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OCTOBER 31, 2022 |
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2022 Annual Report
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iShares Trust
| · |
iShares iBonds Dec 2022 Term Treasury ETF | IBTB | NASDAQ |
| · |
iShares iBonds Dec 2023 Term Treasury ETF | IBTD | NASDAQ |
| · |
iShares iBonds Dec 2024 Term Treasury ETF | IBTE | NASDAQ |
| · |
iShares iBonds Dec 2025 Term Treasury ETF | IBTF | NASDAQ |
| · |
iShares iBonds Dec 2026 Term Treasury ETF | IBTG | NASDAQ |
| · |
iShares iBonds Dec 2027 Term Treasury ETF | IBTH | NASDAQ |
| · |
iShares iBonds Dec 2028 Term Treasury ETF | IBTI | NASDAQ |
| · |
iShares iBonds Dec 2029 Term Treasury ETF | IBTJ | NASDAQ |
| · |
iShares iBonds Dec 2030 Term Treasury ETF | IBTK | NASDAQ |
| · |
iShares iBonds Dec 2031 Term Treasury ETF | IBTL | NASDAQ |
| · |
iShares iBonds Dec 2032 Term Treasury ETF | IBTM | NASDAQ |
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.
The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.
In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
|
Total Returns as of October 31, 2022
| ||||||||||
| 6-Month | 12-Month | |||||||||
|
U.S. large cap equities (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 |
(19.66) |
(31.03) | ||||||||
|
3-month Treasury bills (ICE BofA 3-Month |
0.72 |
0.79 | ||||||||
|
U.S.
Treasury securities (ICE BofA 10-Year |
(8.24) |
(17.68) | ||||||||
|
U.S.
investment grade bonds (Bloomberg |
(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 |
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Annual Report: |
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Financial Statements: |
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iShares Trust
U. S. Treasury Bond Market Overview
U. S. Treasuries experienced sizable price declines in the 12 months ended October 31, 2022 (“reporting period”). The ICE BofA 1 – 10 Year U.S. Treasury Index, which tracks short- and intermediate-maturity U.S. Treasuries, returned -8.96%%.
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 ultimately climbed above 6.0% in the year’s fourth calendar quarter. 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 in an effort 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 circumstances weighed heavily on the U.S. Treasury market. The yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. At its peak on October 24, the 10-year note traded with its highest yield in nearly 15 years. These movements caused the yield curve to invert significantly over the last four months of the reporting period, a relatively rare scenario in which short-term yields trade above those on longer-term debt. The curve moved to its largest inversion since 1982 in late September, with the two-year trading with a yield more than half a percentage point above the 10-year. In the past, inversions have often—but not always—been a precursor to a recession. The past year was also notable for the extraordinarily high level of volatility. In fact, U.S. Treasuries suffered their highest volatility since the 2008 financial crisis based on the ICE BofA MOVE Index. Another unusual development was the extent of the market’s decline: as of the end of October, Treasuries were on pace for one of their worst showings in a calendar year in history. Together, these factors help illustrate the atypical and difficult nature of market environment over the past 12 months.
| 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 |
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Fund Summary as of October 31, 2022
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iShares® iBonds® Dec 2022 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2022 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2022, as represented by the ICE 2022 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
0.48 | % | 1.10 | % | 0.48 | % | 2.99 | % | ||||||||||||
|
Fund Market |
0.40 | 1.10 | 0.40 | 2.99 | ||||||||||||||||
|
Index |
0.54 | 1.19 | 0.54 | 3.21 | ||||||||||||||||
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2022 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index.
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 | $ 1,007.40 | $ 0.20 | $ 1,000.00 | $ 1,025.00 | $ 0.20 | 0.04 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Ratings* | Percent of Net Assets |
|||
|
Aaa |
22.4 | % | ||
|
Short-Term and Other Assets |
77.6 | |||
FIVE LARGEST HOLDINGS
| Security(a) | Percent of Net Assets |
|||
|
U.S. Treasury Note/Bond, 2.00%, 11/30/22 |
7.2 | % | ||
|
U.S. Treasury Note/Bond, 1.63%, 11/15/22 |
6.7 | |||
|
U.S. Treasury Note/Bond, 1.63%, 12/15/22 |
4.5 | |||
|
U.S. Treasury Note/Bond, 0.13%, 11/30/22 |
4.0 | |||
| * |
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. |
| 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 Treasury ETF |
Investment Objective
The iShares iBonds Dec 2023 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023, as represented by the ICE 2023 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
(2.39 | )% | 0.18 | % | (2.39 | )% | 0.49 | % | ||||||||||||
|
Fund Market |
(2.37 | ) | 0.22 | (2.37 | ) | 0.59 | ||||||||||||||
|
Index |
(2.34 | ) | 0.25 | (2.34 | ) | 0.67 | ||||||||||||||
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2023 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index.
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 | $ 996.40 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Ratings* | Percent of Net Assets |
|||
|
Aaa |
96.6 | % | ||
|
Short-Term and Other Assets |
3.4 | |||
FIVE LARGEST HOLDINGS
| Security(a) | Percent of Net Assets |
|||
|
U.S. Treasury Note/Bond, 0.13%, 06/30/23 |
8.8 | % | ||
|
U.S. Treasury Note/Bond, 2.88%, 11/30/23 |
8.4 | |||
|
U.S. Treasury Note/Bond, 0.25%, 09/30/23 |
7.6 | |||
|
U.S. Treasury Note/Bond, 2.50%, 08/15/23 |
7.4 | |||
|
U.S. Treasury Note/Bond, 2.75%, 05/31/23 |
6.9 | |||
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 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 Treasury ETF |
Investment Objective
The iShares iBonds Dec 2024 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2024, as represented by the ICE 2024 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
(5.43 | )% | (0.97 | )% | (5.43 | )% | (2.59 | )% | ||||||||||||
|
Fund Market |
(5.44 | ) | (0.96 | ) | (5.44 | ) | (2.56 | ) | ||||||||||||
|
Index |
(5.41 | ) | (0.93 | ) | (5.41 | ) | (2.48 | ) | ||||||||||||
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2024 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index.
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 | $ 984.60 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Ratings* | Percent of Net Assets |
|||
|
Aaa |
97.1 | % | ||
|
Not Rated |
2.3 | |||
|
Short-Term and Other Assets |
0.6 | |||
FIVE LARGEST HOLDINGS
| Security(a) | Percent of Net Assets |
|||
|
U.S. Treasury Note/Bond, 2.25%, 04/30/24 |
10.8 | % | ||
|
U.S. Treasury Note/Bond, 0.38%, 09/15/24 |
10.7 | |||
|
U.S. Treasury Note/Bond, 1.50%, 09/30/24 |
7.6 | |||
|
U.S. Treasury Note/Bond, 0.25%, 03/15/24 |
7.5 | |||
|
U.S. Treasury Note/Bond, 0.75%, 11/15/24 |
5.9 | |||
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 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 Treasury ETF |
Investment Objective
The iShares iBonds Dec 2025 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2025, as represented by the ICE 2025 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
(7.64 | )% | (2.03 | )% | (7.64 | )% | (5.35 | )% | ||||||||||||
|
Fund Market |
(7.66 | ) | (2.02 | ) | (7.66 | ) | (5.33 | ) | ||||||||||||
|
Index |
(7.62 | ) | (1.99 | ) | (7.62 | ) | (5.25 | ) | ||||||||||||
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2025 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index.
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 | $ 975.80 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Ratings* | Percent of Net Assets |
|||
|
Aaa |
99.1 | % | ||
|
Short-Term and Other Assets |
0.9 | |||
FIVE LARGEST HOLDINGS
| Security(a) | Percent of Net Assets |
|||
|
U.S. Treasury Note/Bond, 2.75%, 05/15/25 |
10.8 | % | ||
|
U.S. Treasury Note/Bond, 0.25%, 08/31/25 |
7.8 | |||
|
U.S. Treasury Note/Bond, 3.00%, 10/31/25 |
7.6 | |||
|
U.S. Treasury Note/Bond, 2.88%, 06/15/25 |
7.0 | |||
|
U.S. Treasury Note/Bond, 1.50%, 02/15/25 |
6.9 | |||
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 12 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Fund Summary as of October 31, 2022
|
iShares® iBonds® Dec 2026 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026, as represented by the ICE 2026 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
(9.70 | )% | (2.94 | )% | (9.70 | )% | (7.70 | )% | ||||||||||||
|
Fund Market |
(9.75 | ) | (2.93 | ) | (9.75 | ) | (7.67 | ) | ||||||||||||
|
Index |
(9.69 | ) | (2.92 | ) | (9.69 | ) | (7.64 | ) | ||||||||||||
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2026 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index.
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 | $ 964.90 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Ratings* | Percent of Net Assets |
|||
|
Aaa |
99.0 | % | ||
|
Short-Term and Other Assets |
1.0 | |||
FIVE LARGEST HOLDINGS
| Security(a) | Percent of Net Assets |
|||
|
U.S. Treasury Note/Bond, 0.88%, 06/30/26 |
21.9 | % | ||
|
U.S. Treasury Note/Bond, 0.75%, 05/31/26 |
13.7 | |||
|
U.S. Treasury Note/Bond, 0.75%, 08/31/26 |
8.8 | |||
|
U.S. Treasury Note/Bond, 0.75%, 03/31/26 |
7.4 | |||
|
U.S. Treasury Note/Bond, 1.50%, 08/15/26 |
6.7 | |||
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 14 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Fund Summary as of October 31, 2022
|
iShares® iBonds® Dec 2027 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2027 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2027, as represented by the ICE 2027 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year |
Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
|
(11.18 |
)% |
|
(3.81 |
)% |
|
(11.18 |
)% |
|
(9.90 |
)% | ||||||||
|
Fund Market |
|
(11.22 |
) |
|
(3.80 |
) |
|
(11.22 |
) |
|
(9.87 |
) | ||||||||
|
Index |
|
(11.20 |
) |
|
(3.77 |
) |
|
(11.20 |
) |
|
(9.77 |
) | ||||||||
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2027 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index.
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 | $ 957.30 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
|
Moody’s Credit Ratings*
|
Percent of
|
|||
|
Aaa |
|
99.3 |
% | |
|
Short-Term and Other Assets |
|
0.7 |
| |
FIVE LARGEST HOLDINGS
|
Security(a)
|
Percent of
|
|||
|
U.S. Treasury Note/Bond, 2.38%, 05/15/27 |
|
10.1 |
% | |
|
U.S. Treasury Note/Bond, 1.50%, 01/31/27 |
|
9.0 |
| |
|
U.S. Treasury Note/Bond, 2.25%, 08/15/27 |
|
8.7 |
| |
|
U.S. Treasury Note/Bond, 0.50%, 10/31/27 |
|
7.7 |
| |
|
U.S. Treasury Note/Bond, 3.25%, 06/30/27 |
|
7.5 |
| |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 16 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Fund Summary as of October 31, 2022
|
iShares® iBonds® Dec 2028 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2028 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2028, as represented by the ICE 2028 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
|
(12.70 |
)% |
|
(4.54 |
)% |
|
(12.70 |
)% |
|
(11.73 |
)% | ||||||||
|
Fund Market |
|
(12.73 |
) |
|
(4.54 |
) |
|
(12.73 |
) |
|
(11.72 |
) | ||||||||
|
Index |
|
(12.69 |
) |
|
(4.51 |
) |
|
(12.69 |
) |
|
(11.61 |
) | ||||||||
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2028 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index.
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 | $ 947.60 | $ 0.34 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
|
Moody’s Credit Ratings*
|
Percent of
|
|||
|
Aaa |
99.3 | % | ||
|
Short-Term and Other Assets |
0.7 | |||
FIVE LARGEST HOLDINGS
|
Security(a)
|
Percent of
|
|||
|
U.S. Treasury Note/Bond, 2.88%, 05/15/28 |
|
10.4 |
% | |
|
U.S. Treasury Note/Bond, 2.88%, 08/15/28 |
|
8.8 |
| |
|
U.S. Treasury Note/Bond, 1.13%, 08/31/28 |
|
8.4 |
| |
|
U.S. Treasury Note/Bond, 1.25%, 06/30/28 |
|
8.1 |
| |
|
U.S. Treasury Note/Bond, 1.00%, 07/31/28 |
|
7.8 |
| |
| * |
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. |
| 18 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Fund Summary as of October 31, 2022
|
iShares® iBonds® Dec 2029 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2029 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2029, as represented by the ICE 2029 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
|
(13.72 |
)% |
|
(4.98 |
)% |
|
(13.72 |
)% |
|
(12.82 |
)% | ||||||||
|
Fund Market |
|
(13.78 |
) |
|
(4.98 |
) |
|
(13.78 |
) |
|
(12.81 |
) | ||||||||
|
Index |
|
(13.74 |
) |
|
(4.96 |
) |
|
(13.74 |
) |
|
(12.73 |
) | ||||||||
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2029 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index.
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 | $ 941.60 | $ 0.34 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
|
Moody’s Credit Ratings*
|
Percent of
|
|||
|
Aaa |
|
98.7 |
% | |
|
Short-Term and Other Assets |
|
1.3 |
| |
FIVE LARGEST HOLDINGS
|
Security(a)
|
Percent of
|
|||
|
U.S. Treasury Note/Bond, 2.38%, 05/15/29 |
|
18.2 |
% | |
|
U.S. Treasury Note/Bond, 1.63%, 08/15/29 |
|
14.6 |
| |
|
U.S. Treasury Note/Bond, 2.63%, 02/15/29 |
|
14.5 |
| |
|
U.S. Treasury Note/Bond, 1.88%, 02/28/29 |
|
14.0 |
| |
|
U.S. Treasury Note/Bond, 1.75%, 01/31/29 |
|
10.5 |
| |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 20 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of October 31, 2022 | iShares® iBonds® Dec 2030 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2030 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2030, as represented by the ICE 2030 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
|
(15.69 |
)% |
|
(9.74 |
)% |
|
(15.69 |
)% |
|
(21.01 |
)% | ||||||||
|
Fund Market |
|
(15.71 |
) |
|
(9.72 |
) |
|
(15.71 |
) |
|
(20.96 |
) | ||||||||
|
Index |
|
(15.66 |
) |
|
(9.74 |
) |
|
(15.66 |
) |
|
(20.95 |
) | ||||||||
The inception date of the Fund was July 14, 2020. The first day of secondary market trading was July 16, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2030 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index.
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 | $ 933.20 | $ 0.34 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
|
Moody’s Credit Ratings*
|
Percent of
|
|||
|
Aaa |
|
98.8 |
% | |
|
Short-Term and Other Assets |
|
1.2 |
| |
FIVE LARGEST HOLDINGS
|
Security(a)
|
Percent of
|
|||
|
U.S. Treasury Note/Bond, 0.88%, 11/15/30 |
|
30.6 |
% | |
|
U.S. Treasury Note/Bond, 0.63%, 08/15/30 |
|
28.3 |
| |
|
U.S. Treasury Note/Bond, 0.63%, 05/15/30 |
|
22.7 |
| |
|
U.S. Treasury Note/Bond, 1.50%, 02/15/30 |
|
17.2 |
| |
| * |
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. |
| 22 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| iShares® iBonds® Dec 2031 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2031, as represented by the ICE 2031 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
|
Fund NAV |
|
(16.73 |
)% |
|
(13.63 |
)% |
|
(16.73 |
)% |
|
(17.40 |
)% | ||||||||
|
Fund Market |
|
(16.79 |
) |
|
(13.63 |
) |
|
(16.79 |
) |
|
(17.39 |
) | ||||||||
|
Index |
|
(16.68 |
) |
|
(13.64 |
) |
|
(16.68 |
) |
|
(17.33 |
) | ||||||||
The inception date of the Fund was July 13, 2021. The first day of secondary market trading was July 15, 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 | $ 926.80 | $ 0.34 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (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 |
| (continued) |
iShares® iBonds® Dec 2031 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Ratings* | Percent
of Net Assets |
|||
|
Aaa |
98.6 | % | ||
|
Short-Term and Other Assets |
1.4 | |||
FIVE LARGEST HOLDINGS
| Security(a) | Percent
of Net Assets |
|||
|
U.S. Treasury Note/Bond, 1.38%, 11/15/31 |
25.2 | % | ||
|
U.S. Treasury Note/Bond, 1.25%, 08/15/31 |
25.1 | |||
|
U.S. Treasury Note/Bond, 1.63%, 05/15/31 |
24.7 | |||
|
U.S. Treasury Note/Bond, 1.13%, 02/15/31 |
23.5 | |||
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 24 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of October 31, 2022 | iShares® iBonds® Dec 2032 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2032 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2032, as represented by the ICE 2032 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Cumulative Total Returns | ||||||||
|
Since Inception |
||||||||
|
Fund NAV |
(8.16 | )% | ||||||
|
Fund Market |
(8.22 | ) | ||||||
|
Index |
(8.15 | ) | ||||||
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 July 6, 2022. The first day of secondary market trading was July 8, 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 (07/06/22) |
(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 | $ 918.40 | $ 0.22 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % | |||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 117/365 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 |
98.7 | % | ||
|
Short-Term and Other Assets |
1.3 | |||
FIVE LARGEST HOLDINGS
| Security(a) | Percent
of Net Assets |
|||
|
U.S. Treasury Note/Bond, 2.88%, 05/15/32 |
34.2 | % | ||
|
U.S. Treasury Note/Bond, 1.88%, 02/15/32 |
32.4 | |||
|
U.S. Treasury Note/Bond, 2.75%, 08/15/32 |
32.1 | |||
| * |
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. |
|
F U N D S U M M A R Y |
25 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
| 26 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
October 31, 2022
|
iShares® iBonds® Dec 2022 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security | Par/ Shares (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
| |||||||
| U.S. Government Obligations — 22.4% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.13%, 11/30/22 |
$ | 8,205 | $ | 8,181,887 | ||||
|
1.63%, 11/15/22 |
13,470 | 13,461,862 | ||||||
|
1.63%, 12/15/22 |
9,050 | 9,028,314 | ||||||
|
2.00%, 11/30/22 |
14,535 | 14,515,965 | ||||||
|
|
|
|||||||
| 45,188,028 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 22.4% |
|
45,188,028 | ||||||
|
|
|
|||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 76.8% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
155,220 | 155,220,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 76.8% |
|
155,220,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.2% |
|
200,408,028 | ||||||
|
Other Assets Less Liabilities — 0.8% |
|
1,523,147 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 201,931,175 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares |
$ | 8,459,814 | $ | 146,760,186 | (a) | $ | — | $ | — | $ | — | $ | 155,220,000 | 155,220 | $ | 455,465 | (b) | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
|
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 45,188,028 | $ | — | $ | 45,188,028 | ||||||||
|
Money Market Funds |
155,220,000 | — | — | 155,220,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 155,220,000 | $ | 45,188,028 | $ | — | $ | 200,408,028 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
27 |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2023 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 96.6% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.13%, 03/31/23 |
$ | 25,099 | $ | 24,660,748 | ||||
|
0.13%, 04/30/23 |
50,285 | 49,216,444 | ||||||
|
0.13%, 05/31/23 |
32,345 | 31,518,686 | ||||||
|
0.13%, 06/30/23 |
102,153 | 99,172,401 | ||||||
|
0.13%, 07/31/23 |
37,692 | 36,443,453 | ||||||
|
0.13%, 08/15/23 |
10,241 | 9,884,179 | ||||||
|
0.13%, 08/31/23 |
25,152 | 24,210,957 | ||||||
|
0.13%, 10/15/23 |
274 | 262,802 | ||||||
|
0.13%, 12/15/23 |
59,726 | 56,812,025 | ||||||
|
0.25%, 04/15/23 |
50,285 | 49,357,870 | ||||||
|
0.25%, 09/30/23 |
88,079 | 84,638,606 | ||||||
|
0.25%, 11/15/23 |
1,003 | 958,340 | ||||||
|
0.50%, 11/30/23 |
39,696 | 37,982,942 | ||||||
|
1.38%, 06/30/23 |
62,908 | 61,601,085 | ||||||
|
1.50%, 01/15/23(a) |
54,905 | 54,620,043 | ||||||
|
1.75%, 05/15/23 |
31,730 | 31,265,205 | ||||||
|
2.25%, 12/31/23 |
43,864 | 42,678,691 | ||||||
|
2.38%, 01/31/23 |
76,559 | 76,226,952 | ||||||
|
2.50%, 08/15/23 |
84,810 | 83,375,125 | ||||||
|
2.75%, 05/31/23 |
78,015 | 77,237,501 | ||||||
|
2.75%, 07/31/23 |
53,469 | 52,773,485 | ||||||
|
2.88%, 10/31/23 |
3,192 | 3,140,130 | ||||||
| Security |
Par/ Shares |
Value | ||||||
|
|
||||||||
| U.S. Government Obligations (continued) | ||||||||
|
2.88%, 11/30/23 |
$ | 95,584 | $ | 93,802,511 | ||||
|
|
|
|||||||
| 1,081,840,181 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 96.6% |
|
1,081,840,181 | ||||||
|
|
|
|||||||
| Short-Term Securities | ||||||||
|
Money Market Funds — 7.3% |
|
|||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(b)(c)(d) |
81,560 | 81,560,100 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 7.3% |
|
81,560,100 | ||||||
|
|
|
|||||||
|
Total
Investments — 103.9% |
|
1,163,400,281 | ||||||
|
Liabilities in Excess of Other Assets — (3.9)% |
|
(43,786,873 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 1,119,613,408 | |||||
|
|
|
|||||||
| (a) |
All or a portion of this security is on loan. |
| (b) |
Affiliate of the Fund. |
| (c) |
Annualized 7-day yield as of period end. |
| (d) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 10/31/21 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/22 |
Shares Held at 10/31/22 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 397,000 | $ | 81,163,100 | (a) | $ | — | $ | — | $ | — | $ | 81,560,100 | 81,560 | $ | 104,923 | (b) | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
|
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 1,081,840,181 | $ | — | $ | 1,081,840,181 | ||||||||
|
Money Market Funds |
81,560,100 | — | — | 81,560,100 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 81,560,100 | $ | 1,081,840,181 | $ | — | $ | 1,163,400,281 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 28 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2024 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security | (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
| |||||||
| U.S. Government Obligations — 99.4% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.13%, 01/15/24 |
$ | 14,557 | $ | 13,786,408 | ||||
|
0.25%, 03/15/24 |
57,431 | 54,101,608 | ||||||
|
0.25%, 06/15/24 |
16,628 | 15,499,764 | ||||||
|
0.38%, 04/15/24 |
32,462 | 30,518,460 | ||||||
|
0.38%, 07/15/24 |
4,265 | 3,971,649 | ||||||
|
0.38%, 09/15/24 |
83,808 | 77,597,604 | ||||||
|
0.75%, 11/15/24 |
46,288 | 42,914,039 | ||||||
|
1.00%, 12/15/24 |
14,495 | 13,485,640 | ||||||
|
1.50%, 09/30/24 |
58,654 | 55,426,117 | ||||||
|
1.50%, 11/30/24 |
22,370 | 21,041,096 | ||||||
|
1.75%, 07/31/24 |
4,568 | 4,350,318 | ||||||
|
2.00%, 04/30/24 |
38,062 | 36,603,933 | ||||||
|
2.13%, 07/31/24 |
16,263 | 15,587,417 | ||||||
|
2.25%, 03/31/24 |
21,330 | 20,629,276 | ||||||
|
2.25%, 04/30/24 |
81,350 | 78,531,349 | ||||||
|
2.25%, 11/15/24 |
23,712 | 22,676,357 | ||||||
|
2.38%, 02/29/24 |
13,044 | 12,666,243 | ||||||
|
2.38%, 08/15/24 |
43,336 | 41,673,658 | ||||||
|
2.50%, 01/31/24 |
16,972 | 16,531,983 | ||||||
|
2.50%, 04/30/24 |
37,340 | 36,187,517 | ||||||
|
2.50%, 05/31/24 |
29,120 | 28,177,013 | ||||||
| Security | Par/ Shares (000) |
Value | ||||||
|
|
||||||||
| U.S. Government Obligations (continued) | ||||||||
|
2.75%, 02/15/24 |
$ | 28,632 | $ | 27,948,635 | ||||
|
3.00%, 06/30/24 |
35,859 | 34,924,900 | ||||||
|
3.00%, 07/31/24 |
17,374 | 16,910,467 | ||||||
|
|
|
|||||||
| 721,741,451 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.4% |
|
721,741,451 | ||||||
|
|
|
|||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.9% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
6,958 | 6,958,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.9% |
|
6,958,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 100.3% |
|
728,699,451 | ||||||
|
Liabilities in Excess of Other Assets — (0.3)% |
|
(2,407,470 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 726,291,981 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares |
$ | 58,000 | $ | 6,900,000 | (a) | $ | — | $ | — | $ | — | $ | 6,958,000 | 6,958 | $ | 15,540 | (b) | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 721,741,451 | $ | — | $ | 721,741,451 | ||||||||
|
Money Market Funds |
6,958,000 | — | — | 6,958,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 6,958,000 | $ | 721,741,451 | $ | — | $ | 728,699,451 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2025 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 99.1% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.25%, 05/31/25 |
$ | 25,550 | $ | 22,947,094 | ||||
|
0.25%, 06/30/25 |
10,748 | 9,641,292 | ||||||
|
0.25%, 08/31/25 |
29,553 | 26,287,518 | ||||||
|
0.25%, 09/30/25 |
1 | 1,065 | ||||||
|
0.25%, 10/31/25 |
1,811 | 1,600,401 | ||||||
|
0.38%, 04/30/25 |
10,225 | 9,258,418 | ||||||
|
0.38%, 11/30/25 |
24,268 | 21,457,538 | ||||||
|
1.13%, 01/15/25 |
17,929 | 16,667,667 | ||||||
|
1.13%, 02/28/25 |
3,418 | 3,166,260 | ||||||
|
1.50%, 02/15/25 |
25,120 | 23,488,555 | ||||||
|
1.75%, 03/15/25 |
19,131 | 17,971,461 | ||||||
|
2.63%, 03/31/25 |
7,684 | 7,368,548 | ||||||
|
2.63%, 04/15/25 |
12,505 | 11,974,217 | ||||||
|
2.75%, 05/15/25 |
38,284 | 36,713,854 | ||||||
|
2.75%, 06/30/25 |
15,722 | 15,061,568 | ||||||
|
2.88%, 05/31/25 |
5,113 | 4,912,793 | ||||||
|
2.88%, 06/15/25 |
24,755 | 23,795,648 | ||||||
|
2.88%, 07/31/25 |
16,794 | 16,112,864 | ||||||
|
3.00%, 07/15/25 |
14,048 | 13,529,884 | ||||||
|
3.00%, 09/30/25 |
22,221 | 21,352,316 | ||||||
| Security | Par/ Shares (000) |
Value | ||||||
|
|
||||||||
| U.S. Government Obligations (continued) | ||||||||
|
3.00%, 10/31/25 |
$ | 26,837 | $ | 25,756,278 | ||||
|
3.50%, 09/15/25 |
7,000 | 6,823,906 | ||||||
|
|
|
|||||||
| 335,889,145 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.1% |
|
335,889,145 | ||||||
|
|
|
|||||||
| Short-Term Securities | ||||||||
|
Money Market Funds — 0.5% |
|
|||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
1,600 | 1,600,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.5% |
|
1,600,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.6% |
|
337,489,145 | ||||||
|
Other Assets Less Liabilities — 0.4%. |
|
1,320,604 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0%. |
|
$ | 338,809,749 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 |
Value at 10/31/22 |
Shares 10/31/22 |
Income | Capital Gain Distributions from |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 140,000 | $ | 1,460,000 | (a) | $ | — | $ | — | $ | — | $ | 1,600,000 | 1,600 | $ | 6,510 | (b) | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 335,889,145 | $ | — | $ | 335,889,145 | ||||||||
|
Money Market Funds |
1,600,000 | — | — | 1,600,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,600,000 | $ | 335,889,145 | $ | — | $ | 337,489,145 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 30 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2026 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 99.0% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.38%, 01/31/26 |
$ | 7,753 | $ | 6,810,174 | ||||
|
0.50%, 02/28/26 |
8,663 | 7,619,041 | ||||||
|
0.63%, 07/31/26 |
1,654 | 1,440,547 | ||||||
|
0.75%, 03/31/26 |
10,137 | 8,969,838 | ||||||
|
0.75%, 04/30/26 |
7,053 | 6,223,336 | ||||||
|
0.75%, 05/31/26 |
18,961 | 16,686,245 | ||||||
|
0.75%, 08/31/26 |
12,316 | 10,753,407 | ||||||
|
0.88%, 06/30/26 |
30,223 | 26,654,353 | ||||||
|
0.88%, 09/30/26 |
2,248 | 1,968,229 | ||||||
|
1.13%, 10/31/26 |
845 | 745,096 | ||||||
|
1.25%, 11/30/26 |
6,812 | 6,030,305 | ||||||
|
1.38%, 08/31/26 |
1,761 | 1,576,487 | ||||||
|
1.50%, 08/15/26 |
8,999 | 8,098,577 | ||||||
|
1.63%, 11/30/26 |
3,510 | 3,157,989 | ||||||
|
1.88%, 07/31/26 |
3,828 | 3,499,538 | ||||||
|
2.00%, 11/15/26 |
7,195 | 6,571,150 | ||||||
|
2.25%, 03/31/26 |
3,583 | 3,340,308 | ||||||
|
2.38%, 04/30/26 |
306 | 286,170 | ||||||
|
|
|
|||||||
| 120,430,790 | ||||||||
|
|
|
|||||||
| Total Long-Term
Investments — 99.0% (Cost: $126,252,600) |
120,430,790 | |||||||
|
|
|
|||||||
| Security |
Shares |
Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.7% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
870 | $ | 870,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.7% |
|
870,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.7% |
|
121,300,790 | ||||||
|
Other Assets Less Liabilities — 0.3% |
|
380,142 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 121,680,932 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares |
$ | 30,000 | $840,000 | (a) | $ | — | $ | — | $ | — | $ | 870,000 | 870 | $3,044 | (b) | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 120,430,790 | $ | — | $ | 120,430,790 | ||||||||
|
Money Market Funds |
870,000 | — | — | 870,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 870,000 | $ | 120,430,790 | $ | — | $ | 121,300,790 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
31 |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2027 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security |
Par |
Value | ||||
|
| ||||||
|
U.S. Government Obligations |
||||||
| U.S. Government Obligations — 99.3% | ||||||
|
U.S. Treasury Note/Bond |
||||||
|
0.38%, 09/30/27 |
$ | 5,960 | $ 4,940,747 | |||
|
0.50%, 04/30/27 |
6,200 | 5,247,719 | ||||
|
0.50%, 05/31/27 |
8,074 | 6,812,184 | ||||
|
0.50%, 08/31/27 |
10,590 | 8,865,067 | ||||
|
0.50%, 10/31/27 |
12,620 | 10,497,609 | ||||
|
0.63%, 03/31/27 |
5,704 | 4,868,676 | ||||
|
0.63%, 11/30/27 |
4,353 | 3,635,018 | ||||
|
1.50%, 01/31/27 |
13,802 | 12,299,776 | ||||
|
1.88%, 02/28/27 |
7,920 | 7,165,125 | ||||
|
2.25%, 02/15/27 |
6,044 | 5,554,998 | ||||
|
2.25%, 08/15/27 |
12,938 | 11,808,220 | ||||
|
2.25%, 11/15/27 |
8,618 | 7,831,271 | ||||
|
2.38%, 05/15/27 |
14,919 | 13,737,258 | ||||
|
2.50%, 03/31/27 |
5,865 | 5,441,991 | ||||
|
2.75%, 04/30/27 |
7,049 | 6,605,497 | ||||
|
2.75%, 07/31/27 |
10,689 | 9,991,897 | ||||
|
3.25%, 06/30/27 |
10,689 | 10,227,393 | ||||
|
| ||||||
| 135,530,446 | ||||||
|
| ||||||
|
Total
Long-Term Investments — 99.3% |
|
135,530,446 | ||||
|
| ||||||
| Security |
Shares |
Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.1% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
190 | $ | 190,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.1% |
|
190,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.4% |
|
135,720,446 | ||||||
|
Other Assets Less Liabilities — 0.6% |
|
827,934 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 136,548,380 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares |
$ | 70,000 | $120,000 | (a) | $ | — | $ | — | $ | — | $ | 190,000 | 190 | $1,463 | (b) | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 135,530,446 | $ | — | $ | 135,530,446 | ||||||||
|
Money Market Funds |
190,000 | — | — | 190,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 190,000 | $ | 135,530,446 | $ | — | $ | 135,720,446 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 32 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2028 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security |
Par |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 99.3% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.75%, 01/31/28 |
$ | 2,782 | $ | 2,326,506 | ||||
|
1.00%, 07/31/28 |
3,243 | 2,707,531 | ||||||
|
1.13%, 02/29/28 |
2,638 | 2,244,760 | ||||||
|
1.13%, 08/31/28 |
3,473 | 2,913,928 | ||||||
|
1.25%, 03/31/28 |
2,595 | 2,218,576 | ||||||
|
1.25%, 04/30/28 |
1,492 | 1,272,858 | ||||||
|
1.25%, 06/30/28 |
3,284 | 2,790,116 | ||||||
|
1.25%, 09/30/28 |
2,620 | 2,210,998 | ||||||
|
1.38%, 10/31/28 |
2,346 | 1,991,069 | ||||||
|
1.50%, 11/30/28 |
2,564 | 2,189,115 | ||||||
|
2.75%, 02/15/28 |
2,682 | 2,488,941 | ||||||
|
2.88%, 05/15/28 |
3,886 | 3,617,354 | ||||||
|
2.88%, 08/15/28 |
3,274 | 3,041,134 | ||||||
|
3.13%, 11/15/28 |
2,529 | 2,376,583 | ||||||
|
|
|
|||||||
| 34,389,469 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.3% |
|
34,389,469 | ||||||
|
|
|
|||||||
| Security |
Shares |
Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.4% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
150 | $ | 150,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.4% |
|
150,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.7% |
|
34,539,469 | ||||||
|
Other Assets Less Liabilities — 0.3% |
|
97,981 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 34,637,450 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares |
$ | 40,000 | $110,000 | (a) | $ | — | $ | — | $ | — | $ | 150,000 | 150 | $ | 957 | (b) | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
| ||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||
|
| ||||||||||||||
|
Investments |
||||||||||||||
|
Assets |
||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 34,389,469 | $ | — | $34,389,469 | |||||||
|
Money Market Funds |
150,000 | — | — | 150,000 | ||||||||||
|
|
|
|
|
|
|
| ||||||||
| $ | 150,000 | $ | 34,389,469 | $ | — | $34,539,469 | ||||||||
|
|
|
|
|
|
|
| ||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
33 |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2029 Term Treasury ETF (Percentages shown are based on Net Assets) |
|
Security |
Par |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 98.7% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
1.63%, 08/15/29 |
$ | 6,588 | $ | 5,615,324 | ||||
|
1.75%, 01/31/29 |
4,646 | 4,015,160 | ||||||
|
1.75%, 11/15/29 |
3,302 | 2,834,862 | ||||||
|
1.88%, 02/28/29 |
6,156 | 5,356,790 | ||||||
|
2.38%, 05/15/29 |
7,812 | 6,993,319 | ||||||
|
2.63%, 02/15/29 |
6,107 | 5,561,777 | ||||||
|
2.75%, 05/31/29 |
3,273 | 2,996,602 | ||||||
|
2.88%, 04/30/29 |
1,559 | 1,439,977 | ||||||
|
3.13%, 08/31/29 |
3,273 | 3,066,528 | ||||||
|
|
|
|||||||
| 37,880,339 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 98.7% |
|
37,880,339 | ||||||
|
|
|
|||||||
| Security |
Shares |
Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.6% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
220 | $ | 220,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.6% |
|
220,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.3% |
|
38,100,339 | ||||||
|
Other Assets Less Liabilities — 0.7% |
|
269,876 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 38,370,215 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares |
$ | 180,000 | $ | 40,000(a) | $ | — | $ | — | $ | — | $ | 220,000 | 220 | $ | 1,285 | (b) | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 37,880,339 | $ | — | $ | 37,880,339 | ||||||||
|
Money Market Funds |
220,000 | — | — | 220,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 220,000 | $ | 37,880,339 | $ | — | $ | 38,100,339 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 34 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2030 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security | Par/ Shares (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
| |||||||
| U.S. Government Obligations — 98.8% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.63%, 05/15/30 |
$ | 21,696 | $ | 16,858,081 | ||||
|
0.63%, 08/15/30 |
27,258 | 21,054,830 | ||||||
|
0.88%, 11/15/30 |
28,901 | 22,727,770 | ||||||
|
1.50%, 02/15/30 |
15,313 | 12,829,076 | ||||||
|
|
|
|||||||
| 73,469,757 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 98.8% |
|
73,469,757 | ||||||
|
|
|
|||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.4% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
330 | 330,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.4% |
|
330,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.2% |
|
73,799,757 | ||||||
|
Other Assets Less Liabilities — 0.8% |
|
578,297 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 74,378,054 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares |
$ | 625,040 | $ | — | $ | (295,040 | )(a) | $ | — | $ | — | $ | 330,000 | 330 | $ | 5,339 | (b) | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 73,469,757 | $ | — | $ | 73,469,757 | ||||||||
|
Money Market Funds |
330,000 | — | — | 330,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 330,000 | $ | 73,469,757 | $ | — | $ | 73,799,757 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
35 |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2031 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security | Par/ Shares (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
| |||||||
| U.S. Government Obligations — 98.6% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
1.13%, 02/15/31 |
$ | 4,147 | $ | 3,315,738 | ||||
|
1.25%, 08/15/31 |
4,452 | 3,538,470 | ||||||
|
1.38%, 11/15/31 |
4,461 | 3,559,231 | ||||||
|
1.63%, 05/15/31 |
4,226 | 3,492,310 | ||||||
|
|
|
|||||||
| 13,905,749 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 98.6% |
|
13,905,749 | ||||||
|
|
|
|||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.2% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b) |
30 | 30,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.2% |
|
30,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 98.8% |
|
13,935,749 | ||||||
|
Other Assets Less Liabilities — 1.2% |
|
175,174 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 14,110,923 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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: Treasury, SL Agency Shares |
$ | — | $30,000 | (a) | $ | — | $ | — | $ | — | $ | 30,000 | 30 | $ | 895 | (b) | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 13,905,749 | $ | — | $ | 13,905,749 | ||||||||
|
Money Market Funds |
30,000 | — | — | 30,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 30,000 | $ | 13,905,749 | $ | — | $ | 13,935,749 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 36 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments October 31, 2022 |
iShares® iBonds® Dec 2032 Term Treasury ETF (Percentages shown are based on Net Assets) |
| Security |
Par |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
| |||||||
| U.S. Government Obligations — 98.7% | ||||||||
|
U.S.
Treasury Note/Bond |
$ | 1,771 | $ | 1,472,531 | ||||
|
2.75%, 08/15/32 |
1,631 | 1,459,938 | ||||||
|
2.88%, 05/15/32 |
1,715 | 1,553,588 | ||||||
|
|
|
|||||||
| 4,486,057 | ||||||||
|
Total
Investments — 98.7% |
|
4,486,057 | ||||||
|
Other Assets Less Liabilities — 1.3% |
|
57,268 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 4,543,325 | |||||
|
|
|
|||||||
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period 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 07/06/22(a) |
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: Treasury, SL Agency Shares(b) |
$ | — | $ | 0 | (c) | $ | — | $ | — | $ | — | $ | — | — | $ | 62 | (d) | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
As of period end, the entity is no longer held. |
| (c) |
Represents net amount purchased (sold). |
| (d) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||
|
Investments |
||||||||||||||
|
Assets |
||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 4,486,057 | $ | — | $4,486,057 | |||||||
|
|
|
|
|
|
|
| ||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
37 |
Statements of Assets and Liabilities
October 31, 2022
|
iShares iBonds Dec 2022 Term Treasury ETF |
iShares iBonds Dec 2023 Term Treasury ETF |
iShares iBonds Dec 2024 Term Treasury ETF |
iShares iBonds Dec 2025 Term Treasury ETF |
|||||||||||||
|
|
||||||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 45,188,028 | $ | 1,081,840,181 | $ | 721,741,451 | $ | 335,889,145 | ||||||||
|
Investments, at value — affiliated(c) |
155,220,000 | 81,560,100 | 6,958,000 | 1,600,000 | ||||||||||||
|
Cash |
4,143 | 9,684 | 1,913 | 9,525 | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
— | — | 9,655,289 | 6,569,431 | ||||||||||||
|
Securities lending income — affiliated |
1,025 | 3,582 | — | — | ||||||||||||
|
Capital shares sold |
983,863 | 14,439,466 | 193,341 | 4,626,175 | ||||||||||||
|
Dividends — affiliated |
253,743 | 63,897 | 6,553 | 2,570 | ||||||||||||
|
Interest — unaffiliated |
283,601 | 4,685,898 | 2,277,167 | 1,613,383 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
201,934,403 | 1,182,602,808 | 740,833,714 | 350,310,229 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Collateral on securities loaned, at value |
— | 48,863,100 | — | — | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
— | 14,071,521 | 14,506,004 | 11,482,996 | ||||||||||||
|
Investment advisory fees |
3,228 | 54,779 | 35,729 | 17,484 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
3,228 | 62,989,400 | 14,541,733 | 11,500,480 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||