LOGO

  APRIL 30, 2022

 

   

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

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

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

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

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

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

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

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

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of April 30, 2022  
 
       6-Month       12-Month   
 

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

    (9.65)     0.21%   
 

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

    (18.38)       (16.87)     
 

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

    (11.80)       (8.15)     
 

Emerging market equities
(MSCI Emerging Markets Index)

    (14.15)       (18.33)     
 

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

    0.07        0.08      
 

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

    (10.29)       (8.86)     
 

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

    (9.47)       (8.51)     
 

Tax-exempt municipal bonds  
(Bloomberg Municipal Bond Index)

    (7.90)       (7.88)     
 

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

    (7.40)       (5.22)     
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

Fund Summary

  4

About Fund Performance

  11

Shareholder Expenses

  11

Schedules of Investments

  12

Financial Statements

 

Statements of Assets and Liabilities

  98

Statements of Operations

  100

Statements of Changes in Net Assets

  102

Financial Highlights

  106

Notes to Financial Statements

  113

Statement Regarding Liquidity Risk Management Program

  118

Supplemental Information

  119

General Information

  120

Glossary of Terms Used in this Report

  121

 

 

 


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2022 Term Muni Bond ETF

Investment Objective

 

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

Performance

 

               Average Annual Total Returns              Cumulative Total Returns  
     6 Months      1 Year      5 Years    

Since

Inception

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    (0.32 )%       (0.38 )%       1.43     1.94        (0.38 )%       7.36      13.65

Fund Market

    (0.30      (0.36      1.42       1.95          (0.36      7.30        13.72  

Index

    (0.17      (0.09      1.65       2.05                (0.09      8.54        14.45  

The inception date of the Fund was 9/1/15. The first day of secondary market trading was 9/3/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)      

      

Ending

Account Value

(04/30/22)

 

 

 

      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00      

       $        996.80          $        0.89               $       1,000.00          $       1,023.90          $        0.90          0.18

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
S&P Credit Rating*  

Percent of   

Net Assets   

AAA

  31.5%

AA+

  18.9   

AA

  15.3   

AA-

  10.9   

A+

  7.1   

A

  1.5   

A-

  0.8   

BBB+

  1.5   

BBB

  0.8   

Not Rated

  10.5   

Short-Term and Other Assets

  1.2   

TEN LARGEST STATES

 

   
State(a)  

Percent of   

Net Assets   

California

  13.9%

Texas

  8.7   

New York

  7.9   

Ohio

  6.7   

Washington

  5.3   

Massachusetts

  4.7   

Florida

  4.5   

Maryland

  3.5   

Virginia

  3.3   

Wisconsin

  3.1   
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 2   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, 2022    iShares® iBonds® Dec 2023 Term Muni Bond ETF

Investment Objective

 

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

Performance

 

               Average Annual Total Returns              Cumulative Total Returns  
     6 Months      1 Year      5 Years    

Since

Inception

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    (1.98 )%       (2.09 )%       1.56     1.68        (2.09 )%       8.07      8.81

Fund Market

    (1.86      (1.93      1.60       1.71          (1.93      8.24        8.93  

Index

    (1.84      (1.81      1.75       1.81                (1.81      9.04        9.47  

The inception date of the Fund was 4/11/17. The first day of secondary market trading was 4/13/17.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)      

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$        1,000.00      

       $        980.20          $        0.88               $       1,000.00          $      1,023.90          $         0.90          0.18

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
S&P Credit Rating*  

Percent of   

Net Assets   

AAA

  31.3%

AA+

  21.5   

AA

  16.3   

AA-

  9.9   

A+

  5.8   

A

  1.5   

A-

  1.0   

BBB+

  1.7   

BBB

  1.4   

Not Rated

  7.9   

Short-Term and Other Assets

  1.7   

TEN LARGEST STATES

 

   
State(a)  

Percent of   

Net Assets   

California

  11.4%

Texas

  10.7   

New York

  9.3   

Washington

  5.5   

Virginia

  4.5   

Maryland

  4.0   

Florida

  3.9   

Wisconsin

  3.7   

Ohio

  3.4   

Nevada

  2.9   
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2024 Term Muni Bond ETF

Investment Objective

 

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

Performance

 

              Average Annual Total Returns             Cumulative Total Returns  
     6 Months     1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    (3.90 )%              (4.06 )%      2.07       (4.06 )%      8.80

Fund Market

    (3.85     (3.95     2.09         (3.95     8.89  

Index

    (3.85     (3.84     2.16               (3.84     9.20  

The inception date of the Fund was 3/20/18. The first day of secondary market trading was 3/22/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)      

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized

Expense

Ratio

 

 

 

   

$      1,000.00      

       $        961.00          $       0.88               $       1,000.00          $      1,023.90          $        0.90          0.18

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
S&P Credit Rating*  

Percent of   

Net Assets   

AAA

  30.9%

AA+

  21.1   

AA

  14.9   

AA-

  10.4   

A+

  6.1   

A

  2.5   

A-

  0.6   

BBB+

  2.1   

BBB

  0.8   

Not Rated

  8.9   

Short-Term and Other Assets

  1.7   

TEN LARGEST STATES

 

   
State(a)  

Percent of   

Net Assets   

California

  11.9%

Texas

  11.0   

New York

  9.1   

Washington

  5.7   

Virginia

  4.5   

Maryland

  4.3   

Florida

  3.7   

Ohio

  3.4   

Massachusetts

  3.0   

Arizona

  2.8   
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 2   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, 2022    iShares® iBonds® Dec 2025 Term Muni Bond ETF

Investment Objective

 

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

Performance

 

              Average Annual Total Returns             Cumulative Total Returns  
     6 Months     1 Year    

Since

Inception

           1 Year     Since
Inception
 

Fund NAV

    (5.42 )%              (5.64 )%      2.58       (5.64 )%      9.22

Fund Market

    (5.41     (5.53     2.60         (5.53     9.31  

Index

    (5.35     (5.37     2.43               (5.37     8.66  

The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)      

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$      1,000.00      

       $        945.80          $    0.87               $       1,000.00          $      1,023.90          $        0.90          0.18

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
S&P Credit Rating*  

Percent of   

Net Assets   

AAA

  30.8%

AA+

  21.6   

AA

  15.5   

AA-

  11.6   

A+

  5.9   

A

  1.9   

A-

  1.1   

BBB+

  1.5   

BBB

  1.2   

Not Rated

  7.3   

Short-Term and Other Assets

  1.6   

TEN LARGEST STATES

 

   
State(a)  

Percent of   

Net Assets   

California

  14.5%

Texas

  10.2   

New York

  8.4   

Washington

  5.2   

Virginia

  4.0   

Maryland

  4.0   

Florida

  3.9   

Massachusetts

  3.6   

Illinois

  3.4   

Ohio

  3.2   
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2026 Term Muni Bond ETF

Investment Objective

 

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

Performance

 

              Average Annual Total Returns             Cumulative Total Returns  
     6 Months     1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    (6.31 )%              (6.56 )%      0.95       (6.56 )%      2.94

Fund Market

    (6.36     (6.58     0.98         (6.58     3.03  

Index

    (6.27     (6.32     1.06               (6.32     3.30  

The inception date of the Fund was 4/2/19. The first day of secondary market trading was 4/4/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)      

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During

the Period 

 
 

(a) 

           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$      1,000.00      

       $        936.90          $       0.86               $       1,000.00          $      1,023.90          $         0.90          0.18

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
S&P Credit Rating*  

Percent of   

Net Assets   

AAA

  29.3%

AA+

  22.1   

AA

  14.7   

AA-

  12.4   

A+

  6.3   

A

  2.8   

A-

  0.8   

BBB+

  2.0   

BBB

  0.9   

Not Rated

  7.2   

Short-Term and Other Assets

  1.5   

TEN LARGEST STATES

 

   
State(a)  

Percent of   

Net Assets   

California

  14.9%

Texas

  10.5   

New York

  10.4   

Washington

  4.5   

Virginia

  4.2   

Maryland

  3.9   

Massachusetts

  3.6   

Florida

  3.5   

Ohio

  3.0   

Tennessee

  2.7   
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 2   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, 2022    iShares® iBonds® Dec 2027 Term Muni Bond ETF

Investment Objective

 

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

Performance

 

              Average Annual Total Returns             Cumulative Total Returns  
     6 Months     1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    (7.14 )%              (7.40 )%      0.89       (7.40 )%      2.75

Fund Market

    (7.24     (7.40     0.93         (7.40     2.86  

Index

    (7.17     (7.27     1.03               (7.27     3.20  

The inception date of the Fund was 4/9/19. The first day of secondary market trading was 4/11/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)      

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$      1,000.00      

       $         928.60          $       0.86               $       1,000.00          $      1,023.90          $        0.90          0.18

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
S&P Credit Rating*  

Percent of   

Net Assets   

AAA

  25.6%

AA+

  21.8   

AA

  14.6   

AA-

  16.1   

A+

  4.4   

A

  2.1   

A-

  1.0   

BBB+

  1.2   

BBB

  1.7   

Not Rated

  9.4   

Short-Term and Other Assets

  2.1   

TEN LARGEST STATES

 

   
State(a)  

Percent of   

Net Assets   

California

  13.9%

New York

  11.4   

Texas

  8.8   

Washington

  5.0   

Maryland

  4.2   

Illinois

  3.6   

Virginia

  3.4   

Florida

  3.3   

Tennessee

  3.1   

Ohio

  2.7   
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of April 30, 2022    iShares® iBonds® Dec 2028 Term Muni Bond ETF

Investment Objective

 

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

Performance

 

              Average Annual Total Returns             Cumulative Total Returns  
     6 Months     1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    (8.02 )%              (8.39 )%      0.89       (8.39 )%      2.73

Fund Market

    (8.10     (8.46     0.91         (8.46     2.79  

Index

    (8.07     (8.24     0.90               (8.24     2.74  

The inception date of the Fund was 4/16/19. The first day of secondary market trading was 4/18/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

   

Actual

          Hypothetical 5% Return           
                                                              
   

Beginning      

Account Value      

(11/01/21)      

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(11/01/21)
 
 
 
      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$      1,000.00      

       $        919.80          $       0.86               $       1,000.00          $      1,023.90          $        0.90          0.18

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
S&P Credit Rating*  

Percent of   

Net Assets   

AAA

  29.9%

AA+

  20.6   

AA

  15.2   

AA-

  12.7   

A+

  4.7   

A

  2.2   

A-

  0.8   

BBB+

  1.7   

BBB

  1.5   

Not Rated

  9.3   

Short-Term and Other Assets

  1.4   

TEN LARGEST STATES

 

   
State(a)  

Percent of   

Net Assets   

California

  12.7%

Texas

  11.8   

New York

  11.1   

Maryland

  5.2   

Washington

  5.2   

Florida

  4.4   

Virginia

  4.0   

Ohio

  3.2   

Nevada

  2.5   

Illinois

  2.5   
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

10  

2 0 2 2   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


About Fund Performance

 

 

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

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

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

Shareholder Expenses

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

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

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

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

 

 

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

  11


 

Schedule of Investments  (unaudited) 

April 30, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Municipal Debt Obligations

   

Alabama — 1.0%

   

Alabama Federal Aid Highway Finance Authority RB

   

4.00%, 09/01/22

  $ 375     $ 378,062  

5.00%, 09/01/22

    100       101,142  

5.00%, 09/01/23 (PR 09/01/22)

    150       151,713  

Series A, 5.00%, 09/01/22

    250       252,855  

Alabama Public School & College Authority RB, Series B, 5.00%, 05/01/22

    410       410,000  

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

    1,610       1,636,838  

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

    170       172,910  

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

    180       183,081  

State of Alabama GO, Series A, 5.00%, 08/01/22

    790       797,010  
   

 

 

 
      4,083,611  
Alaska — 0.1%            

Municipality of Anchorage AK GO, Series B, 5.00%, 09/01/22

    255       257,980  
   

 

 

 
Arizona — 3.0%            

Arizona Board of Regents COP

   

Series A, 5.00%, 06/01/22

    140       140,413  

Series B, 5.00%, 06/01/22

    75       75,221  

Series C, 5.00%, 06/01/22

    140       140,396  

Arizona Department of Transportation State Highway Fund Revenue RB

   

Series A, 5.00%, 07/01/22

    745       749,429  

Series A, 5.00%, 07/01/27 (PR 07/01/22)

    415       417,474  

Series A, 5.00%, 07/01/34 (PR 07/01/22)

      1,100             1,106,575  

Arizona State University RB

   

Series A, 5.00%, 07/01/22

    325       326,980  

Series B, 5.00%, 07/01/22

    100       100,609  

Arizona Transportation Board RB, 5.00%, 07/01/22

    540       543,209  

Arizona Water Infrastructure Finance Authority RB

   

Series A, 5.00%, 10/01/22

    435       441,371  

Series A, 5.00%, 10/01/22 (ETM)

    125       126,727  

City of Chandler AZ GOL, 4.00%, 07/01/22

    120       120,537  

City of Chandler AZ RB, 5.00%, 07/01/22

    140       140,851  

City of Mesa AZ RB, 5.00%, 07/01/22

    250       251,503  

City of Phoenix AZ GO, 4.00%, 07/01/22

    200       200,895  

City of Phoenix AZ GOL, Series C, 4.00%, 07/01/22

    525       527,349  

City of Phoenix Civic Improvement Corp. RB

   

5.00%, 07/01/22

    1,065       1,071,419  

5.50%, 07/01/22 (NPFGC)

    200       201,379  

Series A, 5.00%, 07/01/22

    265       266,615  

Series B, 5.00%, 07/01/22

    760       764,630  

City of Scottsdale AZ GO, Series B, 5.00%, 07/01/22

    215       216,313  

City of Tempe AZ GOL

   

Series B, 4.50%, 07/01/22

    55       55,292  

Series C, 4.00%, 07/01/22

    105       105,473  

City of Tucson AZ Water System Revenue RB

   

5.00%, 07/01/22

    140       140,855  

Series A, 5.00%, 07/01/22

    45       45,275  

County of Pima AZ GOL, 4.00%, 07/01/22

    145       145,649  

County of Pima AZ RB, 5.00%, 07/01/22

    300       301,823  

Gilbert Water Resource Municipal Property Corp. RB, 5.00%, 07/01/22

    155       155,949  

Maricopa County Community College District GO, 5.00%, 07/01/22

    445       447,719  

Maricopa County High School District No. 210-Phoenix GO, Series E, 5.00%, 07/01/22

    50       50,304  
Security  

Par

(000)

    Value  

Arizona (continued)

   

Maricopa County High School District No.
210-Phoenix GOL, 5.00%, 07/01/22

  $ 540     $ 543,281  

Pima County Regional Transportation Authority RB, 5.00%, 06/01/22

    100       100,302  

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

    200       203,625  

Scottsdale Municipal Property Corp. RB, 5.00%, 07/01/22

    330       332,022  

State of Arizona COP, 5.00%, 09/01/22

    665       672,660  

University of Arizona (The) RB

   

5.00%, 06/01/22

    255       255,768  

Series A, 5.00%, 06/01/22

    100       100,302  
   

 

 

 
      11,586,194  
Arkansas — 0.3%            

State of Arkansas GO

   

3.00%, 10/01/22

    275       276,748  

5.00%, 10/01/22

    640       649,293  

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

    135       137,284  
   

 

 

 
            1,063,325  
California — 13.9%            

Acalanes Union High School District GO, 5.00%, 08/01/22

    210       211,916  

Alameda Corridor Transportation Authority RB, Series A, 5.00%, 10/01/22

    185       187,555  

Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/22 (AGM)(a)

    260       259,094  

Bay Area Toll Authority RB, VRDN,0.35%, 04/01/47 (Put 05/06/22)(b)

      1,800       1,800,000  

Benicia Unified School District GO, Series A, 0.00%, 08/01/22 (NPFGC)(a)

    25       24,905  

Berkeley Unified School District/CA GO, 5.00%, 08/01/22

    375       378,356  

Beverly Hills Unified School District CA GO, 0.00%, 08/01/22(a)

    60       59,792  

Burbank Unified School District GO, Series C, 0.00%, 08/01/22 (NPFGC)(a)

    90       89,627  

California Educational Facilities Authority RB, VRDN,0.40%, 10/01/36 (Put 05/06/22)(b)

    1,500       1,500,000  

California Health Facilities Financing Authority RB

   

Series A, 5.00%, 10/01/22

    165       167,348  

Series C, VRDN,5.00%, 08/01/31
(Put 11/01/22)(b)

    355       360,617  

California Infrastructure & Economic Development Bank RB

   

5.00%, 07/01/22

    100       100,598  

Series A, 5.00%, 10/01/22

    320       324,633  

California State Public Works Board RB

   

Series A, 5.00%, 06/01/22

    300       300,902  

Series B, 5.00%, 10/01/22

    430       436,244  

Series C, 5.00%, 11/01/22

    135       137,304  

Series D, 5.00%, 09/01/22

    560       566,618  

Series D, 5.00%, 09/01/37 (PR 09/01/22)

    200       202,357  

Series F, 5.00%, 05/01/22

    260       260,000  

Series G, 5.00%, 05/01/22

    125       125,000  

Series G, 5.00%, 11/01/22

    95       96,617  

Series H, 5.00%, 12/01/22

    860       876,740  

California State University RB

   

Series A, 3.00%, 11/01/22

    200       201,560  

Series A, 5.00%, 11/01/22

    1,060       1,078,675  

Series C, 5.00%, 11/01/22 (AGM)

    30       30,529  

California Statewide Communities Development Authority RB

   

5.00%, 05/15/22

    50       50,046  

Series A, 5.00%, 05/15/22

    100       100,091  

 

 

12  

2 0 2 2   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, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

California (continued)

   

Carlsbad Unified School District GO, 0.00%, 05/01/22 (NPFGC)(a)

  $ 100     $ 100,000  

Chabot-Las Positas Community College District GO, 5.00%, 08/01/22

    225       227,030  

City & County of San Francisco CA COP, Series R-1, 5.00%, 09/01/22

    75       75,911  

City & County of San Francisco CA GO,
Series R-1, 5.00%, 06/15/22

    165       165,745  

City of Foster City CA GO, 4.00%, 08/01/22

    150       151,004  

City of Los Angeles CA GO, 5.00%, 09/01/22

      1,135       1,148,489  

City of Los Angeles CA Wastewater System Revenue RB

   

Series B, 4.00%, 06/01/22

    435       435,978  

Series C, 5.00%, 06/01/22

    60       60,181  

City of Los Angeles Department of Airports RB

   

Series B, 5.00%, 05/15/22

    50       50,062  

Series C, 5.00%, 05/15/22

    80       80,100  

City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/22

    220       221,996  

City of Sacramento CA Water Revenue RB, 5.00%, 09/01/22

    80       80,983  

City of San Francisco CA Public Utilities Commission Water Revenue RB

   

4.00%, 11/01/22

    50       50,625  

5.00%, 11/01/22

    295       300,138  

City of Santa Clara CA Electric Revenue RB, Series A, 5.00%, 07/01/22

    135       135,803  

Contra Costa Water District RB

   

5.00%, 10/01/22

    125       126,820  

Series T, 4.00%, 10/01/22

    400       404,192  

Corona-Norco Unified School District GO, Series C, 0.00%, 08/01/22 (AGM)(a)

    100       99,610  

County of Los Angeles CA COP, 5.00%, 09/01/22

    130       131,489  

County of Santa Clara CA GO, Series B, 5.00%, 08/01/22

    40       40,364  

Desert Community College District GO, 4.00%, 08/01/22

    100       100,674  

Dublin Unified School District GO, 5.00%, 08/01/22

    200               201,815  

East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/22

    100       100,300  

East Bay Regional Park District GO, Serise A, 4.00%, 09/01/22

    100       100,863  

East Side Union High School District GO, 5.00%, 08/01/22

    140       141,277  

El Camino Community College District Foundation (The) GO, 5.00%, 08/01/22

    150       151,368  

Encinitas Union School District/CA GO, 0.00%, 08/01/22(a)

    60       59,784  

Evergreen School District GO, 5.00%, 09/01/22

    100       101,195  

Foothill-De Anza Community College District GO, 5.00%, 08/01/22

    70       70,632  

Fullerton School District GO, Series A, 0.00%, 08/01/22 (NPFGC)(a)

    80       79,692  

Healdsburg Unified School District GO, Series A, 0.00%, 08/01/22(a)

    80       79,702  

Las Virgenes Unified School District GO

   

0.00%, 11/01/22 (AGM)(a)

    55       54,493  

Series D, 0.00%, 09/01/22 (NPFGC)(a)

    100       99,441  

Los Altos Elementary School District GO, 4.00%, 08/01/22

    25       25,167  

Los Angeles Community College District/CA GO

   

Series A, 5.00%, 08/01/22

    130       131,212  

Series G, 4.00%, 08/01/22

    100       100,689  

Series G, 5.00%, 08/01/22

    125       126,165  

Los Angeles County Metropolitan Transportation Authority RB

   

Series A, 5.00%, 06/01/22

    50       50,153  

Series A, 5.00%, 07/01/22

    825       830,094  
Security  

Par

(000)

    Value  

California (continued)

   

Series B, 5.00%, 07/01/22

  $   1,220     $ 1,227,533  

Serise A, 5.00%, 07/01/22

    125       125,772  

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

    50       50,976  

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

    25       25,446  

Los Angeles Department of Water & Power Power System Revenue RB, Series A, 5.00%, 07/01/22

    320       321,955  

Los Angeles Department of Water & Power System Revenue RB

   

Series A, 4.00%, 07/01/22

    90       90,406  

Series A, 5.00%, 07/01/22

    330       332,016  

Series B, 5.00%, 07/01/22

    220       221,344  

Series C, 4.00%, 07/01/22

    45       45,203  

Los Angeles Unified School District/CA GO

   

5.00%, 07/01/22

    460       462,818  

Series A, 5.00%, 07/01/22

    975       980,973  

Series B, 5.00%, 07/01/22

    455       457,787  

Series B-1, 5.00%, 07/01/22

    285       286,746  

Series C, 5.00%, 07/01/22

    205       206,256  

Serise A, 5.00%, 07/01/22

    80       80,490  

Manhattan Beach Unified School District GO, Series B, 0.00%, 09/01/22 (NPFGC)(a)

    25       24,884  

Metropolitan Water District of Southern California RB, Series A, 5.00%, 07/01/22

    350       352,109  

Milpitas Redevelopment Agency Successor Agency TA, 5.00%, 09/01/22

    155       156,662  

Modesto Irrigation District RB, 5.00%, 10/01/22

    800       811,649  

Monterey Peninsula Community College District GO, 0.00%, 08/01/22(a)

    110       109,614  

Morgan Hill Redevelopment Agency Successor Agency TA, Series A, 5.00%, 09/01/22

    50       50,581  

Mount Diablo Unified School District/CA GO, Series A, 0.00%, 08/01/22 (AGM)(a)

    160       159,392  

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

    185               188,195  

New Haven Unified School District GO, 0.00%, 08/01/22 (AGM)(a)

    50       49,800  

Orange County Water District RB, Series C, 5.00%, 08/15/22

    100       101,046  

Oxnard Financing Authority RB, 5.00%, 06/01/22

    20       20,059  

Poway Redevelopment Agency Successor Agency TA, Series A, 5.00%, 06/15/22

    25       25,110  

Poway Unified School District GO, 5.00%, 08/01/22

    15       15,136  

Redwood City Elementary School District/CA GO, 0.00%, 08/01/22 (NPFGC)(a)

    40       39,822  

Sacramento County Sanitation Districts Financing Authority RB

   

Series A, 5.00%, 12/01/22

    325       331,554  

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

    145       148,132  

Sacramento Municipal Utility District RB

   

5.00%, 07/01/22

    60       60,369  

5.00%, 08/15/22

    160       161,664  

Series D, 5.00%, 08/15/22

    50       50,520  

Series F, 5.00%, 08/15/22

    250       252,600  

San Diego County Regional Transportation Commission RB

   

VRDN,0.38%, 04/01/38 (Put 05/06/22)(b)

    5,100       5,099,999  

Series A, 5.00%, 10/01/22

    1,500       1,521,218  

San Diego County Water Authority Financing Corp. RB, 5.00%, 05/01/22

    340       340,000  

San Diego Regional Building Authority RB, Series A, 5.00%, 10/15/22

    260       264,134  

 

 

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

  13


Schedule of Investments  (unaudited) (continued)

April 30, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

California (continued)

   

San Diego Unified School District/CA GO 3.00%, 07/01/22

  $ 100     $ 100,276  

Series A, 0.00%, 07/01/22 (NPFGC)(a)

    480       479,027  

Series D-1, 5.50%, 07/01/22 (NPFGC)

    200       201,352  

Series D-2, 5.00%, 07/01/22

    435       437,593  

Series H-2, 5.00%, 07/01/22

    175       176,043  

San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, Series A, 5.00%, 07/01/22

    75       75,461  

San Francisco City & County Airport Commission San Francisco International Airport RB

   

VRDN,0.38%, 05/01/58 (Put 05/06/22)(b)

      2,700             2,700,000  

Series A, 5.00%, 05/01/22

    125       125,000  

Series D, 5.00%, 05/01/22

    250       250,000  

San Joaquin Delta Community College District GO, Series A, 5.00%, 08/01/22

    115       116,043  

San Jose Evergreen Community College District GO

   

5.00%, 09/01/22

    200       202,384  

Serise B, 4.00%, 09/01/22

    100       100,866  

San Jose Financing Authority RB, Series A, 5.00%, 06/01/22

    50       50,150  

San Juan Unified School District GO, 0.00%, 08/01/22 (AGM)(a)

    125       124,589  

San Mateo County Community College District GO

   

4.00%, 09/01/22

    30       30,261  

Series A, 0.00%, 09/01/22 (NPFGC)(a)

    175       174,191  

San Rafael City High School District/CA GO, Series B, 0.00%, 08/01/22 (NPFGC)(a)

    100       99,620  

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

    75       74,181  

San Ramon Valley Unified School District/CA GO

   

4.00%, 08/01/22

    110       110,742  

5.00%, 08/01/22

    110       111,009  

Santa Ana Unified School District GO, Series B, 0.00%, 08/01/22 (NPFGC)(a)

    40       39,834  

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

    515       524,479  

Santa Clara Valley Water District COP, Series C, 5.00%, 06/01/22

    125       125,374  

Santa Monica Community College District GO

   

Series A, 5.00%, 08/01/22

    100       100,915  

Series E, 0.00%, 08/01/22(a)

    50       49,809  

Santa Monica-Malibu Unified School District, Series E, 4.00%, 08/01/22

    275       276,875  

Santa Monica-Malibu Unified School District GO, 0.00%, 08/01/22 (NPFGC)(a)

    55       54,803  

Saratoga Union School District GO, Series A, 0.00%, 09/01/22 (NPFGC)(a)

    170       169,104  

Sierra Joint Community College District School Facilities District No. 2 GO, Series B, 0.00%, 08/01/22 (NPFGC)(a)

    50       49,815  

Sonoma County Junior College District GO, 5.00%, 08/01/22

    115       116,041  

Southern California Public Power Authority RB, Series A, 5.00%, 07/01/22

    115       115,689  

State of California Department of Water Resources Power Supply Revenue RB

   

Series O, 4.00%, 05/01/22

    135       135,000  

Series O, 5.00%, 05/01/22

    525       525,000  

State of California Department of Water Resources RB

   

Series AM, 5.00%, 12/01/22

    430       438,471  

Series AR, 5.00%, 12/01/22

    65       66,280  

Series AS, 5.00%, 12/01/22

    75       76,477  

Series AW, 5.00%, 12/01/22

    505       514,948  
Security  

Par

(000)

    Value  

California (continued)

   

Series AX, 5.00%, 12/01/22

  $ 100     $ 101,970  

Series BB, 5.00%, 12/01/22

    215       219,235  

State of California GO

   

3.00%, 10/01/22

    140       140,919  

4.00%, 09/01/22

    345       348,138  

4.00%, 10/01/22

    125       126,331  

4.00%, 12/01/22

    645       654,055  

5.00%, 05/01/22

    435       435,000  

5.00%, 08/01/22

    300       302,827  

5.00%, 09/01/22

      2,950       2,986,445  

5.00%, 10/01/22

    1,035       1,050,249  

5.00%, 11/01/22

    310       315,370  

5.00%, 12/01/22

    1,745       1,779,493  

5.25%, 09/01/22

    115       116,514  

5.25%, 10/01/22

    590       599,294  

Series A, 5.00%, 09/01/22

    285       288,521  

Series A, 5.00%, 10/01/22

    445       451,556  

Series B, 5.00%, 08/01/22

    480       484,523  

Series B, 5.00%, 09/01/22

    1,200       1,214,825  

Torrance Unified School District GO, 5.00%, 08/01/22

    40       40,365  

University of California RB

   

Series AO, 4.00%, 05/15/22

    20       20,019  

Series AO, 5.00%, 05/15/22

    245       245,317  

Series AR, 4.00%, 05/15/22

    75       75,072  

Series G, 5.00%, 05/15/22

    140       140,181  

Ventura County Community College District GO

   

5.00%, 08/01/22

    105       105,958  

Series C, 0.00%, 08/01/22(a)

    250       249,013  

West Valley-Mission Community College District GO, Series A, 4.00%, 08/01/22

    175       176,171  

William S Hart Union High School District GO, Series B, 0.00%, 09/01/22 (AGM)(a)

    25       24,866  
   

 

 

 
        53,678,259  
Colorado — 1.6%            

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

    325       330,475  

City & County of Denver CO RB, Series A, 5.00%, 08/01/22

    120       121,059  

City & County of Denver Co. GO, Series A, 5.00%, 08/01/22

    100       100,860  

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

    190       193,528  

City of Colorado Springs Co. Utilities System Revenue RB, VRDN,0.42%, 11/01/41 (Put 05/06/22)(b)

    2,145       2,145,000  

Denver City & County School District No. 1 GO

   

4.00%, 12/01/22 (SAW)

    100       101,403  

Series B, 4.00%, 12/01/22 (SAW)

    275       278,858  

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

    1,100       1,114,986  

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

    225       229,354  

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

    480       489,287  

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

    465       473,997  

E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/22 (NPFGC)(a)

    90       89,549  

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

    75       76,469  

University of Colorado RB

   

Serise A-1, 4.00%, 06/01/22

    120       120,267  

Serise A-1, 4.00%, 06/01/22 (ETM)

    100       100,218  

Serise B, 5.00%, 06/01/22

    175       175,524  

Serise B, 5.00%, 06/01/22 (ETM)

    5       5,015  
   

 

 

 
      6,145,849  

 

 

14  

2 0 2 2   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, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Connecticut — 1.4%

   

City of Stamford CT GO, Series B, 5.00%, 07/01/22

  $ 195     $ 196,191  

Connecticut State Health & Educational Facilities Authority RB

   

Series A-1, VRDN,5.00%, 07/01/42 (Put 07/01/22)(b)

    645       648,728  

Series A-2, VRDN,5.00%, 07/01/42 (Put 07/01/22)(b)

    350       352,023  

Series E, 5.00%, 07/01/22

    150       150,911  

State of Connecticut GO

   

5.00%, 11/15/22

    150       152,745  

Series A, 5.00%, 10/15/22

    570       579,012  

Series C, 5.00%, 06/01/22

    130       130,391  

Series C, 5.00%, 06/15/22

    90       90,401  

Series D, 5.00%, 06/15/22

    20       20,089  

Series D, 5.00%, 08/15/22

    240       242,495  

Series E, 5.00%, 08/15/22

    175       176,820  

Series E, 5.00%, 10/15/22

    670       680,593  

Series F, 4.00%, 11/15/22

    675       683,781  

Series F, 5.00%, 11/15/22

    130       132,379  

Serise F, 5.00%, 09/15/22

    300       303,948  

State of Connecticut Special Tax Revenue RB

   

Series A, 5.00%, 08/01/22

    130       131,128  

Series A, 5.00%, 09/01/22

    465       470,279  

Series A, 5.00%, 10/01/22

    210       212,927  

Series B, 5.00%, 08/01/22

    135       136,171  

University of Connecticut RB, Series A, 5.00%, 08/15/22

    125       126,210  
   

 

 

 
      5,617,222  
Delaware — 0.5%            

City of Wilmington DE GO, 4.00%, 06/01/22

    115       115,254  

Delaware Transportation Authority RB

   

5.00%, 06/01/22

    345       346,009  

5.00%, 07/01/22

    865       870,270  

State of Delaware GO

   

Series A, 5.00%, 10/01/22

    300       304,381  

Series B, 5.00%, 07/01/22

    275       276,680  

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

    105       106,756  
   

 

 

 
      2,019,350  
District of Columbia — 1.5%            

District of Columbia GO

   

Series A, 5.00%, 06/01/22

    1,050       1,053,130  

Series A, 5.00%, 10/15/22

    225       228,506  

Series B, 5.00%, 06/01/22

    100       100,298  

Series D, 5.00%, 06/01/22

    125       125,373  

Series E, 5.00%, 06/01/22

    155       155,462  

District of Columbia RB

   

5.00%, 07/15/22

    75       75,517  

Series A, 4.00%, 12/01/22

    195       197,747  

Series A, 5.00%, 12/01/22

    515       525,205  

Series C, 4.00%, 12/01/22

    150       152,114  

Series C, 5.00%, 10/01/22

    125       126,846  

Series C, 5.00%, 12/01/22

      1,570       1,601,112  

District of Columbia Water & Sewer Authority RB

   

Series A, 5.00%, 10/01/22

    265       268,859  

Series C, 5.00%, 10/01/22

    415       421,043  

Metropolitan Washington Airports Authority Aviation Revenue RB, Series C, 5.00%, 10/01/22

    505       511,849  

Washington Metropolitan Area Transit Authority RB, Series B, 5.00%, 07/01/22

    125       125,756  
   

 

 

 
            5,668,817  
Florida — 4.5%            

Board of Governors State University System of Florida RB, Series A, 5.00%, 07/01/22

    50       50,302  
Security   Par
(000)
    Value  

Florida (continued)

   

Broward County FL Water & Sewer Utility Revenue RB, Series B, 5.00%, 10/01/22

  $ 405     $ 410,914  

Central Florida Expressway Authority RB, Series B, 4.00%, 07/01/22

    55       55,247  

City of Jacksonville FL RB

   

5.00%, 10/01/22

    330       334,830  

Series A, 4.00%, 10/01/22

    50       50,505  

Series A, 5.00%, 10/01/22

    100       101,377  

Series C, 5.00%, 10/01/22

    100       101,377  

City of Tallahassee FL Energy System Revenue RB, 5.00%, 10/01/22

    70       71,022  

City of Tampa FL RB

   

5.00%, 10/01/22

    230       233,330  

Series A, 5.00%, 10/01/22

    140       142,027  

Series B, 5.00%, 10/01/22

    75       76,086  

County of Broward FL Airport System Revenue RB

   

Series C, 5.00%, 10/01/22

    245       248,272  

Series P-2, 5.00%, 10/01/22

    170       172,270  

Series Q-1, 5.00%, 10/01/22

    50       50,668  

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

    160       162,691  

County of Lee FL Transportation Facilities Revenue RB, 5.00%, 10/01/22 (AGM)

    100       101,398  

County of Miami-Dade FL Aviation Revenue RB, Series B, 5.00%, 10/01/22

    575       582,440  

County of Miami-Dade FL GO, 5.00%, 07/01/22

    140       140,846  

County of Miami-Dade FL RB, Series A, 5.00%, 10/01/22

    135       136,932  

County of Miami-Dade FL Transit System RB, 5.00%, 07/01/22

    300       301,738  

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

   

5.00%, 10/01/22

    235       238,314  

Series A, 4.38%, 10/01/22 (AGM)

    100       101,180  

Series B, 5.25%, 10/01/22 (AGM)

    525       533,071  

County of Palm Beach FL RB

   

5.00%, 05/01/22

    60       60,000  

5.00%, 06/01/22

    100       100,300  

5.00%, 11/01/22

    45       45,773  

Series A, 5.00%, 11/01/22

    50       50,858  

County of Palm Beach FL Water & Sewer Revenue RB, 4.00%, 10/01/22

    30       30,314  

County of Pasco FL Water & Sewer Revenue RB, Series A, 5.00%, 10/01/22

    80       81,152  

County of Sarasota FL RB, 5.00%, 10/01/22

    55       55,769  

Florida Department of Environmental Protection RB

   

Series A, 5.00%, 07/01/22

      1,075           1,081,568  

Serise A, 5.00%, 07/01/22

    150       150,916  

Florida Department of Management Services COP, Series A, 5.00%, 08/01/22

    295       297,662  

Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/22

    325       329,611  

Florida State University Housing Facility Revenue RB, Series A, 5.00%, 05/01/22

    250       250,000  

Florida’s Turnpike Enterprise RB

   

Series A, 5.00%, 07/01/22

    715       719,157  

Series B, 5.00%, 07/01/22

    540       543,139  

Series C, 5.00%, 07/01/22

    200       201,163  

Jacksonville Transportation Authority RB, 5.00%, 08/01/22

    230       232,035  

JEA Electric System Revenue RB, Series A, 5.00%, 10/01/22

    80       81,148  

JEA Water & Sewer System Revenue RB, Series A, 5.00%, 10/01/22

    140       141,992  

 

 

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, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Florida (continued)

   

Miami-Dade County Expressway Authority RB

   

Series A, 5.00%, 07/01/22

  $ 80     $ 80,418  

Series B, 5.00%, 07/01/22

    265       266,384  

Orange County School Board COP, Series D, 5.00%, 08/01/22

    290       292,595  

Orlando Utilities Commission RB

   

Series A, 5.00%, 10/01/22

    340       344,965  

Series C, 4.00%, 10/01/22

    175       176,841  

Series C, 5.00%, 10/01/22

    255       258,724  

Series C, 5.25%, 10/01/22

    130       132,031  

Orlando-Orange County Convention Center RB, 5.00%, 10/01/22

    270       273,539  

Orlando-Orange County Expressway Authority RB

   

5.00%, 07/01/22

    275       276,581  

Series B, 5.00%, 07/01/22

    220       221,264  

Series B, 5.00%, 07/01/22 (AGM)

    185       186,091  

Palm Beach County School District COP

   

5.00%, 08/01/22

    650       655,784  

Series B, 5.00%, 08/01/22

    250       252,225  

Series D, 5.00%, 08/01/22

    375       378,337  

Reedy Creek Improvement District GOL

   

5.00%, 06/01/22

    120       120,356  

Series A, 5.00%, 06/01/22

    65       65,193  

Series B, 4.00%, 06/01/22

    160       160,351  

School Board of Miami-Dade County (The) COP

   

Series A, 5.00%, 05/01/22

    315               315,000  

Series D, 5.00%, 11/01/22

    160       162,420  

School District of Broward County/FL COP

   

Series A, 5.00%, 07/01/22

    425       427,373  

Series B, 5.00%, 07/01/22

    20       20,112  

Series C, 5.00%, 07/01/22

    250       251,396  

State of Florida Department of Transportation RB, 5.00%, 07/01/22

    75       75,450  

State of Florida GO

   

Series A, 5.00%, 06/01/22

    640       641,909  

Series A, 5.00%, 07/01/22

    95       95,582  

Series B, 5.00%, 06/01/22

    490       491,461  

Series C, 5.00%, 06/01/22

        575       576,714  

Series E, 5.00%, 06/01/22

    80       80,238  

State of Florida Lottery Revenue RB

   

Series A, 5.00%, 07/01/22

    1,010       1,016,170  

Series B, 5.00%, 07/01/22

    90       90,550  

Volusia County School Board COP, Series A, 5.00%, 08/01/22

    115       116,026  
   

 

 

 
      17,351,474  
Georgia — 1.8%            

City of Atlanta GA Airport Passenger Facility Charge RB, Series F, 5.00%, 07/01/22

    150       150,887  

City of Atlanta GA Water & Wastewater Revenue RB

   

5.00%, 11/01/22

    950       966,073  

Series B, 5.00%, 11/01/22

    150       152,538  

Georgia State Road & Tollway Authority RB

   

Series A, 5.00%, 06/01/22

    175       175,515  

Series B, 5.00%, 10/01/22 (GTD)

    150       152,197  

Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/22

    500       504,337  

Metropolitan Atlanta Rapid Transit Authority RB, Series A, 5.00%, 07/01/30 (PR 07/01/22)

    2,015       2,027,177  

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

    135       137,015  

State of Georgia GO

   

Series C, 4.00%, 09/01/22

    405       408,602  
Security   Par
(000)
    Value  

Georgia (continued)

   

Series C, 4.00%, 10/01/22

  $ 1,215     $ 1,228,186  

Series E, 5.00%, 12/01/22

    250       255,013  

Serise H, 5.00%, 12/01/22

    650       663,033  
   

 

 

 
      6,820,573  
Hawaii — 2.8%            

City & County Honolulu HI Wastewater System Revenue RB

   

Series A, 5.00%, 07/01/22

    175       176,077  

Series A, 5.00%, 07/01/25 (PR 07/01/22)

    1,155       1,161,980  

Series A, 5.00%, 07/01/30 (PR 07/01/22)

    125       125,756  

Series B, 5.00%, 07/01/22

    120       120,755  

City & County of Honolulu HI GO

   

Series A, 5.00%, 10/01/22

    230       233,349  

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

    25       25,424  

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

    2,000       2,033,938  

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

    1,175       1,194,938  

Series B, 5.00%, 09/01/22

    50       50,593  

Series B, 5.00%, 10/01/22 (ETM)

    125       126,820  

Series B, 5.00%, 11/01/22

    225       228,852  

Series C, 5.00%, 10/01/22

    620       629,028  

Series E, 3.00%, 09/01/22

    100       100,534  

County of Hawaii HI GO

   

Series A, 5.00%, 09/01/22

        145               146,728  

Series B, 5.00%, 09/01/22

    370       374,410  

Honolulu City & County Board of Water Supply RB, Series A, 5.00%, 07/01/22

    20       20,121  

State of Hawaii GO

   

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

    35       35,422  

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

    580       589,842  

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

    115       116,952  

Series EF, 5.00%, 11/01/22

    320       325,414  

Series EO, 5.00%, 08/01/22

    150       151,342  

Series EP, 5.00%, 08/01/22

    150       151,342  

Series EX, 3.00%, 10/01/22

    150       150,935  

Series EZ, 5.00%, 10/01/22

    175       177,519  

Series FE, 5.00%, 10/01/22

    535       542,701  

Series FG, 5.00%, 10/01/22

    110       111,584  

Series FH, 5.00%, 10/01/22

    955       968,747  

Series FN, 5.00%, 10/01/22

    70       71,008  

University of Hawaii RB, Series D, 5.00%, 10/01/22

    535       542,813  
   

 

 

 
      10,684,924  
Idaho — 0.1%            

Idaho Housing & Finance Association RB

   

Series A, 5.00%, 07/15/22

    150       151,083  

Series B, 5.00%, 07/15/22

    205       206,476  
   

 

 

 
      357,559  
Illinois — 1.4%            

Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/22

    100       100,274  

Illinois Finance Authority RB

   

5.00%, 07/01/22

    680       684,109  

5.00%, 10/01/22

    25       25,351  

Series A, 5.00%, 10/01/22

    395       400,686  

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

    645       657,254  

Metropolitan Pier & Exposition Authority RB, 5.65%, 06/15/22 (ETM NPFGC)

    5       5,025  

Regional Transportation Authority RB, Series A, 5.50%, 07/01/22 (NPFGC)

    55       55,359  

 

 

16  

2 0 2 2   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, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Illinois (continued)

   

State of Illinois GO

   

0.00%, 08/01/22(a)

  $ 100     $ 99,554  

4.00%, 09/01/22

    100       100,665  

5.00%, 05/01/22

    370       370,000  

5.00%, 08/01/22 (AGM)

    200       201,629  

Series A, 5.00%, 10/01/22

    535       541,481  

Series A, 5.00%, 12/01/22

    500       508,049  

Series B, 5.00%, 09/01/22

    300       302,968  

Series B, 5.00%, 10/01/22

    170       172,060  

Series D, 5.00%, 11/01/22

    800       811,350  

State of Illinois RB, Series C, 5.00%, 06/15/22

    100       100,340  

State of Illinois Sales Tax Revenue RB, 5.00%, 06/15/22

    400       401,360  
   

 

 

 
      5,537,514  
Indiana — 0.5%            

Ball State University RB

   

5.00%, 07/01/22

    45       45,267  

Series R, 5.00%, 07/01/22

    325       326,932  

Indiana Finance Authority RB

   

Series A, 5.00%, 06/01/22

        100               100,291  

Series A, 5.00%, 10/01/22

    155       157,238  

Series A, 5.00%, 12/01/22

    210       213,623  

Serise A, 5.00%, 12/01/22

    245       249,783  

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

    115       117,753  

Indiana University RB

   

Series A, 5.00%, 06/01/22

    390       391,181  

Series Y, 5.00%, 08/01/22

    85       85,773  

Purdue University RB, Series A, 5.00%, 07/01/22

    140       140,858  
   

 

 

 
      1,828,699  
Iowa — 0.5%            

Ankeny Community School District GO, Series A, 4.00%, 06/01/22

    25       25,056  

City of Cedar Rapids IA GO, Series A, 5.00%, 06/01/22

    125       125,380  

City of Des Moines IA GO

   

Series B, 5.00%, 06/01/22

    205       205,618  

Series E, 5.00%, 06/01/22

    195       195,587  

Des Moines Independent Community School District RB, 5.00%, 06/01/22 (BAM)

    60       60,181  

Iowa City Community School District RB, 5.00%, 06/01/22

    120       120,349  

Iowa Finance Authority RB, 5.00%, 08/01/22

    505       509,569  

State of Iowa Board of Regents RB, 4.00%, 09/01/22

    215       216,791  

State of Iowa RB, Series A, 5.00%, 06/01/22

    645       646,923  
   

 

 

 
      2,105,454  
Kansas — 0.4%            

Johnson County Public Building Commission RB, Series B, 5.00%, 09/01/22

    270       273,164  

State of Kansas Department of Transportation RB

   

Series A, 5.00%, 09/01/22

    840       849,704  

Series B, 5.00%, 09/01/22

    135       136,559  

Series C, 5.00%, 09/01/22

    100       101,155  

Wyandotte County-Kansas City Unified Government Utility System Revenue RB, Series A, 5.00%, 09/01/22

    125       126,444  
   

 

 

 
      1,487,026  
Kentucky — 0.0%            

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

    100       101,627  
   

 

 

 
Louisiana — 0.6%            

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

    110       111,812  
Security   Par
(000)
    Value  

Louisiana (continued)

   

State of Louisiana Gasoline & Fuels Tax Revenue RB

   

Series A-1, 4.00%, 05/01/22

  $ 70     $ 70,000  

Series A-1, 5.00%, 05/01/22

    105       105,000  

State of Louisiana GO

   

Series A, 5.00%, 08/01/22

    145       146,298  

Series A, 5.00%, 09/01/22

    100       101,172  

Series A, 5.00%, 08/01/26 (PR 08/01/22)

    185       186,637  

Series B, 5.00%, 08/01/22

    50       50,447  

Series B, 5.00%, 10/01/22

    115       116,655  

Series C, 4.00%, 07/15/22

    160       160,867  

Series C, 5.00%, 07/15/22

    100       100,740  

Series C, 5.00%, 07/15/25 (PR 07/15/22)

    295       297,183  

Series C, 5.00%, 07/15/26 (PR 07/15/22)

    500       503,701  

State of Louisiana RB

   

5.00%, 09/01/22

    150       151,778  

Series A, 5.00%, 06/15/22

    50       50,223  
   

 

 

 
      2,152,513  
Maine — 0.4%            

Maine Municipal Bond Bank RB

   

Series A, 5.00%, 09/01/22

        560               566,824  

Series A, 5.00%, 11/01/22

    100       101,717  

Series B, 5.00%, 11/01/22

    85       86,459  

Series C, 5.00%, 11/01/22

    320       325,494  

Series D, 5.00%, 11/01/22

    160       162,747  

Series D, 5.00%, 11/01/22 (ETM)

    10       10,165  

Maine Turnpike Authority RB, 5.00%, 07/01/22

    155       155,916  

State of Maine GO, Series B, 5.00%, 06/01/22

    210       210,631  
   

 

 

 
      1,619,953  
Maryland — 3.5%            

City of Baltimore MD GO, Series B, 5.00%, 10/15/22

    225       228,526  

City of Baltimore MD RB

   

Series A, 5.00%, 07/01/22

    135       135,818  

Series D, 5.00%, 07/01/22

    140       140,848  

County of Anne Arundel MD GOL, 5.00%, 10/01/22

    300       304,394  

County of Baltimore MD COP, 5.00%, 10/01/22

    60       60,861  

County of Baltimore MD GO

   

Series B, 5.00%, 08/01/22

    515       519,673  

Series C, 4.00%, 09/01/22

    265       267,287  

County of Baltimore MD RB, Series B, 5.00%, 07/01/22

    190       191,151  

County of Charles MD GO, 5.00%, 10/01/22

    500       507,218  

County of Frederick MD GO, Series A, 5.00%, 08/01/22

    200       201,790  

County of Montgomery MD GO

   

Series A, 5.00%, 11/01/22

    110       111,927  

Series A, 5.00%, 12/01/22

    250       254,998  

Series B, 5.00%, 12/01/22

    120       122,399  

Series C, 5.00%, 10/01/22

    500       507,447  

County of Prince George’s MD COP, 5.00%, 10/15/22

    75       76,169  

County of Prince George’s MD GOL

   

Series A, 5.00%, 07/15/22

    100       100,755  

Series C, 5.00%, 08/01/22

    530       534,835  

Serise A, 5.00%, 09/01/22

    130       131,554  

Maryland Health & Higher Educational Facilities Authority RB, Series A, 5.00%, 07/01/22

    195       196,178  

Maryland State Transportation Authority RB, 5.00%, 07/01/22

    185       186,085  

State of Maryland Department of Transportation RB

   

5.00%, 09/01/22

    500       505,893  

5.00%, 10/01/22

    3,220       3,266,621  

State of Maryland GO

   

First Series C, 4.00%, 08/15/22

    210       211,562  

 

 

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, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Maryland (continued)

   

Second Series B, 5.00%, 08/01/22

  $ 1,935     $ 1,952,316  

Series B, 5.00%, 08/01/22

    600       605,369  

Series C, 5.00%, 08/01/22

    1,245       1,256,141  

Washington Suburban Sanitary Commission RB, 5.00%, 06/01/22

    1,030       1,033,111  
   

 

 

 
      13,610,926  
Massachusetts — 4.7%            

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

    440       445,957  

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

    750       762,989  

Commonwealth of Massachusetts GOL

   

Series A, 5.00%, 05/01/22

    60       60,000  

Series A, 5.00%, 07/01/22

    410       412,532  

Series B, 5.00%, 08/01/22

    270       272,477  

Series B, 5.25%, 08/01/22

    210       212,054  

Series C, 5.00%, 07/01/22

        300               301,852  

Series C, 5.00%, 08/01/22

    215       216,972  

Series C, 5.00%, 10/01/22

    275       279,062  

Series C, 5.00%, 07/01/24 (PR 07/01/22)

    285       286,722  

Series C, 5.50%, 12/01/22 (AMBAC)

    485       496,000  

Series E, 5.00%, 09/01/22

    105       106,262  

Series E, 5.00%, 11/01/22

    110       111,911  

Series E, 5.00%, 09/01/25 (PR 09/01/22)

    390       394,583  

Series E, 5.00%, 09/01/28 (PR 09/01/22)

    1,285       1,300,101  

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

    570       579,672  

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

    150       152,545  

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

    500       508,484  

Series H, 5.00%, 12/01/22

    1,215       1,239,077  

Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/22

    355       356,044  

Massachusetts Bay Transportation Authority RB

   

Series A, 0.00%, 07/01/22(a)

    100       99,767  

Series A, 5.00%, 07/01/22

    1,035       1,041,272  

Series A, 5.25%, 07/01/22

    80       80,517  

Series B, 5.25%, 07/01/22

    450       452,907  

Massachusetts Clean Water Trust (The) RB

   

5.00%, 08/01/22

    220       221,996  

Series 12B, 5.00%, 08/01/22

    500       504,536  

Massachusetts Development Finance Agency RB

   

5.00%, 07/01/22

    100       100,590  

Series A, 5.00%, 07/15/22

    200       201,493  

Massachusetts Health & Educational Facilities Authority RB

   

Series J-1, VRDN,0.40%, 07/01/31 (Put 05/06/22)(b)

    5,000       5,000,000  

Serise K, 5.50%, 07/01/22

    250       251,723  

Massachusetts Port Authority RB, Series B, 4.00%, 07/01/22

    20       20,089  

Massachusetts School Building Authority RB

   

Series A, 5.00%, 08/15/22

    740       747,695  

Series A, 5.00%, 08/15/22 (ETM)

    45       45,462  

Massachusetts Water Resources Authority RB, Serise A, 5.00%, 08/01/22

    325       327,908  

University of Massachusetts Building Authority RB

   

Series 1, 5.00%, 11/01/22

    50       50,846  

Series 2, 5.00%, 11/01/22

    405       411,852  
   

 

 

 
      18,053,949  
Michigan — 1.9%            

City of Detroit MI Sewage Disposal System Revenue RB, Series A, 5.25%, 07/01/39 (PR 07/01/22)

    1,000       1,006,444  

Michigan Finance Authority RB

   

4.00%, 10/01/22

    275       277,893  
Security   Par
(000)
    Value  

Michigan (continued)

   

5.00%, 08/01/22

  $ 80     $ 80,706  

5.00%, 10/01/22

    75       76,095  

Series B, 5.00%, 10/01/22

    455       461,645  

Michigan State Building Authority RB

   

4.00%, 10/15/22

    1,200       1,213,557  

Series A, 5.00%, 10/15/22

    930       944,661  

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

    250       252,941  

Michigan State University RB, Series A,
5.00%, 08/15/22

    315       318,267  

State of Michigan Comprehensive Transportation Revenue RB, 5.25%, 05/15/22 (AGM)

    130       130,177  

State of Michigan GO

   

Series A, 5.00%, 12/01/22

    470       479,286  

Series B, 5.00%, 11/01/22

        710             722,296  

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

    1,345       1,369,321  
   

 

 

 
      7,333,289  
Minnesota — 1.1%            

City of Minneapolis MN GO

   

4.00%, 12/01/22

    510       517,067  

5.00%, 12/01/22

    190       193,721  

County of Hennepin MN GO

   

Series A, 5.00%, 12/01/22

    140       142,823  

Series B, 5.00%, 12/01/22

    105       107,118  

Series C, 5.00%, 12/01/22

    100       102,017  

Metropolitan Council GO

   

Series B, 5.00%, 09/01/22

    125       126,486  

Series E, 5.00%, 09/01/22

    100       101,188  

Minnesota Municipal Power Agency RB, Series A, 5.00%, 10/01/22

    40       40,559  

State of Minnesota GO

   

Series A, 5.00%, 08/01/22

    780       786,999  

Series B, 5.00%, 08/01/22

    1,050       1,059,422  

Series D, 5.00%, 10/01/22

    530       537,740  

Series F, 5.00%, 10/01/22

    440       446,425  

State of Minnesota RB, Series A, 5.00%, 06/01/22

    155       155,450  
   

 

 

 
      4,317,015  
Mississippi — 0.2%            

State of Mississippi GO

   

Series C, 5.00%, 10/01/22

    120       121,757  

Series F, 4.00%, 11/01/22

    260       263,201  

Series F, 5.25%, 10/01/22

    100       101,567  

Series H, 5.00%, 12/01/22

    300       305,892  
   

 

 

 
      792,417  
Missouri — 0.6%            

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

    75       76,312  

Metropolitan St. Louis Sewer District RB, Series B, 5.00%, 05/01/22

    80       80,000  

Missouri Highway & Transportation Commission RB

   

Series A, 5.00%, 05/01/22

    330       330,000  

Series B, 5.00%, 05/01/22

    465       465,000  

Missouri State Board of Public Buildings RB, Series A, 5.00%, 10/01/22

    375       380,476  

Missouri State Environmental Improvement & Energy Resources Authority RB, Series A, 5.00%, 07/01/22

    420       422,566  

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

    405       411,872  
   

 

 

 
      2,166,226  
Montana — 0.0%            

Montana Department of Transportation RB, 5.00%, 06/01/22

    100       100,294  
   

 

 

 

 

 

18  

2 0 2 2   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, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Nebraska — 0.4%

   

City of Lincoln NE Electric System Revenue RB, 5.00%, 09/01/22

  $ 365     $ 369,301  

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

    695       708,055  

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

    115       117,160  

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

    360       366,987  

University of Nebraska Facilities Corp. RB, 4.00%, 10/01/22

    105       106,105  
   

 

 

 
      1,667,608  
Nevada — 2.0%            

City of Las Vegas NV GOL, Series C, 5.00%, 09/01/22

    200       202,377  

Clark County School District GOL

   

Series A, 5.00%, 06/15/22

    165       165,709  

Series B, 5.00%, 06/15/22

    280       281,204  

Series C, 5.00%, 06/15/22

    125       125,537  

Series D, 5.00%, 06/15/22

    240       241,032  

Clark County Water Reclamation District GOL, 5.00%, 07/01/22

    390       392,389  

County of Clark Department of Aviation RB

   

5.00%, 07/01/22

    1,020       1,025,812  

Series B, 5.00%, 07/01/22

        145               145,826  

Series C, 5.00%, 07/01/22

    150       150,855  

County of Clark NV GOL

   

5.00%, 06/01/22

    150       150,453  

5.00%, 11/01/22

    395       401,782  

Series A, 5.00%, 07/01/22

    145       145,886  

Series A, 5.00%, 11/01/22

    400       406,867  

Series B, 5.00%, 11/01/22

    450       457,726  

County of Clark NV RB

   

5.00%, 07/01/22

    555       558,254  

5.00%, 11/01/22

    315       320,408  

Series A, 5.00%, 07/01/22

    470       472,755  

Nevada System of Higher Education RB

   

4.00%, 07/01/22

    50       50,207  

Series A, 4.00%, 07/01/22

    25       25,103  

Series B, 5.00%, 07/01/22

    485       487,780  

State of Nevada GOL

   

Series B, 4.00%, 08/01/22

    260       261,727  

Series B, 5.00%, 11/01/22

    80       81,373  

Series C, 5.00%, 08/01/22

    130       131,179  

State of Nevada Highway Improvement Revenue RB

   

4.00%, 12/01/22

    550       557,621  

5.00%, 12/01/22

    120       122,350  

Washoe County School District/NV GOL

   

Series A, 3.00%, 06/01/22

    105       105,151  

Series A, 5.00%, 06/01/22 (PSF)

    185       185,552  
   

 

 

 
      7,652,915  
New Hampshire — 0.1%            

New Hampshire Municipal Bond Bank RB

   

Series A, 5.00%, 08/15/22

    150       151,551  

Series B, 5.00%, 08/15/22

    110       111,109  

Series D, 4.00%, 08/15/22

    100       100,727  

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

    170       173,359  
   

 

 

 
      536,746  
New Jersey — 2.2%            

County of Bergen NJ GO, 5.00%, 10/15/22

    200       203,144  

Monmouth County Improvement Authority (The) RB

   

4.00%, 12/01/22 (GTD)

    125       126,747  

5.00%, 12/01/22 (GTD)

    775       790,267  
Security   Par
(000)
    Value  

New Jersey (continued)

   

Monmouth County Improvement Authority(The) RB, 5.00%, 10/01/22

  $ 135     $ 136,983  

New Jersey Economic Development Authority RB

   

5.00%, 06/15/22

    150       150,664  

Series B, 5.00%, 11/01/22

    905       919,860  

Series DDD, 5.00%, 06/15/22

    100       100,412  

Series XX, 4.00%, 06/15/22

    40       40,118  

Series XX, 5.00%, 06/15/22 (SAP)

    120       120,494  

New Jersey Educational Facilities Authority RB

   

5.00%, 06/15/22

    100       100,412  

5.00%, 09/01/22

    100       101,139  

Series A, 5.00%, 07/01/22

    700       704,276  

Series I, 5.00%, 07/01/22

    100       100,611  

New Jersey Health Care Facilities Financing Authority RB, Series A, 5.00%, 07/01/22

    180       181,032  

New Jersey Transportation Trust Fund Authority RB

   

Series A, 5.00%, 06/15/22

    595       597,224  

Series AA, 5.00%, 06/15/22

        335               336,380  

Series AA, 5.00%, 06/15/22 (SAP)

    130       130,536  

New Jersey Turnpike Authority RB, Series A, 5.00%, 01/01/43 (PR 07/01/22)

    2,750       2,766,619  

State of New Jersey GO

   

5.25%, 08/01/22

    175       176,555  

Series T, 5.00%, 06/01/22

    590       591,632  
   

 

 

 
      8,375,105  
New Mexico — 0.7%            

Albuquerque Municipal School District No. 12 GO, Series B, 5.00%, 08/01/22 (SAW)

    100       100,766  

County of Santa Fe NM GO, 5.00%, 07/01/22

    140       140,855  

New Mexico Finance Authority RB

   

5.00%, 06/15/22

    575       577,582  

Series D, 5.00%, 06/15/22

    100       100,449  

Series E, 5.00%, 06/15/22

    125       125,561  

Series SR, 5.00%, 06/15/22

    360       361,616  

State of New Mexico Severance Tax Permanent Fund RB

   

Series A, 5.00%, 07/01/22

    510       513,091  

Series B, 4.00%, 07/01/22

    265       266,181  

Series B, 5.00%, 07/01/22

    225       226,363  

University of New Mexico (The) RB

   

Series A, 5.00%, 06/01/22

    200       200,598  

Series C, 5.00%, 06/01/22

    105       105,314  
   

 

 

 
      2,718,376  
New York — 7.9%            

Battery Park City Authority RB, SERIES D-2, VRDN,0.44%, 11/01/38 (Put 05/06/22)(b)

    1,900       1,900,000  

City of New York NY GO

   

Series 1, 5.00%, 08/01/22

    295       297,677  

Series 2015-A, 5.00%, 08/01/22

    625       630,671  

Series A, 5.00%, 08/01/22

    605       610,489  

Series B-1, 5.00%, 12/01/22

    660       672,925  

Series C, 5.00%, 08/01/22

    1,380       1,392,521  

Series D, 5.00%, 08/01/22

    415       418,765  

Series E, 5.00%, 08/01/22

    240       242,177  

Series E, 5.25%, 08/01/22

    305       307,953  

Series F6, VRDN,0.33%, 06/01/44(b)

    3,000       3,000,000  

Series G, 5.00%, 08/01/22

    100       100,907  

Series H, 5.00%, 08/01/22

    285       287,586  

Series I, 5.00%, 08/01/22

    365       368,312  

Series J, 5.00%, 08/01/22

    580       585,262  

 

 

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) (continued)

April 30, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

New York (continued)

   

Long Island Power Authority RB

   

5.00%, 09/01/22

  $ 100     $ 101,169  

Series B, 5.00%, 09/01/22

    220       222,608  

Metropolitan Transportation Authority RB

   

Series A, 5.00%, 11/15/22

    110       111,901  

Series A-1, 5.00%, 11/15/22

    230       233,578  

Series A-2, 5.00%, 11/15/22

    300       304,667  

Series B, 5.00%, 11/15/22

    700       710,887  

Series B, 5.25%, 11/15/22 (AMBAC)

    35       35,611  

Series B-2, 5.00%, 11/15/22

    595       604,255  

Series C, 5.00%, 11/15/22

    290       294,511  

Series C, 5.00%, 11/15/22 (ETM)

    20       20,366  

Series D, 5.00%, 11/15/22

    45       45,700  

Series D-1, 5.00%, 11/01/22

    680       689,954  

Series E, 5.00%, 11/15/22

    125       126,944  

Series F, 5.00%, 11/15/22

    515       523,011  

Series H, 4.00%, 11/15/22

    115       116,182  

Series H, 4.00%, 11/15/22 (ETM)

    40       40,520  

Nassau County Interim Finance Authority RB

   

4.00%, 11/15/22

    5       5,065  

4.00%, 11/15/22 (ETM)

    120       121,496  

New York City Transitional Finance Authority Building Aid Revenue RB

   

Series S-1, 4.00%, 07/15/22 (SAW)

    115       115,625  

Series S-1, 5.00%, 07/15/22 (ETM SAW)

    115       115,863  

Series S-2, 5.00%, 07/15/22 (ETM SAW)

    25       25,188  

New York City Transitional Finance Authority Future Tax Secured Revenue RB

   

3.00%, 11/01/22

    115       115,851  

5.00%, 11/01/22

    305       310,252  

Series A-1, 5.00%, 08/01/22

    245       247,229  

Series A-1, 5.00%, 11/01/22

    440       447,576  

Series B, 5.00%, 11/01/22

    385       391,629  

Series B-1, 4.00%, 08/01/22

    70       70,458  

Series B-1, 5.00%, 08/01/22

    375       378,412  

Series B-1, 5.00%, 11/01/22

    110       111,894  

Series C, 5.00%, 11/01/22

        815               829,034  

Series C1, 5.00%, 05/01/22

    95       95,000  

Series D, 5.00%, 11/01/22

    205       208,530  

Serise C-1, 4.00%, 11/01/22

    100       101,231  

New York City Water & Sewer System RB

   

Series B, VRDN,0.35%, 06/15/50(b)

    3,100       3,100,000  

Series CC-2, 5.00%, 06/15/22

    325       326,457  

Series DD, 4.00%, 06/15/22

    60       60,199  

Series DD-2, 5.00%, 06/15/22

    260       261,160  

Series EE, 4.00%, 06/15/22

    205       205,682  

Series FF, 5.00%, 06/15/23 (PR 06/15/22)

    50       50,218  

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

    205       208,586  

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

    65       66,281  

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

    25       25,457  

New York State Dormitory Authority RB

   

5.00%, 05/15/22

    225       225,291  

Series A, 0.00%, 05/15/22 (NPFGC)(a)

    45       44,981  

Series A, 5.00%, 07/01/22

    1,110       1,116,664  

Series A, 5.00%, 10/01/22

    315       319,626  

Series A, 5.00%, 10/01/22 (SAW)

    240       243,174  

Series A, 5.50%, 05/15/22 (AMBAC)

    125       125,182  

Series B, 4.00%, 10/01/22

    75       75,795  
Security   Par
(000)
    Value  

New York (continued)

   

Series B, 4.00%, 10/01/22 (SAW)

  $ 125     $ 126,289  

Series F, 5.00%, 10/01/22 (AGM)

    240       243,395  

Series H, 5.00%, 10/01/22 (SAW)

    100       101,344  

New York State Environmental Facilities Corp. RB

   

5.00%, 06/15/22

    610       612,738  

Series A, 5.00%, 06/15/22

    1,140       1,145,118  

Series B, 4.00%, 11/15/22

    80       81,045  

Series B, 5.00%, 05/15/22

    100       100,130  

Port Authority of New York & New Jersey, 5.00%, 07/15/22

    230       231,684  

Port Authority of New York & New Jersey RB

   

Series 179, 5.00%, 12/01/22

    275       280,241  

Series 189, 5.00%, 05/01/22

    60       60,000  

Series 194, 5.00%, 10/15/22

    185       187,849  

Series 205, 5.00%, 11/15/22

    200       203,563  

Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/22

    550       558,693  

Triborough Bridge & Tunnel Authority RB

   

Series A, 4.00%, 11/15/22

    200       202,537  

Series A, 5.00%, 11/15/22

    460       467,823  

Series B, 5.00%, 11/15/22

    765       778,751  

Series B-1, 5.00%, 11/15/22

    235       239,224  
   

 

 

 
      30,762,619  
North Carolina — 1.8%            

City of Charlotte NC COP, Series C, 4.00%, 06/01/22

    30       30,067  

City of Charlotte NC GO

   

5.00%, 12/01/22

    270       275,272  

Series A, 5.00%, 07/01/22

    355       357,162  

City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/22

    125       125,762  

City of Durham NC GO, 5.00%, 09/01/22

    125       126,486  

City of Greensboro NC GO, Series B, 5.00%, 10/01/22

    100       101,464  

City of Raleigh NC GO, Series A, 5.00%, 09/01/22

    250       252,971  

City of Raleigh NC GOL, Series A, 4.00%, 10/01/22

    145       146,526  

County of Buncombe NC, 5.00%, 06/01/22

    375       376,127  

County of Buncombe NC GO, 5.00%, 06/01/22

    100       100,301  

County of Buncombe NC RB, 5.00%, 06/01/22

    45       45,135  

County of Durham NC GO, 5.00%, 10/01/22

        385               390,654  

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

    275       280,385  

County of Guilford NC GO

   

Series A, 5.00%, 05/01/22

    260       260,000  

Series D, 5.00%, 08/01/22

    115       116,058  

County of Mecklenburg NC GO

   

5.25%, 12/01/22

    100       102,113  

Series A, 5.00%, 09/01/22

    135       136,613  

Series B, 5.00%, 12/01/22

    120       122,364  

County of Mecklenburg NC RB, Series A, 5.00%, 10/01/22

    170       172,497  

County of New Hanover NC GO, 5.00%, 08/01/22

    400       403,540  

County of Wake NC GO, 5.00%, 05/01/22

    140       140,000  

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

    330       336,366  

North Carolina Medical Care Commission RB, Series A, 5.00%, 10/01/22

    215       218,104  

State of North Carolina GO

   

Series A, 5.00%, 06/01/22

    605       606,828  

Series B, 5.00%, 06/01/22

    200       200,604  

Series C, 5.00%, 05/01/22

    500       500,000  

Series D, 4.00%, 06/01/22

    605       606,360  

 

 

20  

2 0 2 2   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, 2022

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

North Carolina (continued)

   

State of North Carolina RB

   

Series B, 5.00%, 05/01/22

  $ 250     $ 250,000  

Series C, 5.00%, 05/01/22

    345       345,000  
   

 

 

 
      7,124,759  
North Dakota — 0.1%            

North Dakota Public Finance Authority RB, 5.00%, 10/01/22

    350       355,111  
   

 

 

 
Ohio — 6.7%            

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

    50       50,690  

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

    90       91,762  

City of Columbus OH GO

   

Series 1, 5.00%, 07/01/22

    205       206,252  

Series A, 5.00%, 08/15/22

    520       525,407  

Series A, 5.00%, 02/15/23 (PR 08/15/22)

    770       778,010  

Series A, 5.00%, 02/15/26 (PR 08/15/22)

    1,000       1,010,403  

City of Columbus OH GOL

   

4.00%, 07/01/22

    65       65,293  

Series 6, 5.00%, 08/15/22

    180       181,872  

Serise B, 3.00%, 07/01/22

    330       330,959  

County of Franklin OH GOL, 5.00%, 06/01/22

    210       210,631  

County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/22

    200       200,601  

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

      1,995             2,034,883  

Kent State University RB, Series A, 4.00%, 05/01/22

    50       50,000  

Miami University/Oxford OH RB, 5.00%, 09/01/22

    125       126,427  

Ohio Higher Educational Facility Commission RB

   

5.00%, 12/01/22

    115       117,192  

Series A, 5.00%, 12/01/22

    60       61,161  

Ohio State University (The) RB

   

5.00%, 12/01/22

    315       321,077  

VRDN,0.38%, 12/01/39 (Put 05/06/22)(b)

    2,000       2,000,000  

Series D, 5.00%, 12/01/22

    1,065       1,085,544