|
OCTOBER 31, 2023 |
|
2023 Annual Report |
iShares Trust
· |
iShares iBonds Dec 2023 Term Muni Bond ETF | IBML | Cboe BZX |
· |
iShares iBonds Dec 2024 Term Muni Bond ETF | IBMM | Cboe BZX |
· |
iShares iBonds Dec 2025 Term Muni Bond ETF | IBMN | Cboe BZX |
· |
iShares iBonds Dec 2026 Term Muni Bond ETF | IBMO | Cboe BZX |
· |
iShares iBonds Dec 2027 Term Muni Bond ETF | IBMP | Cboe BZX |
· |
iShares iBonds Dec 2028 Term Muni Bond ETF | IBMQ | Cboe BZX |
· |
iShares iBonds Dec 2029 Term Muni Bond ETF | IBMR | Cboe BZX |
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.
While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2023
| ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index)
|
1.39% |
10.14% | ||
U.S. small cap equities (Russell 2000® Index)
|
(5.29) |
(8.56) | ||
International equities (MSCI Europe, Australasia, Far East Index)
|
(7.88) |
14.40 | ||
Emerging market equities (MSCI Emerging Markets Index)
|
(4.78) |
10.80 | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)
|
2.63 |
4.77 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)
|
(9.70) |
(3.25) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)
|
(6.13) |
0.36 | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)
|
(4.65) |
2.64 | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
0.02 |
6.23 | ||
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 |
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Annual Report: |
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Financial Statements |
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134 |
iShares Trust
Municipal Bond Market Overview
Municipal bonds posted losses for the 12 months ended October 31, 2023 (the “reporting period”). The Bloomberg Municipal Bond Index returned 2.64% and outpaced the 0.36% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance.
Bond prices generally moved lower over the past 12 months. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October. In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note moved from 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. These circumstances led to a modestly negative total price performance for the municipal bond market, but the benefit of income outweighed the effect of falling prices.
On the positive side, municipals were supported by the robust underlying credit quality of issuers in the asset class. The U.S. economy held up well in the face of rising rates, keeping tax revenues above historical levels and allowing issuers to solidify their cash positions and build up “rainy day” funds. In turn, these factors helped keep the municipal default rate low. Supply-and-demand factors also played a favorable role in market performance. High yields helped fuel investor demand, while issuers’ healthy finances reduced the need for new debt issuance. Not least, investors gravitated toward issuers that offer essential services – a defensive characteristic at a time of uncertainty about the future economic outlook.
Within the municipal market, high yield securities outperformed investment-grade issues, due in part to the larger contribution from income. Long-term debt lagged shorter-term bonds, reflecting the trends in the Treasury market.
4 |
2 0 2 3 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, 2023
|
iShares® iBonds® Dec 2023 Term Muni Bond ETF |
Investment Objective
The iShares iBonds Dec 2023 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2022 and before December 2, 2023, as represented by the S&P AMT-Free Municipal Series Dec 2023 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||
Fund NAV |
2.98 | % | 2.16 | % | 1.79 | % | 2.98 | % | 11.28 | % | 12.31 | % | ||||||||||||||
Fund Market |
2.98 | 2.14 | 1.78 | 2.98 | 11.17 | 12.28 | ||||||||||||||||||||
Index |
3.37 | 2.41 | 1.96 | 3.37 | 12.63 | 13.56 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 11, 2017. The first day of secondary market trading was April 13, 2017.
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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,015.30 | $ 0.91 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % |
(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, 2023 (continued)
|
iShares® iBonds® Dec 2023 Term Muni Bond ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
S&P Credit Rating*
|
|
Percent of Net Assets
|
(a)
| |
AAA |
40.2 | % | ||
AA+ |
20.2 | |||
AA |
10.1 | |||
AA- |
10.1 | |||
A+ |
2.4 | |||
A |
— | (b) | ||
A- |
1.8 | |||
BBB |
0.2 | |||
Not Rated |
14.1 | |||
Short-Term and Other Assets |
0.9 |
TEN LARGEST STATES
State(a) |
|
Percent of Net Assets |
| |
California |
19.6 | % | ||
New York |
12.5 | |||
Massachusetts |
9.3 | |||
Ohio |
9.1 | |||
Texas |
5.1 | |||
Washington |
4.9 | |||
Pennsylvania |
4.8 | |||
Michigan |
4.3 | |||
Illinois |
4.2 | |||
District of Columbia |
3.9 |
* |
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
(b) |
Rounds to less than 0.1% |
6 |
2 0 2 3 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, 2023
|
iShares® iBonds® Dec 2024 Term Muni Bond ETF |
Investment Objective
The iShares iBonds Dec 2024 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2023 and before December 2, 2024, as represented by the S&P AMT-Free Municipal Series Dec 2024 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns
|
Cumulative Total Returns
|
|||||||||||||||||||||||||
1 Year
|
5 Years
|
Since
|
1 Year
|
5 Years
|
Since
|
|||||||||||||||||||||
Fund NAV |
2.72 | % | 2.04 | % | 1.94 | % | 2.72 | % | 10.64 | % | 11.41 | % | ||||||||||||||
Fund Market |
2.62 | 2.00 | 1.93 | 2.62 | 10.42 | 11.32 | ||||||||||||||||||||
Index |
2.98 | 2.22 | 2.07 | 2.98 | 11.62 | 12.20 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was March 20, 2018. The first day of secondary market trading was March 22, 2018.
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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,009.30 | $ 0.91 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % |
(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 |
7 |
Fund Summary as of October 31, 2023 (continued)
|
iShares® iBonds® Dec 2024 Term Muni Bond ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
S&P Credit Rating* |
|
Percent of Net Assets |
(a) | |
AAA |
29.5 | % | ||
AA+ |
22.8 | |||
AA |
12.5 | |||
AA- |
11.6 | |||
A+ |
5.9 | |||
A |
1.8 | |||
A- |
3.4 | |||
Not Rated |
11.0 | |||
Short-Term and Other Assets |
1.5 |
TEN LARGEST STATES
State(a) |
|
Percent of Net Assets |
| |
California |
13.8 | % | ||
Texas |
12.5 | |||
New York |
8.9 | |||
Washington |
4.1 | |||
Maryland |
4.0 | |||
Ohio |
3.0 | |||
Illinois |
3.0 | |||
Virginia |
3.0 | |||
North Carolina |
3.0 | |||
Pennsylvania |
2.9 |
* |
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
8 |
2 0 2 3 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, 2023
|
iShares® iBonds® Dec 2025 Term Muni Bond ETF |
Investment Objective
The iShares iBonds Dec 2025 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2024 and before December 2, 2025, as represented by the S&P AMT-Free Municipal Series Dec 2025 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||
Fund NAV |
2.41 | % | 2.09 | % | 2.41 | % | 10.81 | % | ||||||||||
Fund Market |
2.69 | 2.09 | 2.69 | 10.83 | ||||||||||||||
Index |
2.64 | 2.04 | 2.64 | 10.55 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was November 13, 2018. The first day of secondary market trading was November 15, 2018.
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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 997.70 | $ 0.91 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % |
(a) |
Expenses are 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 |
9 |
Fund Summary as of October 31, 2023 (continued)
|
iShares® iBonds® Dec 2025 Term Muni Bond ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
S&P Credit Rating* |
|
Percent of Net Assets |
(a) | |
AAA |
31.8 | % | ||
AA+ |
22.8 | |||
AA |
12.7 | |||
AA- |
11.6 | |||
A+ |
3.8 | |||
A |
1.9 | |||
A- |
2.7 | |||
BBB |
0.3 | |||
Not Rated |
10.9 | |||
Short-Term and Other Assets |
1.5 |
TEN LARGEST STATES
State(a) |
|
Percent of Net Assets |
| |
California |
11.5 | % | ||
Texas |
11.3 | |||
New York |
7.5 | |||
Washington |
5.2 | |||
Virginia |
4.9 | |||
Illinois |
3.5 | |||
Ohio |
3.4 | |||
Maryland |
3.3 | |||
Massachusetts |
3.3 | |||
Georgia |
2.9 |
* |
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
10 |
2 0 2 3 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, 2023
|
iShares® iBonds® Dec 2026 Term Muni Bond ETF |
Investment Objective
The iShares iBonds Dec 2026 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2026, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||
Fund NAV |
2.34 | % | 0.85 | % | 2.34 | % | 3.95 | % | ||||||||||
Fund Market |
2.61 | 0.86 | 2.61 | 3.99 | ||||||||||||||
Index |
2.54 | 0.94 | 2.54 | 4.37 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 2, 2019. The first day of secondary market trading was April 4, 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 987.90 | $ 0.90 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % |
(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 |
11 |
Fund Summary as of October 31, 2023 (continued)
|
iShares® iBonds® Dec 2026 Term Muni Bond ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
S&P Credit Rating* |
|
Percent of Net Assets |
(a) | |
AAA |
30.3 | % | ||
AA+ |
22.5 | |||
AA |
13.8 | |||
AA- |
13.4 | |||
A+ |
5.4 | |||
A |
1.6 | |||
A- |
3.0 | |||
Not Rated |
8.3 | |||
Short-Term and Other Assets |
1.7 |
TEN LARGEST STATES
State(a) |
|
Percent of Net Assets |
| |
California |
12.7 | % | ||
Texas |
10.5 | |||
New York |
9.1 | |||
Washington |
4.6 | |||
Virginia |
3.6 | |||
Florida |
3.5 | |||
Illinois |
3.3 | |||
Maryland |
3.2 | |||
Massachusetts |
2.9 | |||
Pennsylvania |
2.8 |
* |
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
12 |
2 0 2 3 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, 2023
|
iShares® iBonds® Dec 2027 Term Muni Bond ETF |
Investment Objective
The iShares iBonds Dec 2027 Term Muni Bond ETF( the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2027, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2027 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||
Fund NAV |
2.34 | % | 0.76 | % | 2.34 | % | 3.50 | % | ||||||||||
Fund Market |
2.28 | 0.77 | 2.28 | 3.58 | ||||||||||||||
Index |
2.51 | 0.80 | 2.51 | 3.71 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 9, 2019. The first day of secondary market trading was April 11, 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 976.90 | $ 0.90 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % |
(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 |
13 |
Fund Summary as of October 31, 2023 (continued)
|
iShares® iBonds® Dec 2027 Term Muni Bond ETF |
Portfolio Information
CREDIT QUALITY Portfolio Information ALLOCATION
S&P Credit Rating* |
|
Percent of Net Assets |
(a) | |
AAA |
27.7 | % | ||
AA+ |
22.3 | |||
AA |
14.5 | |||
AA- |
14.1 | |||
A+ |
2.9 | |||
A |
1.5 | |||
A- |
3.8 | |||
Not Rated |
11.4 | |||
Short-Term and Other Assets |
1.8 |
TEN LARGEST STATES
State(a) |
|
Percent of Net Assets |
| |
California |
12.9 | % | ||
New York |
10.7 | |||
Texas |
8.5 | |||
Washington |
4.6 | |||
Illinois |
4.1 | |||
Maryland |
4.0 | |||
Virginia |
3.2 | |||
Ohio |
3.0 | |||
North Carolina |
2.5 | |||
New Jersey |
2.5 |
* |
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
14 |
2 0 2 3 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, 2023
|
iShares® iBonds® Dec 2028 Term Muni Bond ETF |
Investment Objective
The iShares iBonds Dec 2028 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2028, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 IndexTM (the“Index”).The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||
Fund NAV |
2.43 | % | 0.69 | % | 2.43 | % | 3.17 | % | ||||||||||
Fund Market |
2.45 | 0.69 | 2.45 | 3.19 | ||||||||||||||
Index |
2.49 | 0.62 | 2.49 | 2.85 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was April 16, 2019. The first day of secondary market trading was April 18, 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 966.90 | $ 0.89 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % |
(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 |
15 |
Fund Summary as of October 31, 2023 (continued)
|
iShares® iBonds® Dec 2028 Term Muni Bond ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
S&P Credit Rating* |
|
Percent of Net Assets |
(a) | |
AAA |
27.9 | % | ||
AA+ |
22.0 | |||
AA |
13.4 | |||
AA- |
12.7 | |||
A+ |
3.0 | |||
A |
1.7 | |||
A- |
3.2 | |||
Not Rated |
14.0 | |||
Short-Term and Other Assets |
2.1 |
TEN LARGEST STATES
State(a) |
|
Percent of Net Assets |
| |
California |
12.1 | % | ||
New York |
11.6 | |||
Texas |
9.1 | |||
Maryland |
4.4 | |||
Washington |
4.3 | |||
Virginia |
3.8 | |||
New Jersey |
3.1 | |||
Illinois |
3.0 | |||
Ohio |
3.0 | |||
North Carolina |
2.5 |
* |
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
16 |
2 0 2 3 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, 2023
|
iShares® iBonds® Dec 2029 Term Muni Bond ETF |
Investment Objective
The iShares iBonds Dec 2029 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2029, as represented by the investment results of the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2029 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Cumulative Total Returns | ||||
Since Inception |
||||
|
||||
Fund NAV |
(4.45 | )% | ||
Fund Market |
(4.12 | ) | ||
Index |
(4.93 | ) | ||
|
For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.
The inception date of the Fund was May 9, 2023. The first day of secondary market trading was May 11, 2023.
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 (05/01/23) |
(a) |
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(b) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(b) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 955.50 | $ 0.84 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % |
(a) |
Commencement of operations. |
(b) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 175/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
CREDIT QUALITY ALLOCATION
S&P Credit Rating* |
|
Percent of Net Assets |
(a) | |
AAA |
19.1 | % | ||
AA+ |
18.4 | |||
AA |
12.1 | |||
AA- |
9.9 | |||
A+ |
3.2 | |||
A |
1.4 | |||
A- |
3.2 | |||
Not Rated |
30.7 | |||
Short-Term and Other Assets |
2.0 |
TEN LARGEST STATES
State(a) |
|
Percent of Net Assets |
| |
California |
13.2 | % | ||
New York |
12.0 | |||
Texas |
9.4 | |||
Maryland |
4.2 | |||
Pennsylvania |
3.9 | |||
Washington |
3.3 | |||
North Carolina |
3.2 | |||
Ohio |
3.1 | |||
Virginia |
3.0 | |||
Florida |
2.8 |
* |
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
17 |
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.
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.
18 |
2 0 2 3 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 |
October 31, 2023 |
iShares® iBonds® Dec 2023 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Municipal Debt Obligations |
||||||||
Alabama — 0.3% | ||||||||
Alabama Public School and College Authority RB, |
||||||||
Series A, 5.00%, 11/01/23 |
$ | 365 | $ | 365,000 | ||||
State of Alabama GO |
||||||||
Series A, 5.00%, 11/01/23 |
500 | 500,000 | ||||||
Series C, 5.00%, 11/01/23 |
290 | 290,000 | ||||||
|
|
|||||||
1,155,000 | ||||||||
Arkansas — 0.0% | ||||||||
University of Arkansas RB, Series A, 5.00%, 11/01/23 |
105 | 105,000 | ||||||
|
|
|||||||
California — 19.6% | ||||||||
Bay Area Toll Authority RB |
||||||||
VRDN,3.32%, 04/01/55 (Put 10/31/23)(a) |
7,200 | 7,200,000 | ||||||
VRDN,3.40%, 04/01/55 (Put 10/31/23)(a) |
6,095 | 6,095,000 | ||||||
California Health Facilities Financing Authority RB |
||||||||
5.00%, 11/15/23 |
25 | 25,010 | ||||||
Series A, 5.00%, 11/15/23 |
15 | 15,005 | ||||||
Series B, 5.00%, 11/15/23 |
110 | 110,045 | ||||||
California State Public Works Board RB |
||||||||
Series C, 5.00%, 11/01/23 |
105 | 105,000 | ||||||
Series I, 5.00%, 11/01/23 |
545 | 545,000 | ||||||
California State University RB |
||||||||
5.00%, 11/01/23 |
270 | 270,000 | ||||||
Series A, 5.00%, 11/01/23 |
1,085 | 1,085,000 | ||||||
Series C, 5.00%, 11/01/23 (AGM) |
240 | 240,000 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue RB |
||||||||
5.00%, 11/01/23 |
745 | 745,000 | ||||||
Series B, 5.00%, 11/01/23 |
100 | 100,000 | ||||||
Irvine
Ranch Water District SA, Series B, |
9,180 | 9,180,000 | ||||||
Las Virgenes Unified School District GO, Series C, |
||||||||
0.00%, 11/01/23 (NPFGC)(b) |
50 | 50,000 | ||||||
Los Angeles Department of Water & Power RB |
||||||||
VRDN,2.20%, 07/01/34 (Put 11/01/23)(a) |
5,500 | 5,500,000 | ||||||
VRDN,2.30%, 07/01/34 (Put 11/01/23)(a) |
8,000 | 8,000,000 | ||||||
VRDN,2.85%, 07/01/35 (Put 11/01/23)(a) |
2,000 | 2,000,000 | ||||||
Municipal Improvement Corp. of Los Angeles RB, |
||||||||
Series B, 5.00%, 11/01/23 |
475 | 475,000 | ||||||
San
Francisco City & County Airport Commission San Francisco
International Airport RB, VRDN, |
15,000 | 15,000,000 | ||||||
Southern California Public Power Authority RB, |
||||||||
VRDN,3.13%, 07/01/36 (Put 10/31/23)(a) |
5,000 | 5,000,000 | ||||||
State of California Department of Water Resources RB |
||||||||
5.00%, 12/01/23 |
125 | 125,124 | ||||||
Series AS, 5.00%, 12/01/23 |
370 | 370,366 | ||||||
Series AW, 5.00%, 12/01/23 |
390 | 390,386 | ||||||
Series AX, 5.00%, 12/01/23 |
415 | 415,411 | ||||||
Series BA, 5.00%, 12/01/23 |
235 | 235,232 | ||||||
State of California GO |
||||||||
4.00%, 11/01/23 |
200 | 200,000 | ||||||
5.00%, 11/01/23 |
3,270 | 3,270,000 | ||||||
5.00%, 12/01/23 |
945 | 946,011 | ||||||
University
of California RB, Series AL-2, VRDN, |
15,400 | 15,400,000 | ||||||
|
|
|||||||
83,092,590 | ||||||||
Colorado — 2.2% | ||||||||
Adams &
Arapahoe Joint School District 28J Aurora GO, |
725 | 725,658 |
Security |
Par (000) |
Value | ||||||
Colorado (continued) | ||||||||
Adams County School District No. 1 GO, |
||||||||
4.00%, 12/01/23 (SAW) |
$ | 250 | $ | 250,019 | ||||
Arapahoe County School District No. 6 Littleton GO, |
||||||||
5.00%, 12/01/23 (SAW) |
1,070 | 1,070,839 | ||||||
City & County of Denver Co. Airport System Revenue RB |
||||||||
5.00%, 11/15/23 |
225 | 225,091 | ||||||
Series A, 5.00%, 11/15/23 |
5,675 | 5,677,294 | ||||||
Series B, 5.00%, 11/15/23 |
200 | 200,081 | ||||||
City
of Boulder Water & Sewer Revenue, |
100 | 100,091 | ||||||
City of Colorado Springs Co. Utilities System Revenue |
||||||||
RB, Series C, 5.00%, 11/15/23 |
100 | 100,035 | ||||||
Colorado
Health Facilities Authority, |
400 | 400,000 | ||||||
Denver City & County School District No. 1 GO, |
||||||||
5.00%, 12/01/23 (SAW) |
565 | 565,475 | ||||||
|
|
|||||||
9,314,583 | ||||||||
Connecticut — 3.9% | ||||||||
Connecticut State Health & Educational Facilities |
||||||||
Authority RB |
||||||||
VRDN,3.90%, 07/01/42 (Put 10/31/23)(a) |
15,000 | 15,000,000 | ||||||
Series V-1, VRDN,2.85%, 07/01/36 (Put 10/31/23)(a) |
1,060 | 1,060,000 | ||||||
State of Connecticut GO |
||||||||
Series F, 5.00%, 11/15/23 |
270 | 270,106 | ||||||
Series H, 5.00%, 11/15/23 |
120 | 120,047 | ||||||
|
|
|||||||
16,450,153 | ||||||||
Delaware — 0.6% | ||||||||
University
of Delaware RB, Series C, VRDN, |
2,600 | 2,600,000 | ||||||
|
|
|||||||
District of Columbia — 3.9% | ||||||||
District of Columbia RB |
||||||||
5.00%, 12/01/23 |
16,000 | 16,014,514 | ||||||
Series A, 5.00%, 12/01/23 |
470 | 470,426 | ||||||
|
|
|||||||
16,484,940 | ||||||||
Georgia — 0.4% | ||||||||
City of Atlanta GA Water & Wastewater Revenue RB |
||||||||
5.00%, 11/01/23 |
160 | 160,000 | ||||||
Series A, 5.00%, 11/01/23 |
125 | 125,000 | ||||||
City of Gainesville GA Water & Sewerage Revenue RB, |
||||||||
5.00%, 11/15/23 |
60 | 60,022 | ||||||
County of DeKalb GA GO, 5.00%, 12/01/23 |
125 | 125,105 | ||||||
Development Authority for Fulton County RB, |
||||||||
5.00%, 11/01/23 |
125 | 125,000 | ||||||
State of Georgia GO, Series E, 5.00%, 12/01/23 |
895 | 895,827 | ||||||
|
|
|||||||
1,490,954 | ||||||||
Hawaii — 0.0% | ||||||||
City & County of Honolulu HI GO, 5.00%, 11/01/23 |
110 | 110,000 | ||||||
|
|
|||||||
Illinois — 4.2% | ||||||||
Illinois Finance Authority RB |
||||||||
5.00%, 12/01/23 |
320 | 320,277 | ||||||
VRDN,4.07%, 07/01/38 (Put 10/31/23)(a) |
14,500 | 14,500,000 | ||||||
State of Illinois GO |
||||||||
Series B, 5.00%, 12/01/23 |
50 | 50,019 | ||||||
Series D, 5.00%, 11/01/23 |
3,055 | 3,055,000 | ||||||
|
|
|||||||
17,925,296 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2023 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Indiana — 0.3% | ||||||||
Indiana Finance Authority RB |
||||||||
Series A, 5.00%, 12/01/23 |
$ | 110 | $ | 110,064 | ||||
Series C, 5.00%, 12/01/23 |
1,285 | 1,286,092 | ||||||
|
|
|||||||
1,396,156 | ||||||||
Louisiana — 0.1% | ||||||||
State of Louisiana GO, Series D-1, 5.00%, 12/01/23 |
275 | 275,204 | ||||||
|
|
|||||||
Maine — 0.4% | ||||||||
Maine
Municipal Bond Bank RB |
1,165 | 1,165,000 | ||||||
Series A, 5.00%, 11/01/23 |
125 | 125,000 | ||||||
Series C, 5.00%, 11/01/23 |
225 | 225,000 | ||||||
|
|
|||||||
1,515,000 | ||||||||
Maryland — 2.5% | ||||||||
County of Baltimore MD GO, 5.00%, 11/01/23 |
180 | 180,000 | ||||||
County of Charles MD GO, 5.00%, 11/01/23 |
10 | 10,000 | ||||||
County of Montgomery MD |
||||||||
5.00%, 11/01/23 |
830 | 830,000 | ||||||
5.00%, 11/01/26 (PR 11/01/23) |
1,000 | 1,000,000 | ||||||
County of Montgomery MD GO |
||||||||
5.00%, 11/01/23 |
125 | 125,000 | ||||||
Series A, 5.00%, 11/01/23 |
865 | 865,000 | ||||||
Series A, 5.00%, 12/01/23 |
675 | 675,612 | ||||||
Series B, 5.00%, 11/01/23 |
1,265 | 1,265,000 | ||||||
Series B, 5.00%, 12/01/23 |
620 | 620,563 | ||||||
State
of Maryland Department of Transportation RB, |
125 | 125,112 | ||||||
Washington Suburban Sanitary Commission RB, |
||||||||
VRDN,4.00%, 06/01/24 (Put 10/31/23) (GTD)(a) |
4,700 | 4,700,000 | ||||||
|
|
|||||||
10,396,287 | ||||||||
Massachusetts — 9.3% | ||||||||
City of Boston MA GO, 5.00%, 11/01/23 |
2,000 | 2,000,000 | ||||||
Commonwealth of Massachusetts GOL |
||||||||
Series C, 5.50%, 12/01/23 (AMBAC) |
840 | 841,128 | ||||||
Series E, 5.00%, 11/01/23 |
985 | 985,000 | ||||||
Series H, 5.00%, 12/01/23 |
120 | 120,113 | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue RB, VRDN,4.10%, 07/01/52 (Put 10/31/23)(a) |
15,000 | 15,000,000 | ||||||
Massachusetts Health & Educational Facilities |
||||||||
Authority RB |
||||||||
Series J-1, VRDN,4.00%, 07/01/31 (Put 10/31/23)(a) |
15,000 | 15,000,000 | ||||||
Series J-2, VRDN,3.85%, 07/01/31 (Put 10/31/23)(a) |
1,100 | 1,100,000 | ||||||
Massachusetts
School Building Authority RB, Series A, |
85 | 85,032 | ||||||
Massachusetts
Water Resources Authority, VRDN, |
3,695 | 3,695,000 | ||||||
University of Massachusetts Building Authority RB |
||||||||
5.00%, 11/01/23 |
100 | 100,000 | ||||||
Series 2021-1, 5.00%, 11/01/23 |
345 | 345,000 | ||||||
|
|
|||||||
39,271,273 | ||||||||
Michigan — 4.3% | ||||||||
Michigan Finance Authority RB, 5.00%, 11/15/23 |
50 | 50,016 | ||||||
State of Michigan GO |
||||||||
5.00%, 12/01/23 |
75 | 75,070 | ||||||
Series A, 5.00%, 12/01/23 |
190 | 190,179 | ||||||
Series B, 5.00%, 11/01/23 |
20 | 20,000 | ||||||
State of Michigan Trunk Line Revenue RB |
||||||||
5.00%, 11/15/23 |
2,070 | 2,070,822 | ||||||
Series A, 5.00%, 11/15/23 |
130 | 130,052 |
Security |
Par (000) |
Value | ||||||
Michigan (continued) | ||||||||
University of Michigan RB |
||||||||
VRDN,3.92%, 04/01/38 (Put 10/31/23)(a) |
$ | 4,000 | $ | 4,000,000 | ||||
Series D-2, VRDN,3.95%, 12/01/29(a) |
11,470 | 11,470,000 | ||||||
Wayne County Airport Authority RB, Series G, |
||||||||
5.00%, 12/01/23 |
100 | 100,074 | ||||||
|
|
|||||||
18,106,213 | ||||||||
Minnesota — 1.2% | ||||||||
City of Minneapolis MN GO, 4.00%, 12/01/23 |
250 | 249,983 | ||||||
City of Rochester MN Electric Utility Revenue RB, |
||||||||
Series E, 5.00%, 12/01/23 |
25 | 25,021 | ||||||
County of Hennepin MN GO |
||||||||
5.00%, 12/01/23 |
595 | 595,501 | ||||||
Series C, 5.00%, 12/01/23 |
410 | 410,345 | ||||||
Series A, 5.00%, 12/01/23 |
95 | 95,080 | ||||||
Series C, 5.00%, 12/01/23 |
70 | 70,059 | ||||||
Metropolitan
Council GO, Series B, |
3,715 | 3,718,340 | ||||||
|
|
|||||||
5,164,329 | ||||||||
Mississippi — 0.2% | ||||||||
State of Mississippi GO, 5.00%, 12/01/27 (PR 12/01/23) |
770 | 770,648 | ||||||
|
|
|||||||
Nevada — 1.0% | ||||||||
County of Clark NV GOL |
||||||||
5.00%, 11/01/23 |
1,100 | 1,100,000 | ||||||
5.00%, 12/01/23 |
200 | 200,157 | ||||||
Series A, 5.00%, 11/01/23 |
355 | 355,000 | ||||||
Las Vegas Valley Water District GOL, Series B, |
||||||||
5.00%, 12/01/23 |
155 | 155,115 | ||||||
State of Nevada GOL, 5.00%, 11/01/23 |
1,000 | 1,000,000 | ||||||
State
of Nevada Highway Improvement Revenue RB, |
1,415 | 1,416,272 | ||||||
|
|
|||||||
4,226,544 | ||||||||
New Jersey — 0.2% | ||||||||
Monmouth County Improvement Authority (The) RB, |
||||||||
Series B, 5.00%, 12/01/23 (GTD) |
245 | 245,222 | ||||||
New Jersey Economic Development Authority, |
||||||||
5.00%, 11/01/23 |
100 | 100,000 | ||||||
New Jersey Economic Development Authority RB, |
||||||||
Series B, 5.00%, 11/01/23 |
620 | 620,000 | ||||||
|
|
|||||||
965,222 | ||||||||
New York — 12.5% | ||||||||
City of New York NY GO |
||||||||
3.95%, 08/01/40 (Put 10/31/23)(a) |
3,900 | 3,900,000 | ||||||
VRDN,3.95%, 04/01/36 (Put 10/31/23)(a) |
2,750 | 2,750,000 | ||||||
Metropolitan Transportation Authority RB |
||||||||
4.00%, 11/15/23 |
200 | 199,937 | ||||||
Series A, 5.00%, 11/15/23 |
10 | 10,004 | ||||||
Series A-1, 5.00%, 11/15/23 |
50 | 50,007 | ||||||
Series A-2, 5.00%, 11/15/23 |
195 | 195,029 | ||||||
Series B, 5.00%, 11/15/23 |
1,635 | 1,635,238 | ||||||
Series B-3, 5.00%, 11/15/23 |
55 | 55,008 | ||||||
Series C, 5.00%, 11/15/23 |
395 | 395,058 | ||||||
Series C-1, 5.00%, 11/15/23 |
915 | 915,134 | ||||||
Series D, 5.00%, 11/15/23 |
400 | 400,058 | ||||||
Series F, 5.00%, 11/15/23 |
140 | 140,020 | ||||||
New York City Municipal Water Finance Authority RB |
||||||||
4.06%, 06/15/36 (Put 10/31/23)(a) |
14,000 | 14,000,000 | ||||||
VRDN,3.95%, 06/15/43 (Put 10/31/23)(a) |
1,300 | 1,300,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB 5.00%, 11/01/23 |
4,035 | 4,035,000 |
20 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2023 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
New York (continued) | ||||||||
VRDN, 3.95%, 02/01/45 (Put 10/31/23)(a) |
$ | 6,500 | $ | 6,500,000 | ||||
Series B-1, 5.00%, 11/01/23 |
100 | 100,000 | ||||||
Series C, 5.00%, 11/01/23 |
2,195 | 2,195,000 | ||||||
Series D, 5.00%, 11/01/23 |
315 | 315,000 | ||||||
Sub-Series C, 5.00%, 11/01/23 |
645 | 645,000 | ||||||
New
York Convention Center Development Corp. RB |
25 | 25,008 | ||||||
Series B, 5.00%, 11/15/23 |
20 | 20,005 | ||||||
New
York State Dormitory Authority RB, VRDN, |
10,000 | 10,000,000 | ||||||
Port Authority of New York & New Jersey RB |
||||||||
4.00%, 12/01/23 |
165 | 165,019 | ||||||
5.00%, 11/15/23 |
310 | 310,125 | ||||||
Series 179, 5.00%, 12/01/23 |
350 | 350,318 | ||||||
Triborough Bridge & Tunnel Authority RB |
||||||||
5.00%, 11/15/23 |
285 | 285,111 | ||||||
Series A, 5.00%, 11/15/23 |
140 | 140,055 | ||||||
Series A, 5.00%, 11/15/23 |
1,050 | 1,050,409 | ||||||
Series A, 5.00%, 11/15/23 |
100 | 100,036 | ||||||
Series B, 4.00%, 11/15/23 |
380 | 380,013 | ||||||
Series B, 5.00%, 11/15/23 |
345 | 345,134 | ||||||
|
|
|||||||
52,906,726 | ||||||||
North Carolina — 0.6% | ||||||||
City of Charlotte NC COP, Series C, 5.00%, 12/01/23 |
40 | 40,032 | ||||||
City of Charlotte NC GO, 5.00%, 12/01/23 |
775 | 775,722 | ||||||
City
of Charlotte NC Storm Water Revenue, |
900 | 900,816 | ||||||
County of Forsyth NC GO, 5.00%, 12/01/23 |
255 | 255,236 | ||||||
County
of Mecklenburg NC GO, Series B, |
140 | 140,127 | ||||||
County of Wake NC RB, Series A, 5.00%, 12/01/23 |
465 | 465,410 | ||||||
|
|
|||||||
2,577,343 | ||||||||
Ohio — 9.1% | ||||||||
City of Cincinnati OH Water System Revenue RB, |
||||||||
Series B, 5.00%, 12/01/23 |
190 | 190,172 | ||||||
County
of Hamilton OH Sales Tax Revenue RB, Series A, |
475 | 475,353 | ||||||
County of Hamilton OH Sewer System Revenue RB, Series A, 5.00%, 12/01/23 |
3,260 | 3,262,717 | ||||||
Ohio Higher Educational Facility Commission RB |
||||||||
5.00%, 12/01/23 |
110 | 110,086 | ||||||
5.00%, 12/01/23 (ETM) |
45 | 45,032 | ||||||
Series A, 5.00%, 12/01/23 |
165 | 165,116 | ||||||
Ohio State University (The) RB |
||||||||
5.00%, 12/01/23 |
610 | 610,568 | ||||||
VRDN,3.95%, 12/01/39 (Put 11/01/23)(a) |
5,825 | 5,825,000 | ||||||
VRDN,4.00%, 12/01/44 (Put 11/07/23)(a) |
10,000 | 10,000,000 | ||||||
Series A, 5.00%, 12/01/23 |
395 | 395,368 | ||||||
Ohio University RB, Series A, 5.00%, 12/01/23 |
120 | 120,094 | ||||||
Ohio Water Development Authority RB |
||||||||
5.00%, 12/01/23 |
615 | 615,543 | ||||||
Series B, 5.00%, 12/01/23 |
130 | 130,115 | ||||||
Ohio Water Development Authority Water Pollution |
||||||||
Control Loan Fund RB |
||||||||
5.00%, 12/01/23 |
255 | 255,225 | ||||||
5.50%, 12/01/23 |
150 | 150,192 | ||||||
Series 2015-A, 5.00%, 12/01/23 |
500 | 500,441 | ||||||
Ohio Water Development Authority Water Pollution |
||||||||
Control Loan Fund, RB, VRDN,4.05%, 12/01/36 |
||||||||
(Put 10/31/23)(a) |
15,000 | 15,000,000 |
Security |
Par (000) |
Value | ||||||
Ohio (continued) | ||||||||
State of Ohio GO |
||||||||
Series C, 5.00%, 11/01/23 |
$ | 210 | $ | 210,000 | ||||
Series T, 5.00%, 11/01/23 |
150 | 150,000 | ||||||
State of Ohio RB, Series C, 5.00%, 12/01/23 |
440 | 440,381 | ||||||
|
|
|||||||
38,651,403 | ||||||||
Oregon — 1.0% | ||||||||
State of Oregon Department of Transportation RB |
||||||||
Series C, 5.00%, 11/15/23 |
160 | 160,062 | ||||||
Series A, 4.25%, 11/15/34 (PR 11/15/23) |
850 | 850,108 | ||||||
Series A, 5.00%, 11/15/23 |
970 | 970,375 | ||||||
Series A, 5.00%, 11/15/29 (PR 11/15/23) |
1,000 | 1,000,393 | ||||||
Series A, 5.00%, 11/15/38 (PR 11/15/23) |
1,000 | 1,000,393 | ||||||
State of Oregon GO, Series G, 5.00%, 11/01/23 |
45 | 45,000 | ||||||
|
|
|||||||
4,026,331 | ||||||||
Pennsylvania — 4.8% | ||||||||
County of Lehigh PA GO, 4.00%, 11/15/23 |
650 | 650,016 | ||||||
Delaware County Authority RB, 5.00%, 12/01/23 |
75 | 75,062 | ||||||
Pennsylvania
Turnpike Commission, VRDN, |
7,300 | 7,300,000 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, 5.00%, 12/01/23 |
180 | 180,148 | ||||||
Pennsylvania Turnpike Commission RB |
||||||||
4.00%, 12/01/23 |
750 | 750,026 | ||||||
5.00%, 12/01/23 |
1,645 | 1,646,358 | ||||||
VRDN,3.97%, 12/01/50 (Put 10/31/23)(a) |
8,000 | 8,000,000 | ||||||
Series A, 5.00%, 12/01/23 |
335 | 335,276 | ||||||
Series A-1, 5.00%, 12/01/23 |
225 | 225,186 | ||||||
Series B, 5.00%, 12/01/23 |
35 | 35,025 | ||||||
Series C, 5.00%, 12/01/43 (PR 12/01/23) |
1,200 | 1,200,862 | ||||||
|
|
|||||||
20,397,959 | ||||||||
Rhode Island — 3.7% | ||||||||
Rhode Island Health & Educational Building Corp., |
||||||||
VRDN,4.09%, 05/01/35 (Put 11/01/23)(a) |
15,755 | 15,755,000 | ||||||
State of Rhode Island GO, 5.00%, 11/01/23 |
50 | 50,000 | ||||||
|
|
|||||||
15,805,000 | ||||||||
South Carolina — 0.8% | ||||||||
Charleston Educational Excellence Finance Corp. RB |
||||||||
5.00%, 12/01/23 |
190 | 190,166 | ||||||
5.00%, 12/01/30 (PR 12/01/23) |
3,000 | 3,002,648 | ||||||
County of Charleston SC GO, 5.00%, 11/01/23 |
190 | 190,000 | ||||||
|
|
|||||||
3,382,814 | ||||||||
Tennessee — 0.5% | ||||||||
City of Memphis TN GO, Series A, 5.00%, 11/01/23 |
135 | 135,000 | ||||||
County of Sumner TN GO, 5.00%, 12/01/23 |
70 | 70,059 | ||||||
State of Tennessee GO, 5.00%, 11/01/23 |
240 | 240,000 | ||||||
Tennessee
State School Bond Authority, |
300 | 300,000 | ||||||
Tennessee State School Bond Authority RB |
||||||||
5.00%, 11/01/23 |
400 | 400,000 | ||||||
Series A, 5.00%, 11/01/23 |
240 | 240,000 | ||||||
Series B, 5.00%, 11/01/23 |
715 | 715,000 | ||||||
|
|
|||||||
2,100,059 | ||||||||
Texas — 5.1% | ||||||||
City
of Austin TX Electric Utility Revenue RB, Series A, |
235 | 235,088 | ||||||
City
of Austin TX Water & Wastewater System Revenue RB |
655 | 655,232 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2023 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Texas (continued) | ||||||||
5.00%, 11/15/23 (ETM) |
$ | 360 | $ | 360,122 | ||||
Series A, 5.00%, 11/15/23 |
375 | 375,134 | ||||||
City of Houston TX Combined Utility System Revenue RB |
||||||||
5.00%, 11/15/23 |
140 | 140,052 | ||||||
Series B, 5.00%, 11/15/23 |
140 | 140,052 | ||||||
Series D, 5.00%, 11/15/23 |
200 | 200,075 | ||||||
Serries C, 5.00%, 11/15/23 |
310 | 310,116 | ||||||
Dallas Area Rapid Transit RB |
||||||||
5.00%, 12/01/23 |
150 | 150,111 | ||||||
Series A, 5.00%, 12/01/23 |
785 | 785,583 | ||||||
Dallas Fort Worth International Airport RB, |
||||||||
5.00%, 11/01/23 |
350 | 350,000 | ||||||
Dallas/Fort Worth International Airport RB |
||||||||
5.00%, 11/01/23 |
200 | 200,000 | ||||||
Series G, 5.00%, 11/01/23 |
160 | 160,000 | ||||||
Metropolitan Transit Authority of Harris County RB |
||||||||
5.00%, 11/01/23 |
365 | 365,000 | ||||||
Series A, 5.00%, 11/01/23 |
375 | 375,000 | ||||||
Series B, 5.00%, 11/01/23 |
615 | 615,000 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 12/01/23 |
40 | 40,028 | ||||||
University of Texas System (The) RB, Series B, |
||||||||
VRDN,4.00%, 08/01/32 (Put 10/31/23)(a) |
15,955 | 15,955,000 | ||||||
|
|
|||||||
21,411,593 | ||||||||
Vermont — 0.0% | ||||||||
Vermont Municipal Bond Bank RB, Series 4, |
||||||||
5.00%, 12/01/23 |
25 | 25,020 | ||||||
|
|
|||||||
Virginia — 0.9% | ||||||||
Chesapeake Bay Bridge & Tunnel District RB, |
||||||||
5.00%, 11/01/23 |
1,000 | 1,000,000 | ||||||
County of Chesterfield VA Water & Sewer Revenue RB, |
||||||||
5.00%, 11/01/23 |
100 | 100,000 | ||||||
County of Loudoun VA GO |
||||||||
5.00%, 12/01/23 (SAW) |
170 | 170,158 | ||||||
Series A, 5.00%, 12/01/23 |
140 | 140,130 | ||||||
Series A, 5.00%, 12/01/23 (SAW) |
600 | 600,560 | ||||||
Virginia Resources Authority RB |
||||||||
5.00%, 11/01/23 |
205 | 205,000 | ||||||
Series A, 4.00%, 11/01/23 |
100 | 100,000 | ||||||
Series A, 5.00%, 11/01/23 |
1,105 | 1,105,000 | ||||||
Series B, 5.00%, 11/01/23 |
200 | 200,000 | ||||||
Series S, 5.00%, 11/01/23 |
390 | 390,000 | ||||||
|
|
|||||||
4,010,848 | ||||||||
Washington — 4.9% | ||||||||
Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/23 |
70 | 70,000 | ||||||
Central
Puget Sound Regional Transit Authority TB, |
450 | 450,000 | ||||||
City of Seattle WA GO, 5.00%, 12/01/23 |
100 | 100,087 | ||||||
City of Seattle WA GOL |
||||||||
Series A, 5.00%, 11/01/23 |
100 | 100,000 | ||||||
Series A, 5.00%, 12/01/23 |
450 | 450,390 | ||||||
City
of Spokane WA Water & Wastewater Revenue RB, |
640 | 640,565 | ||||||
Clark County School District No. 117 Camas GO, |
||||||||
5.00%, 12/01/23 (GTD) |
115 | 115,104 | ||||||
County of King WA GOL |
||||||||
5.00%, 12/01/23 |
80 | 80,071 | ||||||
VRDN,4.05%, 01/01/46 (Put 10/31/23)(a) |
7,000 | 7,000,000 | ||||||
Series A, VRDN,3.85%, 01/01/46 (Put 10/31/23)(a) |
5,465 | 5,465,000 |
Security |
Par (000) |
Value | ||||||
Washington (continued) | ||||||||
Series B, 5.00%, 12/01/23 |
$ | 260 | $ | 260,229 | ||||
Series E, 5.00%, 12/01/23 |
165 | 165,146 | ||||||
County of Snohomish WA GOL, 5.00%, 12/01/23 |
125 | 125,114 | ||||||
King County School District No. 216 Enumclaw GO, |
||||||||
5.00%, 12/01/23 (GTD) |
50 | 50,045 | ||||||
King County School District No. 401 Highline GO, |
||||||||
5.00%, 12/01/23 (GTD) |
25 | 25,022 | ||||||
King County School District No. 403 Renton GO, |
||||||||
5.00%, 12/01/23 (GTD) |
175 | 175,156 | ||||||
King County School District No. 405 Bellevue GO, |
||||||||
5.00%, 12/01/23 (GTD) |
3,320 | 3,323,011 | ||||||
King County School District No. 411 Issaquah GO, |
||||||||
5.00%, 12/01/23 (GTD) |
255 | 255,227 | ||||||
King County School District No. 415 Kent GO, |
||||||||
5.00%, 12/01/23 (GTD) |
90 | 90,080 | ||||||
Pierce County School District No. 320 Sumner GO, |
||||||||
5.00%, 12/01/23 (GTD) |
175 | 175,160 | ||||||
Pierce
County School District No. 416 White River GO, |
70 | 70,062 | ||||||
Port of Tacoma WA GOL, Series A, 5.00%, 12/01/23 |
180 | 180,159 | ||||||
Port of Tacoma WA RB, Series A, 4.00%, 12/01/23 |
125 | 125,004 | ||||||
Skagit County School District No. 103 Anacortes GO, |
||||||||
5.00%, 12/01/23 (GTD) |
25 | 25,022 | ||||||
Snohomish
County School District No. 15 Edmonds GO, |
20 | 20,002 | ||||||
Snohomish
County School District No. 201 Snohomish GO, |
165 | 165,147 | ||||||
Snohomish
County School District No. 4 Lake Stevens GO, |
140 | 140,125 | ||||||
Snohomish
County School District No. 6 Mukilteo GO, |
245 | 245,222 | ||||||
Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/01/23 (GTD) |
100 | 100,089 | ||||||
University of Washington RB |
||||||||
Series A, 4.00%, 12/01/23 |
310 | 310,049 | ||||||
Series C, 5.00%, 12/01/23 |
215 | 215,204 | ||||||
Yakima
County School District No. 90 East Valley GO, |
15 | 15,012 | ||||||
|
|
|||||||
20,726,504 | ||||||||
West Virginia — 0.1% | ||||||||
State of West Virginia GO |
||||||||
Series A, 5.00%, 11/01/23 |
55 | 55,000 | ||||||
Series A, 5.00%, 12/01/23 |
100 | 100,087 | ||||||
West Virginia Water Development Authority RB, |
||||||||
Series A-II, 5.00%, 11/01/23 |
80 | 80,000 | ||||||
|
|
|||||||
235,087 | ||||||||
Wisconsin — 0.5% | ||||||||
State of Wisconsin, 5.00%, 11/01/23 |
245 | 245,000 | ||||||
State of Wisconsin GO |
||||||||
5.00%, 11/01/23 |
665 | 665,000 | ||||||
Series 1, 5.00%, 11/01/23 |
820 | 820,000 | ||||||
Series 2, 5.00%, 11/01/23 |
255 | 255,000 | ||||||
Wisconsin Health & Educational Facilities Authority RB, Series A, 5.00%, 11/15/23 |
40 | 40,010 | ||||||
|
|
|||||||
2,025,010 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 99.1% |
419,097,089 | |||||||
|
|
22 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2023 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Liquidity Funds: MuniCash, 3.82%(c)(d) |
109,073 | $ | 109,073 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.0% |
109,073 | |||||||
|
|
|||||||
Total
Investments — 99.1% |
419,206,162 | |||||||
Other Assets Less Liabilities — 0.9% |
3,724,724 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 422,930,886 | ||||||
|
|
(a) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) |
Zero-coupon bond. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||||
BlackRock Liquidity Funds: MuniCash | $ | 2,259,207 | $ | — | $ | (2,156,421 | )(a) | $ | 6,287 | $ | — | $ | 109,073 | 109,073 | $ | 91,930 | $ | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Debt Obligations |
$ | — | $ | 419,097,089 | $ | — | $ | 419,097,089 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
109,073 | — | — | 109,073 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 109,073 | $ | 419,097,089 | $ | — | $ | 419,206,162 | |||||||||
|
|
|
|
|
|
|
|
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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Municipal Debt Obligations |
||||||||
Alabama — 1.1% | ||||||||
Alabama Federal Aid Highway Finance Authority RB |
||||||||
5.00%, 09/01/24 (ETM) |
$ | 250 | $ | 252,225 | ||||
5.00%, 09/01/26 (PR 09/01/24) |
1,010 | 1,018,989 | ||||||
5.00%, 09/01/30 (PR 09/01/24) |
500 | 504,450 | ||||||
Series A, 5.00%, 09/01/24 |
260 | 262,314 | ||||||
Series B, 5.00%, 09/01/24 |
535 | 539,761 | ||||||
Alabama Public School & College Authority RB |
||||||||
Series A, 5.00%, 05/01/24 |
145 | 145,866 | ||||||
Series C, 5.00%, 06/01/24 |
100 | 100,697 | ||||||
Alabama Public School and College Authority RB |
||||||||
Series A, 5.00%, 02/01/24 |
1,025 | 1,027,932 | ||||||
Series A, 5.00%, 11/01/24 |
300 | 303,652 | ||||||
Auburn University RB, Series B, 5.00%, 06/01/24 |
265 | 266,772 | ||||||
City of Huntsville AL GO, Series A, 5.00%, 08/01/24 |
80 | 80,691 | ||||||
County
of Mobile AL GOL, Series A, |
50 | 50,334 | ||||||
State of Alabama GO |
||||||||
Series A, 5.00%, 08/01/24 |
285 | 287,461 | ||||||
Series A, 5.00%, 11/01/24 |
185 | 187,162 | ||||||
Series C, 5.00%, 08/01/24 |
125 | 126,079 | ||||||
University
of Alabama (The) RB, |
185 | 186,294 | ||||||
|
|
|||||||
5,340,679 | ||||||||
Alaska — 0.2% | ||||||||
State of Alaska GO, Series B, 5.00%, 08/01/24 |
950 | 957,854 | ||||||
|
|
|||||||
Arizona — 2.4% | ||||||||
Arizona
Board of Regents COP, |
165 | 166,047 | ||||||
Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/24 |
745 | 750,649 | ||||||
Arizona State University RB |
||||||||
Series B, 5.00%, 07/01/24 |
230 | 231,684 | ||||||
Series C, 5.00%, 07/01/24 |
85 | 85,622 | ||||||
Arizona
Transportation Board RB, |
630 | 634,777 | ||||||
Arizona Water Infrastructure Finance Authority RB, |
||||||||
Series A, 5.00%, 10/01/24 |
1,445 | 1,459,087 | ||||||
City of Peoria AZ GOL, Series B, 5.00%, 07/15/24 |
225 | 226,902 | ||||||
City of Phoenix AZ GO, 5.00%, 07/01/24 |
265 | 267,079 | ||||||
City
of Phoenix Civic Improvement Corp. RB |
1,515 | 1,526,289 | ||||||
Series A, 5.00%, 07/01/24 |
115 | 115,774 | ||||||
Series A, 5.00%, 07/01/39 (PR 07/01/24) |
1,000 | 1,007,058 | ||||||
Series B, 5.00%, 07/01/24 |
255 | 256,716 | ||||||
Series D, 5.00%, 07/01/24 |
315 | 317,120 | ||||||
City of Scottsdale AZ GOL, 4.00%, 07/01/24 |
495 | 495,576 | ||||||
City of Tucson AZ COP, 5.00%, 07/01/24 (AGM) |
85 | 85,567 | ||||||
City
of Tucson AZ Water System Revenue RB, |
395 | 398,047 | ||||||
County
of Pima Sewer System Revenue, |
595 | 599,124 | ||||||
Maricopa County Unified School District No. 97-Deer Valley/AZ GO |
||||||||
4.00%, 07/01/24 |
20 | 20,010 | ||||||
5.00%, 07/01/24 |
200 | 201,399 | ||||||
Maricopa
County Union High School District |
||||||||
5.00%, 07/01/24 |
240 | 241,914 | ||||||
Series C, 3.00%, 07/01/24 |
165 | 163,755 |
Security |
Par (000) |
Value | ||||||
Arizona (continued) | ||||||||
Maricopa
County Union High School District |
$ | 260 | $ | 260,387 | ||||
Phoenix AZ, 4.00%, 07/01/24 |
725 | 725,900 | ||||||
Regional
Public Transportation Authority RB, |
370 | 373,235 | ||||||
Salt River Project Agricultural Improvement & Power District RB, Series A, 5.00%, 01/01/24 |
130 | 130,224 | ||||||
State of Arizona |
||||||||
5.00%, 09/01/24 |
110 | 110,979 | ||||||
5.00%, 09/01/24 (ETM) |
465 | 469,138 | ||||||
State of Arizona COP, 5.00%, 10/01/24 |
165 | 166,771 | ||||||
University of Arizona (The) RB |
||||||||
5.00%, 06/01/24 |
365 | 367,336 | ||||||
Series A, 5.00%, 06/01/24 |
100 | 100,640 | ||||||
Series B, 5.00%, 06/01/24 |
150 | 150,960 | ||||||
|
|
|||||||
12,105,766 | ||||||||
Arkansas — 0.2% | ||||||||
State of Arkansas GO |
||||||||
4.00%, 06/01/24 |
605 | 605,539 | ||||||
5.00%, 04/01/24 |
280 | 281,341 | ||||||
|
|
|||||||
886,880 | ||||||||
California — 13.8% | ||||||||
91 Express Lanes Toll Road, 5.00%, 08/15/24 |
100 | 101,042 | ||||||
Allan Hancock Joint Community College District/CA GO |
||||||||
5.00%, 08/01/24 |
230 | 232,156 | ||||||
5.00%, 08/01/24 (ETM) |
10 | 10,094 | ||||||
Beverly Hills Unified School District CA GO |
||||||||
0.00%, 08/01/24(a) |
725 | 704,883 | ||||||
4.00%, 08/01/24 |
110 | 110,285 | ||||||
5.00%, 08/01/24 |
665 | 671,576 | ||||||
California
Educational Facilities Authority RB, |
160 | 153,841 | ||||||
California Health Facilities Financing Authority RB, |
||||||||
Series A, 5.00%, 11/15/24 |
135 | 136,582 | ||||||
California Infrastructure & Economic Development Bank RB |
||||||||
5.00%, 10/01/24 |
555 | 561,807 | ||||||
Series A, 5.00%, 10/01/24 |
355 | 359,290 | ||||||
California State Public Works Board RB |
||||||||
5.00%, 05/01/24 |
185 | 186,087 | ||||||
5.00%, 08/01/24 |
500 | 504,428 | ||||||
5.00%, 10/01/24 |
440 | 444,803 | ||||||
5.00%, 10/01/24 (ETM) |
30 | 30,363 | ||||||
5.00%, 11/01/24 |
170 | 172,036 | ||||||
Series A, 5.00%, 09/01/24 |
250 | 252,470 | ||||||
Series B, 5.00%, 10/01/24 |
210 | 212,292 | ||||||
Series C, 5.00%, 03/01/24 |
135 | 135,514 | ||||||
Series D, 5.00%, 09/01/24 |
325 | 328,211 | ||||||
Series F, 5.00%, 05/01/24 |
385 | 387,263 | ||||||
Series G, 5.00%, 05/01/24 |
245 | 246,440 | ||||||
Series H, 5.00%, 12/01/24 |
90 | 91,165 | ||||||
Serise A, 5.00%, 03/01/24 |
175 | 175,666 | ||||||
California State University RB |
||||||||
5.00%, 11/01/24 |
435 | 440,936 | ||||||
Series A, 4.00%, 11/01/24 |
75 | 75,295 | ||||||
Series A, 5.00%, 11/01/24 |
1,005 | 1,018,713 | ||||||
Series A, 5.00%, 11/01/29 (PR 11/01/24) |
815 | 825,401 | ||||||
Series A, 5.00%, 11/01/32 (PR 11/01/24) |
300 | 303,828 | ||||||
Series A, 5.00%, 11/01/34 (PR 11/01/24) |
40 | 40,510 | ||||||
Series A, 5.00%, 11/01/39 (PR 11/01/24) |
440 | 445,615 |
24 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
California (continued) | ||||||||
Serise A, 4.00%, 11/01/24 |
$ | 150 | $ | 150,590 | ||||
Cerritos
Community College District GO, |
125 | 121,229 | ||||||
City &
County of San Francisco CA GO, |
430 | 433,542 | ||||||
City
of Long Beach CA Harbor Revenue RB, |
425 | 427,963 | ||||||
City of Los Angeles CA Wastewater System Revenue RB |
||||||||
5.00%, 06/01/24 |
505 | 508,811 | ||||||
Series A, 5.00%, 06/01/24 |
90 | 90,679 | ||||||
City of Los Angeles Department of Airports RB |
||||||||
4.00%, 05/15/24 |
180 | 180,346 | ||||||
5.00%, 05/15/24 |
395 | 397,837 | ||||||
5.00%, 05/15/24 (ETM) |
45 | 45,315 | ||||||
Series B, 5.00%, 05/15/24 |
430 | 433,089 | ||||||
City
of Petaluma CA Wastewater Revenue RB, |
130 | 130,713 | ||||||
City of San Francisco CA Public Utilities Commission |
||||||||
Water Revenue RB |
||||||||
4.00%, 11/01/24 |
130 | 130,524 | ||||||
5.00%, 11/01/24 |
340 | 344,672 | ||||||
Series D, 5.00%, 11/01/24 |
200 | 202,748 | ||||||
City of San Francisco Public Utilities Commission Water Revenue, 5.00%, 11/01/45 (PR 11/01/24) |
1,500 | 1,520,760 | ||||||
City of San Jose CA GO, 5.00%, 09/01/24 |
440 | 444,419 | ||||||
Coast
Community College District GO, |
105 | 105,961 | ||||||
Contra
Costa Transportation Authority RB, |
45 | 45,197 | ||||||
Contra
Costa Transportation Authority Sales Tax Revenue RB, |
75 | 75,328 | ||||||
Contra
Costa Water District RB, |
105 | 106,373 | ||||||
East Bay Municipal Utility District Water System Revenue RB, 5.00%, 06/01/24 |
195 | 196,516 | ||||||
Eastern
Municipal Water District RB, |
225 | 226,942 | ||||||
Escondido
Union High School District GO, |
255 | 247,398 | ||||||
Evergreen School District GO, 0.00%, 08/01/24 (AGC)(a) . |
100 | 96,983 | ||||||
Foothill-De Anza Community College District GO |
||||||||
0.00%, 08/01/24 (NPFGC)(a) |
110 | 106,909 | ||||||
4.00%, 08/01/24 |
160 | 160,380 | ||||||
5.00%, 08/01/24 |
325 | 328,142 | ||||||
Grossmont Union High School District GO |
||||||||
5.00%, 08/01/24 |
150 | 151,450 | ||||||
Series 2004, 0.00%, 08/01/24 (NPFGC)(a) |
425 | 411,938 | ||||||
Long Beach Community College District GO |
||||||||
Series D, 0.00%, 05/01/24 (NPFGC)(a) |
170 | 166,659 | ||||||
Series F, 5.00%, 06/01/24 |
185 | 186,396 | ||||||
Los Angeles Community College District/CA GO |
||||||||
5.00%, 08/01/24 |
1,730 | 1,747,236 | ||||||
Series A, 5.00%, 08/01/24 |
835 | 843,319 | ||||||
Series A, 5.00%, 08/01/26 (PR 08/01/24) |
1,005 | 1,015,309 | ||||||
Series A, 5.00%, 08/01/28 (PR 08/01/24) |
350 | 353,590 | ||||||
Series A, 5.00%, 08/01/31 (PR 08/01/24) |
4,245 | 4,288,546 | ||||||
Series C, 5.00%, 08/01/24 |
805 | 813,020 | ||||||
Los Angeles County Metropolitan Transportation |
||||||||
Authority RB |
||||||||
Series A, 5.00%, 06/01/24 |
850 | 856,463 | ||||||
Series A, 5.00%, 07/01/24 |
940 | 948,175 |
Security |
Par (000) |
Value | ||||||
California (continued) | ||||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB, 5.00%, 07/01/24 |
$ | 400 | $ | 403,479 | ||||
Los Angeles County Public Works Financing Authority RB, Series B, 5.00%, 12/01/24 |
305 | 309,726 | ||||||
Los Angeles County Sanitation Districts Financing Authority RB, Series A, 5.00%, 10/01/24 |
195 | 197,462 | ||||||
Los Angeles Department of Water & Power Power |
||||||||
System Revenue RB |
||||||||
Series A, 5.00%, 07/01/24 |
270 | 272,490 | ||||||
Series B, 5.00%, 07/01/24 |
480 | 484,427 | ||||||
Series C, 5.00%, 07/01/24 |
105 | 105,968 | ||||||
Serise A, 5.00%, 07/01/24 |
80 | 80,738 | ||||||
Los
Angeles Department of Water & Power RB, |
500 | 504,611 | ||||||
Los Angeles Department of Water & Power, RB |
||||||||
Series A, 5.00%, 07/01/24 |
110 | 111,015 | ||||||
Series B, 5.00%, 07/01/24 |
250 | 252,306 | ||||||
Los Angeles Unified School District/CA GO |
||||||||
Series A, 5.00%, 07/01/24 |
2,105 | 2,122,203 | ||||||
Series C, 5.00%, 07/01/24 |
1,250 | 1,260,215 | ||||||
Los
Rios Community College District GO, |
200 | 200,255 | ||||||
Metropolitan Water District of Southern California RB |
||||||||
5.00%, 07/01/24 |
130 | 131,156 | ||||||
5.00%, 10/01/24 |
100 | 101,236 | ||||||
Series A, 5.00%, 07/01/24 |
305 | 307,713 | ||||||
Series B, 4.00%, 10/01/24 |
120 | 120,414 | ||||||
Series C, 5.00%, 07/01/24 |
105 | 105,934 | ||||||
Mount
San Antonio Community College District GO, |
100 | 97,090 | ||||||
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/24 |
|
265 |
|
|
268,746 |
| ||
Newport
Mesa Unified School District GO, |
175 | 176,705 | ||||||
North Orange County Community College District/CA GO, Series B, 0.00%, 08/01/24 (NPFGC)(a) |
120 | 116,380 | ||||||
Orange County Local Transportation Authority Sales Tax Revenue RB, 5.00%, 02/15/24 |
275 | 276,034 | ||||||
Orange
County Water District RB, |
235 | 237,503 | ||||||
Pajaro
Valley Unified School District GO, |
100 | 97,054 | ||||||
Pasadena
Unified School District GO, |
30 | 30,319 | ||||||
Placer
Union High School District/CA GO, |
25 | 24,264 | ||||||
Port of Los Angeles RB, Series A, 5.00%, 08/01/24 |
30 | 30,310 | ||||||
Poway
Unified School District GO, |
100 | 97,064 | ||||||
Riverside County Transportation Commission RB, |
||||||||
Series B, 5.00%, 06/01/24 |
155 | 156,152 | ||||||
Sacramento Municipal Utility District RB |
||||||||
5.00%, 08/15/24 |
60 | 60,644 | ||||||
Series E, 5.00%, 08/15/24 |
300 | 303,219 | ||||||
Salinas
Union High School District GO, Series A, |
20 | 19,239 | ||||||
San
Diego Community College District GO, |
445 | 449,729 | ||||||
San Diego Public Facilities Financing Authority RB, |
||||||||
5.00%, 08/01/24 |
250 | 252,528 |
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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
California (continued) | ||||||||
San
Diego Unified School District/CA, |
$ | 400 | $ | 404,988 | ||||
San Diego Unified School District/CA GO |
||||||||
Series A, 0.00%, 07/01/24(a) |
440 | 428,653 | ||||||
Series A, 0.00%, 07/01/24 (ETM)(a) |
160 | 155,874 | ||||||
Series C-2, 5.50%, 07/01/24 (AGM) |
255 | 258,180 | ||||||
Series D-1, 5.50%, 07/01/24 (NPFGC) |
395 | 399,925 | ||||||
Series G, 0.00%, 07/01/38 (PR 01/01/24)(a) |
600 | 268,535 | ||||||
Series R-4, 5.00%, 07/01/24 |
240 | 242,213 | ||||||
San Francisco Bay Area Rapid Transit District GO, |
||||||||
Series A, 5.00%, 08/01/24 |
155 | 156,521 | ||||||
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, Series A, 5.00%, 07/01/24 |
330 | 332,892 | ||||||
San Francisco City & County Airport Commission San Francisco International Airport RB, Series D, 5.00%, 05/01/24 |
300 | 301,979 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue RB, Series A, 5.00%, 10/01/24 |
295 | 298,698 | ||||||
San Joaquin Delta Community College District GO, |
||||||||
Series C, 5.00%, 08/01/39 (PR 08/01/24) |
1,000 | 1,009,815 | ||||||
San
Jose Evergreen Community College District, |
1,000 | 1,010,945 | ||||||
San
Jose Unified School District GO, |
450 | 454,052 | ||||||
San
Marcos Unified School District GO, |
40 | 38,810 | ||||||
San Mateo County Community College District GO, |
||||||||
Series B, 0.00%, 09/01/24 (NPFGC)(a) |
120 | 116,144 | ||||||
San
Mateo Union High School District GO, |
210 | 210,410 | ||||||
San
Ramon Valley Unified School District/CA GO, |
125 | 126,172 | ||||||
Santa
Clara County Financing Authority RB, |
445 | 451,256 | ||||||
Santa
Clara Valley Transportation Authority, |
340 | 342,644 | ||||||
Santa Clara Valley Transportation Authority RB |
||||||||
Series A, 5.00%, 04/01/24 |
100 | 100,549 | ||||||
Series A, 5.00%, 06/01/24 |
150 | 151,167 | ||||||
Santa
Clara Valley Water District COP, |
295 | 297,193 | ||||||
Santa Monica-Malibu Unified School District GO, |
||||||||
Series C, 4.00%, 07/01/24 |
85 | 85,249 | ||||||
Simi
Valley Unified School District GO, |
250 | 252,398 | ||||||
Solano
County Community College District GO, |
125 | 126,079 | ||||||
Southern California Public Power Authority RB |
||||||||
5.00%, 07/01/24 |
140 | 141,254 | ||||||
Series C, 5.00%, 07/01/24 |
390 | 393,494 | ||||||
State of California, 5.00%, 09/01/24 |
1,700 | 1,719,860 | ||||||
State of California Department of Water Resources RB |
||||||||
5.00%, 12/01/24 |
310 | 314,408 | ||||||
Series AR, 5.00%, 12/01/24 (PR 06/01/24) |
35 | 35,286 | ||||||
Series AS, 5.00%, 12/01/24 |
1,210 | 1,227,206 | ||||||
Series AV, 5.00%, 12/01/24 |
75 | 76,067 | ||||||
Series AW, 5.00%, 12/01/24 |
120 | 121,706 | ||||||
Series AX, 5.00%, 12/01/24 |
260 | 263,697 | ||||||
Series BA, 5.00%, 12/01/24 |
280 | 283,982 | ||||||
State of California GO |
||||||||
4.00%, 03/01/24 |
160 | 160,206 | ||||||
4.00%, 04/01/24 |
115 | 115,192 | ||||||
4.00%, 10/01/24 |
720 | 722,871 |
Security |
Par (000) |
Value | ||||||
California (continued) | ||||||||
5.00%, 03/01/24 |
$ | 1,130 | $ | 1,135,124 | ||||
5.00%, 04/01/24 |
625 | 628,586 | ||||||
5.00%, 05/01/24 |
525 | 528,654 | ||||||
5.00%, 08/01/24 |
90 | 90,943 | ||||||
5.00%, 09/01/24 |
800 | 809,346 | ||||||
5.00%, 10/01/24 |
1,475 | 1,494,021 | ||||||
5.00%, 11/01/24 |
5,220 | 5,292,755 | ||||||
5.00%, 12/01/24 |
100 | 101,475 | ||||||
Series A, 5.00%, 10/01/24 |
175 | 177,257 | ||||||
Series B, 5.00%, 09/01/24 |
1,000 | 1,011,682 | ||||||
Sunnyvale
Elementary School District GO, |
195 | 196,895 | ||||||
University of California RB |
||||||||
4.00%, 05/15/24 |
150 | 150,273 | ||||||
5.00%, 05/15/24 |
1,000 | 1,007,395 | ||||||
5.25%, 05/15/44 (PR 05/15/24) |
2,500 | 2,520,808 | ||||||
Series AM, 5.00%, 05/15/24 |
460 | 463,402 | ||||||
Series AO, 5.00%, 05/15/24 |
625 | 629,622 | ||||||
Upper
Santa Clara Valley Joint Powers Authority, |
275 | 277,821 | ||||||
Walnut
Valley Unified School District GO, |
1,170 | 1,134,041 | ||||||
William
S Hart Union High School District GO, |
125 | 121,318 | ||||||
|
|
|||||||
69,532,375 | ||||||||
Colorado — 0.6% | ||||||||
Board
of Governors of Colorado State University System RB, |
150 | 150,551 | ||||||
City &
County of Denver Co. Airport System Revenue RB |
250 | 252,980 | ||||||
Series A, 5.00%, 11/15/24 |
210 | 212,504 | ||||||
City of Colorado Springs CO Utilities System Revenue RB, Series A-1, 5.00%, 11/15/24 |
50 | 50,561 | ||||||
Colorado Health Facilities Authority, 5.00%, 11/01/24 |
100 | 100,439 | ||||||
County of Boulder CO, 5.00%, 12/01/24 |
390 | 394,306 | ||||||
Denver City & County School District No. 1 COP, |
||||||||
Series A, 5.00%, 12/01/24 |
75 | 75,868 | ||||||
Denver City & County School District No. 1 GO |
||||||||
5.00%, 12/01/24 (SAW) |
450 | 455,540 | ||||||
Series A, 5.50%, 12/01/24 (SAW) |
425 | 432,459 | ||||||
Series B, 5.00%, 12/01/24 (SAW) |
220 | 222,708 | ||||||
E-470
Public Highway Authority RB, |
25 | 24,135 | ||||||
Metro
Wastewater Reclamation District RB, |
240 | 241,140 | ||||||
University of Colorado RB |
||||||||
Series B-1, 5.00%, 06/01/24 |
200 | 201,349 | ||||||
Series C, VRDN,2.00%, 06/01/54 (Put 10/15/24)(b) |
250 | 243,717 | ||||||
|
|
|||||||
3,058,257 | ||||||||
Connecticut — 1.6% | ||||||||
Hartford County Metropolitan District Clean Water Project Revenue RB, Series A, 5.00%, 11/01/34 (PR 11/01/24) |
250 | 252,946 | ||||||
State of Connecticut, 5.00%, 01/15/24 |
200 | 200,454 | ||||||
State of Connecticut Clean Water Fund-State Revolving |
||||||||
Fund, 5.00%, 03/01/24 |
140 | 140,542 | ||||||
State of Connecticut GO |
||||||||
4.00%, 01/15/24 |
615 | 615,171 | ||||||
5.00%, 04/15/24 |
85 | 85,448 | ||||||
Series A, 5.00%, 03/01/24 |
130 | 130,491 |
26 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Connecticut (continued) | ||||||||
Series A, 5.00%, 03/15/24 |
$ | 190 | $ | 190,806 | ||||
Series B, 5.00%, 01/15/24 |
165 | 165,374 | ||||||
Series B, 5.00%, 04/15/24 |
330 | 331,740 | ||||||
Series B, 5.00%, 05/15/24 |
290 | 291,822 | ||||||
Series D, 5.00%, 04/15/24 |
750 | 753,954 | ||||||
Series D, 5.00%, 07/15/24 |
1,500 | 1,511,952 | ||||||
Series E, 5.00%, 09/15/24 |
250 | 252,420 | ||||||
Series E, 5.00%, 10/15/24 |
250 | 252,666 | ||||||
Series F, 5.00%, 09/15/24 |
120 | 121,161 | ||||||
Series F, 5.00%, 11/15/24 |
350 | 354,066 | ||||||
State
of Connecticut Special Tax Obligation RB, |
100 | 100,947 | ||||||
State
of Connecticut Special Tax Revenue, |
440 | 440,772 | ||||||
State of Connecticut Special Tax Revenue RB |
||||||||
5.00%, 10/01/24 |
275 | 277,854 | ||||||
Series A, 4.00%, 05/01/24 |
60 | 60,045 | ||||||
Series A, 5.00%, 05/01/24 |
525 | 527,957 | ||||||
Series A, 5.00%, 08/01/24 |
420 | 423,565 | ||||||
Series A, 5.00%, 09/01/24 |
455 | 459,310 | ||||||
University of Connecticut RB, 5.00%, 02/15/24 |
100 | 100,287 | ||||||
|
|
|||||||
8,041,750 | ||||||||
Delaware — 0.6% | ||||||||
City of Wilmington DE GO, 4.00%, 12/01/24 |
100 | 100,015 | ||||||
County of New Castle DE GO, 5.00%, 10/01/24 |
570 | 576,068 | ||||||
Delaware Transportation Authority RB |
||||||||
4.00%, 07/01/24 |
360 | 360,583 | ||||||
5.00%, 07/01/24 |
625 | 630,067 | ||||||
State of Delaware, 5.00%, 07/01/24 |
550 | 554,531 | ||||||
State of Delaware GO |
||||||||
5.00%, 03/01/24 |
570 | 572,283 | ||||||
Series 2009C, 5.00%, 10/01/24 |
220 | 222,520 | ||||||
Series A, 5.00%, 10/01/24 |
100 | 101,145 | ||||||
Series B, 5.00%, 07/01/27 (PR 07/01/24) |
85 | 85,656 | ||||||
|
|
|||||||
3,202,868 | ||||||||
District of Columbia — 1.0% | ||||||||
District of Columbia GO |
||||||||
Series A, 4.00%, 06/01/24 |
90 | 90,116 | ||||||
Series A, 5.00%, 10/15/24 |
150 | 151,740 | ||||||
Series B, 5.00%, 06/01/24 |
645 | 649,498 | ||||||
Series D, 5.00%, 06/01/24 |
475 | 478,312 | ||||||
District of Columbia RB |
||||||||
5.00%, 12/01/24 |
145 | 146,693 | ||||||
Series B, 5.00%, 10/01/24 |
1,595 | 1,611,981 | ||||||
District of Columbia Water & Sewer Authority RB, |
||||||||
Series B, 5.00%, 10/01/24 |
820 | 828,951 | ||||||
Metropolitan Washington Airports Authority Aviation |
||||||||
Revenue RB, Series B, 5.00%, 10/01/24 |
35 | 35,313 | ||||||
Washington Metropolitan Area Transit Authority |
||||||||
Dedicated Revenue, 5.00%, 07/15/24 |
1,080 | 1,088,231 | ||||||
|
|
|||||||
5,080,835 | ||||||||
Florida — 2.7% | ||||||||
Broward County FL Water & Sewer Utility Revenue RB, Series B, 5.00%, 10/01/24 |
155 | 156,289 | ||||||
Central
Florida Expressway Authority RB, |
75 | 75,524 | ||||||
City
of Jacksonville FL RB, Series B, |
25 | 25,248 | ||||||
City
of Tampa FL Water & Wastewater System Revenue RB, |
25 | 25,277 |
Security |
Par (000) |
Value | ||||||
Florida (continued) | ||||||||
County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/24 |
$ | 50 | $ | 50,540 | ||||
County
of Miami-Dade FL Aviation Revenue RB, |
185 | 186,472 | ||||||
County of Miami-Dade FL GO |
||||||||
Series A, 5.00%, 07/01/24 |
370 | 372,563 | ||||||
Series B, 5.00%, 07/01/24 |
100 | 100,693 | ||||||
County
of Miami-Dade FL Transit System RB, |
435 | 437,473 | ||||||
County
of Miami-Dade FL Water & Sewer System Revenue RB |
1,230 | 1,241,991 | ||||||
Series B, 5.00%, 10/01/24 |
255 | 257,486 | ||||||
County
of Orange FL Sales Tax Revenue RB, |
130 | 130,228 | ||||||
County of Sarasota FL RB, 5.00%, 10/01/24 |
45 | 45,455 | ||||||
Florida Department of Environmental Protection RB |
||||||||
5.00%, 07/01/24 |
585 | 589,283 | ||||||
Series A, 5.00%, 07/01/24 |
445 | 448,258 | ||||||
Florida
Municipal Power Agency RB, |
100 | 100,885 | ||||||
Florida
State Development Commission RB, |
100 | 100,765 | ||||||
Florida’s
Turnpike Enterprise RB, |
415 | 417,929 | ||||||
Hillsborough
County School Board COP, |
120 | 120,643 | ||||||
Lee County School Board (The) COP, 5.00%, 08/01/24 |
100 | 100,606 | ||||||
Miami-Dade
County Expressway Authority RB, Series B, |
280 | 281,099 | ||||||
Orange
County Convention Center/Orlando RB, |
190 | 191,172 | ||||||
Orange County School Board COP |
||||||||
Series B, 5.00%, 08/01/24 |
15 | 15,116 | ||||||
Series D, 5.00%, 08/01/24 |
50 | 50,388 | ||||||
Orlando
Utilities Commission RB, |
540 | 545,555 | ||||||
Palm Beach County School District, 5.00%, 08/01/24 |
500 | 503,215 | ||||||
Palm Beach County School District COP, Series B, |
||||||||
5.00%, 08/01/24 |
280 | 281,800 | ||||||
Pasco
County School Board COP, Series A, |
75 | 75,455 | ||||||
Reedy Creek Improvement District GOL, Series A, |
||||||||
5.00%, 06/01/24 |
190 | 190,999 | ||||||
School Board of Miami-Dade County (The) COP |
||||||||
Series A, 5.00%, 05/01/24 |
315 | 316,265 | ||||||
Series D, 5.00%, 02/01/24 |
725 | 726,353 | ||||||
School
Board of Miami-Dade County (The) GO, |
210 | 210,868 | ||||||
School District of Broward County/FL COP |
||||||||
Series A, 5.00%, 07/01/24 |
675 | 678,970 | ||||||
Series B, 5.00%, 07/01/24 |
20 | 20,118 | ||||||
Series C, 5.00%, 07/01/24 |
200 | 201,176 | ||||||
State of Florida Department of Transportation RB |
||||||||
5.00%, 07/01/24 |
175 | 176,304 | ||||||
Series A, 5.00%, 07/01/24 |
450 | 453,206 | ||||||
State of Florida Department of Transportation Turnpike |
||||||||
System Revenue RB, Series A, 5.00%, 07/01/24 |
250 | 251,765 | ||||||
State of Florida GO |
||||||||
5.00%, 07/01/24 |
850 | 856,779 | ||||||
Seires E, 5.00%, 06/01/24 |
200 | 201,337 |
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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Florida (continued) | ||||||||
Series A, 5.00%, 01/01/24 |
$ | 230 | $ | 230,411 | ||||
Series A, 5.00%, 07/01/24 |
180 | 181,436 | ||||||
Series B, 5.00%, 06/01/24 |
350 | 352,340 | ||||||
Series C, 5.00%, 06/01/24 |
220 | 221,471 | ||||||
State of Florida Lottery Revenue RB |
||||||||
Series A, 5.00%, 07/01/24 |
290 | 292,085 | ||||||
Series B, 5.00%, 07/01/24 |
940 | 946,758 | ||||||
Volusia County School Board RB, 5.00%, 10/01/24 |
20 | 20,217 | ||||||
|
|
|||||||
13,456,266 | ||||||||
Georgia — 2.5% | ||||||||
City of Atlanta Department of Aviation, 5.00%, 07/01/24 |
250 | 251,912 | ||||||
City of Atlanta GA, 5.00%, 12/01/24 |
250 | 253,290 | ||||||
City
of Atlanta GA Airport Passenger Facility Charge RB, |
695 | 696,081 | ||||||
City
of Atlanta GA Department of Aviation RB, |
100 | 100,765 | ||||||
City of Atlanta GA GOL, 5.00%, 12/01/32 (PR 12/01/24) |
930 | 941,350 | ||||||
City
of Atlanta GA Water & Wastewater Revenue RB |
975 | 986,011 | ||||||
Series B, 5.00%, 11/01/24 |
145 | 146,637 | ||||||
Columbia
County School District GO, 4.00%, 10/01/24 |
120 | 120,264 | ||||||
County of DeKalb GA GO, 5.00%, 12/01/24 |
130 | 131,600 | ||||||
County of Forsyth GA GO, 5.00%, 09/01/24 |
305 | 308,113 | ||||||
County of Henry GA GO, 5.00%, 05/01/24 |
200 | 201,185 | ||||||
Douglas
County School District/GA GO, 5.00%, 04/01/24 |
235 | 236,145 | ||||||
Fayette
County School District/GA GO, 5.25%, 09/01/24 |
105 | 106,267 | ||||||
Forsyth
County School District, 4.00%, 02/01/33 |
3,030 | 3,030,641 | ||||||
Georgia Ports Authority RB, 5.00%, 07/01/24 |
200 | 201,399 | ||||||
Gwinnett County School District GO, 5.00%, 02/01/24 |
100 | 100,274 | ||||||
Gwinnett
County Water & Sewerage Authority RB, |
1,500 | 1,502,572 | ||||||
Metropolitan
Atlanta Rapid Transit Authority RB, Series A, |
395 | 395,434 | ||||||
Private
Colleges & Universities Authority RB, Series B, |
100 | 101,074 | ||||||
State of Georgia GO |
||||||||
5.00%, 07/01/24 |
2,000 | 2,016,213 | ||||||
Series A-1, 5.00%, 02/01/24 |
655 | 656,906 | ||||||
Series E, 5.00%, 12/01/24 |
320 | 324,279 | ||||||
|
|
|||||||
12,808,412 | ||||||||
Hawaii — 1.6% | ||||||||
City & County Honolulu HI Wastewater System |
||||||||
Revenue RB |
||||||||
5.00%, 07/01/24 |
100 | 100,778 | ||||||
Series A, 5.00%, 07/01/24 |
145 | 146,128 | ||||||
Series B, 5.00%, 07/01/24 |
225 | 226,750 | ||||||
City &
County Honolulu Wastewater System Revenue, |
250 | 251,945 | ||||||
City & County of Honolulu, 4.00%, 08/01/24 |
120 | 120,162 | ||||||
City & County of Honolulu HI GO |
||||||||
4.00%, 07/01/24 |
265 | 265,308 | ||||||
5.00%, 08/01/24 |
425 | 428,670 | ||||||
Series A, 5.00%, 10/01/24 |
100 | 101,056 | ||||||
Series B, 5.00%, 10/01/24 |
105 | 106,108 | ||||||
Series C, 5.00%, 10/01/24 |
120 | 121,267 |
Security |
Par (000) |
Value | ||||||
Hawaii (continued) | ||||||||
County of Hawaii HI GO |
||||||||
5.00%, 09/01/24 |
$ | 670 | $ | 676,346 | ||||
Series B, 4.00%, 09/01/24 |
60 | 60,083 | ||||||
County of Maui HI GO, 5.00%, 09/01/24 |
35 | 35,352 | ||||||
Honolulu City & County Board of Water Supply RB |
||||||||
4.00%, 07/01/36 (PR 07/01/24) |
580 | 580,524 | ||||||
5.00%, 07/01/27 (PR 07/01/24) |
275 | 277,031 | ||||||
Series A, 5.00%, 07/01/24 |
150 | 151,049 | ||||||
State of Hawaii, 5.00%, 08/01/33 (PR 08/01/24) |
2,500 | 2,521,772 | ||||||
State of Hawaii GO |
||||||||
5.00%, 04/01/24 |
500 | 502,251 | ||||||
Series EY, 5.00%, 10/01/24 |
90 | 90,877 | ||||||
Series EZ, 5.00%, 10/01/24 |
880 | 888,579 | ||||||
Series FN, 5.00%, 10/01/24 |
35 | 35,341 | ||||||
State
of Hawaii State Highway Fund RB, Series B, |
230 | 230,392 | ||||||
|
|
|||||||
7,917,769 | ||||||||
Idaho — 0.4% | ||||||||
Idaho Housing & Finance Association RB |
||||||||
5.00%, 07/15/24 |
1,995 | 2,009,514 | ||||||
Series A, 5.00%, 07/15/24 |
25 | 25,182 | ||||||
|
|
|||||||
2,034,696 | ||||||||
Illinois — 3.0% | ||||||||
Chicago
O’Hare International Airport, Series B, |
130 | 130,200 | ||||||
Chicago O’Hare International Airport RB |
||||||||
Series B, 5.00%, 01/01/24 |
710 | 711,093 | ||||||
Series C, 5.00%, 01/01/24 |
320 | 320,493 | ||||||
Series D, 5.00%, 01/01/24 |
205 | 205,315 | ||||||
Series E, 5.00%, 01/01/24 |
975 | 976,501 | ||||||
Chicago
Transit Authority Capital Grant Receipts |
155 | 155,426 | ||||||
Illinois Finance Authority RB |
||||||||
5.00%, 01/01/24 |
510 | 510,844 | ||||||
5.00%, 02/15/24 |
455 | 455,993 | ||||||
5.00%, 07/01/24 |
1,055 | 1,062,515 | ||||||
Series A, 5.00%, 10/01/24 |
425 | 429,105 | ||||||
Illinois State Toll Highway Authority RB |
||||||||
5.00%, 01/01/24 |
185 | 185,279 | ||||||
Series D, 5.00%, 01/01/24 |
1,645 | 1,647,477 | ||||||
Metropolitan
Water Reclamation District of Greater |
400 | 404,205 | ||||||
State of Illinois, 5.00%, 10/01/24 |
130 | 130,710 | ||||||
State of Illinois GO |
||||||||
5.00%, 02/01/24 |
725 | 725,913 | ||||||
5.00%, 03/01/24 |
540 | 540,955 | ||||||
5.00%, 04/01/24 |
605 | 606,406 | ||||||
5.00%, 05/01/24 |
1,720 | 1,724,970 | ||||||
5.00%, 12/01/24 |
250 | 251,616 | ||||||
Series A, 4.00%, 05/01/24 |
295 | 294,426 | ||||||
Series A, 5.00%, 03/01/24 |
130 | 130,230 | ||||||
Series A, 5.00%, 10/01/24 |
65 | 65,355 | ||||||
Series A, 5.00%, 11/01/24 |
250 | 251,497 | ||||||
Series A, 5.00%, 12/01/24 |
50 | 50,323 | ||||||
Series B, 5.00%, 12/01/24 |
500 | 503,231 | ||||||
Series D, 5.00%, 11/01/24 |
2,420 | 2,434,261 | ||||||
State of Illinois RB |
||||||||
Series C, 4.00%, 06/15/24 |
25 | 24,943 | ||||||
Series C, 5.00%, 06/15/24 |
200 | 201,129 |
28 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Illinois (continued) | ||||||||
Series D, 5.00%, 06/15/24 |
$ | 75 | $ | 75,282 | ||||
|
|
|||||||
15,205,693 | ||||||||
Indiana — 1.5% | ||||||||
Ball State University RB, 5.00%, 07/01/24 |
200 | 201,386 | ||||||
Indiana Finance Authority RB |
||||||||
5.00%, 02/01/24 |
1,500 | 1,504,215 | ||||||
5.00%, 10/01/24 |
1,150 | 1,161,418 | ||||||
Series A, 5.00%, 02/01/24 |
105 | 105,295 | ||||||
Series A, 5.00%, 10/01/24 |
50 | 50,496 | ||||||
Series B, 5.00%, 02/01/24 |
490 | 491,377 | ||||||
Series C, 5.00%, 12/01/24 |
1,765 | 1,786,915 | ||||||
Indiana Municipal Power Agency RB |
||||||||
5.00%, 01/01/24 |
375 | 375,621 | ||||||
Series C, 5.00%, 01/01/24 |
465 | 465,770 | ||||||
Indiana
Transportation Finance Authority RB, Series C, |
300 | 305,744 | ||||||
Indiana University RB |
||||||||
Series A, 5.00%, 06/01/24 |
435 | 438,008 | ||||||
Series W-2, 5.00%, 08/01/24 |
190 | 191,697 | ||||||
Indianapolis Local Public Improvement Bond Bank RB, |
||||||||
Series A, 5.00%, 01/15/24 |
345 | 345,768 | ||||||
Purdue University RB, 5.00%, 07/01/24 |
250 | 251,830 | ||||||
|
|
|||||||
7,675,540 | ||||||||
Iowa — 0.3% | ||||||||
Iowa Finance Authority RB, 5.00%, 08/01/24 |
895 | 902,729 | ||||||
State of Iowa RB, 5.00%, 06/15/24 |
375 | 377,331 | ||||||
|
|
|||||||
1,280,060 | ||||||||
Kansas — 0.5% | ||||||||
City of Merriam KS GO, 5.00%, 10/01/24 |
125 | 126,365 | ||||||
City
of Wichita KS Water & Sewer Utility Revenue RB, |
200 | 202,040 | ||||||
Johnson
County Unified School District No. 229 Blue |
70 | 70,726 | ||||||
Johnson
County Water District No. 1 RB, 5.00%, |
105 | 105,182 | ||||||
Kansas
Development Finance Authority RB, |
400 | 402,116 | ||||||
Sedgwick
County Unified School District No. 259 Wichita |
170 | 169,995 | ||||||
Sedgwick
County Unified School District No. 262 Valley |
250 | 248,223 | ||||||
Sedgwick
County Unified School District No. 266 Maize |
150 | 151,249 | ||||||
State
of Kansas Department of Transportation RB |
100 | 98,651 | ||||||
Series A, 5.00%, 09/01/24 |
1,200 | 1,211,072 | ||||||
|
|
|||||||
2,785,619 | ||||||||
Kentucky — 0.1% | ||||||||
Kentucky Turnpike Authority RB, 5.00%, 07/01/24 |
225 | 226,279 | ||||||
Louisville &
Jefferson County Metropolitan Sewer District RB, |
280 | 281,819 | ||||||
|
|
|||||||
508,098 | ||||||||
Louisiana — 1.2% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority RB, 5.00%, 10/01/33 (PR 10/01/24) |
2,000 | 2,018,780 | ||||||
Louisiana
State University & Agricultural & Mechanical |
1,000 | 1,006,404 | ||||||
St
Tammany Parish Wide School District No. 12 GO, |
1,125 | 1,129,208 |
Security |
Par (000) |
Value | ||||||
Louisiana (continued) | ||||||||
State of Louisiana GO |
||||||||
5.00%, 05/01/24 |
$ | 300 | $ | 301,499 | ||||
5.00%, 12/01/24 |
125 | 126,380 | ||||||
Series A, 5.00%, 04/01/24 |
500 | 502,046 | ||||||
Series A, 5.00%, 09/01/24 |
140 | 141,177 | ||||||
Series B, 5.00%, 05/01/24 |
25 | 25,125 | ||||||
Series C, 5.00%, 08/01/24 |
110 | 110,829 | ||||||
Series D-2, 5.00%, 12/01/24 |
150 | 151,656 | ||||||
State of Louisiana RB, 5.00%, 09/01/24 |
485 | 489,079 | ||||||
|
|
|||||||
6,002,183 | ||||||||
Maine — 0.5% | ||||||||
City of Portland ME GO, 5.00%, 10/01/24 |
170 | 171,734 | ||||||
Maine Municipal Bond Bank, 5.00%, 09/01/24 |
105 | 105,960 | ||||||
Maine Municipal Bond Bank RB |
||||||||
Series A, 5.00%, 09/01/24 |
130 | 131,189 | ||||||
Series A, 5.00%, 11/01/24 |
180 | 182,103 | ||||||
Series B, 5.00%, 11/01/24 |
110 | 111,285 | ||||||
Series C, 5.00%, 11/01/24 |
435 | 440,083 | ||||||
Series D, 5.00%, 11/01/24 |
115 | 116,344 | ||||||
Maine Turnpike Authority, 5.00%, 07/01/24 |
195 | 196,440 | ||||||
Maine Turnpike Authority RB, 5.00%, 07/01/24 |
150 | 151,108 | ||||||
State of Maine GO, Series B, 5.00%, 06/01/24 |
745 | 749,768 | ||||||
|
|
|||||||
2,356,014 | ||||||||
Maryland — 4.0% | ||||||||
City of Baltimore MD RB, Series A, 5.00%, 07/01/24 |
300 | 302,196 | ||||||
County of Anne Arundel MD GOL, 5.00%, 10/01/24 |
1,040 | 1,051,352 | ||||||
County of Baltimore MD GO |
||||||||
5.00%, 02/01/24 |
100 | 100,291 | ||||||
5.00%, 03/01/24 |
705 | 707,777 | ||||||
5.00%, 08/01/24 |
350 | 353,203 | ||||||
County of Carroll MD GO, 5.00%, 11/01/24 |
225 | 227,629 | ||||||
County of Charles MD GO, 5.00%, 10/01/24 |
100 | 101,065 | ||||||
County of Frederick MD GO, Series A, 5.00%, 08/01/24 |
25 | 25,225 | ||||||
County of Howard MD GO |
||||||||
Series B, 5.00%, 02/15/24 |
55 | 55,189 | ||||||
Series C, 5.00%, 02/15/24 |
75 | 75,258 | ||||||
County of Montgomery MD, 5.00%, 11/01/27 |
||||||||
(PR 11/01/24) |
830 | 839,374 | ||||||
County of Montgomery MD GO |
||||||||
Series A, 4.00%, 11/01/31 (PR 11/01/24) |
1,000 | 1,001,601 | ||||||
Series A, 5.00%, 11/01/24 |
350 | 354,260 | ||||||
Series A, 5.00%, 12/01/24 |
125 | 126,645 | ||||||
Series A, 5.00%, 11/01/26 (PR 11/01/24) |
465 | 470,251 | ||||||
Series B, 5.00%, 11/01/24 |
50 | 50,609 | ||||||
County of Prince George’s MD, 5.00%, 07/01/24 |
900 | 907,178 | ||||||
County
of Prince George’s MD GOL, Series A, 4.00%, |
430 | 430,839 | ||||||
Maryland
Health & Higher Educational Facilities Authority RB, |
1,500 | 1,511,054 | ||||||
Maryland
State Transportation Authority RB, |
165 | 166,294 | ||||||
State of Maryland Department of Transportation RB |
||||||||
4.00%, 09/01/24 |
235 | 235,440 | ||||||
5.00%, 05/01/24 |
360 | 362,134 | ||||||
5.00%, 10/01/24 |
755 | 763,309 | ||||||
5.00%, 11/01/24 |
510 | 516,159 | ||||||
State of Maryland GO |
||||||||
Series A, 5.00%, 03/15/24 |
545 | 547,394 | ||||||
Series B, 5.00%, 08/01/24 |
2,510 | 2,532,784 | ||||||
Series C, 5.00%, 08/01/24 |
1,185 | 1,195,757 |
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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Maryland (continued) | ||||||||
Washington
Suburban Sanitary Commission RB |
$ | 90 | $ | 90,101 | ||||
4.00%, 06/01/37 (PR 06/01/24) (GTD) |
5,000 | 5,003,884 | ||||||
|
|
|||||||
20,104,252 | ||||||||
Massachusetts — 2.7% | ||||||||
Boston
Water & Sewer Commission RB, 3.50%, 11/01/31 |
1,000 | 997,722 | ||||||
City of Boston MA GO |
||||||||
5.00%, 04/01/24 |
1,070 | 1,074,993 | ||||||
Series A, 5.00%, 11/01/24 |
710 | 719,130 | ||||||
Series B, 5.00%, 04/01/24 |
105 | 105,490 | ||||||
Commonwealth
of Massachusetts, |
155 | 155,787 | ||||||
Commonwealth of Massachusetts GO |
||||||||
Series C, 5.00%, 10/01/24 |
100 | 101,146 | ||||||
Series C, 5.50%, 12/01/24 (AMBAC) |
135 | 137,556 | ||||||
Commonwealth of Massachusetts GOL |
||||||||
5.00%, 01/01/24 |
1,700 | 1,703,293 | ||||||
Series 7, 5.00%, 07/01/24 |
130 | 131,071 | ||||||
Series A, 5.00%, 01/01/24 |
250 | 250,484 | ||||||
Series A, 5.00%, 07/01/24 |
80 | 80,659 | ||||||
Series B, 5.00%, 11/01/24 |
1,115 | 1,129,011 | ||||||
Series C, 5.00%, 07/01/24 |
60 | 60,494 | ||||||
Series C, 5.00%, 10/01/24 |
375 | 379,296 | ||||||
Series H, 5.00%, 12/01/24 |
730 | 739,915 | ||||||
Commonwealth
of Massachusetts Transportation Fund |
230 | 231,551 | ||||||
Massachusetts Bay Transportation Authority RB |
||||||||
Series A, 5.00%, 07/01/24 |
1,090 | 1,098,765 | ||||||
Series C, 5.50%, 07/01/24 |
325 | 328,667 | ||||||
Massachusetts
Bay Transportation Authority Sales Tax |
215 | 217,398 | ||||||
Massachusetts Clean Water Trust (The) RB |
||||||||
5.00%, 08/01/24 |
435 | 439,109 | ||||||
Series 22, 5.00%, 08/01/24 |
675 | 681,277 | ||||||
Massachusetts School Building Authority RB |
||||||||
5.00%, 11/15/24 |
380 | 384,608 | ||||||
Series C, 5.00%, 08/15/24 |
260 | 262,366 | ||||||
Massachusetts State College Building Authority, |
||||||||
5.00%, 05/01/24 (ST INTERCEPT) |
200 | 201,205 | ||||||
Massachusetts Transportation Trust Fund Metropolitan |
||||||||
Highway System Revenue RB, 5.00%, 01/01/24 |
195 | 195,365 | ||||||
Massachusetts
Water Resources Authority, |
310 | 312,700 | ||||||
Massachusetts Water Resources Authority RB |
||||||||
5.00%, 08/01/24 (ETM) |
285 | 287,482 | ||||||
Series B, 5.00%, 08/01/24 |
20 | 20,174 | ||||||
Series C, 5.00%, 08/01/24 |
655 | 661,065 | ||||||
University
of Massachusetts Building Authority RB |
125 | 125,741 | ||||||
Series 2021-1, 5.00%, 11/01/24 |
285 | 288,358 | ||||||
|
|
|||||||
13,501,878 | ||||||||
Michigan — 1.8% | ||||||||
Chippewa
Valley Schools GO, Series B, 5.00%, 05/01/24 |
250 | 251,310 | ||||||
Great
Lakes Water Authority Sewage Disposal System |
100 | 100,608 | ||||||
Michigan Finance Authority RB |
||||||||
5.00%, 07/01/24 (AGM) |
100 | 100,412 | ||||||
5.00%, 10/01/24 |
140 | 141,465 | ||||||
Series B, 5.00%, 10/01/24 |
205 | 207,146 |
Security |
Par (000) |
Value | ||||||
Michigan (continued) | ||||||||
Series C-3, 5.00%, 07/01/24 (AGM) |
$ | 115 | $ | 115,474 | ||||
Michigan State Building Authority RB |
||||||||
4.00%, 10/15/24 |
150 | 150,182 | ||||||
5.00%, 04/15/24 |
380 | 381,952 | ||||||
Series I, 5.00%, 04/15/24 |
720 | 723,699 | ||||||
Michigan State University RB, 4.00%, 02/15/24 |
410 | 410,062 | ||||||
Oxford Area Community School District GO, Series A, |
||||||||
5.00%, 05/01/24 |
15 | 15,082 | ||||||
Royal Oak Hospital Finance Authority RB, |
||||||||
5.00%, 09/01/39 (PR 03/01/24) |
2,355 | 2,361,089 | ||||||
State of Michigan GO, Series A, 5.00%, 12/01/24 |
245 | 248,328 | ||||||
State of Michigan RB, 5.00%, 03/15/24 |
2,465 | 2,474,012 | ||||||
State of Michigan Trunk Line Revenue RB, |
||||||||
5.00%, 11/15/24 |
780 | 789,696 | ||||||
University of Michigan, 5.00%, 04/01/24 |
250 | 251,228 | ||||||
University of Michigan RB, Series A, 5.00%, 04/01/24 |
140 | 140,688 | ||||||
Wayne County Airport Authority RB, Series C, 5.00%, 12/01/24 |
50 | 50,552 | ||||||
|
|
|||||||
8,912,985 | ||||||||
Minnesota — 1.3% | ||||||||
City of Minneapolis MN GO, 5.00%, 12/01/24 |
400 | 404,967 | ||||||
County of Hennepin MN GO, Series A, 5.00%, 12/01/24 |
350 | 354,309 | ||||||
Metropolitan Council GO |
||||||||
Series A, 5.00%, 03/01/24 |
50 | 50,192 | ||||||
Series C, 5.00%, 03/01/24 |
835 | 838,207 | ||||||
Series E, 5.00%, 12/01/24 |
255 | 258,328 | ||||||
Minneapolis-St Paul Metropolitan Airports Commission RB |
||||||||
5.00%, 01/01/24 |
200 | 200,318 | ||||||
Series B, 5.00%, 01/01/24 |
440 | 440,699 | ||||||
Minnesota
Municipal Power Agency RB, Series A, |
160 | 161,775 | ||||||
Minnesota Public Facilities Authority RB |
||||||||
5.00%, 03/01/24 |
500 | 501,837 | ||||||
Series B, 3.00%, 03/01/24 |
610 | 607,394 | ||||||
Rosemount-Apple
Valley-Eagan Independent School |
115 | 115,306 | ||||||
Southern Minnesota Municipal Power Agency RB, |
||||||||
Series A, 4.00%, 01/01/24 |
100 | 100,003 | ||||||
State of Minnesota GO |
||||||||
5.00%, 09/01/24 |
1,115 | 1,126,199 | ||||||
Series A, 5.00%, 08/01/24 |
1,260 | 1,271,345 | ||||||
Series B, 5.00%, 08/01/24 |
105 | 105,945 | ||||||
Series B, 5.00%, 10/01/24 |
155 | 156,720 | ||||||
Series E, 5.00%, 10/01/24 |
75 | 75,832 | ||||||
|
|
|||||||
6,769,376 | ||||||||
Mississippi — 0.1% | ||||||||
State of Mississippi GO |
||||||||
Series B, 5.00%, 09/01/24 |
90 | 90,867 | ||||||
Series C, 4.00%, 10/01/24 |
70 | 70,091 | ||||||
Series C, 5.00%, 10/01/24 |
530 | 535,405 | ||||||
|
|
|||||||
696,363 | ||||||||
Missouri — 0.9% | ||||||||
City
of Springfield MO Public Utility Revenue RB, |
275 | 277,172 | ||||||
Curators
of the University of Missouri (The), Series A, |
500 | 505,598 | ||||||
Metropolitan
St Louis Sewer District RB, |
155 | 155,926 |
30 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Missouri (continued) | ||||||||
Missouri Highway & Transportation Commission RB |
||||||||
Series A, 5.00%, 05/01/24 |
$ | 820 | $ | 824,780 | ||||
Series A, Series A, 5.00%, 05/01/24 |
130 | 130,758 | ||||||
Series B, 5.00%, 05/01/24 |
110 | 110,641 | ||||||
Missouri State Board of Public Buildings RB |
||||||||
Series A, 4.00%, 04/01/24 |
300 | 300,133 | ||||||
Series A, 5.00%, 04/01/24 |
1,170 | 1,175,267 | ||||||
Missouri State Environmental Improvement & Energy |
||||||||
Resources Authority RB |
||||||||
Series A, 5.00%, 01/01/24 |
1,000 | 1,001,871 | ||||||
Series B, 4.00%, 07/01/24 |
135 | 135,201 | ||||||
|
|
|||||||
4,617,347 | ||||||||
Montana — 0.0% | ||||||||
State of Montana GO, 5.00%, 08/01/24 |
235 | 236,787 | ||||||
|
|
|||||||
Nebraska — 0.7% | ||||||||
City of Omaha NE GO |
||||||||
Series A, 5.00%, 01/15/24 |
150 | 150,349 | ||||||
Series B, 5.00%, 04/15/24 |
175 | 175,946 | ||||||
Series B, 5.00%, 11/15/24 |
55 | 55,695 | ||||||
Series B, 5.00%, 11/15/26 (PR 11/15/24) |
50 | 50,611 | ||||||
Nebraska Public Power District RB |
||||||||
Series A-1, 5.00%, 01/01/24 |
365 | 365,592 | ||||||
Series C, 5.00%, 01/01/24 |
1,230 | 1,231,995 | ||||||
Omaha Public Power District Nebraska City Station Unit |
||||||||
2 RB, Series A, 5.00%, 02/01/24 |
205 | 205,459 | ||||||
Omaha Public Power District RB |
||||||||
Series A, 5.00%, 02/01/24 |
50 | 50,124 | ||||||
Series B, 5.00%, 02/01/31 (PR 08/01/24) |
1,240 | 1,249,886 | ||||||
|
|
|||||||
3,535,657 | ||||||||
Nevada — 1.7% | ||||||||
Clark County School District GOL |
||||||||
Series A, 5.00%, 06/15/24 |
350 | 352,176 | ||||||
Series B, 5.00%, 06/15/24 |
185 | 186,150 | ||||||
Series C, 5.00%, 06/15/24 |
660 | 664,104 | ||||||
Clark County Water Reclamation District GOL, |
||||||||
5.00%, 07/01/24 |
215 | 216,630 | ||||||
County of Clark NV, 5.00%, 11/01/24 |
200 | 202,141 | ||||||
County of Clark NV GOL |
||||||||
5.00%, 06/01/24 |
135 | 135,825 | ||||||
5.00%, 11/01/24 |
220 | 222,356 | ||||||
5.00%, 12/01/24 |
265 | 268,066 | ||||||
Series A, 5.00%, 11/01/24 |
210 | 212,248 | ||||||
Series B, 5.00%, 11/01/24 |
275 | 277,944 | ||||||
Serise A, 5.00%, 12/01/24 |
300 | 303,471 | ||||||
County of Clark NV Passenger Facility Charge |
||||||||
Revenue RB |
||||||||
5.00%, 07/01/24 |
940 | 946,266 | ||||||
Series C, 5.00%, 07/01/24 |
365 | 367,433 | ||||||
County of Clark NV RB, 5.00%, 07/01/24 |
495 | 498,472 | ||||||
Las Vegas Valley Water District, 5.00%, 12/01/24 |
260 | 263,146 | ||||||
Las Vegas Valley Water District GOL |
||||||||
Series A, 5.00%, 02/01/24 |
150 | 150,354 | ||||||
Series B, 5.00%, 06/01/24 |
1,300 | 1,307,576 | ||||||
State of Nevada GOL |
||||||||
5.00%, 08/01/24 |
100 | 100,790 | ||||||
Series B, 5.00%, 11/01/24 |
285 | 288,470 | ||||||
Series D, 5.00%, 04/01/24 |
875 | 879,299 | ||||||
State of Nevada Highway Improvement Revenue RB |
||||||||
5.00%, 12/01/24 |
495 | 501,934 | ||||||
Series A, Series A, 5.00%, 12/01/24 |
100 | 101,401 |
Security |
Par (000) |
Value | ||||||
Nevada (continued) | ||||||||
Washoe County School District/NV GOL, Series A, |
||||||||
5.00%, 06/01/24 |
$ | 105 | $ | 105,552 | ||||
|
|
|||||||
8,551,804 | ||||||||
New Hampshire — 0.1% | ||||||||
New
Hampshire Health and Education Facilities Authority |
50 | 50,356 | ||||||
New Hampshire Municipal Bond Bank RB |
||||||||
Series B, 5.00%, 08/15/24 |
50 | 50,471 | ||||||
Series E, 5.00%, 08/15/24 |
15 | 15,141 | ||||||
State of New Hampshire GO, Series B, 5.00%, 12/01/24 |
210 | 212,674 | ||||||
|
|
|||||||
328,642 | ||||||||
New Jersey — 2.5% | ||||||||
County
of Essex NJ GO, Series B, 5.00%, 09/01/24 |
110 | 111,096 | ||||||
County of Monmouth NJ, 5.00%, 07/15/24 |
145 | 146,337 | ||||||
Monmouth
County Improvement Authority (The) RB |
115 | 116,513 | ||||||
Series A, 4.00%, 08/01/24 |
400 | 400,686 | ||||||
New Jersey Economic Development Authority, |
||||||||
5.00%, 11/01/24 |
130 | 131,202 | ||||||
New Jersey Economic Development Authority RB |
||||||||
5.00%, 03/01/24 |
500 | 501,524 | ||||||
5.00%, 06/15/24 |
720 | 724,256 | ||||||
Series AAA, 4.00%, 06/15/24 |
120 | 119,984 | ||||||
Series N-1, 5.50%, 09/01/24 (AMBAC) |
55 | 55,640 | ||||||
Series PP, 5.00%, 06/15/27 (PR 06/15/24) |
2,285 | 2,298,618 | ||||||
Series UU, 5.00%, 06/15/24 |
190 | 191,123 | ||||||
Series XX, 4.00%, 06/15/24 (SAP) |
735 | 734,899 | ||||||
Series XX, 5.00%, 06/15/24 (SAP) |
135 | 135,798 | ||||||
New Jersey Educational Facilities Authority RB |
||||||||
Series A, 5.00%, 07/01/24 |
105 | 105,879 | ||||||
Series A, 5.00%, 09/01/24 |
290 | 292,202 | ||||||
Series B, 5.00%, 07/01/24 |
225 | 226,883 | ||||||
Series I, 5.00%, 07/01/24 |
170 | 171,423 | ||||||
New Jersey Transportation Trust Fund Authority RB |
||||||||
Series A, 5.00%, 06/15/24 |
975 | 980,090 | ||||||
Series A-1, 5.00%, 06/15/24 |
520 | 522,504 | ||||||
Series AA, 4.00%, 06/15/24 |
165 | 164,977 | ||||||
Series AA, 5.00%, 06/15/24 |
180 | 181,108 | ||||||
New Jersey Turnpike Authority RB, Series C, |
||||||||
5.00%, 01/01/24 |
180 | 180,307 | ||||||
State of New Jersey GO |
||||||||
5.00%, 06/01/24 |
525 | 528,270 | ||||||
Series A, 5.00%, 06/01/24 |
3,215 | 3,235,023 | ||||||
Township of Union NJ/Union County GO, 3.00%, |
||||||||
01/15/24 |
165 | 164,585 | ||||||
|
|
|||||||
12,420,927 | ||||||||
New Mexico — 0.8% | ||||||||
New Mexico Finance Authority RB |
||||||||
Series A, 5.00%, 06/15/24 |
1,325 | 1,334,452 | ||||||
Series D, 5.00%, 06/15/24 |
95 | 95,695 | ||||||
State of New Mexico GO |
||||||||
5.00%, 03/01/24 |
270 | 271,046 | ||||||
Series A, 5.00%, 03/01/24 |
1,060 | 1,064,105 | ||||||
State of New Mexico Severance Tax Permanent Fund |
||||||||
RB, 5.00%, 07/01/24 |
1,200 | 1,209,256 | ||||||
|
|
|||||||
3,974,554 | ||||||||
New York — 8.9% | ||||||||
City of New York NY GO |
||||||||
Series 1, 5.00%, 08/01/24 |
685 | 690,864 |
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 (continued) October 31, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New York (continued) | ||||||||
Series A, 5.00%, 08/01/24 |
$ | 1,210 | $ | 1,220,360 | ||||
Series A-1, 5.00%, 08/01/24 |
1,295 | 1,306,087 | ||||||
Series A-2015, 2.50%, 08/01/24 |
300 | 295,748 | ||||||
Series A-2015, 5.00%, 08/01/24 |
230 | 231,969 | ||||||
Series B-1, 5.00%, 12/01/24 |
50 | 50,626 | ||||||
Series C, 5.00%, 08/01/24 |
2,235 | 2,254,135 | ||||||
Series E, 5.00%, 08/01/24 |
685 | 690,864 | ||||||
Series I, 5.00%, 03/01/24 |
180 | 180,661 | ||||||
Series J, 5.00%, 08/01/24 |
540 | 544,623 | ||||||
County of Monroe NY GOL, 5.00%, 06/01/24 |
1,000 | 1,007,432 | ||||||
County of Nassau NY, 5.00%, 04/01/26 (PR 04/01/24) |
465 | 467,017 | ||||||
County of Onondaga NY GOL, 5.00%, 05/01/24 |
60 | 60,409 | ||||||
County of Westchester NY GOL |
||||||||
Series A, 5.00%, 01/01/24 |
445 | 445,914 | ||||||
Series A, 5.00%, 12/01/24 |
125 | 126,658 | ||||||
Erie
County Industrial Development Agency (The) RB, |
250 | 251,457 | ||||||
Hudson Yards Infrastructure Corp. RB, Series A, 5.00%, 02/15/24 |
245 | 245,921 | ||||||
Long Island Power Authority RB |
||||||||
Series A, 0.00%, 12/01/24 (AGM)(a) |
50 | 47,833 | ||||||
Series A, 5.00%, 09/01/24 |
155 | 156,608 | ||||||
Metropolitan Transportation Authority RB |
||||||||
Series A-1, 4.00%, 11/15/24 |
130 | 129,124 | ||||||
Series A-1, 5.00%, 11/15/24 |
280 | 281,528 | ||||||
Series A2, 5.00%, 11/15/24 |
25 | 25,136 | ||||||
Series A-2, 5.00%, 11/15/24 |
90 | 90,491 | ||||||
Series B, 5.00%, 11/15/24 |
645 | 648,539 | ||||||
Series B, 5.25%, 11/15/24 (AMBAC) |
100 | 100,983 | ||||||
Series B-1, 5.00%, 11/15/24 |
190 | 192,390 | ||||||
Series B-2, 5.00%, 11/15/24 |
185 | 187,327 | ||||||
Series C, 5.00%, 11/15/24 |
190 | 191,037 | ||||||
Series C-1, 5.00%, 11/15/24 |
855 | 859,666 | ||||||
Series F, 5.00%, 11/15/24 |
270 | 271,473 | ||||||
Nassau
County Interim Finance Authority RB, Series A, |
200 | 202,547 | ||||||
New York City Municipal Water Finance Authority RB |
||||||||
Series AA, 5.00%, 06/15/24 |
2,105 | 2,120,017 | ||||||
Series BB2, 4.00%, 06/15/24 |
45 | 45,048 | ||||||
New York City Transitional Finance Authority Building Aid Revenue RB |
||||||||
5.00%, 07/15/24 (SAW) |
545 | 549,078 | ||||||
Series S, 4.00%, 07/15/24 (SAW) |
140 | 140,182 | ||||||
Series S, 5.00%, 07/15/24 (ETM) (SAW) |
435 | 438,398 | ||||||
Series S-1, 5.00%, 07/15/24 (SAW) |
310 | 312,435 | ||||||
Series S-3, 5.00%, 07/15/24 (SAW) |
125 | 125,935 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB |
||||||||
5.00%, 11/01/24 |
3,430 | 3,470,079 | ||||||
Series A-1, 5.00%, 08/01/24 |
50 | 50,443 | ||||||
Series C, 5.00%, 11/01/24 |
1,810 | 1,831,149 | ||||||
Series E-1, 5.00%, 02/01/24 |
100 | 100,281 | ||||||
New York State Dormitory Authority, 5.00%, 03/15/24 |
915 | 918,884 | ||||||
New York State Dormitory Authority RB |
||||||||
5.00%, 07/01/24 |
110 | 110,877 | ||||||
5.00%, 03/15/27 (PR 03/15/24) |
1,200 | 1,205,484 | ||||||
Series A, 4.00%, 03/15/24 |
145 | 145,137 | ||||||
Series A, 5.00%, 02/15/24 |
235 | 235,822 | ||||||
Series A, 5.00%, 03/15/24 |
2,255 | 2,265,141 | ||||||
Series A, 5.00%, 07/01/24 |
560 | 564,466 | ||||||
Series B, 5.00%, 10/01/24 |
15 | 15,145 |
Security | Par (000) |
Value | ||||||
New York (continued) | ||||||||
Series B, 5.50%, 03/15/24 (AMBAC) |
$ | 1,130 | $ | 1,136,845 | ||||
Series C, 5.00%, 03/15/24 |
1,270 | 1,275,919 | ||||||
Series D, 5.00%, 02/15/24 |
2,280 | 2,287,461 | ||||||
Series E, 5.00%, 02/15/24 |
430 | 431,504 | ||||||
Series E, 5.00%, 03/15/24 |
845 | 848,733 | ||||||
Series F, 5.00%, 10/01/24 (SAW) |
110 | 111,023 | ||||||
New York State Environmental Facilities Corp., 5.00%, 06/15/24 |
75 | 75,581 | ||||||
New York State Environmental Facilities Corp. RB |
||||||||
5.00%, 06/15/24 |
750 | 755,810 | ||||||
Series A, 4.00%, 06/15/24 |
90 | 90,152 | ||||||
Series D, 5.00%, 09/15/24 |
135 | 136,457 | ||||||
New York State Thruway Authority RB |
||||||||
Series J, 5.00%, 01/01/24 |
165 | 165,284 | ||||||
Series K, 4.00%, 01/01/24 |
160 | 160,018 | ||||||
Series K, 5.00%, 01/01/24 |
120 | 120,207 | ||||||
Series L, 5.00%, 01/01/24 |
190 | 190,327 | ||||||
New York State Urban Development Corp. RB |
||||||||
5.00%, 03/15/24 |
490 | 492,080 | ||||||
Series A, 5.00%, 03/15/24 |
3,120 | 3,133,244 | ||||||
Port Authority of New York & New Jersey RB |
||||||||
5.00%, 07/15/24 |
200 | 201,691 | ||||||
Series 194, 5.00%, 10/15/24 |
1,320 | 1,335,309 | ||||||
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/24 |
815 | 824,128 | ||||||
State of New York, 5.00%, 03/15/24 |
390 | 391,727 | ||||||
State of New York GO, Series A, 5.00%, 03/01/24 |
360 | 361,418 | ||||||
Triborough Bridge & Tunnel Authority RB |
||||||||
5.00%, 11/15/24 |
500 | 506,114 | ||||||
Series A, 5.00%, 11/15/24 |
1,315 | 1,331,079 | ||||||
Series C-1, 5.00%, 11/15/24 |
200 | 202,445 | ||||||
|
|
|||||||
44,663,984 | ||||||||
North Carolina — 3.0% | ||||||||
City of Charlotte NC COP, 5.00%, 06/01/24 |
125 | 125,814 | ||||||
City of Charlotte NC GO, Series A, 5.00%, 06/01/24 |
140 | 141,000 | ||||||
City
of Charlotte NC Storm Water Revenue RB, |
15 | 15,197 | ||||||
City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/24 |
280 | 282,234 | ||||||
City of Durham NC Water & Sewer Utility System |
||||||||
Revenue RB, 4.00%, 08/01/24 |
170 | 170,404 | ||||||
City of Raleigh NC RB, Series A, 5.00%, 06/01/24 |
160 | 161,070 | ||||||
City of Winston-Salem NC RB, Series C, 5.00%, |
||||||||
06/01/24 |
215 | 216,438 | ||||||
City of Winston-Salem NC Water & Sewer System |
||||||||
Revenue RB, Series A, 5.00%, 06/01/24 |
10 | 10,071 | ||||||
City
of Winston-Salem Water & Sewer System Revenue, |
2,350 | 2,365,175 | ||||||
County of Alamance NC GO, 5.00%, 05/01/24 |
1,000 | 1,005,878 | ||||||
County of Buncombe NC RB |
||||||||
5.00%, 06/01/24 |
125 | 125,836 | ||||||
Serise A, 5.00%, 06/01/24 |
175 | 176,170 | ||||||
County of Durham NC GO, 5.00%, 10/01/24 |
45 | 45,503 | ||||||
County of Forsyth NC GO |
||||||||
5.00%, 04/01/24 |
100 | 100,500 | ||||||
5.00%, 12/01/24 |
365 | 369,880 | ||||||
County of Guilford NC GO |
||||||||
5.00%, 03/01/24 |
520 | 521,997 | ||||||
Series B, 5.00%, 05/01/24 |
235 | 236,393 | ||||||
County of Mecklenburg NC GO |
||||||||
4.00%, 02/01/24 |
265 | 265,115 |
32 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
North Carolina (continued) | ||||||||
5.00%, 03/01/24 |
$ | 285 | $ | 286,104 | ||||
Series A, 5.00%, 09/01/24 |
125 | 126,255 | ||||||
Series A, 5.00%, 12/01/24 |
175 | 177,303 | ||||||
Series B, 5.00%, 12/01/24 |
210 | 212,763 | ||||||
County of Mecklenburg NC RB, 5.00%, 10/01/24 |
100 | 101,137 | ||||||
County of Orange NC GO, 4.00%, 04/01/24 |
200 | 200,170 | ||||||
County of Wake NC GO |
||||||||
5.00%, 04/01/24 |
1,000 | 1,005,078 | ||||||
Series A, 5.00%, 03/01/24 |
295 | 296,181 | ||||||
Series C, 5.00%, 03/01/24 |
180 | 180,721 | ||||||
County of Wake NC RB |
||||||||
5.00%, 03/01/24 |
245 | 245,925 | ||||||
Series A, 5.00%, 08/01/24 |
285 | 287,503 | ||||||
Series A, 5.00%, 12/01/24 |
110 | 111,412 | ||||||
North Carolina State University at Raleigh RB, 5.00%, 10/01/24 |
95 | 95,926 | ||||||
State of North Carolina GO, Series C, 5.00%, 05/01/24 |
3,230 | 3,250,096 | ||||||
State of North Carolina RB |
||||||||
5.00%, 03/01/24 |
715 | 717,650 | ||||||
Series B, 5.00%, 05/01/24 |
165 | 165,986 | ||||||
Series B, 5.00%, 06/01/24 |
1,115 | 1,122,775 | ||||||
|
|
|||||||
14,917,660 | ||||||||
Ohio — 3.0% | ||||||||
American Municipal Power Inc. RB, 5.00%, 02/15/24 |
555 | 556,657 | ||||||
City of Columbus OH |
||||||||
5.00%, 04/01/24 |
400 | 401,965 | ||||||
Series 6, 5.00%, 08/15/24 |
280 | 282,657 | ||||||
City of Columbus OH GO |
||||||||
Series 2017-1, 5.00%, 04/01/24 |
1,050 | 1,055,159 | ||||||
Series A, 4.00%, 08/15/24 |
455 | 455,830 | ||||||
Cleveland Department of Public Utilities Division of Water RB, Series Y, 4.00%, 01/01/29 (PR 01/01/24) |
1,040 | 1,040,033 | ||||||
County of Franklin OH GOL, 5.00%, 12/01/24 |
20 | 20,263 | ||||||
County
of Hamilton OH Sales Tax Revenue RB, Series A, |
265 | 267,926 | ||||||
Miami University/Oxford OH RB, 5.00%, 09/01/24 |
485 | 488,999 | ||||||
Northeast Ohio Regional Sewer District, 5.00%, 11/15/44 (PR 11/15/24) |
1,250 | 1,262,736 | ||||||
Northeast Ohio Regional Sewer District RB, 5.00%, 11/15/32 (PR 11/15/24) |
500 | 505,094 | ||||||
Ohio
Higher Educational Facility Commission RB, |
80 | 80,841 | ||||||
Ohio State University (The), 5.00%, 12/01/24 |
100 | 101,348 | ||||||
Ohio State University (The) RB, Series A, 5.00%, 12/01/24 |
300 | 304,042 | ||||||
Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/24 |
110 | 110,376 | ||||||
Ohio University RB, Series A, 5.00%, 12/01/24 |
110 | 111,215 | ||||||
Ohio Water Development Authority RB |
||||||||
5.00%, 12/01/24 |
275 | 278,473 | ||||||
Series B, 5.00%, 12/01/24 |
210 | 212,652 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund RB |
||||||||
5.00%, 06/01/24 |
255 | 256,720 | ||||||
5.00%, 12/01/24 |
160 | 162,021 | ||||||
Series 2015A, 5.00%, 06/01/24 |
840 | 845,665 | ||||||
Series 2015-A, 5.00%, 12/01/24 |
260 | 263,283 | ||||||
Princeton City School District GO, 4.00%, 12/01/32 (PR 12/01/24) |
795 | 796,371 | ||||||
State of Ohio, 5.00%, 05/01/27 (PR 05/01/24) |
945 | 949,767 |
Security | Par (000) |
Value | ||||||
Ohio (continued) | ||||||||
State of Ohio GO |
||||||||
Series A, 4.00%, 05/01/24 (ETM) |
$ | 5 | $ | 5,005 | ||||
Series A, 5.00%, 09/01/24 |
215 | 217,142 | ||||||
Series A, 5.00%, 09/15/24 |
180 | 181,881 | ||||||
Series B, 5.00%, 08/01/24 |
125 | 126,125 | ||||||
Series B, 5.00%, 09/15/24 |
1,140 | 1,151,911 | ||||||
Series U, 5.00%, 05/01/24 |
165 | 165,986 | ||||||
Serise A, 5.00%, 05/01/24 |
150 | 150,896 | ||||||
Serise A, 5.00%, 06/15/24 |
200 | 201,488 | ||||||
State of Ohio GOL, 5.00%, 09/01/24 |
925 | 934,215 | ||||||
State of Ohio RB |
||||||||
5.00%, 01/01/24 |
170 | 170,253 | ||||||
Series A, 5.00%, 04/01/24 |
505 | 507,377 | ||||||
Series A, 5.00%, 12/01/24 |
485 | 490,868 | ||||||
Series B, 5.00%, 10/01/24 |
35 | 35,357 | ||||||
Series C, 5.00%, 12/01/24 |
190 | 192,299 | ||||||
|
|
|||||||
15,340,896 | ||||||||
Oklahoma — 0.6% | ||||||||
City of Oklahoma City OK GO |
||||||||
4.00%, 03/01/24 |
250 | 250,157 | ||||||
5.00%, 03/01/24 |
35 | 35,136 | ||||||
Grand River Dam Authority RB |
||||||||
Series A, 4.00%, 06/01/24 |
480 | 480,127 | ||||||
Series A, 5.00%, 06/01/24 |
990 | 995,882 | ||||||
Oklahoma Agricultural & Mechanical Colleges RB, 4.00%, 07/01/24 |
100 | 100,129 | ||||||
Oklahoma Capitol Improvement Authority RB |
||||||||
5.00%, 07/01/24 |
520 | 523,466 | ||||||
Series B, 5.00%, 01/01/24 |
15 | 15,023 | ||||||
Series B, 5.00%, 07/01/24 |
55 | 55,367 | ||||||
Series C, 5.00%, 07/01/24 |
30 | 30,200 | ||||||
Oklahoma Turnpike Authority RB, Series D, 5.00%, 01/01/24 |
295 | 295,503 | ||||||
Oklahoma Water Resources Board RB, 5.00%, 04/01/24 |
130 | 130,607 | ||||||
|
|
|||||||
2,911,597 | ||||||||
Oregon — 1.9% | ||||||||
City of Eugene OR Electric Utility System Revenue RB, Series A, 5.00%, 08/01/24 |
175 | 176,511 | ||||||
City of Portland OR, 5.00%, 02/01/24 |
500 | 501,356 | ||||||
City of Portland OR GOL, Series B, 5.00%, 06/15/24 |
175 | 176,238 | ||||||
City of Portland OR Sewer System Revenue RB |
||||||||
5.00%, 06/15/24 |
100 | 100,707 | ||||||
Series A, 5.00%, 03/01/24 |
500 | 501,870 | ||||||
Series A, 5.00%, 05/01/24 |
215 | 216,243 | ||||||
Series A, 5.00%, 10/01/24 |
125 | 126,320 | ||||||
Series B, 5.00%, 06/01/24 |
225 | 226,517 | ||||||
City of Portland OR Water System Revenue RB, |
||||||||
Series A, 5.00%, 05/01/24 |
350 | 352,023 | ||||||
County of Multnomah OR GOL, 5.00%, 06/01/24 |
1,050 | 1,057,322 | ||||||
Multnomah
County School District No. 1 Portland/OR GO, |
550 | 553,924 | ||||||
Oregon State Lottery RB |
||||||||
5.00%, 04/01/24 |
845 | 848,804 | ||||||
5.00%, 04/01/24 (MORAL OBLG) |
100 | 100,450 | ||||||
Portland Oregon Water System RB, 5.00%, 05/01/24 |
180 | 181,040 | ||||||
Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/24 (GTD)(a) |
125 | 121,899 | ||||||
State
of Oregon Department of Transportation RB Series A, |
850 | 860,738 |
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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Oregon (continued) | ||||||||
Series A, 5.00%, 11/15/28 (PR 11/15/24) |
$ | 700 | $ | 708,553 | ||||
Series A, 5.00%, 11/15/29 (PR 11/15/24) |
375 | 379,582 | ||||||
State of Oregon GO |
||||||||
Series A, 5.00%, 05/01/24 |
900 | 905,379 | ||||||
Series B, 5.00%, 08/01/24 |
165 | 166,486 | ||||||
Series H, 5.00%, 05/01/24 |
145 | 145,867 | ||||||
Series K, 5.00%, 11/01/24 |
200 | 202,317 | ||||||
Series O, 5.00%, 08/01/24 |
25 | 25,225 | ||||||
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin GO, Series J, 5.00%, 06/15/24 (GTD) |
200 | 201,390 | ||||||
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 06/15/31 (PR 06/15/24) (GTD) |
500 | 503,438 | ||||||
|
|
|||||||
9,340,199 | ||||||||
Pennsylvania — 2.9% | ||||||||
City of Philadelphia PA GO |
||||||||
5.00%, 02/01/24 |
315 | 315,689 | ||||||
5.00%, 08/01/24 |
395 | 397,772 | ||||||
5.25%, 07/15/34 (PR 01/15/24) |
440 | 441,071 | ||||||
Series A, 5.00%, 08/01/24 |
525 | 528,684 | ||||||
City
of Philadelphia PA Water & Wastewater Revenue RB |
555 | 558,917 | ||||||
Series B, 5.00%, 11/01/24 |
430 | 434,394 | ||||||
Commonwealth of Pennsylvania, 5.00%, 10/01/24 |
475 | 480,057 | ||||||
Commonwealth of Pennsylvania GO |
||||||||
5.00%, 07/15/24 |
1,520 | 1,532,322 | ||||||
First Series, 5.00%, 03/01/24 |
205 | 205,760 | ||||||
First Series, 5.00%, 03/15/24 |
245 | 246,022 | ||||||
First Series, 5.00%, 08/15/24 |
1,150 | 1,160,465 | ||||||
First Series, 5.00%, 09/15/24 |
650 | 656,569 | ||||||
Second Series, 5.00%, 01/15/24 |
105 | 105,234 | ||||||
Second Series, 5.00%, 09/15/24 |
1,320 | 1,333,340 | ||||||
County of Berks PA GO, 5.00%, 11/15/24 |
200 | 202,384 | ||||||
County of Chester PA GO, 5.00%, 07/15/24 |
90 | 90,717 | ||||||
County of Montgomery PA GO, Series A, 5.00%, 04/01/24 |
25 | 25,121 | ||||||
Delaware County Authority RB, 5.00%, 08/01/24 |
45 | 45,352 | ||||||
Delaware River Joint Toll Bridge Commission RB, Series B, 5.00%, 07/01/24 |
125 | 125,940 | ||||||
Delaware River Port Authority RB, 5.00%, 01/01/33 (PR 01/01/24) |
3,450 | 3,455,939 | ||||||
Pennsylvania
Higher Educational Facilities Authority RB, |
100 | 100,910 | ||||||
Pennsylvania Infrastructure Investment Authority RB, Series A, 5.00%, 01/15/24 |
200 | 200,466 | ||||||
Pennsylvania State University (The) RB, 5.00%, 09/01/24 |
120 | 121,225 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, 5.00%, 12/01/24 |
90 | 91,089 | ||||||
Pennsylvania Turnpike Commission RB |
||||||||
5.00%, 06/01/24 |
105 | 105,582 | ||||||
5.00%, 12/01/24 |
1,210 | 1,224,640 | ||||||
Series A, 5.00%, 12/01/24 |
85 | 85,894 | ||||||
Series A-1, 5.00%, 12/01/24 |
220 | 222,661 | ||||||
Series A-2, 5.00%, 12/01/24 |
180 | 182,178 | ||||||
Series B, 5.00%, 12/01/24 |
180 | 182,178 | ||||||
|
|
|||||||
14,858,572 |
Security | Par (000) |
Value | ||||||
Rhode Island — 0.4% | ||||||||
Rhode Island Commerce Corp. RB, Series A, 4.00%, 06/15/24 |
$ | 505 | $ | 504,769 | ||||
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB, Series B, 5.00%, 10/01/24 |
240 | 242,620 | ||||||
Rhode
Island Turnpike & Bridge Authority RB, Series A, |
290 | 292,697 | ||||||
State of Rhode Island GO |
||||||||
5.00%, 01/15/24 |
475 | 476,077 | ||||||
5.00%, 08/01/24 |
220 | 221,932 | ||||||
Series D, 5.00%, 08/01/24 |
515 | 519,523 | ||||||
|
|
|||||||
2,257,618 | ||||||||
South Carolina — 0.8% | ||||||||
Beaufort County School District/SC GO, 5.00%, 03/01/24 (SCSDE) |
500 | 501,821 | ||||||
Charleston
Educational Excellence Finance Corp. RB, |
135 | 136,562 | ||||||
City of Charleston SC Waterworks & Sewer System Revenue RB, 5.00%, 01/01/24 |
305 | 305,571 | ||||||
County of Charleston SC GO, Series C, 5.00%, 11/01/24 (SAW) |
165 | 166,912 | ||||||
Greenville County School District RB, 5.00%, 12/01/24 |
300 | 303,407 | ||||||
Horry
County School District/SC GO |
740 | 742,866 | ||||||
Series A, 5.00%, 03/01/24 |
205 | 205,794 | ||||||
Lancaster County School District/SC GO, 5.00%, 03/01/24 |
100 | 100,387 | ||||||
Richland
County School District No. 1/SC GO, Series C, |
110 | 110,408 | ||||||
South Carolina Transportation Infrastructure Bank RB, Series A, 5.00%, 10/01/24 |
910 | 919,852 | ||||||
State
of South Carolina GO |
475 | 477,252 | ||||||
Serise A, 5.00%, 04/01/24 (SAW) |
160 | 160,753 | ||||||
|
|
|||||||
4,131,585 | ||||||||
Tennessee — 1.7% | ||||||||
City of Chattanooga TN GO |
||||||||
5.00%, 11/01/24 |
100 | 101,188 | ||||||
Series B, 5.00%, 03/01/24 |
100 | 100,377 | ||||||
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/24 |
175 | 177,210 | ||||||
City of Memphis TN GO, 5.00%, 04/01/40 (PR 04/01/24) |
2,435 | 2,446,563 | ||||||
County of Blount TN GO, Series B, 5.00%, 06/01/24 |
180 | 181,152 | ||||||
County of Knox TN GO, 5.00%, 06/01/24 |
145 | 146,011 | ||||||
County of Shelby TN GO, Series A, 5.00%, 03/01/24 |
130 | 130,512 | ||||||
County of Williamson TN GO, 5.00%, 04/01/24 |
300 | 301,474 | ||||||
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB |
||||||||
Series A, 5.00%, 05/15/24 |
385 | 387,439 | ||||||
Series B, 5.00%, 05/15/24 |
200 | 201,267 | ||||||
Metropolitan Government of Nashville & Davidson County TN GO |
||||||||
4.00%, 01/01/24 |
750 | 750,197 | ||||||
5.00%, 01/01/24 |
415 | 415,776 | ||||||
5.00%, 07/01/24 |
100 | 100,798 | ||||||
Series A, 5.00%, 07/01/24 |
220 | 221,755 | ||||||
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB, Series B, 5.00%, 07/01/24 |
165 | 166,294 | ||||||
State of Tennessee GO, 5.00%, 09/01/24 |
125 | 126,204 |
34 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Tennessee (continued) | ||||||||
Tennessee State School Bond Authority, 5.00%, 11/01/24 (ST INTERCEPT) |
$ | 475 | $ | 480,318 | ||||
Tennessee State School Bond Authority GO, Series B, 5.00%, 09/01/26 (PR 09/01/24) |
1,065 | 1,075,349 | ||||||
Tennessee State School Bond Authority RB 5.00%, 11/01/24 (ST INTERCEPT) |
85 | 85,952 | ||||||
Series A, 5.00%, 11/01/24 |
370 | 374,142 | ||||||
Series B, 5.00%, 11/01/24 |
495 | 500,542 | ||||||
|
|
|||||||
8,470,520 | ||||||||
Texas — 12.5% | ||||||||
Alamo Community College District, 5.00%, 02/15/24 |
545 | 546,737 | ||||||
Alamo Community College District GOL, 5.00%, 02/15/24 |
40 | 40,127 | ||||||
Aldine Independent School District GO, 5.00%, 02/15/24 (PSF) |
295 | 295,966 | ||||||
Alief Independent School District GO, 5.00%, 02/15/24 (PSF) |
170 | 170,469 | ||||||
Allen Independent School District GO, 5.00%, 02/15/24 (PSF) |
100 | 100,333 | ||||||
Arlington Independent School District/TX GO |
||||||||
Series A, 5.00%, 02/15/24 (PSF) |
40 | 40,123 | ||||||
Series B, 5.00%, 02/15/24 (PSF) |
185 | 185,568 | ||||||
Austin Community College District, 5.00%, 08/01/24 |
475 | 478,542 | ||||||
Austin Independent School District, 5.00%, 08/01/24 (PSF) |
1,230 | 1,240,259 | ||||||
Austin Independent School District GO |
||||||||
Series A, 4.00%, 08/01/24 (PSF) |
125 | 125,132 | ||||||
Series A, 5.00%, 08/01/24 (PSF) |
55 | 55,459 | ||||||
Birdville Independent School District GO |
||||||||
5.00%, 02/15/24 (PSF) |
80 | 80,255 | ||||||
Series A, 5.00%, 02/15/24 (PSF) |
105 | 105,335 | ||||||
Board of Regents of the University of Texas System RB |
||||||||
Series C, 5.00%, 08/15/24 |
360 | 363,360 | ||||||
Series D, 5.00%, 08/15/24 |
155 | 156,447 | ||||||
Series E, 5.00%, 08/15/24 |
175 | 176,633 | ||||||
Series H, 5.00%, 08/15/24 |
315 | 317,940 | ||||||
Series J, 5.00%, 08/15/24 |
275 | 277,567 | ||||||
Central Texas Regional Mobility Authority RB, 5.00%, 01/01/24 |
380 | 380,478 | ||||||
Central Texas Turnpike System, 0.00%, 08/15/24(a) |
565 | 547,601 | ||||||
Central Texas Turnpike System RB |
||||||||
Series A, 0.00%, 08/15/24 (AMBAC)(a) |
90 | 87,042 | ||||||
Series C, 5.00%, 08/15/24 |
125 | 125,511 | ||||||
City of Arlington TX GOL, Series A, 5.00%, 08/15/24 |
205 | 206,802 | ||||||
City of Arlington TX Water & Wastewater System Revenue RB, 5.00%, 06/01/24 |
700 | 704,640 | ||||||
City of Austin TX GOL |
||||||||
5.00%, 09/01/24 |
445 | 449,106 | ||||||
Series A, 5.00%, 09/01/24 |
230 | 232,122 | ||||||
City of Austin TX Water & Wastewater System |
||||||||
Revenue RB |
||||||||
5.00%, 11/15/24 |
460 | 465,204 | ||||||
Series A, 5.00%, 05/15/24 |
155 | 155,892 | ||||||
Series A, 5.00%, 11/15/24 |
415 | 419,695 | ||||||
City of Brownsville TX GOL |
||||||||
5.00%, 02/15/24 |
10 | 10,022 | ||||||
5.00%, 02/15/24 (ETM) |
5 | 5,015 | ||||||
City of Carrollton TX GOL, 5.00%, 08/15/24 |
1,000 | 1,008,481 | ||||||
City of Dallas TX Waterworks & Sewer System |
||||||||
Revenue RB |
||||||||
Series A, 5.00%, 10/01/24 |
830 | 838,837 |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Series C, 5.00%, 10/01/24 |
$ | 390 | $ | 394,152 | ||||
City of Denton TX GOL, 5.00%, 02/15/24 |
80 | 80,232 | ||||||
City of El Paso TX GOL, 5.00%, 08/15/24 |
150 | 151,179 | ||||||
City of Fort Worth TX Water & Sewer System Revenue RB, Series A, 5.00%, 02/15/24 |
1,130 | 1,133,277 | ||||||
City of Frisco TX GOL, 5.00%, 02/15/24 |
150 | 150,469 | ||||||
City of Grand Prairie TX GOL, 5.00%, 02/15/24 |
370 | 370,946 | ||||||
City of Houston TX Combined Utility System Revenue RB |
||||||||
Series B, 5.00%, 11/15/24 |
475 | 480,615 | ||||||
Series C, 5.00%, 05/15/24 |
600 | 603,611 | ||||||
Series D, 5.00%, 11/15/24 |
645 | 652,624 | ||||||
City of Lubbock TX GOL, 5.00%, 02/15/24 |
295 | 295,855 | ||||||
City of Pflugerville TX GOL, 5.00%, 08/01/24 |
60 | 60,478 | ||||||
City of Plano TX GOL, 5.00%, 09/01/24 |
50 | 50,449 | ||||||
City of Round Rock TX GOL, 5.00%, 08/15/24 |
110 | 111,001 | ||||||
City of San Antonio TX, 5.00%, 08/01/24 |
735 | 741,076 | ||||||
City of San Antonio TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/24 |
435 | 435,963 | ||||||
City of San Antonio TX GOL |
||||||||
5.00%, 02/01/24 |
515 | 516,358 | ||||||
5.00%, 08/01/24 |
265 | 267,191 | ||||||
Clear Creek Independent School District GO, 5.00%, 02/15/24 (PSF) |
95 | 95,311 | ||||||
Comal Independent School District GO 5.00%, 02/01/24 (PSF) |
735 | 737,006 | ||||||
Series B, 5.00%, 02/01/24 (PSF) |
110 | 110,298 | ||||||
Conroe Independent School District, 5.00%, 02/15/24 (PSF) |
120 | 120,393 | ||||||
Conroe Independent School District GO, 5.00%, 02/15/24 (PSF) |
140 | 140,458 | ||||||
Conroe Independent School District RB, 5.00%, 02/15/24 |
525 | 526,718 | ||||||
County of Bexar TX GOL, 5.00%, 06/15/24 |
105 | 105,736 | ||||||
County of Collin TX GOL, 5.00%, 02/15/24 |
130 | 130,425 | ||||||
County of Denton TX GOL, 5.00%, 07/15/24 |
105 | 105,779 | ||||||
County of Harris TX GOL, 5.00%, 10/01/24 |
1,600 | 1,615,455 | ||||||
County of Travis TX GOL, 5.00%, 03/01/24 |
415 | 416,498 | ||||||
County of Williamson TX GOL, 4.00%, 02/15/24 |
245 | 245,128 | ||||||
Crowley
Independent School District GO, Series A, |
80 | 80,626 | ||||||
Cypress-Fairbanks Independent School District GO |
||||||||
5.00%, 02/15/24 (PSF) |
535 | 536,705 | ||||||
Series A, 5.00%, 02/15/24 (PSF) |
110 | 110,351 | ||||||
Series C, 5.00%, 02/15/24 (PSF) |
150 | 150,478 | ||||||
Dallas Area Rapid Transit RB |
||||||||
5.00%, 11/01/24 |
225 | 227,299 | ||||||
5.00%, 12/01/32 (PR 12/01/24) |
2,500 | 2,525,225 | ||||||
Series A, 5.00%, 12/01/24 |
1,000 | 1,011,041 | ||||||
Denton Independent School District GO, 0.00%, 08/15/24 (PSF)(a) |
200 | 193,964 | ||||||
Fort Bend Independent School District GO |
||||||||
Series C, 5.00%, 02/15/24 (PSF) |
30 | 30,088 | ||||||
Series C, 5.00%, 08/15/24 (PSF) |
105 | 105,882 | ||||||
Fort Worth Independent School District GO, 5.00%, 02/15/24 (PSF) |
410 | 411,353 | ||||||
Frisco Independent School District GO, 5.00%, 08/15/24 (PSF) |
160 | 161,406 | ||||||
Garland
Independent School District GO, Series A, |
300 | 300,879 | ||||||
Grapevine-Colleyville
Independent School District GO, |
150 | 145,395 |
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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/24 |
$ | 380 | $ | 383,017 | ||||
Katy Independent School District GO, Series D, 5.00%, 02/15/24 (PSF) |
170 | 170,566 | ||||||
Keller Independent School District/TX GO |
||||||||
Series A, 5.00%, 02/15/24 (PSF) |
160 | 160,464 | ||||||
Series A, 5.00%, 08/15/24 (PSF) |
170 | 171,415 | ||||||
Klein Independent School District GO |
||||||||
5.00%, 08/01/24 (PSF) |
65 | 65,561 | ||||||
Series A, 5.00%, 08/01/24 (PSF) |
430 | 433,713 | ||||||
Lamar Consolidated Independent School District GO |
||||||||
5.00%, 02/15/24 (PSF) |
145 | 145,441 | ||||||
Series A, 2.00%, 02/15/24 (PSF) |
50 | 49,590 | ||||||
Laredo Independent School District GO, 0.00%, 08/01/24 (PSF)(a) |
150 | 145,435 | ||||||
Leander Independent School District GO |
||||||||
Series C, 0.00%, 08/15/37 (PR 08/15/24)(a) |
700 | 346,454 | ||||||
Series C, 0.00%, 08/15/47 (PR 08/15/24) (PSF)(a) |
10,000 | 2,764,209 | ||||||
Series D, 0.00%, 08/15/24 (PSF)(a) |
125 | 120,985 | ||||||
Lewisville Independent School District GO |
||||||||
5.00%, 08/15/24 |
545 | 549,327 | ||||||
5.00%, 08/15/24 (PSF) |
410 | 413,573 | ||||||
Lone Star College System, 5.00%, 02/15/24 |
135 | 135,419 | ||||||
Lone Star College System GOL, Series B, 5.00%, 02/15/24 |
800 | 802,480 | ||||||
Lower Colorado River Authority RB |
||||||||
5.00%, 05/15/24 |
390 | 392,079 | ||||||
Series B, 5.00%, 05/15/24 |
160 | 160,853 | ||||||
McKinney Independent School District GO, 5.00%, 02/15/24 (PSF) |
160 | 160,501 | ||||||
Metropolitan Transit Authority of Harris County RB |
||||||||
Series A, 5.00%, 11/01/24 |
195 | 196,955 | ||||||
Series B, 5.00%, 11/01/24 |
185 | 186,854 | ||||||
Series D, 5.00%, 11/01/24 |
285 | 287,857 | ||||||
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, 5.00%, 11/01/24 |
100 | 101,002 | ||||||
North East Independent School District/TX GO, 5.25%, 02/01/24 (PSF) |
800 | 802,654 | ||||||
North Texas Municipal Water District RB, 5.50%, 06/01/24 |
50 | 50,433 | ||||||
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/24 |
375 | 378,154 | ||||||
North Texas Tollway Authority, 5.00%, 01/01/24 |
175 | 175,269 | ||||||
North Texas Tollway Authority RB |
||||||||
5.00%, 01/01/24 |
195 | 195,300 | ||||||
Series A, 5.00%, 01/01/24 |
245 | 245,377 | ||||||
Series B, 5.00%, 01/01/24 |
230 | 230,327 | ||||||
Series S, 5.00%, 01/01/24 (ETM) |
85 | 85,139 | ||||||
Northside Independent School District GO 5.00%, 08/01/24 (PSF) |
370 | 373,004 | ||||||
5.00%, 08/15/24 (PSF) |
375 | 378,209 | ||||||
Series A, 5.00%, 02/15/24 (PSF) |
500 | 501,493 | ||||||
Northwest Independent School District GO, Series A, 5.00%, 02/15/24 (PSF) |
275 | 275,963 | ||||||
Pasadena Independent School District GO, 5.00%, 02/15/24 (PSF) |
150 | 150,439 | ||||||
Permanent University Fund - University of Texas System RB |
||||||||
Series A, 5.00%, 07/01/24 |
110 | 110,877 | ||||||
Series B, 5.00%, 07/01/24 |
1,235 | 1,244,850 |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Pflugerville Independent School District GO, 5.00%, 02/15/24 (PSF) |
$ | 250 | $ | 250,832 | ||||
Plano Independent School District GO, 5.00%, 02/15/24 (PSF) |
1,000 | 1,003,072 | ||||||
Rockwall Independent School District GO, Series A, 0.00%, 02/15/24 (PSF)(a) |
35 | 34,581 | ||||||
Round Rock Independent School District GO |
||||||||
5.00%, 08/01/24 |
195 | 196,397 | ||||||
5.00%, 08/01/24 (PSF) |
30 | 30,248 | ||||||
San Antonio Independent School District/TX GO |
||||||||
5.00%, 02/15/24 (PSF-GTD) |
405 | 406,325 | ||||||
5.00%, 08/15/24 (PSF) |
200 | 201,820 | ||||||
San Antonio Water System RB |
||||||||
Series A, 5.00%, 05/15/24 |
710 | 714,310 | ||||||
Series B, 5.00%, 05/15/24 |
120 | 120,741 | ||||||
Spring Branch Independent School District GO, 5.00%, 02/01/24 (PSF) |
910 | 912,603 | ||||||
Spring Branch Independent School District GOL, 5.00%, 02/01/24 (PSF) |
115 | 115,329 | ||||||
Spring Independent School District GO, 5.00%, 08/15/24 (PSF) |
105 | 105,915 | ||||||
State of Texas GO |
||||||||
5.00%, 04/01/24 |
425 | 427,088 | ||||||
5.00%, 08/01/24 |
345 | 347,903 | ||||||
5.00%, 10/01/24 |
100 | 100,984 | ||||||
Series A, 5.00%, 10/01/24 |
2,670 | 2,696,269 | ||||||
Series A, 5.00%, 10/01/39 (PR 10/01/24) |
1,000 | 1,008,942 | ||||||
Tarrant Regional Water District RB, Series A, 5.00%, 03/01/24 |
285 | 285,963 | ||||||
Tarrant Regional Water District Water Supply System Revenue RB, 5.00%, 03/01/30 (PR 03/01/24) |
2,000 | 2,006,490 | ||||||
Texas A&M University RB |
||||||||
Series C, 5.00%, 05/15/24 |
875 | 880,266 | ||||||
Series E, 4.00%, 05/15/24 |
25 | 25,019 | ||||||
Texas Public Finance Authority RB, 5.00%, 02/01/24 |
420 | 420,992 | ||||||
Texas State Technical College, 5.00%, 08/01/24 (AGM) |
150 | 150,975 | ||||||
Texas State Technical College RB, 5.00%, 10/15/24 |
245 | 247,727 | ||||||
Texas State University System RB, Series A, 5.00%, 03/15/24 |
695 | 697,490 | ||||||
Texas Transportation Commission State Highway Fund RB |
||||||||
5.00%, 04/01/34 (PR 04/01/24) |
3,000 | 3,013,013 | ||||||
First Series, 5.00%, 10/01/24 |
570 | 575,864 | ||||||
Series A, 5.00%, 04/01/24 |
1,155 | 1,160,247 | ||||||
Texas Water Development Board, 5.00%, 08/01/24 |
760 | 766,283 | ||||||
Texas Water Development Board RB |
||||||||
5.00%, 04/15/24 |
330 | 331,636 | ||||||
5.00%, 08/01/24 |
215 | 216,777 | ||||||
Series A, 5.00%, 10/15/24 |
280 | 282,985 | ||||||
Series B, 5.00%, 04/15/24 |
135 | 135,669 | ||||||
Series B, 5.00%, 10/15/24 |
110 | 111,173 | ||||||
Trinity River Authority Central Regional Wastewater System Revenue RB |
||||||||
3.00%, 08/01/24 |
245 | 242,269 | ||||||
5.00%, 08/01/24 |
310 | 312,449 | ||||||
Trinity River Authority Mountain Creek Revenue RB, 5.00%, 08/01/24 |
105 | 105,829 | ||||||
Tyler Independent School District GO, 5.00%, 02/15/24 (PSF) |
90 | 90,248 | ||||||
United Independent School District/TX GO, 5.00%, 08/15/24 (PSF) |
20 | 20,174 |
36 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
University of Houston RB, Series A, 5.00%, 02/15/24 |
$ | 405 | $ | 406,291 | ||||
University of North Texas System RB, Series A, 5.00%, 04/15/24 |
710 | 713,362 | ||||||
Ysleta Independent School District GO, 5.00%, 08/15/24 (PSF) |
125 | 126,128 | ||||||
|
|
|||||||
62,767,989 | ||||||||
Utah — 0.7% | ||||||||
Central Utah Water Conservancy District RB, 5.00%, 10/01/24 |
100 | 101,110 | ||||||
City of Ogden City UT Sewer & Water Revenue RB, 5.00%, 06/15/24 |
110 | 110,650 | ||||||
Davis School District GO, 5.00%, 06/01/24 (GTD) |
315 | 317,016 | ||||||
Metropolitan Water District of Salt Lake & Sandy RB, Series A, 5.00%, 07/01/24 |
190 | 191,329 | ||||||
Nebo School District GO, Series C, 4.00%, 07/01/24 (GTD) |
120 | 120,148 | ||||||
State of Utah GO, 5.00%, 07/01/24 |
1,835 | 1,849,635 | ||||||
Utah State Building Ownership Authority RB, 5.00%, 05/15/24 |
400 | 402,239 | ||||||
Utah Transit Authority RB |
||||||||
5.00%, 06/15/24 |
185 | 186,207 | ||||||
Series A, 5.00%, 06/15/24 |
495 | 498,440 | ||||||
|
|
|||||||
3,776,774 | ||||||||
Vermont — 0.2% | ||||||||
State of Vermont GO |
||||||||
Series A, 5.00%, 02/15/24 |
165 | 165,554 | ||||||
Series A, 5.00%, 08/15/24 |
1,000 | 1,009,875 | ||||||
|
|
|||||||
1,175,429 | ||||||||
Virginia — 3.0% | ||||||||
City of Alexandria VA GO |
||||||||
Series A, 5.00%, 07/15/24 (SAW) |
105 | 105,851 | ||||||
Series C, 5.00%, 07/15/24 (SAW) |
100 | 100,811 | ||||||
City of Chesapeake VA GO, Series C, 5.00%, 12/01/24 |
250 | 253,157 | ||||||
City of Hampton VA GO, Series A, 5.00%, 09/01/24 |
355 | 358,566 | ||||||
City of Newport News VA GO, Series A, 5.00%, 08/01/24 |
100 | 100,900 | ||||||
City of Norfolk VA GO |
||||||||
Series A, 5.00%, 09/01/35 (PR 09/01/24) (SAW) |
150 | 151,458 | ||||||
Series A, 5.00%, 09/01/37 (PR 09/01/24) (SAW) |
600 | 605,830 | ||||||
City of Norfolk VA Water Revenue RB, 5.00%, 11/01/24 |
230 | 232,620 | ||||||
City of Richmond VA GO, Series B, 5.00%, 07/15/24 (SAW) |
440 | 443,720 | ||||||
Commonwealth of Virginia GO |
||||||||
5.00%, 06/01/24 |
1,000 | 1,006,973 | ||||||
Series B, 5.00%, 06/01/24 |
55 | 55,383 | ||||||
County of Arlington VA, 5.00%, 08/01/24 |
140 | 141,291 | ||||||
County of Arlington VA GO |
||||||||
5.00%, 08/15/24 |
125 | 126,215 | ||||||
5.00%, 08/15/24 (SAW) |
85 | 85,826 | ||||||
Series A, 5.00%, 08/15/24 |
75 | 75,729 | ||||||
County of Chesterfield, 5.00%, 01/01/24 |
500 | 500,919 | ||||||
County of Fairfax VA GO |
||||||||
Series A, 4.00%, 10/01/24 (SAW) |
250 | 250,438 | ||||||
Series A, 5.00%, 10/01/24 (SAW) |
525 | 530,590 | ||||||
Series B, 5.00%, 04/01/24 (SAW) |
675 | 678,178 | ||||||
Series B, 5.00%, 10/01/24 (SAW) |
130 | 131,384 | ||||||
County of Henrico VA GO, 5.00%, 08/01/24 (SAW) |
50 | 50,450 | ||||||
County of Prince William VA GO, 5.00%, 08/01/24 (SAW). |
260 | 262,245 | ||||||
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/24 |
545 | 547,474 | ||||||
Fairfax County Water Authority RB, 5.00%, 04/01/24 |
75 | 75,368 |
Security | Par (000) |
Value | ||||||
Virginia (continued) | ||||||||
Hampton Roads Sanitation District RB |
||||||||
Series A, 5.00%, 07/01/24 |
$ | 165 | $ | 166,316 | ||||
Series A, 5.00%, 08/01/24 |
175 | 176,576 | ||||||
Virginia College Building Authority, 5.00%, 02/01/24 |
1,430 | 1,434,090 | ||||||
Virginia College Building Authority RB |
||||||||
5.00%, 02/01/24 |
100 | 100,286 | ||||||
Series A, 4.00%, 02/01/28 (PR 02/01/24) |
250 | 249,991 | ||||||
Series A, 5.00%, 09/01/24 (SAW) |
50 | 50,502 | ||||||
Series B, 5.00%, 09/01/24 |
370 | 373,716 | ||||||
Series D, 5.00%, 02/01/24 (NPFGC) |
350 | 351,001 | ||||||
Series E-1, 5.00%, 02/01/24 |
300 | 300,858 | ||||||
Virginia Commonwealth Transportation Board RB 5.00%, 09/15/24 |
150 | 151,542 | ||||||
Series A, 5.00%, 05/15/24 |
1,035 | 1,041,502 | ||||||
Virginia Public Building Authority RB |
||||||||
Series A, 5.00%, 08/01/24 |
950 | 958,624 | ||||||
Series C, 5.00%, 08/01/24 |
190 | 191,725 | ||||||
Virginia Public School Authority, 5.00%, 08/01/24 |
285 | 287,503 | ||||||
Virginia Public School Authority RB |
||||||||
5.00%, 02/01/24 |
75 | 75,209 | ||||||
5.00%, 08/01/24 |
205 | 206,800 | ||||||
5.00%, 08/01/24 (SAW) |
1,170 | 1,180,234 | ||||||
Series C, 5.00%, 08/01/24 (SAW) |
275 | 277,415 | ||||||
Virginia Resources Authority RB |
||||||||
5.00%, 11/01/24 |
170 | 171,961 | ||||||
5.00%, 11/01/24 (MO) |
105 | 106,124 | ||||||
Series A, 5.00%, 11/01/24 |
275 | 278,159 | ||||||
Series D, 5.00%, 11/01/24 |
145 | 146,666 | ||||||
|
|
|||||||
15,148,176 | ||||||||
Washington — 4.1% | ||||||||
Cascade Water Alliance RB, 5.00%, 01/01/24 |
90 | 90,164 | ||||||
Central Puget Sound Regional Transit Authority RB |
||||||||
5.00%, 11/01/24 |
150 | 151,753 | ||||||
Series S-1, 5.00%, 11/01/24 |
1,060 | 1,072,386 | ||||||
City of Bellevue WA GOL, 5.00%, 12/01/24 |
200 | 202,526 | ||||||
City of Marysville WA Water & Sewer Revenue RB, 5.00%, 04/01/24 |
55 | 55,261 | ||||||
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 09/01/24 |
1,000 | 1,009,962 | ||||||
City of Seattle WA GO, 5.00%, 12/01/24 |
235 | 237,968 | ||||||
City of Seattle WA GOL |
||||||||
4.00%, 05/01/24 |
70 | 70,060 | ||||||
Series A, 5.00%, 06/01/24 |
290 | 291,939 | ||||||
City of Seattle WA Municipal Light & Power Revenue RB |
||||||||
5.00%, 05/01/24 |
80 | 80,466 | ||||||
5.00%, 09/01/24 |
420 | 424,012 | ||||||
Series A, 5.00%, 01/01/24 |
450 | 450,842 | ||||||
Series B, 5.00%, 04/01/24 |
100 | 100,491 | ||||||
Series C, 5.00%, 10/01/24 |
125 | 126,219 | ||||||
City of Seattle WA Water System Revenue RB, 5.00%, 08/01/24 |
250 | 252,159 | ||||||
Clark & Skamania Counties School District No. 112-6 Washougal GO, 5.00%, 12/01/24 (GTD) |
25 | 25,321 | ||||||
Clark County Public Utility District No. 1 RB, 5.00%, 01/01/24 |
315 | 315,495 | ||||||
Clark County School District No. 37 Vancouver GO, Series C, 5.00%, 12/01/24 (GTD) |
100 | 101,284 | ||||||
County of King WA GOL |
||||||||
5.00%, 06/01/24 |
990 | 996,733 | ||||||
Series C, 5.00%, 12/01/24 |
55 | 55,665 | ||||||
Series E, 5.00%, 12/01/24 |
70 | 70,847 |
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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Washington (continued) | ||||||||
County of King WA Sewer Revenue RB |
||||||||
5.00%, 07/01/24 |
$ | 320 | $ | 322,238 | ||||
Series B, 5.00%, 07/01/24 |
615 | 619,301 | ||||||
County of Snohomish WA, 5.00%, 12/01/24 |
105 | 106,382 | ||||||
County of Spokane WA GOL, 5.00%, 12/01/24 |
265 | 268,206 | ||||||
Energy Northwest RB |
||||||||
5.00%, 07/01/24 |
530 | 534,053 | ||||||
Series A, 5.00%, 07/01/24 |
1,055 | 1,063,068 | ||||||
King County Rural Library District GO, 4.00%, 12/01/24 |
200 | 200,114 | ||||||
King County School District No. 210 Federal Way GO, 4.00%, 12/01/24 (GTD) |
80 | 80,188 | ||||||
King County School District No. 403 Renton GO, 4.00%, 12/01/24 (GTD) |
350 | 350,824 | ||||||
King County School District No. 405 Bellevue GO, 5.00%, 12/01/24 (GTD) |
200 | 202,632 | ||||||
King County School District No. 411 Issaquah GO, 5.00%, 12/01/24 (GTD) |
175 | 177,247 | ||||||
King County School District No. 414 Lake Washington GO, 5.00%, 12/01/24 (GTD) |
130 | 131,669 | ||||||
Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/24 (GTD) |
380 | 384,880 | ||||||
Pierce County School District No. 320 Sumner GO, 5.00%, 12/01/24 (GTD) |
75 | 75,963 | ||||||
Pierce County School District No. 83 University Place GO, 5.00%, 12/01/24 (GTD) |
100 | 101,284 | ||||||
Port of Seattle WA RB, Series B, 5.00%, 03/01/24 |
335 | 336,076 | ||||||
Port of Tacoma WA RB, Series A, 5.00%, 12/01/24 |
85 | 85,983 | ||||||
Snohomish County School District No. 103 Monroe GO, 5.00%, 12/01/24 (GTD) |
215 | 217,761 | ||||||
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/24 (GTD) |
150 | 151,926 | ||||||
Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/24 (GTD) |
100 | 101,284 | ||||||
Snohomish County School District No. 6 Mukilteo GO, 5.00%, 12/01/24 (GTD) |
85 | 86,091 | ||||||
Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/01/24 (GTD) |
150 | 151,926 | ||||||
State of Washington |
||||||||
5.00%, 06/01/24 |
500 | 503,372 | ||||||
5.00%, 08/01/24 |
310 | 312,700 | ||||||
State of Washington COP |
||||||||
Series A, 5.00%, 07/01/24 |
120 | 120,839 | ||||||
Series B, 5.00%, 07/01/24 |
420 | 422,937 | ||||||
State of Washington GO |
||||||||
5.00%, 07/01/24 |
80 | 80,617 | ||||||
Series 2016A, 5.00%, 07/01/24 |
245 | 246,890 | ||||||
Series A-1, 5.00%, 08/01/24 |
520 | 524,529 | ||||||
Series B, 5.00%, 07/01/24 |
100 | 100,771 | ||||||
Series C, 0.00%, 06/01/24 (AMBAC)(a) |
100 | 97,778 | ||||||
Series C, 0.00%, 06/01/24 (NPFGC)(a) |
25 | 24,444 | ||||||
Series C, 5.00%, 02/01/24 |
1,475 | 1,479,072 | ||||||
Series D, 5.00%, 02/01/24 |
140 | 140,387 | ||||||
Series E, 0.00%, 12/01/24(a) |
60 | 57,558 | ||||||
Series E, 5.00%, 06/01/24 |
1,050 | 1,057,081 | ||||||
Series R-2015C, 5.00%, 07/01/24 |
60 | 60,463 | ||||||
Series R-2015E, 5.00%, 07/01/24 |
180 | 181,388 | ||||||
Series R-2020A, 5.00%, 01/01/24 |
800 | 801,443 | ||||||
State of Washington RB, 5.00%, 09/01/24 |
900 | 907,789 | ||||||
University of Washington RB |
||||||||
5.00%, 04/01/24 |
675 | 678,455 | ||||||
Serise A, 5.00%, 12/01/24 |
395 | 400,198 |
Security | Par (000) |
Value | ||||||
Washington (continued) | ||||||||
Washington State University RB |
||||||||
5.00%, 04/01/24 |
$ | 320 | $ | 321,309 | ||||
5.00%, 10/01/24 |
185 | 186,721 | ||||||
Whatcom County School District No. 503 Blaine GO, 5.00%, 12/01/24 (GTD) |
25 | 25,321 | ||||||
|
|
|||||||
20,662,711 | ||||||||
West Virginia — 0.5% |
||||||||
State of West Virginia GO |
||||||||
5.00%, 06/01/24 |
270 | 271,821 | ||||||
Series A, 0.00%, 11/01/24 (NPFGC)(a) |
140 | 134,493 | ||||||
Series A, 5.00%, 06/01/24 |
555 | 558,743 | ||||||
Series A, 5.00%, 12/01/24 |
25 | 25,318 | ||||||
Series B, 5.00%, 06/01/24 |
45 | 45,304 | ||||||
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/24 |
965 | 973,406 | ||||||
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/24 |
320 | 322,384 | ||||||
|
|
|||||||
2,331,469 | ||||||||
Wisconsin — 1.9% | ||||||||
City of Madison WI GO, Series A, 4.00%, 10/01/24 |
445 | 445,979 | ||||||
Milwaukee County Metropolitan Sewer District GO, Series A, 5.00%, 10/01/24 |
140 | 141,428 | ||||||
State of Wisconsin, 5.00%, 05/01/24 |
650 | 653,980 | ||||||
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB |
||||||||
5.00%, 06/01/25 (PR 06/01/24) |
155 | 155,823 | ||||||
5.00%, 06/01/26 (PR 06/01/24) |
185 | 186,089 | ||||||
5.00%, 06/01/31 (PR 06/01/24) |
500 | 502,942 | ||||||
Series 1, 5.00%, 06/01/24 |
85 | 85,452 | ||||||
State of Wisconsin Environmental Improvement Fund Revenue RB |
||||||||
Series A, 5.00%, 06/01/24 |
240 | 241,715 | ||||||
Serise A, 5.00%, 06/01/24 |
610 | 614,359 | ||||||
State of Wisconsin GO |
||||||||
Series 1, 5.00%, 11/01/24 |
240 | 242,969 | ||||||
Series 2, 5.00%, 11/01/24 |
2,170 | 2,196,842 | ||||||
Series A, 5.00%, 05/01/24 |
375 | 377,296 | ||||||
Series C, 5.00%, 05/01/24 |
230 | 231,408 | ||||||
State of Wisconsin RB |
||||||||
Series A, 5.00%, 05/01/24 |
760 | 764,393 | ||||||
Series B, 5.00%, 05/01/24 |
140 | 140,740 | ||||||
Wisconsin Department of Transportation RB 5.00%, 07/01/36 (PR 07/01/24) |
1,830 | 1,842,318 | ||||||
Series 2, 5.00%, 07/01/24 |
485 | 488,964 | ||||||
Series A, 5.00%, 07/01/24 |
220 | 221,798 | ||||||
|
|
|||||||
9,534,495 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.5% |
496,177,860 | |||||||
|
|
38 | 2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2024 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Liquidity Funds: MuniCash, 3.82%(c)(d) |
493,644 | $ | 493,644 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.1% |
493,644 | |||||||
|
|
|||||||
Total
Investments — 98.6% |
496,671,504 | |||||||
Other Assets Less Liabilities — 1.4% |
6,949,476 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 503,620,980 | ||||||
|
|
(a) |
Zero-coupon bond. |
(b) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||
BlackRock Liquidity Funds: MuniCash |
$ | 1,855,612 | $ | — | $ | (1,361,385 | )(a) | $ | (597 | ) | $ | 14 | $ | 493,644 | 493,644 | $ | 36,911 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||
Investments |
||||||||||||||||||||||||||||||||||||
Long-Term Investments |
||||||||||||||||||||||||||||||||||||
Municipal Debt Obligations |
$ | — | $ | 496,177,860 | $ | — | $ | 496,177,860 | ||||||||||||||||||||||||||||
Short-Term Securities |
||||||||||||||||||||||||||||||||||||
Money Market Funds |
493,644 | — | — | 493,644 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
$ | 493,644 | $ | 496,177,860 | $ | — | $ | 496,671,504 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
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 |
39 |
Schedule of Investments October 31, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Debt Obligations |
||||||||
Alabama — 0.4% |
||||||||
Alabama Federal Aid Highway Finance Authority RB, Series H, 5.00%, 09/01/25 |
$ | 915 | $ | 933,083 | ||||
Alabama Public School & College Authority RB, Series B, 5.00%, 05/01/25 |
410 | 417,485 | ||||||
City of Huntsville AL GOL |
||||||||
5.00%, 05/01/25 |
180 | 183,023 | ||||||
Series E, 5.00%, 11/01/25 |
115 | 117,753 | ||||||
State of Alabama GO, 5.00%, 08/01/25 |
250 | 255,096 | ||||||
University of Alabama (The) RB |
||||||||
5.00%, 07/01/25 |
100 | 102,055 | ||||||
Series B, 5.00%, 07/01/25 |
260 | 265,344 | ||||||
|
|
|||||||
2,273,839 | ||||||||
Alaska — 0.1% |
||||||||
City of Anchorage AK Water Revenue RB, Series B, 5.00%, 05/01/25 |
180 | 183,023 | ||||||
Municipality of Anchorage AK GO |
||||||||
Series C, 5.00%, 09/01/25 |
65 | 66,331 | ||||||
Series D, 5.00%, 09/01/25 |
50 | 51,024 | ||||||
State of Alaska GO, Series B, 5.00%, 08/01/25 |
390 | 397,618 | ||||||
|
|
|||||||
697,996 | ||||||||
Arizona — 2.3% |
||||||||
Arizona Health Facilities Authority RB, 5.00%, 01/01/25 |
410 | 414,635 | ||||||
Arizona State University RB |
||||||||
5.00%, 07/01/25 |
320 | 326,266 | ||||||
Series A, 5.00%, 07/01/25 |
435 | 443,518 | ||||||
Series B, 5.00%, 07/01/25 |
275 | 280,385 | ||||||
Arizona Transportation Board RB |
||||||||
5.00%, 07/01/25 |
550 | 560,591 | ||||||
Series A, 5.00%, 07/01/25 |
585 | 596,266 | ||||||
City of Phoenix AZ GO, 5.00%, 07/01/25 |
530 | 540,550 | ||||||
City of Phoenix Civic Improvement Corp. RB |
||||||||
5.00%, 07/01/25 |
2,050 | 2,088,413 | ||||||
Series A, 5.00%, 07/01/25 |
730 | 743,822 | ||||||
Series D, 5.00%, 07/01/25 |
500 | 508,577 | ||||||
City of Tucson Water System Revenue RB, 5.00%, 07/01/25 |
175 | 178,427 | ||||||
County of Pima AZ GOL, 4.00%, 07/01/25 |
130 | 130,428 | ||||||
County of Pima Sewer System Revenue RB, 5.00%, 07/01/25 |
865 | 881,251 | ||||||
Gilbert Water Resource Municipal Property Corp. RB, 5.00%, 07/01/25 |
155 | 158,010 | ||||||
Maricopa County Community College District GO, 5.00%, 07/01/25 |
890 | 907,283 | ||||||
Maricopa County High School District No. 210-Phoenix GO, 5.00%, 07/01/25 |
145 | 147,698 | ||||||
Maricopa County Unified School District No. 48 Scottsdale GO, Series A, 5.00%, 07/01/25 |
35 | 35,663 | ||||||
Maricopa County Unified School District No. 69 Paradise Valley GO, 5.00%, 07/01/25 |
140 | 142,605 | ||||||
Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 07/01/25 |
110 | 112,047 | ||||||
Salt River Project Agricultural Improvement & Power District RB |
||||||||
5.00%, 01/01/25 |
845 | 856,092 | ||||||
Series A, 5.00%, 01/01/25 |
1,165 | 1,180,292 | ||||||
State of Arizona Lottery Revenue RB, 5.00%, 07/01/25 |
200 | 203,754 | ||||||
University of Arizona (The) RB, 4.00%, 06/01/25 |
385 | 385,673 | ||||||
|
|
|||||||
11,822,246 |
Security | Par (000) |
Value | ||||||
California — 11.5% | ||||||||
91 Express Lanes Toll Road, 5.00%, 08/15/25 |
$ | 100 | $ | 102,415 | ||||
Bay Area Toll Authority RB, 5.00%, 04/01/25 |
210 | 213,992 | ||||||
Beverly Hills Unified School District CA GO, 0.00%, 08/01/25(a) |
50 | 46,791 | ||||||
California Educational Facilities Authority RB, Series A, 5.00%, 10/01/25 |
95 | 97,477 | ||||||
California Infrastructure & Economic Development Bank RB |
||||||||
4.00%, 08/01/25 |
235 | 235,185 | ||||||
5.00%, 10/01/25 |
435 | 446,180 | ||||||
California State Public Works Board RB |
||||||||
4.00%, 10/01/25 |
195 | 196,043 | ||||||
5.00%, 05/01/25 |
265 | 269,760 | ||||||
5.00%, 09/01/25 |
220 | 224,895 | ||||||
5.00%, 10/01/25 |
235 | 240,558 | ||||||
5.00%, 10/01/25 (ETM) |
15 | 15,380 | ||||||
5.00%, 11/01/25 |
605 | 620,068 | ||||||
Series A, 5.00%, 06/01/25 |
110 | 112,082 | ||||||
Series B, 5.00%, 04/01/25 |
100 | 101,694 | ||||||
Series C, 5.00%, 11/01/25 |
125 | 128,113 | ||||||
Series D, 5.00%, 04/01/25 |
205 | 208,472 | ||||||
Series D, 5.00%, 06/01/25 |
240 | 244,543 | ||||||
California State University RB 5.00%, 11/01/25 |
505 | 518,656 | ||||||
Series A, 4.00%, 11/01/25 |
125 | 125,968 | ||||||
Series A, 5.00%, 11/01/25 |
2,090 | 2,146,520 | ||||||
Campbell Union High School District GO, Series B, 5.00%, 08/01/25 |
100 | 102,294 | ||||||
Carmel Unified School District Go, 4.00%, 08/01/25 |
100 | 100,600 | ||||||
City & County of San Francisco CA GO |
||||||||
5.00%, 06/15/25 |
25 | 25,544 | ||||||
Series R1, 5.00%, 06/15/25 |
585 | 597,727 | ||||||
City of Los Angeles CA GO, 5.00%, 09/01/25 |
255 | 261,447 | ||||||
City of Los Angeles CA Wastewater System Revenue RB |
||||||||
5.00%, 06/01/25 |
260 | 265,885 | ||||||
Series B, 5.00%, 06/01/25 |
500 | 510,390 | ||||||
City of Los Angeles Department of Airports RB 5.00%, 05/15/25 |
375 | 382,806 | ||||||
Series B, 5.00%, 05/15/25 |
220 | 224,580 | ||||||
Series C, 5.00%, 05/15/25 |
160 | 163,330 | ||||||
City of Redding CA Electric System Revenue RB, 5.00%, 06/01/25 |
100 | 101,708 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue RB, 5.00%, 11/01/25 |
520 | 534,264 | ||||||
Coast Community College District GO, 5.00%, 08/01/25 |
70 | 71,546 | ||||||
Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/25 |
210 | 213,808 | ||||||
County of Monterey CA COP, 5.00%, 10/01/25 |
280 | 286,883 | ||||||
County of Santa Clara CA GO, 5.00%, 08/01/25 |
180 | 184,344 | ||||||
East
Bay Municipal Utility District Water System Revenue RB |
80 | 81,712 | ||||||
Series A, 4.00%, 06/01/25 |
270 | 271,667 | ||||||
Series B, 5.00%, 06/01/25 |
550 | 561,769 | ||||||
Eastern Municipal Water District RB, Series A, 5.00%, 07/01/25 |
100 | 102,185 | ||||||
El Camino Community College District Foundation (The) GO |
||||||||
5.00%, 08/01/25 |
15 | 15,331 |
40 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
Series-C, 0.00%, 08/01/25(a) |
$ | 1,100 | $ | 1,026,054 | ||||
Escondido Union High School District GO, Series A, 0.00%, 08/01/25 (AGC)(a) |
60 | 55,871 | ||||||
Foothill-De Anza Community College District GO |
||||||||
0.00%, 08/01/25 |
285 | 266,480 | ||||||
4.00%, 08/01/25 |
150 | 150,900 | ||||||
Series B, 0.00%, 08/01/25 (NPFGC)(a) |
160 | 149,603 | ||||||
Hillsborough City School District RB, 0.00%, 09/01/25(a) |
250 | 232,365 | ||||||
Imperial Irrigation District Electric System Revenue RB, 5.00%, 11/01/25 |
125 | 127,968 | ||||||
Irvine Ranch Water District COP, 5.00%, 03/01/25 |
20 | 20,339 | ||||||
Long Beach Community College District GO, 5.00%, 08/01/25 |
165 | 168,644 | ||||||
Long Beach Unified School District GO, 5.00%, 08/01/25 |
175 | 178,984 | ||||||
Los Angeles Community College District/CA GO |
||||||||
4.00%, 08/01/25 |
195 | 196,301 | ||||||
5.00%, 08/01/25 |
1,020 | 1,043,918 | ||||||
Series C, 5.00%, 08/01/25 |
420 | 429,849 | ||||||
Los Angeles County Metropolitan Transportation Authority RB |
||||||||
5.00%, 07/01/25 |
560 | 572,329 | ||||||
Series A, 5.00%, 06/01/25 |
925 | 944,365 | ||||||
Series A, 5.00%, 07/01/25 |
160 | 163,523 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB |
||||||||
5.00%, 06/01/25 |
1,055 | 1,077,087 | ||||||
5.00%, 07/01/25 |
415 | 424,136 | ||||||
Los Angeles County Sanitation Districts Financing Authority RB, 5.00%, 10/01/25 |
335 | 342,177 | ||||||
Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/25 |
165 | 168,740 | ||||||
Los Angeles Department of Water & Power RB |
||||||||
5.00%, 07/01/25 |
135 | 138,060 | ||||||
Series A, 5.00%, 07/01/25 |
315 | 322,140 | ||||||
Los Angeles Department of Water & Power System Revenue RB |
||||||||
Series A, 5.00%, 07/01/25 |
80 | 81,813 | ||||||
Series C, 5.00%, 07/01/25 |
310 | 317,026 | ||||||
Los Angeles Department of Water & Power Water System Revenue RB, 5.00%, 07/01/25 |
130 | 132,947 | ||||||
Los Angeles Department of Water RB |
||||||||
5.00%, 07/01/25 |
110 | 112,493 | ||||||
Series B, 5.00%, 07/01/25 |
675 | 690,300 | ||||||
Los Angeles Unified School District/CA GO |
||||||||
4.00%, 07/01/25 |
755 | 758,694 | ||||||
5.00%, 07/01/25 |
610 | 622,736 | ||||||
Series A, 5.00%, 07/01/25 |
2,175 | 2,220,411 | ||||||
Los Rios Community College District GO |
||||||||
5.00%, 08/01/25 |
100 | 102,209 | ||||||
Series C, 4.00%, 08/01/25 |
100 | 100,566 | ||||||
Manhattan Beach Unified School District GO, 0.00%, 09/01/25 (NPFGC)(a) |
190 | 176,439 | ||||||
Metropolitan Water District of Southern California RB |
||||||||
5.00%, 01/01/25 |
290 | 294,535 | ||||||
5.00%, 07/01/25 |
220 | 224,915 | ||||||
5.00%, 10/01/25 |
95 | 97,442 | ||||||
Series A, 2.50%, 07/01/25 |
375 | 363,151 | ||||||
Series A, 5.00%, 07/01/25 |
485 | 495,835 |
Security | Par (000) |
Value | ||||||
California (continued) |
||||||||
Mount San Antonio Community College District GO, Series A, 0.00%, 08/01/25(a) |
$ | 330 | $ | 307,816 | ||||
Newport Mesa Unified School District GO, 0.00%, 08/01/25 (NPFGC)(a) |
225 | 209,695 | ||||||
Oak Grove School District GO, Series A, 0.00%, 08/01/25(a) |
25 | 23,240 | ||||||
Orange County Water District RB, Series C, 5.00%, 08/15/25 |
265 | 271,445 | ||||||
Palo Alto Unified School District GO |
||||||||
0.00%, 08/01/25(a) |
580 | 541,381 | ||||||
5.00%, 08/01/25 |
75 | 76,733 | ||||||
Palomar Community College District, 5.00%, 08/01/44 (PR 08/01/25) |
600 | 614,889 | ||||||
Palomar Community College District GO, Series B, 0.00%, 08/01/25(a) |
325 | 301,445 | ||||||
Pasadena Area Community College District GO, Series A, 5.00%, 08/01/25 |
30 | 30,734 | ||||||
Rancho Water District Financing Authority RB, Series A, 5.00%, 08/01/25 |
190 | 194,455 | ||||||
Rio Hondo Community College District/CA GO, 5.00%, 08/01/25 |
170 | 173,812 | ||||||
Riverside Community College District, 0.00%, 08/01/35 (PR 02/01/25)(a) |
2,935 | 1,682,144 | ||||||
Riverside Community College District GO, Series D, 0.00%, 08/01/25(a) |
105 | 97,273 | ||||||
Riverside County Transportation Commission Sales Tax Revenue RB, 5.00%, 06/01/25 |
110 | 112,218 | ||||||
Sacramento City Financing Authority RB, 5.25%, 12/01/25 (AMBAC) |
25 | 25,769 | ||||||
Sacramento County Sanitation Districts Financing Authority RB |
||||||||
5.00%, 08/01/25 |
100 | 102,345 | ||||||
5.00%, 12/01/25 |
340 | 350,084 | ||||||
Sacramento Municipal Utility District RB |
||||||||
5.00%, 07/01/25 |
655 | 667,614 | ||||||
5.00%, 08/15/25 |
240 | 245,878 | ||||||
Series E, 5.00%, 08/15/25 |
210 | 215,144 | ||||||
San Diego Community College District GO, 5.00%, 08/01/25 |
290 | 297,246 | ||||||
San Diego County Regional Transportation Commission RB, Series A, 5.00%, 04/01/25 |
255 | 259,777 | ||||||
San Diego Public Facilities Financing Authority RB |
||||||||
5.00%, 08/01/25 |
250 | 255,948 | ||||||
Series A, 5.00%, 08/01/25 |
100 | 102,379 | ||||||
Series B, 5.00%, 08/01/25 |
460 | 470,944 | ||||||
San Diego Unified School District/CA GO |
||||||||
5.00%, 07/01/25 |
235 | 240,480 | ||||||
Series C-2, 5.50%, 07/01/25 (AGM) |
355 | 366,120 | ||||||
Series D-1, 5.50%, 07/01/25 (NPFGC) |
140 | 144,385 | ||||||
Series J-2, 4.00%, 07/01/25 |
150 | 151,096 | ||||||
Series J-2, 5.00%, 07/01/25 |
140 | 143,264 | ||||||
San Francisco Bay Area Rapid Transit District GO, 5.00%, 08/01/25 |
295 | 301,817 | ||||||
San Francisco City & County Airport Commission San Francisco International Airport RB |
||||||||
4.00%, 05/01/25 |
250 | 251,500 | ||||||
5.00%, 05/01/25 |
395 | 403,078 | ||||||
San Francisco City & County Public Utilities |
||||||||
Commission Wastewater Revenue RB |
||||||||
Series A, 4.00%, 10/01/25 |
275 | 277,179 | ||||||
Series A, 5.00%, 10/01/25 |
205 | 210,383 |
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 (continued) October 31, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
California (continued) |
||||||||
San Francisco County Transportation Authority RB, 4.00%, 02/01/25 |
$ | 175 | $ | 176,009 | ||||
San Jose Evergreen Community College District GO, 5.00%, 09/01/25 |
125 | 128,272 | ||||||
San Jose Unified School District GO, Series C, 0.00%, 08/01/25 (NPFGC)(a) |
240 | 223,369 | ||||||
San Mateo County Community College District GO |
||||||||
Series A, 0.00%, 09/01/25 (NPFGC)(a) |
130 | 120,895 | ||||||
Series B, 0.00%, 09/01/25 (NPFGC)(a) |
440 | 409,183 | ||||||
San Mateo Foster City Public Financing Authority RB |
||||||||
Series B, 5.00%, 08/01/25 |
1,070 | 1,095,456 | ||||||
Series-A, 5.00%, 08/01/25 |
355 | 363,446 | ||||||
San Mateo Union High School District GO, 0.00%, 09/01/25 (NPFGC)(a) |
300 | 278,988 | ||||||
Santa Clara Unified School District GO, 5.00%, 07/01/25 |
125 | 127,976 | ||||||
Santa Clara Valley Transportation Authority RB |
||||||||
5.00%, 04/01/25 |
35 | 35,670 | ||||||
Series A, 5.00%, 06/01/25 |
695 | 709,872 | ||||||
Santa Monica-Malibu Unified School District GO, |
||||||||
4.00%, 08/01/25 |
175 | 176,434 | ||||||
Sequoia Union High School District GO |
||||||||
4.00%, 07/01/25 |
275 | 276,567 | ||||||
5.00%, 07/01/25 |
510 | 521,145 | ||||||
Southern California Public Power Authority RB, 5.00%, 07/01/25 |
150 | 153,449 | ||||||
Southwestern Community College District GO, Series D, 5.00%, 08/01/44 (PR 08/01/25) |
1,510 | 1,546,439 | ||||||
State of California Department of Water Resources RB |
||||||||
5.00%, 12/01/25 |
520 | 535,634 | ||||||
Series AW, 5.00%, 12/01/25 |
100 | 103,006 | ||||||
Series AX, 5.00%, 12/01/25 |
330 | 339,921 | ||||||
Series BA, 5.00%, 12/01/25 |
55 | 56,654 | ||||||
State of California GO |
||||||||
4.00%, 03/01/25 |
35 | 35,162 | ||||||
4.00%, 09/01/25 |
545 | 548,055 | ||||||
4.00%, 10/01/25 |
200 | 201,179 | ||||||
4.00%, 11/01/25 |
340 | 342,111 | ||||||
5.00%, 03/01/25 |
475 | 483,304 | ||||||
5.00%, 04/01/25 |
720 | 733,388 | ||||||
5.00%, 08/01/25 |
3,240 | 3,311,559 | ||||||
5.00%, 09/01/25 |
2,425 | 2,481,121 | ||||||
5.00%, 10/01/25 |
2,990 | 3,062,393 | ||||||
5.00%, 11/01/25 |
1,355 | 1,389,276 | ||||||
5.00%, 12/01/25 |
60 | 61,537 | ||||||
Series B, 5.00%, 08/01/25 |
895 | 914,767 | ||||||
Series B, 5.00%, 09/01/25 |
445 | 455,298 | ||||||
University of California RB |
||||||||
5.00%, 05/15/25 |
1,010 | 1,031,630 | ||||||
Series AO, 5.00%, 05/15/25 |
350 | 357,496 | ||||||
Series AY, 5.00%, 05/15/25 |
195 | 199,176 | ||||||
Series I, 5.00%, 05/15/25 |
470 | 479,642 | ||||||
Upper Santa Clara Valley Joint Powers Authority RB, Series A, 5.00%, 08/01/25 |
85 | 87,051 | ||||||
Whittier Union High School District GO, 0.00%, 08/01/25(a) |
290 | 269,212 | ||||||
|
|
|||||||
60,287,409 | ||||||||
Colorado — 0.7% |
||||||||
Board of Governors of Colorado State University System RB, Series C, 2.50%, 03/01/25 |
25 | 24,582 |
Security | Par (000) |
Value | ||||||
Colorado (continued) |
||||||||
Board of Water Commissioners City & County of Denver (The) RB, Series A, 4.00%, 09/15/25 |
$ | 85 | $ | 85,183 | ||||
City & County of Denver Co. Airport System Revenue RB |
||||||||
5.00%, 11/15/25 |
180 | 183,903 | ||||||
Series A, 5.00%, 11/15/25 |
375 | 383,131 | ||||||
City of Colorado Springs CO Utilities System Revenue RB, Series A-1, 5.00%, 11/15/25 |
500 | 511,826 | ||||||
City of Colorado Springs Co. Utilities System Revenue RB, 5.00%, 11/15/25 |
445 | 455,525 | ||||||
Colorado Health Facilities Authority, 5.00%, 11/01/25 |
100 | 100,822 | ||||||
County of Adams Co. COP, 5.00%, 12/01/25 |
130 | 132,911 | ||||||
Denver City & County School District No. 1 COP, Series A, 5.00%, 12/01/25 |
275 | 281,158 | ||||||
Denver City & County School District No. 1 GO |
||||||||
5.00%, 12/01/25 (SAW) |
415 | 425,462 | ||||||
Series A, 5.50%, 12/01/25 (SAW) |
420 | 434,754 | ||||||
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/25 (NPFGC)(a) |
270 | 249,599 | ||||||
State of Colorado COP |
||||||||
Series K, 5.00%, 03/15/25 |
180 | 182,902 | ||||||
Series L, 5.00%, 03/15/25 |
25 | 25,403 | ||||||
University of Colorado RB, Series A, 5.00%, 06/01/25 (NPFGC) |
375 | 381,868 | ||||||
|
|
|||||||
3,859,029 | ||||||||
Connecticut — 1.8% |
||||||||
State of Connecticut Clean Water Fund—State Revolving Fund RB, 5.00%, 02/01/25 |
120 | 121,819 | ||||||
State of Connecticut GO |
||||||||
4.00%, 06/01/25 |
805 | 807,020 | ||||||
5.00%, 04/15/25 |
305 | 309,966 | ||||||
5.00%, 09/15/25 |
1,305 | 1,332,769 | ||||||
5.00%, 11/15/25 |
145 | 148,287 | ||||||
Series A, 5.00%, 01/15/25 |
1,685 | 1,707,652 | ||||||
Series A, 5.00%, 04/15/25 |
170 | 172,768 | ||||||
Series B, 3.00%, 06/01/25 |
100 | 98,118 | ||||||
Series B, 5.00%, 05/15/25 |
340 | 345,854 | ||||||
Series B, 5.00%, 06/15/25 |
125 | 127,265 | ||||||
Series C, 5.00%, 06/15/25 |
420 | 427,612 | ||||||
Series E, 5.00%, 09/15/25 |
600 | 612,767 | ||||||
Series E, 5.00%, 10/15/25 |
245 | 250,359 | ||||||
Series F, 5.00%, 11/15/25 |
410 | 419,293 | ||||||
State of Connecticut Special Tax Revenue RB |
||||||||
5.00%, 10/01/25 |
135 | 137,942 | ||||||
Series A, 5.00%, 01/01/25 |
245 | 248,244 | ||||||
Series A, 5.00%, 08/01/25 |
330 | 336,559 | ||||||
Series A, 5.00%, 09/01/25 |
455 | 464,477 | ||||||
Series B, 5.00%, 08/01/25 |
260 | 265,168 | ||||||
Series B, 5.00%, 10/01/25 |
330 | 337,192 | ||||||
University of Connecticut RB |
||||||||
5.00%, 11/01/25 |
195 | 199,366 | ||||||
5.00%, 11/15/25 |
100 | 102,286 | ||||||
Series A, 5.00%, 02/15/25 |
530 | 537,220 | ||||||
|
|
|||||||
9,510,003 | ||||||||
Delaware — 1.3% |
||||||||
City of Wilmington DE GO, 5.00%, 12/01/25 |
55 | 56,232 | ||||||
County of New Castle DE GO |
||||||||
5.00%, 10/01/33 (PR 10/01/25) |
1,565 | 1,600,271 | ||||||
5.00%, 10/01/35 (PR 10/01/25) |
2,260 | 2,310,935 |
42 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Delaware (continued) |
||||||||
Delaware Transportation Authority RB |
||||||||
4.00%, 07/01/25 |
$ | 125 | $ | 125,531 | ||||
5.00%, 07/01/25 |
900 | 918,207 | ||||||
5.00%, 09/01/25 |
340 | 346,840 | ||||||
State of Delaware GO |
||||||||
5.00%, 03/01/25 |
260 | 264,342 | ||||||
5.00%, 10/01/25 |
225 | 230,406 | ||||||
Series 2009C, 5.00%, 10/01/25 |
790 | 808,979 | ||||||
Series A, 5.00%, 02/01/25 |
105 | 106,643 | ||||||
|
|
|||||||
6,768,386 | ||||||||
District of Columbia — 1.9% |
||||||||
District of Columbia GO |
||||||||
5.00%, 02/01/25 |
715 | 725,839 | ||||||
Series A, 5.00%, 06/01/25 |
460 | 468,495 | ||||||
Series A, 5.00%, 10/15/25 |
995 | 1,017,706 | ||||||
Series B, 5.00%, 06/01/25 |
430 | 437,941 | ||||||
Series D, 5.00%, 06/01/25 |
210 | 213,878 | ||||||
Series E, 5.00%, 06/01/25 |
1,410 | 1,436,039 | ||||||
District of Columbia RB |
||||||||
5.00%, 12/01/25 |
405 | 414,338 | ||||||
Series A, 5.00%, 03/01/25 |
205 | 208,183 | ||||||
Series A, 5.00%, 12/01/25 |
280 | 287,059 | ||||||
Series B, 5.00%, 10/01/25 |
485 | 495,660 | ||||||
Series C, 5.00%, 05/01/25 |
380 | 386,660 | ||||||
Series C, 5.00%, 10/01/25 |
875 | 894,233 | ||||||
District of Columbia Water & Sewer Authority RB |
||||||||
5.00%, 10/01/25 |
195 | 199,395 | ||||||
Series A, 5.00%, 10/01/25 |
550 | 562,396 | ||||||
Series B, 5.00%, 10/01/25 |
315 | 322,158 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue RB, 5.00%, 10/01/25 |
200 | 203,766 | ||||||
Washington Metropolitan Area Transit Authority RB |
||||||||
5.00%, 07/01/25 |
820 | 834,995 | ||||||
Series A, 5.00%, 07/15/25 |
230 | 234,303 | ||||||
Series A1, 5.00%, 07/01/25 |
460 | 468,412 | ||||||
|
|
|||||||
9,811,456 | ||||||||
Florida — 2.7% |
||||||||
Central Florida Expressway Authority RB, 5.00%, 07/01/25 |
140 | 142,492 | ||||||
County of Miami-Dade FL Aviation Revenue RB 5.00%, 10/01/25 |
120 | 122,016 | ||||||
Series B, 5.00%, 10/01/25 |
290 | 294,872 | ||||||
County of Miami-Dade FL GO, Series-D, 5.00%, 07/01/25 |
320 | 325,955 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/25 |
1,235 | 1,260,772 | ||||||
County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/25 |
420 | 429,466 | ||||||
County of Seminole FL Sales Tax Revenue RB, Series B, 5.25%, 10/01/25 (NPFGC) |
80 | 82,303 | ||||||
Florida Department of Environmental Protection RB |
||||||||
5.00%, 07/01/25 |
2,388 | 2,432,441 | ||||||
Series A, 5.00%, 07/01/25 |
462 | 470,598 | ||||||
Florida Department of Management Services COP, Series A, 5.00%, 08/01/25 |
480 | 489,051 | ||||||
Florida State Development Commission/Everglades Parkway RB, Series A, 5.00%, 07/01/25 |
80 | 81,554 | ||||||
Hillsborough County Aviation Authority RB, 5.00%, 10/01/25 |
200 | 204,285 |
Security | Par (000) |
Value | ||||||
Florida (continued) |
||||||||
Hillsborough County School Board COP, Series A, 5.00%, 07/01/25 |
$ | 185 | $ | 187,548 | ||||
Orange County School Board COP, 5.00%, 08/01/25 |
50 | 50,917 | ||||||
Palm Beach County School District COP, Series B, 5.00%, 08/01/25 |
180 | 182,754 | ||||||
Palm Beach County School District RB, 5.00%, 08/01/25 |
500 | 507,651 | ||||||
School Board of Miami-Dade County (The) COP, Series A, 5.00%, 05/01/25 |
485 | 491,031 | ||||||
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/25 |
435 | 441,665 | ||||||
School District of Broward County/FL COP |
||||||||
Series A, 5.00%, 07/01/25 |
165 | 167,485 | ||||||
Series C, 5.00%, 07/01/25 |
180 | 182,710 | ||||||
School District of Broward County/FL GO, 5.00%, 07/01/25 |
205 | 209,147 | ||||||
State of Florida Department of Transportation RB, 5.00%, 07/01/25 |
425 | 432,965 | ||||||
State of Florida Department of Transportation Turnpike |
||||||||
System Revenue RB |
||||||||
5.00%, 07/01/25 |
255 | 259,580 | ||||||
Series A, 5.00%, 07/01/25 |
695 | 707,484 | ||||||
Series-B, 5.00%, 07/01/25 |
190 | 193,413 | ||||||
State of Florida GO |
||||||||
5.00%, 06/01/25 |
45 | 45,831 | ||||||
5.00%, 07/01/25 |
290 | 296,102 | ||||||
Series A, 5.00%, 06/01/25 |
302 | 307,577 | ||||||
Series A, 5.00%, 07/01/25 |
50 | 51,052 | ||||||
Series B, 5.00%, 06/01/25 |
375 | 381,925 | ||||||
Series B, 5.00%, 07/01/25 |
35 | 35,736 | ||||||
Series C, 5.00%, 06/01/25 |
350 | 356,464 | ||||||
Series D, 5.00%, 06/01/25 |
100 | 101,847 | ||||||
State of Florida Lottery Revenue RB |
||||||||
5.00%, 07/01/25 |
995 | 1,013,195 | ||||||
Series A, 5.00%, 07/01/25 |
596 | 606,899 | ||||||
Series B, 5.00%, 07/01/25 |
350 | 356,400 | ||||||
State of Florida RB, 5.00%, 06/01/25 |
105 | 106,939 | ||||||
Tampa Bay Water RB, Series C, 5.00%, 10/01/25 |
90 | 91,845 | ||||||
Volusia County School Board COP, Series A, 5.00%, 08/01/25 (BAM) |
90 | 91,332 | ||||||
|
|
|||||||
14,193,299 | ||||||||
Georgia — 2.9% |
||||||||
Association County Commissioners of Georgia COP, 5.00%, 07/15/25 |
575 | 586,424 | ||||||
City of Atlanta GA, 5.00%, 12/01/25 |
250 | 256,151 | ||||||
City of Atlanta GA Department of Aviation RB |
||||||||
5.00%, 07/01/25 |
340 | 346,603 | ||||||
Series A, 5.00%, 07/01/25 |
145 | 147,816 | ||||||
City of Atlanta GA Water & Wastewater Revenue RB |
||||||||
5.00%, 11/01/33 (PR 05/01/25) |
2,270 | 2,312,104 | ||||||
5.75%, 11/01/25 (AGM) |
205 | 212,600 | ||||||
Series B, 5.00%, 11/01/25 |
250 | 255,694 | ||||||
County of Forsyth GA GO, 5.00%, 09/01/25 |
110 | 112,448 | ||||||
Forsyth County School District GO, 5.00%, 02/01/25 |
210 | 213,184 | ||||||
Georgia State Road & Tollway Authority RB, 5.00%, 06/01/25 |
995 | 1,013,376 | ||||||
Gwinnett County School District GO |
||||||||
5.00%, 02/01/25 |
645 | 654,384 | ||||||
5.00%, 08/01/25 |
330 | 336,727 | ||||||
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/25 |
295 | 301,264 |
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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Georgia (continued) | ||||||||
Henry County School District GO |
||||||||
4.00%, 08/01/25 (SAW) |
$ | 140 | $ | 140,439 | ||||
5.00%, 08/01/25 (SAW) |
300 | 305,962 | ||||||
Henry County Water Authority RB, 5.00%, 02/01/25 |
250 | 253,637 | ||||||
Metropolitan Atlanta Rapid Transit Authority RB |
||||||||
5.25%, 07/01/25 (NPFGC) |
100 | 102,195 | ||||||
Series A, 4.00%, 07/01/25 |
535 | 537,103 | ||||||
Municipal Electric Authority of Georgia RB, 5.00%, 01/01/25 |
145 | 146,129 | ||||||
Private Colleges & Universities Authority RB |
||||||||
Series B, 5.00%, 09/01/25 |
1,220 | 1,246,278 | ||||||
Series B, 5.00%, 10/01/25 |
435 | 444,804 | ||||||
State of Georgia GO |
||||||||
5.00%, 07/01/25 |
250 | 255,139 | ||||||
Series A, 5.00%, 02/01/25 |
850 | 863,094 | ||||||
Series A, 5.00%, 07/01/25 |
170 | 173,494 | ||||||
Series A1, 5.00%, 02/01/25 |
745 | 756,476 | ||||||
Series A-1, 5.00%, 02/01/25 |
105 | 106,617 | ||||||
Series C1, 4.00%, 01/01/25 |
865 | 867,685 | ||||||
Series C1, 4.00%, 07/01/25 |
655 | 657,995 | ||||||
Series E, 5.00%, 12/01/25 |
1,135 | 1,163,842 | ||||||
Series F, 5.00%, 01/01/25 |
135 | 136,941 | ||||||
Series F, 5.00%, 07/01/25 |
165 | 168,391 | ||||||
|
|
|||||||
15,074,996 | ||||||||
Hawaii — 1.9% | ||||||||
City & County Honolulu HI Wastewater System |
||||||||
Revenue RB |
||||||||
5.00%, 07/01/25 |
1,110 | 1,131,915 | ||||||
Series A, 5.00%, 07/01/45 (PR 07/01/25) |
600 | 611,749 | ||||||
Series B, 5.00%, 07/01/25 |
340 | 346,713 | ||||||
City & County Honolulu Wastewater System Revenue |
||||||||
RB, 5.00%, 07/01/30 (PR 07/01/25) |
1,240 | 1,264,281 | ||||||
City & County of Honolulu GO, 5.00%, 09/01/25 |
205 | 209,197 | ||||||
City & County of Honolulu HI GO |
||||||||
4.00%, 08/01/25 |
75 | 75,210 | ||||||
5.00%, 09/01/25 |
385 | 392,882 | ||||||
Series A, 5.00%, 10/01/25 |
245 | 250,249 | ||||||
Series B, 5.00%, 09/01/25 |
480 | 489,827 | ||||||
Series C, 5.00%, 10/01/25 |
65 | 66,392 | ||||||
Series E, 5.00%, 09/01/25 |
270 | 275,528 | ||||||
County of Hawaii HI GO, Series D, 5.00%, 09/01/25 |
550 | 561,749 | ||||||
State of Hawaii GO |
||||||||
5.00%, 01/01/25 |
175 | 177,177 | ||||||
5.00%, 10/01/25 |
790 | 806,193 | ||||||
Series EZ, 5.00%, 10/01/25 |
495 | 505,146 | ||||||
Series FE, 5.00%, 10/01/25 |
425 | 433,711 | ||||||
Series FH, 5.00%, 10/01/25 |
235 | 239,817 | ||||||
Series FK, 5.00%, 05/01/25 |
580 | 589,319 | ||||||
Series FN, 5.00%, 10/01/25 |
600 | 612,298 | ||||||
Series FT, 5.00%, 01/01/25 |
200 | 202,489 | ||||||
State of Hawaii State Highway Fund RB |
||||||||
Series A, 4.00%, 01/01/25 |
160 | 160,189 | ||||||
Series B, 5.00%, 01/01/25 |
390 | 394,853 | ||||||
University of Hawaii RB |
||||||||
5.00%, 10/01/25 |
90 | 91,778 | ||||||
Series B, 5.00%, 10/01/25 |
115 | 117,272 | ||||||
|
|
|||||||
10,005,934 | ||||||||
Idaho — 0.3% | ||||||||
Idaho Housing & Finance Association RB, 5.00%, 07/15/25 |
1,360 | 1,383,646 | ||||||
|
|
Security | Par (000) |
Value | ||||||
Illinois — 3.5% | ||||||||
Chicago O’Hare International Airport RB |
||||||||
5.00%, 01/01/25 |
$ | 2,015 | $ | 2,038,925 | ||||
Series C, 5.00%, 01/01/25 |
225 | 227,672 | ||||||
Series F, 5.00%, 01/01/25 |
190 | 192,256 | ||||||
County of Will IL GO, 5.00%, 11/15/41 (PR 11/15/25) |
2,000 | 2,044,017 | ||||||
Illinois Finance Authority RB |
||||||||
4.00%, 01/01/25 |
615 | 615,865 | ||||||
4.00%, 07/01/25 |
1,145 | 1,147,483 | ||||||
5.00%, 01/01/25 |
610 | 617,729 | ||||||
5.00%, 07/01/25 |
725 | 738,141 | ||||||
5.00%, 12/01/25 |
585 | 597,042 | ||||||
Illinois State Toll Highway Authority RB |
||||||||
5.00%, 01/01/25 |
155 | 156,805 | ||||||
Series A, 5.00%, 01/01/25 |
140 | 141,630 | ||||||
Series B, 5.00%, 01/01/25 |
460 | 465,357 | ||||||
Sales Tax Securitization Corp. RB, Series A, 5.00%, 01/01/25 |
500 | 505,539 | ||||||
State of Illinois GO |
||||||||
5.00%, 01/01/25 |
155 | 156,095 | ||||||
5.00%, 02/01/25 |
3,605 | 3,636,226 | ||||||
5.00%, 05/01/25 |
1,000 | 1,009,611 | ||||||
5.00%, 10/01/25 |
100 | 101,179 | ||||||
5.50%, 05/01/25 |
210 | 213,438 | ||||||
Series A, 5.00%, 03/01/25 |
520 | 524,212 | ||||||
Series B, 5.00%, 03/01/25 |
860 | 866,965 | ||||||
Series D, 5.00%, 11/01/25 |
2,145 | 2,171,494 | ||||||
State of Illinois Sales Tax Revenue RB, 5.00%, 06/15/25 |
200 | 202,846 | ||||||
|
|
|||||||
18,370,527 | ||||||||
Indiana — 1.5% | ||||||||
City of Indianapolis Department of Public Utilities Water |
||||||||
System Revenue RB, 5.00%, 10/01/25 |
480 | 489,572 | ||||||
Indiana Finance Authority RB |
||||||||
5.00%, 02/01/25 |
1,545 | 1,568,045 | ||||||
5.00%, 02/01/31 (PR 02/01/25) |
2,230 | 2,261,356 | ||||||
Series B, 5.00%, 02/01/25 |
610 | 619,099 | ||||||
Series C, 5.00%, 12/01/25 |
915 | 936,592 | ||||||
Indiana University RB, 5.00%, 06/01/25 |
610 | 620,796 | ||||||
Indianapolis Local Public Improvement Bond Bank RB, |
||||||||
5.00%, 01/01/25 |
110 | 111,494 | ||||||
Purdue University COP, Series A, 5.00%, 07/01/25 |
210 | 213,908 | ||||||
Purdue University RB |
||||||||
4.00%, 07/01/25 |
90 | 90,238 | ||||||
5.00%, 07/01/25 |
625 | 636,631 | ||||||
Series A, 5.25%, 07/01/25 |
190 | 194,294 | ||||||
|
|
|||||||
7,742,025 | ||||||||
Iowa — 0.5% | ||||||||
County of Polk IA GO, 5.00%, 06/01/25 |
185 | 188,274 | ||||||
Iowa Finance Authority RB, 5.00%, 08/01/25 |
835 | 852,021 | ||||||
State of Iowa GO |
||||||||
5.00%, 06/15/25 |
520 | 528,605 | ||||||
Series-A, 5.00%, 06/01/25 |
260 | 264,202 | ||||||
State of Iowa RB, Series A, 5.00%, 06/01/25 |
660 | 670,666 | ||||||
|
|
|||||||
2,503,768 | ||||||||
Kansas — 1.1% | ||||||||
County of Johnson KS GO, 5.00%, 09/01/25 |
205 | 209,197 | ||||||
Johnson County Public Building Commission RB |
||||||||
5.00%, 09/01/25 |
180 | 183,270 | ||||||
Series A, 5.00%, 09/01/25 |
265 | 269,814 |
44 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Kansas (continued) | ||||||||
Johnson County Unified School District No. 229 Blue |
||||||||
Valley GO, 5.00%, 10/01/25 |
$ | 1,525 | $ | 1,558,520 | ||||
Johnson County Unified School District No. 512 |
||||||||
Shawnee Mission GO |
||||||||
5.00%, 10/01/30 (PR 10/01/25) |
510 | 521,494 | ||||||
5.00%, 10/01/31 (PR 10/01/25) |
800 | 818,030 | ||||||
Series B, 5.00%, 10/01/25 |
250 | 255,356 | ||||||
Sedgwick County Unified School District No. 265 |
||||||||
Goddard GO, Series B, 5.00%, 10/01/25 |
20 | 20,410 | ||||||
State of Kansas Department of Transportation RB |
||||||||
5.00%, 09/01/25 |
1,430 | 1,458,769 | ||||||
Series A, 5.00%, 09/01/25 |
580 | 591,668 | ||||||
|
|
|||||||
5,886,528 | ||||||||
Kentucky — 0.1% | ||||||||
Louisville and Jefferson County Metropolitan Sewer |
||||||||
District RB, 5.00%, 05/15/25 |
295 | 300,521 | ||||||
|
|
|||||||
Louisiana — 0.4% | ||||||||
State of Louisiana Gasoline & Fuels Tax Revenue RB, |
||||||||
Series B, 5.00%, 05/01/25 |
430 | 436,408 | ||||||
State of Louisiana GO |
||||||||
5.00%, 03/01/25 |
30 | 30,407 | ||||||
5.00%, 09/01/25 |
120 | 122,180 | ||||||
Series A, 5.00%, 03/01/25 |
110 | 111,494 | ||||||
Series A, 5.00%, 09/01/25 |
310 | 315,632 | ||||||
Series B, 5.00%, 05/01/25 |
40 | 40,596 | ||||||
Series B, 5.00%, 08/01/25 |
370 | 376,413 | ||||||
State of Louisiana RB, 5.00%, 09/01/25 |
705 | 717,808 | ||||||
|
|
|||||||
2,150,938 | ||||||||
Maine — 0.8% | ||||||||
Maine Governmental Facilities Authority RB, 5.00%, 10/01/25 |
105 | 107,172 | ||||||
Maine Municipal Bond Bank RB |
||||||||
5.00%, 11/01/25 |
750 | 767,083 | ||||||
Series A, 5.00%, 09/01/25 |
290 | 295,628 | ||||||
Series B, 5.00%, 11/01/25 |
185 | 189,214 | ||||||
State of Maine GO |
||||||||
5.00%, 06/01/25 |
345 | 351,106 | ||||||
Series B, 5.00%, 06/01/25 |
2,295 | 2,335,616 | ||||||
|
|
|||||||
4,045,819 | ||||||||
Maryland — 3.3% | ||||||||
City of Baltimore MD RB |
||||||||
5.00%, 07/01/25 |
330 | 335,874 | ||||||
Series A, 5.00%, 07/01/25 |
190 | 193,597 | ||||||
County of Anne Arundel MD GOL |
||||||||
5.00%, 04/01/25 |
200 | 203,387 | ||||||
5.00%, 10/01/25 |
1,515 | 1,549,706 | ||||||
County of Baltimore MD GO |
||||||||
5.00%, 03/01/25 |
550 | 558,898 | ||||||
5.00%, 08/01/25 |
125 | 127,654 | ||||||
County of Charles MD GO, 5.00%, 10/01/25 |
85 | 86,979 | ||||||
County of Frederick MD GO, 5.00%, 08/01/25 |
300 | 306,357 | ||||||
County of Howard MD GO |
||||||||
5.00%, 08/15/25 |
290 | 296,295 | ||||||
Series A, 5.00%, 02/15/25 |
365 | 370,891 | ||||||
County of Montgomery GO, 5.00%, 08/01/25 |
100 | 102,123 | ||||||
County of Montgomery MD COP, Series B, 5.00%, 04/01/25 |
100 | 101,694 | ||||||
County of Montgomery MD GO 5.00%, 11/01/25 |
1,175 | 1,203,582 |
Security | Par (000) |
Value | ||||||
Maryland (continued) | ||||||||
Series C, 5.00%, 10/01/25 |
$ | 205 | $ | 209,773 | ||||
Series D, 4.00%, 11/01/25 |
620 | 622,780 | ||||||
County of Prince George’s MD GOL |
||||||||
5.00%, 07/15/25 |
1,505 | 1,536,150 | ||||||
Series A, 5.00%, 07/01/25 |
265 | 270,361 | ||||||
Series A, 5.00%, 07/15/25 |
330 | 336,830 | ||||||
Series B, 5.00%, 07/15/25 |
100 | 102,070 | ||||||
State of Maryland Department of Transportation RB |
||||||||
4.00%, 09/01/25 |
430 | 431,956 | ||||||
5.00%, 05/01/25 |
100 | 101,811 | ||||||
5.00%, 09/01/25 |
330 | 337,284 | ||||||
5.00%, 10/01/25 |
600 | 613,857 | ||||||
5.00%, 12/01/25 |
130 | 133,042 | ||||||
State of Maryland GO |
||||||||
Second Series A, 5.00%, 08/01/25 |
435 | 444,237 | ||||||
Second Series B, 5.00%, 08/01/25 |
390 | 398,281 | ||||||
Series A, 5.00%, 03/15/25 |
650 | 660,829 | ||||||
Series A, 5.00%, 08/01/25 |
480 | 490,193 | ||||||
Series B, 4.00%, 08/01/25 |
335 | 336,501 | ||||||
Series B, 5.00%, 08/01/25 |
2,435 | 2,486,706 | ||||||
Washington Suburban Sanitary Commission GO |
||||||||
4.00%, 06/01/25 (GTD) |
75 | 75,303 | ||||||
5.00%, 06/01/25 (GTD) |
545 | 555,485 | ||||||
Washington Suburban Sanitary Commission RB |
||||||||
4.00%, 06/01/25 (GTD) |
485 | 486,956 | ||||||
5.00%, 06/01/25 (GTD) |
350 | 356,734 | ||||||
5.00%, 06/15/25 (GTD) |
490 | 499,653 | ||||||
5.00%, 12/01/25 (GTD) |
250 | 256,353 | ||||||
|
|
|||||||
17,180,182 | ||||||||
Massachusetts — 3.3% | ||||||||
City of Boston MA GO, Series A, 5.00%, 11/01/25 |
200 | 205,447 | ||||||
Commonwealth of Massachusetts GO |
||||||||
5.00%, 05/01/25 |
1,000 | 1,018,840 | ||||||
Series A, 5.00%, 01/01/25 |
245 | 248,579 | ||||||
Commonwealth of Massachusetts GOL |
||||||||
5.00%, 07/01/25 |
150 | 153,132 | ||||||
5.00%, 09/01/25 |
150 | 153,445 | ||||||
Series A, 5.00%, 03/01/25 |
100 | 101,670 | ||||||
Series A, 5.00%, 07/01/25 |
320 | 326,681 | ||||||
Series B, 5.00%, 04/01/25 |
160 | 162,842 | ||||||
Series B, 5.00%, 07/01/25 |
330 | 336,890 | ||||||
Series B, 5.00%, 11/01/25 |
295 | 302,405 | ||||||
Series B, 5.25%, 09/01/25 (AGM) |
415 | 426,646 | ||||||
Series C, 5.00%, 08/01/25 |
840 | 858,409 | ||||||
Series C, 5.00%, 09/01/25 |
330 | 337,578 | ||||||
Series C, 5.00%, 10/01/25 |
1,375 | 1,408,034 | ||||||
Series D, 5.00%, 07/01/25 |
645 | 658,467 | ||||||
Series E, 5.00%, 11/01/25 |
230 | 235,773 | ||||||
Series E, 5.00%, 11/01/25 (AMBAC) |
180 | 184,553 | ||||||
Commonwealth of Massachusetts Transportation Fund |
||||||||
Revenue RB, Series A, 5.00%, 06/01/25 |
240 | 244,580 | ||||||
Massachusetts Bay Transportation Authority RB, |
||||||||
Series A, 5.00%, 07/01/25 |
1,095 | 1,117,329 | ||||||
Massachusetts Bay Transportation Authority Sales Tax |
||||||||
Revenue RB, 5.00%, 07/01/25 |
180 | 183,671 | ||||||
Massachusetts Clean Water Trust (The) RB |
||||||||
5.00%, 08/01/25 |
1,520 | 1,553,829 | ||||||
Series 22, 5.00%, 08/01/25 |
95 | 97,082 | ||||||
Massachusetts Development Finance Agency RB |
||||||||
Series A, 5.00%, 07/15/25 |
735 | 751,189 | ||||||
Series A, 5.00%, 10/15/25 |
250 | 256,131 |
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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts School Building Authority RB |
||||||||
5.00%, 01/15/25 |
$ | 130 | $ | 131,824 | ||||
5.00%, 02/15/25 |
165 | 167,476 | ||||||
Series A, 5.00%, 11/15/41 (PR 11/15/25) |
250 | 255,748 | ||||||
Series A, 5.00%, 11/15/45 (PR 11/15/25) |
2,475 | 2,531,907 | ||||||
Series C, 5.00%, 08/15/25 |
260 | 265,599 | ||||||
Massachusetts Transportation Trust Fund Metropolitan |
||||||||
Highway System Revenue RB, 5.00%, 01/01/25 |
530 | 537,501 | ||||||
Massachusetts Water Resources Authority |
||||||||
5.00%, 08/01/25 |
125 | 127,761 | ||||||
5.00%, 08/01/25 (ETM) |
25 | 25,548 | ||||||
Massachusetts Water Resources Authority RB |
||||||||
5.00%, 08/01/25 |
300 | 306,626 | ||||||
Series B, 5.25%, 08/01/25 (AGM) |
1,015 | 1,041,670 | ||||||
Series C, 5.00%, 08/01/25 |
10 | 10,223 | ||||||
Town of Watertown MA GOL, 5.00%, 02/01/25 |
225 | 228,769 | ||||||
University
of Massachusetts Building Authority RB, |
210 | 215,027 | ||||||
|
|
|||||||
17,168,881 | ||||||||
Michigan — 1.1% | ||||||||
Lansing School District GO, 5.00%, 05/01/25 (Q-SBLF). |
20 | 20,342 | ||||||
Michigan Finance Authority RB |
||||||||
5.00%, 10/01/25 |
380 | 388,141 | ||||||
Series A, 5.00%, 12/01/25 |
185 | 188,290 | ||||||
Series B, 5.00%, 10/01/25 |
780 | 796,710 | ||||||
Michigan State Building Authority RB |
||||||||
5.00%, 04/15/25 |
355 | 360,579 | ||||||
Series I, 5.00%, 04/15/25 |
800 | 812,571 | ||||||
Michigan State University RB, 5.00%, 02/15/25 |
335 | 339,690 | ||||||
State of Michigan GO |
||||||||
Series A, 5.00%, 05/01/25 |
210 | 213,956 | ||||||
Series B, 4.00%, 11/01/25 |
160 | 160,962 | ||||||
State of Michigan RB, 5.00%, 03/15/25 |
1,715 | 1,739,215 | ||||||
State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/25 |
140 | 143,477 | ||||||
University of Michigan RB |
||||||||
5.00%, 04/01/25 |
460 | 467,917 | ||||||
Series A, 5.00%, 04/01/25 |
315 | 320,422 | ||||||
Wayne County Airport Authority RB, Series A, 5.00%, 12/01/25 |
25 | 25,435 | ||||||
|
|
|||||||
5,977,707 | ||||||||
Minnesota — 1.9% | ||||||||
City of Minneapolis MN GO, 4.00%, 12/01/25 |
200 | 201,075 | ||||||
County of Hennepin MN GO |
||||||||
5.00%, 12/01/25 |
1,000 | 1,024,202 | ||||||
Series A, 5.00%, 12/01/25 |
350 | 358,471 | ||||||
Metropolitan Council GO |
||||||||
5.00%, 03/01/25 |
760 | 772,197 | ||||||
Series A, 5.00%, 03/01/25 |
190 | 193,049 | ||||||
Series B, 5.00%, 12/01/25 |
1,050 | 1,075,412 | ||||||
Minneapolis-St Paul Metropolitan Airports |
||||||||
Commission RB |
||||||||
Series A, 5.00%, 01/01/25 |
665 | 674,260 | ||||||
Series C, 5.00%, 01/01/25 |
210 | 212,924 | ||||||
Minnesota
Public Facilities Authority RB, Series A, |
575 | 583,854 | ||||||
Southern Minnesota Municipal Power Agency RB, |
||||||||
Series A, 0.00%, 01/01/25 (NPFGC)(a) |
55 | 52,330 | ||||||
State of Minnesota GO |
||||||||
Series A, 5.00%, 08/01/25 |
550 | 561,679 |
Security | Par (000) |
Value | ||||||
Minnesota (continued) |
||||||||
Series A, 5.00%, 10/01/25 |
$ | 165 | $ | 168,841 | ||||
Series B, 5.00%, 08/01/25 |
310 | 316,583 | ||||||
Series B, 5.00%, 10/01/25 |
135 | 138,143 | ||||||
Series D, 5.00%, 08/01/25 |
2,045 | 2,088,425 | ||||||
Series E, 5.00%, 10/01/25 |
105 | 107,444 | ||||||
University of Minnesota RB |
||||||||
Series B, 5.00%, 10/01/25 |
275 | 280,688 | ||||||
Series B, 5.00%, 12/01/25 |
1,115 | 1,139,743 | ||||||
|
|
|||||||
9,949,320 | ||||||||
Mississippi — 0.3% | ||||||||
State of Mississippi GO |
||||||||
Series B, 5.00%, 12/01/25 |
450 | 460,348 | ||||||
Series C, 5.00%, 10/01/25 |
780 | 796,711 | ||||||
Series F, 5.00%, 11/01/32 (PR 11/01/25) |
300 | 307,065 | ||||||
|
|
|||||||
1,564,124 | ||||||||
Missouri — 0.4% | ||||||||
Metropolitan
St Louis Sewer District RB, Series B, |
110 | 111,847 | ||||||
Missouri
Highway & Transportation Commission RB, |
1,035 | 1,053,441 | ||||||
Missouri State Board of Public Buildings RB |
||||||||
5.00%, 10/01/25 |
460 | 469,429 | ||||||
Series A, 5.00%, 04/01/25 |
420 | 426,649 | ||||||
|
|
|||||||
2,061,366 | ||||||||
Nebraska — 0.7% | ||||||||
City of Omaha NE GO, 5.00%, 04/15/25 |
825 | 839,601 | ||||||
Douglas
County School District No. 17/NE GO, |
630 | 631,711 | ||||||
Nebraska Public Power District RB |
||||||||
Series A, 5.00%, 01/01/25 |
495 | 501,159 | ||||||
Series C, 5.00%, 01/01/25 |
370 | 374,604 | ||||||
Omaha Public Power District Nebraska City Station |
||||||||
Unit 2 RB, Series A, 5.00%, 02/01/25 |
150 | 151,817 | ||||||
Omaha Public Power District RB |
||||||||
5.00%, 02/01/25 |
305 | 309,177 | ||||||
Series A, 5.00%, 02/01/25 |
595 | 603,148 | ||||||
|
|
|||||||
3,411,217 | ||||||||
Nevada — 1.5% | ||||||||
Clark County School District GOL, Series A, 5.00%, 06/15/25 |
1,070 | 1,087,707 | ||||||
Clark County Water Reclamation District GOL, 5.00%, 07/01/25 |
615 | 626,843 | ||||||
County of Clark Department of Aviation RB, 5.00%, 07/01/25 |
1,055 | 1,072,928 | ||||||
County of Clark NV GOL |
||||||||
5.00%, 11/01/25 |
890 | 909,069 | ||||||
Series A, 5.00%, 06/01/25 |
230 | 233,894 | ||||||
Series A, 5.00%, 11/01/25 |
460 | 469,856 | ||||||
Series B, 5.00%, 06/01/25 |
50 | 50,846 | ||||||
Series B, 5.00%, 12/01/25 |
280 | 286,551 | ||||||
County of Clark NV RB |
||||||||
5.00%, 07/01/25 |
475 | 483,532 | ||||||
Series B, 5.00%, 07/01/25 |
145 | 147,605 | ||||||
Las Vegas Valley Water District GOL, 5.00%, 06/01/25 . |
360 | 366,371 | ||||||
State of Nevada GO, 5.00%, 05/01/25 |
140 | 142,556 | ||||||
State of Nevada GOL |
||||||||
5.00%, 05/01/25 |
270 | 274,929 | ||||||
Series A, 5.00%, 05/01/25 |
260 | 264,746 | ||||||
Series D, 5.00%, 04/01/25 |
100 | 101,721 |
46 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Nevada (continued) | ||||||||
State
of Nevada Highway Improvement Revenue RB, |
$ | 955 | $ | 977,921 | ||||
Washoe County School District/NV GOL |
||||||||
Series A, 5.00%, 06/01/25 |
140 | 142,048 | ||||||
Series C, 5.00%, 10/01/25 |
60 | 61,230 | ||||||
|
|
|||||||
7,700,353 | ||||||||
New Hampshire — 0.4% |
||||||||
City of Manchester NH GO, 4.00%, 06/15/25 |
385 | 386,111 | ||||||
City of Nashua NH GO, 5.00%, 09/01/25 |
140 | 143,090 | ||||||
New Hampshire Municipal Bond Bank RB |
||||||||
5.00%, 08/15/25 |
515 | 525,912 | ||||||
5.00%, 08/15/25 (ST INTERCEPT) |
100 | 102,118 | ||||||
Series A, 5.00%, 08/15/25 |
230 | 234,873 | ||||||
New Hampshire State Turnpike System RB, 4.00%, 11/01/25 |
165 | 165,582 | ||||||
State of New Hampshire GO |
||||||||
5.00%, 12/01/25 |
540 | 553,722 | ||||||
Series B, 5.00%, 12/01/25 |
175 | 179,447 | ||||||
|
|
|||||||
2,290,855 | ||||||||
New Jersey — 2.3% | ||||||||
County of Essex NJ GO, 5.00%, 08/01/25 |
170 | 173,465 | ||||||
County of Monmouth NJ GO, 5.00%, 07/15/25 |
195 | 199,392 | ||||||
Monmouth County Improvement Authority (The) RB |
||||||||
4.00%, 08/01/25 (GTD) |
50 | 50,291 | ||||||
5.00%, 02/15/25 (GTD) |
100 | 101,538 | ||||||
5.00%, 12/01/25 (GTD) |
270 | 277,134 | ||||||
New Jersey Economic Development Authority, 5.00%, 11/01/25 |
170 | 172,988 | ||||||
New Jersey Economic Development Authority RB |
||||||||
5.00%, 03/01/25 |
575 | 581,691 | ||||||
5.00%, 06/15/25 |
305 | 309,329 | ||||||
Series A, 4.13%, 06/15/25 |
170 | 170,106 | ||||||
Series B, 4.00%, 11/01/25 |
910 | 908,706 | ||||||
Series D, 5.00%, 06/15/25 |
130 | 131,845 | ||||||
Series WW, 5.25%, 06/15/31 (PR 06/15/25) (SAP) |
1,000 | 1,022,945 | ||||||
New Jersey Educational Facilities Authority RB |
||||||||
Series B, 5.00%, 07/01/25 |
610 | 622,935 | ||||||
Series D, 5.00%, 07/01/25 |
470 | 479,966 | ||||||
New
Jersey Infrastructure Bank RB, Series A-1, |
110 | 112,506 | ||||||
New Jersey Transportation Trust Fund Authority RB |
||||||||
5.00%, 06/15/25 |
195 | 197,523 | ||||||
Series A, 5.00%, 06/15/25 |
225 | 228,194 | ||||||
Series A, 5.75%, 06/15/25 (NPFGC) |
220 | 225,682 | ||||||
New Jersey Turnpike Authority RB |
||||||||
Series B, 5.00%, 01/01/25 |
115 | 116,496 | ||||||
Series C-2, 5.50%, 01/01/25 (AMBAC) |
800 | 815,466 | ||||||
State of New Jersey GO |
||||||||
5.00%, 06/01/25 |
1,040 | 1,057,926 | ||||||
5.00%, 06/01/31 (PR 06/01/25) |
110 | 111,964 | ||||||
5.00%, 06/01/32 (PR 06/01/25) |
500 | 508,926 | ||||||
Series A, 5.00%, 06/01/25 |
3,295 | 3,351,794 | ||||||
|
|
|||||||
11,928,808 | ||||||||
New Mexico — 0.7% | ||||||||
New Mexico Finance Authority RB |
||||||||
5.00%, 06/01/25 |
210 | 213,975 | ||||||
5.00%, 06/15/25 |
335 | 341,230 | ||||||
Series A, 5.00%, 06/15/25 |
255 | 259,943 | ||||||
Santa Fe Public School District GO, 5.00%, 08/01/25 (SAW) |
100 | 101,699 |
Security | Par (000) |
Value | ||||||
New Mexico (continued) | ||||||||
State of New Mexico GO, 5.00%, 03/01/25 |
$ | 1,305 | $ | 1,325,435 | ||||
State of New Mexico Severance Tax Permanent Fund RB |
||||||||
5.00%, 07/01/25 |
1,155 | 1,178,544 | ||||||
Series D, 5.00%, 07/01/25 |
135 | 137,775 | ||||||
|
|
|||||||
3,558,601 | ||||||||
New York — 7.5% | ||||||||
City of New York NY GO |
||||||||
4.00%, 08/01/25 |
100 | 100,347 | ||||||
5.00%, 08/01/25 |
710 | 724,352 | ||||||
5.00%, 09/01/25 |
130 | 132,754 | ||||||
Series 1, 5.00%, 08/01/25 |
845 | 862,081 | ||||||
Series A, 5.00%, 08/01/25 |
2,075 | 2,116,945 | ||||||
Series A-1, 5.00%, 08/01/25 |
235 | 239,750 | ||||||
Series C, 4.00%, 08/01/25 |
240 | 240,833 | ||||||
Series C, 5.00%, 08/01/25 |
4,850 | 4,948,040 | ||||||
Series C-1, 5.00%, 08/01/25 |
675 | 688,645 | ||||||
Series E, 5.00%, 08/01/25 |
370 | 377,479 | ||||||
Series F-1, 5.00%, 06/01/25 |
125 | 127,289 | ||||||
County of Monroe NY GOL, 5.00%, 06/01/25 (AGM) |
50 | 51,078 | ||||||
Erie County Industrial Development Agency (The) RB, |
||||||||
5.00%, 05/01/25 (SAW) |
350 | 356,236 | ||||||
Hudson Yards Infrastructure Corp. RB, 4.00%, 02/15/25 |
100 | 100,508 | ||||||
Long Island Power Authority RB |
||||||||
0.00%, 06/01/25 (AGM)(a) |
200 | 187,361 | ||||||
5.00%, 09/01/25 |
140 | 143,215 | ||||||
Metropolitan Transportation Authority RB |
||||||||
5.00%, 11/15/25 |
390 | 395,830 | ||||||
Series A, 5.00%, 11/15/25 |
140 | 143,358 | ||||||
Series A2, 5.00%, 11/15/25 |
150 | 151,946 | ||||||
Series B, 5.00%, 11/15/25 |
650 | 658,424 | ||||||
Series B2, 5.00%, 11/15/25 |
265 | 271,357 | ||||||
Series C-1, 5.00%, 11/15/25 |
470 | 476,097 | ||||||
Series F, 5.00%, 11/15/25 |
230 | 232,983 | ||||||
New
York City Municipal Water Finance Authority RB, |
425 | 433,037 | ||||||
New York City Transitional Finance Authority Building |
||||||||
Aid Revenue RB |
||||||||
4.00%, 07/15/25 |
210 | 210,502 | ||||||
5.00%, 07/15/25 |
115 | 117,152 | ||||||
5.00%, 07/15/25 (SAW) |
40 | 40,748 | ||||||
5.00%, 07/15/25 (ETM) (SAW) |
185 | 188,551 | ||||||
Series S-3, 5.00%, 07/15/25 (SAW) |
750 | 764,032 | ||||||
Series S-4A, 5.00%, 07/15/25 (SAW) |
205 | 208,835 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB |
||||||||
4.00%, 05/01/25 |
100 | 100,310 | ||||||
5.00%, 02/01/25 |
445 | 451,474 | ||||||
5.00%, 05/01/25 |
210 | 213,680 | ||||||
5.00%, 08/01/25 |
605 | 617,332 | ||||||
5.00%, 11/01/25 |
1,095 | 1,120,577 | ||||||
Series A-1, 5.00%, 08/01/25 |
50 | 51,019 | ||||||
Series A-1, 5.00%, 11/01/25 |
225 | 230,255 | ||||||
Series B-1, 5.00%, 08/01/25 |
275 | 280,606 | ||||||
Series C, 5.00%, 11/01/25 |
1,400 | 1,432,701 | ||||||
New York City Water & Sewer System RB |
||||||||
4.00%, 06/15/25 |
620 | 622,079 | ||||||
5.00%, 06/15/25 |
325 | 331,146 | ||||||
Series FF, 4.00%, 06/15/25 |
50 | 50,168 | ||||||
Series GG, 5.00%, 06/15/25 |
330 | 336,241 |
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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York (continued) | ||||||||
New York State Dormitory Authority RB |
||||||||
4.00%, 02/15/25 |
$ | 130 | $ | 130,512 | ||||
5.00%, 03/15/25 |
375 | 381,432 | ||||||
5.00%, 07/01/25 |
390 | 398,283 | ||||||
5.00%, 09/15/25 |
2,500 | 2,555,465 | ||||||
5.00%, 10/01/25 |
255 | 261,269 | ||||||
5.00%, 07/01/37 (PR 07/01/25) |
50 | 50,979 | ||||||
Series 1, 5.00%, 03/15/25 |
455 | 462,332 | ||||||
Series A, 5.00%, 02/15/25 |
570 | 579,275 | ||||||
Series A, 5.00%, 03/15/25 |
985 | 1,001,665 | ||||||
Series A, 5.00%, 07/01/25 |
355 | 361,663 | ||||||
Series B, 5.00%, 02/15/25 |
390 | 396,388 | ||||||
Series B, 5.50%, 03/15/25 (AMBAC) |
220 | 225,031 | ||||||
Series C, 5.00%, 03/15/25 |
325 | 330,890 | ||||||
Series D, 5.00%, 02/15/25 |
845 | 858,527 | ||||||
Series E, 5.00%, 02/15/25 |
60 | 60,983 | ||||||
Series E, 5.00%, 03/15/25 |
615 | 625,144 | ||||||
New York State Environmental Facilities Corp., 5.00%, 06/15/25 |
150 | 153,026 | ||||||
New York State Environmental Facilities Corp. RB |
||||||||
5.00%, 06/15/25 |
205 | 209,136 | ||||||
5.00%, 10/15/25 |
70 | 71,664 | ||||||
Series A, 4.00%, 06/15/25 |
110 | 110,506 | ||||||
Series B, 5.00%, 06/15/25 |
365 | 372,363 | ||||||
Series D, 5.00%, 03/15/25 |
215 | 218,668 | ||||||
New York State Thruway Authority RB |
||||||||
5.00%, 01/01/25 |
220 | 222,888 | ||||||
Series A-1, 5.00%, 03/15/25 |
235 | 238,472 | ||||||
Series L, 5.00%, 01/01/25 |
260 | 263,413 | ||||||
New York State Urban Development Corp. RB |
||||||||
5.00%, 03/15/25 |
1,805 | 1,834,175 | ||||||
5.00%, 03/15/25 (ETM) |
5 | 5,077 | ||||||
Series A, 5.00%, 03/15/25 |
2,345 | 2,384,398 | ||||||
Series C, 5.00%, 03/15/25 |
105 | 106,707 | ||||||
Port Authority of New York & New Jersey RB |
||||||||
4.00%, 12/01/25 |
145 | 145,664 | ||||||
Series 189, 5.00%, 05/01/25 |
195 | 198,247 | ||||||
Series 205, 5.00%, 11/15/25 |
490 | 501,976 | ||||||
State of New York GO |
||||||||
5.00%, 03/15/25 |
300 | 305,078 | ||||||
Series A, 5.00%, 02/15/25 |
75 | 76,192 | ||||||
Series-A, 5.00%, 03/15/25 |
55 | 55,931 | ||||||
Triborough Bridge & Tunnel Authority RB |
||||||||
5.00%, 11/15/25 |
500 | 511,925 | ||||||
Series A, 5.00%, 11/15/25 |
225 | 230,366 | ||||||
Series B, 5.00%, 11/15/25 |
535 | 547,760 | ||||||
Series C-1, 5.00%, 11/15/25 |
380 | 389,063 | ||||||
|
|
|||||||
39,359,886 | ||||||||
North Carolina — 2.3% | ||||||||
City of Charlotte NC Airport Revenue RB, 5.00%, 07/01/25 |
215 | 219,349 | ||||||
City of Charlotte NC COP |
||||||||
5.00%, 12/01/25 |
50 | 51,190 | ||||||
Series B, 5.00%, 06/01/25 |
50 | 50,885 | ||||||
City of Charlotte NC GO, Series A, 5.00%, 07/01/25 |
85 | 86,719 | ||||||
City of Charlotte NC Water & Sewer System RB, 5.00%, 07/01/25 |
230 | 234,653 | ||||||
City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/25 |
420 | 428,496 | ||||||
City
of Raleigh NC GO, Series A, |
245 | 250,234 |
Security |
Par (000) |
Value |
||||||
North Carolina (continued) | ||||||||
City of Winston-Salem NC Water & Sewer System Revenue RB, 5.00%, 06/01/25 |
$ | 275 | $ | 280,375 | ||||
County of Buncombe NC, 5.00%, 06/01/25 |
210 | 213,878 | ||||||
County of Durham NC GO, 5.00%, 10/01/25 |
275 | 281,453 | ||||||
County of Forsyth NC GO |
||||||||
5.00%, 03/01/25 |
270 | 274,404 | ||||||
5.00%, 07/01/25 |
95 | 96,922 | ||||||
5.00%, 12/01/25 |
200 | 205,123 | ||||||
County of Guilford NC GO, 5.00%, 03/01/25 |
350 | 355,617 | ||||||
County of Iredell NC RB, 5.00%, 12/01/25 |
25 | 25,615 | ||||||
County of Johnston NC GO, 4.00%, 02/01/25 |
240 | 240,743 | ||||||
County of Mecklenburg NC GO |
||||||||
5.00%, 03/01/25 |
110 | 111,780 | ||||||
5.25%, 12/01/25 |
10 | 10,306 | ||||||
County
of New Hanover NC GO, |
100 | 101,987 | ||||||
County of Wake NC GO |
||||||||
5.00%, 02/01/25 |
195 | 198,052 | ||||||
5.00%, 03/01/25 |
580 | 589,686 | ||||||
Series A, 5.00%, 03/01/25 |
445 | 452,432 | ||||||
Series C, 5.00%, 03/01/25 |
375 | 381,263 | ||||||
County of Wake NC RB, 5.00%, 08/01/25 |
185 | 188,834 | ||||||
North Carolina Municipal Power Agency No. 1 RB, Series A, 5.00%, 01/01/25 |
580 | 586,557 | ||||||
North Carolina Turnpike Authority RB, 5.00%, 01/01/25 . |
1,600 | 1,615,726 | ||||||
State of North Carolina GO |
||||||||
5.00%, 06/01/25 |
315 | 321,303 | ||||||
Series A, 5.00%, 06/01/25 |
1,535 | 1,565,713 | ||||||
Series B, 5.00%, 06/01/25 |
980 | 999,609 | ||||||
State of North Carolina RB |
||||||||
5.00%, 03/01/25 |
250 | 253,882 | ||||||
5.00%, 05/01/25 |
520 | 529,493 | ||||||
Series B, 5.00%, 05/01/25 |
745 | 758,600 | ||||||
|
|
|||||||
11,960,879 | ||||||||
Ohio — 3.4% | ||||||||
American
Municipal Power Inc. RB |
620 | 628,758 | ||||||
Series-A, 5.00%, 02/15/25 |
390 | 395,509 | ||||||
City of Cincinnati OH GO, Series A, 4.00%, 12/01/25 |
150 | 150,567 | ||||||
City of Cincinnati OH Water System Revenue RB, 4.00%, 12/01/30 (PR 12/01/25) |
2,000 | 2,005,579 | ||||||
City of Cleveland OH GO, 5.00%, 12/01/25 |
140 | 143,135 | ||||||
City
of Columbus OH GO |
45 | 45,207 | ||||||
Series 1, 5.00%, 07/01/25 |
885 | 902,903 | ||||||
Series A, 4.00%, 04/01/25 |
250 | 250,892 | ||||||
Series A, 5.00%, 04/01/25 |
530 | 539,122 | ||||||
City
of Columbus OH GOL |
175 | 178,540 | ||||||
Series B, 4.00%, 07/01/25 |
35 | 35,149 | ||||||
City
of Columbus OH RB, Series A, |
205 | 209,147 | ||||||
Cleveland Department of Public Utilities Division of Water RB, 5.00%, 01/01/25 |
780 | 790,594 | ||||||
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/25 |
170 | 173,139 | ||||||
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/25 |
135 | 138,159 | ||||||
Ohio State University (The) RB, 5.00%, 12/01/25 |
560 | 572,202 | ||||||
Ohio Turnpike & Infrastructure Commission RB, 5.00%, 02/15/25 |
985 | 999,657 | ||||||
Ohio Water Development Authority RB 5.00%, 06/01/25 |
200 | 203,693 |
48 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Ohio (continued) | ||||||||
Series A, 5.00%, 06/01/25 |
$ | 435 | $ | 443,033 | ||||
Series A, 5.00%, 12/01/25 |
530 | 543,148 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund RB |
||||||||
5.00%, 06/01/25 |
430 | 437,941 | ||||||
5.00%, 12/01/25 |
250 | 256,202 | ||||||
Series 2015-A, 5.00%, 12/01/25 |
675 | 691,745 | ||||||
Series B, 5.00%, 12/01/25 |
160 | 163,969 | ||||||
State of Ohio GO |
||||||||
4.00%, 05/01/25 |
150 | 150,552 | ||||||
5.00%, 08/01/25 |
810 | 827,062 | ||||||
5.00%, 08/01/25 (ETM) |
5 | 5,103 | ||||||
5.00%, 09/01/25 |
165 | 168,642 | ||||||
5.00%, 10/01/25 |
445 | 455,277 | ||||||
5.00%, 11/01/25 |
150 | 153,591 | ||||||
5.00%, 05/01/26 (PR 05/01/25) |
1,000 | 1,017,671 | ||||||
Series A, 5.00%, 06/15/25 |
285 | 290,570 | ||||||
Series A, 5.00%, 09/01/25 |
460 | 470,154 | ||||||
Series A, 5.00%, 09/15/25 |
285 | 291,427 | ||||||
Series A, 5.00%, 05/01/37 (PR 05/01/25) |
345 | 351,097 | ||||||
Series B, 5.00%, 09/01/25 |
225 | 229,966 | ||||||
Series B, 5.00%, 09/15/25 |
615 | 628,868 | ||||||
Series S, 5.00%, 05/01/25 |
185 | 188,323 | ||||||
Series V, 5.00%, 05/01/25 |
315 | 320,658 | ||||||
State of Ohio RB |
||||||||
5.00%, 04/01/25 |
295 | 299,670 | ||||||
Series A, 5.00%, 02/01/25 |
50 | 50,697 | ||||||
Series C, 5.00%, 12/01/25 |
145 | 148,393 | ||||||
Series-A, 5.00%, 06/01/25 |
630 | 641,150 | ||||||
|
|
|||||||
17,586,861 | ||||||||
Oklahoma — 0.4% | ||||||||
City of Oklahoma City OK GO, 5.00%, 03/01/25 |
95 | 96,537 | ||||||
Grand River Dam Authority RB |
||||||||
Series A, 4.00%, 06/01/25 |
160 | 159,939 | ||||||
Series A, 5.00%, 06/01/25 |
650 | 660,006 | ||||||
Oklahoma Capitol Improvement Authority RB, Series A, 4.00%, 07/01/25 |
110 | 110,098 | ||||||
Oklahoma City Water Utilities Trust RB, 5.00%, 07/01/25 |
385 | 391,916 | ||||||
Oklahoma Turnpike Authority RB, Series E, 5.00%, 01/01/25 |
210 | 212,709 | ||||||
Oklahoma Water Resources Board RB, 5.00%, 04/01/25 |
365 | 371,181 | ||||||
|
|
|||||||
2,002,386 | ||||||||
Oregon — 2.0% | ||||||||
City of Eugene OR Electric Utility System Revenue RB, Series A, 5.00%, 08/01/25 |
15 | 15,298 | ||||||
City of Portland OR GOL, 5.00%, 06/15/25 |
95 | 96,782 | ||||||
City of Portland OR Sewer System Revenue RB, Series A, 5.00%, 06/15/25 |
320 | 326,001 | ||||||
City of Portland Sewer System Revenue RB |
||||||||
5.00%, 03/01/25 |
110 | 111,722 | ||||||
5.00%, 06/01/25 |
260 | 264,761 | ||||||
Clackamas & Washington Counties School District No. 3 GO |
||||||||
5.00%, 06/15/29 (PR 06/15/25) (GTD) |
300 | 305,717 | ||||||
5.00%,
06/15/32 (PR 06/15/25) |
3,000 | 3,057,167 | ||||||
Multnomah County School District No. 1 Portland/OR GO |
||||||||
5.00%, 06/15/25 (GTD) |
1,230 | 1,253,261 |
Security |
Par (000) |
Value |
||||||
Oregon (continued) | ||||||||
Series B, 5.00%, 06/15/25 (GTD) |
$ | 275 | $ | 280,201 | ||||
Multnomah County School District No. 7 Reynolds, 0.00%, 06/15/36 (PR 06/15/25) (GTD)(a) |
650 | 375,442 | ||||||
Portland Community College District GO, 5.00%, 06/15/25 |
660 | 672,481 | ||||||
Salem-Keizer
School District No. 24J GO, Series-B, |
275 | 280,201 | ||||||
State of Oregon Department of Transportation RB |
||||||||
Series A, 5.00%, 11/15/25 |
400 | 409,934 | ||||||
Series C, 5.00%, 11/15/25 |
100 | 102,484 | ||||||
State of Oregon GO |
||||||||
5.00%, 05/01/25 |
1,050 | 1,068,554 | ||||||
5.00%, 06/01/25 |
165 | 168,123 | ||||||
5.00%, 08/01/25 |
165 | 168,504 | ||||||
5.00%, 08/01/35 (PR 08/01/25) |
550 | 561,305 | ||||||
Series H, 5.00%, 08/01/25 |
300 | 306,370 | ||||||
Series L, 5.00%, 08/01/25 |
225 | 229,778 | ||||||
Tri-County Metropolitan Transportation District of Oregon RB, 5.00%, 09/01/25 |
200 | 204,308 | ||||||
|
|
|||||||
10,258,394 | ||||||||
Pennsylvania — 2.8% | ||||||||
City
of Philadelphia PA GO, Series A, |
390 | 396,495 | ||||||
City of Philadelphia PA Water & Wastewater Revenue RB |
||||||||
5.00%, 06/01/25 |
400 | 406,464 | ||||||
5.00%, 10/01/25 |
750 | 764,678 | ||||||
5.00%, 11/01/25 |
345 | 352,059 | ||||||
Series B, 5.00%, 11/01/25 |
155 | 158,171 | ||||||
Commonwealth of Pennsylvania GO |
||||||||
5.00%, 05/15/25 |
250 | 254,491 | ||||||
5.00%, 07/15/25 |
175 | 178,477 | ||||||
5.00%, 09/15/25 (AGM) |
20 | 20,437 | ||||||
5.00%, 10/01/25 |
1,065 | 1,087,816 | ||||||
First Series, 5.00%, 01/01/25 |
1,530 | 1,550,781 | ||||||
First Series, 5.00%, 02/01/25 (AGM) |
370 | 375,383 | ||||||
First Series, 5.00%, 08/15/25 |
1,115 | 1,138,236 | ||||||
First Series, 5.00%, 09/15/25 |
1,175 | 1,200,642 | ||||||
Second Series, 5.00%, 01/15/25 |
135 | 136,894 | ||||||
Second Series, 5.00%, 09/15/25 |
1,270 | 1,297,715 | ||||||
Series D, 5.00%, 08/15/25 |
145 | 148,022 | ||||||
County of Bucks PA GO, 5.00%, 06/01/25 |
140 | 142,801 | ||||||
County of Chester PA GOL, 5.00%, 07/15/25 |
100 | 102,103 | ||||||
Delaware County Authority RB, 5.00%, 12/01/25 |
60 | 61,211 | ||||||
Delaware River Joint Toll Bridge Commission RB, 5.00%, 07/01/25 |
105 | 106,971 | ||||||
Delaware River Port Authority RB |
||||||||
5.00%, 01/01/25 |
120 | 121,439 | ||||||
Series B, 5.00%, 01/01/25 |
295 | 298,973 | ||||||
Pennsylvania Higher Educational Facilities Authority RB, 5.00%, 10/01/25 |
365 | 373,226 | ||||||
Pennsylvania
Infrastructure Investment Authority RB, |
150 | 152,193 | ||||||
Pennsylvania State University (The) RB, 5.25%, 08/15/25 |
365 | 374,740 | ||||||
Pennsylvania
Turnpike Commission RB |
1,580 | 1,616,650 | ||||||
Series A, 5.00%, 12/01/25 |
810 | 828,789 | ||||||
Series A2, 5.00%, 12/01/25 |
560 | 572,990 | ||||||
Series B, 5.00%, 06/01/25 |
185 | 187,848 | ||||||
Philadelphia
Authority for Industrial Development RB, |
250 | 254,450 |
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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pennsylvania (continued) | ||||||||
Township of Lower Merion PA GO, 5.00%, 01/15/25 |
$ | 55 | $ | 55,727 | ||||
|
|
|||||||
14,716,872 | ||||||||
Rhode Island — 0.4% | ||||||||
Narragansett Bay Commission RB, 5.00%, 02/01/30 (PR 02/01/25) |
400 | 405,868 | ||||||
Rhode Island Commerce Corp. RB |
||||||||
5.00%, 06/15/25 |
190 | 192,846 | ||||||
Series B, 5.00%, 06/15/25 |
540 | 548,088 | ||||||
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB |
||||||||
5.00%, 10/01/25 |
145 | 148,322 | ||||||
Series B, 5.00%, 10/01/25 |
135 | 138,093 | ||||||
State of Rhode Island GO |
||||||||
5.00%, 01/15/25 |
500 | 507,134 | ||||||
Series A, 5.00%, 08/01/25 |
105 | 107,176 | ||||||
|
|
|||||||
2,047,527 | ||||||||
South Carolina — 0.8% | ||||||||
City
of Charleston SC Waterworks & Sewer System Revenue RB,
5.00%, 01/01/32 |
815 | 826,163 | ||||||
City of Columbia SC Waterworks & Sewer System Revenue RB, Series B, 5.00%, 02/01/25 |
265 | 268,985 | ||||||
County of Charleston SC GO, 5.00%, 11/01/25 (SAW) |
480 | 491,756 | ||||||
Fort Mill School District No. 4 GO, Series A, 5.00%, 03/01/25, (SCSDE) |
100 | 101,579 | ||||||
Greenville County School District RB, 5.00%, 12/01/25 |
500 | 510,694 | ||||||
Horry County School District/SC RB, 5.00%, 03/01/25 |
100 | 101,618 | ||||||
South Carolina Transportation Infrastructure Bank RB, Series-B, 5.00%, 10/01/25 |
1,770 | 1,810,220 | ||||||
State of South Carolina GO |
||||||||
5.00%, 04/01/25 |
125 | 127,065 | ||||||
5.00%, 04/01/25 (SAW) |
200 | 203,304 | ||||||
|
|
|||||||
4,441,384 | ||||||||
Tennessee — 2.6% | ||||||||
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/25 |
140 | 143,276 | ||||||
City of Memphis TN GO |
||||||||
5.00%, 04/01/25 |
200 | 203,194 | ||||||
Series A, 5.00%, 12/01/25 |
305 | 312,505 | ||||||
City of Memphis TN Sanitary Sewerage System Revenue RB, 5.00%, 10/01/25 |
655 | 669,154 | ||||||
County of Blount TN GO, 5.00%, 06/01/25 |
680 | 692,034 | ||||||
County of Hamilton TN GO |
||||||||
4.00%, 03/01/25 |
460 | 461,352 | ||||||
Series A, 5.00%, 04/01/25 |
150 | 152,520 | ||||||
County
of Montgomery TN GO, |
655 | 665,821 | ||||||
County of Putnam TN GO, 5.00%, 04/01/25 |
185 | 188,056 | ||||||
County of Shelby TN GO |
||||||||
5.00%, 04/01/25 |
420 | 427,345 | ||||||
Series A, 5.00%, 04/01/25 |
410 | 417,170 | ||||||
County of Sumner TN GO, 5.00%, 12/01/25 |
150 | 153,691 | ||||||
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB |
||||||||
5.00%, 05/15/25 |
220 | 224,051 | ||||||
Series A, 5.00%, 05/15/25 |
260 | 264,788 | ||||||
Metropolitan Government of Nashville & Davidson County TN GO |
||||||||
5.00%, 01/01/25 |
1,125 | 1,140,922 | ||||||
5.00%, 07/01/25 |
1,250 | 1,274,882 | ||||||
Series A, 5.00%, 07/01/25 |
290 | 295,773 |
Security |
Par (000) |
Value |
||||||
Tennessee (continued) | ||||||||
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB |
||||||||
5.00%, 07/01/25 |
$ | 260 | $ | 264,838 | ||||
Series B, 5.00%, 07/01/25 |
300 | 305,583 | ||||||
State of Tennessee GO |
||||||||
5.00%, 02/01/25 |
580 | 588,438 | ||||||
5.00%, 09/01/25 |
210 | 214,486 | ||||||
5.00%, 08/01/29 (PR 08/01/25) |
2,035 | 2,080,291 | ||||||
Series A, 5.00%, 08/01/25 |
525 | 535,701 | ||||||
Tennessee State School Bond Authority, 5.00%, 11/01/25 (ST INTERCEPT) |
270 | 276,359 | ||||||
Tennessee State School Bond Authority RB |
||||||||
5.00%, 11/01/25 (ST HGR ED INTERCEPT PROG) |
350 | 358,243 | ||||||
5.00%, 11/01/25 (ST INTERCEPT) |
120 | 122,826 | ||||||
Series A, 5.00%, 11/01/25 (NPFGC) |
455 | 465,716 | ||||||
Series B, 5.00%, 11/01/25 |
560 | 573,189 | ||||||
|
|
|||||||
13,472,204 | ||||||||
Texas — 11.3% | ||||||||
Alamo Community College District GOL, 5.00%, 02/15/25 |
235 | 238,526 | ||||||
Alamo Regional Mobility Authority RB, 5.00%, 06/15/25 |
180 | 183,064 | ||||||
Aldine Independent School District GOL, 5.00%, 02/15/25 |
200 | 202,976 | ||||||
Alvin Independent School District/TX GO, 5.00%, 02/15/25 (PSF) |
230 | 233,451 | ||||||
Arlington Independent School District/TX GO |
||||||||
5.00%, 02/15/25 (PSF) |
165 | 167,331 | ||||||
Series B, 5.00%, 02/15/25 (PSF) |
100 | 101,413 | ||||||
Austin Community College District, 5.00%, 08/01/25 |
390 | 397,685 | ||||||
Austin Community College District GOL |
||||||||
5.00%, 08/01/25 |
100 | 101,970 | ||||||
5.00%, 08/01/29 (PR 08/01/25) |
870 | 886,405 | ||||||
Austin Independent School District, 5.00%, 08/01/25 |
270 | 275,320 | ||||||
Austin Independent School District GO |
||||||||
5.00%, 08/01/25 (PSF) |
755 | 769,877 | ||||||
Series B, 5.00%, 08/01/25 (PSF) |
255 | 260,025 | ||||||
Birdville Independent School District GO, Series B, 5.00%, 02/15/25 (PSF) |
170 | 172,551 | ||||||
Board of Regents of the University of Texas System RB |
||||||||
Series B, 5.00%, 08/15/25 |
610 | 623,030 | ||||||
Series C, 5.00%, 08/15/25 |
330 | 337,049 | ||||||
Series J, 5.00%, 08/15/25 |
365 | 372,797 | ||||||
Central Texas Regional Mobility Authority RB, 5.00%, 01/01/25 |
135 | 136,327 | ||||||
City of Arlington TX GOL, 5.00%, 08/15/25 |
155 | 158,122 | ||||||
City of Austin TX GOL, 5.00%, 09/01/25 |
515 | 525,635 | ||||||
City of Austin TX Water & Wastewater System Revenue RB |
||||||||
5.00%, 11/15/25 |
200 | 204,573 | ||||||
5.00%, 11/15/25 (ETM) |
45 | 45,946 | ||||||
City of Austin Water & Wastewater System Revenue RB, 5.00%, 11/15/25 |
515 | 526,775 | ||||||
City of Austin/TX GOL, 5.00%, 09/01/25 |
370 | 377,641 | ||||||
City of Dallas TX Waterworks & Sewer System Revenue RB |
||||||||
5.00%, 10/01/25 |
305 | 310,687 | ||||||
Series A, 5.00%, 10/01/25 |
100 | 101,865 | ||||||
City of Denton TX GOL, 5.00%, 02/15/25 |
110 | 111,443 | ||||||
City of Frisco TX GOL, 5.00%, 02/15/25 |
610 | 619,000 | ||||||
City of Garland GO, 5.00%, 02/15/25 |
405 | 410,619 |
50 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas (continued) | ||||||||
City of Houston TX Airport System Revenue RB, |
||||||||
Series D, 5.00%, 07/01/25 |
$ | 65 | $ | 66,021 | ||||
City of Houston TX Combined Utility System Revenue RB |
||||||||
5.00%, 11/15/25 |
135 | 138,087 | ||||||
Series A, 0.00%, 12/01/25 (AGM)(a) |
20 | 18,307 | ||||||
Series B, 5.00%, 11/15/25 |
325 | 332,431 | ||||||
Series D, 5.00%, 11/15/25 |
330 | 337,155 | ||||||
City of McKinney TX Waterworks & Sewer System Revenue RB, 5.00%, 03/15/25 |
15 | 15,220 | ||||||
City of Plano TX GOL |
||||||||
5.00%, 09/01/25 |
225 | 229,487 | ||||||
Series A, 5.00%, 09/01/25 |
145 | 147,891 | ||||||
City of San Antonio TX Electric & Gas Systems Revenue RB |
||||||||
5.00%, 02/01/25 |
560 | 566,714 | ||||||
Series ETM, 5.00%, 02/01/25 (ETM) |
50 | 50,642 | ||||||
City of San Antonio TX GOL |
||||||||
5.00%, 02/01/25 |
50 | 50,666 | ||||||
5.00%, 08/01/25 |
890 | 907,255 | ||||||
Clear Creek Independent School District GO, 5.00%, 02/15/25 (PSF) |
165 | 167,538 | ||||||
Conroe Independent School District GO, 5.00%, 02/15/25 (PSF) |
30 | 30,450 | ||||||
County of Bexar TX GOL, 5.00%, 06/15/25 |
120 | 122,231 | ||||||
County of Bexar TX RB, 5.00%, 06/15/25 |
460 | 468,554 | ||||||
County of Collin TX GOL, 5.00%, 02/15/25 |
250 | 253,783 | ||||||
County of Dallas TX GOL, 5.00%, 08/15/25 |
500 | 510,073 | ||||||
County of Denton TX GOL, 5.00%, 05/15/25 |
190 | 193,129 | ||||||
County of Fort Bend TX GO, Series A, 5.00%, 03/01/25 |
110 | 111,594 | ||||||
County of Harris TX GOL |
||||||||
5.00%, 10/01/25 |
145 | 147,945 | ||||||
Series B, 5.00%, 10/01/25 |
425 | 433,633 | ||||||
County of Harris TX RB |
||||||||
5.00%, 08/15/25 |
455 | 463,299 | ||||||
Series A, 5.00%, 08/15/25 |
420 | 427,660 | ||||||
County of Montgomery TX GO, Series A, 5.00%, 03/01/25 |
120 | 121,723 | ||||||
Cypress-Fairbanks Independent School District GO, 5.00%, 02/15/25 (PSF) |
1,265 | 1,283,982 | ||||||
Dallas Area Rapid Transit RB |
||||||||
5.00%, 12/01/25 |
2,210 | 2,261,263 | ||||||
5.00%, 12/01/31 (PR 12/01/25) |
545 | 558,520 | ||||||
Dallas Fort Worth International Airport, 5.00%, 11/01/25 |
420 | 428,593 | ||||||
Dallas Fort Worth International Airport RB, 5.00%, 11/01/25 |
230 | 234,706 | ||||||
Dallas
Independent School District, |
530 | 537,620 | ||||||
Dallas Independent School District GO |
||||||||
5.00%, 02/15/25 (PSF) |
670 | 679,633 | ||||||
Series A, 5.00%, 02/15/25 (PSF) |
650 | 659,345 | ||||||
Denton
Independent School District GO, |
415 | 423,432 | ||||||
DeSoto
Independent School District GO, |
200 | 183,725 | ||||||
Fort
Bend Independent School District GO, |
150 | 152,081 | ||||||
Fort
Worth Independent School District GO, |
1,040 | 1,056,130 |
Security |
Par (000) |
Value |
||||||
Texas (continued) | ||||||||
Frisco Independent School District GO, Series A, 5.00%, 08/15/25 (PSF) |
$ | 395 | $ | 402,957 | ||||
Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/25 (PSF)(a) |
200 | 186,246 | ||||||
Harris County Toll Road Authority (The) RB, 5.00%, 08/15/25 |
180 | 183,283 | ||||||
Irving
Independent School District GO, |
825 | 836,861 | ||||||
Judson
Independent School District GO, |
160 | 162,211 | ||||||
Katy Independent School District GO |
||||||||
Series A, 5.00%, 02/15/25 (PSF) |
105 | 106,642 | ||||||
Series D, 5.00%, 02/15/25 (PSF) |
35 | 35,547 | ||||||
Keller Independent School District/TX GO, Series A, 5.00%, 02/15/25 (PSF) |
220 | 223,025 | ||||||
Killeen
Independent School District GO, |
100 | 101,501 | ||||||
Klein
Independent School District GO, Series A, |
40 | 40,815 | ||||||
Leander Independent School District GO |
||||||||
0.00%, 08/15/25 (PSF)(a) |
330 | 306,125 | ||||||
Series A, 5.00%, 08/15/25 (PSF) |
155 | 158,096 | ||||||
Series B, 0.00%, 08/15/25(a) |
135 | 125,014 | ||||||
Lewisville Independent School District GO |
||||||||
5.00%, 08/15/25 (PSF) |
885 | 902,828 | ||||||
Series B, 5.00%, 08/15/25 |
425 | 432,752 | ||||||
Lone Star College System GOL |
||||||||
5.00%, 02/15/25 |
400 | 405,851 | ||||||
5.00%, 08/15/25 |
40 | 40,813 | ||||||
5.00%, 09/15/25 |
270 | 275,745 | ||||||
Series B, 5.00%, 02/15/25 |
1,030 | 1,045,068 | ||||||
Lower Colorado River Authority RB |
||||||||
5.00%, 05/15/25 |
635 | 644,605 | ||||||
Series D, 5.00%, 05/15/25 |
140 | 142,118 | ||||||
Metropolitan
Transit Authority of Harris County Sales & Use Tax Revenue,
Series B, |
180 | 184,170 | ||||||
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB |
||||||||
5.00%, 11/01/25 |
235 | 240,443 | ||||||
Series-A, 5.00%, 11/01/25 |
120 | 122,780 | ||||||
North East Independent School District/TX GO, 5.00%, 08/01/25 (PSF) |
350 | 356,125 | ||||||
North Texas Municipal Water District RB, 5.00%, 06/01/25 |
335 | 340,325 | ||||||
North Texas Municipal Water District Upper East Fork Wastewater Interceptor Sys RB, 5.00%, 06/01/25 |
110 | 111,778 | ||||||
North Texas Municipal Water District Upper East Fork Wastewater Interceptor System RB, 5.00%, 06/01/25 |
90 | 91,454 | ||||||
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/25 |
770 | 784,398 | ||||||
North Texas Tollway Authority RB |
||||||||
5.00%, 01/01/25 |
325 | 328,859 | ||||||
6.50%, 01/01/43 (PR 01/01/25) |
2,010 | 2,066,186 | ||||||
Series A, 5.00%, 01/01/25 |
270 | 272,991 | ||||||
Northside Independent School District GO |
||||||||
5.00%, 06/15/25 (PSF) |
175 | 178,116 | ||||||
Series A, 5.00%, 08/15/25 (PSF) |
100 | 101,962 | ||||||
Northwest Independent School District GO, Series B, 5.00%, 02/15/25 (PSF) |
50 | 50,750 |
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 (continued) October 31, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas (continued) | ||||||||
Northwest
Independent School District RB, |
$ | 45 | $ | 45,596 | ||||
Permanent University Fund - Texas A&M University System RB |
||||||||
4.50%, 07/01/25 |
80 | 80,876 | ||||||
Series A, 5.00%, 07/01/25 |
315 | 320,964 | ||||||
Permanent University Fund - University of Texas System RB |
||||||||
Series A, 5.00%, 07/01/25 |
270 | 275,331 | ||||||
Series B, 5.00%, 07/01/25 |
280 | 284,849 | ||||||
Pflugerville
Independent School District RB, |
200 | 203,127 | ||||||
Plano Independent School District GO, 5.00%, 02/15/25 |
150 | 152,175 | ||||||
Rockwall
Independent School District GO, |
110 | 111,581 | ||||||
Round Rock Independent School District GO |
||||||||
5.00%, 08/01/25 |
270 | 274,589 | ||||||
5.00%, 08/01/25 (PSF) |
70 | 71,367 | ||||||
5.00%, 08/01/35 (PR 08/01/25) (PSF) |
600 | 611,314 | ||||||
Series A, 5.00%, 08/01/25 (PSF) |
350 | 356,837 | ||||||
San Antonio Independent School District/TX GO |
||||||||
5.00%, 02/15/25 (PSF) |
320 | 324,802 | ||||||
5.00%, 08/15/25 (PSF) |
505 | 515,349 | ||||||
San Antonio Water System RB |
||||||||
Series A, 5.00%, 05/15/25 |
185 | 188,324 | ||||||
Series C, 5.00%, 05/15/25 |
180 | 183,234 | ||||||
Spring Branch Independent School District RB, 5.00%, 02/01/25 (PSF) |
205 | 208,108 | ||||||
Spring Independent School District GO, 5.00%, 08/15/25 (PSF) |
340 | 346,849 | ||||||
State
of Texas GO |
325 | 329,966 | ||||||
5.00%, 10/01/25 |
1,255 | 1,282,352 | ||||||
Series A, 5.00%, 04/01/25 |
235 | 238,591 | ||||||
Series A, 5.00%, 08/01/25 |
200 | 203,771 | ||||||
State of Texas GOL, Series A, 5.00%, 08/01/25 |
275 | 280,185 | ||||||
Tarrant County College District GOL, 5.00%, 08/15/25 |
195 | 198,422 | ||||||
Tarrant Regional Water District Water Supply System Revenue RB, 5.00%, 03/01/25 |
230 | 233,273 | ||||||
Texas A&M University, 5.00%, 05/15/25 |
105 | 106,839 | ||||||
Texas A&M University RB |
||||||||
5.00%, 05/15/25 |
1,315 | 1,338,034 | ||||||
Series C, 5.00%, 05/15/25 |
865 | 880,152 | ||||||
Texas State Technical College RB |
||||||||
4.00%, 10/15/25 |
100 | 100,323 | ||||||
5.00%, 08/01/25 (AGM) |
300 | 304,844 | ||||||
Texas
State University System RB, |
830 | 841,498 | ||||||
Texas
Tech University System RB, |
475 | 482,128 | ||||||
Texas Transportation Commission State Highway Fund RB |
||||||||
5.25%, 04/01/25 |
310 | 316,007 | ||||||
First Series, 5.00%, 10/01/25 |
440 | 449,508 | ||||||
Series A, 5.00%, 10/01/25 |
1,810 | 1,849,113 | ||||||
Texas Water Development Board RB |
||||||||
5.00%, 04/15/25 |
690 | 701,233 | ||||||
5.00%, 08/01/25 |
150 | 152,930 | ||||||
Series A, 5.00%, 04/15/25 |
205 | 208,338 | ||||||
Series A, 5.00%, 10/15/25 |
890 | 909,468 | ||||||
Series B, 5.00%, 04/15/25 |
1,545 | 1,570,153 | ||||||
Series B, 5.00%, 10/15/25 |
1,160 | 1,185,374 |
Security |
Par (000) |
Value |
||||||
Texas (continued) | ||||||||
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/25 |
$ | 2,335 | $ | 2,378,633 | ||||
Tyler Independent School District GO, 5.00%, 02/15/25 (PSF) |
260 | 263,411 | ||||||
United
Independent School District/TX GO, |
410 | 418,254 | ||||||
University of North Texas System RB |
||||||||
5.00%, 04/15/25 |
250 | 253,893 | ||||||
Series A, 5.00%, 04/15/25 |
300 | 304,672 | ||||||
University of Texas System (The) RB |
||||||||
5.00%, 08/15/25 |
395 | 403,437 | ||||||
Series E, 5.00%, 08/15/25 |
310 | 316,622 | ||||||
Series H, 5.00%, 08/15/25 |
325 | 331,942 | ||||||
|
|
|||||||
58,999,699 | ||||||||
Utah — 1.2% | ||||||||
Central Utah Water Conservancy District GOL, 5.00%, 04/01/25 |
200 | 203,442 | ||||||
Davis
School District GO, Series B, |
80 | 81,416 | ||||||
Ogden City School District GO, 5.00%, 06/15/25 (GTD) |
140 | 142,648 | ||||||
State of Utah GO |
||||||||
3.00%, 07/01/25 |
280 | 274,804 | ||||||
5.00%, 07/01/25 |
2,080 | 2,122,078 | ||||||
5.00%, 07/01/25 (PR 01/01/25) |
700 | 709,188 | ||||||
University of Utah (The) RB |
||||||||
4.00%, 08/01/25 |
475 | 477,049 | ||||||
Series A, 4.00%, 08/01/25 |
75 | 75,324 | ||||||
Series A, 5.00%, 08/01/25 |
175 | 178,686 | ||||||
Series B1, 5.00%, 08/01/25 (SAP) |
300 | 306,319 | ||||||
Utah State Building Ownership Authority RB, 5.00%, 05/15/25 |
565 | 574,052 | ||||||
Utah Transit Authority RB |
||||||||
5.00%, 06/15/25 |
395 | 401,599 | ||||||
5.00%, 06/15/35 (PR 06/15/25) |
395 | 402,527 | ||||||
Series A, 5.00%, 06/15/37 (PR 06/15/25) |
190 | 193,621 | ||||||
Utah Water Finance Agency RB, Series A, 5.00%, 03/01/25 |
240 | 243,571 | ||||||
|
|
|||||||
6,386,324 | ||||||||
Vermont — 0.0% | ||||||||
University of Vermont & State Agricultural College RB, 5.00%, 10/01/25 |
40 | 40,798 | ||||||
Vermont Municipal Bond Bank RB, Series 5, 5.00%, 12/01/25 |
115 | 117,690 | ||||||
|
|
|||||||
158,488 | ||||||||
Virginia — 4.9% | ||||||||
City of Alexandria VA GO, Series D, 5.00%, 07/01/25 (SAW) |
140 | 142,719 | ||||||
City of Charlottesville VA GO, 4.00%, 07/15/25 (SAW) |
125 | 125,504 | ||||||
City of Falls Church VA GO, 5.00%, 07/15/25 |
225 | 229,657 | ||||||
City of Hampton VA GO, 5.00%, 09/01/25 (SAW) |
210 | 214,523 | ||||||
City of Newport News VA Water Revenue RB, 5.00%, 07/15/25 |
1,440 | 1,469,804 | ||||||
City of Norfolk VA GO, Series A, 5.00%, 10/01/25 |
145 | 148,376 | ||||||
City of Norfolk VA Water Revenue RB, Series B, 5.00%, 11/01/25 |
125 | 128,065 | ||||||
City of Richmond VA GO |
||||||||
5.00%, 03/01/25 (SAW) |
175 | 177,831 | ||||||
Series B, 5.00%, 07/15/25 (SAW) |
55 | 56,138 | ||||||
City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/25 |
|
405 |
|
410,922 |
52 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Virginia (continued) | ||||||||
City of Virginia Beach VA Storm Water Utility Revenue RB, 5.00%, 11/15/25 |
$ | 385 | $ | 394,334 | ||||
City of Virginia Beach VA Water & Sewer System Revenue RB, 5.00%, 10/01/25 |
100 | 102,328 | ||||||
Commonwealth of Virginia GO, Series B, 5.00%, 06/01/25 |
335 | 341,445 | ||||||
County
of Arlington VA GO |
150 | 153,334 | ||||||
Series A, 5.00%, 08/01/25 (SAW) |
50 | 51,087 | ||||||
Series B, 5.00%, 08/15/25 |
100 | 102,223 | ||||||
County of Chesterfield VA Water & Sewer Revenue RB, 5.00%, 11/01/25 |
200 | 204,865 | ||||||
County of Fairfax VA GO, Series A, 5.00%, 10/01/25 (SAW) |
245 | 250,476 | ||||||
County of Fairfax VA Sewer Revenue RB, 5.00%, 07/15/25 |
110 | 112,186 | ||||||
County
of Henrico VA GO |
130 | 132,691 | ||||||
Series A, 5.00%, 08/01/25 (SAW) |
550 | 561,679 | ||||||
County of Loudoun VA GO, Series A, 5.00%, 12/01/25 (SAW) |
1,000 | 1,025,210 | ||||||
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/25 |
285 | 288,802 | ||||||
Hampton Roads Sanitation District RB, Series A, 4.00%, 08/01/25 |
105 | 105,382 | ||||||
Loudoun County Sanitation Authority RB, 5.00%, 01/01/25 |
35 | 35,503 | ||||||
Upper Occoquan Sewage Authority RB, 4.00%, 07/01/39 (PR 07/01/25) |
2,000 | 2,007,219 | ||||||
Virginia Beach Development Authority RB, 5.00%, 04/01/25 |
165 | 167,771 | ||||||
Virginia
College Building Authority RB |
880 | 899,582 | ||||||
5.00%, 02/01/27 (PR 02/01/25) |
2,025 | 2,054,709 | ||||||
5.00%, 02/01/31 (PR 02/01/25) |
2,420 | 2,455,505 | ||||||
Series A, 5.00%, 02/01/25 |
400 | 406,064 | ||||||
Series A, 5.00%, 02/01/28 (PR 02/01/25) |
240 | 243,521 | ||||||
Series A, 5.00%, 02/01/30 (PR 02/01/25) |
300 | 304,401 | ||||||
Series B, 5.00%, 09/01/25 |
465 | 475,347 | ||||||
Series E, 5.00%, 02/01/25 |
805 | 817,204 | ||||||
Virginia
Commonwealth Transportation Board RB |
1,300 | 1,321,136 | ||||||
5.00%, 05/15/25 |
195 | 198,562 | ||||||
5.00%, 09/15/25 |
220 | 224,881 | ||||||
Series A, 5.00%, 05/15/25 |
790 | 804,429 | ||||||
Virginia
Public Building Authority RB |
1,620 | 1,654,124 | ||||||
Series A, 5.00%, 08/01/25 |
200 | 204,213 | ||||||
Series B, 5.00%, 08/01/25 |
1,400 | 1,429,491 | ||||||
Virginia
Public School Authority RB |
285 | 289,648 | ||||||
5.00%, 08/01/25 |
635 | 648,267 | ||||||
5.00%, 08/01/25 (SAW) |
50 | 51,070 | ||||||
Series A, 5.00%, 08/01/25 |
200 | 204,179 | ||||||
Series B, 5.00%, 08/01/25 |
360 | 367,522 | ||||||
Series C, 5.00%, 08/01/25 |
480 | 490,029 | ||||||
Virginia Resources Authority Clean Water Revolving Fund RB, 5.00%, 10/01/25 |
65 | 66,429 | ||||||
Virginia Resources Authority RB 5.00%, 11/01/25 |
600 | 613,883 |
Security |
Par (000) |
Value |
||||||
Virginia (continued) | ||||||||
Series C, 5.00%, 11/01/25 |
$ | 30 | $ | 30,718 | ||||
Series D, 4.00%, 11/01/25 |
55 | 55,268 | ||||||
|
|
|||||||
25,450,256 | ||||||||
Washington — 5.2% | ||||||||
Central Puget Sound Regional Transit Authority RB 5.00%, 11/01/25 |
155 | 158,620 | ||||||
Series S-1, 5.00%, 11/01/25 |
820 | 839,153 | ||||||
Series S-1, 5.00%, 11/01/35 (PR 11/01/25) |
1,375 | 1,406,053 | ||||||
Series S-1, 5.00%, 11/01/36 (PR 11/01/25) |
320 | 327,227 | ||||||
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB, Series S-1, 5.00%, 11/01/30 (PR 11/01/25) |
325 | 332,340 | ||||||
City of Seattle Municipal Light & Power Revenue RB, 5.00%, 07/01/25 |
500 | 509,872 | ||||||
City of Seattle WA Drainage & Wastewater Revenue RB 5.00%, 04/01/25 |
260 | 264,439 | ||||||
5.00%, 07/01/25 |
110 | 112,207 | ||||||
5.00%, 09/01/25 |
750 | 766,555 | ||||||
City of Seattle WA GOL 5.00%, 06/01/25 |
895 | 911,528 | ||||||
5.00%, 12/01/25 |
335 | 343,175 | ||||||
City of Seattle WA Municipal Light & Power Revenue RB Series B, 5.00%, 02/01/25 |
480 | 487,101 | ||||||
Series B, 5.00%, 04/01/25 |
310 | 315,207 | ||||||
Series C, 5.00%, 09/01/25 |
550 | 561,945 | ||||||
Series-A, 5.00%, 07/01/25 |
210 | 214,146 | ||||||
City of Seattle WA Water System Revenue RB 5.00%, 05/01/25 |
415 | 422,273 | ||||||
5.00%, 08/01/25 |
225 | 229,586 | ||||||
City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/25 |
110 | 111,494 | ||||||
City of Vancouver WA GOL, Series B, 5.00%, 12/01/25 . |
190 | 194,637 | ||||||
Clark County Public Utility District No. 1 RB, 5.00%, 01/01/25 |
230 | 232,824 | ||||||
Clark County School District No. 114 Evergreen GO, 5.00%, 12/01/25 (SCH BD GTY) |
235 | 240,735 | ||||||
Clark County School District No. 122 Ridgefield GO, 5.00%, 12/01/25 |
55 | 56,342 | ||||||
County of King GO, 5.00%, 07/01/25 |
50 | 50,931 | ||||||
County of King WA GOL 5.00%, 07/01/25 |
440 | 448,188 | ||||||
5.00%, 12/01/25 |
210 | 215,167 | ||||||
Series A, 4.00%, 01/01/25 |
125 | 125,218 | ||||||
County of King WA Sewer Revenue RB 5.00%, 01/01/25 |
200 | 202,489 | ||||||
5.00%, 07/01/34 (PR 01/01/25) |
400 | 405,251 | ||||||
Series-B, 5.00%, 07/01/25 |
330 | 335,874 | ||||||
County of Kitsap WA GOL, 5.00%, 06/01/25 |
195 | 198,601 | ||||||
County of Pierce WA GO, 5.00%, 08/01/25 |
180 | 183,822 | ||||||
County of Pierce WA GOL 5.00%, 08/01/25 |
200 | 204,247 | ||||||
Series A, 5.00%, 07/01/25 |
155 | 158,136 | ||||||
County of Snohomish WA GOL, 5.00%, 12/01/25 |
445 | 455,860 | ||||||
County of Spokane WA GOL, Series B, 5.00%, 12/01/25 |
175 | 179,271 | ||||||
Energy Northwest RB 5.00%, 07/01/25 |
395 | 402,671 | ||||||
Series A, 5.00%, 07/01/25 |
2,420 | 2,466,995 | ||||||
Series C, 5.00%, 07/01/25 |
1,095 | 1,116,264 |
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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Washington (continued) | ||||||||
King County School District No. 405 Bellevue GO, 5.00%, 12/01/25 (GTD) |
$ | 160 | $ | 163,905 | ||||
King County School District No. 410 Snoqualmie Valley GO, 5.00%, 12/01/25 (GTD) |
330 | 338,053 | ||||||
King County School District No. 415 Kent GO, 5.00%, 12/01/25 (GTD) |
225 | 230,264 | ||||||
Kitsap County School District No. 401 Central Kitsap GO, 5.00%, 12/01/25 |
145 | 148,393 | ||||||
Pierce County School District No 10 Tacoma GO, 5.00%, 12/01/25 |
250 | 255,849 | ||||||
Pierce County School District No 402 Franklin Pierce GO, 5.00%, 12/01/25 |
105 | 107,457 | ||||||
Port
of Seattle WA RB |
155 | 155,105 | ||||||
5.00%, 02/01/25 |
220 | 222,798 | ||||||
Port of Tacoma WA RB, Series A, 4.00%, 12/01/25 |
115 | 115,184 | ||||||
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/25, (SCH BD GTY) |
220 | 225,147 | ||||||
Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/25 |
70 | 71,638 | ||||||
Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/25 |
90 | 92,106 | ||||||
State
of Washington COP |
250 | 253,111 | ||||||
5.00%, 07/01/25 (ST INTERCEPT) |
415 | 422,388 | ||||||
Series C, 5.00%, 07/01/25 |
95 | 96,691 | ||||||
State
of Washington GO |
1,225 | 1,242,973 | ||||||
5.00%, 07/01/25 |
1,230 | 1,253,686 | ||||||
5.00%, 08/01/25 |
165 | 168,335 | ||||||
Series A, 5.00%, 08/01/25 |
225 | 229,548 | ||||||
Series A-1, 5.00%, 08/01/25 |
390 | 397,884 | ||||||
Series B, 5.00%, 06/01/25 |
190 | 193,538 | ||||||
Series B, 5.00%, 08/01/25 |
140 | 142,830 | ||||||
Series D, 5.00%, 02/01/25 |
150 | 152,201 | ||||||
Series D, 5.00%, 06/01/25 |
775 | 789,432 | ||||||
Series E, 5.00%, 06/01/25 |
700 | 713,035 | ||||||
Series F, 0.00%, 12/01/25 (AMBAC)(a) |
410 | 378,280 | ||||||
Series R-2018C, 5.00%, 08/01/25 |
350 | 357,075 | ||||||
Series R-2018D, 5.00%, 08/01/25 |
625 | 637,634 | ||||||
Series R-2020D, 5.00%, 07/01/25 |
130 | 132,503 | ||||||
University
of Washington RB |
625 | 635,757 | ||||||
5.00%, 12/01/25 |
180 | 183,994 | ||||||
Series B, 4.00%, 06/01/25 |
265 | 266,069 | ||||||
|
|
|||||||
26,959,307 | ||||||||
West Virginia — 0.4% | ||||||||
State
of West Virginia GO |
120 | 122,235 |
Security |
Par (000) |
Value |
||||||
West Virginia (continued) | ||||||||
5.00%, 12/01/25 |
$ | 150 | $ | 153,600 | ||||
Series A, 5.00%, 06/01/25 |
745 | 758,873 | ||||||
West
Virginia Commissioner of Highways RB |
220 | 224,309 | ||||||
Series A, 5.00%, 09/01/25 |
590 | 601,555 | ||||||
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/25 |
285 | 290,534 | ||||||
|
|
|||||||
2,151,106 | ||||||||
Wisconsin — 1.7% | ||||||||
Hamilton School District/WI GO, 5.00%, 04/01/25 |
180 | 183,023 | ||||||
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/25 |
1,580 | 1,610,883 | ||||||
State
of Wisconsin GO |
375 | 381,955 | ||||||
5.00%, 05/01/32 (PR 05/01/25) |
720 | 732,724 | ||||||
Series 2, 4.00%, 11/01/25 |
170 | 170,958 | ||||||
Series 2, 5.00%, 11/01/25 |
2,545 | 2,607,895 | ||||||
Series A, 5.00%, 05/01/25 |
575 | 585,665 | ||||||
Series B, 5.00%, 05/01/25 |
650 | 662,056 | ||||||
State of Wisconsin RB, Series A, 5.00%, 05/01/25 |
325 | 330,743 | ||||||
Wisconsin
Department of Transportation RB |
700 | 714,388 | ||||||
Series 2, 5.00%, 07/01/25 |
880 | 898,088 | ||||||
|
|
|||||||
8,878,378 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.5% |
514,309,730 | |||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Liquidity Funds: MuniCash, 3.82%(b)(c) |
3,614,207 | 3,614,207 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.7% |
3,614,207 | |||||||
|
|
|||||||
Total
Investments — 99.2% |
517,923,937 | |||||||
Other Assets Less Liabilities — 0.8% |
4,133,997 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 522,057,934 | ||||||
|
|
(a) |
Zero-coupon bond. |
(b) |
Affiliate of the Fund. |
(c) |
Annualized 7-day yield as of period end. |
54 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2025 Term Muni Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer |
Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds: MuniCash |
$ | 1,305,035 | $ | 2,309,972 | (a) | $ | — | $ | (809 | ) | $ | 9 | $ | 3,614,207 | 3,614,207 | $ | 50,573 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
Investments |
||||||||||||||||||||||||||||
Long-Term Investments |
||||||||||||||||||||||||||||
Municipal Debt Obligations |
$ | — | $ | 514,309,730 | $ | — | $ | 514,309,730 | ||||||||||||||||||||
Short-Term Securities |
||||||||||||||||||||||||||||
Money Market Funds |
3,614,207 | — | — | 3,614,207 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 3,614,207 | $ | 514,309,730 | $ | — | $ | 517,923,937 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
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 |
55 |
Schedule of Investments October 31, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Debt Obligations |
||||||||
Alabama — 1.7% | ||||||||
Alabama Federal Aid Highway Finance Authority RB 5.00%, 09/01/26 |
$ | 235 | $ | 242,515 | ||||
Series A, 5.00%, 09/01/36 (PR 09/01/26) |
1,250 | 1,293,372 | ||||||
Series B, 5.00%, 09/01/26 |
1,290 | 1,331,254 | ||||||
Alabama Highway Finance Corp., 5.00%, 08/01/26 |
120 | 123,518 | ||||||
Alabama Public School and College Authority RB 5.00%, 05/01/26 (Call 05/01/25) |
45 | 45,658 | ||||||
Series A, 5.00%, 11/01/26 |
425 | 440,514 | ||||||
Series B, 5.00%, 01/01/26 (Call 07/01/24) |
510 | 513,011 | ||||||
Series C, 5.00%, 06/01/26 (Call 12/01/24) |
150 | 151,208 | ||||||
Black Belt Energy Gas District RB, VRDN,4.00%, 10/01/52 (Put 12/01/26)(a) |
300 | 288,961 | ||||||
City of Huntsville AL GOL, 5.00%, 05/01/26 |
40 | 41,226 | ||||||
State of Alabama GO 5.00%, 08/01/26 |
80 | 82,556 | ||||||
5.00%, 11/01/26 (Call 02/01/26) |
100 | 102,682 | ||||||
Series C, 5.00%, 08/01/27 (Call 08/01/26) |
430 | 443,997 | ||||||
University
of Alabama (The) RB |
110 | 113,818 | ||||||
Series C, 5.00%, 07/01/26 |
220 | 227,636 | ||||||
|
|
|||||||
5,441,926 | ||||||||
Arizona — 2.2% | ||||||||
Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/26 |
285 | 294,160 | ||||||
Arizona State University RB, Series A, 5.00%, 07/01/26 |
45 | 46,527 | ||||||
Arizona Transportation Board RB, Series A, 5.00%, 07/01/26 |
430 | 443,489 | ||||||
City of Glendale AZ Water & Sewer Revenue RB, 5.00%, 07/01/26 (Call 07/01/25) |
310 | 315,167 | ||||||
City of Phoenix AZ GO 4.00%, 07/01/26 |
230 | 231,322 | ||||||
5.00%, 07/01/26 |
770 | 794,353 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
435 | 448,571 | ||||||
City of Phoenix Civic Improvement Corp., 5.00%, 07/01/26 |
450 | 463,887 | ||||||
City of Phoenix Civic Improvement Corp. RB 5.00%, 07/01/26 |
235 | 242,553 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
360 | 370,955 | ||||||
5.50%, 07/01/26 (NPFGC) |
40 | 41,736 | ||||||
City of Tucson AZ Water System Revenue RB, 5.00%, 07/01/26 |
170 | 175,246 | ||||||
County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/26 |
325 | 335,445 | ||||||
County of Pima Sewer System Revenue, 5.00%, 07/01/26 |
415 | 428,338 | ||||||
Salt River Project Agricultural Improvement & Power District RB 5.00%, 01/01/26 |
370 | 379,423 | ||||||
Series A, 5.00%, 01/01/26 |
1,460 | 1,497,183 | ||||||
State
of Arizona Lottery Revenue RB, |
130 | 134,045 | ||||||
University of Arizona (The) RB 5.00%, 06/01/26 |
60 | 61,832 | ||||||
Series A, 4.00%, 06/01/28 (Call 06/01/26) |
290 | 288,317 | ||||||
|
|
|||||||
6,992,549 | ||||||||
Arkansas — 0.0% | ||||||||
State of Arkansas GO |
||||||||
5.00%, 04/01/26 (Call 10/01/24) |
115 | 116,044 | ||||||
5.00%, 10/01/26 (Call 10/01/24) |
20 | 20,180 | ||||||
|
|
|||||||
136,224 |
Security |
Par (000) |
Value |
||||||
California — 12.7% | ||||||||
91 Express Lanes Toll Road, 5.00%, 08/15/26 |
$ | 200 | $ | 207,622 | ||||
Alameda Unified School District-Alameda County, 0.00%, 08/01/26 (AGM)(b) |
105 | 93,716 | ||||||
Alvord
Unified School District GO, Series B, |
55 | 48,997 | ||||||
Anaheim Housing & Public Improvements Authority RB, 5.00%, 10/01/26 |
500 | 520,044 | ||||||
Bay Area Toll Authority RB, 5.00%, 04/01/26 |
115 | 118,794 | ||||||
Beverly Hills Unified School District CA GO, 0.00%, 08/01/26(b) |
100 | 90,050 | ||||||
California Health Facilities Financing Authority RB, 5.00%, 11/15/26 (Call 11/15/25) |
115 | 117,629 | ||||||
California Infrastructure & Economic Development Bank RB 4.00%, 10/01/35 (PR 10/01/26) |
100 | 101,513 | ||||||
5.00%, 10/01/26 |
75 | 78,239 | ||||||
5.00%, 10/01/26 (Call 04/01/26) |
55 | 56,985 | ||||||
5.00%, 10/01/27 (Call 04/01/26) |
240 | 248,782 | ||||||
5.00%, 10/01/27 (PR 10/01/26) |
100 | 104,262 | ||||||
5.00%, 10/01/28 (Call 04/01/26) |
60 | 62,107 | ||||||
California State Public Works Board RB 4.00%, 10/01/28 (Call 10/01/26) |
175 | 175,801 | ||||||
5.00%, 04/01/26 |
250 | 257,838 | ||||||
5.00%, 08/01/26 |
190 | 196,774 | ||||||
5.00%, 09/01/26 |
75 | 77,766 | ||||||
Series A, 5.00%, 09/01/26 (Call 09/01/24) |
290 | 292,605 | ||||||
Series B, 5.00%, 04/01/26 |
130 | 134,076 | ||||||
Series B, 5.00%, 10/01/26 (Call 10/01/24) |
140 | 141,390 | ||||||
Series C, 5.00%, 11/01/27 (Call 11/01/26) |
165 | 170,877 | ||||||
Series D, 4.00%, 04/01/28 (Call 10/01/26) |
250 | 251,165 | ||||||
California
State University RB |
265 | 276,202 | ||||||
5.00%, 11/01/26 (Call 05/01/26) |
110 | 114,014 | ||||||
Series A, 5.00%, 11/01/26 |
375 | 390,852 | ||||||
Series A, 5.00%, 11/01/26 (Call 11/01/25) |
165 | 169,471 | ||||||
Series A, 5.00%, 11/01/28 (Call 05/01/26) |
230 | 237,575 | ||||||
Campbell Union High School District GO, 5.00%, 08/01/27 (Call 08/01/26) |
145 | 150,777 | ||||||
Carlsbad Unified School District GO, 5.00%, 08/01/27 (Call 08/01/26) |
80 | 82,863 | ||||||
City of Long Beach CA Airport System Revenue RB, 5.00%, 06/01/26 (AGM) |
355 | 366,015 | ||||||
City of Los Angeles CA Wastewater System Revenue RB, Series B, 5.00%, 06/01/26 |
120 | 124,382 | ||||||
City of Los Angeles Department of Airports RB, 5.00%, 05/15/26 |
385 | 397,853 | ||||||
City of Los Angeles Solid Waste Resources Revenue, 5.00%, 02/01/26 |
150 | 154,801 | ||||||
City
of San Francisco CA Public Utilities Commission Water Revenue RB |
350 | 365,090 | ||||||
5.00%, 11/01/28 (Call 11/01/26) |
230 | 239,743 | ||||||
Series D, 5.00%, 11/01/26 |
240 | 250,284 | ||||||
Contra Costa Transportation Authority Sales Tax Revenue RB, 4.00%, 03/01/26 (Call 03/01/25) |
205 | 206,037 | ||||||
Contra Costa Water District RB, Series U, 5.00%, 10/01/26 |
50 | 52,244 | ||||||
East Bay Municipal Utility District Water System Revenue RB 5.00%, 06/01/26 |
170 | 176,250 | ||||||
5.00%, 06/01/26 (Call 06/01/25) |
60 | 61,238 |
56 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
California (continued) | ||||||||
East Side Union High School District GO, 5.00%, 08/01/28 (Call 08/01/26) |
$ | 310 | $ | 321,015 | ||||
El Camino Community College District Foundation (The) GO, 5.00%, 08/01/28 (Call 08/01/26) |
220 | 227,700 | ||||||
El Camino Community College District Foundation GO, Series C, 0.00%, 08/01/26(b) |
150 | 134,385 | ||||||
Escondido Union High School District GO, Series A, 0.00%, 08/01/26 (AGC)(b) |
50 | 44,675 | ||||||
Evergreen
School District GO, |
80 | 71,383 | ||||||
Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 GO, Series A, 0.00%, 10/01/26 (NPFGC)(b) |
100 | 88,382 | ||||||
Grossmont Union High School District GO 0.00%, 08/01/26(b) |
725 | 645,519 | ||||||
0.00%, 08/01/26 (AGM)(b) |
90 | 80,198 | ||||||
Long
Beach Unified School District GO, |
215 | 223,037 | ||||||
Los Angeles Community College District, 5.00%, 08/01/26 |
1,000 | 1,041,772 | ||||||
Los Angeles Community College District/CA GO 5.00%, 08/01/26 |
410 | 427,126 | ||||||
Series C, 5.00%, 06/01/26 |
180 | 187,024 | ||||||
Series G, 5.00%, 08/01/26 (PR 08/01/24) |
70 | 70,718 | ||||||
Series I, 4.00%, 08/01/26 |
105 | 106,077 | ||||||
Los
Angeles County Metropolitan Transportation Authority RB |
335 | 348,443 | ||||||
5.00%, 07/01/26 (Call 07/01/25) |
140 | 143,276 | ||||||
5.00%, 06/01/27 (Call 06/01/26) |
165 | 170,297 | ||||||
Series A, 5.00%, 06/01/26 |
240 | 249,064 | ||||||
Series A, 5.00%, 06/01/28 (Call 06/01/26) |
140 | 144,281 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB, 5.00%, 07/01/26 |
815 | 847,704 | ||||||
Los Angeles County Public Works Financing Authority RB 5.00%, 12/01/26 (Call 12/01/25) |
100 | 102,758 | ||||||
Series A, 5.00%, 12/01/26 (Call 12/01/24) |
80 | 81,059 | ||||||
Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/26 |
230 | 238,635 | ||||||
Los Angeles Department of Water & Power RB 5.00%, 07/01/26 |
75 | 77,816 | ||||||
5.00%, 07/01/26 (Call 06/01/26) |
130 | 134,737 | ||||||
Series A, 5.00%, 07/01/26 |
310 | 321,638 | ||||||
Los Angeles Department of Water & Power System Revenue RB Series A, 5.00%, 07/01/26 |
380 | 394,266 | ||||||
Series B, 5.00%, 07/01/26 (Call 06/01/26) |
295 | 305,749 | ||||||
Los
Angeles Department of Water & Power Water System Revenue
RB |
145 | 150,444 | ||||||
5.00%, 07/01/26 (Call 01/01/26) |
440 | 453,808 | ||||||
Los
Angeles Department of Water RB |
155 | 160,819 | ||||||
Series A, 5.00%, 07/01/26 (Call 07/01/24) |
90 | 90,736 | ||||||
Los
Angeles Unified School District/CA GO |
215 | 222,739 | ||||||
Series A, 5.00%, 07/01/26 |
695 | 720,017 | ||||||
Series B, 5.00%, 07/01/28 (Call 07/01/26) |
620 | 643,321 | ||||||
Series C, 5.00%, 07/01/26 |
105 | 108,779 | ||||||
Series C, 5.00%, 07/01/26 (Call 07/01/24) |
795 | 800,507 | ||||||
Series D, 5.00%, 07/01/26 (Call 07/01/24) |
235 | 236,628 |
Security |
Par (000) |
Value |
||||||
California (continued) | ||||||||
Metropolitan Water District of Southern California RB 5.00%, 10/01/26 |
$ | 155 | $ | 161,650 | ||||
Series A, 2.50%, 07/01/26 |
280 | 264,987 | ||||||
Series A, 5.00%, 07/01/26 |
260 | 269,895 | ||||||
Midpeninsula Regional Open Space District Field Employees Corp. GOL, 5.00%, 09/01/27 (Call 09/01/26) |
100 | 104,111 | ||||||
Municipal
Improvement Corp. of Los Angeles RB, |
415 | 433,264 | ||||||
Newport Mesa Unified School District GO, 0.00%, 08/01/26 (NPFGC)(b) |
190 | 169,992 | ||||||
Palo Alto Unified School District GO, 0.00%, 08/01/26(b) |
335 | 300,450 | ||||||
Palos Verdes Peninsula Unified School District GO, 0.00%, 11/01/26 (NPFGC)(b) |
165 | 145,911 | ||||||
Port of Los Angeles RB, Series C2, 5.00%, 08/01/26 |
120 | 124,725 | ||||||
Rancho Water District Financing Authority RB, Series B, 5.00%, 08/01/28 (PR 08/01/26) |
40 | 41,510 | ||||||
Riverside County Transportation Commission Sales Tax Revenue, 5.00%, 06/01/26 |
200 | 206,853 | ||||||
Riverside County Transportation Commission Sales Tax Revenue RB, 3.00%, 06/01/26 (Call 06/01/24) |
820 | 793,919 | ||||||
Sacramento County Sanitation Districts Financing Authority RB, 5.00%, 08/01/26 (Call 08/01/25) |
80 | 81,845 | ||||||
Sacramento
Municipal Utility District RB |
200 | 203,836 | ||||||
5.00%, 08/15/26 |
65 | 67,652 | ||||||
San Diego Community College District GO, 4.00%, 08/01/28 (Call 08/01/26) |
100 | 101,001 | ||||||
San Diego County Regional Transportation Commission, 5.00%, 04/01/26 |
200 | 206,926 | ||||||
San Diego County Water Authority RB, 5.00%, 05/01/26 (Call 05/01/25) |
100 | 101,923 | ||||||
San Diego Public Facilities Financing Authority RB, 5.00%, 08/01/26 |
325 | 338,402 | ||||||
San Diego Unified School District/CA 5.50%, 07/01/26 (AGM) |
335 | 352,061 | ||||||
5.50%, 07/01/26 (ETM) (AGM) |
25 | 26,150 | ||||||
San
Diego Unified School District/CA GO |
20 | 18,021 | ||||||
Series A, 0.00%, 07/01/26 (ETM)(b) |
30 | 27,032 | ||||||
Series R-5, 5.00%, 07/01/26 |
100 | 103,832 | ||||||
San Francisco Bay Area Rapid Transit District GO 4.00%, 08/01/26 |
55 | 55,493 | ||||||
5.00%, 08/01/26 |
200 | 207,396 | ||||||
Series D, 5.00%, 08/01/26 (Call 08/01/25) |
65 | 66,314 | ||||||
San Francisco City & County Airport Commission San Francisco International Airport RB, Series A, 5.00%, 05/01/26 |
340 | 351,161 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue RB, 5.00%, 10/01/26 |
500 | 520,748 | ||||||
San Jose Evergreen Community College District GO, Series A, 5.00%, 09/01/26 (PR 09/01/24) |
100 | 101,094 | ||||||
San
Mateo County Community College District GO |
275 | 245,682 | ||||||
Series B, 0.00%, 09/01/26 (NPFGC)(b) |
95 | 84,872 | ||||||
San Mateo Union High School District GO, 4.00%, 09/01/28 (Call 09/01/26) |
925 | 934,476 | ||||||
Santa Barbara Community College District GO 5.00%, 08/01/27 (Call 08/01/26) |
100 | 103,844 | ||||||
5.00%, 08/01/28 (Call 08/01/26) |
120 | 124,742 |
S C H E D U L E O F I N V E S T M E N T S |
57 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
California (continued) | ||||||||
Santa Clara County Financing Authority RB, 5.00%, 05/01/26 |
$ | 150 | $ | 155,033 | ||||
Santa Clara Unified School District GO, 5.00%, 07/01/26 (Call 07/01/24) |
115 | 115,895 | ||||||
Santa Clara Valley Transportation Authority RB, Series A, 5.00%, 06/01/26 |
100 | 103,777 | ||||||
Santa Clara Valley Water District COP, Series A, 5.00%, 02/01/29 (Call 02/01/26) |
350 | 360,521 | ||||||
Santa Monica Community College District GO, 0.00%, 08/01/26(b) |
500 | 444,946 | ||||||
Santa Monica-Malibu Unified School District GO, Series D, 4.00%, 08/01/26 (PR 08/01/25) |
40 | 40,321 | ||||||
Southern California Public Power Authority RB, Series C, 5.00%, 07/01/26 (Call 01/01/25) |
70 | 71,043 | ||||||
State of California Department of Water Resources RB 5.00%, 12/01/26 |
255 | 266,783 | ||||||
Series AV, 5.00%, 12/01/26 (Call 06/01/26) |
80 | 82,938 | ||||||
Series AW, 5.00%, 12/01/27 (Call 12/01/26) |
200 | 208,852 | ||||||
Series AW, 5.00%, 12/01/28 (Call 12/01/26) |
635 | 662,361 | ||||||
State of California GO |
||||||||
4.00%, 04/01/26 |
100 | 100,569 | ||||||
4.00%, 11/01/26 |
850 | 857,123 | ||||||
4.00%, 09/01/27 (Call 09/01/26) |
130 | 130,845 | ||||||
4.00%, 08/01/28 (Call 08/01/26) |
80 | 80,354 | ||||||
4.00%, 09/01/28 (Call 09/01/26) |
435 | 437,013 | ||||||
5.00%, 03/01/26 (Call 03/01/25) |
230 | 233,784 | ||||||
5.00%, 04/01/26 |
345 | 355,414 | ||||||
5.00%, 08/01/26 |
885 | 915,850 | ||||||
5.00%, 08/01/26 (Call 08/01/25) |
615 | 628,554 | ||||||
5.00%, 09/01/26 |
890 | 921,607 | ||||||
5.00%, 10/01/26 |
495 | 513,176 | ||||||
5.00%, 10/01/26 (Call 04/01/26) |
310 | 319,802 | ||||||
5.00%, 11/01/26 |
905 | 939,338 | ||||||
5.00%, 12/01/26 |
50 | 51,954 | ||||||
5.00%, 08/01/27 (Call 08/01/26) |
305 | 315,654 | ||||||
5.00%, 09/01/27 (Call 09/01/26) |
185 | 191,679 | ||||||
5.00%, 08/01/28 (Call 08/01/26) |
410 | 424,026 | ||||||
5.00%, 09/01/28 (Call 09/01/26) |
1,350 | 1,397,629 | ||||||
Series B, 5.00%, 09/01/26 |
800 | 828,411 | ||||||
Series C, 5.00%, 08/01/27 (Call 08/01/26) |
660 | 683,054 | ||||||
Series C, 5.00%, 08/01/28 (Call 08/01/26) |
805 | 832,540 | ||||||
University of California RB |
||||||||
4.00%, 05/15/26 |
345 | 347,657 | ||||||
5.00%, 05/15/26 |
500 | 517,920 | ||||||
Series AM, 5.00%, 05/15/26 (Call 05/15/24) |
210 | 211,475 | ||||||
Series AV, 5.00%, 05/15/26 |
210 | 217,526 | ||||||
Series AY, 5.00%, 05/15/26 |
170 | 176,093 | ||||||
Series I, 5.00%, 05/15/26 (Call 05/15/25) |
425 | 431,697 | ||||||
|
|
|||||||
41,194,239 | ||||||||
Colorado — 0.8% | ||||||||
Board of Governors of Colorado State University System, 5.00%, 03/01/26 (ST HGR ED INTERCEPT PROG) |
505 | 517,493 | ||||||
City & County of Denver Co. Airport System Revenue RB, 5.00%, 11/15/26 |
440 | 454,756 | ||||||
City & County of Denver Co. GO, Series A, 5.00%, 08/01/26 |
45 | 46,557 | ||||||
City of Colorado Springs CO Utilities System Revenue RB, Series A2, 5.00%, 11/15/26 |
50 | 51,793 | ||||||
Colorado Health Facilities Authority, 5.00%, 11/01/26 |
200 | 202,875 | ||||||
Denver City & County School District No. 1 GO 4.00%, 12/01/26 (Call 12/01/25) (SAW) |
130 | 130,246 |
Security |
Par (000) |
Value | ||||||
Colorado (continued) | ||||||||
5.00%, 12/01/26 (SAW) |
$ | 230 | $ | 238,717 | ||||
5.00%, 12/01/27 (Call 12/01/26) |
220 | 227,855 | ||||||
5.50%, 12/01/26 (SAW) |
195 | 205,205 | ||||||
E-470 Public Highway Authority RB, 0.00%, 09/01/26 (NPFGC)(b) |
250 | 221,662 | ||||||
University of Colorado RB, Series A-2, 5.00%, 06/01/26 |
310 | 319,233 | ||||||
|
|
|||||||
2,616,392 | ||||||||
Connecticut — 2.0% | ||||||||
Connecticut State Health & Educational Facilities Authority RB, 2.80%, 07/01/57 (Put 02/03/26) |
400 | 385,459 | ||||||
State of Connecticut GO |
||||||||
4.00%, 03/15/26 |
210 | 210,776 | ||||||
4.00%, 06/01/26 |
205 | 205,911 | ||||||
5.00%, 04/15/26 |
170 | 174,744 | ||||||
5.00%, 08/01/26 |
300 | 309,506 | ||||||
Series A, 5.00%, 03/15/26 |
390 | 400,458 | ||||||
Series A, 5.00%, 04/15/26 |
1,155 | 1,187,232 | ||||||
Series B, 4.00%, 06/01/26 |
100 | 100,445 | ||||||
Series B, 5.00%, 05/15/26 |
325 | 334,419 | ||||||
Series B, 5.00%, 05/15/27 (Call 05/15/26) |
155 | 159,513 | ||||||
Series D, 5.00%, 09/15/26 |
355 | 366,830 | ||||||
Series E, 5.00%, 10/15/26 |
180 | 186,202 | ||||||
Series F, 5.00%, 09/15/26 |
205 | 211,831 | ||||||
State of Connecticut Special Tax Revenue RB |
||||||||
5.00%, 09/01/26 (Call 09/01/24) |
165 | 166,278 | ||||||
Series A, 5.00%, 05/01/26 |
780 | 802,223 | ||||||
Series A, 5.00%, 09/01/27 (Call 09/01/26) |
530 | 547,404 | ||||||
Series A, 5.00%, 09/01/28 (Call 09/01/26) |
185 | 190,222 | ||||||
Series B, 5.00%, 09/01/28 (Call 09/01/26) |
150 | 154,234 | ||||||
Series C, 5.00%, 10/01/26 |
80 | 82,714 | ||||||
Series D, 5.00%, 11/01/26 |
425 | 439,904 | ||||||
|
|
|||||||
6,616,305 | ||||||||
Delaware — 0.9% | ||||||||
Delaware Transportation Authority RB |
||||||||
5.00%, 07/01/26 |
670 | 691,705 | ||||||
5.00%, 09/01/26 |
320 | 330,407 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
275 | 283,861 | ||||||
State of Delaware GO |
||||||||
5.00%, 02/01/26 |
150 | 154,277 | ||||||
5.00%, 03/01/26 |
165 | 169,898 | ||||||
5.00%, 07/01/26 |
150 | 155,168 | ||||||
5.00%, 10/01/26 |
105 | 109,003 | ||||||
5.00%, 07/01/28 (Call 07/01/26) |
260 | 268,712 | ||||||
Series A, 5.00%, 01/01/26 |
350 | 359,574 | ||||||
Series D, 5.00%, 07/01/27 (Call 07/01/26) |
360 | 372,248 | ||||||
|
|
|||||||
2,894,853 | ||||||||
District of Columbia — 1.3% | ||||||||
District of Columbia GO |
||||||||
Series A, 5.00%, 06/01/26 (Call 06/01/25) |
355 | 360,651 | ||||||
Series A, 5.00%, 10/15/26 |
235 | 243,763 | ||||||
Series A, 5.00%, 06/01/27 (Call 06/01/26) |
175 | 179,926 | ||||||
Series B, 5.00%, 06/01/26 (Call 06/01/25) |
130 | 132,069 | ||||||
Series D, 5.00%, 06/01/26 |
85 | 87,722 | ||||||
Series D, 5.00%, 06/01/27 (Call 12/01/26) |
325 | 335,674 | ||||||
Series D, 5.00%, 06/01/28 (Call 12/01/26) |
200 | 206,980 | ||||||
District of Columbia RB |
||||||||
5.00%, 12/01/26 |
560 | 578,420 | ||||||
Series C, 5.00%, 05/01/26 |
75 | 77,263 | ||||||
Series C, 5.00%, 10/01/26 |
965 | 999,083 |
58 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
District of Columbia (continued) | ||||||||
District of Columbia Water & Sewer Authority RB, 5.00%, 10/01/26 |
$ | 220 | $ | 227,822 | ||||
Washington
Metropolitan Area Transit Authority RB |
240 | 246,792 | ||||||
Series A, 5.00%, 07/15/26 |
515 | 530,220 | ||||||
|
|
|||||||
4,206,385 | ||||||||
Florida — 3.5% | ||||||||
County of Miami-Dade FL Aviation Revenue RB, Series B, 5.00%, 10/01/26 (Call 10/01/25) |
420 | 419,882 | ||||||
County of Miami-Dade FL GO, 5.00%, 11/01/26 (Call 11/01/24) |
1,000 | 1,010,902 | ||||||
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/27 (Call 07/01/26) |
315 | 322,497 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/26 (Call 10/01/25) |
840 | 853,995 | ||||||
Florida Department of Environmental Protection RB |
||||||||
5.00%, 07/01/26 |
550 | 565,987 | ||||||
5.00%, 07/01/26 (Call 07/01/25) |
530 | 538,065 | ||||||
Series A, 5.00%, 07/01/26 (Call 07/01/25) |
165 | 167,511 | ||||||
Series A, 5.00%, 07/01/27 (Call 07/01/26) |
455 | 466,639 | ||||||
Hillsborough County Aviation Authority RB, 5.00%, 10/01/26 |
200 | 206,394 | ||||||
Orange County School Board COP, 5.00%, 08/01/26 |
160 | 164,691 | ||||||
Orlando Utilities Commission RB, Series A, 5.00%, 10/01/26 |
150 | 155,172 | ||||||
Palm Beach County School District, 5.00%, 08/01/26 |
375 | 386,982 | ||||||
Reedy Creek Improvement District GOL |
||||||||
5.00%, 06/01/27 (Call 06/01/26) |
300 | 306,760 | ||||||
Series A, 5.00%, 06/01/26 |
130 | 132,748 | ||||||
School Board of Miami-Dade County (The) COP |
||||||||
5.00%, 02/01/29 (Call 02/01/26) |
350 | 355,872 | ||||||
Series D, 5.00%, 02/01/27 (Call 02/01/26) |
255 | 260,101 | ||||||
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/28 (Call 03/15/26) |
100 | 102,464 | ||||||
School District of Broward County/FL COP |
||||||||
Series A, 5.00%, 07/01/27 (Call 07/01/26) |
200 | 204,811 | ||||||
Series B, 5.00%, 07/01/26 |
145 | 149,623 | ||||||
Series B, 5.00%, 07/01/27 (Call 07/01/26) |
215 | 220,172 | ||||||
Series C, 5.00%, 07/01/26 |
200 | 206,377 | ||||||
State of Florida Department of Transportation RB, 5.00%, 07/01/26 |
175 | 180,849 | ||||||
State of Florida Department of Transportation Turnpike System Revenue RB |
||||||||
5.00%, 07/01/26 |
65 | 67,056 | ||||||
5.00%, 07/01/26 (Call 07/01/25) |
130 | 132,188 | ||||||
Series C, 5.00%, 07/01/27 (Call 07/01/26) |
185 | 190,204 | ||||||
State of Florida GO |
||||||||
5.00%, 06/01/26 |
140 | 144,553 | ||||||
5.00%, 07/01/26 |
295 | 304,708 | ||||||
5.00%, 07/01/26 (Call 07/01/25) |
175 | 178,436 | ||||||
5.00%, 06/01/27 (Call 06/01/26) |
160 | 164,782 | ||||||
Series A, 5.00%, 07/01/26 |
95 | 98,126 | ||||||
Series B, 5.00%, 06/01/26 (Call 06/01/24) |
40 | 40,345 | ||||||
Series B, 5.00%, 07/01/26 |
240 | 247,898 | ||||||
Series C, 5.00%, 06/01/26 |
125 | 129,065 | ||||||
Series C, 5.00%, 06/01/28 (Call 06/01/26) |
50 | 51,507 | ||||||
Series E, 5.00%, 06/01/26 (Call 06/01/25) |
275 | 280,181 | ||||||
State of Florida Lottery Revenue RB |
||||||||
5.00%, 07/01/26 |
355 | 366,045 |
Security |
Par (000) |
Value | ||||||
Florida (continued) | ||||||||
5.00%, 07/01/27 (Call 07/01/26) |
$ | 145 | $ | 149,005 | ||||
Series A, 5.00%, 07/01/26 |
1,190 | 1,227,026 | ||||||
|
|
|||||||
11,149,619 | ||||||||
Georgia — 2.2% | ||||||||
Athens-Clarke County GA Unified Government Water & Sewerage Revenue RB, 5.00%, 01/01/26 (Call 01/01/25) |
150 | 151,748 | ||||||
City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/26 |
100 | 102,881 | ||||||
City of Atlanta GA GO, 5.00%, 12/01/26 |
850 | 882,465 | ||||||
City of Atlanta GA Water & Wastewater Revenue RB, 5.00%, 11/01/26 |
275 | 284,881 | ||||||
County of Carroll GA GO, 5.00%, 06/01/26 |
85 | 87,532 | ||||||
County of Forsyth GA GO |
||||||||
5.00%, 03/01/26 (Call 03/01/25) |
40 | 40,539 | ||||||
5.00%, 03/01/26 (PR 03/01/25) |
20 | 20,300 | ||||||
Forsyth County School District GO, 5.00%, 02/01/27 (Call 02/01/26) |
245 | 251,662 | ||||||
Georgia Ports Authority RB, 5.00%, 07/01/26 |
160 | 165,060 | ||||||
Georgia State Road & Tollway Authority RB, 5.00%, 06/01/26 |
520 | 535,488 | ||||||
Gwinnett County School District GO, Series B, 5.00%, 08/01/26 |
535 | 553,508 | ||||||
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/26 |
135 | 139,599 | ||||||
Henry County School District GO, 5.00%, 08/01/26 (SAW) |
230 | 237,653 | ||||||
Metropolitan Atlanta Rapid Transit Authority RB, 5.00%, 07/01/26 |
320 | 330,531 | ||||||
Private Colleges & Universities Authority RB, 5.00%, 09/01/26 |
220 | 227,394 | ||||||
State of Georgia GO |
||||||||
Series A, 5.00%, 07/01/26 |
125 | 129,178 | ||||||
Series A, 5.00%, 08/01/26 |
600 | 620,757 | ||||||
Series A-1, 5.00%, 02/01/26 |
175 | 179,837 | ||||||
Series E, 5.00%, 12/01/26 |
210 | 218,269 | ||||||
Series E, 5.00%, 12/01/27 (Call 12/01/26) |
255 | 264,561 | ||||||
Series E, 5.00%, 12/01/28 (Call 12/01/26) |
220 | 227,852 | ||||||
Series F, 5.00%, 01/01/26 |
1,340 | 1,375,531 | ||||||
|
|
|||||||
7,027,226 | ||||||||
Hawaii — 1.5% | ||||||||
City & County Honolulu HI Wastewater System Revenue RB |
||||||||
5.00%, 07/01/26 (Call 07/01/25) |
100 | 101,796 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
300 | 308,898 | ||||||
Series A, 5.00%, 07/01/28 (Call 07/01/26) |
370 | 381,069 | ||||||
City & County of Honolulu HI GO |
||||||||
5.00%, 07/01/26 |
765 | 788,998 | ||||||
Series A, 5.00%, 10/01/26 (Call 10/01/25) |
150 | 152,859 | ||||||
Series B, 5.00%, 10/01/26 (Call 10/01/25) |
100 | 101,999 | ||||||
Series D, 5.00%, 09/01/26 |
75 | 77,521 | ||||||
County of Hawaii HI GO, Series A, 5.00%, 09/01/27 (Call 03/01/26) |
100 | 102,758 | ||||||
State of Hawaii GO |
||||||||
5.00%, 01/01/26 |
100 | 102,442 | ||||||
5.00%, 10/01/26 |
445 | 460,219 | ||||||
5.00%, 10/01/26 (Call 10/01/25) |
160 | 163,079 | ||||||
5.00%, 10/01/28 (Call 10/01/26) |
100 | 102,845 | ||||||
Series EY, 5.00%, 10/01/26 (Call 10/01/25) |
140 | 142,850 | ||||||
Series FE, 5.00%, 10/01/27 (Call 10/01/26) |
460 | 472,957 |
S C H E D U L E O F I N V E S T M E N T S |
59 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Hawaii (continued) | ||||||||
Series FG, 5.00%, 10/01/27 (Call 10/01/26) |
$ | 175 | $ | 180,124 | ||||
Series FH, 5.00%, 10/01/27 (Call 10/01/26) |
160 | 164,684 | ||||||
Series FH, 5.00%, 10/01/28 (Call 10/01/26) |
295 | 303,391 | ||||||
Series FT, 5.00%, 01/01/26 |
255 | 261,228 | ||||||
State of Hawaii State Highway Fund RB |
||||||||
5.00%, 01/01/26 |
180 | 184,396 | ||||||
Series A, 5.00%, 01/01/29 (Call 07/01/26) |
135 | 138,316 | ||||||
Series B, 5.00%, 01/01/27 (Call 07/01/26) |
140 | 143,795 | ||||||
|
|
|||||||
4,836,224 | ||||||||
Idaho — 0.2% | ||||||||
Idaho Housing & Finance Association RB, 5.00%, 07/15/26 |
750 | 772,553 | ||||||
|
|
|||||||
Illinois — 3.3% | ||||||||
Chicago O’Hare International Airport RB |
||||||||
5.00%, 01/01/26 |
305 | 311,176 | ||||||
5.00%, 01/01/29 (Call 01/01/26) |
170 | 172,448 | ||||||
Series B, 5.00%, 01/01/26 (Call 01/01/25) |
470 | 469,863 | ||||||
Series D, 5.00%, 01/01/26 |
180 | 183,645 | ||||||
Series E, 5.00%, 01/01/26 |
455 | 464,214 | ||||||
Illinois Finance Authority RB |
||||||||
4.00%, 07/01/26 (Call 01/01/26) |
270 | 270,675 | ||||||
5.00%, 01/01/26 |
440 | 450,194 | ||||||
5.00%, 04/01/26 |
70 | 71,852 | ||||||
5.00%, 07/01/26 |
1,760 | 1,811,608 | ||||||
Illinois State Toll Highway Authority RB, 5.00%, 01/01/26 |
1,485 | 1,519,404 | ||||||
State of Illinois GO |
||||||||
5.00%, 02/01/26 |
255 | 258,534 | ||||||
5.00%, 02/01/26 (Call 02/01/24) |
100 | 99,986 | ||||||
5.00%, 03/01/26 |
125 | 126,799 | ||||||
5.00%, 05/01/26 |
700 | 710,988 | ||||||
5.00%, 06/01/27 (Call 06/01/26) |
100 | 101,575 | ||||||
Series A, 5.00%, 03/01/26 |
510 | 517,339 | ||||||
Series A, 5.00%, 10/01/26 |
790 | 804,301 | ||||||
Series B, 5.00%, 03/01/26 |
620 | 628,921 | ||||||
Series B, 5.13%, 09/01/26 |
150 | 153,127 | ||||||
Series D, 5.00%, 11/01/26 |
1,035 | 1,054,321 | ||||||
State of Illinois Sales Tax Revenue RB |
||||||||
5.00%, 06/15/26 |
65 | 66,113 | ||||||
Series A, 4.00%, 06/15/26 |
290 | 285,747 | ||||||
|
|
|||||||
10,532,830 | ||||||||
Indiana — 1.7% | ||||||||
City of Indianapolis Department of Public Utilities Water |
||||||||
System Revenue RB, 5.00%, 10/01/26 |
510 | 526,304 | ||||||
Indiana Finance Authority RB |
||||||||
5.00%, 02/01/26 |
510 | 524,208 | ||||||
5.00%, 06/01/26 (ETM) |
615 | 633,471 | ||||||
5.00%, 02/01/29 (PR 02/01/26) |
260 | 266,960 | ||||||
Series A, 5.00%, 02/01/26 |
520 | 534,486 | ||||||
Series A, 5.00%, 10/01/26 |
195 | 201,560 | ||||||
Series A, 5.00%, 10/01/26 (Call 10/01/24) |
100 | 100,935 | ||||||
Series C, 5.00%, 06/01/27 (Call 12/01/26) |
865 | 892,835 | ||||||
Series C, 5.00%, 06/01/28 (Call 12/01/26) |
155 | 160,170 | ||||||
Series E, 5.00%, 02/01/26 |
265 | 272,382 | ||||||
Series E, 5.00%, 02/01/27 (Call 08/01/26) |
100 | 103,334 | ||||||
Series E, 5.00%, 02/01/29 (Call 08/01/26) |
235 | 241,658 | ||||||
Indiana Municipal Power Agency RB, 5.00%, 01/01/27 (Call 07/01/26) |
175 | 178,825 | ||||||
Indiana University RB |
||||||||
Series A, 5.00%, 06/01/26 |
125 | 128,785 | ||||||
Series A, 5.00%, 06/01/27 (Call 06/01/26) |
370 | 381,150 |
Security |
Par (000) |
Value | ||||||
Indiana (continued) | ||||||||
Series A, 5.00%, 06/01/28 (Call 06/01/26) |
$ | 270 | $ | 277,735 | ||||
Purdue University RB, 5.00%, 07/01/26 |
115 | 118,903 | ||||||
|
|
|||||||
5,543,701 | ||||||||
Iowa — 0.5% | ||||||||
City of Des Moines, 5.00%, 06/01/26 |
400 | 412,113 | ||||||
City of Des Moines IA GO, 5.00%, 06/01/26 |
390 | 401,810 | ||||||
Iowa Finance Authority RB, 5.00%, 08/01/26 |
395 | 408,038 | ||||||
State of Iowa RB, 4.00%, 06/01/26 |
395 | 396,177 | ||||||
|
|
|||||||
1,618,138 | ||||||||
Kansas — 0.4% | ||||||||
State of Kansas Department of Transportation RB |
||||||||
5.00%, 09/01/26 (Call 09/01/24) |
380 | 382,976 | ||||||
5.00%, 09/01/26 (Call 09/01/25) |
900 | 918,345 | ||||||
|
|
|||||||
1,301,321 | ||||||||
Kentucky — 0.0% | ||||||||
Kentucky Infrastructure Authority RB, Series A, 5.00%, 02/01/26 (Call 02/01/25) |
100 | 101,488 | ||||||
|
|
|||||||
Louisiana — 0.9% | ||||||||
State of Louisiana Gasoline & Fuels Tax Revenue RB |
||||||||
Series B, 5.00%, 05/01/26 |
100 | 102,921 | ||||||
Series B, 5.00%, 05/01/26 (Call 05/01/25) |
75 | 76,254 | ||||||
State of Louisiana GO |
||||||||
5.00%, 04/01/26 |
140 | 143,932 | ||||||
5.00%, 05/01/26 (Call 05/01/25) |
85 | 86,310 | ||||||
5.00%, 09/01/27 (Call 09/01/26) |
330 | 340,523 | ||||||
Series A, 5.00%, 03/01/26 |
150 | 154,048 | ||||||
Series A, 5.00%, 09/01/26 |
185 | 191,218 | ||||||
Series B, 5.00%, 08/01/26 |
575 | 593,524 | ||||||
State of Louisiana RB |
||||||||
5.00%, 09/01/26 |
180 | 186,001 | ||||||
Series A, 5.00%, 09/01/26 |
890 | 919,670 | ||||||
|
|
|||||||
2,794,401 | ||||||||
Maine — 0.7% | ||||||||
Maine Municipal Bond Bank RB |
||||||||
5.00%, 09/01/26 |
200 | 206,233 | ||||||
5.00%, 11/01/26 |
270 | 279,856 | ||||||
Maine Turnpike Authority RB |
||||||||
5.00%, 07/01/26 |
1,025 | 1,057,680 | ||||||
5.00%, 07/01/26 (Call 07/01/25) |
380 | 387,379 | ||||||
State of Maine GO |
||||||||
4.00%, 06/01/26 |
60 | 60,238 | ||||||
5.00%, 06/01/26 |
160 | 164,845 | ||||||
Series B, 5.00%, 06/01/26 |
245 | 252,419 | ||||||
|
|
|||||||
2,408,650 | ||||||||
Maryland — 3.2% | ||||||||
City of Baltimore MD GO |
||||||||
Series A, 5.00%, 10/15/26 |
90 | 93,203 | ||||||
Series B, 5.00%, 10/15/26 |
140 | 144,983 | ||||||
City of Baltimore MD RB, 5.00%, 07/01/26 |
215 | 220,975 | ||||||
County of Anne Arundel MD GOL |
||||||||
5.00%, 10/01/26 |
1,120 | 1,161,439 | ||||||
5.00%, 10/01/26 (Call 10/01/25) |
110 | 112,209 | ||||||
County of Baltimore MD GO |
||||||||
5.00%, 03/01/26 |
195 | 200,613 | ||||||
5.00%, 08/01/26 (Call 08/01/25) |
80 | 81,451 | ||||||
County of Charles MD GO |
||||||||
4.00%, 10/01/26 |
50 | 50,425 | ||||||
5.00%, 10/01/26 |
505 | 523,685 |
60 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Maryland (continued) | ||||||||
County of Frederick MD GO |
||||||||
5.00%, 02/01/26 |
$ | 155 | $ | 159,116 | ||||
5.00%, 08/01/26 |
220 | 227,322 | ||||||
County of Howard MD GO |
||||||||
5.00%, 02/15/26 |
150 | 154,227 | ||||||
5.00%, 08/15/26 |
185 | 191,503 | ||||||
Series A, 5.00%, 08/15/26 |
500 | 517,576 | ||||||
Series D, 5.00%, 02/15/26 |
300 | 308,455 | ||||||
County of Montgomery MD GO |
||||||||
5.00%, 11/01/26 |
230 | 238,793 | ||||||
Series A, 4.00%, 12/01/26 (Call 12/01/24) |
60 | 59,799 | ||||||
Series A, 5.00%, 11/01/26 |
795 | 825,393 | ||||||
Series C, 5.00%, 10/01/26 |
270 | 279,990 | ||||||
County of Prince George’s MD GO, Series A, 5.00%, 09/15/26 |
260 | 269,453 | ||||||
County of Prince George’s MD GOL |
||||||||
5.00%, 07/01/26 |
500 | 516,711 | ||||||
Series A, 5.00%, 07/15/26 |
305 | 315,361 | ||||||
Maryland State Transportation Authority RB, 5.00%, 07/01/26 |
75 | 77,410 | ||||||
State of Maryland Department of Transportation RB |
||||||||
5.00%, 09/01/26 |
210 | 217,344 | ||||||
5.00%, 10/01/26 |
270 | 279,763 | ||||||
5.00%, 11/01/26 (Call 11/01/24) |
145 | 146,556 | ||||||
5.00%, 12/01/27 (Call 12/01/26) |
110 | 113,736 | ||||||
5.00%, 10/01/28 (Call 10/01/26) |
520 | 537,601 | ||||||
State of Maryland GO |
||||||||
Series A, 5.00%, 03/15/26 |
135 | 139,021 | ||||||
Series A, 5.00%, 08/01/26 |
225 | 232,903 | ||||||
Series B, 4.00%, 08/01/26 |
185 | 186,416 | ||||||
Series B, 5.00%, 08/01/26 |
805 | 833,275 | ||||||
Washington Suburban Sanitary Commission RB |
||||||||
5.00%, 06/01/26 |
300 | 309,681 | ||||||
5.00%, 06/01/26 (GTD) |
295 | 304,520 | ||||||
5.00%, 06/15/26 (GTD) |
100 | 103,281 | ||||||
5.00%, 06/01/27 (Call 06/01/26) (GTD) |
105 | 108,192 | ||||||
|
|
|||||||
10,242,381 | ||||||||
Massachusetts — 2.9% | ||||||||
City of Boston MA GO, Series B, 4.00%, 03/01/26 |
60 | 60,400 | ||||||
City of Cambridge MA GOL, Series B, 5.00%, 02/15/26 |
175 | 180,514 | ||||||
City of Cambridge MA RB, 5.00%, 02/15/26 |
225 | 232,089 | ||||||
Commonwealth of Massachusetts Federal Highway |
||||||||
Grant Anticipation Note Revenue RB |
||||||||
5.00%, 06/15/26 (Call 06/15/24) |
490 | 492,728 | ||||||
Series A, 5.00%, 06/15/27 (Call 06/15/26) |
295 | 304,414 | ||||||
Commonwealth of Massachusetts GO, Series C, 5.25%, 11/01/26 (AGM) |
50 | 52,336 | ||||||
Commonwealth of Massachusetts GOL |
||||||||
5.00%, 04/01/26 |
100 | 103,112 | ||||||
Series A, 5.00%, 01/01/26 |
605 | 621,677 | ||||||
Series A, 5.00%, 07/01/26 |
1,030 | 1,065,750 | ||||||
Series A, 5.00%, 07/01/28 (Call 07/01/26) |
120 | 123,917 | ||||||
Series B, 5.00%, 01/01/26 |
185 | 190,100 | ||||||
Series C, 5.00%, 04/01/26 |
185 | 190,757 | ||||||
Series C, 5.00%, 09/01/26 |
175 | 181,501 | ||||||
Series D, 5.00%, 07/01/26 |
200 | 206,942 | ||||||
Series HH, 5.00%, 12/01/26 |
650 | 676,557 | ||||||
Series I, 5.00%, 12/01/28 (Call 12/01/26) |
105 | 108,964 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/26 |
400 | 413,606 |
Security |
Par (000) |
Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Bay Transportation Authority RB |
||||||||
5.00%, 07/01/26 (PR 07/01/25) |
$ | 150 | $ | 152,937 | ||||
Series A, 4.00%, 07/01/26 |
155 | 156,282 | ||||||
Series A, 5.00%, 07/01/26 |
620 | 640,722 | ||||||
Massachusetts Clean Water Trust (The), 5.25%, 08/01/26 |
230 | 239,874 | ||||||
Massachusetts Development Finance Agency RB, |
||||||||
Series A, 5.00%, 10/15/26 |
345 | 358,748 | ||||||
Massachusetts School Building Authority RB |
||||||||
5.00%, 08/15/26 (Call 08/15/25) |
485 | 493,173 | ||||||
Series A, 5.00%, 11/15/26 (Call 11/15/25) |
90 | 91,761 | ||||||
Massachusetts State College Building Authority RB |
||||||||
4.00%, 05/01/26 (Call 05/01/25) |
||||||||
(ST HGR ED INTERCEPT PROG) |
305 | 305,093 | ||||||
4.00%, 05/01/26 (PR 05/01/25) |
||||||||
(ST HGR ED INTERCEPT PROG) |
5 | 5,009 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/26 |
170 | 174,579 | ||||||
Massachusetts Water Resources Authority |
||||||||
5.00%, 08/01/26 |
115 | 119,131 | ||||||
5.00%, 08/01/26 (ETM) |
345 | 356,570 | ||||||
Massachusetts Water Resources Authority RB |
||||||||
5.00%, 08/01/26 (PR 08/01/24) |
115 | 116,076 | ||||||
Series B, 5.25%, 08/01/26 (AGM) |
500 | 521,999 | ||||||
Series C, 5.00%, 08/01/35 (PR 08/01/26) |
215 | 222,666 | ||||||
University of Massachusetts Building Authority RB |
||||||||
5.00%, 05/01/26 |
175 | 180,534 | ||||||
5.00%, 11/01/26 |
150 | 155,648 | ||||||
|
|
|||||||
9,496,166 | ||||||||
Michigan — 1.2% | ||||||||
Great Lakes Water Authority Water Supply System Revenue RB |
||||||||
5.00%, 07/01/27 (Call 07/01/26) |
220 | 224,087 | ||||||
Series C, 5.00%, 07/01/26 |
205 | 210,488 | ||||||
Michigan Finance Authority RB |
||||||||
5.00%, 10/01/26 |
245 | 253,379 | ||||||
Series B, 5.00%, 10/01/28 (Call 10/01/26) |
560 | 581,203 | ||||||
Michigan State Building Authority RB |
||||||||
Series I, 5.00%, 04/15/26 (Call 10/15/25) |
245 | 250,037 | ||||||
Series I, 5.00%, 04/15/27 (Call 10/15/26) |
140 | 143,612 | ||||||
Michigan State University, 5.00%, 02/15/26 |
325 | 333,083 | ||||||
State of Michigan, 5.00%, 05/01/26 |
225 | 231,249 | ||||||
State of Michigan RB, 5.00%, 03/15/26 |
1,135 | 1,163,363 | ||||||
State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/26 |
430 | 446,671 | ||||||
University of Michigan RB, 5.00%, 04/01/26 |
170 | 174,933 | ||||||
|
|
|||||||
4,012,105 | ||||||||
Minnesota — 2.1% | ||||||||
County of Hennepin MN, 5.00%, 12/01/27 (Call 12/01/26) |
235 | 242,649 | ||||||
County of Hennepin MN GO |
||||||||
5.00%, 12/01/26 |
435 | 451,743 | ||||||
Series A, 5.00%, 12/01/26 |
125 | 129,811 | ||||||
Metropolitan Council GO |
||||||||
5.00%, 12/01/26 |
1,485 | 1,540,842 | ||||||
Series C, 5.00%, 03/01/26 |
115 | 118,155 | ||||||
Minneapolis-St Paul Metropolitan Airports |
||||||||
Commission RB |
||||||||
5.00%, 01/01/26 |
100 | 102,025 | ||||||
Series A, 5.00%, 01/01/26 |
160 | 163,640 |
S C H E D U L E O F I N V E S T M E N T S |
61 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Minnesota (continued) | ||||||||
Minnesota Public Facilities Authority RB |
||||||||
4.00%, 03/01/26 |
$ | 485 | $ | 488,231 | ||||
Series A, 5.00%, 03/01/28 (Call 03/01/26) |
185 | 190,855 | ||||||
State of Minnesota GO |
||||||||
5.00%, 08/01/26 |
445 | 460,159 | ||||||
Series B, 4.00%, 08/01/26 |
410 | 413,351 | ||||||
Series B, 4.00%, 08/01/26 (Call 08/01/24) |
265 | 264,677 | ||||||
Series D, 5.00%, 08/01/26 |
380 | 392,945 | ||||||
Series D, 5.00%, 10/01/26 |
365 | 378,300 | ||||||
Series E, 3.00%, 08/01/26 |
130 | 125,069 | ||||||
State of Minnesota RB, 5.00%, 03/01/26 |
725 | 744,890 | ||||||
University of Minnesota, 5.00%, 12/01/26 |
455 | 470,501 | ||||||
|
|
|||||||
6,677,843 | ||||||||
Mississippi — 1.0% | ||||||||
State of Mississippi, 5.00%, 12/01/33 (PR 12/01/26) |
1,390 | 1,443,090 | ||||||
State of Mississippi GO |
||||||||
5.00%, 12/01/26 |
90 | 93,146 | ||||||
5.00%, 11/01/32 (PR 11/01/26) |
615 | 637,804 | ||||||
Series A, 5.00%, 10/01/26 |
190 | 196,233 | ||||||
Series B, 5.00%, 12/01/29 (PR 12/01/26) |
285 | 295,885 | ||||||
Series C, 5.00%, 10/01/26 (Call 10/01/25) |
435 | 443,737 | ||||||
|
|
|||||||
3,109,895 | ||||||||
Missouri — 1.1% | ||||||||
City of Kansas City MO Water Revenue RB, Series A, 5.00%, 12/01/26 |
245 | 254,430 | ||||||
Clayton School District/MO GO, 5.00%, 03/01/26 |
120 | 123,211 | ||||||
Metropolitan St Louis Sewer District RB, Series C, 5.00%, 05/01/27 (Call 05/01/26) |
125 | 127,575 | ||||||
Missouri
Highway & Transportation Commission
RB |
850 | 882,006 | ||||||
Series A, 5.00%, 05/01/26 |
525 | 541,981 | ||||||
Series A, 5.00%, 05/01/26 (Call 05/01/24) |
125 | 125,704 | ||||||
Missouri
State Board of Public Buildings RB |
115 | 118,043 | ||||||
Series A, 4.00%, 04/01/26 (Call 04/01/24) |
195 | 191,854 | ||||||
Missouri State Environmental Improvement & Energy Resources Authority RB, Series B, 5.00%, 07/01/26 (Call 07/01/25) |
375 | 382,181 | ||||||
Park Hill School District of Platte County GO, 3.38%, 03/01/37 (PR 03/01/26) (ST AID DIR DEP) |
695 | 688,948 | ||||||
|
|
|||||||
3,435,933 | ||||||||
Nebraska — 0.4% | ||||||||
Nebraska Public Power District RB |
||||||||
5.00%, 01/01/26 |
490 | 500,739 | ||||||
5.00%, 01/01/28 (Call 01/01/26) |
170 | 173,625 | ||||||
Series A, 5.00%, 01/01/29 (Call 01/01/26) |
110 | 112,117 | ||||||
Series B, 5.00%, 01/01/29 (Call 01/01/26) |
130 | 132,501 | ||||||
Omaha Public Power District RB, 5.00%, 02/01/26 |
420 | 430,879 | ||||||
University of Nebraska Facilities Corp. (The) RB, 5.00%, 07/15/26 |
85 | 87,666 | ||||||
|
|
|||||||
1,437,527 | ||||||||
Nevada — 2.1% | ||||||||
Clark County School District GOL |
||||||||
Series A, 5.00%, 06/15/26 |
170 | 174,722 | ||||||
Series E, 5.00%, 06/15/26 |
135 | 138,750 | ||||||
Clark County Water Reclamation District, 5.00%, 07/01/26 |
625 | 644,286 | ||||||
County of Clark NV GOL |
||||||||
5.00%, 11/01/26 (PR 11/01/24) |
80 | 80,825 | ||||||
Series B, 5.00%, 11/01/26 |
455 | 471,087 |
Security |
Par (000) |
Value | ||||||
Nevada (continued) | ||||||||
Series B, 5.00%, 11/01/27 (Call 11/01/26) |
$ | 305 | $ | 314,908 | ||||
County of Clark NV Passenger Facility Charge Revenue RB, Series C, 5.00%, 07/01/26 |
355 | 365,228 | ||||||
County of Clark NV RB |
||||||||
5.00%, 07/01/26 |
815 | 840,149 | ||||||
Series A, 5.00%, 07/01/26 (Call 07/01/24) |
455 | 458,212 | ||||||
Las Vegas Valley Water District GOL |
||||||||
5.00%, 06/01/26 |
50 | 51,539 | ||||||
5.00%, 09/15/26 (Call 09/15/25) |
125 | 127,464 | ||||||
5.00%, 06/01/27 (Call 06/01/26) |
115 | 118,358 | ||||||
Series A, 5.00%, 06/01/26 |
350 | 360,773 | ||||||
State of Nevada GO |
||||||||
5.00%, 05/01/26 |
1,015 | 1,046,850 | ||||||
Series D, 5.00%, 04/01/26 (Call 04/01/25) |
170 | 172,568 | ||||||
State of Nevada GOL |
||||||||
Series A, 4.00%, 08/01/26 (Call 08/01/25) |
60 | 59,880 | ||||||
Series B, 5.00%, 11/01/26 (Call 05/01/25) |
180 | 183,010 | ||||||
State of Nevada Highway Improvement Revenue RB |
||||||||
5.00%, 12/01/26 (Call 06/01/26) |
680 | 701,000 | ||||||
5.00%, 12/01/27 (Call 06/01/26) |
210 | 216,329 | ||||||
5.00%, 12/01/28 (Call 06/01/26) |
260 | 267,642 | ||||||
Washoe County School District/NV GOL, Series A, |
||||||||
5.00%, 06/01/26 (Call 06/01/25) |
115 | 116,969 | ||||||
|
|
|||||||
6,910,549 | ||||||||
New Hampshire — 0.1% | ||||||||
New
Hampshire Municipal Bond Bank, 5.00%, 08/15/26 |
165 | 170,667 | ||||||
State of New Hampshire GO, 5.00%, 03/01/26 (Call 03/01/25) |
105 | 106,603 | ||||||
|
|
|||||||
277,270 | ||||||||
New Jersey — 2.3% | ||||||||
County of Union New Jersey GO, 4.00%, 03/01/26 |
50 | 50,311 | ||||||
Essex County Improvement Authority RB, 5.50%, 10/01/26 (NPFGC GTD) |
150 | 157,478 | ||||||
Monmouth County Improvement Authority (The) RB, 4.00%, 08/01/26 |
305 | 307,414 | ||||||
New Jersey Economic Development Authority, 5.00%, 11/01/26 |
120 | 123,153 | ||||||
New Jersey Economic Development Authority RB |
||||||||
Series AAA, 5.00%, 06/15/26 |
100 | 102,295 | ||||||
Series B, 5.00%, 11/01/26 |
595 | 610,129 | ||||||
Series PP, 5.00%, 06/15/26 (Call 12/15/24) |
150 | 150,711 | ||||||
Series XX, 4.25%, 06/15/26 (Call 06/15/25) |
590 | 586,865 | ||||||
New Jersey Educational Facilities Authority RB, Series B, 5.00%, 07/01/26 |
340 | 352,414 | ||||||
New Jersey Transportation Trust Fund Authority RB |
||||||||
5.00%, 06/15/26 |
460 | 470,538 | ||||||
Series A, 5.00%, 06/15/26 |
420 | 429,641 | ||||||
Series A, 5.00%, 06/15/28 (Call 06/15/26) |
1,180 | 1,199,961 | ||||||
Series AA, 4.25%, 06/15/26 (Call 06/15/25) |
200 | 199,818 | ||||||
Series AA, 5.00%, 06/15/26 (Call 06/15/24) |
230 | 230,843 | ||||||
Series AA, 5.00%, 06/15/26 (Call 06/15/25) |
25 | 25,236 | ||||||
State of New Jersey GO, Series A, 5.00%, 06/01/26 |
2,210 | 2,273,085 | ||||||
|
|
|||||||
7,269,892 | ||||||||
New Mexico — 0.8% | ||||||||
New Mexico Finance Authority RB |
||||||||
5.00%, 06/01/26 |
200 | 206,305 | ||||||
5.00%, 06/15/26 |
615 | 634,713 | ||||||
Series A, 5.00%, 06/15/26 |
170 | 175,149 | ||||||
Series A, 5.00%, 06/15/26 (Call 06/15/24) |
195 | 196,320 |
62 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
New Mexico (continued) | ||||||||
State of New Mexico GO, 5.00%, 03/01/26 |
$ | 675 | $ | 693,670 | ||||
State of New Mexico Severance Tax Permanent Fund RB, 5.00%, 07/01/26 |
770 | 793,761 | ||||||
|
|
|||||||
2,699,918 | ||||||||
New York — 9.1% | ||||||||
City of New York, 5.00%, 08/01/26 |
1,000 | 1,032,215 | ||||||
City of New York NY GO |
||||||||
5.00%, 03/01/26 |
115 | 118,077 | ||||||
5.00%, 03/01/26 (Call 03/01/24) |
225 | 225,574 | ||||||
5.00%, 08/01/26 (Call 08/01/24) |
175 | 176,061 | ||||||
5.00%, 08/01/26 (Call 08/01/25) |
100 | 101,780 | ||||||
5.00%, 09/01/26 |
40 | 41,333 | ||||||
5.00%, 10/01/26 |
365 | 377,585 | ||||||
Series A, 5.00%, 08/01/26 |
485 | 500,624 | ||||||
Series A-1, 5.00%, 08/01/26 |
630 | 650,296 | ||||||
Series B-1, 5.00%, 08/01/26 |
640 | 660,618 | ||||||
Series B-1, 5.00%, 12/01/28 (Call 12/01/26) |
95 | 97,087 | ||||||
Series C, 5.00%, 08/01/26 |
875 | 903,189 | ||||||
Series C, 5.00%, 08/01/26 (Call 02/01/26) |
235 | 238,905 | ||||||
Series C, 5.00%, 08/01/27 (Call 02/01/26) |
180 | 182,875 | ||||||
Series C, 5.00%, 08/01/28 (Call 02/01/26) |
165 | 167,565 | ||||||
Series J9, 5.00%, 08/01/27 (Call 08/01/26) |
325 | 331,466 | ||||||
County of Nassau NY GOL, 5.00%, 04/01/26 |
145 | 149,445 | ||||||
Hudson Yards Infrastructure Corp. RB, Series A, 5.00%, 02/15/26 |
390 | 401,078 | ||||||
Long Island Power Authority RB |
||||||||
Series A, 5.00%, 09/01/26 |
40 | 41,388 | ||||||
Series B, 5.00%, 09/01/26 |
205 | 212,113 | ||||||
Metropolitan Transportation Authority RB |
||||||||
4.00%, 11/15/26 |
100 | 101,074 | ||||||
5.00%, 11/15/26 |
500 | 509,933 | ||||||
Series B, 5.00%, 11/15/26 |
430 | 438,542 | ||||||
Series B-2, 5.00%, 11/15/26 |
125 | 129,760 | ||||||
Series C-1, 5.00%, 11/15/26 |
725 | 739,288 | ||||||
New York City Municipal Water Finance Authority RB |
||||||||
Series BB-2, 5.00%, 06/15/26 (Call 12/15/24) |
130 | 131,452 | ||||||
Series DD, 5.00%, 06/15/26 |
805 | 832,431 | ||||||
New York City Transitional Finance Authority Building Aid Revenue RB |
||||||||
5.00%, 07/15/26 (SAW) |
420 | 433,284 | ||||||
5.00%, 07/15/26 (ETM) (SAW) |
285 | 294,063 | ||||||
5.00%, 07/15/26 (Call 01/15/26) (SAW) |
60 | 61,204 | ||||||
Series S1, 5.00%, 07/15/26 (SAW) |
610 | 629,293 | ||||||
New York City Transitional Finance Authority Future Tax |
||||||||
Secured Revenue, 5.00%, 08/01/26 |
200 | 206,179 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB |
||||||||
5.00%, 08/01/26 |
280 | 288,651 | ||||||
5.00%, 08/01/26 (Call 08/01/24) |
130 | 130,740 | ||||||
5.00%, 11/01/26 |
1,820 | 1,882,259 | ||||||
5.00%, 08/01/27 (Call 08/01/26) |
235 | 240,304 | ||||||
Series A-1, 5.00%, 11/01/26 |
360 | 372,315 | ||||||
Series C, 5.00%, 11/01/26 |
250 | 258,552 | ||||||
Series C, 5.00%, 11/01/26 (Call 05/01/24) |
145 | 145,547 | ||||||
Series E1, 4.00%, 02/01/26 |
185 | 185,567 | ||||||
New York City Water & Sewer System RB |
||||||||
5.00%, 06/15/26 |
165 | 170,623 | ||||||
5.00%, 06/15/26 (PR 06/15/25) |
365 | 372,186 | ||||||
Series GG-2, 5.00%, 06/15/26 (Call 12/15/24) |
200 | 202,234 | ||||||
New York State Dormitory Authority, 5.00%, 10/01/26 |
180 | 187,013 |
Security |
Par (000) |
Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority RB |
||||||||
5.00%, 02/15/26 |
$ | 685 | $ | 703,398 | ||||
5.00%, 02/15/26 (ETM) |
110 | 113,164 | ||||||
5.00%, 03/15/26 |
70 | 71,893 | ||||||
5.00%, 03/15/26 (ETM) |
665 | 684,911 | ||||||
5.00%, 07/01/26 |
150 | 155,361 | ||||||
5.00%, 02/15/28 (Call 08/15/26) |
195 | 199,250 | ||||||
Series A, 5.00%, 02/15/26 (PR 02/15/24) |
130 | 130,455 | ||||||
Series A, 5.00%, 03/15/26 |
365 | 375,427 | ||||||
Series A, 5.00%, 03/15/26 (PR 03/15/24) |
100 | 100,457 | ||||||
Series A, 5.00%, 10/01/26 |
295 | 306,494 | ||||||
Series A, 5.00%, 03/15/28 (Call 09/15/26) |
835 | 855,395 | ||||||
Series A, 5.00%, 02/15/29 (Call 08/15/26) |
430 | 439,258 | ||||||
Series A1, 4.00%, 10/01/26 |
115 | 116,326 | ||||||
Series B, 5.00%, 10/01/28 (Call 04/01/26) |
130 | 134,002 | ||||||
Series C, 5.00%, 03/15/26 |
280 | 288,962 | ||||||
Series D, 5.00%, 02/15/27 (PR 08/15/26) |
515 | 534,025 | ||||||
Series D, 5.00%, 02/15/28 (PR 08/15/26) |
660 | 684,382 | ||||||
Series E, 5.00%, 03/15/26 (PR 09/15/25) |
130 | 133,095 | ||||||
New York State Environmental Facilities Corp. RB |
||||||||
5.00%, 05/15/26 (Call 05/15/24) |
105 | 105,582 | ||||||
5.00%, 06/15/26 |
335 | 346,839 | ||||||
Series D, 5.00%, 09/15/26 (Call 03/15/25) |
250 | 253,484 | ||||||
Series E, 5.00%, 06/15/26 |
50 | 51,767 | ||||||
New York State Thruway Authority RB |
||||||||
5.00%, 01/01/27 (Call 01/01/26) |
245 | 248,395 | ||||||
Series A, 5.00%, 01/01/26 |
125 | 127,792 | ||||||
Series A, 5.00%, 01/01/28 (Call 01/01/26) |
150 | 151,769 | ||||||
Series A-1, 5.00%, 03/15/26 |
200 | 205,500 | ||||||
Series L, 5.00%, 01/01/26 |
50 | 51,252 | ||||||
New York State Urban Development Corp RB, 5.00%, 03/15/26 |
1,030 | 1,058,660 | ||||||
New York State Urban Development Corp. RB |
||||||||
4.00%, 03/15/26 |
130 | 130,744 | ||||||
5.00%, 03/15/26 |
315 | 323,806 | ||||||
Series A, 5.00%, 03/15/27 (PR 03/15/26) |
325 | 333,913 | ||||||
Series A, 5.00%, 03/15/28 (PR 03/15/26) |
820 | 843,425 | ||||||
Series E, 5.00%, 03/15/26 |
160 | 164,510 | ||||||
Port Authority of New York & New Jersey RB |
||||||||
4.00%, 12/01/26 |
85 | 85,694 | ||||||
5.00%, 07/15/26 |
100 | 103,241 | ||||||
5.00%, 09/01/26 |
110 | 113,757 | ||||||
5.00%, 09/01/26 (Call 09/01/24) |
195 | 196,639 | ||||||
5.00%, 12/01/26 |
200 | 207,521 | ||||||
Series 189, 5.00%, 05/01/26 (Call 05/01/25) |
165 | 167,495 | ||||||
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/26 (PR 10/15/24) |
295 | 298,304 | ||||||
State of New York GO, 5.00%, 03/15/26 |
300 | 308,937 | ||||||
Triborough Bridge & Tunnel Authority RB |
||||||||
5.00%, 05/15/26 |
95 | 97,916 | ||||||
5.00%, 11/15/26 |
500 | 518,074 | ||||||
5.00%, 11/15/26 (Call 05/15/26) |
275 | 282,021 | ||||||
Series B, 5.00%, 11/15/26 |
355 | 367,833 | ||||||
Series C-1, 5.00%, 11/15/26 |
390 | 404,098 | ||||||
Utility Debt Securitization Authority RB, Series A, 5.00%, 06/15/28 (Call 06/15/26) |
300 | 307,233 | ||||||
|
|
|||||||
29,434,224 | ||||||||
North Carolina — 2.1% | ||||||||
City of Charlotte NC GO |
||||||||
5.00%, 06/01/26 |
375 | 387,195 | ||||||
Series A, 5.00%, 06/01/26 |
100 | 103,252 |
S C H E D U L E O F I N V E S T M E N T S |
63 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
North Carolina (continued) | ||||||||
City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/26 (Call 07/01/25) |
$ | 135 | $ | 137,320 | ||||
City of Raleigh NC GO, 5.00%, 09/01/26 |
355 | 367,801 | ||||||
County of Buncombe NC RB, 5.00%, 06/01/26 |
80 | 82,482 | ||||||
County of Forsyth NC RB, Series A, 4.00%, 04/01/26 |
105 | 105,501 | ||||||
County of Mecklenburg NC GO, 5.00%, 03/01/26 |
100 | 102,901 | ||||||
County of Orange NC GO, 5.00%, 08/01/26 |
565 | 584,696 | ||||||
County of Union NC, 5.00%, 09/01/26 |
155 | 160,589 | ||||||
County of Wake NC, 5.00%, 12/01/26 |
185 | 192,066 | ||||||
County of Wake NC GO, 5.00%, 03/01/26 |
465 | 478,490 | ||||||
County of Wake NC RB, 5.00%, 03/01/26 |
210 | 215,856 | ||||||
North Carolina Capital Facilities Finance Agency RB, 5.00%, 10/01/26 |
230 | 238,510 | ||||||
North Carolina Municipal Power Agency No. 1 RB |
||||||||
Series A, 5.00%, 01/01/27 (Call 01/01/26) |
200 | 203,346 | ||||||
Series A, 5.00%, 01/01/29 (Call 07/01/26) |
125 | 127,194 | ||||||
State of North Carolina GO |
||||||||
5.00%, 06/01/27 (Call 06/01/26) |
150 | 154,934 | ||||||
Series A, 5.00%, 06/01/26 |
425 | 438,821 | ||||||
Series A, 5.00%, 06/01/28 (Call 06/01/26) |
165 | 170,216 | ||||||
Series C, 5.00%, 05/01/26 |
285 | 293,943 | ||||||
State of North Carolina RB |
||||||||
5.00%, 03/01/26 |
925 | 949,545 | ||||||
5.00%, 05/01/26 |
485 | 499,635 | ||||||
Series A, 5.00%, 05/01/26 |
255 | 262,695 | ||||||
Series B, 5.00%, 06/01/26 |
350 | 360,947 | ||||||
Town of Cary NC, 5.00%, 09/01/26 |
170 | 176,130 | ||||||
|
|
|||||||
6,794,065 | ||||||||
Ohio — 2.3% | ||||||||
American Municipal Power Inc. RB, 5.00%, 02/15/26 |
500 | 510,238 | ||||||
City of Columbus OH GO |
||||||||
Series 2, 5.00%, 07/01/26 |
230 | 237,687 | ||||||
Series A, 4.00%, 08/15/26 (Call 08/15/25) |
430 | 430,017 | ||||||
City of Columbus OH GOL, 5.00%, 04/01/26 |
125 | 128,744 | ||||||
County
of Franklin OH GOL, 5.00%, 12/01/26 |
65 | 66,441 | ||||||
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/26 |
230 | 237,136 | ||||||
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/26 |
145 | 150,068 | ||||||
Miami University/Oxford OH RB, 5.00%, 09/01/26 |
100 | 102,819 | ||||||
Ohio State University (The) RB, 5.00%, 12/01/26 |
135 | 139,877 | ||||||
Ohio Water Development Authority RB |
||||||||
5.00%, 06/01/26 |
140 | 144,344 | ||||||
5.00%, 12/01/26 |
130 | 134,927 | ||||||
5.00%, 12/01/27 (Call 12/01/26) |
300 | 310,647 | ||||||
5.00%, 06/01/28 (Call 12/01/26) |
140 | 144,804 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund RB |
||||||||
5.00%, 06/01/26 |
1,020 | 1,051,648 | ||||||
5.00%, 06/01/26 (PR 12/01/25) |
310 | 317,004 | ||||||
5.00%, 12/01/26 |
220 | 228,338 | ||||||
State of Ohio, 5.00%, 11/01/26 |
115 | 119,396 | ||||||
State of Ohio COP, 5.00%, 09/01/26 |
310 | 320,250 | ||||||
State of Ohio GO |
||||||||
5.00%, 06/15/26 |
440 | 454,437 | ||||||
5.00%, 09/15/26 |
200 | 207,272 | ||||||
Series A, 5.00%, 05/01/26 |
185 | 190,761 | ||||||
Series B, 4.00%, 09/01/26 (Call 03/01/24) |
100 | 100,006 | ||||||
Series C, 5.00%, 08/01/26 |
145 | 150,016 | ||||||
Series S, 5.00%, 05/01/26 |
340 | 350,587 |
Security | Par (000) |
Value | ||||||
Ohio (continued) | ||||||||
Series S, 5.00%, 05/01/28 (Call 05/01/26) |
$ | 120 | $ | 123,433 | ||||
Series U, 5.00%, 05/01/26 |
410 | 422,767 | ||||||
State of Ohio RB |
||||||||
5.00%, 12/15/28 (Call 06/15/26) |
395 | 405,325 | ||||||
Series B, 5.00%, 10/01/26 |
110 | 113,762 | ||||||
|
|
|||||||
7,292,751 | ||||||||
Oklahoma — 0.4% | ||||||||
Grand River Dam Authority RB |
||||||||
Series A, 5.00%, 06/01/26 |
335 | 343,651 | ||||||
Series A, 5.00%, 06/01/28 (Call 12/01/26) |
150 | 154,125 | ||||||
Oklahoma State University RB, 5.00%, 09/01/26 |
250 | 257,588 | ||||||
Oklahoma Turnpike Authority RB, 5.00%, 01/01/26 |
245 | 250,932 | ||||||
Oklahoma Water Resources Board RB, 5.00%, 04/01/27 (Call 04/01/26) |
175 | 179,736 | ||||||
|
|
|||||||
1,186,032 | ||||||||
Oregon — 2.1% | ||||||||
City of Portland OR GOL, Series B, 5.00%, 06/15/26 |
195 | 201,398 | ||||||
City of Portland OR Sewer System Revenue RB |
||||||||
5.00%, 03/01/26 |
430 | 441,894 | ||||||
5.00%, 05/01/26 |
380 | 391,375 | ||||||
Series A, 5.00%, 05/01/27 (Call 05/01/26) |
225 | 231,356 | ||||||
Series B, 5.00%, 10/01/26 (Call 10/01/24) |
145 | 146,511 | ||||||
City of Portland Sewer System Revenue, 5.00%, 03/01/26 |
220 | 226,085 | ||||||
County of Multnomah OR GOL, 5.00%, 06/01/26 |
200 | 206,206 | ||||||
Multnomah County School District No. 1 Portland/OR GO, 5.00%, 06/15/26 (GTD) |
445 | 459,040 | ||||||
Oregon State Lottery RB |
||||||||
5.00%, 04/01/26 (Call 04/01/24) |
325 | 326,583 | ||||||
Series C, 5.00%, 04/01/26 (Call 04/01/25) (MO) |
675 | 685,647 | ||||||
Portland Community College District GO |
||||||||
5.00%, 06/15/26 |
150 | 154,619 | ||||||
5.00%, 06/15/28 (Call 06/15/26) |
245 | 252,143 | ||||||
Salem-Keizer School District No. 24J GO, Series B, 5.00%, 06/15/26 (GTD) |
350 | 361,042 | ||||||
State of Oregon, 5.00%, 06/01/26 |
165 | 170,325 | ||||||
State of Oregon Department of Transportation RB |
||||||||
5.00%, 11/15/26 |
160 | 165,970 | ||||||
Series B, 5.00%, 11/15/26 |
180 | 186,716 | ||||||
State of Oregon GO |
||||||||
5.00%, 05/01/26 |
775 | 799,132 | ||||||
5.00%, 08/01/26 |
1,055 | 1,091,497 | ||||||
5.00%, 08/01/26 (Call 08/01/25) |
125 | 127,415 | ||||||
Series C, 5.00%, 06/01/26 |
65 | 67,098 | ||||||
Series O, 5.00%, 08/01/26 (PR 08/01/25) |
70 | 71,439 | ||||||
|
|
|||||||
6,763,491 | ||||||||
Pennsylvania — 2.8% | ||||||||
City of Philadelphia PA GO, Series A, 5.00%, 08/01/26 |
430 | 441,139 | ||||||
Commonwealth of Pennsylvania GO |
||||||||
5.00%, 02/01/26 |
950 | 975,019 | ||||||
5.00%, 03/01/26 |
590 | 606,186 | ||||||
5.00%, 07/15/26 |
180 | 185,834 | ||||||
First Series, 5.00%, 03/15/26 (Call 03/15/25) |
230 | 232,814 | ||||||
First Series, 5.00%, 09/15/26 |
625 | 646,688 | ||||||
First Series, 5.00%, 09/15/27 (Call 09/15/26) |
255 | 262,063 | ||||||
First Series 2020, 5.00%, 05/01/26 |
65 | 66,930 | ||||||
Second Series, 5.00%, 09/15/26 |
490 | 507,003 | ||||||
Second Series, 5.00%, 09/15/28 (Call 09/15/26) |
670 | 689,108 | ||||||
County of Bucks PA GO, 5.00%, 06/01/26 |
250 | 258,068 |
64 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Pennsylvania (continued) | ||||||||
County of Chester PA GO, Series A, 4.00%, 07/15/27 (Call 07/15/26) |
$ | 280 | $ | 282,060 | ||||
Delaware River Port Authority RB, Series B, 5.00%, 01/01/26 |
310 | 317,117 | ||||||
Pennsylvania State University (The), 5.00%, 09/01/26 |
240 | 248,458 | ||||||
Pennsylvania State University (The) RB, 5.00%, 03/01/26 |
670 | 690,042 | ||||||
Pennsylvania Turnpike Commission RB |
||||||||
5.00%, 06/01/26 |
700 | 717,213 | ||||||
5.00%, 12/01/26 |
385 | 397,243 | ||||||
Series A 1, 5.00%, 12/01/26 |
150 | 155,198 | ||||||
Series A-1, 5.00%, 12/01/26 (Call 06/01/25) |
265 | 269,701 | ||||||
Series A-2, 5.00%, 12/01/26 |
350 | 362,130 | ||||||
School District of Philadelphia (The) GOL, Series A, 5.00%, 09/01/26 (SAW) |
100 | 102,469 | ||||||
University of Pittsburgh-of the Commonwealth System of Higher Education RB, 4.00%, 04/15/26 (Call 02/15/26). |
615 | 617,540 | ||||||
|
|
|||||||
9,030,023 | ||||||||
Rhode Island — 0.4% | ||||||||
Rhode Island Commerce Corp. RB, Series A, 5.00%, 06/15/26 |
155 | 158,916 | ||||||
Rhode Island Health and Educational Building Corp. RB, 5.00%, 09/01/26 |
105 | 108,557 | ||||||
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB |
||||||||
5.00%, 10/01/26 |
150 | 155,382 | ||||||
5.00%, 10/01/26 (Call 10/01/25) |
635 | 649,793 | ||||||
State of Rhode Island GO |
||||||||
5.00%, 01/15/26 |
215 | 220,493 | ||||||
5.00%, 05/01/26 |
125 | 128,682 | ||||||
|
|
|||||||
1,421,823 | ||||||||
South Carolina — 0.8% | ||||||||
City of Charleston SC Waterworks & Sewer System Revenue RB, 5.00%, 01/01/26 |
200 | 205,303 | ||||||
Greenville County School District RB, 5.00%, 12/01/26 |
1,000 | 1,033,774 | ||||||
Horry County School District/SC GO, 5.00%, 03/01/26 (Call 03/01/25) (SCSDE) |
645 | 653,684 | ||||||
South Carolina Public Service Authority RB, 5.00%, 12/01/26 |
200 | 203,841 | ||||||
State of South Carolina, 5.00%, 04/01/26 (SAW) |
600 | 617,831 | ||||||
|
|
|||||||
2,714,433 | ||||||||
Tennessee — 2.1% | ||||||||
City of Knoxville TN Electric System Revenue RB, Series HH, 5.00%, 07/01/26 |
230 | 237,097 | ||||||
City of Memphis TN GO, Series A, 5.00%, 04/01/26 (Call 04/01/25) |
450 | 456,481 | ||||||
County of Blount TN Go, Series B, 5.00%, 06/01/26 |
185 | 190,648 | ||||||
County of Blount TN GO |
||||||||
5.00%, 06/01/28 (Call 06/01/26) |
215 | 220,997 | ||||||
Series B, 5.00%, 06/01/27 (Call 06/01/26) |
160 | 164,270 | ||||||
County of Montgomery TN GO, 5.00%, 04/01/26 |
280 | 288,125 | ||||||
County of Shelby TN GO, 5.00%, 04/01/26 |
290 | 298,483 | ||||||
County of Williamson TN, 5.00%, 04/01/26 |
165 | 169,981 | ||||||
County of Williamson TN GO, 5.00%, 04/01/26 |
125 | 128,773 | ||||||
County of Wilson TN, 5.00%, 04/01/26 |
190 | 195,514 | ||||||
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series B, 5.00%, 05/15/26 |
520 | 535,197 |
Security | Par (000) |
Value | ||||||
Tennessee (continued) | ||||||||
Metropolitan Government of Nashville & Davidson |
||||||||
County TN GO |
||||||||
4.00%, 01/01/28 (Call 07/01/26) |
$ | 250 | $ | 248,974 | ||||
5.00%, 01/01/26 |
165 | 169,202 | ||||||
5.00%, 01/01/27 (Call 07/01/26) |
235 | 241,286 | ||||||
Series C, 5.00%, 01/01/26 |
200 | 205,094 | ||||||
Metropolitan Government of Nashville & Davidson |
||||||||
County TN Water & Sewer Revenue RB, Series B, 5.00%, 07/01/26 |
465 | 479,349 | ||||||
State of Tennessee GO |
||||||||
5.00%, 08/01/26 |
260 | 268,995 | ||||||
Series A, 5.00%, 08/01/26 |
165 | 170,708 | ||||||
Series A, 5.00%, 11/01/26 |
60 | 62,294 | ||||||
Series A, 5.00%, 08/01/27 (Call 08/01/26) |
110 | 113,871 | ||||||
Series A, 5.00%, 08/01/28 (Call 08/01/26) |
225 | 232,578 | ||||||
Series B, 5.00%, 08/01/27 (Call 08/01/26) |
520 | 538,302 | ||||||
Tennessee State School Bond Authority RB |
||||||||
5.00%, 11/01/26 (ST INTERCEPT) |
640 | 663,179 | ||||||
Series B, 5.00%, 11/01/26 |
445 | 461,116 | ||||||
|
|
|||||||
6,740,514 | ||||||||
Texas — 10.5% | ||||||||
Alamo Community College District, 5.00%, 02/15/26 |
500 | 512,987 | ||||||
Aldine Independent School District GO, 5.00%, 02/15/26 (PSF) |
75 | 76,849 | ||||||
Allen Independent School District GO |
||||||||
5.00%, 02/15/26 (PSF) |
120 | 122,932 | ||||||
5.00%, 02/15/27 (Call 02/15/26) (PSF) |
100 | 102,768 | ||||||
Alvin
Independent School District/TX GO, 5.00%, |
305 | 312,633 | ||||||
Austin Community College District Public Facility Corp. RB, 5.00%, 08/01/26 (Call 08/01/25) |
65 | 65,871 | ||||||
Austin Independent School District GO |
||||||||
5.00%, 08/01/26 |
150 | 154,753 | ||||||
5.00%, 08/01/26 (PSF) |
820 | 845,768 | ||||||
5.00%, 08/01/28 (Call 08/01/26) (PSF) |
95 | 97,716 | ||||||
Series C, 5.00%, 08/01/26 |
450 | 464,260 | ||||||
Board of Regents of the University of Texas System, Series C, 5.00%, 08/15/26 |
375 | 386,676 | ||||||
Board of Regents of the University of Texas System RB |
||||||||
5.00%, 08/15/26 (Call 08/15/24) |
175 | 176,690 | ||||||
5.00%, 08/15/27 (Call 08/15/26) |
235 | 243,652 | ||||||
5.00%, 08/15/28 (Call 08/15/26) |
120 | 123,807 | ||||||
Series J, 5.00%, 08/15/26 |
500 | 515,568 | ||||||
City of Austin TX Electric Utility Revenue RB, 5.00%, 11/15/26 (Call 11/15/25) |
200 | 203,545 | ||||||
City of Austin TX GOL |
||||||||
5.00%, 09/01/26 |
185 | 191,268 | ||||||
5.00%, 09/01/26 (Call 09/01/25) |
200 | 203,285 | ||||||
5.00%, 09/01/28 (Call 09/01/26) |
250 | 257,194 | ||||||
City of Austin TX RB, 5.00%, 09/01/26 |
220 | 227,454 | ||||||
City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/26 |
585 | 605,467 | ||||||
City
of Dallas TX Waterworks & Sewer System |
||||||||
5.00%, 10/01/26 |
100 | 103,002 | ||||||
Series A, 5.00%, 10/01/27 (Call 10/01/26) |
170 | 174,730 | ||||||
City of Fort Worth TX GOL, 5.00%, 03/01/26 |
145 | 148,945 | ||||||
City
of Fort Worth TX Water & Sewer System |
||||||||
5.00%, 02/15/26 (Call 02/15/25) |
120 | 121,606 | ||||||
Series A, 5.00%, 02/15/26 |
230 | 235,872 |
S C H E D U L E O F I N V E S T M E N T S |
65 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
City of Houston TX Airport System Revenue RB, 5.00%, 07/01/26 |
$ | 165 | $ | 169,754 | ||||
City of Houston TX Combined Utility System Revenue RB |
||||||||
5.00%, 11/15/26 |
135 | 139,723 | ||||||
Series B, 5.00%, 11/15/28 (Call 11/15/26) |
100 | 102,741 | ||||||
Series C, 5.00%, 05/15/26 (Call 05/15/24) |
840 | 843,901 | ||||||
Series D, 5.00%, 11/15/26 (Call 11/15/24) |
50 | 50,464 | ||||||
City of Houston TX GOL, Series A, 5.00%, 03/01/26 (Call 03/01/24) |
115 | 115,273 | ||||||
City of Plano TX GOL, 5.00%, 09/01/26 |
35 | 36,138 | ||||||
City
of San Antonio TX Electric & Gas Systems |
||||||||
5.00%, 02/01/26 (Call 02/01/24) |
225 | 225,537 | ||||||
Series A, 5.00%, 02/01/26 |
265 | 271,175 | ||||||
City of San Antonio TX GOL |
||||||||
5.00%, 02/01/26 (Call 02/01/25) |
200 | 202,879 | ||||||
5.00%, 08/01/26 |
480 | 494,830 | ||||||
Clear Creek Independent School District GO |
||||||||
Series A, 5.00%, 02/15/26 (Call 02/15/25) (PSF) |
60 | 60,808 | ||||||
Series D, 5.00%, 02/15/26 (Call 02/15/24) (PSF) |
70 | 70,165 | ||||||
Conroe Independent School District GO, 5.00%, 02/15/26 (PSF) |
370 | 379,365 | ||||||
County of Bexar TX GOL |
||||||||
5.00%, 06/15/26 (PR 06/15/24) |
90 | 90,663 | ||||||
5.00%, 06/15/29 (PR 06/15/26) |
250 | 257,614 | ||||||
5.00%, 06/15/32 (PR 06/15/26) |
245 | 251,230 | ||||||
County of Fort Bend TX GOL, Series B, 5.00%, 03/01/28 (Call 03/01/26) |
120 | 122,476 | ||||||
County of Harris TX GO, Series A, 5.00%, 10/01/26 |
120 | 124,037 | ||||||
County of Harris TX RB, 5.00%, 08/15/26 (Call 08/15/25) |
695 | 704,872 | ||||||
Crowley Independent School District GO, Series A, 5.00%, 08/01/26 (Call 08/01/25) (PSF) |
75 | 76,189 | ||||||
Cypress-Fairbanks Independent School District GO |
||||||||
5.00%, 02/15/26 (PSF) |
585 | 600,324 | ||||||
5.00%, 02/15/27 (Call 02/15/26) (PSF) |
935 | 961,083 | ||||||
Dallas Area Rapid Transit RB |
||||||||
5.00%, 12/01/26 |
205 | 212,105 | ||||||
Series A, 5.00%, 12/01/26 (PR 12/01/24) |
60 | 60,605 | ||||||
Series B, 5.00%, 12/01/28 (Call 12/01/26) |
210 | 217,437 | ||||||
Dallas College GO, 5.00%, 02/15/26 |
115 | 117,936 | ||||||
Dallas Fort Worth International Airport RB |
||||||||
5.00%, 11/01/26 |
160 | 165,290 | ||||||
Series A, 5.00%, 11/01/26 |
200 | 206,612 | ||||||
Dallas Independent School District GO, 5.00%, 02/15/26 (PSF) |
550 | 564,650 | ||||||
Denton Independent School District GO, 5.00%, 08/15/27 (Call 02/15/26) (PSF) |
295 | 302,448 | ||||||
Keller Independent School District/TX GO |
||||||||
5.00%, 02/15/26 (Call 02/15/25) (PSF) |
80 | 81,047 | ||||||
5.00%, 02/15/26 (PR 02/15/25) (PSF) |
70 | 70,970 | ||||||
Klein Independent School District GO, 5.00%, 08/01/26 (PSF) |
300 | 309,823 | ||||||
Leander Independent School District GO |
||||||||
5.00%, 08/15/28 (Call 02/15/26) (PSF) |
100 | 102,569 | ||||||
Series A, 5.00%, 08/15/27 (Call 08/15/26) (PSF) |
195 | 200,562 | ||||||
Series C, 5.00%, 08/15/26 (PSF) |
435 | 449,125 | ||||||
Lewisville Independent School District GO |
||||||||
4.00%, 08/15/26 (Call 08/15/25) (PSF) |
280 | 277,739 | ||||||
5.00%, 08/15/26 (PSF) |
140 | 144,546 | ||||||
5.00%, 08/15/26 (Call 08/15/25) (PSF) |
145 | 147,474 |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Lone
Star College System GOL, 5.00%, 02/15/28 |
$ | 395 | $ | 403,929 | ||||
Lower Colorado River Authority RB |
||||||||
5.00%, 05/15/26 |
245 | 250,434 | ||||||
5.00%, 05/15/26 (Call 05/15/24) |
140 | 140,333 | ||||||
Series B, 5.00%, 05/15/26 (Call 05/15/25) |
190 | 191,401 | ||||||
Mansfield Independent School District GO, Series B, 5.00%, 02/15/26 (PSF) |
145 | 148,926 | ||||||
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB |
||||||||
5.00%, 11/01/27 (Call 11/01/26) |
230 | 237,275 | ||||||
5.00%, 11/01/28 (Call 11/01/26) |
215 | 221,923 | ||||||
Series B, 5.00%, 11/01/26 (Call 11/01/25) |
270 | 275,160 | ||||||
North East Independent School District/TX GO, 4.00%, 08/01/27 (Call 08/01/26) (PSF) |
150 | 149,321 | ||||||
North
Texas Municipal Water District RB, 5.00%, |
200 | 205,779 | ||||||
North Texas Municipal Water District Upper East Fork Wastewater Interceptor Sys RB, 5.00%, 06/01/26 |
125 | 128,599 | ||||||
North Texas Municipal Water District Water System Revenue, 5.00%, 09/01/26 |
330 | 340,553 | ||||||
North Texas Tollway Authority RB |
||||||||
5.00%, 01/01/26 |
290 | 296,114 | ||||||
5.00%, 01/01/26 (Call 01/01/25) |
295 | 296,472 | ||||||
5.00%, 01/01/28 (Call 01/01/26) |
310 | 314,566 | ||||||
Series A, 5.00%, 01/01/26 |
55 | 56,274 | ||||||
Series A, 5.00%, 01/01/27 (Call 01/01/26) |
130 | 132,719 | ||||||
Series A, 5.00%, 01/01/28 (Call 01/01/26) |
445 | 454,170 | ||||||
Series B, 5.00%, 01/01/26 (Call 01/01/25) |
140 | 141,191 | ||||||
Series B, 5.00%, 01/01/27 (Call 01/01/26) |
210 | 213,245 | ||||||
Series B, 5.00%, 01/01/29 (Call 01/01/26) |
210 | 212,944 | ||||||
Northside
Independent School District GO, 4.00%, |
190 | 190,442 | ||||||
Northside
Independent School District RB, 5.00%, |
130 | 132,173 | ||||||
Northwest Independent School District GO, 5.00%, 02/15/29 (PR 02/15/26) (PSF) |
230 | 235,752 | ||||||
Permanent University Fund - Texas A&M University System RB, Series A, 5.50%, 07/01/26 (Call 07/01/25) |
235 | 241,759 | ||||||
Permanent University Fund - University of Texas System RB, 5.00%, 07/01/26 (Call 07/01/25) |
430 | 437,747 | ||||||
Plano Independent School District GO |
||||||||
Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF) |
150 | 154,019 | ||||||
Series A, 5.00%, 02/15/29 (Call 02/15/26) |
100 | 102,679 | ||||||
Round Rock Independent School District GO |
||||||||
5.00%, 08/01/26 |
150 | 154,872 | ||||||
5.00%, 08/01/26 (PSF) |
130 | 134,428 | ||||||
San Antonio Independent School District/TX GO, 5.00%, 08/15/26 (PSF) |
280 | 289,167 | ||||||
San
Antonio Water System, 5.00%, 05/15/27 |
190 | 196,193 | ||||||
San Jacinto Community College District, 5.00%, 02/15/26 (Call 02/15/25) |
185 | 186,563 | ||||||
Spring Branch Independent School District GO, 5.00%, 02/01/26 (PSF) |
100 | 102,655 | ||||||
State of Texas GO |
||||||||
5.00%, 04/01/26 |
580 | 595,617 | ||||||
5.00%, 08/01/26 |
85 | 87,649 | ||||||
5.00%, 10/01/26 |
360 | 372,011 | ||||||
Series A, 5.00%, 04/01/27 (Call 04/01/26) |
20 | 20,481 | ||||||
Series B-1, 5.00%, 08/01/27 (Call 08/01/26) |
360 | 370,010 |
66 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
State of Texas GOL, 5.00%, 08/01/26 (Call 08/01/25) |
$ | 100 | $ | 101,687 | ||||
Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 11/15/52 (Put 05/15/26) |
500 | 507,956 | ||||||
Texas A&M University RB |
||||||||
4.00%, 05/15/27 (Call 05/15/26) |
155 | 154,907 | ||||||
4.00%, 05/15/28 (Call 05/15/26) |
300 | 299,541 | ||||||
Series C, 5.00%, 05/15/26 |
565 | 582,478 | ||||||
Series E, 4.00%, 05/15/27 (Call 05/15/26) |
180 | 179,305 | ||||||
Texas State Technical College RB, 5.00%, 08/01/26 (AGM) |
300 | 308,007 | ||||||
Texas State University System RB, Series A, 5.00%, 03/15/26 |
1,005 | 1,030,343 | ||||||
Texas Transportation Commission State Highway Fund RB |
||||||||
5.25%, 04/01/26 |
270 | 278,812 | ||||||
First Series, 5.00%, 10/01/26 |
1,295 | 1,338,205 | ||||||
Series A, 5.00%, 10/01/26 |
555 | 573,517 | ||||||
Texas Water Development Board RB |
||||||||
5.00%, 04/15/26 |
840 | 864,831 | ||||||
5.00%, 04/15/26 (Call 10/15/25) |
205 | 209,369 | ||||||
5.00%, 08/01/26 |
355 | 366,905 | ||||||
Series A, 5.00%, 10/15/26 |
280 | 290,203 | ||||||
Series B, 5.00%, 04/15/26 |
230 | 236,799 | ||||||
Series B, 5.00%, 10/15/26 |
445 | 461,216 | ||||||
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/26 |
740 | 763,840 | ||||||
|
|
|||||||
34,020,943 | ||||||||
Utah — 1.5% | ||||||||
Alpine School District/UT GO, 5.00%, 03/15/26 (GTD) |
735 | 756,053 | ||||||
Central Utah Water Conservancy District, 5.00%, 04/01/26 |
340 | 349,787 | ||||||
County of Salt Lake Option Sales & Use Tax Revenue, 5.00%, 02/01/26 |
125 | 128,455 | ||||||
County of Salt Lake UT Excise Tax Revenue RB, 5.00%, 08/15/26 |
140 | 144,921 | ||||||
Intermountain Power Agency RB, Series A, 5.00%, 07/01/26 |
95 | 97,932 | ||||||
Metropolitan Water District of Salt Lake & Sandy, 5.00%, 07/01/26 (Call 01/01/26) |
325 | 332,484 | ||||||
Park City School District GO, 5.00%, 02/01/26 (GTD) |
100 | 102,764 | ||||||
Provo School District GO, 5.00%, 06/15/26 (Call 12/15/25) (GTD) |
55 | 56,233 | ||||||
State of Utah GO |
||||||||
5.00%, 07/01/26 |
1,135 | 1,174,394 | ||||||
Series B, 5.00%, 07/01/26 |
630 | 651,866 | ||||||
University of Utah (The), 5.00%, 08/01/26 |
195 | 201,025 | ||||||
University of Utah (The) RB |
||||||||
5.00%, 08/01/26 |
405 | 417,513 | ||||||
5.00%, 08/01/28 (Call 08/01/26) |
255 | 263,012 | ||||||
Series B-1, 5.00%, 08/01/26 (SAP) |
150 | 154,634 | ||||||
Utah Transit Authority RB, Series A, 5.00%, 06/15/26 (PR 06/15/25) |
65 | 66,239 | ||||||
|
|
|||||||
4,897,312 | ||||||||
Vermont — 0.0% | ||||||||
Vermont Municipal Bond Bank RB, Series 4, 5.00%, 12/01/26 |
100 | 103,583 | ||||||
|
|
|||||||
Virginia — 3.6% | ||||||||
City of Chesapeake VA GO, 5.00%, 08/01/26 (SAW) |
120 | 124,088 | ||||||
City of Falls Church VA GO, Series B, 5.00%, 07/15/27 (Call 07/15/26) |
175 | 180,503 |
Security | Par (000) |
Value | ||||||
Virginia (continued) | ||||||||
City of Newport News VA GO, Series A, 4.00%, 08/01/26 |
$ | 190 | $ | 191,108 | ||||
City
of Norfolk VA GO, Series B, 4.00%, 10/01/28 |
185 | 185,922 | ||||||
City of Richmond VA GO, Series D, 5.00%, 03/01/26 (SAW) |
110 | 113,142 | ||||||
City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/27 (Call 01/15/26) |
275 | 281,217 | ||||||
City of Suffolk VA GO |
||||||||
5.00%, 02/01/26 |
80 | 82,246 | ||||||
5.00%, 02/01/26 (PR 02/01/25) (SAW) |
225 | 228,301 | ||||||
Commonwealth of Virginia, 5.00%, 06/01/26 |
125 | 129,065 | ||||||
Commonwealth of Virginia GO, 5.00%, 06/01/26 |
55 | 56,789 | ||||||
County of Arlington VA GO |
||||||||
5.00%, 08/15/26 |
135 | 139,745 | ||||||
Series A, 5.00%, 08/15/30 (PR 08/15/26) |
160 | 165,438 | ||||||
County of Chesterfield VA GO, Series B, 5.00%, 01/01/26 |
185 | 189,867 | ||||||
County of Fairfax VA GO |
||||||||
5.00%, 10/01/35 (PR 04/01/26) (SAW) |
135 | 138,918 | ||||||
Series A, 4.00%, 10/01/26 |
120 | 121,019 | ||||||
Series A, 4.00%, 10/01/26 (Call 04/01/26) (SAW) |
160 | 160,789 | ||||||
County of Fairfax VA Sewer Revenue RB, 5.00%, 07/15/26 |
370 | 382,569 | ||||||
County of Henrico VA GO |
||||||||
5.00%, 08/01/26 |
100 | 103,459 | ||||||
5.00%, 08/01/26 (SAW) |
100 | 103,459 | ||||||
County of Loudoun VA GO |
||||||||
5.00%, 12/01/26 (SAW) |
300 | 311,813 | ||||||
Series A, 5.00%, 12/01/26 |
165 | 171,497 | ||||||
Series A, 5.00%, 12/01/26 (Call 12/01/25) |
195 | 199,913 | ||||||
Hampton Roads Sanitation District RB |
||||||||
5.00%, 08/01/27 (Call 08/01/26) |
60 | 62,012 | ||||||
Series A, 5.00%, 08/01/37 (PR 08/01/26) |
1,500 | 1,548,323 | ||||||
Prince William County Industrial Development Authority |
||||||||
RB, 5.00%, 10/01/26 |
105 | 108,738 | ||||||
Virginia College Building Authority RB |
||||||||
5.00%, 02/01/26 |
375 | 384,550 | ||||||
5.00%, 02/01/29 (Call 02/01/26) |
150 | 153,560 | ||||||
5.00%, 09/01/29 (PR 09/01/26) (ST INTERCEPT) |
15 | 15,480 | ||||||
Series A, 5.00%, 02/01/26 |
185 | 189,711 | ||||||
Series A, 5.00%, 09/01/27 (Call 09/01/26) (ST INTERCEPT) |
330 | 342,229 | ||||||
Series B, 5.00%, 09/01/26 (Call 09/01/25) |
75 | 76,702 | ||||||
Series E, 5.00%, 02/01/26 |
175 | 179,457 | ||||||
Virginia Commonwealth Transportation Board RB |
||||||||
5.00%, 05/15/26 (Call 05/15/24) |
100 | 100,702 | ||||||
5.00%, 09/15/26 |
280 | 289,640 | ||||||
5.00%, 09/15/27 (Call 09/15/26) |
315 | 325,366 | ||||||
Series A, 5.00%, 05/15/26 |
300 | 308,987 | ||||||
Virginia Public Building Authority RB |
||||||||
5.00%, 08/01/27 (Call 08/01/26) |
500 | 516,899 | ||||||
Series A, 5.00%, 08/01/26 |
655 | 676,793 | ||||||
Series B, 5.00%, 08/01/26 |
215 | 222,153 | ||||||
Series C, 4.00%, 08/01/26 (Call 08/01/24) |
120 | 120,068 | ||||||
Virginia Public School Authority, 5.00%, 08/01/26 |
135 | 139,527 | ||||||
Virginia Public School Authority RB |
||||||||
5.00%, 08/01/26 (SAW) |
240 | 248,049 | ||||||
Series B, 5.00%, 08/01/26 |
245 | 253,217 | ||||||
Virginia Resources Authority RB |
||||||||
5.00%, 11/01/26 |
550 | 570,647 | ||||||
5.00%, 11/01/26 (Call 11/01/25) |
215 | 219,565 |
S C H E D U L E O F I N V E S T M E N T S |
67 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Virginia (continued) | ||||||||
5.00%, 11/01/27 (Call 11/01/26) |
$ | 275 | $ | 285,751 | ||||
Series A, 5.00%, 11/01/26 |
420 | 435,815 | ||||||
|
|
|||||||
11,534,808 | ||||||||
Washington — 4.6% | ||||||||
Cascade Water Alliance, 5.00%, 09/01/26 |
325 | 336,188 | ||||||
Central Puget Sound Regional Transit Authority RB |
||||||||
Series S-1, 5.00%, 11/01/26 |
330 | 342,141 | ||||||
Series S-1, 5.00%, 11/01/26 (PR 11/01/25) |
70 | 71,581 | ||||||
City of Seattle Municipal Light & Power Revenue, 5.00%, 02/01/26 |
280 | 287,313 | ||||||
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 07/01/26 |
230 | 237,274 | ||||||
City of Seattle WA GOL |
||||||||
4.00%, 09/01/26 |
340 | 342,651 | ||||||
4.00%, 04/01/28 (Call 04/01/26) |
80 | 80,229 | ||||||
Series A, 5.00%, 06/01/26 (Call 06/01/25) |
285 | 289,974 | ||||||
City of Seattle WA Municipal Light & Power Revenue RB |
||||||||
4.00%, 10/01/27 (Call 10/01/26) |
110 | 110,171 | ||||||
Series B, 5.00%, 04/01/26 |
340 | 349,629 | ||||||
Series B, 5.00%, 04/01/27 (Call 04/01/26) |
260 | 267,020 | ||||||
Series B, 5.00%, 04/01/28 (Call 04/01/26) |
230 | 236,210 | ||||||
City of Seattle WA Water System Revenue RB, 5.00%, 08/01/26 |
160 | 165,239 | ||||||
City of Spokane WA GO, 5.00%, 12/01/26 |
160 | 165,969 | ||||||
Clark County School District No. 37 Vancouver GO, 5.00%, 12/01/26 (GTD) |
175 | 181,374 | ||||||
County
of King WA GOL, 5.00%, 07/01/26 |
220 | 222,884 | ||||||
County of King WA Sewer Revenue RB |
||||||||
5.00%, 07/01/26 |
200 | 206,428 | ||||||
Series B, 5.00%, 07/01/26 |
530 | 547,034 | ||||||
County of Pierce WA GOL, Series A, 5.00%, 07/01/26 |
110 | 113,620 | ||||||
County of Snohomish WA GOL, 5.00%, 12/01/26 |
215 | 222,958 | ||||||
County of Spokane WA GOL, 5.00%, 12/01/26 |
60 | 62,221 | ||||||
Energy Northwest RB |
||||||||
5.00%, 07/01/26 (Call 07/01/25) |
635 | 646,406 | ||||||
Series A, 5.00%, 07/01/26 |
1,655 | 1,707,992 | ||||||
Series A, 5.00%, 07/01/27 (Call 07/01/26) |
175 | 180,235 | ||||||
Series C-1, 5.00%, 07/01/26 (Call 07/01/24) |
365 | 367,552 | ||||||
King County School District No. 401 Highline GO, 5.00%, 12/01/28 (Call 12/01/26) (GTD) |
350 | 362,009 | ||||||
King County School District No. 414 Lake Washington GO, 4.00%, 12/01/26 (Call 06/01/26) (GTD) |
455 | 456,282 | ||||||
Pierce County School District No 10 Tacoma GO, 5.00%, 12/01/26 (Call 12/01/25) (GTD) |
170 | 173,769 | ||||||
Pierce County School District No. 402 Franklin Pierce GO, 5.00%, 12/01/27 (Call 12/01/26) (GTD) |
100 | 103,461 | ||||||
Port of Seattle WA RB |
||||||||
5.00%, 02/01/26 |
530 | 541,776 | ||||||
5.00%, 06/01/26 |
80 | 82,284 | ||||||
5.00%, 08/01/26 |
455 | 468,938 | ||||||
State of Washington, 5.00%, 07/01/26 |
485 | 500,588 | ||||||
State of Washington GO |
||||||||
0.00%, 06/01/26 (AMBAC)(b) |
100 | 90,476 | ||||||
5.00%, 01/01/26 |
115 | 117,929 | ||||||
5.00%, 07/01/26 (Call 01/01/26) |
570 | 583,186 | ||||||
5.00%, 08/01/26 |
890 | 919,612 | ||||||
5.00%, 08/01/26 (Call 08/01/25) |
200 | 203,644 | ||||||
5.00%, 08/01/27 (Call 08/01/26) |
155 | 159,595 | ||||||
Series 2020-A, 5.00%, 08/01/26 |
315 | 325,481 | ||||||
Series B, 5.00%, 02/01/26 (Call 02/01/25) |
665 | 673,438 |
Security | Par (000) |
Value | ||||||
Washington (continued) | ||||||||
Series B, 5.00%, 08/01/28 (Call 08/01/26) |
$ | 285 | $ | 293,299 | ||||
Series C, 5.00%, 02/01/26 |
85 | 87,257 | ||||||
Series R, 5.00%, 08/01/27 (Call 08/01/26) |
45 | 46,334 | ||||||
Series R, 5.00%, 08/01/28 (Call 08/01/26) |
295 | 303,590 | ||||||
Series R-2018-C, 5.00%, 08/01/26 |
105 | 108,494 | ||||||
Series-R-2020D, 5.00%, 07/01/26 |
155 | 159,982 | ||||||
University of Washington RB |
||||||||
Series A, 5.00%, 12/01/26 |
225 | 232,665 | ||||||
Series A, 5.00%, 12/01/28 (Call 12/01/26) |
140 | 144,175 | ||||||
|
|
|||||||
14,878,557 | ||||||||
West Virginia — 0.4% | ||||||||
School Building Authority of West Virginia RB, Series A, 5.00%, 07/01/26 (Call 07/01/24) |
145 | 146,042 | ||||||
State of West Virginia GO |
||||||||
5.00%, 06/01/26 |
150 | 154,580 | ||||||
5.00%, 12/01/26 |
270 | 280,073 | ||||||
Series A, 0.00%, 11/01/26 (NPFGC)(b) |
100 | 88,724 | ||||||
Series B, 5.00%, 12/01/26 |
210 | 217,835 | ||||||
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/26 |
255 | 262,326 | ||||||
West Virginia Parkways Authority RB, 5.00%, 06/01/26 |
155 | 159,156 | ||||||
|
|
|||||||
1,308,736 | ||||||||
Wisconsin — 1.9% | ||||||||
State of Wisconsin Environmental Improvement Fund Revenue RB |
||||||||
5.00%, 06/01/26 |
105 | 108,310 | ||||||
5.00%, 06/01/26 (Call 06/01/25) |
50 | 50,850 | ||||||
Series A, 5.00%, 06/01/26 |
380 | 391,979 | ||||||
State of Wisconsin GO |
||||||||
4.00%, 05/01/26 (Call 05/01/24) |
150 | 150,063 | ||||||
5.00%, 11/01/26 |
640 | 664,099 | ||||||
Series 1, 4.00%, 11/01/26 (Call 05/01/25) |
340 | 340,528 | ||||||
Series 1, 5.00%, 05/01/26 |
115 | 118,609 | ||||||
Series 1, 5.00%, 11/01/26 (Call 05/01/25) |
545 | 555,466 | ||||||
Series 2, 4.00%, 11/01/27 (Call 05/01/26) |
190 | 190,794 | ||||||
Series 2, 5.00%, 11/01/26 |
580 | 601,839 | ||||||
Series 3, 5.00%, 11/01/26 |
115 | 119,330 | ||||||
Series 4, 5.00%, 05/01/26 (Call 11/01/24) |
350 | 353,884 | ||||||
State of Wisconsin RB |
||||||||
Series A, 5.00%, 05/01/26 |
650 | 669,614 | ||||||
Series B, 5.00%, 05/01/28 (PR 05/01/26) |
235 | 241,526 | ||||||
Wisconsin Department of Transportation RB |
||||||||
5.00%, 07/01/26 |
340 | 351,102 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
300 | 307,980 | ||||||
5.00%, 07/01/28 (Call 07/01/26) |
145 | 148,783 | ||||||
Series 1, 5.00%, 07/01/26 (Call 07/01/25) |
300 | 305,211 | ||||||
Series 2, 5.00%, 07/01/26 |
260 | 268,490 | ||||||
WPPI
Energy RB, Series A, 5.00%, 07/01/26 |
35 | 35,144 | ||||||
|
|
|||||||
5,973,601 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.3% |
317,849,399 | |||||||
|
|
68 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2026 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Liquidity Funds: MuniCash, 3.82%(c)(d) |
550,785 | $ | 550,785 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.2% |
|
550,785 | ||||||
|
|
|||||||
Total
Investments — 98.5% |
|
318,400,184 | ||||||
Other Assets Less Liabilities — 1.5% |
4,832,869 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 323,233,053 | ||||||
|
|
(a) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(b) |
Zero-coupon bond. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||||
BlackRock Liquidity Funds: MuniCash |
$ | 1,314,764 | $ | — | $ | (763,369 | )(a) | $ | (624 | ) | $ | 14 | $ | 550,785 | 550,785 | $ | 33,859 | $ | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
Investments |
||||||||||||||||||||||||||||
Long-Term Investments |
||||||||||||||||||||||||||||
Municipal Debt Obligations |
$ | — | $ | 317,849,399 | $ | — | $ | 317,849,399 | ||||||||||||||||||||
Short-Term Securities |
||||||||||||||||||||||||||||
Money Market Funds |
550,785 | — | — | 550,785 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 550,785 | $ | 317,849,399 | $ | — | $ | 318,400,184 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
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 |
69 |
Schedule of Investments October 31, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Debt Obligations |
| |||||||
Alabama — 2.0% | ||||||||
Alabama Federal Aid Highway Finance Authority RB |
||||||||
5.00%, 09/01/35 (Call 09/01/27) |
$ | 1,000 | $ | 1,045,103 | ||||
Series A, 5.00%, 09/01/27 |
360 | 376,237 | ||||||
Series A, 5.00%, 09/01/29 (Call 09/01/27) |
180 | 188,119 | ||||||
Series A, 5.00%, 06/01/37 (Call 09/01/27) |
130 | 135,863 | ||||||
Alabama Highway Finance Corp. RB, 5.00%, 08/01/27 |
425 | 442,030 | ||||||
Alabama Public School and College Authority RB, |
||||||||
Series A, 5.00%, 11/01/27 |
1,020 | 1,070,679 | ||||||
City
of Auburn AL GOL, 5.00%, 05/01/27 |
130 | 131,857 | ||||||
City of Huntsville AL GO, 5.00%, 09/01/27 |
150 | 157,421 | ||||||
City of Huntsville AL GOL |
||||||||
5.00%, 05/01/27 (Call 05/01/26) |
185 | 190,654 | ||||||
5.00%, 11/01/27 (Call 05/01/27) |
355 | 370,925 | ||||||
5.00%, 05/01/30 (Call 11/01/27) |
125 | 130,195 | ||||||
Series A, 5.00%, 05/01/28 (Call 11/01/27) |
75 | 78,661 | ||||||
State of Alabama GO |
||||||||
5.00%, 11/01/27 |
170 | 177,996 | ||||||
Series C, 5.00%, 08/01/27 (Call 08/01/26) |
370 | 382,044 | ||||||
University of Alabama (The), 5.00%, 07/01/27 |
405 | 422,784 | ||||||
Water Works Board of the City of Birmingham (The) RB |
||||||||
5.00%, 01/01/30 (Call 01/01/27) |
205 | 212,751 | ||||||
Series B, 5.00%, 01/01/32 (Call 01/01/27) |
200 | 207,562 | ||||||
Series B, 5.00%, 01/01/43 (Call 01/01/27) |
250 | 259,453 | ||||||
|
|
|||||||
5,980,334 | ||||||||
Alaska — 0.1% | ||||||||
State of Alaska GO, 5.00%, 08/01/27 |
195 | 203,506 | ||||||
|
|
|||||||
Arizona — 1.9% | ||||||||
Arizona Board of Regents RB, 5.00%, 07/01/27 |
200 | 208,713 | ||||||
Arizona
Department of Transportation State Highway |
825 | 851,372 | ||||||
Arizona State University RB |
||||||||
5.00%, 07/01/27 |
210 | 219,148 | ||||||
Series B, 5.00%, 07/01/30 (Call 07/01/27) |
185 | 191,544 | ||||||
Arizona Transportation Board, 5.00%, 07/01/27 |
180 | 188,093 | ||||||
City of Chandler AZ GOL, 5.00%, 07/01/27 |
380 | 397,482 | ||||||
City
of Phoenix AZ GO, 5.00%, 07/01/27 |
495 | 510,442 | ||||||
City of Phoenix Civic Improvement Corp. RB |
||||||||
5.00%, 07/01/27 |
250 | 261,405 | ||||||
5.00%, 07/01/27 (Call 07/01/25) |
400 | 404,546 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
355 | 365,803 | ||||||
Series D, 5.00%, 07/01/29 (Call 07/01/27) |
300 | 309,531 | ||||||
Maricopa
County Unified School District No. 48 |
40 | 41,729 | ||||||
Maricopa
County Union High School District No. |
195 | 203,631 | ||||||
Salt River Project Agricultural Improvement & Power District, 5.00%, 01/01/27 |
540 | 561,072 | ||||||
Salt
River Project Agricultural Improvement & Power |
||||||||
5.00%, 01/01/27 |
105 | 109,097 | ||||||
Series A, 5.00%, 01/01/27 |
310 | 322,097 | ||||||
Series A, 5.00%, 01/01/29 (Call 01/01/27) |
320 | 332,405 | ||||||
State of Arizona COP, Series A, 5.00%, 10/01/27 |
115 | 119,893 | ||||||
|
|
|||||||
5,598,003 | ||||||||
California — 12.9% | ||||||||
91 Express Lanes Toll Road, 5.00%, 08/15/27 |
100 | 105,281 |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
Anaheim
Housing & Public Improvements Authority RB, |
$ | 215 | $ | 226,787 | ||||
Bay
Area Toll Authority RB, 4.00%, 04/01/29 |
1,470 | 1,473,840 | ||||||
California
Health Facilities Financing Authority RB, |
780 | 826,495 | ||||||
California
Infrastructure & Economic Development |
||||||||
5.00%, 10/01/27 (Call 04/01/27) |
110 | 115,558 | ||||||
5.00%, 10/01/28 (Call 04/01/27) |
350 | 367,312 | ||||||
5.00%, 10/01/29 (Call 04/01/27) |
100 | 104,873 | ||||||
California State Public Works Board RB |
||||||||
5.00%, 10/01/27 |
120 | 126,175 | ||||||
5.00%, 10/01/27 (ETM) |
10 | 10,552 | ||||||
5.00%, 09/01/29 (Call 09/01/27) |
290 | 303,642 | ||||||
5.00%, 10/01/30 (Call 10/01/27) |
155 | 162,412 | ||||||
Series C, 5.00%, 03/01/28 (Call 03/01/27) |
320 | 333,301 | ||||||
California State University RB |
||||||||
5.00%, 11/01/29 (Call 05/01/27) |
370 | 387,061 | ||||||
Series A, 5.00%, 11/01/27 (Call 11/01/25) |
100 | 102,591 | ||||||
Series A, 5.00%, 11/01/27 (Call 05/01/26) |
585 | 605,060 | ||||||
Series A, 5.00%, 11/01/30 (Call 05/01/27) |
220 | 229,740 | ||||||
Carlsbad
Unified School District GO, 5.00%, 08/01/27 |
200 | 207,158 | ||||||
City
of Foster City CA GO, 4.00%, 08/01/30 |
120 | 121,551 | ||||||
City
of Los Angeles CA Wastewater System Revenue |
415 | 436,459 | ||||||
City of Los Angeles Department of Airports RB |
||||||||
5.00%, 05/15/27 |
590 | 618,496 | ||||||
5.00%, 05/15/27 (ETM) |
110 | 115,414 | ||||||
City
of Los Angeles Solid Waste Resources Revenue |
150 | 157,196 | ||||||
City
of San Francisco CA Public Utilities Commission |
||||||||
5.00%, 11/01/27 |
160 | 169,415 | ||||||
5.00%, 11/01/27 (Call 05/01/25) |
125 | 127,633 | ||||||
5.00%, 11/01/27 (Call 11/01/26) |
250 | 260,779 | ||||||
Series D, 5.00%, 11/01/30 (Call 11/01/27) |
355 | 373,617 | ||||||
Coast
Community College District GO, Series D, |
160 | 168,353 | ||||||
Contra
Costa Transportation Authority RB, Series A, |
345 | 351,448 | ||||||
Contra
Costa Transportation Authority Sales Tax |
190 | 199,250 | ||||||
County of Santa Clara CA, 5.00%, 08/01/27 |
170 | 179,424 | ||||||
County
of Santa Clara CA GO, 5.00%, 08/01/29 |
125 | 131,755 | ||||||
East
Bay Municipal Utility District Wastewater System |
130 | 137,093 | ||||||
East Bay Municipal Utility District Water System |
||||||||
Revenue RB |
||||||||
5.00%, 06/01/27 |
35 | 36,846 | ||||||
5.00%, 06/01/28 (Call 06/01/27) |
85 | 89,638 | ||||||
Series A, 5.00%, 06/01/27 (Call 06/01/25) |
155 | 158,437 | ||||||
Series B, 5.00%, 06/01/27 |
65 | 68,428 | ||||||
El
Camino Community College District Foundation GO, |
200 | 172,099 | ||||||
Foothill-De
Anza Community College District, 0.00%, |
415 | 358,948 |
70 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
Fremont Union High School District GO, 5.00%, 08/01/29 (Call 08/01/27) |
$ | 75 | $ | 79,161 | ||||
Los Angeles Community College District/CA GO |
||||||||
4.00%, 08/01/30 (Call 08/01/27) |
120 | 121,551 | ||||||
5.00%, 08/01/27 |
320 | 337,971 | ||||||
Series J, 5.00%, 08/01/28 (Call 08/01/27) |
190 | 200,364 | ||||||
Los
Angeles County Metropolitan Transportation |
||||||||
5.00%, 07/01/30 (Call 07/01/27) |
240 | 252,364 | ||||||
Series A, 5.00%, 06/01/27 |
1,105 | 1,164,423 | ||||||
Series A, 5.00%, 07/01/29 (Call 07/01/27) |
255 | 268,245 | ||||||
Los Angeles County Metropolitan Transportation |
||||||||
Authority Sales Tax Revenue RB |
||||||||
4.00%, 07/01/27 (Call 07/01/25) |
125 | 125,757 | ||||||
5.00%, 07/01/27 |
255 | 269,061 | ||||||
Los Angeles Department of Water & Power RB |
||||||||
5.00%, 07/01/27 |
645 | 679,428 | ||||||
5.00%, 07/01/30 (Call 01/01/27) |
100 | 103,787 | ||||||
Los Angeles Department of Water & Power System |
||||||||
Revenue RB, Series C, 5.00%, 07/01/28 |
||||||||
(Call 07/01/27) |
295 | 308,837 | ||||||
Los Angeles Department of Water & Power Water |
||||||||
System Revenue RB, 5.00%, 07/01/27 |
500 | 526,793 | ||||||
Los Angeles Department of Water RB, Series A, 5.00%, |
||||||||
07/01/30 (Call 01/01/27) |
405 | 420,950 | ||||||
Los Angeles Unified School District/CA GO |
||||||||
3.00%, 07/01/27 |
160 | 153,205 | ||||||
5.00%, 07/01/27 |
1,265 | 1,331,536 | ||||||
5.00%, 07/01/27 (Call 07/01/25) |
75 | 76,642 | ||||||
Series A, 5.00%, 07/01/27 |
690 | 726,343 | ||||||
Series B1, 5.00%, 07/01/27 |
235 | 247,378 | ||||||
Metropolitan Water District of Southern California RB |
||||||||
5.00%, 07/01/27 |
125 | 131,496 | ||||||
Series A, 5.00%, 07/01/27 |
485 | 510,204 | ||||||
Series C, 5.00%, 10/01/27 |
55 | 58,263 | ||||||
Modesto Irrigation District RB, Series A, 5.00%, |
||||||||
10/01/27 (Call 10/01/25) |
40 | 40,971 | ||||||
Mountain View Los Altos Union High School District/CA |
||||||||
GO, Series C, 0.00%, 08/01/27(a) |
150 | 128,791 | ||||||
Municipal Improvement Corp. of Los Angeles RB, |
||||||||
Series B, 5.00%, 11/01/27 (Call 11/01/26) |
350 | 363,170 | ||||||
Newport Mesa Unified School District GO, 0.00%, |
||||||||
08/01/27 (NPFGC)(a) |
215 | 184,668 | ||||||
Orange County Sanitation District RB, 5.00%, 02/01/27 |
55 | 57,604 | ||||||
Palo Alto Unified School District GO, 0.00%, |
||||||||
08/01/27(a) |
145 | 124,956 | ||||||
Pasadena Area Community College District GO, 4.00%, |
||||||||
08/01/27 |
400 | 406,669 | ||||||
Poway Unified School District GO, 0.00%, 08/01/27(a) |
400 | 343,567 | ||||||
Riverside County Transportation Commission RB, |
||||||||
Series B, 5.00%, 06/01/28 (Call 12/01/27) |
160 | 168,796 | ||||||
Riverside Unified School District GO, 4.00%, 08/01/29 |
||||||||
(Call 08/01/27) |
90 | 90,717 | ||||||
Sacramento Municipal Utility District RB, 5.00%, |
||||||||
08/15/27 |
90 | 95,146 | ||||||
San Diego County Regional Airport Authority RB |
||||||||
5.00%, 07/01/27 |
100 | 104,601 | ||||||
5.00%, 07/01/28 (Call 07/01/27) |
475 | 496,782 | ||||||
San Diego County Regional Transportation |
||||||||
Commission, 5.00%, 04/01/27 |
210 | 220,647 |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
San Diego County Water Authority, 5.00%, 05/01/27 |
||||||||
(Call 05/01/26) |
$ | 100 | $ | 103,733 | ||||
San Diego County Water Authority RB, 5.00%, 05/01/27 |
||||||||
(Call 05/01/25) |
110 | 112,052 | ||||||
San Diego Public Facilities Financing Authority RB, |
||||||||
5.00%, 08/01/27 |
250 | 263,589 | ||||||
San Diego Unified School District/CA GO |
||||||||
5.00%, 07/01/30 (Call 07/01/27) |
185 | 194,314 | ||||||
Series J, 5.00%, 07/01/29 (Call 07/01/27) |
100 | 105,135 | ||||||
San Francisco Bay Area Rapid Transit District Sales |
||||||||
Tax Revenue RB |
||||||||
5.00%, 07/01/29 (Call 07/01/27) |
190 | 199,157 | ||||||
Series A, 5.00%, 07/01/29 (Call 07/01/27) |
100 | 104,820 | ||||||
San Francisco City & County Airport Commission San |
||||||||
Francisco International Airport RB |
||||||||
5.00%, 05/01/27 (Call 05/01/26) |
145 | 148,943 | ||||||
Series D, 5.00%, 05/01/27 (Call 05/01/26) |
100 | 102,720 | ||||||
San Francisco City & County Public Utilities |
||||||||
Commission Wastewater Revenue RB, 5.00%, |
||||||||
10/01/27 |
160 | 169,192 | ||||||
San Francisco County Transportation Authority Sales |
||||||||
Tax Revenue RB, 4.00%, 02/01/29 (Call 02/01/27) |
255 | 258,103 | ||||||
San Jose Unified School District GO |
||||||||
5.00%, 08/01/27 |
150 | 158,316 | ||||||
Series C, 0.00%, 08/01/27 (NPFGC)(a) |
95 | 81,358 | ||||||
San Mateo County Community College District GO |
||||||||
Series A, 0.00%, 09/01/27 (NPFGC)(a) |
355 | 304,679 | ||||||
Series B, 0.00%, 09/01/27 (NPFGC)(a) |
300 | 257,476 | ||||||
San Mateo Union High School District GO, Series C, |
||||||||
0.00%, 09/01/27 (NPFGC)(a) |
170 | 145,903 | ||||||
Southern California Public Power Authority, 4.00%, |
||||||||
07/01/27 (Call 01/01/25) |
415 | 416,768 | ||||||
Southern California Public Power Authority RB, |
||||||||
Series C, 5.00%, 07/01/27 (Call 01/01/25) |
180 | 182,408 | ||||||
State of California, 4.00%, 09/01/27 |
200 | 202,301 | ||||||
State of California Department of Water Resources RB |
||||||||
5.00%, 12/01/28 (Call 12/01/27) |
130 | 137,702 | ||||||
Series AX, 5.00%, 12/01/27 |
220 | 233,819 | ||||||
Series BB, 5.00%, 12/01/27 |
105 | 111,595 | ||||||
State of California GO |
||||||||
4.00%, 08/01/27 (Call 08/01/26) |
50 | 50,308 | ||||||
5.00%, 04/01/27 |
1,225 | 1,277,069 | ||||||
5.00%, 08/01/27 |
1,250 | 1,308,980 | ||||||
5.00%, 08/01/27 (Call 08/01/26) |
205 | 212,161 | ||||||
5.00%, 09/01/27 |
200 | 209,676 | ||||||
5.00%, 09/01/27 (Call 09/01/26) |
145 | 150,235 | ||||||
5.00%, 10/01/27 |
1,060 | 1,112,571 | ||||||
5.00%, 11/01/27 |
1,350 | 1,418,613 | ||||||
5.00%, 12/01/27 |
510 | 536,464 | ||||||
5.00%, 08/01/28 (Call 08/01/27) |
385 | 401,832 | ||||||
5.00%, 11/01/28 (Call 11/01/27) |
490 | 512,933 | ||||||
5.00%, 08/01/29 (Call 08/01/27) |
450 | 468,690 | ||||||
5.00%, 08/01/30 (Call 08/01/27) |
1,145 | 1,190,110 | ||||||
5.00%, 11/01/30 (Call 11/01/27) |
745 | 776,176 | ||||||
Series B, 5.00%, 11/01/27 |
380 | 399,313 | ||||||
Series C, 5.00%, 08/01/27 (Call 08/01/26) |
700 | 724,451 | ||||||
Sunnyvale Financing Authority RB, 4.00%, 04/01/27 |
100 | 101,230 | ||||||
University of California, 5.00%, 05/15/27 |
110 | 115,687 | ||||||
University of California RB |
||||||||
5.00%, 05/15/28 (Call 05/15/27) |
150 | 157,519 | ||||||
5.00%, 05/15/29 (Call 05/15/27) |
125 | 130,893 |
S C H E D U L E O F I N V E S T M E N T S |
71 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
5.00%, 05/15/30 (Call 05/15/27) |
$ | 305 | $ | 319,067 | ||||
Series AO, 5.00%, 05/15/27 (Call 05/15/25) |
325 | 330,267 | ||||||
Series AY, 5.00%, 05/15/30 (Call 05/15/27) |
835 | 873,512 | ||||||
Series I, 5.00%, 05/15/27 (Call 05/15/25) |
570 | 578,897 | ||||||
West Valley-Mission Community College District GO, Series B, 5.00%, 08/01/27 (Call 08/01/25) |
75 | 76,752 | ||||||
Western Municipal Water District Facilities Authority RB, 5.00%, 10/01/27 |
175 | 184,463 | ||||||
|
|
|||||||
38,652,913 | ||||||||
Colorado — 1.1% | ||||||||
Adams & Arapahoe Joint School District 28J Aurora, 5.00%, 12/01/27 (SAW) |
150 | 157,492 | ||||||
Board of Governors of Colorado State University System RB, 5.00%, 03/01/27 |
||||||||
(ST HGR ED INTERCEPT PROG) |
250 | 259,219 | ||||||
City & County of Denver Co. Airport System |
||||||||
Revenue RB |
||||||||
5.00%, 11/15/27 |
605 | 633,042 | ||||||
Series B, 5.00%, 12/01/27 |
45 | 46,953 | ||||||
City & County of Denver Co. GO, 5.00%, 08/01/27 |
350 | 367,140 | ||||||
City of Colorado Springs Co. Utilities System Revenue RB, 5.00%, 11/15/27 |
320 | 335,811 | ||||||
Colorado Health Facilities Authority RB, 5.00%, 11/01/27 |
200 | 204,188 | ||||||
Denver City & County School District No. 1 GO |
||||||||
5.50%, 12/01/28 (Call 12/01/27) (SAW) |
295 | 314,327 | ||||||
5.50%, 12/01/29 (Call 12/01/27) (SAW) |
200 | 212,714 | ||||||
5.50%, 12/01/30 (Call 12/01/27) (SAW) |
125 | 132,704 | ||||||
Series B, 4.00%, 12/01/27 (SAW) |
230 | 233,283 | ||||||
State of Colorado COP, Series K, 5.00%, 03/15/27 |
175 | 181,205 | ||||||
University of Colorado, 5.00%, 06/01/29 (Call 06/01/27) |
100 | 103,978 | ||||||
Weld County School District No. 6 Greeley GO, 5.00%, 12/01/27 (SAW) |
85 | 89,411 | ||||||
|
|
|||||||
3,271,467 | ||||||||
Connecticut — 1.6% | ||||||||
City of Danbury CT GO, 5.00%, 11/01/27 |
||||||||
(Call 11/01/26) |
50 | 51,854 | ||||||
State of Connecticut Clean Water Fund - State Revolving Fund RB, Series A, 5.00%, 05/01/29 (Call 05/01/27) |
180 | 188,500 | ||||||
State of Connecticut GO |
||||||||
4.00%, 06/01/27 |
55 | 55,361 | ||||||
5.00%, 07/15/27 |
520 | 542,560 | ||||||
5.00%, 08/15/27 (Call 08/15/26) |
225 | 232,259 | ||||||
Series 2021 A, 4.00%, 01/15/27 |
545 | 547,782 | ||||||
Series A, 5.00%, 04/15/29 (Call 04/15/27) |
350 | 363,798 | ||||||
Series B, 4.00%, 06/01/27 |
210 | 211,378 | ||||||
Series B, 5.00%, 06/15/27 (Call 06/15/25) |
215 | 218,165 | ||||||
Series D, 5.00%, 09/15/27 |
100 | 104,564 | ||||||
Series F, 5.00%, 11/15/27 (Call 11/15/25) |
815 | 830,432 | ||||||
State of Connecticut Special Tax Revenue RB |
||||||||
5.00%, 09/01/27 (Call 09/01/26) |
235 | 242,717 | ||||||
Series A, 5.00%, 01/01/27 |
105 | 108,811 | ||||||
Series A, 5.00%, 05/01/27 |
460 | 478,724 | ||||||
Series B, 5.00%, 10/01/27 |
170 | 177,862 | ||||||
Series D, 5.00%, 11/01/27 |
200 | 209,482 | ||||||
University of Connecticut, 5.00%, 11/01/27 |
65 | 67,983 | ||||||
University of Connecticut RB, 5.00%, 04/15/27 |
125 | 129,849 | ||||||
|
|
|||||||
4,762,081 |
Security | Par (000) |
Value | ||||||
Delaware — 0.9% | ||||||||
County of New Castle, 5.00%, 04/01/27 |
$ | 130 | $ | 135,738 | ||||
Delaware Transportation Authority RB |
||||||||
5.00%, 07/01/27 |
410 | 428,719 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
65 | 67,095 | ||||||
State of Delaware GO |
||||||||
5.00%, 02/01/27 |
545 | 568,417 | ||||||
5.00%, 07/01/27 |
270 | 283,272 | ||||||
Series A, 5.00%, 01/01/27 |
735 | 765,690 | ||||||
Series A, 5.00%, 02/01/27 |
110 | 114,727 | ||||||
Series D, 5.00%, 07/01/27 (Call 07/01/26) |
365 | 377,418 | ||||||
|
|
|||||||
2,741,076 | ||||||||
District of Columbia — 1.8% | ||||||||
District of Columbia GO |
||||||||
5.00%, 06/01/29 (Call 06/01/27) |
250 | 259,996 | ||||||
Series A, 5.00%, 10/15/27 |
160 | 168,087 | ||||||
Series D, 5.00%, 06/01/27 |
625 | 653,243 | ||||||
Series E, 5.00%, 02/01/27 |
475 | 494,226 | ||||||
Series E, 5.00%, 06/01/27 (Call 12/01/26) |
290 | 299,524 | ||||||
District of Columbia RB |
||||||||
5.00%, 12/01/27 |
105 | 109,759 | ||||||
Series A, 5.00%, 03/01/27 |
460 | 478,717 | ||||||
Series B, 5.00%, 10/01/27 |
395 | 414,296 | ||||||
Series C, 5.00%, 05/01/27 |
270 | 281,620 | ||||||
Series C, 5.00%, 10/01/27 |
560 | 587,356 | ||||||
District of Columbia Water & Sewer Authority RB |
||||||||
Series A, 5.00%, 10/01/27 (Call 10/01/25) |
175 | 178,595 | ||||||
Series B, 5.00%, 10/01/27 |
200 | 209,919 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue RB, 5.00%, 10/01/27 |
135 | 141,044 | ||||||
Washington Metropolitan Area Transit Authority RB |
||||||||
5.00%, 07/01/27 |
80 | 83,068 | ||||||
5.00%, 07/01/28 (Call 07/01/27) |
340 | 350,876 | ||||||
5.00%, 07/01/30 (Call 07/01/27) |
110 | 112,758 | ||||||
Series A, 5.00%, 07/15/27 |
395 | 411,305 | ||||||
Series A-1, 5.00%, 07/01/29 (Call 07/01/27) |
120 | 123,455 | ||||||
|
|
|||||||
5,357,844 | ||||||||
Florida — 2.2% | ||||||||
Broward County FL Water & Sewer Utility Revenue RB, 5.00%, 10/01/27 (Call 10/01/25) |
180 | 183,464 | ||||||
City of Miami Beach FL Stormwater Revenue RB, 5.00%, 09/01/27 |
115 | 119,313 | ||||||
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/27 (Call 10/01/26) |
160 | 163,786 | ||||||
County of Miami-Dade FL GO, Series A, 5.00%, 07/01/27 |
100 | 104,531 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue RB |
||||||||
5.00%, 10/01/27 |
180 | 188,191 | ||||||
Series B, 5.00%, 10/01/27 |
280 | 292,846 | ||||||
Florida Department of Environmental Protection RB |
||||||||
Series A, 5.00%, 07/01/27 |
305 | 317,756 | ||||||
Series A, 5.00%, 07/01/27 (Call 07/01/26) |
175 | 179,476 | ||||||
Hillsborough County Aviation Authority RB, 5.00%, 10/01/27 |
200 | 208,953 | ||||||
Hillsborough County School Board COP, Series B, |
||||||||
5.00%, 07/01/27 |
30 | 30,933 | ||||||
Orlando Utilities Commission RB, 5.00%, 10/01/27 |
350 | 366,837 | ||||||
Palm Beach County School District, 5.00%, 08/01/27 |
200 | 208,511 | ||||||
Palm Beach County School District COP 5.00%, 08/01/27 |
105 | 109,468 |
72 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Florida (continued) | ||||||||
Series A, 5.00%, 08/01/27 |
$ | 195 | $ | 203,298 | ||||
Series B, 5.00%, 08/01/27 |
115 | 119,894 | ||||||
School Board of Miami-Dade County (The), 5.00%, 05/01/27 (Call 05/01/25) (AGM) |
190 | 192,542 | ||||||
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/27 |
85 | 88,150 | ||||||
School District of Broward County/FL GO, 5.00%, 07/01/27 |
135 | 140,975 | ||||||
State of Florida Department of Transportation RB, 5.00%, 07/01/27 |
585 | 612,323 | ||||||
State of Florida Department of Transportation Turnpike System RB |
||||||||
Series A, 5.00%, 07/01/27 |
285 | 298,012 | ||||||
Series A, 5.00%, 07/01/29 (Call 07/01/27) |
215 | 223,190 | ||||||
State of Florida GO |
||||||||
5.00%, 06/01/27 |
245 | 256,490 | ||||||
5.00%, 06/01/27 (Call 06/01/26) |
155 | 159,556 | ||||||
5.00%, 07/01/27 |
250 | 261,589 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
55 | 56,801 | ||||||
5.00%, 07/01/28 (Call 07/01/27) |
285 | 297,804 | ||||||
Series A, 5.00%, 07/01/27 |
60 | 62,781 | ||||||
Series B, 5.00%, 06/01/30 (Call 06/01/27) |
125 | 130,279 | ||||||
Series C, 5.00%, 06/01/27 |
180 | 188,442 | ||||||
Series D, 5.00%, 06/01/27 |
130 | 136,097 | ||||||
State of Florida Lottery Revenue RB |
||||||||
5.00%, 07/01/27 (Call 07/01/26) |
198 | 203,469 | ||||||
Series A, 5.00%, 07/01/27 |
353 | 368,747 | ||||||
|
|
|||||||
6,474,504 | ||||||||
Georgia — 2.4% | ||||||||
Athens-Clarke County Unified Government GO, 5.00%, 12/01/27 |
50 | 52,517 | ||||||
City of Atlanta GA, 5.00%, 12/01/27 |
215 | 226,073 | ||||||
City of Atlanta GA Department of Aviation RB 5.00%, 07/01/27 |
100 | 104,148 | ||||||
Series A, 5.00%, 07/01/27 |
200 | 208,295 | ||||||
City of Atlanta GA Water & Wastewater Revenue RB |
||||||||
Series B, 5.00%, 11/01/29 (Call 11/01/27) |
120 | 125,089 | ||||||
Series C, 5.00%, 11/01/28 (Call 11/01/27) |
225 | 235,275 | ||||||
County of Columbia GA GO, 5.00%, 01/01/27 |
45 | 46,838 | ||||||
Georgia Ports Authority RB, 5.00%, 07/01/27 |
980 | 1,023,717 | ||||||
Georgia State Road & Tollway Authority RB, 5.00%, 06/01/27 |
570 | 594,395 | ||||||
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/27 |
630 | 660,401 | ||||||
Metropolitan Atlanta Rapid Transit Authority RB |
||||||||
4.00%, 07/01/30 (Call 07/01/27) |
135 | 134,070 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
225 | 232,369 | ||||||
Series A, 5.25%, 07/01/27 (NPFGC) |
100 | 105,135 | ||||||
Series D, 4.00%, 07/01/27 |
535 | 540,875 | ||||||
State of Georgia, 5.00%, 07/01/27 |
200 | 209,551 | ||||||
State of Georgia GO |
||||||||
5.00%, 02/01/28 (Call 02/01/27) |
300 | 312,240 | ||||||
5.00%, 07/01/28 (Call 01/01/27) |
720 | 748,979 | ||||||
5.00%, 02/01/29 (Call 02/01/27) |
175 | 182,133 | ||||||
Series A, 5.00%, 02/01/27 (Call 02/01/26) |
80 | 82,123 | ||||||
Series A, 5.00%, 08/01/27 |
550 | 576,935 | ||||||
Series C, 5.00%, 07/01/29 (Call 07/01/27) |
225 | 235,188 | ||||||
Series E, 5.00%, 12/01/27 (Call 12/01/26) |
175 | 181,562 | ||||||
Series F, 5.00%, 01/01/27 |
100 | 104,054 |
Security | Par (000) |
Value | ||||||
Georgia (continued) | ||||||||
Series F, 5.00%, 07/01/27 (Call 01/01/27) |
$ | 125 | $ | 130,161 | ||||
|
|
|||||||
7,052,123 | ||||||||
Hawaii — 1.4% | ||||||||
City & County Honolulu HI Wastewater System Revenue RB |
||||||||
5.00%, 07/01/27 (Call 07/01/26) |
340 | 350,085 | ||||||
Series A, 5.00%, 07/01/27 (Call 07/01/25) |
285 | 290,027 | ||||||
City & County of Honolulu HI GO |
||||||||
5.00%, 07/01/27 |
355 | 370,712 | ||||||
5.00%, 09/01/27 |
175 | 183,148 | ||||||
5.00%, 10/01/27 |
125 | 130,967 | ||||||
5.00%, 11/01/27 |
375 | 393,347 | ||||||
Series B, 5.00%, 10/01/27 (Call 10/01/25) |
150 | 152,776 | ||||||
Series C, 4.00%, 08/01/27 |
245 | 247,197 | ||||||
County of Hawaii HI GO, 5.00%, 09/01/27 |
||||||||
(Call 03/01/26) |
100 | 102,758 | ||||||
County of Maui HI, 5.00%, 03/01/27 |
135 | 140,364 | ||||||
State of Hawaii GO |
||||||||
5.00%, 04/01/27 (Call 04/01/26) |
110 | 112,791 | ||||||
5.00%, 10/01/27 |
205 | 214,786 | ||||||
Series FE, 5.00%, 10/01/27 (Call 10/01/26) |
445 | 457,534 | ||||||
Series FH, 5.00%, 10/01/27 (Call 10/01/26) |
220 | 226,441 | ||||||
Series FK, 5.00%, 05/01/28 (Call 05/01/27) |
200 | 207,178 | ||||||
Series FN, 5.00%, 10/01/30 (Call 10/01/27) |
460 | 476,227 | ||||||
|
|
|||||||
4,056,338 | ||||||||
Idaho — 0.2% | ||||||||
Idaho Housing & Finance Association RB, Series A, 5.00%, 07/15/27 |
535 | 558,588 | ||||||
|
|
|||||||
Illinois — 4.1% | ||||||||
Chicago Midway International Airport RB, 5.00%, 01/01/27 (BAM) |
250 | 257,899 | ||||||
Chicago O’Hare International Airport RB |
||||||||
Series A, 5.00%, 01/01/28 (Call 01/01/27) |
425 | 437,273 | ||||||
Series B, 5.00%, 01/01/27 (Call 01/01/25) |
275 | 274,898 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/27 |
225 | 230,456 | ||||||
Illinois Finance Authority RB |
||||||||
5.00%, 01/01/27 |
140 | 145,082 | ||||||
5.00%, 07/01/27 |
460 | 479,399 | ||||||
5.00%, 07/01/29 (Call 01/01/27) |
850 | 880,955 | ||||||
Illinois State Toll Highway Authority RB |
||||||||
5.00%, 01/01/27 |
465 | 481,598 | ||||||
Series A, 5.00%, 01/01/27 |
655 | 678,380 | ||||||
Series B, 5.00%, 01/01/27 |
690 | 714,629 | ||||||
Series B, 5.00%, 01/01/27 (Call 07/01/26) |
125 | 128,253 | ||||||
Lake County School District No. 112 North Shore GO, 5.00%, 06/01/27 |
110 | 114,670 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/01/27 (Call 12/01/26) |
175 | 180,170 | ||||||
Sales Tax Securitization Corp. RB, 5.00%, 01/01/27 |
140 | 143,861 | ||||||
State of Illinois GO |
||||||||
5.00%, 02/01/27 |
795 | 811,211 | ||||||
5.00%, 03/01/27 |
265 | 270,456 | ||||||
5.00%, 05/01/27 |
450 | 459,765 | ||||||
5.00%, 06/01/27 (Call 06/01/26) |
100 | 101,575 | ||||||
5.00%, 07/01/27 |
305 | 311,941 | ||||||
5.00%, 10/01/27 |
1,065 | 1,090,590 | ||||||
Series A, 5.00%, 03/01/27 |
490 | 500,088 | ||||||
Series A, 5.00%, 12/01/27 |
400 | 409,978 | ||||||
Series B, 5.00%, 03/01/27 |
255 | 260,250 |
S C H E D U L E O F I N V E S T M E N T S |
73 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Illinois (continued) | ||||||||
Series B, 5.00%, 09/01/27 |
$ | 285 | $ | 291,704 | ||||
Series D, 5.00%, 11/01/27 |
1,385 | 1,418,997 | ||||||
Series D, 5.00%, 11/01/28 (Call 11/01/27) |
1,000 | 1,022,290 | ||||||
State of Illinois Sales Tax Revenue RB, Series C, 5.00%, 06/15/27 |
200 | 204,368 | ||||||
|
|
|||||||
12,300,736 | ||||||||
Indiana — 1.1% | ||||||||
Indiana Finance Authority, 5.00%, 02/01/27 |
230 | 239,238 | ||||||
Indiana Finance Authority RB |
||||||||
5.00%, 02/01/27 |
595 | 618,898 | ||||||
5.00%, 10/01/27 |
1,150 | 1,201,630 | ||||||
Series C, 5.00%, 06/01/27 (Call 12/01/26) |
570 | 588,342 | ||||||
Indiana University RB |
||||||||
4.00%, 08/01/27 |
125 | 126,034 | ||||||
5.00%, 08/01/29 (Call 08/01/27) |
165 | 171,970 | ||||||
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 01/15/29 (Call 01/15/27) |
375 | 388,308 | ||||||
|
|
|||||||
3,334,420 | ||||||||
Iowa — 0.2% | ||||||||
City of Des Moines IA GO, 5.00%, 06/01/27 |
485 | 506,075 | ||||||
Iowa Finance Authority RB, 5.00%, 08/01/30 |
||||||||
(Call 08/01/27) |
125 | 130,457 | ||||||
|
|
|||||||
636,532 | ||||||||
Kansas — 0.6% | ||||||||
County of Johnson KS GO, 5.00%, 09/01/27 |
180 | 187,400 | ||||||
State of Kansas Department of Transportation RB |
||||||||
5.00%, 09/01/27 (Call 09/01/25) |
710 | 724,472 | ||||||
5.00%, 09/01/29 (Call 09/01/27) |
145 | 150,620 | ||||||
5.00%, 09/01/30 (Call 09/01/27) |
150 | 155,022 | ||||||
Series A, 5.00%, 09/01/28 (Call 09/01/27) |
480 | 501,036 | ||||||
|
|
|||||||
1,718,550 | ||||||||
Kentucky — 0.0% | ||||||||
Louisville/Jefferson County Metropolitan Government |
||||||||
GO, Series A, 5.00%, 04/01/27 |
150 | 155,985 | ||||||
|
|
|||||||
Louisiana — 1.1% | ||||||||
State of Louisiana Gasoline & Fuels Tax Revenue RB, Series B, 5.00%, 05/01/27 |
280 | 291,677 | ||||||
State of Louisiana GO |
||||||||
5.00%, 03/01/27 |
265 | 275,698 | ||||||
5.00%, 04/01/27 |
180 | 187,475 | ||||||
5.00%, 09/01/27 (Call 09/01/26) |
240 | 247,653 | ||||||
5.00%, 04/01/28 (Call 04/01/27) |
195 | 202,729 | ||||||
5.00%, 10/01/29 (Call 10/01/27) |
190 | 197,356 | ||||||
Series A, 5.00%, 03/01/27 |
425 | 442,157 | ||||||
Series B, 5.00%, 08/01/27 (Call 08/01/26) |
320 | 329,886 | ||||||
Series B, 5.00%, 10/01/27 |
485 | 507,251 | ||||||
State of Louisiana RB, 5.00%, 09/01/27 |
600 | 626,844 | ||||||
|
|
|||||||
3,308,726 | ||||||||
Maine — 0.6% | ||||||||
Maine Municipal Bond Bank RB |
||||||||
5.00%, 11/01/27 |
475 | 498,240 | ||||||
5.00%, 11/01/27 (Call 11/01/26) |
295 | 305,767 | ||||||
Maine Turnpike Authority RB, 5.00%, 07/01/27 |
130 | 135,845 | ||||||
State of Maine GO, 5.00%, 06/01/27 |
725 | 756,771 | ||||||
|
|
|||||||
1,696,623 | ||||||||
Maryland — 4.0% | ||||||||
City of Baltimore MD GO, Series A, 5.00%, 10/15/27 |
120 | 125,615 | ||||||
County of Anne Arundel MD, 5.00%, 04/01/27 |
250 | 261,035 |
Security | Par (000) |
Value | ||||||
Maryland (continued) | ||||||||
County of Anne Arundel MD GOL |
||||||||
5.00%, 04/01/27 |
$ | 200 | $ | 208,828 | ||||
5.00%, 10/01/27 |
235 | 247,093 | ||||||
5.00%, 10/01/28 (Call 10/01/27) |
315 | 330,469 | ||||||
5.00%, 10/01/29 (Call 10/01/27) |
255 | 266,371 | ||||||
County of Baltimore MD GO |
||||||||
5.00%, 02/01/27 (Call 02/01/26) |
165 | 169,308 | ||||||
5.00%, 03/01/27 |
220 | 229,162 | ||||||
5.00%, 08/01/27 |
215 | 225,221 | ||||||
County of Charles MD GO, 5.00%, 10/01/27 |
100 | 105,146 | ||||||
County of Howard MD, 5.00%, 02/15/27 |
650 | 677,489 | ||||||
County of Howard MD GO |
||||||||
5.00%, 02/15/30 (Call 02/15/27) |
160 | 165,786 | ||||||
Series B, 5.00%, 02/15/28 (Call 02/15/27) |
310 | 322,708 | ||||||
County of Montgomery MD GO |
||||||||
4.00%, 11/01/27 |
455 | 461,165 | ||||||
4.00%, 11/01/28 (Call 11/01/27) |
165 | 166,892 | ||||||
5.00%, 08/01/27 |
215 | 225,529 | ||||||
5.00%, 10/01/28 (Call 10/01/27) |
115 | 120,647 | ||||||
Series A, 5.00%, 11/01/27 |
195 | 205,282 | ||||||
Series C, 5.00%, 10/01/27 |
150 | 157,719 | ||||||
County of Prince George’s MD GO, 3.00%, 09/15/27 |
50 | 47,859 | ||||||
County of Prince George’s MD GOL, Series A, 5.00%, 07/15/27 |
750 | 786,243 | ||||||
State of Maryland Department of Transportation RB |
||||||||
4.00%, 09/01/27 |
85 | 86,008 | ||||||
5.00%, 09/01/27 |
225 | 235,721 | ||||||
5.00%, 10/01/27 |
450 | 471,983 | ||||||
5.00%, 10/01/27 (Call 10/01/26) |
290 | 300,652 | ||||||
5.00%, 12/01/27 |
250 | 262,779 | ||||||
5.00%, 12/01/27 (Call 12/01/26) |
110 | 113,736 | ||||||
5.00%, 09/01/28 (Call 09/01/27) |
345 | 361,690 | ||||||
5.00%, 10/01/28 (Call 10/01/27) |
175 | 183,659 | ||||||
5.00%, 09/01/30 (Call 09/01/27) |
350 | 364,578 | ||||||
Series A, 5.00%, 10/01/27 |
280 | 293,678 | ||||||
State of Maryland GO |
||||||||
5.00%, 08/01/27 |
825 | 865,992 | ||||||
Second Series, 5.00%, 08/01/27 |
305 | 320,155 | ||||||
Series A, 5.00%, 03/15/27 |
395 | 412,434 | ||||||
Series A, 5.00%, 08/01/27 |
345 | 362,142 | ||||||
Series A, 5.00%, 03/15/28 (Call 03/15/27) |
570 | 593,982 | ||||||
Series A, 5.00%, 08/01/28 (Call 08/01/27) |
150 | 157,039 | ||||||
Series A, 5.00%, 08/01/29 (Call 08/01/27) |
465 | 484,973 | ||||||
Washington Suburban Sanitary Commission, 5.00%, 06/01/27 (GTD) |
225 | 235,475 | ||||||
Washington Suburban Sanitary Commission RB |
||||||||
3.00%, 06/01/27 (GTD) |
100 | 95,951 | ||||||
5.00%, 06/15/28 (Call 06/15/27) (GTD) |
115 | 120,209 | ||||||
|
|
|||||||
11,828,403 | ||||||||
Massachusetts — 2.4% | ||||||||
City of Boston MA GO |
||||||||
5.00%, 04/01/27 |
525 | 550,754 | ||||||
5.00%, 11/01/27 |
115 | 121,723 | ||||||
Series A, 5.00%, 05/01/27 |
90 | 94,537 | ||||||
City of Waltham MA GOL, 5.00%, 10/15/27 |
100 | 105,394 | ||||||
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/27 (Call 06/15/26) |
155 | 159,946 | ||||||
Commonwealth of Massachusetts GOL |
||||||||
5.00%, 01/01/27 |
325 | 338,274 | ||||||
5.00%, 05/01/27 |
135 | 141,171 |
74 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Massachusetts (continued) | ||||||||
5.00%, 09/01/27 |
$ | 850 | $ | 892,986 | ||||
Series B, 5.00%, 07/01/27 |
285 | 298,710 | ||||||
Series C, 5.00%, 05/01/27 |
390 | 407,827 | ||||||
Series D, 5.00%, 07/01/27 |
595 | 623,623 | ||||||
Series E, 5.00%, 11/01/27 |
335 | 352,791 | ||||||
Series G, 5.00%, 09/01/27 |
285 | 299,413 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/30 (Call 12/01/27) |
100 | 103,849 | ||||||
Massachusetts Bay Transportation Authority RB Series A, 5.00%, 07/01/27 |
555 | 581,504 | ||||||
Series A-2, 5.00%, 07/01/28 (Call 07/01/27) |
110 | 115,044 | ||||||
Massachusetts
Clean Water Trust (The) RB |
720 | 751,161 | ||||||
5.00%, 02/01/27 (Call 02/01/26) |
100 | 102,937 | ||||||
5.25%, 08/01/27 |
25 | 26,505 | ||||||
Massachusetts School Building Authority RB, Series C, 5.00%, 08/15/27 (Call 08/15/25) |
245 | 249,307 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.00%, 01/01/27 |
260 | 270,304 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/27 |
400 | 416,459 | ||||||
Massachusetts
Water Resources Authority RB, Series B, |
135 | 140,081 | ||||||
University
of Massachusetts Building Authority RB, |
60 | 63,141 | ||||||
|
|
|||||||
7,207,441 | ||||||||
Michigan — 1.5% | ||||||||
Michigan Finance Authority RB, 5.00%, 12/01/28 (Call 06/01/27) |
275 | 282,769 | ||||||
Michigan
State Building Authority, 5.00%, 04/15/27 |
210 | 213,811 | ||||||
Michigan State Building Authority RB, 5.00%, 10/15/27 |
670 | 701,853 | ||||||
Michigan State University, 5.00%, 02/15/27 |
305 | 316,844 | ||||||
State of Michigan, 5.00%, 05/01/27 |
210 | 218,548 | ||||||
State of Michigan RB, 5.00%, 03/15/27 |
1,440 | 1,493,824 | ||||||
State
of Michigan Trunk Line Revenue RB, Series B, |
610 | 641,542 | ||||||
University of Michigan RB |
||||||||
5.00%, 04/01/27 |
220 | 229,423 | ||||||
Series A, 5.00%, 04/01/29 (Call 04/01/27) |
200 | 208,066 | ||||||
Wayne County Airport Authority RB, 5.00%, 12/01/27 (Call 12/01/25) |
200 | 199,919 | ||||||
|
|
|||||||
4,506,599 | ||||||||
Minnesota — 2.2% | ||||||||
City of Minneapolis MN GO, 5.00%, 12/01/27 |
170 | 179,085 | ||||||
County of Hennepin MN GO |
||||||||
5.00%, 12/01/27 |
440 | 462,490 | ||||||
5.00%, 12/01/28 (Call 12/01/27) |
200 | 209,982 | ||||||
5.00%, 12/01/29 (Call 12/01/27) |
120 | 125,643 | ||||||
Metropolitan Council GO |
||||||||
4.00%, 03/01/27 (Call 03/01/26) |
300 | 300,810 | ||||||
5.00%, 03/01/27 |
305 | 317,507 | ||||||
5.00%, 12/01/27 |
205 | 215,558 | ||||||
Minneapolis-St Paul Metropolitan Airports |
||||||||
Commission RB |
||||||||
5.00%, 01/01/27 |
285 | 295,001 | ||||||
5.00%, 01/01/28 (Call 01/01/27) |
100 | 103,338 | ||||||
Minnesota Public Facilities Authority RB, 5.00%, |
||||||||
03/01/27 (Call 03/01/26) |
635 | 658,844 |
Security |
Par (000) |
Value | ||||||
Minnesota (continued) | ||||||||
State of Minnesota, 5.00%, 08/01/27 |
$ | 395 | $ | 413,920 | ||||
State of Minnesota GO |
||||||||
5.00%, 08/01/27 |
615 | 644,458 | ||||||
5.00%, 09/01/27 |
175 | 183,594 | ||||||
5.00%, 10/01/28 (Call 10/01/27) |
210 | 220,711 | ||||||
Series A, 5.00%, 10/01/28 (Call 10/01/27) |
460 | 483,461 | ||||||
Series B, 5.00%, 10/01/28 (Call 10/01/27) |
100 | 105,100 | ||||||
Series D, 5.00%, 08/01/27 (Call 08/01/26) |
265 | 274,325 | ||||||
Series D, 5.00%, 10/01/27 |
235 | 246,830 | ||||||
State of Minnesota RB, 5.00%, 03/01/27 | 260 | 270,414 | ||||||
University of Minnesota, 5.00%, 12/01/27 | 240 | 252,082 | ||||||
University of Minnesota RB | ||||||||
5.00%, 09/01/27 |
100 | 104,765 | ||||||
5.00%, 12/01/28 (Call 12/01/27) |
185 | 193,584 | ||||||
Series B, 5.00%, 12/01/29 (Call 12/01/27) |
215 | 224,599 | ||||||
|
|
|||||||
6,486,101 | ||||||||
Mississippi — 0.7% | ||||||||
State of Mississippi GO |
||||||||
Series A, 5.00%, 10/01/28 (Call 10/01/27) |
630 | 658,598 | ||||||
Series A, 5.00%, 10/01/32 (Call 10/01/27) |
325 | 341,240 | ||||||
Series A, 5.00%, 10/01/34 (Call 10/01/27) |
1,000 | 1,049,968 | ||||||
Series C, 5.00%, 10/01/27 (Call 10/01/25) |
90 | 92,028 | ||||||
|
|
|||||||
2,141,834 | ||||||||
Missouri — 0.6% | ||||||||
Metropolitan St Louis Sewer District RB |
||||||||
5.00%, 05/01/27 |
355 | 369,095 | ||||||
Series A, 5.00%, 05/01/28 (Call 05/01/27) |
295 | 306,876 | ||||||
Missouri State Board of Public Buildings GO, 5.00%, 10/01/27 |
935 | 977,896 | ||||||
Missouri
State Board of Public Buildings RB, 5.00%, 04/01/27 |
100 | 102,956 | ||||||
Missouri State Environmental Improvement & Energy Resources Authority RB, 5.00%, 01/01/27 (Call 07/01/25) |
45 | 45,833 | ||||||
|
|
|||||||
1,802,656 | ||||||||
Montana — 0.1% | ||||||||
State of Montana, 5.00%, 08/01/27 |
235 | 245,753 | ||||||
|
|
|||||||
Nebraska — 0.6% | ||||||||
City of Lincoln NE Electric System Revenue RB, | ||||||||
5.00%, 09/01/27 (Call 03/01/27) |
335 | 348,094 | ||||||
City of Omaha, 5.00%, 04/15/27 |
150 | 156,361 | ||||||
Nebraska Public Power District RB | ||||||||
5.00%, 01/01/27 |
175 | 180,772 | ||||||
Series A, 5.00%, 01/01/27 (Call 01/01/26) |
145 | 148,213 | ||||||
Series B, 5.00%, 01/01/28 (Call 01/01/27) |
50 | 51,744 | ||||||
Omaha Public Power District RB | ||||||||
5.00%, 02/01/27 (Call 02/01/26) |
640 | 655,881 | ||||||
Series A, 5.00%, 02/01/30 (Call 12/01/27) |
165 | 172,913 | ||||||
University of Nebraska Facilities Corp. RB (The), | ||||||||
5.00%, 07/15/27 |
220 | 229,777 | ||||||
|
|
|||||||
1,943,755 | ||||||||
Nevada — 2.1% | ||||||||
Clark County School District GOL | ||||||||
5.00%, 06/15/27 |
125 | 129,600 | ||||||
5.00%, 06/15/27 (AGM) |
180 | 186,932 | ||||||
5.00%, 06/15/27 (Call 12/15/25) |
190 | 192,852 | ||||||
5.00%, 06/15/27 (Call 12/15/26) |
500 | 514,953 | ||||||
Series C, 5.00%, 06/15/27 (Call 12/15/25) |
315 | 321,072 |
S C H E D U L E O F I N V E S T M E N T S |
75 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Nevada (continued) | ||||||||
County of Clark NV GOL |
||||||||
5.00%, 06/01/27 |
$ | 65 | $ | 67,693 | ||||
5.00%, 07/01/27 (Call 07/01/25) |
500 | 509,062 | ||||||
5.00%, 11/01/27 |
245 | 256,523 | ||||||
5.00%, 12/01/27 |
75 | 78,602 | ||||||
Series B, 5.00%, 11/01/27 (Call 11/01/26) |
75 | 77,436 | ||||||
County of Clark NV Passenger Facility Charge RB, Series C, 5.00%, 07/01/27 |
305 | 317,650 | ||||||
County of Clark NV RB |
||||||||
5.00%, 07/01/27 |
815 | 849,653 | ||||||
5.00%, 07/01/30 (Call 07/01/27) |
85 | 88,113 | ||||||
County of Washoe NV Gas Tax Revenue RB, 5.00%, 02/01/27 |
215 | 222,303 | ||||||
County of Washoe NV RB, 5.00%, 02/01/27 |
35 | 36,189 | ||||||
Las
Vegas Valley Water District GO, |
140 | 146,183 | ||||||
Las Vegas Valley Water District GOL |
||||||||
5.00%, 06/01/27 (Call 06/01/25) |
100 | 101,743 | ||||||
5.00%, 02/01/29 (Call 02/01/27) |
85 | 88,170 | ||||||
Series A, 5.00%, 06/01/27 (Call 06/01/25) |
335 | 340,838 | ||||||
State of Nevada GOL |
||||||||
5.00%, 05/01/27 |
150 | 156,555 | ||||||
5.00%, 08/01/27 |
175 | 182,945 | ||||||
Series D, 5.00%, 04/01/27 (Call 04/01/25) |
405 | 411,285 | ||||||
State of Nevada Highway Improvement Revenue RB |
||||||||
5.00%, 12/01/27 |
100 | 104,995 | ||||||
5.00%, 12/01/27 (Call 06/01/26) |
490 | 504,767 | ||||||
Washoe County School District/NV GOL |
||||||||
5.00%, 04/01/27 |
125 | 129,703 | ||||||
5.00%, 10/01/27 |
150 | 156,604 | ||||||
|
|
|||||||
6,172,421 | ||||||||
New Hampshire — 0.3% | ||||||||
New Hampshire Municipal Bond Bank, 5.00%, 08/15/27 |
95 | 99,501 | ||||||
New Hampshire Municipal Bond Bank RB |
||||||||
4.00%, 08/15/27 (Call 08/15/26) |
200 | 199,777 | ||||||
5.00%, 08/15/27 (ST INTERCEPT) |
80 | 83,791 | ||||||
State of New Hampshire GO |
||||||||
5.00%, 03/01/27 (Call 03/01/25) |
35 | 35,525 | ||||||
5.00%, 12/01/27 |
255 | 268,430 | ||||||
Series B, 4.00%, 12/01/30 (Call 12/01/27) |
120 | 120,202 | ||||||
Series D, 5.00%, 12/01/27 |
215 | 226,323 | ||||||
|
|
|||||||
1,033,549 | ||||||||
New Jersey — 2.5% | ||||||||
County of Essex NJ GO, 4.00%, 08/15/27 |
||||||||
(SCH BD RES FD) |
115 | 116,458 | ||||||
New Jersey Economic Development Authority |
||||||||
5.00%, 11/01/27 |
145 | 150,154 | ||||||
5.25%, 06/15/27 (Call 06/15/25) |
225 | 229,018 | ||||||
New Jersey Economic Development Authority RB |
||||||||
5.00%, 06/15/27 |
670 | 691,424 | ||||||
5.00%, 11/01/27 |
145 | 149,937 | ||||||
Series A, 4.00%, 11/01/27 (SAP) |
265 | 263,854 | ||||||
Series A, 5.00%, 11/01/27 |
150 | 155,107 | ||||||
New Jersey Educational Facilities Authority, 5.00%, 07/01/27 |
285 | 299,811 | ||||||
New Jersey Educational Facilities Authority RB, 5.00%, 03/01/27 |
520 | 544,815 | ||||||
New Jersey Transportation Trust Fund Authority RB |
||||||||
5.00%, 06/15/27 |
215 | 221,938 | ||||||
Series B, 5.00%, 06/15/27 |
840 | 867,145 |
Security |
Par (000) |
Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Turnpike Authority RB |
||||||||
5.00%, 01/01/27 |
$ | 400 | $ | 415,003 | ||||
5.00%, 01/01/30 (Call 01/01/27) |
340 | 349,471 | ||||||
Series A, 5.00%, 01/01/29 (Call 01/01/27) |
210 | 216,624 | ||||||
Series A, 5.25%, 01/01/27 (AGM) |
490 | 512,300 | ||||||
State of New Jersey GO |
||||||||
5.00%, 06/01/27 |
30 | 31,212 | ||||||
5.00%, 06/01/27 (Call 06/01/25) |
145 | 147,345 | ||||||
5.00%, 06/01/28 (Call 06/01/27) |
260 | 269,232 | ||||||
Series A, 5.00%, 06/01/27 |
1,780 | 1,851,940 | ||||||
|
|
|||||||
7,482,788 | ||||||||
New Mexico — 0.6% | ||||||||
New Mexico Finance Authority RB |
||||||||
5.00%, 06/01/27 |
485 | 506,750 | ||||||
5.00%, 06/15/27 |
180 | 187,860 | ||||||
Series A, 5.00%, 06/01/27 |
35 | 36,570 | ||||||
State of New Mexico GO, 5.00%, 03/01/27 |
400 | 416,149 | ||||||
State
of New Mexico Severance Tax Permanent Fund RB, |
700 | 730,982 | ||||||
|
|
|||||||
1,878,311 | ||||||||
New York — 10.7% | ||||||||
City of New York |
||||||||
5.00%, 08/01/27 |
185 | 193,070 | ||||||
5.00%, 08/01/27 (Call 08/01/26) |
90 | 91,791 | ||||||
City of New York NY GO |
||||||||
5.00%, 08/01/27 |
710 | 740,970 | ||||||
5.00%, 08/01/27 (Call 02/01/27) |
385 | 397,540 | ||||||
5.00%, 11/01/27 |
440 | 460,694 | ||||||
Series 1, 5.00%, 08/01/27 |
375 | 391,357 | ||||||
Series 1, 5.00%, 08/01/29 (Call 08/01/27) |
300 | 310,445 | ||||||
Series A, 5.00%, 08/01/27 |
675 | 704,443 | ||||||
Series A, 5.00%, 08/01/28 (Call 08/01/27) |
495 | 513,308 | ||||||
Series A-1, 5.00%, 08/01/27 |
200 | 208,724 | ||||||
Series C, 5.00%, 08/01/27 (Call 02/01/26) |
175 | 177,795 | ||||||
Series C, 5.00%, 08/01/28 (Call 02/01/27) |
770 | 794,909 | ||||||
Series C-1, 5.00%, 08/01/27 |
295 | 307,868 | ||||||
County of Nassau NY GOL, 5.00%, 07/01/27 (AGM) |
400 | 420,084 | ||||||
Hudson Yards Infrastructure Corp. RB |
||||||||
Series A, 5.00%, 02/15/27 |
345 | 359,699 | ||||||
Series A, 5.00%, 02/15/29 (Call 02/15/27) |
220 | 226,790 | ||||||
Long Island Power Authority RB, Series A, 5.00%, |
||||||||
09/01/27 |
310 | 324,998 | ||||||
Metropolitan Transportation Authority RB |
||||||||
5.00%, 11/15/27 |
125 | 131,389 | ||||||
5.00%, 11/15/27 (Call 11/15/26) |
100 | 102,719 | ||||||
Series A-2, 5.00%, 11/15/27 (Call 11/15/26) |
50 | 50,741 | ||||||
Series B-2, 5.00%, 11/15/27 (Call 11/15/26) |
180 | 184,894 | ||||||
Series C-1, 5.00%, 11/15/27 |
250 | 255,894 | ||||||
Series C-1, 5.00%, 11/15/27 (Call 11/15/25) |
70 | 70,385 | ||||||
Series C-2, 0.00%, 11/15/27(a) |
375 | 311,852 | ||||||
Series D, 5.00%, 11/15/27 (Call 11/15/26) |
305 | 309,523 | ||||||
New York City Municipal Water Finance Authority RB |
||||||||
5.00%, 06/15/27 (Call 12/15/25) |
750 | 763,236 | ||||||
Series DD-2, 5.00%, 06/15/27 (Call 12/15/25) |
595 | 605,501 | ||||||
New York City Transitional Finance Authority Building Aid Revenue RB |
||||||||
5.00%, 07/15/28 (Call 07/15/27) (SAW) |
300 | 310,018 | ||||||
Series B-1, 5.00%, 07/15/27 (SAW) |
235 | 245,444 | ||||||
Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW) |
365 | 376,694 | ||||||
Series S-3, 5.00%, 07/15/27 (SAW) |
395 | 412,554 |
76 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
New York (continued) | ||||||||
Series S-4A, 5.00%, 07/15/27 (SAW) |
$ | 150 | $ | 156,666 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00%, 11/01/30 (Call 05/01/27) |
555 | 570,388 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB |
||||||||
4.00%, 05/01/27 |
65 | 65,406 | ||||||
5.00%, 08/01/27 |
35 | 36,502 | ||||||
5.00%, 11/01/27 |
1,340 | 1,402,010 | ||||||
5.00%, 11/01/27 (Call 05/01/27) |
310 | 318,366 | ||||||
5.00%, 11/01/29 (Call 11/01/27) |
240 | 247,931 | ||||||
Series B-1, 5.00%, 08/01/28 (Call 08/01/27) |
190 | 195,625 | ||||||
Series B-1, 5.00%, 08/01/29 (Call 08/01/27) |
400 | 411,540 | ||||||
Series B-1, 5.00%, 08/01/30 (Call 08/01/27) |
130 | 133,886 | ||||||
Series C, 5.00%, 11/01/27 (Call 05/01/25) |
540 | 546,989 | ||||||
Series C, 5.00%, 11/01/29 (Call 05/01/27) |
395 | 405,498 | ||||||
New York City Water & Sewer System RB |
||||||||
5.00%, 06/15/27 (Call 06/15/25) |
125 | 127,579 | ||||||
Series AA, 5.00%, 06/15/27 |
790 | 827,772 | ||||||
Series FF, 5.00%, 06/15/27 (Call 06/15/25) |
80 | 81,575 | ||||||
New York Power Authority RB, 5.00%, 11/15/27 (AGM) |
500 | 523,367 | ||||||
New York State Dormitory Authority |
||||||||
5.00%, 03/15/27 |
185 | 193,447 | ||||||
5.00%, 03/15/27 (ETM) |
85 | 88,771 | ||||||
5.00%, 07/01/27 |
185 | 193,835 | ||||||
New York State Dormitory Authority RB |
||||||||
5.00%, 03/15/27 |
135 | 141,164 | ||||||
5.00%, 07/01/27 |
290 | 302,836 | ||||||
5.00%, 03/15/28 (Call 03/15/27) |
220 | 226,651 | ||||||
5.00%, 03/15/30 (Call 03/15/27) |
395 | 406,600 | ||||||
Series A, 5.00%, 02/15/27 (Call 08/15/26) |
140 | 145,172 | ||||||
Series A, 5.00%, 03/15/27 |
820 | 852,578 | ||||||
Series A, 5.00%, 03/15/27 (Call 09/15/26) |
90 | 93,438 | ||||||
Series A, 5.00%, 07/01/27 (Call 07/01/25) |
215 | 218,653 | ||||||
Series A, 5.00%, 02/15/29 (Call 02/15/27) |
595 | 612,624 | ||||||
Series A, 5.00%, 02/15/30 (Call 02/15/27) |
535 | 550,513 | ||||||
Series B, 5.00%, 02/15/27 |
275 | 287,210 | ||||||
Series B, 5.00%, 02/15/27 (Call 02/15/25) |
135 | 137,211 | ||||||
Series B, 5.00%, 03/15/27 (Call 09/15/25) |
370 | 378,809 | ||||||
Series B, 5.00%, 02/15/28 (PR 08/15/27) |
125 | 131,498 | ||||||
Series B, 5.00%, 02/15/31 (Call 08/15/27) |
270 | 278,785 | ||||||
Series D, 5.00%, 02/15/27 (PR 08/15/26) |
340 | 352,560 | ||||||
Series E, 5.00%, 03/15/27 |
455 | 474,307 | ||||||
New York State Environmental Facilities Corp. RB |
||||||||
5.00%, 06/15/27 |
375 | 393,710 | ||||||
5.00%, 06/15/27 (Call 06/15/26) |
130 | 133,983 | ||||||
5.00%, 10/15/27 |
150 | 158,261 | ||||||
5.00%, 06/15/29 (Call 06/15/27) |
905 | 939,954 | ||||||
New
York State Thruway Authority RB, |
155 | 160,814 | ||||||
New York State Urban Development Corp. RB |
||||||||
5.00%, 03/15/27 |
215 | 223,796 | ||||||
5.00%, 03/15/27 (ETM) |
100 | 104,243 | ||||||
Series A, 5.00%, 03/15/27 |
95 | 98,856 | ||||||
Series A, 5.00%, 03/15/27 (PR 03/15/26) |
625 | 642,140 | ||||||
Series A, 5.00%, 03/15/28 (PR 03/15/27) |
710 | 742,420 | ||||||
Series A, 5.00%, 03/15/29 (Call 03/15/27) |
355 | 367,330 | ||||||
Series C, 5.00%, 03/15/31 (Call 09/15/27) |
150 | 155,577 | ||||||
Port Authority of New York & New Jersey, 5.00%, |
||||||||
11/15/29 (Call 11/15/27) |
235 | 242,654 |
Security |
Par (000) |
Value | ||||||
New York (continued) | ||||||||
Port Authority of New York & New Jersey RB |
||||||||
4.00%, 12/01/27 |
$ | 85 | $ | 85,956 | ||||
5.00%, 12/01/27 |
690 | 723,667 | ||||||
State of New York GO |
||||||||
5.00%, 03/15/27 |
400 | 417,654 | ||||||
Series A, 5.00%, 03/01/27 |
75 | 78,267 | ||||||
Triborough Bridge & Tunnel Authority RB |
||||||||
5.00%, 05/15/27 |
1,775 | 1,851,728 | ||||||
5.00%, 11/15/27 (Call 08/15/27) |
365 | 382,241 | ||||||
Series B, 5.00%, 11/15/27 (Call 05/15/27) |
330 | 341,863 | ||||||
Series C-1, 5.00%, 11/15/27 |
400 | 419,610 | ||||||
Utility Debt Securitization Authority RB, 5.00%, |
||||||||
06/15/27 (Call 06/15/25) |
335 | 340,827 | ||||||
|
|
|||||||
31,878,642 | ||||||||
North Carolina — 2.5% | ||||||||
City of Charlotte NC GO |
||||||||
5.00%, 06/01/27 |
150 | 157,035 | ||||||
Series A, 5.00%, 06/01/27 |
425 | 444,932 | ||||||
City of Charlotte NC Water & Sewer System |
||||||||
Revenue RB |
||||||||
5.00%, 07/01/27 |
120 | 125,772 | ||||||
5.00%, 07/01/27 (Call 07/01/25) |
795 | 808,328 | ||||||
City of Durham GO, 5.00%, 04/01/27 |
145 | 151,163 | ||||||
County of Forsyth NC RB, 5.00%, 04/01/27 |
120 | 124,944 | ||||||
County of Guilford NC, 5.00%, 03/01/27 |
100 | 104,324 | ||||||
County of Guilford NC GO |
||||||||
Series B, 5.00%, 05/01/27 |
265 | 277,113 | ||||||
Series B, 5.00%, 05/01/28 (Call 05/01/27) |
100 | 104,643 | ||||||
County of Johnston NC GO, 5.00%, 02/01/27 |
95 | 98,993 | ||||||
County of Mecklenburg NC GO |
||||||||
4.00%, 04/01/30 (Call 04/01/27) |
160 | 159,303 | ||||||
5.00%, 03/01/27 |
230 | 239,945 | ||||||
Series A, 5.00%, 04/01/27 |
135 | 141,003 | ||||||
Series A, 5.00%, 04/01/28 (Call 04/01/27) |
340 | 354,836 | ||||||
County
of Union NC Enterprise System Revenue RB, |
200 | 208,696 | ||||||
County of Wake NC, 5.00%, 08/01/27 |
750 | 784,050 | ||||||
County of Wake NC GO, 5.00%, 04/01/27 |
175 | 182,839 | ||||||
County of Wake NC RB |
||||||||
5.00%, 03/01/27 |
165 | 171,556 | ||||||
5.00%, 09/01/27 |
95 | 99,423 | ||||||
Mecklenburg County Public Facilities Corp. RB, 5.00%, 02/01/27 |
110 | 114,282 | ||||||
North Carolina Municipal Power Agency No. 1 RB, |
||||||||
Series A, 5.00%, 01/01/27 (Call 01/01/26) |
120 | 122,008 | ||||||
State of North Carolina GO |
||||||||
5.00%, 06/01/27 (Call 06/01/26) |
125 | 129,112 | ||||||
Series B, 5.00%, 06/01/27 |
200 | 209,380 | ||||||
State of North Carolina RB |
||||||||
5.00%, 03/01/27 |
420 | 436,021 | ||||||
5.00%, 05/01/30 (Call 05/01/27) |
270 | 279,910 | ||||||
Series B, 5.00%, 05/01/27 |
845 | 881,929 | ||||||
Series B, 5.00%, 05/01/28 (Call 05/01/27) |
485 | 505,090 | ||||||
Town of Cary NC GO, 5.00%, 09/01/27 |
125 | 131,322 | ||||||
|
|
|||||||
7,547,952 | ||||||||
Ohio — 3.0% | ||||||||
City of Columbus OH GO |
||||||||
5.00%, 04/01/27 |
125 | 130,517 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
565 | 582,917 | ||||||
5.00%, 08/15/27 |
180 | 188,919 |
S C H E D U L E O F I N V E S T M E N T S |
77 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Ohio (continued) | ||||||||
5.00%, 04/01/28 (Call 10/01/27) |
$ | 335 | $ | 351,365 | ||||
Series 3, 5.00%, 02/15/27 |
340 | 354,379 | ||||||
Series 4, 5.00%, 02/15/27 |
135 | 140,709 | ||||||
Series 4, 5.00%, 02/15/28 (Call 02/15/27) |
120 | 124,901 | ||||||
Series A, 5.00%, 04/01/27 |
60 | 62,648 | ||||||
County of Hamilton OH Sales Tax Revenue RB, 5.00%, 12/01/27 |
295 | 309,166 | ||||||
Ohio State University (The) RB, Series A, 5.00%, 12/01/27 |
455 | 477,377 | ||||||
Ohio Turnpike & Infrastructure Commission RB |
||||||||
5.00%, 02/15/27 |
105 | 108,290 | ||||||
Series A, 5.00%, 02/15/30 (Call 02/15/27) |
200 | 207,610 | ||||||
Ohio Water Development Authority |
||||||||
5.00%, 06/01/27 |
135 | 141,054 | ||||||
5.00%, 12/01/27 (Call 12/01/26) |
325 | 336,534 | ||||||
Ohio Water Development Authority RB |
||||||||
5.00%, 12/01/27 (Call 12/01/26) |
50 | 51,775 | ||||||
Series A, 5.00%, 12/01/27 |
485 | 510,166 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund RB |
||||||||
5.00%, 12/01/27 (Call 06/01/27) |
420 | 438,549 | ||||||
5.00%, 12/01/30 (Call 06/01/27) |
255 | 264,873 | ||||||
Series A, 5.00%, 06/01/29 (Call 06/01/27) |
245 | 254,985 | ||||||
Series A, 5.00%, 12/01/29 (Call 06/01/27) |
420 | 437,118 | ||||||
Series B, 5.00%, 06/01/27 (Call 12/01/25) |
310 | 317,004 | ||||||
Series B, 5.00%, 12/01/27 |
195 | 205,118 | ||||||
State of Ohio GO |
||||||||
5.00%, 03/01/27 |
225 | 234,298 | ||||||
5.00%, 03/15/27 |
555 | 578,242 | ||||||
5.00%, 06/15/27 |
340 | 355,433 | ||||||
5.00%, 09/01/27 |
170 | 178,225 | ||||||
Series C, 5.00%, 08/01/27 |
400 | 418,874 | ||||||
Series T, 5.00%, 05/01/30 (Call 05/01/27) |
285 | 297,265 | ||||||
Series U, 5.00%, 05/01/27 |
300 | 313,111 | ||||||
State of Ohio RB |
||||||||
5.00%, 02/01/27 (Call 02/01/26) |
330 | 337,689 | ||||||
5.00%, 12/01/27 (Call 12/01/26) |
335 | 346,962 | ||||||
Series B, 5.00%, 10/01/27 |
35 | 36,606 | ||||||
|
|
|||||||
9,092,679 | ||||||||
Oklahoma — 0.3% | ||||||||
Grand River Dam Authority RB, Series A, 5.00%, |
||||||||
06/01/27 (Call 12/01/26) |
430 | 443,081 | ||||||
Oklahoma Turnpike Authority RB |
||||||||
Series E, 4.00%, 01/01/31 (Call 01/01/27) |
110 | 107,048 | ||||||
Series E, 5.00%, 01/01/27 |
125 | 129,651 | ||||||
University
of Oklahoma (The) RB, Series B, |
100 | 102,465 | ||||||
|
|
|||||||
782,245 | ||||||||
Oregon — 2.0% | ||||||||
City of Portland OR GOL |
||||||||
5.00%, 06/01/27 |
700 | 731,871 | ||||||
5.00%, 06/15/27 |
230 | 240,599 | ||||||
City of Portland OR Sewer System Revenue RB |
||||||||
5.00%, 06/01/27 (Call 06/01/25) |
175 | 178,077 | ||||||
5.00%, 06/15/27 (Call 06/15/26) |
100 | 102,940 | ||||||
Series A, 5.00%, 05/01/27 (Call 05/01/26) |
580 | 596,384 | ||||||
County
of Multnomah OR GO, Series A, |
520 | 543,604 | ||||||
County of Multnomah OR GOL, 5.00%, 06/01/29 |
||||||||
(Call 06/01/27) |
245 | 255,736 |
Security |
Par (000) |
Value | ||||||
Oregon (continued) | ||||||||
Hillsboro
School District No.1J GO, 5.00%, 06/15/28 |
$ | 175 | $ | 182,227 | ||||
Oregon
State Lottery RB, Series D, 5.00%, 04/01/27 |
130 | 132,050 | ||||||
Portland Community College District GO, 5.00%, |
||||||||
06/15/27 (Call 06/15/26) |
330 | 339,704 | ||||||
State of Oregon |
||||||||
5.00%, 05/01/27 |
755 | 789,258 | ||||||
5.00%, 11/01/27 |
60 | 63,164 | ||||||
State of Oregon Department of Transportation RB |
||||||||
Series A, 5.00%, 11/15/27 (Call 05/15/27) |
350 | 365,838 | ||||||
Series B, 5.00%, 11/15/29 (Call 05/15/27) |
225 | 234,878 | ||||||
State of Oregon GO |
||||||||
5.00%, 05/01/27 |
370 | 386,789 | ||||||
5.00%, 05/01/27 (Call 05/01/26) |
205 | 210,742 | ||||||
5.00%, 06/01/27 |
150 | 156,984 | ||||||
5.00%, 08/01/27 (Call 08/01/25) |
250 | 254,830 | ||||||
Series I, 5.00%, 08/01/28 (Call 08/01/27) |
245 | 255,926 | ||||||
Series L, 5.00%, 08/01/30 (Call 08/01/27) |
90 | 93,662 | ||||||
|
|
|||||||
6,115,263 | ||||||||
Pennsylvania — 2.3% | ||||||||
Allegheny County Higher Education Building Authority RB, 5.00%, 08/01/27 |
75 | 78,485 | ||||||
City of Philadelphia PA GO |
||||||||
Series A, 5.00%, 08/01/27 (Call 08/01/25) |
420 | 425,046 | ||||||
Series B, 5.00%, 08/01/27 (Call 08/01/25) |
210 | 212,523 | ||||||
Commonwealth of Pennsylvania GO |
||||||||
5.00%, 07/15/27 |
655 | 685,033 | ||||||
5.00%, 10/01/27 |
200 | 209,770 | ||||||
5.00%, 01/15/28 (Call 01/15/27) |
605 | 626,590 | ||||||
First Series, 5.00%, 01/01/27 |
460 | 477,672 | ||||||
First Series, 5.00%, 02/01/27 (Call 02/01/26) |
175 | 178,699 | ||||||
First Series, 5.00%, 09/15/27 (Call 09/15/26) |
350 | 359,695 | ||||||
First Series, 5.00%, 01/01/28 (Call 01/01/27) |
905 | 938,304 | ||||||
Second Series, 5.00%, 01/15/27 |
190 | 197,399 | ||||||
Second Series, 5.00%, 09/15/27 (Call 09/15/26) |
255 | 262,063 | ||||||
County of Northampton PA GO, 4.00%, 10/01/27 |
||||||||
(Call 04/01/26) |
150 | 150,778 | ||||||
Lower Merion School District GOL, 5.00%, 11/15/27 (SAW) |
290 | 305,441 | ||||||
Pennsylvania State University (The), 4.00%, 09/01/27 (Call 09/01/26) |
310 | 310,554 | ||||||
Pennsylvania State University (The) RB, 5.25%, |
||||||||
08/15/27 |
125 | 132,109 | ||||||
Pennsylvania Turnpike Commission RB |
||||||||
5.00%, 06/01/27 |
145 | 149,976 | ||||||
5.00%, 06/01/27 (Call 12/01/25) |
100 | 101,410 | ||||||
5.00%, 06/01/27 (Call 06/01/26) |
320 | 327,033 | ||||||
Series A2, 5.00%, 12/01/27 |
235 | 246,194 | ||||||
Series A2, 5.00%, 12/01/29 (Call 12/01/27) |
295 | 307,152 | ||||||
Series A2, 5.00%, 12/01/30 (Call 12/01/27) |
125 | 130,033 | ||||||
|
|
|||||||
6,811,959 | ||||||||
Rhode Island — 0.7% | ||||||||
Rhode Island Commerce Corp. RB, Series B, 5.00%, 06/15/27 (Call 06/15/26) |
370 | 378,653 | ||||||
Rhode Island Health and Educational Building Corp. RB, Series A, 5.00%, 09/01/29 (Call 09/01/27) |
375 | 389,942 | ||||||
Rhode Island Infrastructure Bank Water Pollution |
||||||||
Control Revolving Fund RB, Series B, 5.00%, |
||||||||
10/01/30 (Call 10/01/27) |
50 | 52,477 |
78 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Rhode Island (continued) | ||||||||
State of Rhode Island GO |
||||||||
5.00%, 01/15/27 |
$ | 175 | $ | 181,708 | ||||
5.00%, 08/01/27 |
305 | 318,956 | ||||||
Series B, 5.00%, 08/01/28 (Call 08/01/27) |
650 | 679,515 | ||||||
Series B, 5.00%, 08/01/29 (Call 08/01/27) |
25 | 26,112 | ||||||
|
|
|||||||
2,027,363 | ||||||||
South Carolina — 0.7% | ||||||||
City of Charleston SC Waterworks & Sewer System Revenue RB |
||||||||
5.00%, 01/01/27 |
125 | 130,067 | ||||||
5.00%, 01/01/30 (Call 01/01/27) |
105 | 108,508 | ||||||
City of Columbia SC Waterworks & Sewer System Revenue RB, 5.00%, 02/01/27 |
115 | 119,476 | ||||||
County of Charleston SC, 4.00%, 11/01/28 |
||||||||
(Call 11/01/27) (SAW) |
200 | 201,553 | ||||||
County
of Richland SC GO, Series A, |
80 | 83,383 | ||||||
Greenville
County School District RB, |
500 | 522,661 | ||||||
State of South Carolina GO |
||||||||
5.00%, 04/01/27 (SAW) |
395 | 412,306 | ||||||
5.00%, 04/01/30 (Call 10/01/27) (SAW) |
440 | 458,251 | ||||||
Series A, 4.00%, 04/01/31 (Call 10/01/27) (SAW) |
80 | 80,363 | ||||||
|
|
|||||||
2,116,568 | ||||||||
Tennessee — 2.0% | ||||||||
City of Clarksville TN Water Sewer & Gas Revenue RB, 5.00%, 02/01/27 |
140 | 145,189 | ||||||
City of Franklin TN GO, 5.00%, 06/01/27 |
235 | 246,021 | ||||||
City
of Memphis TN Electric System Revenue RB, |
145 | 152,125 | ||||||
City of Memphis TN GO, 5.00%, 05/01/27 |
485 | 505,387 | ||||||
County
of Blount TN GO, Series B, 5.00%, 06/01/27 |
100 | 102,669 | ||||||
County of Hamilton TN GO |
||||||||
5.00%, 01/01/27 |
180 | 187,352 | ||||||
Series A, 5.00%, 04/01/27 |
220 | 229,782 | ||||||
County of Montgomery TN GO, 5.00%, 04/01/27 |
175 | 182,210 | ||||||
County of Rutherford, 5.00%, 04/01/27 |
210 | 219,269 | ||||||
County of Shelby TN GO |
||||||||
5.00%, 04/01/27 |
210 | 219,063 | ||||||
5.00%, 04/01/29 (Call 04/01/27) |
310 | 321,696 | ||||||
Series A, 5.00%, 04/01/27 |
140 | 146,042 | ||||||
County of Williamson TN GO, 5.00%, 05/01/27 |
500 | 522,855 | ||||||
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/27 |
150 | 156,130 | ||||||
Metropolitan Government of Nashville & Davidson |
||||||||
County TN GO |
||||||||
4.00%, 07/01/27 |
365 | 368,384 | ||||||
5.00%, 01/01/27 (Call 07/01/26) |
410 | 420,967 | ||||||
5.00%, 07/01/27 |
160 | 167,137 | ||||||
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB 5.00%, 07/01/30 (Call 07/01/27) |
245 | 253,103 | ||||||
Series B, 5.00%, 07/01/30 (Call 07/01/27) |
220 | 227,276 | ||||||
State of Tennessee GO |
||||||||
Series A, 5.00%, 11/01/27 |
155 | 163,055 | ||||||
Series B, 5.00%, 08/01/27 (Call 08/01/26) |
265 | 274,327 | ||||||
Tennessee State School Bond Authority RB |
||||||||
5.00%,
11/01/30 (Call 11/01/27) |
125 | 129,668 | ||||||
Series B, 5.00%, 11/01/27 (ST INTERCEPT) |
445 | 467,279 |
Security |
Par (000) |
Value | ||||||
Tennessee (continued) | ||||||||
Series B, 5.00%, 11/01/28 (Call 11/01/27) |
||||||||
(ST INTERCEPT) |
$ | 220 | $ | 229,881 | ||||
|
|
|||||||
6,036,867 | ||||||||
Texas — 8.5% | ||||||||
Alamo Community College District GOL, 5.00%, |
||||||||
08/15/30 (Call 08/15/27) |
175 | 181,336 | ||||||
Aldine Independent School District GO, 5.00%, |
||||||||
02/15/31 (Call 02/15/27) (PSF) |
155 | 159,165 | ||||||
Arlington Independent School District/TX, 5.00%, |
||||||||
02/15/27 (PSF) |
125 | 129,893 | ||||||
Austin
Community College District RB, 5.00%, 02/01/27 |
55 | 56,349 | ||||||
Austin Independent School District GO, 5.00%, |
||||||||
08/01/27 (PSF) |
1,205 | 1,257,562 | ||||||
Board of Regents of the University of Texas System RB |
||||||||
5.00%, 08/15/27 (Call 08/15/26) |
140 | 145,155 | ||||||
Series E, 5.00%, 08/15/27 |
430 | 448,673 | ||||||
City of Austin TX GOL |
||||||||
5.00%, 09/01/27 |
270 | 282,178 | ||||||
5.00%, 09/01/28 (Call 09/01/27) |
110 | 114,489 | ||||||
City of Austin TX Water & Wastewater System Revenue |
||||||||
RB, 5.00%, 11/15/27 |
200 | 209,423 | ||||||
City of Dallas TX Waterworks & Sewer System |
||||||||
Revenue RB, Series A, 5.00%, 10/01/27 |
||||||||
(Call 10/01/26) |
155 | 159,312 | ||||||
City of Fort Worth Water & Sewer System Revenue RB, 5.00%, 02/15/27 |
160 | 166,063 | ||||||
City of Houston Combined Utility System Revenue, 0.00%, 12/01/27 (AGM)(a) |
215 | 180,664 | ||||||
City of Houston TX Combined Utility System Revenue |
||||||||
RB, Series B, 5.00%, 11/15/27 |
120 | 125,654 | ||||||
City of San Antonio Texas Electric & Gas Systems |
||||||||
Revenue RB, 5.00%, 02/01/27 |
110 | 113,737 | ||||||
City of San Antonio TX Electric & Gas Systems |
||||||||
Revenue RB, 5.00%, 02/01/27 |
75 | 77,548 | ||||||
City of San Antonio TX GOL |
||||||||
5.00%, 08/01/27 |
60 | 62,532 | ||||||
5.00%, 08/01/28 (Call 08/01/27) |
150 | 155,932 | ||||||
Clear Creek Independent School District RB, 5.00%, 02/15/27 (PSF) |
115 | 119,610 | ||||||
College Station Independent School District GO, |
||||||||
5.00%, 08/15/27 (Call 08/15/26) |
105 | 108,443 | ||||||
Conroe Independent School District GO |
||||||||
5.00%, 02/15/27 (Call 02/15/26) (PSF) |
120 | 123,188 | ||||||
5.00%, 02/15/30 (Call 02/15/27) (PSF) |
145 | 149,945 | ||||||
Series A, 5.00%, 02/15/27 (PSF) |
570 | 591,955 | ||||||
County of Bexar TX GOL, 5.00%, 06/15/27 |
120 | 125,033 | ||||||
County of Fort Bend TX GOL, Series B, 5.00%, |
||||||||
03/01/27 (Call 03/01/26) |
305 | 311,429 | ||||||
Cypress-Fairbanks Independent School District GO |
||||||||
5.00%, 02/15/27 |
150 | 155,872 | ||||||
5.00%, 02/15/27 (PSF) |
515 | 535,161 | ||||||
5.00%, 02/15/27 (Call 02/15/26) (PSF) |
625 | 642,435 | ||||||
Dallas Area Rapid Transit RB, 5.00%, 12/01/27 |
815 | 852,252 | ||||||
Dallas
Fort Worth International Airport RB, Series A, |
185 | 192,863 | ||||||
Dallas Independent School District GO, 5.00%, |
||||||||
02/15/27 (PSF) |
300 | 311,649 | ||||||
Fort Bend Independent School District GO, 5.00%, |
||||||||
08/15/30 (Call 08/15/27) (PSF) |
115 | 119,327 |
S C H E D U L E O F I N V E S T M E N T S |
79 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Fort Worth Independent School District GO, 5.00%, 02/15/27 (Call 02/15/25) (PSF) |
$ | 100 | $ | 101,424 | ||||
Frisco Independent School District GO, 4.00%, |
||||||||
08/15/29 (Call 02/15/27) (PSF) |
155 | 154,617 | ||||||
Garland Independent School District GO, 5.00%, |
||||||||
02/15/27 (Call 02/15/25) (PSF) |
160 | 161,993 | ||||||
Harris County Flood Control District RB, 5.00%, |
||||||||
10/01/27 (Call 10/01/25) |
350 | 356,338 | ||||||
Harris County Toll Road Authority (The) RB, 5.00%, 08/15/27 |
520 | 542,208 | ||||||
Katy Independent School District GO, 5.00%, 02/15/27 (PSF) |
105 | 109,176 | ||||||
Leander Independent School District GO, 0.00%, |
||||||||
08/15/27 (Call 08/15/25)(a) |
150 | 126,520 | ||||||
Lewisville Independent School District GO |
||||||||
5.00%, 08/15/27 |
210 | 219,270 | ||||||
5.00%, 08/15/27 (Call 08/15/26) (PSF) |
200 | 205,758 | ||||||
Series
A, 4.00%, 08/15/27 |
285 | 283,299 | ||||||
Lone Star College System GOL, 5.00%, 08/15/28 (Call 02/15/27) |
125 | 129,540 | ||||||
Mesquite Independent School District GO, 5.00%, 08/15/29 (Call 08/15/27) (PSF) |
215 | 223,546 | ||||||
North East Independent School District/TX GO, 5.25%, 02/01/27 (PSF) |
235 | 245,123 | ||||||
North Texas Municipal Water District, 5.00%, 06/01/27 |
100 | 104,451 | ||||||
North Texas Municipal Water District RB, 5.00%, |
||||||||
06/01/27 (Call 06/01/26) |
150 | 154,260 | ||||||
North Texas Municipal Water District Upper East Fork Wastewater Interceptor System Contract Revenue Refunding Bonds RB, 5.00%, 06/01/27 |
70 | 73,115 | ||||||
North Texas Municipal Water District Water System Revenue RB 5.00%, 09/01/27 |
490 | 510,323 | ||||||
5.00%, 09/01/27 (Call 09/01/25) |
120 | 121,844 | ||||||
North Texas Tollway Authority RB |
||||||||
Series A, 5.00%, 01/01/27 (Call 01/01/26) |
310 | 316,484 | ||||||
Series B, 5.00%, 01/01/27 (Call 01/01/26) |
445 | 451,876 | ||||||
Northside Independent School District GO, Series A, 5.00%, 08/15/27 (PSF) |
100 | 104,666 | ||||||
Northside Independent School District RB, 5.00%, 08/15/27 (PSF) |
1,185 | 1,240,295 | ||||||
Northwest Independent School District GO, 5.00%, 02/15/28 (Call 08/15/27) (PSF) |
145 | 151,044 | ||||||
Permanent University Fund-Texas A&M University System RB, Series B, 5.00%, 07/01/27 (Call 07/01/25) |
25 | 25,503 | ||||||
Permanent University Fund-University of Texas System RB |
||||||||
5.00%, 07/01/27 |
250 | 261,152 | ||||||
5.00%, 07/01/27 (Call 07/01/26) |
130 | 133,491 | ||||||
Permanent University Fund-Texas A&M University System, 5.00%, 07/01/27 (Call 07/01/25) |
525 | 535,564 | ||||||
Plano Independent School District RB, 5.00%, 02/15/27 (Call 02/15/26) (PSF) |
160 | 164,145 | ||||||
Prosper Independent School District GO, 5.00%, 02/15/27 (PSF) |
105 | 108,716 | ||||||
Round Rock Independent School District GO, Series A, 5.00%, 08/01/27 (PSF) |
1,070 | 1,120,105 | ||||||
San Antonio Independent School District/TX GO, |
||||||||
5.00%, 08/15/27 (PSF) |
155 | 162,121 |
Security |
Par (000) |
Value | ||||||
Texas (continued) | ||||||||
San Antonio Water System, 5.00%, 05/15/27 |
||||||||
(Call 11/15/26) |
$ | 255 | $ | 263,311 | ||||
San Antonio Water System RB |
||||||||
5.00%, 05/15/27 |
50 | 51,876 | ||||||
Series A, 5.00%, 05/15/27 |
170 | 176,377 | ||||||
Series A, 5.00%, 05/15/30 (Call 05/15/27) |
255 | 263,082 | ||||||
Socorro Independent School District GO, Series B, 5.00%, 08/15/30 (Call 08/15/27) (PSF) |
130 | 134,892 | ||||||
Spring Independent School District GO, Series A, |
||||||||
5.00%, 08/15/27 (Call 08/15/26) |
155 | 158,600 | ||||||
State of Texas GO |
||||||||
5.00%, 10/01/27 |
230 | 240,723 | ||||||
5.00%, 10/01/30 (Call 10/01/27) |
100 | 103,477 | ||||||
Series A, 5.00%, 04/01/27 (Call 04/01/26) |
60 | 61,443 | ||||||
Series A, 5.00%, 10/01/30 (Call 10/01/27) |
135 | 139,694 | ||||||
Series B, 5.00%, 10/01/29 (Call 10/01/27) |
290 | 300,686 | ||||||
Series B, 5.00%, 10/01/30 (Call 10/01/27) |
445 | 460,474 | ||||||
Temple
Independent School District/TX GO, 4.00%, 02/01/28 |
100 | 99,881 | ||||||
Texas A&M University RB |
||||||||
4.00%, 05/15/27 (Call 05/15/26) |
150 | 149,910 | ||||||
5.00%, 05/15/27 |
230 | 239,865 | ||||||
Series C, 5.00%, 05/15/28 (Call 05/15/27) |
255 | 264,949 | ||||||
Series E, 4.00%, 05/15/27 (Call 05/15/26) |
305 | 303,823 | ||||||
Texas
Public Finance Authority RB, |
200 | 206,609 | ||||||
Texas State University System RB |
||||||||
5.00%, 03/15/27 |
860 | 892,421 | ||||||
Series A, 5.00%, 03/15/27 (Call 03/15/25) |
260 | 263,528 | ||||||
Series A, 5.00%, 03/15/30 (Call 03/15/27) |
350 | 360,974 | ||||||
Texas
Tech University System RB, |
175 | 181,796 | ||||||
Texas Transportation Commission State Highway |
||||||||
Fund RB |
||||||||
5.00%, 10/01/27 (Call 10/01/26) |
100 | 103,032 | ||||||
5.25%, 04/01/27 |
235 | 245,859 | ||||||
Texas Water Development Board RB |
||||||||
5.00%, 04/15/27 |
130 | 135,470 | ||||||
5.00%, 04/15/27 (Call 10/15/25) |
85 | 86,844 | ||||||
5.00%, 08/01/27 |
150 | 156,917 | ||||||
5.00%, 10/15/27 (Call 10/15/25) |
125 | 127,830 | ||||||
5.00%, 04/15/28 (Call 10/15/27) |
450 | 469,777 | ||||||
5.00%, 08/01/29 (Call 08/01/27) |
585 | 608,053 | ||||||
5.00%, 08/01/30 (Call 08/01/27) |
410 | 425,863 | ||||||
Series A, 5.00%, 10/15/27 |
150 | 157,356 | ||||||
University of North Texas System RB |
||||||||
Series A, 5.00%, 04/15/27 |
60 | 62,092 | ||||||
Series A, 5.00%, 04/15/30 (Call 04/15/27) |
605 | 624,186 | ||||||
|
|
|||||||
25,484,464 | ||||||||
Utah — 1.1% | ||||||||
Alpine School District/UT GO, 5.00%, 03/15/27 (GTD) |
290 | 302,332 | ||||||
Canyons
School District Local Building Authority RB, |
460 | 480,880 | ||||||
Central
Utah Water Conservancy District RB, Series B, |
250 | 260,844 | ||||||
City of Salt Lake City Public Utilities Revenue, 5.00%, 02/01/27 |
190 | 197,631 | ||||||
Intermountain
Power Agency RB, Series A, |
150 | 156,378 | ||||||
Salt Lake City Corp. RB, 5.00%, 02/01/30 |
||||||||
(Call 02/01/27) |
135 | 140,317 | ||||||
State of Utah, 5.00%, 07/01/27 |
525 | 550,071 |
80 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Utah (continued) | ||||||||
State of Utah GO |
||||||||
5.00%, 07/01/27 (Call 01/01/27) |
$ | 150 | $ | 156,294 | ||||
5.00%, 07/01/28 (Call 07/01/27) |
330 | 346,106 | ||||||
5.00%, 07/01/29 (Call 07/01/27) |
170 | 178,238 | ||||||
University of Utah (The) RB |
||||||||
5.00%, 08/01/27 (SAP) |
220 | 229,596 | ||||||
Series A, 5.00%, 08/01/27 (Call 08/01/25) |
60 | 61,149 | ||||||
Utah
Water Finance Agency RB, Series A, 5.00%, 03/01/28 |
250 | 259,774 | ||||||
|
|
|||||||
3,319,610 | ||||||||
Vermont — 0.0% | ||||||||
State of Vermont GO, Series B, 5.00%, 08/15/27 |
100 | 104,955 | ||||||
|
|
|||||||
Virginia — 3.2% | ||||||||
City
of Norfolk VA, 5.00%, 09/01/31 |
270 | 281,244 | ||||||
City
of Norfolk VA GO, Series B, 4.00%, 10/01/27 |
90 | 90,633 | ||||||
City of Richmond VA, 5.00%, 07/15/28 (Call 07/15/27) |
130 | 136,112 | ||||||
City of Richmond VA GO |
||||||||
5.00%, 03/01/27 |
185 | 192,704 | ||||||
5.00%, 07/15/27 |
170 | 177,975 | ||||||
City of Virginia Beach VA GO, 5.00%, 07/15/27 (SAW) |
260 | 272,380 | ||||||
County of Arlington VA GO, 5.00%, 06/15/27 |
155 | 162,250 | ||||||
County of Fairfax VA GO |
||||||||
4.00%, 10/01/27 |
375 | 380,169 | ||||||
4.00%, 10/01/27 (SAW) |
210 | 212,895 | ||||||
County of Henrico VA GO |
||||||||
5.00%, 08/01/27 |
55 | 57,693 | ||||||
Series A, 5.00%, 08/01/27 (SAW) |
65 | 68,183 | ||||||
County of Loudoun VA GO |
||||||||
5.00%, 12/01/27 |
90 | 94,880 | ||||||
Series A, 5.00%, 12/01/27 (SAW) |
620 | 653,616 | ||||||
Fairfax
County Industrial Development Authority RB, |
265 | 274,321 | ||||||
Hampton Roads Sanitation District RB |
||||||||
5.00%, 10/01/28 (Call 10/01/27) |
205 | 215,009 | ||||||
Series A, 5.00%, 10/01/29 (Call 10/01/27) |
210 | 220,228 | ||||||
Virginia
College Building Authority, |
635 | 659,125 | ||||||
Virginia College Building Authority RB |
||||||||
5.00%, 02/01/27 |
630 | 653,935 | ||||||
5.00%, 09/01/27 |
130 | 136,289 | ||||||
Series A, 5.00%, 09/01/27 |
125 | 130,774 | ||||||
Series A, 5.00%, 09/01/27 (Call 09/01/26) |
||||||||
(ST INTERCEPT) |
360 | 373,315 | ||||||
Series C, 5.00%, 02/01/30 (Call 02/01/27) |
205 | 211,209 | ||||||
Virginia Commonwealth Transportation Board RB |
||||||||
5.00%, 03/15/27 (Call 09/15/26) |
55 | 56,750 | ||||||
5.00%, 05/15/27 |
290 | 302,438 | ||||||
5.00%, 09/15/27 |
175 | 183,309 | ||||||
5.00%, 09/15/27 (Call 09/15/26) |
110 | 113,620 | ||||||
Series A, 5.00%, 05/15/27 |
560 | 584,018 | ||||||
Series A, 5.00%, 05/15/29 (Call 11/15/27) |
320 | 333,891 | ||||||
Series A, 5.00%, 05/15/30 (Call 11/15/27) |
350 | 363,995 | ||||||
Virginia Public Building Authority RB |
||||||||
4.00%, 08/01/31 (Call 08/01/27) |
70 | 70,652 | ||||||
5.00%, 08/01/27 (Call 08/01/26) |
180 | 186,084 | ||||||
5.00%, 08/01/29 (Call 08/01/27) |
325 | 339,682 | ||||||
Series A, 4.00%, 08/01/27 |
130 | 131,347 | ||||||
Virginia Public School Authority |
||||||||
5.00%, 08/01/27 |
340 | 356,043 | ||||||
5.00%, 10/01/27 (SAW) |
110 | 115,661 |
Security |
Par (000) |
Value | ||||||
Virginia (continued) | ||||||||
Virginia Public School Authority RB |
||||||||
4.00%, 02/01/29 (Call 02/01/27) |
$ | 370 | $ | 372,020 | ||||
5.00%, 08/01/27 (SAW) |
140 | 146,606 | ||||||
Virginia Resources Authority RB |
||||||||
5.00%, 11/01/27 |
60 | 63,072 | ||||||
5.00%, 11/01/27 (Call 11/01/25) |
110 | 112,060 | ||||||
|
|
|||||||
9,486,187 | ||||||||
Washington — 4.6% | ||||||||
Central Puget Sound Regional Transit Authority RB |
||||||||
Series S-1, 5.00%, 11/01/27 |
520 | 545,442 | ||||||
Series S-1, 5.00%, 11/01/27 (Call 11/01/26) |
100 | 103,335 | ||||||
City of Seattle GO, 5.00%, 06/01/27 (Call 06/01/25) |
170 | 172,967 | ||||||
City
of Seattle Municipal Light & Power Revenue, |
170 | 178,101 | ||||||
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 04/01/27 (Call 04/01/26) |
145 | 148,848 | ||||||
City of Seattle WA GOL |
||||||||
5.00%, 12/01/27 |
390 | 410,237 | ||||||
Series A, 5.00%, 05/01/27 |
305 | 318,329 | ||||||
City of Seattle WA Municipal Light & Power |
||||||||
Revenue RB |
||||||||
5.00%, 07/01/27 |
775 | 810,113 | ||||||
Series A, 5.00%, 07/01/27 |
225 | 235,194 | ||||||
Series B, 5.00%, 04/01/27 (Call 04/01/26) |
340 | 349,180 | ||||||
Clark
County School District No. 114 Evergreen GO, |
155 | 162,743 | ||||||
County of King WA GOL |
||||||||
5.00%, 07/01/27 |
100 | 104,601 | ||||||
5.00%, 07/01/27 (Call 01/01/25) |
270 | 273,539 | ||||||
5.00%, 12/01/27 |
120 | 126,227 | ||||||
Series E, 5.00%, 12/01/27 (Call 12/01/25) |
160 | 163,548 | ||||||
County of King WA Sewer Revenue RB |
||||||||
5.00%, 07/01/27 (Call 01/01/26) |
55 | 56,335 | ||||||
Series B, 5.00%, 07/01/27 (Call 07/01/26) |
530 | 545,992 | ||||||
County of Snohomish WA GO, 5.00%, 12/01/27 |
195 | 204,741 | ||||||
Energy Northwest RB |
||||||||
5.00%, 07/01/27 |
485 | 507,313 | ||||||
Series A, 5.00%, 07/01/27 |
150 | 156,901 | ||||||
Series A, 5.00%, 07/01/27 (Call 07/01/26) |
125 | 128,740 | ||||||
Series A, 5.00%, 07/01/28 (Call 07/01/27) |
705 | 733,804 | ||||||
Series A, 5.00%, 07/01/29 (Call 07/01/27) |
330 | 342,998 | ||||||
Series C, 5.00%, 07/01/27 |
505 | 528,233 | ||||||
King County School District No. 405 Bellevue GO, |
||||||||
5.00%, 12/01/27 (Call 12/01/26) (GTD) |
255 | 263,824 | ||||||
King County School District No. 414 Lake Washington GO, 4.00%, 12/01/27 (GTD) |
490 | 494,215 | ||||||
Kitsap County School District No. 401 Central Kitsap GO, 5.00%, 12/01/27 (GTD) |
80 | 83,996 | ||||||
Pierce County School District No. 402 Franklin Pierce GO, 5.00%, 12/01/29 (Call 12/01/27) (GTD) |
190 | 199,044 | ||||||
Port of Seattle WA, 5.00%, 01/01/29 (Call 01/01/27) |
200 | 206,696 | ||||||
Port of Seattle WA RB, 5.00%, 02/01/27 |
||||||||
(Call 02/01/26) |
240 | 244,659 | ||||||
Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD) |
160 | 167,740 | ||||||
Spokane County School District No. 81 Spokane GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD) |
220 | 230,642 | ||||||
State of Washington, 5.00%, 07/01/27 |
515 | 538,513 | ||||||
State of Washington COP, Series B, 5.00%, 07/01/27 |
160 | 166,803 | ||||||
State of Washington GO |
||||||||
5.00%, 02/01/27 |
630 | 655,108 |
S C H E D U L E O F I N V E S T M E N T S |
81 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Washington (continued) | ||||||||
5.00%, 02/01/27 (Call 02/01/25) |
$ | 105 | $ | 106,294 | ||||
5.00%, 07/01/27 (Call 01/01/25) |
315 | 318,734 | ||||||
5.00%, 08/01/27 |
195 | 204,131 | ||||||
5.00%, 08/01/27 (Call 08/01/26) |
165 | 169,891 | ||||||
5.00%, 08/01/30 (Call 08/01/27) |
105 | 109,245 | ||||||
Series D, 5.00%, 02/01/27 |
100 | 103,985 | ||||||
Series E, 5.00%, 07/01/27 (Call 01/01/25) |
130 | 131,541 | ||||||
Series R, 5.00%, 08/01/27 |
695 | 727,545 | ||||||
Series R, 5.00%, 08/01/27 (Call 08/01/26) |
345 | 355,228 | ||||||
Series R-2018-C, 5.00%, 08/01/29 (Call 08/01/27) |
445 | 463,936 | ||||||
University of Washington, 5.00%, 04/01/27 |
295 | 306,291 | ||||||
University of Washington RB, Series B, 5.00%, |
||||||||
06/01/27 (Call 06/01/25) |
95 | 96,527 | ||||||
Washington State University RB, 5.00%, 04/01/27 (Call 04/01/25) |
70 | 70,951 | ||||||
|
|
|||||||
13,723,000 | ||||||||
West Virginia — 0.6% | ||||||||
State of West Virginia GO |
||||||||
Series A, 5.00%, 06/01/27 |
315 | 328,696 | ||||||
Series A, 5.00%, 12/01/27 |
155 | 162,803 | ||||||
West Virginia Commissioner of Highways RB |
||||||||
5.00%, 09/01/27 |
270 | 280,320 | ||||||
5.00%, 09/01/29 (Call 09/01/27) |
305 | 315,177 | ||||||
Series A, 5.00%, 09/01/29 (Call 09/01/27) |
295 | 304,843 | ||||||
West Virginia State School Building Authority Lottery |
||||||||
Revenue RB, Series A, 5.00%, 07/01/27 (Call 07/01/25) |
275 | 279,910 | ||||||
|
|
|||||||
1,671,749 | ||||||||
Wisconsin — 2.2% | ||||||||
Milwaukee Metropolitan Sewerage District GO, |
||||||||
Series A, 5.00%, 10/01/27 (Call 10/01/26) |
150 | 154,642 | ||||||
State of Wisconsin |
||||||||
4.00%, 05/01/27 (Call 05/01/26) |
265 | 265,828 | ||||||
5.00%, 11/01/30 (Call 05/01/27) |
290 | 301,872 | ||||||
State of Wisconsin GO |
||||||||
4.00%, 05/01/28 (Call 05/01/27) |
145 | 145,795 | ||||||
5.00%, 05/01/27 |
355 | 370,871 | ||||||
5.00%, 05/01/27 (Call 05/01/25) |
305 | 310,634 | ||||||
5.00%, 11/01/27 (Call 05/01/27) |
585 | 608,510 |
Security |
Par (000) |
Value | ||||||
Wisconsin (continued) | ||||||||
5.00%, 11/01/28 (Call 05/01/27) |
$250 | $ | 260,163 | |||||
5.00%, 11/01/29 (Call 05/01/27) |
280 | 291,508 | ||||||
Series 2, 4.00%, 11/01/27 (Call 05/01/26) |
180 | 180,752 | ||||||
Series 2, 5.00%, 11/01/27 (Call 05/01/26) |
430 | 443,388 | ||||||
Series 2, 5.00%, 11/01/27 (Call 05/01/27) |
40 | 41,701 | ||||||
Series 3, 5.00%, 11/01/30 (Call 05/01/27) |
395 | 411,171 | ||||||
State of Wisconsin RB |
||||||||
Series A, 5.00%, 05/01/27 |
460 | 480,257 | ||||||
Series A, 5.00%, 05/01/29 (Call 05/01/27) |
460 | 480,257 | ||||||
Wisconsin Department of Transportation, 5.00%, 07/01/29 (Call 07/01/27) |
265 | 278,299 | ||||||
Wisconsin Department of Transportation RB |
||||||||
5.00%, 07/01/27 |
140 | 146,539 | ||||||
Series 1, 5.00%, 07/01/27 |
285 | 298,311 | ||||||
Series 1, 5.00%, 07/01/28 (Call 07/01/27) |
250 | 262,544 | ||||||
Series 2, 5.00%, 07/01/30 (Call 07/01/27) |
810 | 850,306 | ||||||
|
|
|||||||
6,583,348 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.2% |
293,372,811 | |||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.6% | ||||||||
BlackRock Liquidity Funds: MuniCash, 3.82%(b)(c) |
4,717,248 | 4,717,248 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.6% |
|
4,717,248 | ||||||
|
|
|||||||
Total
Investments — 99.8% |
|
298,090,059 | ||||||
Other Assets Less Liabilities — 0.2% |
701,001 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 298,791,060 | ||||||
|
|
(a) |
Zero-coupon bond. |
(b) |
Affiliate of the Fund. |
(c) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value
at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in |
Value
at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||||
BlackRock Liquidity Funds: MuniCash |
$1,191,388 | $3,525,932 | (a) | $ — | $ (85 | ) | $ 13 | $4,717,248 | 4,717,248 | $28,124 | $ — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
82 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2027 Term Muni Bond ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
Investments |
||||||||||||||||||||||||||||
Long-Term Investments |
||||||||||||||||||||||||||||
Municipal Debt Obligations |
$ | — | $ | 293,372,811 | $ | — | $ | 293,372,811 | ||||||||||||||||||||
Short-Term Securities |
||||||||||||||||||||||||||||
Money Market Funds |
4,717,248 | — | — | 4,717,248 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 4,717,248 | $ | 293,372,811 | $ | — | $ | 298,090,059 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
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 |
83 |
Schedule of Investments October 31, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||||||||||
Municipal Debt Obligations | ||||||||||||||||
Alabama — 0.9% | ||||||||||||||||
Alabama Federal Aid Highway Finance Authority RB, |
||||||||||||||||
Series A, 5.00%, 09/01/28 (PR 09/01/27) |
$ | 90 | $ | 94,059 | ||||||||||||
Alabama Highway Finance Corp. RB, Series A, 5.00%, |
||||||||||||||||
08/01/28 |
100 | 104,732 | ||||||||||||||
Alabama Public School and College Authority RB, |
||||||||||||||||
Series A, 5.00%, 11/01/28 |
600 | 637,010 | ||||||||||||||
City of Huntsville AL GOL, Series B, 5.00%, 05/01/28 |
||||||||||||||||
(Call 11/01/27) |
80 | 83,905 | ||||||||||||||
State of Alabama GO |
||||||||||||||||
Series A, 4.00%, 11/01/28 (Call 02/01/26) |
45 | 45,153 | ||||||||||||||
Series A, 5.00%, 11/01/29 (Call 11/01/28) |
240 | 253,944 | ||||||||||||||
Series A, 5.00%, 11/01/32 (Call 11/01/28) |
170 | 178,575 | ||||||||||||||
University of Alabama (The) RB |
||||||||||||||||
5.00%, 07/01/28 |
100 | 105,649 | ||||||||||||||
Series C, 5.00%, 07/01/28 |
620 | 655,022 | ||||||||||||||
|
|
|||||||||||||||
2,158,049 | ||||||||||||||||
Arizona — 2.0% | ||||||||||||||||
Arizona State University RB, 5.00%, 08/01/28 |
125 | 132,024 | ||||||||||||||
City of Mesa AZ Utility System Revenue RB, 5.00%, |
||||||||||||||||
07/01/29 (Call 07/01/28) |
130 | 136,642 | ||||||||||||||
City of Phoenix Civic Improvement Corp., 5.00%, |
||||||||||||||||
07/01/32 (Call 07/01/28) |
150 | 158,084 | ||||||||||||||
City of Phoenix Civic Improvement Corp. RB |
||||||||||||||||
5.00%, 07/01/28 |
720 | 761,997 | ||||||||||||||
5.00%, 07/01/28 (Call 07/01/26) |
100 | 103,018 | ||||||||||||||
Series A, 5.00%, 07/01/29 (Call 07/01/28) |
215 | 226,800 | ||||||||||||||
Series D, 5.00%, 07/01/28 (Call 07/01/27) |
290 | 300,778 | ||||||||||||||
County of Pima AZ Sewer System Revenue COP, |
||||||||||||||||
5.00%, 07/01/28 |
215 | 227,334 | ||||||||||||||
County of Pima AZ Sewer System Revenue RB, 5.00%, |
||||||||||||||||
07/01/28 |
170 | 179,752 | ||||||||||||||
Maricopa County Unified School District No 80 |
||||||||||||||||
Chandler GO, 5.00%, 07/01/28 |
110 | 116,552 | ||||||||||||||
Maricopa County Union High School District No. |
||||||||||||||||
210-Phoenix GO, 5.00%, 07/01/28 (Call 07/01/27) |
100 | 104,321 | ||||||||||||||
Salt River Project Agricultural Improvement & Power |
||||||||||||||||
District, 5.00%, 01/01/32 (Call 01/01/28) |
100 | 104,609 | ||||||||||||||
Salt River Project Agricultural Improvement & Power |
||||||||||||||||
District RB |
||||||||||||||||
5.00%, 01/01/28 |
420 | 442,246 | ||||||||||||||
5.00%, 01/01/29 (Call 01/01/28) |
535 | 561,903 | ||||||||||||||
5.00%, 01/01/30 (Call 01/01/28) |
145 | 152,037 | ||||||||||||||
5.00%, 01/01/31 (Call 01/01/28) |
150 | 157,258 | ||||||||||||||
Series A, 5.00%, 01/01/28 (Call 01/01/27) |
210 | 217,950 | ||||||||||||||
State of Arizona COP, Series A, 5.00%, 10/01/28 |
200 | 210,829 | ||||||||||||||
State of Arizona Lottery Revenue RB, 5.00%, 07/01/28 . |
150 | 158,671 | ||||||||||||||
University of Arizona (The) RB, 5.00%, 06/01/28 |
||||||||||||||||
(Call 06/01/26) |
150 | 154,567 | ||||||||||||||
|
|
|||||||||||||||
4,607,372 | ||||||||||||||||
California — 12.1% | ||||||||||||||||
Bay Area Toll Authority RB, 5.00%, 04/01/28 |
105 | 111,703 | ||||||||||||||
Beverly Hills Unified School District CA GO, 0.00%, |
||||||||||||||||
08/01/28(a) |
60 | 50,001 | ||||||||||||||
California Infrastructure & Economic Development |
||||||||||||||||
Bank RB |
||||||||||||||||
5.00%, 10/01/28 |
200 | 214,724 | ||||||||||||||
5.00%, 10/01/28 (Call 04/01/26) |
160 | 165,617 | ||||||||||||||
5.00%, 10/01/28 (Call 04/01/27) |
270 | 283,355 | ||||||||||||||
5.00%, 10/01/28 (Call 04/01/28) |
80 | 85,302 |
Security | Par (000) |
Value | ||||||||||||||
California (continued) | ||||||||||||||||
5.00%, 10/01/32 (Call 04/01/28) |
$ | 150 | $ | 158,560 | ||||||||||||
California State Public Works Board RB |
||||||||||||||||
4.00%, 10/01/28 (Call 10/01/26) |
50 | 50,229 | ||||||||||||||
5.00%, 05/01/28 |
50 | 52,934 | ||||||||||||||
5.00%, 09/01/28 (Call 09/01/27) |
240 | 251,523 | ||||||||||||||
5.00%, 11/01/28 |
145 | 154,490 | ||||||||||||||
Series B, 5.00%, 05/01/28 |
100 | 105,869 | ||||||||||||||
Series C, 5.00%, 11/01/28 |
170 | 181,126 | ||||||||||||||
Series C, 5.00%, 11/01/28 (Call 11/01/26) |
25 | 25,850 | ||||||||||||||
Series C, 5.00%, 11/01/31 (Call 11/01/28) |
75 | 79,244 | ||||||||||||||
Series G, 5.00%, 10/01/28 (Call 10/01/27) |
85 | 89,174 | ||||||||||||||
California State University RB |
||||||||||||||||
5.00%, 11/01/28 (Call 05/01/27) |
45 | 47,145 | ||||||||||||||
5.00%, 11/01/31 (Call 11/01/28) |
190 | 202,623 | ||||||||||||||
Series A, 5.00%, 11/01/28 (Call 05/01/26) |
525 | 542,291 | ||||||||||||||
Series A, 5.00%, 11/01/30 (Call 11/01/28) |
95 | 101,391 | ||||||||||||||
Campbell Union High School District GO, 5.00%, |
||||||||||||||||
08/01/28 (Call 08/01/26) |
100 | 104,072 | ||||||||||||||
City of Los Angeles CA GO, Series B, 5.00%, 09/01/28 |
55 | 58,699 | ||||||||||||||
City of Los Angeles CA Wastewater System |
||||||||||||||||
Revenue RB |
||||||||||||||||
5.00%, 06/01/30 (Call 06/01/28) |
85 | 90,351 | ||||||||||||||
Series A, 5.00%, 06/01/31 (Call 06/01/28) |
150 | 159,504 | ||||||||||||||
Series A, 5.00%, 06/01/32 (Call 06/01/28) |
140 | 148,930 | ||||||||||||||
City of Los Angeles Department of Airports RB, |
||||||||||||||||
Series E, 5.00%, 05/15/28 |
25 | 26,545 | ||||||||||||||
City of Los Angeles Solid Waste Resources Revenue, |
||||||||||||||||
5.00%, 02/01/28 |
300 | 319,256 | ||||||||||||||
City of Riverside CA Sewer Revenue RB, Series A, |
||||||||||||||||
5.00%, 08/01/29 (Call 08/01/28) |
125 | 133,150 | ||||||||||||||
City of Riverside CA Water Revenue RB, Series A, |
||||||||||||||||
5.00%, 10/01/28 |
130 | 139,449 | ||||||||||||||
City of San Francisco CA Public Utilities Commission |
||||||||||||||||
Water Revenue RB, 5.00%, 11/01/28 (Call 11/01/26) |
245 | 255,378 | ||||||||||||||
Coast Community College District, 4.00%, 08/01/28 |
90 | 92,039 | ||||||||||||||
Coast Community College District GO |
||||||||||||||||
Series B, 0.00%, 08/01/28 (AGM)(a) |
470 | 386,063 | ||||||||||||||
Series D, 5.00%, 08/01/28 (Call 08/01/27) |
135 | 142,048 | ||||||||||||||
Contra Costa Transportation Authority Sales Tax |
||||||||||||||||
Revenue, 5.00%, 03/01/28 (Call 03/01/27) |
185 | 194,349 | ||||||||||||||
Contra Costa Transportation Authority Sales Tax |
||||||||||||||||
Revenue RB, 5.00%, 03/01/28 (Call 03/01/27) |
150 | 157,580 | ||||||||||||||
East Bay Municipal Utility District Wastewater System |
||||||||||||||||
Revenue RB, Series A, 5.00%, 06/01/28 |
||||||||||||||||
(Call 06/01/27) |
55 | 58,001 | ||||||||||||||
East Bay Municipal Utility District Water System |
||||||||||||||||
Revenue RB, 5.00%, 06/01/28 (Call 06/01/27) |
375 | 395,462 | ||||||||||||||
El Camino Community College District Foundation |
||||||||||||||||
(The) GO |
||||||||||||||||
0.00%, 08/01/28(a) |
1,000 | 826,009 | ||||||||||||||
5.00%, 08/01/28 (Call 08/01/26) |
120 | 124,200 | ||||||||||||||
Fairfield-Suisun Unified School District GO, 4.00%, |
||||||||||||||||
08/01/31 (Call 08/01/28) |
100 | 100,055 | ||||||||||||||
Long Beach Community College District GO, 5.00%, |
||||||||||||||||
08/01/28 (Call 08/01/27) |
150 | 157,508 | ||||||||||||||
Long Beach Unified School District GO, 5.00%, |
||||||||||||||||
08/01/28 (Call 08/01/26) |
175 | 181,729 | ||||||||||||||
Los Angeles Community College District/CA GO |
||||||||||||||||
4.00%, 08/01/28 (Call 08/01/26) |
35 | 35,359 | ||||||||||||||
Series J, 5.00%, 08/01/28 (Call 08/01/27) |
45 | 47,455 |
84 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||||||||||
California (continued) | ||||||||||||||||
Los Angeles County Facilities Inc. RB, 5.00%, 12/01/31 |
||||||||||||||||
(Call 12/01/28) |
$ | 300 | $ | 318,622 | ||||||||||||
Los Angeles County Metropolitan Transportation |
||||||||||||||||
Authority RB |
||||||||||||||||
Series A, 5.00%, 06/01/28 |
830 | 886,629 | ||||||||||||||
Series A, 5.00%, 06/01/28 (Call 06/01/26) |
205 | 211,268 | ||||||||||||||
Series A, 5.00%, 07/01/28 (Call 07/01/27) |
140 | 147,616 | ||||||||||||||
Series B, 5.00%, 07/01/32 (Call 07/01/28) |
290 | 308,695 | ||||||||||||||
Los Angeles County Metropolitan Transportation |
||||||||||||||||
Authority Sales Tax Revenue RB, 5.00%, 07/01/28 |
225 | 240,897 | ||||||||||||||
Los Angeles Department of Water & Power, 5.00%, |
||||||||||||||||
07/01/29 (Call 01/01/28) |
105 | 111,230 | ||||||||||||||
Los Angeles Department of Water & Power RB |
||||||||||||||||
5.00%, 07/01/28 |
100 | 107,020 | ||||||||||||||
5.00%, 07/01/28 (Call 01/01/27) |
60 | 62,451 | ||||||||||||||
Series A, 5.00%, 07/01/28 |
60 | 64,212 | ||||||||||||||
Los Angeles Department of Water & Power System |
||||||||||||||||
Revenue RB |
||||||||||||||||
Series A, 5.00%, 07/01/32 (Call 01/01/28) |
155 | 163,136 | ||||||||||||||
Series C, 5.00%, 07/01/28 (Call 07/01/27) |
25 | 26,173 | ||||||||||||||
Series D, 5.00%, 07/01/30 (Call 07/01/28) |
100 | 106,316 | ||||||||||||||
Los Angeles Department of Water & Power Water |
||||||||||||||||
System Revenue RB |
||||||||||||||||
5.00%, 07/01/28 |
470 | 501,950 | ||||||||||||||
5.00%, 07/01/28 (Call 01/01/26) |
40 | 41,095 | ||||||||||||||
Los Angeles Department of Water RB |
||||||||||||||||
Series A, 5.00%, 07/01/28 (Call 01/01/26) |
135 | 138,696 | ||||||||||||||
Series A, 5.00%, 07/01/31 (Call 01/01/28) |
65 | 68,886 | ||||||||||||||
Series B, 5.00%, 07/01/31 (Call 07/01/28) |
120 | 127,969 | ||||||||||||||
Series B, 5.00%, 07/01/32 (Call 07/01/28) |
230 | 245,235 | ||||||||||||||
Los Angeles Unified School District/CA GO |
||||||||||||||||
5.00%, 07/01/28 |
405 | 432,478 | ||||||||||||||
5.00%, 07/01/29 (Call 01/01/28) |
255 | 268,545 | ||||||||||||||
Series B, 5.00%, 07/01/28 (Call 07/01/26) |
95 | 98,573 | ||||||||||||||
Series B1, 5.00%, 07/01/28 (Call 01/01/28) |
240 | 253,634 | ||||||||||||||
Series B-1, 5.00%, 07/01/30 (Call 01/01/28) |
415 | 436,901 | ||||||||||||||
Series B-1, 5.00%, 07/01/32 (Call 01/01/28) |
145 | 151,678 | ||||||||||||||
Series M1, 5.00%, 07/01/28 (Call 01/01/28) |
105 | 110,965 | ||||||||||||||
Series M-1, 5.00%, 07/01/31 (Call 01/01/28) |
180 | 189,144 | ||||||||||||||
Metropolitan Water District of Southern California RB |
||||||||||||||||
5.00%, 07/01/28 |
180 | 191,916 | ||||||||||||||
5.00%, 01/01/31 (Call 07/01/28) |
115 | 122,190 | ||||||||||||||
Series B, 5.00%, 09/01/28 |
475 | 507,604 | ||||||||||||||
Napa Valley Community College District GO, Series B, |
||||||||||||||||
0.00%, 08/01/28 (NPFGC)(a) |
140 | 115,426 | ||||||||||||||
Newport Mesa Unified School District GO |
||||||||||||||||
0.00%, 08/01/28 (NPFGC)(a) |
675 | 556,260 | ||||||||||||||
5.00%, 08/01/28 (Call 08/01/27) |
65 | 68,639 | ||||||||||||||
North Orange County Community College District/CA |
||||||||||||||||
GO, Series B, 0.00%, 08/01/28 (NPFGC)(a) |
315 | 258,384 | ||||||||||||||
Orange County Sanitation District RB, 5.00%, 02/01/28 |
35 | 37,218 | ||||||||||||||
Poway Unified School District GO, Series A, 0.00%, |
||||||||||||||||
08/01/28(a) |
120 | 98,938 | ||||||||||||||
Sacramento Municipal Utility District RB, 5.00%, |
||||||||||||||||
08/15/28 |
20 | 21,451 | ||||||||||||||
San Diego Community College District GO |
||||||||||||||||
4.00%, 08/01/28 (Call 08/01/26) |
115 | 116,151 | ||||||||||||||
5.00%, 08/01/28 (Call 08/01/26) |
430 | 447,050 | ||||||||||||||
San Diego County Regional Transportation |
||||||||||||||||
Commission RB, 5.00%, 04/01/28 |
60 | 64,007 |
Security |
Par (000) |
Value |
||||||||||||||
California (continued) | ||||||||||||||||
San Diego County Water Authority RB, Series S1, |
||||||||||||||||
5.00%, 05/01/28 (Call 03/15/28) |
$ | 135 | $ | 143,975 | ||||||||||||
San Francisco Bay Area Rapid Transit District GO, |
||||||||||||||||
Series A, 5.00%, 08/01/28 (Call 08/01/27) |
50 | 52,476 | ||||||||||||||
San Francisco Bay Area Rapid Transit District Sales |
||||||||||||||||
Tax Revenue RB, 4.00%, 07/01/28 (Call 07/01/26) |
75 | 75,442 | ||||||||||||||
San Francisco City & County Public Utilities |
||||||||||||||||
Commission Wastewater Revenue RB |
||||||||||||||||
5.00%, 10/01/28 |
330 | 353,985 | ||||||||||||||
5.00%, 10/01/31 (Call 04/01/28) |
130 | 137,927 | ||||||||||||||
San Jose Evergreen Community College District GO, |
||||||||||||||||
Series B, 0.00%, 09/01/28 (AGM)(a) |
50 | 40,752 | ||||||||||||||
San Jose Unified School District GO, Series C, 0.00%, |
||||||||||||||||
08/01/28 (NPFGC)(a) |
425 | 348,937 | ||||||||||||||
San Juan Unified School District, 4.00%, 08/01/30 |
||||||||||||||||
(Call 08/01/28) |
165 | 165,512 | ||||||||||||||
San Juan Unified School District GO, 4.00%, 08/01/28 |
||||||||||||||||
(Call 08/01/26) |
40 | 40,125 | ||||||||||||||
San Marcos Unified School District GO, 0.00%, |
||||||||||||||||
08/01/28(a) |
80 | 65,897 | ||||||||||||||
San Mateo County Community College District GO |
||||||||||||||||
0.00%, 09/01/28(a) |
140 | 115,354 | ||||||||||||||
Series B, 5.00%, 09/01/28 |
70 | 75,062 | ||||||||||||||
San Mateo Union High School District, 0.00%, 09/01/28 |
||||||||||||||||
(NPFGC)(a) |
75 | 61,797 | ||||||||||||||
Santa Clara Valley Transportation Authority RB |
||||||||||||||||
5.00%, 04/01/28 |
115 | 122,584 | ||||||||||||||
Series B, 5.00%, 06/01/28 |
125 | 133,562 | ||||||||||||||
Santa Monica-Malibu Unified School District GO, |
||||||||||||||||
4.00%, 08/01/28 (Call 08/01/26) |
185 | 186,972 | ||||||||||||||
Southern California Public Power Authority RB, 5.00%, 07/01/28 |
315 | 336,974 | ||||||||||||||
State of California Department of Water Resources RB |
||||||||||||||||
5.00%, 12/01/28 |
115 | 124,011 | ||||||||||||||
5.00%, 12/01/28 (Call 06/01/26) |
50 | 51,820 | ||||||||||||||
5.00%, 12/01/28 (Call 12/01/27) |
225 | 238,330 | ||||||||||||||
5.00%, 12/01/29 (Call 12/01/28) |
130 | 139,905 | ||||||||||||||
5.00%, 12/01/30 (Call 12/01/28) |
170 | 182,986 | ||||||||||||||
5.00%, 12/01/31 (Call 12/01/28) |
70 | 75,022 | ||||||||||||||
Series AW, 5.00%, 12/01/28 (Call 12/01/26) |
120 | 125,171 | ||||||||||||||
Series BA, 5.00%, 12/01/28 |
185 | 199,496 | ||||||||||||||
State of California GO |
||||||||||||||||
4.00%, 09/01/28 (Call 09/01/26) |
150 | 150,694 | ||||||||||||||
5.00%, 04/01/28 |
1,130 | 1,193,121 | ||||||||||||||
5.00%, 08/01/28 |
525 | 557,085 | ||||||||||||||
5.00%, 08/01/28 (Call 08/01/27) |
375 | 391,395 | ||||||||||||||
5.00%, 09/01/28 (Call 09/01/26) |
535 | 553,875 | ||||||||||||||
5.00%, 10/01/28 |
1,075 | 1,143,119 | ||||||||||||||
5.00%, 11/01/28 |
515 | 547,009 | ||||||||||||||
5.00%, 08/01/29 (Call 08/01/28) |
685 | 721,920 | ||||||||||||||
5.00%, 08/01/30 (Call 08/01/28) |
565 | 594,692 | ||||||||||||||
5.00%, 10/01/30 (Call 10/01/28) |
310 | 326,809 | ||||||||||||||
5.00%, 11/01/31 (Call 11/01/28) |
100 | 105,472 | ||||||||||||||
5.00%, 11/01/32 (Call 11/01/28) |
540 | 568,240 | ||||||||||||||
Series C, 5.00%, 08/01/28 (Call 08/01/26) |
490 | 506,763 | ||||||||||||||
University of California RB |
||||||||||||||||
5.00%, 05/15/28 |
370 | 394,938 | ||||||||||||||
Series AZ, 4.00%, 05/15/28 |
45 | 45,739 | ||||||||||||||
Series AZ, 5.00%, 05/15/31 (Call 05/15/28) |
185 | 196,466 | ||||||||||||||
Series O, 5.00%, 05/15/30 (Call 05/15/28) |
105 | 111,331 |
S C H E D U L E O F I N V E S T M E N T S |
85 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
William S Hart Union High School District GO, Series B, 0.00%, 09/01/28 (AGM)(a) |
$ | 225 | $ | 183,296 | ||||
|
|
|||||||
27,597,628 | ||||||||
Colorado — 1.6% | ||||||||
Board of Governors of Colorado State University System RB |
||||||||
Series C, 5.00%, 03/01/28 |
110 | 115,303 | ||||||
Series C, 5.00%, 03/01/29 (Call 03/01/28) |
240 | 250,695 | ||||||
Board of Water Commissioners City & County of Denver (The) RB, 2.25%, 09/15/28 (Call 09/15/26) |
30 | 27,040 | ||||||
City & County of Denver Co. Airport System Revenue RB, Series B, 5.00%, 12/01/32 (Call 12/01/28) |
225 | 232,831 | ||||||
City & County of Denver Co. GO, 5.00%, 08/01/28 |
620 | 659,004 | ||||||
City of Aurora Co. Water Revenue RB, 5.00%, 08/01/28 (Call 08/01/26) |
55 | 56,714 | ||||||
City of Colorado Springs CO Utilities System Revenue RB, 5.00%, 11/15/28 |
280 | 297,375 | ||||||
Colorado Health Facilities Authority, 5.00%, 11/01/28 |
250 | 256,790 | ||||||
Denver City & County School District No. 1 GO |
||||||||
5.00%, 12/01/28 (Call 12/01/26) (SAW) |
210 | 217,251 | ||||||
Series B, 4.00%, 12/01/28 (SAW) |
270 | 274,452 | ||||||
E-470 Public Highway Authority RB, 0.00%, 09/01/28 (NPFGC)(a) |
680 | 554,611 | ||||||
Regional Transportation District Sales Tax Revenue RB, 5.00%, 11/01/28 |
290 | 307,888 | ||||||
University of Colorado RB |
||||||||
5.00%, 06/01/28 |
195 | 205,730 | ||||||
Series A-2, 5.00%, 06/01/30 (Call 06/01/28) |
130 | 136,220 | ||||||
|
|
|||||||
3,591,904 | ||||||||
Connecticut — 2.3% | ||||||||
City of Danbury CT GO, 4.00%, 11/01/28 (Call 11/01/26) |
45 | 45,191 | ||||||
State of Connecticut, 5.00%, 04/15/28 |
215 | 226,310 | ||||||
State of Connecticut Clean Water Fund - State Revolving Fund RB, Series A, 5.00%, 05/01/28 (Call 05/01/27) |
150 | 157,317 | ||||||
State of Connecticut GO |
||||||||
5.00%, 09/15/28 |
225 | 237,988 | ||||||
5.00%, 11/15/28 |
380 | 402,684 | ||||||
5.00%, 04/15/31 (Call 04/15/28) |
100 | 104,315 | ||||||
Series 2021 A, 4.00%, 01/15/28 |
100 | 100,705 | ||||||
Series A, 4.00%, 01/15/28 |
115 | 115,811 | ||||||
Series B, 5.00%, 04/15/28 |
560 | 589,457 | ||||||
Series C, 5.00%, 06/15/28 |
215 | 226,746 | ||||||
Series E, 5.00%, 09/15/28 |
75 | 79,329 | ||||||
Series E, 5.00%, 09/15/30 (Call 09/15/28) |
325 | 341,149 | ||||||
Series E, 5.00%, 09/15/31 (Call 09/15/28) |
205 | 214,563 | ||||||
State of Connecticut Special Tax Revenue RB |
||||||||
5.00%, 07/01/28 |
615 | 648,929 | ||||||
5.00%, 10/01/32 (Call 10/01/28) |
115 | 120,187 | ||||||
Series A, 5.00%, 01/01/28 |
165 | 173,088 | ||||||
Series A, 5.00%, 09/01/28 (Call 09/01/26) |
145 | 149,093 | ||||||
Series A, 5.00%, 01/01/29 (Call 01/01/28) |
350 | 366,522 | ||||||
Series B, 5.00%, 09/01/28 (Call 09/01/26) |
70 | 71,976 | ||||||
Series B, 5.00%, 10/01/30 (Call 10/01/28) |
235 | 246,774 | ||||||
Series D, 5.00%, 11/01/28 |
305 | 323,099 | ||||||
University of Connecticut GO, 5.00%, 04/15/30 (Call 04/15/28) |
165 | 172,235 |
Security | Par (000) |
Value | ||||||
Connecticut (continued) | ||||||||
University of Connecticut RB, 5.00%, 11/01/30 (Call 11/01/28) |
$ | 150 | $ | 157,286 | ||||
|
|
|||||||
5,270,754 | ||||||||
Delaware — 1.0% | ||||||||
County of New Castle DE GO, 5.00%, 10/01/28 |
150 | 159,783 | ||||||
Delaware Transportation Authority RB, 5.00%, 07/01/28 |
555 | 587,815 | ||||||
State of Delaware, 5.00%, 02/01/31 (Call 02/01/28) |
150 | 158,287 | ||||||
State of Delaware GO |
||||||||
5.00%, 02/01/28 |
235 | 248,557 | ||||||
5.00%, 07/01/28 |
105 | 111,672 | ||||||
Series A, 2.13%, 03/01/28 (Call 03/01/26) |
15 | 13,421 | ||||||
Series A, 5.00%, 01/01/28 |
545 | 575,810 | ||||||
Series A, 5.00%, 01/01/29 (Call 01/01/28) |
175 | 184,850 | ||||||
Series A, 5.00%, 02/01/32 (Call 02/01/28) |
150 | 158,204 | ||||||
|
|
|||||||
2,198,399 | ||||||||
District of Columbia — 1.9% | ||||||||
District of Columbia, 5.00%, 03/01/28 |
150 | 158,089 | ||||||
District of Columbia GO |
||||||||
5.00%, 02/01/28 |
185 | 194,926 | ||||||
5.00%, 06/01/28 |
150 | 158,707 | ||||||
5.00%, 06/01/28 (Call 06/01/26) |
100 | 102,989 | ||||||
5.00%, 06/01/32 (Call 06/01/28) |
170 | 177,053 | ||||||
Series A, 5.00%, 06/01/28 |
210 | 222,190 | ||||||
Series A, 5.00%, 10/15/28 |
345 | 366,723 | ||||||
Series D, 5.00%, 06/01/28 (Call 12/01/26) |
110 | 113,839 | ||||||
Series D, 5.00%, 06/01/28 (Call 06/01/27) |
185 | 192,999 | ||||||
District of Columbia RB |
||||||||
5.00%, 05/01/28 |
95 | 100,333 | ||||||
5.00%, 10/01/28 |
110 | 116,766 | ||||||
5.00%, 12/01/28 |
465 | 490,744 | ||||||
Series C, 5.00%, 10/01/28 |
645 | 684,677 | ||||||
District of Columbia Water & Sewer Authority RB |
||||||||
5.00%, 10/01/29 (Call 04/01/28) |
195 | 204,314 | ||||||
Series B, 5.00%, 10/01/28 |
180 | 189,829 | ||||||
Series B, 5.00%, 10/01/28 (Call 04/01/27) |
25 | 26,016 | ||||||
Series B, 5.00%, 10/01/30 (Call 04/01/28) |
65 | 68,519 | ||||||
Series B, 5.00%, 10/01/32 (Call 04/01/28) |
60 | 63,148 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue RB, 5.00%, 07/15/28 |
500 | 525,839 | ||||||
Washington Metropolitan Area Transit Authority RB, 5.00%, 07/01/28 (Call 07/01/27) |
130 | 134,159 | ||||||
|
|
|||||||
4,291,859 | ||||||||
Florida — 2.3% | ||||||||
Central Florida Expressway Authority RB, Series B, 5.00%, 07/01/28 (Call 07/01/26) |
195 | 198,966 | ||||||
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/28 (Call 10/01/26) |
200 | 204,110 | ||||||
County of Miami-Dade FL GO, Series D, 5.00%, 07/01/28 (Call 07/01/26) |
105 | 107,632 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue RB |
||||||||
5.00%, 10/01/30 (Call 10/01/28) |
100 | 104,200 | ||||||
Series B, 5.00%, 10/01/28 (Call 10/01/27) |
415 | 429,897 | ||||||
Florida Department of Environmental Protection RB, Series A, 5.00%, 07/01/28 |
430 | 452,970 | ||||||
Florida Department of Management Services COP, Series A, 5.00%, 11/01/28 |
165 | 173,637 | ||||||
Hillsborough County School Board COP, Series A, 5.00%, 07/01/28 (Call 07/01/26) |
310 | 315,678 |
86 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Florida (continued) | ||||||||
Orange County School Board COP, Series C, 5.00%, 08/01/28 |
$ | 105 | $ | 110,433 | ||||
Palm Beach County School District COP |
||||||||
5.00%, 08/01/28 |
150 | 158,095 | ||||||
Series B, 5.00%, 08/01/28 |
195 | 205,523 | ||||||
School District of Broward County/FL GO, 5.00%, 07/01/30 (Call 07/01/28) |
60 | 62,677 | ||||||
State of Florida |
||||||||
5.00%, 06/01/28 |
115 | 121,775 | ||||||
5.00%, 07/01/31 (Call 07/01/28) |
75 | 78,836 | ||||||
State of Florida Department of Transportation RB |
||||||||
5.00%, 07/01/31 (Call 07/01/28) |
100 | 103,944 | ||||||
5.00%, 07/01/32 (Call 07/01/28) |
330 | 347,880 | ||||||
State of Florida Department of Transportation Turnpike System Revenue RB |
||||||||
5.00%, 07/01/28 |
175 | 184,962 | ||||||
Series A, 5.00%, 07/01/28 |
75 | 79,270 | ||||||
State of Florida GO |
||||||||
5.00%, 06/01/28 (Call 06/01/26) |
150 | 154,521 | ||||||
5.00%, 07/01/28 |
135 | 143,101 | ||||||
5.00%, 07/01/29 (Call 07/01/28) |
100 | 105,270 | ||||||
Series A, 4.00%, 07/01/32 (Call 07/01/28) |
440 | 443,974 | ||||||
Series B, 5.00%, 06/01/28 (Call 06/01/27) |
160 | 166,972 | ||||||
Series C, 5.00%, 06/01/30 (Call 06/01/28) |
220 | 232,720 | ||||||
State of Florida Lottery Revenue RB |
||||||||
5.00%, 07/01/28 |
150 | 158,671 | ||||||
Series A, 5.00%, 07/01/28 |
255 | 269,740 | ||||||
State of Florida RB, 5.00%, 06/01/28 |
205 | 217,078 | ||||||
|
|
|||||||
5,332,532 | ||||||||
Georgia — 1.7% | ||||||||
City of Atlanta GA Department of Aviation RB |
||||||||
5.00%, 07/01/28 |
200 | 210,771 | ||||||
Series A, 5.00%, 07/01/28 |
80 | 84,309 | ||||||
City of Atlanta GA Water & Wastewater Revenue RB |
||||||||
Series A, 5.00%, 11/01/28 (Call 11/01/27) |
100 | 104,567 | ||||||
Series C, 5.00%, 11/01/28 (Call 11/01/27) |
150 | 156,850 | ||||||
City of Atlanta Water & Wastewater Revenue RB, 5.75%, 11/01/28 (AGM) |
115 | 126,002 | ||||||
Forsyth County School District GO, 5.00%, 02/01/30 (Call 02/01/28) |
265 | 278,235 | ||||||
Georgia Ports Authority RB, 5.00%, 07/01/28 |
295 | 311,923 | ||||||
Metropolitan Atlanta Rapid Transit Authority RB |
||||||||
5.00%, 07/01/28 |
150 | 158,869 | ||||||
5.00%, 07/01/28 (Call 07/01/26) |
25 | 25,688 | ||||||
State of Georgia GO |
||||||||
4.00%, 07/01/28 |
95 | 96,614 | ||||||
5.00%, 02/01/28 (Call 02/01/27) |
250 | 260,200 | ||||||
5.00%, 07/01/28 |
450 | 477,997 | ||||||
5.00%, 07/01/28 (Call 01/01/27) |
55 | 57,214 | ||||||
5.00%, 07/01/29 (Call 07/01/28) |
85 | 89,852 | ||||||
Series A, 5.00%, 07/01/28 |
205 | 217,754 | ||||||
Series A, 5.00%, 08/01/28 |
325 | 345,592 | ||||||
Series A, 5.00%, 07/01/30 (Call 07/01/28) |
260 | 273,905 | ||||||
Series A, 5.00%, 07/01/31 (Call 07/01/28) |
205 | 215,455 | ||||||
Series E, 5.00%, 12/01/28 (Call 12/01/26) |
265 | 274,458 | ||||||
|
|
|||||||
3,766,255 | ||||||||
Hawaii — 1.4% | ||||||||
City & County Honolulu HI Wastewater System Revenue RB |
||||||||
5.00%, 07/01/28 |
80 | 84,308 |
Security | Par (000) |
Value | ||||||
Hawaii (continued) | ||||||||
Series A, 4.00%, 07/01/28 |
$ | 265 | $ | 268,366 | ||||
City & County Honolulu Wastewater System Revenue, 5.00%, 07/01/28 |
105 | 110,655 | ||||||
City & County of Honolulu HI, 5.00%, 11/01/28 |
240 | 254,804 | ||||||
City & County of Honolulu HI GO |
||||||||
5.00%, 07/01/28 |
205 | 216,760 | ||||||
Series A, 5.00%, 09/01/28 |
180 | 190,710 | ||||||
Series A, 5.00%, 09/01/30 (Call 09/01/28) |
240 | 252,414 | ||||||
Series C, 4.00%, 08/01/28 |
305 | 308,974 | ||||||
Series D, 5.00%, 09/01/28 (Call 09/01/27) |
30 | 31,293 | ||||||
County of Maui HI GO, 5.00%, 09/01/28 |
55 | 58,148 | ||||||
State of Hawaii GO |
||||||||
5.00%, 10/01/28 (Call 10/01/26) |
150 | 154,267 | ||||||
Series FH, 5.00%, 10/01/28 (Call 10/01/26) |
175 | 179,978 | ||||||
Series FT, 5.00%, 01/01/29 (Call 01/01/28) |
265 | 277,180 | ||||||
Series FT, 5.00%, 01/01/31 (Call 01/01/28) |
470 | 490,713 | ||||||
Series FT, 5.00%, 01/01/32 (Call 01/01/28) |
285 | 297,133 | ||||||
|
|
|||||||
3,175,703 | ||||||||
Illinois — 3.0% | ||||||||
Chicago Midway International Airport RB, 5.00%, 01/01/28 (BAM) |
230 | 239,700 | ||||||
Chicago O’Hare International Airport RB |
||||||||
5.25%, 01/01/28 (Call 01/01/27) |
40 | 41,449 | ||||||
Series C, 5.00%, 01/01/28 (Call 01/01/26) |
220 | 223,514 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/28 |
140 | 144,366 | ||||||
Illinois Finance Authority RB |
||||||||
5.00%, 01/01/28 (Call 01/01/26) |
920 | 942,051 | ||||||
5.00%, 07/01/28 |
625 | 658,933 | ||||||
5.00%, 07/01/28 (Call 01/01/26) |
55 | 56,376 | ||||||
5.00%, 12/01/28 |
75 | 79,259 | ||||||
Series B, 5.00%, 01/01/28 |
240 | 251,576 | ||||||
Illinois State Toll Highway Authority RB |
||||||||
5.00%, 01/01/28 |
460 | 482,188 | ||||||
5.00%, 01/01/28 (Call 01/01/26) |
40 | 40,824 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, Series A, 5.00%, 12/01/28 (Call 12/01/26) |
150 | 154,125 | ||||||
State of Illinois GO |
||||||||
5.00%, 02/01/28 (Call 02/01/27) |
460 | 468,829 | ||||||
5.00%, 03/01/28 |
190 | 194,979 | ||||||
Series A, 5.00%, 03/01/28 |
695 | 713,212 | ||||||
Series A, 5.00%, 10/01/28 |
765 | 787,272 | ||||||
Series A, 5.00%, 05/01/29 (Call 05/01/28) |
310 | 317,849 | ||||||
Series A, 5.00%, 10/01/30 (Call 10/01/28) |
200 | 204,412 | ||||||
Series B, 5.00%, 03/01/28 |
75 | 76,965 | ||||||
Series D, 5.00%, 11/01/28 (Call 11/01/27) |
670 | 684,935 | ||||||
State of Illinois Sales Tax Revenue RB, 5.00%, 06/15/28 |
150 | 153,970 | ||||||
|
|
|||||||
6,916,784 | ||||||||
Indiana — 1.6% | ||||||||
City of Indianapolis Department of Public Utilities Water System Revenue RB |
||||||||
5.00%, 10/01/30 (Call 10/01/28) |
570 | 597,821 | ||||||
Series A, 5.00%, 10/01/28 |
165 | 175,303 | ||||||
Indiana Finance Authority RB |
||||||||
5.00%, 02/01/28 |
425 | 447,460 | ||||||
5.00%, 02/01/28 (Call 02/01/26) |
100 | 102,303 | ||||||
5.00%, 06/01/28 |
525 | 554,794 | ||||||
5.00%, 10/01/28 (Call 10/01/26) |
105 | 108,308 |
S C H E D U L E O F I N V E S T M E N T S |
87 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Indiana (continued) | ||||||||
Series C, 5.00%, 02/01/28 |
$ | 305 | $ | 321,119 | ||||
Series C, 5.00%, 06/01/28 (Call 12/01/26) |
355 | 366,840 | ||||||
Series C, 5.00%, 02/01/29 (Call 02/01/28) |
335 | 352,687 | ||||||
Series R, 5.00%, 02/01/28 |
470 | 494,838 | ||||||
Purdue University RB |
||||||||
5.00%, 07/01/28 |
180 | 190,326 | ||||||
5.00%, 07/01/28 (Call 07/01/26) |
25 | 25,697 | ||||||
|
|
|||||||
3,737,496 | ||||||||
Iowa — 0.9% | ||||||||
City of Des Moines IA GO, 5.00%, 06/01/28 |
765 | 807,754 | ||||||
Iowa Finance Authority |
||||||||
5.00%, 08/01/28 |
220 | 232,952 | ||||||
5.00%, 08/01/30 (Call 08/01/28) |
125 | 131,958 | ||||||
Iowa Finance Authority RB |
||||||||
5.00%, 08/01/28 |
255 | 270,241 | ||||||
5.00%, 08/01/28 (Call 08/01/27) |
100 | 104,523 | ||||||
5.00%, 08/01/32 (Call 08/01/28) |
270 | 284,545 | ||||||
Series A, 5.00%, 08/01/31 (Call 08/01/28) |
125 | 131,767 | ||||||
State of Iowa RB, Series A, 5.00%, 06/01/28 |
||||||||
(Call 06/01/26) |
30 | 30,809 | ||||||
|
|
|||||||
1,994,549 | ||||||||
Kansas — 0.1% | ||||||||
Sedgwick County Unified School District No. 266 Maize |
||||||||
GO, Series A, 4.00%, 09/01/28 (Call 09/01/27) |
50 | 49,839 | ||||||
State of Kansas Department of Transportation RB, |
||||||||
Series A, 5.00%, 09/01/28 (Call 09/01/27) |
200 | 208,765 | ||||||
|
|
|||||||
258,604 | ||||||||
Louisiana — 0.5% | ||||||||
State of Louisiana GO |
||||||||
5.00%, 03/01/28 |
145 | 152,227 | ||||||
Series B, 5.00%, 08/01/28 (Call 08/01/26) |
130 | 134,153 | ||||||
Series B, 5.00%, 10/01/28 (Call 10/01/27) |
365 | 380,521 | ||||||
State of Louisiana RB |
||||||||
5.00%, 09/01/28 |
60 | 63,027 | ||||||
Series A, 5.00%, 09/01/29 (Call 09/01/28) |
495 | 516,537 | ||||||
|
|
|||||||
1,246,465 | ||||||||
Maine — 0.7% | ||||||||
City of Portland ME GO, 5.00%, 04/01/28 |
190 | 201,011 | ||||||
Maine Municipal Bond Bank RB |
||||||||
Series A, 5.00%, 09/01/28 (Call 09/01/26) |
80 | 82,551 | ||||||
Series A, 5.00%, 11/01/28 |
190 | 201,364 | ||||||
Series C, 5.00%, 11/01/28 (Call 11/01/27) |
75 | 78,624 | ||||||
Maine Turnpike Authority RB, 5.00%, 07/01/28 |
200 | 211,297 | ||||||
State of Maine GO |
||||||||
Series B, 5.00%, 06/01/28 |
575 | 607,880 | ||||||
Series D, 5.00%, 06/01/28 |
125 | 132,148 | ||||||
|
|
|||||||
1,514,875 | ||||||||
Maryland — 4.4% | ||||||||
City of Baltimore MD GO, Series A, 5.00%, 10/15/28 |
45 | 47,666 | ||||||
County of Anne Arundel MD GOL |
||||||||
5.00%, 10/01/28 |
375 | 399,458 | ||||||
5.00%, 10/01/28 (Call 10/01/27) |
190 | 199,331 | ||||||
County of Baltimore MD GO |
||||||||
5.00%, 03/01/28 |
195 | 205,836 | ||||||
5.00%, 03/01/29 (Call 03/01/28) |
755 | 795,522 | ||||||
County of Frederick MD GO |
||||||||
5.00%, 08/01/28 |
75 | 79,718 | ||||||
5.00%, 10/01/28 |
150 | 159,783 | ||||||
County of Howard MD GO |
||||||||
5.00%, 02/15/28 |
55 | 58,114 |
Security | Par (000) |
Value | ||||||
Maryland (continued) | ||||||||
5.00%, 08/15/29 (Call 08/15/28) |
$ | 115 | $ | 121,704 | ||||
Series A, 5.00%, 08/15/28 |
300 | 319,034 | ||||||
Series B, 5.00%, 02/15/28 (Call 02/15/27) |
70 | 72,870 | ||||||
Series D, 5.00%, 02/15/28 |
220 | 232,454 | ||||||
County of Montgomery MD GO |
||||||||
5.00%, 11/01/28 |
225 | 239,938 | ||||||
Series A, 5.00%, 11/01/28 |
300 | 319,917 | ||||||
Series A, 5.00%, 11/01/29 (Call 11/01/28) |
130 | 137,857 | ||||||
Series B, 4.00%, 11/01/28 |
150 | 152,592 | ||||||
County of Prince George’s MD GOL |
||||||||
5.00%, 07/15/30 (Call 07/15/28) |
155 | 163,625 | ||||||
Series A, 4.00%, 07/15/32 (Call 07/15/28) |
280 | 279,391 | ||||||
Series A, 5.00%, 07/15/31 (Call 07/15/28) |
365 | 384,394 | ||||||
Series B, 5.00%, 09/15/28 |
285 | 303,412 | ||||||
Maryland Stadium Authority RB, |
||||||||
5.00%, 05/01/47 (PR 05/01/28) |
100 | 105,147 | ||||||
Maryland State Transportation Authority RB, |
||||||||
5.00%, 07/01/28 |
135 | 142,626 | ||||||
State of Maryland Department of Transportation RB |
||||||||
4.00%, 05/01/30 (Call 05/01/28) |
95 | 95,905 | ||||||
5.00%, 09/01/28 (Call 09/01/27) |
160 | 167,740 | ||||||
5.00%, 10/01/28 (Call 10/01/26) |
200 | 206,770 | ||||||
5.00%, 10/01/28 (Call 10/01/27) |
30 | 31,484 | ||||||
5.00%, 12/01/28 |
140 | 148,949 | ||||||
State of Maryland GO |
||||||||
5.00%, 03/01/28 |
250 | 264,304 | ||||||
5.00%, 03/15/28 |
40 | 42,310 | ||||||
5.00%, 08/01/28 |
345 | 366,703 | ||||||
First Series, 5.00%, 03/15/28 |
555 | 587,054 | ||||||
Second
Series, 5.00%, 08/01/29 |
275 | 290,925 | ||||||
Second
Series, 5.00%, 08/01/30 |
280 | 295,462 | ||||||
Second Series A, 5.00%, 08/01/28 |
115 | 122,235 | ||||||
Series A, 5.00%, 03/15/28 (Call 03/15/27) |
100 | 104,207 | ||||||
Series A, 5.00%, 08/01/28 |
1,000 | 1,062,909 | ||||||
Series A, 5.00%, 03/15/29 (Call 03/15/28) |
340 | 358,387 | ||||||
Washington Suburban Sanitary Commission RB |
||||||||
5.00%, 06/01/28 |
200 | 212,130 | ||||||
5.00%, 06/01/28 (GTD) |
210 | 222,737 | ||||||
5.00%, 12/01/28 (GTD) |
110 | 117,399 | ||||||
5.00%, 06/01/30 (Call 06/01/28) (GTD) |
295 | 311,037 | ||||||
|
|
|||||||
9,929,036 | ||||||||
Massachusetts — 2.2% | ||||||||
Commonwealth of Massachusetts GO |
||||||||
5.00%, 02/01/28 |
140 | 147,907 | ||||||
5.00%, 09/01/28 |
140 | 149,032 | ||||||
Commonwealth of Massachusetts GOL |
||||||||
5.00%, 03/01/28 |
100 | 105,763 | ||||||
5.00%, 11/01/28 |
365 | 389,404 | ||||||
Series B, 5.00%, 07/01/28 |
725 | 770,105 | ||||||
Series B, 5.00%, 01/01/30 (Call 01/01/28) |
395 | 414,378 | ||||||
Series B, 5.25%, 08/01/28 |
440 | 472,645 | ||||||
Series C, 5.00%, 05/01/28 |
280 | 296,790 | ||||||
Massachusetts Bay Transportation Authority RB |
||||||||
Series A, 5.25%, 07/01/28 |
1,250 | 1,346,106 | ||||||
Series A-2, 5.00%, 07/01/28 (Call 07/01/27) |
30 | 31,376 | ||||||
Massachusetts Bay Transportation Authority Sales Tax |
||||||||
Revenue, 5.50%, 07/01/28 (NPFGC) |
150 | 162,530 | ||||||
Massachusetts Department of Transportation RB, |
||||||||
Series A, 0.00%, 01/01/28 (NPFGC)(a) |
50 | 41,667 | ||||||
Massachusetts Health & Educational Facilities Authority |
||||||||
RB, Series M, 5.25%, 07/01/28 |
100 | 107,823 |
88 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts State College Building Authority RB, |
||||||||
5.00%, 05/01/29 (Call 05/01/28) (ST INTERCEPT) |
$ | 155 | $ | 162,838 | ||||
Massachusetts Water Resources Authority RB |
||||||||
Series B, 5.00%, 08/01/28 (Call 08/01/26) |
120 | 123,725 | ||||||
Series B, 5.25%, 08/01/28 (AGM) |
135 | 145,628 | ||||||
University of Massachusetts Building Authority RB, |
||||||||
Series 2019-1, 5.00%, 05/01/28 |
160 | 169,663 | ||||||
|
|
|||||||
5,037,380 | ||||||||
Michigan — 1.4% | ||||||||
Great Lakes Water Authority Water Supply System |
||||||||
Revenue RB, Series C, 5.00%, 07/01/28 |
||||||||
(Call 07/01/26) |
35 | 35,576 | ||||||
Michigan Finance Authority RB |
||||||||
5.00%, 10/01/28 |
130 | 137,877 | ||||||
5.00%, 10/01/30 (Call 10/01/28) |
470 | 495,916 | ||||||
5.00%, 10/01/31 (Call 10/01/28) |
125 | 131,740 | ||||||
Series B, 5.00%, 10/01/28 (Call 10/01/26) |
485 | 503,363 | ||||||
Michigan State Building Authority RB, Series I, |
||||||||
5.00%, 04/15/28 |
365 | 383,894 | ||||||
Michigan State University RB, Series B, |
||||||||
5.00%, 02/15/28 |
185 | 193,972 | ||||||
State of Michigan Trunk Line Revenue RB |
||||||||
5.00%, 11/15/28 |
325 | 344,862 | ||||||
Series B, 5.00%, 11/15/28 |
770 | 817,055 | ||||||
University of Michigan, 5.00%, 04/01/28 |
70 | 73,939 | ||||||
University of Michigan RB, 5.00%, 04/01/32 |
||||||||
(Call 04/01/28) |
100 | 104,094 | ||||||
|
|
|||||||
3,222,288 | ||||||||
Minnesota — 2.0% | ||||||||
County of Hennepin, 5.00%, 12/01/28 |
75 | 79,615 | ||||||
County of Hennepin MN GO |
||||||||
5.00%, 12/01/28 |
140 | 148,615 | ||||||
5.00%, 12/01/28 (Call 12/01/26) |
340 | 351,566 | ||||||
Metropolitan Council GO |
||||||||
4.00%, 03/01/28 (Call 03/01/26) |
40 | 40,156 | ||||||
5.00%, 03/01/28 |
385 | 406,079 | ||||||
5.00%, 03/01/28 (Call 03/01/27) |
95 | 98,727 | ||||||
5.00%, 12/01/28 |
100 | 106,440 | ||||||
Series C, 4.00%, 03/01/28 (Call 03/01/27) |
120 | 120,920 | ||||||
Series C, 5.00%, 12/01/28 |
375 | 399,149 | ||||||
Minneapolis-St Paul Metropolitan Airports Commission |
||||||||
RB, Series A, 5.00%, 01/01/28 (Call 01/01/27) |
100 | 103,338 | ||||||
Minnesota Public Facilities Authority RB, Series A, |
||||||||
5.00%, 03/01/28 (Call 03/01/26) |
155 | 159,905 | ||||||
State of Minnesota GO |
||||||||
5.00%, 08/01/28 |
430 | 456,472 | ||||||
5.00%, 09/01/28 |
500 | 531,344 | ||||||
Series A, 5.00%, 10/01/28 (Call 10/01/27) |
175 | 183,925 | ||||||
Series A, 5.00%, 08/01/29 (Call 08/01/28) |
670 | 709,099 | ||||||
Series A, 5.00%, 08/01/32 (Call 08/01/28) |
485 | 512,857 | ||||||
Series B, 5.00%, 10/01/28 (Call 10/01/27) |
130 | 136,630 | ||||||
|
|
|||||||
4,544,837 | ||||||||
Mississippi — 0.3% | ||||||||
State of Mississippi GO |
||||||||
5.00%, 12/01/28 (Call 12/01/26) |
175 | 180,886 | ||||||
Series A, 5.00%, 10/01/28 (Call 10/01/27) |
455 | 475,654 | ||||||
|
|
|||||||
656,540 |
Security | Par (000) |
Value | ||||||
Missouri — 0.5% | ||||||||
City of Kansas City MO Sanitary Sewer System |
||||||||
Revenue RB, Series A, 5.00%, 01/01/29 |
||||||||
(Call 01/01/28) |
$ | 170 | $ | 178,616 | ||||
Missouri Highway & Transportation Commission RB, |
||||||||
5.00%, 05/01/28 |
205 | 216,682 | ||||||
Missouri State Board of Public Buildings RB, Series B, |
||||||||
4.00%, 10/01/28 |
655 | 661,639 | ||||||
|
|
|||||||
1,056,937 | ||||||||
Nebraska — 1.0% | ||||||||
Nebraska Public Power District RB |
||||||||
5.00%, 01/01/28 |
150 | 157,058 | ||||||
5.00%, 07/01/28 (Call 01/01/28) |
255 | 266,502 | ||||||
Omaha Public Power District RB |
||||||||
5.00%, 02/01/28 |
840 | 884,392 | ||||||
5.00%, 02/01/29 (Call 02/01/28) |
220 | 231,240 | ||||||
Series A, 5.00%, 02/01/28 (Call 02/01/26) |
265 | 271,633 | ||||||
University of Nebraska Facilities Corp. RB (The) |
||||||||
5.00%, 07/15/28 |
180 | 190,575 | ||||||
5.00%, 07/15/29 (Call 07/15/28) |
100 | 105,097 | ||||||
5.00%, 07/15/30 (Call 07/15/28) |
150 | 157,262 | ||||||
|
|
|||||||
2,263,759 | ||||||||
Nevada — 2.0% | ||||||||
Clark County School District GOL |
||||||||
5.00%, 06/15/28 |
145 | 151,980 | ||||||
5.00%, 06/15/28 (AGM) |
205 | 214,869 | ||||||
Series C, 5.00%, 06/15/28 (Call 12/15/27) |
145 | 150,493 | ||||||
County of Clark Department of Aviation RB, Series B, |
||||||||
5.00%, 07/01/28 |
365 | 384,657 | ||||||
County of Clark NV GOL |
||||||||
5.00%, 12/01/28 |
395 | 417,804 | ||||||
5.00%, 06/01/29 (Call 06/01/28) |
245 | 257,665 | ||||||
5.00%, 12/01/30 (Call 12/01/28) |
270 | 284,557 | ||||||
5.00%, 12/01/31 (Call 12/01/28) |
175 | 184,039 | ||||||
County of Clark NV RB, Series B, 5.00%, 07/01/28 |
430 | 453,723 | ||||||
County of Washoe NV RB, 5.00%, 02/01/28 |
220 | 230,127 | ||||||
Las Vegas Valley Water District GOL, 5.00%, 06/01/28 |
340 | 359,149 | ||||||
Nevada System of Higher Education RB, |
||||||||
5.00%, 07/01/28 |
200 | 211,122 | ||||||
State of Nevada GOL |
||||||||
4.00%, 04/01/31 (Call 04/01/28) |
105 | 104,796 | ||||||
5.00%, 05/01/28 |
145 | 153,324 | ||||||
Series A, 5.00%, 04/01/28 |
60 | 63,377 | ||||||
Series A, 5.00%, 05/01/28 |
350 | 370,093 | ||||||
State of Nevada Highway Improvement Revenue, |
||||||||
5.00%, 12/01/29 (Call 06/01/28) |
200 | 210,291 | ||||||
State of Nevada Highway Improvement Revenue RB |
||||||||
5.00%, 12/01/28 (Call 06/01/26) |
150 | 154,409 | ||||||
5.00%, 12/01/28 (Call 06/01/28) |
125 | 131,565 | ||||||
5.00%, 12/01/30 (Call 06/01/28) |
160 | 167,849 | ||||||
|
|
|||||||
4,655,889 | ||||||||
New Hampshire — 0.4% | ||||||||
New Hampshire Municipal Bond Bank RB, Series B, |
||||||||
5.00%, 08/15/28 |
595 | 630,867 | ||||||
State of New Hampshire GO |
||||||||
5.00%, 12/01/28 |
170 | 181,110 | ||||||
Series A, 5.00%, 12/01/31 (Call 12/01/28) |
100 | 106,065 | ||||||
|
|
|||||||
918,042 | ||||||||
New Jersey — 3.1% | ||||||||
County of Monmouth NJ GO, 5.00%, 07/15/28 |
||||||||
(Call 07/15/27) |
100 | 105,177 |
S C H E D U L E O F I N V E S T M E N T S |
89 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority RB |
||||||||
5.00%, 03/01/28 |
$ | 435 | $ | 451,620 | ||||
5.00%, 06/15/28 |
1,060 | 1,102,980 | ||||||
5.00%, 11/01/28 |
110 | 114,795 | ||||||
New Jersey Transportation Trust Fund Authority RB |
||||||||
5.00%, 06/15/28 |
820 | 853,672 | ||||||
5.00%, 06/15/30 (Call 12/15/28) |
75 | 77,640 | ||||||
Series A, 5.00%, 06/15/28 (Call 06/15/26) |
650 | 660,996 | ||||||
New Jersey Turnpike Authority, 5.25%, 01/01/28 |
||||||||
(AGM) |
185 | 196,351 | ||||||
New Jersey Turnpike Authority RB |
||||||||
Series B, 5.00%, 01/01/31 (Call 01/01/28) |
195 | 202,604 | ||||||
Series B, 5.00%, 01/01/32 (Call 01/01/28) |
390 | 405,234 | ||||||
Series E, 5.00%, 01/01/29 (Call 01/01/28) |
620 | 649,469 | ||||||
State of New Jersey GO |
||||||||
5.00%, 06/01/28 (Call 06/01/27) |
135 | 139,794 | ||||||
Series A, 5.00%, 06/01/28 |
2,100 | 2,205,610 | ||||||
|
|
|||||||
7,165,942 | ||||||||
New Mexico — 1.1% | ||||||||
New Mexico Finance Authority RB |
||||||||
5.00%, 06/15/28 |
365 | 385,736 | ||||||
Series A, 5.00%, 06/15/28 |
470 | 495,678 | ||||||
Series D, 5.00%, 06/01/29 (Call 06/01/28) |
70 | 73,847 | ||||||
State of New Mexico GO |
||||||||
5.00%, 03/01/28 |
320 | 337,257 | ||||||
5.50%, 03/01/28 |
110 | 118,117 | ||||||
State of New Mexico Severance Tax Permanent Fund |
||||||||
RB, 5.00%, 07/01/28 |
1,035 | 1,093,464 | ||||||
|
|
|||||||
2,504,099 | ||||||||
New York — 11.6% | ||||||||
City of New York, 5.00%, 08/01/28 |
270 | 284,811 | ||||||
City of New York NY GO |
||||||||
5.00%, 08/01/28 |
1,060 | 1,118,148 | ||||||
5.00%, 08/01/28 (Call 02/01/28) |
410 | 429,152 | ||||||
5.00%, 08/01/30 (Call 02/01/28) |
275 | 286,511 | ||||||
5.00%, 08/01/31 (Call 02/01/28) |
100 | 103,960 | ||||||
Series A, 5.00%, 08/01/28 (Call 08/01/27) |
325 | 337,020 | ||||||
Series A, 5.00%, 08/01/29 (Call 02/01/28) |
130 | 135,753 | ||||||
Series A-2, 5.00%, 08/01/29 (Call 02/01/28) |
220 | 229,737 | ||||||
Series B-1, 5.00%, 10/01/28 |
330 | 348,777 | ||||||
Series C, 5.00%, 08/01/28 (Call 02/01/27) |
175 | 180,661 | ||||||
Series C, 5.00%, 08/01/29 (Call 02/01/28) |
310 | 323,720 | ||||||
Series C, 5.00%, 08/01/31 (Call 02/01/28) |
250 | 259,900 | ||||||
Series D, 5.00%, 08/01/28 (Call 02/01/26) |
210 | 213,264 | ||||||
Series E, 5.00%, 08/01/28 |
420 | 443,040 | ||||||
Hudson Yards Infrastructure Corp. RB, |
||||||||
5.00%, 02/15/28 |
120 | 126,989 | ||||||
Long Island Power Authority RB |
||||||||
5.00%, 09/01/28 |
165 | 174,968 | ||||||
5.00%, 09/01/29 (Call 09/01/28) |
175 | 183,542 | ||||||
Series A, 0.00%, 12/01/28 (AGM)(a) |
170 | 136,948 | ||||||
Metropolitan Transportation Authority RB |
||||||||
Series B, 5.00%, 11/15/28 |
435 | 445,340 | ||||||
Series C-1, 5.00%, 11/15/28 (Call 05/15/28) |
475 | 485,467 | ||||||
Series C-1, 5.00%, 11/15/29 (Call 05/15/28) |
445 | 453,404 | ||||||
New York City Municipal Water Finance Authority, |
||||||||
5.00%, 06/15/28 |
125 | 132,702 | ||||||
New York City Municipal Water Finance Authority RB |
||||||||
5.00%, 06/15/28 (Call 12/15/26) |
355 | 366,775 | ||||||
Series EE, 5.00%, 06/15/28 |
365 | 387,489 |
Security | Par (000) |
Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority Building |
||||||||
Aid Revenue RB |
||||||||
5.00%, 07/15/28 (SAW) |
$ | 110 | $ | 116,219 | ||||
5.00%, 07/15/30 (Call 07/15/28) (SAW) |
560 | 585,499 | ||||||
5.00%, 07/15/31 (Call 07/15/28) (SAW) |
215 | 224,444 | ||||||
Series S, 5.00%, 07/15/30 (Call 07/15/28) (SAW) |
215 | 224,790 | ||||||
Series S-2A, 5.00%, 07/15/31 (Call 07/15/28) (SAW) |
355 | 370,593 | ||||||
Series S-2A, 5.00%, 07/15/32 (Call 07/15/28) (SAW) |
195 | 203,279 | ||||||
Series S-4A, 5.00%, 07/15/28 (SAW) |
80 | 84,523 | ||||||
Series S-4A, 5.00%, 07/15/31 (Call 07/15/28) (SAW) |
200 | 208,785 | ||||||
New York City Transitional Finance Authority Future Tax |
||||||||
Secured Revenue, 5.00%, 05/01/28 |
195 | 205,284 | ||||||
New York City Transitional Finance Authority Future Tax |
||||||||
Secured Revenue RB |
||||||||
5.00%, 11/01/28 |
1,405 | 1,487,716 | ||||||
5.00%, 11/01/28 (Call 11/01/27) |
250 | 258,136 | ||||||
5.00%, 08/01/29 (Call 08/01/28) |
105 | 109,499 | ||||||
Series A1, 5.00%, 08/01/32 (Call 08/01/28) |
50 | 52,031 | ||||||
Series B-1, 5.00%, 08/01/28 (Call 08/01/27) |
100 | 102,960 | ||||||
Series C-1, 5.00%, 11/01/28 |
50 | 52,944 | ||||||
Series C-2, 5.00%, 05/01/32 (Call 05/01/28) |
285 | 296,044 | ||||||
New York City Water & Sewer System RB |
||||||||
5.00%, 06/15/28 |
300 | 318,484 | ||||||
5.00%, 06/15/28 (Call 06/15/27) |
175 | 181,783 | ||||||
Series CC-1, 5.00%, 06/15/28 |
135 | 143,318 | ||||||
New York State Dormitory Authority RB |
||||||||
5.00%, 03/15/28 |
480 | 504,349 | ||||||
5.00%, 07/01/28 |
390 | 413,920 | ||||||
5.00%, 03/15/29 (Call 09/15/28) |
240 | 251,392 | ||||||
5.00%, 03/15/31 (Call 09/15/28) |
130 | 135,618 | ||||||
Series A, 5.00%, 02/15/28 (PR 02/15/27) |
415 | 433,427 | ||||||
Series A, 5.00%, 03/15/28 |
175 | 183,877 | ||||||
Series A, 5.00%, 03/15/28 (Call 09/15/26) |
65 | 66,588 | ||||||
Series A, 5.00%, 03/15/29 (Call 03/15/28) |
310 | 322,948 | ||||||
Series A, 5.00%, 07/01/29 (Call 07/01/28) |
170 | 178,661 | ||||||
Series A, 5.00%, 03/15/31 (Call 03/15/28) |
405 | 420,691 | ||||||
Series A, 5.00%, 03/15/32 (Call 03/15/28) |
210 | 217,833 | ||||||
Series A, 5.00%, 03/15/32 (Call 09/15/28) |
490 | 510,834 | ||||||
Series B, 5.00%, 02/15/28 (PR 08/15/27) |
340 | 357,674 | ||||||
Series C, 5.00%, 03/15/29 (Call 03/15/28) |
250 | 260,442 | ||||||
Series C, 5.00%, 03/15/31 (Call 03/15/28) |
210 | 218,136 | ||||||
Series C, 5.00%, 03/15/32 (Call 03/15/28) |
285 | 295,631 | ||||||
Series D, 5.00%, 02/15/28 |
805 | 845,017 | ||||||
Series E, 5.00%, 03/15/30 (Call 09/15/28) |
795 | 829,926 | ||||||
New York State Environmental Facilities Corp RB, |
||||||||
5.00%, 06/15/28 |
85 | 90,461 | ||||||
New York State Environmental Facilities Corp., |
||||||||
5.00%, 06/15/28 |
50 | 53,212 | ||||||
New York State Environmental Facilities Corp. RB |
||||||||
5.00%, 06/15/28 (Call 06/15/26) |
160 | 164,861 | ||||||
5.00%, 06/15/28 (Call 06/15/27) |
275 | 285,847 | ||||||
5.00%, 06/15/29 (Call 06/15/28) |
125 | 131,537 | ||||||
Series B, 5.00%, 06/15/28 |
335 | 356,522 | ||||||
Series B, 5.00%, 06/15/32 (Call 06/15/28) |
120 | 125,841 | ||||||
New York State Thruway Authority RB |
||||||||
5.00%, 03/15/28 |
215 | 225,906 | ||||||
Series L, 5.00%, 01/01/30 (Call 01/01/28) |
265 | 276,130 | ||||||
Series L, 5.00%, 01/01/31 (Call 01/01/28) |
110 | 114,554 | ||||||
New York State Urban Development Corp. RB |
||||||||
5.00%, 03/15/28 |
105 | 110,586 | ||||||
Series A, 5.00%, 03/15/28 (PR 03/15/26) |
380 | 390,855 |
90 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New York (continued) | ||||||||
Series A, 5.00%, 03/15/28 (PR 03/15/27) |
$ | 155 | $ | 162,078 | ||||
Series C-2, 5.00%, 03/15/28 (Call 09/15/27) |
105 | 109,183 | ||||||
Port Authority of New York & New Jersey RB |
||||||||
5.00%, 09/01/29 (Call 09/01/28) |
160 | 167,881 | ||||||
Series 205TH, 5.00%, 11/15/28 (Call 11/15/27) |
175 | 180,933 | ||||||
Series 209TH, 5.00%, 07/15/30 (Call 07/15/28) |
260 | 272,066 | ||||||
Series 211TH, 5.00%, 09/01/32 (Call 09/01/28) |
275 | 287,208 | ||||||
State of New York GO, 5.00%, 03/15/28 |
200 | 211,302 | ||||||
Triborough Bridge & Tunnel Authority RB |
||||||||
5.00%, 05/15/28 |
850 | 897,403 | ||||||
5.00%, 11/15/28 |
775 | 820,898 | ||||||
5.00%, 11/15/28 (Call 05/15/26) |
75 | 76,915 | ||||||
5.00%, 11/15/28 (Call 08/15/28) |
500 | 528,471 | ||||||
Series B, 0.00%, 11/15/28(a) |
210 | 169,000 | ||||||
Series B, 5.00%, 11/15/28 |
450 | 476,651 | ||||||
Series C-1, 5.00%, 11/15/28 |
290 | 307,175 | ||||||
Utility Debt Securitization Authority RB, Series A, |
||||||||
5.00%, 06/15/28 (Call 06/15/26) |
215 | 220,183 | ||||||
|
|
|||||||
26,475,032 | ||||||||
North Carolina — 2.5% | ||||||||
City of Charlotte NC GO, Series A, 5.00%, 06/01/28 |
200 | 212,217 | ||||||
City of Charlotte NC Storm Water Revenue RB, |
||||||||
5.00%, 12/01/28 |
100 | 106,775 | ||||||
City of Charlotte NC Water & Sewer System Revenue |
||||||||
RB, 5.00%, 07/01/28 |
235 | 249,620 | ||||||
City of Greensboro NC GO, 5.00%, 10/01/28 |
325 | 346,348 | ||||||
County of Guilford NC GO |
||||||||
5.00%, 02/01/28 (Call 02/01/26) |
5 | 5,115 | ||||||
Series B, 5.00%, 05/01/28 (Call 05/01/27) |
100 | 104,643 | ||||||
County of Mecklenburg, 5.00%, 03/01/28 |
140 | 148,068 | ||||||
County of Mecklenburg NC GO, Series A, |
||||||||
5.00%, 04/01/28 (Call 04/01/27) |
100 | 104,363 | ||||||
County of Wake NC GO |
||||||||
5.00%, 03/01/28 |
415 | 436,871 | ||||||
5.00%, 04/01/28 |
175 | 185,288 | ||||||
Series A, 5.00%, 04/01/28 |
15 | 15,882 | ||||||
Series A, 5.00%, 03/01/31 (Call 03/01/28) |
135 | 141,007 | ||||||
County of Wake NC RB |
||||||||
5.00%, 04/01/28 |
185 | 194,948 | ||||||
Series A, 5.00%, 12/01/28 (Call 12/01/26) |
145 | 149,621 | ||||||
Mecklenburg County Public Facilities Corp. RB, |
||||||||
5.00%, 02/01/28 |
160 | 168,263 | ||||||
North Carolina State University at Raleigh RB, |
||||||||
5.00%, 10/01/28 |
100 | 105,967 | ||||||
State of North Carolina GO |
||||||||
5.00%, 06/01/28 |
1,100 | 1,167,193 | ||||||
Series A, 5.00%, 06/01/28 |
275 | 291,798 | ||||||
Series A, 5.00%, 06/01/29 (Call 06/01/28) |
250 | 264,822 | ||||||
Series B, 5.00%, 06/01/28 |
115 | 122,025 | ||||||
State of North Carolina RB |
||||||||
5.00%, 03/01/28 |
350 | 367,158 | ||||||
5.00%, 05/01/28 |
435 | 459,233 | ||||||
Series B, 5.00%, 05/01/28 (Call 05/01/27) |
325 | 338,462 | ||||||
|
|
|||||||
5,685,687 | ||||||||
North Dakota — 0.1% | ||||||||
North Dakota Building Authority RB, 5.00%, 12/01/28 |
120 | 127,213 | ||||||
|
|
|||||||
Ohio — 3.0% | ||||||||
American Municipal Power Inc. RB, Series A, |
||||||||
5.00%, 02/15/28 (Call 02/15/26) |
230 | 234,836 | ||||||
City of Columbus OH, 5.00%, 04/01/29 (Call 10/01/28) |
195 | 206,649 |
Security | Par (000) |
Value | ||||||
Ohio (continued) | ||||||||
City of Columbus OH GO |
||||||||
5.00%, 04/01/28 |
$ | 185 | $ | 195,412 | ||||
5.00%, 04/01/28 (Call 10/01/27) |
165 | 173,060 | ||||||
Series 3, 5.00%, 02/15/28 (Call 02/15/27) |
50 | 52,042 | ||||||
Series A, 5.00%, 04/01/31 (Call 10/01/28) |
495 | 522,800 | ||||||
County of Franklin OH Sales Tax Revenue RB, |
||||||||
4.00%, 06/01/31 (Call 06/01/28) |
145 | 144,451 | ||||||
Ohio Turnpike & Infrastructure Commission RB |
||||||||
5.00%, 02/15/31 (Call 02/15/28) |
230 | 239,742 | ||||||
Series A, 5.00%, 02/15/28 (Call 02/15/27) |
355 | 368,843 | ||||||
Ohio Water Development Authority RB |
||||||||
5.00%, 06/01/28 |
165 | 174,650 | ||||||
5.00%, 06/01/28 (Call 03/01/28) |
740 | 780,899 | ||||||
5.00%, 12/01/28 |
175 | 186,353 | ||||||
5.00%, 12/01/28 (Call 12/01/26) |
105 | 108,603 | ||||||
Series A, 5.00%, 06/01/28 |
440 | 465,732 | ||||||
Series A, 5.00%, 12/01/28 |
555 | 591,005 | ||||||
State of Ohio, 5.00%, 05/01/28 |
50 | 52,807 | ||||||
State of Ohio GO |
||||||||
5.00%, 03/01/28 |
170 | 179,168 | ||||||
5.00%, 03/15/28 |
75 | 79,083 | ||||||
5.00%, 05/01/28 |
465 | 491,102 | ||||||
5.00%, 09/01/28 |
315 | 334,030 | ||||||
Series B, 5.00%, 09/01/28 |
225 | 238,592 | ||||||
Series B, 5.00%, 09/15/28 |
210 | 222,795 | ||||||
Series S, 5.00%, 05/01/28 (Call 05/01/26) |
310 | 318,869 | ||||||
Series V, 5.00%, 05/01/32 (Call 05/01/28) |
125 | 131,417 | ||||||
State of Ohio RB |
||||||||
Series A, 5.00%, 04/01/28 |
115 | 121,232 | ||||||
Series C, 5.00%, 12/01/28 (Call 12/01/26) |
165 | 170,358 | ||||||
|
|
|||||||
6,784,530 | ||||||||
Oklahoma — 0.2% | ||||||||
Grand River Dam Authority RB, Series A, |
||||||||
5.00%, 06/01/28 (Call 12/01/26) |
120 | 123,300 | ||||||
Oklahoma Capitol Improvement Authority RB, |
||||||||
5.00%, 07/01/28 |
25 | 26,270 | ||||||
Oklahoma Department of Transportation RB, Series A, |
||||||||
5.00%, 09/01/28 |
170 | 179,961 | ||||||
Oklahoma Turnpike Authority RB, 5.00%, 01/01/28 |
150 | 157,058 | ||||||
|
|
|||||||
486,589 | ||||||||
Oregon — 1.1% | ||||||||
City of Portland OR GOL, Series B, 5.00%, 06/15/29 |
||||||||
(Call 06/15/28) |
170 | 178,448 | ||||||
City of Portland OR Sewer System Revenue RB, |
||||||||
Series A, 5.00%, 05/01/28 (Call 05/01/26) |
310 | 318,534 | ||||||
County of Clackamas OR GOL, 5.00%, 06/01/28 |
95 | 100,350 | ||||||
County of Multnomah OR GO, Series A, |
||||||||
5.00%, 06/15/28 |
315 | 333,582 | ||||||
Multnomah County School District No. 1 Portland/OR |
||||||||
GO, 5.00%, 06/15/28 (GTD) |
225 | 237,782 | ||||||
Oregon Health & Science University RB, Series A, |
||||||||
5.00%, 07/01/28 |
135 | 140,977 | ||||||
Oregon State Bond Bank RB, 5.00%, 01/01/28 |
||||||||
(Call 01/01/26) |
90 | 92,148 | ||||||
Portland Community College District, 5.00%, 06/15/28 |
180 | 190,069 | ||||||
Portland Community College District GO, |
||||||||
5.00%, 06/15/28 (Call 06/15/26) |
165 | 169,935 | ||||||
Salem-Keizer School District No. 24J GO, Series B, |
||||||||
0.00%, 06/15/28 (GTD)(a) |
90 | 74,171 |
S C H E D U L E O F I N V E S T M E N T S |
91 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Oregon (continued) | ||||||||
State of Oregon GO |
||||||||
5.00%, 05/01/28 |
$ | 125 | $ | 132,442 | ||||
5.00%, 06/01/28 |
95 | 100,762 | ||||||
Series A, 5.00%, 05/01/28 |
40 | 42,382 | ||||||
Series D, 5.00%, 06/01/28 |
300 | 318,195 | ||||||
Series Q, 5.00%, 05/01/28 (Call 05/01/26) |
70 | 71,961 | ||||||
|
|
|||||||
2,501,738 | ||||||||
Pennsylvania — 2.2% | ||||||||
City of Philadelphia PA Water & Wastewater Revenue |
||||||||
RB,
Series B, 5.00%, 11/01/28 |
120 | 124,487 | ||||||
Commonwealth
of Pennsylvania GO |
345 | 357,312 | ||||||
5.00%, 05/01/28 |
320 | 337,419 | ||||||
5.00%, 07/15/28 |
530 | 560,197 | ||||||
First
Series, 5.00%, 01/01/28 |
1,035 | 1,073,088 | ||||||
Second
Series, 5.00%, 09/15/28 |
480 | 493,689 | ||||||
Series 1, 5.00%, 02/01/28 (Call 02/01/26) |
160 | 163,589 | ||||||
County of Chester PA GO, Series A, 4.00%, 07/15/28 (Call 07/15/26) |
105 | 105,661 | ||||||
Lower
Merion School District GOL |
80 | 81,158 | ||||||
4.00%, 11/15/31 (Call 11/15/28) (SAW) |
235 | 238,213 | ||||||
Pennsylvania State University (The) RB, 5.00%, 09/01/28 (Call 09/01/26) |
200 | 205,890 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue RB, 5.00%, 12/01/28 |
185 | 196,032 | ||||||
Pennsylvania Turnpike Commission RB 5.00%, 12/01/28 |
100 | 105,963 | ||||||
Second
Series, 5.00%, 12/01/28 |
150 | 154,540 | ||||||
Series A, 5.25%, 07/15/28 (AGM) |
430 | 457,574 | ||||||
Pittsburgh Water & Sewer Authority RB, Series A, 5.00%, 09/01/28 (Call 09/01/27) (AGM) |
160 | 166,606 | ||||||
West Chester Area School District/PA GO, 5.00%, 05/15/28 |
200 | 212,012 | ||||||
|
|
|||||||
5,033,430 | ||||||||
Rhode Island — 1.0% | ||||||||
Rhode
Island Commerce Corp. RB |
415 | 434,081 | ||||||
5.00%, 06/15/28 (Call 06/15/26) |
400 | 408,657 | ||||||
Rhode Island Health and Educational Building Corp. RB, 5.00%, 09/01/28 |
210 | 222,495 | ||||||
State
of Rhode Island GO |
345 | 362,624 | ||||||
5.00%, 05/01/28 |
85 | 89,663 | ||||||
Series B, 5.00%, 08/01/28 (Call 08/01/27) |
625 | 653,380 | ||||||
|
|
|||||||
2,170,900 | ||||||||
South Carolina — 0.7% | ||||||||
County
of Beaufort SC GO, Series A, |
120 | 124,672 | ||||||
County
of Charleston SC GO |
115 | 122,635 | ||||||
Series B, 5.00%, 11/01/28 |
115 | 122,689 | ||||||
South Carolina Transportation Infrastructure Bank RB 5.00%, 10/01/28 |
825 | 871,185 | ||||||
Series A, 5.00%, 10/01/29 (Call 10/01/28) |
220 | 231,593 | ||||||
State
of South Carolina GO, Series A, 5.00%, 04/01/28 |
115 | 120,617 | ||||||
|
|
|||||||
1,593,391 |
Security | Par (000) |
Value | ||||||
Tennessee — 2.0% | ||||||||
City of Clarksville TN Water Sewer & Gas Revenue RB, 5.00%, 02/01/28 (Call 02/01/26) |
$ | 100 | $ | 102,308 | ||||
City of Knoxville TN GO, 5.00%, 05/01/28 |
85 | 90,097 | ||||||
City of Memphis TN Sanitary Sewerage System Revenue RB, Series B, 5.00%, 10/01/28 |
410 | 434,652 | ||||||
County of Blount TN GO, 5.00%, 06/01/28 (Call 06/01/26) |
175 | 179,881 | ||||||
County of Hamilton, 5.00%, 03/01/28 |
95 | 100,475 | ||||||
County
of Hamilton TN GO |
165 | 173,863 | ||||||
Series A, 5.00%, 04/01/28 |
210 | 222,346 | ||||||
County
of Montgomery TN GO, |
70 | 73,735 | ||||||
County of Rutherford TN GO, 5.00%, 04/01/28 |
100 | 105,795 | ||||||
County of Shelby TN GO, 5.00%, 04/01/28 |
110 | 116,006 | ||||||
County of Williamson TN GO, 5.00%, 05/01/28 |
275 | 291,491 | ||||||
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/28 (Call 05/15/27) |
130 | 135,314 | ||||||
Metropolitan Government of Nashville & Davidson County TN GO 4.00%, 01/01/28 (Call 07/01/26) |
125 | 124,487 | ||||||
4.00%, 07/01/28 |
255 | 258,239 | ||||||
4.00%, 07/01/28 (Call 07/01/27) |
40 | 39,998 | ||||||
5.00%, 01/01/28 (Call 07/01/26) |
210 | 215,957 | ||||||
5.00%, 07/01/30 (Call 07/01/28) |
230 | 241,898 | ||||||
5.00%, 07/01/32 (Call 07/01/28) |
230 | 241,391 | ||||||
State
of Tennessee GO |
85 | 89,019 | ||||||
5.00%, 11/01/28 |
555 | 591,062 | ||||||
Series A, 5.00%, 02/01/29 (Call 02/01/28) |
290 | 305,896 | ||||||
Series A, 5.00%, 02/01/32 (Call 02/01/28) |
75 | 78,560 | ||||||
Tennessee State School Bond Authority RB Series A, 5.00%, 11/01/28 (Call 11/01/27) |
145 | 151,512 | ||||||
Series B, 5.00%, 11/01/28 (Call 11/01/27) |
||||||||
(ST INTERCEPT) |
220 | 229,881 | ||||||
|
|
|||||||
4,593,863 | ||||||||
Texas — 9.1% | ||||||||
Abilene Independent School District GO, 5.00%, 02/15/28 |
55 | 57,912 | ||||||
Aldine Independent School District GO, 5.00%, 02/15/28 (Call 02/15/27) (PSF) |
90 | 92,576 | ||||||
Alvin Independent School District/TX GO, Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF) |
100 | 102,591 | ||||||
Austin Community College District RB, 5.00%, 02/01/28 (Call 02/01/26) |
155 | 158,644 | ||||||
Austin
Independent School District GO |
670 | 705,860 | ||||||
5.00%, 08/01/28 (Call 08/01/26) (PSF) |
100 | 102,859 | ||||||
5.00%, 08/01/31 (Call 08/01/28) (PSF) |
210 | 219,601 | ||||||
Board of Regents of the University of Texas System RB 5.00%, 08/15/28 |
510 | 538,448 | ||||||
Series H, 5.00%, 08/15/28 (Call 08/15/26) |
105 | 108,359 | ||||||
City of Austin TX GOL, 5.00%, 09/01/28 |
510 | 538,264 | ||||||
City of Austin TX Water & Wastewater System Revenue RB 5.00%, 11/15/28 (Call 11/15/26) |
175 | 179,998 | ||||||
5.00%, 11/15/28 (Call 11/15/27) |
200 | 208,213 | ||||||
City of Dallas TX Waterworks & Sewer System Revenue RB 5.00%, 10/01/28 |
40 | 42,147 | ||||||
5.00%, 10/01/28 (Call 10/01/27) |
150 | 155,872 |
92 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Series C, 5.00%, 10/01/29 (Call 10/01/28) |
$ | 50 | $ | 52,749 | ||||
City of Fort Worth Water & Sewer System Revenue RB, 4.00%, 02/15/28 |
290 | 291,431 | ||||||
City of Houston TX Combined Utility System Revenue RB Series A, 0.00%, 12/01/28 (AGM)(a) |
170 | 136,676 | ||||||
Series B, 5.00%, 11/15/28 (Call 11/15/27) |
130 | 135,240 | ||||||
Series D, 5.00%, 11/15/30 (Call 11/15/28) |
145 | 152,831 | ||||||
City
of Houston TX GOL |
300 | 306,296 | ||||||
Series A, 5.00%, 03/01/28 |
150 | 157,415 | ||||||
Series A, 5.00%, 03/01/28 (Call 03/01/27) |
115 | 119,013 | ||||||
City of Lewisville TX GOL, 5.00%, 02/15/30 (Call 02/15/28) |
325 | 339,401 | ||||||
City of San Antonio TX Electric & Gas Systems Revenue RB 4.00%, 02/01/28 (Call 08/01/26) |
105 | 103,218 | ||||||
5.00%, 02/01/28 |
60 | 62,666 | ||||||
5.00%, 02/01/28 (Call 08/01/26) |
125 | 128,495 | ||||||
City
of San Antonio TX GOL |
485 | 510,311 | ||||||
5.00%, 08/01/28 (Call 08/01/27) |
95 | 98,757 | ||||||
Conroe
Independent School District GO, |
250 | 262,832 | ||||||
County
of Bexar TX RB, 5.00%, 06/15/30 |
100 | 104,957 | ||||||
County of El Paso TX GOL, 5.00%, 02/15/28 (Call 08/15/27) |
120 | 124,591 | ||||||
County of Fort Bend TX GO, 5.00%, 03/01/28 (Call 03/01/26) |
40 | 40,825 | ||||||
County of Harris TX GOL, 5.00%, 10/01/28 |
250 | 264,340 | ||||||
Cypress-Fairbanks Independent School District GO 5.00%, 02/15/28 (PSF) |
160 | 168,213 | ||||||
5.00%, 02/15/28 (Call 02/15/26) (PSF) |
55 | 56,595 | ||||||
Dallas Area Rapid Transit, 5.00%, 12/01/28 |
65 | 68,722 | ||||||
Dallas Fort Worth International Airport RB, 5.00%, 11/01/28 |
135 | 142,255 | ||||||
Dallas
Independent School District GO |
220 | 231,025 | ||||||
Series A, 5.00%, 02/15/28 |
395 | 414,795 | ||||||
Fort
Bend Independent School District GO |
290 | 284,763 | ||||||
Series C, 5.00%, 08/15/28 (PSF) |
90 | 94,818 | ||||||
Fort
Worth Independent School District GO, |
400 | 421,180 | ||||||
Frisco
Independent School District GO, |
300 | 317,003 | ||||||
Georgetown Independent School District GO 5.00%, 08/15/28 (Call 08/15/27) (PSF) |
100 | 104,140 | ||||||
Series A, 5.00%, 08/15/29 (Call 08/15/28) (PSF) |
105 | 110,650 | ||||||
Grand
Parkway Transportation Corp. RB |
200 | 207,031 | ||||||
Series A, 5.00%, 10/01/30 (Call 04/01/28) |
130 | 135,806 | ||||||
Grand Prairie Independent School District GO, Series A, 5.00%, 02/15/28 (Call 08/15/26) (PSF) |
80 | 82,538 | ||||||
Harris County Toll Road Authority (The) RB 5.00%, 08/15/28 |
200 | 210,707 | ||||||
Series A, 5.00%, 08/15/32 (Call 02/15/28) |
295 | 308,089 | ||||||
Houston Independent School District GOL, 5.00%, 07/15/29 (Call 07/15/28) |
170 | 178,793 |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Katy
Independent School District GO, |
$ | 125 | $ | 131,099 | ||||
Killeen Independent School District GO, 5.00%, 02/15/30 (Call 02/15/28) (PSF) |
385 | 403,610 | ||||||
Klein Independent School District GO, 5.00%, 08/01/28 (Call 08/01/26) (PSF) |
195 | 201,192 | ||||||
Laredo Independent School District GO, 5.00%, 08/01/28 (Call 08/01/27) (PSF) |
110 | 114,701 | ||||||
Leander Independent School District GO 5.00%, 08/15/31 (Call 08/15/28) (PSF) |
180 | 189,811 | ||||||
Series A, 5.00%, 08/15/31 (Call 02/15/28) (PSF) |
190 | 199,357 | ||||||
Lewisville Independent School District GO, 5.00%, 08/15/32 (Call 08/15/28) (PSF) |
375 | 392,506 | ||||||
Lone Star College System GOL, 5.00%, 02/15/28 (Call 02/15/26) |
95 | 97,147 | ||||||
North East Independent School District/TX GO, 5.00%, 08/01/30 (Call 08/01/28) (PSF) |
75 | 78,808 | ||||||
North Texas Municipal Water District RB, 5.00%, 06/01/28 (Call 06/01/26) |
220 | 226,357 | ||||||
North Texas Municipal Water District Water System Revenue, 5.00%, 09/01/28 |
435 | 458,124 | ||||||
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/28 |
50 | 52,658 | ||||||
North
Texas Tollway Authority RB |
465 | 389,239 | ||||||
Series A, 5.00%, 01/01/28 (Call 01/01/26) |
310 | 316,388 | ||||||
Series B, 5.00%, 01/01/28 |
170 | 176,935 | ||||||
Northside Independent School District GO 5.00%, 08/15/28 (Call 08/15/27) (PSF) |
150 | 156,049 | ||||||
5.00%, 08/15/31 (Call 08/15/28) (PSF) |
250 | 262,620 | ||||||
Northwest Independent School District GO, 5.00%, 02/15/28 (PSF) |
75 | 78,547 | ||||||
Permanent University Fund - University of Texas System RB, 5.00%, 07/01/28 |
525 | 555,579 | ||||||
Pflugerville Independent School District GO, Series A, 5.00%, 02/15/30 (Call 02/15/28) (PSF) |
100 | 104,592 | ||||||
Richardson Independent School District GO, 5.00%, 02/15/30 (Call 02/15/28) (PSF) |
395 | 415,851 | ||||||
Round Rock Independent School District GO 5.00%, 08/01/31 (Call 08/01/28) (PSF) |
220 | 231,616 | ||||||
5.00%, 08/01/32 (Call 08/01/28) (PSF) |
100 | 105,076 | ||||||
Series A, 5.00%, 08/01/28 (PSF) |
495 | 523,921 | ||||||
San Antonio Independent School District/TX GO 5.00%, 08/15/29 (Call 08/15/28) (PSF) |
200 | 210,941 | ||||||
5.00%, 08/15/32 (Call 08/15/28) (PSF) |
505 | 530,374 | ||||||
San
Antonio Water System RB, |
220 | 230,488 | ||||||
Spring Branch Independent School District, 5.00%, 02/01/28 (PSF) |
150 | 157,505 | ||||||
Spring
Independent School District GO, |
240 | 251,524 | ||||||
State of Texas GO 5.00%, 10/01/28 |
310 | 328,353 | ||||||
Series A, 5.00%, 08/01/29 (Call 08/01/28) |
225 | 237,728 | ||||||
Temple Independent School District/TX GO, 4.00%, 02/01/28 (Call 02/01/27) (PSF) |
110 | 109,870 | ||||||
Texas A&M University RB 4.00%, 05/15/28 (Call 05/15/26) |
40 | 39,939 | ||||||
5.00%, 05/15/28 |
110 | 115,805 | ||||||
Series E, 5.00%, 05/15/28 (Call 05/15/27) |
175 | 181,828 |
S C H E D U L E O F I N V E S T M E N T S |
93 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Texas Transportation Commission State Highway Fund RB 5.00%, 10/01/28 (Call 10/01/26) |
$ | 225 | $ | 231,885 | ||||
5.25%, 04/01/28 |
50 | 52,943 | ||||||
Texas
Water Development Board RB |
600 | 634,252 | ||||||
5.00%, 08/01/28 (Call 08/01/27) |
70 | 72,942 | ||||||
Series A, 5.00%, 10/15/28 (Call 04/15/28) |
295 | 310,485 | ||||||
Series A, 5.00%, 10/15/31 (Call 04/15/28) |
100 | 104,842 | ||||||
Series B, 5.00%, 04/15/28 |
245 | 258,093 | ||||||
Series B, 5.00%, 10/15/29 (Call 10/15/28) |
115 | 121,365 | ||||||
Series B, 5.00%, 04/15/31 (Call 10/15/28) |
115 | 121,184 | ||||||
Series B, 5.00%, 10/15/31 (Call 10/15/28) |
335 | 352,878 | ||||||
Trinity River Authority Central Regional Wastewater System Revenue RB 5.00%, 08/01/28 |
105 | 111,182 | ||||||
5.00%, 08/01/32 (Call 08/01/28) |
100 | 105,032 | ||||||
|
|
|||||||
20,873,732 | ||||||||
Utah — 1.5% | ||||||||
Alpine
School District/UT GO, Series B, |
225 | 234,422 | ||||||
Central Valley Water Reclamation Facility RB, 5.00%, 03/01/28 |
90 | 94,780 | ||||||
City of Provo UT GO 5.00%, 02/01/28 |
240 | 252,973 | ||||||
5.00%, 01/01/29 (Call 01/01/28) |
150 | 157,366 | ||||||
5.00%, 02/01/30 (Call 08/01/28) |
100 | 105,199 | ||||||
City of Salt Lake City UT Public Utilities Revenue RB, 5.00%, 02/01/28 |
205 | 216,081 | ||||||
Intermountain Power Agency RB, 5.00%, 07/01/28 |
620 | 652,848 | ||||||
Salt Lake City Corp. RB, 5.00%, 02/01/28 (Call 02/01/27) |
265 | 275,355 | ||||||
State of Utah GO 5.00%, 07/01/28 |
615 | 652,990 | ||||||
5.00%, 07/01/28 (Call 07/01/27) |
145 | 152,077 | ||||||
Series B, 5.00%, 07/01/28 |
110 | 116,795 | ||||||
University of Utah (The) RB Series A, 5.00%, 08/01/28 (Call 08/01/27) (SAP) |
200 | 208,797 | ||||||
Series B-1, 5.00%, 08/01/28 (Call 08/01/27) (SAP) |
205 | 214,017 | ||||||
Utah Water Finance Agency RB, Series A, 5.00%, 03/01/28 (Call 03/01/27) |
80 | 83,128 | ||||||
|
|
|||||||
3,416,828 | ||||||||
Virginia — 3.8% | ||||||||
City
of Virginia Beach VA GO |
100 | 106,223 | ||||||
5.00%, 04/01/30 (Call 04/01/28) |
185 | 195,653 | ||||||
Commonwealth
of Virginia GO, Series A, |
245 | 259,590 | ||||||
County of Arlington VA GO, 5.00%, 08/15/29 (Call 08/15/28) |
125 | 132,682 | ||||||
County
of Chesterfield VA GO, Series A, |
55 | 58,096 | ||||||
County
of Fairfax VA GO |
105 | 111,702 | ||||||
Series A, 5.00%, 10/01/28 (Call 04/01/27) (SAW) |
250 | 261,300 | ||||||
Series A, 5.00%, 10/01/28 (Call 04/01/28) (SAW) |
160 | 169,191 | ||||||
Series A, 5.00%, 10/01/30 (Call 04/01/28) (SAW) |
205 | 216,184 | ||||||
County of Fairfax VA Sewer Revenue RB, 5.00%, 07/15/28 |
70 | 74,268 | ||||||
County of Henrico VA, 5.00%, 08/01/28 |
185 | 196,638 |
Security | Par (000) |
Value | ||||||
Virginia (continued) | ||||||||
County of Loudoun VA GO, 5.00%, 12/01/28 (SAW) |
$ | 660 | $ | 705,029 | ||||
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/28 |
200 | 209,280 | ||||||
Fairfax County Water Authority RB, 4.00%, 04/01/28 (Call 04/01/27) |
15 | 15,098 | ||||||
Hampton Roads Transportation Accountability Commission, 5.00%, 07/01/52 (PR 01/01/28) |
1,000 | 1,055,737 | ||||||
Hampton Roads Transportation Accountability Commission RB, Series A, 5.00%, 07/01/28 |
185 | 195,613 | ||||||
Virginia College Building Authority RB 5.00%, 02/01/28 (Call 02/01/27) |
110 | 114,453 | ||||||
Series A, 5.00%, 09/01/28 (Call 09/01/26) |
||||||||
(ST INTERCEPT) |
75 | 77,636 | ||||||
Series A, 5.00%, 09/01/28 (PR 09/01/26) |
||||||||
(ST INTERCEPT) |
5 | 5,160 | ||||||
Series B, 5.00%, 02/01/28 |
135 | 142,134 | ||||||
Series C, 5.00%, 02/01/28 |
275 | 288,760 | ||||||
Series E, 5.00%, 02/01/28 |
165 | 173,256 | ||||||
Series E, 5.00%, 02/01/29 (Call 02/01/28) |
545 | 570,659 | ||||||
Series E, 5.00%, 02/01/30 (Call 02/01/28) |
375 | 392,002 | ||||||
Virginia Commonwealth Transportation Board RB 5.00%, 03/15/28 (Call 09/15/26) |
400 | 411,627 | ||||||
5.00%, 05/15/28 |
590 | 622,904 | ||||||
5.00%, 03/15/32 (Call 09/15/28) |
85 | 89,584 | ||||||
Series A, 5.00%, 05/15/28 (Call 11/15/27) |
100 | 104,600 | ||||||
Virginia
Public Building Authority RB |
140 | 148,055 | ||||||
Series A, 5.00%, 08/01/28 |
410 | 433,588 | ||||||
Virginia
Public School Authority RB |
45 | 47,575 | ||||||
5.00%, 08/01/28 |
125 | 132,359 | ||||||
5.00%, 08/01/28 (SAW) |
195 | 206,480 | ||||||
Series B, 5.00%, 08/01/28 (Call 08/01/27) (SAW) |
215 | 224,916 | ||||||
Virginia
Resources Authority RB |
270 | 287,035 | ||||||
Series A, 5.00%, 11/01/28 |
145 | 154,149 | ||||||
Series A, 5.00%, 11/01/30 (Call 11/01/28) |
150 | 159,384 | ||||||
|
|
|||||||
8,748,600 | ||||||||
Washington — 4.3% | ||||||||
Auburn School District No. 408 of King & Pierce Counties GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD) |
195 | 204,583 | ||||||
Central
Puget Sound Regional Transit Authority RB, |
235 | 242,567 | ||||||
City of Everett WA Water & Sewer Revenue RB, 5.00%, 12/01/28 (Call 12/01/26) |
100 | 103,394 | ||||||
City of Seattle WA Drainage & Wastewater Revenue RB, 4.00%, 07/01/28 (Call 07/01/27) |
195 | 195,805 | ||||||
City of Seattle WA GOL, 5.00%, 12/01/28 |
245 | 260,543 | ||||||
City of Seattle WA Municipal Light & Power Revenue RB 5.00%, 07/01/28 |
65 | 68,729 | ||||||
Series A, 5.00%, 04/01/28 |
155 | 163,399 | ||||||
Series B, 5.00%, 04/01/28 (Call 04/01/26) |
135 | 138,645 | ||||||
Series C, 4.00%, 10/01/28 (Call 10/01/26) |
65 | 64,955 | ||||||
City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/28 (Call 01/01/27) |
30 | 30,937 | ||||||
Clark County School District No. 37 Vancouver GO, 5.00%, 12/01/28 (GTD) |
145 | 153,715 | ||||||
County of King WA GOL 4.00%, 07/01/28 (Call 07/01/27) |
80 | 80,375 |
94 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Washington (continued) | ||||||||
5.00%, 01/01/28 |
$ | 180 | $ | 189,534 | ||||
5.00%, 07/01/28 |
120 | 127,148 | ||||||
County
of King WA Sewer Revenue RB |
185 | 194,301 | ||||||
Series B, 5.00%, 07/01/28 |
135 | 142,744 | ||||||
Series B, 5.00%, 07/01/29 (Call 07/01/28) |
465 | 488,961 | ||||||
County of Snohomish WA GOL, 5.00%, 12/01/28 |
135 | 143,436 | ||||||
County
of Spokane WA GOL, Series B, |
140 | 148,815 | ||||||
Energy
Northwest, 5.00%, 07/01/32 |
210 | 220,827 | ||||||
Energy
Northwest RB |
1,120 | 1,186,715 | ||||||
Series A, 5.00%, 07/01/28 |
125 | 132,446 | ||||||
Series A, 5.00%, 07/01/28 (Call 07/01/27) |
425 | 441,888 | ||||||
Series C, 5.00%, 07/01/30 (Call 07/01/28) |
130 | 136,763 | ||||||
King &
Snohomish Counties School District No. 417 Northshore
GO, |
170 | 179,406 | ||||||
King
County School District No. 405 Bellevue GO, |
185 | 191,402 | ||||||
King County School District No. 414 Lake Washington GO 4.00%, 12/01/28 (GTD) |
180 | 182,134 | ||||||
4.00%, 12/01/28 (Call 06/01/26) (GTD) |
50 | 50,015 | ||||||
5.00%, 12/01/28 (Call 06/01/27) |
150 | 156,215 | ||||||
Port
of Seattle WA RB |
100 | 103,127 | ||||||
5.00%, 06/01/28 |
100 | 104,986 | ||||||
State of Washington COP, Series B, 5.00%, 07/01/30 (Call 07/01/28) |
230 | 241,463 | ||||||
State
of Washington GO |
280 | 294,685 | ||||||
5.00%, 06/01/28 |
400 | 422,701 | ||||||
5.00%, 07/01/28 |
100 | 105,781 | ||||||
5.00%, 02/01/31 (Call 02/01/28) |
190 | 199,427 | ||||||
5.00%, 06/01/31 (Call 06/01/28) |
100 | 105,340 | ||||||
Series 2017-A, 5.00%, 08/01/28 (Call 08/01/26) |
150 | 154,368 | ||||||
Series B, 5.00%, 08/01/28 (Call 08/01/26) |
140 | 144,077 | ||||||
Series C, 0.00%, 06/01/28 (NPFGC)(a) |
75 | 62,859 | ||||||
Series C, 5.00%, 02/01/28 |
430 | 452,551 | ||||||
Series C, 5.00%, 02/01/30 (Call 02/01/28) |
355 | 372,730 | ||||||
Series D, 5.00%, 02/01/31 (Call 02/01/28) |
105 | 110,210 | ||||||
Series R, 4.00%, 07/01/28 |
340 | 344,319 | ||||||
Series R, 5.00%, 08/01/28 (Call 08/01/26) |
130 | 133,785 | ||||||
University of Washington RB, Series C, 5.00%, 04/01/28 |
295 | 310,249 | ||||||
Washington
State University RB, |
145 | 148,478 | ||||||
|
|
|||||||
9,831,533 | ||||||||
West Virginia — 0.7% | ||||||||
State
of West Virginia GO |
305 | 324,058 | ||||||
5.00%, 12/01/28 (Call 06/01/28) |
110 | 116,010 | ||||||
5.00%, 12/01/29 (Call 06/01/28) |
100 | 105,181 |
Security | Par (000) |
Value | ||||||
West Virginia (continued) | ||||||||
5.00%, 12/01/30 (Call 06/01/28) |
$ | 125 | $ | 131,185 | ||||
Series A, 5.00%, 06/01/28 |
85 | 89,787 | ||||||
Series B, 5.00%, 06/01/31 (Call 06/01/28) |
385 | 403,740 | ||||||
Series B, 5.00%, 12/01/32 (Call 06/01/28) |
180 | 188,586 | ||||||
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/28 (Call 09/01/27) |
195 | 202,066 | ||||||
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/30 (Call 07/01/28) |
75 | 78,651 | ||||||
|
|
|||||||
1,639,264 | ||||||||
Wisconsin — 1.7% | ||||||||
City of Madison WI GO, 4.00%, 10/01/28 |
140 | 142,425 | ||||||
Milwaukee Metropolitan Sewerage District GO, 4.00%, 10/01/28 |
75 | 76,164 | ||||||
State of Wisconsin, 5.00%, 05/01/28 |
360 | 381,127 | ||||||
State of Wisconsin Environmental Improvement Fund Revenue RB, 5.00%, 06/01/28 |
320 | 338,437 | ||||||
State
of Wisconsin GO |
205 | 205,891 | ||||||
4.00%, 05/01/28 (Call 05/01/27) |
210 | 211,152 | ||||||
5.00%, 05/01/28 |
65 | 68,815 | ||||||
5.00%, 11/01/28 (Call 05/01/27) |
325 | 338,212 | ||||||
5.00%, 05/01/31 (Call 05/01/28) |
130 | 136,948 | ||||||
Series 2, 5.00%, 11/01/28 (Call 05/01/26) |
125 | 128,711 | ||||||
Series 2021-2, 5.00%, 05/01/28 |
140 | 148,216 | ||||||
Series 3, 5.00%, 11/01/28 (Call 05/01/27) |
440 | 457,887 | ||||||
State of Wisconsin RB, 5.00%, 05/01/28 (PR 05/01/27) |
300 | 313,211 | ||||||
Wisconsin Department of Transportation RB 5.00%, 07/01/28 |
645 | 682,852 | ||||||
5.00%, 07/01/28 (Call 07/01/27) |
45 | 47,274 | ||||||
Series 1, 5.00%, 07/01/28 (Call 07/01/27) |
220 | 231,039 | ||||||
|
|
|||||||
3,908,361 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 97.9% |
223,484,668 | |||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.5% | ||||||||
BlackRock Liquidity Funds: MuniCash, 3.82%(b)(c) |
5,757,568 | 5,757,568 | ||||||
|
|
|||||||
Total
Short-Term Securities — 2.5% |
5,757,568 | |||||||
|
|
|||||||
Total
Investments — 100.4% |
229,242,236 | |||||||
Liabilities in Excess of Other Assets — (0.4)% |
(977,021 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 228,265,215 | ||||||
|
|
(a) |
Zero-coupon bond. |
(b) |
Affiliate of the Fund. |
(c) |
Annualized 7-day yield 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 |
95 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2028 Term Muni Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds: |
||||||||||||||||||||||||||||||||||||
MuniCash |
$ | 160,840 | $ | 5,596,329 | (a) | $ | — | $ | 387 | $ | 12 | $ | 5,757,568 | 5,757,568 | $ | 29,544 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
Investments |
||||||||||||||||||||||||||||
Long-Term Investments |
||||||||||||||||||||||||||||
Municipal Debt Obligations |
$ | — | $ | 223,484,668 | $ | — | $ | 223,484,668 | ||||||||||||||||||||
Short-Term Securities |
||||||||||||||||||||||||||||
Money Market Funds |
5,757,568 | — | — | 5,757,568 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 5,757,568 | $ | 223,484,668 | $ | — | $ | 229,242,236 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
96 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2029 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Municipal Debt Obligations |
||||||||
Alabama — 0.5% | ||||||||
Alabama Public School and College Authority RB, Series A, |
||||||||
5.00%, 11/01/29 |
$ 30 | $ 32,088 | ||||||
|
|
|||||||
Alaska — 0.5% | ||||||||
State of Alaska GO, 5.00%, 08/01/29 |
30 | 31,987 | ||||||
|
|
|||||||
Arizona — 2.5% | ||||||||
Arizona Board of Regents, 5.00%, 07/01/29 |
65 | 69,257 | ||||||
Arizona State University RB, 5.00%, 07/01/29 |
25 | 26,637 | ||||||
City of Mesa AZ Utility System Revenue RB, 5.00%, 07/01/29 |
25 | 26,637 | ||||||
Salt River Project Agricultural Improvement & Power District |
||||||||
RB, 5.00%, 01/01/29 |
50 | 53,286 | ||||||
|
|
|||||||
175,817 | ||||||||
California — 13.2% | ||||||||
California State Public Works Board, 5.00%, 11/01/31 |
||||||||
(Call 11/01/29) |
100 | 106,836 | ||||||
California State Public Works Board RB, 5.00%, 11/01/29 |
25 | 26,726 | ||||||
California State University RB, 5.00%, 11/01/29 |
15 | 16,245 | ||||||
Chabot-Las Positas Community College District, 3.00%, |
||||||||
08/01/33 (Call 08/01/29) |
65 | 56,392 | ||||||
Coast Community College District, 4.00%, 08/01/29 |
||||||||
(Call 02/01/29) |
45 | 45,941 | ||||||
Contra
Costa Community College District GO, |
35 | 35,813 | ||||||
Los Angeles County Sanitation Districts Financing Authority RB, 5.00%, 10/01/29 |
30 | 32,246 | ||||||
Los Angeles Department of Water & Power, 5.00%, 07/01/33 |
||||||||
(Call 01/01/29) |
40 | 42,680 | ||||||
Los Angeles Department of Water & Power Water System |
||||||||
Revenue, 5.00%, 07/01/29 |
80 | 86,341 | ||||||
Los Rios Community College District, 3.00%, 08/01/32 |
||||||||
(Call 08/01/29) |
15 | 13,104 | ||||||
Metropolitan Water District of Southern California, 5.00%, |
||||||||
10/01/29 |
25 | 27,177 | ||||||
Metropolitan Water District of Southern California RB, |
||||||||
Series A, 5.00%, 07/01/31 (Call 01/01/29) |
25 | 26,766 | ||||||
Orange County Water District, 5.00%, 08/15/30 |
||||||||
(Call 08/15/29) |
35 | 37,900 | ||||||
San Jose Evergreen Community College District, 4.00%, |
||||||||
09/01/29 (Call 09/01/28) |
5 | 5,085 | ||||||
State of California, 5.00%, 08/01/29 (Call 08/01/27) |
75 | 78,115 | ||||||
State of California Department of Water Resources |
||||||||
5.00%, 12/01/29 |
40 | 43,521 | ||||||
5.00%, 12/01/29 (Call 06/01/29) |
5 | 5,405 | ||||||
State of California GO |
||||||||
5.00%, 10/01/29 |
50 | 53,606 | ||||||
5.00%, 11/01/29 |
105 | 112,601 | ||||||
5.00%, 04/01/31 (Call 04/01/29) |
75 | 79,615 | ||||||
University of California, 4.00%, 05/15/29 (Call 05/15/28) |
5 | 5,063 | ||||||
|
|
|||||||
937,178 | ||||||||
Colorado — 1.3% | ||||||||
City & County of Denver, 5.00%, 08/01/29 |
55 | 58,937 | ||||||
City & County of Denver Co. GO, Series B, 5.00%, 08/01/29 |
30 | 32,147 | ||||||
|
|
|||||||
91,084 | ||||||||
Connecticut — 1.7% | ||||||||
State of Connecticut GO, Series A, 5.00%, 01/15/29 |
115 | 122,042 | ||||||
|
|
Security | Par (000) |
Value | ||||||
Delaware — 1.1% | ||||||||
Delaware Transportation Authority, 5.00%, 07/01/32 |
||||||||
(Call 07/01/29) |
$ 30 | $ 32,034 | ||||||
State of Delaware, 5.00%, 02/01/30 (Call 02/01/29) |
45 | 48,104 | ||||||
|
|
|||||||
80,138 | ||||||||
District of Columbia — 2.0% | ||||||||
District of Columbia, 5.00%, 03/01/29 |
55 | 58,598 | ||||||
District of Columbia GO, 5.00%, 01/01/29 |
15 | 15,964 | ||||||
Washington Metropolitan Area Transit Authority Dedicated |
||||||||
Revenue, 5.00%, 07/15/29 |
25 | 26,501 | ||||||
Washington Metropolitan Area Transit Authority RB, |
||||||||
Series A-1, 5.00%, 07/01/29 (Call 07/01/27) |
40 | 41,152 | ||||||
|
|
|||||||
142,215 | ||||||||
Florida — 2.8% | ||||||||
State of Florida |
||||||||
3.00%, 06/01/33 (Call 06/01/29) |
45 | 39,168 | ||||||
5.00%, 07/01/29 |
40 | 42,767 | ||||||
State of Florida Department of Transportation RB, 5.00%, 07/01/29 (Call 07/01/28) |
75 | 79,259 | ||||||
State of Florida GO, 5.00%, 07/01/29 |
35 | 37,421 | ||||||
|
|
|||||||
198,615 | ||||||||
Georgia — 2.6% | ||||||||
Georgia State Road & Tollway Authority RB, 5.00%, |
||||||||
06/01/29 |
100 | 106,579 | ||||||
State of Georgia, 4.00%, 07/01/29 |
45 | 45,898 | ||||||
State of Georgia GO, Series A, 5.00%, 08/01/29 |
30 | 32,260 | ||||||
|
|
|||||||
184,737 | ||||||||
Hawaii — 2.4% | ||||||||
City & County of Honolulu, 5.00%, 11/01/29 |
75 | 80,137 | ||||||
State of Hawaii GO, Series FW, 5.00%, 01/01/33 |
||||||||
(Call 01/01/29) |
85 | 89,588 | ||||||
|
|
|||||||
169,725 | ||||||||
Illinois — 2.8% | ||||||||
Chicago O’Hare International Airport, 5.25%, 01/01/29 |
||||||||
(Call 01/01/27) |
25 | 25,864 | ||||||
Illinois State Toll Highway Authority RB, 5.00%, 01/01/29 |
45 | 47,566 | ||||||
State of Illinois, 5.00%, 03/01/29 |
120 | 123,681 | ||||||
|
|
|||||||
197,111 | ||||||||
Indiana — 2.4% | ||||||||
Indiana
Finance Authority, 5.00%, 02/01/31 |
50 | 52,962 | ||||||
Indiana Finance Authority RB, 5.00%, 10/01/29 |
70 | 74,397 | ||||||
Purdue University RB, 5.00%, 07/01/29 |
40 | 42,662 | ||||||
|
|
|||||||
170,021 | ||||||||
Louisiana — 1.1% | ||||||||
State of Louisiana, 5.00%, 04/01/29 |
75 | 78,915 | ||||||
|
|
|||||||
Maryland — 4.2% | ||||||||
Maryland State Transportation Authority, 5.00%, 07/01/29 |
30 | 31,965 | ||||||
State of Maryland Department of Transportation, 4.00%, |
||||||||
10/01/30 (Call 10/01/29) |
75 | 75,906 | ||||||
State of Maryland GO, First Series, 5.00%, 03/15/32 |
||||||||
(Call 03/15/29) |
115 | 122,050 | ||||||
Washington Suburban Sanitary Commission RB, 5.00%, |
||||||||
06/01/29 (GTD) |
65 | 69,615 | ||||||
|
|
|||||||
299,536 | ||||||||
Massachusetts — 2.6% | ||||||||
Commonwealth of Massachusetts, 5.00%, 07/01/29 |
155 | 166,461 | ||||||
University of Massachusetts Building Authority, 5.00%, |
||||||||
05/01/32 (Call 05/01/29) |
20 | 21,141 | ||||||
|
|
|||||||
187,602 |
S C H E D U L E O F I N V E S T M E N T S |
97 |
Schedule of Investments October 31, 2023 |
iShares® iBonds® Dec 2029 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Michigan — 1.9% | ||||||||
Michigan State Building Authority, 5.00%, 10/15/29 |
$ | 75 | $ 79,859 | |||||
University of Michigan, 5.00%, 04/01/30 (Call 04/01/29) |
50 | 53,118 | ||||||
|
|
|||||||
132,977 | ||||||||
Minnesota — 1.0% | ||||||||
County of Hennepin MN GO, 5.00%, 12/01/29 |
20 | 21,375 | ||||||
State of Minnesota, 5.00%, 10/01/29 (Call 10/01/27) |
50 | 52,452 | ||||||
|
|
|||||||
73,827 | ||||||||
Nebraska — 0.4% | ||||||||
Omaha Public Power District, 5.00%, 02/01/32 |
||||||||
(Call 02/01/29) |
30 | 31,633 | ||||||
|
|
|||||||
Nevada — 1.5% | ||||||||
County of Clark |
||||||||
5.00%, 07/01/29 |
25 | 26,571 | ||||||
5.00%, 06/01/31 (Call 06/01/29) |
35 | 37,056 | ||||||
State of Nevada, 3.00%, 05/01/31 (Call 05/01/29) |
50 | 45,191 | ||||||
|
|
|||||||
108,818 | ||||||||
New Hampshire — 1.1% | ||||||||
New Hampshire Municipal Bond Bank RB |
||||||||
5.00%, 02/15/29 (ST INTERCEPT) |
30 | 31,949 | ||||||
5.00%, 08/15/29 |
45 | 48,141 | ||||||
|
|
|||||||
80,090 | ||||||||
New Jersey — 1.4% | ||||||||
New Jersey Economic Development Authority, 5.00%, |
||||||||
06/15/29 (Call 12/15/28) |
25 | 25,844 | ||||||
New Jersey Educational Facilities Authority RB, Series B, |
||||||||
5.00%, 07/01/29 (Call 07/01/27) |
15 | 15,727 | ||||||
New
Jersey Transportation Trust Fund Authority, |
5 | 5,234 | ||||||
State of New Jersey GO, Series A, 5.00%, 06/01/29 |
50 | 52,850 | ||||||
|
|
|||||||
99,655 | ||||||||
New Mexico — 0.4% | ||||||||
State of New Mexico GO, 5.00%, 03/01/29 |
30 | 31,948 | ||||||
|
|
|||||||
New York — 12.0% | ||||||||
City of New York |
||||||||
5.00%, 08/01/29 |
25 | 26,536 | ||||||
5.00%, 08/01/29 (Call 02/01/29) |
40 | 42,186 | ||||||
5.00%, 10/01/29 |
25 | 26,571 | ||||||
City of New York NY GO, 5.00%, 10/01/29 |
55 | 58,455 | ||||||
County of Onondaga NY GOL, 3.00%, 08/15/33 |
||||||||
(Call 08/15/29) |
65 | 58,267 | ||||||
County of Suffolk NY GOL, 5.00%, 06/15/29 (BAM) |
25 | 26,693 | ||||||
County of Westchester, 4.00%, 07/01/29 (Call 07/01/27) |
15 | 15,187 | ||||||
New York City Municipal Water Finance Authority, 5.00%, |
||||||||
06/15/29 |
60 | 64,377 | ||||||
New York City Transitional Finance Authority Building |
||||||||
Aid Revenue |
||||||||
5.00%, 07/15/29 (SAW) |
40 | 42,633 | ||||||
5.00%, 07/15/33 (Call 07/15/29) (SAW) |
25 | 26,567 | ||||||
New York City Transitional Finance Authority Building Aid |
||||||||
Revenue RB, Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW) |
50 | 51,602 | ||||||
New York City Transitional Finance Authority Future Tax |
||||||||
Secured Revenue RB |
||||||||
5.00%, 11/01/29 |
50 | 53,204 | ||||||
Series B-1, 5.00%, 08/01/29 (Call 08/01/27) |
75 | 77,164 | ||||||
New York State Dormitory Authority, 5.00%, 07/01/29 |
5 | 5,341 |
Security |
Par (000) |
Value | ||||||
New York (continued) | ||||||||
New York State Dormitory Authority RB |
||||||||
5.00%, 03/15/29 |
$ | 40 | $ 42,432 | |||||
Series A, 5.00%, 03/15/29 |
40 | 42,432 | ||||||
New York State Environmental Facilities Corp. |
||||||||
5.00%, 06/15/29 (Call 06/15/28) |
5 | 5,261 | ||||||
5.00%, 06/15/31 (Call 06/15/29) |
50 | 53,439 | ||||||
New York State Thruway Authority RB, 5.00%, 01/01/29 |
75 | 78,989 | ||||||
New
York State Urban Development Corp RB, |
15 | 15,882 | ||||||
Port
Authority of New York & New Jersey RB, |
35 | 37,250 | ||||||
|
|
|||||||
850,468 | ||||||||
North Carolina — 3.2% | ||||||||
City
of Charlotte Water & Sewer System Revenue, |
25 | 26,809 | ||||||
County of Mecklenburg, 5.00%, 03/01/29 |
90 | 96,338 | ||||||
County of Wake, 5.00%, 03/01/29 |
25 | 26,748 | ||||||
State of North Carolina, 5.00%, 05/01/31 (Call 05/01/29) |
70 | 74,332 | ||||||
|
|
|||||||
224,227 | ||||||||
Ohio — 3.1% | ||||||||
City of Columbus, 5.00%, 04/01/29 |
50 | 53,414 | ||||||
Ohio State University (The), 5.00%, 12/01/29 |
30 | 32,129 | ||||||
Ohio Water Development Authority, 5.00%, 12/01/29 |
35 | 37,632 | ||||||
Ohio Water Development Authority Water Pollution Control |
||||||||
Loan Fund RB, 5.00%, 06/01/29 |
50 | 53,498 | ||||||
State of Ohio, 5.00%, 06/15/32 (Call 06/15/29) |
40 | 42,591 | ||||||
|
|
|||||||
219,264 | ||||||||
Oregon — 2.6% | ||||||||
City of Portland Sewer System Revenue, 5.00%, 03/01/33 |
||||||||
(Call 09/01/29) |
65 | 69,274 | ||||||
State of Oregon, 5.00%, 05/01/30 (Call 11/01/29) |
50 | 53,557 | ||||||
State
of Oregon Department of Transportation, |
35 | 37,606 | ||||||
State of Oregon GO, 5.00%, 05/01/29 |
25 | 26,781 | ||||||
|
|
|||||||
187,218 | ||||||||
Pennsylvania — 3.9% | ||||||||
City of Philadelphia, 5.00%, 05/01/29 |
50 | 52,365 | ||||||
Commonwealth of Pennsylvania, 5.00%, 01/15/29 |
||||||||
(Call 01/15/27) |
50 | 51,820 | ||||||
Pennsylvania Higher Educational Facilities Authority, 5.00%, |
||||||||
08/15/29 (Call 02/15/27) |
30 | 31,079 | ||||||
Pennsylvania Turnpike Commission RB, 5.00%, 12/01/29 |
85 | 90,842 | ||||||
West Chester Area School District GOL, 3.00%, 05/15/32 |
||||||||
(Call 05/15/29) (SAW) |
55 | 49,431 | ||||||
|
|
|||||||
275,537 | ||||||||
Rhode Island — 0.5% | ||||||||
State of Rhode Island GO, 5.00%, 05/01/29 |
35 | 37,313 | ||||||
|
|
|||||||
Tennessee — 1.6% | ||||||||
County of Shelby, 5.00%, 04/01/30 (Call 04/01/29) |
80 | 84,988 | ||||||
State of Tennessee GO, 5.00%, 05/01/29 |
30 | 32,044 | ||||||
|
|
|||||||
117,032 | ||||||||
Texas — 9.4% | ||||||||
Austin Independent School District, 5.00%, 08/01/29 (PSF) |
50 | 52,993 | ||||||
Board of Regents of the University of Texas System, 5.00%, |
||||||||
08/15/31 (Call 08/15/29) |
55 | 58,267 | ||||||
City of Austin TX GOL, 5.00%, 09/01/29 |
40 | 42,507 | ||||||
City of Dallas TX Waterworks & Sewer System Revenue RB, |
||||||||
5.00%, 10/01/29 |
65 | 69,048 |
98 |
2 0 2 3 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, 2023 |
iShares® iBonds® Dec 2029 Term Muni Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Texas (continued) | ||||||||
Comal Independent School District GO, 5.00%, 02/01/29 |
||||||||
(PSF) |
$ 25 | $ | 26,456 | |||||
County
of Harris TX Toll Road Revenue RB, |
30 | 31,853 | ||||||
Cypress-Fairbanks Independent School District GO, 5.00%, |
||||||||
02/15/32 (Call 02/15/29) (PSF) |
120 | 126,899 | ||||||
Dallas Area Rapid Transit, 5.00%, 12/01/29 |
35 | 37,249 | ||||||
Dallas Fort Worth International Airport RB, 5.00%, 11/01/29 |
60 | 63,712 | ||||||
North East Independent School District/TX GO, 5.25%, |
||||||||
02/01/29 (PSF) |
20 | 21,391 | ||||||
North Texas Tollway Authority, 0.00%, 01/01/29 (AGC)(a) |
50 | 40,050 | ||||||
Northside Independent School District GO, 5.00%, 08/15/29 |
||||||||
(Call 08/15/27) (PSF) |
45 | 46,789 | ||||||
Texas Water Development Board, 5.00%, 10/15/29 |
50 | 53,294 | ||||||
|
|
|||||||
670,508 | ||||||||
Utah — 1.4% | ||||||||
State of Utah |
||||||||
5.00%, 07/01/32 (Call 01/01/29) |
55 | 58,306 | ||||||
5.00%, 07/01/33 (Call 01/01/29) |
40 | 42,389 | ||||||
|
|
|||||||
100,695 | ||||||||
Vermont — 0.5% | ||||||||
State of Vermont, 5.00%, 08/15/29 |
35 | 37,556 | ||||||
|
|
|||||||
Virginia — 3.0% | ||||||||
Virginia College Building Authority RB |
||||||||
5.00%, 09/01/29 |
55 | 58,447 | ||||||
Series E, 5.00%, 02/01/29 (Call 02/01/28) |
50 | 52,354 | ||||||
Virginia Public Building Authority |
||||||||
5.00%, 08/01/29 |
55 | 58,672 | ||||||
5.00%, 08/01/32 (Call 08/01/29) |
40 | 42,637 | ||||||
|
|
|||||||
212,110 | ||||||||
Washington — 3.3% | ||||||||
City of Seattle WA GOL, 5.00%, 11/01/29 |
50 | 53,564 | ||||||
County of Snohomish WA GOL, 5.00%, 12/01/29 |
30 | 32,163 | ||||||
State of Washington GO |
||||||||
5.00%, 08/01/29 |
40 | 42,756 | ||||||
Series R-2018-C, 5.00%, 08/01/29 (Call 08/01/27) |
100 | 104,255 | ||||||
|
|
|||||||
232,738 |
Security |
Par (000) |
Value | ||||||
West Virginia — 0.8% | ||||||||
State of West Virginia, 5.00%, 06/01/29 |
$ | 50 | $ | 53,368 | ||||
|
|
|||||||
Wisconsin — 1.3% | ||||||||
State of Wisconsin |
||||||||
4.00%, 05/01/29 (Call 05/01/28) |
40 | 40,258 | ||||||
5.00%, 05/01/32 (Call 05/01/29) |
20 | 21,253 | ||||||
State of Wisconsin Environmental Improvement Fund |
||||||||
Revenue RB, 5.00%, 06/01/29 |
30 | 32,052 | ||||||
|
|
|||||||
93,563 | ||||||||
|
|
|||||||
Total Long-Term Investments — 98.0% | ||||||||
(Cost: $7,236,617) |
6,969,356 | |||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Liquidity Funds: MuniCash, 3.82%(b)(c) |
48,295 | 48,295 | ||||||
|
|
|||||||
Total Short-Term Securities — 0.7% | ||||||||
(Cost: $48,295) |
48,295 | |||||||
|
|
|||||||
Total Investments — 98.7% | ||||||||
(Cost: $7,284,912) |
7,017,651 | |||||||
Other Assets Less Liabilities — 1.3% | 91,414 | |||||||
|
|
|||||||
Net Assets — 100.0% | $7,109,065 | |||||||
|
|
(a) |
Zero-coupon bond. |
(b) |
Affiliate of the Fund. |
(c) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer |
|
Value at 05/09/23 |
(a) |
|
Purchases at Cost |
|
|
Proceeds from Sale |
|
|
Net Realized Gain(Loss) |
|
|
Change in Unrealized Appreciation (Depreciation |
) |
|
Value at 10/31/23 |
|
|
Shares Held at 10/31/23 |
|
Income |
|
Capital Gain Distributions from Underlying Funds |
| |||||||||||
BlackRock Liquidity Funds: MuniCash |
$ | — | $ 48,296 | (b) | $ | — | $ | (1 | ) | $ | — | $48,295 | 48,295 | $ | 818 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Represents net amount purchased (sold). |
S C H E D U L E O F I N V E S T M E N T S |
99 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2029 Term Muni Bond ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Debt Obligations |
$ | — | $ | 6,969,356 | $ | — | $ | 6,969,356 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
48,295 | — | — | 48,295 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 48,295 | $ | 6,969,356 | $ | — | $ | 7,017,651 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
100 |
2 0 2 3 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 October 31, 2023 |
iShares iBonds Dec |
iShares iBonds Dec |
iShares iBonds Dec |
iShares iBonds Dec |
|||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a) |
$ | 419,097,089 | $ | 496,177,860 | $ | 514,309,730 | $ | 317,849,399 | ||||||||
Investments, at value — affiliated(b) |
109,073 | 493,644 | 3,614,207 | 550,785 | ||||||||||||
Cash |
314 | — | — | — | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
— | 5,059 | — | — | ||||||||||||
Capital shares sold |
— | — | — | 3,717,110 | ||||||||||||
Dividends — affiliated |
12,814 | 1,981 | 4,378 | 3,280 | ||||||||||||
Interest — unaffiliated |
3,777,440 | 7,019,328 | 7,250,808 | 4,426,050 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
422,996,730 | 503,697,872 | 525,179,123 | 326,546,624 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
— | — | 3,043,694 | 3,265,332 | ||||||||||||
Investment advisory fees |
65,844 | 76,892 | 77,495 | 48,239 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
65,844 | 76,892 | 3,121,189 | 3,313,571 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS |
$ | 422,930,886 | $ | 503,620,980 | $ | 522,057,934 | $ | 323,233,053 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 422,048,314 | $ | 509,330,530 | $ | 535,916,672 | $ | 337,564,923 | ||||||||
Accumulated earnings (loss) |
882,572 | (5,709,550 | ) | (13,858,738 | ) | (14,331,870 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 422,930,886 | $ | 503,620,980 | $ | 522,057,934 | $ | 323,233,053 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETVALUE |
||||||||||||||||
Shares outstanding |
16,550,000 | 19,550,000 | 20,000,000 | 13,050,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 25.55 | $ | 25.76 | $ | 26.10 | $ | 24.77 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 419,202,425 | $ | 502,571,236 | $ | 528,900,963 | $ | 331,750,166 | ||||||||
(b) Investments, at cost — affiliated |
$ | 109,073 | $ | 493,630 | $ | 3,614,198 | $ | 550,771 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
101 |
Statement of Assets and Liabilities (continued)
October 31, 2023
iShares iBonds Dec |
iShares iBonds Dec |
iShares iBonds Dec 2029 Term Muni Bond ETF |
||||||||||
ASSETS |
||||||||||||
Investments, at value — unaffiliated(a) |
$ | 293,372,811 | $ | 223,484,668 | $ | 6,969,356 | ||||||
Investments, at value — affiliated(b) |
4,717,248 | 5,757,568 | 48,295 | |||||||||
Receivables: |
||||||||||||
Capital shares sold |
4,881,861 | 6,076,500 | — | |||||||||
Dividends — affiliated |
3,885 | 3,558 | 317 | |||||||||
Interest — unaffiliated |
4,123,573 | 3,037,750 | 92,028 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
307,099,378 | 238,360,044 | 7,109,996 | |||||||||
|
|
|
|
|
|
|||||||
LIABILITIES |
||||||||||||
Payables: |
||||||||||||
Investments purchased |
8,264,684 | 10,062,525 | — | |||||||||
Investment advisory fees |
43,634 | 32,304 | 931 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
8,308,318 | 10,094,829 | 931 | |||||||||
|
|
|
|
|
|
|||||||
Commitments and contingent liabilities |
||||||||||||
NET ASSETS |
$ | 298,791,060 | $ | 228,265,215 | $ | 7,109,065 | ||||||
|
|
|
|
|
|
|||||||
NET ASSETS CONSIST OF |
||||||||||||
Paid-in capital |
$ | 311,139,199 | $ | 239,618,237 | $ | 7,362,389 | ||||||
Accumulated loss |
(12,348,139 | ) | (11,353,022 | ) | (253,324 | ) | ||||||
|
|
|
|
|
|
|||||||
NET ASSETS |
$ | 298,791,060 | $ | 228,265,215 | $ | 7,109,065 | ||||||
|
|
|
|
|
|
|||||||
NET ASSETVALUE |
||||||||||||
Shares outstanding |
12,250,000 | 9,400,000 | 300,000 | |||||||||
|
|
|
|
|
|
|||||||
Net asset value |
$ | 24.39 | $ | 24.28 | $ | 23.70 | ||||||
|
|
|
|
|
|
|||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
|
|||||||
Par value |
None | None | None | |||||||||
|
|
|
|
|
|
|||||||
(a) Investments, at cost — unaffiliated |
$ | 306,018,194 | $ | 235,201,921 | $ | 7,236,617 | ||||||
(b) Investments, at cost — affiliated |
$ | 4,717,235 | $ | 5,757,556 | $ | 48,295 |
See notes to financial statements.
102 |
2 0 2 3 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 |
Year Ended October 31, 2023
iShares iBonds Dec 2023 Term Muni Bond ETF |
iShares iBonds Dec 2024 Term Muni Bond ETF |
iShares iBonds Dec 2025 Term Muni Bond ETF |
iShares iBonds Dec 2026 Term Muni Bond ETF |
|||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — affiliated |
$ | 91,930 | $ | 36,911 | $ | 50,573 | $ | 33,859 | ||||||||
Interest — unaffiliated |
9,821,457 | 10,464,820 | 8,114,463 | 5,181,161 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
9,913,387 | 10,501,731 | 8,165,036 | 5,215,020 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
898,776 | 1,014,298 | 793,589 | 527,721 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
898,776 | 1,014,298 | 793,589 | 527,721 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
9,014,611 | 9,487,433 | 7,371,447 | 4,687,299 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(5,238 | ) | (29,369 | ) | (49,805 | ) | (688,926 | ) | ||||||||
Investments — affiliated |
6,287 | (597 | ) | (809 | ) | (624 | ) | |||||||||
In-kind redemptions — unaffiliated(a) |
— | (1,598,704 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
1,049 | (1,628,670 | ) | (50,614 | ) | (689,550 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
5,559,881 | 6,662,871 | 455,727 | 145,970 | ||||||||||||
Investments — affiliated |
— | 14 | 9 | 14 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
5,559,881 | 6,662,885 | 455,736 | 145,984 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
5,560,930 | 5,034,215 | 405,122 | (543,566 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 14,575,541 | $ | 14,521,648 | $ | 7,776,569 | $ | 4,143,733 | ||||||||
|
|
|
|
|
|
|
|
(a) |
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 |
103 |
Statements of Operations (continued)
Year Ended October 31, 2023
iShares iBonds Dec 2027 Term Muni Bond ETF |
iShares iBonds Dec 2028 Term Muni Bond ETF |
iShares iBonds Dec 2029 |
||||||||||
INVESTMENT INCOME |
||||||||||||
Dividends — affiliated |
$ | 28,124 | $ | 29,544 | $ | 818 | ||||||
Interest — unaffiliated |
5,680,151 | 3,422,544 | 53,077 | |||||||||
|
|
|
|
|
|
|||||||
Total investment income |
5,708,275 | 3,452,088 | 53,895 | |||||||||
|
|
|
|
|
|
|||||||
EXPENSES |
||||||||||||
Investment advisory |
458,134 | 291,541 | 3,659 | |||||||||
|
|
|
|
|
|
|||||||
Total expenses |
458,134 | 291,541 | 3,659 | |||||||||
|
|
|
|
|
|
|||||||
Net investment income |
5,250,141 | 3,160,547 | 50,236 | |||||||||
|
|
|
|
|
|
|||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments — unaffiliated |
(218,914 | ) | (13,326 | ) | — | |||||||
Investments — affiliated |
(85 | ) | 387 | (1 | ) | |||||||
|
|
|
|
|
|
|||||||
(218,999 | ) | (12,939 | ) | (1 | ) | |||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments — unaffiliated |
(2,650,793 | ) | (3,519,355 | ) | (267,261 | ) | ||||||
Investments — affiliated |
13 | 12 | — | |||||||||
|
|
|
|
|
|
|||||||
(2,650,780 | ) | (3,519,343 | ) | (267,261 | ) | |||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss |
(2,869,779 | ) | (3,532,282 | ) | (267,262 | ) | ||||||
|
|
|
|
|
|
|||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 2,380,362 | $ | (371,735 | ) | $ | (217,026 | ) | ||||
|
|
|
|
|
|
(a) |
For the period from May 9, 2023 (commencement of operations) to October 31, 2023. |
See notes to financial statements.
104 |
2 0 2 3 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
iShares iBonds Dec 2023 Term Muni Bond ETF |
iShares iBonds Dec 2024 Term Muni Bond ETF |
|||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 9,014,611 | $ | 4,558,318 | $ | 9,487,433 | $ | 3,634,226 | ||||||||||||
Net realized gain (loss) |
1,049 | (39,340 | ) | (1,628,670 | ) | (16,088 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) |
5,559,881 | (10,987,665 | ) | 6,662,885 | (16,971,263 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
14,575,541 | (6,468,687 | ) | 14,521,648 | (13,353,125 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(8,457,538 | ) | (4,402,542 | ) | (9,314,347 | ) | (3,252,271 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(72,899,421 | ) | 164,108,809 | (7,663,705 | ) | 279,449,453 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase (decrease) in net assets |
(66,781,418 | ) | 153,237,580 | (2,456,404 | ) | 262,844,057 | ||||||||||||||
Beginning of year |
489,712,304 | 336,474,724 | 506,077,384 | 243,233,327 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 422,930,886 | $ | 489,712,304 | $ | 503,620,980 | $ | 506,077,384 | ||||||||||||
|
|
|
|
|
|
|
|
(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 |
105 |
Statements of Changes in Net Assets (continued)
iShares | iShares | |||||||||||||||||||
iBonds Dec 2025 Term Muni Bond ETF | iBonds Dec 2026 Term Muni Bond ETF | |||||||||||||||||||
|
|
|
|
|||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||
|
||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
|
|||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 7,371,447 | $ | 2,179,573 | $ | 4,687,299 | $ | 1,371,417 | ||||||||||||
Net realized loss |
(50,614 | ) | (300 | ) | (689,550 | ) | (201,820 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) |
455,736 | (17,069,417 | ) | 145,984 | (14,541,901 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
7,776,569 | (14,890,144 | ) | 4,143,733 | (13,372,304 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(6,901,027 | ) | (1,962,656 | ) | (4,438,111 | ) | (1,245,087 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
209,170,763 | 146,374,083 | 112,193,997 | 102,749,159 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase in net assets |
210,046,305 | 129,521,283 | 111,899,619 | 88,131,768 | ||||||||||||||||
Beginning of year |
312,011,629 | 182,490,346 | 211,333,434 | 123,201,666 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 522,057,934 | $ | 312,011,629 | $ | 323,233,053 | $ | 211,333,434 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
106 |
2 0 2 3 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 | ||||||||||||||||||||
iShares iBonds Dec 2027 Term Muni Bond ETF |
iBonds Dec 2028 Term Muni Bond ETF |
|||||||||||||||||||
|
|
|
|
|||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||
|
||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
|
|||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 5,250,141 | $ | 1,277,300 | $ | 3,160,547 | $ | 939,318 | ||||||||||||
Net realized loss |
(218,999 | ) | (8,137 | ) | (12,939 | ) | (10,543 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) |
(2,650,780 | ) | (10,458,420 | ) | (3,519,343 | ) | (9,129,523 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
2,380,362 | (9,189,257 | ) | (371,735 | ) | (8,200,748 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(4,955,733 | ) | (1,087,220 | ) | (2,880,001 | ) | (895,195 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
128,793,172 | 121,047,488 | 133,759,142 | 35,120,500 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase in net assets |
126,217,801 | 110,771,011 | 130,507,406 | 26,024,557 | ||||||||||||||||
Beginning of year |
172,573,259 | 61,802,248 | 97,757,809 | 71,733,252 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
End of year |
$ | 298,791,060 | $ | 172,573,259 | $ | 228,265,215 | $ | 97,757,809 | ||||||||||||
|
|
|
|
|
|
|
|
(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 |
107 |
Statements of Changes in Net Assets (continued)
iShares iBonds Dec 2029 Term Muni Bond ETF |
||||
|
Period From 05/09/23 to 10/31/23 |
(a)
| ||
|
||||
INCREASE (DECREASE) IN NET ASSETS |
||||
OPERATIONS |
||||
Net investment income |
$ | 50,236 | ||
Net realized loss |
(1 | ) | ||
Net change in unrealized appreciation (depreciation) |
(267,261 | ) | ||
|
|
|||
Net decrease in net assets resulting from operations |
(217,026 | ) | ||
|
|
|||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||
Decrease in net assets resulting from distributions to shareholders |
(36,298 | ) | ||
|
|
|||
CAPITAL SHARE TRANSACTIONS |
||||
Net increase in net assets derived from capital share transactions |
7,362,389 | |||
|
|
|||
NET ASSETS |
||||
Total increase in net assets |
7,109,065 | |||
Beginning of period |
— | |||
|
|
|||
End of period |
$ | 7,109,065 | ||
|
|
(a) |
Commencement of operations. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
108 |
2 0 2 3 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 |
(For a share outstanding throughout each period)
iShares iBonds Dec 2023 Term Muni Bond ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 25.24 | $ | 25.98 | $ | 26.17 | $ | 25.79 | $ | 24.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.46 | 0.29 | 0.30 | 0.39 | 0.45 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.29 | (0.75 | ) | (0.19 | ) | 0.38 | 1.10 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
0.75 | (0.46 | ) | 0.11 | 0.77 | 1.55 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(c) |
(0.44 | ) | (0.28 | ) | (0.30 | ) | (0.39 | ) | (0.44 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 25.55 | $ | 25.24 | $ | 25.98 | $ | 26.17 | $ | 25.79 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
2.98 | % | (1.76 | )% | 0.43 | % | 3.02 | % | 6.31 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.81 | % | 1.13 | % | 1.15 | % | 1.49 | % | 1.75 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 422,931 | $ | 489,712 | $ | 336,475 | $ | 276,079 | $ | 215,376 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
94 | % | 1 | % | 0 | %(g) | 1 | % | 0 | %(g) | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
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. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
(g) |
Rounds to less than 0.5%. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
109 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2024 Term Muni Bond ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 25.50 | $ | 26.88 | $ | 27.00 | $ | 26.38 | $ | 24.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.43 | 0.28 | 0.24 | 0.36 | 0.48 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.25 | (1.41 | ) | (0.12 | ) | 0.62 | 1.48 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
0.68 | (1.13 | ) | 0.12 | 0.98 | 1.96 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions(c) |
||||||||||||||||||||
Distributions from net investment income |
(0.42 | ) | (0.25 | ) | (0.24 | ) | (0.36 | ) | (0.48 | ) | ||||||||||
From net realized gain |
— | — | — | (0.00 | )(d) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.42 | ) | (0.25 | ) | (0.24 | ) | (0.36 | ) | (0.48 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 25.76 | $ | 25.50 | $ | 26.88 | $ | 27.00 | $ | 26.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
2.72 | % | (4.20 | )% | 0.42 | % | 3.75 | % | 7.91 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||
Total expenses |
0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.68 | % | 1.08 | % | 0.90 | % | 1.35 | % | 1.85 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 503,621 | $ | 506,077 | $ | 243,233 | $ | 179,566 | $ | 104,214 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(g) |
0 | %(h) | 0 | % | 0 | % | 0 | %(h) | 0 | %(h) | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
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. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Rounds to less than $0.01. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
(h) |
Rounds to less than 0.5%. |
See notes to financial statements.
110 |
2 0 2 3 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 Dec 2025 Term Muni Bond ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Year Ended 10/31/20 |
|
|
Period From 11/13/18 to 10/31/19 |
(a)
| ||||||
|
||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.89 | $ | 27.86 | $ | 28.00 | $ | 27.13 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(b) |
0.44 | 0.25 | 0.20 | 0.34 | 0.46 | |||||||||||||||
Net realized and unrealized gain (loss)(c) |
0.18 | (2.00 | ) | (0.13 | ) | 0.88 | 2.08 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
0.62 | (1.75 | ) | 0.07 | 1.22 | 2.54 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(d) |
(0.41 | ) | (0.22 | ) | (0.21 | ) | (0.35 | ) | (0.41 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period |
$ | 26.10 | $ | 25.89 | $ | 27.86 | $ | 28.00 | $ | 27.13 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
2.41 | % | (6.31 | )% | 0.23 | % | 4.53 | % | 10.22 | %(f) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||
Total expenses |
0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | %(h) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.67 | % | 0.93 | % | 0.73 | % | 1.21 | % | 1.76 | %(h) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of period (000) |
$ | 522,058 | $ | 312,012 | $ | 182,490 | $ | 119,021 | $ | 43,407 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(i) |
1 | % | 0 | % | 0 | %(j) | 0 | %(j) | 0 | %(j) | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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 expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
(j) |
Rounds to less than 0.5%. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
111 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2026 Term Muni Bond ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Year Ended 10/31/20 |
|
|
Period From 04/02/19 to 10/31/19 |
(a)
| ||||||
|
||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.57 | $ | 26.78 | $ | 26.81 | $ | 25.89 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(b) |
0.40 | 0.21 | 0.18 | 0.30 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss)(c) |
0.18 | (2.23 | ) | (0.03 | ) | 0.92 | 0.87 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
0.58 | (2.02 | ) | 0.15 | 1.22 | 1.08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(d) |
(0.38 | ) | (0.19 | ) | (0.18 | ) | (0.30 | ) | (0.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period |
$ | 24.77 | $ | 24.57 | $ | 26.78 | $ | 26.81 | $ | 25.89 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
2.34 | % | (7.55 | )% | 0.54 | % | 4.80 | % | 4.28 | %(f) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||
Total expenses |
0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | %(h) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.60 | % | 0.83 | % | 0.66 | % | 1.13 | % | 1.42 | %(h) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of period (000) |
$ | 323,233 | $ | 211,333 | $ | 123,202 | $ | 62,997 | $ | 20,711 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(i) |
5 | % | 2 | % | 2 | % | 0 | % | 0 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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.
112 |
2 0 2 3 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 Dec 2027 Term Muni Bond ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 04/09/19(a) to 10/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.31 | $ | 26.87 | $ | 26.92 | $ | 25.97 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(b) |
0.52 | 0.32 | 0.24 | 0.33 | 0.22 | |||||||||||||||
Net realized and unrealized gain (loss)(c) |
0.05 | (2.62 | ) | (0.05 | ) | 0.95 | 0.95 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
0.57 | (2.30 | ) | 0.19 | 1.28 | 1.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(d) |
(0.49 | ) | (0.26 | ) | (0.24 | ) | (0.33 | ) | (0.20 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of period |
$ | 24.39 | $ | 24.31 | $ | 26.87 | $ | 26.92 | $ | 25.97 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(e) |
||||||||||||||||||||
Based on net asset value |
2.34 | % | (8.60 | )% | 0.72 | % | 5.00 | % | 4.63 | %(f) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||
Total expenses |
0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | %(h) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
2.06 | % | 1.26 | % | 0.89 | % | 1.24 | % | 1.53 | %(h) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of period (000) |
$ | 298,791 | $ | 172,573 | $ | 61,802 | $ | 37,687 | $ | 16,877 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(i) |
3 | % | 0 | % | 0 | %(j) | 0 | % | 0 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
(j) |
Rounds to less than 0.5%. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
113 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2028 Term Muni Bond ETF | ||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Year Ended 10/31/20 |
|
|
Period From 04/16/19 to 10/31/19 |
(a)
| ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.14 | $ | 27.07 | $ | 27.12 | $ | 26.10 | $ | 25.00 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income(b) |
0.49 | 0.30 | 0.30 | 0.36 | 0.21 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
0.10 | (2.94 | ) | (0.05 | ) | 1.00 | 1.08 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
0.59 | (2.64 | ) | 0.25 | 1.36 | 1.29 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Distributions from net investment income(d) |
(0.45 | ) | (0.29 | ) | (0.30 | ) | (0.34 | ) | (0.19 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.28 | $ | 24.14 | $ | 27.07 | $ | 27.12 | $ | 26.10 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||
Based on net asset value |
2.43 | % | (9.82 | )% | 0.90 | % | 5.26 | % | 5.15 | %(f) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||
Total expenses |
0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | %(h) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income |
1.95 | % | 1.18 | % | 1.08 | % | 1.33 | % | 1.49 | %(h) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 228,265 | $ | 97,758 | $ | 71,733 | $ | 51,525 | $ | 24,796 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Portfolio turnover rate(i) |
0 | %(j) | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
(j) |
Rounds to less than 0.5%. |
See notes to financial statements.
114 |
2 0 2 3 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 Dec 2029 Term Muni Bond ETF |
||||
|
Period From 05/09/23 to 10/31/23 |
(a)
| ||
|
||||
Net asset value, beginning of period |
$ | 25.00 | ||
|
|
|||
Net investment income(b) |
0.29 | |||
Net realized and unrealized loss(c) |
(1.39 | ) | ||
|
|
|||
Net decrease from investment operations |
(1.10 | ) | ||
|
|
|||
Distributions from net investment income(d) |
(0.20 | ) | ||
|
|
|||
Net asset value, end of period |
$ | 23.70 | ||
|
|
|||
Total Return(e) |
||||
Based on net asset value |
(4.45 | )%(f) | ||
|
|
|||
Ratios to Average Net Assets(g) |
||||
Total expenses |
0.18 | %(h) | ||
|
|
|||
Net investment income |
2.47 | %(h) | ||
|
|
|||
Supplemental Data |
||||
Net assets, end of period (000) |
$ | 7,109 | ||
|
|
|||
Portfolio turnover rate(i) |
0 | % | ||
|
|
(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 |
115 |
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 Dec 2023 Term Muni Bond |
Diversified | |
iBonds Dec 2024 Term Muni Bond |
Diversified | |
iBonds Dec 2025 Term Muni Bond |
Diversified | |
iBonds Dec 2026 Term Muni Bond |
Diversified | |
iBonds Dec 2027 Term Muni Bond |
Diversified | |
iBonds Dec 2028 Term Muni Bond |
Diversified | |
iBonds Dec 2029 Term Muni Bond(a) |
Non-Diversified |
(a) |
The Funds commenced operations on May 09, 2023. |
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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is 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.
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:
• |
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 |
116 |
2 0 2 3 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 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
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“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 0.18%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.
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.
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
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 |
117 |
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, 2023, 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 Dec 2023 Term Muni Bond |
$ | 12,306,207 | $ | 9,124,725 | $ | — |
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, 2023, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
iBonds Dec 2023 Term Muni Bond |
$ | 383,482,762 | $ | 452,617,326 | ||||
iBonds Dec 2024 Term Muni Bond |
108,009,190 | 2,094,607 | ||||||
iBonds Dec 2025 Term Muni Bond |
221,279,370 | 2,636,930 | ||||||
iBonds Dec 2026 Term Muni Bond |
132,385,587 | 13,902,526 | ||||||
iBonds Dec 2027 Term Muni Bond |
139,571,381 | 7,079,263 | ||||||
iBonds Dec 2028 Term Muni Bond |
134,580,584 | 290,471 | ||||||
iBonds Dec 2029 Term Muni Bond |
7,270,367 | — |
For the year ended October 31, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
iBonds Dec 2024 Term Muni Bond |
$ | — | $ | 105,946,217 |
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, 2023, 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.
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, 2023, 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 Dec 2024 Term Muni Bond |
$ | (1,598,705 | ) | $ | 1,598,705 |
The tax character of distributions paid was as follows:
iShares ETF | Year Ended 10/31/23 |
Year Ended 10/31/22 |
||||||
iBonds Dec 2023 Term Muni Bond |
||||||||
Tax-exempt income |
$ | 8,454,408 | $ | 4,402,542 | ||||
Ordinary income |
3,130 | — | ||||||
|
|
|
|
|||||
$ | 8,457,538 | $ | 4,402,542 | |||||
|
|
|
|
118 |
2 0 2 3 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 | Year Ended 10/31/23 |
Year Ended 10/31/22 |
||||||
iBonds Dec 2024 Term Muni Bond |
||||||||
Tax-exempt income |
$ | 9,314,047 | $ | 3,251,981 | ||||
Ordinary income |
300 | 290 | ||||||
|
|
|
|
|||||
$ | 9,314,347 | $ | 3,252,271 | |||||
|
|
|
|
|||||
iBonds Dec 2025 Term Muni Bond |
||||||||
Tax-exempt income |
$ | 6,896,750 | $ | 1,962,320 | ||||
Ordinary income |
4,277 | 336 | ||||||
|
|
|
|
|||||
$ | 6,901,027 | $ | 1,962,656 | |||||
|
|
|
|
|||||
iBonds Dec 2026 Term Muni Bond |
||||||||
Tax-exempt income |
$ | 4,437,727 | $ | 1,232,856 | ||||
Ordinary income |
384 | 12,231 | ||||||
|
|
|
|
|||||
$ | 4,438,111 | $ | 1,245,087 | |||||
|
|
|
|
|||||
iBonds Dec 2027 Term Muni Bond |
||||||||
Tax-exempt income |
$ | 4,955,719 | $ | 1,087,220 | ||||
Ordinary income |
14 | — | ||||||
|
|
|
|
|||||
$ | 4,955,733 | $ | 1,087,220 | |||||
|
|
|
|
|||||
iBonds Dec 2028 Term Muni Bond |
||||||||
Tax-exempt income |
$ | 2,879,352 | $ | 895,191 | ||||
Ordinary income |
649 | 4 | ||||||
|
|
|
|
|||||
$ | 2,880,001 | $ | 895,195 | |||||
|
|
|
|
iShares ETF | Period Ended 10/31/23 |
|||
iBonds Dec 2029 Term Muni Bond |
||||
Tax-exempt income |
$ | 36,284 | ||
Ordinary income |
14 | |||
|
|
|||
$ | 36,298 | |||
|
|
As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF | Undistributed Ordinary Income |
Non-expiring Carryforwards(a) |
Net Unrealized Gains (Losses)(b) |
Total | ||||||||||||
iBonds Dec 2023 Term Muni Bond |
$ | 1,030,129 | $ | (42,064 | ) | $ | (105,493 | ) | $ | 882,572 | ||||||
iBonds Dec 2024 Term Muni Bond |
730,076 | (45,903 | ) | (6,393,723 | ) | (5,709,550 | ) | |||||||||
iBonds Dec 2025 Term Muni Bond |
783,967 | (49,704 | ) | (14,593,001 | ) | (13,858,738 | ) | |||||||||
iBonds Dec 2026 Term Muni Bond |
460,232 | (890,847 | ) | (13,901,255 | ) | (14,331,870 | ) | |||||||||
iBonds Dec 2027 Term Muni Bond |
525,262 | (220,760 | ) | (12,652,641 | ) | (12,348,139 | ) | |||||||||
iBonds Dec 2028 Term Muni Bond |
387,919 | (23,215 | ) | (11,717,726 | ) | (11,353,022 | ) | |||||||||
iBonds Dec 2029 Term Muni Bond |
13,939 | — | (267,263 | ) | (253,324 | ) |
(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. |
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 |
119 |
Notes to Financial Statements (continued)
As of October 31, 2023, 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 Dec 2023 Term Muni Bond |
$ | 419,311,655 | $ | 48 | $ | (105,541) | $ | (105,493 | ) | |||||||
iBonds Dec 2024 Term Muni Bond |
503,065,227 | 611 | (6,394,334 | ) | (6,393,723 | ) | ||||||||||
iBonds Dec 2025 Term Muni Bond |
532,516,938 | 2,984 | (14,595,985 | ) | (14,593,001 | ) | ||||||||||
iBonds Dec 2026 Term Muni Bond |
332,301,439 | 2,792 | (13,904,047 | ) | (13,901,255 | ) | ||||||||||
iBonds Dec 2027 Term Muni Bond |
310,742,700 | 12,252 | (12,664,893 | ) | (12,652,641 | ) | ||||||||||
iBonds Dec 2028 Term Muni Bond |
240,959,962 | 11,594 | (11,729,320 | ) | (11,717,726 | ) | ||||||||||
iBonds Dec 2029 Term Muni Bond |
7,284,914 | 4,052 | (271,315 | ) | (267,263 | ) |
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.
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.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
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.
Geographic/Asset Class 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 securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries
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Notes to Financial Statements (continued)
deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.
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 period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising 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.
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:
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Year Ended 10/31/23 |
Year Ended 10/31/22 |
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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iBonds Dec 2023 Term Muni Bond |
||||||||||||||||
Shares sold |
3,150,000 | $ | 79,827,530 | 6,800,000 | $ | 172,974,951 | ||||||||||
Shares redeemed |
(6,000,000 | ) | (152,726,951 | ) | (350,000 | ) | (8,866,142 | ) | ||||||||
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(2,850,000 | ) | $ | (72,899,421 | ) | 6,450,000 | $ | 164,108,809 | |||||||||
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iBonds Dec 2024 Term Muni Bond |
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Shares sold |
4,250,000 | $ | 109,452,095 | 10,850,000 | $ | 280,775,548 | ||||||||||
Shares redeemed |
(4,550,000 | ) | (117,115,800 | ) | (50,000 | ) | (1,326,095 | ) | ||||||||
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(300,000 | ) | $ | (7,663,705 | ) | 10,800,000 | $ | 279,449,453 | |||||||||
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iBonds Dec 2025 Term Muni Bond |
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Shares sold |
7,950,000 | $ | 209,170,763 | 5,600,000 | $ | 149,014,398 | ||||||||||
Shares redeemed |
— | — | (100,000 | ) | (2,640,315 | ) | ||||||||||
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7,950,000 | $ | 209,170,763 | 5,500,000 | $ | 146,374,083 | |||||||||||
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iBonds Dec 2026 Term Muni Bond |
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Shares sold |
4,600,000 | $ | 115,920,279 | 4,000,000 | $ | 102,749,159 | ||||||||||
Shares redeemed |
(150,000 | ) | (3,726,282 | ) | — | — | ||||||||||
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4,450,000 | $ | 112,193,997 | 4,000,000 | $ | 102,749,159 | |||||||||||
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iBonds Dec 2027 Term Muni Bond |
||||||||||||||||
Shares sold |
5,150,000 | $ | 128,793,172 | 4,800,000 | $ | 121,047,488 | ||||||||||
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iBonds Dec 2028 Term Muni Bond |
||||||||||||||||
Shares sold |
5,350,000 | $ | 133,759,142 | 1,550,000 | $ | 38,871,360 | ||||||||||
Shares redeemed |
— | — | (150,000 | ) | (3,750,860 | ) | ||||||||||
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5,350,000 | $ | 133,759,142 | 1,400,000 | $ | 35,120,500 | |||||||||||
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Period Ended 10/31/23(a) |
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iShares ETF | Shares | Amount | ||||||
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iBonds Dec 2029 Term Muni Bond |
||||||||
Shares sold |
300,000 | $ | 7,362,389 | |||||
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(a) |
The Funds commenced operations on May 09, 2023. |
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 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
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 |
121 |
Notes to Financial Statements (continued)
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 item was noted:
Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2023 Term Muni Bond ETF ceased trading after the close of business on December 1, 2023, when all of the bonds included in the Fund’s underlying index matured. Proceeds of the liquidation were sent to shareholders on December 8, 2023.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of iShares Trust and Shareholders of each of the seven 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 (seven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, 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, 2023, 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 Dec 2023 Term Muni Bond ETF(1) iShares iBonds Dec 2024 Term Muni Bond ETF(1) iShares iBonds Dec 2025 Term Muni Bond ETF(1) iShares iBonds Dec 2026 Term Muni Bond ETF(1) iShares iBonds Dec 2027 Term Muni Bond ETF(1) iShares iBonds Dec 2028 Term Muni Bond ETF(1) iShares iBonds Dec 2029 Term Muni Bond ETF(2) |
(1) |
Statement of operations for the year ended October 31, 2023 and statement of changes in net assets for each of the two years in the period ended October 31, 2023. |
(2) |
Statement of operations and statement of changes in net assets for the period May 9, 2023 (commencement of operations) to October 31, 2023. |
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 procedures included confirmation of securities owned as of October 31, 2023 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 21, 2023
We have served as the auditor of one or more BlackRock investment companies since 2000.
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |
123 |
Important Tax Information (unaudited)
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, 2023:
iShares ETF | Interest Dividends | |||
iBonds Dec 2023 Term Muni Bond |
$ | 3,130 | ||
iBonds Dec 2024 Term Muni Bond |
300 | |||
iBonds Dec 2025 Term Muni Bond |
4,277 | |||
iBonds Dec 2026 Term Muni Bond |
384 | |||
iBonds Dec 2027 Term Muni Bond |
14 | |||
iBonds Dec 2028 Term Muni Bond |
649 | |||
iBonds Dec 2029 Term Muni Bond |
13 |
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, 2023:
iShares ETF | Interest-Related Dividends |
|||
iBonds Dec 2023 Term Muni Bond |
$ | 3,130 | ||
iBonds Dec 2024 Term Muni Bond |
300 | |||
iBonds Dec 2025 Term Muni Bond |
4,277 | |||
iBonds Dec 2026 Term Muni Bond |
384 | |||
iBonds Dec 2027 Term Muni Bond |
14 | |||
iBonds Dec 2028 Term Muni Bond |
649 | |||
iBonds Dec 2029 Term Muni Bond |
13 |
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2 0 2 3 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 |
Board Review and Approval of Investment Advisory Contract
iShares iBonds Dec 2023 Term Muni Bond ETF, iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Muni Bond 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
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.
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 |
125 |
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 (as discussed above), 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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
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Board Review and Approval of Investment Advisory Contract (continued)
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.
iShares iBonds Dec 2029 Term Muni Bond 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 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 to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. 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 terms of the proposed Advisory Agreement. At a meeting held on March 29-30, 2023, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement 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 Agreement 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; (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 Agreement 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 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall 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 Agreement.
Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. 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 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 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, and other matters related to BFA’s portfolio compliance program.
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 Agreement supported the Board’s approval of the Advisory Agreement.
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 Agreement 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 potential 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 Agreement 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 Agreement.
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,
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Board Review and Approval of Investment Advisory Contract (continued)
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 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 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 also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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 Agreement.
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 to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreement.
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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, 2023
iShares ETF
|
|
Total Cumulative
Distributions for the Fiscal Year
|
|
|
% Breakdown of the Total
Cumulative Distributions for the Fiscal Year
|
| ||||||||||||||||||||||||||
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 Dec 2023 Term Muni Bond | $ 0.435812 | $ — | $ — | $ 0.435812 | 100% | —% | —% | 100% | ||||||||||||||||||||||||
iBonds Dec 2024 Term Muni Bond |
0.424331 | — | — | 0.424331 | 100 | — | — | 100 | ||||||||||||||||||||||||
iBonds Dec 2025 Term Muni Bond |
0.413911 | — | — | 0.413911 | 100 | — | — | 100 | ||||||||||||||||||||||||
iBonds Dec 2027 Term Muni Bond |
0.492193 | — | — | 0.492193 | 100 | — | — | 100 | ||||||||||||||||||||||||
iBonds Dec 2028 Term Muni Bond |
0.452024 | — | — | 0.452024 | 100 | — | — | 100 |
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
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.
S U P P L E M E N T A L I N F O R M A T I O N |
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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 Fund is 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 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, 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. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. 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
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Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito(a) (1957) |
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) (1970) |
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 (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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 (1956) |
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 (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | 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)
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Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
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 (1964) |
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 (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||
Dominik Rohé (1973) |
President (since 2023). | Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023). | ||
Trent Walker (1974) |
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. | ||
Aaron Wasserman (1974) |
Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023). | Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
131 |
Trustee and Officer Information (unaudited) (continued)
Officers (continued)
| ||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||
James Mauro (1970) |
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). |
Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.
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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.
G E N E R A L I N F O R M A T I O N |
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Glossary of Terms Used in this Report
Portfolio Abbreviation
AGC | Assured Guaranty Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | Ambac Assurance Corp. | |
BAM | Build America Mutual Assurance Co. | |
COP | Certificates of Participation | |
ETM | Escrowed to Maturity | |
GO | General Obligation | |
GOL | General Obligation Limited | |
GTD | Guaranteed | |
MO | Moral Obligation | |
NPFGC | National Public Finance Guarantee Corp. | |
PR | Prerefunded | |
PSF | Permanent School Fund | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond | |
SAP | Subject to Appropriations | |
SAW | State Aid Withholding | |
SCH BD GTY | School Board Guaranty | |
SCH BD RES FD | School Board Resolution Fund | |
SCSDE | South Carolina State Department of Education | |
ST | Special Tax |
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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 S&P Dow Jones Indices LLC, 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.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-1015-1023
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