
		OCTOBER 31, 2022

2022 Annual Report

iShares Trust

iShares iBonds 2022 Term High Yield and Income ETF | IBHB | Cboe BZX

iShares iBonds 2023 Term High Yield and Income ETF | IBHC | Cboe BZX

iShares iBonds 2024 Term High Yield and Income ETF | IBHD | Cboe BZX

iShares iBonds 2025 Term High Yield and Income ETF | IBHE | Cboe BZX

iShares iBonds 2026 Term High Yield and Income ETF | IBHF | Cboe BZX

iShares iBonds 2027 Term High Yield and Income ETF | IBHG | Cboe BZX

iShares iBonds 2028 Term High Yield and Income ETF | IBHH | Cboe BZX

iShares iBonds 2029 Term High Yield and Income ETF | IBHI | Cboe BZX

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(5.50)%		(14.61)%

U.S. small cap equities (Russell 2000^® Index)		(0.20)		(18.54)

International equities (MSCI Europe, Australasia, Far East Index)		(12.70)		(23.00)

Emerging market equities (MSCI Emerging Markets Index)		(19.66)		(31.03)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72		0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24)		(17.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86)		(15.68)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43)		(11.98)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71)		(11.76)

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


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

Table of Contents


	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		21
Disclosure of Expenses		21
Schedules of Investments		22
Financial Statements:
Statements of Assets and Liabilities		58
Statements of Operations		60
Statements of Changes in Net Assets		62
Financial Highlights		66
Notes to Financial Statements		74
Report of Independent Registered Public Accounting Firm		84
Important Tax Information		85
Board Review and Approval of Investment Advisory Contract		86
Supplemental Information		90
Trustee and Officer Information		91
General Information		94
Glossary of Terms Used in this Report		95

Market Overview

iShares Trust

U.S. Corporate Bond Market Overview

U.S. high-yield corporate bonds posted a negative returns for the 12 months ended October 31, 2022 (“reporting period”). The Markit iBoxx USD Liquid High Yield Index, a broad measure of U.S. high-yield corporate bond performance, returned -10.82%.

A variety of factors weighed on the high-yield bond market during the period. First, and most important, a surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates. The Fed hiked rates by a total of three percentage points over the 12-month period, bringing the benchmark fed funds rate to a range of 3.0% to 3.25%. This marked the largest move in such a short interval since 1980. Investors expected that the Fed would continue to raise rates until inflation showed signs of moving back to its longer-term 2% target, with market prices indicating the central bank would not stop tightening until rates reached the 4.5-5.0% range. These developments led to a spike in U.S. Treasury yields, with the 10-year note soaring from 1.55% at the start of the period to 4.05% by October 31, 2022.

High yield bonds were also pressured by rising spreads relative to U.S. Treasuries. At their peak in early July, spreads stood at their highest level in nearly two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia’s invasion of Ukraine and elevated volatility in the equity market. Investors also became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. High yield bond funds experienced significant outflows as a result, further weighing on prices. Together, these factors caused high-yield corporates to finish the 12-month period with a loss. However, the asset class outperformed investment-grade corporates due in part to its lower degree of interest-rate sensitivity.

While the market performed poorly, one notable outcome of the sell-off was that yields—as gauged by the ICE BofA US High Yield Index—climbed to the upper end of the range that has been in place since the 2008 global financial crisis. At the same time, the default rate remained well below the historical average. In addition, high-yield companies’ earlier efforts to refinance their debt at lower yields reduced the risk that a wave of maturing bonds would need to be replaced at higher yields.

At the industry level, banking and communications issues were the weakest performers in the annual period. On the other hand, energy—while posting a loss in absolute terms—strongly outperformed the larger category on the strength of rising oil prices. The transportation and capital goods industries also delivered positive relative performance. Higher-rated bonds in the asset class generally outpaced lower-rated securities amid investors’ search for relative “safe havens.”


4		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® 2022 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2022 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2022, as represented by the Bloomberg 2022 Term High Yield and Income 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.23	%		2.61	%		1.23	%		9.41	%
Fund Market		1.03			2.62			1.03			9.45
Index		1.58			3.17			1.58			11.47

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

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

Expense Example



Actual							Hypothetical 5% Return


	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,011.30	$	1.67		$	1,000.00	$	1,023.50	$	1.68		0.33	%

^(a)

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


F U N D S U M M A R Y		5


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® 2022 Term High Yield and Income ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets	^(a)

A	2.3	%
Baa	29.4
Ba	4.1
Not Rated	2.0
Short-Term and Other Assets	62.2

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

Morgan Stanley, 4.88%, 11/01/22	3.0	%
Natwest Group PLC, 6.13%, 12/15/22	2.0
Sprint Communications LLC, 6.00%, 11/15/22	1.9
TransAlta Corp., 4.50%, 11/15/22	1.9
Deutsche Bank AG/New York NY, 3.30%, 11/16/22	1.7

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.


6		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® 2023 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2023 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2023, as represented by the Bloomberg 2023 Term High Yield and Income 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.86	)%		2.67	%		(1.86	)%		9.62	%
Fund Market		(1.80	)		2.71			(1.80	)		9.76
Index		(1.49	)		3.62			(1.49	)		13.17

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

Expense Example



Actual							Hypothetical 5% Return


	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,003.30	$	1.77		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)


F U N D S U M M A R Y		7


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® 2023 Term High Yield and Income ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets	^(a)

A	1.7	%
Baa	53.6
Ba	20.3
B	11.5
Caa	3.7
Not Rated	3.6
Short-Term and Other Assets	5.6

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

Sprint Corp., 7.88%, 09/15/23	1.5	%
Ball Corp., 4.00%, 11/15/23	1.5
MGM Resorts International, 6.00%, 03/15/23	1.3
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 02/15/23	1.2
Commerzbank AG, 8.13%, 09/19/23	1.2

^(a)

Excludes money market funds.


8		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® 2024 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2024 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2024, as represented by the Bloomberg 2024 Term High Yield and Income 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(4.21	)%		2.00	%		(4.21	)%		7.16	%
Fund Market		(4.29	)		2.03			(4.29	)		7.26
Index		(5.08	)		2.33			(5.08	)		8.35

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

Expense Example



Actual							Hypothetical 5% Return


	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	995.10	$	1.76		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)


F U N D S U M M A R Y		9


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® 2024 Term High Yield and Income ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets	^(a)

Baa	7.4	%
Ba	41.0
B	36.3
Caa	9.6
Ca	0.2
Not Rated	1.9
Short-Term and Other Assets	3.6

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

Las Vegas Sands Corp., 3.20%, 08/08/24	3.0	%
Intesa Sanpaolo SpA, 5.02%, 06/26/24	2.9
DISH DBS Corp., 5.88%, 11/15/24	2.9
Sprint Corp., 7.13%, 06/15/24	2.9
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24	2.8

^(a)

Excludes money market funds.


10		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® 2025 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2025 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2025, as represented by the Bloomberg 2025 Term High Yield and Income 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(4.77	)%		2.33	%		(4.77	)%		8.38	%
Fund Market		(4.89	)		2.35			(4.89	)		8.43
Index		(4.36	)		2.79			(4.36	)		10.07

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	980.00	$	1.75		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® 2025 Term High Yield and Income ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets	^(a)
A	0.2	%
Baa	4.5
Ba	38.5
B	39.9
Caa	12.3
Ca	0.3
Not Rated	0.7
Short-Term and Other Assets	3.6

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Caesars Entertainment Inc., 6.25%, 07/01/25		2.3	%
American Airlines Inc., 11.75%, 07/15/25		1.9
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25		1.6
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25		1.2
Sands China Ltd., 5.63%, 08/08/25		1.1

^(a)

Excludes money market funds.


12		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® 2026 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2026 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2026, as represented by the Bloomberg 2026 Term High Yield and Income 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(7.52	)%		(1.10	)%		(7.52	)%		(2.16	)%
Fund Market		(7.72	)		(1.12	)		(7.72	)		(2.19	)
Index		(7.45	)		(0.82	)		(7.45	)		(1.61	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was November 10, 2020. The first day of secondary market trading was November 12, 2020.

Expense Example



Actual							Hypothetical 5% Return


	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	967.60	$	1.74		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® 2026 Term High Yield and Income ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets	^(a)
Baa	3.3	%
Ba	37.0
B	45.7
Caa	9.3
Ca	0.1
Not Rated	1.5
Short-Term and Other Assets	3.1

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
TransDigm Inc., 6.25%, 03/15/26		2.2	%
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26		2.1
DISH DBS Corp., 5.25%, 12/01/26		1.4
Tenet Healthcare Corp., 4.88%, 01/01/26		1.2
Newell Brands Inc., 4.45%, 04/01/26		1.1

^(a)

Excludes money market funds.


14		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® 2027 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2027 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2027, as represented by the Bloomberg 2027 Term High Yield and Income 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(9.71	)%		(7.34	)%		(9.71	)%		(9.58	)%
Fund Market		(9.70	)		(7.34	)		(9.70	)		(9.57	)
Index		(9.36	)		(7.00	)		(9.36	)		(9.10	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was July 7, 2021. The first day of secondary market trading was July 9, 2021.

Expense Example



Actual							Hypothetical 5% Return


	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	957.20	$	1.73		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)


F U N D S U M M A R Y		15


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® 2027 Term High Yield and Income ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings^*	Percent of Net Assets	^(a)
Baa	0.8	%
Ba	36.1
B	48.8
Caa	12.7
Ca	0.2
Not Rated	0.3
Short-Term and Other Assets	1.1

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27		1.9	%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27		1.7
Carnival Corp., 5.75%, 03/01/27		1.4
TransDigm Inc., 5.50%, 11/15/27		1.3
Centene Corp., 4.25%, 12/15/27		1.3

^(a)

Excludes money market funds.


16		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® 2028 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2028 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2028, as represented by the Bloomberg 2028 Term High Yield and Income 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
	Since Inception
Fund NAV		(8.10	)%
Fund Market		(8.14	)
Index		(8.17	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 8, 2022. The first day of secondary market trading was March 10, 2022.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	949.30	$	1.72		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)


F U N D S U M M A R Y		17


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® 2028 Term High Yield and Income ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings^*	Percent of Net Assets	^(a)
A	1.9	%
Baa	3.5
Ba	36.7
B	47.1
Caa	8.4
Not Rated	1.4
Short-Term and Other Assets	1.0

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Sprint Capital Corp., 6.88%, 11/15/28		1.4	%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28		1.2
Tenet Healthcare Corp., 6.13%, 10/01/28		1.2
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28		1.1
DISH DBS Corp., 5.75%, 12/01/28		1.1

^(a)

Excludes money market funds.


18		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® 2029 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2029 Term High Yield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2029, as represented by the Bloomberg 2029 Term High Yield and Income 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
	Since Inception
Fund NAV		(10.06	)%
Fund Market		(10.03	)
Index		(10.13	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 8, 2022. The first day of secondary market trading was March 10, 2022.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	939.20	$	1.71		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)


F U N D S U M M A R Y		19


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® 2029 Term High Yield and Income ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings^*	Percent of Net Assets	^(a)
Aaa	0.1	%
Baa	1.1
Ba	37.6
B	46.0
Caa	12.5
Not Rated	1.1
Short-Term and Other Assets	1.6

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Mozart Debt Merger Sub Inc., 3.88%, 04/01/29		1.8	%
Picard Midco Inc., 6.50%, 03/31/29		1.7
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29		1.3
Mozart Debt Merger Sub Inc., 5.25%, 10/01/29		0.9
Altice France SA/France, 5.13%, 07/15/29		0.9

^(a)

Excludes money market funds.


20		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		21

Schedule of Investments

October 31, 2022

iShares^® iBonds^® 2022 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Airlines — 0.6%
Southwest Airlines Co., 2.75%, 11/16/22^(a)	$	650	$	648,947


Auto Manufacturers — 0.9%
Ford Motor Credit Co. LLC, 3.35%, 11/01/22		955		955,000


Banks — 8.1%
Cooperatieve Rabobank UA, 3.95%, 11/09/22		1,015		1,014,797
Deutsche Bank AG/New York NY, 3.30%, 11/16/22		1,815		1,813,639
Morgan Stanley, 4.88%, 11/01/22		3,250		3,250,000
Natwest Group PLC, 6.13%, 12/15/22		2,130		2,127,188
Synovus Financial Corp., 3.13%, 11/01/22		625		625,000

				8,830,624

Chemicals — 2.5%
Celanese U.S. Holdings LLC, 4.63%, 11/15/22^(a)		1,050		1,049,790
Mosaic Co. (The), 3.25%, 11/15/22		1,040		1,039,199
RPM International Inc., 3.45%, 11/15/22^(a)		650		649,838

				2,738,827

Commercial Services — 1.4%
North Queensland Export Terminal Pty Ltd., 4.45%, 12/15/22^(b)		1,500		1,473,525


Diversified Financial Services — 0.9%
Discover Financial Services, 3.85%, 11/21/22		950		948,983


Electric — 6.5%
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 12/01/22)		650		648,128
DTE Energy Co. 2.25%, 11/01/22^(a)		965		965,000
Series H, 0.55%, 11/01/22		1,140		1,140,000
Edison International, 3.13%, 11/15/22^(a)		825		824,142
Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 11/14/22)^(a)		1,470		1,468,486
TransAlta Corp., 4.50%, 11/15/22^(a)		2,025		2,021,557

				7,067,313

Health Care - Products — 1.5%
DH Europe Finance II Sarl, 2.05%, 11/15/22		1,595		1,593,517


Health Care - Services — 5.7%
CommonSpirit Health, 2.95%, 11/01/22^(a)		1,025		1,025,000
Dignity Health, 3.13%, 11/01/22		1,425		1,425,000
Elevance Health Inc., 2.95%, 12/01/22		1,465		1,463,242
Humana Inc. 2.90%, 12/15/22		1,050		1,047,134
3.15%, 12/01/22		1,235		1,233,851

				6,194,227


Security	Par/ Shares (000)		Value

Insurance — 0.7%
Aon Corp., 2.20%, 11/15/22	$	735	$	734,258


Mining — 0.9%
Southern Copper Corp., 3.50%, 11/08/22		965		960,503


Packaging & Containers — 1.3%
Graphic Packaging International LLC, 4.88%, 11/15/22^(a)		1,460		1,459,139


Pharmaceuticals — 4.1%
AbbVie Inc. 2.30%, 11/21/22		1,415		1,413,231
2.90%, 11/06/22		1,205		1,204,590
Cigna Corp., 3.05%, 11/30/22		915		913,939
McKesson Corp., 2.70%, 12/15/22 (Call 12/01/22)^(a)		870		867,677

				4,399,437

Software — 0.8%
Autodesk Inc., 3.60%, 12/15/22 (Call 12/01/22)^(a)		855		854,444


Telecommunications — 1.9%
Sprint Communications LLC, 6.00%, 11/15/22		2,077		2,077,353


Total Long-Term Investments — 37.8% (Cost: $41,000,083)				40,936,097


Short-Term Securities

Money Market Funds — 68.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		9,828		9,826,262
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		64,040		64,040,000


Total Short-Term Securities — 68.2% (Cost: $73,866,146)				73,866,262


Total Investments — 106.0% (Cost: $114,866,229)				114,802,359

Liabilities in Excess of Other Assets — (6.0)%				(6,541,365	)


Net Assets — 100.0%			$	108,260,994

^(a)	All or a portion of this security is on loan.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(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.


22		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2022 Term High Yield and Income ETF

Affiliates

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


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,234,299	$	3,595,894	^(a)	$	—	$	(3,703	)	$	(228	)	$	9,826,262		9,828	$	44,049	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,280,000		60,760,000	^(a)		—		—			—			64,040,000		64,040		312,750			—

								$	(3,703	)	$	(228	)	$	73,866,262			$	356,799		$	—

^(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
Investments
Assets
Corporate Bonds & Notes	$	—	$	40,936,097	$	—	$	40,936,097
Money Market Funds		73,866,262		—		—		73,866,262

	$	73,866,262	$	40,936,097	$	—	$	114,802,359

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

October 31, 2022

iShares^® iBonds^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 3.0%
Boeing Co. (The) 1.17%, 02/04/23 (Call 12/01/22)	$	550	$	543,570
1.88%, 06/15/23 (Call 04/15/23)^(a)		205		200,435
2.80%, 03/01/23 (Call 02/01/23)		190		188,315
4.51%, 05/01/23 (Call 04/01/23)^(a)		1,760		1,756,603
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)		500		495,270
Northrop Grumman Corp., 3.25%, 08/01/23		580		572,048
Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23)		220		217,151
Spirit AeroSystems Inc., 3.95%, 06/15/23 (Call 05/15/23)^(a)		931		904,141
Teledyne Technologies Inc., 0.65%, 04/01/23		160		156,725

				5,034,258

Agriculture — 0.2%
Reynolds American Inc., 4.85%, 09/15/23^(a)		385		383,298


Airlines — 0.7%
Delta Air Lines Inc., 3.80%, 04/19/23 (Call 03/19/23)		1,169		1,160,572


Auto Manufacturers — 4.8%
Ford Motor Credit Co. LLC 3.09%, 01/09/23		250		248,822
3.10%, 05/04/23		365		360,317
3.37%, 11/17/23		1,025		993,143
4.14%, 02/15/23 (Call 01/15/23)		525		523,498
4.38%, 08/06/23		708		700,431
General Motors Co. 4.88%, 10/02/23		625		619,244
5.40%, 10/02/23^(a)		620		617,570
General Motors Financial Co. Inc. 1.70%, 08/18/23		515		498,546
3.70%, 05/09/23 (Call 03/09/23)		310		306,987
4.15%, 06/19/23 (Call 05/19/23)		350		347,021
4.25%, 05/15/23^(a)		290		288,153
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23 (Call 12/01/22)^(a)(b)		1,675		1,655,520
Stellantis NV, 5.25%, 04/15/23		1,000		996,030

				8,155,282

Banks — 5.3%
Citigroup Inc., 3.50%, 05/15/23		860		852,707
Citizens Bank NA/Providence RI, 3.70%, 03/29/23 (Call 02/28/23)		250		248,603
Commerzbank AG, 8.13%, 09/19/23^(b)		2,075		2,082,076
Cooperatieve Rabobank UA, 4.63%, 12/01/23^(a)		275		271,859
Credit Suisse Group AG, 3.80%, 06/09/23		1,205		1,173,116
Deutsche Bank AG/New York NY, 3.95%, 02/27/23		520		517,182
Discover Bank 3.35%, 02/06/23 (Call 01/06/23)		475		472,744
4.20%, 08/08/23		755		746,793
Fifth Third Bancorp., 1.63%, 05/05/23 (Call 04/05/23)		300		294,636
First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23)		275		271,975
FNB Corp./PA, 2.20%, 02/24/23 (Call 01/24/23)^(a)		180		177,858
Morgan Stanley, 4.10%, 05/22/23		1,315		1,308,504
NatWest Group PLC, 3.88%, 09/12/23^(a)		0		—
Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)^(a)		580		578,480

				8,996,533

Beverages — 0.3%
Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23 .		150		147,366


Security	Par (000)		Value

Beverages (continued)
Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)	$	320	$	313,533

				460,899

Biotechnology — 1.7%
Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23)		455		445,058
Gilead Sciences Inc. 0.75%, 09/29/23 (Call 11/14/22)		1,002		964,275
2.50%, 09/01/23 (Call 07/01/23)^(a)		460		449,958
Illumina Inc., 0.55%, 03/23/23		270		265,000
Royalty Pharma PLC, 0.75%, 09/02/23		700		672,735

				2,797,026

Building Materials — 0.7%
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)		373		368,073
Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)		220		214,660
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 12/01/22)		415		401,496
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)		200		200,000

				1,184,229

Chemicals — 2.8%
Avient Corp., 5.25%, 03/15/23		1,635		1,639,251
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)		1,725		1,706,611
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)^(a)		150		148,346
LYB International Finance BV, 4.00%, 07/15/23		305		301,502
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)^(a)		620		613,459
Nutrien Ltd., 1.90%, 05/13/23		300		294,666

				4,703,835

Commercial Services — 1.9%
ADT Security Corp. (The), 4.13%, 06/15/23		1,920		1,899,628
Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)		240		237,830
Global Payments Inc. 3.75%, 06/01/23 (Call 03/01/23)		345		341,512
4.00%, 06/01/23 (Call 05/01/23)		355		351,997
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)		465		462,075

				3,293,042

Computers — 2.3%
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		497		496,215
Hewlett Packard Enterprise Co. 2.25%, 04/01/23 (Call 03/01/23)		570		563,388
4.45%, 10/02/23 (Call 09/02/23)		840		833,641
Leidos Inc., 2.95%, 05/15/23 (Call 04/15/23)		300		296,481
Seagate HDD Cayman, 4.75%, 06/01/23		1,750		1,736,017

				3,925,742

Diversified Financial Services — 8.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 1.15%, 10/29/23		1,175		1,113,735
3.30%, 01/23/23 (Call 12/23/22)		300		298,350
4.13%, 07/03/23 (Call 06/03/23)^(a)		300		296,229
4.50%, 09/15/23 (Call 08/15/23)		765		751,398
Air Lease Corp. 2.25%, 01/15/23		350		347,582
2.75%, 01/15/23 (Call 12/15/22)^(a)		200		198,886
3.00%, 09/15/23 (Call 07/15/23)		510		498,015
3.88%, 07/03/23 (Call 06/03/23)		320		316,128
Aircastle Ltd. 4.40%, 09/25/23 (Call 08/25/23)^(a)		460		450,427
5.00%, 04/01/23		320		317,795


24		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Ally Financial Inc. 1.45%, 10/02/23 (Call 09/02/23)	$	815	$	781,821
3.05%, 06/05/23 (Call 05/05/23)		550		541,365
BGC Partners Inc., 5.38%, 07/24/23		305		302,252
Capital One Financial Corp. 2.60%, 05/11/23 (Call 04/11/23)^(a)		630		621,653
3.20%, 01/30/23 (Call 12/30/22)		725		722,260
3.50%, 06/15/23		575		569,020
Capital One NA, 3.38%, 02/15/23		1,000		995,420
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)		285		284,350
Navient Corp. 5.50%, 01/25/23^(a)		1,439		1,439,158
7.25%, 09/25/23		534		534,609
OneMain Finance Corp. 5.63%, 03/15/23^(a)		1,470		1,469,574
8.25%, 10/01/23^(a)		680		690,234
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 12/01/22)^(b)		565		547,965
Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)		180		178,695

				14,266,921

Electric — 5.3%
American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 12/01/22)^(a)		285		272,209
Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)^(a)		330		326,839
Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22)		415		396,134
Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)^(a)		255		252,039
Edison International, 2.95%, 03/15/23 (Call 01/15/23)		225		222,869
Eversource Energy 2.80%, 05/01/23 (Call 02/01/23)		250		247,008
Series N, 3.80%, 12/01/23 (Call 11/01/23)		250		245,910
Georgia Power Co., Series A, 2.10%, 07/30/23^(a)		430		420,488
InterGen NV, 7.00%, 06/30/23 (Call 12/01/22)^(b)		1,475		1,444,217
NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23		1,330		1,311,939
OGE Energy Corp., 0.70%, 05/26/23 (Call 12/01/22)^(a)		300		292,305
Pacific Gas and Electric Co. 1.70%, 11/15/23		775		740,582
3.25%, 06/15/23 (Call 03/15/23)^(a)		230		226,143
3.85%, 11/15/23 (Call 08/15/23)		215		210,008
4.25%, 08/01/23 (Call 07/01/23)^(a)		360		356,360
Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 12/01/22)		525		500,314
Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)^(a)		760		747,506
WEC Energy Group Inc., 0.55%, 09/15/23^(a)		450		431,843
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		315		300,778

				8,945,491

Electrical Components & Equipment — 0.6%
EnerSys, 5.00%, 04/30/23 (Call 01/30/23)^(a)(b)		960		951,734


Electronics — 0.4%
Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22)		180		179,413
Flex Ltd., 5.00%, 02/15/23^(a)		250		249,693
Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23)		190		188,170

				617,276

Environmental Control — 0.2%
Republic Services Inc., 4.75%, 05/15/23 (Call 02/15/23)^(a)		50		49,919
Waste Management Inc., 2.40%, 05/15/23 (Call 03/15/23)		250		246,555

				296,474


Security	Par (000)		Value

Food — 2.2%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 02/15/23 (Call 12/15/22)^(b)	$	2,100	$	2,086,140
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)		270		268,661
Conagra Brands Inc. 0.50%, 08/11/23 (Call 12/01/22)		350		336,938
3.20%, 01/25/23 (Call 12/01/22)		170		169,260
Kellogg Co., 2.65%, 12/01/23		350		342,874
Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)^(a)		335		332,183
Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)^(a)		255		252,506

				3,788,562

Gas — 0.4%
Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)^(a)		255		250,966
National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)		300		297,855
ONE Gas Inc., 0.85%, 03/11/23 (Call 12/01/22)		0		—
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)^(a)		215		209,360

				758,181

Health Care - Products — 0.7%
Baxter International Inc., 0.87%, 12/01/23		505		482,169
PerkinElmer Inc., 0.55%, 09/15/23 (Call 12/01/22)^(a)		305		293,129
Stryker Corp., 0.60%, 12/01/23 (Call 11/14/22)		380		362,243

				1,137,541

Health Care - Services — 1.7%
Aetna Inc., 2.80%, 06/15/23 (Call 04/15/23)^(a)		830		817,940
Anthem Inc., 0.45%, 03/15/23		250		245,883
Elevance Health Inc., 3.30%, 01/15/23		625		623,025
Humana Inc., 0.65%, 08/03/23 (Call 11/08/22)		970		937,476
Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)^(a)		190		187,663

				2,811,987

Holding Companies - Diversified — 1.3%
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)^(a)		465		462,410
Blackstone Secured Lending Fund, 3.65%, 07/14/23^(a)		240		236,674
FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)^(b).		1,565		1,568,161

				2,267,245

Home Builders — 1.2%
DR Horton Inc. 4.75%, 02/15/23		115		114,929
5.75%, 08/15/23 (Call 05/15/23)		245		245,546
KB Home, 7.63%, 05/15/23 (Call 11/15/22)		955		956,079
Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23)		265		262,941
Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23) .		440		436,986

				2,016,481

Insurance — 0.9%
Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)^(a)		220		217,261
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23		190		187,507
Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)^(a)		260		258,640
Jackson Financial Inc., 1.13%, 11/22/23		380		362,923
Lincoln National Corp., 4.00%, 09/01/23		300		297,747
Reinsurance Group of America Inc., 4.70%, 09/15/23^(a)		255		254,457

				1,578,535

Internet — 0.2%
eBay Inc., 2.75%, 01/30/23 (Call 12/30/22)		380		377,834


Iron & Steel — 0.7%
Commercial Metals Co., 4.88%, 05/15/23 (Call 02/15/23)^(a)		899		896,645


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Iron & Steel (continued)
Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)^(a)	$	320	$	318,502

				1,215,147

Lodging — 3.5%
Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 12/01/22)^(a)		600		576,156
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)		225		222,336
MGM Resorts International, 6.00%, 03/15/23		2,140		2,141,733
Travel + Leisure Co., 3.90%, 03/01/23 (Call 12/01/22)		1,270		1,259,281
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/23 (Call 02/28/23)^(b)		1,650		1,622,429

				5,821,935

Machinery — 0.6%
CNH Industrial Capital LLC, 1.95%, 07/02/23^(a)		405		395,547
CNH Industrial NV, 4.50%, 08/15/23^(a)		415		411,701
Crane Holdings Co., 4.45%, 12/15/23 (Call 09/15/23)^(a)		165		163,472

				970,720

Manufacturing — 0.4%
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 12/01/22)		185		177,828
General Electric Co., 3.10%, 01/09/23		50		49,819
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23.		450		446,634

				674,281

Media — 3.1%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/23 (Call 11/16/22)^(b)		1,655		1,643,961
Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)^(a)		455		450,900
DISH DBS Corp., 5.00%, 03/15/23		2,103		2,076,692
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)		380		376,143
Time Warner Cable Enterprises LLC, 8.38%, 03/15/23		625		632,606

				5,180,302

Mining — 0.7%
Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)^(a)		1,229		1,220,495


Office & Business Equipment — 1.2%
Xerox Corp., 4.63%, 03/15/23 (Call 02/15/23)		2,040		2,029,249


Oil & Gas — 4.6%
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)		450		447,984
Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)^(a)		410		408,155
Occidental Petroleum Corp., 2.70%, 02/15/23 (Call 11/15/22) .		910		909,163
Phillips 66, 3.70%, 04/06/23		300		298,410
Pioneer Natural Resources Co., 0.55%, 05/15/23^(a)		450		439,006
Range Resources Corp., 5.00%, 03/15/23 (Call 12/15/22)		1,785		1,781,180
Transocean Sentry Ltd., 5.38%, 05/15/23^(a)(b)		770		760,706
Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)^(a)(b)		1,170		1,151,549
W&T Offshore Inc., 9.75%, 11/01/23^(a)(b)		1,540		1,533,794

				7,729,947

Packaging & Containers — 2.3%
Ball Corp., 4.00%, 11/15/23^(a)		2,500		2,450,175
Owens-Brockway Glass Container Inc., 5.88%, 08/15/23^(b)		1,390		1,385,816

				3,835,991

Pharmaceuticals — 3.8%
AbbVie Inc. 2.85%, 05/14/23 (Call 03/14/23)		590		583,545
3.75%, 11/14/23 (Call 10/14/23)^(a)		795		784,713
AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 12/01/22)		474		466,340


Security	Par (000)		Value

Pharmaceuticals (continued)
Cardinal Health Inc., 3.20%, 03/15/23^(a)	$	310	$	307,669
Cigna Corp. 3.00%, 07/15/23 (Call 05/16/23)		380		374,820
3.75%, 07/15/23 (Call 06/15/23)		750		743,250
CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23)		360		356,519
Elanco Animal Health Inc., 5.77%, 08/28/23 (Call 07/28/23)		600		597,474
McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)		100		99,299
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)^(a)		345		338,497
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		682		667,085
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		300		297,033
Zoetis Inc., 3.25%, 02/01/23^(a)		760		756,496

				6,372,740

Pipelines — 8.4%
Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22)		110		110,000
Buckeye Partners LP, 4.15%, 07/01/23 (Call 04/01/23)		1,635		1,615,592
DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)^(a)		1,370		1,361,931
Enbridge Inc. 0.55%, 10/04/23		315		301,149
4.00%, 10/01/23 (Call 07/01/23)		560		552,412
Energy Transfer LP 3.45%, 01/15/23 (Call 12/01/22)^(a)		20		19,915
3.60%, 02/01/23		400		398,132
4.25%, 03/15/23 (Call 12/15/22)		700		696,773
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)^(a)		400		395,328
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)		420		414,750
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)		775		770,272
Kinder Morgan Energy Partners LP 3.45%, 02/15/23		290		288,533
3.50%, 09/01/23 (Call 06/01/23)^(a)		370		364,861
Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)^(a)		530		527,631
MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)^(a)		705		700,925
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 12/01/22)^(a)		1,444		1,408,275
ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)		305		308,267
ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)^(a)		260		258,843
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 12/01/22)^(a)		1,700		1,699,711
Plains All American Pipeline LP/PAA Finance Corp. 2.85%, 01/31/23^(a)		170		168,880
3.85%, 10/15/23 (Call 07/15/23)^(a)		497		488,790
Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23)		552		552,011
TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)		395		388,684
Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23)		380		376,542

				14,168,207

Real Estate — 1.7%
Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)		1,765		1,758,699
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/23^(a)(b)		1,115		1,115,959

				2,874,658

Real Estate Investment Trusts — 3.3%
American Tower Corp. 3.00%, 06/15/23		400		394,284
3.50%, 01/31/23		600		597,978


26		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)^(a)	$	355	$	347,787
Brandywine Operating Partnership LP, 3.95%, 02/15/23^(a)		210		208,473
Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23)		475		467,666
Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)		205		203,046
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)		345		340,508
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)		215		212,878
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)^(a)		200		197,148
Service Properties Trust, 4.50%, 06/15/23 (Call 12/15/22)		1,610		1,586,671
Starwood Property Trust Inc., 5.50%, 11/01/23 (Call 08/01/23)^(b)		1,005		992,719

				5,549,158

Retail — 2.9%
AutoZone Inc. 2.88%, 01/15/23 (Call 12/01/22)^(a)		110		109,480
3.13%, 07/15/23 (Call 04/15/23)^(a)		360		354,794
Brinker International Inc., 3.88%, 05/15/23^(a)		915		904,798
Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)		305		301,758
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)^(a)		350		347,970
O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23)		160		158,502
Starbucks Corp. 3.10%, 03/01/23 (Call 02/01/23)^(a)		450		447,485
3.85%, 10/01/23 (Call 07/01/23)^(a)		515		509,031
Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22)		540		516,343
Yum! Brands Inc., 3.88%, 11/01/23 (Call 08/01/23)^(a)		1,225		1,207,617

				4,857,778

Semiconductors — 1.2%
Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)^(a)		250		247,970
Microchip Technology Inc. 2.67%, 09/01/23		675		657,943
4.33%, 06/01/23 (Call 05/01/23)		705		700,495
Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 11/16/22)		350		339,815

				1,946,223

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 11/14/22)		250		240,708


Software — 3.0%
Fidelity National Information Services Inc., 0.38%, 03/01/23		450		443,246
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)		665		655,324
Oracle Corp. 2.40%, 09/15/23 (Call 07/15/23)		1,605		1,565,453
2.63%, 02/15/23 (Call 01/15/23)		705		700,439
3.63%, 07/15/23^(a)		640		633,171
Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)		490		483,409
VMware Inc., 0.60%, 08/15/23		675		649,876

				5,130,918


Security	Par/ Shares (000)		Value

Telecommunications — 4.3%
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)	$	475	$	468,801
DKT Finance ApS, 9.38%, 06/17/23 (Call 11/14/22)^(b)		1,345		1,300,655
Quebecor Media Inc., 5.75%, 01/15/23		1,705		1,704,932
Rogers Communications Inc.
3.00%, 03/15/23 (Call 12/15/22)		270		267,800
4.10%, 10/01/23 (Call 07/01/23)		575		567,720
Sprint Corp., 7.88%, 09/15/23		2,474		2,514,277
Vodafone Group PLC, 2.95%, 02/19/23^(a)		350		347,491

				7,171,676

Toys, Games & Hobbies — 0.4%
Mattel Inc., 3.15%, 03/15/23 (Call 12/15/22)^(a)		697		691,731


Transportation — 0.9%
Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)^(a)		240		239,537
Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23)		240		237,084
Norfolk Southern Corp., 2.90%, 02/15/23		290		287,964
Ryder System Inc.
3.40%, 03/01/23 (Call 02/01/23)^(a)		290		288,086
3.75%, 06/09/23 (Call 05/09/23)^(a)		270		267,119
3.88%, 12/01/23 (Call 11/01/23)		200		196,862

				1,516,652


Total Long-Term Investments — 94.4% (Cost: $161,178,566)				159,107,494


Short-Term Securities

Money Market Funds — 20.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		23,061		23,056,271
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		10,600		10,600,000


Total Short-Term Securities — 20.0% (Cost: $33,656,919)				33,656,271


Total Investments — 114.4% (Cost: $194,835,485)				192,763,765

Liabilities in Excess of Other Assets — (14.4)%				(24,332,963	)


Net Assets — 100.0%			$	168,430,802

^(a)	All or a portion of this security is on loan.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(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.


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2023 Term High Yield and Income ETF

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,910,354	$	17,153,209	^(a)	$	—	$	(5,771	)	$	(1,521	)	$	23,056,271		23,061	$	47,816	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,780,000		4,820,000	^(a)		—		—			—			10,600,000		10,600		39,717			—

								$	(5,771	)	$	(1,521	)	$	33,656,271			$	87,533		$	—

^(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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	159,107,494	$	—	$	159,107,494
Money Market Funds		33,656,271		—		—		33,656,271

	$	33,656,271	$	159,107,494	$	—	$	192,763,765

See notes to financial statements.


28		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2022

iShares^® iBonds^® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 5.0%
Bombardier Inc., 7.50%, 12/01/24 (Call 12/01/22)^(a)	$	1,488	$	1,484,250
Howmet Aerospace Inc., 5.13%, 10/01/24 (Call 07/01/24)		3,118		3,078,963
Triumph Group Inc. 6.25%, 09/15/24 (Call 12/01/22)^(a)		1,522		1,412,005
8.88%, 06/01/24 (Call 02/01/23)^(a)		1,510		1,525,930

				7,501,148

Airlines — 2.2%
Delta Air Lines Inc., 2.90%, 10/28/24 (Call 09/28/24)^(b)		2,562		2,420,270
United Airlines Holdings Inc., 5.00%, 02/01/24^(b)		837		824,027

				3,244,297

Apparel — 1.7%
Hanesbrands Inc., 4.63%, 05/15/24 (Call 02/15/24)^(a)(b)		2,579		2,507,149


Auto Manufacturers — 2.9%
Ford Motor Credit Co. LLC 3.66%, 09/08/24^(b)		754		715,116
3.81%, 01/09/24 (Call 11/09/23)		730		705,866
4.06%, 11/01/24 (Call 10/01/24)		1,450		1,388,317
5.58%, 03/18/24 (Call 02/18/24)		1,545		1,526,244

				4,335,543

Auto Parts & Equipment — 0.5%
Cooper-Standard Automotive Inc., 13.00%, 06/01/24^(a)(b)		670		687,822


Banks — 3.6%
Freedom Mortgage Corp., 8.13%, 11/15/24^(a)		1,186		1,045,150
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)		4,545		4,339,339

				5,384,489

Chemicals — 2.5%
Cornerstone Chemical Co., 6.75%, 08/15/24^(a)(b)		1,281		962,428
Methanex Corp., 4.25%, 12/01/24 (Call 09/01/24)^(b)		864		836,110
Rayonier AM Products Inc., 5.50%, 06/01/24 (Call 12/01/22)^(a)(b)		1,022		1,005,249
WR Grace Holdings LLC, 5.63%, 10/01/24^(a)(b)		869		851,603

				3,655,390

Commercial Services — 2.3%
Grand Canyon University, 4.13%, 10/01/24^(b)		1,431		1,340,575
Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24^(a)(b)		2,162		2,146,412

				3,486,987

Computers — 0.9%
Seagate HDD Cayman, 4.88%, 03/01/24 (Call 01/01/24)^(b)		1,432		1,403,489


Distribution & Wholesale — 0.2%
Wesco Aircraft Holdings Inc., 8.50%, 11/15/24^(a)		455		236,605


Diversified Financial Services — 9.3%
CNG Holdings Inc., 12.50%, 06/15/24^(a)(b)		885		743,400
Enova International Inc., 8.50%, 09/01/24 (Call 12/01/22)^(a)		733		688,214
Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24, (7.25% PIK)^(a)(c)		4,362		3,497,069
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/22)^(a)		1,535		1,443,069
Navient Corp. 5.88%, 10/25/24^(b)		1,467		1,426,687
6.13%, 03/25/24^(b)		2,426		2,385,631
OneMain Finance Corp., 6.13%, 03/15/24 (Call 09/15/23)		3,725		3,640,107

				13,824,177

Electric — 1.3%
NextEra Energy Operating Partners LP, 4.25%, 07/15/24 (Call 04/15/24)^(a)		1,990		1,930,400


Security	Par (000)		Value

Electronics — 0.8%
Sensata Technologies BV, 5.63%, 11/01/24^(a)(b)	$	1,128	$	1,121,322


Engineering & Construction — 0.7%
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)		1,083		1,027,594


Entertainment — 4.8%
Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 12/01/22)^(a)(b)		1,632		1,585,243
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 11/16/22)^(a)(b)		975		980,187
Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 12/01/22)^(a)(b)		2,695		2,608,841
Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)^(a)(b)		2,175		1,986,449

				7,160,720

Environmental Control — 1.1%
Stericycle Inc., 5.38%, 07/15/24^(a)(b)		1,727		1,701,855


Gas — 1.3%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, 05/20/24 (Call 03/20/24)		1,969		1,926,844


Health Care - Services — 2.6%
Tenet Healthcare Corp. 4.63%, 07/15/24 (Call 12/01/22)		2,214		2,158,008
4.63%, 09/01/24^(a)		1,748		1,702,325

				3,860,333

Holding Companies - Diversified — 3.3%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 09/15/24 (Call 06/15/24)		3,147		3,038,366
Stena AB, 7.00%, 02/01/24^(a)		1,105		1,041,915
Stena International SA, 5.75%, 03/01/24^(a)		965		903,877

				4,984,158

Home Builders — 1.6%
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)^(a)(b)		1,032		1,019,152
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24^(b)		1,337		1,318,081

				2,337,233

Internet — 0.6%
Netflix Inc., 5.75%, 03/01/24		820		826,478


Iron & Steel — 0.6%
Infrabuild Australia Pty Ltd., 12.00%, 10/01/24^(a)		937		874,783


Leisure Time — 0.9%
NCL Corp. Ltd., 3.63%, 12/15/24^(a)		1,623		1,417,122


Lodging — 6.3%
Arrow Bidco LLC, 9.50%, 03/15/24^(a)		960		964,906
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)		4,641		4,413,498
MGM China Holdings Ltd., 5.38%, 05/15/24^(a)		2,140		1,840,143
Travel + Leisure Co., 5.65%, 04/01/24 (Call 02/01/24)		917		902,264
Wynn Macau Ltd., 4.88%, 10/01/24 (Call 11/11/22)^(a)(b)		1,725		1,319,263

				9,440,074

Machinery — 0.5%
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 12/01/22)^(a)		818		787,538


Manufacturing — 1.6%
FXI Holdings Inc., 7.88%, 11/01/24^(a)(b)		1,441		1,238,251
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		1,201		1,140,950

				2,379,201


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media — 7.3%
AMC Networks Inc., 5.00%, 04/01/24	$	1,198	$	1,164,372
Cengage Learning Inc., 9.50%, 06/15/24 (Call 12/01/22)^(a)(b)		1,670		1,582,392
CSC Holdings LLC, 5.25%, 06/01/24^(b)		2,163		2,098,391
DISH DBS Corp., 5.88%, 11/15/24		4,663		4,300,685
Videotron Ltd., 5.38%, 06/15/24 (Call 03/15/24)^(a)(b)		1,692		1,677,956

				10,823,796

Mining — 1.8%
Compass Minerals International Inc., 4.88%, 07/15/24 (Call 05/15/24)^(a)		740		701,646
FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)^(a)(b)		2,098		2,056,984

				2,758,630

Office & Business Equipment — 0.6%
Xerox Corp., 3.80%, 05/15/24		882		839,761


Oil & Gas — 4.7%
Citgo Holding Inc., 9.25%, 08/01/24^(a)(b)		10		10,014
Ensign Drilling Inc., 9.25%, 04/15/24^(a)		1,186		1,074,077
Occidental Petroleum Corp. 2.90%, 08/15/24		1,830		1,763,955
6.95%, 07/01/24		1,668		1,709,333
Puma International Financing SA, 5.13%, 10/06/24 (Call 11/11/22)^(a)		1,620		1,512,805
Transocean Guardian Ltd., 5.88%, 01/15/24^(a)		961		935,084

				7,005,268

Oil & Gas Services — 2.0%
Oceaneering International Inc., 4.65%, 11/15/24^(b)		1,146		1,096,802
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24^(a)		490		486,731
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/22)^(a)		787		769,112
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/22)^(a)(b)		670		688,177

				3,040,822

Packaging & Containers — 4.8%
Graphic Packaging International LLC, 4.13%, 08/15/24 (Call 05/15/24)		857		831,796
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (Call 12/01/22)^(a)(b)		4,250		4,164,617
Sealed Air Corp., 5.13%, 12/01/24 (Call 09/01/24)^(a)(b)		1,208		1,194,603
Trident TPI Holdings Inc., 9.25%, 08/01/24^(a)		999		934,015

				7,125,031

Pharmaceuticals — 1.3%
Perrigo Finance Unlimited Co., 3.90%, 12/15/24 (Call 09/15/24)		1,980		1,884,980


Pipelines — 2.5%
Buckeye Partners LP, 4.35%, 10/15/24 (Call 07/15/24)^(b)		920		879,851
EQM Midstream Partners LP, 4.00%, 08/01/24 (Call 05/01/24)		911		862,371
Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, 06/15/24 (Call 12/01/22)		1,032		1,008,832


Security	Par/ Shares (000)		Value

Pipelines (continued)
Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)^(a)(b)	$	1,075	$	968,102

				3,719,156

Real Estate Investment Trusts — 3.9%
Diversified Healthcare Trust, 4.75%, 05/01/24 (Call 11/01/23)		736		637,141
iStar Inc., 4.75%, 10/01/24 (Call 07/01/24)^(b)		2,137		2,119,455
Service Properties Trust 4.35%, 10/01/24 (Call 09/01/24)		2,365		2,171,945
4.65%, 03/15/24 (Call 09/15/23)		986		938,711

				5,867,252

Retail — 2.9%
Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)^(a)(b)		1,059		1,023,746
Nordstrom Inc., 2.30%, 04/08/24 (Call 11/16/22)		781		732,922
QVC Inc., 4.85%, 04/01/24^(b)		1,761		1,692,004
TPro Acquisition Corp., 11.00%, 10/15/24^(a)		879		861,613

				4,310,285

Telecommunications — 5.5%
Sprint Corp., 7.13%, 06/15/24		4,206		4,271,740
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)		4,221		3,975,042

				8,246,782


Total Long-Term Investments — 96.4% (Cost: $147,821,126)				143,664,514


Short-Term Securities

Money Market Funds — 15.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(d)(e)(f)		20,370		20,365,980
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(d)(e)		2,860		2,860,000


Total Short-Term Securities — 15.6% (Cost: $23,226,566)				23,225,980


Total Investments — 112.0% (Cost: $171,047,692)				166,890,494

Liabilities in Excess of Other Assets — (12.0)%				(17,853,566	)


Net Assets — 100.0%			$	149,036,928

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	All or a portion of this security is on loan.

^(c)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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


30		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2024 Term High Yield and Income ETF

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,145,592	$	16,226,773	^(a)	$	—	$	(5,235	)	$	(1,150	)	$	20,365,980		20,370	$	83,053	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		610,000		2,250,000	^(a)		—		—			—			2,860,000		2,860		12,441			—

								$	(5,235	)	$	(1,150	)	$	23,225,980			$	95,494		$	—

^(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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	143,664,514	$	—	$	143,664,514
Money Market Funds		23,225,980		—		—		23,225,980

	$	23,225,980	$	143,664,514	$	—	$	166,890,494

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		31

Schedule of Investments

October 31, 2022

iShares^® iBonds^® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Clear Channel International BV, 6.63%, 08/01/25^(a)(b)	$	185	$	176,316
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25^(a)		281		278,142


				454,458

Aerospace & Defense — 4.5%
Bombardier Inc., 7.50%, 03/15/25^(a)		816		802,299
Hexcel Corp., 4.95%, 08/15/25 (Call 05/15/25)		220		213,514
Howmet Aerospace Inc., 6.88%, 05/01/25 (Call 04/01/25)		377		385,426
Rolls-Royce PLC, 3.63%, 10/14/25 (Call 07/14/25)^(a)		620		547,249
Spirit AeroSystems Inc. 5.50%, 01/15/25^(a)		310		300,384
7.50%, 04/15/25^(a)		722		703,156
TransDigm Inc., 8.00%, 12/15/25^(a)		643		654,278
Triumph Group Inc., 7.75%, 08/15/25^(b)		308		233,634


				3,839,940

Airlines — 3.0%
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)		324		285,434
American Airlines Inc., 11.75%, 07/15/25^(a)		1,485		1,625,303
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)^(a)		346		351,259
U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27		150		133,302
United Airlines Holdings Inc., 4.88%, 01/15/25^(b)		216		206,362


				2,601,660

Auto Manufacturers — 3.8%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)		705		680,113
Ford Motor Credit Co. LLC 2.30%, 02/10/25 (Call 01/10/25)		425		384,740
3.38%, 11/13/25 (Call 10/13/25)		745		676,982
4.13%, 08/04/25		445		413,628
4.69%, 06/09/25 (Call 04/09/25)		205		194,233
5.13%, 06/16/25 (Call 05/16/25)		565		545,253
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25^(a)		370		341,458


				3,236,407

Auto Parts & Equipment — 1.8%
Clarios Global LP, 6.75%, 05/15/25^(a)		272		272,334
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25^(a)		281		274,576
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/25		420		438,014
ZF North America Capital Inc., 4.75%, 04/29/25^(a)(b)		560		525,594


				1,510,518

Banks — 1.2%
Deutsche Bank AG, 4.50%, 04/01/25^(b)		755		701,750
Freedom Mortgage Corp., 8.25%, 04/15/25^(a)		335		288,388

				990,138

Building Materials — 0.8%
Jeld-Wen Inc. 4.63%, 12/15/25^(a)		252		209,578
6.25%, 05/15/25^(a)		168		158,207
Koppers Inc., 6.00%, 02/15/25^(a)		319		289,260


				657,045

Chemicals — 1.0%
Avient Corp., 5.75%, 05/15/25^(a)		349		342,128
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25^(a)		342		293,385
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25^(a)(b)		310		239,788


Security	Par (000)		Value

Chemicals (continued)
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25^(a)	$	0	$	—


				875,301

Coal — 0.3%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25^(a)		250		245,145


Commercial Services — 2.4%
Aptim Corp., 7.75%, 06/15/25^(a)		315		216,408
Brink’s Co. (The), 5.50%, 07/15/25^(a)		281		273,683
Picasso Finance Sub Inc., 6.13%, 06/15/25^(a)		312		311,332
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25^(a)		341		336,103
Sabre GLBL Inc. 7.38%, 09/01/25 (Call 12/01/22)^(a)		494		464,375
9.25%, 04/15/25 (Call 03/16/25)^(a)		483		470,901


				2,072,802

Computers — 0.9%
Diebold Nixdorf Inc., 9.38%, 07/15/25^(a)(b)		375		279,717
Seagate HDD Cayman, 4.75%, 01/01/25		329		317,748
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25^(a)(b)		162		159,842


				757,307

Distribution & Wholesale — 0.6%
G-III Apparel Group Ltd., 7.88%, 08/15/25^(a)		259		245,423
KAR Auction Services Inc., 5.13%, 06/01/25^(a)		252		243,208


				488,631

Diversified Financial Services — 4.7%
Ally Financial Inc., 5.75%, 11/20/25^(b)		629		607,061
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)^(a)		434		427,703
Enova International Inc., 8.50%, 09/15/25^(a)		238		216,078
Finance of America Funding LLC, 7.88%, 11/15/25^(a)		190		115,037
Navient Corp., 6.75%, 06/25/25		314		300,055
OneMain Finance Corp., 6.88%, 03/15/25^(b)		740		717,741
PennyMac Financial Services Inc., 5.38%, 10/15/25^(a)		397		359,368
PRA Group Inc., 7.38%, 09/01/25 (Call 12/01/22)^(a)		185		177,644
Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25^(a)		200		176,780
SLM Corp., 4.20%, 10/29/25 (Call 09/29/25)		284		264,222
StoneX Group Inc., 8.63%, 06/15/25^(a)		207		204,402
United Wholesale Mortgage LLC, 5.50%, 11/15/25^(a)		506		457,379


				4,023,470

Electric — 0.8%
DPL Inc., 4.13%, 07/01/25 (Call 04/01/25)		268		253,595
Drax Finco PLC, 6.63%, 11/01/25^(a)		240		223,265
FirstEnergy Corp., 2.05%, 03/01/25 (Call 02/01/25)		170		155,975
NSG Holdings LLC/NSG Holdings Inc., 7.75%, 12/15/25^(a)		8		8,249


				641,084

Electrical Components & Equipment — 1.0%
WESCO Distribution Inc., 7.13%, 06/15/25^(a)		878		886,789


Electronics — 0.7%
Likewize Corp., 9.75%, 10/15/25^(a)		263		238,512
Sensata Technologies BV, 5.00%, 10/01/25^(a)		406		395,018


				633,530

Engineering & Construction — 1.4%
Artera Services LLC, 9.03%, 12/04/25 (Call 02/04/23)^(a)		565		472,911
Brand Industrial Services Inc., 8.50%, 07/15/25^(a)(b)		612		440,664
Tutor Perini Corp., 6.88%, 05/01/25^(a)(b)		305		244,561


				1,158,136


32		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Entertainment — 6.1%
Banijay Entertainment SASU, 5.38%, 03/01/25^(a)(b)	$	195	$	180,827
Caesars Entertainment Inc., 6.25%, 07/01/25^(a)		2,024		1,975,971
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25^(a)(b)		640		625,741
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(a)		624		619,757
Cinemark USA Inc., 8.75%, 05/01/25^(a)(b)		156		157,129
International Game Technology PLC, 6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		310		310,090
Scientific Games International Inc., 8.63%, 07/01/25^(a)		355		365,874
Six Flags Theme Parks Inc., 7.00%, 07/01/25^(a)(b)		235		237,416
Vail Resorts Inc., 6.25%, 05/15/25 (Call 12/01/22)^(a)		399		397,013
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25^(a)		388		378,187


				5,248,005

Environmental Control — 0.8%
GFL Environmental Inc. 3.75%, 08/01/25^(a)		445		420,520
4.25%, 06/01/25^(a)		265		253,931


				674,451

Food — 1.8%
B&G Foods Inc., 5.25%, 04/01/25		550		499,626
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 12/01/22)^(a)(b)		340		323,003
Performance Food Group Inc., 6.88%, 05/01/25^(a)(b)		168		167,464
U.S. Foods Inc., 6.25%, 04/15/25^(a)(b)		585		585,105


				1,575,198

Food Service — 1.5%
Aramark Services Inc. 5.00%, 04/01/25^(a)		368		357,501
6.38%, 05/01/25^(a)(b)		922		912,780


				1,270,281

Forest Products & Paper — 0.2%
Clearwater Paper Corp., 5.38%, 02/01/25^(a)(b)		163		158,301


Gas — 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, 05/20/25 (Call 02/20/25)		438		418,943


Hand & Machine Tools — 0.2%
Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25^(a)(b)		170		145,734


Health Care - Services — 3.2%
Akumin Inc., 7.00%, 11/01/25 (Call 12/01/22)^(a)		295		239,269
Encompass Health Corp., 5.75%, 09/15/25^(b)		217		215,878
Global Medical Response Inc., 6.50%, 10/01/25^(a)		380		293,907
Legacy LifePoint Health LLC, 6.75%, 04/15/25^(a)		375		332,089
ModivCare Inc., 5.88%, 11/15/25^(a)		309		295,206
Prime Healthcare Services Inc., 7.25%, 11/01/25^(a)		535		466,611
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)^(a)		488		367,156
Surgery Center Holdings Inc., 6.75%, 07/01/25 (Call 12/01/22)^(a)(b)		236		222,491
Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/16/22)^(a)(b)		380		288,219


				2,720,826

Holding Companies - Diversified — 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25		406		394,141
Stena International SA, 6.13%, 02/01/25^(a)		170		159,584


				553,725


Security	Par (000)		Value

Home Builders — 0.7%
Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)^(a)	$	297	$	257,434
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)		246		240,345
New Home Co. Inc. (The), 7.25%, 10/15/25^(a)(b)		180		140,990


				638,769

Household Products & Wares — 0.3%
Spectrum Brands Inc., 5.75%, 07/15/25^(b)		300		295,923


Housewares — 0.9%
American Greetings Corp., 8.75%, 04/15/25^(a)		50		47,845
CD&R Smokey Buyer Inc., 6.75%, 07/15/25^(a)(b)		436		414,178
Newell Brands Inc., 4.88%, 06/01/25 (Call 05/01/25)		320		308,739


				770,762

Insurance — 1.7%
Acrisure LLC/Acrisure Finance Inc., 7.00%, 11/15/25^(a)		548		519,515
AssuredPartners Inc., 7.00%, 08/15/25 (Call 12/01/22)^(a)		313		301,898
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)^(a)		250		250,682
USI Inc./NY, 6.88%, 05/01/25 (Call 12/01/22)^(a)		389		379,427


				1,451,522

Internet — 2.7%
Netflix Inc. 3.63%, 06/15/25 (Call 03/15/25)^(a)		265		252,209
5.88%, 02/15/25		475		477,793
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 11/14/22)^(a)		623		605,712
TripAdvisor Inc., 7.00%, 07/15/25^(a)		333		330,206
Uber Technologies Inc., 7.50%, 05/15/25^(a)		604		604,066


				2,269,986

Leisure Time — 1.9%
Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 12/01/22)^(a)		267		238,041
Royal Caribbean Cruises Ltd., 11.50%, 06/01/25^(a)(b)		759		817,147
Viking Cruises Ltd. 6.25%, 05/15/25^(a)(b)		154		134,287
13.00%, 05/15/25^(a)		385		413,771


				1,603,246

Lodging — 5.4%
Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25^(a)		340		334,805
Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25)		310		280,321
Marriott Ownership Resorts Inc., 6.13%, 09/15/25^(a)(b)		191		188,947
Melco Resorts Finance Ltd., 4.88%, 06/06/25^(b)(c)		500		350,515
MGM China Holdings Ltd., 5.25%, 06/18/25 (Call 11/11/22)^(a)		310		246,475
MGM Resorts International 5.75%, 06/15/25 (Call 03/15/25)		405		392,878
6.75%, 05/01/25		442		436,170
Sands China Ltd., 5.63%, 08/08/25 (Call 06/08/25)		1,100		972,994
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/22)^(a)		190		177,958
Travel + Leisure Co., 6.60%, 10/01/25 (Call 07/01/25)		218		213,245
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (Call 12/01/24)^(a)		1,121		1,061,968


				4,656,276

Machinery — 0.3%
Husky III Holding Ltd. , 13.00%, 02/15/25, (13.75% PIK)^(a)(d)		286		269,269


Manufacturing — 0.3%
Hillenbrand Inc., 5.75%, 06/15/25		221		220,125


Media — 1.5%
AMC Networks Inc., 4.75%, 08/01/25^(b)		508		466,192


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
Univision Communications Inc., 5.13%, 02/15/25^(a)	$	848	$	819,109


				1,285,301

Mining — 0.8%
Arconic Corp., 6.00%, 05/15/25^(a)(b)		427		422,529
Perenti Finance Pty Ltd., 6.50%, 10/07/25^(a)		275		252,849


				675,378

Office & Business Equipment — 0.5%
Xerox Holdings Corp., 5.00%, 08/15/25 (Call 07/15/25)^(a)		460		415,969


Oil & Gas — 6.8%
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25^(a)		347		361,161
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25^(a)		675		652,705
CVR Energy Inc., 5.25%, 02/15/25^(a)		402		387,745
Laredo Petroleum Inc., 9.50%, 01/15/25^(b)		337		337,448
Murphy Oil Corp., 5.75%, 08/15/25		269		266,315
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24)		337		324,339
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(a)		410		400,611
Occidental Petroleum Corp. 5.50%, 12/01/25 (Call 09/01/25)		379		380,307
5.88%, 09/01/25 (Call 06/01/25)		465		469,176
8.00%, 07/15/25 (Call 04/15/25)		265		281,213
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25^(a)		179		171,272
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25		438		433,340
Range Resources Corp., 4.88%, 05/15/25 (Call 02/15/25)		454		438,378
SM Energy Co., 5.63%, 06/01/25		251		244,386
Southwestern Energy Co., 5.70%, 01/23/25 (Call 10/23/24)		269		265,089
Transocean Pontus Ltd., 6.13%, 08/01/25^(a)		211		202,045
Vermilion Energy Inc., 5.63%, 03/15/25^(a)(b)		191		185,299


				5,800,829

Oil & Gas Services — 0.7%
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25^(a)(b)		225		203,076
KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 12/01/22)^(a)		310		288,300
KLX Energy Services Holdings Inc., 11.50%, 11/01/25^(a)		155		127,413


				618,789

Packaging & Containers — 3.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 04/30/25^(a)		335		316,602
Ball Corp., 5.25%, 07/01/25^(b)		559		551,454
Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/22)^(a)		181		166,230
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (Call 12/01/22)^(a)(b)		801		720,892
Owens-Brockway Glass Container Inc. 5.38%, 01/15/25^(a)		186		174,410
6.38%, 08/15/25^(a)		180		170,478
Pactiv LLC, 7.95%, 12/15/25		171		158,514
Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)^(a)(b)		272		267,188
Trident TPI Holdings Inc., 6.63%, 11/01/25^(a)(b)		169		145,340


				2,671,108

Pharmaceuticals — 2.0%
Bausch Health Cos. Inc. 5.50%, 11/01/25^(a)		1,050		842,835
11.00%, 09/30/28		235		183,483
14.00%, 10/15/30		40		22,908
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)^(a)		377		352,397


Security	Par (000)		Value

Pharmaceuticals (continued)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 10.00%, 04/15/25^(a)	$	182	$	123,025
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(a)		287		222,003


				1,746,651

Pipelines — 5.9%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25 (Call 12/15/22)^(a)		359		355,331
Buckeye Partners LP, 4.13%, 03/01/25 (Call 02/01/25)^(a)(b)		341		321,147
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 04/01/25		342		333,573
EnLink Midstream Partners LP, 4.15%, 06/01/25 (Call 03/01/25)^(b)		283		266,320
EQM Midstream Partners LP, 6.00%, 07/01/25 (Call 04/01/25)^(a)		257		249,105
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25		330		316,998
Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/28/25 (Call 12/01/22)^(a)		191		184,472
New Fortress Energy Inc., 6.75%, 09/15/25^(a)		770		756,101
NGL Energy Partners LP/NGL Energy Finance Corp., 6.13%, 03/01/25^(b)		238		185,659
NuStar Logistics LP, 5.75%, 10/01/25 (Call 07/01/25)		386		374,343
Rattler Midstream LP, 5.63%, 07/15/25^(a)		251		258,061
Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)^(a)		241		223,585
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/25		169		141,978
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25^(a)		368		372,740
Western Midstream Operating LP 3.35%, 02/01/25 (Call 01/01/25)		454		431,541
3.95%, 06/01/25 (Call 03/01/25)		244		231,839


				5,002,793

Real Estate — 0.8%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(a)(b)		393		327,911
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)^(a)		333		322,714
WeWork Companies Inc., 7.88%, 05/01/25^(a)		0		—


				650,625

Real Estate Investment Trusts — 5.1%
Diversified Healthcare Trust, 9.75%, 06/15/25		314		296,611
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/25^(a)(b)		248		236,431
iStar Inc., 4.25%, 08/01/25 (Call 05/01/25)^(b)		317		307,014
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 11/16/22)^(a)		216		199,210
New Residential Investment Corp., 6.25%, 10/15/25^(a)		344		301,805
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25^(a)		396		397,041
Service Properties Trust 4.50%, 03/15/25 (Call 09/15/24)		217		191,733
7.50%, 09/15/25 (Call 06/15/25)		490		477,642
Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24)^(b)		311		293,404
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25^(a)		1,394		1,381,245
XHR LP, 6.38%, 08/15/25^(a)		309		303,994


				4,386,130

Retail — 4.5%
1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25^(a)		309		308,963


34		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
Abercrombie & Fitch Management Co., 8.75%, 07/15/25^(a)(b)	$	228	$	216,014
Bath & Body Works Inc., 9.38%, 07/01/25^(a)(b)		202		210,466
Carvana Co., 5.63%, 10/01/25^(a)(b)		267		174,885
Dave & Buster’s Inc., 7.63%, 11/01/25^(a)		284		284,000
eG Global Finance PLC 6.75%, 02/07/25^(a)		460		417,054
8.50%, 10/30/25^(a)		390		358,937
IRB Holding Corp., 7.00%, 06/15/25 (Call 12/01/22)^(a)		439		439,176
Penske Automotive Group Inc., 3.50%, 09/01/25^(b)		373		348,020
QVC Inc., 4.45%, 02/15/25 (Call 11/15/24)		380		332,234
Rite Aid Corp., 7.50%, 07/01/25^(a)		298		209,968
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22)		367		347,710
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25^(a)(b)		221		194,374


				3,841,801

Semiconductors — 0.3%
ams-OSRAM AG, 7.00%, 07/31/25^(a)(b)		270		242,031


Software — 1.8%
Boxer Parent Co. Inc., 7.13%, 10/02/25^(a)		375		369,135
PTC Inc., 3.63%, 02/15/25^(a)		324		309,083
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(a)		1,067		897,187


				1,575,405

Telecommunications — 3.2%
CommScope Technologies LLC, 6.00%, 06/15/25^(a)(b)		757		712,556
Intrado Corp., 8.50%, 10/15/25 (Call 12/01/22)^(a)(b)		345		301,658
Lumen Technologies Inc., 5.63%, 04/01/25 (Call 01/01/25)^(b)		120		115,376
Qwest Corp., 7.25%, 09/15/25		253		255,634
Sprint Corp., 7.63%, 02/15/25 (Call 11/15/24)		885		913,807
ViaSat Inc., 5.63%, 09/15/25 (Call 11/14/22)^(a)		446		411,069


				2,710,100

Transportation — 0.5%
Western Global Airlines LLC, 10.38%, 08/15/25^(a)(b)		187		157,390
XPO Logistics Inc., 6.25%, 05/01/25^(a)(b)		278		281,089


				438,479


Security	Par/ Shares (000)		Value

Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/25^(a)	$	383	$	368,408


Total Long-Term Investments — 96.4% (Cost: $85,915,240)				82,443,500


Short-Term Securities

Money Market Funds — 16.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(e)(f)(g)		11,995		11,992,444
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(e)(f)		2,080		2,080,000


Total Short-Term Securities — 16.5% (Cost: $14,072,618)				14,072,444


Total Investments — 112.9% (Cost: $99,987,858)				96,515,944

Liabilities in Excess of Other Assets — (12.9)%				(11,046,529	)


Net Assets — 100.0%			$	85,469,415

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	All or a portion of this security is on loan.

^(c)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(d)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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

Affiliates




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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,718,076	$	8,279,056	^(a)	$	—	$	(3,735	)	$	(953	)	$	11,992,444		11,995	$	41,001	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,120,000		960,000	^(a)		—		—			—			2,080,000		2,080		10,208			—

								$	(3,735	)	$	(953	)		$14,072,444				$51,209		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2025 Term High Yield and Income ETF

Fair Value Hierarchy as of Period End (continued)




		Level 1		Level 2		Level 3		Total

Investments
Assets
Corporate Bonds & Notes	$	—	$	82,443,500	$	—	$	82,443,500
Money Market Funds		14,072,444		—		—		14,072,444


	$	14,072,444	$	82,443,500	$	—	$	96,515,944

See notes to financial statements.


36		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2022

iShares^® iBonds^® 2026 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.2%
Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)^(a)	$	80	$	64,042


Aerospace & Defense — 4.0%
Bombardier Inc., 7.13%, 06/15/26 (Call 06/15/23)^(a)		263		249,968
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(a)(b)		110		87,067
Spirit AeroSystems Inc., 3.85%, 06/15/26 (Call 03/15/26)		69		61,703
TransDigm Inc. 6.25%, 03/15/26^(a)(b)		781		770,144
6.38%, 06/15/26		186		179,174
TransDigm UK Holdings PLC, 6.88%, 05/15/26		90		87,927


				1,435,983

Agriculture — 0.5%
Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)^(a)(b)		60		52,349
Vector Group Ltd., 10.50%, 11/01/26^(a)		124		122,374


				174,723

Airlines — 5.4%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)		265		234,382
Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 07/15/26^(a)		55		56,211
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26^(a)		768		731,935
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 04/01/28		89		74,339
Delta Air Lines Inc., 7.38%, 01/15/26 (Call 12/15/25)^(b)		180		184,044
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)		263		242,641
United Airlines Inc., 4.38%, 04/15/26 (Call 10/15/25)^(a)		425		388,854


				1,912,406

Apparel — 0.8%
Hanesbrands Inc., 4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		202		185,401
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)^(b)		128		110,024


				295,425

Auto Manufacturers — 2.9%
Ford Motor Co., 4.35%, 12/08/26 (Call 09/08/26)^(b)		332		309,042
Ford Motor Credit Co. LLC 2.70%, 08/10/26 (Call 07/10/26)		315		272,837
4.39%, 01/08/26		220		203,693
4.54%, 08/01/26 (Call 06/01/26)		135		124,577
JB Poindexter & Co. Inc., 7.13%, 04/15/26^(a)		117		111,520


				1,021,669

Auto Parts & Equipment — 2.0%
Adient Global Holdings Ltd., 4.88%, 08/15/26^(a)(b)		155		138,480
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26^(a)(b)		189		184,339
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/26^(b)		189		181,516
IHO Verwaltungs GmbH, 4.75%, 09/15/26, (5.50% PIK)^(a)(c)		105		89,464
Tenneco Inc., 5.00%, 07/15/26^(b)		104		103,596


				697,395

Banks — 1.0%
Freedom Mortgage Corp., 7.63%, 05/01/26 (Call 05/01/23)^(a)		131		103,431
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(a)		260		236,504


				339,935

Chemicals — 1.5%
Consolidated Energy Finance SA, 6.50%, 05/15/26^(a)		50		45,559
GPD Companies Inc., 10.13%, 04/01/26^(a)(b)		106		95,128
INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)^(a)		105		88,568
Mativ Holdings Inc., 6.88%, 10/01/26^(a)		81		74,273


Security	Par (000)		Value

Chemicals (continued)
Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 05/15/23)^(a)	$	57	$	28,438
Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)^(a)		98		85,167
SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 11/01/23)^(a)		165		131,746

				548,879

Coal — 0.2%
Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Call 05/15/23)^(a)		59		61,705


Commercial Services — 6.0%
Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)^(a)		110		94,032
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26 (Call 12/01/22)^(a)		412		394,387
Alta Equipment Group Inc., 5.63%, 04/15/26^(a)		67		57,839
Block Inc., 2.75%, 06/01/26 (Call 05/01/26)^(b)		206		184,352
Cimpress PLC, 7.00%, 06/15/26^(a)		100		59,777
CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24)^(b)		142		144,461
CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)^(a)		68		64,001
Graham Holdings Co., 5.75%, 06/01/26^(a)		103		100,455
Hertz Corp. (The), 4.63%, 12/01/26 (Call 12/01/23)^(a)		103		87,764
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)^(a)		85		74,269
MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)^(a)		91		90,812
Prime Security Services Borrower LLC/Prime Finance Inc., 5.75%, 04/15/26^(a)		299		292,305
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26^(a)(b)		99		91,271
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/22)^(a)		243		243,680
WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)^(a)		181		168,998


				2,148,403

Computers — 0.8%
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)^(a)		269		264,712


Cosmetics & Personal Care — 0.8%
Coty Inc. 5.00%, 04/15/26 (Call 04/15/23)^(a)		193		181,823
6.50%, 04/15/26^(a)(b)		109		103,827


				285,650

Distribution & Wholesale — 0.1%
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26^(a)		75		47,599


Diversified Financial Services — 3.4%
Avation Capital SA, 8.25%, 05/15/21 (Call 12/01/22)^(a)		75		59,982
Brightsphere Investment Group Inc., 4.80%, 07/27/26		60		53,600
Credit Acceptance Corp., 6.63%, 03/15/26		92		87,072
goeasy Ltd., 4.38%, 05/01/26^(a)		60		52,015
Home Point Capital Inc., 5.00%, 02/01/26 (Call 02/01/23)^(a)		0		—
Jefferson Capital Holdings LLC, 6.00%, 08/15/26 (Call 08/15/23)^(a)		69		57,525
LFS Topco LLC, 5.88%, 10/15/26 (Call 10/15/23)^(a)		63		49,825
Navient Corp., 6.75%, 06/15/26		104		98,127
OneMain Finance Corp., 7.13%, 03/15/26		345		332,138
PHH Mortgage Corp., 7.88%, 03/15/26 (Call 03/15/23)^(a)		83		68,857
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26 (Call 10/15/23)^(a)		252		211,168
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26)		104		91,205
World Acceptance Corp., 7.00%, 11/01/26 (Call 11/01/23)^(a)		67		41,970


				1,203,484


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2026 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric — 1.4%
Calpine Corp., 5.25%, 06/01/26^(a)(b)	$	84	$	80,142
FirstEnergy Corp., Series A, 1.60%, 01/15/26 (Call 12/15/25)		60		52,237
NextEra Energy Operating Partners LP, 3.88%, 10/15/26 (Call 07/15/26)^(a)		101		93,614
Terraform Global Operating LP, 6.13%, 03/01/26^(a)		86		79,149
Vistra Operations Co. LLC, 5.50%, 09/01/26^(a)(b)		214		205,277


				510,419

Energy - Alternate Sources — 0.7%
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26^(a)(b)		160		153,477
Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)^(a)(b)		92		81,133


				234,610

Engineering & Construction — 0.4%
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)^(a)		86		78,372
INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)^(a)		73		54,013


				132,385

Entertainment — 2.3%
CCM Merger Inc., 6.38%, 05/01/26^(a)		66		60,577
Cinemark USA Inc., 5.88%, 03/15/26 (Call 03/15/23)^(a)		85		71,675
Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)^(a)		55		45,209
Golden Entertainment Inc., 7.63%, 04/15/26^(a)(b)		81		80,116
International Game Technology PLC, 4.13%, 04/15/26 (Call 04/15/23)^(a)		140		129,885
Live Nation Entertainment Inc., 5.63%, 03/15/26^(a)(b)		82		78,588
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)^(a)		65		60,451
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)^(a)		250		210,748
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26^(a)(b)		82		72,641


				809,890

Environmental Control — 0.6%
GFL Environmental Inc., 5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		124		118,261
Waste Pro USA Inc., 5.50%, 02/15/26^(a)		105		97,119


				215,380

Food — 1.1%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 3.25%, 03/15/26^(a)		159		143,146
7.50%, 03/15/26^(a)		128		131,203
FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 08/15/26^(a)(b)		60		53,187
H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26^(a)		0		—
Sigma Holdco BV, 7.88%, 05/15/26^(a)		90		55,256


				382,792

Forest Products & Paper — 0.3%
Mercer International Inc., 5.50%, 01/15/26		68		63,996
Resolute Forest Products Inc., 4.88%, 03/01/26 (Call 03/01/23)^(a)		57		56,325


				120,321

Gas — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, 08/20/26 (Call 05/20/26)		152		142,831


Health Care - Services — 4.8%
CHS/Community Health Systems Inc., 8.00%, 03/15/26^(a)(b)		455		392,306
Hadrian Merger Sub Inc., 8.50%, 05/01/26^(a)		66		60,012
IQVIA Inc., 5.00%, 10/15/26^(a)(b)		220		210,313
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)^(a)		308		246,000


Security	Par (000)		Value

Health Care - Services (continued)
Select Medical Corp., 6.25%, 08/15/26^(a)(b)	$	258	$	246,150
Tenet Healthcare Corp., 4.88%, 01/01/26^(a)		447		422,513
U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)^(a)		160		144,872


				1,722,166

Holding Companies - Diversified — 0.7%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 05/15/26		267		256,419


Home Builders — 0.5%
Forestar Group Inc., 3.85%, 05/15/26 (Call 05/15/23)^(a)		92		79,054
K Hovnanian Enterprises Inc. 7.75%, 02/15/26^(a)(b)		51		49,040
10.50%, 02/15/26^(a)(b)		61		58,978


				187,072

Housewares — 1.3%
Newell Brands Inc., 4.45%, 04/01/26 (Call 01/01/26)		440		409,222
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26^(b)		59		54,875


				464,097

Insurance — 1.2%
Acrisure LLC/Acrisure Finance Inc., 10.13%, 08/01/26^(a)(b)		84		83,852
Hub International Ltd., 7.00%, 05/01/26 (Call 11/14/22)^(a)		357		352,338


				436,190

Internet — 2.4%
Cogent Communications Group Inc., 3.50%, 05/01/26 (Call 02/01/26)^(a)		109		98,695
Millennium Escrow Corp., 6.63%, 08/01/26 (Call 08/01/23)^(a)(b)		171		123,146
Netflix Inc., 4.38%, 11/15/26		200		190,764
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26^(a)		170		112,144
Uber Technologies Inc., 8.00%, 11/01/26^(a)		330		331,079


				855,828

Iron & Steel — 0.9%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26^(a)(b)		127		116,083
Cleveland-Cliffs Inc., 6.75%, 03/15/26^(a)		191		189,638


				305,721

Leisure Time — 3.4%
Carnival Corp. 7.63%, 03/01/26 (Call 03/01/24)^(a)(b)		312		234,861
10.50%, 02/01/26 (Call 08/01/23)^(a)(b)		162		158,746
Life Time Inc. 5.75%, 01/15/26 (Call 01/15/23)^(a)		197		183,214
8.00%, 04/15/26 (Call 02/01/23)^(a)(b)		106		93,088
NCL Corp. Ltd., 5.88%, 03/15/26 (Call 12/15/25)^(a)		308		252,221
Royal Caribbean Cruises Ltd. 4.25%, 07/01/26 (Call 01/01/26)^(a)(b)		139		110,707
5.50%, 08/31/26 (Call 02/28/26)^(a)		217		177,215


				1,210,052

Lodging — 2.8%
Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)^(a)		105		92,214
Las Vegas Sands Corp., 3.50%, 08/18/26 (Call 06/18/26)		226		196,934
Melco Resorts Finance Ltd., 5.25%, 04/26/26^(d)		95		59,899
MGM China Holdings Ltd., 5.88%, 05/15/26^(a)		160		122,568
MGM Resorts International, 4.63%, 09/01/26 (Call 06/01/26)^(b)		94		85,312
Sands China Ltd., 4.30%, 01/08/26 (Call 12/08/25)		200		162,290
Travel + Leisure Co., 6.63%, 07/31/26 (Call 04/30/26)^(a)(b)		138		134,655
Wynn Macau Ltd., 5.50%, 01/15/26^(a)		210		145,820


				999,692


38		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2026 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery — 1.1%
Manitowoc Co. Inc. (The), 9.00%, 04/01/26^(a)	$	64	$	58,278
Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)^(a)(b)		103		103,249
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(a)		142		118,469
Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)^(a)		145		124,235


				404,231

Manufacturing — 1.1%
EnPro Industries Inc., 5.75%, 10/15/26		82		79,311
FXI Holdings Inc., 12.25%, 11/15/26^(a)		165		143,166
Gates Global LLC/Gates Corp., 6.25%, 01/15/26^(a)(b)		130		124,943
Hillenbrand Inc., 5.00%, 09/15/26 (Call 07/15/26)		63		59,534


				406,954

Media — 6.0%
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 02/01/23)^(a)(b)		66		48,085
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/26^(a)		162		155,748
Cumulus Media New Holdings Inc., 6.75%, 07/01/26^(a)(b)		83		72,053
DISH DBS Corp. 5.25%, 12/01/26 (Call 06/01/26)^(a)		593		514,884
7.75%, 07/01/26		429		362,411
Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)^(a)(b)		81		60,635
Gray Television Inc., 5.88%, 07/15/26^(a)		146		137,820
iHeartCommunications Inc., 6.38%, 05/01/26		170		161,607
Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)^(a)		198		169,062
Sirius XM Radio Inc., 3.13%, 09/01/26 (Call 09/01/23)^(a)		213		190,356
Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 09/01/23)^(a)		68		41,885
TEGNA Inc., 4.75%, 03/15/26 (Call 03/15/23)^(a)		125		123,379
Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)^(a)		111		104,784


				2,142,709

Mining — 1.3%
Constellium SE, 5.88%, 02/15/26^(a)		45		41,863
Hudbay Minerals Inc., 4.50%, 04/01/26 (Call 04/01/23)^(d)		135		118,630
JW Aluminum Continuous Cast Co., 10.25%, 06/01/26^(a)		74		75,312
Novelis Corp., 3.25%, 11/15/26 (Call 11/15/23)^(a)		163		143,523
Taseko Mines Ltd., 7.00%, 02/15/26 (Call 02/15/23)^(a)(b)		89		73,605


				452,933

Oil & Gas — 9.2%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 02/15/23)^(a)		169		172,446
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26^(a)		137		134,972
Berry Petroleum Co. LLC, 7.00%, 02/15/26^(a)		84		76,418
California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)^(a)(b)		126		124,325
Callon Petroleum Co., 6.38%, 07/01/26		74		71,235
Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)^(a)		119		115,187
Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)^(a)		94		86,654
Colgate Energy Partners III LLC, 7.75%, 02/15/26 (Call 02/15/24)^(a)		64		63,784
Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/26 (Call 04/15/23)^(a)		0		—
Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24)		100		99,704
Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)^(a)		90		81,116
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)^(a)		155		143,741
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)^(a)		130		128,537


Security	Par (000)		Value

Oil & Gas (continued)
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(a)(b)	$	97	$	94,724
Matador Resources Co., 5.88%, 09/15/26^(b)		192		188,640
Moss Creek Resources Holdings Inc., 7.50%, 01/15/26^(a)		153		140,732
Nabors Industries Ltd., 7.25%, 01/15/26^(a)		125		120,540
Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)^(a)		88		86,116
Occidental Petroleum Corp. 3.40%, 04/15/26 (Call 01/15/26)^(b)		60		56,793
5.55%, 03/15/26 (Call 12/15/25)^(b)		223		226,176
PDC Energy Inc., 5.75%, 05/15/26		161		154,512
Penn Virginia Holdings LLC., 9.25%, 08/15/26 (Call 08/15/23)^(a)		91		89,802
Permian Resources Operating LLC, 5.38%, 01/15/26^(a)		66		61,007
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)^(a)		131		96,939
Precision Drilling Corp., 7.13%, 01/15/26^(a)		69		67,982
Puma International Financing SA, 5.00%, 01/24/26^(a)		200		178,726
SM Energy Co., 6.75%, 09/15/26		93		92,170
Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 08/01/23)^(a)		111		93,959
Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23)		138		146,360
Tap Rock Resources LLC, 7.00%, 10/01/26 (Call 10/01/23)^(a)(b)		104		97,558


				3,290,855

Oil & Gas Services — 0.6%
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26		162		155,505
Welltec International ApS, 8.25%, 10/15/26 (Call 10/15/23)^(a)(b)		45		43,635


				199,140

Packaging & Containers — 3.0%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.13%, 08/15/26^(a)		255		219,364
Ball Corp., 4.88%, 03/15/26 (Call 12/15/25)^(b)		161		154,480
Berry Global Inc., 4.50%, 02/15/26^(a)(b)		73		68,307
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)		82		76,044
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26^(b)		181		173,454
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26		85		86,618
LABL Inc., 6.75%, 07/15/26^(a)		156		148,763
Trivium Packaging Finance BV, 5.50%, 08/15/26^(a)(b)		165		151,704


				1,078,734

Pharmaceuticals — 0.6%
Perrigo Finance Unlimited Co., 4.38%, 03/15/26 (Call 12/15/25)		140		131,224
PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)^(a)(b)		105		95,471


				226,695

Pipelines — 5.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, 05/15/26 (Call 05/15/23)^(a)		119		121,319
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26^(a)		64		61,053
Buckeye Partners LP, 3.95%, 12/01/26 (Call 09/01/26)		133		116,606
EnLink Midstream Partners LP, 4.85%, 07/15/26 (Call 04/15/26)^(b)		113		106,329
EQM Midstream Partners LP, 4.13%, 12/01/26 (Call 09/01/26)		115		101,906
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 05/15/26		79		73,984
Hess Midstream Operations LP, 5.63%, 02/15/26^(a)		175		171,579
New Fortress Energy Inc., 6.50%, 09/30/26 (Call 03/31/23)^(a)		323		313,378
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)^(a)		443		401,075
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 04/15/26^(b)		70		51,110
Northriver Midstream Finance LP, 5.63%, 02/15/26^(a)		113		106,988
NuStar Logistics LP, 6.00%, 06/01/26 (Call 03/01/26)		106		102,724


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2026 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)^(a)	$	155	$	148,839
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26		69		59,062
Western Midstream Operating LP, 4.65%, 07/01/26 (Call 04/01/26)		101		95,482

				2,031,434

Real Estate Investment Trusts — 2.4%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26^(a)(b)		207		192,543
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)^(a)(b)		219		178,577
iStar Inc., 5.50%, 02/15/26^(b)		67		66,889
MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26^(b)		114		102,936
RLJ Lodging Trust LP, 3.75%, 07/01/26 (Call 07/01/23)^(a)		94		86,003
Service Properties Trust
4.75%, 10/01/26 (Call 08/01/26)		96		78,303
5.25%, 02/15/26 (Call 08/15/25)		80		69,191
Starwood Property Trust Inc., 3.63%, 07/15/26 (Call 01/15/26)^(a)		93		81,113

				855,555

Retail — 4.2%
Beacon Roofing Supply Inc., 4.50%, 11/15/26^(a)		71		65,299
CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)^(a)		134		125,827
Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 04/01/23)^(a)(b)		139		126,148
Guitar Center Inc., 8.50%, 01/15/26 (Call 01/15/23)^(a)		122		106,615
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 02/15/23)^(a)(b)		176		160,146
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)^(a)		242		230,159
Rite Aid Corp., 8.00%, 11/15/26 (Call 01/15/23)^(a)(b)		184		119,517
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(a)		159		128,785
Staples Inc., 7.50%, 04/15/26^(a)		431		374,849
White Cap Parent LLC, 8.25%, 03/15/26, (9.00% PIK)^(a)(c)		68		58,560

				1,495,905

Software — 1.8%
ACI Worldwide Inc., 5.75%, 08/15/26^(a)		89		85,280
Boxer Parent Co. Inc., 9.13%, 03/01/26^(a)		76		72,710
Camelot Finance SA, 4.50%, 11/01/26^(a)		157		146,605
Consensus Cloud Solutions Inc., 6.00%, 10/15/26 (Call 10/15/23)^(a)		71		63,899
CWT Travel Group Inc., 8.50%, 11/19/26 (Call 11/19/22)^(a)(b)		135		116,070
Fair Isaac Corp., 5.25%, 05/15/26 (Call 02/15/26)^(a)(b)		96		94,707
Skillz Inc., 10.25%, 12/15/26 (Call 12/15/23)^(a)		66		44,740

				624,011


Security	Par/ Shares (000)		Value

Telecommunications — 4.6%
CommScope Inc., 6.00%, 03/01/26^(a)	$	331	$	320,090
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26^(a)		315		295,980
Hughes Satellite Systems Corp.
5.25%, 08/01/26		169		161,299
6.63%, 08/01/26		153		144,140
Iliad Holding SASU, 6.50%, 10/15/26 (Call 10/15/23)^(a)		250		231,725
Lumen Technologies Inc., 5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		159		136,138
Sprint Corp., 7.63%, 03/01/26 (Call 11/01/25)		335		349,043

				1,638,415

Toys, Games & Hobbies — 0.3%
Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)^(a)		131		119,980


Water — 0.2%
Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)^(a)		86		82,280


Total Long-Term Investments — 96.9% (Cost: $36,886,748)				34,537,706


Short-Term Securities

Money Market Funds — 19.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(e)(f)(g)		6,535		6,533,406
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(e)(f)		490		490,000


Total Short-Term Securities — 19.7% (Cost: $7,023,784)				7,023,406


Total Investments — 116.6% (Cost: $43,910,532)				41,561,112

Liabilities in Excess of Other Assets — (16.6)%				(5,927,103	)


Net Assets — 100.0%			$	35,634,009

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	All or a portion of this security is on loan.

^(c)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(d)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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


40		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2026 Term High Yield and Income ETF

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,830,858	$	4,704,989	^(a)	$	—		$	(2,063	)	$	(378	)	$	6,533,406		6,535	$	14,549	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		520,000		—			(30,000	)^(a)		—			—			490,000		490		2,486			—

									$	(2,063	)	$	(378	)	$	7,023,406			$	17,035		$	—

^(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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	34,537,706	$	—	$	34,537,706
Money Market Funds		7,023,406		—		—		7,023,406

	$	7,023,406	$	34,537,706	$	—	$	41,561,112

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		41

Schedule of Investments

October 31, 2022

iShares^® iBonds^® 2027 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 1.5%
Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27^(a)(b)	$	105	$	94,489
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27^(a)(b)		55		49,545
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)		86		72,824

				216,858

Aerospace & Defense — 4.0%
Bombardier Inc., 7.88%, 04/15/27^(a)		160		152,026
Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26)		30		27,281
Howmet Aerospace Inc., 5.90%, 02/01/27		55		54,556
Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)^(a)		40		35,793
Rolls-Royce PLC, 5.75%, 10/15/27 (Call 07/15/27)^(a)		85		76,959
TransDigm Inc. 5.50%, 11/15/27		222		201,618
7.50%, 03/15/27		45		44,376

				592,609

Agriculture — 0.3%
Darling Ingredients Inc., 5.25%, 04/15/27^(a)		44		42,346


Airlines — 0.6%
Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)^(a)		45		42,407
American Airlines Pass Through Trust, Series 2015-1, Class A, 3.38%, 11/01/28^(b)		53		43,072

				85,479

Apparel — 0.3%
William Carter Co. (The), 5.63%, 03/15/27^(a)		40		38,456


Auto Manufacturers — 2.6%
Allison Transmission Inc., 4.75%, 10/01/27^(a)		35		32,282
Ford Motor Credit Co. LLC 3.82%, 11/02/27 (Call 08/02/27)		63		54,656
4.13%, 08/17/27 (Call 06/17/27)		105		93,207
4.27%, 01/09/27 (Call 11/09/26)		78		70,494
4.95%, 05/28/27 (Call 04/28/27)		125		114,518
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 (Call 07/01/27)^(a)(b)		40		28,316

				393,473

Auto Parts & Equipment — 2.1%
American Axle & Manufacturing Inc., 6.50%, 04/01/27^(b)		41		37,843
Clarios Global LP/Clarios US Finance Co., 8.50%, 05/15/27 (Call 12/01/22)^(a)(b)		165		162,259
Dana Inc., 5.38%, 11/15/27 (Call 11/15/22)		35		31,689
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/27 (Call 12/15/26)^(b)		60		54,604
IHO Verwaltungs GmbH, 6.00%, 05/15/27, (6.75% PIK)^(a)(c)		36		30,932

				317,327

Banks — 0.3%
Freedom Mortgage Corp., 6.63%, 01/15/27 (Call 01/15/24)^(a)		50		37,283


Building Materials — 1.0%
Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)^(a)(b)		45		42,102
Jeld-Wen Inc., 4.88%, 12/15/27 (Call 12/15/22)^(a)(b)		35		26,092
Standard Industries Inc./NJ, 5.00%, 02/15/27^(a)		70		63,979
Summit Materials LLC/Summit Materials Finance Corp., 6.50%, 03/15/27^(a)(b)		25		24,032

				156,205

Chemicals — 2.2%
Cerdia Finanz GmbH, 10.50%, 02/15/27 (Call 02/15/24)^(a)		50		40,547


Security	Par (000)		Value

Chemicals (continued)
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)^(a)(b)	$	40	$	36,618
Cheever Escrow Issuer LLC, 7.13%, 10/01/27 (Call 10/01/24)^(a)		25		22,914
Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27)^(b)		40		35,804
HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26)		25		22,891
Methanex Corp., 5.13%, 10/15/27 (Call 04/15/27)		60		54,698
Olin Corp., 5.13%, 09/15/27		40		37,502
SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)^(a)		25		21,846
WR Grace Holdings LLC, 4.88%, 06/15/27 (Call 06/15/23)^(a)		60		52,491

				325,311

Commercial Services — 5.0%
Albion Financing 1 SARL/Aggreko Holdings Inc., 8.75%, 04/15/27 (Call 10/15/23)^(a)		40		34,337
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27^(a)(b)		89		77,386
AMN Healthcare Inc., 4.63%, 10/01/27^(a)		40		37,419
APX Group Inc., 6.75%, 02/15/27 (Call 02/15/23)^(a)		50		48,870
Avis Budget Car Rental LLC/Avis Budget Finance Inc. 5.75%, 07/15/27^(a)(b)		33		30,195
5.75%, 07/15/27^(a)		30		27,375
Brink’s Co. (The), 4.63%, 10/15/27^(a)		50		46,007
CoreCivic Inc., 4.75%, 10/15/27 (Call 07/15/27)		20		16,786
Garda World Security Corp. 4.63%, 02/15/27 (Call 02/15/23)^(a)		48		42,710
9.50%, 11/01/27^(a)		50		45,305
Herc Holdings Inc., 5.50%, 07/15/27^(a)		100		94,622
Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)^(a)		35		31,800
Prime Security Services Borrower LLC/Prime Finance Inc., 3.38%, 08/31/27 (Call 08/31/26)^(a)		87		75,560
Service Corp. International/U.S., 4.63%, 12/15/27 (Call 12/15/22)		45		41,816
Sotheby’s, 7.38%, 10/15/27 (Call 11/14/22)^(a)(b)		65		62,891
United Rentals North America Inc., 5.50%, 05/15/27		39		38,066

				751,145

Computers — 1.2%
NCR Corp., 5.75%, 09/01/27^(a)(b)		40		38,587
Presidio Holdings Inc., 4.88%, 02/01/27 (Call 02/01/23)^(a)		45		41,528
Seagate HDD Cayman, 4.88%, 06/01/27 (Call 03/01/27)		40		36,996
Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)^(a)		40		33,585
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 13.00%, 10/15/27^(a)		20		22,808

				173,504

Distribution & Wholesale — 0.8%
BCPE Empire Holdings Inc., 7.63%, 05/01/27 (Call 05/01/23)^(a)		55		50,093
IAA Inc., 5.50%, 06/15/27^(a)		41		38,439
Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)^(a)(b)		40		37,021

				125,553

Diversified Financial Services — 2.6%
Advisor Group Holdings Inc., 10.75%, 08/01/27^(a)		30		29,957
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)^(a)		44		44,170
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (Call 04/15/24)^(a)		35		29,743
LPL Holdings Inc., 4.63%, 11/15/27^(a)		30		27,743
Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27 (Call 01/15/23)^(a)		52		46,620
Navient Corp., 5.00%, 03/15/27 (Call 09/15/26)		60		50,589
OneMain Finance Corp., 3.50%, 01/15/27 (Call 01/15/24)		63		51,884
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)^(a)		35		32,455


42		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2027 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
United Wholesale Mortgage LLC, 5.75%, 06/15/27 (Call 06/15/24)^(a)	$	45	$	36,870
VistaJet Malta Finance PLC/XO Management Holding Inc., 7.88%, 05/01/27^(a)(b)		45		40,899

				390,930

Electric — 3.0%
Enerflex Ltd., 9.00%, 10/15/27		50		48,636
FirstEnergy Corp., Series B, 4.15%, 07/15/27 (Call 04/15/27)		124		116,156
NextEra Energy Operating Partners LP, 4.50%, 09/15/27 (Call 06/15/27)^(a)		45		41,919
NRG Energy Inc., 6.63%, 01/15/27^(b)		28		28,014
Vistra Operations Co. LLC
5.00%, 07/31/27^(a)		110		101,477
5.63%, 02/15/27^(a)		110		104,834

				441,036

Electrical Components & Equipment — 0.1%
EnerSys, 4.38%, 12/15/27 (Call 09/15/27)^(a)(b)		25		21,926


Engineering & Construction — 0.8%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)^(b)		85		80,436
Promontoria Holding 264 BV, 7.88%, 03/01/27 (Call 03/01/24)^(a)		35		31,852

				112,288

Entertainment — 4.7%
Affinity Gaming, 6.88%, 12/15/27 (Call 12/01/23)^(a)(b)		47		39,637
Caesars Entertainment Inc., 8.13%, 07/01/27 (Call 07/01/23)^(a)(b)		150		145,917
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 04/15/27		41		38,550
Churchill Downs Inc., 5.50%, 04/01/27^(a)		52		49,741
International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)^(a)		63		62,424
Live Nation Entertainment Inc. 4.75%, 10/15/27^(a)(b)		80		71,230
6.50%, 05/15/27 (Call 05/15/23)^(a)		101		100,467
Motion Bondco DAC, 6.63%, 11/15/27^(a)(b)		35		29,319
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27^(a)		60		64,292
Penn Entertainment Inc., 5.63%, 01/15/27^(a)(b)		35		31,881
Six Flags Entertainment Corp., 5.50%, 04/15/27^(a)		41		36,881
Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27^(a)		30		26,123

				696,462

Environmental Control — 0.5%
Clean Harbors Inc., 4.88%, 07/15/27^(a)		45		42,380
Harsco Corp., 5.75%, 07/31/27^(a)(b)		40		28,357

				70,737

Food — 1.8%
Albertsons Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC, 4.63%, 01/15/27 (Call 01/15/23)^(a)		116		107,585
B&G Foods Inc., 5.25%, 09/15/27^(b)		45		37,730
Performance Food Group Inc., 5.50%, 10/15/27^(a)		88		83,766
Post Holdings Inc., 5.75%, 03/01/27^(a)		40		38,750

				267,831

Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 05/20/27 (Call 02/20/27)		42		38,770


Health Care - Products — 0.3%
Teleflex Inc., 4.63%, 11/15/27		40		37,675


Security	Par (000)		Value

Health Care - Services — 5.4%
Catalent Pharma Solutions Inc., 5.00%, 07/15/27^(a)	$	40	$	37,624
Centene Corp., 4.25%, 12/15/27 (Call 12/15/22)		205		189,117
CHS/Community Health Systems Inc.
5.63%, 03/15/27 (Call 12/15/23)^(a)(b)		160		127,574
8.00%, 12/15/27 (Call 12/15/22)^(a)		60		48,514
IQVIA Inc., 5.00%, 05/15/27^(a)		90		85,711
Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 12/01/22)^(a)		50		39,478
Surgery Center Holdings Inc., 10.00%, 04/15/27^(a)		45		43,703
Tenet Healthcare Corp.
5.13%, 11/01/27^(a)		125		114,565
6.25%, 02/01/27^(a)		129		123,938

				810,224

Holding Companies - Diversified — 0.7%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 05/15/27 (Call 11/15/26)		120		110,480


Home Builders — 1.7%
Beazer Homes USA Inc., 5.88%, 10/15/27^(b)		31		26,029
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27^(a)		50		43,650
Century Communities Inc., 6.75%, 06/01/27		41		39,167
KB Home, 6.88%, 06/15/27 (Call 12/15/26)^(b)		25		24,188
Mattamy Group Corp., 5.25%, 12/15/27 (Call 12/15/22)^(a)		41		35,069
Meritage Homes Corp., 5.13%, 06/06/27 (Call 12/06/26)		25		22,518
Taylor Morrison Communities Inc., 5.88%, 06/15/27 (Call 03/15/27)^(a)		41		38,555
Tri Pointe Homes Inc., 5.25%, 06/01/27 (Call 12/01/26)		25		21,672

				250,848

Housewares — 0.3%
Newell Brands Inc., 6.38%, 09/15/27 (Call 06/15/27)^(b)		45		44,063


Insurance — 1.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)(b)		64		57,831
6.75%, 10/15/27 (Call 12/01/22)^(a)		114		104,195
GTCR AP Finance Inc., 8.00%, 05/15/27^(a)(b)		40		38,148

				200,174

Internet — 3.1%
Cablevision Lightpath LLC, 3.88%, 09/15/27 (Call 09/15/23)^(a)		40		34,231
Cogent Communications Group Inc., 7.00%, 06/15/27 (Call 06/15/24)^(a)		40		38,231
Getty Images Inc., 9.75%, 03/01/27^(a)		25		24,755
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 5.25%, 12/01/27^(a)		50		47,269
GrubHub Holdings Inc., 5.50%, 07/01/27^(a)		43		28,865
Match Group Holdings II LLC, 5.00%, 12/15/27 (Call 12/15/22)^(a)		37		33,255
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 4.75%, 04/30/27 (Call 10/15/23)^(a)		30		27,003
NortonLifeLock Inc., 6.75%, 09/30/27 (Call 09/30/24)^(a)		65		64,122
Twitter Inc., 3.88%, 12/15/27 (Call 09/15/27)^(a)(b)		62		62,544
Uber Technologies Inc., 7.50%, 09/15/27^(a)		100		99,619

				459,894

Iron & Steel — 1.2%
Allegheny Technologies Inc., 5.88%, 12/01/27 (Call 12/01/22)		30		27,347
Cleveland-Cliffs Inc., 5.88%, 06/01/27		45		41,858
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)^(a)		55		54,081
8.13%, 05/01/27^(a)		60		59,711

				182,997


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2027 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Leisure Time — 4.2%
Carnival Corp.
5.75%, 03/01/27 (Call 12/01/26)^(a)	$	295	$	204,736
9.88%, 08/01/27 (Call 02/01/24)^(a)		76		70,858
Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)^(a)(b)		32		28,665
NCL Corp. Ltd., 5.88%, 02/15/27 (Call 02/15/24)^(a)		85		75,958
Royal Caribbean Cruises Ltd.
5.38%, 07/15/27 (Call 10/15/26)^(a)(b)		85		66,699
7.50%, 10/15/27		25		20,900
11.63%, 08/15/27 (Call 08/15/24)^(a)(b)		105		102,037
Viking Cruises Ltd., 5.88%, 09/15/27^(a)(b)		70		55,947

				625,800

Lodging — 3.1%
Boyd Gaming Corp., 4.75%, 12/01/27 (Call 12/01/22)		85		77,891
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27		50		47,470
Melco Resorts Finance Ltd., 5.63%, 07/17/27^(d)		52		31,653
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)^(a)		65		47,005
MGM Resorts International, 5.50%, 04/15/27 (Call 01/15/27)		58		53,471
Sands China Ltd., 2.80%, 03/08/27 (Call 02/08/27)		60		43,752
Studio City Co. Ltd., 7.00%, 02/15/27 (Call 02/15/24)^(a)(b)		30		23,999
Travel + Leisure Co., 6.00%, 04/01/27 (Call 01/01/27)		35		32,672
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (Call 02/15/27)^(a)(b)		75		65,321
Wynn Macau Ltd., 5.50%, 10/01/27^(a)(b)		63		38,079

				461,313

Machinery — 1.0%
Granite US Holdings Corp., 11.00%, 10/01/27^(a)(b)		27		25,246
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)^(a)		130		116,562

				141,808

Manufacturing — 0.2%
Amsted Industries Inc., 5.63%, 07/01/27^(a)		35		32,509


Media — 10.1%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27^(a)		275		254,809
CSC Holdings LLC, 5.50%, 04/15/27^(a)		110		103,605
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)^(a)		315		283,506
Gray Television Inc., 7.00%, 05/15/27^(a)(b)		65		61,918
iHeartCommunications Inc.
5.25%, 08/15/27^(a)		63		57,419
8.38%, 05/01/27^(b)		110		98,893
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(a)		97		90,495
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(a)		30		27,303
Nexstar Media Inc., 5.63%, 07/15/27^(a)		150		141,204
Scripps Escrow Inc., 5.88%, 07/15/27^(a)(b)		35		31,702
Sinclair Television Group Inc., 5.13%, 02/15/27^(a)		25		20,995
Sirius XM Radio Inc., 5.00%, 08/01/27^(a)		125		115,000
Univision Communications Inc., 6.63%, 06/01/27 (Call 06/01/23)^(a)		125		123,363
Videotron Ltd., 5.13%, 04/15/27^(a)		50		47,083
Ziggo Bond Co. BV, 6.00%, 01/15/27^(a)(b)		55		49,762

				1,507,057

Metal Fabricate & Hardware — 0.3%
Advanced Drainage Systems Inc., 5.00%, 09/30/27^(a)		30		27,803
Park-Ohio Industries Inc., 6.63%, 04/15/27		30		21,015

				48,818


Security	Par (000)		Value

Mining — 0.8%
Compass Minerals International Inc., 6.75%, 12/01/27 (Call 12/01/22)^(a)(b)	$	40	$	37,900
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)^(a)		50		44,877
New Gold Inc., 7.50%, 07/15/27 (Call 07/15/23)^(a)		35		30,272

				113,049

Office & Business Equipment — 0.1%
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)^(a)		34		21,806


Oil & Gas — 5.2%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/27 (Call 11/01/26)^(a)		30		36,475
Baytex Energy Corp., 8.75%, 04/01/27 (Call 04/01/23)^(a)		40		41,235
Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.13%, 01/15/27 (Call 01/15/24)^(a)		25		23,809
Centennial Resource Production LLC, 6.88%, 04/01/27^(a)		30		29,101
CNX Resources Corp., 7.25%, 03/14/27^(a)		33		32,740
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)^(a)		45		42,564
MEG Energy Corp., 7.13%, 02/01/27 (Call 02/01/23)^(a)		100		101,764
Moss Creek Resources Holdings Inc., 10.50%, 05/15/27^(a)		45		43,379
Murphy Oil Corp., 5.88%, 12/01/27 (Call 12/01/22)		45		43,715
Nabors Industries Inc., 7.38%, 05/15/27 (Call 05/15/24)^(a)		60		59,118
Occidental Petroleum Corp., 8.50%, 07/15/27 (Call 01/15/27)		40		43,800
Parkland Corp., 5.88%, 07/15/27^(a)		40		37,852
SM Energy Co., 6.63%, 01/15/27		35		34,277
Southwestern Energy Co., 7.75%, 10/01/27		30		30,889
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27		50		48,988
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)^(a)		60		60,274
Transocean Poseidon Ltd., 6.88%, 02/01/27^(a)		41		39,355
Viper Energy Partners LP, 5.38%, 11/01/27^(a)		35		32,935

				782,270

Oil & Gas Services — 0.9%
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27^(a)		40		38,278
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)^(a)		45		39,160
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27^(b)		65		62,012

				139,450

Packaging & Containers — 3.6%
ARD Finance SA, 6.50%, 06/30/27, (7.25% PIK)^(a)(c)		75		53,805
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27 (Call 06/15/24)^(a)		50		47,974
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
5.25%, 08/15/27^(a)		65		45,691
5.25%, 08/15/27^(a)(b)		85		60,891
Berry Global Inc., 5.63%, 07/15/27^(a)(b)		40		37,978
Graphic Packaging International LLC, 4.75%, 07/15/27 (Call 04/15/27)^(a)		25		23,067
LABL Inc., 10.50%, 07/15/27^(a)		59		54,055
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)^(a)(b)		52		49,727
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)^(a)(b)		85		75,226
Sealed Air Corp., 4.00%, 12/01/27 (Call 09/01/27)^(a)		35		31,375
Trivium Packaging Finance BV, 8.50%, 08/15/27^(a)(b)		60		56,924

				536,713

Pharmaceuticals — 0.9%
Bausch Health Cos. Inc.
5.75%, 08/15/27^(a)		42		26,694


44		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2027 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
6.13%, 02/01/27 (Call 02/01/24)^(a)(b)	$	85	$	56,041
Horizon Therapeutics USA Inc., 5.50%, 08/01/27^(a)		50		48,094

				130,829

Pipelines — 3.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27^(a)		55		52,366
Buckeye Partners LP, 4.13%, 12/01/27 (Call 09/01/27)		35		30,359
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27^(a)		50		47,033
EQM Midstream Partners LP
6.50%, 07/01/27 (Call 01/01/27)^(a)		77		75,064
7.50%, 06/01/27 (Call 06/01/24)^(a)(b)		40		39,570
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)^(a)		40		39,312
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27 (Call 01/15/24)		85		82,522
Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27		35		33,567
Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 04/15/27 (Call 04/15/24)^(a)		35		33,803
Howard Midstream Energy Partners LLC, 6.75%, 01/15/27^(a)		35		31,759
NuStar Logistics LP, 5.63%, 04/28/27 (Call 01/28/27)		45		41,793
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 03/01/27 (Call 03/01/23)^(a)		35		33,235

				540,383

Real Estate Investment Trusts — 4.1%
Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)^(a)(b)		35		29,778
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 10/01/23)^(a)(b)		65		55,444
Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)^(a)		40		32,290
Iron Mountain Inc., 4.88%, 09/15/27^(a)		85		78,423
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27 (Call 02/01/23)^(a)		55		46,491
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27^(b)		116		99,182
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27		60		55,396
SBA Communications Corp., 3.88%, 02/15/27 (Call 02/15/23)		125		112,971
Service Properties Trust
4.95%, 02/15/27 (Call 08/15/26)		35		28,367
5.50%, 12/15/27 (Call 09/15/27)		39		33,596
Starwood Property Trust Inc., 4.38%, 01/15/27 (Call 07/15/26)^(a)		44		38,892

				610,830

Retail — 2.6%
Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)^(a)(b)		35		33,390
Bath & Body Works Inc., 6.69%, 01/15/27		25		23,562
BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 04/01/23), (8.50% PIK)^(a)(c)		34		22,506
Carvana Co., 5.50%, 04/15/27 (Call 04/15/24)^(a)		45		21,771
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27^(a)		62		59,309
Lithia Motors Inc., 4.63%, 12/15/27 (Call 12/15/22)^(a)		35		31,556
Murphy Oil USA Inc., 5.63%, 05/01/27		25		24,000
Nordstrom Inc., 4.00%, 03/15/27 (Call 12/15/26)^(b)		30		25,619
Patrick Industries Inc., 7.50%, 10/15/27^(a)(b)		25		22,901
QVC Inc., 4.75%, 02/15/27 (Call 11/15/26)		50		39,634
Staples Inc., 10.75%, 04/15/27^(a)(b)		85		61,714
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27		30		28,483

				394,445



Security	Par/ Shares (000)		Value

Semiconductors — 0.3%
Amkor Technology Inc., 6.63%, 09/15/27^(a)(b)	$	45	$	44,419


Software — 1.1%
SS&C Technologies Inc., 5.50%, 09/30/27^(a)(b)		170		157,993


Telecommunications — 6.3%
Altice France Holding SA, 10.50%, 05/15/27^(a)		135		105,118
Altice France SA/France, 8.13%, 02/01/27^(a)		145		132,818
CommScope Inc., 8.25%, 03/01/27^(a)(b)		85		75,629
CommScope Technologies LLC, 5.00%, 03/15/27^(a)		63		51,089
Frontier Communications Holdings LLC, 5.88%, 10/15/27 (Call 10/15/23)^(a)		95		88,119
Level 3 Financing Inc.
3.40%, 03/01/27 (Call 01/01/27)^(a)		60		51,723
4.63%, 09/15/27^(a)		85		73,958
LogMeIn Inc., 5.50%, 09/01/27 (Call 09/01/23)^(a)		80		46,617
Lumen Technologies Inc., 4.00%, 02/15/27 (Call 02/15/23)^(a)		105		89,371
Maxar Technologies Inc., 7.75%, 06/15/27 (Call 06/15/24)^(a)		40		39,382
Nokia OYJ, 4.38%, 06/12/27		40		36,806
ViaSat Inc., 5.63%, 04/15/27^(a)		50		46,215
Zayo Group Holdings Inc., 4.00%, 03/01/27 (Call 12/01/22)^(a)		125		96,544

				933,389

Toys, Games & Hobbies — 0.3%
Mattel Inc., 5.88%, 12/15/27 (Call 12/15/22)^(a)		52		50,554


Transportation — 0.3%
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 06/15/23)^(a)		52		49,048


Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/27 (Call 08/01/23)^(a)		35		35,643


Total Long-Term Investments — 98.9% (Cost: $16,264,458)				14,750,010


Short-Term Securities

Money Market Funds — 19.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(e)(f)(g)		2,836		2,835,467
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(e)(f)		20		20,000


Total Short-Term Securities — 19.2% (Cost: $2,855,572)				2,855,467


Total Investments — 118.1% (Cost: $19,120,030)				17,605,477

Liabilities in Excess of Other Assets — (18.1)%				(2,698,017	)


Net Assets — 100.0%			$	14,907,460

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	All or a portion of this security is on loan.

^(c)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(d)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2027 Term High Yield and Income ETF

Affiliates



Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	508,415	$	2,327,909	^(a)	$	—		$	(752	)	$	(105	)	$	2,835,467		2,836	$	6,630	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		250,000		—			(230,000	)^(a)		—			—			20,000		20		718			—

									$	(752	)	$	(105	)	$	2,855,467			$	7,348		$	—

^(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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	14,750,010	$	—	$	14,750,010
Money Market Funds		2,855,467		—		—		2,855,467

	$	2,855,467	$	14,750,010	$	—	$	17,605,477

See notes to financial statements.


46		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 1.1%
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)^(a)(b)	$	50	$	42,541
Clear Channel Outdoor Holdings Inc., 7.75%, 04/15/28 (Call 04/15/24)^(a)(b)		60		48,950
Lamar Media Corp., 3.75%, 02/15/28 (Call 02/15/23)		35		30,590

				122,081

Aerospace & Defense — 0.8%
Bombardier Inc., 6.00%, 02/15/28 (Call 02/15/24)^(a)(b)		45		40,097
Howmet Aerospace Inc., 6.75%, 01/15/28		20		19,972
Spirit AeroSystems Inc., 4.60%, 06/15/28 (Call 03/15/28)		45		32,252

				92,321

Airlines — 0.2%
Delta Air Lines Inc., 4.38%, 04/19/28 (Call 01/19/28)		30		26,767


Auto Manufacturers — 1.3%
Ford Motor Co., 6.63%, 10/01/28		25		24,656
Ford Motor Credit Co. LLC, 2.90%, 02/16/28 (Call 12/16/27)		45		36,540
Jaguar Land Rover Automotive PLC, 5.88%, 01/15/28 (Call 01/15/24)^(a)		40		29,477
PM General Purchaser LLC, 9.50%, 10/01/28 (Call 10/01/23)^(a)(b)		40		34,348
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)^(a)		25		20,589

				145,610

Auto Parts & Equipment — 0.9%
American Axle & Manufacturing Inc., 6.88%, 07/01/28 (Call 07/01/23)		25		23,110
Dana Inc., 5.63%, 06/15/28 (Call 06/15/23)^(b)		25		22,618
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 08/01/23)^(a)		30		26,286
Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24)		25		23,289

				95,303

Biotechnology — 0.3%
Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)^(a)		0		—
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)^(a)		40		31,277

				31,277

Building Materials — 2.9%
Camelot Return Merger Sub Inc., 8.75%, 08/01/28^(a)		45		37,501
CP Atlas Buyer Inc., 7.00%, 12/01/28 (Call 12/01/23)^(a)		30		21,626
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)		60		54,969
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)^(a)		25		22,670
Masonite International Corp., 5.38%, 02/01/28 (Call 02/01/23)^(a)		30		27,482
New Enterprise Stone & Lime Co. Inc. 5.25%, 07/15/28 (Call 07/15/24)^(a)(b)		35		30,459
9.75%, 07/15/28 (Call 07/15/23)^(a)		20		17,147
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(a)		70		59,888
Standard Industries Inc./NJ, 4.75%, 01/15/28 (Call 01/15/23)^(a)		60		52,586

				324,328

Chemicals — 3.8%
ASP Unifrax Holdings Inc, 5.25%, 09/30/28 (Call 09/30/24)^(a)		50		40,201
Chemours Co. (The), 5.75%, 11/15/28 (Call 11/15/23)^(a)		50		42,491
Consolidated Energy Finance SA, 5.63%, 10/15/28 (Call 10/15/24)^(a)		30		25,284
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)^(a)		35		31,687
Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)^(a)		50		42,478
HB Fuller Co., 4.25%, 10/15/28 (Call 10/15/23)		20		17,406
Herens Holdco Sarl, 4.75%, 05/15/28 (Call 05/15/24)^(a)		20		16,377


Security	Par (000)		Value

Chemicals (continued)
Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)^(a)	$	30	$	25,369
Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)^(a)		35		29,699
Innophos Holdings Inc., 9.38%, 02/15/28 (Call 02/15/23)^(a)		15		14,288
Iris Holdings Inc., 10.00%, 12/15/28 (Call 06/15/25)^(a)		25		21,429
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)^(a)		25		21,690
Olympus Water U.S. Holding Corp., 4.25%, 10/01/28 (Call 10/01/24)^(a)		50		41,030
SCIH Salt Holdings Inc., 4.88%, 05/01/28 (Call 05/01/24)^(a)		65		56,484

				425,913

Coal — 0.2%
Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)^(a)		20		19,890


Commercial Services — 5.3%
Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)^(a)		26		23,712
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)^(a)		120		99,813
ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)^(a)		35		31,107
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 4.75%, 04/01/28 (Call 04/01/24)^(a)(b)		30		26,339
CoreLogic Inc., 4.50%, 05/01/28 (Call 05/01/24)^(a)		45		30,336
Gartner Inc., 4.50%, 07/01/28 (Call 07/01/23)^(a)		45		41,705
Grand Canyon University, 5.13%, 10/01/28 (Call 08/01/28)		25		22,530
MPH Acquisition Holdings LLC 5.50%, 09/01/28 (Call 09/01/24)^(a)		65		56,397
5.75%, 11/01/28 (Call 11/01/23)^(a)		80		61,813
Prime Security Services Borrower LLC/Prime Finance Inc., 6.25%, 01/15/28 (Call 01/15/23)^(a)(b)		80		74,087
United Rentals North America Inc., 4.88%, 01/15/28 (Call 01/15/23)		100		93,000
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(a)		30		27,157

				587,996

Computers — 1.6%
Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)^(a)		25		20,321
Booz Allen Hamilton Inc., 3.88%, 09/01/28 (Call 09/01/23)^(a)		40		35,249
KBR Inc., 4.75%, 09/30/28^(a)		15		13,138
NCR Corp., 5.00%, 10/01/28^(a)		40		33,907
Presidio Holdings Inc., 8.25%, 02/01/28 (Call 02/01/23)^(a)		35		31,183
Science Applications International Corp., 4.88%, 04/01/28 (Call 04/01/23)^(a)		25		22,836
Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)^(a)		25		17,989

				174,623

Cosmetics & Personal Care — 0.4%
Edgewell Personal Care Co., 5.50%, 06/01/28 (Call 06/01/23)^(a)		45		42,317


Distribution & Wholesale — 0.9%
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)^(a)		40		35,360
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)		75		63,430

				98,790

Diversified Financial Services — 4.2%
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)^(a)		30		28,159
Burford Capital Global Finance LLC, 6.25%, 04/15/28 (Call 04/15/24)^(a)(b)		25		21,861
Coinbase Global Inc., 3.38%, 10/01/28 (Call 10/01/24)^(a)		60		39,722
GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)^(a)		0		—
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(a)		60		47,155


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (Call 05/01/24)^(a)	$	60	$	51,005
Nationstar Mortgage Holdings Inc., 5.50%, 08/15/28 (Call 08/15/23)^(a)		55		44,857
Navient Corp., 4.88%, 03/15/28 (Call 06/15/27)		30		23,927
NFP Corp. 4.88%, 08/15/28 (Call 08/15/23)^(a)		35		30,597
6.88%, 08/15/28 (Call 08/15/23)^(a)		125		107,723
OneMain Finance Corp.
3.88%, 09/15/28 (Call 09/15/24)		35		27,327
6.63%, 01/15/28 (Call 07/15/27)^(b)		50		45,476

				467,809

Electric — 3.5%
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28 (Call 06/15/25)^(a)		25		21,326
Calpine Corp. 4.50%, 02/15/28 (Call 02/15/23)^(a)		75		67,512
5.13%, 03/15/28 (Call 03/15/23)^(a)		85		75,624
Clearway Energy Operating LLC, 4.75%, 03/15/28 (Call 03/15/23)^(a)(b)		50		46,379
NRG Energy Inc., 5.75%, 01/15/28 (Call 01/15/23)		50		47,596
Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28 (Call 08/15/23)^(a)(b)		40		35,945
PG&E Corp., 5.00%, 07/01/28 (Call 07/01/23)^(b)		60		54,402
Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)^(a)		45		38,394

				387,178

Electrical Components & Equipment — 1.0%
Energizer Holdings Inc., 4.75%, 06/15/28^(a)		35		29,099
WESCO Distribution Inc., 7.25%, 06/15/28 (Call 06/15/23)^(a)		80		81,136

				110,235

Energy - Alternate Sources — 0.3%
TerraForm Power Operating LLC, 5.00%, 01/31/28 (Call 07/31/27)^(a)		40		37,482


Engineering & Construction — 0.6%
Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28)		35		30,504
Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)^(a)(b)		20		18,429
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)^(a)		25		20,353

				69,286

Entertainment — 1.4%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/01/28 (Call 10/01/23)		20		18,798
Churchill Downs Inc., 4.75%, 01/15/28 (Call 01/15/23)^(a)		40		35,434
Cinemark USA Inc., 5.25%, 07/15/28 (Call 07/15/24)^(a)		50		38,372
Live Nation Entertainment Inc., 3.75%, 01/15/28 (Call 01/15/24)^(a)		30		26,163
Scientific Games International Inc., 7.00%, 05/15/28 (Call 05/15/23)^(a)		40		38,705

				157,472

Environmental Control — 1.0%
GFL Environmental Inc. 3.50%, 09/01/28 (Call 03/01/28)^(a)		45		38,126
4.00%, 08/01/28 (Call 08/01/23)^(a)(b)		45		38,587
Madison IAQ LLC, 4.13%, 06/30/28 (Call 06/30/24)^(a)		40		33,387

				110,100

Food — 2.1%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28^(a)		45		42,311
C&S Group Enterprises LLC, 5.00%, 12/15/28 (Call 12/15/23)^(a)		25		18,518


Security	Par (000)		Value

Food (continued)
Chobani LLC/Chobani Finance Corp. Inc., 4.63%, 11/15/28 (Call 11/15/23)^(a)	$	25	$	21,795
Lamb Weston Holdings Inc., 4.88%, 05/15/28 (Call 11/15/27)^(a)		30		28,093
Post Holdings Inc., 5.63%, 01/15/28 (Call 12/01/22)^(a)		55		51,463
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28^(a)		20		18,676
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23)		30		25,318
United Natural Foods Inc., 6.75%, 10/15/28 (Call 10/15/23)^(a)		30		29,009

				235,183

Food Service — 0.8%
Aramark Services Inc., 5.00%, 02/01/28 (Call 02/01/23)^(a)		70		63,813
TKC Holdings Inc., 6.88%, 05/15/28 (Call 05/15/24)^(a)		25		20,947

				84,760

Forest Products & Paper — 0.6%
Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 02/04/28 (Call 02/04/24)^(a)		20		15,952
Clearwater Paper Corp., 4.75%, 08/15/28 (Call 08/15/23)^(a)		15		13,148
Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)^(a)		40		34,155

				63,255

Health Care - Products — 1.2%
Avantor Funding Inc., 4.63%, 07/15/28 (Call 07/15/23)^(a)		95		85,814
Hologic Inc., 4.63%, 02/01/28 (Call 02/01/23)^(a)		25		23,369
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)^(a)		30		27,145

				136,328

Health Care - Services — 3.7%
Acadia Healthcare Co. Inc., 5.50%, 07/01/28 (Call 07/01/23)^(a)		25		23,193
Akumin Escrow Inc., 7.50%, 08/01/28 (Call 08/01/24)^(a)		25		17,987
Cano Health LLC, 6.25%, 10/01/28 (Call 10/01/24)^(a)		20		16,176
Centene Corp., 2.45%, 07/15/28 (Call 05/15/28)		86		70,738
Charles River Laboratories International Inc., 4.25%, 05/01/28 (Call 05/01/23)^(a)(b)		30		27,290
Encompass Health Corp., 4.50%, 02/01/28 (Call 02/01/23)		50		44,707
Molina Healthcare Inc., 4.38%, 06/15/28 (Call 06/15/23)^(a)		45		40,449
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)^(a)		0		—
Tenet Healthcare Corp. 4.63%, 06/15/28 (Call 06/15/23)^(a)		35		30,848
6.13%, 10/01/28 (Call 10/01/23)^(a)(b)		155		134,388

				405,776

Home Builders — 1.4%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/28 (Call 01/15/23)^(a)		15		12,825
Forestar Group Inc., 5.00%, 03/01/28 (Call 03/01/23)^(a)		20		16,575
Installed Building Products Inc., 5.75%, 02/01/28 (Call 02/01/23)^(a)		20		17,712
M/I Homes Inc., 4.95%, 02/01/28 (Call 02/01/23)		25		21,461
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28 (Call 02/15/23)^(a)(b)		30		25,299
Taylor Morrison Communities Inc., 5.75%, 01/15/28 (Call 10/15/27)^(a)		30		27,517
Tri Pointe Homes Inc., 5.70%, 06/15/28 (Call 12/15/27)		20		17,347
Winnebago Industries Inc., 6.25%, 07/15/28^(a)		20		18,686

				157,422

Household Products & Wares — 0.2%
Central Garden & Pet Co., 5.13%, 02/01/28 (Call 01/01/23)^(b)		20		18,352


Insurance — 0.6%
MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23)		40		36,289
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)^(a)		30		27,440

				63,729


48		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Internet — 4.0%
Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)^(a)	$	20	$	16,298
ANGI Group LLC, 3.88%, 08/15/28 (Call 08/15/23)^(a)		30		21,868
Arches Buyer Inc. 4.25%, 06/01/28 (Call 12/01/23)^(a)		60		49,255
6.13%, 12/01/28 (Call 12/01/23)^(a)(b)		30		23,156
Cablevision Lightpath LLC, 5.63%, 09/15/28 (Call 09/15/23)^(a)(b)		25		19,858
Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)^(a)		25		21,665
ION Trading Technologies Sarl, 5.75%, 05/15/28 (Call 05/15/24)^(a)		25		20,126
Match Group Holdings II LLC, 4.63%, 06/01/28 (Call 06/01/23)^(a)(b)		30		26,657
Netflix Inc. 4.88%, 04/15/28		95		90,300
5.88%, 11/15/28		115		114,237
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 6.00%, 02/15/28 (Call 02/15/24)^(a)		20		15,698
Uber Technologies Inc., 6.25%, 01/15/28^(a)(b)		30		28,802

				447,920

Iron & Steel — 0.2%
Carpenter Technology Corp., 6.38%, 07/15/28 (Call 07/15/23)		25		23,384


Leisure Time — 3.6%
Carnival Corp., 4.00%, 08/01/28 (Call 05/01/28)^(a)		145		116,996
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28		125		126,760
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)		35		27,207
Royal Caribbean Cruises Ltd. 3.70%, 03/15/28 (Call 12/15/27)		30		21,616
5.50%, 04/01/28^(a)		90		69,301
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)		40		33,329

				395,209
Lodging — 3.2%
Full House Resorts Inc., 8.25%, 02/15/28 (Call 02/15/24)^(a)(b)		25		21,917
Hilton Domestic Operating Co. Inc., 5.75%, 05/01/28 (Call 05/01/23)^(a)(b)		30		28,953
Marriott Ownership Resorts Inc., 4.75%, 01/15/28		20		17,381
Melco Resorts Finance Ltd., 5.75%, 07/21/28 (Call 07/21/23)^(a)		60		34,241
MGM Resorts International, 4.75%, 10/15/28 (Call 07/15/28)		45		39,072
Sands China Ltd., 5.90%, 08/08/28 (Call 05/08/28)		120		94,548
Station Casinos LLC, 4.50%, 02/15/28 (Call 02/15/23)^(a)		40		34,448
Studio City Finance Ltd., 6.50%, 01/15/28 (Call 07/15/23)^(a)		25		10,535
Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 08/15/23)^(a)(b)		30		26,400
Wynn Macau Ltd., 5.63%, 08/26/28 (Call 08/26/23)^(a)		80		47,244

				354,739
Machinery — 1.2%
ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)^(a)(b)		20		17,103
BWX Technologies Inc., 4.13%, 06/30/28 (Call 06/30/23)^(a)(b)		25		22,065
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)^(a)		30		24,303
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)^(a)		25		20,673
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)^(a)(b)		50		43,482

				127,626
Manufacturing — 0.4%
LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)^(a)		45		40,971


Media — 8.4%
Altice Financing SA, 5.00%, 01/15/28 (Call 01/15/23)^(a)		70		55,927
Block Communications Inc., 4.88%, 03/01/28 (Call 03/01/23)^(a)		20		17,367
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28^(a)		150		135,348


Security	Par (000)		Value

Media (continued)
CSC Holdings LLC 5.38%, 02/01/28 (Call 02/01/23)^(a)	$	60	$	55,330
7.50%, 04/01/28 (Call 04/01/23)^(a)		60		51,875
DISH DBS Corp. 5.75%, 12/01/28 (Call 12/01/27)^(a)		155		125,099
7.38%, 07/01/28 (Call 07/01/23)		60		45,608
GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)^(a)		35		29,557
iHeartCommunications Inc., 4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		30		26,172
McGraw-Hill Education Inc., 5.75%, 08/01/28 (Call 08/01/24)^(a)		55		48,419
Nexstar Media Inc., 4.75%, 11/01/28 (Call 11/01/23)^(a)		60		52,643
Radiate Holdco LLC/Radiate Finance Inc., 6.50%, 09/15/28 (Call 09/15/23)^(a)		60		37,765
Sirius XM Radio Inc., 4.00%, 07/15/28 (Call 07/15/24)^(a)		120		103,582
TEGNA Inc., 4.63%, 03/15/28 (Call 03/15/23)		60		57,095
UPC Holding BV, 5.50%, 01/15/28^(a)(b)		25		21,877
Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)^(a)		50		43,761
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)^(a)		30		25,663

				933,088
Mining — 1.5%
Alcoa Nederland Holding BV, 6.13%, 05/15/28 (Call 05/15/23)^(a)		30		28,365
Arconic Corp., 6.13%, 02/15/28 (Call 02/15/23)^(a)		55		51,535
Century Aluminum Co., 7.50%, 04/01/28 (Call 04/01/24)^(a)(b)		15		12,898
Constellium SE, 5.63%, 06/15/28 (Call 06/15/23)^(a)		20		17,584
Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/23)		30		28,538
Kaiser Aluminum Corp., 4.63%, 03/01/28 (Call 03/01/23)^(a)		30		26,246

				165,166
Office & Business Equipment — 0.3%
Xerox Holdings Corp., 5.50%, 08/15/28 (Call 07/15/28)^(a)(b)		45		35,537


Office Furnishings — 0.1%
Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)^(a)		20		15,997


Oil & Gas — 4.7%
Apache Corp., 4.38%, 10/15/28 (Call 07/15/28)		20		17,950
Callon Petroleum Co., 8.00%, 08/01/28 (Call 08/01/24)^(a)(b)		40		39,888
CVR Energy Inc., 5.75%, 02/15/28 (Call 02/15/23)^(a)		25		22,948
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)^(a)		45		42,570
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/23)^(a)		60		58,413
Global Marine Inc., 7.00%, 06/01/28		20		13,020
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28 (Call 11/01/23)^(a)		35		32,959
Laredo Petroleum Inc., 10.13%, 01/15/28 (Call 01/15/23)		20		19,698
Murphy Oil Corp., 6.38%, 07/15/28 (Call 07/15/24)		32		31,310
Nabors Industries Ltd., 7.50%, 01/15/28 (Call 01/15/23)^(a)		25		23,069
Northern Oil and Gas Inc., 8.13%, 03/01/28 (Call 03/01/24)^(a)		45		42,709
Occidental Petroleum Corp., 6.38%, 09/01/28 (Call 03/01/28)		35		35,464
Patterson-UTI Energy Inc., 3.95%, 02/01/28 (Call 11/01/27)		30		26,439
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/28 (Call 02/15/23)		50		45,408
SM Energy Co., 6.50%, 07/15/28 (Call 07/15/24)		25		24,338
Southwestern Energy Co., 8.38%, 09/15/28 (Call 09/15/23)		20		20,758
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 (Call 03/15/23)		25		23,805

				520,746
Oil & Gas Services — 1.1%
Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28 (Call 04/01/23)^(a)		50		46,496


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas Services (continued)
Bristow Group Inc., 6.88%, 03/01/28 (Call 03/01/24)^(a)	$	25	$	23,522
Oceaneering International Inc., 6.00%, 02/01/28 (Call 11/01/27)		20		17,826
Weatherford International Ltd., 6.50%, 09/15/28 (Call 09/15/24)^(a)(b)		30		28,825

				116,669

Packaging & Containers — 1.9%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28 (Call 05/15/24)^(a)		35		28,766
Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)^(a)		25		21,378
Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 08/15/23)^(a)		30		24,639
Graphic Packaging International LLC, 3.50%, 03/15/28^(a)		25		21,654
Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28^(a)		45		33,583
LABL Inc., 5.88%, 11/01/28 (Call 11/01/24)^(a)		30		26,158
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)^(a)		30		26,245
Silgan Holdings Inc., 4.13%, 02/01/28		35		32,058

				214,481

Pharmaceuticals — 3.7%
AdaptHealth LLC, 6.13%, 08/01/28 (Call 08/01/23)^(a)		20		18,514
Bausch Health Cos. Inc. 4.88%, 06/01/28 (Call 06/01/24)^(a)(b)		100		61,366
11.00%, 09/30/28		110		85,886
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Call 01/15/24)^(a)		30		24,870
Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)		45		40,576
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 11.50%, 12/15/28 (Call 06/15/27)^(a)		50		45,569
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 (Call 04/30/24)^(a)		125		110,021
Prestige Brands Inc., 5.13%, 01/15/28 (Call 01/15/23)^(a)		25		23,227

				410,029
Pipelines — 4.5%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 01/15/28 (Call 01/15/23)^(a)		40		37,886
Buckeye Partners LP, 4.50%, 03/01/28 (Call 12/01/27)^(a)		30		26,095
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)		120		110,713
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)^(a)		25		22,627
EnLink Midstream LLC, 5.63%, 01/15/28 (Call 07/15/27)^(a)		30		28,742
EQM Midstream Partners LP, 5.50%, 07/15/28 (Call 04/15/28)		50		44,748
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28 (Call 02/01/23)^(b)		40		38,136
Harvest Midstream I LP, 7.50%, 09/01/28 (Call 09/01/23)^(a)		50		48,118
Hess Midstream Operations LP, 5.13%, 06/15/28 (Call 06/15/23)^(a)		35		32,203
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 02/01/23)^(a)(b)		30		27,278
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28 (Call 01/15/23)^(a)		45		40,310
Western Midstream Operating LP 4.50%, 03/01/28 (Call 12/01/27)		25		22,943
4.75%, 08/15/28 (Call 05/15/28)		25		23,111

				502,910
Real Estate — 0.7%
Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28^(a)(b)		40		38,034
Howard Hughes Corp. (The), 5.38%, 08/01/28 (Call 08/01/23)^(a)		45		38,810

				76,844


Security	Par (000)		Value

Real Estate Investment Trusts — 2.0%
American Finance Trust Inc./American Finance Operating Partner LP, 4.50%, 09/30/28 (Call 06/30/28)^(a)	$	30	$	22,373
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)^(a)		25		21,219
Diversified Healthcare Trust, 4.75%, 02/15/28 (Call 08/15/27)		30		20,455
Iron Mountain Inc. 5.00%, 07/15/28 (Call 07/15/23)^(a)		30		26,826
5.25%, 03/15/28 (Call 12/27/22)^(a)		50		46,010
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28 (Call 10/01/23)^(a)		45		40,827
Service Properties Trust, 3.95%, 01/15/28 (Call 07/15/27)		25		18,376
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 4.75%, 04/15/28 (Call 04/15/24)^(a)		35		28,776

				224,862

Retail — 4.3%
1011778 BC ULC/New Red Finance Inc. 3.88%, 01/15/28^(a)		95		83,577
4.38%, 01/15/28^(a)		45		39,559
Asbury Automotive Group Inc., 4.50%, 03/01/28 (Call 03/01/23)		25		21,691
At Home Group Inc., 4.88%, 07/15/28 (Call 07/15/23)^(a)		20		14,531
Bath & Body Works Inc., 5.25%, 02/01/28		30		26,525
FirstCash Inc., 4.63%, 09/01/28 (Call 09/01/23)^(a)		30		25,997
Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)^(a)		45		37,044
Ken Garff Automotive LLC, 4.88%, 09/15/28 (Call 09/15/23)^(a)		25		20,933
Michaels Companies Inc. (The), 5.25%, 05/01/28 (Call 11/01/23)^(a)		50		35,569
Nordstrom Inc., 6.95%, 03/15/28^(b)		20		18,576
PetSmart Inc./PetSmart Finance Corp., 4.75%, 02/15/28 (Call 02/15/24)^(a)		70		63,808
QVC Inc., 4.38%, 09/01/28 (Call 06/01/28)		30		21,750
SRS Distribution Inc., 4.63%, 07/01/28 (Call 07/01/24)^(a)		40		35,191
White Cap Buyer LLC, 6.88%, 10/15/28 (Call 10/15/23)^(a)(b)		40		33,992

				478,743
Semiconductors — 0.5%
Entegris Inc., 4.38%, 04/15/28 (Call 04/15/23)^(a)		25		21,976
ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)^(a)		40		35,252

				57,228
Software — 2.8%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(a)		60		52,182
Castle U.S. Holding Crop., 9.50%, 02/15/28 (Call 02/15/23)^(a)		0		—
Clarivate Science Holdings Corp., 3.88%, 07/01/28 (Call 06/30/24)^(a)		55		47,639
Consensus Cloud Solutions Inc., 6.50%, 10/15/28 (Call 10/15/26)^(a)		30		26,535
Fair Isaac Corp., 4.00%, 06/15/28 (Call 12/15/22)^(a)		55		49,743
Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28 (Call 05/01/24)^(a)		20		15,429
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)^(a)		30		25,715
Open Text Corp., 3.88%, 02/15/28 (Call 02/15/23)^(a)		55		47,188
PTC Inc., 4.00%, 02/15/28 (Call 02/15/23)^(a)		30		27,366
Rackspace Technology Global Inc., 3.50%, 02/15/28 (Call 02/15/24)^(a)(b)		35		23,157

				314,954
Telecommunications — 6.6%
Altice France Holding SA, 6.00%, 02/15/28 (Call 02/15/23)^(a)		75		48,460
Altice France SA/France, 5.50%, 01/15/28^(a)		65		51,572
CommScope Inc., 7.13%, 07/01/28 (Call 07/01/23)^(a)(b)		45		38,160
Consolidated Communications Inc. 5.00%, 10/01/28 (Call 10/01/23)^(a)		25		19,379
6.50%, 10/01/28 (Call 10/01/23)^(a)		45		36,970


50		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
Frontier Communications Holdings LLC, 5.00%, 05/01/28 (Call 05/01/24)^(a)	$	95	$	83,113
Frontier Florida LLC, Series E, 6.86%, 02/01/28		20		18,620
Iliad Holding SASU, 7.00%, 10/15/28 (Call 10/15/24)^(a)		55		49,750
Level 3 Financing Inc., 4.25%, 07/01/28 (Call 07/01/23)^(a)		70		57,689
Sprint Capital Corp., 6.88%, 11/15/28		150		154,761
Switch Ltd., 3.75%, 09/15/28 (Call 09/15/23)^(a)		35		35,350
ViaSat Inc., 6.50%, 07/15/28^(a)		25		20,910
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)^(a)		85		73,579
Zayo Group Holdings Inc., 6.13%, 03/01/28 (Call 03/01/23)^(a)(b)		65		43,214

				731,527

Transportation — 0.5%
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 02/01/23)^(a)		40		35,721
Danaos Corp., 8.50%, 03/01/28 (Call 03/01/24)^(a)		20		18,527

				54,248

Trucking & Leasing — 0.5%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28 (Call 05/01/24)^(a)		60		51,215


Total Long-Term Investments — 99.0% (Cost: $12,003,496)				10,985,676


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 12.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		1,305	$	1,305,194
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		120		120,000


Total Short-Term Securities — 12.9% (Cost: $1,425,298)				1,425,194


Total Investments — 111.9% (Cost: $13,428,794)				12,410,870

Liabilities in Excess of Other Assets — (11.9)%				(1,317,939	)


Net Assets — 100.0%			$	11,092,931

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(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 period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer		Value at 03/08/22	^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	1,305,389	^(b)	$	—	$	(91	)	$	(104	)	$	1,305,194	1,305	$	3,636	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			120,000	^(b)		—		—			—			120,000	120		829			—

									$	(91	)	$	(104	)	$	1,425,194		$	4,465		$	—

^(a)	Commencement of operations.

^(b)	Represents net amount purchased (sold).

^(c)	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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	10,985,676	$	—	$	10,985,676
Money Market Funds		1,425,194		—		—		1,425,194

	$	1,425,194	$	10,985,676	$	—	$	12,410,870

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		51

Schedule of Investments

October 31, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 1.2%
Clear Channel Outdoor Holdings Inc., 7.50%, 06/01/29 (Call 06/01/24)^(a)(b)	$	55	$	43,242
Lamar Media Corp., 4.88%, 01/15/29 (Call 01/15/24)		20		18,094
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/29 (Call 01/15/24)^(a)(b)		25		20,552
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		55		47,310

				129,198

Aerospace & Defense — 1.1%
Howmet Aerospace Inc., 3.00%, 01/15/29 (Call 11/15/28)		35		29,127
TransDigm Inc. 4.63%, 01/15/29 (Call 01/15/24)^(b)		65		55,398
4.88%, 05/01/29 (Call 05/01/24)^(b)		40		34,064

				118,589

Agriculture — 0.4%
Vector Group Ltd., 5.75%, 02/01/29 (Call 02/01/24)^(a)		45		39,401


Airlines — 2.4%
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29^(a)		155		141,050
Delta Air Lines Inc., 3.75%, 10/28/29 (Call 07/28/29)		30		24,790
United Airlines Inc., 4.63%, 04/15/29^(a)		105		90,145

				255,985

Apparel — 0.5%
Crocs Inc., 4.25%, 03/15/29 (Call 03/15/24)^(a)		20		16,011
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)^(a)		20		16,095
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)^(a)(b)		30		23,906

				56,012

Auto Manufacturers — 1.3%
Allison Transmission Inc., 5.88%, 06/01/29 (Call 06/01/24)^(a)		25		23,316
Ford Motor Credit Co. LLC 2.90%, 02/10/29 (Call 12/10/28)		40		31,436
5.11%, 05/03/29 (Call 02/03/29)		75		67,007
Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29 (Call 07/15/24)^(a)		25		17,632

				139,391

Auto Parts & Equipment — 1.7%
American Axle & Manufacturing Inc., 5.00%, 10/01/29 (Call 10/01/24)^(b)		30		24,397
Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29
(Call 10/15/24)^(a)		35		23,287
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/29
(Call 04/15/29)		45		39,056
IHO Verwaltungs GmbH, 6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)^(a)(c)		20		17,061
Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29
(Call 02/01/24)^(a)		30		21,717
Tenneco Inc. 5.13%, 04/15/29 (Call 04/15/24)^(a)		25		24,793
7.88%, 01/15/29 (Call 01/15/24)^(a)		30		29,808

				180,119

Beverages — 0.6%
Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)^(a)		40		33,571
Triton Water Holdings Inc., 6.25%, 04/01/29 (Call 04/01/24)^(a)		43		32,661

				66,232

Building Materials — 0.7%
Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)^(a)		20		16,264
PGT Innovations Inc., 4.38%, 10/01/29^(a)(b)		30		24,928
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(a)		40		36,636


Security	Par (000)		Value

Building Materials (continued)
Victors Merger Corp., 6.38%, 05/15/29 (Call 05/15/24)^(a)	$	0	$	—

				77,828

Chemicals — 3.0%
ASP Unifrax Holdings Inc, 7.50%, 09/30/29 (Call 09/30/24)^(a)		20		13,416
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)		30		24,775
Chemours Co. (The), 4.63%, 11/15/29 (Call 11/15/24)^(a)		35		27,274
Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)^(a)		25		18,332
EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)^(a)		35		28,624
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (Call 10/15/24)^(a)		20		15,738
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29)		35		30,183
Olin Corp., 5.63%, 08/01/29 (Call 08/01/24)		35		32,901
Olympus Water U.S. Holding Corp., 6.25%, 10/01/29 (Call 10/01/24)^(a)(b)		20		13,855
SCIH Salt Holdings Inc., 6.63%, 05/01/29 (Call 05/01/24)^(a)(b)		35		28,406
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(a)		55		42,688
WR Grace Holdings LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)		60		46,382

				322,574

Coal — 0.2%
SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)^(a)		25		20,510


Commercial Services — 5.3%
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)^(a)		50		42,859
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (Call 06/01/24)^(a)		50		34,842
AMN Healthcare Inc., 4.00%, 04/15/29 (Call 04/15/24)^(a)		20		17,324
APi Escrow Corp., 4.75%, 10/15/29 (Call 10/15/24)^(a)		15		12,556
APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)^(a)		20		16,031
APX Group Inc., 5.75%, 07/15/29 (Call 07/15/24)^(a)		40		31,563
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.38%, 03/01/29 (Call 03/01/24)^(a)		30		25,957
Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)^(a)(b)		20		15,097
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)^(a)		25		20,895
Garda World Security Corp., 6.00%, 06/01/29 (Call 06/01/24)^(a)		25		19,504
Gartner Inc., 3.63%, 06/15/29 (Call 06/15/24)^(a)		30		25,854
HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)^(a)(b)		30		26,216
Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)^(a)		55		43,772
Metis Merger Sub LLC, 6.50%, 05/15/29 (Call 05/15/24)^(a)		40		32,211
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)^(a)		50		43,752
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)^(a)		20		14,399
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)^(a)		30		20,103
PROG Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)^(a)(b)		30		24,382
Rent-A-Center Inc./TX, 6.38%, 02/15/29 (Call 02/15/24)^(a)(b)		25		19,424
Service Corp. International/U.S., 5.13%, 06/01/29
(Call 06/01/24)^(b)		40		37,300
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29
(Call 06/01/24)^(a)		15		12,555
StoneMor Inc., 8.50%, 05/15/29 (Call 05/15/24)^(a)		20		16,431
TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)^(a)		30		24,854

				577,881

Computers — 1.9%
Booz Allen Hamilton Inc., 4.00%, 07/01/29 (Call 07/01/24)^(a)		30		26,192
Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)^(a)		30		24,606
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)		40		33,916
NCR Corp. 5.13%, 04/15/29 (Call 04/15/24)^(a)		65		54,499
6.13%, 09/01/29 (Call 09/01/24)^(a)		25		23,948


52		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Computers (continued)
Seagate HDD Cayman 3.13%, 07/15/29 (Call 01/15/24)	$	25	$	18,558
4.09%, 06/01/29 (Call 03/01/29)		25		20,021

				201,740

Cosmetics & Personal Care — 0.4%
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(a)		25		21,688
Edgewell Personal Care Co., 4.13%, 04/01/29 (Call 04/01/24)^(a)		30		25,640

				47,328

Distribution & Wholesale — 0.3%
American Builders & Contractors Supply Co. Inc., 3.88%, 11/15/29 (Call 11/15/24)^(a)(b)		20		16,410
Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)^(a)		15		12,273

				28,683

Diversified Financial Services — 2.6%
Aretec Escrow Issuer Inc., 7.50%, 04/01/29 (Call 04/01/24)^(a)		20		16,404
Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)^(a)		20		14,936
Cobra AcquisitionCo LLC, 6.38%, 11/01/29 (Call 11/01/24)^(a)		20		13,301
Hightower Holding LLC, 6.75%, 04/15/29^(a)		15		12,288
Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29
(Call 11/15/24)^(a)		30		26,430
LPL Holdings Inc., 4.00%, 03/15/29 (Call 03/15/24)^(a)		45		39,392
Navient Corp., 5.50%, 03/15/29 (Call 06/15/28)		40		31,882
OneMain Finance Corp., 5.38%, 11/15/29 (Call 05/15/29)		40		32,780
PennyMac Financial Services Inc., 4.25%, 02/15/29
(Call 02/15/24)^(a)		35		26,512
PRA Group Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)		20		16,015
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 3.63%, 03/01/29^(a)		40		30,998
United Wholesale Mortgage LLC, 5.50%, 04/15/29^(a)(b)		35		26,556

				287,494

Electric — 1.6%
Calpine Corp., 4.63%, 02/01/29 (Call 02/01/24)^(a)		35		29,741
DPL Inc., 4.35%, 04/15/29 (Call 01/15/29)		20		17,110
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)^(a)		20		16,216
NRG Energy Inc. 3.38%, 02/15/29 (Call 02/15/24)^(a)		25		20,916
5.25%, 06/15/29 (Call 06/15/24)^(a)		35		31,805
Vistra Operations Co. LLC, 4.38%, 05/01/29 (Call 05/01/24)^(a)		65		55,707

				171,495

Electrical Components & Equipment — 0.3%
Energizer Holdings Inc., 4.38%, 03/31/29 (Call 09/30/23)^(a)		40		32,371


Electronics — 1.9%
II-VI Inc., 5.00%, 12/15/29^(a)(b)		55		47,112
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)		105		91,053
Sensata Technologies BV, 4.00%, 04/15/29^(a)		50		42,078
TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)^(a)		30		25,355

				205,598

Engineering & Construction — 1.1%
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)^(a)		20		17,306
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)^(a)		25		21,856
Global Infrastructure Solutions Inc., 5.63%, 06/01/29
(Call 06/01/24)^(a)		20		14,822
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29
(Call 06/01/24)^(a)		20		15,732
MasTec Inc., 6.63%, 08/15/29		15		14,932
TopBuild Corp., 3.63%, 03/15/29 (Call 03/15/24)^(a)		20		16,037


Security	Par (000)		Value

Engineering & Construction (continued)
VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)^(a)(b)	$	15	$	13,061

				113,746

Entertainment — 4.5%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29
(Call 02/15/25)^(a)		50		34,388
Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)^(a)		35		30,622
Caesars Entertainment Inc., 4.63%, 10/15/29
(Call 10/15/24)^(a)(b)		65		52,015
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)		30		26,393
Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)^(a)		20		17,426
International Game Technology PLC, 5.25%, 01/15/29
(Call 01/15/24)^(a)		40		37,183
Jacobs Entertainment Inc., 6.75%, 02/15/29 (Call 02/15/25)^(a)		25		22,080
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(a)		50		37,937
Midwest Gaming Borrower LLC, 4.88%, 05/01/29
(Call 05/01/24)^(a)		40		34,100
Penn National Gaming Inc., 4.13%, 07/01/29
(Call 07/01/24)^(a)(b)		20		15,901
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29 (Call 09/01/24)^(a)		40		29,770
Resorts World Las Vegas LLC, 4.63%, 04/16/29
(Call 01/16/29)^(d)		50		34,662
Scientific Games International Inc., 7.25%, 11/15/29
(Call 11/15/24)^(a)		25		24,154
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29
(Call 08/15/24)^(a)		35		30,412
WMG Acquisition Corp., 3.75%, 12/01/29 (Call 12/01/24)^(a)		30		25,319
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29 (Call 07/01/29)^(a)		40		31,882

				484,244

Environmental Control — 1.6%
Clean Harbors Inc., 5.13%, 07/15/29 (Call 07/15/24)^(a)		15		13,911
Covanta Holding Corp., 4.88%, 12/01/29 (Call 12/01/24)^(a)		40		34,176
GFL Environmental Inc. 4.38%, 08/15/29 (Call 08/15/24)^(a)		30		25,447
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		40		34,934
Madison IAQ LLC, 5.88%, 06/30/29 (Call 06/30/24)^(a)		55		37,836
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)^(a)		25		21,715

				168,019

Food — 2.2%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 03/15/29 (Call 09/15/23)^(a)		70		57,916
Performance Food Group Inc., 4.25%, 08/01/29
(Call 08/01/24)^(a)		50		42,525
Post Holdings Inc., 5.50%, 12/15/29 (Call 12/15/24)^(a)		65		58,520
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)^(a)		45		37,552
U.S. Foods Inc., 4.75%, 02/15/29 (Call 02/15/24)^(a)(b)		45		40,040

				236,553

Food Service — 0.2%
TKC Holdings Inc., 10.50%, 05/15/29 (Call 05/15/24)^(a)(b)		35		24,119


Forest Products & Paper — 0.7%
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)^(a)		30		19,321
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)		47		39,167
Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)^(a)		22		20,643

				79,131

Health Care - Products — 3.4%
Avantor Funding Inc., 3.88%, 11/01/29 (Call 11/01/24)^(a)(b)		40		33,765
Hologic Inc., 3.25%, 02/15/29 (Call 09/28/23)^(a)		50		42,507


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Products (continued)
Mozart Debt Merger Sub Inc. 3.88%, 04/01/29 (Call 10/01/24)^(a)	$	235	$	191,948
5.25%, 10/01/29 (Call 10/01/24)^(a)		130		101,332

				369,552

Health Care - Services — 2.5%
Acadia Healthcare Co. Inc., 5.00%, 04/15/29 (Call 10/15/23)^(a)		25		22,523
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)^(a)		15		11,626
Catalent Pharma Solutions Inc., 3.13%, 02/15/29
(Call 02/15/24)^(a)		30		24,561
Centene Corp., 4.63%, 12/15/29 (Call 12/15/24)		34		30,764
Charles River Laboratories International Inc., 3.75%, 03/15/29 (Call 03/15/24)^(a)(b)		25		21,638
CHS/Community Health Systems Inc., 6.00%, 01/15/29 (Call 01/15/24)^(a)		50		37,261
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)		25		15,890
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29
(Call 10/01/24)^(a)		25		21,438
Syneos Health Inc., 3.63%, 01/15/29 (Call 01/15/24)^(a)		30		24,738
Tenet Healthcare Corp., 4.25%, 06/01/29 (Call 06/01/24)^(a)(b)		70		58,973

				269,412

Holding Companies - Diversified — 0.7%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)		50		42,968
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29 (Call 08/01/28)		40		33,570

				76,538

Home Builders — 1.3%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/29 (Call 08/01/24)^(a)		20		15,020
Beazer Homes USA Inc., 7.25%, 10/15/29 (Call 10/15/24)		20		16,551
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (Call 06/15/24)^(a)		20		15,269
Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)^(a)		25		19,700
KB Home, 4.80%, 11/15/29 (Call 05/15/29)		15		12,288
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)^(a)		15		11,486
Meritage Homes Corp., 3.88%, 04/15/29 (Call 10/15/28)^(a)		25		20,266
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 04/01/29 (Call 04/01/24)^(a)		15		12,222
Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)^(a)		25		20,213

				143,015

Home Furnishings — 0.3%
Tempur Sealy International Inc., 4.00%, 04/15/29
(Call 04/15/24)^(a)		40		32,264


Household Products & Wares — 0.3%
ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)^(a)(b)		30		23,830
Spectrum Brands Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)		15		12,253

				36,083

Housewares — 0.4%
Newell Brands Inc., 6.63%, 09/15/29 (Call 06/15/29)		25		24,431
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29
(Call 10/15/24)^(b)		20		16,218

				40,649

Insurance — 1.7%
Acrisure LLC/Acrisure Finance Inc. 4.25%, 02/15/29 (Call 02/15/24)^(a)		35		28,600
6.00%, 08/01/29 (Call 08/01/24)^(a)		25		20,694
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/29 (Call 11/01/24)^(a)		25		21,231
AmWINS Group Inc., 4.88%, 06/30/29 (Call 06/30/24)^(a)(b)		40		34,668
AssuredPartners Inc., 5.63%, 01/15/29 (Call 12/15/23)^(a)		30		24,670


Security	Par (000)		Value

Insurance (continued)
BroadStreet Partners Inc., 5.88%, 04/15/29 (Call 04/15/24)^(a)	$	40	$	32,333
Hub International Ltd., 5.63%, 12/01/29 (Call 12/01/24)^(a)		30		25,785

				187,981

Internet — 2.0%
Endurance International Group Holdings Inc., 6.00%, 02/15/29 (Call 02/15/24)^(a)		35		22,777
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 3.50%, 03/01/29 (Call 03/01/24)^(a)		40		33,154
Match Group Holdings II LLC, 5.63%, 02/15/29
(Call 02/15/24)^(a)		20		17,867
Netflix Inc. 5.38%, 11/15/29^(a)		45		43,086
6.38%, 05/15/29		40		40,793
Uber Technologies Inc., 4.50%, 08/15/29 (Call 08/15/24)^(a)(b)		75		64,296

				221,973

Iron & Steel — 1.1%
Allegheny Technologies Inc., 4.88%, 10/01/29 (Call 10/01/24)		15		12,603
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)^(a)		40		37,882
Cleveland-Cliffs Inc., 4.63%, 03/01/29 (Call 03/01/24)^(a)		25		21,526
TMS International Corp./DE, 6.25%, 04/15/29^(a)		20		13,771
U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)^(b)		33		30,289

				116,071

Leisure Time — 2.5%
Carnival Corp., 6.00%, 05/01/29 (Call 11/01/24)^(a)		105		69,468
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (Call 06/01/24)^(a)		30		21,144
NCL Corp. Ltd., 7.75%, 02/15/29 (Call 11/15/28)^(a)		30		23,918
Royal Caribbean Cruises Ltd. 8.25%, 01/15/29 (Call 04/01/25)^(a)		50		49,841
9.25%, 01/15/29 (Call 04/01/25)^(a)		50		50,748
Viking Cruises Ltd., 7.00%, 02/15/29 (Call 02/15/24)^(a)		25		19,907
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29
(Call 02/15/24)^(a)		17		13,262
Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)^(a)		25		19,571

				267,859

Lodging — 1.7%
Hilton Domestic Operating Co. Inc., 3.75%, 05/01/29
(Call 05/01/24)^(a)		40		34,126
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29 (Call 06/01/24)^(a)		45		38,726
Las Vegas Sands Corp., 3.90%, 08/08/29 (Call 05/08/29)		40		32,270
Marriott Ownership Resorts Inc., 4.50%, 06/15/29
(Call 06/15/24)^(a)		25		20,925
Travel + Leisure Co., 4.50%, 12/01/29 (Call 09/01/29)^(a)		35		28,493
Wynn Macau Ltd., 5.13%, 12/15/29 (Call 12/15/24)^(a)		50		29,093

				183,633

Machinery — 0.7%
BWX Technologies Inc., 4.13%, 04/15/29 (Call 04/15/24)^(a)		20		17,305
Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)^(a)		25		21,714
OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)^(a)		15		9,596
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)^(a)(b)		30		26,760

				75,375

Media — 7.3%
Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)^(a)		105		82,685
AMC Networks Inc., 4.25%, 02/15/29 (Call 02/15/24)		50		38,785
CCO Holdings LLC/CCO Holdings Capital Corp. 5.38%, 06/01/29 (Call 06/01/24)^(a)		80		71,529
6.38%, 09/01/29 (Call 09/01/25)^(a)		80		74,107
CSC Holdings LLC, 6.50%, 02/01/29 (Call 02/01/24)^(a)		90		84,739
DISH DBS Corp., 5.13%, 06/01/29		80		54,074


54		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29 (Call 07/15/24)^(a)	$	40	$	33,776
Liberty Interactive LLC, 8.50%, 07/15/29		15		9,462
McGraw-Hill Education Inc., 8.00%, 08/01/29 (Call 08/01/24)^(a)		40		34,064
News Corp., 3.88%, 05/15/29 (Call 05/15/24)^(a)		50		42,985
Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)^(a)		30		24,918
Sirius XM Radio Inc., 5.50%, 07/01/29 (Call 07/01/24)^(a)		65		59,940
TEGNA Inc., 5.00%, 09/15/29 (Call 09/15/24)		55		52,510
Univision Communications Inc., 4.50%, 05/01/29
(Call 05/01/24)^(a)		55		46,400
Videotron Ltd., 3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		25		20,965
Virgin Media Secured Finance PLC, 5.50%, 05/15/29
(Call 05/15/24)^(a)		70		63,696

				794,635

Metal Fabricate & Hardware — 0.2%
Roller Bearing Co of America Inc., 4.38%, 10/15/29
(Call 10/15/24)^(a)(b)		30		26,350


Mining — 0.7%
Alcoa Nederland Holding BV, 4.13%, 03/31/29 (Call 03/31/24)^(a)		25		21,310
Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)^(a)		18		13,986
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)^(a)		25		19,602
Hudbay Minerals Inc., 6.13%, 04/01/29 (Call 04/01/24)^(d)		30		24,834

				79,732

Office & Business Equipment — 0.1%
Pitney Bowes Inc., 7.25%, 03/15/29 (Call 03/15/24)^(a)		20		12,746

Office Furnishings — 0.2%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		25		21,881


Oil & Gas — 5.3%
Antero Resources Corp., 7.63%, 02/01/29 (Call 02/01/24)^(a)		30		30,596
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/29 (Call 09/01/24)^(a)		20		17,633
Chesapeake Energy Corp. 5.88%, 02/01/29 (Call 02/05/24)^(a)		25		23,625
6.75%, 04/15/29 (Call 04/15/24)^(a)		50		49,222
CNX Resources Corp., 6.00%, 01/15/29 (Call 01/15/24)^(a)		25		23,357
Colgate Energy Partners III LLC, 5.88%, 07/01/29
(Call 07/01/24)^(a)		35		32,663
Comstock Resources Inc., 6.75%, 03/01/29 (Call 03/01/24)^(a)		65		62,241
CrownRock LP/CrownRock Finance Inc., 5.00%, 05/01/29 (Call 05/01/24)^(a)		20		18,314
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 02/01/29 (Call 02/01/24)^(a)		30		27,455
Laredo Petroleum Inc., 7.75%, 07/31/29 (Call 07/31/24)^(a)(b)		20		19,216
MEG Energy Corp., 5.88%, 02/01/29 (Call 02/01/24)^(a)		30		28,758
Murphy Oil Corp., 7.05%, 05/01/29		10		9,919
Occidental Petroleum Corp., 3.50%, 08/15/29 (Call 05/15/29)		15		13,510
Parkland Corp., 4.50%, 10/01/29 (Call 10/01/24)^(a)		40		33,672
Patterson-UTI Energy Inc., 5.15%, 11/15/29 (Call 08/15/29)^(b)		20		17,625
Precision Drilling Corp., 6.88%, 01/15/29 (Call 01/15/25)^(a)		20		18,379
Range Resources Corp., 8.25%, 01/15/29 (Call 01/15/24)		30		31,118
Rockcliff Energy II LLC, 5.50%, 10/15/29 (Call 10/15/24)^(a)		40		35,703
Southwestern Energy Co., 5.38%, 02/01/29 (Call 02/01/24)		35		32,594
Sunoco LP/Sunoco Finance Corp., 4.50%, 05/15/29
(Call 05/15/24)		40		34,561
Teine Energy Ltd., 6.88%, 04/15/29 (Call 04/15/24)^(a)		20		17,889

				578,050


Security	Par (000)		Value

Packaging & Containers — 1.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (Call 05/15/24)^(a)(b)	$	50	$	38,078
Clydesdale Acquisition Holdings Inc., 6.63%, 04/15/29
(Call 04/15/25)^(a)		25		23,716
Graphic Packaging International LLC, 3.50%, 03/01/29
(Call 09/01/28)^(a)		20		16,989
LABL Inc., 8.25%, 11/01/29 (Call 11/01/24)^(a)		25		20,012
Sealed Air Corp., 5.00%, 04/15/29 (Call 04/15/25)^(a)(b)		20		18,259
TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)^(a)		20		17,194

				134,248

Pharmaceuticals — 1.6%
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)^(a)		30		25,354
AdaptHealth LLC, 4.63%, 08/01/29 (Call 02/01/24)^(a)		25		21,294
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(a)		30		22,495
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(a)		75		66,524
Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)^(a)(b)		25		21,529
Owens & Minor Inc., 4.50%, 03/31/29 (Call 03/31/24)^(a)		25		19,421

				176,617

Pipelines — 3.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29 (Call 06/15/24)^(a)		40		36,486
Cheniere Energy Partners LP, 4.50%, 10/01/29 (Call 10/01/24)		75		66,218
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.00%, 02/01/29 (Call 02/01/24)^(a)		35		32,851
8.00%, 04/01/29 (Call 04/01/24)^(a)		25		25,247
DT Midstream Inc., 4.13%, 06/15/29 (Call 06/15/24)^(a)		55		47,532
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29)		25		23,072
EQM Midstream Partners LP, 4.50%, 01/15/29 (Call 07/15/28)^(a)		40		34,002
Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29 (Call 01/15/24)		17		15,476
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)^(a)		65		52,322
Rockies Express Pipeline LLC, 4.95%, 07/15/29
(Call 04/15/29)^(a)		30		26,402
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29
(Call 02/15/29)^(a)		65		56,234

				415,842
Real Estate — 1.1%
Howard Hughes Corp. (The), 4.13%, 02/01/29 (Call 02/01/24)^(a)		35		27,718
Hunt Cos. Inc., 5.25%, 04/15/29 (Call 04/15/24)^(a)		35		28,455
Kennedy-Wilson Inc., 4.75%, 03/01/29 (Call 03/01/24)		30		24,269
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (Call 01/15/24)^(a)		50		35,906

				116,348
Real Estate Investment Trusts — 3.2%
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)^(a)		25		19,665
Iron Mountain Inc., 4.88%, 09/15/29 (Call 09/15/24)^(a)		50		43,090
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29 (Call 06/15/24)^(a)		35		27,976
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29 (Call 08/01/24)		45		35,952
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29 (Call 05/15/24)^(a)		40		34,190
RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 02/15/29 (Call 02/15/24)^(a)(b)		30		26,311
RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)^(a)		25		20,939
SBA Communications Corp., 3.13%, 02/01/29 (Call 02/01/24)		75		60,771
Service Properties Trust, 4.95%, 10/01/29 (Call 07/01/29)		25		18,264


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 6.50%, 02/15/29 (Call 02/15/24)^(a)	$	60	$	43,197
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)^(a)		25		21,765

				352,120

Retail — 6.8%
1011778 BC ULC/New Red Finance Inc., 3.50%, 02/15/29 (Call 02/15/24)^(a)		40		33,500
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)^(a)		25		19,809
Asbury Automotive Group Inc., 4.63%, 11/15/29
(Call 11/15/24)^(a)		40		32,893
Bath & Body Works Inc., 7.50%, 06/15/29 (Call 06/15/24)^(b)		25		23,711
Beacon Roofing Supply Inc., 4.13%, 05/15/29^(a)		20		16,558
Bloomin’ Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)^(a)		15		12,710
BlueLinx Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)^(a)		15		12,312
Carrols Restaurant Group Inc., 5.88%, 07/01/29
(Call 07/01/24)^(a)		15		10,455
Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, 04/01/29 (Call 04/01/24)^(a)		45		37,736
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., 4.63%, 01/15/29 (Call 01/15/25)^(a)		50		43,476
Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)^(a)		20		15,296
Foundation Building Materials Inc., 6.00%, 03/01/29
(Call 03/01/24)^(a)		20		13,993
Gap Inc. (The), 3.63%, 10/01/29 (Call 10/01/24)^(a)		40		28,102
GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)^(a)		20		15,800
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)^(a)		45		31,437
LCM Investments Holdings II LLC, 4.88%, 05/01/29
(Call 05/01/24)^(a)		50		42,319
Lithia Motors Inc., 3.88%, 06/01/29 (Call 06/01/24)^(a)(b)		40		32,392
Macy’s Retail Holdings LLC, 5.88%, 04/01/29 (Call 04/01/24)^(a)		25		21,652
Murphy Oil USA Inc., 4.75%, 09/15/29 (Call 09/15/24)		25		22,596
Papa John’s International Inc., 3.88%, 09/15/29
(Call 09/15/24)^(a)(b)		25		20,354
Park River Holdings Inc. 5.63%, 02/01/29 (Call 02/01/24)^(a)		20		12,702
6.75%, 08/01/29 (Call 08/01/24)^(a)		20		13,207
Patrick Industries Inc., 4.75%, 05/01/29 (Call 05/01/24)^(a)		20		15,190
Penske Automotive Group Inc., 3.75%, 06/15/29 (Call 06/15/24)		25		20,528
PetSmart Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (Call 02/15/24)^(a)(b)		60		56,332
Sonic Automotive Inc., 4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		35		27,547
SRS Distribution Inc. 6.00%, 12/01/29 (Call 12/01/24)^(a)		45		36,702
6.13%, 07/01/29 (Call 07/01/24)^(a)(b)		25		20,537
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)^(a)		30		25,228
Victoria’s Secret & Co., 4.63%, 07/15/29 (Call 07/15/24)^(a)		30		23,871

				738,945

Semiconductors — 0.3%
Entegris Inc., 3.63%, 05/01/29 (Call 05/01/24)^(a)		25		20,439
Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)^(a)(b)		20		16,576

				37,015

Software — 4.5%
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29
(Call 06/15/25)^(a)		40		38,205
Clarivate Science Holdings Corp., 4.88%, 07/01/29
(Call 06/30/24)^(a)		50		41,689
Dun & Bradstreet Corp. (The), 5.00%, 12/15/29
(Call 12/15/24)^(a)		25		21,188
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)^(a)(b)		30		25,069
MSCI Inc., 4.00%, 11/15/29 (Call 11/15/24)^(a)(b)		50		43,414



Security	Par/ Shares (000)		Value

Software (continued)
Open Text Corp., 3.88%, 12/01/29 (Call 12/01/24)^(a)	$	45	$	35,667
Picard Midco Inc., 6.50%, 03/31/29 (Call 09/30/25)^(a)(b)		210		182,196
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)^(a)(b)		30		24,984
Rocket Software Inc., 6.50%, 02/15/29 (Call 02/15/24)^(a)		30		23,957
Twilio Inc., 3.63%, 03/15/29 (Call 03/15/24)		30		24,755
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)^(a)(b)		35		29,479

				490,603

Telecommunications — 4.9%
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)^(a)		100		76,226
Altice France SA/France 5.13%, 01/15/29 (Call 09/15/23)^(a)		30		22,905
5.13%, 07/15/29 (Call 04/15/24)^(a)		125		94,227
CommScope Inc., 4.75%, 09/01/29 (Call 09/01/24)^(a)		65		55,030
Frontier Communications Holdings LLC 5.88%, 11/01/29 (Call 11/01/24)		40		31,442
6.75%, 05/01/29 (Call 05/01/24)^(a)		55		45,336
Level 3 Financing Inc. 3.63%, 01/15/29 (Call 01/15/24)^(a)		45		34,336
3.75%, 07/15/29 (Call 01/15/24)^(a)		45		34,294
3.88%, 11/15/29 (Call 08/15/29)^(a)		37		30,421
Lumen Technologies Inc. 4.50%, 01/15/29 (Call 01/15/24)^(a)		50		35,317
5.38%, 06/15/29 (Call 06/15/24)^(a)		25		18,350
Switch Ltd., 4.13%, 06/15/29 (Call 06/15/24)^(a)		30		30,104
Viavi Solutions Inc., 3.75%, 10/01/29 (Call 10/01/24)^(a)		25		20,710

				528,698

Toys, Games & Hobbies — 0.2%
Mattel Inc., 3.75%, 04/01/29 (Call 04/01/24)^(a)(b)		30		25,961


Transportation — 0.7%
Carriage Purchaser Inc., 7.88%, 10/15/29 (Call 10/15/24)^(a)		15		11,139
First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)^(a)		40		32,548
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)^(a)(b)		40		30,929

				74,616


Total Long-Term Investments — 98.4% (Cost: $12,061,968)				10,689,053


Short-Term Securities

Money Market Funds — 14.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(e)(f)(g)		1,467		1,466,336
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(e)(f)		70		70,000


Total Short-Term Securities — 14.1% (Cost: $1,536,474)				1,536,336


Total Investments — 112.5% (Cost: $13,598,442)				12,225,389

Liabilities in Excess of Other Assets — (12.5)%				(1,359,614	)


Net Assets — 100.0%			$	10,865,775

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	All or a portion of this security is on loan.

^(c)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.


56		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

^(d)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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

Affiliates


Affiliated Issuer		Value at 03/08/22	^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	1,466,633	^(b)	$	—	$	(159	)	$	(138	)	$	1,466,336	1,467	$	3,059	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			70,000	^(b)		—		—			—			70,000	70		1,001			—

									$	(159	)	$	(138	)	$	1,536,336		$	4,060		$	—

^(a)	Commencement of operations.

^(b)	Represents net amount purchased (sold).

^(c)	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



	Level 1		Level 2		Level 3		Total

Investments
Assets
Corporate Bonds & Notes	$	—	$	10,689,053	$	—	$	10,689,053
Money Market Funds		1,536,336		—		—		1,536,336

	$	1,536,336	$	10,689,053	$	—	$	12,225,389

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		57

Statements of Assets and Liabilities

October 31, 2022


	iShares iBonds 2022 Term High Yield and Income ETF			iShares iBonds 2023 Term High Yield and Income ETF			iShares iBonds 2024 Term High Yield and Income ETF			iShares iBonds 2025 Term High Yield and Income ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	40,936,097		$	159,107,494		$	143,664,514		$	82,443,500
Investments, at value — affiliated^(c)		73,866,262			33,656,271			23,225,980			14,072,444
Cash		12,447			150,558			3,118			10,300
Foreign currency, at value^(d)		—			4			64			—
Receivables:
Investments sold		2,496,009			2,119,368			251,973			396,885
Securities lending income — affiliated		9,924			9,245			14,357			8,618
Capital shares sold		—			—			112,179			15,190
Dividends — affiliated		144,429			16,185			2,493			3,758
Interest — unaffiliated		654,003			1,857,079			2,278,423			1,495,348

Total assets		118,119,171			196,916,204			169,553,101			98,446,043


LIABILITIES
Collateral on securities loaned, at value		9,830,490			23,063,907			20,372,299			11,997,753
Payables:
Investments purchased		—			5,363,582			108,839			956,973
Capital shares redeemed		—			10,987			—			—
Investment advisory fees		27,687			46,926			35,035			21,902

Total liabilities		9,858,177			28,485,402			20,516,173			12,976,628


NET ASSETS	$	108,260,994		$	168,430,802		$	149,036,928		$	85,469,415


NET ASSETS CONSIST OF
Paid-in capital	$	108,533,132		$	173,552,128		$	154,476,950		$	90,324,536
Accumulated loss		(272,138	)		(5,121,326	)		(5,440,022	)		(4,855,121	)

NET ASSETS	$	108,260,994		$	168,430,802		$	149,036,928		$	85,469,415


NET ASSET VALUE
Shares outstanding		4,500,000			7,200,000			6,600,000			3,800,000

Net asset value	$	24.06		$	23.39		$	22.58		$	22.49

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	41,000,083		$	161,178,566		$	147,821,126		$	85,915,240
^(b)Securities loaned, at value	$	7,329,875		$	21,548,328		$	19,564,051		$	11,149,124
^(c)Investments, at cost — affiliated	$	73,866,146		$	33,656,919		$	23,226,566		$	14,072,618
^(d)Foreign currency, at cost	$	—		$	4		$	68		$	—

See notes to financial statements.


58		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (continued)

October 31, 2022


	iShares iBonds 2026 Term High Yield and Income ETF			iShares iBonds 2027 Term High Yield and Income ETF			iShares iBonds 2028 Term High Yield and Income ETF			iShares iBonds 2029 Term High Yield and Income ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	34,537,706		$	14,750,010		$	10,985,676		$	10,689,053
Investments, at value — affiliated^(c)		7,023,406			2,855,467			1,425,194			1,536,336
Cash		9,703			2,123			6,162			875
Receivables:
Investments sold		344,117			20,014			115,752			151,062
Securities lending income — affiliated		2,971			1,395			781			680
Capital shares sold		—			8			—			—
Dividends — affiliated		999			102			194			146
Interest — unaffiliated		575,379			262,856			178,878			165,361

Total assets		42,494,281			17,891,975			12,712,637			12,543,513


LIABILITIES
Collateral on securities loaned, at value		6,536,015			2,836,324			1,305,389			1,466,634
Payables:
Investments purchased		314,087			143,840			311,079			207,930
Investment advisory fees		10,170			4,351			3,238			3,174

Total liabilities		6,860,272			2,984,515			1,619,706			1,677,738


NET ASSETS	$	35,634,009		$	14,907,460		$	11,092,931		$	10,865,775


NET ASSETS CONSIST OF
Paid-in capital	$	38,454,881		$	16,765,001		$	12,245,249		$	12,510,534
Accumulated loss		(2,820,872	)		(1,857,541	)		(1,152,318	)		(1,644,759	)

NET ASSETS	$	35,634,009		$	14,907,460		$	11,092,931		$	10,865,775


NET ASSET VALUE
Shares outstanding		1,600,000			700,000			500,000			500,000

Net asset value	$	22.27		$	21.30		$	22.19		$	21.73

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	36,886,748		$	16,264,458		$	12,003,496		$	12,061,968
^(b)Securities loaned, at value	$	6,282,361		$	2,739,637		$	1,251,989		$	1,403,664
^(c)Investments, at cost — affiliated	$	7,023,784		$	2,855,572		$	1,425,298		$	1,536,474

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		59

Statements of Operations

Year Ended October 31, 2022


	iShares iBonds 2022 Term High Yield and Income ETF			iShares iBonds 2023 Term High Yield and Income ETF			iShares iBonds 2024 Term High Yield and Income ETF			iShares iBonds 2025 Term High Yield and Income ETF


INVESTMENT INCOME
Dividends — affiliated	$	313,476		$	40,027		$	12,944		$	10,584
Interest — unaffiliated		1,427,067			3,449,883			3,618,206			2,776,544
Payment-in-kind interest — unaffiliated		—			387,793			—			—
Securities lending income — affiliated — net		43,323			47,506			82,550			40,625
Other income — unaffiliated		(9,398	)		1,136			6,040			1,613

Total investment income		1,774,468			3,926,345			3,719,740			2,829,366


EXPENSES
Investment advisory		302,433			410,259			257,073			173,145

Total expenses		302,433			410,259			257,073			173,145

Less:
Investment advisory fees waived		(12,592	)		(2,383	)		(818	)		(584	)

Total expenses after fees waived		289,841			407,876			256,255			172,561

Net investment income		1,484,627			3,518,469			3,463,485			2,656,805


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(18,980	)		(2,951,415	)		(866,120	)		(679,921	)
Investments — affiliated		(3,703	)		(5,771	)		(5,235	)		(3,735	)
In-kind redemptions — unaffiliated^(a)		3,538			206,186			—			(21,964	)

		(19,145	)		(2,751,000	)		(871,355	)		(705,620	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(263,514	)		(2,461,380	)		(4,793,073	)		(4,043,715	)
Investments — affiliated		(228	)		(1,521	)		(1,150	)		(953	)
Foreign currency translations		—			—			(4	)		—

		(263,742	)		(2,462,901	)		(4,794,227	)		(4,044,668	)

Net realized and unrealized loss		(282,887	)		(5,213,901	)		(5,665,582	)		(4,750,288	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,201,740		$	(1,695,432	)	$	(2,202,097	)	$	(2,093,483	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


60		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (continued)

Year Ended October 31, 2022


		iShares iBonds 2026 Term High Yield and Income ETF			iShares iBonds 2027 Term High Yield and Income ETF			iShares iBonds 2028 Term High Yield and Income ETF	^(a)		iShares iBonds 2029 Term High Yield and Income ETF	^(a)


INVESTMENT INCOME
Dividends — affiliated	$	2,645		$	765		$	829		$	1,001
Interest — unaffiliated		1,425,764			616,361			450,378			467,801
Securities lending income — affiliated — net		14,390			6,583			3,636			3,059
Other income — unaffiliated		1,160			250			—			445

Total investment income		1,443,959			623,959			454,843			472,306


EXPENSES
Investment advisory		86,982			45,897			24,083			25,593

Total expenses		86,982			45,897			24,083			25,593

Less:
Investment advisory fees waived		(183	)		(60	)		(57	)		(64	)

Total expenses after fees waived		86,799			45,837			24,026			25,529

Net investment income		1,357,160			578,122			430,817			446,777


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(477,078	)		(276,113	)		(195,501	)		(331,349	)
Investments — affiliated		(2,063	)		(752	)		(91	)		(159	)
In-kind redemptions — unaffiliated^(b)		(47,210	)		(155,198	)		—			—

		(526,351	)		(432,063	)		(195,592	)		(331,508	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,517,088	)		(1,389,961	)		(1,017,820	)		(1,372,915	)
Investments — affiliated		(378	)		(105	)		(104	)		(138	)

		(2,517,466	)		(1,390,066	)		(1,017,924	)		(1,373,053	)

Net realized and unrealized loss		(3,043,817	)		(1,822,129	)		(1,213,516	)		(1,704,561	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,686,657	)	$	(1,244,007	)	$	(782,699	)	$	(1,257,784	)

^(a)	For the period from March 8, 2022 (commencement of operations) to October 31, 2022.

^(b)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		61

Statements of Changes in Net Assets


	iShares iBonds 2022 Term High Yield and Income ETF						iShares iBonds 2023 Term High Yield and Income ETF


	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,484,627		$	1,279,552		$	3,518,469		$	2,061,878
Net realized gain (loss)		(19,145	)		505,905			(2,751,000	)		554,555
Net change in unrealized appreciation (depreciation)		(263,742	)		(132,806	)		(2,462,901	)		161,331

Net increase (decrease) in net assets resulting from operations		1,201,740			1,652,651			(1,695,432	)		2,777,764


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,447,264	)		(1,338,242	)		(3,422,061	)		(1,956,106	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		38,421,226			50,744,075			90,001,831			66,191,647


NET ASSETS
Total increase in net assets		38,175,702			51,058,484			84,884,338			67,013,305
Beginning of period		70,085,292			19,026,808			83,546,464			16,533,159

End of period	$	108,260,994		$	70,085,292		$	168,430,802		$	83,546,464

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


62		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares iBonds 2024 Term High Yield and Income ETF						iShares iBonds 2025 Term High Yield and Income ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,463,485		$	1,292,686		$	2,656,805		$	1,248,401
Net realized gain (loss)		(871,355	)		165,396			(705,620	)		120,442
Net change in unrealized appreciation (depreciation)		(4,794,227	)		535,648			(4,044,668	)		372,759

Net increase (decrease) in net assets resulting from operations		(2,202,097	)		1,993,730			(2,093,483	)		1,741,602


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,121,614	)		(1,275,100	)		(2,544,114	)		(1,311,182	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		102,633,210			41,654,956			50,288,336			22,540,953


NET ASSETS
Total increase in net assets		97,309,499			42,373,586			45,650,739			22,971,373
Beginning of period		51,727,429			9,353,843			39,818,676			16,847,303

End of period	$	149,036,928		$	51,727,429		$	85,469,415		$	39,818,676

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		63

Statements of Changes in Net Assets (continued)


	iShares iBonds 2026 Term High Yield and Income ETF						iShares iBonds 2027 Term High Yield and Income ETF
		Year Ended 10/31/22			Period From 11/10/20 to 10/31/21	^(a)		Year Ended 10/31/22			Period From 07/07/21 to 10/31/21	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,357,160		$	672,208		$	578,122		$	124,912
Net realized gain (loss)		(526,351	)		(59,096	)		(432,063	)		119
Net change in unrealized appreciation (depreciation)		(2,517,466	)		168,046			(1,390,066	)		(124,487	)

Net increase (decrease) in net assets resulting from operations		(1,686,657	)		781,158			(1,244,007	)		544


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(1,299,480	)		(663,103	)		(676,024	)		(93,252	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		18,299,537			20,202,554			4,402,345			12,517,854


NET ASSETS
Total increase in net assets		15,313,400			20,320,609			2,482,314			12,425,146
Beginning of period		20,320,609			—			12,425,146			—

End of period	$	35,634,009		$	20,320,609		$	14,907,460		$	12,425,146

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


64		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares iBonds 2028 Term High Yield and Income ETF			iShares iBonds 2029 Term High Yield and Income ETF
		Period From 03/08/22 to 10/31/22	^(a)		Period From 03/08/22 to 10/31/22	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	430,817		$	446,777
Net realized loss		(195,592	)		(331,508	)
Net change in unrealized appreciation (depreciation)		(1,017,924	)		(1,373,053	)

Net decrease in net assets resulting from operations		(782,699	)		(1,257,784	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(369,619	)		(386,975	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		12,245,249			12,510,534


NET ASSETS
Total increase in net assets		11,092,931			10,865,775
Beginning of period		—			—

End of period	$	11,092,931		$	10,865,775

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		65

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds 2022 Term High Yield and Income ETF
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period	$	24.17		$	23.78		$	24.59		$	25.00

Net investment income^(b)		0.41			0.66			1.32			0.64
Net realized and unrealized gain (loss)^(c)		(0.11	)		0.57			(0.83	)		(0.51	)

Net increase from investment operations		0.30			1.23			0.49			0.13

Distributions from net investment income^(d)		(0.41	)		(0.84	)		(1.30	)		(0.54	)

Net asset value, end of period	$	24.06		$	24.17		$	23.78		$	24.59


Total Return^(e)
Based on net asset value		1.23	%		5.22	%		2.15	%		0.56	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%^(h)

Total expenses after fees waived		0.34	%		0.35	%		0.35	%		0.35	%^(h)

Net investment income		1.72	%		2.72	%		5.61	%		5.34	%^(h)


Supplemental Data
Net assets, end of period (000)	$	108,261		$	70,085		$	19,027		$	9,838

Portfolio turnover rate⁽ⁱ⁾		1	%		33	%		68	%		14	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


66		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2023 Term High Yield and Income ETF
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period	$	24.57		$	23.62		$	24.73		$	25.00

Net investment income^(b)		0.71			1.08			1.33			0.69
Net realized and unrealized gain (loss)^(c)		(1.17	)		1.04			(1.08	)		(0.40	)

Net increase (decrease) from investment operations		(0.46	)		2.12			0.25			0.29

Distributions from net investment income^(d)		(0.72	)		(1.17	)		(1.36	)		(0.56	)

Net asset value, end of period	$	23.39		$	24.57		$	23.62		$	24.73


Total Return^(e)
Based on net asset value		(1.86	)%		9.12	%		1.16	%		1.19	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%^(h)

Total expenses after fees waived		0.35	%		0.35	%		0.35	%		0.35	%^(h)

Net investment income		3.00	%		4.40	%		5.67	%		5.73	%^(h)


Supplemental Data
Net assets, end of period (000)	$	168,431		$	83,546		$	16,533		$	12,364

Portfolio turnover rate⁽ⁱ⁾		19	%		46	%		51	%		9	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2024 Term High Yield and Income ETF
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period	$	24.63		$	23.38		$	25.21		$	25.00

Net investment income^(b)		1.09			1.08			1.33			0.68
Net realized and unrealized gain (loss)^(c)		(2.12	)		1.33			(1.79	)		0.09

Net increase (decrease) from investment operations		(1.03	)		2.41			(0.46	)		0.77

Distributions from net investment income^(d)		(1.02	)		(1.16	)		(1.37	)		(0.56	)

Net asset value, end of period	$	22.58		$	24.63		$	23.38		$	25.21


Total Return^(e)
Based on net asset value		(4.21	)%		10.42	%		(1.72	)%		3.08	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%^(h)

Total expenses after fees waived		0.35	%		0.35	%		0.35	%		0.35	%^(h)

Net investment income		4.72	%		4.39	%		5.61	%		5.55	%^(h)


Supplemental Data
Net assets, end of period (000)	$	149,037		$	51,727		$	9,354		$	12,604

Portfolio turnover rate⁽ⁱ⁾		24	%		44	%		42	%		10	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


68		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2025 Term High Yield and Income ETF
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period	$	24.89		$	24.07		$	25.13		$	25.00

Net investment income^(b)		1.26			1.14			1.37			0.71
Net realized and unrealized gain (loss)^(c)		(2.43	)		0.95			(0.99	)		0.00	^(d)

Net increase (decrease) from investment operations		(1.17	)		2.09			0.38			0.71

Distributions from net investment income^(e)		(1.23	)		(1.27	)		(1.44	)		(0.58	)

Net asset value, end of period	$	22.49		$	24.89		$	24.07		$	25.13


Total Return^(f)
Based on net asset value		(4.77	)%		8.77	%		1.71	%		2.87	%^(g)


Ratios to Average Net Assets^(h)
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%⁽ⁱ⁾

Total expenses after fees waived		0.35	%		0.35	%		0.35	%		0.35	%⁽ⁱ⁾

Net investment income		5.37	%		4.58	%		5.73	%		5.84	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	85,469		$	39,819		$	16,847		$	12,565

Portfolio turnover rate^(j)		20	%		29	%		42	%		5	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Rounds to less than $0.01.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2026 Term High Yield and Income ETF
		Year Ended 10/31/22			Period From 11/10/20 to 10/31/21	^(a)


Net asset value, beginning of period	$	25.40		$	25.00

Net investment income^(b)		1.28			1.06
Net realized and unrealized gain (loss)^(c)		(3.15	)		0.37

Net increase (decrease) from investment operations		(1.87	)		1.43

Distributions from net investment income^(d)		(1.26	)		(1.03	)

Net asset value, end of period	$	22.27		$	25.40


Total Return^(e)
Based on net asset value		(7.52	)%		5.79	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%		0.35	%^(h)

Total expenses after fees waived		0.35	%		0.35	%^(h)

Net investment income		5.46	%		4.26	%^(h)


Supplemental Data
Net assets, end of period (000)	$	35,634		$	20,321

Portfolio turnover rate⁽ⁱ⁾		15	%		35	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


70		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2027 Term High Yield and Income ETF
		Year Ended 10/31/22			Period From 07/07/21 to 10/31/21	^(a)


Net asset value, beginning of period	$	24.85		$	25.00

Net investment income^(b)		1.01			0.25
Net realized and unrealized loss^(c)		(3.36	)		(0.21	)

Net increase (decrease) from investment operations		(2.35	)		0.04

Distributions from net investment income^(d)		(1.20	)		(0.19	)

Net asset value, end of period	$	21.30		$	24.85


Total Return^(e)
Based on net asset value		(9.71	)%		0.15	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%		0.35	%^(h)

Total expenses after fees waived		0.35	%		0.35	%^(h)

Net investment income		4.41	%		3.19	%^(h)


Supplemental Data
Net assets, end of period (000)	$	14,907		$	12,425

Portfolio turnover rate⁽ⁱ⁾		13	%		3	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2028 Term High Yield and Income ETF
		Period From 03/08/22 to 10/31/22	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.94
Net realized and unrealized loss^(c)		(2.95	)

Net decrease from investment operations		(2.01	)

Distributions from net investment income		(0.80	)

Net asset value, end of period	$	22.19


Total Return^(d)
Based on net asset value		(8.10	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.35	%^(g)

Total expenses after fees waived		0.35	%^(g)

Net investment income		6.26	%^(g)


Supplemental Data
Net assets, end of period (000)	$	11,093

Portfolio turnover rate^(h)		8	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


72		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2029 Term High Yield and Income ETF
		Period From 03/08/22 to 10/31/22	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.91
Net realized and unrealized loss^(c)		(3.41	)

Net decrease from investment operations		(2.50	)

Distributions from net investment income^(d)		(0.77	)

Net asset value, end of period	$	21.73


Total Return^(e)
Based on net asset value		(10.06	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%^(h)

Total expenses after fees waived		0.35	%^(h)

Net investment income		6.11	%^(h)


Supplemental Data
Net assets, end of period (000)	$	10,866

Portfolio turnover rate⁽ⁱ⁾		14	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		73

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):


iShares ETF		Diversification Classification
iBonds 2022 Term High Yield and Income		Diversified^(a)
iBonds 2023 Term High Yield and Income		Diversified^(a)
iBonds 2024 Term High Yield and Income		Diversified^(a)
iBonds 2025 Term High Yield and Income		Diversified^(a)
iBonds 2026 Term High Yield and Income		Non-diversified
iBonds 2027 Term High Yield and Income		Non-diversified
iBonds 2028 Term High Yield and Income		Non-diversified
iBonds 2029 Term High Yield and Income		Non-diversified

^(a)

The Fund’s classification changed from non-diversified to diversified during the reporting period.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:


74		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.


N O T E S T O F I N A N C I A L S T A T E M E N T S		75

Notes to Financial Statements (continued)

In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
iBonds 2022 Term High Yield and Income
Barclays Capital, Inc.	$	545,490	$	(545,490	)	$	—		$	—
BMO Capital Markets Corp.		1,984,373		(1,984,373	)		—			—
BNP Paribas SA		150,352		(150,352	)		—			—
BofA Securities, Inc.		739,467		(739,467	)		—			—
J.P. Morgan Securities LLC		3,707,893		(3,707,893	)		—			—
Morgan Stanley		202,300		(202,300	)		—			—

	$	7,329,875	$	(7,329,875	)	$	—		$	—

iBonds 2023 Term High Yield and Income
Barclays Capital, Inc.	$	1,120,069	$	(1,120,069	)	$	—		$	—
BMO Capital Markets Corp.		98,770		(98,770	)		—			—
BNP Paribas SA		357,057		(357,057	)		—			—
BofA Securities, Inc.		926,222		(926,222	)		—			—
Citigroup Global Markets, Inc.		1,387,298		(1,387,298	)		—			—
Credit Suisse Securities (USA) LLC		731,303		(731,303	)		—			—
Goldman Sachs & Co. LLC		4,799,612		(4,799,612	)		—			—
J.P. Morgan Securities LLC		8,418,025		(8,418,025	)		—			—
Jefferies LLC		270,397		(270,397	)		—			—
Morgan Stanley		2,055,160		(2,055,160	)		—			—
Pershing LLC		547,143		(547,143	)		—			—
Scotia Capital (USA), Inc.		837,272		(837,272	)		—			—

	$	21,548,328	$	(21,548,328	)	$	—		$	—

iBonds 2024 Term High Yield and Income
Barclays Capital, Inc.	$	3,334,974	$	(3,334,974	)	$	—		$	—
BofA Securities, Inc.		710,830		(710,830	)		—			—
Citigroup Global Markets, Inc.		126,389		(126,389	)		—			—
Credit Suisse Securities (USA) LLC		180,413		(180,413	)		—			—
Goldman Sachs & Co. LLC		9,733,501		(9,733,501	)		—			—
J.P. Morgan Securities LLC		3,886,835		(3,886,835	)		—			—
Jefferies LLC		899,629		(899,629	)		—			—
Morgan Stanley		378,863		(378,863	)		—			—
Pershing LLC		22,604		(22,604	)		—			—
Scotia Capital (USA), Inc.		96,671		(96,671	)		—			—
State Street Bank & Trust Co.		193,342		(193,342	)		—			—

	$	19,564,051	$	(19,564,051	)	$	—		$	—

iBonds 2025 Term High Yield and Income
Barclays Capital, Inc.	$	1,227,328	$	(1,227,328	)	$	—		$	—
BMO Capital Markets Corp.		9,319		(9,319	)		—			—
BNP Paribas SA		243,548		(243,548	)		—			—
BofA Securities, Inc.		604,676		(604,676	)		—			—
Citigroup Global Markets, Inc.		41,587		(41,587	)		—			—
Credit Suisse Securities (USA) LLC		212,239		(212,239	)		—			—
Goldman Sachs & Co. LLC		5,402,822		(5,402,822	)		—			—
J.P. Morgan Securities LLC		3,205,313		(3,205,313	)		—			—
Jefferies LLC		8,336		(8,336	)		—			—
Morgan Stanley		31,016		(31,016	)		—			—
Scotia Capital (USA), Inc.		162,940		(162,940	)		—			—

	$	11,149,124	$	(11,149,124	)	$	—		$	—


76		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
iBonds 2026 Term High Yield and Income
Barclays Bank PLC	$	645,351	$	(645,351	)	$	—		$	—
Barclays Capital, Inc.		192,338		(192,338	)		—			—
BMO Capital Markets Corp.		167,086		(167,086	)		—			—
BNP Paribas SA		338,613		(338,613	)		—			—
Credit Suisse Securities (USA) LLC		232,288		(232,288	)		—			—
Goldman Sachs & Co. LLC		2,672,034		(2,672,034	)		—			—
J.P. Morgan Securities LLC		1,395,050		(1,395,050	)		—			—
Jefferies LLC		219,845		(219,845	)		—			—
Morgan Stanley		171,724		(171,724	)		—			—
Nomura Securities International, Inc.		90,286		(90,286	)		—			—
RBC Capital Markets LLC		157,746		(157,746	)		—			—

	$	6,282,361	$	(6,282,361	)	$	—		$	—

iBonds 2027 Term High Yield and Income
Barclays Bank PLC	$	324,968	$	(324,968	)	$	—		$	—
Barclays Capital, Inc.		209,621		(209,621	)		—			—
BofA Securities, Inc.		269,319		(269,319	)		—			—
Citadel Clearing LLC		79,305		(79,305	)		—			—
Credit Suisse Securities (USA) LLC		46,398		(46,398	)		—			—
J.P. Morgan Securities LLC		1,144,236		(1,144,236	)		—			—
Jefferies LLC		140,988		(140,988	)		—			—
Nomura Securities International, Inc.		19,800		(19,800	)		—			—
RBC Capital Markets LLC		303,244		(303,244	)		—			—
Scotia Capital (USA), Inc.		149,938		(149,938	)		—			—
Toronto-Dominion Bank		51,820		(51,820	)		—			—

	$	2,739,637	$	(2,739,637	)	$	—		$	—

iBonds 2028 Term High Yield and Income
BMO Capital Markets Corp.	$	38,201	$	(38,201	)	$	—		$	—
J.P. Morgan Securities LLC		974,479		(974,479	)		—			—
Jefferies LLC		63,719		(63,719	)		—			—
Scotia Capital (USA), Inc.		30,376		(30,376	)		—			—
Wells Fargo Securities LLC		145,214		(145,214	)		—			—

	$	1,251,989	$	(1,251,989	)	$	—		$	—

iBonds 2029 Term High Yield and Income
BMO Capital Markets Corp.	$	121,719	$	(121,719	)	$	—		$	—
J.P. Morgan Securities LLC		1,131,219		(1,131,219	)		—			—
Jefferies LLC		113,028		(113,028	)		—			—
Scotia Capital (USA), Inc.		37,698		(37,698	)		—			—

	$	1,403,664	$	(1,403,664	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.


N O T E S T O F I N A N C I A L S T A T E M E N T S		77

Notes to Financial Statements (continued)

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:


iShares ETF		Amounts Waived
iBonds 2022 Term High Yield and Income		$ 12,592
iBonds 2023 Term High Yield and Income		2,383
iBonds 2024 Term High Yield and Income		818
iBonds 2025 Term High Yield and Income		584
iBonds 2026 Term High Yield and Income		183
iBonds 2027 Term High Yield and Income		60
iBonds 2028 Term High Yield and Income		57
iBonds 2029 Term High Yield and Income		64

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
iBonds 2022 Term High Yield and Income	$	12,087
iBonds 2023 Term High Yield and Income		15,729
iBonds 2024 Term High Yield and Income		22,377
iBonds 2025 Term High Yield and Income		11,781
iBonds 2026 Term High Yield and Income		4,567
iBonds 2027 Term High Yield and Income		2,038
iBonds 2028 Term High Yield and Income		1,054
iBonds 2029 Term High Yield and Income		906

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.


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Notes to Financial Statements (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
iBonds 2023 Term High Yield and Income	$	—	$	655,602	$	(36,543	)
iBonds 2024 Term High Yield and Income		33,922		—		—
iBonds 2025 Term High Yield and Income		470,072		—		—

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6. PURCHASES AND SALES

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
iBonds 2022 Term High Yield and Income	$	511,071	$	40,694,135
iBonds 2023 Term High Yield and Income		21,533,278		48,886,884
iBonds 2024 Term High Yield and Income		20,317,208		22,543,659
iBonds 2025 Term High Yield and Income		11,636,532		12,859,805
iBonds 2026 Term High Yield and Income		4,191,156		4,364,547
iBonds 2027 Term High Yield and Income		2,143,817		1,869,112
iBonds 2028 Term High Yield and Income		8,361,345		860,294
iBonds 2029 Term High Yield and Income		9,147,509		1,694,974

For the year ended October 31, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds 2022 Term High Yield and Income	$	41,038,352	$	4,013,940
iBonds 2023 Term High Yield and Income		100,576,054		11,165,820
iBonds 2024 Term High Yield and Income		100,844,691		—
iBonds 2025 Term High Yield and Income		54,074,268		4,140,469
iBonds 2026 Term High Yield and Income		20,203,099		2,319,668
iBonds 2027 Term High Yield and Income		6,583,710		2,264,173
iBonds 2028 Term High Yield and Income		4,650,144		—
iBonds 2029 Term High Yield and Income		4,887,901		—

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.


N O T E S T O F I N A N C I A L S T A T E M E N T S		79

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
iBonds 2022 Term High Yield and Income	$	3,538		$	(3,538	)
iBonds 2023 Term High Yield and Income		204,426			(204,426	)
iBonds 2025 Term High Yield and Income		(21,964	)		21,964
iBonds 2026 Term High Yield and Income		(47,210	)		47,210
iBonds 2027 Term High Yield and Income		(155,198	)		155,198

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 10/31/22		Year Ended 10/31/21
iBonds 2022 Term High Yield and Income
Ordinary income	$	1,447,264	$	1,338,242


iBonds 2023 Term High Yield and Income
Ordinary income	$	3,422,061	$	1,956,106


iBonds 2024 Term High Yield and Income
Ordinary income	$	3,121,614	$	1,275,100


iBonds 2025 Term High Yield and Income
Ordinary income	$	2,544,114	$	1,311,182


iBonds 2026 Term High Yield and Income
Ordinary income	$	1,299,480	$	663,103


iBonds 2027 Term High Yield and Income
Ordinary income	$	676,024	$	93,252


iShares ETF			Period Ended 10/31/22
iBonds 2028 Term High Yield and Income
Ordinary income			$	369,619


iBonds 2029 Term High Yield and Income
Ordinary income			$	386,975

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
iBonds 2022 Term High Yield and Income	$	223,342	$	(417,837	)	$	(77,643	)	$	(272,138	)
iBonds 2023 Term High Yield and Income		437,504		(3,350,761	)		(2,208,069	)		(5,121,326	)
iBonds 2024 Term High Yield and Income		611,123		(1,721,311	)		(4,329,834	)		(5,440,022	)
iBonds 2025 Term High Yield and Income		419,975		(1,571,118	)		(3,703,978	)		(4,855,121	)
iBonds 2026 Term High Yield and Income		198,721		(554,974	)		(2,464,619	)		(2,820,872	)
iBonds 2027 Term High Yield and Income		81,066		(302,074	)		(1,636,533	)		(1,857,541	)
iBonds 2028 Term High Yield and Income		62,883		(193,964	)		(1,021,237	)		(1,152,318	)
iBonds 2029 Term High Yield and Income		61,420		(319,627	)		(1,386,552	)		(1,644,759	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.


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Notes to Financial Statements (continued)

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBonds 2022 Term High Yield and Income	$	114,880,002	$	8,752	$	(86,395	)	$	(77,643	)
iBonds 2023 Term High Yield and Income		194,971,834		212,331		(2,420,400	)		(2,208,069	)
iBonds 2024 Term High Yield and Income		171,220,324		170,692		(4,500,522	)		(4,329,830	)
iBonds 2025 Term High Yield and Income		100,219,922		274,320		(3,978,298	)		(3,703,978	)
iBonds 2026 Term High Yield and Income		44,025,731		139,907		(2,604,526	)		(2,464,619	)
iBonds 2027 Term High Yield and Income		19,242,010		124,406		(1,760,939	)		(1,636,533	)
iBonds 2028 Term High Yield and Income		13,432,107		8,605		(1,029,842	)		(1,021,237	)
iBonds 2029 Term High Yield and Income		13,611,941		8,806		(1,395,358	)		(1,386,552	)

8. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically


N O T E S T O F I N A N C I A L S T A T E M E N T S		81

Notes to Financial Statements (continued)

low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:


	Year Ended 10/31/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares		Amount
iBonds 2022 Term High Yield and Income
Shares sold		1,800,000		$	43,224,413			2,100,000	$	50,744,075
Shares redeemed		(200,000	)		(4,803,187	)		—		—

		1,600,000		$	38,421,226			2,100,000	$	50,744,075


iBonds 2023 Term High Yield and Income
Shares sold		4,300,000		$	102,006,289			2,700,000	$	66,191,647
Shares redeemed		(500,000	)		(12,004,458	)		—		—

		3,800,000		$	90,001,831			2,700,000	$	66,191,647


iBonds 2024 Term High Yield and Income
Shares sold		4,500,000		$	102,633,210			1,700,000	$	41,654,956


iBonds 2025 Term High Yield and Income
Shares sold		2,400,000		$	54,972,737			900,000	$	22,540,953
Shares redeemed		(200,000	)		(4,684,401	)		—		—

		2,200,000		$	50,288,336			900,000	$	22,540,953


iBonds 2026 Term High Yield and Income
Shares sold		900,000		$	20,685,709			800,000	$	20,202,554
Shares redeemed		(100,000	)		(2,386,172	)		—		—

		800,000		$	18,299,537			800,000	$	20,202,554


iBonds 2027 Term High Yield and Income
Shares sold		300,000		$	6,707,849			500,000	$	12,517,854
Shares redeemed		(100,000	)		(2,305,504	)		—		—

		200,000		$	4,402,345			500,000	$	12,517,854


							Period Ended 10/31/22
iShares ETF							Shares		Amount
iBonds 2028 Term High Yield and Income
Shares sold								500,000	$	12,245,249


iBonds 2029 Term High Yield and Income
Shares sold								500,000	$	12,510,534

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other


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Notes to Financial Statements (continued)

transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

10. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds 2022 Term High Yield and Income ETF ceased trading after the close of business on December 15, 2022, when all of the bonds included in the Fund’s underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 21, 2022.


N O T E S T O F I N A N C I A L S T A T E M E N T S		83


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the eight funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eight of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America

iShares iBonds 2022 Term High Yield and Income ETF ⁽¹⁾

iShares iBonds 2023 Term High Yield and Income ETF ⁽¹⁾

iShares iBonds 2024 Term High Yield and Income ETF ⁽¹⁾

iShares iBonds 2025 Term High Yield and Income ETF ⁽¹⁾

iShares iBonds 2026 Term High Yield and Income ETF ⁽²⁾

iShares iBonds 2027 Term High Yield and Income ETF ⁽³⁾

iShares iBonds 2028 Term High Yield and Income ETF ⁽⁴⁾

iShares iBonds 2029 Term High Yield and Income ETF⁽⁴⁾

⁽¹⁾	Statements of operations for the year ended October 31, 2022 and statements of changes in net assets for each of the two years in the period ended October 31, 2022.

⁽²⁾	Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period November 10, 2020 (commencement of operations) to October 31, 2021.

⁽³⁾	Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period July 7, 2021 (commencement of operations) to October 31, 2021.

⁽⁴⁾	Statement of operations and statement of changes in net assets for the period March 8, 2022 (commencement of operations) to October 31, 2022.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.


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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:


iShares ETF	Federal Obligation Interest
iBonds 2022 Term High Yield and Income		$9,236
iBonds 2023 Term High Yield and Income		1,246
iBonds 2024 Term High Yield and Income		374
iBonds 2025 Term High Yield and Income		232
iBonds 2026 Term High Yield and Income		65
iBonds 2028 Term High Yield and Income		5

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:


iShares ETF	Interest Dividends
iBonds 2022 Term High Yield and Income		$1,363,517
iBonds 2023 Term High Yield and Income		3,402,362
iBonds 2024 Term High Yield and Income		3,237,030
iBonds 2025 Term High Yield and Income		2,626,012
iBonds 2026 Term High Yield and Income		1,338,372
iBonds 2027 Term High Yield and Income		648,909
iBonds 2028 Term High Yield and Income		407,852
iBonds 2029 Term High Yield and Income		424,513

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:


iShares ETF	Interest-Related Dividends
iBonds 2022 Term High Yield and Income		$1,102,372
iBonds 2023 Term High Yield and Income		3,207,563
iBonds 2024 Term High Yield and Income		2,597,628
iBonds 2025 Term High Yield and Income		2,491,963
iBonds 2026 Term High Yield and Income		1,227,264
iBonds 2027 Term High Yield and Income		626,769
iBonds 2028 Term High Yield and Income		376,067
iBonds 2029 Term High Yield and Income		392,403


I M P O R T A N T T A X I N F O R M A T I O N		85

Board Review and Approval of Investment Advisory Contract

iShares iBonds 2022 Term HighYield and Income ETF, iShares iBonds 2023 Term HighYield and Income ETF, iShares iBonds 2024 Term HighYield and Income ETF, iShares iBonds 2025 Term High Yield and Income ETF, iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		87

Board Review and Approval of Investment Advisory Contract (continued)

iShares iBonds 2028 Term High Yield and Income ETF,iShares iBonds 2029 Term High Yield and Income ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 9 – December 10, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares


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Board Review and Approval of Investment Advisory Contract (continued)

funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under theAdvisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		89

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2022


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
iBonds 2022 Term High Yield and Income^(a)	$	0.405237	$	—	$	0.001029	$	0.406266		100	%		—	%		0	%^(b)		100	%
iBonds 2023 Term High Yield and Income^(a)		0.720699		—		0.000315		0.721014		100			—			0	^(b)		100
iBonds 2024 Term High Yield and Income^(a)		1.023953		—		0.000516		1.024469		100			—			0	^(b)		100
iBonds 2025 Term High Yield and Income^(a)		1.223557		—		0.003613		1.227170		100			—			0	^(b)		100
iBonds 2026 Term High Yield and Income^(a)		1.257217		—		0.002076		1.259293		100			—			0	^(b)		100
iBonds 2027 Term High Yield and Income		1.202144		—		—		1.202144		100			—			—			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fundis included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a)(65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


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Trustee and Officer Information (unaudited) (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (58)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years

Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (52)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report


Portfolio Abbreviation

PIK		Payment-in-kind

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		95

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-AR-1023-1022