
		OCTOBER 31, 2022



		2022 Annual Report

iShares Trust

iShares iBonds Dec 2022 Term Corporate ETF | IBDN | NYSE Arca

iShares iBonds Dec 2023 Term Corporate ETF | IBDO | NYSE Arca

iShares iBonds Dec 2024 Term Corporate ETF | IBDP | NYSE Arca

iShares iBonds Dec 2025 Term Corporate ETF | IBDQ | NYSE Arca

iShares iBonds Dec 2026 Term Corporate ETF | IBDR | NYSE Arca

iShares iBonds Dec 2027 Term Corporate ETF | IBDS | NYSE Arca

iShares iBonds Dec 2028 Term Corporate ETF | IBDT | NYSE Arca

iShares iBonds Dec 2029 Term Corporate ETF | IBDU | NYSE Arca

iShares iBonds Dec 2030 Term Corporate ETF | IBDV | NYSE Arca

iShares iBonds Dec 2031 Term Corporate ETF | IBDW | NYSE Arca

iShares iBonds Dec 2032 Term Corporate ETF | IBDX | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500 Index)	(5.50)%	(14.61)%
U.S. small cap equities (Russell 2000 Index)	(0.20)	(18.54)
International equities (MSCI Europe, Australasia, Far East Index)	(12.70)	(23.00)
Emerging market equities (MSCI Emerging Markets Index)	(19.66)	(31.03)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.72	0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(8.24)	(17.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.86)	(15.68)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.43)	(11.98)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.71)	(11.76)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		26
Disclosure of Expenses		26
Schedules of Investments		27
Financial Statements:
Statements of Assets and Liabilities		99
Statements of Operations		102
Statements of Changes in Net Assets		105
Financial Highlights		111
Notes to Financial Statements		122
Report of Independent Registered Public Accounting Firm		134
Important Tax Information		135
Board Review and Approval of Investment Advisory Contract		136
Supplemental Information		144
Trustee and Officer Information		145
General Information		148

Market Overview

iShares Trust

U.S. Corporate Bond Market Overview

U.S. investment-grade corporate bonds fell sharply for the 12 months ended October 31, 2022 (“reporting period”). The Markit iBoxx USD Liquid Investment Grade Index, a broad measure of U.S. investment-grade corporate bond performance, returned -22.04%.

The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and reached 7.0% by the end of the year. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed’s rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These factors caused corporate bonds to decline steadily from the beginning of 2022 through the end of October, with only a short-lived relief rally in the summer interrupting the downward momentum. Of the three sectors in the Markit iBoxx USD Liquid Investment Grade Index, financials finished with the smallest decline. Although insurance issues lagged considerably, banks and finance companies outperformed in relative terms. Industrials lagged financials, with the communications and non-cyclical industries leading the way on the downside. Utilities, which has the smallest index weighting of the three sectors, was the weakest performer. Long-term corporate bonds lagged shorter-term issues by a wide margin. In terms of credit quality, higher-rated bonds generally outperformed lower-rated securities amid investors’ search for relative “safe havens” in the challenging environment.

While the market performed poorly, one notable result of the downturn was that yields on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009. In addition, corporate fundamentals remained strong as of the end of October 2022. Leverage was low, overall credit quality was robust, and default rates remained below the historical average. Further, companies’ efforts to refinance their debt in recent years reduced the risk that a wave of maturing bonds would need to be replaced at higher yields.


4		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2022 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2022 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2022, as represented by the Bloomberg December 2022 Maturity Corporate 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.93	%		2.32	%		2.68	%		0.93	%		12.15	%		22.38	%
Fund Market		0.82			2.24			2.65			0.82			11.70			22.18
Index		0.73			2.35			2.74			0.73			12.32			22.97

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 10, 2015. The first day of secondary market trading was March 12, 2015.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,010.40	$	0.46		$	1,000.00	$	1,024.80	$	0.46		0.09	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.


F U N D S U M M A R Y		5


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

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		0.3	%
Aa		7.0
A		12.8
Baa		22.2
Not Rated		0.4
Short-Term and Other Assets		57.3

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
AbbVie Inc., 2.30%, 11/21/22	5.7	%
Visa Inc., 2.80%, 12/14/22	3.6
AbbVie Inc., 2.90%, 11/06/22	2.1
DTE Energy Co., 2.25%, 11/01/22	1.7
Mosaic Co. (The), 3.25%, 11/15/22	1.6

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.


6		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2023 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2023 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2023, as represented by the Bloomberg December 2023 Maturity Corporate 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.81	)%		2.31	%		2.78	%		(1.81	)%		12.11	%		23.33	%
Fund Market		(1.78	)		2.27			2.78			(1.78	)		11.85			23.28
Index		(1.67	)		2.41			2.85			(1.67	)		12.62			23.93

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,000.20	$	0.50		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		7


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2023 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		3.1	%
Aa		6.6
A		45.4
Baa		39.2
Ba		0.5
Not Rated		1.1
Short-Term and Other Assets		4.1

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
Apple Inc., 2.40%, 05/03/23	1.1	%
Southern California Edison Co., Series J, 0.70%, 08/01/23	1.0
Cigna Corp., 3.00%, 07/15/23	0.8
DuPont de Nemours Inc., 4.21%, 11/15/23	0.8
Bank of America Corp., 3.30%, 01/11/23	0.7

^(a)

Excludes money market funds.


8		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2024 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2024 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2024, as represented by the Bloomberg December 2024 Maturity Corporate 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(5.22	)%		1.94	%		2.56	%		(5.22	)%		10.09	%		21.30	%
Fund Market		(5.15	)		1.90			2.57			(5.15	)		9.88			21.43
Index		(5.19	)		2.06			2.71			(5.19	)		10.73			22.68

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	987.40	$	0.50		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		9


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2024 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.7	%
Aa		4.2
A		46.8
Baa		43.6
Ba		1.0
Not Rated		1.6
Short-Term and Other Assets		1.1

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
AbbVie Inc., 2.60%, 11/21/24	0.7	%
Morgan Stanley, Series F, 3.88%, 04/29/24	0.7
Morgan Stanley, 3.70%, 10/23/24	0.7
Wells Fargo & Co., 3.75%, 01/24/24	0.7
JPMorgan Chase & Co., 3.88%, 09/10/24	0.6

^(a)

Excludes money market funds.


10		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2025 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2025 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2025, as represented by the Bloomberg December 2025 Maturity Corporate 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(7.80	)%		1.92	%		2.56	%		(7.80	)%		9.97	%		21.30	%
Fund Market		(7.89	)		1.85			2.55			(7.89	)		9.58			21.19
Index		(7.79	)		1.93			2.61			(7.79	)		10.00			21.78

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	976.70	$	0.50		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2025 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		2.5	%
Aa		5.4
A		40.0
Baa		48.1
Ba		1.5
Not Rated		1.2
Short-Term and Other Assets		1.3

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25	0.8	%
Visa Inc., 3.15%, 12/14/25	0.8
AbbVie Inc., 3.60%, 05/14/25	0.7
Boeing Co. (The), 4.88%, 05/01/25	0.6
Oracle Corp., 2.95%, 05/15/25	0.6

^(a)

Excludes money market funds.


12		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2026 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2026 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2026, as represented by the Bloomberg December 2026 Maturity Corporate 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(10.69	)%		1.46	%		1.60	%		(10.69	)%		7.51	%		10.23	%
Fund Market		(10.90	)		1.35			1.58			(10.90	)		6.96			10.10
Index		(10.67	)		1.53			1.70			(10.67	)		7.89			10.90

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 13, 2016. The first day of secondary market trading was September 15, 2016.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	964.00	$	0.50		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2026 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		2.9	%
Aa		5.4
A		38.0
Baa		50.2
Ba		1.3
Not Rated		1.1
Short-Term and Other Assets		1.1

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
Dell International LLC/EMC Corp., 6.02%, 06/15/26	0.9	%
AbbVie Inc., 2.95%, 11/21/26	0.8
Boeing Co. (The), 2.20%, 02/04/26	0.7
Microsoft Corp., 2.40%, 08/08/26	0.7
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26	0.7

^(a)

Excludes money market funds.


14		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2027 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2027 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2027, as represented by the Bloomberg December 2027 Maturity Corporate 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(12.31	)%		1.19	%		1.24	%		(12.31	)%		6.11	%		6.54	%
Fund Market		(12.28	)		1.18			1.27			(12.28	)		6.02			6.70
Index		(12.31	)		1.26			1.29			(12.31	)		6.45			6.82

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 12, 2017. The first day of secondary market trading was September 14, 2017.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	956.80	$	0.49		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		15


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2027 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		3.2	%
Aa		4.0
A		35.6
Baa		54.0
Ba		0.5
Not Rated		1.4
Short-Term and Other Assets		1.3

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
Citigroup Inc., 4.45%, 09/29/27	0.9	%
T-Mobile USA Inc., 3.75%, 04/15/27	0.9
Microsoft Corp., 3.30%, 02/06/27	0.8
Magallanes Inc., 3.76%, 03/15/27	0.8
Verizon Communications Inc., 4.13%, 03/16/27	0.8

^(a)

Excludes money market funds.


16		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2028 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2028 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2028, as represented by the Bloomberg December 2028 Maturity Corporate 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		(14.77	)%		1.68	%		(14.77	)%		7.09	%
Fund Market		(14.61	)		1.72			(14.61	)		7.29
Index		(14.75	)		1.70			(14.75	)		7.19

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 18, 2018. The first day of secondary market trading was September 20, 2018.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	946.00	$	0.49		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		17


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2028 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.6	%
Aa		2.9
A		30.8
Baa		60.3
Ba		2.2
Not Rated		0.8
Short-Term and Other Assets		1.4

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
CVS Health Corp., 4.30%, 03/25/28	1.5	%
Verizon Communications Inc., 4.33%, 09/21/28	1.3
Comcast Corp., 4.15%, 10/15/28	1.2
Cigna Corp., 4.38%, 10/15/28	1.1
Vodafone Group PLC, 4.38%, 05/30/28	1.0

^(a)

Excludes money market funds.


18		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2029 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2029 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2029, as represented by the Bloomberg December 2029 Maturity Corporate 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		(16.19	)%		(2.20	)%		(16.19	)%		(6.70	)%
Fund Market		(16.20	)		(2.16	)		(16.20	)		(6.58	)
Index		(16.14	)		(2.17	)		(16.14	)		(6.61	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 17, 2019. The first day of secondary market trading was September 19, 2019.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	939.80	$	0.49		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		19


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2029 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.0	%
Aa		2.9
A		35.2
Baa		54.7
Ba		2.4
Not Rated		1.8
Short-Term and Other Assets		2.0

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
AbbVie Inc., 3.20%, 11/21/29	2.0	%
Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29	1.6
Verizon Communications Inc., 4.02%, 12/03/29	1.5
International Business Machines Corp., 3.50%, 05/15/29	1.2
AT&T Inc., 4.35%, 03/01/29	1.1

^(a)

Excludes money market funds.


20		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2030 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2030 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated, investment grade corporate bonds maturing in 2030, as represented by the Bloomberg December 2030 Maturity Corporate 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		(17.98	)%		(7.13	)%		(17.98	)%		(16.02	)%
Fund Market		(17.98	)		(7.05	)		(17.98	)		(15.85	)
Index		(17.92	)		(7.13	)		(17.92	)		(15.98	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 23, 2020. The first day of secondary market trading was June 25, 2020.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	932.20	$	0.49		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		21


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2030 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.2	%
Aa		5.8
A		32.3
Baa		56.7
Ba		1.0
Not Rated		1.1
Short-Term and Other Assets		1.9

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
T-Mobile USA Inc., 3.88%, 04/15/30	1.7	%
Boeing Co. (The), 5.15%, 05/01/30	1.2
Deutsche Telekom International Finance BV, 8.75%, 06/15/30	1.2
AT&T Inc., 4.30%, 02/15/30	0.9
Pacific Gas and Electric Co., 4.55%, 07/01/30	0.8

^(a)

Excludes money market funds.


22		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2031 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2031 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2031, as represented by the Bloomberg December 2031 Maturity Corporate 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		(20.24	)%		(15.20	)%		(20.24	)%		(20.11	)%
Fund Market		(20.23	)		(15.11	)		(20.23	)		(20.00	)
Index		(20.16	)		(15.29	)		(20.16	)		(20.14	)

LOGO

The inception date of the Fund was June 22, 2021. The first day of secondary market trading was June 24, 2021.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	919.50	$	0.48		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)


F U N D S U M M A R Y		23


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2031 Term Corporate ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.4	%
Aa		3.4
A		28.2
Baa		61.3
Ba		1.8
Not Rated		2.5
Short-Term and Other Assets		1.4

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
Verizon Communications Inc., 2.55%, 03/21/31	1.7	%
Orange SA, 9.00%, 03/01/31	1.4
Oracle Corp., 2.88%, 03/25/31	1.2
Amazon.com Inc., 2.10%, 05/12/31	1.2
AT&T Inc., 2.75%, 06/01/31	1.2

^(a)

Excludes money market funds.


24		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2032 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2032 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2032, as represented by the Bloomberg December 2032 Maturity Corporate 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		(5.34	)%
Fund Market		(5.39	)
Index		(5.36	)

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was June 28, 2022. The first day of secondary market trading was June 30, 2022.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (06/28/22)	^(a)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	946.60	$	0.33		$	1,000.00	$	1,024.70	$	0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 125/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		0.5	%
Aa		4.3
A		34.6
Baa		55.8
Ba		1.4
B		0.4
Not Rated		1.5
Short-Term and Other Assets		1.5

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
Magallanes Inc., 4.28%, 03/15/32	2.0	%
Verizon Communications Inc., 2.36%, 03/15/32	1.8
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32	1.6
General Electric Co., 6.75%, 03/15/32	1.5
Meta Platforms Inc., 3.85%, 08/15/32	1.3

^(a)

Excludes money market funds.


F U N D S 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


26		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.4%
General Dynamics Corp., 2.25%, 11/15/22	$	5,262	$	5,256,317


Agriculture — 0.3%
Philip Morris International Inc., 2.50%, 11/02/22		4,394		4,394,000


Airlines — 0.2%
Southwest Airlines Co., 2.75%, 11/16/22		2,913		2,908,281


Auto Manufacturers — 0.2%
American Honda Finance Corp., 2.60%, 11/16/22		2,916		2,914,163


Banks — 9.7%
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22		10,576		10,563,943
2.63%, 11/09/22		9,863		9,859,745
Bank of Montreal
2.05%, 11/01/22		5,606		5,606,000
2.55%, 11/06/22		5,039		5,036,682
Bank of Nova Scotia (The), 2.00%, 11/15/22^(a)		13,083		13,071,880
Cooperatieve Rabobank UA, 3.95%, 11/09/22		8,191		8,189,362
Deutsche Bank AG/New York NY, 3.30%, 11/16/22		6,608		6,603,044
Morgan Stanley, 4.88%, 11/01/22		12,793		12,793,000
MUFG Union Bank NA, 2.10%, 12/09/22 (Call 12/01/22)		16,440		16,376,871
National Australia Bank Ltd./New York, 1.88%, 12/13/22		3,854		3,843,247
Natwest Group PLC, 6.13%, 12/15/22		11,215		11,200,196
PNC Bank NA, 2.70%, 11/01/22		4,174		4,174,000
PNC Financial Services Group Inc. (The), 2.85%, 11/09/22^(b)		4,616		4,614,015
Synovus Financial Corp., 3.13%, 11/01/22		4,699		4,699,000
Toronto-Dominion Bank (The), 1.90%, 12/01/22		12,728		12,703,944

				129,334,929

Chemicals — 2.1%
Celanese U.S. Holdings LLC, 4.63%, 11/15/22		3,068		3,067,386
Mosaic Co. (The), 3.25%, 11/15/22		21,438		21,421,493
RPM International Inc., 3.45%, 11/15/22^(a)		2,702		2,701,325

				27,190,204

Cosmetics & Personal Care — 0.1%
Colgate-Palmolive Co., 2.25%, 11/15/22		1,503		1,501,993


Diversified Financial Services — 5.0%
American Express Co., 2.65%, 12/02/22		12,861		12,843,252
Discover Financial Services, 3.85%, 11/21/22		5,562		5,556,048
Visa Inc., 2.80%, 12/14/22 (Call 12/01/22)		48,610		48,536,113

				66,935,413

Electric — 4.8%
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 12/01/22)		9,649		9,621,211
DTE Energy Co.
2.25%, 11/01/22		22,554		22,554,000
Series H, 0.55%, 11/01/22		14,071		14,071,000
Edison International, 3.13%, 11/15/22		2,230		2,227,681
Niagara Mohawk Power Corp., 2.72%, 11/28/22^(a)(c)		10,700		10,681,596
Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 11/14/22)		4,556		4,551,307

				63,706,795

Health Care - Products — 1.2%
DH Europe Finance II Sarl, 2.05%, 11/15/22		15,544		15,529,544


Health Care - Services — 2.2%
CommonSpirit Health, 2.95%, 11/01/22		5,627		5,627,000


Security	Par/ Shares (000)		Value

Health Care - Services (continued)
Dignity Health, 3.13%, 11/01/22	$	80	$	80,000
Elevance Health Inc., 2.95%, 12/01/22 (Call 11/16/22)		9,896		9,884,125
Humana Inc.
2.90%, 12/15/22 (Call 12/01/22)		9,869		9,842,057
3.15%, 12/01/22		3,968		3,964,310

				29,397,492

Insurance — 0.8%
Aon Corp., 2.20%, 11/15/22		6,007		6,000,933
Chubb INA Holdings Inc., 2.88%, 11/03/22		4,039		4,039,000

				10,039,933

Internet — 1.5%
Amazon.com Inc., 2.50%, 11/29/22		12,935		12,917,150
Baidu Inc., 3.50%, 11/28/22		6,562		6,554,388

				19,471,538

Machinery — 0.8%
Caterpillar Financial Services Corp.
1.95%, 11/18/22^(a)		6,342		6,335,214
2.55%, 11/29/22		4,668		4,661,745

				10,996,959

Media — 0.8%
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		5,874		5,883,986
TWDC Enterprises 18 Corp., 2.35%, 12/01/22		4,465		4,458,079

				10,342,065

Mining — 0.1%
Southern Copper Corp., 3.50%, 11/08/22		1,154		1,148,622


Oil & Gas — 0.8%
BP Capital Markets PLC, 2.50%, 11/06/22		9,032		9,029,562
ConocoPhillips Co., 2.40%, 12/15/22 (Call 12/01/22)^(a)		2,040		2,034,145

				11,063,707

Pharmaceuticals — 9.0%
AbbVie Inc.
2.30%, 11/21/22		75,632		75,537,460
2.90%, 11/06/22		28,233		28,223,401
Cigna Corp., 3.05%, 11/30/22 (Call 11/16/22)		14,058		14,041,693
McKesson Corp., 2.70%, 12/15/22 (Call 12/01/22)^(a)		2,726		2,718,721

				120,521,275

Real Estate Investment Trusts — 0.3%
Camden Property Trust, 2.95%, 12/15/22 (Call 12/01/22)^(a)		3,300		3,290,331


Retail — 1.1%
Walmart Inc., 2.35%, 12/15/22 (Call 12/01/22)		15,205		15,169,268


Semiconductors — 0.7%
Intel Corp., 2.70%, 12/15/22		9,830		9,812,306


Software — 0.6%
Autodesk Inc., 3.60%, 12/15/22 (Call 12/01/22)		3,895		3,892,469
Microsoft Corp., 2.13%, 11/15/22		4,215		4,211,965

				8,104,434


Total Long-Term Investments — 42.7% (Cost: $569,823,054)				569,029,569


Short-Term Securities

Money Market Funds — 58.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(d)(e)(f)		32,176		32,169,317


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(d)(e)		746,940	$	746,940,000


Total Short-Term Securities — 58.4% (Cost: $779,095,732)				779,109,317


Total Investments — 101.1% (Cost: $1,348,918,786)				1,348,138,886

Liabilities in Excess of Other Assets — (1.1)%				(14,606,349	)


Net Assets — 100.0%			$	1,333,532,537

^(a)	All or a portion of this security is on loan.

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

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

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	131,115,315	$	—		$	(98,890,477	)^(a)	$	(40,150	)	$	(15,371	)	$	32,169,317		32,176	$	354,864	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,436,000		705,504,000	^(a)		—			—			—			746,940,000		746,940		2,884,676			—

									$	(40,150	)	$	(15,371	)	$	779,109,317			$	3,239,540		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	569,029,569	$	—	$	569,029,569
Money Market Funds		779,109,317		—		—		779,109,317

	$	779,109,317	$	569,029,569	$	—	$	1,348,138,886

See notes to financial statements.


28		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.0%
Boeing Co. (The) 1.17%, 02/04/23 (Call 12/01/22)^(a)	$	4,662	$	4,607,501
1.88%, 06/15/23 (Call 04/15/23)^(a)		1,485		1,451,929
2.80%, 03/01/23 (Call 02/01/23)^(a)		1,437		1,424,254
4.51%, 05/01/23 (Call 04/01/23)^(a)		12,622		12,597,639
General Dynamics Corp. 1.88%, 08/15/23 (Call 06/15/23)^(a)		2,954		2,883,458
3.38%, 05/15/23 (Call 04/15/23)^(a)		3,668		3,636,529
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)		3,648		3,613,490
Northrop Grumman Corp., 3.25%, 08/01/23^(a)		4,997		4,928,491
Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23)		4,112		4,058,750
Teledyne Technologies Inc., 0.65%, 04/01/23^(a)		662		648,449

				39,850,490

Agriculture — 0.7%
Philip Morris International Inc. 1.13%, 05/01/23		3,132		3,071,333
2.13%, 05/10/23 (Call 03/10/23)^(a)		2,259		2,227,171
2.63%, 03/06/23^(a)		2,467		2,447,856
3.60%, 11/15/23^(a)		3,798		3,742,587
Reynolds American Inc., 4.85%, 09/15/23^(a)		3,193		3,178,887

				14,667,834

Apparel — 0.1%
NIKE Inc., 2.25%, 05/01/23 (Call 02/01/23)^(a)		2,313		2,285,707


Auto Manufacturers — 5.7%
American Honda Finance Corp. 0.35%, 04/20/23		570		557,705
0.65%, 09/08/23^(a)		6,889		6,622,671
0.88%, 07/07/23^(a)		5,239		5,086,388
1.95%, 05/10/23^(a)		1,651		1,626,549
2.05%, 01/10/23		2,372		2,360,970
3.45%, 07/14/23		2,328		2,302,322
3.63%, 10/10/23^(a)		7,751		7,648,222
Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)^(a)		4,136		4,084,755
General Motors Co. 4.88%, 10/02/23^(a)		10,706		10,607,398
5.40%, 10/02/23^(a)		4,460		4,442,517
General Motors Financial Co. Inc. 1.70%, 08/18/23		6,988		6,764,733
3.25%, 01/05/23 (Call 12/05/22)^(a)		3,065		3,056,724
3.70%, 05/09/23 (Call 03/09/23)		4,800		4,753,344
4.15%, 06/19/23 (Call 05/19/23)^(a)		3,625		3,594,151
4.25%, 05/15/23^(a)		2,911		2,892,457
PACCAR Financial Corp. 0.35%, 08/11/23^(a)		2,474		2,390,824
0.80%, 06/08/23^(a)		1,010		985,134
1.90%, 02/07/23^(a)		1,140		1,132,373
2.65%, 04/06/23		856		848,767
3.40%, 08/09/23^(a)		1,683		1,666,204
Stellantis NV, 5.25%, 04/15/23		6,457		6,431,366
Toyota Motor Corp., 3.42%, 07/20/23^(a)		2,788		2,759,535
Toyota Motor Credit Corp. 0.40%, 04/06/23^(a)		1,395		1,369,025
0.50%, 08/14/23^(a)		6,425		6,218,693
1.35%, 08/25/23^(a)		2,881		2,797,768
2.25%, 10/18/23		5,068		4,932,026
2.63%, 01/10/23^(a)		2,232		2,223,161


Security	Par (000)		Value

Auto Manufacturers (continued)
2.70%, 01/11/23	$	1,937	$	1,929,717
2.90%, 03/30/23^(a)		5,419		5,379,550
3.45%, 09/20/23^(a)		4,997		4,926,342

				112,391,391

Banks — 26.6%
Banco Bilbao Vizcaya Argentaria SA, 0.88%, 09/18/23		7,067		6,780,574
Banco Santander SA 3.13%, 02/23/23		4,093		4,068,688
3.85%, 04/12/23		5,652		5,599,493
Bank of America Corp. 3.30%, 01/11/23^(a)		14,485		14,450,960
4.10%, 07/24/23^(a)		10,520		10,459,931
Bank of Montreal 0.40%, 09/15/23		8,045		7,709,926
0.45%, 12/08/23^(a)		6,095		5,792,200
Bank of New York Mellon Corp. (The) 0.35%, 12/07/23 (Call 11/07/23)^(a)		5,564		5,302,993
1.85%, 01/27/23 (Call 01/02/23)^(a)		1,677		1,666,418
2.20%, 08/16/23 (Call 06/16/23)		5,860		5,746,375
2.95%, 01/29/23 (Call 12/29/22)^(a)		3,478		3,460,540
3.45%, 08/11/23^(a)		3,593		3,555,130
3.50%, 04/28/23		2,447		2,430,581
Bank of Nova Scotia (The) 0.40%, 09/15/23^(a)		7,040		6,757,766
0.55%, 09/15/23		3,977		3,818,357
0.80%, 06/15/23^(a)		513		499,031
1.63%, 05/01/23		5,039		4,961,399
1.95%, 02/01/23^(a)		3,419		3,395,956
2.38%, 01/18/23^(a)		2,003		1,993,666
BNP Paribas SA, 3.25%, 03/03/23^(a)		4,688		4,662,638
Canadian Imperial Bank of Commerce 0.45%, 06/22/23		180		174,697
0.50%, 12/14/23^(a)		5,896		5,594,420
0.95%, 06/23/23^(a)		9,753		9,475,820
3.50%, 09/13/23^(a)		6,045		5,964,360
Citigroup Inc. 3.38%, 03/01/23^(a)		1,458		1,449,864
3.50%, 05/15/23^(a)		4,751		4,710,712
3.88%, 10/25/23^(a)		6,856		6,769,683
Citizens Bank NA/Providence RI, 3.70%, 03/29/23 (Call 02/28/23)		1,595		1,586,084
Comerica Inc., 3.70%, 07/31/23^(a)		4,244		4,191,671
Cooperatieve Rabobank UA, 4.63%, 12/01/23^(a)		4,283		4,234,088
Cooperatieve Rabobank UA/NY, 2.75%, 01/10/23^(a)		3,832		3,817,822
Credit Suisse AG/New York NY 0.52%, 08/09/23		7,285		6,893,723
1.00%, 05/05/23		11,828		11,465,708
Credit Suisse Group AG, 3.80%, 06/09/23		10,116		9,848,331
Deutsche Bank AG/New York NY
3.95%, 02/27/23^(a)		4,095		4,072,805
Series E, 0.96%, 11/08/23		10,180		9,709,888
Discover Bank 3.35%, 02/06/23 (Call 01/06/23)^(a)		2,967		2,952,907
4.20%, 08/08/23^(a)		5,001		4,946,639
Fifth Third Bancorp., 1.63%, 05/05/23 (Call 04/05/23)		1,772		1,740,317
Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)		2,425		2,407,661
First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23)^(a)		2,238		2,213,382
FNB Corp./PA, 2.20%, 02/24/23 (Call 01/24/23)^(a)		850		839,885
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23		2,545		2,502,982


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
1.22%, 12/06/23 (Call 12/06/22)	$	11,622	$	11,120,278
3.20%, 02/23/23 (Call 01/23/23)^(a)		6,203		6,168,077
3.63%, 01/22/23^(a)		7,813		7,797,921
HSBC Holdings PLC, 3.60%, 05/25/23^(a)		8,214		8,141,799
Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)^(a)		5,773		5,684,096
ING Groep NV, 4.10%, 10/02/23		8,882		8,758,718
JPMorgan Chase & Co. 2.70%, 05/18/23 (Call 03/18/23)^(a)		7,358		7,275,296
3.20%, 01/25/23^(a)		9,716		9,686,658
3.38%, 05/01/23^(a)		7,968		7,909,435
KeyBank NA/Cleveland OH 1.25%, 03/10/23^(a)		2,678		2,642,222
3.38%, 03/07/23^(a)		1,786		1,778,302
Lloyds Banking Group PLC, 4.05%, 08/16/23^(a)		10,478		10,354,883
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)^(a)		2,932		2,898,780
Mitsubishi UFJ Financial Group Inc. 2.53%, 09/13/23^(a)		4,374		4,270,292
3.46%, 03/02/23^(a)		5,419		5,394,398
3.76%, 07/26/23^(a)		9,716		9,597,951
Mizuho Financial Group Inc., 3.55%, 03/05/23^(a)		3,621		3,604,271
Morgan Stanley 3.13%, 01/23/23		9,222		9,190,737
3.75%, 02/25/23^(a)		8,790		8,766,443
4.10%, 05/22/23^(a)		9,038		8,993,352
National Australia Bank Ltd./New York 2.88%, 04/12/23^(a)		1,998		1,979,159
3.00%, 01/20/23^(a)		2,711		2,700,400
3.63%, 06/20/23^(a)		3,651		3,622,705
National Bank of Canada, 2.10%, 02/01/23		3,951		3,922,829
NatWest Group PLC, 3.88%, 09/12/23^(a)		450		443,322
PNC Bank NA 2.95%, 01/30/23 (Call 12/30/22)		2,487		2,477,176
3.50%, 06/08/23		3,350		3,328,560
3.80%, 07/25/23 (Call 06/25/23)		3,693		3,656,402
Royal Bank of Canada 0.50%, 10/26/23^(a)		7,521		7,174,733
1.60%, 04/17/23		4,699		4,625,602
1.95%, 01/17/23^(a)		3,380		3,361,714
3.70%, 10/05/23^(a)		9,588		9,451,563
Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)^(a)		3,680		3,670,358
Santander UK PLC, 2.10%, 01/13/23^(a)		1,887		1,874,621
State Street Corp. 3.10%, 05/15/23^(a)		4,130		4,090,765
3.70%, 11/20/23		7,479		7,386,485
Sumitomo Mitsui Banking Corp. 3.00%, 01/18/23^(a)		1,790		1,783,986
3.95%, 07/19/23^(a)		2,265		2,244,411
Sumitomo Mitsui Financial Group Inc. 3.10%, 01/17/23^(a)		5,582		5,562,742
3.75%, 07/19/23^(a)		3,624		3,582,686
3.94%, 10/16/23		7,329		7,226,321
Svenska Handelsbanken AB, 3.90%, 11/20/23		8,558		8,420,045
Toronto-Dominion Bank (The) 0.25%, 01/06/23^(a)		4,339		4,306,978
0.30%, 06/02/23		3,665		3,561,574
0.45%, 09/11/23^(a)		6,809		6,526,290
0.75%, 06/12/23		7,185		6,988,562
3.50%, 07/19/23^(a)		7,023		6,949,469


Security	Par (000)		Value

Banks (continued)
Truist Bank 1.25%, 03/09/23 (Call 02/06/23)	$	4,036	$	3,981,474
2.75%, 05/01/23 (Call 04/01/23)^(a)		1,814		1,796,078
3.00%, 02/02/23 (Call 01/02/23)^(a)		2,144		2,134,288
Truist Financial Corp. 2.20%, 03/16/23 (Call 02/13/23)^(a)		2,992		2,963,756
3.75%, 12/06/23 (Call 11/06/23)^(a)		9,117		8,991,550
U.S. Bank NA/Cincinnati OH 1.95%, 01/09/23 (Call 12/09/22)^(a)		2,505		2,492,450
2.85%, 01/23/23 (Call 12/23/22)^(a)		2,532		2,520,125
3.40%, 07/24/23 (Call 06/23/23)^(a)		6,618		6,538,650
Wells Fargo & Co. 4.13%, 08/15/23^(a)		7,724		7,669,237
Series M, 3.45%, 02/13/23^(a)		3,810		3,795,141
Westpac Banking Corp. 2.00%, 01/13/23^(a)		2,326		2,314,649
2.75%, 01/11/23^(a)		4,458		4,442,843
3.65%, 05/15/23^(a)		4,047		4,024,013

				525,293,692

Beverages — 1.3%
Diageo Capital PLC 2.63%, 04/29/23 (Call 01/29/23)^(a)		5,234		5,171,506
3.50%, 09/18/23 (Call 08/18/23)		3,217		3,171,672
Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23^(a)		875		859,635
Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)^(a)		5,926		5,806,235
PepsiCo Inc. 0.40%, 10/07/23		4,081		3,913,312
0.75%, 05/01/23^(a)		1,384		1,357,635
2.75%, 03/01/23^(a)		4,733		4,701,999

				24,981,994

Biotechnology — 1.1%
Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23)^(a)		3,746		3,664,150
Gilead Sciences Inc. 0.75%, 09/29/23 (Call 11/14/22)		6,840		6,582,474
2.50%, 09/01/23 (Call 07/01/23)^(a)		4,690		4,587,617
Illumina Inc., 0.55%, 03/23/23		2,098		2,059,145
Royalty Pharma PLC, 0.75%, 09/02/23^(a)		5,672		5,451,076

				22,344,462

Building Materials — 0.9%
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)^(a)		10,880		10,736,275
Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)		3,217		3,138,924
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 12/01/22)^(a)		2,798		2,706,953
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)^(a)		710		710,000

				17,292,152

Chemicals — 1.9%
Air Products and Chemicals Inc., 2.75%, 02/03/23^(a)		1,009		1,003,198
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)		15,124		14,962,778
Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)^(a)		4,375		4,181,756
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)^(a)		590		583,493
Linde Inc./CT, 2.70%, 02/21/23 (Call 11/21/22)^(a)		1,771		1,761,171
LYB International Finance BV, 4.00%, 07/15/23^(a)		2,430		2,402,128
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)		7,345		7,267,510
Nutrien Ltd., 1.90%, 05/13/23^(a)		3,098		3,042,918
PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23)^(a)		1,248		1,235,308

				36,440,260


30		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services — 0.5%
Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)^(a)	$	1,486	$	1,472,567
Global Payments Inc. 3.75%, 06/01/23 (Call 03/01/23)^(a)		2,721		2,693,491
4.00%, 06/01/23 (Call 05/01/23)^(a)		3,066		3,040,062
PayPal Holdings Inc., 1.35%, 06/01/23^(a)		60		58,715
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)^(a)		3,257		3,236,513

				10,501,348

Computers — 3.3%
Apple Inc. 0.75%, 05/11/23^(a)		6,925		6,789,409
2.40%, 01/13/23 (Call 12/13/22)^(a)		2,483		2,473,316
2.40%, 05/03/23^(a)		21,300		21,062,292
2.85%, 02/23/23 (Call 12/23/22)^(a)		7,255		7,219,813
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		4,312		4,305,187
Hewlett Packard Enterprise Co. 2.25%, 04/01/23 (Call 03/01/23)		4,276		4,226,398
4.45%, 10/02/23 (Call 09/02/23)^(a)		8,983		8,914,999
International Business Machines Corp., 3.38%, 08/01/23^(a)		7,235		7,149,410
Leidos Inc., 2.95%, 05/15/23 (Call 04/15/23)^(a)		2,634		2,603,103

				64,743,927

Cosmetics & Personal Care — 0.6%
Colgate-Palmolive Co. 1.95%, 02/01/23^(a)		1,527		1,516,907
2.10%, 05/01/23^(a)		575		567,836
Procter & Gamble Co. (The), 3.10%, 08/15/23^(a)		4,805		4,743,784
Unilever Capital Corp. 0.38%, 09/14/23^(a)		2,858		2,750,253
3.13%, 03/22/23 (Call 02/22/23)^(a)		1,949		1,935,786

				11,514,566

Diversified Financial Services — 5.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 1.15%, 10/29/23		8,665		8,213,207
3.30%, 01/23/23 (Call 12/23/22)		2,051		2,039,720
4.13%, 07/03/23 (Call 06/03/23)^(a)		2,765		2,730,244
4.50%, 09/15/23 (Call 08/15/23)		6,174		6,064,226
Air Lease Corp. 2.25%, 01/15/23^(a)		2,394		2,377,457
2.75%, 01/15/23 (Call 12/15/22)^(a)		1,854		1,843,673
3.00%, 09/15/23 (Call 07/15/23)^(a)		4,692		4,581,738
3.88%, 07/03/23 (Call 06/03/23)^(a)		3,061		3,023,962
Aircastle Ltd. 4.40%, 09/25/23 (Call 08/25/23)^(a)		3,336		3,266,578
5.00%, 04/01/23^(a)		2,647		2,628,762
Ally Financial Inc. 1.45%, 10/02/23 (Call 09/02/23)^(a)		7,745		7,429,701
3.05%, 06/05/23 (Call 05/05/23)^(a)		3,381		3,327,918
American Express Co. 0.75%, 11/03/23		6,345		6,076,035
3.40%, 02/27/23 (Call 01/27/23)^(a)		5,778		5,750,612
3.70%, 08/03/23 (Call 07/03/23)^(a)		8,647		8,567,102
Ameriprise Financial Inc., 4.00%, 10/15/23^(a)		4,296		4,250,076
BGC Partners Inc., 5.38%, 07/24/23		3,380		3,349,546
Capital One Financial Corp. 2.60%, 05/11/23 (Call 04/11/23)^(a)		4,210		4,154,218
3.20%, 01/30/23 (Call 12/30/22)^(a)		4,519		4,501,918
3.50%, 06/15/23^(a)		4,295		4,250,332
Capital One NA, 3.38%, 02/15/23		5,665		5,639,054


Security	Par (000)		Value

Diversified Financial Services (continued)
Charles Schwab Corp. (The), 2.65%, 01/25/23 (Call 12/25/22)^(a)	$	3,223	$	3,208,754
Eaton Vance Corp., 3.63%, 06/15/23^(a)		1,285		1,273,975
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)^(a)		2,730		2,723,776
Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)^(a)		2,158		2,142,355

				103,414,939

Electric — 7.1%
Alabama Power Co., Series 13-A, 3.55%, 12/01/23^(a)		2,401		2,357,878
American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 12/01/22)^(a)		4,173		3,985,716
Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)^(a)		1,450		1,434,905
Berkshire Hathaway Energy Co. 2.80%, 01/15/23 (Call 12/15/22)		1,418		1,411,506
3.75%, 11/15/23 (Call 08/15/23)		4,219		4,168,034
Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)^(a)		4,189		4,148,869
Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 12/01/22)^(a)		1,327		1,320,790
Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22)^(a)		4,766		4,549,338
Consumers Energy Co. 0.35%, 06/01/23 (Call 05/01/23)^(a)		1,115		1,084,795
3.38%, 08/15/23 (Call 05/15/23)^(a)		1,400		1,381,688
Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)^(a)		4,597		4,520,322
Duke Energy Carolinas LLC 2.50%, 03/15/23 (Call 01/15/23)		1,321		1,309,164
3.05%, 03/15/23 (Call 02/15/23)		1,146		1,138,379
Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)^(a)		4,087		4,039,550
Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23)^(a)		1,305		1,292,537
Duke Energy Progress LLC, 3.38%, 09/01/23 (Call 08/01/23)^(a)		4,546		4,477,083
Edison International, 2.95%, 03/15/23 (Call 01/15/23)^(a)		1,464		1,450,136
Entergy Louisiana LLC 0.62%, 11/17/23 (Call 12/01/22)^(a)		4,664		4,441,667
4.05%, 09/01/23 (Call 06/01/23)^(a)		1,573		1,560,070
Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)^(a)		1,004		995,586
Eversource Energy 2.80%, 05/01/23 (Call 02/01/23)^(a)		2,151		2,125,252
Series N, 3.80%, 12/01/23 (Call 11/01/23)^(a)		3,872		3,808,654
Florida Power & Light Co., 2.75%, 06/01/23 (Call 12/01/22)^(a)		2,082		2,056,266
Georgia Power Co., Series A, 2.10%, 07/30/23^(a)		2,515		2,459,368
National Rural Utilities Cooperative Finance Corp. 2.70%, 02/15/23 (Call 12/15/22)^(a)		1,528		1,517,503
3.40%, 11/15/23 (Call 08/15/23)^(a)		3,629		3,565,166
NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23		4,473		4,412,257
Northern States Power Co./MN, 2.60%, 05/15/23^(a)		1,372		1,355,152
OGE Energy Corp., 0.70%, 05/26/23 (Call 12/01/22)^(a)		1,445		1,407,936
Oklahoma Gas & Electric Co., 0.55%, 05/26/23 (Call 12/01/22)^(a)		865		842,813
Pacific Gas and Electric Co. 1.70%, 11/15/23 (Call 12/01/22)		5,325		5,088,517
3.25%, 06/15/23 (Call 03/15/23)^(a)		1,377		1,353,908
3.85%, 11/15/23 (Call 08/15/23)		2,640		2,578,699
4.25%, 08/01/23 (Call 07/01/23)^(a)		2,303		2,279,717
PacifiCorp, 2.95%, 06/01/23 (Call 03/01/23)^(a)		897		885,617
Public Service Co. of New Hampshire, 3.50%, 11/01/23 (Call 08/01/23)		2,506		2,473,748


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Public Service Electric & Gas Co. 2.38%, 05/15/23 (Call 02/15/23)^(a)	$	1,364	$	1,343,622
3.25%, 09/01/23 (Call 08/01/23)^(a)		2,052		2,021,692
Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 12/01/22)		5,183		4,939,295
San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23 (Call 06/01/23)^(a)		2,155		2,126,252
Southern California Edison Co. 0.70%, 04/03/23^(a)		1,220		1,197,686
Series C, 3.50%, 10/01/23 (Call 07/01/23)^(a)		2,803		2,752,770
Series D, 3.40%, 06/01/23 (Call 05/01/23)^(a)		861		850,849
Series J, 0.70%, 08/01/23		20,675		19,981,354
Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)^(a)		5,746		5,651,536
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)		2,708		2,684,738
WEC Energy Group Inc., 0.55%, 09/15/23^(a)		4,378		4,201,348
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)^(a)		3,911		3,734,418

				140,764,146

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.63%, 02/15/23 (Call 12/01/22)^(a)		1,343		1,334,230


Electronics — 0.4%
Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22)^(a)		1,245		1,240,941
Flex Ltd., 5.00%, 02/15/23		1,918		1,915,641
Honeywell International Inc., 3.35%, 12/01/23^(a)		2,694		2,655,692
Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23)^(a)		2,114		2,093,642

				7,905,916

Environmental Control — 0.3%
Republic Services Inc., 4.75%, 05/15/23 (Call 02/15/23)^(a)		1,756		1,753,155
Waste Management Inc., 2.40%, 05/15/23 (Call 03/15/23)^(a)		3,086		3,043,475

				4,796,630

Food — 1.0%
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)^(a)		2,957		2,942,333
Conagra Brands Inc. 0.50%, 08/11/23 (Call 12/01/22)^(a)		2,905		2,796,586
3.20%, 01/25/23 (Call 12/01/22)^(a)		1,643		1,635,853
Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)^(a)		2,405		2,386,818
Kellogg Co., 2.65%, 12/01/23^(a)		4,744		4,647,412
Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)^(a)		3,062		3,036,249
Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)^(a)		2,727		2,700,330

				20,145,581

Gas — 0.5%
Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/16/22)^(a)		680		670,201
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 12/01/22)^(a)		444		437,495
Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)^(a)		3,731		3,671,976
National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)^(a)		1,774		1,761,316
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)^(a)		2,755		2,682,736

				9,223,724

Health Care - Products — 1.5%
Abbott Laboratories, 3.40%, 11/30/23 (Call 09/30/23)^(a)		7,258		7,158,783
Baxter International Inc., 0.87%, 12/01/23		6,540		6,244,326
PerkinElmer Inc., 0.55%, 09/15/23 (Call 12/01/22)^(a)		3,035		2,916,878
Stryker Corp., 0.60%, 12/01/23 (Call 11/14/22)^(a)		5,822		5,549,938
Thermo Fisher Scientific Inc., 0.80%, 10/18/23 (Call 12/01/22)^(a)		7,963		7,643,206

				29,513,131


Security	Par (000)		Value

Health Care - Services — 1.6%
Aetna Inc., 2.80%, 06/15/23 (Call 04/15/23)^(a)	$	5,868	$	5,782,738
Anthem Inc., 0.45%, 03/15/23		1,895		1,863,789
Elevance Health Inc., 3.30%, 01/15/23^(a)		3,856		3,843,815
Humana Inc., 0.65%, 08/03/23 (Call 11/08/22)		7,068		6,831,010
Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)^(a)		2,957		2,920,629
SSM Health Care Corp., Series 2018, 3.69%, 06/01/23 (Call 03/01/23)		2,336		2,318,457
UnitedHealth Group Inc. 2.75%, 02/15/23 (Call 12/01/22)^(a)		2,068		2,056,274
2.88%, 03/15/23^(a)		2,405		2,389,007
3.50%, 06/15/23^(a)		3,214		3,189,767

				31,195,486

Holding Companies - Diversified — 0.2%
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)^(a)		2,762		2,746,616
Blackstone Secured Lending Fund, 3.65%, 07/14/23^(a)		1,895		1,868,735

				4,615,351

Home Builders — 0.5%
DR Horton Inc. 4.75%, 02/15/23 (Call 12/01/22)^(a)		1,407		1,406,128
5.75%, 08/15/23 (Call 05/15/23)^(a)		3,167		3,174,062
Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23)		4,048		4,016,547
Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23)		1,868		1,855,204

				10,451,941

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 2.40%, 06/01/23^(a)		1,289		1,270,567


Insurance — 2.0%
Allstate Corp. (The), 3.15%, 06/15/23^(a)		2,214		2,188,783
Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)^(a)		4,002		3,952,175
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23^(a)		1,066		1,052,014
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)^(a)		7,687		7,628,886
3.00%, 02/11/23		1,838		1,829,766
Chubb INA Holdings Inc., 2.70%, 03/13/23^(a)		735		729,414
Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)^(a)		2,428		2,415,302
Jackson Financial Inc., 1.13%, 11/22/23^(a)		4,008		3,827,880
Lincoln National Corp., 4.00%, 09/01/23^(a)		3,000		2,977,470
Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)^(a)		2,875		2,837,654
Marsh & McLennan Companies Inc., 3.30%, 03/14/23 (Call 11/23/22)^(a)		1,877		1,877,000
MetLife Inc., Series D, 4.37%, 09/15/23^(a)		4,802		4,773,956
Principal Financial Group Inc., 3.13%, 05/15/23^(a)		1,472		1,456,338
Reinsurance Group of America Inc., 4.70%, 09/15/23^(a)		2,313		2,308,073

				39,854,711

Internet — 1.1%
Alibaba Group Holding Ltd., 2.80%, 06/06/23 (Call 05/06/23)^(a)		3,048		2,997,952
Amazon.com Inc. 0.25%, 05/12/23		1,165		1,138,077
0.40%, 06/03/23^(a)		3,344		3,257,925
2.40%, 02/22/23 (Call 01/22/23)^(a)		3,650		3,627,261
Baidu Inc., 3.88%, 09/29/23 (Call 08/29/23)^(a)		4,925		4,846,003
Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)^(a)		2,779		2,756,740
eBay Inc., 2.75%, 01/30/23 (Call 12/30/22)		3,306		3,287,156

				21,911,114


32		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Iron & Steel — 0.1%
Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)^(a)	$	1,931	$	1,921,963


Lodging — 0.4%
Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 12/01/22)^(a)		4,086		3,923,622
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)		3,785		3,740,186

				7,663,808

Machinery — 2.7%
Caterpillar Financial Services Corp. 0.25%, 03/01/23		2,985		2,941,449
0.45%, 09/14/23^(a)		4,906		4,728,010
0.65%, 07/07/23		2,536		2,463,648
2.63%, 03/01/23^(a)		1,130		1,121,706
3.45%, 05/15/23^(a)		2,163		2,143,749
3.65%, 12/07/23		3,958		3,911,889
3.75%, 11/24/23		5,239		5,190,959
CNH Industrial Capital LLC, 1.95%, 07/02/23^(a)		2,535		2,475,833
CNH Industrial NV, 4.50%, 08/15/23^(a)		3,503		3,475,151
Crane Holdings Co., 4.45%, 12/15/23 (Call 09/15/23)^(a)		3,599		3,565,673
John Deere Capital Corp. 0.25%, 01/17/23		1,865		1,848,663
0.40%, 10/10/23^(a)		3,763		3,609,093
0.70%, 07/05/23		1,274		1,239,335
1.20%, 04/06/23^(a)		1,801		1,774,688
2.70%, 01/06/23^(a)		792		789,402
2.80%, 01/27/23^(a)		1,642		1,635,169
2.80%, 03/06/23^(a)		3,414		3,392,014
3.45%, 06/07/23^(a)		1,023		1,016,381
3.65%, 10/12/23^(a)		4,623		4,570,760
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 11/14/22)		2,065		1,990,185

				53,883,757

Manufacturing — 0.5%
3M Co. 1.75%, 02/14/23 (Call 01/14/23)^(a)		2,249		2,228,422
2.25%, 03/15/23 (Call 02/15/23)^(a)		2,519		2,493,734
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 12/01/22)		2,498		2,401,152
General Electric Co., 3.10%, 01/09/23		105		104,621
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23		3,086		3,062,917

				10,290,846

Media — 0.7%
Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)^(a)		3,585		3,552,699
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)^(a)		5,481		5,425,368
Time Warner Cable Enterprises LLC, 8.38%, 03/15/23^(a)		4,194		4,245,041

				13,223,108

Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp., 2.50%, 01/15/23 (Call 12/01/22)^(a)		3,976		3,958,108


Mining — 0.4%
BHP Billiton Finance USA Ltd., 3.85%, 09/30/23^(a)		4,016		3,977,888
Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)		4,225		4,195,763

				8,173,651

Oil & Gas — 2.8%
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)		3,740		3,723,245
Chevron Corp., 1.14%, 05/11/23		3,306		3,243,880
Chevron USA Inc., 0.43%, 08/11/23^(a)		3,001		2,902,837


Security	Par (000)		Value

Oil & Gas (continued)
Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)^(a)	$	3,123	$	3,108,947
EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)^(a)		4,925		4,885,009
Exxon Mobil Corp. 1.57%, 04/15/23^(a)		11,400		11,238,576
2.73%, 03/01/23 (Call 01/01/23)		4,046		4,022,210
Phillips 66, 3.70%, 04/06/23		2,488		2,474,814
Pioneer Natural Resources Co., 0.55%, 05/15/23^(a)		200		195,114
Shell International Finance BV 0.38%, 09/15/23^(a)		4,972		4,782,318
3.50%, 11/13/23 (Call 10/13/23)^(a)		6,337		6,251,957
TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23^(a)		4,844		4,774,828
TotalEnergies Capital International SA, 2.70%, 01/25/23^(a)		3,703		3,687,188

				55,290,923

Oil & Gas Services — 0.7%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 1.23%, 12/15/23		5,585		5,350,989
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)		9,451		9,318,024

				14,669,013

Pharmaceuticals — 6.3%
AbbVie Inc. 2.85%, 05/14/23 (Call 03/14/23)		4,238		4,191,636
3.75%, 11/14/23 (Call 10/14/23)^(a)		10,183		10,051,232
AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 12/01/22)^(a)		2,619		2,576,677
AstraZeneca PLC 0.30%, 05/26/23		3,935		3,838,081
3.50%, 08/17/23 (Call 07/17/23)		5,738		5,676,489
Bristol-Myers Squibb Co. 0.54%, 11/13/23 (Call 12/01/22)^(a)		8,240		7,879,912
2.75%, 02/15/23 (Call 01/15/23)^(a)		2,556		2,542,964
3.25%, 02/20/23 (Call 01/20/23)^(a)		3,144		3,131,833
3.25%, 11/01/23^(a)		3,810		3,754,869
Cardinal Health Inc., 3.20%, 03/15/23^(a)		2,161		2,144,749
Cigna Corp. 3.00%, 07/15/23 (Call 05/16/23)^(a)		15,518		15,306,490
3.75%, 07/15/23 (Call 06/15/23)^(a)		4,458		4,417,878
CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23)		3,973		3,934,581
GlaxoSmithKline Capital PLC, 0.53%, 10/01/23 (Call 12/01/22)		6,765		6,503,059
Johnson & Johnson 2.05%, 03/01/23 (Call 01/01/23)^(a)		1,886		1,870,591
3.38%, 12/05/23^(a)		4,617		4,558,780
McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)^(a)		1,812		1,799,298
Merck & Co. Inc., 2.80%, 05/18/23^(a)		6,778		6,707,170
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)^(a)		6,953		6,821,936
Pfizer Inc. 3.00%, 06/15/23^(a)		3,875		3,850,781
3.20%, 09/15/23 (Call 08/15/23)^(a)		5,048		4,978,035
Sanofi, 3.38%, 06/19/23 (Call 05/19/23)^(a)		4,387		4,350,062
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		5,103		4,991,397
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		2,638		2,611,910
Zoetis Inc., 3.25%, 02/01/23 (Call 12/01/22)^(a)		5,480		5,454,737

				123,945,147

Pipelines — 4.0%
Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22)^(a)		788		788,000


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)^(a)	$	135	$	134,205
Enbridge Inc. 0.55%, 10/04/23^(a)		3,370		3,221,821
4.00%, 10/01/23 (Call 07/01/23)^(a)		5,220		5,149,269
Energy Transfer LP 3.45%, 01/15/23 (Call 12/01/22)^(a)		989		984,807
3.60%, 02/01/23 (Call 12/01/22)		2,471		2,459,460
4.25%, 03/15/23 (Call 12/15/22)		4,053		4,034,316
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)^(a)		3,273		3,234,771
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)		4,908		4,846,650
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)^(a)		5,308		5,275,621
Kinder Morgan Energy Partners LP 3.45%, 02/15/23 (Call 12/01/22)^(a)		2,340		2,328,160
3.50%, 09/01/23 (Call 06/01/23)		6,615		6,523,118
Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)^(a)		3,337		3,322,084
MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)^(a)		4,857		4,828,926
ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)^(a)		7,830		7,913,859
ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)^(a)		2,314		2,303,703
Plains All American Pipeline LP/PAA Finance Corp. 2.85%, 01/31/23 (Call 12/01/22)^(a)		1,299		1,290,440
3.85%, 10/15/23 (Call 07/15/23)^(a)		5,809		5,713,035
Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23)^(a)		4,317		4,317,086
TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)^(a)		4,610		4,536,286
Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23)^(a)		5,147		5,100,162

				78,305,779

Real Estate Investment Trusts — 1.6%
American Tower Corp. 3.00%, 06/15/23		2,982		2,939,387
3.50%, 01/31/23		3,933		3,919,746
AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 09/16/23)^(a)		3,876		3,839,914
Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)^(a)		2,902		2,843,031
Brandywine Operating Partnership LP, 3.95%, 02/15/23 (Call 12/01/22)^(a)		1,345		1,335,222
Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23)		3,669		3,612,351
Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)^(a)		1,273		1,260,868
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)		3,390		3,345,862
Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)^(a)		3,420		3,381,149
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)^(a)		1,731		1,713,915
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)^(a)		1,623		1,599,856
Simon Property Group LP, 2.75%, 06/01/23 (Call 03/01/23)^(a)		2,483		2,447,121

				32,238,422

Retail — 2.3%
AutoZone Inc. 2.88%, 01/15/23 (Call 12/01/22)^(a)		1,360		1,353,567
3.13%, 07/15/23 (Call 04/15/23)^(a)		2,878		2,836,384
Home Depot Inc. (The), 2.70%, 04/01/23 (Call 01/01/23)^(a)		4,146		4,113,122
Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)^(a)		3,592		3,553,817
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)^(a)		4,175		4,150,785


Security	Par (000)		Value

Retail (continued)
O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23)^(a)	$	1,546	$	1,531,530
Starbucks Corp. 3.10%, 03/01/23 (Call 02/01/23)^(a)		3,798		3,776,769
3.85%, 10/01/23 (Call 07/01/23)^(a)		4,586		4,532,848
TJX Companies Inc. (The), 2.50%, 05/15/23 (Call 02/15/23)		2,676		2,638,188
Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22)^(a)		2,435		2,328,323
Walmart Inc. 2.55%, 04/11/23 (Call 01/11/23)^(a)		7,122		7,050,780
3.40%, 06/26/23 (Call 05/26/23)^(a)		7,600		7,541,404

				45,407,517

Semiconductors — 1.1%
Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)^(a)		2,050		2,033,354
Microchip Technology Inc. 2.67%, 09/01/23		5,643		5,500,401
4.33%, 06/01/23 (Call 05/01/23)^(a)		4,433		4,404,673
NVIDIA Corp., 0.31%, 06/15/23 (Call 12/01/22)		2,010		1,954,785
QUALCOMM Inc., 2.60%, 01/30/23 (Call 12/30/22)		4,377		4,352,357
Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 11/16/22)		2,555		2,480,650
Texas Instruments Inc., 2.25%, 05/01/23 (Call 02/01/23)		1,099		1,086,274

				21,812,494

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 11/14/22)		1,945		1,872,704


Software — 3.4%
Adobe Inc., 1.70%, 02/01/23		2,567		2,547,927
Fidelity National Information Services Inc., 0.38%, 03/01/23		3,080		3,033,769
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)^(a)		6,476		6,381,774
Intuit Inc., 0.65%, 07/15/23^(a)		2,892		2,806,570
Microsoft Corp. 2.00%, 08/08/23 (Call 06/08/23)^(a)		6,469		6,348,806
2.38%, 05/01/23 (Call 02/01/23)^(a)		3,758		3,718,165
3.63%, 12/15/23 (Call 09/15/23)^(a)		8,468		8,387,554
Oracle Corp. 2.40%, 09/15/23 (Call 07/15/23)^(a)		11,993		11,697,493
2.63%, 02/15/23 (Call 01/15/23)		4,330		4,301,985
3.63%, 07/15/23^(a)		4,527		4,478,697
Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)^(a)		4,188		4,131,672
salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23)		5,096		5,063,539
VMware Inc., 0.60%, 08/15/23		4,958		4,773,463

				67,671,414

Telecommunications — 0.9%
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)^(a)		4,698		4,636,691
Cisco Systems Inc. 2.20%, 09/20/23 (Call 07/20/23)^(a)		4,864		4,755,241
2.60%, 02/28/23^(a)		1,692		1,679,716
Rogers Communications Inc. 3.00%, 03/15/23 (Call 12/15/22)		1,866		1,850,792
4.10%, 10/01/23 (Call 07/01/23)		4,995		4,931,764
Vodafone Group PLC, 2.95%, 02/19/23^(a)		510		506,343

				18,360,547

Transportation — 1.4%
Burlington Northern Santa Fe LLC 3.00%, 03/15/23 (Call 12/15/22)^(a)		2,952		2,930,746


34		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Transportation (continued)
3.85%, 09/01/23 (Call 06/01/23)^(a)	$	4,193	$	4,149,057
Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)^(a)		772		770,510
Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23)		989		976,984
Norfolk Southern Corp., 2.90%, 02/15/23 (Call 12/01/22)		2,596		2,577,776
Ryder System Inc. 3.40%, 03/01/23 (Call 02/01/23)^(a)		1,702		1,690,767
3.75%, 06/09/23 (Call 05/09/23)^(a)		2,026		2,004,383
3.88%, 12/01/23 (Call 11/01/23)		3,138		3,088,765
Union Pacific Corp. 2.75%, 04/15/23 (Call 01/15/23)^(a)		1,625		1,607,092
2.95%, 01/15/23 (Call 12/01/22)^(a)		1,103		1,099,525
3.50%, 06/08/23 (Call 05/08/23)^(a)		2,263		2,243,742
United Parcel Service Inc., 2.50%, 04/01/23 (Call 03/01/23)^(a)		4,194		4,151,221

				27,290,568


Total Long-Term Investments — 95.9% (Cost: $1,929,869,198)				1,894,685,059


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 18.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(b)(c)(d)		293,062	$	293,003,583
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)		66,380		66,380,000


Total Short-Term Securities — 18.2% (Cost: $359,404,717)				359,383,583


Total Investments — 114.1% (Cost: $2,289,273,915)				2,254,068,642

Liabilities in Excess of Other Assets — (14.1)%				(277,721,898	)


Net Assets — 100.0%			$	1,976,346,744

^(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


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	63,852,862	$	229,247,570	^(a)	$	—	$	(48,478	)	$	(48,371	)	$	293,003,583		293,062	$	379,129	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		45,305,000		21,075,000	^(a)		—		—			—			66,380,000		66,380		316,829			—

								$	(48,478	)	$	(48,371	)	$	359,383,583			$	695,958		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	1,894,685,059	$	—	$	1,894,685,059
Money Market Funds		359,383,583		—		—		359,383,583