
		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