LOGO

  OCTOBER 31, 2021

 

   2021 Annual Report

 

iShares Trust

 

·  

iShares iBonds Dec 2021 Term Muni Bond ETF  |  IBMJ  |  NYSE Arca

·  

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 October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, 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 October 31, 2021
     6-Month   12-Month

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

  10.91%   42.91%

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

  1.85   50.80

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

  4.14   34.18

Emerging market equities
(MSCI Emerging Markets Index)

  (4.87)   16.96

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

  0.01   0.06

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

  1.59   (4.77)

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

  1.06   (0.48)

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

  0.33   2.76

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

  2.36   10.53

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  

THIS PAGE IS NOT PART OF YOUR FUND REPORT


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     21  

Shareholder Expenses

     21  

Schedules of Investments

     22  

Financial Statements

  

Statements of Assets and Liabilities

     110  

Statements of Operations

     112  

Statements of Changes in Net Assets

     114  

Financial Highlights

     118  

Notes to Financial Statements

     126  

Report of Independent Registered Public Accounting Firm

     132  

Board Review and Approval of Investment Advisory Contract

     133  

Supplemental Information

     135  

Trustee and Officer Information

     136  

General Information

     138  

Glossary of Terms Used in this Report

     139  

 

 

  3


Market Overview

 

iShares Trust

Municipal Bond Market Overview

Municipal bonds advanced for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg Municipal Bond Index returned 2.64% compared with the -0.48% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

Municipal bonds posted an advance for the reporting period, supported by the strengthening economy and stimulus payments to states and municipalities, as investors’ early-pandemic concerns about the strength of state finances were assuaged. Fed purchases of bonds directly from states and municipalities also helped to provide liquidity to the municipal bond market, although this program stopped purchases at the end of 2020. Supply of municipal bonds was high by historical standards, however issuance declined slightly from 2020’s record. Demand was high from investors seeking yield and tax advantages.

The passage of a stimulus package in March 2021 included large payments to state and local governments, supporting higher municipal bond prices. Municipal bonds were also impacted by the negotiations surrounding a large bipartisan infrastructure bill, which would provide funds for road, rail, and other infrastructure projects. Negotiators discussed items relevant to the municipal bond market, such as federally subsidized interest payments and the restoration of a tax exemption for early refinancing, although the bill had not been finalized by the end of the reporting period.

Among notable individual states, New York and California both posted positive returns. New York benefited from unexpectedly high tax revenue, as a record stock market and the high profits of financial services companies bolstered capital gains receipts. California’s financial outlook improved significantly, and it projected a budget surplus in excess of $75 billion, driven by taxes generated from technology companies and an economy well-adapted for remote work.

 

 

4  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of October 31, 2021    iShares® iBonds® Dec 2021 Term Muni Bond ETF

 

Investment Objective

The iShares iBonds Dec 2021 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, 2020 and before December 2, 2021, as represented by the S&P AMT-Free Municipal Series Dec 2021 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      Since Inception            1 Year      5 Years      Since Inception  

Fund NAV

    0.08      1.07      1.65       0.08      5.44      10.62

Fund Market

    0.12        1.04        1.64         0.12        5.32        10.57  

Index

    0.31        1.26        1.73               0.31        6.45        11.17  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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 21 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  999.50        $  0.91             $  1,000.00        $  1,024.30        $  0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 21 for more information.

 

 

 

FUND SUMMARY

  5


Fund Summary  as of October 31, 2021 (continued)    iShares® iBonds® Dec 2021 Term Muni Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

S&P Credit Rating*   Percent of
Net Assets
 

AAA

    8.4

AA+

    6.7  

AA

    3.1  

AA-

    5.9  

A+

    1.6  

A

    2.1  

A-

    0.0 (a) 

BBB+

    0.8  

BBB

    1.1  

A-1+

    36.2  

A-1

    26.0  

Not Rated

    5.1  

SP-1+

    1.3  

Short-Term and Other Assets

    1.7  

 

  * 

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) 

Rounds to less than 0.1%

 

TEN LARGEST STATES

 

State(b)   Percent of
Net Assets
 

California

    21.8

New York

    14.7  

Massachusetts

    10.0  

Texas

    7.8  

Ohio

    6.4  

Illinois

    5.0  

Maryland

    4.7  

North Carolina

    4.6  

Connecticut

    4.3  

Virginia

    3.2  

 

  (b) 

Excludes money market funds.

 

 

 

6  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of October 31, 2021    iShares® iBonds® Dec 2022 Term Muni Bond ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      Since Inception            1 Year      5 Years      Since Inception  

Fund NAV

    0.27      1.43      2.15       0.27      7.34      14.02

Fund Market

    0.27        1.40        2.16         0.27        7.22        14.06  

Index

    0.52        1.63        2.24               0.52        8.41        14.65  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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 21 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  999.40        $  0.91             $  1,000.00        $  1,024.30        $  0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 21 for more information.

 

 

 

FUND SUMMARY

  7


Fund Summary  as of October 31, 2021 (continued)    iShares® iBonds® Dec 2022 Term Muni Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

S&P Credit Rating*   Percent of
Net Assets
 

AAA

    30.4

AA+

    20.9  

AA

    13.5  

AA-

    11.1  

A+

    6.7  

A

    2.7  

A-

    0.5  

BBB+

    1.4  

BBB

    1.7  

Not Rated

    9.7  

Short-Term and Other Assets

    1.4  

 

  * 

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

 

TEN LARGEST STATES

 

State(a)   Percent of
Net Assets
 

Texas

    10.6

California

    9.5  

New York

    8.6  

Washington

    5.3  

Florida

    4.6  

Virginia

    4.4  

Ohio

    4.0  

North Carolina

    3.8  

Maryland

    3.7  

Massachusetts

    3.6  

 

  (a) 

Excludes money market funds.

 

 

 

8  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of October 31, 2021    iShares® iBonds® Dec 2023 Term Muni Bond ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      Since Inception            1 Year      Since Inception  

Fund NAV

    0.43      2.32       0.43      11.01

Fund Market

    0.39        2.32         0.39        11.00  

Index

    0.71        2.42               0.71        11.52  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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 21 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period  (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  998.90        $  0.91             $  1,000.00        $  1,024.30        $  0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 21 for more information.

 

 

 

FUND SUMMARY

  9


Fund Summary  as of October 31, 2021 (continued)    iShares® iBonds® Dec 2023 Term Muni Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

S&P Credit Rating*   Percent of
Net Assets
 

AAA

    31.1

AA+

    21.5  

AA

    15.3  

AA-

    10.9  

A+

    6.7  

A

    1.9  

A-

    0.5  

BBB+

    1.3  

BBB

    2.5  

Not Rated

    7.0  

Short-Term and Other Assets

    1.3  

 

  * 

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.

 

TEN LARGEST STATES

 

State(a)   Percent of
Net Assets
 

Texas

    11.3

California

    10.4  

New York

    10.2  

Virginia

    4.8  

Washington

    4.8  

Florida

    3.9  

Wisconsin

    3.9  

Maryland

    3.7  

Ohio

    3.4  

Arizona

    2.9  

 

  (a) 

Excludes money market funds.

 

 

 

10  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of October 31, 2021    iShares® iBonds® Dec 2024 Term Muni Bond ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      Since Inception            1 Year      Since Inception  

Fund NAV

    0.42      3.49       0.42      13.22

Fund Market

    0.38        3.50         0.38        13.26  

Index

    0.78        3.59               0.78        13.58  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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 21 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  998.30        $  0.91             $  1,000.00        $  1,024.30        $  0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 21 for more information.

 

 

 

FUND SUMMARY

  11


Fund Summary  as of October 31, 2021 (continued)    iShares® iBonds® Dec 2024 Term Muni Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

S&P Credit Rating*   Percent of
Net Assets
 

AAA

    32.0

AA+

    21.6  

AA

    14.8  

AA-

    11.2  

A+

    6.1  

A

    2.4  

A-

    0.2  

BBB+

    1.5  

BBB

    1.9  

Not Rated

    6.9  

Short-Term and Other Assets

    1.4  

 

  * 

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.

 

TEN LARGEST STATES

 

State(a)   Percent of
Net Assets
 

Texas

    12.4

California

    11.5  

New York

    10.2  

Washington

    5.2  

Virginia

    4.7  

Maryland

    4.4  

Ohio

    3.5  

Florida

    3.5  

Massachusetts

    2.8  

Arizona

    2.6  

 

  (a)

Excludes money market funds.

 

 

 

12  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of October 31, 2021    iShares® iBonds® Dec 2025 Term Muni Bond ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      Since Inception            1 Year      Since Inception  

Fund NAV

    0.23      4.97       0.23      15.48

Fund Market

    0.23        5.00         0.23        15.56  

Index

    0.69        4.77               0.69        14.80  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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 21 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period
 (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period
 (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  997.70        $  0.91             $  1,000.00        $  1,024.30        $  0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 21 for more information.

 

 

 

FUND SUMMARY

  13


Fund Summary  as of October 31, 2021 (continued)    iShares® iBonds® Dec 2025 Term Muni Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY    

 

S&P Credit Rating*   Percent of
Net Assets
 

AAA

    31.2

AA+

    21.8  

AA

    14.9  

AA-

    11.1  

A+

    6.8  

A

    2.0  

A-

    0.4  

BBB+

    1.2  

BBB

    2.1  

Not Rated

    7.2  

Short-Term and Other Assets

    1.3  

 

  *

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.

 

TEN LARGEST STATES

 

State(a)   Percent of
Net Assets
 

California

    14.6

Texas

    10.8  

New York

    9.4  

Washington

    5.3  

Virginia

    4.5  

Maryland

    4.4  

Florida

    3.3  

Massachusetts

    3.3  

Ohio

    3.0  

Pennsylvania

    2.8  

 

  (a) 

Excludes money market funds.

 

 

 

14  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of October 31, 2021    iShares® iBonds® Dec 2026 Term Muni Bond ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      Since Inception            1 Year      Since Inception  

Fund NAV

    0.54      3.71       0.54      9.87

Fund Market

    0.65        3.77         0.65        10.04  

Index

    1.20        3.84               1.20        10.21  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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 21 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period
 (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period
 (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  997.30        $  0.91             $  1,000.00        $  1,024.30        $  0.92          0.18

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 21 for more information.

 

 

 

FUND SUMMARY

  15


Fund Summary  as of October 31, 2021 (continued)    iShares® iBonds® Dec 2026 Term Muni Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY    

 

S&P Credit Rating*   Percent of
Net Assets
 

AAA

    31.3

AA+

    21.5  

AA

    14.7  

AA-

    12.0  

A+

    5.7  

A

    2.0  

A-

    0.3  

BBB+

    1.7  

BBB

    2.2  

Not Rated

    7.4  

Short-Term and Other Assets

    1.2  

 

  *

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.

 

TEN LARGEST STATES

 

State(a)   Percent of
Net Assets
 

California

    14.8

Texas

    11.9  

New York

    10.9  

Virginia

    5.1  

Washington

    4.2  

Maryland

    4.2  

Massachusetts

    3.5  

Florida

    3.2  

Pennsylvania

    2.8  

Tennessee

    2.8  

 

  (a) 

Excludes money market funds.

 

 

 

16  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of October 31, 2021    iShares® iBonds® Dec 2027 Term Muni Bond ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      Since Inception            1 Year      Since Inception  

Fund NAV

    0.72      4.03       0.72      10.65

Fund Market

    0.90        4.12         0.90        10.90  

Index

    1.46        4.23               1.46        11.17  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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 21 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period
 (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period
 (a)
       Annualized
Expense
Ratio
 
$ 1,000.00        $ 997.20        $ 0.91             $  1,000.00        $  1,024.30        $  0.92          0.18

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 21 for more information.

 

 

 

FUND SUMMARY

  17


Fund Summary  as of October 31, 2021 (continued)    iShares® iBonds® Dec 2027 Term Muni Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

S&P Credit Rating*   Percent of
Net Assets
 

AAA

    28.9

AA+

    20.6  

AA

    15.9  

AA-

    13.6  

A+

    5.1  

A

    2.2  

A-

    0.2  

BBB+

    1.0  

BBB

    2.4  

Not Rated

    8.8  

Short-Term and Other Assets

    1.3  

 

  *

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

TEN LARGEST STATES    

 

State(a)   Percent of
Net Assets
 

California

    12.4

New York

    10.9  

Texas

    10.0  

Washington

    6.4  

Maryland

    5.1  

Illinois

    3.7  

Virginia

    3.1  

Florida

    3.0  

Wisconsin

    3.0  

Massachusetts

    2.8  

 

  (a) 

Excludes money market funds.

 

 

 

18  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of October 31, 2021    iShares® iBonds® Dec 2028 Term Muni Bond ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      Since Inception            1 Year      Since Inception  

Fund NAV

    0.90      4.44       0.90      11.69

Fund Market

    1.05        4.50         1.05        11.85  

Index

    1.64        4.48               1.64        11.77  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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 21 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period
 (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses
Paid During
the Period
 (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  996.00        $  0.91             $  1,000.00        $  1,024.30        $  0.92          0.18

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 21 for more information.

 

 

 

FUND SUMMARY

  19


Fund Summary  as of October 31, 2021 (continued)    iShares® iBonds® Dec 2028 Term Muni Bond ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

S&P Credit Rating*   Percent of
Net Assets
 

AAA

    29.5

AA+

    20.2  

AA

    15.4  

AA-

    11.8  

A+

    5.5  

A

    2.4  

A-

    0.1  

BBB+

    2.5  

BBB

    1.8  

Not Rated

    9.1  

Short-Term and Other Assets

    1.7  

 

  *

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.

 

TEN LARGEST STATES

 

State(a)   Percent of
Net Assets
 

California

    13.4

Texas

    12.4  

New York

    11.7  

Washington

    4.9  

Florida

    4.8  

Maryland

    4.6  

Virginia

    3.7  

Ohio

    3.1  

Illinois

    2.7  

Nevada

    2.4  

 

  (a) 

Excludes money market funds.

 

 

 

20  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


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 by 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

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES

  21


Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Debt Obligations

   
Alabama — 0.0%            

State of Alabama GO, Series A, 5.00%, 11/01/21

  $ 100     $ 100,000  
   

 

 

 
Alaska — 0.0%            

City of Anchorage AK Electric Revenue RB, Series A, 4.00%, 12/01/21

    35       35,108  
   

 

 

 
Arizona — 0.1%            

Salt River Project Agricultural Improvement & Power District RB, Series A, 5.00%, 12/01/21

    340       341,330  
   

 

 

 
Arkansas — 0.0%            

University of Arkansas RB, Series B, 5.00%, 11/01/21

    30       30,000  
   

 

 

 
California — 21.8%            

Bay Area Toll Authority RB, 0.03%, 04/01/47 (Put 11/05/21)(a)

    7,000       7,000,000  

California State Public Works Board RB

   

5.00%, 11/01/21

    100       100,000  

Series C, 5.00%, 11/01/21

    500       500,000  

Series D, 5.00%, 12/01/21

    150       150,578  

Series G, 5.00%, 11/01/21

    140       140,000  

Series G, 5.25%, 12/01/26 (PR 12/01/21)

    250       251,035  

Series I, 4.00%, 11/01/21

    160       160,000  

Series I, 5.00%, 11/01/21

    540       540,000  

California State University RB

   

Series A, 4.00%, 11/01/21

    105       105,000  

Series A, 5.00%, 11/01/21

    490       490,000  

City of San Francisco CA Public Utilities Commission Water Revenue RB

   

5.00%, 11/01/21

    775       775,000  

5.00%, 11/01/34 ( 11/01/21)

    5,000       5,000,000  

East Bay Municipal Utility District Water System Revenue, Series A4, VRDN,0.05%, 06/01/38 (Put 11/05/21)(a)

    1,245       1,245,000  

Imperial Irrigation District Electric System Revenue RB, Series D, 5.00%, 11/01/21

    500       500,000  

Los Angeles County Public Works Financing Authority RB, Series A, 5.00%, 12/01/21

    100       100,395  

Los Angeles Department of Water & Power RB, Series A-1, VRDN,0.01%, 07/01/50 (Put 11/01/21)(a)

    3,700       3,700,000  

Los Angeles Department of Water & Power Water System Revenue RB
VRDN,0.01%, 07/01/45 (Put 11/01/21)(a)

    3,000       3,000,000  

VRDN,0.02%, 07/01/35 (Put 11/01/21)(a)

    900       900,000  

Metropolitan Water District of Southern California RB, Series A-2, VRDN,0.02%, 07/01/37 (Put 11/05/21)(a)

    1,675       1,675,000  

Municipal Improvement Corp. of Los Angeles RB

   

Series A, 5.00%, 11/01/21

    220       220,000  

Series B, 5.00%, 11/01/21

    275       275,000  

Orange County Water District COP, Series A, 0.04%, 08/01/42 (Put 11/05/21)(a)

    5,000       5,000,000  

Sacramento Suburban Water District RB, Series A, 4.50%, 11/01/21

    220       220,000  

Sacramento Transportation Authority RB, VRDN,0.05%, 10/01/38 (Put 11/05/21)(a)

    6,000       6,000,000  

San Diego County Regional Transportation Commission RB Series B, 0.04%, 04/01/38 (Put 11/05/21)(a)

    1,000       1,000,000  

Series C, VRDN,0.04%, 04/01/38 (Put 11/05/21)(a)

    10,000       10,000,000  

Santa Clara Valley Transportation Authority RB, VRDN,0.01%, 04/01/36 (Put 11/05/21)(a)

    2,285       2,285,000  

State of California Department of Water Resources RB Series AK, 5.00%, 12/01/21

    465       466,834  
Security   Par
(000)
    Value  
California (continued)            

Series AL, 5.00%, 12/01/21

  $ 100     $ 100,395  

Series AM, 5.00%, 12/01/21

    215       215,848  

State of California GO

   

5.00%, 11/01/21

    1,605       1,605,000  

5.00%, 12/01/21

    1,880       1,887,355  

University of California GO

   

VRDN,0.02%, 05/15/48 (Put 11/01/21)(a)

    2,000       2,000,000  

VRDN,0.02%, 05/15/48 (Put 11/05/21)(a)

    2,600       2,600,000  
   

 

 

 
      60,207,440  
Colorado — 2.6%            

City & County of Denver CO Airport System Revenue RB, Series B, 5.00%, 11/15/21

    125       125,219  

City & County of Denver CO COP, Series 2010-B, 4.00%, 12/01/21

    20       20,062  

City of Colorado Springs CO Utilities System Revenue RB, Series A, 5.00%, 11/15/21

    50       50,087  

City of Colorado Springs Co. Utilities System Revenue RB

   

VRDN,0.05%, 11/01/35 (Put 11/05/21)(a)

    2,180       2,180,000  

VRDN,0.06%, 11/01/41 (Put 11/05/21)(a)

    2,850       2,850,000  

Denver City & County School District No. 1 GO

   

Series A, 5.00%, 12/01/21 (SAW)

    100       100,393  

Series A, 5.25%, 12/01/21 (NPFGC)

    415       416,714  

Series B, 4.00%, 12/01/21 (SAW)

    125       125,391  

Series C, 5.00%, 12/01/21 (SAW)

    190       190,746  

University of Colorado RB, VRDN, 0.05%, 06/01/50 (Put 11/05/21)(a)

    1,000       1,000,000  
   

 

 

 
      7,058,612  
Connecticut — 4.3%            

Connecticut State Health & Educational Facilities Authority RB

   

Series O, 4.00%, 11/01/21

    35       35,000  

Series V-1, VRDN,0.01%, 07/01/36 (Put 11/05/21)(a)

    3,200       3,200,000  

Series V-2, 0.01%, 07/01/36 (Put 11/05/21)(a)

    2,230       2,230,000  

State of Connecticut GO

   

Series C, VRDN,0.07%, 05/15/34 (Put 11/05/21)(a)

    5,000       5,000,000  

Series D, 5.00%, 11/01/21

    250       250,000  

Series G, 5.00%, 11/01/21

    500       500,000  

State of Connecticut Special Tax Revenue RB
4.00%, 12/01/21

    500       501,562  

Series B, 5.00%, 12/01/21

    250       250,982  
   

 

 

 
      11,967,544  
Delaware — 0.1%            

City of Wilmington DE GO, 2.00%, 12/01/21

    125       125,189  

University of Delaware RB, Series A, 5.00%, 11/01/21

    160       160,000  
   

 

 

 
      285,189  
District of Columbia — 0.4%            

District of Columbia RB

   

Series A, 4.00%, 12/01/21

    100       100,311  

Series A, 5.00%, 12/01/21

    320       321,252  

Series C, 4.00%, 12/01/21

    200       200,621  

Series C, 5.00%, 12/01/21

    355       356,389  

Series F, 5.00%, 12/01/21

    200       200,782  
   

 

 

 
      1,179,355  
Florida — 0.1%            

City of Orlando FL RB, Series A, 5.00%, 11/01/21, (ETM)

    90       90,000  

County of Hillsborough FL Community Investment Tax Revenue RB, Series A, 5.00%, 11/01/21

    40       40,000  

 

 

22  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Florida (continued)

   

School Board of Miami-Dade County (The) COP, Series D, 5.00%, 11/01/21

  $ 205     $ 205,000  
   

 

 

 
      335,000  
Georgia — 0.4%  

City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/21

    160       160,000  

Series B, 5.00%, 11/01/21

    250       250,000  

Municipal Electric Authority of Georgia RB, Series A, 5.00%, 11/01/21

    50       50,000  

State of Georgia GO

   

Series E, 5.00%, 12/01/21

    145       145,568  

Series I, 5.00%, 11/01/21

    130       130,000  

Washington Wilkes Payroll Development Authority RB, 0.00%, 12/01/21, (ETM)(b)

    220       219,933  
   

 

 

 
      955,501  
Hawaii — 0.7%  

City & County of Honolulu HI GO, Series C, 4.00%, 11/01/21

    100       100,000  

State of Hawaii GO

   

Series DZ, 5.00%, 12/01/29 (PR 12/01/21)

    540       542,108  

Series DZ, 5.00%, 12/01/30 (PR 12/01/21)

    395       396,542  

Series DZ-2016, 5.00%, 12/01/26 (PR 12/01/21)

    150       150,585  

Series DZ-2017, 5.00%, 12/01/21

    70       70,275  

Series DZ-2017, 5.00%, 12/01/21 (ETM)

    25       25,097  

Series EA, 4.00%, 12/01/21

    30       30,094  

Series EA, 5.00%, 12/01/21

    145       145,571  

Series EE, 5.00%, 11/01/21

    80       80,000  

Series EF, 5.00%, 11/01/21

    485       485,000  
   

 

 

 
      2,025,272  
Illinois — 5.0%  

Illinois Finance Authority RB

   

VRDN,0.05%, 07/01/38 (Put 11/05/21)(a)

    10,000       10,000,000  

Series D, VRDN,0.04%, 12/01/46 (Put 11/05/21)(a)

    1,050       1,050,000  

Illinois State Toll Highway Authority RB, Series A, 5.00%, 12/01/21

    250       250,960  

State of Illinois GO

   

Series A, 5.00%, 12/01/21

    300       301,159  

Series D, 5.00%, 11/01/21

    2,220       2,220,000  
   

 

 

 
      13,822,119  
Indiana — 0.6%  

Indiana Finance Authority RB

   

Series A, 5.00%, 12/01/21

    315       316,232  

Series C, 5.00%, 12/01/21

    135       135,529  

Indiana Transportation Finance Authority RB, 5.75%, 12/01/21 (NPFGC)

    250       251,131  

Purdue University RB, Series A, VRDN,0.05%, 07/01/33 (Put 11/05/21)(a)

    825       825,000  
   

 

 

 
      1,527,892  
Louisiana — 0.0%            

Louisiana Office Facilities Corp. RB, 5.00%, 11/01/21

    25       25,000  
   

 

 

 
Maine — 0.2%  

Maine Municipal Bond Bank RB

   

Series B, 5.00%, 11/01/21

    215       215,000  

Series C, 5.00%, 11/01/21

    405       405,000  
   

 

 

 
      620,000  
Maryland — 4.7%  

County of Carroll MD GO, 5.00%, 11/01/21

    100       100,000  

County of Montgomery MD GO

   

VRDN,0.03%, 11/01/37 (Put 11/01/21)(a)

    970       970,000  

Security   Par
(000)
    Value  
Maryland (continued)            

Series A, 5.00%, 11/01/21

  $ 1,620     $ 1,620,000  

Maryland Health & Higher Educational Facilities Authority RB, 0.06%, 07/01/36 (Put 11/05/21)(a)

    10,000       10,000,000  

State of Maryland Department of Transportation RB
5.00%, 11/01/21

    190       190,000  

5.00%, 12/01/21

    105       105,411  
   

 

 

 
      12,985,411  
Massachusetts — 10.0%            

Massachusetts Bay Transportation Authority RB,

   

VRDN,0.06%, 03/01/30 (Put 11/05/21)(a)

    2,700       2,700,000  

Massachusetts Development Finance Agency RB

   

VRDN,0.03%, 10/01/42 (Put 11/05/21)(a)

    1,790       1,790,000  

Series U-6E, VRDN,0.03%, 10/01/42 (Put 11/05/21)(a)

    5,500       5,500,000  

Massachusetts Health & Educational Facilities Authority RB

   

VRDN,0.01%, 11/01/49 (Put 11/05/21)(a)

    275       275,000  

VRDN,0.04%, 07/01/35 (Put 11/05/21)(a)

    5,000       5,000,000  

Series J-1, VRDN,0.03%, 07/01/31 (Put 11/05/21)(a)

    7,100       7,100,000  

Series J-2, VRDN,0.04%, 07/01/31 (Put 11/05/21)(a)

    2,200       2,200,000  

Massachusetts Water Resources Authority RB

   

VRDN,0.05%, 11/01/26 (Put 11/05/21)(a)

    1,500       1,500,000  

VRDN,0.06%, 08/01/37 (Put 11/05/21)(a)

    1,215       1,215,000  

University of Massachusetts Building Authority RB
5.00%, 11/01/21

    120       120,000  

Series 1, 4.00%, 11/01/21

    50       50,000  

Series 2, 5.00%, 11/01/21

    35       35,000  
   

 

 

 
      27,485,000  
Michigan — 2.1%            

Michigan State Hospital Finance Authority RB, Series 200, 4.00%, 11/01/21

    250       250,000  

State of Michigan GO

   

Series A, 5.00%, 12/01/21

    270       271,050  

Series B, 5.00%, 11/01/21

    235       235,000  

State of Michigan Trunk Line Revenue RB
5.00%, 11/15/21

    2,060       2,063,627  

5.25%, 11/01/21 (AGM)

    125       125,000  

5.50%, 11/01/21 (AGM)

    490       490,000  

Series D, 5.00%, 11/15/21

    350       350,616  

University of Michigan RB, Series D-2, VRDN,0.04%, 12/01/29 (Put 11/05/21)(a)

    1,995       1,995,000  
   

 

 

 
      5,780,293  
Minnesota — 1.7%            

County of Hennepin MN GO, Series C, 5.00%, 12/01/21

    250       250,978  

Metropolitan Council GO, Series C, 5.00%, 12/01/21

    3,605       3,619,132  

University of Minnesota RB

   

Series B, 5.00%, 12/01/21

    300       301,176  

Series D, 5.00%, 12/01/36 (PR 12/01/21)

    500       501,961  
   

 

 

 
      4,673,247  
Mississippi — 0.3%            

State of Mississippi GO

   

Series A, 5.25%, 11/01/21

    340       340,000  

Series F, 5.00%, 11/01/21

    340       340,000  

Series H, 4.00%, 12/01/21

    165       165,517  
   

 

 

 
      845,517  
Missouri — 0.1%            

Curators of the University of Missouri/The, Series A, 5.00%, 11/01/21

    160       160,000  

 

 

SCHEDULE OF INVESTMENTS

  23


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Missouri (continued)  

Missouri Highway & Transportation Commission RB, Series B, 5.00%, 11/01/21

  $ 100     $ 100,000  
   

 

 

 
      260,000  
Nebraska — 0.2%  

City of Omaha NE GO, Series B, 5.00%, 11/15/21

    280       280,491  

City of Omaha NE Sewer Revenue RB, 5.00%, 11/15/21

    45       45,079  

Metropolitan Utilities District of Omaha Water System Revenue RB, 5.00%, 12/01/21

    200       200,776  
   

 

 

 
      526,346  
Nevada — 0.4%  

County of Clark NV GOL

   

5.00%, 11/01/21

    385       385,000  

5.00%, 12/01/21

    160       160,626  

Las Vegas Valley Water District GOL, Series B, 5.00%, 12/01/21

    100       100,389  

State of Nevada GOL, Series B, 5.00%, 11/01/21

    245       245,000  

State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/21

    225       225,884  
   

 

 

 
      1,116,899  
New Hampshire — 0.0%  

State of New Hampshire GO, Series B, 5.00%, 11/01/21

    75       75,000  
   

 

 

 
New Jersey — 0.5%  

Monmouth County Improvement Authority (The) RB
4.00%, 12/01/21 (GTD)

    600       601,849  

5.00%, 12/01/21 (GTD)

    310       311,205  

New Jersey Economic Development Authority RB, Series B, 5.00%, 11/01/21 (SAP)

    440       440,000  
   

 

 

 
      1,353,054  
New York — 14.7%  

Battery Park City Authority RB, VRDN,0.06%, 11/01/38 (Put 11/05/21)(a)

    4,500       4,500,000  

City of New York NY GO, VRDN,0.04%, 10/01/46 (Put 11/05/21)(a)

    6,100       6,100,000  

Metropolitan Transportation Authority RB
Series A, 5.00%, 11/15/21

    30       30,054  

Series A-1, 4.00%, 11/15/21 (ETM)

    50       50,070  

Series A-1, 5.00%, 11/15/21

    110       110,188  

Series B, 5.00%, 11/15/21

    290       290,495  

Series B, 5.25%, 11/15/21 (NPFGC)

    250       250,449  

Series B, 5.25%, 11/15/21 (NPFGC FGIC)

    100       100,180  

Series B-1, 2.00%, 11/01/21

    5,000       5,000,000  

Series B-2, 5.00%, 11/15/21

    210       210,358  

Series B-4, 5.00%, 11/15/21

    195       195,346  

Series C, 5.00%, 11/15/21

    280       280,477  

Series C-1, 5.00%, 11/15/21

    120       120,205  

Series D, 5.00%, 11/15/21

    255       255,435  

Series E, 5.00%, 11/15/21

    180       180,307  

Series F, 4.00%, 11/15/21

    25       25,034  

Series F, 5.00%, 11/15/21

    335       335,579  

Nassau County Interim Finance Authority RB, Series A, 5.00%, 11/15/21

    50       50,088  

New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.00%, 11/01/21

    525       525,000  

Series A, 5.00%, 11/01/21

    110       110,000  

Series A-1, 5.00%, 11/01/21

    475       475,000  

Series B, 5.00%, 11/01/21

    100       100,000  

Series B-1, 5.00%, 11/01/21

    100       100,000  
Security   Par
(000)
    Value  
New York (continued)  

Series B-4, VRDN,0.03%, 08/01/42 (Put 11/05/21)(a)

  $ 6,000     $ 6,000,000  

Series C, 5.00%, 11/01/21

    840       840,000  

Series D, 5.00%, 11/01/21

    200       200,000  

Series E, 5.00%, 11/01/21

    150       150,000  

New York City Water & Sewer System RB 0.05%, 06/15/33 (Put 11/15/21)(a)

    2,420       2,420,000  

Series AA2, VRDN,0.03%, 06/15/50 (Put 11/05/21)(a)

    2,100       2,100,000  

Series CC, VRDN,0.05%, 06/15/41 (Put 11/05/21)(a)

    880       880,000  

New York Convention Center Development Corp. RB, 5.00%, 11/15/21

    200       200,340  

New York Municipal Bond Bank Agency RB, Series A, 5.00%, 12/01/21 (SAW)

    110       110,432  

New York State Environmental Facilities Corp. RB, Series B, 5.00%, 11/15/21

    375       375,660  

New York State Urban Development Corp. RB, Series A-3, VRDN,0.05%, 03/15/33 (Put 11/15/21)(a)

    5,000       5,000,000  

Port Authority of New York & New Jersey RB
5.00%, 11/15/21

    200       200,348  

Series 173, 4.00%, 12/01/21

    30       30,092  

Series 175, 5.00%, 12/01/21

    55       55,213  

Triborough Bridge & Tunnel Authority RB
5.50%, 11/15/21 (NPFGC)

    430       430,824  

Series A, 4.00%, 11/15/21

    65       65,089  

Series A, 5.00%, 11/15/21

    80       80,141  

Series A, VRDN,0.05%, 11/01/41 (Put 11/05/21)(a)

    1,000       1,000,000  

Series B, 4.00%, 11/15/21

    305       305,427  

Series B, 5.00%, 11/15/21

    660       661,162  

Series C, 5.00%, 11/15/21

    175       175,308  
   

 

 

 
      40,674,301  
North Carolina — 4.6%  

City of Charlotte NC COP, Series A, 5.00%, 12/01/21

    495       496,936  

City of Charlotte NC GO, 5.00%, 12/01/21

    285       286,120  

City of Charlotte NC Water & Sewer System Revenue RB
5.00%, 12/01/21

    50       50,196  

Series B, 0.05%, 07/01/36 (Put 11/05/21)(a)

    7,810       7,810,000  

City of Raleigh NC Combined Enterprise System Revenue RB, Series B, 5.00%, 12/01/21

    135       135,529  

County of Durham NC GO, 5.00%, 11/01/21

    110       110,000  

County of Forsyth NC GO, 4.00%, 12/01/21

    10       10,031  

County of Mecklenburg NC GO, Series A, 5.00%, 12/01/21

    570       572,244  

County of New Hanover NC RB, 5.00%, 12/01/21

    250       250,978  

County of Wake NC RB, Series A, 5.00%, 12/01/21

    75       75,295  

North Carolina Educational Facilities Finance Agency RB, Series A, 0.03%, 06/01/27 (Put 12/01/21)(a)

    2,900       2,900,000  
   

 

 

 
      12,697,329  
Ohio — 6.4%  

Columbus City School District GO, Series A, 5.00%, 12/01/21.

    105       105,410  

County of Hamilton OH Sales Tax Revenue RB, Series A,
5.00%, 12/01/21

    545       547,132  

Northeast Ohio Regional Sewer District RB, 5.00%, 11/15/21 .

    70       70,123  

Ohio State University (The) RB
VRDN,0.04%, 12/01/39 (Put 11/01/21)(a)

    7,500       7,500,000  

Series D, 5.00%, 12/01/21

    75       75,294  

Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 12/01/21

    640       642,514  

VRDN,0.04%, 12/01/36 (Put 11/05/21)(a)

    8,500       8,500,000  

Series B, 5.00%, 12/01/21

    150       150,589  

 

 

24  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Ohio (continued)            

State of Ohio GO, Series T, 5.00%, 11/01/21

  $ 200     $ 200,000  
   

 

 

 
      17,791,062  
Oregon — 0.7%            

Oregon State Facilities Authority RB, Series A, 5.00%, 11/15/21

    65       65,110  

State of Oregon Department of Transportation RB

   

Series A, 5.00%, 11/15/21

    295       295,520  

Series C, 5.00%, 11/15/21

    400       400,704  

State of Oregon GO, Series M, 5.00%, 11/01/21

    1,075       1,075,000  
   

 

 

 
      1,836,334  
Pennsylvania — 1.0%            

Allegheny County Sanitary Authority RB, 5.00%, 12/01/21

    225       225,867  

Commonwealth of Pennsylvania GO

   

First Series, 5.00%, 11/15/21

    475       475,833  

First Series, 5.00%, 11/15/24 (PR 11/15/21)

    100       100,175  

County of Chester PA GO

   

5.00%, 11/15/21

    30       30,053  

5.00%, 11/15/31 (PR 11/15/21) PR

    975       976,706  

County of Dauphin PA GO, 5.00%, 11/15/21

    130       130,225  

Pennsylvania Turnpike Commission RB
0.00%, 12/01/21(b)

    20       19,994  

Series A, 5.00%, 12/01/21

    320       321,252  

Series A-1, 5.00%, 12/01/21

    100       100,388  

Series B, 5.00%, 12/01/23 (PR 12/01/21)

    450       451,757  
   

 

 

 
      2,832,250  
South Carolina — 0.2%            

Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/21

    145       145,564  

County of Charleston SC GO, Series A, 5.00%, 11/01/21

    155       155,000  

SCAGO Educational Facilities Corp. for Picknes School District RB, 5.00%, 12/01/21

    65       65,250  

South Carolina Public Service Authority RB

   

Series B, 4.00%, 12/01/21

    55       55,169  

Series B, 5.00%, 12/01/21

    165       165,640  

Series B, 5.00%, 12/01/21 (ETM)

    40       40,154  
   

 

 

 
      626,777  
Tennessee — 0.4%            

County of Sumner TN GO, 5.00%, 12/01/21

    190       190,745  

State of Tennessee GO, Series B, 5.00%, 11/01/21

    75       75,000  

Tennessee State School Bond Authority RB, Series B, 5.00%, 11/01/21 (ST INTERCEPT)

    770       770,000  
   

 

 

 
      1,035,745  
Texas — 7.8%            

Board of Regents of the University of Texas System RB, VRDN, 0.04%, 08/01/34 (Put 11/05/21)(a)

    5,000       5,000,000  

City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/21

    120       120,210  

City of Austin TX Water & Wastewater System Revenue RB
5.00%, 11/15/21

    135       135,230  

5.00%, 11/15/21 (ETM)

    100       100,171  

Series A, 5.00%, 11/15/21

    5       5,009  

Series A, 5.00%, 11/15/21 (ETM)

    20       20,034  

City of Houston TX Combined Utility System Revenue RB

   

VRDN,0.05%, 05/15/34 (Put 11/05/21)(a)

    2,000       2,000,000  

Series B, 5.00%, 11/15/21

    265       265,465  

Series D, 5.00%, 11/15/21

    245       245,429  

Dallas Area Rapid Transit RB

   

Series A, 5.00%, 12/01/21

    365       366,431  

Series B, 4.00%, 12/01/21

    140       140,436  
Security   Par
(000)
    Value  
Texas (continued)            

Series B, 5.00%, 12/01/21

  $ 55     $ 55,216  

Dallas/Fort Worth International Airport RB

   

Series E, 5.00%, 11/01/21

    150       150,000  

Series F, 5.00%, 11/01/21

    180       180,000  

Series G, 5.00%, 11/01/21

    85       85,000  

Harris County Cultural Education Facilities Finance Corp. RB, Series A, 5.00%, 11/15/21

    105       105,185  

Metropolitan Transit Authority of Harris County RB
5.00%, 11/01/21

    145       145,000  

Series B, 5.00%, 11/01/21

    230       230,000  

Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB, Series A, 5.00%, 11/01/41 (PR 11/01/21)

    8,000       8,000,000  

Permanent University Fund - University of Texas System RB, Series A, VRDN,0.05%, 07/01/38 (Put 11/05/21)(a)

    1,860       1,860,000  

Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 12/01/21

    90       90,349  

University of Texas System (The) RB, Series B, VRDN,0.03%, 08/01/32 (Put 11/05/21)(a)

    2,345       2,345,000  
   

 

 

 
      21,644,165  
Vermont — 0.2%            

Vermont Municipal Bond Bank RB, Series 3, 5.00%, 12/01/21.

    565       567,206  
   

 

 

 
Virginia — 3.2%            

City of Norfolk VA Water Revenue RB, 5.00%, 11/01/21

    150       150,000  

County of Loudoun VA GO

   

Series A, 5.00%, 12/01/21

    40       40,157  

Series A, 5.00%, 12/01/21 (SAW)

    645       647,528  

Hampton Roads Sanitation District RB, 0.07%, 08/01/46 (Put 11/05/21)(a)

    6,000       6,000,000  

Virginia College Building Authority RB, VRDN,0.03%, 11/01/36 (Put 11/05/21)(a)

    1,000       1,000,000  

Virginia Resources Authority RB
5.00%, 11/01/21

    405       405,000  

Series B, 5.00%, 11/01/21

    440       440,000  

Series B, 5.00%, 11/01/21 (SAW)

    30       30,000  

Series C, 5.00%, 11/01/21

    100       100,000  
   

 

 

 
      8,812,685  
Washington — 2.0%            

Auburn School District No. 408 of King & Pierce Counties GO, Series B, 4.00%, 12/01/21 (GTD)

    75       75,234  

Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/21

    300       300,000  

City of Bellevue WA GOL, 5.00%, 12/01/21

    525       527,058  

City of Seattle WA GO, 5.00%, 12/01/21

    625       627,450  

City of Seattle WA GOL, Series A, 5.00%, 11/01/21

    425       425,000  

City of Vancouver WA GOL, Series B, 5.00%, 12/01/21

    245       245,960  

County of Clark WA GOL, 5.00%, 12/01/21

    50       50,196  

County of King WA GO, 5.00%, 12/01/21

    125       125,489  

County of King WA GOL
5.00%, 12/01/21

    60       60,235  

Series B, 5.00%, 12/01/21

    115       115,450  

County of Snohomish WA GOL, 5.00%, 12/01/21

    210       210,823  

Franklin County School District No. 1 Pasco GO, 4.00%, 12/01/21 (GTD)

    180       180,556  

King & Snohomish Counties School District No 417 Northshore, 5.00%, 12/01/21 (GTD)

    250       250,982  

King & Snohomish Counties School District No 417 Northshore GO, 4.00%, 12/01/21 (GTD)

    1,000       1,003,123  

 

 

SCHEDULE OF INVESTMENTS

  25


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par
(000)

        
    
Value
 
Washington (continued)            

King County Public Hospital District No. 2 GO, 5.00%, 12/01/21

  $ 50     $ 50,195  

King County School District No. 405 Bellevue GO, Series A, 5.00%, 12/01/21 (GTD)

    175       175,685  

Long Island Power Authority RB, 4.00%, 12/01/21 (GTD)

    225       225,706  

Pierce County School District No. 416 White River GO, 5.00%, 12/01/21 (GTD)

    50       50,197  

Pierce County School District No. 83 University Place GO, 4.00%, 12/01/21 (GTD)

    100       100,312  

Snohomish County Public Utility District No. 1 RB, 4.00%, 12/01/21

    195       195,609  

Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/01/21 (GTD)

    180       180,706  

Snohomish County School District No. 2 Everett GO
4.00%, 12/01/21 (GTD)

    100       100,311  

5.00%, 12/01/21 (GTD)

    210       210,821  
   

 

 

 
      5,487,098  
West Virginia — 0.2%            

State of West Virginia GO
5.00%, 11/01/21

    200       200,000  

Series A, 5.00%, 11/01/21

    385       385,000  
   

 

 

 
      585,000  
Wisconsin — 0.6%            

State of Wisconsin GO

   

Series 1, 5.00%, 11/01/21

    445       445,000  

Series 2, 4.00%, 11/01/21

    335       335,000  
Security   Par/
Shares
(000)
    Value  
Wisconsin (continued)            

Series 3, 5.00%, 11/01/21

  $ 705     $ 705,000  

Wisconsin Health & Educational Facilities Authority RB, 4.00%, 11/15/21

    50       50,069  
   

 

 

 
      1,535,069  
   

 

 

 

Total Municipal Debt Obligations — 98.3%
(Cost: $271,718,908)

      271,741,150  
   

 

 

 

Short-Term Investments

 
Money Market Funds — 1.0%      

BlackRock Liquidity Funds: MuniCash,
0.01%(c)(d)

    2,845       2,844,894  
   

 

 

 

Total Short-Term Investments — 1.0%
(Cost: $2,844,877)

      2,844,894  
   

 

 

 

Total Investments in Securities — 99.3%
(Cost: $274,563,785)

      274,586,044  

Other Assets, Less Liabilities — 0.7%

      1,815,890  
   

 

 

 

Net Assets — 100.0%

    $ 276,401,934  
   

 

 

 

 

(a) 

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

(b) 

Zero-coupon bond.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Liquidity Funds: MuniCash

  $ 275,859     $ 2,569,125 (a)    $     $ (109   $ 19     $ 2,844,894       2,845     $ 307     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

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

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

 

         
     Level 1      Level 2      Level 3      Total  

Investments

          

Assets

          

Municipal Debt Obligations

  $      $ 271,741,150      $      $ 271,741,150  

Money Market Funds

    2,844,894                      2,844,894  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $   2,844,894      $ 271,741,150      $             —      $ 274,586,044  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

26  

2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Debt Obligations

 

Alabama — 0.8%

   

Alabama Federal Aid Highway Finance Authority RB
4.00%, 09/01/22

  $ 375     $ 386,867  

5.00%, 09/01/22

    100       103,994  

5.00%, 09/01/23 (PR 09/01/22)

    150       155,991  

Series A, 5.00%, 09/01/22

    250       259,985  

Alabama Public School & College Authority RB

   

Series A, 5.00%, 02/01/22

    90       91,079  

Series B, 5.00%, 05/01/22

    410       419,859  

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

    570       574,533  

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

    170       178,140  

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

    180       188,619  

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

    790       818,532  
   

 

 

 
      3,177,599  
Alaska — 0.1%  

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

    255       265,163  
   

 

 

 
Arizona — 3.2%  

Arizona Board of Regents COP

   

Series A, 5.00%, 06/01/22

    140       143,851  

Series B, 5.00%, 06/01/22

    75       77,063  

Series C, 5.00%, 06/01/22

    140       143,726  

Arizona Department of Transportation State Highway Fund Revenue RB

   

Series A, 5.00%, 07/01/22

    745       768,823  

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

    415       428,202  

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

    1,100       1,135,370  

Arizona State University RB

   

Series A, 5.00%, 07/01/22

    265       273,474  

Series B, 5.00%, 07/01/22

    100       103,198  

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

    540       557,268  

Arizona Water Infrastructure Finance Authority RB

   

Series A, 5.00%, 10/01/22

    435       454,190  

Series A, 5.00%, 10/01/22 (ETM)

    125       130,346  

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

    120       123,058  

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

    140       144,458  

City of Mesa AZ RB, 5.00%, 07/01/22

    250       258,011  

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

    200       205,096  

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

    525       538,378  

City of Phoenix Civic Improvement Corp. RB

   

5.00%, 07/01/22

    1,065       1,099,128  

5.50%, 07/01/22 (NPFGC)

    200       207,072  

Series A, 5.00%, 07/01/22

    265       273,492  

Series B, 5.00%, 07/01/22

    760       784,355  

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

    215       221,919  

City of Tempe AZ GOL

   

Series B, 4.50%, 07/01/22

    55       56,561  

Series C, 4.00%, 07/01/22

    105       107,633  

City of Tucson AZ Water System Revenue RB

   

5.00%, 07/01/22

    140       144,506  

Series A, 5.00%, 07/01/22

    45       46,448  

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

    145       148,665  

County of Pima AZ RB, 5.00%, 07/01/22

    300       309,573  

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

    155       159,988  

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

    445       459,321  
Security   Par
(000)
    Value  
Arizona (continued)  

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

  $ 50     $ 51,602  

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

    540       557,305  

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

    100       102,816  

Salt River Project Agricultural Improvement & Power District RB

   

5.00%, 01/01/22

    225       226,789  

Series A, 5.00%, 01/01/22

    110       110,875  

Series A, 5.00%, 12/01/22

    200       210,385  

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

    330       340,598  

State of Arizona COP, 5.00%, 09/01/22

    665       691,446  

University of Arizona (The) RB

   

5.00%, 06/01/22

    255       262,136  

Series A, 5.00%, 06/01/22

    100       102,798  
   

 

 

 
      12,159,923  
Arkansas — 0.3%  

State of Arkansas GO

 

3.00%, 10/01/22

    275       282,085  

5.00%, 04/01/22

    140       142,805  

5.00%, 10/01/22

    640       668,173  

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

    135       141,478  
   

 

 

 
      1,234,541  
California — 9.5%  

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

    210       217,601  

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

    185       192,795  

Alameda County Transportation Commission RB, 4.00%, 03/01/22

    100       101,278  

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

    260       259,454  

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

    25       24,946  

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

    375       388,572  

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

    60       59,910  

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

    90       89,630  

California Health Facilities Financing Authority RB

   

Series A, 5.00%, 03/01/22

    160       162,535  

Series A, 5.00%, 10/01/22

    165       172,248  

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

    355       371,926  

California Infrastructure & Economic Development Bank RB
5.00%, 07/01/22

    100       103,150  

Series A, 5.00%, 10/01/22

    320       334,198  

California State Public Works Board RB

   

Series A, 4.00%, 04/01/22

    20       20,316  

Series A, 5.00%, 04/01/22

    130       132,591  

Series A, 5.00%, 06/01/22

    300       308,395  

Series B, 5.00%, 10/01/22

    430       448,888  

Series C, 5.00%, 11/01/22

    135       141,464  

Series D, 5.00%, 09/01/22

    560       582,367  

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

    200       208,022  

Series F, 5.00%, 05/01/22

    260       266,239  

Series G, 5.00%, 05/01/22

    125       127,999  

Series G, 5.00%, 11/01/22

    95       99,569  

Series H, 5.00%, 12/01/22

    385       404,948  

 

 

SCHEDULE OF INVESTMENTS

  27


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
California (continued)  

California State University RB

   

Series A, 3.00%, 11/01/22

  $ 200     $ 205,655  

Series A, 5.00%, 11/01/22

    560       586,989  

Series C, 5.00%, 11/01/22 (AGM)

    30       31,446  

Serise A, 5.00%, 11/01/22

    250       262,048  

California Statewide Communities Development Authority RB
5.00%, 05/15/22

    50       51,296  

Series A, 5.00%, 05/15/22

    100       102,593  

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

    100       99,876  

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

    225       233,126  

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

    75       78,008  

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

    165       169,946  

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

    150       154,309  

City of Los Angeles CA Wastewater System Revenue RB

   

Series B, 4.00%, 06/01/22

    435       444,702  

Series C, 5.00%, 06/01/22

    60       61,686  

City of Los Angeles Department of Airports RB

   

Series B, 5.00%, 05/15/22

    50       51,301  

Series C, 5.00%, 05/15/22

    80       82,082  

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

    220       227,912  

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

    80       83,216  

City of San Francisco CA Public Utilities Commission Water Revenue RB
4.00%, 11/01/22

    50       51,907  

5.00%, 11/01/22

    295       309,187  

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

    135       139,335  

Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/22

    75       76,199  

Contra Costa Water District RB, Series T, 4.00%, 10/01/22

    400       413,957  

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

    100       99,753  

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

    130       134,970  

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

    40       41,448  

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

    100       102,873  

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

    200       207,239  

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

    100       102,799  

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

    100       103,190  

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

    140       145,067  

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

    150       155,417  

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

    60       59,905  

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

    100       104,020  

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

    70       72,512  

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

    80       79,814  

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

    80       79,844  

Las Virgenes Unified School District GO

   

0.00%, 11/01/22 (AGM)(a)

    55       54,868  

Series D, 0.00%, 09/01/22 (NPFGC)(a)

    100       99,813  

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

    25       25,718  
Security   Par
(000)
    Value  
California (continued)  

Los Angeles Community College District/CA GO

   

Series A, 5.00%, 08/01/22

  $ 130     $ 134,695  

Series G, 4.00%, 08/01/22

    100       102,865  

Series G, 5.00%, 08/01/22

    125       129,515  

Los Angeles County Metropolitan Transportation Authority RB

   

Series A, 5.00%, 06/01/22

    50       51,405  

Series A, 5.00%, 07/01/22

    825       851,492  

Series B, 5.00%, 07/01/22

    155       159,978  

Serise A, 5.00%, 07/01/22

    125       129,014  

Los Angeles County Public Works Financing Authority RB,

   

Series D, 5.00%, 12/01/22

    50       52,624  

Los Angeles County Redevelopment Refunding Authority TA,

   

Series C, 5.00%, 12/01/22

    25       26,214  

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

    320       330,276  

Los Angeles Department of Water & Power System Revenue RB

   

Series A, 4.00%, 07/01/22

    90       92,293  

Series A, 5.00%, 07/01/22

    330       340,598  

Series B, 5.00%, 07/01/22

    220       227,050  

Series C, 4.00%, 07/01/22

    45       46,147  

Los Angeles Unified School District/CA GO
5.00%, 07/01/22

    460       474,678  

Series A, 5.00%, 07/01/22

    975       1,006,112  

Series B, 5.00%, 07/01/22

    455       469,519  

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

    285       294,094  

Series C, 5.00%, 07/01/22

    205       211,541  

Serise A, 5.00%, 07/01/22

    80       82,553  

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

    25       24,949  

Metropolitan Water District of Southern California RB, Serise B, 5.00%, 07/01/22

    350       361,288  

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

    155       160,740  

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

    110       109,818  

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

    50       52,019  

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

    160       159,652  

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

    185       193,916  

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

    50       49,847  

Novato Unified School District/CA GO, 4.00%, 02/01/22

    80       80,766  

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

    100       103,806  

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

    20       20,550  

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

    25       25,740  

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

    15       15,541  

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

    40       39,833  

Sacramento County Sanitation Districts Financing Authority RB

   

Series A, 5.00%, 12/01/22

    200       210,407  

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

    145       152,936  

Sacramento Municipal Utility District RB
5.00%, 07/01/22

    60       61,931  

Series D, 5.00%, 08/15/22

    50       51,915  

Series F, 5.00%, 08/15/22

    250       259,576  

 

 

28  

2021 ISHARES ANNUAL REPORT  TO SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
California (continued)            

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

  $ 340     $ 348,210  

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

    260       271,978  

San Diego Unified School District/CA GO

   

Series A, 0.00%, 07/01/22 (NPFGC)(a)

    480       479,306  

Series D-1, 5.50%, 07/01/22 (NPFGC)

    200       207,072  

Series D-2, 5.00%, 07/01/22

    435       448,940  

Series H-2, 5.00%, 07/01/22

    175       180,608  

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

    75       77,414  

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

   

Series A, 5.00%, 05/01/22

    125       128,024  

Series D, 5.00%, 05/01/22

    250       256,048  

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

    115       119,162  

San Jose Evergreen Community College District GO, Serise B, 4.00%, 09/01/22

    100       103,190  

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

    50       51,405  

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

    125       124,803  

San Mateo County Community College District GO 4.00%, 09/01/22

    30       30,957  

Series A, 0.00%, 09/01/22 (NPFGC)(a)

    175       174,659  

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

    100       99,783  

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

    75       74,727  

San Ramon Valley Unified School District/CA GO
4.00%, 08/01/22

    110       113,160  

5.00%, 08/01/22

    110       113,981  

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

    40       39,874  

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

    415       435,677  

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

    125       128,476  

Santa Monica Community College District GO

   

Series A, 5.00%, 08/01/22

    100       103,619  

Series E, 0.00%, 08/01/22(a)

    50       49,895  

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

    150       154,298  

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

    55       54,917  

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

    170       169,627  

Sierra Joint Community College District School Facilities

   

District No. 2 GO, Series B, 0.00%, 08/01/22 (NPFGC)(a)

    50       49,906  

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

    115       119,162  

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

    115       118,685  

State of California Department of Water Resources Power Supply Revenue RB

   

Series O, 4.00%, 05/01/22

    135       137,595  

Series O, 5.00%, 05/01/22

    525       537,702  

State of California Department of Water Resources RB

   

Series AM, 5.00%, 12/01/22

    290       305,090  

Series AR, 5.00%, 12/01/22

    65       68,382  

Series AS, 5.00%, 12/01/22

    75       78,903  
Security   Par
(000)
    Value  
California (continued)            

Series AW, 5.00%, 12/01/22

  $ 105     $ 110,464  

Series AX, 5.00%, 12/01/22

    100       105,204  

State of California GO

   

3.00%, 10/01/22

    140       143,607  

4.00%, 02/01/22

    70       70,666  

4.00%, 09/01/22

    95       98,014  

4.00%, 10/01/22

    125       129,362  

5.00%, 02/01/22

    755       764,051  

5.00%, 03/01/22

    70       71,121  

5.00%, 04/01/22

    850       867,030  

5.00%, 05/01/22

    435       445,460  

5.00%, 08/01/22

    300       310,812  

5.00%, 09/01/22

    2,950       3,068,075  

5.00%, 10/01/22

    935       976,158  

5.00%, 11/01/22

    310       324,877  

5.00%, 12/01/22

    220       231,423  

5.25%, 09/01/22

    115       119,841  

5.25%, 10/01/22

    590       617,318  

Series A, 5.00%, 09/01/22

    285       296,407  

Series A, 5.00%, 10/01/22

    100       104,402  

Series B, 5.00%, 08/01/22

    480       497,299  

Series B, 5.00%, 09/01/22

    1,200       1,248,031  

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

    40       41,448  

University of California RB

   

Series AO, 4.00%, 05/15/22

    20       20,412  

Series AO, 5.00%, 05/15/22

    245       251,362  

Series AR, 4.00%, 05/15/22

    75       76,546  

Series G, 5.00%, 05/15/22

    140       143,635  

Ventura County Community College District GO
5.00%, 08/01/22

    105       108,800  

Series C, 0.00%, 08/01/22(a)

    250       249,345  

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

    175       180,027  

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

    25       24,935  
   

 

 

 
      35,804,327  
Colorado — 1.2%            

Board of Governors of Colorado State University System RB

   

Series A, 5.00%, 03/01/22

    210       213,356  

Series B, 5.00%, 03/01/22

    250       253,995  

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

    325       341,193  

City & County of Denver CO GO, 0.00%, 01/29/22(a)

    20       19,992  

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

    120       124,232  

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

    100       103,604  

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

    190       199,426  

Denver City & County School District No. 1 GO

   

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

    275       286,373  

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

    1,100       1,145,126  

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

    225       236,658  

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

    480       504,870  

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

    465       489,092  

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

    90       89,761  

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

    75       78,911  

University of Colorado RB

   

Serise A-1, 4.00%, 06/01/22

    120       122,676  

Serise A-1, 4.00%, 06/01/22 (ETM)

    100       102,189  

 

 

SCHEDULE OF INVESTMENTS

  29


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Colorado (continued)            

Serise B, 5.00%, 06/01/22

  $ 175     $ 179,918  

Serise B, 5.00%, 06/01/22 (ETM)

    5       5,138  
   

 

 

 
      4,496,510  
Connecticut — 1.7%            

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

    195       201,209  

Connecticut State Health & Educational Facilities Authority RB

   

Series A-1, VRDN,5.00%, 07/01/42(b)

    645       665,581  

Series A-2, VRDN,5.00%, 07/01/42(b)

    350       361,168  

Series E, 5.00%, 07/01/22

    150       154,786  

State of Connecticut GO

   

Series A, 4.00%, 03/01/22

    50       50,639  

Series A, 5.00%, 10/15/22

    570       596,203  

Series C, 5.00%, 06/01/22

    130       133,661  

Series C, 5.00%, 06/15/22

    90       92,704  

Series D, 5.00%, 06/15/22

    20       20,601  

Series D, 5.00%, 08/15/22

    240       249,135  

Series E, 5.00%, 08/15/22

    175       181,661  

Series E, 5.00%, 10/15/22

    670       700,800  

Series F, 4.00%, 11/15/22

    675       701,647  

Series F, 5.00%, 11/15/22

    130       136,477  

Serise F, 5.00%, 09/15/22

    300       312,621  

State of Connecticut Special Tax Revenue RB

   

Series A, 5.00%, 01/01/22

    290       292,316  

Series A, 5.00%, 08/01/22

    130       134,705  

Series A, 5.00%, 09/01/22

    465       483,692  

Series A, 5.00%, 10/01/22

    210       219,264  

Series B, 5.00%, 08/01/22

    135       139,886  

Series S, 5.00%, 01/01/22

    170       171,358  

University of Connecticut RB

   

Series A, 5.00%, 02/15/22

    105       106,456  

Series A, 5.00%, 08/15/22

    125       129,737  
   

 

 

 
      6,236,307  
Delaware — 0.8%            

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

    115       117,565  

Delaware River & Bay Authority RB, Series B, 5.00%, 01/01/22

    170       171,329  

Delaware Transportation Authority RB
5.00%, 06/01/22

    345       354,675  

5.00%, 07/01/22

    865       892,838  

State of Delaware GO

   

Series A, 5.00%, 10/01/22

    300       313,206  

Series B, 5.00%, 07/01/22

    275       283,813  

Series C, 5.00%, 03/01/22

    785       797,599  

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

    105       110,061  
   

 

 

 
      3,041,086  
District of Columbia — 1.1%            

District of Columbia GO

   

Series A, 5.00%, 06/01/22

    1,050       1,079,510  

Series B, 5.00%, 06/01/22

    100       102,810  

Series D, 5.00%, 06/01/22

    125       128,513  

Series E, 5.00%, 06/01/22

    155       159,356  

District of Columbia RB
5.00%, 07/15/22

    75       77,489  

Series A, 4.00%, 12/01/22

    195       203,021  

Series A, 5.00%, 12/01/22

    515       541,741  

Series C, 4.00%, 12/01/22

    150       156,170  

Series C, 5.00%, 10/01/22

    125       130,502  

Series C, 5.00%, 12/01/22

    210       220,904  
Security   Par
(000)
    Value  
District of Columbia (continued)            

District of Columbia Water & Sewer Authority RB

   

Series A, 5.00%, 10/01/22

  $ 175     $ 182,687  

Series C, 5.00%, 10/01/22

    415       433,229  

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

    505       526,896  

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

    125       128,997  
   

 

 

 
      4,071,825  
Florida — 4.6%            

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

    50       51,589  

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

    405       422,828  

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

    55       56,364  

City of Jacksonville FL RB
5.00%, 10/01/22

    330       344,527  

Series A, 4.00%, 10/01/22

    50       51,735  

Series A, 5.00%, 10/01/22

    100       104,383  

Series C, 5.00%, 10/01/22

    100       104,383  

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

    70       73,068  

City of Tampa FL RB
5.00%, 10/01/22

    230       240,059  

Series A, 5.00%, 10/01/22

    140       146,123  

Series B, 5.00%, 10/01/22

    75       78,280  

County of Broward FL Airport System Revenue RB

   

Series C, 5.00%, 10/01/22

    245       255,600  

Series P-2, 5.00%, 10/01/22

    170       177,355  

Series Q-1, 5.00%, 10/01/22

    50       52,163  

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

    160       167,562  

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

    100       104,260  

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

    575       600,311  

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

    140       144,477  

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

    135       140,853  

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

    300       309,224  

County of Miami-Dade FL Water & Sewer System Revenue RB 5.00%, 10/01/22

    235       245,322  

Series A, 4.38%, 10/01/22 (AGM)

    100       103,822  

Series B, 5.25%, 10/01/22 (AGM)

    525       549,259  

County of Orange FL Sales Tax Revenue RB, Series C, 5.00%, 01/01/22

    195       196,551  

County of Palm Beach FL RB
5.00%, 05/01/22

    60       61,437  

5.00%, 06/01/22

    100       102,793  

5.00%, 11/01/22

    45       47,159  

Series A, 5.00%, 11/01/22

    50       52,399  

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

    30       31,044  

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

    80       83,484  

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

    55       57,421  

Florida Department of Environmental Protection RB

   

Series A, 5.00%, 07/01/22

    1,075       1,109,155  

Serise A, 5.00%, 07/01/22

    150       154,766  

 

 

30  

2021 ISHARES ANNUAL REPORT  TO SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Florida (continued)            

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

  $ 295     $ 305,586  

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

    325       339,092  

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

    250       255,961  

Florida’s Turnpike Enterprise RB

   

Series A, 5.00%, 07/01/22

    715       737,962  

Series B, 5.00%, 07/01/22

    540       557,341  

Series C, 5.00%, 07/01/22

    200       206,423  

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

    230       238,059  

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

    80       83,476  

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

    140       146,119  

Miami-Dade County Educational Facilities Authority Revenue RB, Series B, 5.25%, 04/01/22 (AMBAC)

    65       66,301  

Miami-Dade County Expressway Authority RB
Series A, 5.00%, 07/01/22

    80       82,471  

Series B, 5.00%, 07/01/22

    265       273,185  

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

    290       300,340  

Orlando Utilities Commission RB

   

Series A, 5.00%, 10/01/22

    340       354,999  

Series C, 4.00%, 10/01/22

    175       181,123  

Series C, 5.00%, 10/01/22

    255       266,249  

Series C, 5.25%, 10/01/22

    130       136,032  

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

    270       281,758  

Orlando-Orange County Expressway Authority RB 5.00%, 07/01/22

    275       283,719  

Series B, 5.00%, 07/01/22

    220       226,975  

Series B, 5.00%, 07/01/22 (AGM)

    185       190,928  

Palm Beach County School District COP

   

Series B, 5.00%, 08/01/22

    250       258,952  

Series D, 5.00%, 08/01/22

    375       388,370  

Reedy Creek Improvement District GOL
5.00%, 06/01/22

    120       123,330  

Series A, 5.00%, 06/01/22

    65       66,804  

Series B, 4.00%, 06/01/22

    160       163,512  

School Board of Miami-Dade County (The) COP

   

Series A, 5.00%, 05/01/22

    315       322,574  

Series D, 5.00%, 02/01/22

    65       65,781  

Series D, 5.00%, 11/01/22

    160       167,695  

School Board of Miami-Dade County (The) GO,
5.00%, 03/15/22

    130       132,311  

School District of Broward County/FL COP

   

Series A, 5.00%, 07/01/22

    425       438,415  

Series B, 5.00%, 07/01/22

    20       20,631  

Series C, 5.00%, 07/01/22

    250       257,892  

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

    75       77,414  

State of Florida GO

   

Series A, 5.00%, 06/01/22

    640       657,948  

Series A, 5.00%, 07/01/22

    95       98,031  

Series B, 5.00%, 06/01/22

    490       503,742  

Series C, 5.00%, 06/01/22

    575       591,125  

Series E, 5.00%, 06/01/22

    80       82,244  

State of Florida Lottery Revenue RB

   

Series A, 5.00%, 07/01/22

    1,010       1,042,366  

Series B, 5.00%, 07/01/22

    90       92,884  
Security   Par
(000)
    Value  
Florida (continued)            

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

  $ 115     $ 119,091  
   

 

 

 
      17,604,967  
Georgia — 2.0%            

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

    150       154,827  

City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/22

    700       733,663  

Series B, 5.00%, 11/01/22

    150       157,214  

Georgia State Road & Tollway Authority RB

   

Series A, 5.00%, 06/01/22

    175       179,876  

Series B, 5.00%, 10/01/22 (GTD)

    150       156,617  

Gwinnett County Development Authority COP, 5.25%, 01/01/22 (NPFGC)

    85       85,717  

Gwinnett County School District GO, 5.00%, 02/01/22

    370       374,445  

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

    500       518,058  

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

    2,015       2,079,434  

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

    135       141,270  

State of Georgia GO

   

Series A, 5.00%, 02/01/22

    125       126,502  

Series A-1, 5.00%, 02/01/22

    215       217,583  

Series C, 4.00%, 09/01/22

    405       417,885  

Series C, 4.00%, 10/01/22

    1,215       1,257,509  

Series E, 5.00%, 12/01/22

    250       263,009  

Serise H, 5.00%, 12/01/22

    650       683,823  
   

 

 

 
      7,547,432  
Hawaii — 2.5%            

City & County Honolulu HI Wastewater System Revenue RB

   

Series A, 5.00%, 07/01/22

    175       180,587  

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

    1,155       1,191,934  

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

    125       128,997  

Series B, 5.00%, 07/01/22

    120       123,854  

City & County of Honolulu HI GO

   

Series A, 5.00%, 10/01/22

    230       240,168  

Series A, 5.00%, 11/01/22 (ETM)

    25       26,197  

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

    2,000       2,095,769  

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

    1,175       1,231,264  

Series B, 5.00%, 09/01/22

    50       52,010  

Series B, 5.00%, 10/01/22 (ETM)

    125       130,526  

Series B, 5.00%, 11/01/22

    225       235,844  

Series C, 5.00%, 10/01/22

    220       229,726  

Series E, 3.00%, 09/01/22

    100       102,360  

County of Hawaii HI GO

   

Series A, 5.00%, 09/01/22

    145       150,816  

Series B, 5.00%, 09/01/22

    370       384,841  

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

    20       20,640  

State of Hawaii GO

   

Series EE, 4.00%, 11/01/22 (ETM)

    35       36,327  

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

    580       607,773  

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

    115       120,507  

Series EF, 5.00%, 11/01/22

    220       230,625  

Series EO, 5.00%, 08/01/22

    150       155,440  

Series EP, 5.00%, 08/01/22

    150       155,440  

Series EX, 3.00%, 10/01/22

    150       153,907  

Series EZ, 5.00%, 10/01/22

    175       182,753  

Series FE, 5.00%, 10/01/22

    355       370,728  

 

 

SCHEDULE OF INVESTMENTS

  31


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Hawaii (continued)  

Series FG, 5.00%, 10/01/22

  $ 110     $ 114,873  

Series FH, 5.00%, 10/01/22

    455       475,158  

Series FN, 5.00%, 10/01/22

    70       73,101  

Series FT, 5.00%, 01/01/22

    225       226,801  

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

    205       214,024  
   

 

 

 
      9,642,990  
Idaho — 0.1%  

Idaho Housing & Finance Association RB
Series A, 5.00%, 07/15/22

    150       155,010  

Series B, 5.00%, 07/15/22

    205       211,848  
   

 

 

 
      366,858  
Illinois — 2.0%  

Chicago O’Hare International Airport RB
Series B, 5.00%, 01/01/22

    350       352,792  

Series C, 5.00%, 01/01/22

    380       383,006  

Series D, 5.00%, 01/01/22

    275       277,194  

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

    100       102,656  

Illinois Finance Authority RB
4.00%, 01/01/22

    100       100,633  

5.00%, 07/01/22

    180       185,780  

5.00%, 10/01/22

    25       26,084  

Series A, 5.00%, 10/01/22

    230       240,059  

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

    645       677,841  

Series D, 5.00%, 01/01/22

    125