|
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 |
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2022 | ||||
6-Month | 12-Month | |||
U.S.
large cap equities |
(5.50)% | (14.61)% | ||
U.S.
small cap equities |
(0.20) | (18.54) | ||
International
equities |
(12.70) | (23.00) | ||
Emerging
market equities |
(19.66) | (31.03) | ||
3-month Treasury bills |
0.72 | 0.79 | ||
U.S.
Treasury securities |
(8.24) | (17.68) | ||
U.S.
investment grade bonds |
(6.86) | (15.68) | ||
Tax-exempt municipal
bonds |
(4.43) | (11.98) | ||
U.S.
high yield bonds |
(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. |
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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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)
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)
The inception date of the Fund was March 11, 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 | $ | 1,000.20 | $ | 0.50 | $ | 1,000.00 | $ | 1,024.70 | $ | 0.51 | 0.10 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
7 |
Fund Summary as of October 31, 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 |
* |
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 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)
The inception date of the Fund was March 11, 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 | $ | 987.40 | $ | 0.50 | $ | 1,000.00 | $ | 1,024.70 | $ | 0.51 | 0.10 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
9 |
Fund Summary as of October 31, 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 |
* |
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 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)
The inception date of the Fund was March 11, 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 | $ | 976.70 | $ | 0.50 | $ | 1,000.00 | $ | 1,024.70 | $ | 0.51 | 0.10 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
11 |
Fund Summary as of October 31, 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 |
* |
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 |
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)
The inception date of the Fund was September 13, 2016. The first day of secondary market trading was September 15, 2016.
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 | $ | 964.00 | $ | 0.50 | $ | 1,000.00 | $ | 1,024.70 | $ | 0.51 | 0.10 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
13 |
Fund Summary as of October 31, 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 |
* |
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 |
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)
The inception date of the Fund was September 12, 2017. The first day of secondary market trading was September 14, 2017.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
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) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
15 |
Fund Summary as of October 31, 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 |
* |
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 |
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)
The inception date of the Fund was September 18, 2018. The first day of secondary market trading was September 20, 2018.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
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) |
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 |
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 |
* |
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 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)
The inception date of the Fund was September 17, 2019. The first day of secondary market trading was September 19, 2019.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
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) |
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 |
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 |
* |
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 |
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)
The inception date of the Fund was June 23, 2020. The first day of secondary market trading was June 25, 2020.
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 | $ | 932.20 | $ | 0.49 | $ | 1,000.00 | $ | 1,024.70 | $ | 0.51 | 0.10 | % |
(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 |
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 |
* |
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 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 | ) |
The inception date of the Fund was June 22, 2021. The first day of secondary market trading was June 24, 2021.
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 | $ | 919.50 | $ | 0.48 | $ | 1,000.00 | $ | 1,024.70 | $ | 0.51 | 0.10 | % |
(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 |
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 |
* |
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 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.
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 (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 |
* |
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. |
F U N D S U M M A R Y |
25 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
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 |
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% |
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% |
779,109,317 | |||||||
|
|
|||||||
Total
Investments — 101.1% |
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) |
$ | 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. |
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. |
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 |
2,313 | 2,285,707 | ||||||
|
|
|||||||
Auto Manufacturers — 5.7% | ||||||||
American
Honda Finance Corp. |
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. |
10,706 | 10,607,398 | ||||||
5.40%, 10/02/23(a) |
4,460 | 4,442,517 | ||||||
General
Motors Financial Co. Inc. |
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. |
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. |
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 |
4,093 | 4,068,688 | ||||||
3.85%, 04/12/23 |
5,652 | 5,599,493 | ||||||
Bank
of America Corp. |
14,485 | 14,450,960 | ||||||
4.10%, 07/24/23(a) |
10,520 | 10,459,931 | ||||||
Bank
of Montreal |
8,045 | 7,709,926 | ||||||
0.45%, 12/08/23(a) |
6,095 | 5,792,200 | ||||||
Bank
of New York Mellon Corp. (The) |
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) |
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 |
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. |
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 |
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 |
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 |
850 | 839,885 | ||||||
Goldman
Sachs Group Inc. (The) |
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. |
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 |
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. |
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 |
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 |
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 |
2,487 | 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 |
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. |
4,130 | 4,090,765 | ||||||
3.70%, 11/20/23 |
7,479 | 7,386,485 | ||||||
Sumitomo
Mitsui Banking Corp. |
1,790 | 1,783,986 | ||||||
3.95%, 07/19/23(a) |
2,265 | 2,244,411 | ||||||
Sumitomo
Mitsui Financial Group Inc. |
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) |
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 |
$ | 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. |
2,992 | 2,963,756 | ||||||
3.75%, 12/06/23 (Call 11/06/23)(a) |
9,117 | 8,991,550 | ||||||
U.S.
Bank NA/Cincinnati OH |
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. |
7,724 | 7,669,237 | ||||||
Series M, 3.45%, 02/13/23(a) |
3,810 | 3,795,141 | ||||||
Westpac
Banking Corp. |
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 |
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. |
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 |
3,746 | 3,664,150 | ||||||
Gilead
Sciences Inc. |
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 |
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. |
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. |
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. |
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 |
2,634 | 2,603,103 | ||||||
|
|
|||||||
64,743,927 | ||||||||
Cosmetics & Personal Care — 0.6% | ||||||||
Colgate-Palmolive
Co. |
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. |
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 |
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. |
2,394 | 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. |
3,336 | 3,266,578 | ||||||
5.00%, 04/01/23(a) |
2,647 | 2,628,762 | ||||||
Ally
Financial Inc. |
7,745 | 7,429,701 | ||||||
3.05%, 06/05/23 (Call 05/05/23)(a) |
3,381 | 3,327,918 | ||||||
American
Express Co. |
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. |
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. |
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. |
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 |
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 |
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 |
2,151 | 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. |
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. |
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. |
$ | 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. |
1,220 | 1,197,686 | ||||||
Series
C, 3.50%, 10/01/23 |
2,803 | 2,752,770 | ||||||
Series
D, 3.40%, 06/01/23 |
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 |
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. |
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 |
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 |
$ | 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. |
2,068 | 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. |
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. |
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 |
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. |
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. |
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. |
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. |
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 |
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. |
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 |
3,935 | 3,838,081 | ||||||
3.50%, 08/17/23 (Call 07/17/23) |
5,738 | 5,676,489 | ||||||
Bristol-Myers
Squibb Co. |
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. |
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 |
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. |
3,875 | 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. |
3,370 | 3,221,821 | ||||||
4.00%, 10/01/23 (Call 07/01/23)(a) |
5,220 | 5,149,269 | ||||||
Energy
Transfer LP |
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 |
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 |
3,337 | 3,322,084 | ||||||
MPLX
LP, 4.50%, 07/15/23 |
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. |
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. |
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. |
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. |
3,798 | 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. |
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. |
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 |
6,476 | 6,381,774 | ||||||
Intuit Inc., 0.65%, 07/15/23(a) |
2,892 | 2,806,570 | ||||||
Microsoft
Corp. |
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. |
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. |
4,864 | 4,755,241 | ||||||
2.60%, 02/28/23(a) |
1,692 | 1,679,716 | ||||||
Rogers
Communications Inc. |
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. |
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. |
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% |
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% |
359,383,583 | |||||||
|
|
|||||||
Total
Investments — 114.1% |
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
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 |
$ | 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
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 |
$ | — | $ | 1,894,685,059 | $ | — | $ | 1,894,685,059 | ||||||||
Money Market Funds |
359,383,583 | — | — | 359,383,583 | ||||||||||||
|