LOGO

  OCTOBER 31, 2021

 

 

   

 

   2021 Annual Report

 

 

iShares Trust

· iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | IBCE | NYSE Arca

· iShares iBonds Mar 2023 Term Corporate ETF | IBDD | NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

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

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

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

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

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

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

 

Sincerely,

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2021
     
     6-Month   12-Month
   

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

     10.91%       42.91%
   

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

    1.85   50.80
   

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

    4.14   34.18
   

Emerging market equities
(MSCI Emerging Markets Index)

    (4.87)   16.96
   

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

    0.01     0.06
   

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

    1.59     (4.77)
   

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

    1.06     (0.48)
   

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

    0.33     2.76
   

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

    2.36   10.53
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     9  

Shareholder Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     22  

Statements of Operations

     23  

Statements of Changes in Net Assets

     24  

Financial Highlights

     25  

Notes to Financial Statements

     27  

Report of Independent Registered Public Accounting Firm

     34  

Important Tax Information (Unaudited)

     35  

Board Review and Approval of Investment Advisory Contract

     36  

Supplemental Information

     38  

Trustee and Officer Information

     39  

General Information

     41  

 

 

 


Market Overview

 

iShares Trust

U.S. Corporate Bond Market Overview

Short-term U.S. investment-grade corporate bonds posted slightly positive returns for the 12 months ended October 31, 2021 (“reporting period”). The Markit iBoxx USD Liquid Investment Grade 0 – 5 Index, a broad measure of short-term U.S. corporate bond performance, returned 0.49%.

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

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

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

Short-term investment-grade bonds benefited from a narrowing yield spread (the difference between yields on investment-grade corporate bonds and U.S. Treasuries). The shortest-term U.S. Treasury yields were nearly flat, as the Fed held its short-term interest rate range steady at 0.00% – 0.25%. For example, the three-month U.S. Treasury yield declined from 0.09% to 0.05%, while the one-year U.S. Treasury yield rose slightly from 0.13% to 0.15%. However, yields of longer-dated U.S. Treasuries within the short-term category, which are more sensitive to inflation, rose during the reporting period. The two-year U.S. Treasury rose from 0.14% to 0.48%, and the five-year U.S. Treasury rose from 0.38% to 1.18%.

Nonetheless, the improving economy meant that investors’ assessments of creditworthiness adjusted, and they became more willing to hold corporate bonds at relatively low interest rates. The compression of the yield spread led to the relatively stronger performance of short-term, investment-grade bonds compared with short-term U.S. Treasuries.

From a sector perspective, bonds issued by financial companies posted solid returns. Banks remained relatively financially healthy during the pandemic, supported by economic stimulus, strong balance sheets, and diverse revenue streams. Issuance of bank bonds was high, as banks used debt refinancing to lower their borrowing costs and to meet regulatory requirements in the face of rising deposits.

Energy company bonds also gained, helped by rising prices for energy commodities. The prices of oil, natural gas, and coal all increased substantially during the reporting period as the global economic rebound led to higher demand for energy.

 

 

4  

2 0 2 1   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, 2021    iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF

 

Investment Objective

The iShares iBonds Mar 2023 Term Corporate ex-Financials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds, excluding financials, maturing after March 31, 2022 and before April 1, 2023, as represented by the Bloomberg 2023 Maturity High Quality Corporate Index (the “Index”) (formerly the Bloomberg Barclays 2023 Maturity High Quality Corporate Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    0.33      2.46      2.55       0.33      12.90      23.98

Fund Market

    0.33        2.42        2.55         0.33        12.71        24.01  

Index

    0.46        2.53        2.62               0.46        13.29        24.74  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 4/17/13. The first day of secondary market trading was 4/19/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $        999.90          $      0.50               $      1,000.00          $      1,024.70          $        0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

 

 

 

 

U N D   S U M M A R Y

  5


Fund Summary as of October 31, 2021   (continued)    iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  1.6%

Aa

  15.4   

A

  56.2   

Baa

  22.8   

Not Rated

  0.8   

Short-Term and Other Assets

  3.2   

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of   
Net Assets   

Visa Inc., 2.80%, 12/14/22

  2.2%

QUALCOMM Inc., 3.00%, 05/20/22

  1.7   

Chevron Corp., 2.36%, 12/05/22

  1.7   

Oracle Corp., 2.50%, 10/15/22

  1.5   

BP Capital Markets PLC, 2.50%, 11/06/22

  1.4   
  *

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

 

 

  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 1   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, 2021    iShares® iBonds® Mar 2023 Term Corporate ETF

 

Investment Objective

The iShares iBonds Mar 2023 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing after March 31, 2022 and before April 1, 2023, as represented by the Bloomberg 2023 Maturity Corporate Index (the “Index”) (the Bloomberg Barclays 2023 Maturity Corporate Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    0.56      2.73      3.80       0.56      14.39      36.38

Fund Market

    0.53        2.62        3.79         0.53        13.82        36.27  

Index

    0.69        2.80        3.92               0.69        14.82        37.63  

 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 7/9/13. The first day of secondary market trading was 7/10/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

 

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

        

 

 

     

 

 

    
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a)(b) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a)(b) 
    

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,000.50          $        0.45               $      1,000.00          $      1,024.80          $        0.46        0.09

 

  (a) 

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

 

 

  (b) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

 

 

 

U N D   S U M M A R Y

  7


Fund Summary as of October 31, 2021   (continued)    iShares® iBonds® Mar 2023 Term Corporate ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY
   
Moody’s Credit Ratings*   Percent of   
Net Assets   

Aaa

  0.3%

Aa

  8.5   

A

  43.1   

Baa

  36.2   

Ba

  1.4   

Not Rated

  6.2   

Short-Term and Other Assets

  4.3   
FIVE LARGEST HOLDINGS
   
Security(a)   Percent of   
Net Assets   

iShares iBonds Mar 2023 Term Corporate ex-Financials ETF

  4.6%

Bank of America Corp., 3.30%, 01/11/23

  1.0   

AbbVie Inc., 2.90%, 11/06/22

  0.7   

Morgan Stanley, 3.75%, 02/25/23

  0.7   

Morgan Stanley, 2.75%, 05/19/22

  0.7   
  *

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

 

 

  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


About Fund Performance

 

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

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

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

Shareholder Expenses

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

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

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

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

 

 

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

 

9


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Corporate Bonds & Notes

    
Aerospace & Defense — 1.1%             

Boeing Co. (The), 2.70%, 05/01/22

  $ 70      $ 70,756  

General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22)

        243        246,412  

Lockheed Martin Corp., 3.10%, 01/15/23 (Call 11/15/22)

    35        35,956  
    

 

 

 
       353,124  
Agriculture — 2.7%             

Altria Group Inc., 2.85%, 08/09/22

    30        30,543  

Philip Morris International Inc.
2.38%, 08/17/22 (Call 07/17/22)

    335        339,750  

2.50%, 08/22/22

    159        161,703  

2.63%, 03/06/23

    289        297,390  
    

 

 

 
           829,386  
Apparel — 1.0%             

Ralph Lauren Corp., 1.70%, 06/15/22

    135        136,116  

VF Corp., 2.05%, 04/23/22

    175        176,316  
    

 

 

 
       312,432  
Auto Manufacturers — 6.2%             

American Honda Finance Corp.
0.40%, 10/21/22(a)

    105        104,993  

1.95%, 05/20/22(a)

    85        85,765  

2.05%, 01/10/23

    250        254,612  

2.20%, 06/27/22

    267        270,268  

2.60%, 11/16/22

    90        91,955  

General Motors Financial Co. Inc.
3.25%, 01/05/23 (Call 12/05/22)

    50        51,358  

3.45%, 04/10/22 (Call 02/10/22)

    90        90,733  

3.55%, 07/08/22

    50        51,014  

PACCAR Financial Corp.
1.90%, 02/07/23

    25        25,444  

2.30%, 08/10/22(a)

    125        126,881  

2.65%, 05/10/22

    75        75,938  

Toyota Motor Credit Corp.
2.15%, 09/08/22

    230        233,468  

2.63%, 01/10/23

    248        254,247  

2.70%, 01/11/23

    75        76,965  

2.80%, 07/13/22

    75        76,298  

2.90%, 03/30/23

    24        24,809  
    

 

 

 
       1,894,748  
Beverages — 3.0%             

Constellation Brands Inc., 3.20%, 02/15/23 (Call 01/15/23)

    22        22,666  

Diageo Investment Corp.
2.88%, 05/11/22

    210        212,728  

8.00%, 09/15/22(a)

    85        90,593  

PepsiCo Inc.
2.25%, 05/02/22 (Call 04/02/22)

    195        196,607  

2.75%, 03/01/23

    269        277,153  

3.10%, 07/17/22 (Call 05/17/22)

    134        136,121  
    

 

 

 
       935,868  
Biotechnology — 1.4%             

Amgen Inc.
2.65%, 05/11/22 (Call 04/11/22)

    41        41,421  

3.63%, 05/15/22 (Call 02/15/22)

    61        61,544  

Biogen Inc., 3.63%, 09/15/22

    60        61,650  

Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22)

    225        229,244  

Illumina Inc., 0.55%, 03/23/23

    21        20,941  
    

 

 

 
       414,800  
Chemicals — 1.6%             

Air Products and Chemicals Inc., 2.75%, 02/03/23

    66        67,912  
Security  

Par

(000)

    Value  
Chemicals (continued)            

Cabot Corp., 3.70%, 07/15/22

  $ 40     $ 40,844  

Celanese U.S. Holdings LLC, 4.63%, 11/15/22

    30       31,189  

Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)

    41       41,657  

Linde Inc./CT
2.20%, 08/15/22 (Call 05/15/22)

    49       49,490  

2.70%, 02/21/23 (Call 11/21/22)

        159       162,676  

Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22)

    40       40,982  

Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22)

    50       50,883  
   

 

 

 
          485,633  
Commercial Services — 1.0%            

Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22)

    8       8,182  

Cintas Corp. No. 2, 2.90%, 04/01/22 (Call 03/01/22)

    25       25,209  

Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)

    15       15,346  

Moody’s Corp.
2.63%, 01/15/23 (Call 12/15/22)

    100       102,245  

4.50%, 09/01/22 (Call 06/01/22)

    8       8,180  

PayPal Holdings Inc., 2.20%, 09/26/22

    43       43,709  

RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)

    100       103,633  
   

 

 

 
      306,504  
Computers — 4.8%            

Apple Inc.

   

1.70%, 09/11/22

    23       23,270  

2.10%, 09/12/22 (Call 08/12/22)

    21       21,279  

2.30%, 05/11/22 (Call 04/11/22)

    155       156,392  

2.40%, 01/13/23 (Call 12/13/22)

    59       60,289  

2.70%, 05/13/22

    255       258,236  

2.85%, 02/23/23 (Call 12/23/22)

    265       272,208  

Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22)

    80       82,387  

HP Inc., 4.05%, 09/15/22

    45       46,316  

International Business Machines Corp.
1.88%, 08/01/22

    330       333,686  

2.88%, 11/09/22

    230       235,798  
   

 

 

 
      1,489,861  
Cosmetics & Personal Care — 2.7%            

Colgate-Palmolive Co., 1.95%, 02/01/23(a)

    150       152,906  

Procter & Gamble Co. (The), 2.15%, 08/11/22

    352       357,079  

Unilever Capital Corp., 2.20%, 05/05/22 (Call 04/05/22)

    325       327,603  
   

 

 

 
      837,588  
Diversified Financial Services — 2.2%            

Visa Inc., 2.80%, 12/14/22 (Call 10/14/22)

    665       680,634  
   

 

 

 
Electric — 9.1%            

Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22)

    46       46,627  

American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22)

    55       56,135  

Berkshire Hathaway Energy Co., 2.80%, 01/15/23 (Call 12/15/22)

    95       97,341  

CenterPoint Energy Houston Electric LLC, 2.25%, 08/01/22 (Call 05/01/22)

    41       41,385  

CenterPoint Energy Inc., 2.50%, 09/01/22 (Call 08/01/22)

    13       13,194  

Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 10/15/22)

    65       66,197  

Dominion Energy Inc., Series B, 2.75%, 09/15/22 (Call 06/15/22)

    41       41,569  

DTE Energy Co.
2.25%, 11/01/22

    13       13,210  

Series H, 0.55%, 11/01/22

    70       70,019  

 

 

10  

2 0 2 1   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, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Duke Energy Carolinas LLC
2.50%, 03/15/23 (Call 01/15/23)

  $     115     $ 117,704  

3.05%, 03/15/23 (Call 02/15/23)

    116       119,828  

Duke Energy Corp.
2.40%, 08/15/22 (Call 07/15/22)(a)

    100       101,403  

3.05%, 08/15/22 (Call 05/15/22)

    120       121,637  

Duke Energy Progress LLC, 2.80%, 05/15/22 (Call 02/15/22)

    100       100,688  

Edison International, 2.40%, 09/15/22 (Call 08/15/22)

    55       55,633  

Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)

    40       40,709  

Exelon Generation Co. LLC, 4.25%, 06/15/22 (Call 03/15/22)

    111       112,532  

Georgia Power Co., 2.85%, 05/15/22

    40       40,525  

ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22)

    23       23,451  

National Rural Utilities Cooperative Finance Corp.
2.30%, 09/15/22 (Call 08/15/22)

    75       76,112  

2.40%, 04/25/22 (Call 03/25/22)

    175           176,440  

2.70%, 02/15/23 (Call 12/15/22)

    55       56,297  

NextEra Energy Capital Holdings Inc.
0.65%, 03/01/23

    200       200,208  

2.80%, 01/15/23 (Call 12/15/22)

    54       55,343  

2.90%, 04/01/22

    50       50,528  

Northern States Power Co./MN, 2.15%, 08/15/22 (Call 02/15/22)

    165       165,899  

NSTAR Electric Co., 2.38%, 10/15/22 (Call 07/15/22)

    95       96,359  

Oncor Electric Delivery Co. LLC
4.10%, 06/01/22 (Call 03/01/22)(a)

    170       172,026  

7.00%, 09/01/22

    25       26,318  

Pacific Gas and Electric Co.
1.37%, 03/10/23 (Call 11/19/21)

    75       74,723  

1.75%, 06/16/22 (Call 11/19/21)

    120       119,876  

Progress Energy Inc., 3.15%, 04/01/22 (Call 01/01/22)

    41       41,180  

Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 10/15/22)

    55       56,075  

Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22)

    45       46,034  

Sempra Energy
2.88%, 10/01/22 (Call 07/01/22)

    61       61,907  

2.90%, 02/01/23 (Call 01/01/23)

    6       6,157  

Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)

    45       46,134  
   

 

 

 
      2,807,403  
Electrical Components & Equipment — 0.5%            

Emerson Electric Co., 2.63%, 02/15/23 (Call 11/15/22)

    150       153,287  
   

 

 

 
Electronics — 1.9%            

Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22)

    70       70,519  

Flex Ltd., 5.00%, 02/15/23

    100       105,188  

Honeywell International Inc.
0.48%, 08/19/22 (Call 11/19/21)(a)

    65       65,004  

2.15%, 08/08/22 (Call 07/08/22)

    300       303,774  

Jabil Inc., 4.70%, 09/15/22

    31       32,080  
   

 

 

 
      576,565  
Environmental Control — 0.2%            

Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22)

    60       60,929  
   

 

 

 
Food — 1.1%            

Campbell Soup Co.
2.50%, 08/02/22

    80       81,220  

3.65%, 03/15/23 (Call 02/15/23)

    21       21,798  

Conagra Brands Inc., 3.20%, 01/25/23 (Call 10/25/22)

    26       26,645  

General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22)

    36       36,658  

McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22)

    27       27,431  

Mondelez International Inc., 0.63%, 07/01/22

    38       38,074  
Security  

Par

(000)

    Value  
Food (continued)            

Sysco Corp., 2.60%, 06/12/22

  $ 50     $ 50,638  

Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)(a)

    69       70,052  
   

 

 

 
      352,516  
Gas — 0.1%            

National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)

    35       36,064  
   

 

 

 
Health Care - Products — 0.4%            

DH Europe Finance II Sarl, 2.05%, 11/15/22

    17       17,270  

Zimmer Biomet Holdings Inc., 3.70%, 03/19/23 (Call 02/19/23)

        100       103,800  
   

 

 

 
          121,070  
Health Care - Services — 0.6%            

CommonSpirit Health, 2.95%, 11/01/22

    54       55,169  

Kaiser Foundation Hospitals, 3.50%, 04/01/22

    135       136,570  
   

 

 

 
      191,739  
Home Builders — 0.2%            

NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)(a)

    70       71,400  
   

 

 

 
Household Products & Wares — 0.3%            

Church & Dwight Co. Inc., 2.88%, 10/01/22

    51       52,149  

Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)(a)

    48       48,757  
   

 

 

 
      100,906  
Internet — 3.8%            

Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)

    355       363,399  

2.50%, 11/29/22 (Call 08/29/22)

    151       153,590  

Baidu Inc.
2.88%, 07/06/22

    200       202,506  

3.50%, 11/28/22

    200       205,298  

Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)

    201       206,598  

eBay Inc., 2.75%, 01/30/23 (Call 12/30/22)

    28       28,696  
   

 

 

 
      1,160,087  
Iron & Steel — 0.2%            

Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22)

    59       60,311  
   

 

 

 
Machinery — 5.6%            

ABB Finance USA Inc., 2.88%, 05/08/22

    255       258,307  

Caterpillar Financial Services Corp.
0.25%, 03/01/23

    205       204,506  

1.90%, 09/06/22

    55       55,729  

1.95%, 11/18/22

    50       50,781  

2.40%, 06/06/22

    155       156,911  

2.55%, 11/29/22

    33       33,734  

2.63%, 03/01/23

    149       153,185  

2.85%, 06/01/22

    75       76,082  

Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)

    328       330,680  

John Deere Capital Corp.
2.15%, 09/08/22

    38       38,554  

2.80%, 03/06/23

    360       371,171  
   

 

 

 
      1,729,640  
Manufacturing — 2.2%            

3M Co.
1.75%, 02/14/23 (Call 01/14/23)

    100       101,559  

2.00%, 06/26/22

    227       229,474  

2.25%, 03/15/23 (Call 02/15/23)

    159       162,587  

Eaton Corp., 2.75%, 11/02/22

    75       76,672  

General Electric Co.
2.70%, 10/09/22

    25       25,504  

3.10%, 01/09/23

    26       26,763  

 

 

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

  11


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Manufacturing (continued)            

Parker-Hannifin Corp., 3.50%, 09/15/22(a)

  $ 40     $ 41,030  
   

 

 

 
      663,589  
Media — 1.7%            

Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22

        209       228,523  

Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)

    14       14,413  

TWDC Enterprises 18 Corp., 2.35%, 12/01/22

    170       173,255  

Walt Disney Co. (The)
1.65%, 09/01/22(a)

    60       60,620  

3.00%, 09/15/22

    46       47,026  
   

 

 

 
          523,837  
Metal Fabricate & Hardware — 0.8%            

Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22)

    227       231,343  
   

 

 

 
Mining — 0.0%            

Newmont Corp., 3.70%, 03/15/23 (Call 12/15/22)

    14       14,445  
   

 

 

 
Oil & Gas — 8.3%            

BP Capital Markets PLC, 2.50%, 11/06/22

    435       443,513  

Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)

    57       58,389  

Chevron Corp., 2.36%, 12/05/22 (Call 09/05/22)

    500       508,530  

Chevron USA Inc., 0.33%, 08/12/22

    21       21,001  

EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)

    300       306,798  

Exxon Mobil Corp.
1.90%, 08/16/22

    114       115,376  

2.73%, 03/01/23 (Call 01/01/23)

    277       284,138  

Phillips 66, 4.30%, 04/01/22

    95       96,542  

Shell International Finance BV
2.25%, 01/06/23

    244       249,068  

2.38%, 08/21/22

    245       248,964  

TotalEnergies Capital International SA, 2.70%, 01/25/23

    230       236,093  
   

 

 

 
      2,568,412  
Oil & Gas Services — 1.0%            

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22)

    307       313,880  
   

 

 

 
Pharmaceuticals — 10.7%            

AbbVie Inc.
2.30%, 11/21/22(a)

    25       25,461  

2.90%, 11/06/22

    147       150,438  

3.25%, 10/01/22 (Call 07/01/22)

    55       55,977  

AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 03/15/22)

    100       100,053  

AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22)

    38       38,405  

Bristol-Myers Squibb Co.

   

2.00%, 08/01/22

    212       214,608  

2.60%, 05/16/22

    105       106,331  

2.75%, 02/15/23 (Call 01/15/23)

    22       22,600  

3.25%, 08/15/22

    106       108,406  

3.25%, 02/20/23 (Call 01/20/23)

    154       159,230  

3.55%, 08/15/22

    110       112,677  

Cardinal Health Inc., Series 2021-4, 3.20%, 03/15/23

    60       62,023  

CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)

    46       46,838  

3.50%, 07/20/22 (Call 05/20/22)

    83       84,374  

3.70%, 03/09/23 (Call 02/09/23)

    64       66,500  

4.75%, 12/01/22 (Call 09/01/22)

    26       26,892  

Eli Lilly & Co., 2.35%, 05/15/22

    194       196,225  

GlaxoSmithKline Capital Inc., 2.80%, 03/18/23

    230       237,217  

GlaxoSmithKline Capital PLC, 2.85%, 05/08/22

    372       376,765  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Johnson & Johnson, 2.05%, 03/01/23 (Call 01/01/23)(a)

  $ 97     $ 98,824  

McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)

    46       47,080  

Merck & Co. Inc., 2.40%, 09/15/22 (Call 06/15/22)

    240       242,993  

Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)

        275       277,670  

2.40%, 09/21/22

    325       331,026  

Viatris Inc., 1.13%, 06/22/22(b)

    45       45,162  

Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22)

    50       51,327  
   

 

 

 
          3,285,102  
Pipelines — 2.0%            

Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22)

    17       17,252  

Energy Transfer LP
3.45%, 01/15/23 (Call 10/15/22)

    41       41,943  

3.60%, 02/01/23 (Call 11/01/22)

    50       51,343  

4.25%, 03/15/23 (Call 12/15/22)

    56       58,071  

Energy Transfer LP/Regency Energy Finance Corp., 5.00%, 10/01/22 (Call 07/01/22)

    12       12,342  

Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)

    67       69,078  

Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)

    76       78,182  

3.95%, 09/01/22 (Call 06/01/22)(a)

    23       23,462  

Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)

    15       15,415  

MPLX LP, 3.38%, 03/15/23 (Call 02/15/23)

    70       72,370  

ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)

    45       45,819  

TransCanada PipeLines Ltd., 2.50%, 08/01/22

    45       45,612  

Williams Companies Inc. (The), 3.35%, 08/15/22 (Call 05/15/22)

    81       82,231  
   

 

 

 
      613,120  
Real Estate Investment Trusts — 0.3%            

American Tower Corp., 3.50%, 01/31/23

    85       88,016  
   

 

 

 
Retail — 3.8%            

AutoZone Inc., 3.70%, 04/15/22 (Call 01/15/22)

    38       38,256  

Costco Wholesale Corp., 2.30%, 05/18/22 (Call 04/18/22)

    217       219,031  

Home Depot Inc. (The), 2.63%, 06/01/22 (Call 05/01/22)

    370       374,181  

Lowe’s Companies Inc., 3.12%, 04/15/22 (Call 01/15/22)

    100       100,571  

Starbucks Corp.
2.70%, 06/15/22 (Call 04/15/22)

    98       99,051  

3.10%, 03/01/23 (Call 02/01/23)

    26       26,811  

Walgreen Co., 3.10%, 09/15/22

    20       20,449  

Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22)

    272       277,677  
   

 

 

 
      1,156,027  
Semiconductors — 5.1%            

Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)

    125       126,119  

2.70%, 12/15/22

    375       384,364  

3.10%, 07/29/22

    225       229,601  

Maxim Integrated Products Inc., 3.38%, 03/15/23 (Call 12/15/22)

    40       41,313  

QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)

    175       179,303  

3.00%, 05/20/22

    505       512,262  

Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22)

    110       110,785  
   

 

 

 
      1,583,747  
Software — 4.3%            

Adobe Inc., 1.70%, 02/01/23

    57       57,904  

Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)

    40       40,967  

Fidelity National Information Services Inc., 0.38%, 03/01/23

    29       28,911  

Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22)

    51       52,017  

 

 

12  

2 0 2 1   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, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Software (continued)            

Microsoft Corp.
2.13%, 11/15/22(a)

  $     199     $ 202,526  

2.65%, 11/03/22 (Call 09/03/22)

    183       186,536  

Oracle Corp.
2.50%, 05/15/22 (Call 03/15/22)

    175       176,332  

2.50%, 10/15/22(a)

    460       468,726  

2.63%, 02/15/23 (Call 01/15/23)

    30       30,764  

Roper Technologies Inc., 3.13%, 11/15/22 (Call 08/15/22)

    33       33,631  

VMware Inc., 2.95%, 08/21/22 (Call 07/21/22)

    31       31,520  
   

 

 

 
      1,309,834  
Telecommunications — 2.0%            

AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)

    145       147,480  

3.00%, 06/30/22 (Call 04/30/22)

    60       60,725  

Cisco Systems Inc.
2.60%, 02/28/23

    145       148,982  

3.00%, 06/15/22

    150       152,497  

Vodafone Group PLC, 2.95%, 02/19/23

    100       102,862  
   

 

 

 
      612,546  
Textiles — 0.1%            

Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)(a)

    30       30,944  
   

 

 

 
Transportation — 2.8%            

Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)

    190       195,365  

3.05%, 09/01/22 (Call 06/01/22)

    100       101,508  

Norfolk Southern Corp., 2.90%, 02/15/23 (Call 11/15/22)

    46       47,099  

Ryder System Inc., 3.40%, 03/01/23 (Call 02/01/23)

    55       56,900  

Union Pacific Corp.
2.95%, 01/15/23 (Call 10/15/22)

    45       46,016  

4.16%, 07/15/22 (Call 04/15/22)

    40       40,682  

United Parcel Service Inc.
2.35%, 05/16/22 (Call 04/16/22)

    20       20,185  

2.45%, 10/01/22

    339       345,627  
   

 

 

 
      853,382  
   

 

 

 

Total Corporate Bonds & Notes — 96.8%
(Cost: $29,420,293)

          29,810,719  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 7.8%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    1,554     $ 1,554,362  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)

    859       859,000  
   

 

 

 
      2,413,362  
   

 

 

 

Total Short-Term Investments — 7.8%
(Cost: $ 2,412,858)

      2,413,362  
   

 

 

 

Total Investments in Securities — 104.6%
(Cost: $31,833,151)

      32,224,081  

Other Assets, Less Liabilities — (4.6)%

      (1,428,335
   

 

 

 

Net Assets — 100.0%

    $   30,795,746  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

Affiliates

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

 

 

 

   
    Affiliated Issuer   Value at
10/31/20
   

Purchases

at Cost

    Proceeds
from Sales
    Net Realized
Gain (Loss)
   

Change in
Unrealized
Appreciation

(Depreciation)

    Value at
10/31/21
   

Shares
Held at
10/31/21

(000)

    Income     Capital Gain
Distributions from
Underlying Funds
     
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,216,086     $ 338,640 (a)    $     $ (100   $ (264   $ 1,554,362       1,554     $ 2,120 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    529,000       330,000 (a)                        859,000       859       129          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (100   $ (264   $ 2,413,362       $ 2,249     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

 

 

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

  13


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ex-Financials 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  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 29,810,719        $        $ 29,810,719  

Money Market Funds

     2,413,362                            2,413,362  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   2,413,362        $ 29,810,719        $             —        $ 32,224,081  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

14  

2 0 2 1   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, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Aerospace & Defense — 0.9%            

Boeing Co. (The)
1.17%, 02/04/23 (Call 02/04/22)

  $     250     $     250,298  

2.80%, 03/01/23 (Call 02/01/23)

    50       51,187  

General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22)

    183       185,569  

Lockheed Martin Corp., 3.10%, 01/15/23 (Call 11/15/22)

    110       113,005  
   

 

 

 
      600,059  
Agriculture — 0.7%            

BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22)

    15       15,217  

Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22)

    54       55,076  

Philip Morris International Inc.
2.38%, 08/17/22 (Call 07/17/22)

    25       25,355  

2.50%, 08/22/22

    180       183,060  

2.50%, 11/02/22 (Call 10/02/22)

    84       85,646  

2.63%, 03/06/23

    100       102,903  
   

 

 

 
      467,257  
Airlines — 0.1%            

Southwest Airlines Co., 2.75%, 11/16/22 (Call 10/16/22)

    50       51,001  
   

 

 

 
Apparel — 0.3%            

Ralph Lauren Corp., 1.70%, 06/15/22

    10       10,083  

Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22)

    60       60,784  

VF Corp., 2.05%, 04/23/22

    150       151,128  
   

 

 

 
      221,995  
Auto Manufacturers — 3.6%            

American Honda Finance Corp.
0.40%, 10/21/22(a)

    5       5,000  

1.95%, 05/20/22

    15       15,135  

2.05%, 01/10/23

    155       157,860  

2.20%, 06/27/22

    188       190,301  

2.60%, 11/16/22

    70       71,520  

General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)

    145       147,155  

3.25%, 01/05/23 (Call 12/05/22)

    150       154,076  

3.45%, 04/10/22 (Call 02/10/22)

    185       186,506  

3.55%, 07/08/22

    185       188,750  

PACCAR Financial Corp.

   

2.00%, 09/26/22(a)

    24       24,350  

2.30%, 08/10/22(a)

    25       25,376  

Toyota Motor Credit Corp.
0.35%, 10/14/22(a)

    200       200,042  

0.45%, 07/22/22

    200       200,104  

2.63%, 01/10/23

    195       199,912  

2.70%, 01/11/23

    105       107,751  

2.80%, 07/13/22

    250       254,327  

2.90%, 03/30/23

    320       330,781  
   

 

 

 
      2,458,946  
Banks — 27.4%            

Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22

    250       254,300  

2.63%, 11/09/22

    240       245,506  

Banco Santander SA
3.13%, 02/23/23

    210       216,516  

3.50%, 04/11/22

    210       212,749  

Bank of America Corp., 3.30%, 01/11/23

    675       697,430  

Bank of Montreal
2.05%, 11/01/22

    10       10,168  

2.35%, 09/11/22

    20       20,346  

2.55%, 11/06/22 (Call 10/06/22)

    300       306,042  
Security   Par
(000)
    Value  
Banks (continued)            

Bank of New York Mellon Corp. (The)
1.85%, 01/27/23 (Call 01/02/23)

  $     119     $     120,897  

1.95%, 08/23/22

    148       149,943  

2.95%, 01/29/23 (Call 12/29/22)

    156       160,468  

Bank of Nova Scotia (The)
1.95%, 02/01/23

    179       182,145  

2.00%, 11/15/22

    155       157,575  

2.38%, 01/18/23

    62       63,404  

2.45%, 09/19/22

    170       173,342  

Barclays Bank PLC, 1.70%, 05/12/22 (Call 04/12/22)

    205       206,265  

Barclays PLC, 3.68%, 01/10/23 (Call 01/10/22)

    285       286,679  

BBVA USA, 2.88%, 06/29/22 (Call 05/29/22)(a)

    250       253,698  

BNP Paribas SA, 3.25%, 03/03/23

    90       93,268  

Canadian Imperial Bank of Commerce, 2.55%, 06/16/22(a)

    183       185,549  

Citigroup Inc.
2.70%, 10/27/22 (Call 09/27/22)

    276       281,647  

2.75%, 04/25/22 (Call 03/25/22)

    309       311,985  

3.38%, 03/01/23(a)

    85       88,066  

4.05%, 07/30/22

    150       153,950  

Citizens Bank N.A./Providence RI, 3.70%, 03/29/23 (Call 02/28/23)

    250       260,085  

Cooperatieve Rabobank U.A., 3.95%, 11/09/22

    340       351,509  

Credit Suisse AG/New York NY, 2.80%, 04/08/22

    250       252,620  

Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22

    295       303,372  

Deutsche Bank AG/New York NY, 3.95%, 02/27/23

    280       290,867  

Discover Bank, 3.35%, 02/06/23 (Call 01/06/23)

    250       257,810  

Fifth Third Bancorp., 2.60%, 06/15/22 (Call 05/15/22)

    195       197,256  

Goldman Sachs Group Inc. (The)
0.48%, 01/27/23 (Call 01/27/22)

    310       309,426  

0.52%, 03/08/23 (Call 03/08/22)

    110       109,793  

3.20%, 02/23/23 (Call 01/23/23)

    168       173,141  

3.63%, 01/22/23

    385       398,825  

Huntington National Bank (The), 1.80%, 02/03/23 (Call 01/03/23)

    250       253,570  

JPMorgan Chase & Co.
2.97%, 01/15/23 (Call 01/15/22)

    266       267,359  

3.20%, 01/25/23

    363       375,030  

3.25%, 09/23/22

    395       405,274  

KeyBank N.A./Cleveland OH, 1.25%, 03/10/23

    270       272,684  

Manufacturers & Traders Trust Co., 2.50%, 05/18/22 (Call 04/18/22)

    250       252,478  

Mitsubishi UFJ Financial Group Inc.
2.62%, 07/18/22

    270       274,209  

2.67%, 07/25/22

    256       260,173  

3.46%, 03/02/23

    255       264,685  

Mizuho Financial Group Inc., 2.60%, 09/11/22(a)

    200       203,674  

Morgan Stanley
2.75%, 05/19/22

    464       470,092  

3.13%, 01/23/23

    248       255,683  

3.75%, 02/25/23

    475       494,461  

4.88%, 11/01/22

    300       312,711  

MUFG Americas Holdings Corp., 3.50%, 06/18/22

    91       92,673  

MUFG Union Bank N.A., 2.10%, 12/09/22 (Call 11/09/22)

    250       254,102  

National Australia Bank Ltd./New York, 3.00%, 01/20/23

    250       257,690  

National Bank of Canada, 2.10%, 02/01/23

    275       280,038  

Natwest Group PLC, 6.13%, 12/15/22

    250       264,475  

PNC Bank N.A., 2.70%, 11/01/22 (Call 10/01/22)

    290       295,861  

PNC Financial Services Group Inc. (The), 2.85%, 11/09/22(b)

    190       194,630  

Royal Bank of Canada
1.95%, 01/17/23

    153       155,714  

 

 

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

  15


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.80%, 04/29/22

  $     100     $ 101,232  

Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)

    125       128,673  

Santander UK Group Holdings PLC, 3.57%, 01/10/23 (Call 01/10/22)

    200       201,134  

Santander UK PLC, 2.10%, 01/13/23

    250       254,672  

Sumitomo Mitsui Financial Group Inc.
2.78%, 07/12/22

    342       347,783  

2.78%, 10/18/22

    255       260,661  

3.10%, 01/17/23

    310       319,253  

Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)

    260       263,471  

Toronto-Dominion Bank (The)
0.25%, 01/06/23

    15       14,960  

1.90%, 12/01/22

    205       208,223  

Truist Bank
1.25%, 03/09/23 (Call 02/09/23)

    255       257,491  

2.45%, 08/01/22 (Call 07/01/22)(a)

    192       194,650  

2.80%, 05/17/22 (Call 04/17/22)

    225       227,536  

Truist Financial Corp.
2.20%, 03/16/23 (Call 02/13/23)

    190       194,112  

2.75%, 04/01/22 (Call 03/01/22)

    175       176,379  

3.05%, 06/20/22 (Call 05/20/22)

    115       116,717  

U.S. Bancorp., 2.95%, 07/15/22 (Call 06/15/22)

    190       193,051  

U.S. Bank N.A./Cincinnati OH, 1.95%, 01/09/23
(Call 12/09/22)(a)

    250       254,365  

Wells Fargo & Co.
3.07%, 01/24/23 (Call 01/24/22)

    400       402,324  

Series M, 3.45%, 02/13/23

    335       347,227  

Westpac Banking Corp.
2.00%, 01/13/23

    123       125,216  

2.50%, 06/28/22(a)

    108       109,550  

2.75%, 01/11/23

    155       159,222  
   

 

 

 
          18,751,810  
Beverages — 1.3%            

Beam Suntory Inc., 3.25%, 05/15/22 (Call 02/15/22)

    35       35,287  

Constellation Brands Inc., 3.20%, 02/15/23 (Call 01/15/23)

    108       111,268  

Diageo Investment Corp.
2.88%, 05/11/22

    181       183,351  

8.00%, 09/15/22(a)

    5       5,329  

Molson Coors Beverage Co., 3.50%, 05/01/22

    111       112,701  

PepsiCo Inc.
2.25%, 05/02/22 (Call 04/02/22)

    10       10,082  

2.75%, 03/01/23

    225       231,820  

3.10%, 07/17/22 (Call 05/17/22)(a)

    165       167,612  
   

 

 

 
      857,450  
Biotechnology — 1.4%            

Amgen Inc.
2.65%, 05/11/22 (Call 04/11/22)

    219       221,251  

3.63%, 05/15/22 (Call 02/15/22)

    211       212,880  

Biogen Inc., 3.63%, 09/15/22

    196       201,390  

Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22)

    140       142,641  

Illumina Inc., 0.55%, 03/23/23

    210       209,412  
   

 

 

 
      987,574  
Chemicals — 1.0%            

Air Products and Chemicals Inc., 2.75%, 02/03/23

    25       25,724  

Celanese U.S. Holdings LLC, 4.63%, 11/15/22(a)

    100       103,963  

Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)

    145       147,324  

Linde Inc./CT
2.20%, 08/15/22 (Call 05/15/22)

    115       116,149  

2.70%, 02/21/23 (Call 11/21/22)

    8       8,185  

Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22)

    109       111,677  
Security  

Par

(000)

    Value  
Chemicals (continued)            

NewMarket Corp., 4.10%, 12/15/22

  $ 58     $ 60,080  

Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22)

    90       91,590  

PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23)

    15       15,499  

RPM International Inc., 3.45%, 11/15/22 (Call 08/15/22)

    25       25,538  
   

 

 

 
      705,729  
Commercial Services — 1.1%            

Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22)

    75       76,705  

Cintas Corp. No. 2, 3.25%, 06/01/22 (Call 03/01/22)

    60       60,575  

Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)

    99       101,286  

Moody’s Corp., 2.63%, 01/15/23 (Call 12/15/22)

        155       158,480  

PayPal Holdings Inc., 2.20%, 09/26/22

    170       172,802  

RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)

    75       77,725  

Verisk Analytics Inc., 4.13%, 09/12/22

    75       77,230  
   

 

 

 
          724,803  
Computers — 2.8%            

Apple Inc.
1.70%, 09/11/22

    165       166,939  

2.10%, 09/12/22 (Call 08/12/22)

    5       5,066  

2.30%, 05/11/22 (Call 04/11/22)

    208       209,868  

2.40%, 01/13/23 (Call 12/13/22)

    20       20,437  

2.70%, 05/13/22

    160       162,030  

2.85%, 02/23/23 (Call 12/23/22)

    288       295,834  

Genpact Luxembourg Sarl, 3.70%, 04/01/22 (Call 03/01/22)

    200       202,032  

Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22)

    203       209,058  

HP Inc., 4.05%, 09/15/22

    100       102,923  

International Business Machines Corp.
1.88%, 08/01/22

    350       353,909  

2.85%, 05/13/22

    205       207,808  
   

 

 

 
      1,935,904  
Cosmetics & Personal Care — 0.6%            

Colgate-Palmolive Co.
1.95%, 02/01/23(a)

    175       178,390  

2.25%, 11/15/22

    5       5,093  

Procter & Gamble Co. (The), 2.15%, 08/11/22

    100       101,443  

Unilever Capital Corp., 3.13%, 03/22/23 (Call 02/22/23)

    150       155,125  
   

 

 

 
      440,051  
Diversified Financial Services — 5.4%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50%, 05/26/22 (Call 04/26/22)

    210       212,886  

Air Lease Corp.
2.25%, 01/15/23

    5       5,091  

2.63%, 07/01/22 (Call 06/01/22)

    15       15,176  

2.75%, 01/15/23 (Call 12/15/22)

    237       242,325  

Ally Financial Inc., 4.63%, 05/19/22(a)

    35       35,769  

American Express Co.
2.50%, 08/01/22 (Call 07/01/22)

    435       440,973  

2.65%, 12/02/22

    225       230,184  

2.75%, 05/20/22 (Call 04/20/22)

    245       247,729  

3.40%, 02/27/23 (Call 01/27/23)

    208       215,349  

Capital One Bank USA N.A., 3.38%, 02/15/23

    315       325,713  

Capital One Financial Corp., 3.20%, 01/30/23 (Call 12/30/22)

    80       82,434  

Charles Schwab Corp. (The), 2.65%, 01/25/23 (Call 12/25/22)

    170       174,299  

CME Group Inc., 3.00%, 09/15/22

    156       159,616  

Discover Financial Services
3.85%, 11/21/22

    50       51,686  

5.20%, 04/27/22

    10       10,228  

Intercontinental Exchange Inc., 2.35%, 09/15/22 (Call 08/15/22)

    136       138,082  

International Lease Finance Corp., 5.88%, 08/15/22

    215       223,890  

 

 

16  

2 0 2 1   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, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Invesco Finance PLC, 3.13%, 11/30/22

  $     115     $ 118,214  

Jefferies Group LLC, 5.13%, 01/20/23

    115       121,062  

Nasdaq Inc., 0.45%, 12/21/22 (Call 12/21/21)

    40       39,958  

ORIX Corp., 2.90%, 07/18/22

    142       144,313  

Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)

    123       124,760  

2.80%, 12/14/22 (Call 10/14/22)

    315       322,406  
   

 

 

 
          3,682,143  
Electric — 5.7%            

AEP Texas Inc., 2.40%, 10/01/22 (Call 09/01/22)

    5       5,076  

Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22)

    110       111,500  

American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22)

    85       86,754  

Berkshire Hathaway Energy Co., 2.80%, 01/15/23 (Call 12/15/22)

    35       35,862  

CenterPoint Energy Houston Electric LLC, 2.25%, 08/01/22 (Call 05/01/22)

    10       10,094  

CenterPoint Energy Inc., 2.50%, 09/01/22 (Call 08/01/22)

    80       81,194  

Dominion Energy Inc., Series B, 2.75%, 09/15/22 (Call 06/15/22)

    75       76,041  

DTE Energy Co.
2.25%, 11/01/22

    135       137,184  

Series H, 0.55%, 11/01/22

    30       30,008  

Duke Energy Carolinas LLC, 3.05%, 03/15/23 (Call 02/15/23)

    140       144,620  

Duke Energy Corp.
2.40%, 08/15/22 (Call 07/15/22)

    5       5,070  

3.05%, 08/15/22 (Call 05/15/22)

    170       172,319  

Duke Energy Progress LLC, 2.80%, 05/15/22 (Call 02/15/22)

    175       176,204  

Edison International
2.40%, 09/15/22 (Call 08/15/22)

    30       30,345  

2.95%, 03/15/23 (Call 01/15/23)

    68       69,565  

3.13%, 11/15/22 (Call 10/15/22)

    55       56,037  

Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)

    120       122,126  

Evergy Metro Inc., 3.15%, 03/15/23
(Call 12/15/22)(a)

    68       69,885  

Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22)

    146       148,114  

Exelon Generation Co. LLC, 4.25%, 06/15/22 (Call 03/15/22)

    190       192,622  

Georgia Power Co., 2.85%, 05/15/22

    99       100,300  

ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22)

    75       76,472  

National Rural Utilities Cooperative Finance Corp.
2.40%, 04/25/22 (Call 03/25/22)

    11       11,091  

2.70%, 02/15/23 (Call 12/15/22)

    95       97,240  

NextEra Energy Capital Holdings Inc.
0.65%, 03/01/23

    315       315,328  

1.95%, 09/01/22(a)

    100       101,258  

2.80%, 01/15/23 (Call 12/15/22)

    10       10,249  

2.90%, 04/01/22

    175       176,848  

Northern States Power Co./MN, 2.15%, 08/15/22 (Call 02/15/22)

    10       10,055  

Oncor Electric Delivery Co. LLC
4.10%, 06/01/22 (Call 03/01/22)(a)

    70       70,834  

7.00%, 09/01/22

    84       88,427  

Pacific Gas and Electric Co.
1.37%, 03/10/23 (Call 11/09/21)

    200       199,262  

1.75%, 06/16/22 (Call 11/09/21)

    385       384,604  

Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 10/15/22)

    125       127,443  

Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22)

    76       77,746  

Sempra Energy
2.88%, 10/01/22 (Call 07/01/22)

    137       139,037  

2.90%, 02/01/23 (Call 01/01/23)

    25       25,654  
Security   Par
(000)
    Value  
Electric (continued)            

Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)

  $     135     $ 138,401  
   

 

 

 
          3,910,869  
Electrical Components & Equipment — 0.0%            

Emerson Electric Co., 2.63%, 02/15/23 (Call 11/15/22)(a)

    15       15,329  
   

 

 

 
Electronics — 0.6%            

Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22)

    75       75,556  

Avnet Inc., 4.88%, 12/01/22

    43       44,836  

Flex Ltd., 5.00%, 02/15/23

    75       78,891  

Honeywell International Inc.
0.48%, 08/19/22 (Call 11/09/21)(a)

    63       63,004  

2.15%, 08/08/22 (Call 07/08/22)

    100       101,258  

Jabil Inc., 4.70%, 09/15/22

    74       76,577  
   

 

 

 
      440,122  
Environmental Control — 0.2%            

Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22)

    131       133,028  
   

 

 

 
Food — 1.2%            

Campbell Soup Co.
2.50%, 08/02/22

    25       25,381  

3.65%, 03/15/23 (Call 02/15/23)

    125       129,749  

Conagra Brands Inc., 3.20%, 01/25/23 (Call 10/25/22)

    82       84,035  

General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22)

    45       45,823  

Kroger Co. (The)
2.80%, 08/01/22 (Call 07/01/22)

    160       162,539  

3.40%, 04/15/22 (Call 01/15/22)

    8       8,049  

McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22)

    85       86,357  

Mondelez International Inc., 0.63%, 07/01/22

    60       60,118  

Sysco Corp., 2.60%, 06/12/22

    50       50,638  

Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)

    191       193,911  
   

 

 

 
      846,600  
Gas — 0.2%            

Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/15/21)

    25       24,996  

CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 11/29/21)(a)

    35       34,933  

National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)

    75       77,280  

ONE Gas Inc., 0.85%, 03/11/23 (Call 11/29/21)

    25       24,999  
   

 

 

 
      162,208  
Health Care - Products — 0.4%            

DH Europe Finance II Sarl, 2.05%, 11/15/22

    75       76,190  

Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)

    175       176,130  

3.70%, 03/19/23 (Call 02/19/23)

    10       10,380  
   

 

 

 
      262,700  
Health Care - Services — 1.9%            

Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22)

    180       183,125  

Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)

    5       5,119  

3.30%, 01/15/23

    385       397,674  

Humana Inc.
2.90%, 12/15/22 (Call 11/15/22)

    29       29,684  

3.15%, 12/01/22 (Call 09/01/22)(a)

    140       143,007  

UnitedHealth Group Inc.
2.38%, 10/15/22

    44       44,838  

2.75%, 02/15/23 (Call 11/15/22)

    215       220,020  

2.88%, 03/15/23

    230       237,330  

3.35%, 07/15/22

    15       15,321  
   

 

 

 
      1,276,118  

 

 

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

  17


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Holding Companies - Diversified — 0.2%            

Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)(a)

  $     108     $ 111,334  

FS KKR Capital Corp., 4.75%, 05/15/22 (Call 04/15/22)

    36       36,638  
   

 

 

 
      147,972  
Home Builders — 0.4%            

DR Horton Inc.
4.38%, 09/15/22 (Call 06/15/22)

    10       10,230  

4.75%, 02/15/23 (Call 11/15/22)

    25       26,018  

Lennar Corp., 4.75%, 11/15/22 (Call 08/15/22)

    100       103,264  

NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)

    104       106,080  
   

 

 

 
      245,592  
Household Products & Wares — 0.4%            

Church & Dwight Co. Inc., 2.88%, 10/01/22

    125       127,815  

Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)

    143       145,256  
   

 

 

 
      273,071  
Insurance — 1.9%            

Alleghany Corp., 4.95%, 06/27/22(a)

    65       66,841  

Aon Corp., 2.20%, 11/15/22

    200       203,326  

Berkshire Hathaway Finance Corp., 3.00%, 05/15/22

    135       136,939  

Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)

    275       282,538  

3.00%, 02/11/23

    145       149,631  

Chubb INA Holdings Inc.
2.70%, 03/13/23

    115       118,458  

2.88%, 11/03/22 (Call 09/03/22)

    125       127,546  

Fidelity National Financial Inc., 5.50%, 09/01/22

    50       52,004  

Markel Corp., 4.90%, 07/01/22

    15       15,417  

Marsh & McLennan Companies Inc., 3.30%, 03/14/23 (Call 01/14/23)

    18       18,589  

Primerica Inc., 4.75%, 07/15/22

    75       77,203  

Principal Financial Group Inc., 3.30%, 09/15/22

    15       15,365  
   

 

 

 
          1,263,857  
Internet — 1.4%            

Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)

    135       138,194  

2.50%, 11/29/22 (Call 08/29/22)

    151       153,590  

Baidu Inc., 3.50%, 11/28/22

    200       205,298  

Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)

    150       154,177  

E*TRADE Financial Corp., 2.95%, 08/24/22 (Call 07/24/22)(a)

    25       25,447  

eBay Inc., 2.75%, 01/30/23 (Call 12/30/22)

    191       195,750  

TD Ameritrade Holding Corp., 2.95%, 04/01/22 (Call 02/01/22)

    100       100,634  
   

 

 

 
      973,090  
Iron & Steel — 0.1%            

Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22)

    85       86,889  
   

 

 

 
Machinery — 2.5%            

ABB Finance USA Inc., 2.88%, 05/08/22

    185       187,399  

Caterpillar Financial Services Corp.
0.25%, 03/01/23

    230       229,446  

0.95%, 05/13/22

    10       10,037  

1.90%, 09/06/22

    5       5,066  

1.95%, 11/18/22

    214       217,343  

2.40%, 06/06/22

    30       30,370  

2.55%, 11/29/22

    110       112,446  

CNH Industrial Capital LLC, 4.38%, 04/05/22

    11       11,170  

Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)

    221       222,806  

John Deere Capital Corp.
0.25%, 01/17/23

    30       29,912  

0.55%, 07/05/22

    150       150,231  

1.95%, 06/13/22

    100       101,006  
Security  

Par

(000)

    Value  
Machinery (continued)            

2.15%, 09/08/22

  $ 96     $ 97,400  

2.80%, 01/27/23

    50       51,439  

2.80%, 03/06/23

    259       267,037  
   

 

 

 
          1,723,108  
Manufacturing — 1.4%            

3M Co.
1.75%, 02/14/23 (Call 01/14/23)

        200       203,118  

2.00%, 06/26/22

    225       227,453  

Carlisle Companies Inc., 3.75%, 11/15/22 (Call 08/15/22)

    15       15,379  

Eaton Corp., 2.75%, 11/02/22

    243       248,416  

General Electric Co.
2.70%, 10/09/22

    96       97,935  

3.10%, 01/09/23

    165       169,841  

Parker-Hannifin Corp., 3.50%, 09/15/22(a)

    20       20,515  
   

 

 

 
      982,657  
Media — 1.9%            

Charter Communications Operating LLC/Charter

   

Communications Operating Capital, 4.46%, 07/23/22 (Call 05/23/22)

    455       464,600  

Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22

    150       164,012  

Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)

    159       163,689  

Time Warner Entertainment Co. LP, 8.38%, 03/15/23

    134       147,760  

TWDC Enterprises 18 Corp., 2.35%, 12/01/22

    167       170,198  

Walt Disney Co. (The)
1.65%, 09/01/22

    25       25,259  

3.00%, 09/15/22

    150       153,345  
   

 

 

 
      1,288,863  
Metal Fabricate & Hardware — 0.2%            

Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22)

    155       157,965  
   

 

 

 
Mining — 0.1%            

Newmont Corp., 3.70%, 03/15/23 (Call 12/15/22)

    24       24,763  

Southern Copper Corp., 3.50%, 11/08/22

    55       56,504  
   

 

 

 
      81,267  
Oil & Gas — 2.7%            

BP Capital Markets PLC, 2.50%, 11/06/22

    130       132,544  

Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)

    223       228,435  

Chevron Corp., 2.36%, 12/05/22 (Call 09/05/22)

    325       330,544  

Chevron USA Inc., 0.33%, 08/12/22

    5       5,000  

EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)

    155       158,512  

Exxon Mobil Corp., 2.73%, 03/01/23 (Call 01/01/23)

    215       220,541  

Phillips 66, 4.30%, 04/01/22

    318       323,161  

Shell International Finance BV
2.25%, 01/06/23

    60       61,246  

2.38%, 08/21/22

    212       215,430  

TotalEnergies Capital International SA, 2.70%, 01/25/23

    179       183,742  
   

 

 

 
      1,859,155  
Oil & Gas Services — 0.2%            

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22)

    125       127,801  
   

 

 

 
Packaging & Containers — 0.1%            

WestRock RKT LLC, 4.00%, 03/01/23 (Call 12/01/22)

    80       82,819  
   

 

 

 
Pharmaceuticals — 7.8%            

AbbVie Inc.
2.30%, 11/21/22

    417       424,685  

 

 

18  

2 0 2 1   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, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

2.90%, 11/06/22

  $     500     $ 511,695  

3.20%, 11/06/22 (Call 09/06/22)

    178       181,964  

3.25%, 10/01/22 (Call 07/01/22)

    250       254,443  

AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 03/15/22)

    250       250,133  

AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22)

    25       25,267  

Bristol-Myers Squibb Co.
2.00%, 08/01/22

    209       211,571  

3.25%, 08/15/22

    212       216,812  

3.25%, 02/20/23 (Call 01/20/23)

    133       137,517  

3.55%, 08/15/22

    242       247,890  

Cardinal Health Inc., Series 2021-4, 3.20%, 03/15/23

    60       62,023  

Cigna Corp., 3.05%, 11/30/22 (Call 10/31/22)

    109       111,756  

CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)

    200       203,642  

3.50%, 07/20/22 (Call 05/20/22)

    265       269,386  

3.70%, 03/09/23 (Call 02/09/23)

    404       419,780  

4.75%, 12/01/22 (Call 09/01/22)

    10       10,343  

Eli Lilly & Co., 2.35%, 05/15/22

    120       121,376  

GlaxoSmithKline Capital Inc., 2.80%, 03/18/23

    288       297,037  

GlaxoSmithKline Capital PLC
2.85%, 05/08/22

    350       354,483  

2.88%, 06/01/22 (Call 05/01/22)

    10       10,127  

McKesson Corp.
2.70%, 12/15/22 (Call 09/15/22)

    75       76,375  

2.85%, 03/15/23 (Call 12/15/22)

    79       80,855  

Merck & Co. Inc., 2.40%, 09/15/22 (Call 06/15/22)

    177       179,207  

Novartis Capital Corp., 2.40%, 09/21/22

    326       332,044  

Viatris Inc., 1.13%, 06/22/22(c)

    170       170,612  

Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22)

    185       189,908  
   

 

 

 
          5,350,931  
Pipelines — 3.1%            

Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22)

    46       47,085  

Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22)

    105       106,558  

Energy Transfer LP
3.45%, 01/15/23 (Call 10/15/22)

    65       66,496  

3.60%, 02/01/23 (Call 11/01/22)

    125       128,357  

4.25%, 03/15/23 (Call 12/15/22)

    115       119,253  

Energy Transfer LP/Regency Energy Finance Corp., 5.00%, 10/01/22 (Call 07/01/22)

    145       149,132  

Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)

    173       178,365  

Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)

    170       174,881  

3.95%, 09/01/22 (Call 06/01/22)

    250       255,025  

Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)

    15       15,415  

MPLX LP
3.38%, 03/15/23 (Call 02/15/23)

    90       93,046  

3.50%, 12/01/22 (Call 11/01/22)

    69       70,890  

ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)

    150       152,730  

Plains All American Pipeline LP/PAA Finance Corp.
2.85%, 01/31/23 (Call 10/31/22)

    64       65,187  

3.65%, 06/01/22 (Call 03/01/22)

    110       111,071  

TransCanada PipeLines Ltd., 2.50%, 08/01/22

    165       167,242  

Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 05/15/22)

    194       196,949  

3.70%, 01/15/23 (Call 10/15/22)

    25       25,709  
   

 

 

 
      2,123,391  
Real Estate Investment Trusts — 0.7%            

American Tower Corp., 3.50%, 01/31/23

    128       132,542  

Kimco Realty Corp., 3.40%, 11/01/22 (Call 09/01/22)

    150       153,444  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Office Properties Income Trust, 4.00%, 07/15/22 (Call 06/15/22)

  $     100     $ 101,868  

Public Storage, 2.37%, 09/15/22 (Call 08/15/22)

    25       25,384  

SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22)

    84       85,796  
   

 

 

 
      499,034  
Retail — 1.7%            

AutoZone Inc.
2.88%, 01/15/23 (Call 10/15/22)

    10       10,212  

3.70%, 04/15/22 (Call 01/15/22)

    152       153,024  

Costco Wholesale Corp., 2.30%, 05/18/22 (Call 04/18/22)

    15       15,140  

Home Depot Inc. (The), 2.63%, 06/01/22 (Call 05/01/22)

    196       198,215  

Lowe’s Companies Inc., 3.12%, 04/15/22 (Call 01/15/22)

    143       143,817  

Starbucks Corp.
1.30%, 05/07/22

    125       125,621  

2.70%, 06/15/22 (Call 04/15/22)

    30       30,322  

3.10%, 03/01/23 (Call 02/01/23)

    170       175,301  

Walgreen Co., 3.10%, 09/15/22

    104       106,335  

Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22)

    177       180,694  
   

 

 

 
          1,138,681  
Savings & Loans — 0.2%            

People’s United Financial Inc., 3.65%, 12/06/22 (Call 09/06/22)

    95       97,268  
   

 

 

 
Semiconductors — 1.4%            

Intel Corp.
2.70%, 12/15/22

    380       389,488  

3.10%, 07/29/22

    15       15,307  

Maxim Integrated Products Inc., 3.38%, 03/15/23 (Call 11/04/21)

    75       77,461  

QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)

    135       138,320  

3.00%, 05/20/22

    200       202,876  

Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22)

    106       106,757  
   

 

 

 
      930,209  
Software — 2.7%            

Adobe Inc., 1.70%, 02/01/23

    118       119,872  

Fidelity National Information Services Inc., 0.38%, 03/01/23

    125       124,616  

Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22)

    145       147,893  

Microsoft Corp.
2.13%, 11/15/22

    50       50,886  

2.65%, 11/03/22 (Call 09/03/22)

    120       122,318  

Oracle Corp.
2.50%, 05/15/22 (Call 03/15/22)

    413       416,143  

2.50%, 10/15/22

    409       416,759  

2.63%, 02/15/23 (Call 01/15/23)

    133       136,385  

Roper Technologies Inc.
0.45%, 08/15/22

    100       100,007  

3.13%, 11/15/22 (Call 08/15/22)

    25       25,478  

VMware Inc., 2.95%, 08/21/22 (Call 07/21/22)

    215       218,603  
   

 

 

 
      1,878,960  
Telecommunications — 1.7%            

America Movil SAB de CV, 3.13%, 07/16/22

    235       238,995  

AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)

    151       153,582  

3.00%, 06/30/22 (Call 04/30/22)

    290       293,506  

Cisco Systems Inc.
2.60%, 02/28/23

    90       92,471  

3.00%, 06/15/22

    10       10,167  

Rogers Communications Inc., 3.00%, 03/15/23 (Call 12/15/22)

    50       51,254  

Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22

    125       127,199  

 

 

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

  19


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par/
Shares
(000)
    Value  
Telecommunications (continued)            

Vodafone Group PLC, 2.95%, 02/19/23

  $     190     $ 195,438  
   

 

 

 
      1,162,612  
Textiles — 0.1%            

Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)(a)

    85       87,676  
   

 

 

 
Transportation — 1.4%            

Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)

    105       107,965  

3.05%, 09/01/22 (Call 06/01/22)

    85       86,282  

Norfolk Southern Corp.
2.90%, 02/15/23 (Call 11/15/22)(a)

    83       84,983  

3.00%, 04/01/22 (Call 01/01/22)

    105       105,451  

Ryder System Inc.
2.88%, 06/01/22 (Call 05/01/22)

    10       10,120  

3.40%, 03/01/23 (Call 02/01/23)

    158       163,457  

Union Pacific Corp.
2.95%, 01/15/23 (Call 10/15/22)(a)

    70       71,580  

4.16%, 07/15/22 (Call 04/15/22)

    102       103,739  

United Parcel Service Inc., 2.45%, 10/01/22

    246       250,809  
   

 

 

 
      984,386  
   

 

 

 

Total Corporate Bonds & Notes — 91.1%
(Cost: $61,691,268)

          62,478,950  
   

 

 

 

Investment Companies

   
Exchange Traded Funds — 4.6%            

iShares iBonds Mar 2023 Term Corporate ex-Financials ETF(d)

    129       3,179,850  
   

 

 

 

Total Investment Companies — 4.6%
(Cost $2,974,253)

      3,179,850  
   

 

 

 
Security  

    

Shares

(000)

    Value  

Short-Term Investments

   
Money Market Funds — 7.8%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)

    2,408     $ 2,408,783  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)

    2,924       2,924,000  
   

 

 

 
      5,332,783  
   

 

 

 

Total Short-Term Investments — 7.8%
(Cost: $5,331,216)

      5,332,783  
   

 

 

 

Total Investments in Securities — 103.5%
(Cost: $69,996,737)

      70,991,583  

Other Assets, Less Liabilities — (3.5)%

      (2,417,208
   

 

 

 

Net Assets — 100.0%

    $   68,574,375  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(c) 

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

Affiliates

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

 

 

 

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

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,692,164     $ 717,094 (a)    $     $ (65   $ (410   $ 2,408,783       2,408     $ 4,141 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,454,000       1,470,000 (a)                        2,924,000       2,924       331          
 

iShares iBonds Mar 2023 Term Corporate ex- Financials ETF

    3,235,320                         (55,470     3,179,850       129       66,005          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (65   $ (55,880   $ 8,512,633       $ 70,477     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Fair Value Hierarchy as of Period End

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

 

 

20  

2 0 2 1   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, 2021

  

iShares® iBonds® Mar 2023 Term Corporate ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 62,478,950        $        $ 62,478,950  

Investment Companies

     3,179,850                            3,179,850  

Money Market Funds

     5,332,783                            5,332,783  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   8,512,633        $ 62,478,950        $             —        $ 70,991,583  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  21


 

Statements of Assets and Liabilities

October 31, 2021

 

   

iShares

iBonds Mar
2023 Term
Corporate
ex-Financials
ETF

   

iShares

iBonds Mar

2023 Term
Corporate

ETF

 

 

 

ASSETS

   

Investments in securities, at value (including securities on loan)(a):

   

Unaffiliated(b)

  $ 29,810,719     $ 62,478,950  

Affiliated(c)

    2,413,362       8,512,633  

Cash

    7,218       8,355  

Receivables:

   

Investments sold

          125,116  

Securities lending income — Affiliated

    201       381  

Dividends

    4       11  

Interest

    222,076       474,224  
 

 

 

   

 

 

 

Total assets

    32,453,580       71,599,670  
 

 

 

   

 

 

 

LIABILITIES

   

Collateral on securities loaned, at value

    1,552,760       2,406,576  

Payables:

   

Investments purchased

    102,494       613,273  

Investment advisory fees

    2,580       5,446  
 

 

 

   

 

 

 

Total liabilities

    1,657,834       3,025,295  
 

 

 

   

 

 

 

NET ASSETS

  $ 30,795,746     $ 68,574,375  
 

 

 

   

 

 

 

NET ASSETS CONSIST OF:

   

Paid-in capital

  $ 31,283,864     $ 67,794,805  

Accumulated earnings (loss)

    (488,118     779,570  
 

 

 

   

 

 

 

NET ASSETS

  $ 30,795,746     $ 68,574,375  
 

 

 

   

 

 

 

Shares outstanding

    1,250,000       2,550,000  
 

 

 

   

 

 

 

Net asset value

  $ 24.64     $ 26.89  
 

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited  
 

 

 

   

 

 

 

Par value

    None       None  
 

 

 

   

 

 

 

(a) Securities loaned, at value

  $ 1,506,521     $ 2,337,453  

(b) Investments, at cost — Unaffiliated

  $ 29,420,293     $ 61,691,268  

(c)  Investments, at cost — Affiliated

  $ 2,412,858     $ 8,305,469  

See notes to financial statements.

 

 

22  

2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


 

Statements of Operations

Year Ended October 31, 2021

 

    iShares
iBonds
Mar 2023
Term
Corporate
ex-Financials
ETF
       

iShares

iBonds Mar

2023 Term
Corporate

ETF

 

 

 

INVESTMENT INCOME

     

Dividends — Affiliated

  $ 129       $ 66,336  

Interest — Unaffiliated

    618,256         1,453,356  

Securities lending income — Affiliated — net

    2,120         4,141  
 

 

 

     

 

 

 

Total investment income

    620,505         1,523,833  
 

 

 

     

 

 

 

EXPENSES

     

Investment advisory fees

    29,461         72,309  

Miscellaneous

    173         173  
 

 

 

     

 

 

 

Total expenses

    29,634         72,482  

Less:

     

Investment advisory fees waived

    (467       (4,476
 

 

 

     

 

 

 

Total expenses after fees waived

    29,167         68,006  
 

 

 

     

 

 

 

Net investment income

    591,338         1,455,827  
 

 

 

     

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

     

Net realized gain (loss) from:

     

Investments — Unaffiliated

    61,948         293,038  

Investments — Affiliated

    (100       (65

In-kind redemptions — Unaffiliated

            163,014  
 

 

 

     

 

 

 

Net realized gain

    61,848         455,987  
 

 

 

     

 

 

 

Net change in unrealized appreciation (depreciation) on:

     

Investments — Unaffiliated

    (552,337       (1,448,450

Investments — Affiliated

    (264       (55,880
 

 

 

     

 

 

 

Net change in unrealized appreciation (depreciation)

    (552,601       (1,504,330
 

 

 

     

 

 

 

Net realized and unrealized loss

    (490,753       (1,048,343
 

 

 

     

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 100,585       $ 407,484  
 

 

 

     

 

 

 

See notes to financial statements.

 

 

I N A N C I A L   S T A T E M E N T S

  23


Statements of Changes in Net Assets

 

    iShares
iBonds Mar 2023 Term Corporate
ex-Financials ETF
           iShares
iBonds Mar 2023 Term Corporate
ETF
 
 

 

Year Ended
10/31/21

          

 

Year Ended
10/31/20

          

 

Year Ended
10/31/21

          

 

Year Ended
10/31/20

 

 

 

INCREASE (DECREASE) IN NET ASSETS

                

OPERATIONS

                

Net investment income

  $ 591,338        $ 648,162        $ 1,455,827        $ 2,127,916  

Net realized gain

    61,848          49,002          455,987          1,018,734  

Net change in unrealized appreciation (depreciation)

    (552,601        404,799          (1,504,330        504,719  
 

 

 

      

 

 

      

 

 

      

 

 

 

Net increase in net assets resulting from operations

    100,585          1,101,963          407,484          3,651,369  
 

 

 

      

 

 

      

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

                

Decrease in net assets resulting from distributions to shareholders

    (600,797        (680,553        (1,531,453        (2,161,736
 

 

 

      

 

 

      

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

                

Net increase (decrease) in net assets derived from capital share transactions

    3,732,889          1,255,736          (2,684,666        (8,441,497
 

 

 

      

 

 

      

 

 

      

 

 

 

NET ASSETS

                

Total increase (decrease) in net assets

    3,232,677          1,677,146          (3,808,635        (6,951,864

Beginning of year

    27,563,069          25,885,923          72,383,010          79,334,874  
 

 

 

      

 

 

      

 

 

      

 

 

 

End of year

  $ 30,795,746        $ 27,563,069        $ 68,574,375        $ 72,383,010  
 

 

 

      

 

 

      

 

 

      

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

24  

2 0 2 1   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

(For a share outstanding throughout each period)

 

    iShares iBonds Mar 2023 Term Corporate ex-Financials ETF  
 

 

 

 
   
Year Ended
10/31/21
 
 
   
Year Ended
10/31/20
 
 
   
Year Ended
10/31/19
 
 
   
Year Ended
10/31/18
 
 
   
Year Ended
10/31/17
 
 

 

 

Net asset value, beginning of year

  $ 25.06     $ 24.65     $ 23.44     $ 24.47     $ 24.80  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    0.50       0.61       0.65       0.66       0.66  

Net realized and unrealized gain (loss)(b)

    (0.41     0.44       1.22       (1.04     (0.33
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    0.09       1.05       1.87       (0.38     0.33  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(c)

         

From net investment income

    (0.51     (0.64     (0.66     (0.65     (0.66
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (0.51     (0.64     (0.66     (0.65     (0.66
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 24.64     $ 25.06     $ 24.65     $ 23.44     $ 24.47  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

         

Based on net asset value

    0.33     4.33     8.07     (1.54 )%      1.37
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets

         

Total expenses

    0.10     0.10     0.10     0.10     0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    0.10     0.10     0.10     0.10     0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    2.01     2.46     2.71     2.76     2.72
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 30,796     $ 27,563     $ 25,886     $ 44,535     $ 47,716  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(e)

    9     9     9     5     10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

I N A N C I A L   H I G H L I G H T S

  25


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Mar 2023 Term Corporate ETF  
 

 

 

 
   
Year Ended
10/31/21
 
 
   
Year Ended
10/31/20
 
 
   
Year Ended
10/31/19
 
 
   
Year Ended
10/31/18
 
 
   
Year Ended
10/31/17
 
 

 

 

Net asset value, beginning of year

  $ 27.31     $ 26.89     $ 25.53     $ 26.66     $ 26.90  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    0.55       0.70       0.76       0.76       0.77  

Net realized and unrealized gain (loss)(b)

    (0.40     0.43       1.36       (1.12     (0.25
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    0.15       1.13       2.12       (0.36     0.52  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(c)

         

From net investment income

    (0.57     (0.71     (0.76     (0.77     (0.76
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (0.57     (0.71     (0.76     (0.77     (0.76