LOGO

  OCTOBER 31, 2021

 

   2021 Annual Report

 

iShares Trust

 

·  

iShares iBonds Dec 2021 Term Treasury ETF | IBTA | NASDAQ

 

·  

iShares iBonds Dec 2022 Term Treasury ETF | IBTB | NASDAQ

 

·  

iShares iBonds Dec 2023 Term Treasury ETF | IBTD | NASDAQ

 

·  

iShares iBonds Dec 2024 Term Treasury ETF | IBTE | NASDAQ

 

·  

iShares iBonds Dec 2025 Term Treasury ETF | IBTF | NASDAQ

 

·  

iShares iBonds Dec 2026 Term Treasury ETF | IBTG | NASDAQ

 

·  

iShares iBonds Dec 2027 Term Treasury ETF | IBTH | NASDAQ

 

·  

iShares iBonds Dec 2028 Term Treasury ETF | IBTI | NASDAQ

 

·  

iShares iBonds Dec 2029 Term Treasury ETF | IBTJ | NASDAQ

 

·  

iShares iBonds Dec 2030 Term Treasury ETF | IBTK | NASDAQ

 

·  

iShares iBonds Dec 2031 Term Treasury ETF | IBTL | NASDAQ


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  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     26  

Shareholder Expenses

     26  

Schedules of Investments

     27  

Financial Statements

  

Statements of Assets and Liabilities

     38  

Statements of Operations

     41  

Statements of Changes in Net Assets

     44  

Financial Highlights

     50  

Notes to Financial Statements

     61  

Report of Independent Registered Public Accounting Firm

     69  

Important Tax Information (Unaudited)

     70  

Board Review and Approval of Investment Advisory Contract

     71  

Supplemental Information

     75  

Director and Officer Information

     76  

General Information

     78  

 

 

 


Market Overview

 

iShares Trust

U.S. Treasury Bond Market Overview

Short- and intermediate-term U.S. Treasuries declined for the 12 months ended October 31, 2021 (“reporting period”). The ICE Bank of America 1 – 10 year U.S. Treasury Index, which tracks short- and intermediate-maturity U.S. Treasuries, returned -1.48%.

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.

U.S. Treasuries declined as inflation increased and investors shifted toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U.S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. The three-month U.S. Treasury yield declined modestly from 0.09% to 0.05%, while the two-year U.S. Treasury yield rose from 0.14% to 0.48%. Intermediate-term U.S. Treasury yields rose at a faster rate, with the 10-year U.S. Treasury yield increasing from 0.88% to 1.55%.

The more rapid growth of longer-dated U.S. Treasury yields meant that the yield curve (a graphical representation of U.S. Treasury yields at different maturities) steepened, particularly in the first half of the reporting period, driven by fiscal stimulus and investors’ expectations that the U.S. economy will continue to expand. However, concerns about slowing growth and the potential impact of the Delta variant flattened the yield curve late in the reporting period, partially reversing its earlier trend. As investors began to anticipate earlier interest rate increases from the Fed, shorter-term U.S. Treasury yields rose.

U.S. Treasury issuance declined slightly from record issuance in 2020 but was still greatly elevated by historical standards. The substantial issuance accompanied heavy deficit spending, in part to finance multiple additional rounds of fiscal stimulus.

 

 

4  

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


Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2021 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2021 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2021, as represented by the ICE 2021 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year     

Since

Inception

           1 Year     Since
Inception
 

Fund NAV

    0.06      0.97       0.06     1.65

Fund Market

    0.06        0.97         0.06       1.64  

Index

    0.11        1.04               0.11       1.75  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2021 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2021 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2021 Maturity US Treasury Index.

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 26 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          $        1,000.00          $        0.15               $        1,000.00       $        1,025.10          $        0.15          0.03

 

  (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 26 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® Dec 2021 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    18.5

Short-Term and Other Assets

    81.5  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of  
Net Assets  
 

U.S. Treasury Note/Bond, 8.00%, 11/15/21

    10.6%  

U.S. Treasury Note/Bond, 1.50%, 11/30/21

    7.0     

U.S. Treasury Bill, 0.04%, 12/02/21

    0.9     

 

 

  *

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® Dec 2022 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2022 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2022, as represented by the ICE 2022 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    0.09      1.48       0.09     2.50

Fund Market

    0.13        1.52         0.13       2.58  

Index

    0.17        1.57               0.17       2.65  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2022 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index.

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 26 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          $        999.70          $        0.35               $        1,000.00       $        1,024.90          $        0.36          0.07

 

  (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 26 for more information.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of October 31, 2021   (continued)    iShares® iBonds® Dec 2022 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    96.3

Short-Term and Other Assets

    3.7  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 1.75%, 09/30/22

    18.0

U.S. Treasury Note/Bond, 1.38%, 01/31/22

    11.3  

U.S. Treasury Note/Bond, 2.50%, 02/15/22

    11.2  

U.S. Treasury Note/Bond, 1.75%, 06/30/22

    9.9  

U.S. Treasury Note/Bond, 2.00%, 10/31/22

    8.7  

 

 

  *

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


Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2023 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2023 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023, as represented by the ICE 2023 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (0.30 )%       1.74       (0.30 )%      2.94

Fund Market

    (0.26      1.78         (0.26     3.02  

Index

    (0.20      1.82               (0.20     3.07  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2023 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index.

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 26 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          $        996.90          $        0.35               $        1,000.00       $        1,024.90          $        0.36          0.07

 

  (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 26 for more information.

 

 

 

F U N D   S U M M A R Y

  9


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    98.6

Short-Term and Other Assets

    1.4  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 2.38%, 01/31/23

    23.1

U.S. Treasury Note/Bond, 2.50%, 08/15/23

    18.8  

U.S. Treasury Note/Bond, 2.75%, 05/31/23

    18.3  

U.S. Treasury Note/Bond, 2.88%, 11/30/23

    13.2  

U.S. Treasury Note/Bond, 2.75%, 07/31/23

    12.2  

 

  *

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.

 

 

 

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


Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2024 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2024 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2024, as represented by the ICE 2024 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year     

Since

Inception

           1 Year    

Since

Inception

 

Fund NAV

    (0.90 )%       1.78       (0.90 )%      3.01

Fund Market

    (0.90      1.80         (0.90     3.05  

Index

    (0.86      1.83               (0.86     3.09  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2024 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index.

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 26 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          $        994.00          $        0.35               $      1,000.00       $      1,024.90          $        0.36          0.07

 

  (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 26 for more information.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of October 31, 2021   (continued)    iShares® iBonds® Dec 2024 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.5

Short-Term and Other Assets

    0.5  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 0.38%, 09/15/24

    25.6

U.S. Treasury Note/Bond, 1.50%, 09/30/24

    18.0  

U.S. Treasury Note/Bond, 2.50%, 01/31/24

    17.1  

U.S. Treasury Note/Bond, 2.25%, 04/30/24

    12.2  

U.S. Treasury Note/Bond, 0.13%, 01/15/24

    7.2  

 

  *

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.

 

 

 

12  

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Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2025 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2025 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2025, as represented by the ICE 2025 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (1.83 )%       1.47       (1.83 )%      2.48

Fund Market

    (1.83      1.49         (1.83     2.52  

Index

    (1.79      1.52               (1.79     2.57  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2025 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index.

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 26 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          $        992.20          $        0.35               $        1,000.00          $        1,024.90          $        0.36          0.07

 

  (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 26 for more information.

 

 

 

F U N D   S U M M A R Y

  13


Fund Summary as of October 31, 2021   (continued)    iShares® iBonds® Dec 2025 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    98.7

Short-Term and Other Assets

    1.3  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 2.63%, 03/31/25

    19.7

U.S. Treasury Note/Bond, 2.75%, 06/30/25

    19.1  

U.S. Treasury Note/Bond, 3.00%, 09/30/25

    16.8  

U.S. Treasury Note/Bond, 2.88%, 07/31/25

    15.9  

U.S. Treasury Note/Bond, 3.00%, 10/31/25

    14.9  

 

  *

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.

 

 

 

14  

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Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2026 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026, as represented by the ICE 2026 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (2.55 )%       1.31       (2.55 )%      2.22

Fund Market

    (2.48      1.36         (2.48     2.30  

Index

    (2.54      1.35               (2.54     2.27  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2026 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index.

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 26 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          $        992.50          $        0.35               $        1,000.00          $        1,024.90          $        0.36          0.07

 

  (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 26 for more information.

 

 

 

F U N D   S U M M A R Y

  15


Fund Summary as of October 31, 2021   (continued)    iShares® iBonds® Dec 2026 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.3

Short-Term and Other Assets

    0.7  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 0.88%, 06/30/26

    22.2

U.S. Treasury Note/Bond, 2.38%, 04/30/26

    19.6  

U.S. Treasury Note/Bond, 2.25%, 03/31/26

    19.2  

U.S. Treasury Note/Bond, 1.88%, 07/31/26

    15.9  

U.S. Treasury Note/Bond, 1.63%, 11/30/26

    12.6  
  *

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.

 

 

 

16  

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Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2027 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2027 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2027, as represented by the ICE 2027 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (3.31 )%       0.85       (3.31 )%      1.44

Fund Market

    (3.16      0.90         (3.16     1.52  

Index

    (3.23      0.95               (3.23     1.61  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2027 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index.

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 26 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          $        996.70          $        0.35               $        1,000.00       $        1,024.90          $        0.36          0.07

 

  (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 26 for more information.

 

 

 

F U N D   S U M M A R Y

  17


Fund Summary as of October 31, 2021    (continued)    iShares® iBonds® Dec 2027 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.4

Short-Term and Other Assets

    0.6  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 2.25%, 08/15/27

    30.1

U.S. Treasury Note/Bond, 0.50%, 08/31/27

    29.5  

U.S. Treasury Note/Bond, 2.25%, 11/15/27

    10.0  

U.S. Treasury Note/Bond, 1.50%, 01/31/27

    9.9  

U.S. Treasury Note/Bond, 2.25%, 02/15/27

    9.2  

 

  *

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.

 

 

 

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


Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2028 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2028 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2028, as represented by the ICE 2028 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (3.71 )%       0.66       (3.71 )%      1.11

Fund Market

    (3.60      0.68         (3.60     1.15  

Index

    (3.67      0.73               (3.67     1.23  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2028 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index.

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 26 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          $        999.50          $        0.35               $        1,000.00       $        1,024.90          $        0.36          0.07

 

  (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 26 for more information.

 

 

 

F U N D   S U M M A R Y

  19


Fund Summary as of October 31, 2021    (continued)    iShares® iBonds® Dec 2028 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.1

Short-Term and Other Assets

    0.9  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 3.13%, 11/15/28

    25.3

U.S. Treasury Note/Bond, 2.88%, 05/15/28

    16.3  

U.S. Treasury Note/Bond, 2.75%, 02/15/28

    11.3  

U.S. Treasury Note/Bond, 1.13%, 02/29/28

    9.5  

U.S. Treasury Note/Bond, 2.88%, 08/15/28

    8.9  

 

  *

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.

 

 

 

20  

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Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2029 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2029 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2029, as represented by the ICE 2029 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (4.08 )%       0.62       (4.08 )%      1.04

Fund Market

    (3.90      0.67         (3.90     1.12  

Index

    (4.03      0.70               (4.03     1.17  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2029 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index.

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 26 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          $        1,005.20          $        0.35               $        1,000.00       $        1,024.90          $        0.36          0.07

 

  (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 26 for more information.

 

 

 

F U N D   S U M M A R Y

  21


Fund Summary as of October 31, 2021    (continued)    iShares® iBonds® Dec 2029 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    98.3

Short-Term and Other Assets

    1.7  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 2.38%, 05/15/29

    38.2

U.S. Treasury Note/Bond, 1.63%, 08/15/29

    31.5  

U.S. Treasury Note/Bond, 2.63%, 02/15/29

    17.7  

U.S. Treasury Note/Bond, 1.75%, 11/15/29

    10.9  

 

  *

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.

 

 

 

22  

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


Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2030 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2030 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2030, as represented by the ICE 2030 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (4.58 )%       (4.88 )%        (4.58 )%      (6.31 )% 

Fund Market

    (4.42      (4.82       (4.42     (6.23

Index

    (4.55      (4.88             (4.55     (6.28

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 7/14/20. The first day of secondary market trading was 7/16/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2030 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index.

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 26 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          $        1,013.30          $            0.36               $        1,000.00          $        1,024.90          $            0.36          0.07

 

  (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 26 for more information.

 

 

 

U N D  U M M A R Y

  23


Fund Summary as of October 31, 2021    (continued)    iShares® iBonds® Dec 2030 Term Treasury ETF

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.2

Short-Term and Other Assets

    0.8  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 0.88%, 11/15/30

    30.7

U.S. Treasury Note/Bond, 0.63%, 08/15/30

    28.2  

U.S. Treasury Note/Bond, 0.63%, 05/15/30

    22.9  

U.S. Treasury Note/Bond, 1.50%, 02/15/30

    17.4  

 

  *

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.

 

 

 

24  

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


Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2031 Term Treasury ETF

 

Investment Objective

The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2031, as represented by the ICE 2031 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

                                                Cumulative Total Returns  
                                

Since

Inception

 

Fund NAV

            (0.81 )% 

Fund Market

            (0.73

Index

                                    (0.78

For the fiscal period ended 10/31/21, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was 7/13/21. The first day of secondary market trading was 7/15/21.

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 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(07/13/21)
 
 
 
      

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          $            991.90          $            0.21               $        1,000.00          $        1,024.90          $            0.36          0.07

 

  (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 (110 days for actual and 184 days for hypothetical expenses) 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 26 for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    99.3

Short-Term and Other Assets

    0.7  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

U.S. Treasury Note/Bond, 1.63%, 05/15/31

    42.0

U.S. Treasury Note/Bond, 1.13%, 02/15/31

    29.9  

U.S. Treasury Note/Bond, 1.25%, 08/15/31

    25.1  

U.S. Treasury Note/Bond, 5.38%, 02/15/31

    2.3  

 

  *

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.

 

 

 

U N D  U M M A R Y

  25


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.

 

 

26  

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Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2021 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par/
Shares
(000)
    Value  
U.S. Government Obligations            

U.S. Government Obligations — 18.5%

   

U.S. Treasury Bill, 0.04%, 12/02/21(a)

  $ 414     $ 413,978  

U.S. Treasury Note/Bond
1.50%, 11/30/21

    3,073       3,076,180  

8.00%, 11/15/21

    4,690       4,704,774  
   

 

 

 
      8,194,932  
   

 

 

 

Total U.S. Government Obligations — 18.5%
(Cost: $8,195,282)

      8,194,932  
   

 

 

 
Short-Term Investments            

Money Market Funds — 79.6%

   

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

    35,314       35,314,000  
   

 

 

 

Total Short-Term Investments — 79.6%
(Cost: $35,314,000)

      35,314,000  
   

 

 

 

Total Investments in Securities — 98.1%
(Cost: $43,509,282)

      43,508,932  

Other Assets, Less Liabilities — 1.9%

      851,343  
   

 

 

 

Net Assets — 100.0%

    $ 44,360,275  
   

 

 

 

 

 

 

(a) 

Zero-coupon bond.

(b)

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares

  $ 464,000       $34,850,000 (a)    $     $     $     $ 35,314,000       35,314     $ 681 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a)

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1      Level 2      Level 3      Total  

Investments

           

Assets

           

U.S. Government Obligations

   $      $ 8,194,932      $      $ 8,194,932  

Money Market Funds

     35,314,000                      35,314,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 35,314,000      $ 8,194,932      $             —      $ 43,508,932  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

  27


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
U.S. Government Obligations            

U.S. Government Obligations — 96.3%

   

U.S. Treasury Note/Bond
0.13%, 05/31/22

  $ 5,526     $ 5,526,948  

0.13%, 07/31/22

    3,264       3,264,382  

0.13%, 08/31/22

    320       320,000  

0.13%, 09/30/22

    1,043       1,043,137  

0.13%, 10/31/22(a)

    5,955       5,953,139  

0.13%, 11/30/22

    3,303       3,300,923  

1.38%, 01/31/22

    9,174       9,203,371  

1.75%, 06/30/22

    8,000       8,087,812  

1.75%, 07/15/22

    960       971,062  

1.75%, 09/30/22

    14,400       14,610,938  

1.88%, 01/31/22

    3,517       3,532,784  

2.00%, 10/31/22

    6,921       7,047,826  

2.00%, 11/30/22

    5,852       5,967,440  

2.25%, 04/15/22

    361       364,295  

2.50%, 02/15/22

    9,070       9,133,940  
   

 

 

 
      78,327,997  
   

 

 

 

Total U.S. Government Obligations — 96.3%
(Cost: $78,324,048)

      78,327,997  
   

 

 

 

Security

  Shares
(000)
    Value  
Short-Term Investments  
Money Market Funds — 10.4%  

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

    8,460     $ 8,459,814  
   

 

 

 

Total Short-Term Investments — 10.4%
(Cost: $8,459,814)

      8,459,814  
   

 

 

 

Total Investments in Securities — 106.7%
(Cost: $86,783,862)

 

    86,787,811  

Other Assets, Less Liabilities — (6.7)%

      (5,454,924
 

 

 

 

Net Assets — 100.0%

 

  $ 81,332,887  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b)

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

(d) 

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: Treasury, SL Agency Shares

  $       $8,459,814 (a)    $     $     $     $ 8,459,814       8,460     $ 196 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1      Level 2      Level 3      Total  

Investments

           

Assets

           

U.S. Government Obligations

   $      $ 78,327,997      $      $ 78,327,997  

Money Market Funds

     8,459,814                      8,459,814  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 8,459,814      $ 78,327,997      $      $ 86,787,811  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

28  

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Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2023 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   

U.S. Government Obligations — 98.6%

   

U.S. Treasury Note/Bond
0.13%, 10/15/23

  $ 384     $ 381,285  

0.13%, 12/15/23

    46       45,389  

0.25%, 11/15/23

    468       465,089  

0.38%, 08/15/24

    287       284,408  

2.38%, 01/31/23

    15,510       15,915,721  

2.50%, 08/15/23

    12,555       13,014,533  

2.75%, 05/31/23

    12,150       12,604,201  

2.75%, 07/31/23

    8,100       8,427,480  

2.88%, 10/31/23

    7,425       7,773,917  

2.88%, 11/30/23

    8,696       9,116,718  
   

 

 

 
      68,028,741  
   

 

 

 
   

Total U.S. Government Obligations — 98.6%
(Cost: $68,151,036)

      68,028,741  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

 

Money Market Funds — 0.6%  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    397     $ 397,000  
   

 

 

 

Total Short-Term Investments — 0.6%
(Cost: $397,000)

      397,000  
   

 

 

 

Total Investments in Securities — 99.2%
(Cost: $68,548,036)

 

    68,425,741  

Other Assets, Less Liabilities — 0.8%

      570,785  
 

 

 

 

Net Assets — 100.0%

 

  $ 68,996,526  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares

  $ 497,000     $     $ (100,000 )(a)    $     $     $ 397,000       397     $ 189 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1      Level 2      Level 3      Total  

Investments

           

Assets

           

U.S. Government Obligations

   $      $ 68,028,741      $      $ 68,028,741  

Money Market Funds

     397,000                      397,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $  397,000      $ 68,028,741      $             —      $ 68,425,741  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

  29


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   

U.S. Government Obligations — 99.5%

   

U.S. Treasury Note/Bond
0.13%, 01/15/24

  $ 3,428     $ 3,394,023  

0.25%, 06/15/24

    104       103,189  

0.38%, 04/15/24

    578       574,049  

0.38%, 07/15/24

    261       258,170  

0.38%, 09/15/24

    12,215       12,090,644  

1.50%, 09/30/24

    8,325       8,504,833  

1.50%, 11/30/24

    675       689,476  

1.75%, 07/31/24

    278       286,133  

2.00%, 04/30/24

    2,312       2,389,734  

2.13%, 07/31/24

    990       1,028,558  

2.25%, 04/30/24

    5,550       5,768,748  

2.25%, 11/15/24

    463       482,951  

2.38%, 02/29/24

    2,564       2,668,871  

2.38%, 08/15/24

    666       696,386  

2.50%, 01/31/24

    7,751       8,081,514  
   

 

 

 
      47,017,279  
   

 

 

 

Total U.S. Government Obligations — 99.5%
(Cost: $47,161,690)

      47,017,279  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

 

Money Market Funds — 0.1%  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    58     $ 58,000  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $58,000)

      58,000  
   

 

 

 

Total Investments in Securities — 99.6%
(Cost: $47,219,690)

 

    47,075,279  

Other Assets, Less Liabilities — 0.4%

      181,543  
 

 

 

 

Net Assets — 100.0%

 

  $ 47,256,822  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury,
SL Agency Shares

  $ 108,000     $  —     $ (50,000 )(a)    $     $     $ 58,000       58     $ 567 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1      Level 2      Level 3      Total  

Investments

           

Assets

           

U.S. Government Obligations

   $      $ 47,017,279      $      $ 47,017,279  

Money Market Funds

     58,000                      58,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 58,000      $ 47,017,279      $      $ 47,075,279  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

30  

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® Dec 2025 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 98.7%            

U.S. Treasury Note/Bond 0.25%, 05/31/25

  $ 1,488     $ 1,450,952  

0.25%, 08/31/25

    133       129,192  

0.25%, 09/30/25

    21       20,575  

0.25%, 10/31/25

    106       102,692  

0.38%, 11/30/25

    772       750,395  

1.13%, 02/28/25

    200       201,680  

2.63%, 03/31/25

    4,016       4,250,842  

2.75%, 06/30/25

    3,891       4,142,471  

2.88%, 07/31/25

    3,208       3,433,095  

3.00%, 09/30/25

    3,382       3,641,404  

3.00%, 10/31/25

    2,996       3,227,038  
   

 

 

 
      21,350,336  
   

 

 

 

Total U.S. Government Obligations — 98.7%
(Cost: $21,613,287)

      21,350,336  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 0.7%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    140     $ 140,000  
   

 

 

 

Total Short-Term Investments — 0.7%
(Cost: $140,000)

      140,000  
   

 

 

 

Total Investments in Securities — 99.4%
(Cost: $21,753,287)

      21,490,336  

Other Assets, Less Liabilities — 0.6%

      132,870  
   

 

 

 

Net Assets — 100.0%

    $   21,623,206  
   

 

 

 

 

(a) 

Affiliate of the Fund.

 
(b) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares

  $ 44,000     $ 96,000 (a)    $     $     $     $ 140,000       140     $ 37 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1      Level 2      Level 3      Total  

Investments

           

Assets

           

U.S. Government Obligations

   $      $ 21,350,336      $      $ 21,350,336  

Money Market Funds

     140,000                      140,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 140,000      $ 21,350,336      $             —      $ 21,490,336  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

  31


Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.3%            

U.S. Treasury Note/Bond

   

0.63%, 07/31/26

  $ 200     $ 194,930  

0.75%, 04/30/26

    850       835,623  

0.88%, 06/30/26

    3,707       3,658,346  

1.38%, 08/31/26

    212       214,458  

1.63%, 11/30/26

    2,028       2,069,792  

1.88%, 06/30/26

    104       106,933  

1.88%, 07/31/26

    2,531       2,614,938  

2.00%, 11/15/26

    248       257,356  

2.25%, 03/31/26

    3,022       3,170,909  

2.38%, 04/30/26

    3,055       3,222,070  
   

 

 

 
      16,345,355  
   

 

 

 

Total U.S. Government Obligations — 99.3%
(Cost: $16,607,695)

      16,345,355  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 0.2%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    30     $ 30,000  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $30,000)

      30,000  
   

 

 

 

Total Investments in Securities — 99.5%
(Cost: $16,637,695)

      16,375,355  

Other Assets, Less Liabilities — 0.5%

      86,296  
   

 

 

 

Net Assets — 100.0%

    $ 16,461,651  
   

 

 

 

 

(a)

Affiliate of the Fund.

 
(b)

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares

  $ 108,000     $     $ (78,000 )(a)    $     $     $ 30,000       30     $ 125 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a)

Represents net amount purchased (sold).

 
(b)

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

 

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

U.S. Government Obligations

   $        $ 16,345,355        $        $ 16,345,355  

Money Market Funds

     30,000                            30,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 30,000        $ 16,345,355        $        $ 16,375,355  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

32  

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


Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2027 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.4%            

U.S. Treasury Note/Bond

   

0.50%, 05/31/27

  $ 129     $ 123,256  

0.50%, 08/31/27

    9,747       9,292,490  

0.63%, 11/30/27

    878       839,753  

0.63%, 12/31/27

    842       803,830  

1.50%, 01/31/27

    3,083       3,125,854  

2.25%, 02/15/27

    2,763       2,904,612  

2.25%, 08/15/27

    9,000       9,466,172  

2.25%, 11/15/27

    2,995       3,151,418  

2.38%, 05/15/27

    1,446       1,530,818  
   

 

 

 
      31,238,203  
   

 

 

 

Total U.S. Government Obligations — 99.4%
(Cost: $31,775,169)

      31,238,203  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 0.2%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    70     $ 70,000  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $70,000)

      70,000  
   

 

 

 

Total Investments in Securities — 99.6%
(Cost: $31,845,169)

      31,308,203  

Other Assets, Less Liabilities — 0.4%

      134,909  
   

 

 

 

Net Assets — 100.0%

    $ 31,443,112  
   

 

 

 

 

(a)

Affiliate of the Fund.

 
(b)

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares

  $ 50,000     $ 20,000 (a)    $     $     $     $ 70,000       70     $ 19 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a)

Represents net amount purchased (sold).

 
(b)

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

 

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

U.S. Government Obligations

   $        $ 31,238,203        $        $ 31,238,203  

Money Market Funds

     70,000                            70,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 70,000        $ 31,238,203        $        $ 31,308,203  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

  33


Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2028 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.1%            

U.S. Treasury Note/Bond

   

1.00%, 07/31/28

  $ 1,520     $ 1,476,235  

1.13%, 02/29/28

    1,822       1,792,880  

1.13%, 08/31/28

    1,629       1,593,131  

1.25%, 03/31/28

    89       87,632  

1.25%, 06/30/28

    1,540       1,521,150  

1.25%, 09/30/28

    560       552,212  

2.75%, 02/15/28

    1,964       2,126,093  

2.88%, 05/15/28

    2,822       3,080,716  

2.88%, 08/15/28

    1,535       1,678,945  

3.13%, 11/15/28

    4,286       4,766,000  
   

 

 

 
      18,674,994  
   

 

 

 

Total U.S. Government Obligations — 99.1%
(Cost: $19,223,282)

      18,674,994  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   
Money Market Funds — 0.2%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    40     $ 40,000  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $40,000)

      40,000  
   

 

 

 

Total Investments in Securities — 99.3%
(Cost: $19,263,282)

      18,714,994  

Other Assets, Less Liabilities — 0.7%

      136,650  
   

 

 

 

Net Assets — 100.0%

    $ 18,851,644  
   

 

 

 

 

(a)

Affiliate of the Fund.

 
(b)

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares

  $ 140,000     $     $ (100,000 )(a)    $     $     $ 40,000       40     $ 509 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a)

Represents net amount purchased (sold).

 
(b)

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

 

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

U.S. Government Obligations

   $        $ 18,674,994        $        $ 18,674,994  

Money Market Funds

     40,000                            40,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 40,000        $ 18,674,994        $        $ 18,714,994  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

34  

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


Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2029 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares
(000)

    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 98.3%            

U.S. Treasury Note/Bond

   

1.63%, 08/15/29

  $ 5,462     $ 5,525,132  

1.75%, 11/15/29

    1,863       1,903,214  

2.38%, 05/15/29

    6,289       6,690,514  

2.63%, 02/15/29

    2,862       3,091,296  
   

 

 

 
      17,210,156  
   

 

 

 

Total U.S. Government Obligations — 98.3%
(Cost: $18,092,906)

      17,210,156  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 1.0%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    180       180,000  
   

 

 

 

Total Short-Term Investments — 1.0%
(Cost: $180,000)

      180,000  
   

 

 

 

Total Investments in Securities — 99.3%
(Cost: $18,272,906)

      17,390,156  

Other Assets, Less Liabilities — 0.7%

      121,649  
   

 

 

 

Net Assets — 100.0%

    $ 17,511,805  
   

 

 

 

 

 

  (a)

Affiliate of the Fund.

 
  (b)

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares

  $ 340,000     $     $ (160,000 )(a)    $     $     $ 180,000       180     $ 1,017 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

 
(b) 

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

 

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

U.S. Government Obligations

   $        $ 17,210,156        $        $ 17,210,156  

Money Market Funds

     180,000                            180,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 180,000        $ 17,210,156        $        $ 17,390,156  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

  35


Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2030 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.2%            

U.S. Treasury Note/Bond

   

0.63%, 05/15/30

  $ 863     $ 801,350  

0.63%, 08/15/30

    1,062       984,319  

0.88%, 11/15/30

    1,135       1,072,353  

1.50%, 02/15/30(a)

    606       606,716  
   

 

 

 
      3,464,738  
   

 

 

 

Total U.S. Government Obligations — 99.2%
(Cost: $3,608,908)

      3,464,738  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 17.9%            

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

    625       625,040  
   

 

 

 

Total Short-Term Investments — 17.9%
(Cost: $625,040)

      625,040  
   

 

 

 

Total Investments in Securities — 117.1%
(Cost: $4,233,948)

      4,089,778  

Other Assets, Less Liabilities — (17.1)%

      (597,135
   

 

 

 

Net Assets — 100.0%

    $ 3,492,643  
   

 

 

 

 

 

  (a)

All or a portion of this security is on loan.

 
  (b)

Affiliate of the Fund.

 
  (c)

Annualized 7-day yield as of period end.

 
  (d)

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: Treasury, SL Agency Shares

  $     $ 625,040 (a)    $     $     $     $ 625,040       625     $ 368 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a)

Represents net amount purchased (sold).

 
(b)

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

 

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

U.S. Government Obligations

   $        $ 3,464,738        $        $ 3,464,738  

Money Market Funds

     625,040                            625,040  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 625,040        $ 3,464,738        $        $ 4,089,778  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

36  

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Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2031 Term Treasury ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Obligations

   
U.S. Government Obligations — 99.3%            

U.S. Treasury Note/Bond

   

1.13%, 02/15/31

  $ 765     $ 737,384  

1.25%, 08/15/31

    636       618,013  

1.63%, 05/15/31

    1,029       1,036,235  

5.38%, 02/15/31

    43       57,478  
   

 

 

 
      2,449,110  
   

 

 

 

Total U.S. Government Obligations — 99.3%
(Cost: $2,480,776)

      2,449,110  
   

 

 

 

Total Investments in Securities — 99.3%
(Cost: $2,480,776)

      2,449,110  

Other Assets, Less Liabilities — 0.7%

      16,047  
   

 

 

 

Net Assets — 100.0%

    $ 2,465,157  
   

 

 

 

    

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period 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    

07/13/21(a)

    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: Treasury, SL Agency Shares(b)

  $ —         $ 0 (c)    $     $     $     $           $ 4 (d)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a)

The Fund commenced operations on July 13, 2021.

 
(b)

As of period end, the entity is no longer held.

 
(c)

Represents net amount purchased (sold).

 
(d)

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

 

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

U.S. Government Obligations

   $        $ 2,449,110        $        $ 2,449,110  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

  37


 

Statements of Assets and Liabilities

October 31, 2021

 

   

iShares

iBonds Dec

2021

Term Treasury

ETF

   

iShares

iBonds Dec

2022

Term Treasury

ETF

    

iShares

iBonds Dec

2023

Term Treasury

ETF

   

iShares

iBonds Dec

2024

Term Treasury

ETF

 

 

 

ASSETS

        

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

        

Unaffiliated(b)

  $ 8,194,932     $ 78,327,997      $ 68,028,741     $ 47,017,279  

Affiliated(c)

    35,314,000       8,459,814        397,000       58,000  

Cash

    605       4,578        4,783       1,535  

Receivables:

        

Investments sold

    654,900                    693,586  

Securities lending income — Affiliated

          114        10       136  

Capital shares sold

          87,304              653,634  

Dividends

    148       11        2        

Interest

    196,834       297,447        569,799       183,087  
 

 

 

   

 

 

    

 

 

   

 

 

 

Total assets

    44,361,419       87,177,265        69,000,335       48,607,257  
 

 

 

   

 

 

    

 

 

   

 

 

 

LIABILITIES

        

Collateral on securities loaned, at value

          5,839,814               

Payables:

        

Investments purchased

                       1,347,898  

Investment advisory fees

    1,144       4,564        3,809       2,537  
 

 

 

   

 

 

    

 

 

   

 

 

 

Total liabilities

    1,144       5,844,378        3,809       1,350,435  
 

 

 

   

 

 

    

 

 

   

 

 

 

NET ASSETS

  $ 44,360,275     $ 81,332,887      $ 68,996,526     $ 47,256,822  
 

 

 

   

 

 

    

 

 

   

 

 

 

NET ASSETS CONSIST OF:

        

Paid-in capital

  $ 44,360,625     $ 81,319,739      $ 69,120,655     $ 47,466,234  

Accumulated earnings (loss)

    (350     13,148        (124,129     (209,412
 

 

 

   

 

 

    

 

 

   

 

 

 

NET ASSETS

  $ 44,360,275     $ 81,332,887      $ 68,996,526     $ 47,256,822  
 

 

 

   

 

 

    

 

 

   

 

 

 

Shares outstanding

    1,750,000       3,200,000        2,700,000       1,850,000  
 

 

 

   

 

 

    

 

 

   

 

 

 

Net asset value

  $ 25.35     $ 25.42      $ 25.55     $ 25.54  
 

 

 

   

 

 

    

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited        Unlimited       Unlimited  
 

 

 

   

 

 

    

 

 

   

 

 

 

Par value

    None       None        None       None  
 

 

 

   

 

 

    

 

 

   

 

 

 

(a) Securities loaned, at value

  $     $ 5,709,525      $     $  

(b) Investments, at cost — Unaffiliated

  $ 8,195,282     $ 78,324,048      $ 68,151,036     $ 47,161,690  

(c)  Investments, at cost — Affiliated

  $ 35,314,000     $ 8,459,814      $ 397,000     $ 58,000  

See notes to financial statements

 

 

 

38  

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


 

Statements of Assets and Liabilities  (continued)

October 31, 2021

 

   

iShares

iBonds Dec

2025

Term Treasury

ETF

   

iShares

iBonds Dec

2026

Term Treasury

ETF

   

iShares

iBonds Dec

2027

Term Treasury

ETF

   

iShares

iBonds Dec

2028

Term Treasury

ETF

 

 

 

ASSETS

       

Investments in securities, at value:

       

Unaffiliated(a)

  $ 21,350,336     $ 16,345,355     $ 31,238,203     $ 18,674,994  

Affiliated(b)

    140,000       30,000       70,000       40,000  

Cash

    8,034       1,070       8,946       7,883  

Receivables:

       

Investments sold

                      545,120  

Securities lending income — Affiliated

                      15  

Interest

    126,106       86,207       127,481       137,847  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

    21,624,476       16,462,632       31,444,630       19,405,859  
 

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES

       

Payables:

       

Investments purchased

                      553,091  

Investment advisory fees

    1,270       981       1,518       1,124  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    1,270       981       1,518       554,215  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 21,623,206     $ 16,461,651     $ 31,443,112     $ 18,851,644  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS CONSIST OF:

       

Paid-in capital

  $ 21,879,964     $ 16,825,550     $ 31,992,018     $ 19,601,748  

Accumulated loss

    (256,758     (363,899     (548,906     (750,104
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 21,623,206     $ 16,461,651     $ 31,443,112     $ 18,851,644  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding

    850,000       650,000       1,250,000       750,000  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value

  $ 25.44     $ 25.33     $ 25.15     $ 25.14  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited       Unlimited       Unlimited  
 

 

 

   

 

 

   

 

 

   

 

 

 

Par value

    None       None       None       None  
 

 

 

   

 

 

   

 

 

   

 

 

 

(a) Investments, at cost — Unaffiliated

  $ 21,613,287     $ 16,607,695     $ 31,775,169     $ 19,223,282  

(b) Investments, at cost — Affiliated

  $ 140,000     $ 30,000     $ 70,000     $ 40,000  

See notes to financial statements.

 

 

I N A N C I A L  T A T E M E N T S

  39


 

Statements of Assets and Liabilities  (continued)

October 31, 2021

 

   

iShares

iBonds Dec

2029

Term Treasury

ETF

   

iShares

iBonds Dec
2030

Term Treasury

ETF

   

iShares

iBonds Dec
2031

Term Treasury

ETF

 

 

 

ASSETS

     

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

     

Unaffiliated(b)

  $ 17,210,156     $ 3,464,738     $ 2,449,110  

Affiliated(c)

    180,000       625,040        

Cash

    3,876       7,704       167  

Receivables:

     

Investments sold

                96,883  

Securities lending income — Affiliated

    19             3  

Interest

    118,790       10,408       11,722  
 

 

 

   

 

 

   

 

 

 

Total assets

    17,512,841       4,107,890       2,557,885