LOGO

  APRIL 30, 2023

 

 

   

 

2023 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

·  iShares iBonds Dec 2023 Term Treasury ETF | IBTD | NASDAQ

·  iShares iBonds Dec 2024 Term Treasury ETF | IBTE | NASDAQ

·  iShares iBonds Dec 2025 Term Treasury ETF | IBTF | NASDAQ

·  iShares iBonds Dec 2026 Term Treasury ETF | IBTG | NASDAQ

·  iShares iBonds Dec 2027 Term Treasury ETF | IBTH | NASDAQ

·  iShares iBonds Dec 2028 Term Treasury ETF | IBTI | NASDAQ

·  iShares iBonds Dec 2029 Term Treasury ETF | IBTJ | NASDAQ

·  iShares iBonds Dec 2030 Term Treasury ETF | IBTK | NASDAQ

·  iShares iBonds Dec 2031 Term Treasury ETF | IBTL | NASDAQ

·  iShares iBonds Dec 2032 Term Treasury ETF | IBTM | NASDAQ


The Markets in Review

Dear Shareholder,

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

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

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

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

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

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

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of April 30, 2023
     
     6-Month    12-Month 
     

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

  8.63%       2.66%
     

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

  (3.45)      (3.65)
     

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

 

24.19 

  8.42
     

Emerging market equities
(MSCI Emerging Markets Index)

 

16.36 

  (6.51)
     

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

 

2.09 

  2.83
     

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

 

7.14 

  (1.68)
     

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

 

6.91 

  (0.43)
     

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

 

7.65 

  2.87
     

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

 

6.21 

  1.21
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

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


Table of Contents

 

 

      Page

The Markets in Review

   2

Semi-Annual Report:

  

Fund Summary

   4

About Fund Performance

   14

Disclosure of Expenses

   14

Schedules of Investments

   15

Financial Statements

  

Statements of Assets and Liabilities

   25

Statements of Operations

   28

Statements of Changes in Net Assets

   31

Financial Highlights

   36

Notes to Financial Statements

   46

Statement Regarding Liquidity Risk Management Program

   53

Supplemental Information

   54

General Information

   55

 

 

 


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

 

Investment Objective

The iShares iBonds Dec 2023 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023, as represented by the ICE 2023 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
      1 Year    

Since

Inception

           1 Year     Since
Inception
 

Fund NAV

    2.17     1.80     0.83       1.80     2.67

Fund Market

    2.12       1.76       0.85         1.76       2.72  

Index

    2.17       1.83       0.89               1.83       2.85  

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2023 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $       1,021.70          $         0.30             $       1,000.00        $       1,024.50          $         0.30          0.06

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  86.8%

Not Rated

  2.1   

Short-Term and Other Assets

  11.1   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 0.13%, 06/30/23

  9.0%

U.S. Treasury Note/Bond, 2.88%, 11/30/23

  8.4   

U.S. Treasury Note/Bond, 0.25%, 09/30/23

  7.7   

U.S. Treasury Note/Bond, 2.50%, 08/15/23

  7.5   

U.S. Treasury Note/Bond, 2.75%, 05/31/23

  6.9   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2024 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2024 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2024, as represented by the ICE 2024 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
      1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    2.24     0.66     (0.13 )%        0.66     (0.41 )% 

Fund Market

    2.26       0.66       (0.11       0.66       (0.36

Index

    2.26       0.71       (0.09             0.71       (0.27

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2024 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $       1,022.40          $         0.35             $       1,000.00        $       1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  96.2%

Not Rated

  2.3   

Short-Term and Other Assets

  1.5   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 0.38%, 09/15/24

  10.9%

U.S. Treasury Note/Bond, 1.50%, 09/30/24

  7.7   

U.S. Treasury Note/Bond, 2.25%, 04/30/24

  6.9   

U.S. Treasury Note/Bond, 0.25%, 03/15/24

  6.0   

U.S. Treasury Note/Bond, 0.75%, 11/15/24

  6.0   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


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

 

Investment Objective

The iShares iBonds Dec 2025 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2025, as represented by the ICE 2025 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
      1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    3.16     0.66     (0.75 )%        0.66     (2.36 )% 

Fund Market

    3.23       0.69       (0.72       0.69       (2.27

Index

    3.17       0.69       (0.71             0.69       (2.24

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2025 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $       1,031.60          $         0.35             $       1,000.00        $       1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  98.2%

Short-Term and Other Assets

  1.8   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 0.25%, 08/31/25

  7.6%

U.S. Treasury Note/Bond, 2.88%, 06/15/25

  7.0   

U.S. Treasury Note/Bond, 1.50%, 02/15/25

  7.0   

U.S. Treasury Note/Bond, 0.25%, 05/31/25

  6.9   

U.S. Treasury Note/Bond, 0.38%, 11/30/25

  6.5   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2026 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026, as represented by the ICE 2026 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
    1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    4.31     0.64     (1.19 )%        0.64     (3.72 )% 

Fund Market

    4.30       0.63       (1.18       0.63       (3.70

Index

    4.30       0.69       (1.17             0.69       (3.66

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2026 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $       1,043.10          $         0.35             $       1,000.00        $       1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  85.1%

Not Rated

  14.1   

Short-Term and Other Assets

  0.8   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 0.88%, 06/30/26

  8.0%

U.S. Treasury Note/Bond, 4.00%, 02/15/26

  7.5   

U.S. Treasury Note/Bond, 0.75%, 03/31/26

  7.5   

U.S. Treasury Note/Bond, 0.75%, 05/31/26

  7.4   

U.S. Treasury Note/Bond, 1.50%, 08/15/26

  6.7   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


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

 

Investment Objective

The iShares iBonds Dec 2027 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2027, as represented by the ICE 2027 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
      1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    4.93     0.45     (1.75 )%        0.45     (5.45 )% 

Fund Market

    4.90       0.41       (1.75       0.41       (5.46

Index

    4.95       0.45       (1.70             0.45       (5.31

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2027 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      


Ending

Account Value
(04/30/23

 


      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$      1,000.00

       $      1,049.30          $         0.36             $       1,000.00        $      1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  92.6%

Not Rated

  6.3   

Short-Term and Other Assets

  1.1   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 1.50%, 01/31/27

  8.6%

U.S. Treasury Note/Bond, 0.50%, 10/31/27

  7.6   

U.S. Treasury Note/Bond, 3.25%, 06/30/27

  7.5   

U.S. Treasury Note/Bond, 2.75%, 07/31/27

  7.3   

U.S. Treasury Note/Bond, 0.50%, 08/31/27

  6.3   
  * 

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.

 
  (a) 

Excludes money market funds.

 

 

 

8  

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Fund Summary as of April 30, 2023    iShares® iBonds® Dec 2028 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2028 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2028, as represented by the ICE 2028 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
      1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    5.75     0.21     (2.14 )%        0.21     (6.65 )% 

Fund Market

    5.74       0.22       (2.14       0.22       (6.65

Index

    5.78       0.27       (2.09             0.27       (6.50

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2028 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $       1,057.50          $         0.36             $       1,000.00        $       1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  98.7%

Short-Term and Other Assets

  1.3   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 2.88%, 05/15/28

  10.4%

U.S. Treasury Note/Bond, 2.88%, 08/15/28

  8.8   

U.S. Treasury Note/Bond, 1.25%, 06/30/28

  8.1   

U.S. Treasury Note/Bond, 1.00%, 07/31/28

  7.6   

U.S. Treasury Note/Bond, 2.75%, 02/15/28

  7.2   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  9


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

 

Investment Objective

The iShares iBonds Dec 2029 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2029, as represented by the ICE 2029 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
      1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    6.02     (0.17 )%      (2.45 )%        (0.17 )%      (7.57 )% 

Fund Market

    6.04       (0.18     (2.43       (0.18     (7.54

Index

    6.03       (0.17     (2.41             (0.17     (7.47

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2029 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      


Ending

Account Value
(04/30/23

 


      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      


Ending

Account Value
(04/30/23

 


      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $       1,060.20          $         0.36             $       1,000.00        $       1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  94.4%

Not Rated

  4.4   

Short-Term and Other Assets

  1.2   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 1.75%, 01/31/29

  10.5%

U.S. Treasury Note/Bond, 2.63%, 02/15/29

  10.5   

U.S. Treasury Note/Bond, 3.88%, 11/30/29

  8.5   

U.S. Treasury Note/Bond, 2.38%, 05/15/29

  8.3   

U.S. Treasury Note/Bond, 1.88%, 02/28/29

  8.1   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

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

 

Investment Objective

The iShares iBonds Dec 2030 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2030, as represented by the ICE 2030 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
      1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    6.46     (0.66 )%      (6.00 )%        (0.66 )%      (15.91 )% 

Fund Market

    6.43       (0.69     (5.99       (0.69     (15.88

Index

    6.53       (0.57     (5.96             (0.57     (15.79

The inception date of the Fund was July 14, 2020. The first day of secondary market trading was July 16, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2030 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      

Ending

Account Value

(04/30/23

 

 

      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      


Ending

Account Value
(04/30/23

 


      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $       1,064.60          $         0.36             $       1,000.00        $       1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  94.5%

Not Rated

  4.5   

Short-Term and Other Assets

  1.0   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 0.88%, 11/15/30

  21.9%

U.S. Treasury Note/Bond, 0.63%, 08/15/30

  20.8   

U.S. Treasury Note/Bond, 0.63%, 05/15/30

  17.6   

U.S. Treasury Note/Bond, 1.50%, 02/15/30

  17.3   

U.S. Treasury Note/Bond, 4.00%, 02/28/30

  10.7   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  11


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

 

Investment Objective

The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2031, as represented by the ICE 2031 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns              Cumulative Total Returns  
     6-Month
Total Returns
      1 Year    

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    7.06     (0.78 )%      (6.60 )%        (0.78 )%      (11.57 )% 

Fund Market

    7.12       (0.68     (6.57       (0.68     (11.51

Index

    7.12       (0.71     (6.54             (0.71     (11.45

The inception date of the Fund was July 13, 2021. The first day of secondary market trading was July 15, 2021.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      


Ending

Account Value
(04/30/23

 


      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $       1,070.60          $         0.36             $       1,000.00        $       1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  99.1%

Short-Term and Other Assets

  0.9   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 1.38%, 11/15/31

  25.8%

U.S. Treasury Note/Bond, 1.25%, 08/15/31

  25.1   

U.S. Treasury Note/Bond, 1.63%, 05/15/31

  24.6   

U.S. Treasury Note/Bond, 1.13%, 02/15/31

  23.5   

U.S. Treasury Note/Bond, 5.38%, 02/15/31

  0.2   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

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

 

Investment Objective

The iShares iBonds Dec 2032 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2032, as represented by the ICE 2032 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Cumulative Total Returns  
     6-Month
Total Returns
   

Since

Inception

 

Fund NAV

    7.21 %         (1.54 )% 

Fund Market

    7.34       (1.49

Index

    7.22       (1.52

The inception date of the Fund was July 6, 2022. The first day of secondary market trading was July 8, 2022.

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

Expense Example

 

   

Actual

         

Hypothetical 5% Return

          
                                                            
   

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(11/01/22)

      

Ending
Account Value
(04/30/23
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
   

$       1,000.00

       $      1,072.10          $         0.36             $       1,000.00        $      1,024.40          $         0.35          0.07

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  98.6%

Short-Term and Other Assets

  1.4   

FIVE LARGEST HOLDINGS

 

   
Security   Percent of   
Net Assets(a)

U.S. Treasury Note/Bond, 4.13%, 11/15/32

  26.6%

U.S. Treasury Note/Bond, 2.88%, 05/15/32

  24.8   

U.S. Treasury Note/Bond, 2.75%, 08/15/32

  23.8   

U.S. Treasury Note/Bond, 1.88%, 02/15/32

  23.4   
  * 

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  13


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2023 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 88.9%            

U.S. Treasury Bill

   

0.00%, 06/20/23(a)

  $ 40,000     $ 39,732,222  

0.00%, 10/19/23(a)

    20,000       19,541,308  

U.S. Treasury Note/Bond

   

0.13%, 05/31/23

    84,895       84,585,406  

0.13%, 06/30/23

    268,048           265,927,030  

0.13%, 07/31/23

    98,927       97,721,525  

0.13%, 08/15/23

    26,874       26,489,983  

0.13%, 08/31/23

    165,927       163,236,774  

0.13%, 10/15/23

    716       700,617  

0.13%, 12/15/23

    156,731       152,200,300  

0.25%, 09/30/23

    231,158       226,805,337  

0.25%, 11/15/23

    2,622       2,556,860  

0.50%, 11/30/23

    104,170       101,533,197  

0.75%, 12/31/23

    35,865       34,885,717  

1.38%, 06/30/23

    165,065       164,092,956  

1.38%, 09/30/23

    53,837       53,043,772  

1.63%, 10/31/23

    138,805       136,576,922  

1.75%, 05/15/23

    83,250       83,157,823  

2.25%, 12/31/23

    115,109       113,112,775  

2.50%, 08/15/23

    222,589       220,841,131  

2.75%, 05/31/23(b)

    204,754       204,447,529  

2.75%, 07/31/23

    140,317       139,489,349  

2.88%, 10/31/23

    43,313       42,886,242  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)            

2.88%, 11/30/23

  $   250,879     $ 248,047,306  
   

 

 

 
      2,621,612,081  
   

 

 

 

Total Long-Term Investments — 88.9%
(Cost: $2,625,384,178)

 

    2,621,612,081  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 9.7%            

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

    285,831       285,830,523  
   

 

 

 

Total Short-Term Securities — 9.7%
(Cost: $285,830,523)

 

    285,830,523  
   

 

 

 

Total Investments — 98.6%
(Cost: $2,911,214,701)

 

    2,907,442,604  

Other Assets Less Liabilities — 1.4%

 

    39,978,198  
   

 

 

 

Net Assets — 100.0%

    $   2,947,420,802  
   

 

 

 

 

(a) 

Zero-coupon bond.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 81,560,100      $ 204,270,423 (a)    $      $      $     $ 285,830,523        285,831      $ 3,574,882 (b)    $ 47  
         

 

 

    

 

 

   

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                                                           

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 2,621,612,081      $      $ 2,621,612,081  

Short-Term Securities

          

Money Market Funds

    285,830,523                      285,830,523  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 285,830,523      $ 2,621,612,081      $      $ 2,907,442,604  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  15


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2024 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 98.5%            

U.S. Treasury Note/Bond

   

0.13%, 01/15/24

  $ 46,033     $ 44,519,139  

0.25%, 03/15/24

    145,116       139,452,786  

0.25%, 06/15/24

    52,582       50,045,424  

0.38%, 04/15/24

    102,658       98,415,817  

0.38%, 07/15/24

    13,483       12,819,859  

0.38%, 09/15/24

    265,027           250,730,131  

0.75%, 11/15/24

    146,380       138,597,845  

1.00%, 12/15/24

    45,839       43,493,522  

1.50%, 09/30/24

    185,481       178,105,713  

1.50%, 11/30/24

    70,704       67,696,414  

1.75%, 07/31/24

    14,446       13,955,900  

2.00%, 04/30/24

    120,375       117,050,581  

2.13%, 07/31/24

    51,427       49,897,864  

2.25%, 03/31/24

    67,425       65,865,797  

2.25%, 04/30/24

    163,356       159,214,281  

2.25%, 11/15/24

    74,943       72,607,080  

2.38%, 02/29/24

    41,228       40,385,333  

2.38%, 08/15/24

    136,975       133,272,103  

2.50%, 01/31/24

    53,585       52,634,507  

2.50%, 04/30/24

    118,072       115,387,609  

2.50%, 05/31/24

    92,073       89,871,489  

2.75%, 02/15/24

    90,531       88,992,680  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)            

3.00%, 06/30/24

  $   113,299     $ 111,178,873  

3.00%, 07/31/24

    54,908       53,859,662  

3.25%, 08/31/24

    85,227       83,845,784  
   

 

 

 
      2,271,896,193  
   

 

 

 

Total Long-Term Investments — 98.5%
(Cost: $2,278,806,452)

      2,271,896,193  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 1.0%            

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

    22,288       22,288,000  
   

 

 

 

Total Short-Term Securities — 1.0%
(Cost: $22,288,000)

      22,288,000  
   

 

 

 

Total Investments — 99.5%
(Cost: $2,301,094,452)

      2,294,184,193  

Other Assets Less Liabilities — 0.5%

      11,963,250  
   

 

 

 

Net Assets — 100.0%

    $   2,306,147,443  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 6,958,000      $ 15,330,000 (a)    $      $      $      $ 22,288,000        22,288      $ 223,167 (b)    $ 9  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                                                           

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 2,271,896,193      $      $ 2,271,896,193  

Short-Term Securities

          

Money Market Funds

    22,288,000                      22,288,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 22,288,000      $ 2,271,896,193      $      $ 2,294,184,193  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

16  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2025 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 98.2%            

U.S. Treasury Note/Bond

   

0.25%, 05/31/25

  $   88,638     $     82,013,925  

0.25%, 06/30/25

    37,281       34,454,158  

0.25%, 08/31/25

    98,093       90,142,102  

0.25%, 09/30/25

    1       1,102  

0.25%, 10/31/25

    6,281       5,745,826  

0.38%, 04/30/25

    35,460       32,977,800  

0.38%, 11/30/25

    84,184       77,093,579  

1.13%, 01/15/25

    62,198       59,032,599  

1.13%, 02/28/25

    11,853       11,227,203  

1.50%, 02/15/25

    87,127       83,100,207  

1.75%, 03/15/25

    66,356       63,525,502  

2.63%, 03/31/25

    26,646       25,933,011  

2.63%, 04/15/25

    43,364       42,171,490  

2.75%, 05/15/25

    73,245       71,385,556  

2.75%, 06/30/25

    54,512       53,113,196  

2.88%, 05/31/25

    17,730       17,324,149  

2.88%, 06/15/25

    85,824       83,855,692  

2.88%, 07/31/25

    58,251       56,913,340  

3.00%, 07/15/25

    48,728       47,717,275  

3.00%, 09/30/25

    77,089       75,490,299  

3.00%, 10/31/25

    55,292       54,145,123  

3.50%, 09/15/25

    24,232       24,012,298  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)            

4.00%, 12/15/25

  $   27,102     $ 27,226,065  

4.13%, 01/31/25

    20,000       19,968,750  

4.25%, 10/15/25

    30,853       31,108,300  
   

 

 

 
      1,169,678,547  
   

 

 

 

Total Long-Term Investments — 98.2%
(Cost: $1,166,428,148)

      1,169,678,547  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 1.3%            

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

    15,560       15,560,000  
   

 

 

 

Total Short-Term Securities — 1.3%
(Cost: $15,560,000)

      15,560,000  
   

 

 

 

Total Investments — 99.5%
(Cost: $1,181,988,148)

      1,185,238,547  

Other Assets Less Liabilities — 0.5%

      6,098,888  
   

 

 

 

Net Assets — 100.0%

    $   1,191,337,435  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income     

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 1,600,000      $ 13,960,000 (a)    $      $      $      $ 15,560,000        15,560      $ 129,199      $ 2  
         

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(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  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 1,169,678,547      $      $ 1,169,678,547  

Short-Term Securities

          

Money Market Funds

    15,560,000                      15,560,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 15,560,000      $ 1,169,678,547      $      $ 1,185,238,547  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2026 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 99.2%            

U.S. Treasury Note/Bond

   

0.38%, 01/31/26

  $   19,225     $     17,523,673  

0.50%, 02/28/26

    21,495       19,622,584  

0.63%, 07/31/26

    4,102       3,719,868  

0.75%, 03/31/26

    25,145       23,111,975  

0.75%, 04/30/26

    17,501       16,033,015  

0.75%, 05/31/26

    25,113       22,954,053  

0.75%, 08/31/26

    9,618       8,740,370  

0.88%, 06/30/26

    26,984       24,741,047  

0.88%, 09/30/26

    5,576       5,082,219  

1.13%, 10/31/26

    17,960       16,472,504  

1.25%, 11/30/26

    16,892       15,542,052  

1.38%, 08/31/26

    4,369       4,054,715  

1.50%, 08/15/26

    22,327       20,824,475  

1.63%, 05/15/26

    20,438       19,216,134  

1.63%, 11/30/26

    8,710       8,126,191  

1.88%, 07/31/26

    9,492       8,965,396  

2.00%, 11/15/26

    17,851       16,875,565  

2.25%, 03/31/26

    8,879       8,517,944  

2.38%, 04/30/26

    754       725,283  

3.88%, 01/15/26

    3,140       3,145,429  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)            

4.00%, 02/15/26

  $   23,105     $ 23,236,770  

4.63%, 03/15/26

    19,702       20,173,001  
   

 

 

 
      307,404,263  
   

 

 

 

Total Long-Term Investments — 99.2%
(Cost: $306,630,805)

      307,404,263  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.3%            

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

    1,080       1,080,000  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $1,080,000)

      1,080,000  
   

 

 

 

Total Investments — 99.5%
(Cost: $307,710,805)

      308,484,263  

Other Assets Less Liabilities — 0.5%

      1,538,923  
   

 

 

 

Net Assets — 100.0%

    $   310,023,186  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

     Value at
04/30/23
    

Shares

Held at

04/30/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 870,000        $210,000 (a)    $      $      $      $ 1,080,000        1,080      $ 33,960 (b)    $ 1  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                                               

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 307,404,263      $      $ 307,404,263  

Short-Term Securities

          

Money Market Funds

    1,080,000                      1,080,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 1,080,000      $ 307,404,263      $      $ 308,484,263  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

18  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2027 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 98.9%            

U.S. Treasury Note/Bond

   

0.38%, 09/30/27

  $ 9,416     $ 8,198,908  

0.50%, 04/30/27

    9,800       8,681,805  

0.50%, 05/31/27

      12,761       11,275,451  

0.50%, 08/31/27

    16,012       14,054,107  

0.50%, 10/31/27

    19,443       16,990,425  

0.63%, 03/31/27

    9,016       8,045,371  

0.63%, 11/30/27

    6,880       6,035,862  

1.50%, 01/31/27

    20,789       19,249,130  

1.88%, 02/28/27

    12,514       11,737,366  

2.25%, 02/15/27

    9,551       9,093,589  

2.25%, 08/15/27

    9,185       8,708,907  

2.25%, 11/15/27

    13,622       12,882,900  

2.38%, 05/15/27

    9,134       8,718,498  

2.50%, 03/31/27

    9,271       8,896,539  

2.75%, 04/30/27

    11,138       10,784,234  

2.75%, 07/31/27

    16,896       16,345,833  

3.25%, 06/30/27

    16,895       16,673,185  

4.13%, 09/30/27

    13,192       13,490,366  

4.13%, 10/31/27

    10,420       10,662,288  
   

 

 

 
        220,524,764  
   

 

 

 

Total Long-Term Investments — 98.9%
(Cost: $217,953,395)

      220,524,764  
   

 

 

 
Security  

Shares

(000)

    Value  

 

 

Short-Term Securities

   
Money Market Funds — 0.3%            

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

    600     $ 600,000  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $600,000)

      600,000  
   

 

 

 

Total Investments — 99.2%
(Cost: $218,553,395)

      221,124,764  

Other Assets Less Liabilities — 0.8%

      1,758,778  
   

 

 

 

Net Assets — 100.0%

    $   222,883,542  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 190,000        $410,000 (a)    $      $      $      $ 600,000        600      $ 9,730 (b)    $  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                                       

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 220,524,764      $      $ 220,524,764  

Short-Term Securities

          

Money Market Funds

    600,000                      600,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 600,000      $ 220,524,764      $      $ 221,124,764  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  19


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2028 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 98.7%            

U.S. Treasury Note/Bond

   

0.75%, 01/31/28

  $ 7,388     $ 6,495,003  

1.00%, 07/31/28

    8,292       7,293,985  

1.13%, 02/29/28

    7,005       6,261,545  

1.13%, 08/31/28

    4,238       3,744,747  

1.25%, 03/31/28

    6,894       6,189,699  

1.25%, 04/30/28

    3,962       3,550,788  

1.25%, 06/30/28

    8,722       7,789,244  

1.25%, 09/30/28

    6,956       6,176,355  

1.38%, 10/31/28

    6,231       5,564,332  

1.50%, 11/30/28

    6,809       6,113,209  

2.75%, 02/15/28

    7,123       6,879,453  

2.88%, 05/15/28

    10,320       10,006,756  

2.88%, 08/15/28

    8,696       8,424,444  

3.13%, 11/15/28

    6,716       6,577,713  

4.00%, 02/29/28

    3,591       3,669,910  
   

 

 

 
      94,737,183  
   

 

 

 

Total Long-Term Investments — 98.7%
(Cost: $95,520,140)

        94,737,183  
   

 

 

 
Security  

Shares

(000)

    Value  

 

 

Short-Term Securities

   
Money Market Funds — 0.7%            

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

    700     $ 700,000  
   

 

 

 

Total Short-Term Securities — 0.7%
(Cost: $700,000)

      700,000  
   

 

 

 

Total Investments — 99.4%
(Cost: $96,220,140)

      95,437,183  

Other Assets Less Liabilities — 0.6%

      579,472  
   

 

 

 

Net Assets — 100.0%

    $   96,016,655  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 150,000        $550,000 (a)    $      $      $      $ 700,000        700      $ 7,481 (b)    $  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                               

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 94,737,183      $      $ 94,737,183  

Short-Term Securities

          

Money Market Funds

    700,000                      700,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 700,000      $ 94,737,183      $      $ 95,437,183  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements

 

 

20  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2029 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 98.8%            

U.S. Treasury Note/Bond

   

1.63%, 08/15/29

  $   4,922     $ 4,415,162  

1.75%, 01/31/29

    7,742       7,029,797  

1.75%, 11/15/29

    5,502       4,970,430  

1.88%, 02/28/29

    5,896       5,388,757  

2.38%, 03/31/29

    4,364       4,095,895  

2.38%, 05/15/29

    5,877       5,513,444  

2.63%, 02/15/29

    7,320       6,975,636  

2.75%, 05/31/29

    5,454       5,224,740  

2.88%, 04/30/29

    2,599       2,507,654  

3.13%, 08/31/29

    5,454       5,334,037  

3.25%, 06/30/29

    3,461       3,408,212  

3.88%, 09/30/29

    2,427       2,477,166  

3.88%, 11/30/29

    5,533       5,652,545  

4.00%, 10/31/29

    2,857       2,937,705  
   

 

 

 
        65,931,180  
   

 

 

 

Total Long-Term Investments — 98.8%
(Cost: $65,440,310)

      65,931,180  
   

 

 

 
Security  

Shares

(000)

    Value  

 

 

Short-Term Securities

   
Money Market Funds — 0.4%            

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

    270     $ 270,000  
   

 

 

 

Total Short-Term Securities — 0.4%
(Cost: $270,000)

      270,000  
   

 

 

 

Total Investments — 99.2%
(Cost: $65,710,310)

      66,201,180  

Other Assets Less Liabilities — 0.8%

      563,922  
   

 

 

 

Net Assets — 100.0%

    $   66,765,102  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 220,000        $ 50,000 (a)    $      $      $      $ 270,000        270      $ 7,172 (b)    $  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                               

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 65,931,180      $      $ 65,931,180  

Short-Term Securities

          

Money Market Funds

    270,000                      270,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 270,000      $ 65,931,180      $      $ 66,201,180  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  21


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2030 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 99.0%            

U.S. Treasury Note/Bond

   

0.63%, 05/15/30

  $   16,846     $ 13,895,646  

0.63%, 08/15/30

    19,981       16,398,141  

0.88%, 11/15/30

    20,776       17,341,718  

1.50%, 02/15/30

    15,512       13,688,216  

3.50%, 01/31/30

    4,875       4,877,476  

3.63%, 03/31/30

    3,500       3,532,266  

4.00%, 02/28/30

    8,210       8,463,126  
   

 

 

 
      78,196,589  
   

 

 

 

Total Long-Term Investments — 99.0%
(Cost: $82,167,647)

      78,196,589  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.4%            

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

    290       290,000  
   

 

 

 

Total Short-Term Securities — 0.4%
(Cost: $290,000)

      290,000  
   

 

 

 

Total Investments — 99.4%
(Cost: $82,457,647)

      78,486,589  

Other Assets Less Liabilities — 0.6%

      509,199  
   

 

 

 

Net Assets — 100.0%

    $   78,995,788  
   

 

 

 
    

    

    

    

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

    

Proceeds

from Sale

   

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income     

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 330,000      $        $(40,000 )(a)    $      $      $ 290,000        290      $ 8,710      $  
         

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(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  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 78,196,589      $      $ 78,196,589  

Short-Term Securities

          

Money Market Funds

    290,000                      290,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 290,000      $ 78,196,589      $      $ 78,486,589  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

22  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2031 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 99.1%            

U.S. Treasury Note/Bond

   

1.13%, 02/15/31

  $   19,659     $   16,698,376  

1.25%, 08/15/31

    21,093       17,836,599  

1.38%, 11/15/31

    21,555       18,326,547  

1.63%, 05/15/31

    20,013       17,542,821  

5.38%, 02/15/31

    154       174,547  
   

 

 

 
      70,578,890  
   

 

 

 

Total Long-Term Investments — 99.1%
(Cost: $71,442,494)

      70,578,890  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.3%            

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

    190       190,000  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $190,000)

      190,000  
   

 

 

 

Total Investments — 99.4%
(Cost: $71,632,494)

      70,768,890  

Other Assets Less Liabilities — 0.6%

      413,438  
   

 

 

 

Net Assets — 100.0%

    $ 71,182,328  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in
Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 30,000        $160,000 (a)    $      $      $      $ 190,000        190      $ 2,541 (b)    $  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                                   

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 70,578,890      $      $ 70,578,890  

Short-Term Securities

          

Money Market Funds

    190,000                      190,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 190,000      $ 70,578,890      $      $ 70,768,890  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  23


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® iBonds® Dec 2032 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  

 

 

U.S. Government Obligations

   
U.S. Government Obligations — 98.6%            

U.S. Treasury Note/Bond

   

1.88%, 02/15/32

  $   20,651     $   18,251,216  

2.75%, 08/15/32

    19,608       18,557,134  

2.88%, 05/15/32

    20,185       19,319,157  

4.13%, 11/15/32

    19,691       20,782,708  
   

 

 

 
      76,910,215  
   

 

 

 

Total Long-Term Investments — 98.6%
(Cost: $75,944,903)

      76,910,215  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.1%            

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

    40       40,000  
   

 

 

 

Total Short-Term Securities — 0.1%
(Cost: $40,000)

      40,000  
   

 

 

 

Total Investments — 98.7%
(Cost: $75,984,903)

      76,950,215  

Other Assets Less Liabilities — 1.3%

      1,022,214  
   

 

 

 

Net Assets — 100.0%

    $ 77,972,429  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $        $ 40,000(a )     $      $      $      $ 40,000        40      $ 1,787 (b)    $  
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                               

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

U.S. Government Obligations

  $      $ 76,910,215      $      $ 76,910,215  

Short-Term Securities

          

Money Market Funds

    40,000                      40,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 40,000      $ 76,910,215      $      $ 76,950,215  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

24  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Statements of Assets and Liabilities (unaudited)

April 30, 2023

 

   

iShares

iBonds Dec 2023

Term Treasury ETF

   

iShares

iBonds Dec 2024

Term Treasury ETF

   

iShares

iBonds Dec 2025

Term Treasury ETF

   

iShares

iBonds Dec

2026

Term Treasury

ETF

 

 

 

ASSETS

               

Investments, at value — unaffiliated(a)(b)

    $ 2,621,612,081       $ 2,271,896,193               $ 1,169,678,547               $ 307,404,263  

Investments, at value — affiliated(c)

             285,830,523                 22,288,000         15,560,000         1,080,000  

Cash

      16,567         7,914         6,931         1,380  

Receivables:

               

Investments sold

      131,148,500                 19,585,972         9,362,286  

Securities lending income — affiliated

      77,653         1,327                  

Capital shares sold

              28,104         33,340         10,429  

Dividends — affiliated

      866,656         83,792         57,466         4,802  

Interest — unaffiliated

      12,545,026         11,967,447         6,654,923         1,365,598  
   

 

 

     

 

 

     

 

 

     

 

 

 

Total assets

      3,052,097,006         2,306,272,777         1,211,577,179         319,228,758  
   

 

 

     

 

 

     

 

 

     

 

 

 

LIABILITIES

               

Collateral on securities loaned, at value

      6,103,523                          

Payables:

               

Investments purchased

      98,423,572                 20,173,894         9,188,321  

Investment advisory fees

      149,109         125,334         65,850         17,251  
   

 

 

     

 

 

     

 

 

     

 

 

 

Total liabilities

      104,676,204         125,334         20,239,744         9,205,572  
   

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

    $ 2,947,420,802       $ 2,306,147,443       $ 1,191,337,435       $ 310,023,186  
   

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS CONSIST OF

               

Paid-in capital

    $ 2,942,989,681       $ 2,310,196,067       $ 1,188,117,582       $ 314,217,431  

Accumulated earnings (loss)

      4,431,121         (4,048,624       3,219,853         (4,194,245
   

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

    $ 2,947,420,802       $ 2,306,147,443       $ 1,191,337,435       $ 310,023,186  
   

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSET VALUE

               

Shares outstanding

      118,900,000         96,300,000         50,650,000         13,400,000