LOGO

  OCTOBER 31, 2022

 

   2022 Annual Report

 

iShares Trust

 

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2022
     6-Month   12-Month

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

          (5.50)%      (14.61)%

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

       (0.20)   (18.54)

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

      (12.70)   (23.00)

Emerging market equities
(MSCI Emerging Markets Index)

      (19.66)   (31.03)

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

       0.72     0.79

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

       (8.24)   (17.68)

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

       (6.86)   (15.68)

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

       (4.43)   (11.98)

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

       (4.71)   (11.76)

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

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     26  

Disclosure of Expenses

     26  

Schedules of Investments

     27  

Financial Statements:

  

Statements of Assets and Liabilities

     99  

Statements of Operations

     102  

Statements of Changes in Net Assets

     105  

Financial Highlights

     111  

Notes to Financial Statements

     122  

Report of Independent Registered Public Accounting Firm

     134  

Important Tax Information

     135  

Board Review and Approval of Investment Advisory Contract

     136  

Supplemental Information

     144  

Trustee and Officer Information

     145  

General Information

     148  

 

 

 


Market Overview

 

iShares Trust

U.S. Corporate Bond Market Overview

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

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

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

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

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

 

 

4  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    0.93      2.32      2.68       0.93      12.15      22.38

Fund Market

    0.82        2.24        2.65         0.82        11.70        22.18  

Index

    0.73        2.35        2.74               0.73        12.32        22.97  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,010.40        $ 0.46             $ 1,000.00        $ 1,024.80        $ 0.46          0.09

 

  (a) 

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

 

 

 

F U N D  S U M M A R Y

  5


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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    0.3

Aa

    7.0  

A

    12.8  

Baa

    22.2  

Not Rated

    0.4  

Short-Term and Other Assets

    57.3  

FIVE LARGEST HOLDINGS

 

Security    
Percent of
Net Assets
 
(a) 

AbbVie Inc., 2.30%, 11/21/22

    5.7

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

    3.6  

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

    2.1  

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

    1.7  

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

    1.6  

 

  *

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

 

 

  (a) 

Excludes money market funds.

 

 

 

6  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (1.81 )%       2.31      2.78        (1.81 )%      12.11      23.33

Fund Market

    (1.78      2.27        2.78          (1.78     11.85        23.28  

Index

    (1.67      2.41        2.85                (1.67     12.62        23.93  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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)

 

LOGO

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)

 

LOGO

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (10.69 )%       1.46      1.60       (10.69 )%       7.51      10.23

Fund Market

    (10.90      1.35        1.58         (10.90      6.96        10.10  

Index

    (10.67      1.53        1.70               (10.67      7.89        10.90  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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.

 

 

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (12.31 )%       1.19      1.24       (12.31 )%       6.11      6.54

Fund Market

    (12.28      1.18        1.27         (12.28      6.02        6.70  

Index

    (12.31      1.26        1.29               (12.31      6.45        6.82  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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.

 

 

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (14.77 )%       1.68       (14.77 )%       7.09

Fund Market

    (14.61      1.72         (14.61      7.29  

Index

    (14.75      1.70               (14.75      7.19  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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.

 

 

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (16.19 )%       (2.20 )%        (16.19 )%       (6.70 )% 

Fund Market

    (16.20      (2.16       (16.20      (6.58

Index

    (16.14      (2.17             (16.14      (6.61

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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.

 

 

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (17.98 )%       (7.13 )%        (17.98 )%       (16.02 )% 

Fund Market

    (17.98      (7.05       (17.98      (15.85

Index

    (17.92      (7.13             (17.92      (15.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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.

 

 

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (20.24 )%       (15.20 )%        (20.24 )%       (20.11 )% 

Fund Market

    (20.23      (15.11       (20.23      (20.00

Index

    (20.16      (15.29             (20.16      (20.14

 

LOGO

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

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.

 

 

 

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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


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

26  

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


Schedule of Investments

October 31, 2022

  

iShares® iBonds® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security       
Par
(000)
    Value  

Corporate Bonds & Notes

 

Aerospace & Defense — 0.4%  

General Dynamics Corp., 2.25%, 11/15/22

  $ 5,262     $ 5,256,317  
   

 

 

 
Agriculture — 0.3%  

Philip Morris International Inc., 2.50%, 11/02/22

    4,394       4,394,000  
   

 

 

 
Airlines — 0.2%  

Southwest Airlines Co., 2.75%, 11/16/22

    2,913       2,908,281  
   

 

 

 
Auto Manufacturers — 0.2%  

American Honda Finance Corp., 2.60%, 11/16/22

    2,916       2,914,163  
   

 

 

 
Banks — 9.7%  

Australia & New Zealand Banking Group Ltd./New York NY

   

2.05%, 11/21/22

    10,576       10,563,943  

2.63%, 11/09/22

    9,863       9,859,745  

Bank of Montreal

   

2.05%, 11/01/22

    5,606       5,606,000  

2.55%, 11/06/22

    5,039       5,036,682  

Bank of Nova Scotia (The), 2.00%, 11/15/22(a)

    13,083       13,071,880  

Cooperatieve Rabobank UA, 3.95%, 11/09/22

    8,191       8,189,362  

Deutsche Bank AG/New York NY, 3.30%, 11/16/22

    6,608       6,603,044  

Morgan Stanley, 4.88%, 11/01/22

    12,793       12,793,000  

MUFG Union Bank NA, 2.10%, 12/09/22 (Call 12/01/22)

    16,440       16,376,871  

National Australia Bank Ltd./New York, 1.88%, 12/13/22

    3,854       3,843,247  

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

      11,215       11,200,196  

PNC Bank NA, 2.70%, 11/01/22

    4,174       4,174,000  

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

    4,616       4,614,015  

Synovus Financial Corp., 3.13%, 11/01/22

    4,699       4,699,000  

Toronto-Dominion Bank (The), 1.90%, 12/01/22

    12,728       12,703,944  
   

 

 

 
           129,334,929  
Chemicals — 2.1%  

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

    3,068       3,067,386  

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

    21,438       21,421,493  

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

    2,702       2,701,325  
   

 

 

 
      27,190,204  
Cosmetics & Personal Care — 0.1%  

Colgate-Palmolive Co., 2.25%, 11/15/22

    1,503       1,501,993  
   

 

 

 
Diversified Financial Services — 5.0%  

American Express Co., 2.65%, 12/02/22

    12,861       12,843,252  

Discover Financial Services, 3.85%, 11/21/22

    5,562       5,556,048  

Visa Inc., 2.80%, 12/14/22 (Call 12/01/22)

    48,610       48,536,113  
   

 

 

 
      66,935,413  
Electric — 4.8%  

American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 12/01/22)

    9,649       9,621,211  

DTE Energy Co.

   

2.25%, 11/01/22

    22,554       22,554,000  

Series H, 0.55%, 11/01/22

    14,071       14,071,000  

Edison International, 3.13%, 11/15/22

    2,230       2,227,681  

Niagara Mohawk Power Corp., 2.72%, 11/28/22(a)(c)

    10,700       10,681,596  

Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 11/14/22)

    4,556       4,551,307  
   

 

 

 
      63,706,795  
Health Care - Products — 1.2%  

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

    15,544       15,529,544  
   

 

 

 
Health Care - Services — 2.2%  

CommonSpirit Health, 2.95%, 11/01/22

    5,627       5,627,000  
Security   Par/
Shares
(000)
    Value  
Health Care - Services (continued)  

Dignity Health, 3.13%, 11/01/22

  $ 80     $ 80,000  

Elevance Health Inc., 2.95%, 12/01/22 (Call 11/16/22)

    9,896       9,884,125  

Humana Inc.

   

2.90%, 12/15/22 (Call 12/01/22)

    9,869       9,842,057  

3.15%, 12/01/22

    3,968       3,964,310  
   

 

 

 
      29,397,492  
Insurance — 0.8%  

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

    6,007       6,000,933  

Chubb INA Holdings Inc., 2.88%, 11/03/22

    4,039       4,039,000  
   

 

 

 
      10,039,933  
Internet — 1.5%  

Amazon.com Inc., 2.50%, 11/29/22

    12,935       12,917,150  

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

    6,562       6,554,388  
   

 

 

 
      19,471,538  
Machinery — 0.8%  

Caterpillar Financial Services Corp.

   

1.95%, 11/18/22(a)

    6,342       6,335,214  

2.55%, 11/29/22

    4,668       4,661,745  
   

 

 

 
      10,996,959  
Media — 0.8%  

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

    5,874       5,883,986  

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

    4,465       4,458,079  
   

 

 

 
      10,342,065  
Mining — 0.1%  

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

    1,154       1,148,622  
   

 

 

 
Oil & Gas — 0.8%  

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

    9,032       9,029,562  

ConocoPhillips Co., 2.40%, 12/15/22 (Call 12/01/22)(a)

    2,040       2,034,145  
   

 

 

 
      11,063,707  
Pharmaceuticals — 9.0%  

AbbVie Inc.

   

2.30%, 11/21/22

    75,632       75,537,460  

2.90%, 11/06/22

      28,233       28,223,401  

Cigna Corp., 3.05%, 11/30/22 (Call 11/16/22)

    14,058       14,041,693  

McKesson Corp., 2.70%, 12/15/22 (Call 12/01/22)(a)

    2,726       2,718,721  
   

 

 

 
           120,521,275  
Real Estate Investment Trusts — 0.3%  

Camden Property Trust, 2.95%, 12/15/22 (Call 12/01/22)(a)

    3,300       3,290,331  
   

 

 

 
Retail — 1.1%            

Walmart Inc., 2.35%, 12/15/22 (Call 12/01/22)

    15,205       15,169,268  
   

 

 

 
Semiconductors — 0.7%  

Intel Corp., 2.70%, 12/15/22

    9,830       9,812,306  
   

 

 

 
Software — 0.6%  

Autodesk Inc., 3.60%, 12/15/22 (Call 12/01/22)

    3,895       3,892,469  

Microsoft Corp., 2.13%, 11/15/22

    4,215       4,211,965  
   

 

 

 
      8,104,434  
   

 

 

 

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

      569,029,569  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 58.4%

 

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(d)(e)(f)

    32,176       32,169,317  

 

 

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

  27


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security       
Shares
(000)
    Value  

Money Market Funds (continued)

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(d)(e)

    746,940     $ 746,940,000  
   

 

 

 

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

      779,109,317  
   

 

 

 

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

      1,348,138,886  

Liabilities in Excess of Other Assets — (1.1)%

 

    (14,606,349
   

 

 

 

Net Assets — 100.0%

    $   1,333,532,537  
   

 

 

 

 

(a)

All or a portion of this security is on loan.

 

(b) 

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

(c)

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

(d)

Affiliate of the Fund.

(e)

Annualized 7-day yield as of period end.

(f)

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

 

Affiliates

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

 

Affiliated Issuer    Value at
10/31/21
     Purchases
at Cost
     Proceeds
from Sale
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/22
     Shares
Held at
10/31/22
(000)
     Income      Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 131,115,315      $      $ (98,890,477 )(a)     $ (40,150    $ (15,371    $ 32,169,317        32,176      $ 354,864 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     41,436,000        705,504,000 (a)                            746,940,000        746,940        2,884,676         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

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

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 569,029,569        $             —        $ 569,029,569  

Money Market Funds

     779,109,317                            779,109,317  
  

 

 

      

 

 

      

 

 

      

 

 

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

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

28  

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


Schedule of Investments

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   

Aerospace & Defense — 2.0%

   

Boeing Co. (The)
1.17%, 02/04/23 (Call 12/01/22)(a)

  $ 4,662     $ 4,607,501  

1.88%, 06/15/23 (Call 04/15/23)(a)

    1,485       1,451,929  

2.80%, 03/01/23 (Call 02/01/23)(a)

    1,437       1,424,254  

4.51%, 05/01/23 (Call 04/01/23)(a)

        12,622       12,597,639  

General Dynamics Corp.
1.88%, 08/15/23 (Call 06/15/23)(a)

    2,954       2,883,458  

3.38%, 05/15/23 (Call 04/15/23)(a)

    3,668       3,636,529  

L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)

    3,648       3,613,490  

Northrop Grumman Corp., 3.25%, 08/01/23(a)

    4,997       4,928,491  

Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23)

    4,112       4,058,750  

Teledyne Technologies Inc., 0.65%, 04/01/23(a)

    662       648,449  
   

 

 

 
             39,850,490  
Agriculture — 0.7%  

Philip Morris International Inc.
1.13%, 05/01/23

    3,132       3,071,333  

2.13%, 05/10/23 (Call 03/10/23)(a)

    2,259       2,227,171  

2.63%, 03/06/23(a)

    2,467       2,447,856  

3.60%, 11/15/23(a)

    3,798       3,742,587  

Reynolds American Inc., 4.85%, 09/15/23(a)

    3,193       3,178,887  
   

 

 

 
      14,667,834  
Apparel — 0.1%  

NIKE Inc., 2.25%, 05/01/23
(Call 02/01/23)(a)

    2,313       2,285,707  
   

 

 

 
Auto Manufacturers — 5.7%            

American Honda Finance Corp.
0.35%, 04/20/23

    570       557,705  

0.65%, 09/08/23(a)

    6,889       6,622,671  

0.88%, 07/07/23(a)

    5,239       5,086,388  

1.95%, 05/10/23(a)

    1,651       1,626,549  

2.05%, 01/10/23

    2,372       2,360,970  

3.45%, 07/14/23

    2,328       2,302,322  

3.63%, 10/10/23(a)

    7,751       7,648,222  

Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)(a)

    4,136       4,084,755  

General Motors Co.
4.88%, 10/02/23(a)

    10,706       10,607,398  

5.40%, 10/02/23(a)

    4,460       4,442,517  

General Motors Financial Co. Inc.
1.70%, 08/18/23

    6,988       6,764,733  

3.25%, 01/05/23 (Call 12/05/22)(a)

    3,065       3,056,724  

3.70%, 05/09/23 (Call 03/09/23)

    4,800       4,753,344  

4.15%, 06/19/23 (Call 05/19/23)(a)

    3,625       3,594,151  

4.25%, 05/15/23(a)

    2,911       2,892,457  

PACCAR Financial Corp.
0.35%, 08/11/23(a)

    2,474       2,390,824  

0.80%, 06/08/23(a)

    1,010       985,134  

1.90%, 02/07/23(a)

    1,140       1,132,373  

2.65%, 04/06/23

    856       848,767  

3.40%, 08/09/23(a)

    1,683       1,666,204  

Stellantis NV, 5.25%, 04/15/23

    6,457       6,431,366  

Toyota Motor Corp., 3.42%, 07/20/23(a)

    2,788       2,759,535  

Toyota Motor Credit Corp.
0.40%, 04/06/23(a)

    1,395       1,369,025  

0.50%, 08/14/23(a)

    6,425       6,218,693  

1.35%, 08/25/23(a)

    2,881       2,797,768  

2.25%, 10/18/23

    5,068       4,932,026  

2.63%, 01/10/23(a)

    2,232       2,223,161  

Security   Par
(000)
    Value  

Auto Manufacturers (continued)

   

2.70%, 01/11/23

  $ 1,937     $ 1,929,717  

2.90%, 03/30/23(a)

    5,419       5,379,550  

3.45%, 09/20/23(a)

    4,997       4,926,342  
   

 

 

 
           112,391,391  
Banks — 26.6%  

Banco Bilbao Vizcaya Argentaria SA, 0.88%, 09/18/23

    7,067       6,780,574  

Banco Santander SA
3.13%, 02/23/23

    4,093       4,068,688  

3.85%, 04/12/23

    5,652       5,599,493  

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

        14,485       14,450,960  

4.10%, 07/24/23(a)

        10,520       10,459,931  

Bank of Montreal
0.40%, 09/15/23

    8,045       7,709,926  

0.45%, 12/08/23(a)

    6,095       5,792,200  

Bank of New York Mellon Corp. (The)
0.35%, 12/07/23 (Call 11/07/23)(a)

    5,564       5,302,993  

1.85%, 01/27/23 (Call 01/02/23)(a)

    1,677       1,666,418  

2.20%, 08/16/23 (Call 06/16/23)

    5,860       5,746,375  

2.95%, 01/29/23 (Call 12/29/22)(a)

    3,478       3,460,540  

3.45%, 08/11/23(a)

    3,593       3,555,130  

3.50%, 04/28/23

    2,447       2,430,581  

Bank of Nova Scotia (The)
0.40%, 09/15/23(a)

    7,040       6,757,766  

0.55%, 09/15/23

    3,977       3,818,357  

0.80%, 06/15/23(a)

    513       499,031  

1.63%, 05/01/23

    5,039       4,961,399  

1.95%, 02/01/23(a)

    3,419       3,395,956  

2.38%, 01/18/23(a)

    2,003       1,993,666  

BNP Paribas SA, 3.25%, 03/03/23(a)

    4,688       4,662,638  

Canadian Imperial Bank of Commerce
0.45%, 06/22/23

    180       174,697  

0.50%, 12/14/23(a)

    5,896       5,594,420  

0.95%, 06/23/23(a)

    9,753       9,475,820  

3.50%, 09/13/23(a)

    6,045       5,964,360  

Citigroup Inc.
3.38%, 03/01/23(a)

    1,458       1,449,864  

3.50%, 05/15/23(a)

    4,751       4,710,712  

3.88%, 10/25/23(a)

    6,856       6,769,683  

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

    1,595       1,586,084  

Comerica Inc., 3.70%, 07/31/23(a)

    4,244       4,191,671  

Cooperatieve Rabobank UA, 4.63%, 12/01/23(a)

    4,283       4,234,088  

Cooperatieve Rabobank UA/NY, 2.75%, 01/10/23(a)

    3,832       3,817,822  

Credit Suisse AG/New York NY
0.52%, 08/09/23

    7,285       6,893,723  

1.00%, 05/05/23

    11,828       11,465,708  

Credit Suisse Group AG, 3.80%, 06/09/23

    10,116       9,848,331  

Deutsche Bank AG/New York NY

   

3.95%, 02/27/23(a)

    4,095       4,072,805  

Series E, 0.96%, 11/08/23

    10,180       9,709,888  

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

    2,967       2,952,907  

4.20%, 08/08/23(a)

    5,001       4,946,639  

Fifth Third Bancorp., 1.63%, 05/05/23 (Call 04/05/23)

    1,772       1,740,317  

Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)

    2,425       2,407,661  

First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23)(a)

    2,238       2,213,382  

FNB Corp./PA, 2.20%, 02/24/23
(Call 01/24/23)(a)

    850       839,885  

Goldman Sachs Group Inc. (The)
0.52%, 03/08/23

    2,545       2,502,982  

 

 

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

  29


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

1.22%, 12/06/23 (Call 12/06/22)

  $     11,622     $        11,120,278  

3.20%, 02/23/23 (Call 01/23/23)(a)

    6,203       6,168,077  

3.63%, 01/22/23(a)

    7,813       7,797,921  

HSBC Holdings PLC, 3.60%, 05/25/23(a)

    8,214       8,141,799  

Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)(a)

    5,773       5,684,096  

ING Groep NV, 4.10%, 10/02/23

    8,882       8,758,718  

JPMorgan Chase & Co.
2.70%, 05/18/23 (Call 03/18/23)(a)

    7,358       7,275,296  

3.20%, 01/25/23(a)

    9,716       9,686,658  

3.38%, 05/01/23(a)

    7,968       7,909,435  

KeyBank NA/Cleveland OH
1.25%, 03/10/23(a)

    2,678       2,642,222  

3.38%, 03/07/23(a)

    1,786       1,778,302  

Lloyds Banking Group PLC, 4.05%, 08/16/23(a)

    10,478       10,354,883  

M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)(a)

    2,932       2,898,780  

Mitsubishi UFJ Financial Group Inc.
2.53%, 09/13/23(a)

    4,374       4,270,292  

3.46%, 03/02/23(a)

    5,419       5,394,398  

3.76%, 07/26/23(a)

    9,716       9,597,951  

Mizuho Financial Group Inc., 3.55%, 03/05/23(a)

    3,621       3,604,271  

Morgan Stanley
3.13%, 01/23/23

    9,222       9,190,737  

3.75%, 02/25/23(a)

    8,790       8,766,443  

4.10%, 05/22/23(a)

    9,038       8,993,352  

National Australia Bank Ltd./New York
2.88%, 04/12/23(a)

    1,998       1,979,159  

3.00%, 01/20/23(a)

    2,711       2,700,400  

3.63%, 06/20/23(a)

    3,651       3,622,705  

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

    3,951       3,922,829  

NatWest Group PLC, 3.88%, 09/12/23(a)

    450       443,322  

PNC Bank NA
2.95%, 01/30/23 (Call 12/30/22)

    2,487       2,477,176  

3.50%, 06/08/23

    3,350       3,328,560  

3.80%, 07/25/23 (Call 06/25/23)

    3,693       3,656,402  

Royal Bank of Canada
0.50%, 10/26/23(a)

    7,521       7,174,733  

1.60%, 04/17/23

    4,699       4,625,602  

1.95%, 01/17/23(a)

    3,380       3,361,714  

3.70%, 10/05/23(a)

    9,588       9,451,563  

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

    3,680       3,670,358  

Santander UK PLC, 2.10%, 01/13/23(a)

    1,887       1,874,621  

State Street Corp.
3.10%, 05/15/23(a)

    4,130       4,090,765  

3.70%, 11/20/23

    7,479       7,386,485  

Sumitomo Mitsui Banking Corp.
3.00%, 01/18/23(a)

    1,790       1,783,986  

3.95%, 07/19/23(a)

    2,265       2,244,411  

Sumitomo Mitsui Financial Group Inc.
3.10%, 01/17/23(a)

    5,582       5,562,742  

3.75%, 07/19/23(a)

    3,624       3,582,686  

3.94%, 10/16/23

    7,329       7,226,321  

Svenska Handelsbanken AB, 3.90%, 11/20/23

    8,558       8,420,045  

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

    4,339       4,306,978  

0.30%, 06/02/23

    3,665       3,561,574  

0.45%, 09/11/23(a)

    6,809       6,526,290  

0.75%, 06/12/23

    7,185       6,988,562  

3.50%, 07/19/23(a)

    7,023       6,949,469  

Security   Par
(000)
    Value  

Banks (continued)

   

Truist Bank
1.25%, 03/09/23 (Call 02/06/23)

  $ 4,036     $ 3,981,474  

2.75%, 05/01/23 (Call 04/01/23)(a)

    1,814       1,796,078  

3.00%, 02/02/23 (Call 01/02/23)(a)

          2,144       2,134,288  

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

    2,992       2,963,756  

3.75%, 12/06/23 (Call 11/06/23)(a)

    9,117       8,991,550  

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

    2,505       2,492,450  

2.85%, 01/23/23 (Call 12/23/22)(a)

    2,532       2,520,125  

3.40%, 07/24/23 (Call 06/23/23)(a)

    6,618       6,538,650  

Wells Fargo & Co.
4.13%, 08/15/23(a)

    7,724       7,669,237  

Series M, 3.45%, 02/13/23(a)

    3,810       3,795,141  

Westpac Banking Corp.
2.00%, 01/13/23(a)

    2,326       2,314,649  

2.75%, 01/11/23(a)

    4,458       4,442,843  

3.65%, 05/15/23(a)

    4,047       4,024,013  
   

 

 

 
           525,293,692  
Beverages — 1.3%  

Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)(a)

    5,234       5,171,506  

3.50%, 09/18/23 (Call 08/18/23)

    3,217       3,171,672  

Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23(a)

    875       859,635  

Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)(a)

    5,926       5,806,235  

PepsiCo Inc.
0.40%, 10/07/23

    4,081       3,913,312  

0.75%, 05/01/23(a)

    1,384       1,357,635  

2.75%, 03/01/23(a)

    4,733       4,701,999  
   

 

 

 
      24,981,994  
Biotechnology — 1.1%  

Amgen Inc., 2.25%, 08/19/23
(Call 06/19/23)(a)

    3,746       3,664,150  

Gilead Sciences Inc.
0.75%, 09/29/23 (Call 11/14/22)

    6,840       6,582,474  

2.50%, 09/01/23 (Call 07/01/23)(a)

    4,690       4,587,617  

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

    2,098       2,059,145  

Royalty Pharma PLC, 0.75%, 09/02/23(a)

    5,672       5,451,076  
   

 

 

 
      22,344,462  
Building Materials — 0.9%  

Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)(a)

        10,880       10,736,275  

Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)

    3,217       3,138,924  

Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 12/01/22)(a)

    2,798       2,706,953  

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

    710       710,000  
   

 

 

 
      17,292,152  
Chemicals — 1.9%  

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

    1,009       1,003,198  

DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)

    15,124       14,962,778  

Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)(a)

    4,375       4,181,756  

International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)(a)

    590       583,493  

Linde Inc./CT, 2.70%, 02/21/23
(Call 11/21/22)(a)

    1,771       1,761,171  

LYB International Finance BV, 4.00%, 07/15/23(a)

    2,430       2,402,128  

Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)

    7,345       7,267,510  

Nutrien Ltd., 1.90%, 05/13/23(a)

    3,098       3,042,918  

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

    1,248       1,235,308  
   

 

 

 
      36,440,260  

 

 

30  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Commercial Services — 0.5%

   

Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)(a)

  $ 1,486     $ 1,472,567  

Global Payments Inc.
3.75%, 06/01/23 (Call 03/01/23)(a)

    2,721       2,693,491  

4.00%, 06/01/23 (Call 05/01/23)(a)

    3,066       3,040,062  

PayPal Holdings Inc., 1.35%, 06/01/23(a)

    60       58,715  

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

    3,257       3,236,513  
   

 

 

 
             10,501,348  
Computers — 3.3%  

Apple Inc.
0.75%, 05/11/23(a)

    6,925       6,789,409  

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

    2,483       2,473,316  

2.40%, 05/03/23(a)

        21,300       21,062,292  

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

    7,255       7,219,813  

Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)

    4,312       4,305,187  

Hewlett Packard Enterprise Co.
2.25%, 04/01/23 (Call 03/01/23)

    4,276       4,226,398  

4.45%, 10/02/23 (Call 09/02/23)(a)

    8,983       8,914,999  

International Business Machines Corp., 3.38%, 08/01/23(a)

    7,235       7,149,410  

Leidos Inc., 2.95%, 05/15/23
(Call 04/15/23)(a)

    2,634       2,603,103  
   

 

 

 
      64,743,927  
Cosmetics & Personal Care — 0.6%  

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

    1,527       1,516,907  

2.10%, 05/01/23(a)

    575       567,836  

Procter & Gamble Co. (The), 3.10%, 08/15/23(a)

    4,805       4,743,784  

Unilever Capital Corp.
0.38%, 09/14/23(a)

    2,858       2,750,253  

3.13%, 03/22/23 (Call 02/22/23)(a)

    1,949       1,935,786  
   

 

 

 
      11,514,566  
Diversified Financial Services — 5.2%  

AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.15%, 10/29/23

    8,665       8,213,207  

3.30%, 01/23/23 (Call 12/23/22)

    2,051       2,039,720  

4.13%, 07/03/23 (Call 06/03/23)(a)

    2,765       2,730,244  

4.50%, 09/15/23 (Call 08/15/23)

    6,174       6,064,226  

Air Lease Corp.
2.25%, 01/15/23(a)

    2,394       2,377,457  

2.75%, 01/15/23 (Call 12/15/22)(a)

    1,854       1,843,673  

3.00%, 09/15/23 (Call 07/15/23)(a)

    4,692       4,581,738  

3.88%, 07/03/23 (Call 06/03/23)(a)

    3,061       3,023,962  

Aircastle Ltd.
4.40%, 09/25/23 (Call 08/25/23)(a)

    3,336       3,266,578  

5.00%, 04/01/23(a)

    2,647       2,628,762  

Ally Financial Inc.
1.45%, 10/02/23 (Call 09/02/23)(a)

    7,745       7,429,701  

3.05%, 06/05/23 (Call 05/05/23)(a)

    3,381       3,327,918  

American Express Co.
0.75%, 11/03/23

    6,345       6,076,035  

3.40%, 02/27/23 (Call 01/27/23)(a)

    5,778       5,750,612  

3.70%, 08/03/23 (Call 07/03/23)(a)

    8,647       8,567,102  

Ameriprise Financial Inc., 4.00%, 10/15/23(a)

    4,296       4,250,076  

BGC Partners Inc., 5.38%, 07/24/23

    3,380       3,349,546  

Capital One Financial Corp.
2.60%, 05/11/23 (Call 04/11/23)(a)

    4,210       4,154,218  

3.20%, 01/30/23 (Call 12/30/22)(a)

    4,519       4,501,918  

3.50%, 06/15/23(a)

    4,295       4,250,332  

Capital One NA, 3.38%, 02/15/23

    5,665       5,639,054  
Security   Par
(000)
     Value  

Diversified Financial Services (continued)

 

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

  $       3,223      $ 3,208,754  

Eaton Vance Corp., 3.63%, 06/15/23(a)

    1,285        1,273,975  

Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)(a)

    2,730        2,723,776  

Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)(a)

    2,158        2,142,355  
    

 

 

 
            103,414,939  
Electric — 7.1%  

Alabama Power Co., Series 13-A, 3.55%, 12/01/23(a)

    2,401        2,357,878  

American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 12/01/22)(a)

    4,173        3,985,716  

Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)(a)

    1,450        1,434,905  

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

    1,418        1,411,506  

3.75%, 11/15/23 (Call 08/15/23)

    4,219        4,168,034  

Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)(a)

    4,189        4,148,869  

Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 12/01/22)(a)

    1,327        1,320,790  

Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22)(a)

    4,766        4,549,338  

Consumers Energy Co.
0.35%, 06/01/23 (Call 05/01/23)(a)

    1,115        1,084,795  

3.38%, 08/15/23 (Call 05/15/23)(a)

    1,400        1,381,688  

Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)(a)

    4,597        4,520,322  

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

    1,321        1,309,164  

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

    1,146        1,138,379  

Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)(a)

    4,087        4,039,550  

Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23)(a)

    1,305        1,292,537  

Duke Energy Progress LLC, 3.38%, 09/01/23 (Call 08/01/23)(a)

    4,546        4,477,083  

Edison International, 2.95%, 03/15/23 (Call 01/15/23)(a)

    1,464        1,450,136  

Entergy Louisiana LLC
0.62%, 11/17/23 (Call 12/01/22)(a)

    4,664        4,441,667  

4.05%, 09/01/23 (Call 06/01/23)(a)

    1,573        1,560,070  

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

    1,004        995,586  

Eversource Energy
2.80%, 05/01/23 (Call 02/01/23)(a)

    2,151        2,125,252  

Series N, 3.80%, 12/01/23 (Call 11/01/23)(a)

    3,872        3,808,654  

Florida Power & Light Co., 2.75%, 06/01/23 (Call 12/01/22)(a)

    2,082        2,056,266  

Georgia Power Co., Series A, 2.10%, 07/30/23(a)

    2,515        2,459,368  

National Rural Utilities Cooperative Finance Corp.
2.70%, 02/15/23 (Call 12/15/22)(a)

    1,528        1,517,503  

3.40%, 11/15/23 (Call 08/15/23)(a)

    3,629        3,565,166  

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

    4,473        4,412,257  

Northern States Power Co./MN, 2.60%, 05/15/23(a)

    1,372        1,355,152  

OGE Energy Corp., 0.70%, 05/26/23 (Call 12/01/22)(a)

    1,445        1,407,936  

Oklahoma Gas & Electric Co., 0.55%, 05/26/23 (Call 12/01/22)(a)

    865        842,813  

Pacific Gas and Electric Co.
1.70%, 11/15/23 (Call 12/01/22)

    5,325        5,088,517  

3.25%, 06/15/23 (Call 03/15/23)(a)

    1,377        1,353,908  

3.85%, 11/15/23 (Call 08/15/23)

    2,640        2,578,699  

4.25%, 08/01/23 (Call 07/01/23)(a)

    2,303        2,279,717  

PacifiCorp, 2.95%, 06/01/23 (Call 03/01/23)(a)

    897        885,617  

Public Service Co. of New Hampshire, 3.50%, 11/01/23 (Call 08/01/23)

    2,506        2,473,748  

 

 

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

  31


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Electric (continued)

   

Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)(a)

  $ 1,364     $ 1,343,622  

3.25%, 09/01/23 (Call 08/01/23)(a)

    2,052       2,021,692  

Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 12/01/22)

    5,183       4,939,295  

San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23 (Call 06/01/23)(a)

    2,155       2,126,252  

Southern California Edison Co.
0.70%, 04/03/23(a)

    1,220       1,197,686  

Series C, 3.50%, 10/01/23
(Call 07/01/23)(a)

    2,803       2,752,770  

Series D, 3.40%, 06/01/23
(Call 05/01/23)(a)

    861       850,849  

Series J, 0.70%, 08/01/23

        20,675       19,981,354  

Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)(a)

    5,746       5,651,536  

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

    2,708       2,684,738  

WEC Energy Group Inc., 0.55%, 09/15/23(a)

    4,378       4,201,348  

Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)(a)

    3,911       3,734,418  
   

 

 

 
           140,764,146  
Electrical Components & Equipment — 0.1%  

Emerson Electric Co., 2.63%, 02/15/23 (Call 12/01/22)(a)

    1,343       1,334,230  
   

 

 

 

Electronics — 0.4%

   

Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22)(a)

    1,245       1,240,941  

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

    1,918       1,915,641  

Honeywell International Inc., 3.35%, 12/01/23(a)

    2,694       2,655,692  

Trimble Inc., 4.15%, 06/15/23
(Call 05/15/23)(a)

    2,114       2,093,642  
   

 

 

 
      7,905,916  
Environmental Control — 0.3%  

Republic Services Inc., 4.75%, 05/15/23 (Call 02/15/23)(a)

    1,756       1,753,155  

Waste Management Inc., 2.40%, 05/15/23 (Call 03/15/23)(a)

    3,086       3,043,475  
   

 

 

 
      4,796,630  
Food — 1.0%  

Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)(a)

    2,957       2,942,333  

Conagra Brands Inc.
0.50%, 08/11/23 (Call 12/01/22)(a)

    2,905       2,796,586  

3.20%, 01/25/23 (Call 12/01/22)(a)

    1,643       1,635,853  

Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)(a)

    2,405       2,386,818  

Kellogg Co., 2.65%, 12/01/23(a)

    4,744       4,647,412  

Kroger Co. (The), 3.85%, 08/01/23
(Call 05/01/23)(a) 

    3,062       3,036,249  

Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)(a)

    2,727       2,700,330  
   

 

 

 
      20,145,581  
Gas — 0.5%  

Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/16/22)(a)

    680       670,201  

CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 12/01/22)(a)

    444       437,495  

Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)(a)

    3,731       3,671,976  

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

    1,774       1,761,316  

Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)(a)

    2,755       2,682,736  
   

 

 

 
      9,223,724  
Health Care - Products — 1.5%  

Abbott Laboratories, 3.40%, 11/30/23 (Call 09/30/23)(a)

    7,258       7,158,783  

Baxter International Inc., 0.87%, 12/01/23

    6,540       6,244,326  

PerkinElmer Inc., 0.55%, 09/15/23 (Call 12/01/22)(a)

    3,035       2,916,878  

Stryker Corp., 0.60%, 12/01/23 (Call 11/14/22)(a)

    5,822       5,549,938  

Thermo Fisher Scientific Inc., 0.80%, 10/18/23 (Call 12/01/22)(a)

    7,963       7,643,206  
   

 

 

 
      29,513,131  

Security   Par
(000)
    Value  

Health Care - Services — 1.6%

   

Aetna Inc., 2.80%, 06/15/23
(Call 04/15/23)(a)

  $       5,868     $ 5,782,738  

Anthem Inc., 0.45%, 03/15/23

    1,895       1,863,789  

Elevance Health Inc., 3.30%, 01/15/23(a)

    3,856       3,843,815  

Humana Inc., 0.65%, 08/03/23 (Call 11/08/22)

    7,068       6,831,010  

Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)(a)

    2,957       2,920,629  

SSM Health Care Corp., Series 2018, 3.69%, 06/01/23 (Call 03/01/23)

    2,336       2,318,457  

UnitedHealth Group Inc.
2.75%, 02/15/23 (Call 12/01/22)(a)

    2,068       2,056,274  

2.88%, 03/15/23(a)

    2,405       2,389,007  

3.50%, 06/15/23(a)

    3,214       3,189,767  
   

 

 

 
               31,195,486  
Holding Companies - Diversified — 0.2%  

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

    2,762       2,746,616  

Blackstone Secured Lending Fund, 3.65%, 07/14/23(a)

    1,895       1,868,735  
   

 

 

 
      4,615,351  
Home Builders — 0.5%  

DR Horton Inc.
4.75%, 02/15/23 (Call 12/01/22)(a)

    1,407       1,406,128  

5.75%, 08/15/23 (Call 05/15/23)(a)

    3,167       3,174,062  

Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23)

    4,048       4,016,547  

Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23)

    1,868       1,855,204  
   

 

 

 
      10,451,941  
Household Products & Wares — 0.1%  

Kimberly-Clark Corp., 2.40%, 06/01/23(a)

    1,289       1,270,567  
   

 

 

 

Insurance — 2.0%

   

Allstate Corp. (The), 3.15%, 06/15/23(a)

    2,214       2,188,783  

Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)(a)

    4,002       3,952,175  

Aspen Insurance Holdings Ltd., 4.65%, 11/15/23(a)

    1,066       1,052,014  

Berkshire Hathaway Inc.

   

2.75%, 03/15/23 (Call 01/15/23)(a)

    7,687       7,628,886  

3.00%, 02/11/23

    1,838       1,829,766  

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

    735       729,414  

Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)(a)

    2,428       2,415,302  

Jackson Financial Inc., 1.13%, 11/22/23(a)

    4,008       3,827,880  

Lincoln National Corp., 4.00%, 09/01/23(a)

    3,000       2,977,470  

Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)(a)

    2,875       2,837,654  

Marsh & McLennan Companies Inc., 3.30%, 03/14/23 (Call 11/23/22)(a)

    1,877       1,877,000  

MetLife Inc., Series D, 4.37%, 09/15/23(a)

    4,802       4,773,956  

Principal Financial Group Inc., 3.13%, 05/15/23(a)

    1,472       1,456,338  

Reinsurance Group of America Inc., 4.70%, 09/15/23(a)

    2,313       2,308,073  
   

 

 

 
      39,854,711  
Internet — 1.1%  

Alibaba Group Holding Ltd., 2.80%, 06/06/23 (Call 05/06/23)(a)

    3,048       2,997,952  

Amazon.com Inc.
0.25%, 05/12/23

    1,165       1,138,077  

0.40%, 06/03/23(a)

    3,344       3,257,925  

2.40%, 02/22/23 (Call 01/22/23)(a)

    3,650       3,627,261  

Baidu Inc., 3.88%, 09/29/23
(Call 08/29/23)(a)

    4,925       4,846,003  

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

    2,779       2,756,740  

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

    3,306       3,287,156  
   

 

 

 
      21,911,114  

 

 

32  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Iron & Steel — 0.1%

   

Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)(a)

  $       1,931     $ 1,921,963  
   

 

 

 
Lodging — 0.4%            

Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 12/01/22)(a)

    4,086       3,923,622  

Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)

    3,785       3,740,186  
   

 

 

 
      7,663,808  
Machinery — 2.7%  

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

    2,985       2,941,449  

0.45%, 09/14/23(a)

    4,906       4,728,010  

0.65%, 07/07/23

    2,536       2,463,648  

2.63%, 03/01/23(a)

    1,130       1,121,706  

3.45%, 05/15/23(a)

    2,163       2,143,749  

3.65%, 12/07/23

    3,958       3,911,889  

3.75%, 11/24/23

    5,239       5,190,959  

CNH Industrial Capital LLC, 1.95%, 07/02/23(a)

    2,535       2,475,833  

CNH Industrial NV, 4.50%, 08/15/23(a)

    3,503       3,475,151  

Crane Holdings Co., 4.45%, 12/15/23 (Call 09/15/23)(a)

    3,599       3,565,673  

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

    1,865       1,848,663  

0.40%, 10/10/23(a)

    3,763       3,609,093  

0.70%, 07/05/23

    1,274       1,239,335  

1.20%, 04/06/23(a)

    1,801       1,774,688  

2.70%, 01/06/23(a)

    792       789,402  

2.80%, 01/27/23(a)

    1,642       1,635,169  

2.80%, 03/06/23(a)

    3,414       3,392,014  

3.45%, 06/07/23(a)

    1,023       1,016,381  

3.65%, 10/12/23(a)

    4,623       4,570,760  

Rockwell Automation Inc., 0.35%, 08/15/23 (Call 11/14/22)

    2,065       1,990,185  
   

 

 

 
             53,883,757  
Manufacturing — 0.5%  

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

    2,249       2,228,422  

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

    2,519       2,493,734  

Carlisle Companies Inc., 0.55%, 09/01/23 (Call 12/01/22)

    2,498       2,401,152  

General Electric Co., 3.10%, 01/09/23

    105       104,621  

Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23

    3,086       3,062,917  
   

 

 

 
      10,290,846  
Media — 0.7%  

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

    3,585       3,552,699  

Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)(a)

    5,481       5,425,368  

Time Warner Cable Enterprises LLC, 8.38%, 03/15/23(a)

    4,194       4,245,041  
   

 

 

 
      13,223,108  
Metal Fabricate & Hardware — 0.2%  

Precision Castparts Corp., 2.50%, 01/15/23 (Call 12/01/22)(a)

    3,976       3,958,108  
   

 

 

 
Mining — 0.4%            

BHP Billiton Finance USA Ltd., 3.85%, 09/30/23(a)

    4,016       3,977,888  

Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)

    4,225       4,195,763  
   

 

 

 
      8,173,651  
Oil & Gas — 2.8%  

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

    3,740       3,723,245  

Chevron Corp., 1.14%, 05/11/23

    3,306       3,243,880  

Chevron USA Inc., 0.43%, 08/11/23(a)

    3,001       2,902,837  

Security   Par
(000)
    Value  

Oil & Gas (continued)

   

Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)(a)

  $ 3,123     $ 3,108,947  

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

    4,925       4,885,009  

Exxon Mobil Corp.
1.57%, 04/15/23(a)

        11,400       11,238,576  

2.73%, 03/01/23 (Call 01/01/23)

    4,046       4,022,210  

Phillips 66, 3.70%, 04/06/23

    2,488       2,474,814  

Pioneer Natural Resources Co., 0.55%, 05/15/23(a)

    200       195,114  

Shell International Finance BV
0.38%, 09/15/23(a)

    4,972       4,782,318  

3.50%, 11/13/23 (Call 10/13/23)(a)

    6,337       6,251,957  

TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23(a)

    4,844       4,774,828  

TotalEnergies Capital International SA, 2.70%, 01/25/23(a)

    3,703       3,687,188  
   

 

 

 
      55,290,923  
Oil & Gas Services — 0.7%  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 1.23%, 12/15/23

    5,585       5,350,989  

Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)

    9,451       9,318,024  
   

 

 

 
      14,669,013  
Pharmaceuticals — 6.3%  

AbbVie Inc.
2.85%, 05/14/23 (Call 03/14/23)

    4,238       4,191,636  

3.75%, 11/14/23 (Call 10/14/23)(a)

    10,183       10,051,232  

AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 12/01/22)(a)

    2,619       2,576,677  

AstraZeneca PLC
0.30%, 05/26/23

    3,935       3,838,081  

3.50%, 08/17/23 (Call 07/17/23)

    5,738       5,676,489  

Bristol-Myers Squibb Co.
0.54%, 11/13/23 (Call 12/01/22)(a)

    8,240       7,879,912  

2.75%, 02/15/23 (Call 01/15/23)(a)

    2,556       2,542,964  

3.25%, 02/20/23 (Call 01/20/23)(a)

    3,144       3,131,833  

3.25%, 11/01/23(a)

    3,810       3,754,869  

Cardinal Health Inc., 3.20%, 03/15/23(a)

    2,161       2,144,749  

Cigna Corp.
3.00%, 07/15/23 (Call 05/16/23)(a)

    15,518       15,306,490  

3.75%, 07/15/23 (Call 06/15/23)(a)

    4,458       4,417,878  

CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23)

    3,973       3,934,581  

GlaxoSmithKline Capital PLC, 0.53%, 10/01/23 (Call 12/01/22)

    6,765       6,503,059  

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

    1,886       1,870,591  

3.38%, 12/05/23(a)

    4,617       4,558,780  

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

    1,812       1,799,298  

Merck & Co. Inc., 2.80%, 05/18/23(a)

    6,778       6,707,170  

Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)(a)

    6,953       6,821,936  

Pfizer Inc.
3.00%, 06/15/23(a)

    3,875       3,850,781  

3.20%, 09/15/23 (Call 08/15/23)(a)

    5,048       4,978,035  

Sanofi, 3.38%, 06/19/23 (Call 05/19/23)(a)

    4,387       4,350,062  

Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)

    5,103       4,991,397  

Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)

    2,638       2,611,910  

Zoetis Inc., 3.25%, 02/01/23 (Call 12/01/22)(a)

    5,480       5,454,737  
   

 

 

 
           123,945,147  
Pipelines — 4.0%  

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

    788       788,000  

 

 

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

  33


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Pipelines (continued)

   

DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)(a)

  $ 135     $ 134,205  

Enbridge Inc.
0.55%, 10/04/23(a)

            3,370       3,221,821  

4.00%, 10/01/23 (Call 07/01/23)(a)

    5,220       5,149,269  

Energy Transfer LP
3.45%, 01/15/23 (Call 12/01/22)(a)

    989       984,807  

3.60%, 02/01/23 (Call 12/01/22)

    2,471       2,459,460  

4.25%, 03/15/23 (Call 12/15/22)

    4,053       4,034,316  

Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)(a)

    3,273       3,234,771  

Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)

    4,908       4,846,650  

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

    5,308       5,275,621  

Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 12/01/22)(a)

    2,340       2,328,160  

3.50%, 09/01/23 (Call 06/01/23)

    6,615       6,523,118  

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

    3,337       3,322,084  

MPLX LP, 4.50%, 07/15/23
(Call 04/15/23)(a)

    4,857       4,828,926  

ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)(a)

    7,830       7,913,859  

ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)(a)

    2,314       2,303,703  

Plains All American Pipeline LP/PAA Finance Corp.
2.85%, 01/31/23 (Call 12/01/22)(a)

    1,299       1,290,440  

3.85%, 10/15/23 (Call 07/15/23)(a)

    5,809       5,713,035  

Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23)(a)

    4,317       4,317,086  

TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)(a)

    4,610       4,536,286  

Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23)(a)

    5,147       5,100,162  
   

 

 

 
      78,305,779  
Real Estate Investment Trusts — 1.6%  

American Tower Corp.
3.00%, 06/15/23

    2,982       2,939,387  

3.50%, 01/31/23

    3,933       3,919,746  

AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 09/16/23)(a)

    3,876       3,839,914  

Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)(a)

    2,902       2,843,031  

Brandywine Operating Partnership LP, 3.95%, 02/15/23 (Call 12/01/22)(a)

    1,345       1,335,222  

Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23)

    3,669       3,612,351  

Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)(a)

    1,273       1,260,868  

GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)

    3,390       3,345,862  

Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)(a)

    3,420       3,381,149  

Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)(a)

    1,731       1,713,915  

Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)(a)

    1,623       1,599,856  

Simon Property Group LP, 2.75%, 06/01/23 (Call 03/01/23)(a)

    2,483       2,447,121  
   

 

 

 
               32,238,422  
Retail — 2.3%  

AutoZone Inc.
2.88%, 01/15/23 (Call 12/01/22)(a)

    1,360       1,353,567  

3.13%, 07/15/23 (Call 04/15/23)(a)

    2,878       2,836,384  

Home Depot Inc. (The), 2.70%, 04/01/23 (Call 01/01/23)(a)

    4,146       4,113,122  

Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)(a)

    3,592       3,553,817  

McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)(a)

    4,175       4,150,785  
Security   Par
(000)
    Value  

Retail (continued)

   

O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23)(a)

  $ 1,546     $ 1,531,530  

Starbucks Corp.
3.10%, 03/01/23 (Call 02/01/23)(a)

    3,798       3,776,769  

3.85%, 10/01/23 (Call 07/01/23)(a)

    4,586       4,532,848  

TJX Companies Inc. (The), 2.50%, 05/15/23 (Call 02/15/23)

    2,676       2,638,188  

Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22)(a)

    2,435       2,328,323  

Walmart Inc.
2.55%, 04/11/23 (Call 01/11/23)(a)

            7,122       7,050,780  

3.40%, 06/26/23 (Call 05/26/23)(a)

    7,600       7,541,404  
   

 

 

 
               45,407,517  
Semiconductors — 1.1%  

Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)(a)

    2,050       2,033,354  

Microchip Technology Inc.
2.67%, 09/01/23

    5,643       5,500,401  

4.33%, 06/01/23 (Call 05/01/23)(a)

    4,433       4,404,673  

NVIDIA Corp., 0.31%, 06/15/23 (Call 12/01/22)

    2,010       1,954,785  

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

    4,377       4,352,357  

Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 11/16/22)

    2,555       2,480,650  

Texas Instruments Inc., 2.25%, 05/01/23 (Call 02/01/23)

    1,099       1,086,274  
   

 

 

 
      21,812,494  
Shipbuilding — 0.1%  

Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 11/14/22)

    1,945       1,872,704  
   

 

 

 
Software — 3.4%            

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

    2,567       2,547,927  

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

    3,080       3,033,769  

Fiserv Inc., 3.80%, 10/01/23
(Call 09/01/23)(a)

    6,476       6,381,774  

Intuit Inc., 0.65%, 07/15/23(a)

    2,892       2,806,570  

Microsoft Corp.
2.00%, 08/08/23 (Call 06/08/23)(a)

    6,469       6,348,806  

2.38%, 05/01/23 (Call 02/01/23)(a)

    3,758       3,718,165  

3.63%, 12/15/23 (Call 09/15/23)(a)

    8,468       8,387,554  

Oracle Corp.
2.40%, 09/15/23 (Call 07/15/23)(a)

        11,993       11,697,493  

2.63%, 02/15/23 (Call 01/15/23)

    4,330       4,301,985  

3.63%, 07/15/23(a)

    4,527       4,478,697  

Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)(a)

    4,188       4,131,672  

salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23)

    5,096       5,063,539  

VMware Inc., 0.60%, 08/15/23

    4,958       4,773,463  
   

 

 

 
      67,671,414  
Telecommunications — 0.9%  

British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)(a)

    4,698       4,636,691  

Cisco Systems Inc.
2.20%, 09/20/23 (Call 07/20/23)(a)

    4,864       4,755,241  

2.60%, 02/28/23(a)

    1,692       1,679,716  

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

    1,866       1,850,792  

4.10%, 10/01/23 (Call 07/01/23)

    4,995       4,931,764  

Vodafone Group PLC, 2.95%, 02/19/23(a)

    510       506,343  
   

 

 

 
      18,360,547  
Transportation — 1.4%  

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

    2,952       2,930,746  

 

 

34  

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


Schedule of Investments  (continued)

October 31, 2022

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Transportation (continued)

   

3.85%, 09/01/23 (Call 06/01/23)(a)

  $       4,193     $ 4,149,057  

Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)(a)

    772       770,510  

Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23)

    989       976,984  

Norfolk Southern Corp., 2.90%, 02/15/23 (Call 12/01/22)

    2,596       2,577,776  

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

    1,702       1,690,767  

3.75%, 06/09/23 (Call 05/09/23)(a)

    2,026       2,004,383  

3.88%, 12/01/23 (Call 11/01/23)

    3,138       3,088,765  

Union Pacific Corp.
2.75%, 04/15/23 (Call 01/15/23)(a)

    1,625       1,607,092  

2.95%, 01/15/23 (Call 12/01/22)(a)

    1,103       1,099,525  

3.50%, 06/08/23 (Call 05/08/23)(a)

    2,263       2,243,742  

United Parcel Service Inc., 2.50%, 04/01/23 (Call 03/01/23)(a)

    4,194       4,151,221  
   

 

 

 
      27,290,568  
   

 

 

 

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

        1,894,685,059  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Securities

   

Money Market Funds — 18.2%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(b)(c)(d)

      293,062     $ 293,003,583  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(b)(c)

    66,380       66,380,000  
   

 

 

 

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

      359,383,583