
		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.


F 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.

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)


F 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

^(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.


A 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


S C H E D U L E O F I 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.


S C H E D U L E O F I 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


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (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


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (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


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (continued)

October 31, 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




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)

Fair Value Hierarchy as of Period End


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)




	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.


S C H E D U L E O F I 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.


F 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.


F 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	)