

    5,570       5,547,163  

Eaton Vance Corp., 3.63%, 06/15/23(a)

    1,975       1,971,228  

Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 05/30/23)(a)

    3,420       3,413,707  

Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)(a)

    2,588       2,582,850  
   

 

 

 
           115,704,842  
Electric — 9.2%            

Alabama Power Co., Series 13-A, 3.55%, 12/01/23(a)

    4,156       4,113,110  

American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 05/30/23)(a)

    5,177       5,061,915  

Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 05/09/23)

    2,030       2,021,088  

Berkshire Hathaway Energy Co., 3.75%, 11/15/23 (Call 08/15/23)(a)

    8,051       7,982,969  

Black Hills Corp., 4.25%, 11/30/23
(Call 08/30/23)(a)

    8,639       8,547,686  

Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 05/30/23)(a)

    21,266       20,689,266  

Consumers Energy Co.

   

0.35%, 06/01/23 (Call 05/01/23)(a)

    1,040       1,035,008  

3.38%, 08/15/23 (Call 05/15/23)

    1,850       1,838,771  

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

    5,497       5,438,787  

Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)(a)

    4,262       4,227,137  

Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23)(a)

    1,505       1,494,631  

Duke Energy Progress LLC, 3.38%, 09/01/23 (Call 08/01/23)(a)

    4,501       4,472,419  

Entergy Louisiana LLC

   

0.62%, 11/17/23 (Call 05/09/23)(a)

    9,479       9,226,479  

4.05%, 09/01/23 (Call 06/01/23)(a)

    2,158       2,146,714  

Eversource Energy

   

2.80%, 05/01/23(a)

    231       231,000  

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

    5,553       5,501,079  

Florida Power & Light Co., 2.75%, 06/01/23 (Call 05/30/23)

    1,897       1,890,778  

Georgia Power Co., Series A, 2.10%, 07/30/23(a)

    6,350       6,291,136  

National Rural Utilities Cooperative Finance Corp., 3.40%, 11/15/23 (Call 08/15/23)(a)

    5,560       5,505,401  

Northern States Power Co./MN, 2.60%, 05/15/23(a)

    1,322       1,320,242  

OGE Energy Corp., 0.70%, 05/26/23(a)

    2,010       2,001,015  

Oklahoma Gas & Electric Co., 0.55%, 05/26/23(a)

    1,435       1,429,274  

Pacific Gas and Electric Co.

   

1.70%, 11/15/23 (Call 05/30/23)

    14,625       14,280,874  

3.25%, 06/15/23 (Call 05/30/23)(a)

    1,352       1,347,579  

3.85%, 11/15/23 (Call 08/15/23)

    10,315       10,201,122  

4.25%, 08/01/23 (Call 07/01/23)(a)

    7,301       7,269,679  

 

 

16  

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

April 30, 2023

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

PacifiCorp, 2.95%, 06/01/23
(Call 05/30/23)(a)

  $ 717     $ 715,408  

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

    2,776       2,745,408  

Public Service Electric & Gas Co.

   

2.38%, 05/15/23(a)

    1,299       1,297,207  

3.25%, 09/01/23 (Call 08/01/23)(a)

    2,384       2,364,284  

Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 05/09/23)(a)

    6,633       6,474,405  

San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23 (Call 06/01/23)

    4,635       4,608,071  

Southern California Edison Co.

   

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

    2,903       2,875,218  

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

    951       948,537  

Series J, 0.70%, 08/01/23(a)

        20,830       20,581,081  

Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)

    12,608       12,553,660  

WEC Energy Group Inc., 0.55%, 09/15/23(a)

    11,178       10,971,542  

Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)(a)

    7,211       7,043,921  
   

 

 

 
           208,743,901  
Electronics — 0.3%            

Honeywell International Inc., 3.35%, 12/01/23(a)

    4,465       4,413,965  

Trimble Inc., 4.15%, 06/15/23
(Call 05/15/23)(a)

    2,799       2,785,789  
   

 

 

 
      7,199,754  
Environmental Control — 0.4%            

Republic Services Inc., 4.75%, 05/15/23

    2,058       2,056,683  

Waste Management Inc., 2.40%, 05/15/23(a)

    7,036       7,022,983  
   

 

 

 
      9,079,666  
Food — 0.8%            

Conagra Brands Inc., 0.50%, 08/11/23 (Call 05/30/23)(a)

    4,470       4,406,928  

Hershey Co. (The), 3.38%, 05/15/23(a)

    2,467       2,465,224  

Kellogg Co., 2.65%, 12/01/23(a)

    5,559       5,472,891  

Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)

    3,532       3,515,011  

Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)(a)

    2,872       2,857,267  
   

 

 

 
      18,717,321  
Gas — 0.4%            

Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)(a)

    5,696       5,639,097  

Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)(a)

    3,065       3,024,235  
   

 

 

 
      8,663,332  
Health Care - Products — 2.4%            

Abbott Laboratories, 3.40%, 11/30/23 (Call 09/30/23)(a)

    8,931       8,831,330  

Baxter International Inc., 0.87%, 12/01/23(a)

    14,216       13,825,202  

PerkinElmer Inc., 0.55%, 09/15/23 (Call 05/30/23)(a)

    6,760       6,639,672  

Stryker Corp., 0.60%, 12/01/23 (Call 05/09/23)

    7,142       6,954,237  

Thermo Fisher Scientific Inc., 0.80%, 10/18/23 (Call 05/09/23)(a)

    19,819       19,411,323  
   

 

 

 
      55,661,764  
Health Care - Services — 1.3%            

Aetna Inc., 2.80%, 06/15/23
(Call 05/15/23)(a)

    10,083       10,049,323  

Humana Inc., 0.65%, 08/03/23 (Call 05/08/23)

    13,822       13,660,974  

Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)(a)

    3,607       3,574,537  

UnitedHealth Group Inc., 3.50%, 06/15/23(a)

    3,443       3,436,148  
   

 

 

 
      30,720,982  
Holding Companies - Diversified — 0.1%            

Blackstone Secured Lending Fund, 3.65%, 07/14/23(a)

    3,389       3,365,006  
   

 

 

 
Home Builders — 0.5%            

DR Horton Inc., 5.75%, 08/15/23 (Call 05/15/23)

    3,421       3,419,221  
Security  

Par

(000)

    Value  
Home Builders (continued)            

Lennar Corp., 4.88%, 12/15/23
(Call 09/15/23)(a)

  $ 7,543     $ 7,507,473  
   

 

 

 
      10,926,694  
Household Products & Wares — 0.1%            

Kimberly-Clark Corp., 2.40%, 06/01/23(a)

    1,258       1,255,622  
   

 

 

 
Insurance — 1.5%            

Allstate Corp. (The), 3.15%, 06/15/23(a)

    2,674       2,666,433  

Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)(a)

    5,070       5,022,900  

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

    6,581       6,510,846  

Jackson Financial Inc., 1.13%, 11/22/23

    4,823       4,688,824  

Lincoln National Corp., 4.00%, 09/01/23(a)

    4,865       4,828,756  

Loews Corp., 2.63%, 05/15/23(a)

    3,015       3,011,322  

Principal Financial Group Inc., 3.13%, 05/15/23(a)

    1,572       1,570,884  

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

    6,852       6,823,838  
   

 

 

 
             35,123,803  
Internet — 0.6%            

Alibaba Group Holding Ltd., 2.80%, 06/06/23 (Call 05/06/23)(a)

    4,062       4,052,861  

Amazon.com Inc.

   

0.25%, 05/12/23

    1,334       1,332,439  

0.40%, 06/03/23(a)

    3,278       3,265,150  

Baidu Inc., 3.88%, 09/29/23 (Call 08/29/23)(a)

    5,025       4,996,458  
   

 

 

 
      13,646,908  
Lodging — 1.0%            

Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 05/30/23)(a)

        17,815       17,549,200  

Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)(a)

    4,525       4,487,397  
   

 

 

 
      22,036,597  
Machinery — 2.5%            

Caterpillar Financial Services Corp.

   

0.45%, 09/14/23(a)

    5,633       5,537,352  

0.65%, 07/07/23

    13,553       13,444,712  

3.45%, 05/15/23(a)

    2,303       2,300,835  

3.65%, 12/07/23

    5,508       5,472,528  

3.75%, 11/24/23(a)

    7,238       7,176,984  

CNH Industrial Capital LLC, 1.95%, 07/02/23

    4,150       4,123,191  

CNH Industrial NV, 4.50%, 08/15/23(a)

    4,003       3,984,906  

John Deere Capital Corp.

   

0.40%, 10/10/23(a)

    4,078       3,994,931  

0.70%, 07/05/23(a)

    1,754       1,737,127  

3.45%, 06/07/23(a)

    858       856,172  

3.65%, 10/12/23(a)

    5,121       5,083,924  

Rockwell Automation Inc., 0.35%, 08/15/23 (Call 05/09/23)(a)

    3,080       3,035,402  
   

 

 

 
      56,748,064  
Manufacturing — 0.1%            

Carlisle Companies Inc., 0.55%, 09/01/23 (Call 05/30/23)

    3,303       3,241,267  
   

 

 

 
Media — 0.7%            

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

    15,316       15,195,616  
   

 

 

 
Mining — 0.3%            

BHP Billiton Finance USA Ltd., 3.85%, 09/30/23(a)

    6,081       6,042,507  
   

 

 

 
Oil & Gas — 2.2%            

Chevron Corp., 1.14%, 05/11/23(a)

    3,631       3,627,151  

Chevron USA Inc., 0.43%, 08/11/23(a)

    9,471       9,351,097  

Pioneer Natural Resources Co., 0.55%, 05/15/23(a)

    7,885       7,866,076  

Shell International Finance BV 0.38%, 09/15/23(a)

    6,999       6,874,068  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas (continued)            

3.50%, 11/13/23 (Call 10/13/23)(a)

  $     14,362     $ 14,261,897  

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

    8,914       8,865,329  
   

 

 

 
      50,845,618  
Oil & Gas Services — 0.9%            

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 1.23%, 12/15/23(a)

    10,155       9,895,133  

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

    11,774       11,660,852  
   

 

 

 
             21,555,985  
Pharmaceuticals — 8.1%            

AbbVie Inc.

   

2.85%, 05/14/23

    7,383       7,376,282  

3.75%, 11/14/23 (Call 10/14/23)(a)

    23,102       22,893,851  

AstraZeneca PLC

   

0.30%, 05/26/23

    5,080       5,064,455  

3.50%, 08/17/23 (Call 07/17/23)(a)

    8,673       8,632,410  

Bristol-Myers Squibb Co.

   

0.54%, 11/13/23 (Call 05/30/23)(a)

    13,240       12,934,156  

3.25%, 11/01/23(a)

    4,370       4,332,462  

Cigna Group (The)

   

3.00%, 07/15/23 (Call 05/16/23)(a)

    19,358       19,248,434  

3.75%, 07/15/23 (Call 06/15/23)(a)

    16,384       16,318,136  

CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23)(a)

    5,023       4,981,209  

GlaxoSmithKline Capital PLC, 0.53%, 10/01/23 (Call 05/30/23)(a)

    18,679       18,318,309  

Johnson & Johnson, 3.38%, 12/05/23(a)

    5,562       5,535,914  

Merck & Co. Inc., 2.80%, 05/18/23(a)

    7,798       7,789,188  

Mylan Inc., 4.20%, 11/29/23
(Call 08/29/23)(a)

    7,358       7,285,156  

Pfizer Inc.

   

3.00%, 06/15/23(a)

    4,040       4,029,536  

3.20%, 09/15/23 (Call 08/15/23)(a)

    11,216       11,130,422  

Sanofi, 3.38%, 06/19/23 (Call 05/19/23)(a)

    4,757       4,743,871  

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

    18,768       18,568,496  

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

    5,221       5,190,248  
   

 

 

 
      184,372,535  
Pipelines — 3.3%            

Enbridge Inc.

   

0.55%, 10/04/23(a)

    7,756       7,577,457  

4.00%, 10/01/23 (Call 07/01/23)(a)

    11,668       11,582,474  

Energy Transfer LP, Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)(a)

    4,103       4,079,695  

Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)(a)

    9,653       9,595,565  

Kinder Morgan Energy Partners LP, 3.50%, 09/01/23 (Call 06/01/23)(a)

    11,117       11,044,628  

ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)

    9,700       9,719,109  

Plains All American Pipeline LP/PAA Finance Corp., 3.85%, 10/15/23 (Call 07/15/23)(a)

    5,987       5,934,374  

TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)(a)

    5,320       5,274,727  

Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23)(a)

    9,522       9,475,056  
   

 

 

 
      74,283,085  
Real Estate Investment Trusts — 1.4%            

American Tower Corp., 3.00%, 06/15/23(a)

    3,861       3,847,950  

AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 09/16/23)(a)

    5,096       5,051,410  

Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)(a)

    3,347       3,296,895  

Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23)

    7,935       7,895,087  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

Essex Portfolio LP, 3.25%, 05/01/23

  $ 648     $ 648,000  

Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)(a)

    4,881       4,841,757  

Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)

    2,020       2,007,314  

Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 05/30/23)(a)

    1,938       1,923,194  

Simon Property Group LP, 2.75%, 06/01/23 (Call 05/15/23)(a)

    2,843       2,834,841  
   

 

 

 
      32,346,448  
Retail — 1.7%            

AutoZone Inc., 3.13%, 07/15/23 (Call 05/30/23)(a)

    3,207       3,188,945  

Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)(a)

    4,351       4,327,330  

O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 05/30/23)

    1,561       1,557,581  

Starbucks Corp., 3.85%, 10/01/23 (Call 07/01/23)(a)

        12,513       12,450,310  

TJX Companies Inc. (The), 2.50%, 05/15/23(a)

    3,530       3,523,787  

Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 05/30/23)

    4,795       4,680,256  

Walmart Inc., 3.40%, 06/26/23
(Call 05/26/23)(a)

    8,613       8,593,190  
   

 

 

 
             38,321,399  
Semiconductors — 1.0%            

Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)

    2,210       2,202,773  

Microchip Technology Inc.

   

2.67%, 09/01/23

    7,971       7,890,015  

4.33%, 06/01/23 (Call 05/01/23)

    5,874       5,863,192  

NVIDIA Corp., 0.31%, 06/15/23 (Call 05/30/23)

    3,768       3,747,088  

Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 05/15/23)

    2,735       2,724,333  

Texas Instruments Inc., 2.25%, 05/01/23(a)

    1,229       1,229,000  
   

 

 

 
      23,656,401  
Shipbuilding — 0.1%            

Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 05/09/23)(a)

    2,410       2,372,476  
   

 

 

 
Software — 3.7%            

Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)(a)

    14,564       14,457,683  

Intuit Inc., 0.65%, 07/15/23(a)

    7,127       7,047,249  

Microsoft Corp.

   

2.00%, 08/08/23 (Call 06/08/23)(a)

    7,076       7,017,411  

2.38%, 05/01/23(a)

    333       333,000  

3.63%, 12/15/23 (Call 09/15/23)(a)

    10,658       10,591,281  

Oracle Corp.

   

2.40%, 09/15/23 (Call 07/15/23)(a)

    22,878       22,623,596  

3.63%, 07/15/23(a)

    5,980       5,959,967  

Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)(a)

    4,763       4,728,087  

VMware Inc., 0.60%, 08/15/23(a)

    11,883       11,713,905  
   

 

 

 
      84,472,179  
Telecommunications — 2.6%            

British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)

    13,393       13,308,490  

Cisco Systems Inc., 2.20%, 09/20/23 (Call 07/20/23)(a)

    5,704       5,641,484  

Rogers Communications Inc., 4.10%, 10/01/23 (Call 07/01/23)(a)

    16,695       16,555,096  

Sprint LLC, 7.88%, 09/15/23

    22,750       22,922,900  
   

 

 

 
      58,427,970  
Transportation — 0.9%            

Burlington Northern Santa Fe LLC, 3.85%, 09/01/23 (Call 06/01/23)(a)

    11,303       11,250,215  

Kansas City Southern, 3.00%, 05/15/23

    1,052       1,050,580  

 

 

18  

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

April 30, 2023

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par/
Shares
(000)
    Value  
Transportation (continued)  

Ryder System Inc.

   

3.75%, 06/09/23 (Call 05/09/23)(a)

  $ 1,951     $ 1,945,498  

3.88%, 12/01/23 (Call 11/01/23)(a)

    4,558       4,508,272  

Union Pacific Corp., 3.50%, 06/08/23 (Call 05/08/23)(a)

    2,173       2,168,459  
   

 

 

 
          20,923,024  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $2,282,271,174)

      2,269,402,785  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 11.1%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(b)(c)(d)

      252,433       252,509,031  

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(b)(c)

    620       620,000  
   

 

 

 

Total Short-Term Securities — 11.1%
(Cost: $253,009,084)

      253,129,031  
   

 

 

 

Total Investments — 110.6%
(Cost: $2,535,280,258)

      2,522,531,816  

Liabilities in Excess of Other Assets — (10.6)%

 

    (242,537,670
   

 

 

 

Net Assets — 100.0%

    $   2,279,994,146  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

(d)

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/22
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/23
    Shares
Held at
04/30/23
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 293,003,583     $     $ (40,666,430 )(a)    $ 30,797     $ 141,081     $ 252,509,031       252,433     $ 547,431 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    66,380,000             (65,760,000 )(a)                  620,000       620       1,297,914       56  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 30,797     $ 141,081     $ 253,129,031       $ 1,845,345     $ 56  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

 
(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

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  

 

 
Assets            

Investments

           

Long-Term Investments

           

Corporate Bonds & Notes

   $      $ 2,269,402,785      $      $ 2,269,402,785  

Short-Term Securities

           

Money Market Funds

     253,129,031                      253,129,031  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $   253,129,031      $ 2,269,402,785      $                 —      $ 2,522,531,816  
  

 

 

    

 

 

    

 

 

    

 

 

 

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

  19


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.4%  

Omnicom Group Inc./Omnicom Capital Inc., 3.65%, 11/01/24 (Call 08/01/24)

  $ 5,379     $ 5,276,423  

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

    4,202       4,099,975  
   

 

 

 
      9,376,398  
Aerospace & Defense — 1.3%  

Boeing Co. (The)

   

1.43%, 02/04/24 (Call 05/09/23)

        12,330       11,954,058  

1.95%, 02/01/24(a)

    4,238       4,119,844  

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

    1,721       1,685,203  

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

    1,397       1,347,840  

General Dynamics Corp., 2.38%, 11/15/24 (Call 09/15/24)(a)

    3,690       3,564,429  

L3Harris Technologies Inc., 3.95%, 05/28/24 (Call 02/28/24)

    1,753       1,730,176  

Raytheon Technologies Corp., 3.20%, 03/15/24 (Call 01/15/24)

    5,920       5,822,794  
   

 

 

 
             30,224,344  
Agriculture — 1.5%  

Altria Group Inc.

   

3.80%, 02/14/24 (Call 01/14/24)(a)

    1,979       1,955,430  

4.00%, 01/31/24

    3,625       3,587,373  

BAT Capital Corp.

   

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

    5,149       4,970,278  

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

    14,187       13,802,532  

Philip Morris International Inc.

   

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

    5,071       4,966,233  

3.25%, 11/10/24

    4,231       4,138,299  

5.13%, 11/15/24

    2,280       2,294,638  
   

 

 

 
      35,714,783  
Airlines — 0.1%  

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

    568       551,263  

Delta Air Lines Pass Through Trust, Series 2019-1, Class AA,
3.20%, 10/25/25(a)

    105       102,389  

United Airlines Pass Through Trust, Series 2012-1 A, Class A,
4.15%, 10/11/25

    2,041       1,996,741  
   

 

 

 
      2,650,393  
Auto Manufacturers — 4.0%  

American Honda Finance Corp.

   

0.55%, 07/12/24(a)

    9,797       9,312,636  

0.75%, 08/09/24

    3,962       3,761,047  

2.15%, 09/10/24

    3,992       3,853,278  

2.40%, 06/27/24

    3,288       3,195,903  

2.90%, 02/16/24

    3,031       2,979,807  

3.55%, 01/12/24(a)

    3,034       3,001,567  

General Motors Financial Co. Inc.

   

1.05%, 03/08/24

    4,890       4,704,767  

1.20%, 10/15/24

    4,775       4,496,092  

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

    3,858       3,758,772  

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

    6,024       5,923,701  

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

    6,647       6,629,186  

PACCAR Financial Corp.

   

0.35%, 02/02/24(a)

    2,542       2,452,496  

0.50%, 08/09/24

    2,138       2,025,092  

0.90%, 11/08/24

    2,530       2,386,650  

2.15%, 08/15/24

    2,234       2,161,082  

3.15%, 06/13/24

    3,505       3,447,273  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

Toyota Motor Corp.

   

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

  $ 6,360     $ 6,112,596  

2.36%, 07/02/24

    1,985       1,930,333  

Toyota Motor Credit Corp.

   

0.45%, 01/11/24(a)

    3,739       3,621,259  

0.50%, 06/18/24

    5,040       4,805,237  

0.63%, 09/13/24

    4,340       4,109,806  

2.00%, 10/07/24

    2,437       2,346,831  

2.50%, 03/22/24(a)

    1,140       1,114,715  

2.90%, 04/17/24

    3,985       3,909,006  

3.35%, 01/08/24(a)

    1,734       1,713,712  

4.40%, 09/20/24

    3,495       3,485,843  
   

 

 

 
             97,238,687  
Auto Parts & Equipment — 0.2%  

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

    6,109       6,004,047  
   

 

 

 
Banks — 26.8%  

Banco Santander SA

   

2.71%, 06/27/24

    8,460       8,180,228  

3.89%, 05/24/24

    8,250       8,096,137  

Bank of America Corp.

   

4.00%, 04/01/24

        11,857       11,720,526  

4.13%, 01/22/24(a)

    10,626       10,537,698  

4.20%, 08/26/24

    15,945       15,730,859  

Bank of Montreal

   

0.63%, 07/09/24(a)

    8,884       8,422,565  

2.15%, 03/08/24(a)

    1,104       1,075,395  

2.50%, 06/28/24(a)

    5,728       5,547,110  

5.20%, 12/12/24

    2,975       2,974,137  

Series E, 3.30%, 02/05/24(a)

    9,883       9,723,686  

Series H, 4.25%, 09/14/24(a)

    4,835       4,772,290  

Bank of New York Mellon Corp. (The)

   

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

    3,230       3,088,106  

2.10%, 10/24/24

    5,057       4,852,242  

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

    2,837       2,771,919  

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

    2,519       2,473,381  

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

    3,790       3,742,094  

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

    3,765       3,540,794  

Bank of Nova Scotia (The)

   

0.65%, 07/31/24

    5,318       5,024,553  

0.70%, 04/15/24

    7,075       6,757,615  

2.44%, 03/11/24

    3,818       3,720,221  

3.40%, 02/11/24(a)

    5,655       5,564,407  

5.25%, 12/06/24

    1,970       1,971,812  

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

    4,595       4,502,778  

Barclays PLC, 4.38%, 09/11/24(a)

    6,209       6,023,848  

BNP Paribas SA, 4.25%, 10/15/24

    5,640       5,530,302  

BPCE SA, 4.00%, 04/15/24(a)

    8,642       8,509,950  

Canadian Imperial Bank of Commerce

   

1.00%, 10/18/24(a)

    4,320       4,075,747  

3.10%, 04/02/24(a)

    6,483       6,341,671  

Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)

    11,318       11,178,562  

Citigroup Inc.

   

3.75%, 06/16/24(a)

    4,321       4,258,259  

4.00%, 08/05/24(a)

    3,336       3,290,797  

Comerica Bank, 2.50%, 07/23/24(a)

    3,305       3,080,161  

Cooperatieve Rabobank UA/NY

   

0.38%, 01/12/24(a)

    3,000       2,895,810  

3.88%, 08/22/24

    2,410       2,380,478  

 

 

20  

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

April 30, 2023

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24
(Call 06/28/23)(a)

  $ 775     $ 735,677  

Credit Suisse AG/New York NY

   

0.50%, 02/02/24(a)

    5,414       5,107,838  

3.63%, 09/09/24(a)

        13,592              12,945,021  

4.75%, 08/09/24

    4,195       4,052,957  

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

    3,813       3,697,809  

Deutsche Bank AG/New York NY

   

0.90%, 05/28/24

    5,635       5,317,862  

3.70%, 05/30/24(a)

    4,388       4,254,956  

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

    4,259       4,048,478  

Fifth Third Bancorp.

   

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

    8,783       8,635,709  

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

    3,620       3,564,180  

Goldman Sachs Group Inc. (The)

   

3.00%, 03/15/24(a)

    10,878       10,669,578  

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

    6,210       6,122,625  

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

    10,546       10,377,159  

4.00%, 03/03/24(a)

    13,366       13,200,395  

5.70%, 11/01/24(a)

    10,455       10,548,990  

HSBC Holdings PLC, 4.25%, 03/14/24

    9,148       9,003,919  

HSBC USA Inc.

   

3.50%, 06/23/24(a)

    4,460       4,360,676  

3.75%, 05/24/24

    6,445       6,332,277  

Huntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24)

    3,945       3,768,619  

ING Groep NV, 3.55%, 04/09/24

    7,292       7,154,546  

Intesa Sanpaolo SpA, 5.25%, 01/12/24(a)

    1,470       1,464,473  

JPMorgan Chase & Co.

   

3.63%, 05/13/24(a)

    10,269       10,130,471  

3.88%, 02/01/24

    7,224       7,157,250  

3.88%, 09/10/24

    15,322       15,059,381  

Lloyds Banking Group PLC

   

3.90%, 03/12/24(a)

    7,402       7,278,535  

4.50%, 11/04/24

    4,472       4,369,815  

M&T Bank Corp., 4.00%, 07/15/24 (Call 04/16/24)

    2,939       2,860,646  

Mitsubishi UFJ Financial Group Inc.

   

2.80%, 07/18/24

    6,119       5,923,728  

3.41%, 03/07/24

    8,276       8,137,046  

Morgan Stanley

   

3.70%, 10/23/24(a)

    16,082       15,772,100  

Series F, 3.88%, 04/29/24(a)

    16,568       16,342,675  

National Australia Bank Ltd./New York, 5.13%, 11/22/24

    7,445       7,487,883  

National Bank of Canada, 0.75%, 08/06/24

    4,095       3,863,633  

PNC Bank NA

   

3.30%, 10/30/24 (Call 09/30/24)

    2,849       2,742,362  

2.50%, 08/27/24 (Call 07/27/24)

    3,317       3,192,745  

PNC Financial Services Group Inc. (The)

   

2.20%, 11/01/24 (Call 10/02/24)(a)

    3,178       3,034,672  

3.50%, 01/23/24 (Call 12/24/23)(a)

    5,956       5,870,114  

3.90%, 04/29/24 (Call 03/29/24)(a)

    4,168       4,092,768  

Royal Bank of Canada

   

0.43%, 01/19/24(a)

    4,271       4,123,949  

0.65%, 07/29/24

    3,912       3,704,077  

0.75%, 10/07/24

    5,230       4,915,154  

2.25%, 11/01/24

    7,388       7,085,609  

2.55%, 07/16/24

    5,921       5,749,173  

3.97%, 07/26/24

    7,010       6,918,169  

5.66%, 10/25/24

    1,660       1,674,093  

Santander Holdings USA Inc., 3.50%, 06/07/24 (Call 05/07/24)(a)

    6,178       6,004,645  
Security  

Par

(000)

    Value  
Banks (continued)            

Santander UK PLC

   

2.88%, 06/18/24(a)

  $ 2,025     $ 1,967,490  

4.00%, 03/13/24(a)

    6,860       6,769,860  

Sumitomo Mitsui Banking Corp.

   

3.40%, 07/11/24

    2,617       2,564,948  

3.95%, 01/10/24(a)

    2,300       2,271,595  

Sumitomo Mitsui Financial Group Inc.

   

0.51%, 01/12/24(a)

    2,550       2,465,723  

2.45%, 09/27/24

    5,343       5,130,883  

2.70%, 07/16/24

        10,592       10,258,988  

Toronto-Dominion Bank (The)

   

0.55%, 03/04/24

    3,420       3,284,773  

0.70%, 09/10/24

    5,190       4,886,126  

1.25%, 12/13/24

    3,070       2,889,238  

2.35%, 03/08/24

    4,200       4,094,454  

2.65%, 06/12/24

    8,034       7,810,574  

3.25%, 03/11/24

    5,427       5,326,980  

4.29%, 09/13/24

    3,775       3,728,719  

Truist Bank

   

2.15%, 12/06/24 (Call 11/06/24)

    5,463       5,172,095  

3.20%, 04/01/24 (Call 03/01/24)(a)

    7,056       6,909,447  

Truist Financial Corp.

   

2.50%, 08/01/24 (Call 07/01/24)

    5,510       5,297,424  

2.85%, 10/26/24 (Call 09/26/24)

    4,813       4,631,069  

U.S. Bancorp.

   

2.40%, 07/30/24 (Call 06/30/24)(a)

    6,944       6,704,432  

3.38%, 02/05/24 (Call 01/05/24)(a)

    6,600       6,495,324  

3.60%, 09/11/24 (Call 08/11/24)(a)

    5,558       5,413,214  

3.70%, 01/30/24 (Call 12/29/23)

    3,538       3,494,412  

Wells Fargo & Co.

   

3.30%, 09/09/24(a)

    12,781       12,513,238  

3.75%, 01/24/24 (Call 12/22/23)

    14,692       14,512,317  

4.48%, 01/16/24(a)

    3,580       3,563,639  

Westpac Banking Corp.

   

1.02%, 11/18/24

    6,857       6,480,208  

3.30%, 02/26/24(a)

    6,055       5,975,256  

5.35%, 10/18/24

    5,292       5,336,559  
   

 

 

 
           647,159,560  
Beverages — 0.9%            

Coca-Cola Co. (The), 1.75%, 09/06/24(a)

    3,745       3,621,977  

Constellation Brands Inc.

   

3.60%, 05/09/24

    3,635       3,574,805  

4.75%, 11/15/24(a)

    2,286       2,279,256  

Diageo Capital PLC, 2.13%, 10/24/24 (Call 09/24/24)

    2,651       2,552,462  

Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 05/09/23)

    5,727       5,511,207  

PepsiCo Inc., 3.60%, 03/01/24
(Call 12/01/23)(a)

    4,857       4,802,650  
   

 

 

 
      22,342,357  
Biotechnology — 0.7%            

Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24)

    6,993       6,896,567  

Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24)(a)

    9,338       9,207,361  
   

 

 

 
      16,103,928  
Building Materials — 0.4%            

Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)(a)(b)

    2,425       2,384,769  

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

    1,856       1,835,992  

Owens Corning, 4.20%, 12/01/24 (Call 09/01/24)

    2,449       2,416,380  

Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)

    3,448       3,364,593  
   

 

 

 
      10,001,734  

 

 

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 (unaudited) (continued)

April 30, 2023

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals — 1.3%            

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

  $ 1,655     $ 1,626,368  

Celanese U.S. Holdings LLC

   

3.50%, 05/08/24 (Call 04/08/24)(a)

    2,530       2,467,914  

5.90%, 07/05/24

    9,735       9,745,806  

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

    2,275       2,246,699  

Linde Inc., 4.80%, 12/05/24

    190       190,410  

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

    4,130       4,138,632  

Nutrien Ltd., 5.90%, 11/07/24

    725       734,193  

PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24)

    1,510       1,456,818  

Sherwin-Williams Co. (The)

   

3.13%, 06/01/24 (Call 04/01/24)(a)

    4,253       4,166,664  

4.05%, 08/08/24

    1,825       1,802,206  

Westlake Corp., 0.88%, 08/15/24 (Call 05/09/23)(a)

    1,950       1,846,182  
   

 

 

 
      30,421,892  
Commercial Services — 0.9%            

Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)

    3,807       3,652,436  

Global Payments Inc., 1.50%, 11/15/24 (Call 10/15/24)

    1,949       1,839,135  

J Paul Getty Trust (The), Series 2021, 0.39%, 01/01/24 (Call 10/01/23)

    2,510       2,424,811  

Moody’s Corp., 4.88%, 02/15/24 (Call 11/15/23)(a)

    3,882       3,869,655  

PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24)

    7,283       7,049,507  

Quanta Services Inc., 0.95%, 10/01/24 (Call 05/30/23)(a)

    2,122       1,998,584  
   

 

 

 
      20,834,128  
Computers — 2.7%            

Apple Inc.

   

1.80%, 09/11/24 (Call 08/11/24)

    3,077       2,973,613  

2.85%, 05/11/24 (Call 03/11/24)

    7,340       7,207,660  

3.00%, 02/09/24 (Call 12/09/23)

    5,355       5,293,043  

3.45%, 05/06/24(a)

    9,381       9,250,229  

Dell International LLC/EMC Corp., 4.00%, 07/15/24 (Call 06/15/24)

    6,072       5,992,335  

Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)

    2,677       2,588,284  

Hewlett Packard Enterprise Co.

   

1.45%, 04/01/24 (Call 03/01/24)(a)

    6,282       6,066,150  

5.90%, 10/01/24

    410       414,485  

International Business Machines Corp.

   

3.00%, 05/15/24

        15,033       14,737,301  

3.63%, 02/12/24(a)

    9,327       9,222,538  

NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24)

    1,958       1,906,759  
   

 

 

 
             65,652,397  
Cosmetics & Personal Care — 0.7%            

Colgate-Palmolive Co., 3.25%, 03/15/24(a)

    1,477       1,458,774  

Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24)(a)

    2,534       2,429,802  

GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 (Call 05/15/23)

    3,463       3,382,762  

Unilever Capital Corp.

   

0.63%, 08/12/24 (Call 05/30/23)

    2,717       2,574,439  

2.60%, 05/05/24 (Call 03/05/24)

    5,159       5,042,149  

3.25%, 03/07/24 (Call 02/07/24)

    2,794       2,756,309  
   

 

 

 
      17,644,235  
Diversified Financial Services — 7.0%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.65%, 10/29/24 (Call 09/29/24)

    14,015       13,111,733  

2.88%, 08/14/24 (Call 07/14/24)(a)

    4,974       4,773,399  

3.15%, 02/15/24 (Call 01/15/24)(a)

    4,815       4,705,748  

4.88%, 01/16/24 (Call 12/16/23)

    4,510       4,468,463  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Series 3NC1, 1.75%, 10/29/24 (Call 05/29/23)

  $       5,049     $ 4,731,872  

Affiliated Managers Group Inc., 4.25%, 02/15/24(a)

    1,469       1,450,212  

Air Lease Corp.

   

0.70%, 02/15/24 (Call 01/15/24)(a)

    4,012       3,854,369  

0.80%, 08/18/24 (Call 07/18/24)(a)

    4,015       3,770,607  

4.25%, 02/01/24 (Call 01/01/24)(a)

    3,751       3,712,177  

4.25%, 09/15/24 (Call 06/15/24)

    3,659       3,593,504  

Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24)

    2,972       2,908,607  

Ally Financial Inc.

   

3.88%, 05/21/24 (Call 04/21/24)(a)

    3,901       3,798,092  

5.13%, 09/30/24(a)

    3,708       3,637,696  

American Express Co.

   

2.50%, 07/30/24 (Call 06/29/24)(a)

    8,232       7,983,805  

3.00%, 10/30/24 (Call 09/29/24)

    8,500       8,255,455  

3.38%, 05/03/24(a)

    8,755       8,591,544  

3.40%, 02/22/24 (Call 01/22/24)(a)

    6,717       6,626,791  

3.63%, 12/05/24 (Call 11/04/24)

    3,116       3,048,289  

Ameriprise Financial Inc., 3.70%, 10/15/24

    3,597       3,527,146  

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

    1,885       1,814,143  

Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24)

    5,516       5,412,520  

Capital One Financial Corp.

   

3.30%, 10/30/24 (Call 09/30/24)

    7,780       7,586,900  

3.75%, 04/24/24 (Call 03/24/24)

    4,192       4,105,100  

3.90%, 01/29/24 (Call 12/29/23)

    6,699       6,644,671  

Charles Schwab Corp. (The)

   

0.75%, 03/18/24 (Call 02/18/24)(a)

    7,422       7,101,592  

3.55%, 02/01/24 (Call 01/01/24)(a)

    2,996       2,948,513  

3.75%, 04/01/24 (Call 03/02/24)(a)

    2,375       2,332,179  

Citigroup Global Markets Holdings Inc./U.S, 0.75%, 06/07/24 ( Call 06/07/23)(a)

    3,328       3,155,576  

Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24)

    2,787       2,701,216  

Invesco Finance PLC, 4.00%, 01/30/24(a)

    3,566       3,533,300  

Mastercard Inc., 3.38%, 04/01/24(a)

    6,221       6,134,342  

ORIX Corp.

   

3.25%, 12/04/24

    2,745       2,659,383  

4.05%, 01/16/24(a)

    2,017       1,998,605  

Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)

    2,235       2,164,441  

Stifel Financial Corp., 4.25%, 07/18/24

    3,026       2,977,766  

Synchrony Financial

   

4.25%, 08/15/24 (Call 05/15/24)(a)

    5,873       5,607,658  

4.38%, 03/19/24 (Call 02/19/24)

    3,410       3,337,060  
   

 

 

 
           168,764,474  
Electric — 6.1%            

Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)(a)

    2,496       2,402,849  

American Electric Power Co. Inc., 2.03%, 03/15/24(a)

    4,767       4,625,801  

Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)

    3,192       3,087,941