LOGO

  OCTOBER 31, 2021

 

   2021 Annual Report

 

iShares Trust

 

·  

iShares iBonds Dec 2021 Term Corporate ETF | IBDM | NYSE Arca

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

·  

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

 

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2021

 

     6-Month   12-Month
   

U.S. large cap equities

(S&P 500® Index)

 

  10.91%   42.91%
   

U.S. small cap equities

(Russell 2000® Index)

 

   1.85     50.80  
   

International equities

(MSCI Europe, Australasia, Far East Index)

 

   4.14     34.18  
   

Emerging market equities

(MSCI Emerging Markets Index)

 

   (4.87)    16.96  
   

3-month Treasury bills

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

 

   0.01       0.06  
   

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

   1.59      (4.77) 
   

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

 

   1.06      (0.48) 
   

Tax-exempt municipal bonds

(S&P Municipal Bond Index)

 

   0.33       2.76  
   

U.S. high yield bonds

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

 

   2.36     10.53  

 

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

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     26  

Shareholder Expenses

     26  

Schedules of Investments

     27  

Financial Statements

  

Statements of Assets and Liabilities

     99  

Statements of Operations

     102  

Statements of Changes in Net Assets

     105  

Financial Highlights

     111  

Notes to Financial Statements

     122  

Report of Independent Registered Public Accounting Firm

     134  

Important Tax Information (Unaudited)

     135  

Board Review and Approval of Investment Advisory Contract

     136  

Supplemental Information

     144  

Trustee and Officer Information

     145  

General Information

     147  

 

 

 


Market Overview

 

iShares Trust

U.S. Corporate Bond Market Overview

U.S. investment-grade corporate bonds advanced for the 12 months ended October 31, 2021 (“reporting period”). The Markit iBoxx USD Liquid Investment Grade Index, a broad measure of U.S. investment-grade corporate bond performance, returned 2.28%.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

Investment-grade bond yields rose only slightly during the reporting period, even as yields rose more quickly on intermediate- and long-term U.S. Treasuries. A narrowing yield spread (the difference between yields on investment-grade corporate bonds and U.S. Treasuries) buoyed the performance of investment grade bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported investment-grade bond prices. Issuance remained elevated by historical standards, as companies took the opportunity to refinance and lock in low borrowing costs.

From a sector perspective, investment-grade bonds issued by energy companies posted solid returns, supported by rising prices for energy commodities. The prices of oil, natural gas, and coal all increased substantially during the reporting period as the global economic rebound led to higher demand for energy. At the beginning of the pandemic, oil prices declined rapidly, and investment in new projects decreased significantly. As oil prices rose during the reporting period, energy companies issued debt, primarily to refinance at lower borrowing costs.

Bonds issued by financial companies also advanced, as banks remained relatively financially healthy during the pandemic, supported by economic stimulus, strong balance sheets, and diverse revenue streams. Non-bank finance company bonds also gained, including aircraft leasing companies, which benefited from the improving financial environment of their lessees. Consumer non-cyclical company bonds gained as food and beverage companies were able to adjust pricing to increase revenues despite higher costs and supply chain difficulties.

 

 

4  

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


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

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    0.29      1.99      2.33       0.29      10.34      16.58

Fund Market

    0.21        1.92        2.32         0.21        9.97        16.47  

Index

    0.40        2.10        2.47               0.40        10.93        17.59  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 3/10/15. The first day of secondary market trading was 3/12/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning

Account Value

(05/01/21)

 

 

 

      

Ending
Account Value

(10/31/21)

 
 

 

      

Expenses
Paid During

the Period

 
 

 (a) 

           

Beginning
Account Value

(05/01/21)

 
 

 

      

Ending
Account Value

(10/31/21)

 
 

 

      

Expenses
Paid During

the Period

 
 

 (a) 

      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,001.00          $        0.40               $    1,000.00          $      1,024.80          $        0.41          0.08

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

F U N D   S U M M A R Y

  5


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*  

Percent of

Net Assets

 

Aaa

    0.1

Aa

    0.4  

A

    13.9  

Baa

    12.4  

Short-Term and Other Assets

    73.2  

FIVE LARGEST HOLDINGS

 

   
Security(a)  

Percent of

Net Assets

 

Citigroup Inc., 2.90%, 12/08/21

    3.0

Morgan Stanley, 2.63%, 11/17/21

    2.8  

General Motors Financial Co. Inc., 4.20%, 11/06/21

    2.8  

AbbVie Inc., 2.15%, 11/19/21

    2.7  

Eastman Chemical Co., 3.50%, 12/01/21

    2.2  
  *

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.

 

 

6  

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


Fund Summary as of October 31, 2021    iShares® iBonds® Dec 2022 Term Corporate ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    0.52      2.54      2.94       0.52      13.35      21.26

Fund Market

    0.36        2.45        2.93         0.36        12.87        21.18  

Index

    0.63        2.62        3.05               0.63        13.81        22.07  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 3/10/15. The first day of secondary market trading was 3/12/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value

(05/01/21)

 
 

 

      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During

the Period

 
 

 (a) 

      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,001.10          $        0.50               $    1,000.00          $      1,024.70          $        0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

F U N D   S U M M A R Y

  7


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    1.2

Aa

    10.5  

A

    47.3  

Baa

    34.9  

Ba

    1.1  

Not Rated

    1.8  

Short-Term and Other Assets

    3.2  

FIVE LARGEST HOLDINGS

 

   
Security(a)  

Percent of

Net Assets

 

Wells Fargo & Co., 3.50%, 03/08/22

    2.0

Goldman Sachs Group Inc. (The), 5.75%, 01/24/22

    1.3  

AbbVie Inc., 3.25%, 10/01/22

    0.9  

JPMorgan Chase & Co., 3.25%, 09/23/22

    0.9  

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

    0.8  
  *

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

 
  (a) 

Excludes money market funds.

 

8  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    0.72      3.21      3.49       0.72      17.11      25.60

Fund Market

    0.56        3.12        3.48         0.56        16.61        25.51  

Index

    0.81        3.31        3.55               0.81        17.67        26.04  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 3/11/15. The first day of secondary market trading was 3/12/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $    1,000.00          $    999.90          $    0.50               $    1,000.00          $    1,024.70          $    0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

 

F U N D   S U M M A R Y

  9


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    1.2

Aa

    9.6  

A

    43.8  

Baa

    40.1  

Ba

    0.7  

Not Rated

    1.2  

Short-Term and Other Assets

    3.4  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

Apple Inc., 2.40%, 05/03/23

    0.9

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

    0.8  

Dell International LLC/EMC Corp., 5.45%, 06/15/23

    0.8  

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

    0.7  

Natwest Group PLC, 3.88%, 09/12/23

    0.7  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

10  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    0.90      3.62      3.78       0.90      19.47      27.98

Fund Market

    1.02        3.53        3.79         1.02        18.95        28.03  

Index

    1.06        3.75        3.96               1.06        20.20        29.39  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 3/11/15. The first day of secondary market trading was 3/12/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $    1,000.00          $    997.60          $    0.50               $    1,000.00          $    1,024.70          $    0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

 

F U N D   S U M M A R Y

 

        11


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    0.5

Aa

    5.3  

A

    44.2  

Baa

    45.3  

Ba

    1.8  

Not Rated

    1.6  

Short-Term and Other Assets

    1.3  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

AbbVie Inc., 2.60%, 11/21/24

    0.8

Morgan Stanley, Series F, 3.88%, 04/29/24

    0.7  

Credit Suisse AG/New York NY, 3.63%, 09/09/24

    0.7  

Morgan Stanley, 3.70%, 10/23/24

    0.7  

Wells Fargo & Co., 3.75%, 01/24/24

    0.7  

 

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

12        

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    0.51      4.17      4.22       0.51      22.64      31.56

Fund Market

    0.44        4.09        4.22         0.44        22.21        31.57  

Index

    0.62        4.19        4.28               0.62        22.78        32.07  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 3/11/15. The first day of secondary market trading was 3/12/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $    1,000.00          $    998.10          $    0.50               $    1,000.00          $    1,024.70          $    0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

 

F U N D   S U M M A R Y

 

13


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    0.9

Aa

    6.8  

A

    35.1  

Baa

    52.6  

Ba

    1.8  

Not Rated

    1.5  

Short-Term and Other Assets

    1.3  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25

    0.9

AbbVie Inc., 3.60%, 05/14/25

    0.9  

Oracle Corp., 2.95%, 05/15/25

    0.8  

Visa Inc., 3.15%, 12/14/25

    0.7  

Boeing Co. (The), 4.88%, 05/01/25

    0.7  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    0.29      4.23      4.18       0.29      23.02      23.42

Fund Market

    0.25        4.13        4.21         0.25        22.43        23.57  

Index

    0.41        4.32        4.31               0.41        23.57        24.15  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 9/13/16. The first day of secondary market trading was 9/15/16.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $    1,000.00          $    999.50          $    0.50               $    1,000.00          $    1,024.70          $    0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

 

F U N D   S U M M A R Y

  15


Fund Summary as of October 31, 2021  (continued)   

iShares® iBonds® Dec 2026 Term Corporate ETF

    

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    1.2

Aa

    6.2  

A

    36.7  

Baa

    52.0  

Ba

    1.4  

Not Rated

    1.6  

Short-Term and Other Assets

    0.9  

FIVE LARGEST HOLDINGS

 

Security(a)   Percent of
Net Assets
 

Dell International LLC/EMC Corp., 6.02%, 06/15/26

    1.0

Microsoft Corp., 2.40%, 08/08/26

    0.8  

AbbVie Inc., 2.95%, 11/21/26

    0.8  

Morgan Stanley, 3.88%, 01/27/26

    0.7  

Goldman Sachs Group Inc. (The), 3.50%, 11/16/26

    0.7  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    1.01      4.82       1.01     21.50

Fund Market

    0.97        4.85         0.97       21.64  

Index

    1.17        4.89               1.17       21.81  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 9/12/17. The first day of secondary market trading was 9/14/17.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $  1,000.00          $  1,002.50          $    0.50               $    1,000.00          $    1,024.70          $    0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

 

F U N D   S U M M A R Y

  17


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    1.5

Aa

    5.6  

A

    32.0  

Baa

    57.5  

Ba

    0.4  

Not Rated

    1.7  

Short-Term and Other Assets

    1.3  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

Citigroup Inc., 4.45%, 09/29/27

    1.2

T-Mobile USA Inc., 3.75%, 04/15/27

    1.1  

BAT Capital Corp., 3.56%, 08/15/27

    1.0  

Amazon.com Inc., 3.15%, 08/22/27

    1.0  

Microsoft Corp., 3.30%, 02/06/27

    0.9  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    1.09      7.59       1.09     25.64

Fund Market

    0.91        7.59         0.91       25.64  

Index

    1.19        7.62               1.19       25.74  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 9/18/18. The first day of secondary market trading was 9/20/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $  1,000.00          $  1,013.40          $    0.51               $    1,000.00          $    1,024.70          $    0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

 

F U N D   S U M M A R Y

  19


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    0.4

Aa

    3.7  

A

    28.8  

Baa

    62.3  

Ba

    2.1  

Not Rated

    1.4  

Short-Term and Other Assets

    1.3  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

Verizon Communications Inc., 4.33%, 09/21/28

    1.5

Comcast Corp., 4.15%, 10/15/28

    1.4  

Cigna Corp., 4.38%, 10/15/28

    1.4  

Vodafone Group PLC, 4.38%, 05/30/28

    1.1  

Raytheon Technologies Corp., 4.13%, 11/16/28

    1.1  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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

 

Investment Objective

The iShares iBonds Dec 2029 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2029, as represented by the Bloomberg December 2029 Maturity Corporate Index (the “Index”) (formerly the Bloomberg Barclays December 2029 Maturity Corporate 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

    0.78      5.18       0.78     11.32

Fund Market

    0.77        5.25         0.77       11.48  

Index

    0.94        5.21               0.94       11.37  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 9/17/19. The first day of secondary market trading was 9/19/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      


Expenses
Paid During
the
Period 
 
 
 
(a)
 
      

Annualized
Expense
Ratio
 
 
 
  $  1,000.00          $  1,017.40          $  0.51               $  1,000.00          $  1,024.70          $  0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

 

F U N D   S U M M A R Y

  21


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    0.0 %(a) 

Aa

    3.5  

A

    33.1  

Baa

    57.0  

Ba

    3.0  

Not Rated

    2.2  

Short-Term and Other Assets

    1.2  

FIVE LARGEST HOLDINGS

 

   
Security(b)   Percent of
Net Assets
 

AbbVie Inc., 3.20%, 11/21/29

    1.7

Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29

    1.4  

Verizon Communications Inc., 4.02%, 12/03/29

    1.4  

International Business Machines Corp., 3.50%, 05/15/29

    1.3  

Bristol-Myers Squibb Co., 3.40%, 07/26/29

    1.2  

 

  *

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

 
  (a) 

Rounds to less than 0.1%.

 
  (b) 

Excludes money market funds.

 

 

 

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

 

Investment Objective

The iShares iBonds Dec 2030 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated, investment grade corporate bonds maturing in 2030, as represented by the Bloomberg December 2030 Maturity Corporate Index (the “Index”) (formerly the Bloomberg Barclays December 2030 Maturity Corporate 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

    0.36      1.75       0.36     2.39

Fund Market

    0.47        1.90         0.47       2.59  

Index

    0.43        1.74               0.43       2.36  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 6/23/20. The first day of secondary market trading was 6/25/20.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $  1,000.00          $  1,019.40          $  0.51               $  1,000.00          $  1,024.70          $  0.51          0.10

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

 

 

F U N D   S U M M A R Y

  23


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

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Ratings*   Percent of
Net Assets
 

Aaa

    0.4

Aa

    5.4  

A

    30.4  

Baa

    60.7  

Ba

    0.8  

Not Rated

    1.4  

Short-Term and Other Assets

    0.9  

FIVE LARGEST HOLDINGS

 

   
Security(a)   Percent of
Net Assets
 

T-Mobile USA Inc., 3.88%, 04/15/30

    1.6

Deutsche Telekom International Finance BV, 8.75%, 06/15/30

    1.2  

Boeing Co. (The), 5.15%, 05/01/30

    1.2  

AT&T Inc., 4.30%, 02/15/30

    0.9  

British Telecommunications PLC, 9.63%, 12/15/30

    0.9  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

24  

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


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

 

Investment Objective

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

Performance

 

   

    Cumulative Total Returns    

 
         

Since

Inception

 

Fund NAV

      0.16

Fund Market

      0.28  

Index

        0.01  

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

The inception date of the Fund was 6/22/21. The first day of secondary market trading was 6/24/21.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 26 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(06/22/21)(a)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(b) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(b) 
      

Annualized
Expense
Ratio
 
 
 
  $  1,000.00          $  1,001.60          $    0.36               $  1,000.00          $  1,024.70          $    0.51          0.10

 

  (a) 

The beginning of the period (commencement of operations) is June 22, 2021.

 
  (b) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (131 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Ratings*    
Percent of
Net Assets
 
 

Aa

    4.1

A

    28.3  

Baa

    60.6  

Ba

    3.6  

Not Rated

    2.4  

Short-Term and Other Assets

    1.0  

FIVE LARGEST HOLDINGS

 

Security(a)   Percent of
Net Assets
 

Verizon Communications Inc., 2.55%, 03/21/31

    2.2

Orange SA, 9.00%, 03/01/31

    1.5  

AT&T Inc., 2.75%, 06/01/31

    1.5  

T-Mobile USA Inc., 2.55%, 02/15/31

    1.4  

Sumitomo Mitsui Financial Group Inc., 2.22%, 09/17/31

    1.2  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  25


About Fund Performance   

 

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

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

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

26  

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


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2021 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security       
Par
(000)
    Value  

Corporate Bonds & Notes

   
Agriculture — 0.2%            

Philip Morris International Inc., 2.90%, 11/15/21

  $ 1,934     $ 1,935,818  
   

 

 

 
Auto Manufacturers — 3.0%            

American Honda Finance Corp., 3.38%, 12/10/21

    2,098       2,104,923  

General Motors Financial Co. Inc., 4.20%, 11/06/21(a)

    34,492       34,505,452  
   

 

 

 
      36,610,375  
Banks — 10.9%            

Australia & New Zealand Banking Group Ltd./New York NY, 2.55%, 11/23/21

    3,864       3,869,255  

BPCE SA, 2.75%, 12/02/21(a)

    18,469       18,507,970  

Citigroup Inc., 2.90%, 12/08/21
(Call 11/08/21)(a)

       37,118       37,134,332  

Credit Suisse AG/New York NY, 2.10%, 11/12/21

    19,446       19,455,917  

KeyBank N.A./Cleveland OH, 2.50%, 11/22/21

    3,658       3,662,499  

Morgan Stanley, 2.63%, 11/17/21

    34,687       34,722,034  

National Australia Bank Ltd./New York, 3.70%, 11/04/21

    472       472,090  

PNC Bank N.A., 2.55%, 12/09/21
(Call 11/09/21)

    4,879       4,881,244  

Santander Holdings USA Inc., 4.45%, 12/03/21 (Call 11/29/21)

    10,153       10,182,850  

Santander UK PLC, 3.75%, 11/15/21(a)

    593       593,735  
   

 

 

 
         133,481,926  
Chemicals — 2.2%            

Air Products and Chemicals Inc., 3.00%, 11/03/21(a)

    169       169,000  

Eastman Chemical Co., 3.50%, 12/01/21

    26,481       26,546,938  
   

 

 

 
      26,715,938  
Cosmetics & Personal Care — 0.1%            

Procter & Gamble Co. (The), 1.70%, 11/03/21

    1,218       1,218,000  
   

 

 

 
Electric — 2.0%            

American Electric Power Co. Inc., Series I, 3.65%, 12/01/21

    5,749       5,763,488  

Public Service Enterprise Group Inc., 2.00%, 11/15/21 (Call 11/09/21)

    6,001       6,002,980  

Southern Power Co., Series E, 2.50%, 12/15/21 (Call 11/15/21)

    11,589       11,598,271  

Wisconsin Public Service Corp., 3.35%, 11/21/21

    1,616       1,618,683  
   

 

 

 
      24,983,422  
Electrical Components & Equipment — 0.2%  

Emerson Electric Co., 2.63%, 12/01/21
(Call 11/01/21)(a)

    1,961       1,961,000  
   

 

 

 
Electronics — 0.4%            

Honeywell International Inc., 1.85%, 11/01/21

    4,587       4,587,000  
   

 

 

 
Food — 0.1%            

Kroger Co. (The), 2.95%, 11/01/21(a)

    1,299       1,299,000  
   

 

 

 
Health Care - Services — 0.3%            

UnitedHealth Group Inc.
2.88%, 12/15/21(a)

    3,544       3,555,128  

3.38%, 11/15/21

    546       546,601  
   

 

 

 
      4,101,729  
Household Products & Wares — 0.0%            

Clorox Co. (The), 3.80%, 11/15/21

    414       414,517  
   

 

 

 
Security   Par/
Shares
(000)
    Value  
Insurance — 0.1%            

Prudential Financial Inc., 4.50%, 11/16/21(a)

  $ 1,497     $ 1,499,470  
   

 

 

 
Internet — 1.1%            

Alibaba Group Holding Ltd., 3.13%, 11/28/21

    12,842       12,865,501  
   

 

 

 
Mining — 0.1%            

BHP Billiton Finance USA Ltd., 3.25%, 11/21/21

    1,784       1,786,837  
   

 

 

 
Oil & Gas — 0.2%            

TotalEnergies Capital SA, 4.25%, 12/15/21

    2,094       2,103,988  
   

 

 

 
Pharmaceuticals — 5.1%            

AbbVie Inc.
2.15%, 11/19/21

    32,660       32,689,394  

3.38%, 11/14/21

    13,260       13,272,862  

Johnson & Johnson, 2.45%, 12/05/21

    1,216       1,218,566  

Pfizer Inc., 2.20%, 12/15/21

    15,262       15,298,018  
   

 

 

 
      62,478,840  
Retail — 0.2%            

Lowe’s Companies Inc., 3.80%, 11/15/21(a)

    2,338       2,340,899  
   

 

 

 
Savings & Loans — 0.1%            

First Niagara Financial Group Inc., 7.25%, 12/15/21(a)

    1,137       1,146,187  
   

 

 

 
Software — 0.5%            

Roper Technologies Inc., 2.80%, 12/15/21 (Call 11/15/21)

    6,019       6,024,237  
   

 

 

 

Total Corporate Bonds & Notes — 26.8%
(Cost: $327,474,649)

      327,554,684  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 70.8%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(b)(c)(d)

    3,903       3,905,076  

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

       861,338       861,338,000  
   

 

 

 
      865,243,076  
   

 

 

 

Total Short-Term Investments — 70.8%
(Cost: $865,237,482)

      865,243,076  
   

 

 

 

Total Investments in Securities — 97.6%
(Cost: $1,192,712,131)

      1,192,797,760  

Other Assets, Less Liabilities — 2.4%

      29,217,657  
   

 

 

 

Net Assets — 100.0%

    $    1,222,015,417  
   

 

 

 

 

(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.

 

 

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

  27


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2021 Term Corporate ETF

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 77,147,141     $     $ (73,227,465 )(a)    $ 29,581     $ (44,181   $ 3,905,076       3,903     $ 119,919 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    95,658,000       765,680,000 (a)                        861,338,000       861,338       41,470        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 29,581     $ (44,181   $ 865,243,076       $ 161,389     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

 
(b) 

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

 

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1      Level 2      Level 3      Total  

Investments

           

Assets

           

Corporate Bonds & Notes

   $      $ 327,554,684      $      $ 327,554,684  

Money Market Funds

     865,243,076                      865,243,076  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $   865,243,076      $   327,554,684      $             —      $ 1,192,797,760  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

28  

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


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   

Aerospace & Defense — 0.5%

   

Boeing Co. (The)
2.13%, 03/01/22 (Call 02/01/22)

  $ 644     $ 646,402  

2.70%, 05/01/22(a)

       2,874       2,905,039  

General Dynamics Corp., 2.25%, 11/15/22
(Call 08/15/22)

    4,352       4,413,102  
   

 

 

 
      7,964,543  
Agriculture — 1.4%            

Altria Group Inc., 2.85%, 08/09/22(a)

    4,155       4,230,164  

BAT Capital Corp., 2.76%, 08/15/22
(Call 07/15/22)

    3,359       3,407,638  

Bunge Ltd. Finance Corp., 3.00%, 09/25/22
(Call 08/25/22)(a)

    4,395       4,482,549  

Philip Morris International Inc.
2.38%, 08/17/22 (Call 07/17/22)

    3,772       3,825,487  

2.50%, 08/22/22

    3,377       3,434,409  

2.50%, 11/02/22 (Call 10/02/22)

    1,644       1,676,222  

2.63%, 02/18/22 (Call 01/18/22)(a)

    1,684       1,691,999  
   

 

 

 
      22,748,468  
Airlines — 0.1%            

Southwest Airlines Co., 2.75%, 11/16/22
(Call 10/16/22)

    1,144       1,166,903  
   

 

 

 

Apparel — 0.5%

   

Ralph Lauren Corp., 1.70%, 06/15/22(a)

    2,855       2,878,611  

Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22)(a)

    1,291       1,307,873  

VF Corp., 2.05%, 04/23/22(a)

    3,572       3,598,862  
   

 

 

 
      7,785,346  
Auto Manufacturers — 4.0%            

American Honda Finance Corp.
0.40%, 10/21/22(a)

    2,215       2,214,845  

1.95%, 05/20/22

    1,888       1,904,992  

2.20%, 06/27/22

    2,611       2,642,959  

2.60%, 11/16/22

    2,611       2,667,711  

General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)

    5,003       5,077,344  

3.45%, 01/14/22 (Call 12/14/21)

    4,176       4,190,658  

3.45%, 04/10/22 (Call 02/10/22)

    4,954       4,994,325  

3.55%, 07/08/22(a)

    5,417       5,526,802  

PACCAR Financial Corp.
2.00%, 09/26/22

    905       918,204  

2.30%, 08/10/22(a)

    1,018       1,033,321  

2.65%, 05/10/22(a)

    1,945       1,969,332  

2.85%, 03/01/22(a)

    735       741,255  

Toyota Motor Corp., 2.16%, 07/02/22

    1,971       1,994,948  

Toyota Motor Credit Corp.
0.35%, 10/14/22(a)

    5,624       5,625,181  

0.45%, 07/22/22

    2,566       2,567,334  

1.15%, 05/26/22(a)

    5,022       5,045,001  

2.15%, 09/08/22(a)

    3,570       3,623,836  

2.60%, 01/11/22(a)

    3,370       3,385,199  

2.65%, 04/12/22(a)

    2,539       2,564,771  

2.80%, 07/13/22

    1,550       1,576,830  

3.30%, 01/12/22

    2,897       2,914,034  
   

 

 

 
         63,178,882  
Banks — 29.1%            

Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22

    3,281       3,337,433  

2.63%, 05/19/22(a)

    2,195       2,223,030  

2.63%, 11/09/22(a)

    4,373       4,473,317  

Banco Santander SA, 3.50%, 04/11/22

    3,912       3,963,208  

Bank of America Corp., 5.70%, 01/24/22

    3,835       3,881,979  
Security  

Par

(000)

    Value  

Banks (continued)

   

Bank of Montreal
2.05%, 11/01/22

  $ 2,146     $ 2,181,945  

2.35%, 09/11/22(a)

    6,473       6,584,983  

2.55%, 11/06/22 (Call 10/06/22)(a)

    3,660       3,733,712  

2.90%, 03/26/22(a)

    5,587       5,644,658  

Bank of New York Mellon Corp. (The)
1.95%, 08/23/22(a)

    3,859       3,909,669  

2.60%, 02/07/22 (Call 01/07/22)

    3,798       3,814,255  

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

    3,858       3,922,081  

2.45%, 09/19/22(a)

    5,458       5,565,304  

2.70%, 03/07/22(a)

    5,145       5,187,601  

Barclays Bank PLC, 1.70%, 05/12/22
(Call 04/12/22)

    7,533       7,579,479  

BBVA USA, 2.88%, 06/29/22 (Call 05/29/22)(a)

    2,863       2,905,344  

Canadian Imperial Bank of Commerce, 2.55%, 06/16/22(a)

    4,637       4,701,593  

Capital One N.A.
2.15%, 09/06/22 (Call 08/06/22)

    95       96,255  

2.65%, 08/08/22 (Call 07/08/22)

    285       289,472  

Citigroup Inc.
2.70%, 10/27/22 (Call 09/27/22)

    8,529       8,703,503  

2.75%, 04/25/22 (Call 03/25/22)(a)

    8,445       8,526,579  

4.05%, 07/30/22

    3,133       3,215,492  

4.50%, 01/14/22

    7,074       7,130,875  

Citizens Bank N.A./Providence RI
2.65%, 05/26/22 (Call 04/26/22)

    2,048       2,071,306  

3.25%, 02/14/22 (Call 01/14/22)

    2,301       2,314,898  

Cooperatieve Rabobank U.A
3.88%, 02/08/22(a)

    8,475       8,555,004  

3.95%, 11/09/22

    5,807       6,003,567  

Cooperatieve Rabobank UA/NY, 2.75%, 01/10/22

    1,260       1,265,305  

Credit Suisse AG/New York NY, 2.80%, 04/08/22(a)

    5,784       5,844,616  

Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22

    9,404       9,670,885  

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

    4,268       4,382,169  

Series D, 5.00%, 02/14/22(a)

    4,083       4,133,670  

Fifth Third Bancorp
2.60%, 06/15/22 (Call 05/15/22)(a)

    3,102       3,137,890  

3.50%, 03/15/22 (Call 02/15/22)(a)

    1,862       1,879,298  

First Republic Bank/CA, 2.50%, 06/06/22
(Call 05/06/22)

    1,929       1,950,354  

Goldman Sachs Group Inc. (The), 5.75%, 01/24/22(a)

    19,798       20,044,089  

HSBC Holdings PLC, 4.00%, 03/30/22(a)

    3,896       3,955,570  

Huntington Bancshares Inc./OH, 2.30%, 01/14/22 (Call 12/14/21)

    3,161       3,168,428  

Huntington National Bank (The)
2.50%, 08/07/22 (Call 07/07/22)(a)

    2,086       2,116,831  

3.13%, 04/01/22 (Call 03/01/22)

    1,927       1,945,306  

ING Groep NV, 3.15%, 03/29/22(a)

    5,177       5,235,086  

JPMorgan Chase & Co.
3.25%, 09/23/22

       13,239          13,583,346  

4.50%, 01/24/22(a)

    7,589       7,660,944  

KeyBank N.A./Cleveland OH
2.30%, 09/14/22(a)

    5,107       5,195,096  

2.40%, 06/09/22

    2,526       2,557,550  

3.18%, 05/22/22(a)

    1,137       1,155,147  

3.30%, 02/01/22(a)

    1,871       1,885,201  

Lloyds Bank PLC, 2.25%, 08/14/22

    1,058       1,073,891  

Lloyds Banking Group PLC, 3.00%, 01/11/22

    6,213       6,244,935  

Manufacturers & Traders Trust Co., 2.50%, 05/18/22 (Call 04/18/22)(a)

    2,946       2,975,195  

 

 

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

  29


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

Mitsubishi UFJ Financial Group Inc.
2.62%, 07/18/22(a)

  $ 8,415     $ 8,546,190  

2.67%, 07/25/22

    7,755       7,881,406  

3.00%, 02/22/22(a)

    3,172       3,198,201  

3.22%, 03/07/22

    6,673       6,737,995  

Mizuho Financial Group Inc.
2.60%, 09/11/22(a)

    5,772       5,878,032  

2.95%, 02/28/22

    5,752       5,800,144  

Morgan Stanley
2.75%, 05/19/22

       11,327          11,475,723  

4.88%, 11/01/22

    7,701       8,027,291  

MUFG Americas Holdings Corp., 3.50%, 06/18/22

    630       641,586  

MUFG Union Bank N.A.
2.10%, 12/09/22 (Call 11/09/22)

    4,975       5,056,640  

3.15%, 04/01/22 (Call 03/01/22)(a)

    3,327       3,358,939  

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

    2,092       2,127,397  

2.50%, 05/22/22(a)

    3,292       3,332,821  

2.80%, 01/10/22(a)

    2,995       3,009,616  

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

    3,180       3,364,122  

Northern Trust Corp., 2.38%, 08/02/22(a)

    2,289       2,322,145  

PNC Bank N.A.
2.45%, 07/28/22 (Call 06/28/22)

    2,711       2,749,090  

2.63%, 02/17/22 (Call 01/18/22)(a)

    3,632       3,649,869  

2.70%, 11/01/22 (Call 10/01/22)

    4,514       4,605,228  

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

    2,101       2,152,201  

3.30%, 03/08/22 (Call 02/06/22)

    2,392       2,410,801  

Royal Bank of Canada
2.75%, 02/01/22(a)

    4,047       4,072,091  

2.80%, 04/29/22(a)

    4,421       4,475,467  

Santander Holdings USA Inc., 3.70%, 03/28/22
(Call 02/28/22)

    3,300       3,332,670  

Skandinaviska Enskilda Banken AB, 2.80%, 03/11/22(a)

    1,680       1,694,532  

Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22(a)

    3,402       3,469,394  

Sumitomo Mitsui Financial Group Inc.
2.78%, 07/12/22

    5,053       5,138,446  

2.78%, 10/18/22

    5,740       5,867,428  

2.85%, 01/11/22

    3,168       3,183,460  

Synchrony Bank, 3.00%, 06/15/22
(Call 05/15/22)

    3,012       3,052,210  

Synovus Financial Corp., 3.13%, 11/01/22
(Call 10/01/22)

    1,703       1,737,162  

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

    5,993       6,087,210  

Truist Bank
2.45%, 08/01/22 (Call 07/01/22)(a)

    3,717       3,768,295  

2.63%, 01/15/22 (Call 12/15/21)(a)

    2,209       2,215,185  

2.80%, 05/17/22 (Call 04/17/22)(a)

    5,128       5,185,793  

Truist Financial Corp.
2.70%, 01/27/22 (Call 12/27/21)

    3,658       3,671,425  

2.75%, 04/01/22 (Call 03/01/22)(a)

    3,800       3,829,944  

3.05%, 06/20/22 (Call 05/20/22)(a)

    7,727       7,842,364  

3.95%, 03/22/22 (Call 02/22/22)(a)

    1,140       1,152,654  

U.S. Bancorp
2.95%, 07/15/22 (Call 06/15/22)

    5,379       5,465,387  

3.00%, 03/15/22 (Call 02/15/22)(a)

    2,950       2,973,128  

Series V, 2.63%, 01/24/22 (Call 12/23/21)

    6,397       6,418,558  

U.S. Bank N.A./Cincinnati OH
1.80%, 01/21/22 (Call 12/21/21)

    2,647       2,652,850  

2.65%, 05/23/22 (Call 04/22/22)(a)

    3,203       3,238,745  
Security   Par
(000)
    Value  

Banks (continued)

   

Wells Fargo & Co.
2.63%, 07/22/22

  $ 2,150     $ 2,185,432  

3.50%, 03/08/22(a)

       30,708       31,046,709  

Westpac Banking Corp.
2.50%, 06/28/22(a)

    4,124       4,183,179  

2.80%, 01/11/22(a)

    3,506       3,523,320  
   

 

 

 
         459,365,819  
Beverages — 1.0%            

Beam Suntory Inc., 3.25%, 05/15/22
(Call 02/15/22)

    829       835,798  

Diageo Investment Corp.
2.88%, 05/11/22

    4,093       4,146,168  

8.00%, 09/15/22(a)

    303       322,937  

Molson Coors Beverage Co., 3.50%, 05/01/22(a)

    1,442       1,464,092  

PepsiCo Inc.
2.25%, 05/02/22 (Call 04/02/22)(a)

    2,471       2,491,361  

2.75%, 03/05/22

    4,021       4,054,214  

3.10%, 07/17/22 (Call 05/17/22)(a)

    2,692       2,734,614  
   

 

 

 
      16,049,184  
Biotechnology — 1.4%            

Amgen Inc.
2.65%, 05/11/22 (Call 04/11/22)(a)

    5,347       5,401,967  

2.70%, 05/01/22 (Call 03/01/22)(a)

    1,942       1,956,759  

3.63%, 05/15/22 (Call 02/15/22)(a)

    2,406       2,427,438  

Biogen Inc., 3.63%, 09/15/22(a)

    6,134       6,302,685  

Gilead Sciences Inc.
1.95%, 03/01/22 (Call 02/01/22)(a)

    1,785       1,792,319  

3.25%, 09/01/22 (Call 07/01/22)(a)

    3,926       4,000,044  
   

 

 

 
      21,881,212  
Chemicals — 1.2%            

Cabot Corp., 3.70%, 07/15/22

    604       616,744  

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

    2,011       2,090,696  

Eastman Chemical Co., 3.60%, 08/15/22
(Call 05/15/22)

    2,948       2,995,257  

FMC Corp., 3.95%, 02/01/22 (Call 11/29/21)

    235       235,613  

Linde Inc./CT
2.20%, 08/15/22 (Call 05/15/22)

    1,835       1,853,332  

2.45%, 02/15/22 (Call 11/15/21)(a)

    2,246       2,247,774  

Mosaic Co. (The), 3.25%, 11/15/22
(Call 10/15/22)

    4,099       4,199,672  

NewMarket Corp., 4.10%, 12/15/22

    939       972,673  

Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22)

    3,093       3,147,622  

RPM International Inc., 3.45%, 11/15/22
(Call 08/15/22)(a)

    1,072       1,095,080  
   

 

 

 
      19,454,463  
Commercial Services — 1.0%            

Block Financial LLC, 5.50%, 11/01/22
(Call 05/01/22)

    2,074       2,121,163  

Cintas Corp. No. 2
2.90%, 04/01/22 (Call 03/01/22)

    2,193       2,211,334  

3.25%, 06/01/22 (Call 03/01/22)

    450       454,316  

Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)

    2,191       2,241,590  

Moody’s Corp., 4.50%, 09/01/22 (Call 06/01/22)

    2,165       2,213,777  

PayPal Holdings Inc., 2.20%, 09/26/22(a)

    4,234       4,303,776  

Verisk Analytics Inc., 4.13%, 09/12/22

    1,707       1,757,749  
   

 

 

 
      15,303,705  
Computers — 4.0%            

Apple Inc.
1.70%, 09/11/22(a)

    3,621       3,663,547  

2.10%, 09/12/22 (Call 08/12/22)(a)

    6,059       6,139,524  

2.15%, 02/09/22

    3,681       3,700,141  

2.30%, 05/11/22 (Call 04/11/22)

    2,680       2,704,066  

2.50%, 02/09/22 (Call 01/09/22)

    4,615       4,634,845  

2.70%, 05/13/22

    6,181       6,259,437  

 

 

30  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Computers (continued)

   

Genpact Luxembourg Sarl, 3.70%, 04/01/22 (Call 03/01/22)

  $ 1,382     $ 1,396,041  

Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22)

    5,815       5,988,520  

HP Inc., 4.05%, 09/15/22

    4,510       4,641,827  

International Business Machines Corp.
1.88%, 08/01/22

    3,560       3,599,765  

2.50%, 01/27/22(a)

    4,877       4,902,994  

2.85%, 05/13/22

       10,359       10,500,918  

2.88%, 11/09/22

    4,160       4,264,874  
   

 

 

 
         62,396,499  
Cosmetics & Personal Care — 0.9%            

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

    1,088       1,108,215  

Procter & Gamble Co. (The)
2.15%, 08/11/22

    5,269       5,345,032  

2.30%, 02/06/22

    2,501       2,514,730  

Unilever Capital Corp.
2.20%, 05/05/22 (Call 04/05/22)

    2,681       2,702,475  

3.00%, 03/07/22

    2,101       2,120,728  
   

 

 

 
      13,791,180  
Diversified Financial Services — 5.0%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.50%, 05/26/22 (Call 04/26/22)(a)

    2,160       2,189,678  

4.63%, 07/01/22

    1,547       1,588,181  

Air Lease Corp.
2.63%, 07/01/22 (Call 06/01/22)

    2,575       2,605,179  

3.50%, 01/15/22

    2,288       2,301,659  

3.75%, 02/01/22 (Call 12/01/21)

    1,596       1,600,229  

Ally Financial Inc.
4.13%, 02/13/22

    1,445       1,459,696  

4.63%, 05/19/22(a)

    2,110       2,156,378  

American Express Co.
2.50%, 08/01/22 (Call 07/01/22)

    6,353       6,440,227  

2.65%, 12/02/22

    6,786       6,942,349  

2.75%, 05/20/22 (Call 04/20/22)

    4,840       4,893,918  

American Express Credit Corp., 2.70%, 03/03/22 (Call 01/31/22)

    4,740       4,768,867  

Ameriprise Financial Inc., 3.00%, 03/22/22(a)

    2,999       3,029,830  

Capital One Financial Corp., 3.05%, 03/09/22 (Call 02/09/22)(a)

    3,271       3,293,635  

CME Group Inc., 3.00%, 09/15/22(a)

    3,955       4,046,677  

Discover Financial Services
3.85%, 11/21/22(a)

    3,122       3,227,243  

5.20%, 04/27/22

    1,330       1,360,324  

Franklin Resources Inc., 2.80%, 09/15/22(a)

    1,075       1,097,661  

Intercontinental Exchange Inc., 2.35%, 09/15/22 (Call 08/15/22)(a)

    2,617       2,657,066  

International Lease Finance Corp., 5.88%, 08/15/22(a)

    3,965       4,128,953  

Invesco Finance PLC, 3.13%, 11/30/22

    1,774       1,823,583  

ORIX Corp., 2.90%, 07/18/22

    2,944       2,991,958  

Synchrony Financial, 2.85%, 07/25/22 (Call 06/25/22)(a)

    2,845       2,887,419  

Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)

    3,496       3,546,028  

2.80%, 12/14/22 (Call 10/14/22)

    7,560       7,737,735  
   

 

 

 
      78,774,473  
Electric — 6.0%            

AEP Texas Inc., 2.40%, 10/01/22
(Call 09/01/22)

    1,615       1,639,548  

Alabama Power Co., Series 17-A, 2.45%, 03/30/22 (Call 02/28/22)

    1,921       1,934,217  

Ameren Illinois Co., 2.70%, 09/01/22
(Call 06/01/22)

    1,585       1,606,619  
Security   Par
(000)
    Value  

Electric (continued)

   

American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22)

  $ 1,796     $ 1,833,070  

CenterPoint Energy Houston Electric LLC, 2.25%, 08/01/22 (Call 05/01/22)

    710       716,660  

CenterPoint Energy Inc., 2.50%, 09/01/22
(Call 08/01/22)(a)

       2,656       2,695,654  

Dominion Energy Inc.
Series B, 2.75%, 01/15/22 (Call 12/15/21)

    1,353       1,356,883  

Series B, 2.75%, 09/15/22 (Call 06/15/22)

    1,993       2,020,663  

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

    2,097       2,130,930  

Series H, 0.55%, 11/01/22

    2,841       2,841,767  

Duke Energy Carolinas LLC, 3.35%, 05/15/22(a)

    808       821,033  

Duke Energy Corp.
2.40%, 08/15/22 (Call 07/15/22)(a)

    2,038       2,066,593  

3.05%, 08/15/22 (Call 05/15/22)(a)

    2,809       2,847,315  

Duke Energy Progress LLC, 2.80%, 05/15/22 (Call 02/15/22)(a)

    2,040       2,054,035  

Edison International
2.40%, 09/15/22 (Call 08/15/22)

    1,555       1,572,898  

3.13%, 11/15/22 (Call 10/15/22)

    1,199       1,221,613  

Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)

    2,949       3,001,256  

Eversource Energy, Series K, 2.75%, 03/15/22 (Call 02/15/22)

    3,468       3,490,299  

Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22)

    4,598       4,664,579  

Exelon Generation Co. LLC
3.40%, 03/15/22 (Call 02/15/22)

    1,163       1,172,734  

4.25%, 06/15/22 (Call 03/15/22)(a)

    2,180       2,210,084  

Georgia Power Co., 2.85%, 05/15/22

    1,627       1,648,363  

ITC Holdings Corp., 2.70%, 11/15/22
(Call 10/15/22)

    2,598       2,648,999  

National Rural Utilities Cooperative Finance Corp.
1.75%, 01/21/22(a)

    1,822       1,827,794  

2.30%, 09/15/22 (Call 08/15/22)(a)

    3,890       3,947,650  

2.40%, 04/25/22 (Call 03/25/22)

    1,623       1,636,357  

3.05%, 02/15/22 (Call 11/15/21)

    939       939,948  

NextEra Energy Capital Holdings Inc.
1.95%, 09/01/22(a)

    1,195       1,210,033  

2.90%, 04/01/22(a)

    5,686       5,746,044  

Northern States Power Co./MN, 2.15%, 08/15/22 (Call 02/15/22)

    1,245       1,251,785  

NSTAR Electric Co., 2.38%, 10/15/22
(Call 07/15/22)(a)

    1,604       1,626,953  

Oncor Electric Delivery Co. LLC
4.10%, 06/01/22 (Call 03/01/22)(a)

    1,645       1,664,608  

7.00%, 09/01/22

    1,822       1,918,020  

Pacific Gas and Electric Co., 1.75%, 06/16/22
(Call 11/09/21)

    9,495       9,485,220  

PacifiCorp, 2.95%, 02/01/22 (Call 11/01/21)

    828       828,000  

PECO Energy Co., 2.38%, 09/15/22 (Call 06/15/22)

    1,410       1,428,513  

Progress Energy Inc., 3.15%, 04/01/22
(Call 01/01/22)(a)

    2,006       2,014,806  

Public Service Co. of Colorado, 2.25%, 09/15/22
(Call 03/15/22)(a)

    1,149       1,157,319  

Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 10/15/22)(a)

    2,934       2,991,330  

Puget Energy Inc., 5.63%, 07/15/22
(Call 04/15/22)

    1,705       1,744,164  

Sempra Energy, 2.88%, 10/01/22 (Call 07/01/22)

    2,723       2,763,491  

Southern California Edison Co., Series B, 2.40%, 02/01/22 (Call 12/01/21)(a)

    1,000       1,001,570  

Virginia Electric & Power Co.
2.95%, 01/15/22 (Call 11/19/21)(a)

    333       333,420  

3.45%, 09/01/22 (Call 06/01/22)(a)

    1,178       1,198,698  
   

 

 

 
         94,911,535  

 

 

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

  31


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

 
Electronics — 0.9%            

Arrow Electronics Inc., 3.50%, 04/01/22
(Call 02/01/22)

  $     830     $ 836,159  

Avnet Inc., 4.88%, 12/01/22(a)

    1,277       1,331,541  

Honeywell International Inc.
0.48%, 08/19/22 (Call 11/09/21)(a)

    4,387       4,387,263  

2.15%, 08/08/22 (Call 07/08/22)

    3,104       3,143,048  

Jabil Inc., 4.70%, 09/15/22

    3,366       3,483,204  

Tyco Electronics Group SA, 3.50%, 02/03/22
(Call 11/03/21)

    473       473,000  
   

 

 

 
      13,654,215  
Environmental Control — 0.3%            

Waste Management Inc., 2.90%, 09/15/22
(Call 06/15/22)

    4,845       4,920,001  
   

 

 

 

Food — 1.3%

   

Campbell Soup Co., 2.50%, 08/02/22(a)

    2,243       2,277,206  

General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22)

    2,017       2,053,891  

Kroger Co. (The)
2.80%, 08/01/22 (Call 07/01/22)(a)

    1,675       1,701,582  

3.40%, 04/15/22 (Call 01/15/22)

    1,321       1,329,151  

McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22)

    3,311       3,363,877  

Mondelez International Inc., 0.63%, 07/01/22(a)

    5,038       5,047,874  

Sysco Corp., 2.60%, 06/12/22(a)

    1,688       1,709,522  

Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)

    3,608       3,662,986  
   

 

 

 
      21,146,089  

Health Care - Products — 0.6%

   

Abbott Laboratories, 2.55%, 03/15/22(a)

    2,870       2,893,850  

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

    3,356       3,409,226  

Zimmer Biomet Holdings Inc., 3.15%, 04/01/22
(Call 02/01/22)

    2,922       2,940,876  
   

 

 

 
      9,243,952  
Health Care - Services — 2.0%            

Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22)

    5,178       5,267,890  

Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)(a)

    2,964       3,034,602  

3.13%, 05/15/22

    3,281       3,328,312  

CommonSpirit Health, 2.95%, 11/01/22

    1,527       1,560,060  

Dignity Health, 3.13%, 11/01/22

    130       132,908  

Humana Inc.
2.90%, 12/15/22 (Call 11/15/22)

    1,654       1,693,018  

3.15%, 12/01/22 (Call 09/01/22)(a)

    2,720       2,778,426  

Kaiser Foundation Hospitals, 3.50%, 04/01/22(a)

    682       689,932  

UnitedHealth Group Inc.
2.38%, 10/15/22

    3,610       3,678,698  

2.88%, 03/15/22 (Call 12/15/21)

    4,040       4,052,524  

3.35%, 07/15/22(a)

    4,570       4,667,889  
   

 

 

 
      30,884,259  
Holding Companies - Diversified — 0.2%            

Ares Capital Corp., 3.63%, 01/19/22
(Call 12/19/21)(a)

    1,986       1,993,706  

FS KKR Capital Corp., 4.75%, 05/15/22
(Call 04/15/22)(a)

    1,855       1,887,870  
   

 

 

 
      3,881,576  
Home Builders — 0.3%            

DR Horton Inc., 4.38%, 09/15/22 (Call 06/15/22)

    1,592       1,628,680  

Lennar Corp., 4.75%, 11/15/22 (Call 08/15/22)(a)

    1,040       1,073,945  

NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)

    2,402       2,450,040  
   

 

 

 
      5,152,665  
Home Furnishings — 0.1%            

Leggett & Platt Inc., 3.40%, 08/15/22 (Call 05/15/22)

    1,211       1,229,492  

Whirlpool Corp., 4.70%, 06/01/22(a)

    794       812,857  
   

 

 

 
      2,042,349  
Security  

Par

(000)

    Value  

 

 
Household Products & Wares — 0.5%            

Church & Dwight Co. Inc.
2.45%, 08/01/22 (Call 07/01/22)(a)

  $     1,595     $ 1,616,389  

2.88%, 10/01/22

    1,026       1,049,106  

Clorox Co. (The), 3.05%, 09/15/22
(Call 06/15/22)(a)

    4,273       4,340,428  

Kimberly-Clark Corp., 2.40%, 03/01/22

    972       978,590  
   

 

 

 
      7,984,513  
Insurance — 1.4%            

Alleghany Corp., 4.95%, 06/27/22(a)

    959       986,168  

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

    2,829       2,876,046  

Berkshire Hathaway Finance Corp., 3.00%, 05/15/22(a)

    3,559       3,610,107  

Berkshire Hathaway Inc., 3.40%, 01/31/22(a)

    2,354       2,372,055  

Chubb INA Holdings Inc., 2.88%, 11/03/22 (Call 09/03/22)(a)

    1,314       1,340,766  

Enstar Group Ltd., 4.50%, 03/10/22 (Call 02/10/22)

    329       332,471  

Fidelity National Financial Inc., 5.50%, 09/01/22

    2,094       2,177,928  

Globe Life Inc., 3.80%, 09/15/22

    50       51,398  

Lincoln National Corp., 4.20%, 03/15/22(a)

    1,240       1,257,286  

Markel Corp., 4.90%, 07/01/22(a)

    1,759       1,807,935  

Marsh & McLennan Companies Inc.,
2.75%, 01/30/22 (Call 12/30/21)(a)

    1,573       1,579,182  

Primerica Inc., 4.75%, 07/15/22

    565       581,594  

Principal Financial Group Inc., 3.30%, 09/15/22

    1,527       1,564,106  

Sompo International Holdings Ltd., 4.70%, 10/15/22(a)

    646       668,532  

WR Berkley Corp., 4.63%, 03/15/22(a)

    1,147       1,163,024  
   

 

 

 
      22,368,598  
Internet — 1.5%            

Amazon.com Inc., 2.50%, 11/29/22
(Call 08/29/22)(a)

    6,200       6,306,330  

Baidu Inc.
2.88%, 07/06/22(a)

    3,410       3,452,727  

3.50%, 11/28/22(a)

    2,792       2,865,960  

E*TRADE Financial Corp., 2.95%, 08/24/22 (Call 07/24/22)(a)

    3,357       3,416,990  

eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)

    2,490       2,514,825  

3.80%, 03/09/22 (Call 02/09/22)

    2,792       2,817,686  

TD Ameritrade Holding Corp., 2.95%, 04/01/22
(Call 02/01/22)

    2,834       2,851,968  
   

 

 

 
      24,226,486  
Iron & Steel — 0.2%            

Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22)

    2,595       2,652,661  
   

 

 

 

Lodging — 0.1%

   

Marriott International Inc./MD, 2.30%, 01/15/22
(Call 12/15/21)

    950       951,947  
   

 

 

 

Machinery — 2.8%

   

ABB Finance USA Inc., 2.88%, 05/08/22(a)

    5,501       5,572,348  

Caterpillar Financial Services Corp.
0.95%, 05/13/22(a)

    3,477       3,489,795  

1.90%, 09/06/22(a)

    3,054       3,094,466  

1.95%, 11/18/22

    3,522       3,577,014  

2.40%, 06/06/22(a)

    1,961       1,985,179  

2.55%, 11/29/22(a)

    2,843       2,906,228  

2.85%, 06/01/22(a)

    1,563       1,585,538  

2.95%, 02/26/22(a)

    2,447       2,467,506  

CNH Industrial Capital LLC, 4.38%, 04/05/22

    1,998       2,028,809  

Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)

    3,764       3,794,752  

John Deere Capital Corp.
0.55%, 07/05/22

    1,905       1,907,934  

1.95%, 06/13/22(a)

    1,646       1,662,559  

2.15%, 09/08/22(a)

    2,348       2,382,234  

 

 

32  

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


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
Machinery (continued)            

2.65%, 01/06/22

  $ 2,020     $ 2,028,524  

2.75%, 03/15/22

    1,467       1,480,291  

2.95%, 04/01/22(a)

      2,272       2,296,765  

3.20%, 01/10/22

    1,631       1,640,019  
   

 

 

 
      43,899,961  
Manufacturing — 1.0%            

3M Co., 2.00%, 06/26/22

    3,263       3,298,567  

Carlisle Companies Inc., 3.75%, 11/15/22
(Call 08/15/22)(a)

    211       216,326  

Eaton Corp., 2.75%, 11/02/22

    6,905       7,058,912  

General Electric Co.
2.70%, 10/09/22

    1,915       1,953,606  

3.15%, 09/07/22

    317       324,627  

Parker-Hannifin Corp., 3.50%, 09/15/22(a)

    2,096       2,149,993  
   

 

 

 
      15,002,031  
Media — 2.1%            

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, 07/23/22 (Call 05/23/22)

    11,522       11,765,114  

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

    4,054       4,432,684  

Fox Corp., 3.67%, 01/25/22(a)

    2,200       2,216,874  

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

    3,525       3,592,504  

2.45%, 03/04/22

    2,068       2,083,324  

2.55%, 02/15/22(a)

    2,167       2,181,107  

Walt Disney Co. (The)
1.65%, 09/01/22(a)

    1,674       1,691,309  

3.00%, 09/15/22

    5,279       5,396,722  
   

 

 

 
      33,359,638  
Mining — 0.2%            

BHP Billiton Finance USA Ltd., 2.88%, 02/24/22

    2,810       2,832,255  

Newmont Corp., 3.50%, 03/15/22 (Call 12/15/21)

    97       97,357  

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

    899       923,579  
   

 

 

 
      3,853,191  
Oil & Gas — 2.5%            

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

    3,885       3,961,029  

Chevron Corp.
2.36%, 12/05/22 (Call 09/05/22)

    7,167       7,289,269  

2.41%, 03/03/22 (Call 01/03/22)(a)

    2,876       2,885,951  

2.50%, 03/03/22 (Call 02/03/22)

    2,362       2,375,416  

Chevron USA Inc., 0.33%, 08/12/22

    337       337,013  

ConocoPhillips Co., 2.40%, 12/15/22
(Call 09/15/22)

    780       791,996  

Exxon Mobil Corp.
1.90%, 08/16/22(a)

    3,939       3,986,544  

2.40%, 03/06/22 (Call 01/06/22)

    3,229       3,240,980  

Phillips 66, 4.30%, 04/01/22

    6,408       6,512,002  

Shell International Finance BV, 2.38%, 08/21/22(a)

    4,810       4,887,826  

TotalEnergies Capital International SA, 2.88%, 02/17/22(a)

    3,692       3,718,361  
   

 

 

 
      39,986,387  
Oil & Gas Services — 0.4%            

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22)

    5,473       5,595,650  
   

 

 

 

Pharmaceuticals — 8.1%

   

AbbVie Inc.
2.30%, 11/21/22

    9,742       9,921,545  

2.90%, 11/06/22

    12,047       12,328,779  

3.20%, 11/06/22 (Call 09/06/22)

    2,979       3,045,342  

3.25%, 10/01/22 (Call 07/01/22)

    14,326       14,580,573  
Security   Par
(000)
    Value  

 

 
Pharmaceuticals (continued)            

3.45%, 03/15/22 (Call 01/15/22)(a)

  $ 7,368     $ 7,413,461  

AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22)

      4,690       4,740,042  

Bristol-Myers Squibb Co.
2.00%, 08/01/22(a)

    2,368       2,397,126  

2.60%, 05/16/22(a)

    5,034       5,097,831  

3.25%, 08/15/22

    2,770       2,832,879  

3.55%, 08/15/22

    3,240       3,318,862  

Cigna Corp., 3.05%, 11/30/22 (Call 10/31/22)

    1,773       1,817,821  

CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)

    4,379       4,458,742  

3.50%, 07/20/22 (Call 05/20/22)

    5,494       5,584,926  

4.75%, 12/01/22 (Call 09/01/22)

    2,102       2,174,078  

Eli Lilly & Co., 2.35%, 05/15/22

    3,594       3,635,223  

GlaxoSmithKline Capital PLC
2.85%, 05/08/22

    6,802       6,889,134  

2.88%, 06/01/22 (Call 05/01/22)

    5,210       5,275,907  

Johnson & Johnson, 2.25%, 03/03/22
(Call 02/03/22)(a)

    3,410       3,427,118  

McKesson Corp., 2.70%, 12/15/22 (Call 09/15/22)

    1,826       1,859,471  

Merck & Co. Inc.
2.35%, 02/10/22(a)

    3,785       3,807,104  

2.40%, 09/15/22 (Call 06/15/22)

    6,001       6,075,832  

Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)(a)

    4,450       4,493,210  

2.40%, 09/21/22(a)

    6,143       6,256,891  

Pfizer Inc., 2.80%, 03/11/22(a)

    1,943       1,960,390  

Viatris Inc., 1.13%, 06/22/22(a)(c)

    4,434       4,449,962  
   

 

 

 
      127,842,249  
Pipelines — 3.1%            

Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22)(a)

    3,140       3,186,598  

Energy Transfer LP
4.65%, 02/15/22

    881       891,255  

5.20%, 02/01/22 (Call 11/01/21)

    4,977       4,977,000  

Energy Transfer LP/Regency Energy Finance Corp.
5.00%, 10/01/22 (Call 07/01/22)(a)

    2,804       2,883,914  

5.88%, 03/01/22 (Call 12/01/21)

    2,908       2,920,533  

Enterprise Products Operating LLC
3.50%, 02/01/22

    2,156       2,172,860  

4.05%, 02/15/22

    2,216       2,239,024  

Kinder Morgan Energy Partners LP
3.95%, 09/01/22 (Call 06/01/22)(a)

    3,735       3,810,073  

4.15%, 03/01/22

    1,379       1,395,507  

MPLX LP, 3.50%, 12/01/22 (Call 11/01/22)

    2,208       2,268,477  

ONEOK Inc., 4.25%, 02/01/22 (Call 11/01/21)

    1,453       1,453,000  

ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)

    3,681       3,747,994  

Plains All American Pipeline LP/PAA Finance Corp.,
3.65%, 06/01/22 (Call 03/01/22)

    2,138       2,158,824  

Sabine Pass Liquefaction LLC, 6.25%, 03/15/22 (Call 12/15/21)

    2,614       2,631,618  

TransCanada PipeLines Ltd., 2.50%, 08/01/22

    4,484       4,544,938  

Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 05/15/22)

    2,878       2,921,746  

3.60%, 03/15/22 (Call 01/15/22)

    4,237       4,264,159  
   

 

 

 
      48,467,520  
Real Estate Investment Trusts — 0.7%            

American Tower Corp., 2.25%, 01/15/22

    1,635       1,641,000  

Camden Property Trust, 2.95%, 12/15/22 (Call 09/15/22)(a)

    564       575,043  

Kimco Realty Corp., 3.40%, 11/01/22 (Call 09/01/22)

    2,692       2,753,808  

Office Properties Income Trust, 4.00%, 07/15/22 (Call 06/15/22)(a)

    1,235       1,258,070  

 

 

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

  33


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par
(000)

    Value  

 

 
Real Estate Investment Trusts (continued)            

Public Storage, 2.37%, 09/15/22 (Call 08/15/22)

  $   2,434     $ 2,471,411  

Rayonier Inc., 3.75%, 04/01/22 (Call 01/01/22)

    410       412,120  

SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22)

    2,614       2,669,887  

SL Green Realty Corp., 4.50%, 12/01/22

(Call 09/01/22)

    40       41,198  
   

 

 

 
      11,822,537  
Retail — 2.3%            

AutoZone Inc., 3.70%, 04/15/22 (Call 01/15/22)(a)

    1,735       1,746,694  

Costco Wholesale Corp., 2.30%, 05/18/22 (Call 04/18/22)

    3,137       3,166,362  

Home Depot Inc. (The)
2.63%, 06/01/22 (Call 05/01/22)(a)

    5,254       5,313,370  

3.25%, 03/01/22

    2,145       2,166,429  

Lowe’s Companies Inc., 3.12%, 04/15/22 (Call 01/15/22)

    2,865       2,881,359  

McDonald’s Corp., 2.63%, 01/15/22(a)

    4,715       4,737,679  

O’Reilly Automotive Inc., 3.80%, 09/01/22
(Call 06/01/22)(a)

    1,130       1,151,335  

Starbucks Corp.
1.30%, 05/07/22

    1,970       1,979,791  

2.70%, 06/15/22 (Call 04/15/22)

    1,987       2,008,321  

Target Corp., 2.90%, 01/15/22

    3,291       3,308,409  

Walgreen Co., 3.10%, 09/15/22(a)

    2,491       2,546,923  

Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22)(a)

    5,130       5,237,063  
   

 

 

 
      36,243,735  
Savings & Loans — 0.2%            

People’s United Financial Inc., 3.65%, 12/06/22
(Call 09/06/22)

    2,864       2,932,364  
   

 

 

 
Semiconductors — 1.3%            

Advanced Micro Devices Inc., 7.50%, 08/15/22

    240       252,698  

Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)(a)

    2,515       2,537,509  

2.70%, 12/15/22(a)

    5,656       5,797,230  

3.10%, 07/29/22

    3,312       3,379,731  

QUALCOMM Inc., 3.00%, 05/20/22

    6,585       6,679,692  

Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22)(a)

    2,597       2,615,543  
   

 

 

 
      21,262,403  
Software — 3.2%            

Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)

    1,645       1,684,776  

Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22)

    5,090       5,191,545  

Microsoft Corp.
2.13%, 11/15/22(a)

    1,940       1,974,377  

2.38%, 02/12/22 (Call 01/12/22)(a)

    4,720       4,740,013  

2.40%, 02/06/22 (Call 01/06/22)(a)

    5,009       5,028,235  

2.65%, 11/03/22 (Call 09/03/22)

    3,727       3,799,006  

Oracle Corp.
2.50%, 05/15/22 (Call 03/15/22)(a)

    8,146       8,207,991  

2.50%, 10/15/22

    9,969       10,158,112  

Roper Technologies Inc.
0.45%, 08/15/22(a)

    2,163       2,163,151  

3.13%, 11/15/22 (Call 08/15/22)

    1,641       1,672,392  

VMware Inc., 2.95%, 08/21/22 (Call 07/21/22)

    6,332       6,438,124  
   

 

 

 
      51,057,722  
Telecommunications — 1.8%            

America Movil SAB de CV, 3.13%, 07/16/22(a)

    6,145       6,249,465  

AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)(a)

    4,170       4,241,307  
Security   Par/
Shares
(000)
     Value  

 

 
Telecommunications (continued)             

3.00%, 06/30/22 (Call 04/30/22)(a)

  $ 7,494      $ 7,584,602  

Cisco Systems Inc., 3.00%, 06/15/22(a)

    2,907        2,955,402  

Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22

    3,774        3,840,385  

Vodafone Group PLC, 2.50%, 09/26/22

    3,030        3,080,904  
    

 

 

 
       27,952,065  
Transportation — 1.6%             

Burlington Northern Santa Fe LLC
3.05%, 03/15/22 (Call 12/15/21)(a)

    1,766        1,771,845  

3.05%, 09/01/22 (Call 06/01/22)

    2,519        2,556,987  

JB Hunt Transport Services Inc., 3.30%, 08/15/22 (Call 06/15/22)

    876        891,672  

Norfolk Southern Corp., 3.00%, 04/01/22 (Call 01/01/22)

    2,462        2,472,562  

Ryder System Inc.
2.50%, 09/01/22 (Call 08/01/22)

    1,191        1,208,496  

2.80%, 03/01/22 (Call 02/01/22)

    955        960,635  

2.88%, 06/01/22 (Call 05/01/22)(a)

    2,073        2,097,876  

Union Pacific Corp.
2.95%, 03/01/22(a)

    1,733        1,748,389  

4.16%, 07/15/22 (Call 04/15/22)(a)

    2,837        2,885,371  

United Parcel Service Inc.
2.35%, 05/16/22 (Call 04/16/22)(a)

    2,488        2,510,964  

2.45%, 10/01/22

    5,810        5,923,585  
    

 

 

 
       25,028,382  
    

 

 

 

Total Corporate Bonds & Notes — 96.8%
(Cost: $1,517,895,246)

 

     1,528,187,358  
    

 

 

 

Short-Term Investments

    

Money Market Funds — 10.9%

    

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)

    131,050        131,115,315  

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

    41,436        41,436,000  
    

 

 

 
       172,551,315  
    

 

 

 

Total Short-Term Investments — 10.9%
(Cost: $172,522,359)

 

     172,551,315  
    

 

 

 

Total Investments in Securities — 107.7%
(Cost: $1,690,417,605)

 

     1,700,738,673  

Other Assets, Less Liabilities — (7.7)%

 

     (122,151,498
    

 

 

 

Net Assets — 100.0%

     $  1,578,587,175  
    

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

 

34  

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Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2022 Term Corporate ETF

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $ 36,583,415     $ 94,550,574(a )    $     $ (15,185   $ (3,489   $ 131,115,315       131,050     $ 148,696(b )    $  

BlackRock Cash Funds: Treasury,
SL Agency Shares

    30,876,000       10,560,000(a )                        41,436,000       41,436       6,708        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (15,185   $ (3,489   $ 172,551,315       $ 155,404     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2                    Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 1,528,187,358        $        $ 1,528,187,358  

Money Market Funds

     172,551,315                            172,551,315  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   172,551,315        $   1,528,187,358        $        $ 1,700,738,673  
  

 

 

      

 

 

      

 

 

      

 

 

 

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, 2021

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par
(000)

   

Value

 

Corporate Bonds & Notes

   
Aerospace & Defense — 2.4%            

Boeing Co. (The)

   

1.17%, 02/04/23 (Call 02/04/22)

  $ 4,615     $ 4,620,492  

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

    1,290       1,306,667  

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

    1,152       1,179,348  

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

    10,692       11,210,562  

General Dynamics Corp.

   

1.88%, 08/15/23 (Call 06/15/23)(a)

    2,659       2,720,423  

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

    3,668       3,823,633  

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

    3,658       3,834,498  

Lockheed Martin Corp., 3.10%, 01/15/23
(Call 11/15/22)

    3,408       3,501,107  

Northrop Grumman Corp., 3.25%, 08/01/23

    4,612       4,819,724  

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

    1,822       1,923,832  

Teledyne Technologies Inc., 0.65%, 04/01/23

    587       585,439  
   

 

 

 
          39,525,725  
Agriculture — 0.6%            

Philip Morris International Inc.

   

1.13%, 05/01/23

    1,647       1,662,152  

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

    2,229       2,277,303  

2.63%, 03/06/23(a)

    2,472       2,543,762  

3.60%, 11/15/23(a)

    1,673       1,773,949  

Reynolds American Inc., 4.85%, 09/15/23

    1,883       2,023,020  
   

 

 

 
      10,280,186  
Airlines — 0.3%            

Southwest Airlines Co., 4.75%, 05/04/23(a)

    4,500       4,759,785  
   

 

 

 
Apparel — 0.2%            

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

    2,713       2,775,101  
   

 

 

 
Auto Manufacturers — 5.1%            

American Honda Finance Corp.

   

0.35%, 04/20/23(a)

    70       69,763  

0.65%, 09/08/23(a)

    2,490       2,490,373  

0.88%, 07/07/23(a)

    4,434       4,456,658  

1.95%, 05/10/23

    1,011       1,031,452  

2.05%, 01/10/23

    2,422       2,466,686  

3.45%, 07/14/23

    1,810       1,895,541  

3.63%, 10/10/23

    5,641       5,962,481  

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

    2,204       2,316,646  

General Motors Co.

   

4.88%, 10/02/23

    5,073       5,442,974  

5.40%, 10/02/23

    3,992       4,321,819  

General Motors Financial Co. Inc.

   

1.70%, 08/18/23(a)

    4,650       4,716,588  

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

    2,990       3,071,238  

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

    4,190       4,350,645  

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

    3,395       3,565,327  

4.25%, 05/15/23

    2,346       2,464,614  

PACCAR Financial Corp.

   

0.35%, 08/11/23(a)

    679       676,481  

0.80%, 06/08/23

    480       481,670  

1.90%, 02/07/23(a)

    1,035       1,053,361  

2.65%, 04/06/23

    531       547,211  

3.40%, 08/09/23(a)

    983       1,031,914  

Stellantis NV, 5.25%, 04/15/23

    5,537       5,880,903  

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

    1,813       1,902,907  

Toyota Motor Credit Corp.

   

0.40%, 04/06/23

    140       139,765  
Security  

Par
(000)

   

Value

 
Auto Manufacturers (continued)            

0.50%, 08/14/23(a)

  $ 4,730     $ 4,726,074  

1.35%, 08/25/23

    3,395       3,439,712  

2.25%, 10/18/23(a)

    2,752       2,838,220  

2.63%, 01/10/23

    2,904       2,977,152  

2.70%, 01/11/23

      2,072       2,126,286  

2.90%, 03/30/23

    6,149       6,356,160  

3.45%, 09/20/23(a)

    2,747       2,892,454  
   

 

 

 
          85,693,075  
Banks — 27.2%            

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

    3,850       3,855,775  

Banco Santander SA

   

3.13%, 02/23/23

    3,298       3,400,337  

3.85%, 04/12/23

    4,227       4,413,453  

Bank of America Corp.

   

3.30%, 01/11/23

    13,110       13,545,645  

4.10%, 07/24/23

    8,005       8,493,385  

Bank of Montreal

   

0.40%, 09/15/23

    6,010       5,982,054  

0.45%, 12/08/23(a)

    3,175       3,160,109  

Bank of New York Mellon Corp. (The)

   

0.35%, 12/07/23 (Call 11/07/23)(a)

    2,233       2,221,411  

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

    1,797       1,825,644  

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

    4,345       4,460,534  

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

    3,231       3,323,536  

3.45%, 08/11/23

    1,838       1,930,598  

3.50%, 04/28/23

    2,382       2,487,737  

Bank of Nova Scotia (The)

   

0.40%, 09/15/23(a)

    10       9,948  

0.55%, 09/15/23

    2,262       2,257,431  

0.80%, 06/15/23(a)

    358       359,496  

1.63%, 05/01/23

    4,364       4,434,871  

1.95%, 02/01/23

    3,639       3,702,937  

2.38%, 01/18/23

    2,030       2,075,980  

Barclays PLC, 3.68%, 01/10/23 (Call 01/10/22)

    5,363       5,394,588  

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

    5,098       5,283,108  

Canadian Imperial Bank of Commerce

   

0.45%, 06/22/23

    6,000       5,978,520  

0.50%, 12/14/23

    2,529       2,511,955  

0.95%, 06/23/23

    3,378       3,392,424  

3.50%, 09/13/23(a)

    4,415       4,654,955  

Citigroup Inc.

   

3.38%, 03/01/23(a)

    1,893       1,961,281  

3.50%, 05/15/23

    4,211       4,386,514  

3.88%, 10/25/23(a)

    3,967       4,214,779  

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

    2,355       2,450,001  

Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23)

    4,029       4,224,890  

Cooperatieve Rabobank U.A., 4.63%, 12/01/23

    6,233       6,697,608  

Cooperatieve Rabobank U.A./New York, 2.75%, 01/10/23

    4,557       4,679,674  

Credit Suisse AG/New York NY

   

0.52%, 08/09/23

    5,185       5,172,141  

1.00%, 05/05/23

    6,828       6,863,096  

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

    6,706       7,018,969  

Deutsche Bank AG/New York NY, 3.95%, 02/27/23

    4,026       4,182,249  

Discover Bank

   

3.35%, 02/06/23 (Call 01/06/23)

    3,252       3,353,592  

4.20%, 08/08/23

    3,811       4,039,851  

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

    2,047       2,075,986  

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

    2,490       2,527,649  

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

    1,920       1,993,517  

 

 

36  

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Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

   

Value

 
Banks (continued)            

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

  $ 635     $ 642,436  

Goldman Sachs Group Inc. (The)

   

0.48%, 01/27/23 (Call 01/27/22)

    7,445       7,431,227  

0.52%, 03/08/23 (Call 03/08/22)(a)

    2,025       2,021,193  

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

    6,298       6,490,719  

3.63%, 01/22/23

    7,069       7,322,848  

HSBC Holdings PLC, 3.60%, 05/25/23

    7,114       7,435,624  

Huntington National Bank (The)

   

1.80%, 02/03/23 (Call 01/03/23)

    1,738       1,762,819  

3.55%, 10/06/23 (Call 09/06/23)

    3,747       3,944,205  

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

    5,792       6,159,213  

JPMorgan Chase & Co.

   

2.70%, 05/18/23 (Call 03/18/23)

    6,213       6,395,911  

2.97%, 01/15/23 (Call 01/15/22)

    5,132       5,158,225  

3.20%, 01/25/23(a)

    6,556       6,773,266  

3.38%, 05/01/23

    7,503       7,805,896  

KeyBank N.A./Cleveland OH

   

1.25%, 03/10/23(a)

    2,718       2,745,017  

3.38%, 03/07/23

    2,016       2,092,104  

Lloyds Banking Group PLC, 4.05%, 08/16/23

    6,635       7,020,560  

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

    2,722       2,850,941  

Mitsubishi UFJ Financial Group Inc.

   

2.53%, 09/13/23(a)

    1,189       1,228,296  

3.46%, 03/02/23

    5,886       6,109,550  

3.76%, 07/26/23

    7,267       7,649,898  

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

    4,246       4,411,721  

Morgan Stanley

   

3.13%, 01/23/23(a)

    8,955       9,232,426  

3.75%, 02/25/23

    7,730       8,046,698  

4.10%, 05/22/23

    6,558       6,891,933  

National Australia Bank Ltd./New York

   

2.88%, 04/12/23

    1,838       1,899,518  

3.00%, 01/20/23(a)

    2,646       2,727,391  

3.63%, 06/20/23

    2,781       2,920,189  

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

    4,731       4,817,672  

Natwest Group PLC

   

3.88%, 09/12/23(a)

    10,902       11,490,272  

6.10%, 06/10/23

    449       484,305  

PNC Bank N.A.

   

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

    2,317       2,380,439  

3.50%, 06/08/23 (Call 05/09/23)

    2,500       2,613,750  

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

    2,523       2,651,017  

Royal Bank of Canada

   

0.50%, 10/26/23

    3,139       3,127,919  

1.60%, 04/17/23

    3,489       3,542,731  

1.95%, 01/17/23(a)

    3,527       3,589,569  

3.70%, 10/05/23

    6,043       6,390,533  

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

    4,350       4,477,803  

Santander UK Group Holdings PLC, 3.57%, 01/10/23 (Call 01/10/22)

    3,330       3,348,881  

Santander UK PLC, 2.10%, 01/13/23

    3,222       3,282,219  

State Street Corp.

   

3.10%, 05/15/23

    4,720       4,903,702  

3.70%, 11/20/23

    4,201       4,465,369  

Sumitomo Mitsui Banking Corp.

   

3.00%, 01/18/23(a)

    1,430       1,471,441  

3.95%, 07/19/23

    1,840       1,947,382  

Sumitomo Mitsui Financial Group Inc.

   

3.10%, 01/17/23

    5,227       5,383,026  
Security  

Par
(000)

   

Value

 
Banks (continued)            

3.75%, 07/19/23

  $   2,549     $ 2,680,656  

3.94%, 10/16/23(a)

    3,394       3,603,817  

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

    4,792       5,112,824  

Toronto-Dominion Bank (The)

   

0.25%, 01/06/23

    5,305       5,290,677  

0.30%, 06/02/23

    2,620       2,610,306  

0.45%, 09/11/23

    3,529       3,516,966  

0.75%, 06/12/23

    6,065       6,083,802  

3.50%, 07/19/23(a)

    5,899       6,198,433  

Truist Bank

   

1.25%, 03/09/23 (Call 02/09/23)

    3,496       3,530,156  

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

    1,059       1,092,613  

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

    2,412       2,482,382  

Truist Financial Corp.

   

2.20%, 03/16/23 (Call 02/13/23)

    3,097       3,164,019  

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

    4,059       4,302,053  

U.S. Bank N.A./Cincinnati OH

   

1.95%, 01/09/23 (Call 12/09/22)(a)

    1,545       1,571,976  

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

    2,363       2,427,604  

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

    4,863       5,095,062  

Wells Fargo & Co.

   

3.07%, 01/24/23 (Call 01/24/22)(a)

    200       201,162  

4.13%, 08/15/23

    5,304       5,614,974  

Series M, 3.45%, 02/13/23

    7,453       7,725,034  

Westpac Banking Corp.

   

2.00%, 01/13/23

    2,551       2,596,969  

2.75%, 01/11/23(a)

    4,718       4,846,518  

3.65%, 05/15/23(a)

    3,357       3,517,666  
   

 

 

 
      453,801,751  

Beverages — 1.5%

   

Constellation Brands Inc.

   

3.20%, 02/15/23 (Call 01/15/23)

    2,387       2,459,231  

4.25%, 05/01/23

    3,807       4,003,898  

Diageo Capital PLC

   

2.63%, 04/29/23 (Call 01/29/23)

    3,904       4,003,044  

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

    1,162       1,223,981  

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

    955       982,485  

Keurig Dr Pepper Inc.

   

3.13%, 12/15/23 (Call 10/15/23)

    2,720       2,848,139  

4.06%, 05/25/23 (Call 04/25/23)

    3,185       3,344,951  

PepsiCo Inc.

   

0.40%, 10/07/23

    631       629,284  

0.75%, 05/01/23(a)

    1,774       1,783,650  

2.75%, 03/01/23

    3,358       3,459,781  
   

 

 

 
      24,738,444  

Biotechnology — 1.1%

   

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

    3,506       3,598,068  

Gilead Sciences Inc.

   

0.75%, 09/29/23 (Call 11/09/21)

    4,880       4,874,095  

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

    3,583       3,695,685  

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

    1,575       1,570,590  

Royalty Pharma PLC, 0.75%, 09/02/23

    4,084       4,077,507  
   

 

 

 
      17,815,945  

Building Materials — 0.2%

   

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

    2,740       2,895,522  

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

    467       485,535  

 

 

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

  37


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

 
Building Materials (continued)            

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

  $ 45     $ 44,992  
   

 

 

 
      3,426,049  
Chemicals — 1.5%            

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

    739       760,409  

CF Industries Inc., 3.45%, 06/01/23

    1,750       1,814,837  

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

    8,727       9,299,928  

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

    590       607,800  

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

    1,771       1,811,946  

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

    1,906       2,009,229  

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

    2,980       3,159,813  

Nutrien Ltd.

   

1.90%, 05/13/23(a)

    2,453       2,495,633  

3.50%, 06/01/23 (Call 03/01/23)

    1,210       1,253,863  

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

    1,148       1,186,182  
   

 

 

 
      24,399,640  
Commercial Services — 1.0%            

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

    1,703       1,786,328  

Global Payments Inc.

   

3.75%, 06/01/23 (Call 03/01/23)

    2,466       2,563,062  

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

    2,088       2,189,852  

Moody’s Corp., 2.63%, 01/15/23 (Call 12/15/22)

    2,864       2,928,297  

PayPal Holdings Inc., 1.35%, 06/01/23

    3,768       3,814,384  

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

    3,377       3,499,686  
   

 

 

 
      16,781,609  
Computers — 3.6%            

Apple Inc.

   

0.75%, 05/11/23

    7,110       7,138,298  

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

    1,818       1,857,723  

2.40%, 05/03/23

    15,260       15,686,212  

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

    5,765       5,921,808  

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

    12,250       13,057,398  

Hewlett Packard Enterprise Co.

   

2.25%, 04/01/23 (Call 03/01/23)

    3,813       3,889,870  

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

    4,667       4,963,214  

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

    4,665       4,890,413  

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

    2,134       2,199,364  
   

 

 

 
      59,604,300  
Cosmetics & Personal Care — 0.6%            

Colgate-Palmolive Co.

   

1.95%, 02/01/23(a)

    1,632       1,663,612  

2.10%, 05/01/23(a)

    955       977,089  

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

    3,825       4,001,180  

Unilever Capital Corp.

   

0.38%, 09/14/23(a)

    1,083       1,079,220  

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

    1,884       1,948,376  
   

 

 

 
      9,669,477  
Diversified Financial Services — 5.5%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.15%, 10/29/23

    12,000       12,006,240  

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

    2,121       2,180,494  

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

    2,615       2,742,167  

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

    3,864       4,096,922  

Air Lease Corp.

   

2.25%, 01/15/23

    2,284       2,325,637  

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

    1,442       1,474,402  

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

    2,902       3,003,106  
Security   Par
(000)
    Value  

 

 
Diversified Financial Services (continued)            

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

  $ 2,006     $ 2,099,399  

Aircastle Ltd.

   

4.40%, 09/25/23 (Call 08/25/23)

    2,176       2,303,884  

5.00%, 04/01/23(a)

    1,922       2,029,228  

Ally Financial Inc.

   

1.45%, 10/02/23 (Call 09/02/23)

    4,390       4,432,320  

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

    3,136       3,236,509  

American Express Co.

   

3.40%, 02/27/23 (Call 01/27/23)

    6,223       6,442,859  

3.70%, 08/03/23 (Call 07/03/23)(a)

    6,931       7,283,788  

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

    2,791       2,971,550  

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

    1,697       1,810,852  

Capital One Bank USA N.A.,
3.38%, 02/15/23

    3,895       4,027,469  

Capital One Financial Corp.

   

2.60%, 05/11/23 (Call 04/11/23)(a)

    2,692       2,766,730  

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

    4,424       4,558,622  

3.50%, 06/15/23

    3,490       3,644,886  

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

    3,728       3,822,281  

Eaton Vance Corp.,
3.63%, 06/15/23

    530       554,353  

Intercontinental Exchange Inc.

   

0.70%, 06/15/23

    3,052       3,055,052  

3.45%, 09/21/23 (Call 08/21/23)

    1,331       1,398,255  

4.00%, 10/15/23

    2,894       3,074,470  

Jefferies Group LLC,
5.13%, 01/20/23

    2,804       2,951,799  

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

    713       749,313  
   

 

 

 
      91,042,587  
Electric — 5.3%            

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

    895       947,340  

American Electric Power Co. Inc., Series M,
0.75%, 11/01/23 (Call 11/29/21)(a)

    410       409,069  

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

    1,290       1,339,162  

Berkshire Hathaway Energy Co.

   

2.80%, 01/15/23 (Call 12/15/22)

    1,513       1,550,280  

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

    1,984       2,091,275  

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

    2,224       2,364,068  

Connecticut Light & Power Co. (The),
2.50%, 01/15/23 (Call 10/15/22)

    1,732       1,763,903  

Consolidated Edison Inc., Series A,
0.65%, 12/01/23 (Call 12/01/21)

    2,280       2,274,893  

Consumers Energy Co.

   

0.35%, 06/01/23 (Call 05/01/23)

    760       757,340  

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

    907       945,892  

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

    2,187       2,298,231  

Duke Energy Carolinas LLC

   

2.50%, 03/15/23 (Call 01/15/23)

    1,201       1,229,236  

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

    1,226       1,266,458  

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

    2,287       2,410,910  

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

    1,150       1,206,845  

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

    770       806,837  

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

    1,599       1,635,793  

Entergy Louisiana LLC

   

0.62%, 11/17/23 (Call 11/29/21)(a)

    2,671       2,666,406  

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

    1,543       1,623,884  

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

    874       898,227  

Eversource Energy

   

2.80%, 05/01/23 (Call 02/01/23)

    1,946       1,998,347  

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

    1,517       1,604,834  

 

 

38  

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


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

 
Electric (continued)            

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

  $   1,877     $ 1,923,437  

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

    2,040       2,089,164  

National Rural Utilities Cooperative Finance Corp.

   

2.70%, 02/15/23 (Call 12/15/22)

    1,878       1,922,283  

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

    924       969,202  

NextEra Energy Capital Holdings Inc.

   

0.65%, 03/01/23

    6,352       6,358,606  

2.80%, 01/15/23 (Call 12/15/22)

    2,206       2,260,863  

Northern States Power Co./MN,
2.60%, 05/15/23 (Call 11/15/22)

    1,392       1,420,981  

OGE Energy Corp., 0.70%, 05/26/23 (Call 11/29/21)

    1,650       1,648,004  

Oklahoma Gas and Electric Co.,
0.55%, 05/26/23 (Call 11/29/21)

    265       264,377  

Pacific Gas and Electric Co.

   

1.37%, 03/10/23 (Call 11/09/21)

    1,610       1,604,059  

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

    1,622       1,657,181  

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

    2,130       2,197,287  

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

    1,808       1,883,231  

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

    812       837,213  

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

    515       540,853  

Public Service Electric & Gas Co.

   

2.38%, 05/15/23 (Call 02/15/23)

    1,739       1,779,675  

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

    1,197       1,252,002  

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

    1,690       1,771,289  

Sempra Energy

   

2.90%, 02/01/23 (Call 01/01/23)(a)

    2,135       2,190,852  

4.05%, 12/01/23 (Call 09/01/23)

    1,784       1,888,953  

Southern California Edison Co.

   

0.70%, 04/03/23

    180       179,998  

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

    2,648       2,767,954  

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

    1,156       1,199,997  

Series J, 0.70%, 08/01/23

    1,455       1,451,988  

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

    5,038       5,202,289  

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

    2,928       3,001,756  

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

    2,403       2,394,998  

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

    1,774       1,767,596  
   

 

 

 
      88,515,318  
Electrical Components & Equipment — 0.1%            

Emerson Electric Co., 2.63%, 02/15/23 (Call 11/15/22)(a)

    1,443       1,474,616  
   

 

 

 
Electronics — 0.4%            

Agilent Technologies Inc., 3.88%, 07/15/23
(Call 04/15/23)

    2,359       2,467,939  

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

    850       882,504  

Flex Ltd., 5.00%, 02/15/23(a)

    1,483       1,559,938  

Honeywell International Inc., 3.35%, 12/01/23

    219       230,942  

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

    1,399       1,467,733  
   

 

 

 
      6,609,056  
Environmental Control — 0.3%            

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

    1,476       1,554,080  

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

    3,156       3,234,616  
   

 

 

 
      4,788,696  
Food — 1.1%            

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

    2,929       3,040,273  

Conagra Brands Inc.

   

0.50%, 08/11/23 (Call 08/11/22)

    100       99,543  

3.20%, 01/25/23 (Call 10/25/22)

    1,563       1,601,794  

General Mills Inc., 3.70%, 10/17/23 (Call 09/17/23)

    3,398       3,584,652  
Security   Par
(000)
    Value  

 

 
Food (continued)            

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

  $   2,350     $ 2,445,645  

Kellogg Co., 2.65%, 12/01/23

    2,514       2,610,512  

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

    2,629       2,755,586  

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

    1,450       1,533,042  
   

 

 

 
      17,671,047  
Gas — 0.5%            

Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/15/21)

    240       239,962  

CenterPoint Energy Resources Corp.

   

0.70%, 03/02/23 (Call 11/29/21)(a)

    79       78,849  

3.55%, 04/01/23 (Call 03/01/23)

    1,436       1,490,424  

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

    1,311       1,374,072  

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

    1,189       1,225,146  

ONE Gas Inc., 0.85%, 03/11/23 (Call 11/29/21)

    3,000       2,999,880  

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

    1,177       1,211,286  
   

 

 

 
      8,619,619  
Health Care - Products — 0.4%            

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

    4,379       4,607,890  

Stryker Corp., 0.60%, 12/01/23 (Call 12/01/21)

    245       244,439  

Zimmer Biomet Holdings Inc.,
3.70%, 03/19/23 (Call 02/19/23)

    1,576       1,635,888  
   

 

 

 
      6,488,217  
Health Care - Services — 1.6%            

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

    5,410       5,575,925  

Anthem Inc.

   

0.45%, 03/15/23(a)

    1,745       1,741,911  

3.30%, 01/15/23

    4,103       4,238,071  

HCA Inc., 4.75%, 05/01/23

    4,349       4,596,850  

Humana Inc., 0.65%, 08/03/23 (Call 02/03/22)(a)

    125       124,890  

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

    557       587,852  

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

    1,676       1,743,258  

UnitedHealth Group Inc.

   

2.75%, 02/15/23 (Call 11/15/22)

    1,283       1,312,958  

2.88%, 03/15/23

    3,175       3,276,187  

3.50%, 06/15/23(a)

    2,614       2,738,165  
   

 

 

 
      25,936,067  
Holding Companies - Diversified — 0.3%            

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

    3,059       3,153,432  

Blackstone Secured Lending Fund, 3.65%, 07/14/23

    1,165       1,210,726  
   

 

 

 
      4,364,158  
Home Builders — 0.3%            

DR Horton Inc.

   

4.75%, 02/15/23 (Call 11/15/22)

    1,917       1,995,060  

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

    1,343       1,444,907  

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

    1,798       1,927,977  
   

 

 

 
      5,367,944  
Household Products & Wares — 0.1%            

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

    1,209       1,244,702  
   

 

 

 
Insurance — 1.8%            

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

    2,304       2,401,966  

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

    1,467       1,551,514  

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

    951       1,017,950  

Assurant Inc.,
4.20%, 09/27/23 (Call 08/27/23)

    969       1,026,055  

Berkshire Hathaway Inc.

   

2.75%, 03/15/23 (Call 01/15/23)

    7,397       7,599,752  

3.00%, 02/11/23(a)

    2,268       2,340,440  

 

 

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

  39


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Insurance (continued)             

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

  $ 215      $ 221,465  

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

    2,148        2,243,564  

Lincoln National Corp., 4.00%, 09/01/23

    1,805        1,910,990  

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

    2,380        2,443,070  

Marsh & McLennan Companies Inc., 3.30%, 03/14/23
(Call 01/14/23)

    1,672        1,726,691  

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

    3,712        3,960,258  

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

    1,042        1,080,669  

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

    548        585,812  
    

 

 

 
       30,110,196  
Internet — 1.3%             

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

    2,324        2,389,188  

Amazon.com Inc.

    

0.25%, 05/12/23

    165        164,510  

0.40%, 06/03/23

    2,259        2,257,780  

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

    4,665        4,775,374  

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

    3,190        3,348,798  

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

    3,184        3,272,675  

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

    4,156        4,259,360  

Expedia Group Inc., 3.60%, 12/15/23 (Call 11/15/23)

    1,709        1,798,124  
    

 

 

 
       22,265,809  
Iron & Steel — 0.2%             

Nucor Corp., 4.00%, 08/01/23
(Call 05/01/23)(a)

    2,258        2,371,871  

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

    1,783        1,861,006  
    

 

 

 
       4,232,877  
Lodging — 0.2%             

Hyatt Hotels Corp., 3.38%, 07/15/23 (Call 04/15/23)

    1,712        1,770,739  

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

    1,160        1,229,449  
    

 

 

 
       3,000,188  
Machinery — 2.1%             

Caterpillar Financial Services Corp.

    

0.25%, 03/01/23(a)

    3,305        3,297,035  

0.45%, 09/14/23(a)

    3,358        3,351,922  

0.65%, 07/07/23

    2,801        2,806,434  

2.63%, 03/01/23

    1,130        1,161,742  

3.45%, 05/15/23

    2,013        2,102,558  

3.65%, 12/07/23

    1,653        1,756,379  

3.75%, 11/24/23

    3,149        3,351,953  

CNH Industrial Capital LLC, 1.95%, 07/02/23

    1,845        1,877,933  

CNH Industrial NV, 4.50%, 08/15/23

    2,414        2,565,116  

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

    410        437,138  

John Deere Capital Corp.

    

0.25%, 01/17/23

    75        74,781  

0.40%, 10/10/23

    183        182,565  

0.70%, 07/05/23

    369        369,878  

1.20%, 04/06/23

    1,681        1,697,793  

2.70%, 01/06/23

    757        776,538  

2.80%, 01/27/23

    1,752        1,802,440  

2.80%, 03/06/23

    3,519        3,628,195  

3.45%, 06/07/23

    993        1,038,966  

3.65%, 10/12/23(a)

    2,826        2,995,193  

nVent Finance Sarl, 3.95%, 04/15/23 (Call 03/15/23)(a)

    255        264,019  

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

    65        64,863  
    

 

 

 
       35,603,441  
Security   Par
(000)
    Value  
Manufacturing — 0.7%            

3M Co.

   

1.75%, 02/14/23 (Call 01/14/23)

  $   2,654     $ 2,695,376  

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

    3,049       3,117,785  

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

    5       4,978  

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

    1,770       1,821,932  

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

    3,151       3,329,032  
   

 

 

 
      10,969,103  
Media — 0.6%            

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

    3,405       3,505,414  

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

    2,576       2,738,133  

Time Warner Entertainment Co. LP, 8.38%, 03/15/23(a)

    3,974       4,382,090  
   

 

 

 
      10,625,637  
Metal Fabricate & Hardware — 0.3%            

Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22)

    4,506       4,592,200  
   

 

 

 
Mining — 0.2%            

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

    2,277       2,416,944  

Newmont Corp., 3.70%, 03/15/23 (Call 12/15/22)

    702       724,338  
   

 

 

 
      3,141,282  
Oil & Gas — 5.5%            

BP Capital Markets America Inc.

   

2.75%, 05/10/23

    3,969       4,096,484  

2.94%, 04/06/23

    1,197       1,235,639  

3.22%, 11/28/23 (Call 09/28/23)

    3,525       3,690,992  

BP Capital Markets PLC

   

2.75%, 05/10/23(a)

    992       1,023,804  

3.99%, 09/26/23

    2,770       2,943,153  

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

    4,174       4,275,720  

Chevron Corp.

   

1.14%, 05/11/23(a)

    1,916       1,933,991  

2.57%, 05/16/23 (Call 03/16/23)(a)

    4,007       4,116,431  

3.19%, 06/24/23 (Call 03/24/23)(a)

    7,163       7,426,312  

Chevron USA Inc., 0.43%, 08/11/23

    3,081       3,075,362  

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

    5,830       5,962,108  

Exxon Mobil Corp.

   

1.57%, 04/15/23

    8,775       8,910,749  

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

    4,401       4,514,414  

HollyFrontier Corp., 2.63%, 10/01/23

    1,333       1,370,617  

Marathon Petroleum Corp.

   

4.50%, 05/01/23 (Call 04/01/23)

    4,313       4,531,410  

4.75%, 12/15/23 (Call 10/15/23)(a)

    2,620       2,815,111  

Phillips 66, 3.70%, 04/06/23

    2,468       2,571,533  

Shell International Finance BV

   

0.38%, 09/15/23

    3,242       3,232,923  

2.25%, 01/06/23

    3,256       3,323,627  

3.40%, 08/12/23

    4,277       4,489,439  

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

    3,314       3,500,379  

Suncor Energy Inc., 2.80%, 05/15/23

    1,320       1,359,666  

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

    4,378       4,539,592  

TotalEnergies Capital International SA, 2.70%, 01/25/23

    4,008       4,114,172  

Valero Energy Corp., 2.70%, 04/15/23(a)

    3,302       3,393,399  
   

 

 

 
      92,447,027  
Oil & Gas Services — 0.5%            

Halliburton Co., 3.50%, 08/01/23 (Call 05/01/23)

    2,546       2,652,372  

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

    5,336       5,621,849  
   

 

 

 
      8,274,221  

 

 

40  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

 
Packaging & Containers — 0.1%            

WestRock RKT LLC,
4.00%, 03/01/23 (Call 12/01/22)

  $   1,718     $ 1,778,542  
   

 

 

 
Pharmaceuticals — 6.5%            

AbbVie Inc.

   

2.85%, 05/14/23 (Call 03/14/23)(a)

    3,818       3,929,715  

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

    4,908       5,191,535  

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

    4,165       4,167,207  

AstraZeneca PLC

   

0.30%, 05/26/23

    1,475       1,470,604  

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

    3,643       3,819,868  

Bristol-Myers Squibb Co.

   

0.54%, 11/13/23 (Call 11/29/21)

    2,455       2,452,348  

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

    3,296       3,385,915  

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

    3,084       3,188,733  

3.25%, 11/01/23(a)

    1,395       1,468,028  

Cardinal Health Inc., Series 2021-4,
3.20%, 03/15/23

    1,996       2,063,305  

Cigna Corp.

   

3.00%, 07/15/23 (Call 05/16/23)

    3,645       3,770,279  

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

    3,710       3,895,648  

CVS Health Corp.

   

3.70%, 03/09/23 (Call 02/09/23)

    8,253       8,575,362  

4.00%, 12/05/23 (Call 09/05/23)

    495       524,329  

GlaxoSmithKline Capital Inc.

   

2.80%, 03/18/23

    3,994       4,119,332  

3.38%, 05/15/23

    4,064       4,240,337  

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

    3,758       3,752,889  

Johnson & Johnson

   

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

    2,801       2,853,659  

3.38%, 12/05/23(a)

    2,422       2,565,189  

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

    1,652       1,690,789  

Merck & Co. Inc.,
2.80%, 05/18/23(a)

    6,713       6,947,955  

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

    1,770       1,872,394  

Pfizer Inc.

   

3.00%, 06/15/23

    4,160       4,323,613  

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

    4,153       4,346,447  

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

    4,272       4,460,011  

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

    8,272       8,570,454  

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

    4,769       5,104,308  

Zoetis Inc.,
3.25%, 02/01/23 (Call 11/01/22)

    5,727       5,878,937  
   

 

 

 
      108,629,190  
Pipelines — 3.4%            

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

    728       745,166  

Enbridge Inc.

   

0.55%, 10/04/23

    1,400       1,395,716  

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

    3,210       3,379,103  

Energy Transfer LP

   

3.45%, 01/15/23 (Call 10/15/22)

    969       991,297  

3.60%, 02/01/23 (Call 11/01/22)

    2,656       2,727,340  

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

    3,013       3,124,421  

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

    2,130       2,246,362  

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

    2,338       2,472,809  

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

    5,368       5,534,462  

Kinder Morgan Energy Partners LP

   

3.45%, 02/15/23 (Call 11/15/22)(a)

    2,460       2,530,627  

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

    2,337       2,433,775  
Security   Par
(000)
    Value  

 

 
Pipelines (continued)            

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

  $   3,702     $ 3,804,471  

MPLX LP

   

3.38%, 03/15/23 (Call 02/15/23)

    1,712       1,769,951  

4.50%, 07/15/23 (Call 04/15/23)

    4,002       4,208,943  

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

    1,155       1,273,492  

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

    1,924       2,047,213  

Plains All American Pipeline LP/PAA Finance Corp.

   

2.85%, 01/31/23 (Call 10/31/22)

    1,616       1,645,961  

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

    2,601       2,724,678  

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

    3,896       4,117,721  

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

    2,345       2,462,719  

Williams Companies Inc. (The)

   

3.70%, 01/15/23 (Call 10/15/22)

    2,983       3,067,538  

4.50%, 11/15/23 (Call 08/15/23)

    2,569       2,732,388  
   

 

 

 
      57,436,153  
Real Estate Investment Trusts — 2.3%            

American Campus Communities Operating Partnership LP, 3.75%, 04/15/23 (Call 01/15/23)

    1,595       1,653,202  

American Tower Corp.

   

3.00%, 06/15/23(a)

    2,879       2,984,458  

3.50%, 01/31/23

    4,060       4,204,049  

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

    1,079       1,149,178  

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

    2,032       2,107,590  

Brandywine Operating Partnership LP,
3.95%, 02/15/23 (Call 11/15/22)

    1,025       1,058,743  

CC Holdings GS V LLC/Crown Castle GS III Corp.,
3.85%, 04/15/23

    3,750       3,918,375  

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

    2,821       2,930,116  

CubeSmart LP,
4.38%, 12/15/23 (Call 09/15/23)

    835       888,974  

ERP Operating LP,
3.00%, 04/15/23 (Call 01/15/23)

    2,565       2,639,411  

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

    1,133       1,168,950  

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

    1,605       1,723,561  

Host Hotels & Resorts LP, Series D,
3.75%, 10/15/23 (Call 07/15/23)(a)

    1,170       1,219,959  

Kimco Realty Corp.,
3.13%, 06/01/23 (Call 03/01/23)(a)

    1,328       1,370,217  

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

    350       370,654  

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

    1,346       1,417,042  

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

    640       660,064  

Realty Income Corp.,
4.65%, 08/01/23 (Call 05/01/23)(a)

    3,315       3,516,320  

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

    2,568       2,642,164  
   

 

 

 
      37,623,027  
Retail — 2.6%            

AutoZone Inc.

   

2.88%, 01/15/23 (Call 10/15/22)

    1,447       1,477,705  

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

    2,218       2,297,050  

Dollar General Corp.,
3.25%, 04/15/23 (Call 01/15/23)

    4,279       4,412,676  

Dollar Tree Inc., 3.70%, 05/15/23
(Call 04/15/23)

    4,326       4,509,682  

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

    4,426       4,543,333  

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

    1,977       2,079,824  

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

    4,795       4,973,853  

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

    1,596       1,664,867  

Starbucks Corp.

   

3.10%, 03/01/23 (Call 02/01/23)

    4,623       4,767,145  

 

 

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

  41


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par
(000)

    Value  
Retail (continued)            

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

  $   2,736     $ 2,880,844  

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

    2,161       2,216,257  

Walmart Inc.

   

2.55%, 04/11/23 (Call 01/11/23)

    7,072       7,256,226  

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

    1,000       1,045,350  
   

 

 

 
      44,124,812  
Semiconductors — 1.4%            

Altera Corp., 4.10%, 11/15/23(a)

    1,382       1,475,326  

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

    1,605       1,681,382  

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

    75       78,664  

Maxim Integrated Products Inc., 3.38%, 03/15/23
(Call 11/04/21)

    1,588       1,640,118  

Microchip Technology Inc.

   

2.67%, 09/01/23(a)

    3,270       3,372,351  

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

    4,053       4,261,284  

Micron Technology Inc., 2.50%, 04/24/23

    4,676       4,797,155  

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

    110       109,671  

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

    4,867       4,986,680  

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

    200       200,046  

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

    959       979,551  
   

 

 

 
      23,582,228  
Shipbuilding — 0.0%            

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

    150       149,527  
   

 

 

 
Software — 3.2%            

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

    2,492       2,531,523  

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

    3,030       3,020,698  

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

    4,408       4,651,278  

Intuit Inc., 0.65%, 07/15/23

    2,662       2,665,674  

Microsoft Corp.

   

2.00%, 08/08/23 (Call 06/08/23)

    4,858       4,974,786  

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

    3,738       3,827,301  

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

    5,408       5,717,392  

Oracle Corp.

   

2.40%, 09/15/23 (Call 07/15/23)

    8,280       8,508,280  

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

    3,610       3,701,874  

3.63%, 07/15/23

    3,728       3,912,946  

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

    3,318       3,491,697  

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

    4,871       5,054,296  

VMware Inc., 0.60%, 08/15/23(a)

    1,255       1,252,113  
   

 

 

 
        53,309,858  
Telecommunications — 0.9%            

AT&T Inc., 4.05%, 12/15/23(a)

    1,995       2,130,820  

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

    2,363       2,529,497  

Cisco Systems Inc.

   

2.20%, 09/20/23 (Call 07/20/23)(a)

    3,764       3,872,554  

2.60%, 02/28/23

    1,427       1,466,185  

Rogers Communications Inc.

   

3.00%, 03/15/23 (Call 12/15/22)(a)

    1,961       2,010,182  
Security   Par/
Shares
(000)
     Value  
Telecommunications (continued)             

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

  $ 2,765      $ 2,914,420  

Vodafone Group PLC, 2.95%, 02/19/23

    250        257,155  
    

 

 

 
       15,180,813  
Textiles — 0.0%             

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

    710        732,351  
    

 

 

 
Transportation — 1.6%             

Burlington Northern Santa Fe LLC

    

3.00%, 03/15/23 (Call 12/15/22)

    3,282        3,374,684  

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

    3,273        3,442,541  

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

    972        1,011,949  

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

    694        715,243  

Norfolk Southern Corp., 2.90%, 02/15/23 (Call 11/15/22)(a)

    3,166        3,241,636  

Ryder System Inc.

    

3.40%, 03/01/23 (Call 02/01/23)(a)

    1,722        1,781,478  

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

    1,623        1,697,528  

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

    1,053        1,116,696  

Union Pacific Corp.

    

2.75%, 04/15/23 (Call 01/15/23)(a)

    1,540        1,579,085  

2.95%, 01/15/23 (Call 10/15/22)

    1,418        1,450,004  

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

    2,446        2,553,037  

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

    4,234        4,344,042  
    

 

 

 
       26,307,923  
    

 

 

 

Total Corporate Bonds & Notes — 96.6%
(Cost: $1,583,976,527)

 

     1,609,509,519  
    

 

 

 

Short-Term Investments

    
Money Market Funds — 6.5%             

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    63,821        63,852,862  

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

      45,305        45,305,000  
    

 

 

 
       109,157,862  
    

 

 

 

Total Short-Term Investments — 6.5%
(Cost: $109,130,625)

 

     109,157,862  
    

 

 

 

Total Investments in Securities — 103.1%
(Cost: $1,693,107,152)

 

     1,718,667,381  

Other Assets, Less Liabilities — (3.1)%

 

     (52,193,027
    

 

 

 

Net Assets — 100.0%

 

   $   1,666,474,354  
    

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

 

42  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2023 Term Corporate ETF

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 58,714,847     $ 5,147,909 (a)    $     $ (6,263   $ (3,631   $ 63,852,862       63,821     $ 106,367 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    5,475,000       39,830,000 (a)                        45,305,000       45,305       3,942        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (6,263   $ (3,631   $ 109,157,862       $ 110,309     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Fair Value Hierarchy as of Period End

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

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

 

 

 
    Level 1      Level 2                  Level 3      Total  

 

 

Investments

          

Assets

          

Corporate Bonds & Notes

  $      $ 1,609,509,519      $             —      $ 1,609,509,519  

Money Market Funds

    109,157,862                      109,157,862  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $   109,157,862      $   1,609,509,519      $      $   1,718,667,381  
 

 

 

    

 

 

    

 

 

    

 

 

 

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

  43


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  

Corporate Bonds & Notes

    
Advertising — 0.4%             

Omnicom Group Inc./Omnicom Capital Inc., 3.65%, 11/01/24 (Call 08/01/24)(a)

  $   2,914      $ 3,110,987  

WPP Finance 2010, 3.75%, 09/19/24

    2,542        2,727,871  
    

 

 

 
       5,838,858  
Aerospace & Defense — 1.3%             

Boeing Co. (The)

    

1.43%, 02/04/24 (Call 02/04/22)

    5,495        5,498,242  

1.95%, 02/01/24(a)

    2,853        2,906,009  

2.80%, 03/01/24 (Call 02/01/24)(a)

    1,091        1,127,123  

2.85%, 10/30/24 (Call 07/30/24)

    956        992,098  

General Dynamics Corp., 2.38%, 11/15/24
(Call 09/15/24)(a)

    2,500        2,602,700  

L3Harris Technologies Inc., 3.95%, 05/28/24
(Call 02/28/24)

    1,158        1,232,992  

Raytheon Technologies Corp., 3.20%, 03/15/24 (Call 01/15/24)

    4,140        4,351,637  

Teledyne Technologies Inc., 0.95%, 04/01/24
(Call 04/01/22)

    1,455        1,453,356  
    

 

 

 
       20,164,157  
Agriculture — 1.5%             

Altria Group Inc.

    

3.80%, 02/14/24 (Call 01/14/24)

    309        327,756  

4.00%, 01/31/24

    670        714,428  

BAT Capital Corp.

    

2.79%, 09/06/24 (Call 08/06/24)

    3,739        3,890,579  

3.22%, 08/15/24 (Call 06/15/24)

    8,062        8,466,067  

Bunge Ltd. Finance Corp., 4.35%, 03/15/24 (Call 02/15/24)

    2,429        2,609,669  

Philip Morris International Inc.

    

2.88%, 05/01/24 (Call 04/01/24)

    3,596        3,764,868  

3.25%, 11/10/24

    3,161        3,364,727  
    

 

 

 
       23,138,094  
Airlines — 0.1%             

Continental Airlines 2012-2 Class A Pass Through Trust,
Series 2012-2 A, Class A, 4.00%, 10/29/24

    541        566,191  

United Airlines Pass Through Trust, Series 2012-1 A, Class A, 4.15%, 04/11/24

    625        654,326  
    

 

 

 
       1,220,517  
Auto Manufacturers — 3.4%             

American Honda Finance Corp.

    

0.55%, 07/12/24

    2,647        2,617,327  

0.75%, 08/09/24(a)

    195        193,777  

2.15%, 09/10/24

    2,367        2,442,768  

2.40%, 06/27/24(a)

    2,068        2,146,129  

2.90%, 02/16/24

    1,608        1,681,051  

3.55%, 01/12/24

    2,124        2,246,895  

General Motors Financial Co. Inc.

    

1.05%, 03/08/24

    2,545        2,538,587  

1.20%, 10/15/24

    1,460        1,454,029  

3.50%, 11/07/24 (Call 09/07/24)

    3,307        3,501,518  

3.95%, 04/13/24 (Call 02/13/24)

    3,979        4,223,350  

5.10%, 01/17/24 (Call 12/17/23)(a)

    4,475        4,844,545  

PACCAR Financial Corp.

    

0.35%, 02/02/24

    873        864,846  

0.50%, 08/09/24

    575        569,037  

2.15%, 08/15/24(a)

    1,539        1,589,787  

Toyota Motor Corp.

    

0.68%, 03/25/24 (Call 02/25/24)

    3,595        3,579,362  

2.36%, 07/02/24

    1,440        1,495,901  
Security   Par
(000)
     Value  
Auto Manufacturers (continued)             

Toyota Motor Credit Corp.

    

0.45%, 01/11/24

  $   2,854      $ 2,832,053  

0.50%, 06/18/24

    3,035        3,004,134  

0.63%, 09/13/24

    3,205        3,179,007  

2.00%, 10/07/24

    1,622        1,671,714  

2.90%, 04/17/24

    2,520        2,643,808  

3.35%, 01/08/24(a)

    1,319        1,392,521  
    

 

 

 
       50,712,146  
Auto Parts & Equipment — 0.4%             

Aptiv Corp., 4.15%, 03/15/24 (Call 12/15/23)

    2,701        2,882,507  

Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)(a)

    2,820        3,007,135  
    

 

 

 
       5,889,642  
Banks — 25.1%             

Banco Santander SA, 2.71%, 06/27/24

    5,100        5,318,943  

Bank of America Corp.

    

4.00%, 04/01/24(a)

    7,396        7,936,352  

4.13%, 01/22/24

    7,554        8,095,924  

4.20%, 08/26/24

    9,631        10,417,371  

Bank of Montreal

    

0.63%, 07/09/24

    4,105        4,065,551  

2.50%, 06/28/24

    3,689        3,838,183  

Series E, 3.30%, 02/05/24(a)

    6,117        6,447,991  

Bank of New York Mellon Corp. (The)

    

0.50%, 04/26/24 (Call 03/26/24)

    565        560,904  

2.10%, 10/24/24

    3,277        3,392,285  

3.25%, 09/11/24 (Call 08/11/24)(a)

    1,924        2,046,770  

3.40%, 05/15/24 (Call 04/15/24)

    1,575        1,671,894  

Series 12, 3.65%, 02/04/24 (Call 01/05/24)

    2,308        2,450,727  

Series J, 0.85%, 10/25/24 (Call 09/25/24)

    860        857,996  

Bank of Nova Scotia (The)

    

0.65%, 07/31/24

    3,185        3,155,730  

0.70%, 04/15/24

    2,575        2,558,881  

3.40%, 02/11/24

    4,620        4,876,549  

Barclays Bank PLC, 3.75%, 05/15/24

    865        927,643  

Barclays PLC, 4.38%, 09/11/24

    3,989        4,309,875  

BBVA USA, 2.50%, 08/27/24 (Call 07/27/24)(a)

    2,277        2,370,995  

BNP Paribas SA, 4.25%, 10/15/24(a)

    3,310        3,605,120  

BPCE SA, 4.00%, 04/15/24(a)

    4,907        5,264,868  

Canadian Imperial Bank of Commerce

    

1.00%, 10/18/24

    3,000        2,987,490  

3.10%, 04/02/24(a)

    3,899        4,100,032  

Citibank N.A., 3.65%, 01/23/24
(Call 12/23/23)(a)

    6,401        6,785,508  

Citigroup Inc.

    

3.75%, 06/16/24

    2,131        2,282,024  

4.00%, 08/05/24(a)

    2,906        3,124,589  

Comerica Bank, 2.50%, 07/23/24(a)

    2,250        2,345,423  

Cooperatieve Rabobank U.A./New York, 0.38%, 01/12/24

    1,265        1,252,375  

Credit Agricole Corporate & Investment Bank SA, 0.78%,
06/28/24 (Call 06/28/22)

    265        262,244  

Credit Suisse AG/New York NY

    

0.50%, 02/02/24

    4,239        4,204,028  

3.63%, 09/09/24

    9,983        10,674,722  

Deutsche Bank AG/London, 3.70%, 05/30/24

    2,853        3,018,816  

Deutsche Bank AG/New York NY

    

0.90%, 05/28/24

    3,390        3,366,677  

3.70%, 05/30/24

    2,328        2,464,956  

Discover Bank, 2.45%, 09/12/24 (Call 08/12/24)

    3,024        3,127,572  

Fifth Third Bancorp

    

3.65%, 01/25/24 (Call 12/25/23)

    5,586        5,910,714  

4.30%, 01/16/24 (Call 12/16/23)

    2,840        3,034,086  

 

 

44  

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


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 
Banks (continued)            

Goldman Sachs Group Inc. (The)

   

3.63%, 02/20/24 (Call 01/20/24)

  $ 5,158     $     5,454,998  

3.85%, 07/08/24 (Call 04/08/24)

    7,186       7,660,060  

4.00%, 03/03/24

    9,419       10,059,115  

HSBC Holdings PLC, 4.25%, 03/14/24

    6,708       7,145,764  

HSBC USA Inc., 3.50%, 06/23/24(a)

    2,730       2,910,944  

Huntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24)

    3,531       3,668,780  

ING Groep NV, 3.55%, 04/09/24

    4,407       4,676,664  

Intesa Sanpaolo SpA, 5.25%, 01/12/24

    725       785,719  

JPMorgan Chase & Co.

   

3.63%, 05/13/24

    6,397       6,834,363  

3.88%, 02/01/24(a)

    4,764       5,081,997  

3.88%, 09/10/24

    9,447       10,157,131  

Lloyds Banking Group PLC

   

3.90%, 03/12/24

    3,057       3,258,273  

4.50%, 11/04/24

    3,727       4,056,131  

Mitsubishi UFJ Financial Group Inc.

   

2.80%, 07/18/24

    3,499       3,657,306  

3.41%, 03/07/24(a)

    5,216       5,507,940  

Morgan Stanley

   

3.70%, 10/23/24

    9,927       10,647,105  

Series F, 3.88%, 04/29/24(a)

    10,032       10,710,966  

National Bank of Canada, 0.75%, 08/06/24

    915       907,488  

Natwest Group PLC, 5.13%, 05/28/24

    3,781       4,129,722  

People’s United Bank N.A., 4.00%, 07/15/24 (Call 04/16/24)

    499       528,700  

PNC Bank N.A., 3.30%, 10/30/24 (Call 09/30/24)

    849       906,893  

PNC Financial Services Group Inc. (The)

   

2.20%, 11/01/24 (Call 10/02/24)

    2,558       2,656,816  

3.50%, 01/23/24 (Call 12/23/23)

    4,736       5,001,263  

3.90%, 04/29/24 (Call 03/29/24)

    2,748       2,937,227  

Royal Bank of Canada

   

0.43%, 01/19/24

    2,131       2,112,716  

0.65%, 07/29/24

    4,075       4,039,181  

0.75%, 10/07/24

    4,500       4,459,995  

2.25%, 11/01/24

    5,053       5,232,179  

2.55%, 07/16/24

    4,529       4,719,716  

Santander Holdings USA Inc., 3.50%, 06/07/24 (Call 05/07/24)

    3,858       4,071,656  

Santander UK PLC

   

2.88%, 06/18/24(a)

    335       351,023  

4.00%, 03/13/24(a)

    4,070       4,361,209  

Sumitomo Mitsui Banking Corp.

   

3.40%, 07/11/24(a)

    872       927,581  

3.95%, 01/10/24

    720       767,930  

Sumitomo Mitsui Financial Group Inc.

   

0.51%, 01/12/24(a)

    699       693,541  

2.45%, 09/27/24

    3,663       3,796,553  

2.70%, 07/16/24

    6,682       6,960,573  

Toronto-Dominion Bank (The)

   

0.55%, 03/04/24

    2,295       2,277,856  

0.70%, 09/10/24

    3,080       3,056,315  

2.65%, 06/12/24(a)

    4,987       5,207,575  

3.25%, 03/11/24

    4,020       4,240,537  

Truist Bank

   

2.15%, 12/06/24 (Call 11/05/24)

    3,738       3,861,728  

3.20%, 04/01/24 (Call 03/01/24)

    4,086       4,304,805  

Truist Financial Corp.

   

2.50%, 08/01/24 (Call 07/01/24)

    3,050       3,178,222  

2.85%, 10/26/24 (Call 09/26/24)

    3,803       4,004,939  
Security  

    

Par
(000)

    Value  

 

 

Banks (continued)

   

U.S. Bancorp

   

2.40%, 07/30/24 (Call 06/28/24)(a)

  $ 4,334     $     4,503,156  

3.38%, 02/05/24 (Call 01/05/24)

    4,257       4,493,689  

3.60%, 09/11/24 (Call 08/11/24)

    4,097       4,395,466  

3.70%, 01/30/24 (Call 12/29/23)(a)

    1,996       2,119,732  

Wells Fargo & Co.

   

3.30%, 09/09/24

    7,376       7,848,949  

3.75%, 01/24/24 (Call 12/22/23)(a)

    10,022       10,633,142  

4.48%, 01/16/24

    2,195       2,363,774  

Westpac Banking Corp., 3.30%, 02/26/24

    5,405       5,712,274  
   

 

 

 
          377,149,185  
Beverages — 0.9%            

Coca-Cola Co. (The), 1.75%, 09/06/24

    4,028       4,122,819  

Constellation Brands Inc., 4.75%, 11/15/24

    1,836       2,028,725  

Diageo Capital PLC, 2.13%, 10/24/24 (Call 09/24/24)

    1,992       2,059,071  

Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 03/15/22)

    835       831,677  

PepsiCo Inc., 3.60%, 03/01/24 (Call 12/01/23)(a)

    4,252       4,502,145  
   

 

 

 
          13,544,437  
Biotechnology — 0.8%            

Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24)

    5,271       5,594,428  

Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24)

    6,701       7,100,313  
   

 

 

 
          12,694,741  
Building Materials — 0.2%            

Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)(b)

    1,305       1,384,644  

Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)

    991       1,067,218  

Owens Corning, 4.20%, 12/01/24 (Call 09/01/24)

    1,136       1,226,869  
   

 

 

 
          3,678,731  
Chemicals — 1.1%            

Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)(a)

    1,235       1,310,298  

Albemarle Corp., 4.15%, 12/01/24 (Call 09/01/24)

    1,460       1,578,975  

Celanese U.S. Holdings LLC, 3.50%, 05/08/24
(Call 04/08/24)

    2,285       2,412,983  

FMC Corp., 4.10%, 02/01/24 (Call 11/01/23)(a)

    622       658,729  

LyondellBasell Industries NV, 5.75%, 04/15/24
(Call 01/15/24)(a)

    3,466       3,821,300  

Nutrien Ltd., 3.63%, 03/15/24 (Call 12/15/23)

    2,718       2,869,855  

PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24)

    1,270       1,316,711  

Sherwin-Williams Co. (The), 3.13%, 06/01/24
(Call 04/01/24)

    2,813       2,959,557  

Westlake Chemical Corp., 0.88%, 08/15/24
(Call 08/15/22)

    85       84,980  
   

 

 

 
          17,013,388  
Commercial Services — 0.7%            

Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)(a)

    2,462       2,564,739  

J Paul Getty Trust (The), Series 2021, 0.39%, 01/01/24 (Call 10/01/23)

    390       386,057  

Moody’s Corp., 4.88%, 02/15/24 (Call 11/15/23)(a)

    1,987       2,145,424  

PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24)

    5,173       5,381,937  

Quanta Services Inc., 0.95%, 10/01/24 (Call 10/01/22)

    30       29,762  
   

 

 

 
          10,507,919  
Computers — 3.1%            

Apple Inc.

   

1.80%, 09/11/24 (Call 08/11/24)

    2,957       3,032,137  

2.85%, 05/11/24 (Call 03/11/24)

    4,975       5,212,706  

3.00%, 02/09/24 (Call 12/09/23)(a)

    4,865       5,095,407  

3.45%, 05/06/24

    7,451       7,931,068  

Dell International LLC/EMC Corp., 4.00%, 07/15/24 (Call 06/15/24)

    3,864       4,143,135  

 

 

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

  45


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 

Computers (continued)

   

Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)(a)

  $ 602     $     637,325  

Hewlett Packard Enterprise Co., 1.45%, 04/01/24 (Call 03/01/24)(a)

    3,079       3,110,806  

International Business Machines Corp.

   

3.00%, 05/15/24(a)

    9,466       9,958,611  

3.63%, 02/12/24

    6,177       6,557,318  

NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24)

    1,402       1,481,928  
   

 

 

 
          47,160,441  
Cosmetics & Personal Care — 0.6%            

Colgate-Palmolive Co., 3.25%, 03/15/24(a)

    1,342       1,422,788  

Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24)

    1,891       1,952,458  

Unilever Capital Corp.

   

2.60%, 05/05/24 (Call 03/05/24)

    3,184       3,316,996  

3.25%, 03/07/24 (Call 02/07/24)(a)

    1,744       1,841,088  
   

 

 

 
          8,533,330  
Diversified Financial Services — 6.7%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.65%, 10/29/24 (Call 09/29/24)(a)

    5,590       5,602,801  

2.88%, 08/14/24 (Call 07/14/24)(a)

    2,321       2,403,790  

3.15%, 02/15/24 (Call 01/15/24)

    3,576       3,712,746  

4.88%, 01/16/24 (Call 12/16/23)

    2,733       2,937,346  

Series 3NC1, 1.75%, 10/29/24 (Call 10/29/22)

    1,500       1,501,305  

Affiliated Managers Group Inc., 4.25%, 02/15/24(a)

    1,220       1,310,182  

Air Lease Corp.

   

0.70%, 02/15/24 (Call 01/15/24)(a)

    1,907       1,885,146  

0.80%, 08/18/24 (Call 07/18/24)

    290       285,578  

4.25%, 02/01/24 (Call 01/01/24)

    2,216       2,358,888  

4.25%, 09/15/24 (Call 06/15/24)

    2,189       2,357,772  

Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24)(a)

    1,487       1,570,956  

Ally Financial Inc.

   

3.88%, 05/21/24 (Call 04/21/24)

    3,066       3,268,417  

5.13%, 09/30/24

    2,528       2,804,588  

American Express Co.

   

2.50%, 07/30/24 (Call 06/30/24)(a)

    4,707       4,904,365  

3.00%, 10/30/24 (Call 09/29/24)

    5,690       6,014,785  

3.40%, 02/22/24 (Call 01/22/24)

    4,275       4,512,134  

3.63%, 12/05/24 (Call 11/04/24)(a)

    2,056       2,209,131  

Ameriprise Financial Inc., 3.70%, 10/15/24

    2,122       2,290,954  

BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)

    1,095       1,158,335  

Blackstone Private Credit Fund, 1.75%, 09/15/24(c)

    1,155       1,144,339  

Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24)

    3,217       3,427,907  

Capital One Financial Corp.

   

3.30%, 10/30/24 (Call 09/30/24)

    5,195       5,513,713  

3.75%, 04/24/24 (Call 03/24/24)

    2,482       2,639,533  

3.90%, 01/29/24 (Call 12/29/23)

    4,614       4,898,684  

Charles Schwab Corp. (The)

   

0.75%, 03/18/24 (Call 02/18/24)

    2,225       2,220,995  

3.55%, 02/01/24 (Call 01/01/24)

    1,756       1,860,271  

3.75%, 04/01/24 (Call 03/02/24)(a)

    2,050       2,183,804  

Citigroup Global Markets Holdings Inc./U.S, 0.75%,

   

06/07/24 (Call 06/07/22)

    470       465,483  

Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24)(a)

    1,918       2,061,179  

Invesco Finance PLC, 4.00%, 01/30/24(a)

    1,869       1,993,251  

Mastercard Inc., 3.38%, 04/01/24

    4,096       4,347,904  

Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24)

    2,139       2,298,013  

ORIX Corp. 3.25%, 12/04/24

    2,015       2,138,217  
Security  

    

Par

(000)

    Value  

 

 

Diversified Financial Services (continued)

   

4.05%, 01/16/24

  $ 1,622     $     1,724,024  

Stifel Financial Corp., 4.25%, 07/18/24

    1,598       1,725,393  

Synchrony Financial

   

4.25%, 08/15/24 (Call 05/15/24)

    4,228       4,536,686  

4.38%, 03/19/24 (Call 02/19/24)

    2,327       2,490,681  
   

 

 

 
          100,759,296  
Electric — 4.7%            

Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)

    2,375       2,462,994  

Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)

    2,647       2,799,017  

Black Hills Corp., 1.04%, 08/23/24 (Call 02/23/22)

    325       324,262  

CenterPoint Energy Inc., 2.50%, 09/01/24 (Call 08/01/24)(a)

    1,672       1,734,215  

Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/24(a)

    125       139,700  

Dominion Energy Inc., 3.07%, 08/15/24(b)

    2,924       3,068,855  

DTE Electric Co., 3.65%, 03/15/24 (Call 12/15/23)

    1,197       1,266,031  

DTE Energy Co., Series C, 2.53%, 10/01/24

    2,166       2,256,257  

Duke Energy Corp., 3.75%, 04/15/24 (Call 01/15/24)

    3,996       4,235,480  

Edison International, 3.55%, 11/15/24
(Call 10/15/24)(a)

    2,154       2,270,015  

Emera U.S. Finance LP, 0.83%, 06/15/24(c)

    955       944,400  

Enel Generacion Chile SA, 4.25%, 04/15/24
(Call 01/15/24)(a)

    1,249       1,335,718  

Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24)(a)

    1,015       1,078,722  

Entergy Gulf States Louisiana LLC, 5.59%, 10/01/24

    610       684,225  

Entergy Louisiana LLC

   

0.95%, 10/01/24 (Call 10/01/22)

    45       44,778  

5.40%, 11/01/24(a)

    915       1,029,091  

Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)(a)

    2,942       3,046,029  

Eversource Energy, Series L, 2.90%, 10/01/24 (Call 08/01/24)

    1,780       1,865,422  

Florida Power & Light Co., 3.25%, 06/01/24 (Call 12/01/23)

    1,854       1,948,313  

Georgia Power Co., Series A, 2.20%, 09/15/24 (Call 08/15/24)

    2,125       2,190,238  

Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)(a)

    2,180       2,309,165  

IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 07/01/24)

    1,034       1,094,117  

ITC Holdings Corp., 3.65%, 06/15/24
(Call 03/15/24)(a)

    1,563       1,654,029  

MidAmerican Energy Co., 3.50%, 10/15/24
(Call 07/15/24)

    2,350       2,512,620  

National Rural Utilities Cooperative Finance Corp.

   

0.35%, 02/08/24

    1,650       1,632,180  

2.95%, 02/07/24 (Call 12/07/23)(a)

    1,404       1,464,948  

Series D, 1.00%, 10/18/24

    600       598,710  

NextEra Energy Capital Holdings Inc., 3.15%, 04/01/24 (Call 03/01/24)(a)

    3,591       3,773,207  

Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)(a)

    1,866       1,951,948  

Pacific Gas and Electric Co.

   

3.40%, 08/15/24 (Call 05/15/24)(a)

    566       586,659  

3.75%, 02/15/24 (Call 11/15/23)

    1,351       1,404,202  

PacifiCorp, 3.60%, 04/01/24 (Call 01/01/24)(a)

    399       422,290  

Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)(a)

    1,355       1,433,888  

Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)

    3,320       3,470,263  

Sempra Energy, 3.55%, 06/15/24 (Call 03/15/24)

    2,698       2,851,031  

Southern California Edison Co.

   

1.10%, 04/01/24 (Call 04/01/23)

    1,660       1,663,054  

Series K, 0.98%, 08/01/24(a)

    580       577,889  

Southern Co. (The), Series 21-A, 0.60%, 02/26/24 (Call 01/26/24)(a)

    1,300       1,289,522  

Southwestern Public Service Co., 3.30%, 06/15/24 (Call 12/15/23)(a)

    315       330,167  

Union Electric Co., 3.50%, 04/15/24
(Call 01/15/24)(a)

    647       683,044  

 

 

46  

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


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 

Electric (continued)

   

Virginia Electric & Power Co., 3.45%, 02/15/24
(Call 11/15/23)(a)

  $ 757     $ 796,303  

WEC Energy Group Inc., 0.80%, 03/15/24 (Call 02/15/24)

    1,900       1,894,319  

Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24)

    1,071       1,104,447  
   

 

 

 
          70,221,764  
Electronics — 0.8%            

Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)

    1,755       1,842,662  

Amphenol Corp., 3.20%, 04/01/24 (Call 02/01/24)(a)

    845       887,072  

Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24)(a)

    2,322       2,440,027  

Honeywell International Inc., 2.30%, 08/15/24 (Call 07/15/24)

    3,238       3,364,638  

Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)

    1,147       1,255,323  

SYNNEX Corp., 1.25%, 08/09/24 (Call 08/09/22)(a)(c)

    360       358,600  

Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)

    1,620       1,775,326  

Tyco Electronics Group SA, 3.45%, 08/01/24 (Call 05/01/24)

    263       277,610  
   

 

 

 
          12,201,258  
Environmental Control — 0.3%            

Republic Services Inc., 2.50%, 08/15/24 (Call 07/15/24)

    3,999       4,155,761  
   

 

 

 
Food — 1.1%            

Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24)

    4,229       4,554,633  

General Mills Inc., 3.65%, 02/15/24 (Call 11/15/23)

    1,823       1,926,601  

Hershey Co. (The), 2.05%, 11/15/24 (Call 10/15/24)(a)

    838       866,199  

Kroger Co. (The), 4.00%, 02/01/24 (Call 11/01/23)

    1,522       1,615,892  

McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24)

    2,919       3,081,880  

Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)

    3,743       4,011,748  
   

 

 

 
          16,056,953  
Forest Products & Paper — 0.2%            

Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)(a)

    1,158       1,233,270  

Georgia-Pacific LLC, 8.00%, 01/15/24

    1,635       1,884,060  
   

 

 

 
          3,117,330  
Gas — 0.5%            
Eastern Energy Gas Holdings LLC            

3.60%, 12/15/24 (Call 09/15/24)

    839       896,782  

Series A, 2.50%, 11/15/24 (Call 10/15/24)

    2,478       2,580,589  

ONE Gas Inc.

   

1.10%, 03/11/24 (Call 11/15/21)

    3,065       3,053,721  

3.61%, 02/01/24 (Call 11/01/23)

    225       236,290  

Southern California Gas Co., 3.15%, 09/15/24 (Call 06/15/24)(a)

    850       898,433  
   

 

 

 
          7,665,815  
Health Care - Products — 0.7%            

Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24)(a)

    3,721       3,923,199  

DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)(a)

    2,986       3,087,405  

PerkinElmer Inc., 0.85%, 09/15/24 (Call 09/15/22)

    25       24,790  

Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)

    2,711       2,862,165  

Thermo Fisher Scientific Inc., 1.22%, 10/18/24 (Call 10/18/22)

    500       500,215  
   

 

 

 
          10,397,774  
Health Care - Services — 2.2%            

Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)

    3,063       3,267,823  

Anthem Inc.

   

3.35%, 12/01/24 (Call 10/01/24)

    3,059       3,260,772  

3.50%, 08/15/24 (Call 05/15/24)

    3,107       3,302,958  

CommonSpirit Health, 2.76%, 10/01/24 (Call 07/01/24)

    1,723       1,797,520  
Security  

    

Par

(000)

    Value  

 

 

Health Care - Services (continued)

   

HCA Inc., 5.00%, 03/15/24(a)

  $   6,847     $   7,449,810  

Humana Inc., 3.85%, 10/01/24 (Call 07/01/24)

    2,601       2,792,017  

Laboratory Corp. of America Holdings

   

2.30%, 12/01/24 (Call 11/01/24)(a)

    1,883       1,943,651  

3.25%, 09/01/24 (Call 07/01/24)

    2,301       2,429,971  

Quest Diagnostics Inc., 4.25%, 04/01/24
(Call 01/01/24)(a)

    649       693,223  

UnitedHealth Group Inc.

   

0.55%, 05/15/24 (Call 05/15/22)

    150       148,868  

2.38%, 08/15/24

    2,981       3,098,123  

3.50%, 02/15/24(a)

    2,969       3,148,031  
   

 

 

 
          33,332,767  
Holding Companies - Diversified — 0.8%            

Ares Capital Corp., 4.20%, 06/10/24 (Call 05/10/24)

    3,296       3,506,713  

FS KKR Capital Corp.

   

1.65%, 10/12/24

    1,015       1,002,851  

4.63%, 07/15/24 (Call 06/15/24)

    1,348       1,439,610  

Golub Capital BDC Inc., 3.38%, 04/15/24 (Call 03/15/24)

    1,270       1,314,729  

Main Street Capital Corp., 5.20%, 05/01/24

    1,501       1,620,195  

Owl Rock Capital Corp., 5.25%, 04/15/24 (Call 03/15/24)

    1,660       1,795,904  

Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24)

    1,060       1,115,268  
   

 

 

 
          11,795,270  
Home Builders — 0.5%            

DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)

    2,610       2,716,801  

Lennar Corp.

   

4.50%, 04/30/24 (Call 01/31/24)(a)

    1,612       1,730,853  

5.88%, 11/15/24 (Call 05/15/24)(a)

    2,405       2,680,637  
   

 

 

 
          7,128,291  
Home Furnishings — 0.1%            

Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24)

    335       355,411  

Whirlpool Corp., 4.00%, 03/01/24

    740       790,705  
   

 

 

 
          1,146,116  
Household Products & Wares — 0.1%            

Avery Dennison Corp., 0.85%, 08/15/24
(Call 08/15/22)(a)

    225       223,414  

Clorox Co. (The), 3.50%, 12/15/24 (Call 09/15/24)(a)

    1,397       1,495,977  
   

 

 

 
          1,719,391  
Insurance — 2.2%            

Aflac Inc., 3.63%, 11/15/24

    3,165       3,405,445  

American International Group Inc., 4.13%, 02/15/24

    4,303       4,606,964  

Aon PLC, 3.50%, 06/14/24 (Call 03/14/24)

    2,191       2,322,131  

Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24(a)

    1,134       1,247,071  

Brown & Brown Inc., 4.20%, 09/15/24
(Call 06/15/24)(a)

    2,040       2,202,568  

Chubb INA Holdings Inc., 3.35%, 05/15/24

    680       722,806  

CNA Financial Corp., 3.95%, 05/15/24
(Call 02/15/24)(a)

    2,033       2,167,015  

First American Financial Corp., 4.60%, 11/15/24

    58       63,524  

Marsh & McLennan Companies Inc.

   

3.50%, 06/03/24 (Call 03/03/24)

    2,638       2,800,052  

3.88%, 03/15/24 (Call 02/15/24)

    3,944       4,209,076  

MetLife Inc., 3.60%, 04/10/24(a)

    3,459       3,687,813  

Old Republic International Corp., 4.88%, 10/01/24
(Call 09/01/24)

    767       841,645  

Unum Group, 4.00%, 03/15/24

    686       729,904  

Voya Financial Inc., 3.13%, 07/15/24
(Call 11/29/21)(a)

    1,743       1,838,987  

Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)

    2,778       2,940,124  
   

 

 

 
          33,785,125  
Internet — 2.8%            

Alibaba Group Holding Ltd., 3.60%, 11/28/24 (Call 08/28/24)(a)

    7,330       7,796,041  

Alphabet Inc., 3.38%, 02/25/24

    4,140       4,388,773  

 

 

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

  47


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 

Internet (continued)

   

Amazon.com Inc.

   

0.45%, 05/12/24(a)

  $   7,915     $   7,856,350  

2.80%, 08/22/24 (Call 06/22/24)

    6,870       7,216,797  

3.80%, 12/05/24 (Call 09/05/24)

    3,943       4,267,233  

Baidu Inc., 4.38%, 05/14/24 (Call 04/14/24)

    2,600       2,791,334  

eBay Inc., 3.45%, 08/01/24 (Call 05/01/24)(a)

    3,246       3,440,176  

Expedia Group Inc., 4.50%, 08/15/24
(Call 05/15/24)(a)

    1,141       1,230,192  

Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24)(a)

    2,343       2,430,581  
   

 

 

 
          41,417,477  
Iron & Steel — 0.1%            

Steel Dynamics Inc., 2.80%, 12/15/24 (Call 11/15/24)

    1,774       1,855,356  
   

 

 

 
Leisure Time — 0.0%            

Brunswick Corp., 0.85%, 08/18/24 (Call 08/18/22)

    195       193,048  
   

 

 

 
Lodging — 0.7%            

Hyatt Hotels Corp., 1.80%, 10/01/24 (Call 10/01/22)

    2,240       2,246,989  

Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)

    5,596       5,721,015  

Marriott International Inc./MD, 3.60%, 04/15/24 (Call 03/15/24)

    2,061       2,176,601  
   

 

 

 
          10,144,605  
Machinery — 2.1%            

Caterpillar Financial Services Corp.

   

0.45%, 05/17/24(a)

    575       570,199  

0.60%, 09/13/24(a)

    2,400       2,382,264  

2.15%, 11/08/24

    3,366       3,488,085  

2.85%, 05/17/24

    1,284       1,348,316  

3.25%, 12/01/24(a)

    2,451       2,625,021  

3.30%, 06/09/24(a)

    972       1,033,693  

Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)

    2,814       2,980,251  

CNH Industrial Capital LLC, 4.20%, 01/15/24

    1,641       1,749,519  

John Deere Capital Corp.

   

0.45%, 01/17/24

    2,455       2,440,270  

0.45%, 06/07/24(a)

    1,415       1,402,732  

0.63%, 09/10/24

    1,250       1,242,313  

2.60%, 03/07/24(a)

    1,995       2,079,987  

2.65%, 06/24/24

    2,375       2,489,451  

3.35%, 06/12/24(a)

    1,700       1,813,356  

3.45%, 01/10/24(a)

    627       664,444  

Westinghouse Air Brake Technologies Corp., 4.40%, 03/15/24 (Call 02/15/24)

    2,558       2,732,967  
   

 

 

 
          31,042,868  
Manufacturing — 1.3%            

3M Co., 3.25%, 02/14/24 (Call 01/14/24)

    3,892       4,101,234  

Carlisle Companies Inc., 3.50%, 12/01/24
(Call 10/01/24)

    1,340       1,423,093  

General Electric Co.

   

3.38%, 03/11/24

    1,808       1,908,941  

3.45%, 05/15/24 (Call 02/13/24)

    2,429       2,566,943  

Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)(a)

    2,493       2,633,406  

Parker-Hannifin Corp.

   

2.70%, 06/14/24 (Call 05/14/24)(a)

    2,457       2,562,626  

3.30%, 11/21/24 (Call 08/21/24)

    1,941       2,059,362  

Textron Inc., 4.30%, 03/01/24 (Call 12/01/23)(a)

    896       956,274  

Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)

    1,389       1,482,424  
   

 

 

 
          19,694,303  
Media — 2.5%            

Charter Communications Operating LLC/Charter

   

Communications Operating Capital, 4.50%, 02/01/24 (Call 01/01/24)

    4,671       5,009,554  
Security  

    

Par

(000)

    Value  

 

 

Media (continued)

   

Comcast Corp.

   

3.60%, 03/01/24

  $   3,922     $   4,173,283  

3.70%, 04/15/24 (Call 03/15/24)(a)

    8,066       8,602,792  

Discovery Communications LLC

   

3.80%, 03/13/24 (Call 01/13/24)

    1,564       1,659,107  

3.90%, 11/15/24 (Call 08/15/24)

    1,761       1,886,119  

Fox Corp., 4.03%, 01/25/24 (Call 12/25/23)

    5,314       5,656,700  

ViacomCBS Inc.

   

3.70%, 08/15/24 (Call 05/15/24)

    1,707       1,818,518  

3.88%, 04/01/24 (Call 01/01/24)

    1,185       1,256,610  

Walt Disney Co. (The)

   

1.75%, 08/30/24 (Call 07/30/24)(a)

    5,197       5,316,115  

3.70%, 09/15/24 (Call 06/15/24)

    2,561       2,744,880  
   

 

 

 
          38,123,678  
Metal Fabricate & Hardware — 0.0%            

Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)(a)

    523       554,547  
   

 

 

 

Mining — 0.1%

   

Kinross Gold Corp., 5.95%, 03/15/24 (Call 12/15/23)

    1,901       2,087,849  
   

 

 

 
Office & Business Equipment — 0.2%            

CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 (Call 06/01/24)

    2,050       2,246,042  
   

 

 

 

Oil & Gas — 4.0%

   

BP Capital Markets America Inc.

   

3.22%, 04/14/24 (Call 02/14/24)

    2,594       2,728,706  

3.79%, 02/06/24 (Call 01/06/24)

    2,959       3,146,660  

BP Capital Markets PLC

   

3.54%, 11/04/24

    3,058       3,276,464  

3.81%, 02/10/24

    3,719       3,961,813  

Canadian Natural Resources Ltd., 3.80%, 04/15/24 (Call 01/15/24)

    1,956       2,064,225  

Chevron Corp., 2.90%, 03/03/24 (Call 01/03/24)(a)

    3,873       4,053,404  

Chevron USA Inc., 3.90%, 11/15/24 (Call 08/15/24)

    2,392       2,587,259  

ConocoPhillips Co., 3.35%, 11/15/24
(Call 08/15/24)(a)

    625       666,975  

Coterra Energy Inc., 4.38%, 06/01/24
(Call 03/01/24)(c)

    2,337       2,501,618  

Devon Energy Corp., 5.25%, 09/15/24 (Call 06/15/24)(c)

    1,692       1,857,139  

Diamondback Energy Inc., 2.88%, 12/01/24 (Call 11/01/24)

    2,997       3,121,166  

Exxon Mobil Corp.

   

2.02%, 08/16/24 (Call 07/16/24)(a)

    4,628       4,775,032  

3.18%, 03/15/24 (Call 12/15/23)

    3,128       3,287,090  

Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)(a)

    686       721,356  

Marathon Petroleum Corp., 3.63%, 09/15/24 (Call 06/15/24)

    3,131       3,332,198  

Phillips 66, 0.90%, 02/15/24 (Call 11/29/21)

    820       817,196  

Pioneer Natural Resources Co., 0.75%, 01/15/24 (Call 01/15/22)

    575       571,521  

Shell International Finance BV, 2.00%, 11/07/24 (Call 10/07/24)(a)

    5,260       5,416,643  

TotalEnergies Capital International SA

   

3.70%, 01/15/24(a)

    3,492       3,712,101  

3.75%, 04/10/24

    4,079       4,367,712  

Valero Energy Corp., 1.20%, 03/15/24

    3,178       3,182,958  
   

 

 

 
          60,149,236  
Packaging & Containers — 0.4%            

Berry Global Inc., 0.95%, 02/15/24 (Call 01/15/24)

    2,534       2,520,342  

Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24)(a)

    1,596       1,704,687  

WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)

    2,254       2,366,745  
   

 

 

 
          6,591,774  

 

 

48  

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


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pharmaceuticals — 5.0%            

AbbVie Inc.
2.60%, 11/21/24 (Call 10/21/24)

  $   11,688     $   12,184,974  

3.85%, 06/15/24 (Call 03/15/24)

    3,604       3,846,117  

AmerisourceBergen Corp., 3.40%, 05/15/24
(Call 02/15/24)(a)

    1,593       1,677,063  

Astrazeneca Finance LLC, 0.70%, 05/28/24
(Call 05/28/22)

    4,770       4,768,617  

Becton Dickinson and Co.
3.36%, 06/06/24 (Call 04/06/24)(a)

    2,847       3,001,877  

3.73%, 12/15/24 (Call 09/15/24)(a)

    1,284       1,378,271  

Bristol-Myers Squibb Co.
2.90%, 07/26/24 (Call 06/26/24)

    6,569       6,913,018  

3.63%, 05/15/24 (Call 02/15/24)(a)

    290       308,444  

Cardinal Health Inc.
3.08%, 06/15/24 (Call 04/15/24)

    2,914       3,056,203  

Series 2016-CD2, 3.50%, 11/15/24 (Call 08/15/24)(a)

    1,617       1,719,534  

Cigna Corp.
0.61%, 03/15/24 (Call 03/15/22)

    720       714,542  

3.50%, 06/15/24 (Call 03/17/24)(a)

    2,659       2,818,566  

CVS Health Corp.
2.63%, 08/15/24 (Call 07/15/24)(a)

    3,536       3,680,269  

3.38%, 08/12/24 (Call 05/12/24)

    2,635       2,789,701  

GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24)

    4,127       4,343,337  

McKesson Corp., 3.80%, 03/15/24
(Call 12/15/23)(a)

    3,783       4,013,044  

Merck & Co. Inc., 2.90%, 03/07/24 (Call 02/07/24)

    2,326       2,435,950  

Novartis Capital Corp., 3.40%, 05/06/24

    6,792       7,219,353  

Pfizer Inc.
2.95%, 03/15/24 (Call 02/15/24)(a)

    2,838       2,977,857  

3.40%, 05/15/24

    2,687       2,859,720  

Wyeth LLC, 6.45%, 02/01/24(a)

    1,971       2,215,010  
   

 

 

 
      74,921,467  
Pipelines — 4.2%            

Boardwalk Pipelines LP, 4.95%, 12/15/24
(Call 09/15/24)

    1,464       1,606,857  

Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24 (Call 01/01/24)

    3,930       4,401,954  

Eastern Gas Transmission & Storage Inc., 3.60%, 12/15/24 (Call 09/15/24)(c)

    418       445,011  

Enable Midstream Partners LP, 3.90%, 05/15/24 (Call 02/15/24)

    1,614       1,699,687  

Enbridge Inc., 3.50%, 06/10/24 (Call 03/10/24)

    2,871       3,036,599  

Energy Transfer LP
4.25%, 04/01/24 (Call 01/01/24)

    2,110       2,240,356  

4.50%, 04/15/24 (Call 03/15/24)

    2,398       2,574,397  

4.90%, 02/01/24 (Call 11/01/23)

    1,574       1,682,685  

5.88%, 01/15/24 (Call 10/15/23)

    3,052       3,316,761  

Enterprise Products Operating LLC, 3.90%, 02/15/24 (Call 11/15/23)

    3,607       3,823,961  

Kinder Morgan Energy Partners LP
4.15%, 02/01/24 (Call 11/01/23)

    2,349       2,496,141  

4.25%, 09/01/24 (Call 06/01/24)

    2,087       2,251,560  

4.30%, 05/01/24 (Call 02/01/24)

    2,306       2,472,793  

MPLX LP, 4.88%, 12/01/24 (Call 09/01/24)

    4,386       4,815,697  

ONEOK Inc., 2.75%, 09/01/24 (Call 08/01/24)

    1,988       2,068,077  

Phillips 66 Partners LP, 2.45%, 12/15/24 (Call 11/15/24)(a)

    1,062       1,095,421  

Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24
(Call 08/01/24)(a)

    2,290       2,422,064  

Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24)

    6,900       7,602,558  

Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)

    2,718       2,929,488  
Security   Par
(000)
    Value  
Pipelines (continued)            

TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)

  $   690     $   686,881  

Williams Companies Inc. (The)

   

4.30%, 03/04/24 (Call 12/04/23)

    4,244       4,536,836  

4.55%, 06/24/24 (Call 03/24/24)

    4,055       4,389,497  
   

 

 

 
      62,595,281  
Real Estate Investment Trusts — 4.2%            

American Campus Communities Operating Partnership LP,
4.13%, 07/01/24 (Call 04/01/24)

    1,349       1,451,861  

American Tower Corp.
0.60%, 01/15/24(a)

    706       700,988  

3.38%, 05/15/24 (Call 04/15/24)

    2,720       2,872,619  

5.00%, 02/15/24

    3,797       4,136,376  

AvalonBay Communities Inc., 3.50%, 11/15/24 (Call 08/15/24)(a)

    1,467       1,569,103  

Boston Properties LP, 3.80%, 02/01/24 (Call 11/01/23)

    2,986       3,152,708  

Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)(a)

    229       244,691  

Brixmor Operating Partnership LP, 3.65%, 06/15/24 (Call 04/15/24)(a)

    1,370       1,452,666  

Crown Castle International Corp., 3.20%, 09/01/24 (Call 07/01/24)(a)

    3,524       3,713,380  

CyrusOne LP/CyrusOne Finance Corp., 2.90%, 11/15/24 (Call 10/15/24)(a)

    2,351       2,451,482  

Duke Realty LP, 3.75%, 12/01/24 (Call 09/01/24)

    983       1,054,218  

Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)

    3,915       4,066,237  

Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24)

    1,415       1,502,490  

Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 10/15/23)

    1,515       1,602,825  

GLP Capital LP/GLP Financing II Inc., 3.35%, 09/01/24 (Call 08/01/24)

    1,185       1,242,413  

Host Hotels & Resorts LP, 3.88%, 04/01/24 (Call 02/01/24)

    994       1,047,378  

Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24)

    1,312       1,390,418  

Kimco Realty Corp., 2.70%, 03/01/24
(Call 01/01/24)(a)

    1,474       1,525,811  

Mid-America Apartments LP, 3.75%, 06/15/24 (Call 03/15/24)

    885       940,914  

National Retail Properties Inc., 3.90%, 06/15/24 (Call 03/15/24)(a)

    1,153       1,227,322  

Office Properties Income Trust, 4.25%, 05/15/24 (Call 02/15/24)

    1,152       1,214,450  

Omega Healthcare Investors Inc., 4.95%, 04/01/24 (Call 01/01/24)(a)

    1,060       1,143,645  

Piedmont Operating Partnership LP, 4.45%, 03/15/24 (Call 12/15/23)

    266       282,479  

Realty Income Corp., 3.88%, 07/15/24
(Call 04/15/24)(a)

    1,480       1,583,659  

Simon Property Group LP
2.00%, 09/13/24 (Call 06/13/24)(a)

    3,535       3,626,981  

3.38%, 10/01/24 (Call 07/01/24)

    2,943       3,126,938  

3.75%, 02/01/24 (Call 11/01/23)

    2,338       2,472,014  

Ventas Realty LP
3.50%, 04/15/24 (Call 03/15/24)

    1,665       1,761,986  

3.75%, 05/01/24 (Call 02/01/24)

    1,405       1,484,565  

VEREIT Operating Partnership LP, 4.60%, 02/06/24 (Call 11/06/23)

    2,057       2,204,281  

Welltower Inc. 3.63%, 03/15/24 (Call 02/15/24)

    4,256       4,514,339  

4.50%, 01/15/24 (Call 10/15/23)

    1,131       1,207,003  

WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24)

    1,397       1,501,677  
   

 

 

 
      63,469,917  
Retail — 1.7%            

AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24)

    1,759       1,866,686  

AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24)

    1,764       1,851,053  

 

 

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

  49


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

 

 
Retail (continued)            

Costco Wholesale Corp., 2.75%, 05/18/24 (Call 03/18/24)(a)

  $   4,054     $   4,243,524  

Home Depot Inc. (The), 3.75%, 02/15/24 (Call 11/15/23)

    4,111       4,361,195  

Lowe’s Companies Inc., 3.13%, 09/15/24 (Call 06/15/24)

    2,115       2,232,742  

McDonald’s Corp., 3.25%, 06/10/24(a)

    2,050       2,173,021  

Target Corp., 3.50%, 07/01/24

    3,711       3,971,920  

Walmart Inc.
2.85%, 07/08/24 (Call 06/08/24)

    250       263,223  

3.30%, 04/22/24 (Call 01/22/24)(a)

    4,877       5,155,916  
   

 

 

 
      26,119,280  
Semiconductors — 2.4%            

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23)

    5,167       5,439,921  

Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)

    2,547       2,721,469  

Intel Corp., 2.88%, 05/11/24 (Call 03/11/24)(a)

    5,414       5,679,394  

KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)

    4,762       5,215,057  

Micron Technology Inc., 4.64%, 02/06/24
(Call 11/17/21)

    2,766       2,984,708  

NXP BV/NXP Funding LLC, 4.88%, 03/01/24
(Call 02/01/24)(c)

    3,988       4,315,774  

QUALCOMM Inc., 2.90%, 05/20/24 (Call 03/20/24)

    4,263       4,475,468  

Texas Instruments Inc., 2.63%, 05/15/24
(Call 03/15/24)

    1,185       1,234,900  

Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)

    3,302       3,452,472  
   

 

 

 
      35,519,163  
Software — 2.3%            

Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)

    690       747,698  

Fidelity National Information Services Inc., 0.60%, 03/01/24(a)

    2,065       2,048,211  

Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24)

    6,952       7,253,300  

Microsoft Corp., 2.88%, 02/06/24 (Call 12/06/23)

    7,627       7,976,774  

Oracle Corp.
2.95%, 11/15/24 (Call 09/15/24)

    6,733       7,073,555  

3.40%, 07/08/24 (Call 04/08/24)

    6,626       7,002,357  

Roper Technologies Inc., 2.35%, 09/15/24 (Call 08/15/24)

    2,058       2,132,047  

salesforce.com Inc., 0.63%, 07/15/24 (Call 07/15/22)

    35       34,901  
   

 

 

 
      34,268,843  
Telecommunications — 2.3%            

AT&T Inc.

   

0.90%, 03/25/24 (Call 03/25/22)(a)

    4,010       4,010,601  

3.80%, 03/01/24 (Call 01/01/24)

    414       439,262  

3.90%, 03/11/24 (Call 12/11/23)

    2,164       2,296,242  

4.45%, 04/01/24 (Call 01/01/24)(a)

    4,064       4,372,336  

Bell Canada, Series US-3, 0.75%, 03/17/24

    2,450       2,436,770  

Cisco Systems Inc., 3.63%, 03/04/24

    3,984       4,251,964  

Motorola Solutions Inc., 4.00%, 09/01/24

    2,483       2,672,552  

Verizon Communications Inc.
0.75%, 03/22/24(a)

    5,050       5,036,920  

3.50%, 11/01/24 (Call 08/01/24)(a)

    5,506       5,874,462  

4.15%, 03/15/24 (Call 11/12/21)(a)

    1,605       1,716,949  

Vodafone Group PLC, 3.75%, 01/16/24(a)

    765       814,289  
   

 

 

 
      33,922,347  
Toys, Games & Hobbies — 0.1%            

Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)

    1,777       1,870,843  
Security   Par/
Shares
(000)
    Value  

 

 
Transportation — 1.6%            

Burlington Northern Santa Fe LLC

   

3.40%, 09/01/24 (Call 06/01/24)

  $   2,124     $ 2,261,763  

3.75%, 04/01/24 (Call 01/01/24)(a)

    1,967       2,088,993  

Canadian National Railway Co., 2.95%, 11/21/24 (Call 08/21/24)

    1,135       1,193,157  

CSX Corp., 3.40%, 08/01/24 (Call 05/01/24)(a)

    2,589       2,753,816  

Norfolk Southern Corp., 3.85%, 01/15/24 (Call 10/15/23)

    1,520       1,606,746  

Ryder System Inc.
2.50%, 09/01/24 (Call 08/01/24)

    2,671       2,772,845  

3.65%, 03/18/24 (Call 02/18/24)

    1,825       1,934,938  

Union Pacific Corp.
3.15%, 03/01/24 (Call 02/01/24)

    2,582       2,718,665  

3.65%, 02/15/24 (Call 11/15/23)(a)

    1,881       1,987,841  

3.75%, 03/15/24 (Call 12/15/23)(a)

    1,135       1,203,441  

United Parcel Service Inc.

   

2.20%, 09/01/24 (Call 08/01/24)

    2,255       2,337,623  

2.80%, 11/15/24 (Call 09/15/24)(a)

    1,588       1,675,007  
   

 

 

 
      24,534,835  
Trucking & Leasing — 0.1%            

GATX Corp., 4.35%, 02/15/24 (Call 01/15/24)

    1,334       1,430,768  
   

 

 

 

Water — 0.1%

   

American Water Capital Corp., 3.85%, 03/01/24 (Call 12/01/23)

    1,287       1,367,335  
   

 

 

 

Total Corporate Bonds & Notes — 98.7%
(Cost: $1,456,819,250)

 

    1,484,849,359  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 4.4%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)

    62,269       62,300,093  

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

    4,395       4,395,000  
   

 

 

 
      66,695,093  
   

 

 

 

Total Short-Term Investments — 4.4%
(Cost: $66,677,769)

 

    66,695,093  
   

 

 

 

Total Investments in Securities — 103.1%
(Cost: $1,523,497,019)

 

    1,551,544,452  

Other Assets, Less Liabilities — (3.1)%

 

    (47,228,144
   

 

 

 

Net Assets — 100.0%

    $   1,504,316,308  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

 

50  

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Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2024 Term Corporate ETF

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 42,490,997     $ 19,820,460 (a)    $     $ (7,362   $ (4,002   $ 62,300,093       62,269     $ 108,292(b )    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    6,575,000             (2,180,000 )(a)                  4,395,000       4,395       2,226        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (7,362   $ (4,002   $ 66,695,093       $ 110,518     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Corporate Bonds & Notes

   $      $ 1,484,849,359      $      $ 1,484,849,359  

Money Market Funds

     66,695,093                      66,695,093  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $     66,695,093      $     1,484,849,359      $             —      $     1,551,544,452  
  

 

 

    

 

 

    

 

 

    

 

 

 

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

  51


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

   

Value

 

Corporate Bonds & Notes

   
Aerospace & Defense — 2.3%            

Boeing Co. (The)

   

2.60%, 10/30/25 (Call 07/30/25)

  $ 915     $ 939,614  

4.88%, 05/01/25 (Call 04/01/25)

        8,277           9,141,036  

General Dynamics Corp.

   

3.25%, 04/01/25 (Call 03/01/25)(a)

    2,238       2,382,910  

3.50%, 05/15/25 (Call 03/15/25)

    2,292       2,464,908  

L3Harris Technologies Inc., 3.83%, 04/27/25

   

(Call 01/27/25)(a)

    1,752       1,891,407  

Lockheed Martin Corp., 2.90%, 03/01/25 (Call 12/01/24)

    2,163       2,281,900  

Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24)

    4,377       4,599,352  

Raytheon Technologies Corp., 3.95%, 08/16/25 (Call 06/16/25)

    4,360       4,758,460  
   

 

 

 
      28,459,587  
Agriculture — 1.1%            

Altria Group Inc., 2.35%, 05/06/25 (Call 04/06/25)

    2,212       2,277,807  

Bunge Ltd. Finance Corp., 1.63%, 08/17/25 (Call 07/17/25)(a)

    995       998,731  

Philip Morris International Inc.

   

1.50%, 05/01/25 (Call 04/01/25)

    2,347       2,366,785  

3.38%, 08/11/25 (Call 05/11/25)

    2,063       2,210,113  

Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)

    5,675       6,192,900  
   

 

 

 
      14,046,336  
Airlines — 0.4%            

Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)(a)

    3,749       4,202,704  

United Airlines Pass Through Trust, Series 2013-1, Class A, 4.30%, 08/15/25(a)

    607       644,725  
   

 

 

 
      4,847,429  
Apparel — 0.7%            

NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)

    3,019       3,144,681  

PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)

    1,506       1,650,787  

Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)(a)

    1,295       1,408,481  

Tapestry Inc., 4.25%, 04/01/25 (Call 01/01/25)

    1,028       1,109,705  

VF Corp., 2.40%, 04/23/25 (Call 03/23/25)(a)

    1,337       1,383,153  
   

 

 

 
      8,696,807  
Auto Manufacturers — 2.8%            

American Honda Finance Corp.

   

1.00%, 09/10/25

    1,753       1,736,715  

1.20%, 07/08/25

    2,015       2,010,023  

Cummins Inc., 0.75%, 09/01/25
(Call 08/01/25)(a)

    1,379       1,358,563  

General Motors Co.

   

4.00%, 04/01/25(a)

    835       900,531  

6.13%, 10/01/25 (Call 09/01/25)

    4,530       5,250,950  

General Motors Financial Co. Inc.

   

2.75%, 06/20/25 (Call 05/20/25)

    2,840       2,948,204  

2.90%, 02/26/25 (Call 01/26/25)

    2,746       2,855,922  

4.00%, 01/15/25 (Call 10/15/24)

    2,250       2,407,635  

4.30%, 07/13/25 (Call 04/13/25)

    1,958       2,127,974  

4.35%, 04/09/25 (Call 02/09/25)

    2,868       3,117,459  

PACCAR Financial Corp., 1.80%, 02/06/25

    343       350,419  

Toyota Motor Credit Corp.

   

0.80%, 10/16/25

    2,147       2,104,897  

1.80%, 02/13/25

    2,974       3,034,283  

3.00%, 04/01/25

    2,648       2,803,808  

3.40%, 04/14/25(a)

    1,605       1,722,743  
   

 

 

 
      34,730,126  
Auto Parts & Equipment — 0.2%            

BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)(a)

    1,526       1,622,810  
Security  

Par

(000)

   

Value

 
Auto Parts & Equipment (continued)            

Magna International Inc., 4.15%, 10/01/25 (Call 07/01/25)

  $     1,207     $     1,325,986  
   

 

 

 
      2,948,796  
Banks — 20.7%            

Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25

    1,927       2,111,028  

Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25

    2,125       2,086,814  

Banco Santander SA

   

2.75%, 05/28/25

    3,535       3,672,794  

5.18%, 11/19/25

    3,454       3,876,528  

Bank of America Corp.

   

3.88%, 08/01/25

    3,817       4,166,255  

4.00%, 01/22/25

    5,954       6,417,043  

Series L, 3.95%, 04/21/25(a)

    5,333       5,761,293  

Bank of Montreal, 1.85%, 05/01/25

    3,583       3,657,526  

Bank of New York Mellon Corp. (The)

   

1.60%, 04/24/25 (Call 03/24/25)

    3,103       3,146,163  

3.95%, 11/18/25 (Call 10/18/25)

    696       766,199  

Series G, 3.00%, 02/24/25 (Call 01/24/25)

    1,681       1,780,196  

Bank of Nova Scotia (The)

   

1.30%, 06/11/25

    2,787       2,785,244  

2.20%, 02/03/25(a)

    3,284       3,384,556  

BankUnited Inc., 4.88%, 11/17/25
(Call 08/17/25)(a)

    1,450       1,616,416  

Barclays PLC, 3.65%, 03/16/25

    4,596       4,904,208  

BBVA USA, 3.88%, 04/10/25 (Call 03/10/25)

    1,997       2,157,579  

Canadian Imperial Bank of Commerce

   

0.95%, 10/23/25

    1,504       1,478,297  

2.25%, 01/28/25

    3,027       3,120,353  

Citigroup Inc.

   

3.30%, 04/27/25

    3,047       3,252,825  

3.88%, 03/26/25

    2,507       2,695,226  

4.40%, 06/10/25

    6,016       6,581,684  

5.50%, 09/13/25

    3,431       3,914,702  

Citizens Bank N.A./Providence RI, 2.25%, 04/28/25 (Call 03/28/25)

    1,846       1,905,054  

Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)(a)

    803       882,192  

Comerica Bank, 4.00%, 07/27/25

    395       429,634  

Cooperatieve Rabobank U.A., 4.38%, 08/04/25

    3,684       4,044,037  

Cooperatieve Rabobank U.A./New York, 3.38%, 05/21/25

    1,650       1,774,261  

Credit Suisse AG/New York NY, 2.95%, 04/09/25

    3,483       3,667,738  

Credit Suisse Group AG, 3.75%, 03/26/25

    5,601       5,999,791  

Fifth Third Bancorp., 2.38%, 01/28/25 (Call 12/28/24)

    3,519       3,631,960  

Fifth Third Bank NA, 3.95%, 07/28/25 (Call 06/28/25)(a)

    980       1,074,560  

First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)

    1,085       1,172,147  

Goldman Sachs Group Inc. (The)

   

3.50%, 01/23/25 (Call 10/23/24)

    6,032       6,409,844  

3.50%, 04/01/25 (Call 03/01/25)(a)

    6,248       6,666,741  

3.75%, 05/22/25 (Call 02/22/25)

    5,640       6,056,796  

4.25%, 10/21/25(a)

    4,999       5,481,553  

HSBC Holdings PLC, 4.25%, 08/18/25(a)

    3,673       3,980,283  

Huntington Bancshares Inc./OH, 4.00%, 05/15/25 (Call 04/15/25)

    1,966       2,135,961  

JPMorgan Chase & Co.

   

3.13%, 01/23/25 (Call 10/23/24)

    5,886       6,209,671  

3.90%, 07/15/25 (Call 04/15/25)

    6,159       6,689,290  

7.75%, 07/15/25

    110       134,417  

KeyBank N.A./Cleveland OH, 3.30%, 06/01/25

    1,893       2,031,492  

KeyCorp., 4.15%, 10/29/25

    1,728       1,905,708  

Lloyds Bank PLC, 3.50%, 05/14/25

    245       261,437  

Lloyds Banking Group PLC

   

4.45%, 05/08/25

    3,963       4,362,629  

 

 

52  

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Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Banks (continued)             

4.58%, 12/10/25

  $ 3,367      $ 3,718,481  

Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)(a)

    1,837        1,936,235  

Mitsubishi UFJ Financial Group Inc.

    

1.41%, 07/17/25

      4,055        4,046,484  

2.19%, 02/25/25

    6,296        6,468,447  

3.78%, 03/02/25

    1,522        1,643,045  

Morgan Stanley

    

4.00%, 07/23/25

    5,696        6,215,475  

5.00%, 11/24/25

    5,956        6,710,149  

MUFG Americas Holdings Corp., 3.00%, 02/10/25 (Call 11/16/21)

    1,373        1,458,263  

Northern Trust Corp., 3.95%, 10/30/25

    2,182        2,409,910  

PNC Bank N.A.

    

2.95%, 02/23/25 (Call 01/24/25)

    1,672        1,764,880  

3.25%, 06/01/25 (Call 05/02/25)(a)

    1,831        1,961,935  

4.20%, 11/01/25 (Call 10/02/25)(a)

    815        903,713  

Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)

    2,812        2,900,044  

Royal Bank of Canada, 1.15%, 06/10/25

    2,187        2,176,415  

Santander Holdings USA Inc.

    

3.45%, 06/02/25 (Call 05/02/25)

    2,116        2,245,753  

4.50%, 07/17/25 (Call 04/17/25)

    3,079        3,370,273  

State Street Corp., 3.55%, 08/18/25

    4,094        4,450,874  

Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25

    550        594,446  

Sumitomo Mitsui Financial Group Inc.

    

1.47%, 07/08/25(a)

    6,129        6,125,813  

2.35%, 01/15/25(a)

    3,044        3,137,603  

SVB Financial Group, 3.50%, 01/29/25(a)

    1,079        1,150,041  

Toronto-Dominion Bank (The)

    

0.75%, 09/11/25

    2,243        2,195,538  

1.15%, 06/12/25

    2,894        2,883,813  

Truist Bank

    

1.50%, 03/10/25 (Call 02/10/25)

    1,808        1,828,702  

3.63%, 09/16/25 (Call 08/16/25)

    2,602        2,812,059  

4.05%, 11/03/25 (Call 09/03/25)

    1,030        1,135,441  

Truist Financial Corp.

    

1.20%, 08/05/25 (Call 07/03/25)(a)

    1,514        1,512,198  

3.70%, 06/05/25 (Call 05/05/25)

    1,995        2,162,281  

4.00%, 05/01/25 (Call 03/01/25)

    2,670        2,912,116  

U.S. Bancorp

    

1.45%, 05/12/25 (Call 04/11/25)

    3,267        3,296,860  

3.95%, 11/17/25 (Call 10/17/25)(a)

    2,562        2,823,196  

U.S. Bank N.A./Cincinnati OH

    

2.05%, 01/21/25 (Call 12/20/24)

    2,481        2,556,497  

2.80%, 01/27/25 (Call 12/27/24)

    1,498        1,574,728  

Wells Fargo & Co.

    

3.00%, 02/19/25

    5,994        6,310,723  

3.55%, 09/29/25

    6,137        6,603,351  

Westpac Banking Corp., 2.35%, 02/19/25

    3,856        4,002,489  
    

 

 

 
       260,238,396  
Beverages — 1.4%             

Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25)(a)

    379        407,512  

Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)(a)

    508        551,617  

Constellation Brands Inc.

    

4.40%, 11/15/25 (Call 09/15/25)

    1,790        1,986,113  

4.75%, 12/01/25(a)

    1,020        1,148,030  

Diageo Capital PLC, 1.38%, 09/29/25 (Call 08/29/25)

    1,247        1,252,487  
Security   Par
(000)
     Value  
Beverages (continued)             

Keurig Dr Pepper Inc.

    

3.40%, 11/15/25 (Call 08/15/25)

  $ 1,333      $ 1,428,829  

4.42%, 05/25/25 (Call 03/25/25)(a)

    2,987        3,284,714  

PepsiCo Inc.

    

2.25%, 03/19/25 (Call 02/19/25)

    2,716        2,820,186  

2.75%, 04/30/25 (Call 01/30/25)(a)

    2,517        2,650,401  

3.50%, 07/17/25 (Call 04/17/25)

    1,571        1,697,293  
    

 

 

 
       17,227,182  
Biotechnology — 1.4%             

Amgen Inc.

    

1.90%, 02/21/25 (Call 01/21/25)

    1,377        1,405,050  

3.13%, 05/01/25 (Call 02/01/25)

      2,672        2,827,190  

Baxalta Inc., 4.00%, 06/23/25
(Call 03/23/25)(a)

    2,609        2,833,504  

Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)

    4,028        4,405,424  

Gilead Sciences Inc., 3.50%, 02/01/25 (Call 11/01/24)

    4,058        4,324,732  

Royalty Pharma PLC, 1.20%, 09/02/25 (Call 08/02/25)

    1,883        1,856,732  
    

 

 

 
       17,652,632  
Building Materials — 0.6%             

Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)

    4,623        4,744,724  

Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25)

    1,384        1,501,252  

Lennox International Inc., 1.35%, 08/01/25 (Call 07/01/25)(a)

    834        827,837  

Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)(a)

    1,027        1,125,017  
    

 

 

 
       8,198,830  
Chemicals — 1.2%             

Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25)(a)

    1,472        1,487,544  

DuPont de Nemours Inc., 4.49%, 11/15/25 (Call 09/15/25)

    4,145        4,613,012  

Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)(a)

    1,799        1,930,777  

EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25)

    1,553        1,575,115  

Linde Inc./CT, 2.65%, 02/05/25 (Call 11/05/24)

    672        702,589  

LYB International Finance III LLC, 1.25%, 10/01/25 (Call 09/01/25)(a)

    1,001        991,120  

Nutrien Ltd.

    

3.00%, 04/01/25 (Call 01/01/25)

    1,068        1,121,816  

3.38%, 03/15/25 (Call 12/15/24)

    1,435        1,525,233  

Sherwin-Williams Co. (The), 3.45%, 08/01/25 (Call 05/01/25)(a)

    1,467        1,572,067  
    

 

 

 
       15,519,273  
Commercial Services — 1.3%             

Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)(a)

    3,394        3,659,207  

Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)(a)

    980        1,098,306  

Equifax Inc., 2.60%, 12/15/25 (Call 11/15/25)

    857        891,880  

Global Payments Inc., 2.65%, 02/15/25 (Call 01/15/25)

    2,151        2,228,759  

Moody’s Corp., 3.75%, 03/24/25 (Call 02/24/25)

    862        928,796  

PayPal Holdings Inc., 1.65%, 06/01/25 (Call 05/01/25)

    2,110        2,143,380  

S&P Global Inc., 4.00%, 06/15/25 (Call 03/15/25)

    2,536        2,768,120  

Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)

    2,386        2,600,000  

Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25)(a)

    165        164,444  
    

 

 

 
       16,482,892  
Computers — 3.0%             

Apple Inc.

    

0.55%, 08/20/25 (Call 07/20/25)

    1,185        1,160,589  

1.13%, 05/11/25 (Call 04/11/25)

    6,282        6,280,681  

2.50%, 02/09/25

    3,194        3,335,686  

2.75%, 01/13/25 (Call 11/13/24)

    3,177        3,342,172  

 

 

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

  53


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Computers (continued)            

3.20%, 05/13/25

  $   4,516     $ 4,831,036  

Dell International LLC/EMC Corp., 5.85%, 07/15/25 (Call 06/15/25)(a)

    2,871       3,305,899  

Hewlett Packard Enterprise Co., 4.90%, 10/15/25 (Call 07/15/25)

    5,690       6,372,971  

HP Inc., 2.20%, 06/17/25 (Call 05/17/25)

    3,483       3,573,802  

International Business Machines Corp., 7.00%, 10/30/25

    1,589       1,938,500  

Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)(a)

    1,343       1,438,044  

NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)

    2,651       2,694,503  
   

 

 

 
        38,273,883  
Cosmetics & Personal Care — 0.2%            

Procter & Gamble Co. (The), 0.55%, 10/29/25

    963       942,228  

Unilever Capital Corp.

   

3.10%, 07/30/25(a)

    705       754,336  

3.38%, 03/22/25 (Call 01/22/25)(a)

    1,043       1,116,385  
   

 

 

 
      2,812,949  
Distribution & Wholesale — 0.1%            

WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)

    775       795,700  
   

 

 

 
Diversified Financial Services — 6.3%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

3.50%, 01/15/25 (Call 11/15/24)

    1,325       1,392,562  

4.45%, 10/01/25 (Call 08/01/25)(a)

    1,218       1,326,256  

6.50%, 07/15/25 (Call 06/15/25)(a)

    3,365       3,899,160  

Affiliated Managers Group Inc., 3.50%, 08/01/25(a)

    805       862,702  

Air Lease Corp.

   

2.30%, 02/01/25 (Call 01/01/25)(a)

    884       901,097  

3.25%, 03/01/25 (Call 01/01/25)(a)

    2,254       2,360,254  

3.38%, 07/01/25 (Call 06/01/25)

    2,060       2,170,375  

Ally Financial Inc.

   

4.63%, 03/30/25

    1,394       1,534,655  

5.80%, 05/01/25 (Call 04/01/25)(a)

    2,198       2,506,291  

American Express Co., 4.20%, 11/06/25 (Call 10/06/25)

    2,818       3,130,629  

Ameriprise Financial Inc., 3.00%, 04/02/25 (Call 03/02/25)

    886       934,065  

Capital One Financial Corp.

   

3.20%, 02/05/25 (Call 01/05/25)

    2,473       2,618,660  

4.20%, 10/29/25 (Call 09/29/25)

    3,380       3,698,227  

4.25%, 04/30/25 (Call 03/31/25)

    1,728       1,892,212  

Charles Schwab Corp. (The)

   

3.00%, 03/10/25 (Call 12/10/24)

    1,017       1,074,044  

3.63%, 04/01/25 (Call 01/01/25)

    1,170       1,253,994  

3.85%, 05/21/25 (Call 03/21/25)

    2,040       2,216,766  

4.20%, 03/24/25 (Call 02/24/25)

    746       817,802  

CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)

    2,464       2,599,865  

Discover Financial Services, 3.75%, 03/04/25 (Call 12/04/24)

    2,004       2,141,815  

Franklin Resources Inc., 2.85%, 03/30/25(a)

    1,366       1,439,955  

GE Capital Funding LLC, 3.45%, 05/15/25 (Call 04/15/25)

    2,937       3,144,147  

GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25

    4,839       5,219,732  

Intercontinental Exchange Inc., 3.75%, 12/01/25 (Call 09/01/25)

    3,578       3,894,939  

Janus Capital Group Inc., 4.88%, 08/01/25 (Call 05/01/25)

    607       672,143  

Lazard Group LLC, 3.75%, 02/13/25

    1,214       1,300,619  

Mastercard Inc., 2.00%, 03/03/25 (Call 02/03/25)

    2,316       2,384,878  

Nomura Holdings Inc.

   

1.85%, 07/16/25

    3,414       3,429,704  

2.65%, 01/16/25

    3,446       3,566,472  

Synchrony Financial, 4.50%, 07/23/25 (Call 04/23/25)

    2,855       3,123,142  

Visa Inc., 3.15%, 12/14/25 (Call 09/14/25)

    8,680       9,327,702  
Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

Western Union Co. (The), 2.85%, 01/10/25 (Call 12/10/24)(a)

  $   1,909     $ 1,986,696  
   

 

 

 
        78,821,560  
Electric — 4.8%            

Ameren Illinois Co., 3.25%, 03/01/25 (Call 12/01/24)

    491       520,818  

American Electric Power Co. Inc., Series N, 1.00%, 11/01/25 (Call 10/01/25)(a)

    1,096       1,076,590  

Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25)

    614       655,506  

Arizona Public Service Co., 3.15%, 05/15/25 (Call 02/15/25)

    664       703,223  

Avangrid Inc., 3.20%, 04/15/25 (Call 03/15/25)

    1,985       2,101,817  

Berkshire Hathaway Energy Co.

   

3.50%, 02/01/25 (Call 11/01/24)

    1,420       1,513,734  

4.05%, 04/15/25 (Call 03/15/25)(a)

    2,931       3,198,395  

Connecticut Light & Power Co. (The), Series A, 0.75%, 12/01/25 (Call 11/01/25)

    604       591,346  

Dominion Energy Inc.

   

3.90%, 10/01/25 (Call 07/01/25)(a)

    2,596       2,822,890  

Series A, 3.30%, 03/15/25 (Call 02/15/25)

    477       506,650  

DTE Electric Co., 3.38%, 03/01/25 (Call 12/01/24)

    795       847,899  

DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)

    2,794       2,760,109  

Duke Energy Corp., 0.90%, 09/15/25 (Call 08/15/25)

    990       972,378  

Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25)(a)

    1,602       1,715,678  

Edison International, 4.95%, 04/15/25 (Call 03/15/25)

    1,179       1,290,298  

Entergy Corp., 0.90%, 09/15/25 (Call 08/15/25)

    2,074       2,021,009  

Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25)

    736       793,791  

Eversource Energy

   

Series H, 3.15%, 01/15/25 (Call 10/15/24)

    1,188       1,252,924  

Series Q, 0.80%, 08/15/25 (Call 07/15/25)

    641       625,238  

Exelon Corp., 3.95%, 06/15/25 (Call 03/15/25)

    2,996       3,238,317  

Exelon Generation Co. LLC, 3.25%, 06/01/25 (Call 05/01/25)(a)

    1,697       1,794,510  

Florida Power & Light Co.

   

2.85%, 04/01/25 (Call 03/01/25)

    2,609       2,745,659  

3.13%, 12/01/25 (Call 06/01/25)

    1,824       1,947,284  

Iberdrola International BV, 5.81%, 03/15/25(a)

    70       80,296  

Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 07/01/25)(a)

    1,024       1,094,001  

National Rural Utilities Cooperative Finance Corp.

   

2.85%, 01/27/25 (Call 10/27/24)

    1,227       1,288,939  

3.25%, 11/01/25 (Call 08/01/25)

    1,089       1,165,219  

NextEra Energy Capital Holdings Inc., 2.75%, 05/01/25 (Call 04/01/25)(a)

    1,974       2,070,430  

Oncor Electric Delivery Co. LLC

   

0.55%, 10/01/25 (Call 09/01/25)(a)

    786       761,540  

2.95%, 04/01/25 (Call 01/01/25)

    612       645,960  

Pacific Gas & Electric Co., 3.50%, 06/15/25 (Call 03/15/25)

    3,280       3,429,502  

PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)

    190       202,198  

Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)

    1,455       1,442,924  

Public Service Electric & Gas Co., 3.00%, 05/15/25 (Call 02/15/25)

    660       697,389  

Public Service Enterprise Group Inc., 0.80%, 08/15/25 (Call 07/15/25)

    1,522       1,484,635  

Puget Energy Inc., 3.65%, 05/15/25 (Call 02/15/25)

    1,211       1,287,124  

Sempra Energy, 3.75%, 11/15/25 (Call 08/15/25)

    1,128       1,221,060  

Southern California Edison Co., Series E, 3.70%, 08/01/25 (Call 06/01/25)(a)

    2,412       2,606,841  

Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)

    1,368       1,500,518  

Tucson Electric Power Co., 3.05%, 03/15/25 (Call 12/15/24)(a)

    185       194,827  

 

 

54  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

Virginia Electric & Power Co., Series A, 3.10%, 05/15/25 (Call 02/15/25)

  $ 631     $ 667,207  

WEC Energy Group Inc., 3.55%, 06/15/25 (Call 03/15/25)

      1,140       1,221,601  

Xcel Energy Inc., 3.30%, 06/01/25 (Call 12/01/24)

    1,710       1,816,499  
   

 

 

 
        60,574,773  
Electrical Components & Equipment — 0.0%            

Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)(a)

    259       275,641  
   

 

 

 
Electronics — 0.5%            

Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25)

    712       729,907  

Arrow Electronics Inc., 4.00%, 04/01/25 (Call 01/01/25)

    474       508,133  

Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)(a)

    1,233       1,354,943  

Honeywell International Inc., 1.35%, 06/01/25 (Call 05/01/25)

    2,857       2,880,827  

Legrand France SA, 8.50%, 02/15/25

    417       510,796  
   

 

 

 
      5,984,606  
Environmental Control — 0.3%            

Republic Services Inc.

   

0.88%, 11/15/25 (Call 10/15/25)

    887       866,581  

3.20%, 03/15/25 (Call 12/15/24)

    1,452       1,538,191  

Waste Management Inc.

   

0.75%, 11/15/25 (Call 10/15/25)

    1,313       1,283,313  

3.13%, 03/01/25 (Call 12/01/24)(a)

    25       26,460  
   

 

 

 
      3,714,545  
Food — 1.6%            

Campbell Soup Co.

   

3.30%, 03/19/25 (Call 12/19/24)

    705       747,335  

3.95%, 03/15/25 (Call 01/15/25)(a)

    2,654       2,871,203  

Conagra Brands Inc., 4.60%, 11/01/25 (Call 09/01/25)

    3,010       3,351,785  

General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25)

    2,834       3,080,926  

Hershey Co. (The)

   

0.90%, 06/01/25 (Call 05/01/25)

    410       407,151  

3.20%, 08/21/25 (Call 05/21/25)

    40       42,688  

JM Smucker Co. (The), 3.50%, 03/15/25(a)

    2,500       2,678,125  

Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25)

    1,593       1,606,381  

Sysco Corp.

   

3.55%, 03/15/25 (Call 01/15/25)

    1,591       1,704,741  

3.75%, 10/01/25 (Call 07/01/25)(a)

    2,135       2,314,810  

5.65%, 04/01/25 (Call 03/01/25)

    1,247       1,419,173  
   

 

 

 
      20,224,318  
Forest Products & Paper — 0.0%            

Fibria Overseas Finance Ltd., 4.00%, 01/14/25 (Call 11/14/24)

    315       332,092  
   

 

 

 
Gas — 0.4%            

National Fuel Gas Co., 5.20%, 07/15/25 (Call 04/15/25)

    920       1,015,597  

NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25)

    3,400       3,333,802  

Southern California Gas Co., 3.20%, 06/15/25 (Call 03/15/25)

    695       736,089  
   

 

 

 
      5,085,488  
Health Care - Products — 2.2%            

Abbott Laboratories

   

2.95%, 03/15/25 (Call 12/15/24)

    2,602       2,754,946  

3.88%, 09/15/25 (Call 06/15/25)(a)

    1,648       1,800,242  

Boston Scientific Corp.

   

1.90%, 06/01/25 (Call 05/01/25)

    1,357       1,381,643  

3.85%, 05/15/25

    1,613       1,746,782  

Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)(a)

    1,313       1,412,420  

Medtronic Inc., 3.50%, 03/15/25

    4,520       4,873,690  

Security   Par
(000)
    Value  
Health Care - Products (continued)            

Stryker Corp.

   

1.15%, 06/15/25 (Call 05/15/25)(a)

  $   1,431     $ 1,427,094  

3.38%, 11/01/25 (Call 08/01/25)

    2,679       2,880,809  

Thermo Fisher Scientific Inc.

   

3.65%, 12/15/25 (Call 09/15/25)

    1,003       1,088,285  

4.13%, 03/25/25 (Call 02/25/25)

    2,892       3,156,502  

Zimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)

    4,914       5,235,720  
   

 

 

 
        27,758,133  
Health Care - Services — 1.9%            

Anthem Inc., 2.38%, 01/15/25 (Call 12/15/24)

    3,616       3,741,584  

CommonSpirit Health, 1.55%, 10/01/25 (Call 07/01/25)

    448       446,710  

HCA Inc., 5.25%, 04/15/25

    3,758       4,212,530  

Humana Inc., 4.50%, 04/01/25 (Call 03/01/25)

    1,537       1,690,792  

Laboratory Corp. of America Holdings, 3.60%, 02/01/25 (Call 11/01/24)

    3,096       3,296,992  

PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25)

    548       548,910  

Quest Diagnostics Inc., 3.50%, 03/30/25 (Call 12/30/24)(a)

    1,527       1,628,500  

Sutter Health, Series 20A, 1.32%, 08/15/25 (Call 05/15/25)

    215       214,080  

UnitedHealth Group Inc.

   

3.70%, 12/15/25

    1,569       1,719,969  

3.75%, 07/15/25

    4,517       4,926,827  

UPMC, Series D-1, 3.60%, 04/03/25(a)

    800       856,016  
   

 

 

 
      23,282,910  
Holding Companies - Diversified — 0.9%            

Ares Capital Corp.

   

3.25%, 07/15/25 (Call 06/15/25)

    2,613       2,717,128  

4.25%, 03/01/25 (Call 01/01/25)

    1,825       1,944,574  

FS KKR Capital Corp., 4.13%, 02/01/25 (Call 01/01/25)

    1,452       1,533,922  

Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25)

    1,165       1,226,745  

Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25)(a)

    825       857,843  

Owl Rock Capital Corp.

   

3.75%, 07/22/25 (Call 06/22/25)

    1,332       1,390,568  

4.00%, 03/30/25 (Call 02/28/25)

    1,217       1,276,353  
   

 

 

 
      10,947,133  
Home Builders — 0.3%            

DR Horton Inc., 2.60%, 10/15/25 (Call 09/15/25)

    1,225       1,275,237  

Lennar Corp., 4.75%, 05/30/25 (Call 02/28/25)(a)

    1,851       2,041,616  
   

 

 

 
      3,316,853  
Home Furnishings — 0.1%            

Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)

    415       450,333  

Whirlpool Corp., 3.70%, 05/01/25

    732       786,746  
   

 

 

 
      1,237,079  
Household Products & Wares — 0.0%            

Kimberly-Clark Corp., 3.05%, 08/15/25

    570       608,549  
   

 

 

 
Insurance — 1.9%            

Aflac Inc., 3.25%, 03/17/25

    1,475       1,576,082  

Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)

    458       494,750  

Allstate Corp. (The), 0.75%, 12/15/25 (Call 11/15/25)

    696       682,393  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    2,681       2,785,452  

3.75%, 07/10/25 (Call 04/10/25)

    3,166       3,413,581  

Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)(a)

    2,489       2,717,739  

Chubb INA Holdings Inc., 3.15%, 03/15/25(a)

    946       1,008,918  

 

 

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

  55


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Insurance (continued)            

CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)(a)

  $ 942     $ 1,054,409  

Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)

    724       780,132  

Lincoln National Corp., 3.35%, 03/09/25

    430       458,638  

Marsh & McLennan Companies Inc., 3.50%, 03/10/25 (Call 12/10/24)

      2,046       2,187,931  

MetLife Inc.

   

3.00%, 03/01/25

    1,373       1,451,975  

3.60%, 11/13/25 (Call 08/13/25)(a)

    1,513       1,646,068  

Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)(a)

    1,617       1,723,059  

RenaissanceRe Finance Inc., 3.70%, 04/01/25 (Call 01/01/25)(a)

    530       567,545  

XLIT Ltd., 4.45%, 03/31/25

    1,503       1,648,551  
   

 

 

 
        24,197,223  
Internet — 1.1%            

Alphabet Inc., 0.45%, 08/15/25 (Call 07/15/25)

    1,427       1,396,234  

Amazon.com Inc.

   

0.80%, 06/03/25 (Call 05/03/25)

    2,390       2,366,913  

5.20%, 12/03/25 (Call 09/03/25)

    2,535       2,906,783  

Baidu Inc.

   

3.08%, 04/07/25 (Call 03/07/25)(a)

    1,130       1,175,731  

4.13%, 06/30/25

    1,220       1,317,502  

Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)

    1,868       2,010,715  

eBay Inc., 1.90%, 03/11/25 (Call 02/11/25)

    2,373       2,419,558  

Tencent Music Entertainment Group, 1.38%, 09/03/25 (Call 08/03/25)

    150       145,778  

VeriSign Inc., 5.25%, 04/01/25 (Call 01/01/25)

    175       195,384  
   

 

 

 
      13,934,598  
Iron & Steel — 0.3%            

Nucor Corp., 2.00%, 06/01/25 (Call 05/01/25)

    1,463       1,492,230  

Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25)

    1,109       1,096,524  

Steel Dynamics Inc., 2.40%, 06/15/25 (Call 05/15/25)

    1,006       1,036,331  
   

 

 

 
      3,625,085  
Leisure Time — 0.1%            

Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)

    1,312       1,389,487  
   

 

 

 
Lodging — 0.9%            

Hyatt Hotels Corp., 5.38%, 04/23/25 (Call 03/23/25)(a)

    1,214       1,352,250  

Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25)(a)

    1,385       1,402,950  

Marriott International Inc./MD

   

3.75%, 03/15/25 (Call 12/15/24)

    536       569,945  

3.75%, 10/01/25 (Call 07/01/25)

    1,089       1,167,473  

Series EE, 5.75%, 05/01/25 (Call 04/01/25)

    1,851       2,098,238  

Sands China Ltd., 5.13%, 08/08/25 (Call 06/08/25)

    3,901       4,145,242  
   

 

 

 
      10,736,098  
Machinery — 1.1%            

Caterpillar Financial Services Corp.

   

0.80%, 11/13/25(a)

    2,198       2,163,909  

1.45%, 05/15/25

    836       844,444  

Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)

    1,607       1,691,110  

Dover Corp., 3.15%, 11/15/25 (Call 08/15/25)

    634       675,654  

John Deere Capital Corp.

   

2.05%, 01/09/25

    457       471,386  

3.40%, 09/11/25(a)

    1,201       1,296,780  

3.45%, 03/13/25

    1,928       2,075,897  

Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)(a)

    3,383       3,463,955  

Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)

    202       212,304  

Security   Par
(000)
    Value  
Machinery (continued)            

Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25 (Call 05/15/25)(a)

  $ 701     $ 741,679  
   

 

 

 
        13,637,118  
Manufacturing — 0.4%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)

      1,744       1,792,553  

2.65%, 04/15/25 (Call 03/15/25)

    1,229       1,288,004  

3.00%, 08/07/25(a)

    1,245       1,331,503  

Textron Inc., 3.88%, 03/01/25 (Call 12/01/24)

    614       659,442  
   

 

 

 
      5,071,502  
Media — 3.7%            

Charter Communications Operating LLC/Charter

   

Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)

    10,566       11,750,026  

Comcast Corp.

   

3.10%, 04/01/25 (Call 03/01/25)

    1,660       1,759,119  

3.38%, 02/15/25 (Call 11/15/24)

    2,180       2,325,689  

3.38%, 08/15/25 (Call 05/15/25)

    3,582       3,843,880  

3.95%, 10/15/25 (Call 08/15/25)

    6,868       7,544,979  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)

    803       850,779  

3.95%, 06/15/25 (Call 03/15/25)

    1,600       1,728,496  

Fox Corp., 3.05%, 04/07/25 (Call 03/07/25)

    1,888       1,993,199  

Grupo Televisa SAB, 6.63%, 03/18/25

    835       964,650  

TWDC Enterprises 18 Corp., 3.15%, 09/17/25

    2,346       2,508,062  

ViacomCBS Inc.

   

3.50%, 01/15/25 (Call 10/15/24)

    1,620       1,721,088  

4.75%, 05/15/25 (Call 04/15/25)(a)

    3,445       3,822,296  

Walt Disney Co. (The)

   

3.35%, 03/24/25(a)

    3,618       3,873,033  

3.70%, 10/15/25 (Call 07/15/25)

    1,973       2,142,915  
   

 

 

 
      46,828,211  
Metal Fabricate & Hardware — 0.2%            

Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)

    2,868       3,073,980  
   

 

 

 
Mining — 0.4%            

Rio Tinto Finance USA Ltd., 3.75%, 06/15/25 (Call 03/15/25)

    3,396       3,694,746  

Southern Copper Corp., 3.88%, 04/23/25

    944       1,017,981  
   

 

 

 
      4,712,727  
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp., 4.13%, 05/01/25 (Call 05/01/22)

    983       1,013,552  
   

 

 

 
Oil & Gas — 4.6%            

BP Capital Markets America Inc.

   

3.19%, 04/06/25 (Call 03/06/25)(a)

    1,393       1,479,241  

3.80%, 09/21/25 (Call 07/21/25)(a)

    2,868       3,129,848  

BP Capital Markets PLC, 3.51%, 03/17/25

    2,040       2,190,715  

Canadian Natural Resources Ltd.

   

2.05%, 07/15/25 (Call 06/15/25)(a)

    1,217       1,235,827  

3.90%, 02/01/25 (Call 11/01/24)

    1,643       1,761,707  

Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25)

    1,701       1,911,176  

Chevron Corp.

   

1.55%, 05/11/25 (Call 04/11/25)

    2,986       3,029,446  

3.33%, 11/17/25 (Call 08/17/25)(a)

    2,054       2,213,452  

Chevron USA Inc., 0.69%, 08/12/25 (Call 07/12/25)

    2,109       2,071,839  

Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)

    1,395       1,605,994  

Diamondback Energy Inc., 4.75%, 05/31/25 (Call 04/30/25)

    1,257       1,390,959  

EOG Resources Inc., 3.15%, 04/01/25 (Call 01/01/25)

    2,048       2,170,593  

 

 

56  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

Exxon Mobil Corp.
2.71%, 03/06/25 (Call 12/06/24)

  $ 8,043     $ 8,432,844  

2.99%, 03/19/25 (Call 02/19/25)

    1,427       1,508,696  

Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25)(a)

    3,301       3,646,912  

Phillips 66, 3.85%, 04/09/25 (Call 03/09/25)(a)

    1,652       1,781,104  

Shell International Finance BV
2.38%, 04/06/25 (Call 03/06/25)

    2,997       3,111,036  

3.25%, 05/11/25(a)

    5,820       6,226,352  

Suncor Energy Inc., 3.10%, 05/15/25 (Call 04/15/25)(a)

    977       1,031,575  

TotalEnergies Capital International SA, 2.43%, 01/10/25 (Call 10/10/24)

    2,805       2,908,757  

Valero Energy Corp.
2.85%, 04/15/25 (Call 03/15/25)

    2,568       2,686,179  

3.65%, 03/15/25

    1,651       1,774,115  
   

 

 

 
      57,298,367  
Oil & Gas Services — 0.3%            

Halliburton Co., 3.80%, 11/15/25
(Call 08/15/25)(a)

    2,410       2,625,478  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)

    1,225       1,227,891  
   

 

 

 
      3,853,369  
Packaging & Containers — 0.2%            

WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25)

    1,824       1,964,266  
   

 

 

 
Pharmaceuticals — 5.9%            

AbbVie Inc.
3.60%, 05/14/25 (Call 02/14/25)

    10,184       10,932,015  

3.80%, 03/15/25 (Call 12/15/24)

    5,943       6,400,136  

AmerisourceBergen Corp., 3.25%, 03/01/25 (Call 12/01/24)

    2,025       2,143,159  

AstraZeneca PLC, 3.38%, 11/16/25

    4,700       5,082,674  

Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)(a)

    1,368       1,341,474  

3.88%, 08/15/25 (Call 05/15/25)

    5,982       6,527,738  

Cardinal Health Inc., 3.75%, 09/15/25 (Call 06/15/25)

    1,869       2,019,342  

Cigna Corp.
3.25%, 04/15/25 (Call 01/15/25)

    2,339       2,480,369  

4.13%, 11/15/25 (Call 09/15/25)

    4,559       5,015,128  

CVS Health Corp.
3.88%, 07/20/25 (Call 04/20/25)

    3,766       4,088,370  

4.10%, 03/25/25 (Call 01/25/25)

    4,832       5,257,168  

Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25)

    1,965       2,066,512  

GlaxoSmithKline Capital Inc., 3.63%, 05/15/25

    2,821       3,056,356  

Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)

    895       878,756  

2.63%, 01/15/25 (Call 11/15/24)

    874       917,245  

McKesson Corp., 0.90%, 12/03/25 (Call 11/03/25)

    873       852,886  

Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)

    1,807       1,991,603  

Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)

    3,978       4,172,842  

Novartis Capital Corp.
1.75%, 02/14/25 (Call 01/14/25)(a)

    951       969,991  

3.00%, 11/20/25 (Call 08/20/25)(a)

    3,707       3,957,260  

Pfizer Inc., 0.80%, 05/28/25 (Call 04/28/25)

    889       879,248  

Viatris Inc., 1.65%, 06/22/25 (Call 05/22/25)(b)

    1,215       1,218,560  

Zoetis Inc., 4.50%, 11/13/25 (Call 08/13/25)(a)

    1,604       1,788,011  
   

 

 

 
          74,036,843  
Pipelines — 3.8%            

Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25 (Call 10/02/24)

    3,548       3,973,228  

Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)

    2,597       2,859,842  
Security  

Par

(000)

    Value  

Pipelines (continued)

   

Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)

  $ 1,035     $ 1,194,959  

Enbridge Inc., 2.50%, 01/15/25 (Call 12/15/24)

    1,220       1,262,310  

Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)

    1,604       1,675,522  

4.05%, 03/15/25 (Call 12/15/24)

    2,684       2,875,342  

5.95%, 12/01/25 (Call 09/01/25)

    1,249       1,434,689  

Enterprise Products Operating LLC, 3.75%, 02/15/25 (Call 11/15/24)

    3,332       3,585,732  

Kinder Morgan Inc., 4.30%, 06/01/25 (Call 03/01/25)

    4,154       4,541,277  

MPLX LP
4.00%, 02/15/25 (Call 11/15/24)(a)

    1,126       1,213,175  

4.88%, 06/01/25 (Call 03/01/25)

    3,380       3,741,930  

ONEOK Inc., 2.20%, 09/15/25 (Call 08/15/25)

    786       799,559  

ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24)

    1,509       1,662,043  

Phillips 66 Partners LP, 3.61%, 02/15/25 (Call 11/15/24)

    1,007       1,069,545  

Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 (Call 07/15/25)

    2,845       3,123,810  

Sabine Pass Liquefaction LLC, 5.63%, 03/01/25 (Call 12/01/24)

    4,811       5,400,829  

Spectra Energy Partners LP, 3.50%, 03/15/25 (Call 12/15/24)

    1,104       1,176,102  

TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24)

    1,327       1,440,658  

Williams Companies Inc. (The)
3.90%, 01/15/25 (Call 10/15/24)

    2,162       2,319,285  

4.00%, 09/15/25 (Call 06/15/25)

    1,933       2,100,707  
   

 

 

 
      47,450,544  
Real Estate — 0.1%            

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)

    1,010       1,089,719  
   

 

 

 
Real Estate Investment Trusts — 4.4%            

Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)(a)

    1,976       2,123,429  

American Tower Corp.
1.30%, 09/15/25 (Call 08/15/25)(a)

    625       621,056  

2.40%, 03/15/25 (Call 02/15/25)

    1,517       1,565,210  

2.95%, 01/15/25 (Call 12/15/24)

    2,166       2,269,686  

4.00%, 06/01/25 (Call 03/01/25)

    2,261       2,445,724  

AvalonBay Communities Inc.
3.45%, 06/01/25 (Call 03/03/25)(a)

    974       1,043,485  

3.50%, 11/15/25 (Call 08/15/25)(a)

    826       889,833  

Boston Properties LP, 3.20%, 01/15/25 (Call 10/15/24)

    2,258       2,380,113  

Brixmor Operating Partnership LP, 3.85%, 02/01/25 (Call 11/01/24)(a)

    1,745       1,869,733  

Columbia Property Trust Operating Partnership LP, 4.15%, 04/01/25 (Call 01/01/25)

    817       876,061  

Corporate Office Properties LP, 5.00%, 07/01/25 (Call 04/01/25)(a)

    660       729,868  

Crown Castle International Corp., 1.35%, 07/15/25 (Call 06/15/25)

    1,414       1,407,778  

CubeSmart LP, 4.00%, 11/15/25 (Call 08/15/25)

    784       850,232  

Digital Realty Trust LP, 4.75%, 10/01/25 (Call 07/01/25)

    1,208       1,350,520  

EPR Properties, 4.50%, 04/01/25 (Call 01/01/25)

    700       749,861  

Equinix Inc.
1.00%, 09/15/25 (Call 08/15/25)

    2,070       2,027,979  

1.25%, 07/15/25 (Call 06/15/25)

    1,567       1,553,947  

ERP Operating LP, 3.38%, 06/01/25 (Call 03/01/25)(a)

    964       1,027,711  

Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25)(a)

    1,156       1,231,891  

GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25 (Call 03/01/25)(a)

    2,041       2,266,429  

 

 

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

  57


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

Healthpeak Properties Inc.
3.40%, 02/01/25 (Call 11/01/24)

  $ 91     $ 96,330  

4.00%, 06/01/25 (Call 03/01/25)

    827       897,130  

Host Hotels & Resorts LP, Series E,
4.00%, 06/15/25 (Call 03/15/25)

    1,002       1,068,162  

Kilroy Realty LP, 4.38%, 10/01/25 (Call 07/01/25)

    510       561,632  

Kimco Realty Corp., 3.30%, 02/01/25 (Call 12/01/24)

    1,187       1,255,810  

Mid-America Apartments LP, 4.00%, 11/15/25 (Call 08/15/25)

    688       749,810  

National Retail Properties Inc., 4.00%, 11/15/25 (Call 08/15/25)(a)

    1,143       1,251,059  

Office Properties Income Trust, 4.50%, 02/01/25 (Call 11/01/24)

    1,857       1,975,347  

Omega Healthcare Investors Inc., 4.50%, 01/15/25 (Call 10/15/24)

    1,066       1,152,346  

Realty Income Corp., 3.88%, 04/15/25 (Call 02/15/25)

    1,156       1,255,358  

Retail Properties of America Inc., 4.00%, 03/15/25 (Call 12/15/24)(a)

    300       315,927  

Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25)(a)

    3,233       3,482,200  

SITE Centers Corp., 3.63%, 02/01/25 (Call 11/01/24)

    1,250       1,313,938  

Ventas Realty LP
2.65%, 01/15/25 (Call 12/15/24)(a)

    1,485       1,542,187  

3.50%, 02/01/25 (Call 11/01/24)

    1,055       1,120,336  

VEREIT Operating Partnership LP,
4.63%, 11/01/25 (Call 09/01/25)

    1,458       1,625,889  

Vornado Realty LP, 3.50%, 01/15/25 (Call 11/15/24)(a)

    1,058       1,116,878  

Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)

    3,251       3,523,011  

Weyerhaeuser Co., 8.50%, 01/15/25

    67       81,778  

WP Carey Inc., 4.00%, 02/01/25 (Call 11/01/24)

    1,043       1,122,904  
   

 

 

 
      54,788,578  
Retail — 2.5%            

AutoNation Inc., 4.50%, 10/01/25
(Call 07/01/25)(a)

    854       937,214  

AutoZone Inc.
3.25%, 04/15/25 (Call 01/15/25)

    1,598       1,691,867  

3.63%, 04/15/25 (Call 03/15/25)(a)

    1,404       1,507,952  

Dollar General Corp., 4.15%, 11/01/25 (Call 08/01/25)(a)

    1,767       1,942,551  

Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)

    3,053       3,306,704  

Home Depot Inc. (The), 3.35%, 09/15/25
(Call 06/15/25)

    2,401       2,585,661  

Lowe’s Companies Inc.
3.38%, 09/15/25 (Call 06/15/25)(a)

    2,455       2,637,505  

4.00%, 04/15/25 (Call 03/15/25)

    2,002       2,179,778  

McDonald’s Corp.
1.45%, 09/01/25 (Call 08/01/25)

    373       375,178  

3.30%, 07/01/25 (Call 06/01/25)

    2,300       2,455,825  

3.38%, 05/26/25 (Call 02/26/25)

    2,242       2,396,743  

Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)

    1,872       2,068,672  

Starbucks Corp., 3.80%, 08/15/25 (Call 06/15/25)

    3,609       3,920,565  

Target Corp., 2.25%, 04/15/25 (Call 03/15/25)(a)

    3,095       3,211,403  
   

 

 

 
          31,217,618  
Semiconductors — 2.4%            

Analog Devices Inc., 2.95%, 04/01/25
(Call 03/01/25)

    1,238       1,308,393  

Applied Materials Inc., 3.90%, 10/01/25
(Call 07/01/25)

    2,308       2,526,521  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/25 (Call 11/15/24)

    1,653       1,735,914  

Broadcom Inc.
3.15%, 11/15/25 (Call 10/15/25)

    2,676       2,825,401  

4.70%, 04/15/25 (Call 03/15/25)

    3,221       3,556,016  

Intel Corp.
3.40%, 03/25/25 (Call 02/25/25)(a)

    3,411       3,655,432  

3.70%, 07/29/25 (Call 04/29/25)

    5,453       5,917,596  
Security  

Par

(000)

    Value  

Semiconductors (continued)

   

Lam Research Corp., 3.80%, 03/15/25 (Call 12/15/24)

  $ 1,335     $ 1,440,372  

NXP BV/NXP Funding LLC/NXP USA Inc.,
2.70%, 05/01/25 (Call 04/01/25)(b)

    1,405       1,458,812  

QUALCOMM Inc., 3.45%, 05/20/25
(Call 02/20/25)(a)

    4,082       4,382,435  

Texas Instruments Inc., 1.38%, 03/12/25 (Call 02/12/25)

    1,933       1,949,856  
   

 

 

 
      30,756,748  
Shipbuilding — 0.1%            

Huntington Ingalls Industries Inc., 3.84%, 05/01/25 (Call 04/01/25)(a)

    829       891,291  
   

 

 

 
Software — 3.0%            

Adobe Inc.
1.90%, 02/01/25 (Call 01/01/25)

    1,472       1,508,167  

3.25%, 02/01/25 (Call 11/01/24)(a)

    3,091       3,287,959  

Autodesk Inc., 4.38%, 06/15/25 (Call 03/15/25)

    1,233       1,352,391  

Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25)(a)

    2,822       3,053,319  

Intuit Inc., 0.95%, 07/15/25 (Call 06/15/25)(a)

    1,345       1,331,819  

Microsoft Corp.
2.70%, 02/12/25 (Call 11/12/24)

    3,209       3,375,483  

3.13%, 11/03/25 (Call 08/03/25)

    5,025       5,389,865  

Oracle Corp.
2.50%, 04/01/25 (Call 03/01/25)

    3,322       3,445,678  

2.95%, 05/15/25 (Call 02/15/25)

    9,450       9,923,823  

Roper Technologies Inc.
1.00%, 09/15/25 (Call 08/15/25)

    1,574       1,549,745  

3.85%, 12/15/25 (Call 09/15/25)

    1,201       1,306,400  

VMware Inc., 4.50%, 05/15/25 (Call 04/15/25)

    2,207       2,433,637  
   

 

 

 
      37,958,286  
Telecommunications — 2.9%            

AT&T Inc.
3.40%, 05/15/25 (Call 02/15/25)

    5,056       5,401,882  

3.60%, 07/15/25 (Call 04/15/25)

    485       521,627  

3.95%, 01/15/25 (Call 10/15/24)

    2,521       2,724,369  

Cisco Systems Inc., 3.50%, 06/15/25(a)

    1,695       1,838,634  

Juniper Networks Inc., 1.20%, 12/10/25 (Call 11/10/25)(a)

    1,489       1,468,750  

Rogers Communications Inc., 3.63%, 12/15/25 (Call 09/15/25)

    2,032       2,188,444  

T-Mobile USA Inc., 3.50%, 04/15/25
(Call 03/15/25)(a)

    7,179       7,656,403  

Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)

    4,372       4,280,756  

2.36%, 03/15/32 (Call 12/15/31)(b)

    3,057       3,010,534  

3.38%, 02/15/25

    2,818       3,010,047  

Vodafone Group PLC, 4.13%, 05/30/25

    4,364       4,782,246  
   

 

 

 
          36,883,692  
Transportation — 1.4%            

Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)

    896       948,622  

3.65%, 09/01/25 (Call 06/01/25)

    1,431       1,554,681  

7.00%, 12/15/25

    227       277,390  

Canadian Pacific Railway Co., 2.90%, 02/01/25 (Call 11/01/24)

    1,693       1,779,563  

CSX Corp., 3.35%, 11/01/25 (Call 08/01/25)

    1,644       1,766,593  

Norfolk Southern Corp., 3.65%, 08/01/25
(Call 06/01/25)(a)

    1,002       1,081,288  

Ryder System Inc.
3.35%, 09/01/25 (Call 08/01/25)

    1,550       1,653,881  

4.63%, 06/01/25 (Call 05/01/25)

    911       1,007,703  

Union Pacific Corp.
3.25%, 01/15/25 (Call 10/15/24)

    1,014       1,075,854  

3.25%, 08/15/25 (Call 05/15/25)

    1,372       1,467,148  

3.75%, 07/15/25 (Call 05/15/25)(a)

    1,459       1,586,254  

 

 

58  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  
Transportation (continued)            

United Parcel Service Inc., 3.90%, 04/01/25 (Call 03/01/25)

  $ 3,307     $ 3,597,322  
   

 

 

 
      17,796,299  
Trucking & Leasing — 0.1%            

GATX Corp., 3.25%, 03/30/25
(Call 12/30/24)(a)

    695       733,621  
   

 

 

 
Water — 0.1%            

American Water Capital Corp., 3.40%, 03/01/25 (Call 12/01/24)

    1,447       1,548,333  
   

 

 

 

Total Corporate Bonds & Notes — 98.7%
(Cost: $1,218,624,280)

      1,239,581,653  
   

 

 

 
Short-Term Investments            
Money Market Funds — 5.7%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.05%(c)(d)(e)

    60,569       60,598,916  

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

    11,130       11,130,000  
   

 

 

 
      71,728,916  
   

 

 

 

Total Short-Term Investments — 5.7%
(Cost: $71,708,802)

 

    71,728,916  
   

 

 

 

Total Investments in Securities — 104.4%
(Cost: $1,290,333,082)

 

    1,311,310,569  

Other Assets, Less Liabilities — (4.4)%

 

    (55,180,094
   

 

 

 

Net Assets — 100.0%

 

  $   1,256,130,475  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer    Value at
10/31/20
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/21
     Shares
Held at
10/31/21
(000)
     Income      Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 34,456,574      $ 26,151,053 (a)     $      $ (7,832    $ (879    $ 60,598,916        60,569      $ 94,115 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     4,230,000        6,900,000 (a)                            11,130,000        11,130        810         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (7,832    $ (879    $ 71,728,916         $ 94,925      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(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.

 

 

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

  59


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2025 Term Corporate ETF

    

 

Fair Value Hierarchy as of Period End (continued)

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

 

 

 
     Level 1        Level 2                    Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 1,239,581,653        $        $ 1,239,581,653  

Money Market Funds

     71,728,916                            71,728,916  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     71,728,916        $ 1,239,581,653        $        $ 1,311,310,569  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

60  

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


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Advertising — 0.4%            

Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)

  $ 3,171     $ 3,427,217  
   

 

 

 
Aerospace & Defense — 2.4%            

Boeing Co. (The)

   

2.20%, 02/04/26 (Call 02/04/23)

    5,505       5,518,377  

2.25%, 06/15/26 (Call 03/15/26)(a)

    1,030       1,040,424  

2.75%, 02/01/26 (Call 01/01/26)

    3,910       4,036,645  

3.10%, 05/01/26 (Call 03/01/26)(a)

    1,001       1,047,306  

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)(a)

    630       628,331  

2.13%, 08/15/26 (Call 05/15/26)

    830       857,747  

L3Harris Technologies Inc., 3.85%, 12/15/26 (Call 09/15/26)

    1,305       1,432,446  

Lockheed Martin Corp., 3.55%, 01/15/26 (Call 10/15/25)

    3,668       3,993,792  

Raytheon Technologies Corp., 2.65%, 11/01/26 (Call 08/01/26)

    824       865,414  

Teledyne Technologies Inc., 1.60%, 04/01/26 (Call 03/01/26)

    1,010       1,008,222  
   

 

 

 
      20,428,704  
Agriculture — 1.7%            

Altria Group Inc.

   

2.63%, 09/16/26 (Call 06/16/26)(a)

    1,311       1,361,683  

4.40%, 02/14/26 (Call 12/14/25)

    1,740       1,930,252  

Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)

    2,046       2,153,497  

BAT Capital Corp., 3.22%, 09/06/26 (Call 07/06/26)

    2,356       2,476,391  

BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)

    2,098       2,073,894  

Bunge Ltd. Finance Corp., 3.25%, 08/15/26 (Call 05/15/26)(a)

    1,935       2,062,633  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    1,505       1,462,183  

2.75%, 02/25/26 (Call 11/25/25)

    1,410       1,482,502  
   

 

 

 
      15,003,035  
Airlines — 0.3%            

Southwest Airlines Co., 3.00%, 11/15/26 (Call 08/15/26)

    1,361       1,435,433  

United Airlines Pass Through Trust

   

Series 2014-1, Class A, 4.00%, 04/11/26

    164       172,829  

Series 2014-2, Class A, 3.75%, 03/03/28

    547       572,520  

Series 2020-1, Class B, 4.88%, 07/15/27

    507       535,077  
   

 

 

 
      2,715,859  
Apparel — 0.2%            

NIKE Inc., 2.38%, 11/01/26 (Call 08/01/26)(a)

    2,012       2,111,634  
   

 

 

 
Auto Manufacturers — 1.4%            

American Honda Finance Corp.

   

1.30%, 09/09/26(a)

    720       714,521  

2.30%, 09/09/26(a)

    1,119       1,161,231  

General Motors Financial Co. Inc.

   

1.25%, 01/08/26 (Call 12/08/25)

    1,495       1,464,457  

1.50%, 06/10/26 (Call 05/10/26)(a)

    125       122,998  

4.00%, 10/06/26 (Call 07/06/26)(a)

    2,087       2,274,893  

5.25%, 03/01/26 (Call 12/01/25)

    1,790       2,025,421  

PACCAR Financial Corp., 1.10%, 05/11/26

    520       515,112  

Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)

    1,529       1,525,590  

Toyota Motor Credit Corp.

   

0.80%, 01/09/26

    1,079       1,054,107  

1.13%, 06/18/26(a)

    780       769,088  
   

 

 

 
      11,627,418  
Auto Parts & Equipment — 0.1%            

Aptiv PLC, 4.25%, 01/15/26 (Call 10/15/25)

    475       525,269  
   

 

 

 
Security   Par
(000)
    Value  
Banks — 24.1%            

Banco Santander SA, 1.85%, 03/25/26

  $ 667     $ 667,954  

Bank of America Corp.

   

3.50%, 04/19/26(a)

    4,357       4,703,425  

4.25%, 10/22/26

    4,066       4,499,842  

4.45%, 03/03/26

    3,654       4,048,961  

6.22%, 09/15/26

    150       179,679  

Bank of Montreal, 1.25%, 09/15/26(a)

    2,365       2,320,491  

Bank of New York Mellon Corp. (The)

   

0.75%, 01/28/26 (Call 12/28/25)

    319       312,301  

1.05%, 10/15/26 (Call 09/15/26)

    702       687,799  

2.45%, 08/17/26 (Call 05/17/26)

    2,070       2,162,053  

2.80%, 05/04/26 (Call 02/04/26)

    1,650       1,746,162  

Bank of Nova Scotia (The)

   

1.05%, 03/02/26

    850       832,422  

1.30%, 09/15/26 (Call 06/15/26)

    1,715       1,685,965  

1.35%, 06/24/26(a)

    435       431,468  

2.70%, 08/03/26

    2,612       2,742,574  

Barclays PLC

   

4.38%, 01/12/26

    4,153       4,573,533  

5.20%, 05/12/26

    3,322       3,760,836  

BPCE SA, 3.38%, 12/02/26

    1,194       1,289,269  

Canadian Imperial Bank of Commerce, 1.25%, 06/22/26

    1,470       1,441,276  

Citigroup Inc.

   

3.20%, 10/21/26 (Call 07/21/26)

    5,012       5,328,558  

3.40%, 05/01/26

    2,809       3,025,237  

3.70%, 01/12/26

    1,381       1,498,109  

4.30%, 11/20/26

    1,977       2,193,185  

4.60%, 03/09/26(a)

    2,523       2,813,776  

Citizens Bank N.A./Providence RI, 3.75%, 02/18/26 (Call 11/18/25)(a)

    1,162       1,268,242  

Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/27/26)

    1,262       1,328,583  

Cooperatieve Rabobank U.A., 3.75%, 07/21/26

    3,225       3,505,575  

Credit Suisse AG/New York NY, 1.25%, 08/07/26

    2,500       2,441,325  

Credit Suisse Group AG, 4.55%, 04/17/26

    3,406       3,785,292  

Deutsche Bank AG, 4.10%, 01/13/26

    667       721,274  

Deutsche Bank AG/New York NY

   

1.69%, 03/19/26(a)

    1,380       1,375,142  

4.10%, 01/13/26

    365       394,226  

Discover Bank

   

3.45%, 07/27/26 (Call 04/27/26)

    1,824       1,956,331  

4.25%, 03/13/26

    690       761,222  

Fifth Third Bank NA, 3.85%, 03/15/26 (Call 02/15/26)

    1,863       2,031,266  

Goldman Sachs Group Inc. (The)

   

3.50%, 11/16/26 (Call 11/16/25)

    5,441       5,828,617  

3.75%, 02/25/26 (Call 11/25/25)

    3,061       3,316,440  

HSBC Holdings PLC

   

3.90%, 05/25/26

    3,815       4,143,319  

4.30%, 03/08/26

    4,023       4,427,191  

4.38%, 11/23/26

    2,816       3,097,065  

JPMorgan Chase & Co.

   

2.95%, 10/01/26 (Call 07/01/26)(a)

    4,472       4,731,242  

3.20%, 06/15/26 (Call 03/15/26)(a)

    2,599       2,773,731  

3.30%, 04/01/26 (Call 01/01/26)(a)

    3,305       3,533,541  

4.13%, 12/15/26

    3,775       4,183,077  

7.63%, 10/15/26

    1,312       1,671,790  

KeyBank N.A./Cleveland OH, 3.40%, 05/20/26

    1,605       1,725,247  

Lloyds Banking Group PLC, 4.65%, 03/24/26

    3,379       3,759,002  

Mitsubishi UFJ Financial Group Inc.

   

2.76%, 09/13/26

    2,063       2,157,547  

 

 

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

  61


Schedule of Investments (continued)

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

3.85%, 03/01/26

  $   3,930     $ 4,292,896  

Mizuho Financial Group Inc., 2.84%, 09/13/26

    2,237       2,354,577  

Morgan Stanley

   

3.13%, 07/27/26

    4,787       5,084,656  

3.88%, 01/27/26

    5,510       6,014,440  

4.35%, 09/08/26

    3,685       4,093,593  

6.25%, 08/09/26

    1,548       1,861,485  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26(a)

    2,083       2,183,005  

3.38%, 01/14/26(a)

    1,999       2,164,777  

Natwest Group PLC, 4.80%, 04/05/26

    2,846       3,194,094  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)(a)

    1,216       1,204,752  

2.60%, 07/23/26 (Call 05/23/26)(a)

    2,421       2,544,035  

Royal Bank of Canada

   

0.88%, 01/20/26

    95       92,692  

1.15%, 07/14/26

    500       491,260  

1.20%, 04/27/26

    2,425       2,390,007  

1.40%, 11/02/26

    700       691,600  

4.65%, 01/27/26

    1,884       2,111,342  

Santander Holdings USA Inc., 3.24%, 10/05/26 (Call 08/05/26)

    1,955       2,060,394  

State Street Corp., 2.65%, 05/19/26

    1,946       2,059,335  

Sumitomo Mitsui Financial Group Inc.

   

0.95%, 01/12/26

    654       637,074  

1.40%, 09/17/26(a)

    2,312       2,267,679  

2.63%, 07/14/26

    3,640       3,780,031  

3.01%, 10/19/26(a)

    1,732       1,834,898  

3.78%, 03/09/26

    2,523       2,747,269  

Toronto-Dominion Bank (The)

   

0.75%, 01/06/26(a)

    407       396,564  

1.20%, 06/03/26

    510       503,467  

1.25%, 09/10/26

    2,355       2,311,480  

Truist Bank

   

3.30%, 05/15/26 (Call 04/15/26)

    1,999       2,151,404  

3.80%, 10/30/26 (Call 09/30/26)

    1,473       1,617,487  

U.S. Bancorp

   

3.10%, 04/27/26 (Call 03/27/26)

    2,054       2,190,611  

Series V, 2.38%, 07/22/26 (Call 06/22/26)

    3,035       3,170,422  

Wachovia Corp., 7.57%, 08/01/26(b)

    670       839,336  

Wells Fargo & Co.

   

3.00%, 04/22/26(a)

    4,903       5,188,698  

3.00%, 10/23/26

    5,497       5,804,722  

4.10%, 06/03/26

    3,721       4,080,039  

Westpac Banking Corp.

   

1.15%, 06/03/26

    245       242,060  

2.70%, 08/19/26

    1,972       2,084,976  

2.85%, 05/13/26(a)

    2,830       3,005,913  
   

 

 

 
      207,604,232  
Beverages — 2.0%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)(a)

    4,932       5,360,443  

Anheuser-Busch InBev Finance Inc., 3.65%, 02/01/26 (Call 11/01/25)

    2,419       2,620,914  

Constellation Brands Inc., 3.70%, 12/06/26 (Call 09/06/26)

    1,319       1,442,960  

Keurig Dr Pepper Inc., 2.55%, 09/15/26 (Call 06/15/26)

    917       955,486  

Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)(a)

    3,016       3,195,995  
Security   Par
(000)
    Value  
Beverages (continued)            

PepsiCo Inc.

   

2.38%, 10/06/26 (Call 07/06/26)(a)

  $   1,585     $ 1,661,492  

2.85%, 02/24/26 (Call 11/24/25)(a)

    1,801       1,915,543  
   

 

 

 
      17,152,833  
Biotechnology — 0.9%            

Amgen Inc., 2.60%, 08/19/26 (Call 05/19/26)(a)

    2,640       2,757,216  

Gilead Sciences Inc., 3.65%, 03/01/26 (Call 12/01/25)

    4,771       5,169,379  
   

 

 

 
      7,926,595  
Building Materials — 0.3%            

Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25)

    1,024       1,117,010  

Owens Corning, 3.40%, 08/15/26 (Call 05/15/26)(a)

    1,062       1,134,619  
   

 

 

 
      2,251,629  
Chemicals — 1.2%            

Celanese U.S. Holdings LLC, 1.40%, 08/05/26 (Call 07/05/26)

    102       100,207  

Dow Chemical Co. (The), 3.63%, 05/15/26 (Call 03/15/26)

    1,705       1,847,896  

Ecolab Inc., 2.70%, 11/01/26 (Call 08/01/26)(a)

    997       1,052,752  

FMC Corp., 3.20%, 10/01/26 (Call 08/01/26)

    1,577       1,674,191  

Linde Inc./CT, 3.20%, 01/30/26 (Call 10/30/25)

    1,301       1,396,584  

Nutrien Ltd., 4.00%, 12/15/26 (Call 09/15/26)

    1,246       1,378,749  

PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26)

    425       417,639  

Sherwin-Williams Co. (The), 3.95%, 01/15/26 (Call 10/15/25)

    510       558,664  

Westlake Chemical Corp., 3.60%, 08/15/26 (Call 05/15/26)

    1,448       1,582,490  
   

 

 

 
      10,009,172  
Commercial Services — 0.9%            

Global Payments Inc.

   

1.20%, 03/01/26 (Call 02/01/26)

    2,790       2,724,686  

4.80%, 04/01/26 (Call 01/01/26)

    1,439       1,610,299  

GXO Logistics Inc., 1.65%, 07/15/26
(Call 06/15/26)(c)

    138       135,615  

PayPal Holdings Inc., 2.65%, 10/01/26
(Call 08/01/26)(a)

    2,939       3,102,526  
   

 

 

 
      7,573,126  
Computers — 4.3%            

Apple Inc.

   

0.70%, 02/08/26 (Call 01/08/26)(a)

    1,933       1,892,910  

2.05%, 09/11/26 (Call 07/11/26)

    3,387       3,488,474  

2.45%, 08/04/26 (Call 05/04/26)

    3,077       3,225,711  

3.25%, 02/23/26 (Call 11/23/25)

    4,259       4,588,263  

CGI Inc., 1.45%, 09/14/26 (Call 08/14/26)(c)

    155       151,729  

Dell International LLC/EMC Corp.

   

4.90%, 10/01/26 (Call 08/01/26)(a)

    2,963       3,378,235  

6.02%, 06/15/26 (Call 03/15/26)

    7,669       9,032,702  

DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)

    95       93,608  

Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26)

    225       219,301  

Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26)

    170       169,871  

Hewlett Packard Enterprise Co., 1.75%, 04/01/26 (Call 03/01/26)(a)

    1,429       1,437,188  

HP Inc., 1.45%, 06/17/26 (Call 05/17/26)(c)

    215       212,074  

International Business Machines Corp.

   

3.30%, 05/15/26

    5,400       5,825,952  

3.45%, 02/19/26(a)

    2,315       2,504,946  

Kyndryl Holdings Inc., 2.05%, 10/15/26
(Call 09/15/26)(c)

    500       494,835  
   

 

 

 
      36,715,799  
Cosmetics & Personal Care — 0.6%            

Procter & Gamble Co. (The)

   

1.00%, 04/23/26

    539       534,284  

2.45%, 11/03/26

    1,598       1,685,123  

2.70%, 02/02/26(a)

    920       976,350  

 

 

62  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Cosmetics & Personal Care (continued)            

Unilever Capital Corp., 2.00%, 07/28/26

  $   1,481     $ 1,525,104  
   

 

 

 
      4,720,861  
Diversified Financial Services — 3.9%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.75%, 01/30/26 (Call 12/30/25)(a)

    1,868       1,840,130  

2.45%, 10/29/26 (Call 09/29/26)

    2,660       2,685,935  

4.45%, 04/03/26 (Call 02/03/26)

    890       970,376  

Air Lease Corp.

   

1.88%, 08/15/26 (Call 07/15/26)

    670       662,804  

2.88%, 01/15/26 (Call 12/15/25)

    2,037       2,103,467  

3.75%, 06/01/26 (Call 04/01/26)

    2,087       2,233,549  

Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)

    1,271       1,377,701  

American Express Co., 3.13%, 05/20/26 (Call 04/20/26)(a)

    2,142       2,297,295  

Ameriprise Financial Inc., 2.88%, 09/15/26 (Call 06/15/26)

    1,115       1,181,030  

Blackstone Private Credit Fund, 2.63%, 12/15/26 (Call 11/15/26)(c)

    1,485       1,456,651  

Brookfield Finance Inc., 4.25%, 06/02/26 (Call 03/02/26)(a)

    1,130       1,251,972  

Capital One Financial Corp., 3.75%, 07/28/26 (Call 06/28/26)(a)

    2,907       3,142,438  

Charles Schwab Corp. (The)

   

0.90%, 03/11/26 (Call 02/11/26)

    1,854       1,819,256  

1.15%, 05/13/26 (Call 04/13/26)(a)

    1,015       1,005,256  

3.45%, 02/13/26 (Call 11/13/25)

    595       644,992  

Discover Financial Services, 4.50%, 01/30/26 (Call 11/30/25)

    1,181       1,308,383  

Invesco Finance PLC, 3.75%, 01/15/26(a)

    657       714,238  

Legg Mason Inc., 4.75%, 03/15/26

    925       1,048,515  

Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26)(a)

    1,629       1,745,180  

Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)

    1,327       1,457,895  

Nomura Holdings Inc., 1.65%, 07/14/26

    700       689,080  

Synchrony Financial, 3.70%, 08/04/26 (Call 05/04/26)

    1,351       1,447,570  

Western Union Co. (The), 1.35%, 03/15/26 (Call 02/15/26)(a)

    485       474,912  
   

 

 

 
      33,558,625  
Electric — 5.3%            

AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26)

    555       594,361  

AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25)

    655       642,228  

Ameren Corp., 3.65%, 02/15/26 (Call 11/15/25)

    531       572,131  

Baltimore Gas & Electric Co., 2.40%, 08/15/26
(Call 05/15/26)(a)

    271       280,965  

Black Hills Corp., 3.95%, 01/15/26
(Call 07/15/25)(a)

    235       254,192  

CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26 (Call 06/01/26)

    131       136,260  

CenterPoint Energy Inc., 1.45%, 06/01/26 (Call 05/01/26)

    270       267,187  

Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)(a)

    872       941,873  

CMS Energy Corp., 3.00%, 05/15/26 (Call 02/15/26)

    776       821,365  

Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26)

    1,165       1,221,922  

Dominion Energy Inc.

   

Series A, 1.45%, 04/15/26 (Call 03/15/26)

    325       322,572  

Series D, 2.85%, 08/15/26 (Call 05/15/26)

    688       724,402  

DTE Energy Co., 2.85%, 10/01/26 (Call 07/01/26)

    1,316       1,381,418  

Duke Energy Carolinas LLC, 2.95%, 12/01/26
(Call 09/01/26)(a)

    1,129       1,205,072  

Duke Energy Corp., 2.65%, 09/01/26
(Call 06/01/26)(a)

    2,716       2,837,161  

Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26)

    1,721       1,846,633  

Enel Americas SA, 4.00%, 10/25/26
(Call 07/25/26)(a)

    895       955,663  

Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)(a)

    853       923,901  

Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)(a)

    1,723       1,816,576  

Entergy Louisiana LLC, 2.40%, 10/01/26 (Call 07/01/26)

    805       829,713  

Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26)

    265       276,313  

Eversource Energy, Series U, 1.40%, 08/15/26 (Call 07/15/26)

    655       646,767  
Security   Par
(000)
    Value  
Electric (continued)            

Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26)

  $   1,807     $ 1,936,146  

Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)

    2,294       2,414,733  

Georgia Power Co., 3.25%, 04/01/26
(Call 01/01/26)(a)

    452       482,759  

ITC Holdings Corp., 3.25%, 06/30/26 (Call 03/30/26)

    915       977,083  

National Rural Utilities Cooperative Finance Corp., 1.00%, 06/15/26 (Call 05/15/26)

    460       452,203  

NextEra Energy Capital Holdings Inc., 3.25%, 04/01/26 (Call 02/01/26)

    938       1,001,193  

Pacific Gas and Electric Co.

   

2.95%, 03/01/26 (Call 12/01/25)

    806       824,441  

3.15%, 01/01/26

    3,266       3,362,935  

PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)(a)

    1,853       1,956,657  

Public Service Electric & Gas Co., 2.25%, 09/15/26 (Call 06/15/26)

    898       928,792  

Public Service Electric and Gas Co., 0.95%, 03/15/26 (Call 02/15/26)(a)

    814       803,304  

San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)(a)

    1,130       1,178,127  

Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)

    1,341       1,401,881  

Southern California Edison Co., Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)

    676       666,090  

Southern Co. (The), 3.25%, 07/01/26
(Call 04/01/26)(a)

    2,622       2,796,415  

Southern Power Co., 0.90%, 01/15/26 (Call 12/15/25)

    293       285,133  

Southwestern Electric Power Co.

   

Series K, 2.75%, 10/01/26 (Call 07/01/26)

    902       942,707  

Series N, 1.65%, 03/15/26 (Call 02/15/26)

    970       970,427  

Virginia Electric & Power Co.

   

Series A, 3.15%, 01/15/26 (Call 10/15/25)

    435       464,067  

Series B, 2.95%, 11/15/26 (Call 08/15/26)(a)

    1,245       1,322,875  

Xcel Energy Inc., 3.35%, 12/01/26 (Call 06/01/26)

    1,010       1,083,124  
   

 

 

 
      45,749,767  
Electrical Components & Equipment — 0.2%            

Emerson Electric Co., 0.88%, 10/15/26
(Call 09/15/26)(a)

    1,348       1,309,218  
   

 

 

 
Electronics — 1.2%            

Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)

    607       645,302  

Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26)(a)

    1,078       1,190,090  

Flex Ltd., 3.75%, 02/01/26 (Call 01/01/26)

    885       949,269  

Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)

    1,852       1,975,454  

Honeywell International Inc., 2.50%, 11/01/26 (Call 08/01/26)(a)

    2,593       2,728,614  

Hubbell Inc., 3.35%, 03/01/26 (Call 12/01/25)(a)

    690       736,472  

Jabil Inc., 1.70%, 04/15/26 (Call 03/15/26)

    970       964,151  

SYNNEX Corp., 1.75%, 08/09/26 (Call 07/09/26)(c)

    105       102,933  

Tyco Electronics Group SA, 3.70%, 02/15/26 (Call 11/15/25)

    25       27,052  

Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26)(a)(c)

    1,070       1,056,079  
   

 

 

 
      10,375,416  
Environmental Control — 0.2%            

Republic Services Inc., 2.90%, 07/01/26 (Call 04/01/26)

    1,509       1,591,995  
   

 

 

 
Food — 1.5%            

Bestfoods, Series E, 7.25%, 12/15/26

    45       57,752  

Flowers Foods Inc., 3.50%, 10/01/26
(Call 07/01/26)(a)

    355       382,669  

Hershey Co. (The), 2.30%, 08/15/26
(Call 05/15/26)(a)

    726       755,897  

Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)(a)

    1,323       1,413,612  

Kellogg Co., 3.25%, 04/01/26

    1,582       1,696,695  

Kroger Co. (The)

   

2.65%, 10/15/26 (Call 07/15/26)

    1,520       1,591,668  

3.50%, 02/01/26 (Call 11/01/25)(a)

    1,511       1,639,465  

McCormick & Co. Inc./MD, 0.90%, 02/15/26 (Call 01/15/26)

    483       469,563  

Mondelez International Inc., 3.63%, 02/13/26 (Call 12/13/25)(a)

    1,370       1,485,971  

 

 

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

  63


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Food (continued)            

Sysco Corp., 3.30%, 07/15/26 (Call 04/15/26)

  $   2,246     $ 2,405,174  

Tyson Foods Inc., 4.00%, 03/01/26 (Call 01/01/26)

    1,263       1,386,660  
   

 

 

 
      13,285,126  
Gas — 0.4%            

National Fuel Gas Co., 5.50%, 01/15/26 (Call 12/15/25)

    1,372       1,565,767  

Southern California Gas Co., Series TT, 2.60%, 06/15/26 (Call 03/15/26)

    1,070       1,120,055  

Southern Co. Gas Capital Corp., 3.25%, 06/15/26 (Call 03/15/26)(a)

    685       730,155  
   

 

 

 
      3,415,977  
Hand & Machine Tools — 0.1%            

Stanley Black & Decker Inc., 3.40%, 03/01/26 (Call 01/01/26)

    1,100       1,189,650  
   

 

 

 
Health Care - Products — 1.4%            

Abbott Laboratories, 3.75%, 11/30/26
(Call 08/30/26)(a)

    2,945       3,259,349  

Baxter International Inc., 2.60%, 08/15/26 (Call 05/15/26)(a)

    1,120       1,170,490  

Boston Scientific Corp., 3.75%, 03/01/26 (Call 01/01/26)

    1,461       1,587,552  

Stryker Corp., 3.50%, 03/15/26 (Call 12/15/25)

    2,245       2,424,824  

Thermo Fisher Scientific Inc., 2.95%, 09/19/26 (Call 06/19/26)

    2,021       2,148,727  

Zimmer Biomet Holdings Inc., 3.05%, 01/15/26 (Call 12/15/25)

    1,571       1,659,856  
   

 

 

 
      12,250,798  
Health Care - Services — 1.1%            

Anthem Inc., 1.50%, 03/15/26 (Call 02/15/26)

    1,205       1,204,265  

HCA Inc., 5.25%, 06/15/26 (Call 12/15/25)

    2,632       2,986,004  

Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/26 (Call 07/01/26)

    195       205,068  

Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26)(a)

    1,518       1,636,602  

UnitedHealth Group Inc.

   

1.15%, 05/15/26 (Call 04/15/26)(a)

    250       247,630  

1.25%, 01/15/26(a)

    827       825,222  

3.10%, 03/15/26

    1,280       1,374,067  

Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)(c)

    675       664,004  
   

 

 

 
      9,142,862  
Holding Companies - Diversified — 1.9%            

Ares Capital Corp.

   

2.15%, 07/15/26 (Call 06/15/26)

    1,729       1,712,367  

3.88%, 01/15/26 (Call 12/15/25)

    2,160       2,291,523  

Bain Capital Specialty Finance Inc., 2.95%, 03/10/26 (Call 02/10/26)(a)

    200       201,856  

Blackstone Secured Lending Fund

   

2.75%, 09/16/26 (Call 08/19/26)

    1,100       1,110,098  

3.63%, 01/15/26 (Call 12/15/25)(a)

    1,087       1,137,893  

FS KKR Capital Corp., 3.40%, 01/15/26 (Call 12/15/25)

    1,963       2,017,944  

Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25)

    753       769,566  

Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)

    935       928,689  

Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)(a)

    1,355       1,368,564  

Owl Rock Capital Corp.

   

3.40%, 07/15/26 (Call 06/15/26)

    1,880       1,932,452  

4.25%, 01/15/26 (Call 12/15/25)

    892       947,045  

Prospect Capital Corp.

   

3.36%, 11/15/26 (Call 10/15/26)

    465       464,563  

3.71%, 01/22/26 (Call 12/22/25)

    683       694,256  

Sixth Street Specialty Lending Inc., 2.50%, 08/01/26 (Call 07/01/26)(a)

    951       955,108  
   

 

 

 
      16,531,924  
Home Builders — 0.3%            

DR Horton Inc., 1.30%, 10/15/26 (Call 09/15/26)

    210       205,500  
Security   Par
(000)
    Value  
Home Builders (continued)            

Lennar Corp., 5.25%, 06/01/26 (Call 12/01/25)

  $   1,018     $ 1,157,670  

PulteGroup Inc., 5.50%, 03/01/26 (Call 12/01/25)

    1,150       1,321,752  
   

 

 

 
      2,684,922  
Household Products & Wares — 0.2%            

Kimberly-Clark Corp., 2.75%, 02/15/26

    1,253       1,333,518  
   

 

 

 
Insurance — 3.4%            

Aflac Inc.

   

1.13%, 03/15/26 (Call 02/15/26)

    767       759,514  

2.88%, 10/15/26 (Call 07/15/26)

    982       1,048,138  

Allstate Corp. (The), 3.28%, 12/15/26 (Call 09/15/26)

    1,078       1,166,137  

American Financial Group Inc./OH, 3.50%, 08/15/26 (Call 05/15/26)

    936       1,008,727  

American International Group Inc., 3.90%, 04/01/26 (Call 01/01/26)

    2,808       3,082,426  

Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)(a)

    880       978,877  

Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)(a)

    4,906       5,280,279  

Chubb INA Holdings Inc., 3.35%, 05/03/26 (Call 02/03/26)(a)

    535       578,447  

CNA Financial Corp., 4.50%, 03/01/26 (Call 12/01/25)

    1,022       1,139,203  

Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)

    721       800,505  

Lincoln National Corp., 3.63%, 12/12/26 (Call 09/15/26)

    765       831,478  

Loews Corp., 3.75%, 04/01/26 (Call 01/01/26)

    1,588       1,735,192  

Manulife Financial Corp., 4.15%, 03/04/26

    1,850       2,049,097  

Marsh & McLennan Companies Inc., 3.75%, 03/14/26 (Call 12/14/25)

    1,435       1,564,466  

Munich Re America Corp., Series B, 7.45%, 12/15/26(a)

    30       38,203  

Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26)(a)

    887       970,999  

Principal Financial Group Inc., 3.10%, 11/15/26 (Call 08/15/26)

    808       859,680  

Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)

    1,657       1,669,212  

Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26)

    870       954,294  

Swiss Re America Holding Corp., 7.00%, 02/15/26

    186       228,293  

Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)

    876       967,340  

Voya Financial Inc., 3.65%, 06/15/26

    1,095       1,190,046  
   

 

 

 
      28,900,553  
Internet — 1.4%            

Alphabet Inc., 2.00%, 08/15/26 (Call 05/15/26)

    4,182       4,317,120  

Amazon.com Inc., 1.00%, 05/12/26 (Call 04/12/26)(a)

    915       906,646  

Baidu Inc., 1.72%, 04/09/26 (Call 03/09/26)

    455       450,250  

Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)(a)

    2,268       2,467,380  

eBay Inc., 1.40%, 05/10/26 (Call 04/10/26)

    1,250       1,238,800  

Expedia Group Inc., 5.00%, 02/15/26
(Call 11/15/25)(a)

    1,377       1,545,834  

JD.com Inc., 3.88%, 04/29/26(a)

    823       882,626  
   

 

 

 
      11,808,656  
Iron & Steel — 0.6%            

ArcelorMittal SA, 4.55%, 03/11/26

    740       812,764  

Steel Dynamics Inc., 5.00%, 12/15/26 (Call 12/15/21)

    1,120       1,154,014  

Vale Overseas Ltd., 6.25%, 08/10/26(a)

    2,942       3,414,780  
   

 

 

 
      5,381,558  
Lodging — 0.7%            

Hyatt Hotels Corp., 4.85%, 03/15/26 (Call 12/15/25)

    974       1,073,728  

Las Vegas Sands Corp., 3.50%, 08/18/26 (Call 06/18/26)

    1,767       1,806,934  

Marriott International Inc./MD, Series R, 3.13%, 06/15/26 (Call 03/15/26)(a)

    1,953       2,067,407  

Sands China Ltd., 3.80%, 01/08/26 (Call 12/08/25)

    815       819,425  
      5,767,494  

 

 

64  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Machinery — 1.0%            

Caterpillar Financial Services Corp.

   

0.90%, 03/02/26

  $ 523     $ 514,182  

1.15%, 09/14/26

    275       271,499  

2.40%, 08/09/26(a)

    800       836,936  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    365       359,602  

1.88%, 01/15/26 (Call 12/15/25)

    645       649,457  

John Deere Capital Corp.

   

0.70%, 01/15/26(a)

    391       381,260  

1.05%, 06/17/26

    877       864,126  

2.25%, 09/14/26

    1,411       1,464,562  

2.65%, 06/10/26(a)

    557       590,013  

Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/26 (Call 08/15/26)(a)

    1,514       1,609,972  

Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)

    1,275       1,369,325  
   

 

 

 
      8,910,934  
Manufacturing — 0.6%            

3M Co., 2.25%, 09/19/26 (Call 06/19/26)

    1,311       1,361,356  

General Electric Co., 5.55%, 01/05/26

    485       564,181  

Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)

    1,999       2,116,181  

Textron Inc., 4.00%, 03/15/26 (Call 12/15/25)(a)

    642       703,080  

Trane Technologies Luxembourg Finance SA, 3.50%, 03/21/26 (Call 01/21/26)

    734       789,292  
   

 

 

 
      5,534,090  
Media — 1.8%            

Comcast Corp., 3.15%, 03/01/26 (Call 12/01/25)(a)

    3,551       3,802,233  

Discovery Communications LLC, 4.90%, 03/11/26 (Call 12/11/25)

    1,667       1,879,226  

Grupo Televisa SAB, 4.63%, 01/30/26 (Call 10/30/25)

    680       743,920  

TCI Communications Inc., 7.88%, 02/15/26

    739       934,096  

Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)

    1,084       1,159,490  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26(a)

    1,551       1,575,118  

3.00%, 02/13/26

    991       1,055,266  

ViacomCBS Inc., 4.00%, 01/15/26 (Call 10/15/25)

    1,618       1,763,685  

Walt Disney Co. (The)

   

1.75%, 01/13/26

    1,572       1,594,621  

3.38%, 11/15/26 (Call 08/15/26)

    1,176       1,277,606  
   

 

 

 
      15,785,261  
Mining — 0.0%            

BHP Billiton Finance USA Ltd., 6.42%, 03/01/26

    105       126,049  
   

 

 

 
Oil & Gas — 3.8%            

BP Capital Markets America Inc.

   

3.12%, 05/04/26 (Call 02/04/26)

    2,005       2,144,408  

3.41%, 02/11/26 (Call 12/11/25)

    1,493       1,610,887  

Chevron Corp., 2.95%, 05/16/26 (Call 02/16/26)

    3,643       3,885,842  

ConocoPhillips Co., 4.95%, 03/15/26 (Call 12/15/25)

    2,209       2,511,213  

Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26)(a)

    1,269       1,342,018  

EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)(a)

    1,736       1,917,985  

Exxon Mobil Corp.

   

2.28%, 08/16/26 (Call 06/16/26)(a)

    2,172       2,258,467  

3.04%, 03/01/26 (Call 12/01/25)(a)

    4,057       4,331,375  

HollyFrontier Corp., 5.88%, 04/01/26 (Call 01/01/26)

    1,755       2,001,227  

Marathon Petroleum Corp., 5.13%, 12/15/26 (Call 09/15/26)

    1,337       1,538,847  

Phillips 66, 1.30%, 02/15/26 (Call 01/15/26)(a)

    601       591,907  

Pioneer Natural Resources Co.

   

1.13%, 01/15/26 (Call 12/15/25)(a)

    244       238,979  

4.45%, 01/15/26 (Call 10/15/25)(a)

    1,140       1,259,825  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

Shell International Finance BV

   

2.50%, 09/12/26(a)

  $   1,875     $ 1,970,550  

2.88%, 05/10/26

    2,541       2,707,995  

Valero Energy Corp., 3.40%, 09/15/26 (Call 06/15/26)

    2,032       2,172,899  
   

 

 

 
      32,484,424  
Packaging & Containers — 0.6%            

Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)(a)

    1,532       1,653,947  

Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)

    1,881       1,861,607  

WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)(a)

    1,676       1,886,472  
   

 

 

 
      5,402,026  
Pharmaceuticals — 4.9%            

AbbVie Inc.

   

2.95%, 11/21/26 (Call 09/21/26)(a)

    6,201       6,555,635  

3.20%, 05/14/26 (Call 02/14/26)

    2,613       2,783,551  

Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26)(a)

    130       128,892  

AstraZeneca PLC, 0.70%, 04/08/26 (Call 03/08/26)

    1,847       1,791,516  

Bristol-Myers Squibb Co., 3.20%, 06/15/26 (Call 04/15/26)

    3,692       3,987,803  

Cigna Corp.

   

1.25%, 03/15/26 (Call 02/15/26)(a)

    1,070       1,058,284  

4.50%, 02/25/26 (Call 11/27/25)

    2,211       2,461,971  

CVS Health Corp.

   

2.88%, 06/01/26 (Call 03/01/26)(a)

    2,548       2,681,566  

3.00%, 08/15/26 (Call 06/15/26)(a)

    1,691       1,794,743  

Johnson & Johnson, 2.45%, 03/01/26 (Call 12/01/25)

    3,696       3,879,728  

McKesson Corp., 1.30%, 08/15/26 (Call 07/15/26)

    480       470,779  

Merck & Co. Inc., 0.75%, 02/24/26 (Call 01/24/26)(a)

    754       738,573  

Pfizer Inc.

   

2.75%, 06/03/26(a)

    2,886       3,072,407  

3.00%, 12/15/26(a)

    2,361       2,549,313  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)

    4,572       4,863,877  

Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)

    3,387       3,684,480  
   

 

 

 
      42,503,118  
Pipelines — 2.9%            

Boardwalk Pipelines LP, 5.95%, 06/01/26 (Call 03/01/26)

    510       592,375  

Enbridge Inc.

   

1.60%, 10/04/26 (Call 09/04/26)

    505       501,995  

4.25%, 12/01/26 (Call 09/01/26)

    1,912       2,127,559  

Energy Transfer LP

   

3.90%, 07/15/26 (Call 04/15/26)

    980       1,059,468  

4.75%, 01/15/26 (Call 10/15/25)

    2,033       2,249,027  

Enterprise Products Operating LLC, 3.70%, 02/15/26 (Call 11/15/25)

    1,965       2,133,597  

Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25)

    461       520,815  

MPLX LP, 1.75%, 03/01/26 (Call 02/01/26)

    2,831       2,818,997  

ONEOK Inc., 5.85%, 01/15/26 (Call 12/15/25)

    1,373       1,597,650  

Phillips 66 Partners LP, 3.55%, 10/01/26 (Call 07/01/26)

    780       836,722  

Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 (Call 09/15/26)

    1,155       1,273,052  

Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (Call 12/31/25)

    2,399       2,784,687  

Spectra Energy Partners LP, 3.38%, 10/15/26 (Call 07/15/26)

    1,033       1,109,060  

TransCanada PipeLines Ltd., 4.88%, 01/15/26 (Call 10/15/25)(a)

    1,826       2,062,120  

Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)

    2,099       2,585,737  

Valero Energy Partners LP, 4.38%, 12/15/26 (Call 09/15/26)

    992       1,102,231  
   

 

 

 
      25,355,092  

 

 

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

  65


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Real Estate — 0.2%            

CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)

  $   1,496     $   1,690,764  
   

 

 

 
Real Estate Investment Trusts — 6.0%            

Alexandria Real Estate Equities Inc.

   

3.80%, 04/15/26 (Call 02/15/26)

    1,120       1,226,299  

4.30%, 01/15/26 (Call 10/15/25)

    525       580,918  

American Campus Communities Operating Partnership LP, 3.30%, 07/15/26 (Call 05/15/26)

    1,102       1,171,404  

American Tower Corp.

   

1.60%, 04/15/26 (Call 03/15/26)(a)

    340       338,385  

3.38%, 10/15/26 (Call 07/15/26)

    1,807       1,932,099  

4.40%, 02/15/26 (Call 11/15/25)

    1,507       1,666,923  

AvalonBay Communities Inc.

   

2.90%, 10/15/26 (Call 07/15/26)(a)

    746       792,491  

2.95%, 05/11/26 (Call 02/11/26)(a)

    747       793,590  

Boston Properties LP

   

2.75%, 10/01/26 (Call 07/01/26)

    1,214       1,269,128  

3.65%, 02/01/26 (Call 11/03/25)(a)

    1,953       2,107,443  

Brixmor Operating Partnership LP, 4.13%, 06/15/26 (Call 03/15/26)(a)

    425       466,425  

Columbia Property Trust Operating Partnership LP, 3.65%, 08/15/26 (Call 05/15/26)

    524       552,081  

Corporate Office Properties LP, 2.25%, 03/15/26 (Call 02/15/26)

    757       768,400  

Crown Castle International Corp.

   

1.05%, 07/15/26 (Call 06/15/26)

    515       498,726  

3.70%, 06/15/26 (Call 03/15/26)(a)

    1,577       1,704,768  

4.45%, 02/15/26 (Call 11/15/25)

    1,583       1,751,447  

CubeSmart LP, 3.13%, 09/01/26 (Call 06/01/26)(a)

    560       591,450  

Duke Realty LP, 3.25%, 06/30/26 (Call 03/30/26)

    508       544,027  

EPR Properties, 4.75%, 12/15/26 (Call 09/15/26)

    700       760,368  

Equinix Inc.

   

1.45%, 05/15/26 (Call 04/15/26)

    1,479       1,461,607  

2.90%, 11/18/26 (Call 09/18/26)

    1,357       1,424,416  

ERP Operating LP, 2.85%, 11/01/26
(Call 08/01/26)(a)

    1,008       1,063,158  

Essex Portfolio LP, 3.38%, 04/15/26 (Call 01/15/26)

    907       970,163  

Federal Realty Investment Trust, 1.25%, 02/15/26 (Call 01/15/26)(a)

    356       352,066  

GLP Capital LP/GLP Financing II Inc., 5.38%, 04/15/26 (Call 01/15/26)(a)

    1,817       2,050,848  

Healthcare Trust of America Holdings LP, 3.50%, 08/01/26 (Call 05/01/26)

    1,367       1,464,440  

Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26)

    1,312       1,403,433  

Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26 (Call 11/01/25)

    345       374,539  

Kimco Realty Corp., 2.80%, 10/01/26 (Call 07/01/26)

    855       897,912  

Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)

    490       521,806  

LifeStorage LP/CA, 3.50%, 07/01/26
(Call 04/01/26)(a)

    942       1,016,512  

Mid-America Apartments LP, 1.10%, 09/15/26 (Call 08/15/26)

    55       53,611  

National Retail Properties Inc., 3.60%, 12/15/26 (Call 09/15/26)

    585       629,951  

Office Properties Income Trust, 2.65%, 06/15/26 (Call 05/15/26)(a)

    675       675,344  

Omega Healthcare Investors Inc., 5.25%, 01/15/26 (Call 10/15/25)

    1,026       1,152,752  

Prologis LP, 3.25%, 10/01/26 (Call 07/01/26)

    740       797,520  

Public Storage, 0.88%, 02/15/26 (Call 01/15/26)

    1,048       1,026,925  

Realty Income Corp.

   

0.75%, 03/15/26 (Call 02/15/26)

    630       610,413  

4.13%, 10/15/26 (Call 07/15/26)

    1,068       1,191,664  

Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)

    1,040       1,154,338  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

Simon Property Group LP

   

3.25%, 11/30/26 (Call 08/30/26)

  $   1,295     $   1,389,095  

3.30%, 01/15/26 (Call 10/15/25)

    1,437       1,542,591  

SITE Centers Corp., 4.25%, 02/01/26 (Call 11/01/25)

    136       146,177  

Spirit Realty LP, 4.45%, 09/15/26 (Call 06/15/26)

    135       149,383  

Tanger Properties LP, 3.13%, 09/01/26 (Call 06/01/26)

    529       548,335  

UDR Inc., 2.95%, 09/01/26 (Call 06/01/26)

    1,220       1,282,330  

Ventas Realty LP

   

3.25%, 10/15/26 (Call 07/15/26)(a)

    911       971,727  

4.13%, 01/15/26 (Call 10/15/25)

    1,043       1,141,741  

VEREIT Operating Partnership LP, 4.88%, 06/01/26 (Call 03/01/26)

    1,289       1,457,073  

Vornado Realty LP, 2.15%, 06/01/26 (Call 05/01/26)

    655       659,821  

Welltower Inc., 4.25%, 04/01/26 (Call 01/01/26)(a)

    1,813       2,005,957  

WP Carey Inc., 4.25%, 10/01/26 (Call 07/01/26)(a)

    708       786,503  
   

 

 

 
      51,890,523  
Retail — 2.5%            

AutoZone Inc., 3.13%, 04/21/26 (Call 01/21/26)

    1,172       1,247,114  

Home Depot Inc. (The)

   

2.13%, 09/15/26 (Call 06/15/26)

    2,075       2,147,438  

3.00%, 04/01/26 (Call 01/01/26)

    2,351       2,511,761  

Lowe’s Companies Inc., 2.50%, 04/15/26 (Call 01/15/26)

    2,688       2,806,218  

McDonald’s Corp., 3.70%, 01/30/26 (Call 10/30/25)

    3,334       3,624,225  

O’Reilly Automotive Inc., 3.55%, 03/15/26 (Call 12/15/25)

    1,534       1,661,905  

Ross Stores Inc., 0.88%, 04/15/26 (Call 03/15/26)

    794       772,514  

Starbucks Corp., 2.45%, 06/15/26 (Call 03/15/26)

    1,621       1,689,682  

Target Corp., 2.50%, 04/15/26(a)

    1,644       1,736,952  

TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)

    2,256       2,348,383  

Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)

    668       716,036  

Walmart Inc., 3.05%, 07/08/26 (Call 05/08/26)

    100       107,900  
   

 

 

 
      21,370,128  
Semiconductors — 2.4%            

Analog Devices Inc., 3.50%, 12/05/26
(Call 09/05/26)(a)

    2,208       2,410,231  

Broadcom Inc.

   

3.46%, 09/15/26 (Call 07/15/26)

    2,011       2,146,381  

4.25%, 04/15/26 (Call 02/15/26)(a)

    2,476       2,722,931  

Intel Corp., 2.60%, 05/19/26 (Call 02/19/26)(a)

    2,426       2,559,430  

Lam Research Corp., 3.75%, 03/15/26 (Call 01/15/26)

    1,821       1,996,836  

Marvell Technology Inc., 1.65%, 04/15/26 (Call 03/15/26)

    935       927,866  

Micron Technology Inc., 4.98%, 02/06/26 (Call 12/06/25)

    1,170       1,315,606  

NVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26)

    2,415       2,621,096  

NXP BV/NXP Funding LLC, 5.35%, 03/01/26

   

(Call 01/01/26)(c)

    1,050       1,199,488  

NXP BV/NXP Funding LLC/NXP USA Inc., 3.88%, 06/18/26

   

(Call 04/18/26)(c)

    1,494       1,627,758  

Skyworks Solutions Inc., 1.80%, 06/01/26 (Call 05/01/26)

    1,173       1,174,314  

Texas Instruments Inc., 1.13%, 09/15/26 (Call 08/15/26)

    150       148,890  
   

 

 

 
      20,850,827  
Software — 3.5%            

Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26)

    1,489       1,603,906  

Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26)(a)

    1,697       1,824,343  

Citrix Systems Inc., 1.25%, 03/01/26 (Call 02/01/26)

    891       867,932  

Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25)

    1,400       1,580,390  

Fidelity National Information Services Inc., 1.15%, 03/01/26 (Call 02/01/26)

    476       466,337  

Fiserv Inc., 3.20%, 07/01/26 (Call 05/01/26)

    3,495       3,714,171  

Microsoft Corp., 2.40%, 08/08/26 (Call 05/08/26)

    6,457       6,778,882  

 

 

66  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  
Software (continued)            

Oracle Corp.

   

1.65%, 03/25/26 (Call 02/25/26)

  $   4,903     $   4,911,678  

2.65%, 07/15/26 (Call 04/15/26)

    4,601       4,783,798  

Roper Technologies Inc., 3.80%, 12/15/26 (Call 09/15/26)

    1,421       1,558,283  

VMware Inc., 1.40%, 08/15/26 (Call 07/15/26)

    2,410       2,373,561  
   

 

 

 
      30,463,281  
Telecommunications — 2.7%            

AT&T Inc.

   

1.70%, 03/25/26 (Call 03/25/23)(a)

    3,275       3,289,344  

2.95%, 07/15/26 (Call 04/15/26)(a)

    1,236       1,309,159  

3.88%, 01/15/26 (Call 10/15/25)

    996       1,086,208  

4.13%, 02/17/26 (Call 11/17/25)

    3,225       3,553,627  

Cisco Systems Inc.

   

2.50%, 09/20/26 (Call 06/20/26)(a)

    2,570       2,720,165  

2.95%, 02/28/26

    1,756       1,881,800  

Rogers Communications Inc., 2.90%, 11/15/26 (Call 08/15/26)

    1,073       1,125,985  

T-Mobile USA Inc., 1.50%, 02/15/26 (Call 01/15/26)

    1,685       1,672,784  

Verizon Communications Inc.

   

1.45%, 03/20/26 (Call 02/20/26)

    2,780       2,772,411  

2.63%, 08/15/26

    3,990       4,177,171  
   

 

 

 
      23,588,654  
Toys, Games & Hobbies — 0.2%            

Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)

    1,841       1,984,488  
   

 

 

 
Transportation — 1.3%            

Canadian National Railway Co., 2.75%, 03/01/26 (Call 12/01/25)

    934       984,623  

CSX Corp., 2.60%, 11/01/26 (Call 08/01/26)

    1,331       1,403,806  

FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26)(a)

    2,002       2,155,593  

JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)

    1,276       1,397,348  

Norfolk Southern Corp., 2.90%, 06/15/26 (Call 03/15/26)

    1,585       1,677,231  

Ryder System Inc., 2.90%, 12/01/26 (Call 10/01/26)

    1,203       1,267,348  

Union Pacific Corp., 2.75%, 03/01/26 (Call 12/01/25)

    885       935,330  

United Parcel Service Inc., 2.40%, 11/15/26 (Call 08/15/26)

    782       819,747  

Walmart Inc., 1.05%, 09/17/26 (Call 08/17/26)

    590       584,183  
   

 

 

 
      11,225,209  
Security  

Par/

Shares

(000)

    Value  
Trucking & Leasing — 0.1%            

GATX Corp., 3.25%, 09/15/26 (Call 06/15/26)(a)

  $ 670     $ 711,466  
   

 

 

 
Venture Capital — 0.0%            

Hercules Capital Inc., 2.63%, 09/16/26 (Call 08/16/26)

    15       14,793  
   

 

 

 

Total Corporate Bonds & Notes — 99.1%
(Cost: $839,136,835)

      853,962,569  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 8.0%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)

      65,537       65,569,882  

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

    2,857       2,857,000  
   

 

 

 
      68,426,882  
   

 

 

 

Total Short-Term Investments — 8.0%
(Cost: $68,416,724)

      68,426,882  
   

 

 

 

Total Investments in Securities — 107.1%
(Cost: $907,553,559)

      922,389,451  

Other Assets, Less Liabilities — (7.1)%

      (60,971,100
   

 

 

 

Net Assets — 100.0%

    $   861,418,351  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b)

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

(c)

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

(d)

Affiliate of the Fund.

(e)

Annualized 7-day yield as of period end.

(f)

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $ 20,611,186     $ 44,964,855 (a)    $     $ (4,327   $ (1,832   $ 65,569,882       65,537     $ 72,032 (b)    $  

BlackRock Cash Funds: Treasury,
SL Agency Shares

    1,437,000       1,420,000 (a)                        2,857,000       2,857       378        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (4,327   $ (1,832   $ 68,426,882       $ 72,410     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(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.

 

 

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

  67


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2026 Term Corporate ETF

    

 

Fair Value Hierarchy as of Period End (continued)

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

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 853,962,569        $        $ 853,962,569  

Money Market Funds

     68,426,882                            68,426,882  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   68,426,882        $   853,962,569        $           —        $   922,389,451  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

68  

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


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Aerospace & Defense — 2.4%            

Boeing Co. (The)

   

2.70%, 02/01/27 (Call 12/01/26)

  $   1,525     $ 1,565,062  

2.80%, 03/01/27 (Call 12/01/26)

    696       715,439  

5.04%, 05/01/27 (Call 03/01/27)

    2,399         2,725,672  

General Dynamics Corp.

   

2.63%, 11/15/27 (Call 08/15/27)(a)

    645       680,610  

3.50%, 04/01/27 (Call 02/01/27)

    1,191       1,302,823  

Northrop Grumman Corp., 3.20%, 02/01/27 (Call 11/01/26)

    1,443       1,548,786  

Raytheon Technologies Corp.

   

3.13%, 05/04/27 (Call 02/04/27)

    1,441       1,542,850  

3.50%, 03/15/27 (Call 12/15/26)

    1,724       1,870,609  

7.20%, 08/15/27(a)

    348       447,354  
   

 

 

 
      12,399,205  
Agriculture — 1.7%            

BAT Capital Corp.

   

3.56%, 08/15/27 (Call 05/15/27)

    4,898       5,182,182  

4.70%, 04/02/27 (Call 02/02/27)

    1,384       1,540,835  

Bunge Ltd. Finance Corp., 3.75%, 09/25/27 (Call 06/25/27)

    1,098       1,198,083  

Philip Morris International Inc., 3.13%, 08/17/27 (Call 05/17/27)(a)

    732       785,941  
   

 

 

 
      8,707,041  
Airlines — 1.5%            

American Airlines Pass Through Trust,
Series 2015-2, Class AA, 3.60%, 03/22/29

    281       290,266  

Southwest Airlines Co.

   

3.45%, 11/16/27 (Call 08/16/27)(a)

    774       828,822  

5.13%, 06/15/27 (Call 04/15/27)

    2,615       3,016,926  

United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29(a)

    3,176       3,544,197  
   

 

 

 
      7,680,211  
Apparel — 0.6%            

NIKE Inc., 2.75%, 03/27/27 (Call 01/27/27)

    1,357       1,441,175  

Tapestry Inc., 4.13%, 07/15/27 (Call 04/15/27)(a)

    597       648,240  

VF Corp., 2.80%, 04/23/27 (Call 02/23/27)(a)

    877       920,552  
   

 

 

 
      3,009,967  
Auto Manufacturers — 1.8%            

American Honda Finance Corp., 2.35%, 01/08/27

    861       890,636  

General Motors Co.

   

4.20%, 10/01/27 (Call 07/01/27)(a)

    1,210       1,328,181  

6.80%, 10/01/27 (Call 08/01/27)

    1,459       1,797,824  

General Motors Financial Co. Inc.

   

2.70%, 08/20/27 (Call 06/20/27)(a)

    1,251       1,278,259  

4.35%, 01/17/27 (Call 10/17/26)

    1,587       1,752,492  

Toyota Motor Credit Corp.

   

1.15%, 08/13/27(a)

    821       797,856  

3.20%, 01/11/27

    1,307       1,411,024  
   

 

 

 
      9,256,272  
Auto Parts & Equipment — 0.6%            

BorgWarner Inc., 2.65%, 07/01/27
(Call 05/01/27)(a)

    1,866       1,941,834  

Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)(a)

    1,294       1,412,983  
   

 

 

 
      3,354,817  
Banks — 13.0%            

Banco Santander SA, 4.25%, 04/11/27

    1,460       1,613,723  

Bank of America Corp.

   

3.25%, 10/21/27 (Call 10/21/26)

    3,670       3,912,881  

Series L, 4.18%, 11/25/27 (Call 11/25/26)

    2,874       3,165,050  

Bank of New York Mellon Corp. (The), 3.25%, 05/16/27 (Call 02/16/27)

    1,436       1,549,860  
Security  

Par

(000)

    Value  
Banks (continued)            

Citigroup Inc., 4.45%, 09/29/27

  $   5,474     $   6,131,592  

Fifth Third Bancorp., 2.55%, 05/05/27 (Call 04/05/27)

    1,259       1,306,225  

Fifth Third Bank NA, 2.25%, 02/01/27 (Call 01/01/27)

    594       611,244  

Goldman Sachs Group Inc. (The)

   

3.85%, 01/26/27 (Call 01/26/26)(a)

    3,574       3,869,320  

5.95%, 01/15/27

    1,736       2,068,201  

ING Groep NV, 3.95%, 03/29/27

    2,013       2,216,696  

JPMorgan Chase & Co.

   

3.63%, 12/01/27 (Call 12/01/26)

    1,222       1,318,330  

4.25%, 10/01/27

    1,963       2,210,750  

8.00%, 04/29/27

    1,235       1,614,614  

KeyCorp., 2.25%, 04/06/27

    1,463       1,496,137  

Lloyds Banking Group PLC, 3.75%, 01/11/27

    1,688       1,831,868  

Manufacturers & Traders Trust Co., 3.40%, 08/17/27

    760       820,352  

Mitsubishi UFJ Financial Group Inc.

   

3.29%, 07/25/27

    1,556       1,671,564  

3.68%, 02/22/27

    901       981,613  

Mizuho Financial Group Inc.

   

3.17%, 09/11/27

    1,256       1,335,605  

3.66%, 02/28/27

    850       925,905  

Morgan Stanley

   

3.63%, 01/20/27(a)

    4,166       4,526,567  

3.95%, 04/23/27(a)

    2,760       3,029,597  

PNC Bank N.A., 3.10%, 10/25/27 (Call 09/25/27)

    1,405       1,515,250  

PNC Financial Services Group Inc. (The), 3.15%, 05/19/27 (Call 04/19/27)

    1,354       1,462,699  

Santander Holdings USA Inc., 4.40%, 07/13/27 (Call 04/14/27)

    1,622       1,804,913  

Sumitomo Mitsui Financial Group Inc.

   

3.35%, 10/18/27

    1,274       1,374,633  

3.36%, 07/12/27

    1,968       2,131,994  

3.45%, 01/11/27

    1,792       1,929,823  

Truist Financial Corp., 1.13%, 08/03/27 (Call 06/03/27)

    1,370       1,321,817  

U.S. Bancorp., Series X, 3.15%, 04/27/27 (Call 03/27/27)

    2,115       2,273,117  

Wells Fargo & Co., 4.30%, 07/22/27

    3,755       4,195,049  

Westpac Banking Corp., 3.35%, 03/08/27

    1,442       1,561,729  
   

 

 

 
      67,778,718  
Beverages — 1.8%            

Coca-Cola Co. (The)

   

1.45%, 06/01/27(a)

    1,542       1,534,583  

2.90%, 05/25/27(a)

    835       895,446  

3.38%, 03/25/27

    1,552       1,694,334  

Constellation Brands Inc., 3.50%, 05/09/27 (Call 02/09/27)(a)

    899       975,415  

Keurig Dr Pepper Inc., 3.43%, 06/15/27 (Call 03/15/27)

    1,104       1,195,356  

PepsiCo Inc.

   

2.63%, 03/19/27 (Call 01/19/27)

    766       809,333  

3.00%, 10/15/27 (Call 07/15/27)(a)

    2,013       2,174,885  
   

 

 

 
      9,279,352  
Biotechnology — 1.6%            

Amgen Inc.

   

2.20%, 02/21/27 (Call 12/21/26)

    1,875       1,912,969  

3.20%, 11/02/27 (Call 08/02/27)

    1,690       1,811,258  

Gilead Sciences Inc.

   

1.20%, 10/01/27 (Call 08/01/27)

    576       555,396  

2.95%, 03/01/27 (Call 12/01/26)

    2,265       2,401,398  

Royalty Pharma PLC, 1.75%, 09/02/27 (Call 07/02/27)

    1,682       1,649,251  
   

 

 

 
      8,330,272  
Building Materials — 0.9%            

Carrier Global Corp., 2.49%, 02/15/27 (Call 12/15/26)

    1,780       1,830,623  

Lennox International Inc., 1.70%, 08/01/27 (Call 06/01/27)(a)

    395       389,059  

 

 

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

  69


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Building Materials (continued)            

Martin Marietta Materials Inc.

   

3.45%, 06/01/27 (Call 03/01/27)

  $ 390     $ 421,009  

3.50%, 12/15/27 (Call 09/15/27)

    609       660,564  

Masco Corp., 3.50%, 11/15/27 (Call 08/15/27)

    603       651,228  

Vulcan Materials Co., 3.90%, 04/01/27 (Call 01/01/27)(a)

    470       520,859  
   

 

 

 
      4,473,342  
Chemicals — 1.4%            

Air Products and Chemicals Inc., 1.85%, 05/15/27 (Call 03/15/27)(a)

    880       895,277  

Ecolab Inc., 3.25%, 12/01/27 (Call 09/01/27)

    625       677,037  

LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)

      1,402         1,513,894  

Mosaic Co. (The), 4.05%, 11/15/27
(Call 08/15/27)(a)

    675       748,460  

RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26)

    760       826,774  

Sherwin-Williams Co. (The), 3.45%, 06/01/27 (Call 03/01/27)

    2,300       2,493,108  
   

 

 

 
      7,154,550  
Commercial Services — 0.6%            

Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)

    1,407       1,549,811  

Leland Stanford Junior University (The), 1.29%, 06/01/27 (Call 04/01/27)

    155       153,746  

S&P Global Inc., 2.95%, 01/22/27 (Call 10/22/26)

    1,162       1,237,507  

United Rentals North America Inc., 3.88%, 11/15/27 (Call 11/15/22)

    175       183,160  
   

 

 

 
      3,124,224  
Computers — 3.6%            

Apple Inc.

   

2.90%, 09/12/27 (Call 06/12/27)

    2,379       2,542,533  

3.00%, 06/20/27 (Call 03/20/27)

    1,114       1,201,315  

3.00%, 11/13/27 (Call 08/13/27)

    2,017       2,169,203  

3.20%, 05/11/27 (Call 02/11/27)

    2,358       2,552,724  

3.35%, 02/09/27 (Call 11/09/26)

    2,652       2,888,373  

Dell International LLC/EMC Corp., 6.10%, 07/15/27 (Call 05/15/27)

    964       1,172,214  

HP Inc., 3.00%, 06/17/27 (Call 04/17/27)(a)

    1,477       1,563,478  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    1,773       1,772,592  

3.30%, 01/27/27(a)

    751       812,950  

6.22%, 08/01/27

    610       754,698  

NetApp Inc., 2.38%, 06/22/27 (Call 04/22/27)

    1,187       1,218,432  
   

 

 

 
      18,648,512  
Cosmetics & Personal Care — 0.8%            

Estee Lauder Companies Inc. (The), 3.15%, 03/15/27 (Call 12/15/26)

    605       654,217  

Procter & Gamble Co. (The)

   

2.80%, 03/25/27

    784       835,814  

2.85%, 08/11/27(a)

    1,083       1,162,546  

Unilever Capital Corp., 2.90%, 05/05/27 (Call 02/05/27)

    1,344       1,431,508  
   

 

 

 
      4,084,085  
Diversified Financial Services — 5.8%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

3.65%, 07/21/27 (Call 04/21/27)(a)

    1,381       1,462,106  

4.63%, 10/15/27 (Call 08/15/27)(a)

    825       917,697  

Air Lease Corp.

   

3.63%, 04/01/27 (Call 01/01/27)

    757       804,737  

3.63%, 12/01/27 (Call 09/01/27)(a)

    695       737,638  

American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)

    2,818       3,069,957  

Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)

    110       107,028  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Capital One Financial Corp.

   

3.65%, 05/11/27 (Call 04/11/27)

  $   1,247     $   1,356,312  

3.75%, 03/09/27 (Call 02/09/27)

    2,159       2,353,245  

Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)

    992       1,086,498  

Charles Schwab Corp. (The)

   

3.20%, 03/02/27 (Call 12/02/26)

    1,052       1,132,741  

3.30%, 04/01/27 (Call 01/01/27)(a)

    1,460       1,573,442  

Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)

    1,704       1,874,076  

Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)

    543       588,172  

GE Capital Funding LLC, 4.05%, 05/15/27 (Call 03/15/27)

    1,455       1,622,034  

Intercontinental Exchange Inc., 3.10%, 09/15/27 (Call 06/15/27)

    1,070       1,142,942  

Jefferies Group LLC, 6.45%, 06/08/27(a)

    515       634,470  

Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.85%, 01/15/27(a)

    1,261       1,443,744  

Lazard Group LLC, 3.63%, 03/01/27 (Call 12/01/26)

    400       431,892  

Mastercard Inc., 3.30%, 03/26/27 (Call 01/26/27)

    1,793       1,947,575  

ORIX Corp., 3.70%, 07/18/27

    401       439,396  

Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)

    1,636       1,783,060  

Visa Inc.

   

0.75%, 08/15/27 (Call 06/15/27)(a)

    462       444,074  

1.90%, 04/15/27 (Call 02/15/27)

    1,833       1,866,416  

2.75%, 09/15/27 (Call 06/15/27)

    1,208       1,289,238  
   

 

 

 
      30,108,490  
Electric — 4.8%            

American Electric Power Co. Inc., 3.20%, 11/13/27 (Call 08/13/27)(a)

    865       924,642  

Appalachian Power Co., Series X, 3.30%, 06/01/27 (Call 03/01/27)(a)

    552       594,311  

Arizona Public Service Co., 2.95%, 09/15/27 (Call 06/15/27)(a)

    229       242,124  

Black Hills Corp., 3.15%, 01/15/27 (Call 07/15/26)(a)

    601       634,704  

CenterPoint Energy Houston Electric LLC, Series AA, 3.00%, 02/01/27 (Call 11/01/26)(a)

    438       465,922  

CMS Energy Corp., 3.45%, 08/15/27
(Call 05/15/27)(a)

    537       582,382  

Commonwealth Edison Co., Series 122, 2.95%, 08/15/27 (Call 05/15/27)

    490       522,291  

Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/27 (Call 12/15/26)

    496       535,199  

Consolidated Edison Co. of New York Inc., Series B, 3.13%, 11/15/27 (Call 08/15/27)

    526       559,254  

Dominion Energy Inc., Series B, 3.60%, 03/15/27 (Call 01/15/27)

    462       503,562  

Duke Energy Corp., 3.15%, 08/15/27 (Call 05/15/27)

    1,123       1,195,838  

Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26)(a)

    814       874,472  

Edison International, 5.75%, 06/15/27
(Call 04/15/27)(a)

    865       992,241  

Entergy Louisiana LLC, 3.12%, 09/01/27 (Call 06/01/27)

    666       709,363  

Evergy Kansas Central Inc., 3.10%, 04/01/27 (Call 01/01/27)

    200       213,172  

Georgia Power Co., 3.25%, 03/30/27 (Call 12/30/26)

    585       624,897  

Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)(a)

    801       865,096  

ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)

    665       715,540  

MidAmerican Energy Co., 3.10%, 05/01/27 (Call 02/01/27)

    643       691,244  

National Rural Utilities Cooperative Finance Corp., 3.05%, 04/25/27 (Call 01/25/27)

    739       789,067  

NextEra Energy Capital Holdings Inc., 3.55%, 05/01/27 (Call 02/01/27)

    1,987       2,154,703  

NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)

    1,129       1,218,338  

Pacific Gas and Electric Co.

   

2.10%, 08/01/27 (Call 06/01/27)

    1,443       1,400,157  

3.30%, 03/15/27 (Call 12/15/26)

    390       399,434  

3.30%, 12/01/27 (Call 09/01/27)

    1,697       1,736,286  

 

 

70  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

Public Service Electric & Gas Co., 3.00%, 05/15/27
(Call 02/15/27)(a)

  $ 562     $ 601,964  

Sempra Energy, 3.25%, 06/15/27 (Call 03/15/27)

    1,197       1,277,534  

Union Electric Co., 2.95%, 06/15/27
(Call 03/15/27)(a)

    703       745,517  

Virginia Electric & Power Co., Series A, 3.50%, 03/15/27 (Call 12/15/26)

    1,083       1,178,716  

WEC Energy Group Inc., 1.38%, 10/15/27 (Call 08/15/27)

    735       714,111  

Wisconsin Power and Light Co., 3.05%, 10/15/27 (Call 07/15/27)

    561       594,783  
   

 

 

 
      25,256,864  
Electrical Components & Equipment — 0.1%            

Emerson Electric Co., 1.80%, 10/15/27 (Call 08/15/27)

    572       575,255  
   

 

 

 
Electronics — 0.7%            

Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 (Call 07/01/27)

    565       603,917  

Honeywell International Inc., 1.10%, 03/01/27 (Call 02/01/27)(a)

    707       694,571  

Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27)

    110       116,898  

Keysight Technologies Inc., 4.60%, 04/06/27 (Call 01/06/27)

    1,352       1,531,519  

Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27)(a)

    746       806,508  
   

 

 

 
      3,753,413  
Environmental Control — 0.4%            

Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27)

    1,029       1,110,229  

Waste Management Inc., 3.15%, 11/15/27 (Call 08/15/27)

    835       895,847  
   

 

 

 
      2,006,076  
Food — 1.7%            

Conagra Brands Inc., 1.38%, 11/01/27 (Call 09/01/27)

    1,388       1,336,255  

General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)

    827       886,668  

JM Smucker Co. (The), 3.38%, 12/15/27 (Call 09/15/27)(a)

    599       647,201  

Kellogg Co., 3.40%, 11/15/27 (Call 08/15/27)(a)

    883       953,808  

Kroger Co. (The), 3.70%, 08/01/27 (Call 05/01/27)

    891       977,472  

McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)

    1,164       1,262,754  

Sysco Corp., 3.25%, 07/15/27 (Call 04/15/27)

    1,068       1,143,604  

Tyson Foods Inc., 3.55%, 06/02/27 (Call 03/02/27)(a)

    1,664       1,813,943  
   

 

 

 
      9,021,705  
Forest Products & Paper — 0.3%            

Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 (Call 08/02/27)

    685       729,915  

Fibria Overseas Finance Ltd., 5.50%, 01/17/27(a)

    883       989,596  
   

 

 

 
      1,719,511  
Gas — 0.5%            

Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27)(a)

    488       519,827  

National Fuel Gas Co., 3.95%, 09/15/27 (Call 06/15/27)

    385       411,426  

NiSource Inc., 3.49%, 05/15/27 (Call 02/15/27)(a)

    1,697       1,835,730  
   

 

 

 
      2,766,983  
Hand & Machine Tools — 0.0%            

Snap-On Inc., 3.25%, 03/01/27 (Call 12/01/26)(a)

    105       113,672  
   

 

 

 
Health Care - Products — 0.4%            

Medtronic Global Holdings SCA, 3.35%, 04/01/27 (Call 01/01/27)(a)

    819       885,658  

Thermo Fisher Scientific Inc., 3.20%, 08/15/27 (Call 05/15/27)(a)

    1,346       1,449,131  
   

 

 

 
      2,334,789  
Health Care - Services — 2.2%            

Anthem Inc., 3.65%, 12/01/27 (Call 09/01/27)

    2,388       2,620,353  

HCA Inc., 4.50%, 02/15/27 (Call 08/15/26)

    1,917       2,125,493  
Security   Par
(000)
     Value  
Health Care - Services (continued)             

Humana Inc.

    

1.35%, 02/03/27 (Call 01/03/27)

  $ 603      $ 587,153  

3.95%, 03/15/27 (Call 12/15/26)(a)

    1,113        1,225,613  

Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)

    615        659,403  

Laboratory Corp. of America Holdings, 3.60%, 09/01/27 (Call 06/01/27)

    1,076        1,167,815  

SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27)(a)

    120        132,457  

UnitedHealth Group Inc.

    

2.95%, 10/15/27(a)

    994        1,066,095  

3.38%, 04/15/27(a)

    922        1,006,142  

3.45%, 01/15/27

    1,091        1,191,328  
    

 

 

 
       11,781,852  
Holding Companies - Diversified — 0.7%             

Blackstone Secured Lending Fund, 2.13%, 02/15/27 (Call 01/15/27)(b)

    1,005        984,156  

FS KKR Capital Corp., 2.63%, 01/15/27 (Call 12/15/26)

    630        623,857  

Golub Capital BDC Inc., 2.05%, 02/15/27 (Call 01/15/27)

    45        43,746  

Oaktree Specialty Lending Corp., 2.70%, 01/15/27 (Call 12/15/26)

    555        551,232  

Owl Rock Capital Corp., 2.63%, 01/15/27 (Call 12/15/26)

    820        810,086  

Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)(b)

    600        592,428  

Owl Rock Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26)(a)

    255        252,629  
    

 

 

 
       3,858,134  
Home Builders — 0.8%             

DR Horton Inc., 1.40%, 10/15/27 (Call 08/15/27)(a)

    693        672,473  

Lennar Corp.

    

4.75%, 11/29/27 (Call 05/29/27)(a)

    1,180        1,345,566  

5.00%, 06/15/27 (Call 12/15/26)(a)

    855        979,385  

PulteGroup Inc., 5.00%, 01/15/27 (Call 10/15/26)(a)

    865        991,247  
    

 

 

 
       3,988,671  
Home Furnishings — 0.1%             

Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)

    737        793,204  
    

 

 

 
Household Products & Wares — 0.4%             

Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27)

    599        642,386  

Clorox Co. (The), 3.10%, 10/01/27 (Call 07/01/27)

    943        1,008,934  

Kimberly-Clark Corp., 1.05%, 09/15/27 (Call 07/15/27)(a)

    504        488,336  
    

 

 

 
       2,139,656  
Insurance — 1.6%             

American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)(a)

    887        1,009,069  

Aon Corp., 8.21%, 01/01/27

    555        712,365  

AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)(a)

    713        786,410  

Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)(a)

    1,810        1,961,805  

CNA Financial Corp., 3.45%, 08/15/27 (Call 05/15/27)

    1,004        1,088,677  

Manulife Financial Corp., 2.48%, 05/19/27 (Call 03/19/27)

    912        943,710  

Markel Corp., 3.50%, 11/01/27
(Call 08/01/27)(a)

    223        241,228  

Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)

    476        526,370  

Progressive Corp. (The), 2.45%, 01/15/27

    643        676,674  

RenaissanceRe Finance Inc., 3.45%, 07/01/27 (Call 04/01/27)(a)

    470        505,725  
    

 

 

 
       8,452,033  
Internet — 2.9%             

Alibaba Group Holding Ltd., 3.40%, 12/06/27 (Call 09/06/27)

    3,265        3,466,287  

Alphabet Inc., 0.80%, 08/15/27 (Call 06/15/27)(a)

    1,377        1,323,559  

Amazon.com Inc.

    

1.20%, 06/03/27 (Call 04/03/27)

    1,034        1,016,329  

 

 

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

  71


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Internet (continued)            

3.15%, 08/22/27 (Call 05/22/27)

  $   4,590     $ 4,973,219  

Baidu Inc., 3.63%, 07/06/27

    735       792,675  

E*TRADE Financial Corp., 3.80%, 08/24/27 (Call 05/24/27)

    842       924,701  

eBay Inc., 3.60%, 06/05/27 (Call 03/05/27)

    1,623       1,769,670  

Expedia Group Inc., 4.63%, 08/01/27 (Call 05/01/27)

    996       1,115,640  

VeriSign Inc., 4.75%, 07/15/27 (Call 07/15/22)

    20       20,970  
   

 

 

 
      15,403,050  
Iron & Steel — 0.1%            

Steel Dynamics Inc., 1.65%, 10/15/27 (Call 08/15/27)

    720       703,397  
   

 

 

 
Lodging — 0.1%            

Sands China Ltd., 2.30%, 03/08/27
(Call 02/08/27)(b)

    500       474,925  
   

 

 

 
Machinery — 0.8%            

Caterpillar Financial Services Corp., 1.10%, 09/14/27(a)

    712       693,609  

CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)

    754       827,824  

John Deere Capital Corp.

   

1.75%, 03/09/27

    541       545,295  

2.80%, 09/08/27

    843       898,630  

Otis Worldwide Corp., 2.29%, 04/05/27 (Call 02/05/27)(a)

    1,140       1,169,971  
   

 

 

 
      4,135,329  
Manufacturing — 1.4%            

3M Co., 2.88%, 10/15/27 (Call 07/15/27)(a)

    1,273       1,358,787  

Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)

    614       669,561  

Eaton Corp., 3.10%, 09/15/27 (Call 06/15/27)

    1,330       1,423,579  

General Electric Co., 3.45%, 05/01/27 (Call 03/01/27)(a)

    1,759       1,917,345  

Parker-Hannifin Corp., 3.25%, 03/01/27 (Call 12/01/26)

    810       872,621  

Textron Inc., 3.65%, 03/15/27 (Call 12/15/26)

    805       875,760  
   

 

 

 
      7,117,653  
Media — 1.7%            

Comcast Corp.

   

2.35%, 01/15/27 (Call 10/15/26)

    2,010       2,082,802  

3.30%, 02/01/27 (Call 11/01/26)(a)

    1,783       1,924,374  

3.30%, 04/01/27 (Call 02/01/27)

    1,149       1,239,817  

TWDC Enterprises 18 Corp., 2.95%, 06/15/27(a)

    1,475       1,590,980  

ViacomCBS Inc., 2.90%, 01/15/27 (Call 10/15/26)

    1,084       1,140,021  

Walt Disney Co. (The), 3.70%, 03/23/27(a)

    785       866,051  
   

 

 

 
      8,844,045  
Mining — 0.2%            

Kinross Gold Corp., 4.50%, 07/15/27
(Call 04/15/27)(a)

    955       1,075,521  
   

 

 

 
Oil & Gas — 4.0%            

BP Capital Markets America Inc.

   

3.02%, 01/16/27 (Call 10/16/26)

    1,003       1,064,424  

3.54%, 04/06/27 (Call 02/06/27)

    845       919,943  

3.59%, 04/14/27 (Call 01/14/27)

    960       1,047,168  

BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27)

    1,766       1,910,388  

Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27)

    1,922       2,084,236  

Cenovus Energy Inc., 4.25%, 04/15/27 (Call 01/15/27)

    1,177       1,292,758  

Chevron Corp., 2.00%, 05/11/27 (Call 03/11/27)

    1,377       1,405,146  

Chevron USA Inc., 1.02%, 08/12/27 (Call 06/12/27)

    1,035       1,000,369  

ConocoPhillips, 3.75%, 10/01/27 (Call 07/01/27)(b)

    1,689       1,858,981  

Coterra Energy Inc., 3.90%, 05/15/27
(Call 02/15/27)(b)

    1,228       1,338,851  

Devon Energy Corp., 5.25%, 10/15/27 (Call 10/15/22)(b)

    593       629,013  

Eni USA Inc., 7.30%, 11/15/27

    286       364,490  

Exxon Mobil Corp., 3.29%, 03/19/27 (Call 01/19/27)

    1,429       1,551,794  

Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)(a)

    1,381       1,514,874  

Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)

    1,633       1,812,842  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

Valero Energy Corp., 2.15%, 09/15/27
(Call 07/15/27)(a)

  $   1,060     $ 1,062,226  
   

 

 

 
      20,857,503  
Oil & Gas Services — 0.5%            

Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.,

 

 

3.34%, 12/15/27 (Call 09/15/27)

    2,210       2,383,905  
   

 

 

 
Packaging & Containers — 0.3%            

Berry Global Inc., 1.65%, 01/15/27 (Call 12/15/26)

    225       220,266  

Packaging Corp. of America, 3.40%, 12/15/27 (Call 09/15/27)(a)

    730       794,014  

WRKCo Inc., 3.38%, 09/15/27 (Call 06/15/27)(a)

    713       767,024  
   

 

 

 
      1,781,304  
Pharmaceuticals — 5.4%            

AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)

    1,008       1,086,957  

AstraZeneca PLC, 3.13%, 06/12/27 (Call 03/12/27)

    1,163       1,250,865  

Becton Dickinson and Co., 3.70%, 06/06/27 (Call 03/06/27)

    2,638       2,879,641  

Bristol-Myers Squibb Co.

   

1.13%, 11/13/27 (Call 09/13/27)

    413       401,696  

3.25%, 02/27/27(a)

    1,106       1,202,797  

3.45%, 11/15/27 (Call 08/15/27)

    1,497       1,642,389  

Cardinal Health Inc., 3.41%, 06/15/27
(Call 03/15/27)(a)

    1,826       1,970,637  

Cigna Corp.

   

3.05%, 10/15/27 (Call 07/15/27)

    1,004       1,070,425  

3.40%, 03/01/27 (Call 12/01/26)

    1,974       2,125,169  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)

    3,186       3,088,476  

3.63%, 04/01/27 (Call 02/01/27)

    1,302       1,419,375  

6.25%, 06/01/27

    391       477,126  

Eli Lilly & Co., 3.10%, 05/15/27 (Call 02/15/27)

    697       746,585  

Johnson & Johnson

   

0.95%, 09/01/27 (Call 07/01/27)

    2,141       2,072,873  

2.95%, 03/03/27 (Call 12/03/26)

    1,009       1,085,200  

Novartis Capital Corp.

   

2.00%, 02/14/27 (Call 12/14/26)

    1,334       1,364,122  

3.10%, 05/17/27 (Call 02/17/27)

    1,703       1,832,751  

Viatris Inc., 2.30%, 06/22/27 (Call 04/22/27)(b)

    1,010       1,020,554  

Zoetis Inc., 3.00%, 09/12/27 (Call 06/12/27)

    1,340       1,425,934  
   

 

 

 
      28,163,572  
Pipelines — 4.0%            

Boardwalk Pipelines LP, 4.45%, 07/15/27 (Call 04/15/27)

    613       681,110  

Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27 (Call 01/01/27)

    2,031       2,320,742  

Enable Midstream Partners LP, 4.40%, 03/15/27 (Call 12/15/26)(a)

    887       969,713  

Enbridge Inc., 3.70%, 07/15/27 (Call 04/15/27)(a)

    1,243       1,355,529  

Energy Transfer LP

   

4.00%, 10/01/27 (Call 07/01/27)

    1,217       1,320,993  

4.20%, 04/15/27 (Call 01/15/27)

    720       784,764  

5.50%, 06/01/27 (Call 03/01/27)

    1,441       1,669,370  

Enterprise Products Operating LLC, 3.95%, 02/15/27 (Call 11/15/26)

    632       697,090  

MPLX LP

   

4.13%, 03/01/27 (Call 12/01/26)

    1,791       1,974,739  

4.25%, 12/01/27 (Call 09/01/27)(a)

    1,079       1,201,056  

Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)(a)

    449       491,641  

ONEOK Inc., 4.00%, 07/13/27 (Call 04/13/27)

    907       992,557  

Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 (Call 09/15/26)

    2,304       2,614,787  

TC PipeLines LP, 3.90%, 05/25/27 (Call 02/25/27)

    823       906,123  

Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27

    437       546,897  

 

 

72  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pipelines (continued)            

Williams Companies Inc. (The), 3.75%, 06/15/27 (Call 03/15/27)

  $   2,153     $ 2,344,014  
   

 

 

 
      20,871,125  
Real Estate Investment Trusts — 6.6%            

Alexandria Real Estate Equities Inc., 3.95%, 01/15/27 (Call 10/15/26)

    753       831,305  

American Campus Communities Operating Partnership LP, 3.63%, 11/15/27 (Call 08/15/27)

    598       646,683  

American Tower Corp.

   

2.75%, 01/15/27 (Call 11/15/26)(a)

    908       943,630  

3.13%, 01/15/27 (Call 10/15/26)(a)

    737       777,594  

3.55%, 07/15/27 (Call 04/15/27)

    1,314       1,417,096  

AvalonBay Communities Inc., 3.35%, 05/15/27 (Call 02/15/27)(a)

    635       689,654  

Brandywine Operating Partnership LP, 3.95%, 11/15/27 (Call 08/15/27)

    388       418,101  

Brixmor Operating Partnership LP, 3.90%, 03/15/27 (Call 12/15/26)

    616       667,356  

Crown Castle International Corp.

   

3.65%, 09/01/27 (Call 06/01/27)

    1,529       1,658,644  

4.00%, 03/01/27 (Call 12/01/26)

    891       979,646  

Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)(a)

    1,648       1,805,582  

Duke Realty LP, 3.38%, 12/15/27 (Call 09/15/27)

    551       594,226  

EPR Properties, 4.50%, 06/01/27 (Call 03/01/27)

    600       645,078  

Equinix Inc., 1.80%, 07/15/27 (Call 05/15/27)

    1,047       1,041,147  

ERP Operating LP, 3.25%, 08/01/27
(Call 05/01/27)(a)

    681       733,362  

Essex Portfolio LP, 3.63%, 05/01/27
(Call 02/01/27)(a)

    245       266,028  

Federal Realty Investment Trust, 3.25%, 07/15/27 (Call 04/15/27)(a)

    540       577,136  

Healthcare Trust of America Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)(a)

    705       771,185  

Healthpeak Properties Inc., 1.35%, 02/01/27 (Call 01/01/27)

    635       622,776  

Highwoods Realty LP, 3.88%, 03/01/27 (Call 12/01/26)

    425       466,510  

Hudson Pacific Properties LP, 3.95%, 11/01/27 (Call 08/01/27)(a)

    480       519,317  

Kimco Realty Corp., 3.80%, 04/01/27 (Call 01/01/27)

    505       555,207  

Life Storage LP, 3.88%, 12/15/27 (Call 09/15/27)

    675       749,729  

Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27)

    763       832,502  

National Retail Properties Inc., 3.50%, 10/15/27 (Call 07/15/27)

    500       536,620  

Office Properties Income Trust, 2.40%, 02/01/27 (Call 01/01/27)

    553       540,497  

Omega Healthcare Investors Inc., 4.50%, 04/01/27 (Call 01/01/27)

    1,000       1,103,810  

Physicians Realty LP, 4.30%, 03/15/27 (Call 12/15/26)(a)

    578       646,175  

Prologis LP, 2.13%, 04/15/27 (Call 02/15/27)

    797       815,052  

Public Storage, 3.09%, 09/15/27 (Call 06/15/27)

    920       992,008  

Realty Income Corp., 3.00%, 01/15/27 (Call 10/15/26)

    1,121       1,190,558  

Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26)

    765       832,305  

Simon Property Group LP

   

1.38%, 01/15/27 (Call 10/15/26)(a)

    695       682,601  

3.38%, 06/15/27 (Call 03/15/27)

    1,077       1,163,139  

3.38%, 12/01/27 (Call 09/01/27)

    1,107       1,191,763  

SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)

    713       796,036  

Spirit Realty LP, 3.20%, 01/15/27 (Call 11/15/26)

    635       669,087  

Tanger Properties LP, 3.88%, 07/15/27 (Call 04/15/27)(a)

    410       442,144  

UDR Inc., 3.50%, 07/01/27 (Call 04/01/27)

    536       579,904  

Ventas Realty LP, 3.85%, 04/01/27 (Call 01/01/27)

    690       755,674  

VEREIT Operating Partnership LP, 3.95%, 08/15/27 (Call 05/15/27)

    1,020       1,128,997  

Welltower Inc., 2.70%, 02/15/27 (Call 12/15/26)(a)

    505       527,063  

Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

Weyerhaeuser Co., 6.95%, 10/01/27

  $ 500     $ 632,065  
   

 

 

 
      34,434,992  
Retail — 3.5%            

Advance Auto Parts Inc., 1.75%, 10/01/27 (Call 08/01/27)

    802       788,061  

AutoNation Inc., 3.80%, 11/15/27 (Call 08/15/27)

    340       368,852  

AutoZone Inc., 3.75%, 06/01/27 (Call 03/01/27)

    963       1,059,724  

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    1,698       1,684,127  

3.00%, 05/18/27 (Call 02/18/27)(a)

    1,439       1,558,595  

Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)(a)

    978       1,062,920  

Dollar General Corp., 3.88%, 04/15/27
(Call 01/15/27)(a)

    1,005       1,110,666  

Home Depot Inc. (The)

   

2.50%, 04/15/27 (Call 02/15/27)

    1,155       1,212,565  

2.80%, 09/14/27 (Call 06/14/27)(a)

    1,751       1,864,360  

Lowe’s Companies Inc., 3.10%, 05/03/27 (Call 02/03/27)(a)

    2,140       2,289,993  

McDonald’s Corp.

   

3.50%, 03/01/27 (Call 12/01/26)

    1,402       1,526,568  

3.50%, 07/01/27 (Call 05/01/27)

    1,553       1,691,776  

O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)(a)

    1,346       1,477,221  

Starbucks Corp., 2.00%, 03/12/27 (Call 01/12/27)

    852       861,415  
   

 

 

 
      18,556,843  
Semiconductors — 3.4%            

Applied Materials Inc., 3.30%, 04/01/27 (Call 01/01/27)(a)

    2,007       2,177,976  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)

    4,347       4,709,800  

Intel Corp.

   

3.15%, 05/11/27 (Call 02/11/27)(a)

    1,922       2,077,317  

3.75%, 03/25/27 (Call 01/25/27)(a)

    941       1,040,793  

Maxim Integrated Products Inc., 3.45%, 06/15/27 (Call 03/15/27)(a)

    775       840,976  

Micron Technology Inc., 4.19%, 02/15/27 (Call 12/15/26)(a)

    1,426       1,572,279  

NXP BV/NXP Funding LLC/NXP USA Inc., 3.15%, 05/01/27 (Call 03/01/27)(b)

    985       1,040,406  

QUALCOMM Inc., 3.25%, 05/20/27 (Call 02/20/27)

    3,056       3,308,884  

Texas Instruments Inc., 2.90%, 11/03/27 (Call 08/03/27)

    1,003       1,081,776  
   

 

 

 
      17,850,207  
Shipbuilding — 0.2%            

Huntington Ingalls Industries Inc., 3.48%, 12/01/27 (Call 09/01/27)

    1,031       1,099,407  
   

 

 

 
Software — 4.5%            

Activision Blizzard Inc., 3.40%, 06/15/27 (Call 03/15/27)

    869       939,571  

Adobe Inc., 2.15%, 02/01/27 (Call 12/01/26)

    1,343       1,388,931  

Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27)(a)

    1,031       1,119,305  

Citrix Systems Inc., 4.50%, 12/01/27 (Call 09/01/27)(a)

    1,228       1,321,488  

Fiserv Inc., 2.25%, 06/01/27 (Call 04/01/27)(a)

    1,745       1,772,536  

Intuit Inc., 1.35%, 07/15/27 (Call 05/15/27)

    912       894,125  

Microsoft Corp., 3.30%, 02/06/27 (Call 11/06/26)

    4,503       4,912,458  

Oracle Corp.

   

2.80%, 04/01/27 (Call 02/01/27)

    2,743       2,865,036  

3.25%, 11/15/27 (Call 08/15/27)

    3,822       4,081,055  

Roper Technologies Inc., 1.40%, 09/15/27 (Call 07/15/27)

    1,124       1,091,415  

VMware Inc.

   

3.90%, 08/21/27 (Call 05/21/27)

    1,840       2,018,186  

4.65%, 05/15/27 (Call 03/15/27)

    920       1,041,946  
   

 

 

 
      23,446,052  
Telecommunications — 4.4%            

AT&T Inc.

   

2.30%, 06/01/27 (Call 04/01/27)

    2,324       2,374,477  

3.80%, 02/15/27 (Call 11/15/26)

    1,581       1,728,776  

 

 

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

  73


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)
    Value  
Telecommunications (continued)            

4.25%, 03/01/27 (Call 12/01/26)

  $ 2,336     $ 2,607,513  

Telefonica Emisiones SA, 4.10%, 03/08/27

    2,190       2,426,673  

TELUS Corp.

   

2.80%, 02/16/27 (Call 11/16/26)

    799       838,303  

3.70%, 09/15/27 (Call 06/15/27)(a)

    997       1,095,843  

T-Mobile USA Inc., 3.75%, 04/15/27 (Call 02/15/27)

    5,311       5,764,347  

Verizon Communications Inc.

   

3.00%, 03/22/27 (Call 01/22/27)

    1,234       1,305,844  

4.13%, 03/16/27

    4,216       4,707,965  
   

 

 

 
      22,849,741  
Toys, Games & Hobbies — 0.2%            

Hasbro Inc., 3.50%, 09/15/27 (Call 06/15/27)(a)

    838       902,668  
   

 

 

 
Transportation — 1.4%            

Burlington Northern Santa Fe LLC, 3.25%, 06/15/27 (Call 03/15/27)(a)

    1,219       1,328,028  

CSX Corp., 3.25%, 06/01/27 (Call 03/01/27)

    1,605       1,725,536  

Norfolk Southern Corp.

   

3.15%, 06/01/27 (Call 03/01/27)(a)

    880       945,129  

7.80%, 05/15/27(a)

    148       193,896  

Union Pacific Corp.

   

2.15%, 02/05/27 (Call 12/05/26)(a)

    886       910,471  

3.00%, 04/15/27 (Call 01/15/27)

    792       844,335  

United Parcel Service Inc., 3.05%, 11/15/27 (Call 08/15/27)(a)

    1,500       1,626,870  
   

 

 

 
      7,574,265  
Trucking & Leasing — 0.1%            

GATX Corp., 3.85%, 03/30/27 (Call 12/30/26)

    475       517,987  
   

 

 

 
Water — 0.2%            

American Water Capital Corp., 2.95%, 09/01/27 (Call 06/01/27)(a)

    787       835,841  
   

 

 

 

Total Corporate Bonds & Notes — 98.7% (Cost: $506,942,531)

      515,830,208  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Investments

   

Money Market Funds — 11.3%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    56,441     $ 56,469,640  

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

    2,717       2,717,000  
   

 

 

 
      59,186,640  
   

 

 

 

Total Short-Term Investments — 11.3%
(Cost: $59,178,836)

 

    59,186,640  
   

 

 

 

Total Investments in Securities — 110.0%
(Cost: $566,121,367)

 

    575,016,848  

Other Assets, Less Liabilities — (10.0)%

 

    (52,148,055
   

 

 

 

Net Assets — 100.0%

    $ 522,868,793  
   

 

 

 

 

(a)

All or a portion of this security is on loan.

(b)

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

(c)

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period end.

(e)

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds from
Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 16,020,645     $ 40,454,448 (a)    $     $ (3,072   $ (2,381   $ 56,469,640       56,441     $ 75,875 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,047,000       1,670,000 (a)                        2,717,000       2,717       350        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (3,072   $ (2,381   $ 59,186,640       $ 76,225     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(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.

 

 

74  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2027 Term Corporate ETF

    

 

Fair Value Hierarchy as of Period End (continued)

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

 

         
      Level 1      Level 2      Level 3      Total  

Investments

           

Assets

           

Corporate Bonds & Notes

   $      $ 515,830,208      $      $ 515,830,208  

Money Market Funds

     59,186,640                      59,186,640  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 59,186,640      $ 515,830,208      $             —      $ 575,016,848  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  75


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Advertising — 0.2%            

Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28)

  $ 473     $ 550,142  
   

 

 

 
Aerospace & Defense — 3.7%            

Boeing Co. (The)

   

3.25%, 02/01/28 (Call 12/01/27)

    795       832,373  

3.25%, 03/01/28 (Call 12/01/27)

    545       568,092  

3.45%, 11/01/28 (Call 08/01/28)

    510       538,167  

General Dynamics Corp., 3.75%, 05/15/28 (Call 02/15/28)(a)

    937       1,048,278  

L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)

    1,886       2,150,509  

Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27)

    1,816       1,955,015  

Raytheon Technologies Corp.

   

4.13%, 11/16/28 (Call 08/16/28)

    2,935       3,326,206  

6.70%, 08/01/28

    235       303,133  

Teledyne Technologies Inc., 2.25%, 04/01/28 (Call 02/01/28)

    441       443,589  
   

 

 

 
      11,165,362  
Agriculture — 0.8%            

BAT Capital Corp., 2.26%, 03/25/28 (Call 01/25/28)

    1,871       1,834,291  

Philip Morris International Inc., 3.13%, 03/02/28 (Call 12/02/27)

    634       676,871  
   

 

 

 
      2,511,162  
Airlines — 0.4%            

American Airlines Pass Through Trust

   

Series 2016-1, Class AA, 3.58%, 07/15/29

    190       197,493  

Series 2016-2, Class AA, 3.20%, 12/15/29

    275       278,485  

Series 2016-3, Class AA, 3.00%, 04/15/30(a)

    135       136,830  

Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29

    188       187,643  

Spirit Airlines Pass Through Trust, Series 2015-1, Class A, 4.10%, 10/01/29

    172       179,382  

United Airlines Pass Through Trust

   

Series 2016-1, Class AA, 3.10%, 01/07/30

    174       180,342  

Series 2016-2, Class AA, 2.88%, 04/07/30

    189       193,009  
   

 

 

 
      1,353,184  
Auto Manufacturers — 1.5%            

American Honda Finance Corp.

   

2.00%, 03/24/28

    251       253,319  

3.50%, 02/15/28

    510       562,239  

General Motors Co., 5.00%, 10/01/28 (Call 07/01/28)

    854       981,682  

General Motors Financial Co. Inc.

   

2.40%, 04/10/28 (Call 02/10/28)

    555       554,206  

2.40%, 10/15/28 (Call 08/15/28)

    500       496,715  

3.85%, 01/05/28 (Call 10/05/27)

    525       569,462  

Toyota Motor Corp., 3.67%, 07/20/28

    507       565,523  

Toyota Motor Credit Corp.

   

1.90%, 04/06/28(a)

    375       376,650  

3.05%, 01/11/28

    186       200,888  
   

 

 

 
      4,560,684  
Banks — 10.5%            

Banco Santander SA

   

3.80%, 02/23/28

    950       1,038,616  

4.38%, 04/12/28

    940       1,058,045  

Bank of New York Mellon Corp. (The)

   

1.65%, 07/14/28 (Call 05/14/28)

    120       118,463  

3.00%, 10/30/28 (Call 07/30/28)

    710       761,617  

3.40%, 01/29/28 (Call 10/29/27)

    869       949,756  

3.85%, 04/28/28

    499       563,191  
Security   Par
(000)
    Value  
Banks (continued)            

Barclays PLC

   

4.34%, 01/10/28 (Call 01/10/27)

  $   1,220     $ 1,343,879  

4.84%, 05/09/28 (Call 05/07/27)

    1,905       2,122,303  

Citigroup Inc.

   

4.13%, 07/25/28

    2,134       2,367,694  

6.63%, 01/15/28(a)

    315       399,263  

Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)

    985       1,136,552  

Fifth Third Bancorp., 3.95%, 03/14/28
(Call 02/14/28)(a)

    868       977,368  

ING Groep NV, 4.55%, 10/02/28

    1,190       1,377,889  

KeyBank N.A./Cleveland OH, 6.95%, 02/01/28

    200       253,566  

KeyCorp., 4.10%, 04/30/28

    913       1,034,758  

Lloyds Banking Group PLC

   

4.38%, 03/22/28

    1,585       1,789,417  

4.55%, 08/16/28

    1,200       1,374,888  

Mitsubishi UFJ Financial Group Inc.

   

3.96%, 03/02/28

    1,291       1,438,742  

4.05%, 09/11/28

    940       1,058,130  

Mizuho Financial Group Inc., 4.02%, 03/05/28

    1,130       1,264,662  

Northern Trust Corp., 3.65%, 08/03/28 (Call 05/03/28)

    667       744,739  

PNC Bank N.A.

   

3.25%, 01/22/28 (Call 12/23/27)

    750       815,573  

4.05%, 07/26/28

    1,275       1,441,324  

Regions Financial Corp., 1.80%, 08/12/28 (Call 06/12/28)

    320       313,347  

Sumitomo Mitsui Financial Group Inc.

   

1.90%, 09/17/28

    1,265       1,234,488  

3.54%, 01/17/28

    571       621,414  

3.94%, 07/19/28

    604       673,170  

4.31%, 10/16/28(a)

    831       946,717  

SVB Financial Group, 2.10%, 05/15/28 (Call 03/15/28)

    280       279,888  

U.S. Bancorp., 3.90%, 04/26/28 (Call 03/24/28)

    1,069       1,206,260  

Westpac Banking Corp., 3.40%, 01/25/28

    1,179       1,292,396  
   

 

 

 
      31,998,115  
Beverages — 2.7%            

Anheuser-Busch InBev Worldwide Inc., 4.00%, 04/13/28 (Call 01/13/28)

    2,545       2,861,980  

Coca-Cola Co. (The)

   

1.00%, 03/15/28(a)

    654       625,597  

1.50%, 03/05/28(a)

    455       448,694  

Constellation Brands Inc.

   

3.60%, 02/15/28 (Call 11/15/27)(a)

    654       715,692  

4.65%, 11/15/28 (Call 08/15/28)

    615       710,909  

Diageo Capital PLC, 3.88%, 05/18/28 (Call 02/18/28)

    525       590,882  

Keurig Dr Pepper Inc., 4.60%, 05/25/28 (Call 02/25/28)

    1,878       2,161,315  
   

 

 

 
      8,115,069  
Biotechnology — 0.1%            

Amgen Inc., 1.65%, 08/15/28 (Call 06/15/28)

    300       291,591  
   

 

 

 
Building Materials — 0.1%            

Masco Corp., 1.50%, 02/15/28 (Call 12/15/27)

    495       476,962  
   

 

 

 
Chemicals — 1.7%            

Dow Chemical Co. (The), 4.80%, 11/30/28 (Call 08/30/28)

    625       734,912  

DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28)(a)

    2,159       2,522,101  

Eastman Chemical Co., 4.50%, 12/01/28 (Call 09/01/28)

    512       586,926  

International Flavors & Fragrances Inc., 4.45%, 09/26/28 (Call 06/26/28)

    440       504,852  

PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27)

    812       912,712  
   

 

 

 
      5,261,503  
Commercial Services — 0.7%            

Automatic Data Processing Inc., 1.70%, 05/15/28 (Call 03/15/28)

    235       233,959  

 

 

76  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Commercial Services (continued)            

Block Financial LLC, 2.50%, 07/15/28
(Call 05/15/28)(a)

  $ 355     $ 353,697  

Global Payments Inc., 4.45%, 06/01/28 (Call 03/01/28)

    608       685,332  

Moody’s Corp., 3.25%, 01/15/28 (Call 10/15/27)

    692       748,875  
   

 

 

 
      2,021,863  
Computers — 1.3%            

Apple Inc.

   

1.20%, 02/08/28 (Call 12/08/27)

    2,007       1,944,201  

1.40%, 08/05/28 (Call 06/05/28)

    1,555       1,515,736  

DXC Technology Co., 2.38%, 09/15/28 (Call 07/15/28)

    170       165,143  

International Business Machines Corp., 6.50%, 01/15/28(a)

    375       475,650  
   

 

 

 
      4,100,730  
Cosmetics & Personal Care — 0.4%            

Unilever Capital Corp., 3.50%, 03/22/28 (Call 12/22/27)(a)

    1,029       1,137,230  
   

 

 

 
Diversified Financial Services — 3.4%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

3.00%, 10/29/28 (Call 08/29/28)

    1,650       1,674,931  

3.88%, 01/23/28 (Call 10/23/27)(a)

    499       534,993  

Air Lease Corp.

   

2.10%, 09/01/28 (Call 07/01/28)

    385       373,681  

4.63%, 10/01/28 (Call 07/01/28)(a)

    549       615,852  

Brookfield Finance Inc., 3.90%, 01/25/28 (Call 10/25/27)

    540       596,489  

Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27)(a)

    1,291       1,424,025  

Charles Schwab Corp. (The)

   

2.00%, 03/20/28 (Call 01/20/28)

    1,161       1,171,588  

3.20%, 01/25/28 (Call 10/25/27)

    790       856,613  

CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28)

    732       818,932  

Intercontinental Exchange Inc., 3.75%, 09/21/28 (Call 06/21/28)+

    772       856,449  

Lazard Group LLC, 4.50%, 09/19/28
(Call 06/19/28)(a)

    325       372,837  

Mastercard Inc., 3.50%, 02/26/28 (Call 11/26/27)

    519       573,692  

Nomura Holdings Inc., 2.17%, 07/14/28

    465       455,440  
   

 

 

 
      10,325,522  
Electric — 8.2%            

AEP Texas Inc., 3.95%, 06/01/28 (Call 03/01/28)

    138       153,241  

Ameren Corp., 1.75%, 03/15/28 (Call 01/15/28)

    367       358,460  

Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28)

    340       378,882  

American Electric Power Co. Inc., Series J, 4.30%, 12/01/28 (Call 09/01/28)

    740       836,829  

Atlantic City Electric Co., 4.00%, 10/15/28 (Call 07/15/28)

    342       385,424  

Berkshire Hathaway Energy Co., 3.25%, 04/15/28 (Call 01/15/28)

    603       653,748  

CenterPoint Energy Inc., 4.25%, 11/01/28 (Call 08/01/28)(a)

    450       508,977  

Commonwealth Edison Co., 3.70%, 08/15/28 (Call 05/15/28).

    595       665,882  

Consolidated Edison Co. of New York Inc.

   

3.80%, 05/15/28 (Call 02/15/28)

    373       414,720  

Series D, 4.00%, 12/01/28 (Call 09/01/28)(a)

    285       322,064  

Consumers Energy Co., 3.80%, 11/15/28 (Call 08/15/28)

    281       314,560  

Dominion Energy Inc., 4.25%, 06/01/28 (Call 03/01/28)

    798       900,806  

DTE Electric Co., Series A, 1.90%, 04/01/28 (Call 02/01/28)

    226       226,538  

Duke Energy Carolinas LLC

   

3.95%, 11/15/28 (Call 08/15/28)

    651       736,027  

Series A, 6.00%, 12/01/28

    220       274,107  

Duke Energy Florida LLC, 3.80%, 07/15/28 (Call 04/15/28)(a)

    617       688,338  

Duke Energy Progress LLC, 3.70%, 09/01/28 (Call 06/01/28)

    550       611,572  

Edison International, 4.13%, 03/15/28
(Call 12/15/27)(a)

    511       546,882  

Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)

    894       1,011,749  

Entergy Arkansas LLC, 4.00%, 06/01/28 (Call 03/01/28)(a)

    155       174,270  

Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)(a)

    431       422,565  
Security   Par
(000)
    Value  
Electric (continued)            

Entergy Louisiana LLC, 3.25%, 04/01/28 (Call 01/01/28)

  $ 375     $ 403,215  

Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)

    555       585,214  

Eversource Energy, Series M, 3.30%, 01/15/28 (Call 10/15/27)

    582       626,797  

Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28).

    415       460,538  

Interstate Power & Light Co., 4.10%, 09/26/28 (Call 06/26/28).

    510       577,396  

Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)

    345       384,454  

National Rural Utilities Cooperative Finance Corp.

   

3.40%, 02/07/28 (Call 11/07/27)

    659       716,471  

3.90%, 11/01/28 (Call 08/01/28)

    419       469,360  

NextEra Energy Capital Holdings Inc., 1.90%, 06/15/28 (Call 04/15/28)

    1,455       1,439,766  

Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28)

    510       565,983  

Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 (Call 08/15/28)

    706       788,849  

Pacific Gas and Electric Co.

   

3.00%, 06/15/28 (Call 04/15/28)

    400       403,140  

3.75%, 07/01/28

    994       1,042,925  

4.65%, 08/01/28 (Call 05/01/28)

    305       333,243  

Public Service Co. of Colorado, 3.70%, 06/15/28 (Call 12/15/27)

    435       482,445  

Public Service Electric & Gas Co.

   

3.65%, 09/01/28 (Call 06/01/28)

    530       589,058  

3.70%, 05/01/28 (Call 02/01/28)

    145       161,671  

Puget Energy Inc., 2.38%, 06/15/28 (Call 04/15/28)

    510       504,987  

Sempra Energy, 3.40%, 02/01/28 (Call 11/01/27)

    972       1,045,542  

Southern California Edison Co., Series B, 3.65%, 03/01/28 (Call 12/01/27)

    394       426,040  

Southern Co. (The), Series 21-B, 1.75%, 03/15/28 (Call 01/15/28)

    280       273,745  

Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 (Call 06/15/28)

    673       754,763  

Virginia Electric & Power Co., Series A, 3.80%, 04/01/28 (Call 01/01/28)

    447       496,742  

Wisconsin Electric Power Co., 1.70%, 06/15/28 (Call 04/15/28)

    75       74,083  

Xcel Energy Inc., 4.00%, 06/15/28 (Call 12/15/27)

    730       817,658  
   

 

 

 
      25,009,726  
Electronics — 1.2%            

Arrow Electronics Inc., 3.88%, 01/12/28 (Call 10/12/27)

    666       720,399  

Hubbell Inc., 3.50%, 02/15/28 (Call 11/15/27)

    339       368,039  

Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27)

    644       706,404  

TD SYNNEX Corp., 2.38%, 08/09/28 (Call 06/09/28)(b)

    490       480,616  

Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)

    765       876,430  

Vontier Corp., 2.40%, 04/01/28 (Call 02/01/28)(b)

    455       445,513  
   

 

 

 
      3,597,401  
Environmental Control — 0.7%            

Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)

    757       847,832  

Waste Connections Inc., 4.25%, 12/01/28 (Call 09/01/28)

    720       821,650  

Waste Management Inc., 1.15%, 03/15/28 (Call 01/15/28)

    472       450,052  
   

 

 

 
      2,119,534  
Food — 2.3%            

Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)

    1,163       1,302,583  

Conagra Brands Inc.

   

4.85%, 11/01/28 (Call 08/01/28)(a)

    1,339       1,562,667  

7.00%, 10/01/28

    390       508,849  

General Mills Inc., 4.20%, 04/17/28 (Call 01/17/28)

    1,589       1,799,113  

Hormel Foods Corp., 1.70%, 06/03/28 (Call 04/03/28)

    175       173,558  

Kellogg Co., 4.30%, 05/15/28 (Call 02/15/28)

    763       868,042  

 

 

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

  77


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Food (continued)            

Mondelez International Inc., 4.13%, 05/07/28 (Call 02/07/28)(a)

  $ 640     $ 734,605  
   

 

 

 
      6,949,417  
Forest Products & Paper — 0.1%            

Suzano Austria GmbH, 2.50%, 09/15/28 (Call 07/15/28)

    350       332,167  
   

 

 

 
Gas — 0.4%            

CenterPoint Energy Resources Corp., 4.00%, 04/01/28 (Call 01/01/28)

    409       454,305  

National Fuel Gas Co., 4.75%, 09/01/28 (Call 06/01/28)

    315       351,981  

Southwest Gas Corp., 3.70%, 04/01/28 (Call 01/01/28)

    410       447,330  
   

 

 

 
      1,253,616  
Hand & Machine Tools — 0.3%            

Kennametal Inc., 4.63%, 06/15/28 (Call 03/15/28)

    295       330,568  

Stanley Black & Decker Inc., 4.25%, 11/15/28 (Call 08/15/28)

    641       739,272  
   

 

 

 
      1,069,840  
Health Care - Products — 1.2%            

Abbott Laboratories, 1.15%, 01/30/28
(Call 11/30/27)(a)

    551       534,613  

Boston Scientific Corp., 4.00%, 03/01/28 (Call 12/01/27)

    529       597,315  

Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)

    792       903,521  

PerkinElmer Inc., 1.90%, 09/15/28 (Call 07/15/28)

    195       191,584  

Stryker Corp., 3.65%, 03/07/28 (Call 12/07/27)

    813       898,243  

Thermo Fisher Scientific Inc., 1.75%, 10/15/28 (Call 08/15/28)

    550       541,673  
   

 

 

 
      3,666,949  
Health Care - Services — 1.8%            

Advocate Health & Hospitals Corp., 3.83%, 08/15/28 (Call 05/15/28)

    495       555,009  

Anthem Inc., 4.10%, 03/01/28 (Call 12/01/27)

    1,145       1,286,820  

CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)

    230       261,703  

Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)

    255       290,131  

Sutter Health, Series 2018, 3.70%, 08/15/28 (Call 05/15/28)(a)

    425       470,399  

Toledo Hospital (The), Series B, 5.33%, 11/15/28

    395       446,800  

UnitedHealth Group Inc.

   

3.85%, 06/15/28

    961       1,082,345  

3.88%, 12/15/28

    892       1,009,209  
   

 

 

 
      5,402,416  
Holding Companies - Diversified — 1.1%            

Ares Capital Corp., 2.88%, 06/15/28 (Call 04/15/28)

    1,235       1,240,348  

Blackstone Secured Lending Fund, 2.85%, 09/30/28 (Call 07/30/28)(b)

    585       573,797  

FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)

    650       640,354  

Owl Rock Capital Corp., 2.88%, 06/11/28 (Call 04/11/28)

    815       802,734  

Prospect Capital Corp., 3.44%, 10/15/28 (Call 08/15/28)

    280       268,929  
   

 

 

 
      3,526,162  
Household Products & Wares — 0.6%            

Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)

    385       453,388  

Clorox Co. (The), 3.90%, 05/15/28 (Call 02/15/28)(a)

    622       698,699  

Kimberly-Clark Corp., 3.95%, 11/01/28 (Call 08/01/28)

    550       627,753  
   

 

 

 
      1,779,840  
Insurance — 3.1%            

American International Group Inc., 4.20%, 04/01/28 (Call 01/01/28)

    857       968,839  

Aon Corp., 4.50%, 12/15/28 (Call 09/15/28)

    576       665,142  

Assurant Inc., 4.90%, 03/27/28 (Call 12/27/27)

    390       447,790  

Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)

    997       1,102,014  

Cincinnati Financial Corp., 6.92%, 05/15/28

    240       309,410  
Security   Par
(000)
    Value  
Insurance (continued)            

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)

  $   1,584     $   1,790,443  

7.00%, 04/01/28

    150       190,638  

Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Call 01/17/28)

    641       726,580  

Fidelity National Financial Inc., 4.50%, 08/15/28 (Call 05/15/28)

    574       650,933  

Globe Life Inc., 4.55%, 09/15/28 (Call 06/15/28)

    575       660,934  

Lincoln National Corp., 3.80%, 03/01/28 (Call 12/01/27)

    469       518,184  

Prudential Financial Inc., 3.88%, 03/27/28 (Call 12/27/27)

    486       545,068  

Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28)

    746       845,830  
   

 

 

 
      9,421,805  
Internet — 1.3%            

Amazon.com Inc., 1.65%, 05/12/28 (Call 03/12/28)

    570       567,692  

Baidu Inc.

   

4.38%, 03/29/28 (Call 12/29/27)

    195       216,124  

4.88%, 11/14/28 (Call 08/14/28)(a)

    555       636,774  

Booking Holdings Inc., 3.55%, 03/15/28 (Call 12/15/27)

    749       830,034  

E*TRADE Financial Corp., 4.50%, 06/20/28 (Call 03/20/28)

    586       667,360  

Expedia Group Inc., 3.80%, 02/15/28
(Call 11/15/27)(a)

    1,087       1,173,167  
   

 

 

 
      4,091,151  
Iron & Steel — 0.2%            

Nucor Corp., 3.95%, 05/01/28 (Call 02/01/28)

    455       507,653  
   

 

 

 
Lodging — 1.1%            

Hyatt Hotels Corp., 4.38%, 09/15/28
(Call 06/15/28)(a)

    440       482,539  

Marriott International Inc./MD

   

Series AA, 4.65%, 12/01/28 (Call 09/01/28)(a)

    315       357,298  

Series X, 4.00%, 04/15/28 (Call 01/15/28)

    542       593,376  

Sands China Ltd., 5.40%, 08/08/28 (Call 05/08/28)

    1,715       1,855,219  
   

 

 

 
      3,288,432  
Machinery — 1.3%            

ABB Finance USA Inc., 3.80%, 04/03/28 (Call 01/03/28)

    55       61,808  

John Deere Capital Corp.

   

1.50%, 03/06/28

    251       247,059  

3.05%, 01/06/28

    646       698,869  

nVent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28)

    440       484,075  

Oshkosh Corp., 4.60%, 05/15/28 (Call 02/15/28)

    465       529,286  

Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)

    1,263       1,449,608  

Xylem Inc./NY, 1.95%, 01/30/28 (Call 11/30/27)

    602       601,199  
   

 

 

 
      4,071,904  
Manufacturing — 0.6%            

3M Co., 3.63%, 09/14/28 (Call 06/14/28)

    654       730,871  

Textron Inc., 3.38%, 03/01/28 (Call 12/01/27)(a)

    420       449,904  

Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28)

    630       694,783  
   

 

 

 
      1,875,558  
Media — 4.5%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

3.75%, 02/15/28 (Call 11/15/27)

    1,041       1,132,004  

4.20%, 03/15/28 (Call 12/15/27)

    1,275       1,417,354  

Comcast Corp.

   

3.15%, 02/15/28 (Call 11/15/27)

    1,376       1,481,828  

3.55%, 05/01/28 (Call 02/01/28)(a)

    969       1,067,635  

4.15%, 10/15/28 (Call 07/15/28)

    3,630       4,140,668  

Discovery Communications LLC, 3.95%, 03/20/28 (Call 12/20/27)(a)

    1,585       1,745,497  

TCI Communications Inc., 7.13%, 02/15/28

    342       447,237  

 

 

78  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Media (continued)            

ViacomCBS Inc.

   

3.38%, 02/15/28 (Call 11/15/27)(a)

  $ 565     $ 612,166  

3.70%, 06/01/28 (Call 03/01/28)

    551       604,585  

Walt Disney Co. (The), 2.20%, 01/13/28

    961       980,806  
   

 

 

 
      13,629,780  
Metal Fabricate & Hardware — 0.2%            

Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28)

    431       479,216  
   

 

 

 
Mining — 0.5%            

AngloGold Ashanti Holdings PLC, 3.38%, 11/01/28 (Call 09/01/28)

    560       557,351  

Rio Tinto Finance USA Ltd., 7.13%, 07/15/28

    763       1,011,067  
   

 

 

 
      1,568,418  
Office & Business Equipment — 0.2%            

CDW LLC/CDW Finance Corp., 4.25%, 04/01/28 (Call 10/01/22)

    500       519,095  
   

 

 

 
Oil & Gas — 3.8%            

BP Capital Markets America Inc.

   

3.94%, 09/21/28 (Call 06/21/28)

    1,123       1,257,513  

4.23%, 11/06/28 (Call 08/06/28)

    1,765       2,014,006  

BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28)

    762       845,210  

Chevron USA Inc., 3.85%, 01/15/28 (Call 10/15/27)

    671       752,453  

ConocoPhillips, 4.30%, 08/15/28 (Call 05/15/28)(b)

    919       1,052,044  

Devon Energy Corp., 5.88%, 06/15/28 (Call 06/15/23)(b)

    395       433,098  

Marathon Petroleum Corp., 3.80%, 04/01/28 (Call 01/01/28)

    585       638,212  

Phillips 66, 3.90%, 03/15/28 (Call 12/15/27)

    744       820,714  

Shell International Finance BV, 3.88%, 11/13/28 (Call 08/13/28)

    1,382       1,557,887  

TotalEnergies Capital SA, 3.88%, 10/11/28

    1,216       1,376,013  

Valero Energy Corp., 4.35%, 06/01/28 (Call 03/01/28)

    767       859,331  
   

 

 

 
      11,606,481  
Packaging & Containers — 0.7%            

Amcor Finance USA Inc., 4.50%, 05/15/28 (Call 02/15/28)

    653       745,008  

WRKCo Inc.

   

3.90%, 06/01/28 (Call 03/01/28)

    543       601,101  

4.00%, 03/15/28 (Call 12/15/27)(a)

    630       700,138  
   

 

 

 
      2,046,247  
Pharmaceuticals — 7.3%            

AbbVie Inc., 4.25%, 11/14/28 (Call 08/14/28)(a)

    1,910       2,169,569  

Astrazeneca Finance LLC, 1.75%, 05/28/28 (Call 03/28/28)

    250       249,083  

Bristol-Myers Squibb Co., 3.90%, 02/20/28 (Call 11/20/27)

    1,334       1,499,616  

Cigna Corp., 4.38%, 10/15/28 (Call 07/15/28)

    3,605       4,132,123  

CVS Health Corp., 4.30%, 03/25/28 (Call 12/25/27)

    2,580       2,923,785  

GlaxoSmithKline Capital Inc., 3.88%, 05/15/28

    1,682       1,896,926  

Johnson & Johnson, 2.90%, 01/15/28 (Call 10/15/27)

    1,185       1,273,923  

McKesson Corp., 3.95%, 02/16/28 (Call 11/16/27)

    721       802,567  

Merck Sharp & Dohme Corp., 5.95%, 12/01/28

    87       109,961  

Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28)

    891       1,009,797  

Pfizer Inc., 3.60%, 09/15/28 (Call 06/15/28)

    991       1,107,918  

Pharmacia LLC, 6.60%, 12/01/28(a)

    605       798,866  

Sanofi, 3.63%, 06/19/28 (Call 03/19/28)

    1,161       1,311,442  

Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 (Call 08/26/28)

    1,840       2,176,407  

Zoetis Inc., 3.90%, 08/20/28 (Call 05/20/28)

    737       825,543  
   

 

 

 
      22,287,526  
Pipelines — 3.9%            

Enable Midstream Partners LP, 4.95%, 05/15/28 (Call 02/15/28)

    730       816,417  

Energy Transfer LP, 4.95%, 06/15/28 (Call 03/15/28)

    1,020       1,167,288  
Security   Par
(000)
    Value  
Pipelines (continued)            

Enterprise Products Operating LLC, 4.15%, 10/16/28 (Call 07/16/28)(a)

  $ 910     $ 1,028,191  

Kinder Morgan Inc., 4.30%, 03/01/28 (Call 12/01/27)(a)

    1,235       1,388,745  

MPLX LP, 4.00%, 03/15/28 (Call 12/15/27)

    1,242       1,366,225  

ONEOK Inc., 4.55%, 07/15/28 (Call 04/15/28)

    917       1,032,450  

Phillips 66 Partners LP, 3.75%, 03/01/28 (Call 12/01/27)

    499       542,608  

Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 (Call 09/15/27)

    1,247       1,385,429  

Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28

    316       408,288  

TransCanada PipeLines Ltd., 4.25%, 05/15/28 (Call 02/15/28)(a)

    1,446       1,632,982  

Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (Call 12/15/27)

    425       471,610  

Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)

    556       624,527  
   

 

 

 
      11,864,760  
Real Estate Investment Trusts — 6.7%            

Agree LP, 2.00%, 06/15/28 (Call 04/15/28)(a)

    195       191,636  

Alexandria Real Estate Equities Inc., 3.95%, 01/15/28 (Call 10/15/27)

    465       519,438  

American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27)

    595       668,334  

American Tower Corp.

   

1.50%, 01/31/28 (Call 11/30/27)

    810       777,665  

3.60%, 01/15/28 (Call 10/15/27)

    731       791,951  

AvalonBay Communities Inc., 3.20%, 01/15/28 (Call 10/15/27)

    408       439,567  

Boston Properties LP, 4.50%, 12/01/28 (Call 09/01/28)

    1,009       1,152,470  

Brixmor Operating Partnership LP, 2.25%, 04/01/28 (Call 02/01/28)

    340       339,660  

Camden Property Trust, 4.10%, 10/15/28 (Call 07/15/28)(a)

    430       488,450  

Crown Castle International Corp., 3.80%, 02/15/28 (Call 11/15/27)

    1,215       1,331,798  

Digital Realty Trust LP, 4.45%, 07/15/28 (Call 04/15/28)(a)

    749       854,976  

Duke Realty LP, 4.00%, 09/15/28 (Call 06/15/28)

    579       650,981  

EPR Properties, 4.95%, 04/15/28 (Call 01/15/28)

    300       329,007  

Equinix Inc.

   

1.55%, 03/15/28 (Call 01/15/28)

    462       448,015  

2.00%, 05/15/28 (Call 03/15/28)

    95       93,880  

ERP Operating LP

   

3.50%, 03/01/28 (Call 12/01/27)

    435       475,042  

4.15%, 12/01/28 (Call 09/01/28)

    486       551,547  

Essex Portfolio LP, 1.70%, 03/01/28 (Call 01/01/28)(a)

    380       370,591  

GLP Capital LP/GLP Financing II Inc., 5.75%, 06/01/28 (Call 03/03/28)

    640       744,429  

Healthcare Realty Trust Inc., 3.63%, 01/15/28 (Call 10/15/27) .

    320       347,744  

Highwoods Realty LP, 4.13%, 03/15/28 (Call 12/15/27)

    280       310,514  

Kilroy Realty LP, 4.75%, 12/15/28 (Call 09/15/28)

    250       288,108  

Kimco Realty Corp., 1.90%, 03/01/28
(Call 01/01/28)(a)

    346       341,533  

Mid America Apartments LP, 4.20%, 06/15/28 (Call 03/15/28)

    508       576,788  

National Retail Properties Inc., 4.30%, 10/15/28 (Call 07/15/28)

    410       463,251  

Omega Healthcare Investors Inc., 4.75%, 01/15/28 (Call 10/15/27)

    555       619,929  

Physicians Realty LP, 3.95%, 01/15/28 (Call 10/15/27)

    260       286,208  

Prologis LP, 3.88%, 09/15/28 (Call 06/15/28)

    490       552,852  

Public Storage, 1.85%, 05/01/28 (Call 03/01/28)

    245       244,897  

Realty Income Corp., 3.65%, 01/15/28 (Call 10/15/27)

    393       432,819  

Regency Centers LP, 4.13%, 03/15/28 (Call 12/15/27)

    280       313,365  

Simon Property Group LP, 1.75%, 02/01/28 (Call 11/01/27)

    492       483,252  

Spirit Realty LP, 2.10%, 03/15/28 (Call 01/15/28)(a)

    430       422,187  

STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27)

    330       369,923  

Sun Communities Operating LP, 2.30%, 11/01/28 (Call 09/01/28)

    30       29,777  

 

 

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

  79


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security       
Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

UDR Inc., 3.50%, 01/15/28 (Call 10/15/27)

  $ 285     $ 307,754  

Ventas Realty LP, 4.00%, 03/01/28 (Call 12/01/27)(a)

    643       712,585  

VEREIT Operating Partnership LP

   

2.20%, 06/15/28 (Call 04/15/28)

    560       561,775  

3.40%, 01/15/28 (Call 11/15/27)

    671       720,238  

Welltower Inc., 4.25%, 04/15/28 (Call 01/15/28)

    675       762,737  
   

 

 

 
      20,367,673  
Retail — 3.4%            

AutoNation Inc., 1.95%, 08/01/28 (Call 06/01/28)(a)

    300       292,488  

Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)

    678       774,832  

Dollar General Corp., 4.13%, 05/01/28 (Call 02/01/28)

    663       749,309  

Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)

    1,409       1,586,844  

Home Depot Inc. (The)

   

0.90%, 03/15/28 (Call 01/15/28)

    297       282,619  

1.50%, 09/15/28 (Call 07/15/28)(a)

    100       98,101  

3.90%, 12/06/28 (Call 09/06/28)

    902       1,025,475  

Lowe’s Companies Inc.

   

1.30%, 04/15/28 (Call 02/15/28)

    1,170       1,124,499  

1.70%, 09/15/28 (Call 07/15/28)

    105       103,016  

McDonald’s Corp., 3.80%, 04/01/28 (Call 01/01/28)

    1,224       1,361,639  

O’Reilly Automotive Inc., 4.35%, 06/01/28 (Call 03/01/28)

    680       776,805  

Starbucks Corp.

   

3.50%, 03/01/28 (Call 12/01/27)

    759       830,301  

4.00%, 11/15/28 (Call 08/15/28)

    814       920,422  

TJX Companies Inc. (The), 1.15%, 05/15/28 (Call 03/15/28)

    281       271,232  

Walmart Inc., 3.70%, 06/26/28 (Call 03/26/28)

    80       90,138  
   

 

 

 
      10,287,720  
Semiconductors — 3.0%            

Analog Devices Inc., 1.70%, 10/01/28 (Call 08/01/28)

    545       540,624  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/28 (Call 10/15/27)

    827       891,688  

Broadcom Inc.

   

1.95%, 02/15/28 (Call 12/15/27)(a)(b)

    752       736,298  

4.11%, 09/15/28 (Call 06/15/28)

    1,907       2,101,933  

Intel Corp., 1.60%, 08/12/28 (Call 06/12/28)(a)

    970       956,653  

Marvell Technology Inc.

   

2.45%, 04/15/28 (Call 02/15/28)

    515       517,637  

4.88%, 06/22/28 (Call 03/22/28)(b)

    620       713,248  

NVIDIA Corp., 1.55%, 06/15/28 (Call 04/15/28)

    1,210       1,190,144  

NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)(a)(b)

    617       745,891  

QUALCOMM Inc., 1.30%, 05/20/28 (Call 02/20/28)

    883       855,318  
   

 

 

 
      9,249,434  
Shipbuilding — 0.1%            

Huntington Ingalls Industries Inc., 2.04%, 08/16/28 (Call 06/16/28)(b)

    205       200,746  
   

 

 

 
Software — 2.4%            

Fidelity National Information Services Inc., 1.65%, 03/01/28 (Call 01/01/28)(a)

    562       546,888  

Fiserv Inc., 4.20%, 10/01/28 (Call 07/01/28)

    1,137       1,284,696  

Oracle Corp., 2.30%, 03/25/28 (Call 01/25/28)

    1,591       1,609,090  

Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)

    982       1,110,190  

salesforce.com Inc.

   

1.50%, 07/15/28 (Call 05/15/28)(a)

    895       881,324  

3.70%, 04/11/28 (Call 01/11/28)

    1,328       1,484,173  

VMware Inc., 1.80%, 08/15/28 (Call 06/15/28)

    480       467,530  
   

 

 

 
      7,383,891  
Security   Par/
Shares
(000)
    Value  
Telecommunications — 5.7%            

AT&T Inc.

   

1.65%, 02/01/28 (Call 12/01/27)

  $ 1,603     $ 1,562,973  

4.10%, 02/15/28 (Call 11/15/27)(a)

    2,290       2,567,823  

British Telecommunications PLC, 5.13%, 12/04/28 (Call 09/04/28)(a)

    830       955,230  

Motorola Solutions Inc., 4.60%, 02/23/28 (Call 11/23/27)

    829       950,581  

T Mobile USA Inc., 2.05%, 02/15/28 (Call 12/15/27)

    1,962       1,944,617  

Verizon Communications Inc.

   

2.10%, 03/22/28 (Call 01/22/28)

    1,421       1,425,419  

4.33%, 09/21/28

    4,079       4,655,975  

Vodafone Group PLC, 4.38%, 05/30/28

    3,056       3,483,565  
   

 

 

 
      17,546,183  
Transportation — 2.9%            

Canadian National Railway Co., 6.90%, 07/15/28

    600       785,130  

Canadian Pacific Railway Co., 4.00%, 06/01/28 (Call 03/01/28)

    728       815,746  

CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)

    833       938,824  

CSX Corp., 3.80%, 03/01/28 (Call 12/01/27)

    1,032       1,145,613  

FedEx Corp.

   

3.40%, 02/15/28 (Call 11/15/27)(a)

    661       720,867  

4.20%, 10/17/28 (Call 07/17/28)

    522       595,565  

Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)

    650       711,562  

Norfolk Southern Corp., 3.80%, 08/01/28 (Call 05/01/28)

    825       920,254  

Union Pacific Corp., 3.95%, 09/10/28 (Call 06/10/28)

    1,020       1,150,489  

Walmart Inc., 1.50%, 09/22/28 (Call 07/22/28)

    1,145       1,132,245  
   

 

 

 
      8,916,295  
Trucking & Leasing — 0.2%            

GATX Corp.

   

3.50%, 03/15/28 (Call 12/15/27)(a)

    195       211,831  

4.55%, 11/07/28 (Call 08/07/28)

    448       513,381  
   

 

 

 
      725,212  
Water — 0.2%            

American Water Capital Corp., 3.75%, 09/01/28 (Call 06/01/28)(a)

    593       661,533  

United Utilities PLC, 6.88%, 08/15/28(a)

    50       63,880  
   

 

 

 
      725,413  
   

 

 

 
Total Corporate Bonds & Notes — 98.7%
(Cost: $293,517,614)
        301,236,780  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 7.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    21,655       21,666,005  

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

    530       530,000  
   

 

 

 
      22,196,005  
   

 

 

 

Total Short-Term Investments — 7.3%
(Cost: $22,191,689)

      22,196,005  
   

 

 

 

Total Investments in Securities — 106.0%
(Cost: $315,709,303)

      323,432,785  
   

 

 

 

Other Assets, Less Liabilities — (6.0)%

      (18,312,667
   

 

 

 

Net Assets — 100.0%

    $ 305,120,118  
   

 

 

 

 

(a)

All or a portion of this security is on loan.

 

 

80  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2028 Term Corporate ETF

    

 

(b) 

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

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/20
   

Purchases

at Cost

    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 5,913,303     $ 15,755,435 (a)    $     $  (1,562   $  (1,171   $ 21,666,005       21,655     $ 27,346(b )    $  —  

BlackRock Cash Funds: Treasury, SL Agency Shares

    701,000             (171,000 )(a)                  530,000       530       177        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (1,562   $ (1,171   $ 22,196,005       $ 27,523     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a)  

Represents net amount purchased (sold).

(b)  

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

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1      Level 2      Level 3      Total  

Investments

           

Assets

           

Corporate Bonds & Notes

   $      $ 301,236,780      $      $ 301,236,780  

Money Market Funds

     22,196,005                      22,196,005  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 22,196,005      $ 301,236,780      $             —      $ 323,432,785  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  81


Schedule of Investments  

October 31, 2021

  

iShares® iBonds® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   

Aerospace & Defense — 0.8%

   

Boeing Co. (The), 3.20%, 03/01/29 (Call 12/01/28)

  $ 502     $ 520,122  

L3Harris Technologies Inc., 2.90%, 12/15/29 (Call 09/15/29)

    331       345,865  

Raytheon Technologies Corp., 7.50%, 09/15/29

    200       275,318  
   

 

 

 
      1,141,305  
Agriculture — 1.4%            

Altria Group Inc., 4.80%, 02/14/29 (Call 11/14/28)

    958       1,091,957  

BAT Capital Corp., 3.46%, 09/06/29 (Call 06/06/29)

    327       341,182  

Philip Morris International Inc., 3.38%, 08/15/29 (Call 05/15/29)(a)

    491       534,645  
   

 

 

 
      1,967,784  
Airlines — 0.2%            

American Airlines Pass Through Trust

   

Series 2017-1, Class AA, 3.65%, 02/15/29

    78       81,867  

Series 2017-2, Class AA, 3.35%, 04/15/31

    158       161,667  
   

 

 

 
      243,534  
Auto Manufacturers — 0.7%            

General Motors Financial Co. Inc., 5.65%, 01/17/29 (Call 10/17/28)

    342       407,989  

Toyota Motor Corp., 2.76%, 07/02/29

    162       171,350  

Toyota Motor Credit Corp., 3.65%, 01/08/29

    357       399,976  
   

 

 

 
      979,315  
Auto Parts & Equipment — 0.3%            

Aptiv PLC, 4.35%, 03/15/29 (Call 12/15/28)

    155       176,565  

Lear Corp., 4.25%, 05/15/29 (Call 02/15/29)

    264       294,838  
   

 

 

 
      471,403  
Banks — 8.2%            

Banco Santander SA, 3.31%, 06/27/29(a)

    557       596,720  

Bank of New York Mellon Corp. (The), 3.30%, 08/23/29 (Call 05/23/29)

    490       533,801  

Comerica Inc., 4.00%, 02/01/29 (Call 10/31/28)

    413       468,524  

ING Groep NV, 4.05%, 04/09/29

    364       411,207  

KeyBank N.A./Cleveland OH, 3.90%, 04/13/29 (Call 03/13/29)

    221       245,354  

KeyCorp., 2.55%, 10/01/29

    485       500,195  

Mitsubishi UFJ Financial Group Inc.

   

3.20%, 07/18/29

    935       991,661  

3.74%, 03/07/29

    571       630,658  

Northern Trust Corp., 3.15%, 05/03/29 (Call 02/03/29)

    396       430,567  

PNC Bank N.A., 2.70%, 10/22/29

    511       532,503  

PNC Financial Services Group Inc. (The), 3.45%, 04/23/29 (Call 01/23/29)

    826       908,063  

Sumitomo Mitsui Financial Group Inc.

   

2.72%, 09/27/29

    252       258,592  

3.04%, 07/16/29

    1,265       1,326,340  

3.20%, 09/17/29

    270       282,620  

Truist Financial Corp., 3.88%, 03/19/29 (Call 02/19/29)

    378       423,281  

U.S. Bancorp., 3.00%, 07/30/29 (Call 04/30/29)

    666       709,190  

Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)

    205       225,861  

Wells Fargo & Co., 4.15%, 01/24/29 (Call 10/24/28)

      1,465       1,648,242  

Wintrust Financial Corp., 4.85%, 06/06/29

    90       97,480  

Zions Bancorp. N.A., 3.25%, 10/29/29 (Call 07/29/29)(a)

    360       372,733  
   

 

 

 
        11,593,592  
Beverages — 3.4%            

Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 (Call 10/23/28)(a)

    1,726       2,026,065  

Coca-Cola Co. (The), 2.13%, 09/06/29

    679       691,480  

Constellation Brands Inc., 3.15%, 08/01/29 (Call 05/01/29)

    551       584,796  

Diageo Capital PLC, 2.38%, 10/24/29 (Call 07/24/29)

    631       646,863  
Security  

Par

(000)

    Value  
Beverages (continued)            

PepsiCo Inc.

   

2.63%, 07/29/29 (Call 04/29/29)

  $ 614     $ 648,102  

7.00%, 03/01/29

    119       162,778  
   

 

 

 
      4,760,084  
Building Materials — 0.5%            

Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29)

    475       509,703  

Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)(a)

    230       256,519  
   

 

 

 
      766,222  
Chemicals — 2.5%            

Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)

    175       190,038  

Dow Chemical Co. (The), 7.38%, 11/01/29

    489       661,861  

FMC Corp., 3.45%, 10/01/29 (Call 07/01/29)

    368       396,078  

Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)

    464       521,239  

Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29)

    455       515,993  

PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)

    179       187,207  

Rohm & Haas Co., 7.85%, 07/15/29

    150       205,594  

RPM International Inc., 4.55%, 03/01/29 (Call 12/01/28)

    283       322,493  

Sherwin-Williams Co. (The), 2.95%, 08/15/29 (Call 05/15/29)

    484       511,903  
   

 

 

 
      3,512,406  
Commercial Services — 2.5%            

Global Payments Inc., 3.20%, 08/15/29 (Call 05/15/29)

    781       816,871  

Moody’s Corp., 4.25%, 02/01/29 (Call 11/01/28)(a)

    312       356,100  

PayPal Holdings Inc., 2.85%, 10/01/29 (Call 07/01/29)

    774       817,607  

RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28)

    620       692,652  

S&P Global Inc., 2.50%, 12/01/29 (Call 09/01/29)(a)

    437       453,440  

Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)

    319       360,425  
   

 

 

 
      3,497,095  
Computers — 2.6%            

Apple Inc., 2.20%, 09/11/29 (Call 06/11/29)

    800       817,328  

Dell International LLC/EMC Corp., 5.30%, 10/01/29 (Call 07/01/29)(a)

    840       1,010,234  

International Business Machines Corp., 3.50%, 05/15/29

      1,695       1,855,551  
   

 

 

 
      3,683,113  
Cosmetics & Personal Care — 0.6%            

Estee Lauder Companies Inc. (The), 2.38%, 12/01/29 (Call 09/01/29)

    407       420,728  

Unilever Capital Corp., 2.13%, 09/06/29 (Call 06/06/29)

    486       495,176  
   

 

 

 
      915,904  
Diversified Financial Services — 2.6%            

Air Lease Corp., 3.25%, 10/01/29 (Call 07/01/29)

    254       264,421  

Brookfield Finance Inc., 4.85%, 03/29/29 (Call 12/29/28)(a)

    605       706,519  

Charles Schwab Corp. (The)

   

2.75%, 10/01/29 (Call 07/01/29)

    308       323,286  

3.25%, 05/22/29 (Call 02/22/29)

    590       640,581  

4.00%, 02/01/29 (Call 11/01/28)

    198       224,273  

Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28)

    371       419,167  

Mastercard Inc., 2.95%, 06/01/29 (Call 03/01/29)

    555       596,214  

Synchrony Financial, 5.15%, 03/19/29 (Call 12/19/28)

    387       450,712  
   

 

 

 
        3,625,173  
Electric — 6.2%            

Arizona Public Service Co., 2.60%, 08/15/29 (Call 05/15/29)

    299       307,345  

Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)

    453       503,614  

Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29)

    245       257,199  

DTE Energy Co., Series C, 3.40%, 06/15/29 (Call 03/15/29)

    336       361,177  

Duke Energy Carolinas LLC, 2.45%, 08/15/29 (Call 05/15/29) .

    270       278,054  

Duke Energy Corp., 3.40%, 06/15/29 (Call 03/15/29)

    371       399,923  

Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29)

    271       279,878  

Duke Energy Ohio Inc., 3.65%, 02/01/29 (Call 11/01/28)

    215       236,119  

 

 

82  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)

  $   257     $ 281,860  

Entergy Texas Inc., 4.00%, 03/30/29
(Call 12/30/28)(a)

    174       193,657  

Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)

    455       474,588  

Eversource Energy, Series O, 4.25%, 04/01/29 (Call 01/01/29)

    223       253,315  

Georgia Power Co., Series B, 2.65%, 09/15/29 (Call 06/15/29)

    316       326,608  

Interstate Power & Light Co., 3.60%, 04/01/29 (Call 01/01/29)

    59       64,886  

MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29)(a)

    410       455,567  

National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29 (Call 12/15/28)

    242       270,300  

Nevada Power Co., Series CC, 3.70%, 05/01/29 (Call 02/01/29)

    208       231,227  

NextEra Energy Capital Holdings Inc.

   

2.75%, 11/01/29 (Call 08/01/29)

    476       493,807  

3.50%, 04/01/29 (Call 01/01/29)

    360       391,954  

NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)

    188       204,181  

Oncor Electric Delivery Co. LLC, 5.75%, 03/15/29 (Call 12/15/28)

    85       105,457  

PacifiCorp., 3.50%, 06/15/29 (Call 03/15/29)

    193       211,526  

Public Service Electric & Gas Co., 3.20%, 05/15/29 (Call 02/15/29)

    170       184,482  

Southern California Edison Co.

   

2.85%, 08/01/29 (Call 05/01/29)

    209       215,788  

6.65%, 04/01/29

    202       252,134  

Series A, 4.20%, 03/01/29 (Call 12/01/28)

    330       369,320  

Union Electric Co., 3.50%, 03/15/29 (Call 12/15/28)

    226       247,642  

Virginia Electric & Power Co., Series A, 2.88%, 07/15/29 (Call 04/15/29)

    306       323,353  

Wisconsin Power and Light Co., 3.00%, 07/01/29 (Call 04/01/29)

    290       309,244  

Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29)

    321       330,874  
   

 

 

 
        8,815,079  
Electronics — 1.5%            

Agilent Technologies Inc., 2.75%, 09/15/29 (Call 06/15/29)

    393       408,712  

Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)(a)

    195       209,752  

Amphenol Corp., 4.35%, 06/01/29 (Call 03/01/29)

    240       276,322  

Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)

    410       466,268  

Honeywell International Inc., 2.70%, 08/15/29 (Call 05/15/29)

    380       401,614  

Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)

    353       371,134  
   

 

 

 
      2,133,802  
Environmental Control — 0.4%            

Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29)

    302       329,328  

Waste Management Inc., 2.00%, 06/01/29 (Call 04/01/29)(a)

    170       169,306  
   

 

 

 
      498,634  
Food — 1.2%            

Ahold Finance USA LLC, 6.88%, 05/01/29

    206       270,659  

Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29)

    176       182,715  

Kroger Co. (The), 4.50%, 01/15/29 (Call 10/15/28)(a)

    366       425,980  

Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)

    658       756,970  
   

 

 

 
      1,636,324  
Forest Products & Paper — 0.9%            

Georgia-Pacific LLC, 7.75%, 11/15/29

    170       240,113  

Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28)

    855       982,720  
   

 

 

 
      1,222,833  
Gas — 0.6%            

Atmos Energy Corp., 2.63%, 09/15/29 (Call 06/15/29)

    95       98,149  

NiSource Inc., 2.95%, 09/01/29 (Call 06/01/29)

    425       443,024  
Security   Par
(000)
    Value  
Gas (continued)            

Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 (Call 03/01/29)

  $   354     $ 382,313  
   

 

 

 
      923,486  
Health Care - Products — 1.8%            

Boston Scientific Corp., 4.00%, 03/01/29 (Call 12/01/28)

    585       657,347  

DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)(a)

    551       571,850  

PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)

    572       612,423  

Thermo Fisher Scientific Inc., 2.60%, 10/01/29 (Call 07/01/29)

    616       640,757  
   

 

 

 
      2,482,377  
Health Care - Services — 3.6%            

Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28)

    160       167,926  

Anthem Inc., 2.88%, 09/15/29 (Call 06/15/29)

    499       523,611  

Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)

    328       342,052  

CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29)

    594       632,182  

HCA Inc., 4.13%, 06/15/29 (Call 03/15/29)

    957       1,060,614  

Humana Inc., 3.13%, 08/15/29 (Call 05/15/29)

    346       366,684  

Laboratory Corp. of America Holdings, 2.95%, 12/01/29 (Call 09/01/29)

    450       472,212  

Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 (Call 07/01/29)(a)

    356       369,186  

Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29)

    380       431,920  

Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)

    169       190,012  

UnitedHealth Group Inc., 2.88%, 08/15/29

    556       591,484  
   

 

 

 
      5,147,883  
Home Furnishings — 0.6%            

Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28)

    269       305,697  

Whirlpool Corp., 4.75%, 02/26/29 (Call 11/26/28)

    473       549,560  
   

 

 

 
      855,257  
Household Products & Wares — 0.3%            

Kimberly-Clark Corp., 3.20%, 04/25/29 (Call 01/25/29)(a)

    364       397,437  
   

 

 

 
Insurance — 4.1%            

American International Group Inc., 4.25%, 03/15/29 (Call 12/15/28)(a)

    327       371,678  

Aon Corp., 3.75%, 05/02/29 (Call 02/02/29)

    436       483,323  

AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)

    118       130,002  

Brown & Brown Inc., 4.50%, 03/15/29 (Call 12/15/28)

    130       147,655  

CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29)

    202       224,004  

CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)

    346       403,844  

Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)

    314       353,727  

Hartford Financial Services Group Inc. (The), 2.80%, 08/19/29 (Call 05/19/29)

    374       389,753  

Markel Corp., 3.35%, 09/17/29 (Call 06/17/29)

    210       226,775  

Marsh & McLennan Companies Inc., 4.38%, 03/15/29 (Call 12/15/28)

    768       887,401  

PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)

    233       255,739  

Principal Financial Group Inc., 3.70%, 05/15/29 (Call 02/15/29)

    287       318,074  

Progressive Corp. (The)

   

4.00%, 03/01/29 (Call 12/01/28)(a)

    324       368,686  

6.63%, 03/01/29(a)

    44       57,260  

Reinsurance Group of America Inc., 3.90%, 05/15/29 (Call 02/15/29)

    373       413,855  

RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)

    272       296,861  

Unum Group, 4.00%, 06/15/29 (Call 03/15/29)

    95       105,087  

 

 

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

  83


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Insurance (continued)            

Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29)

  $ 418     $ 431,472  
   

 

 

 
        5,865,196  
Iron & Steel — 0.1%            

ArcelorMittal SA, 4.25%, 07/16/29(a)

    70       76,688  
   

 

 

 
Lodging — 0.7%            

Choice Hotels International Inc., 3.70%, 12/01/29 (Call 09/01/29)

    240       255,206  

Las Vegas Sands Corp., 3.90%, 08/08/29 (Call 05/08/29)(a)

    405       410,516  

Sands China Ltd., 2.85%, 03/08/29
(Call 01/08/29)(b)

    325       304,038  
   

 

 

 
      969,760  
Machinery — 1.1%            

Caterpillar Inc., 2.60%, 09/19/29 (Call 06/19/29)

    338       354,045  

Deere & Co., 5.38%, 10/16/29

    225       281,392  

Dover Corp., 2.95%, 11/04/29 (Call 08/04/29)

    30       31,691  

John Deere Capital Corp.

   

2.80%, 07/18/29(a)

    391       416,114  

3.45%, 03/07/29

    205       226,826  

Rockwell Automation Inc., 3.50%, 03/01/29 (Call 12/01/28)

    270       299,702  
   

 

 

 
      1,609,770  
Manufacturing — 1.7%            

3M Co.

   

2.38%, 08/26/29 (Call 05/26/29)

    531       546,171  

3.38%, 03/01/29 (Call 12/01/28)

    376       412,385  

Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)

    530       568,065  

Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)

    170       193,587  

Textron Inc., 3.90%, 09/17/29 (Call 06/17/29)

    229       253,558  

Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)

    440       486,851  
   

 

 

 
      2,460,617  
Media — 3.3%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

2.25%, 01/15/29 (Call 11/15/28)

    655       643,354  

5.05%, 03/30/29 (Call 12/30/28)

    746       869,903  

Discovery Communications LLC, 4.13%, 05/15/29 (Call 02/15/29)(a)

    503       558,853  

Fox Corp., 4.71%, 01/25/29 (Call 10/25/28)

      1,064       1,229,239  

ViacomCBS Inc., 4.20%, 06/01/29 (Call 03/01/29)(a)

    377       425,497  

Walt Disney Co. (The), 2.00%, 09/01/29 (Call 06/01/29)(a)

    1,018       1,019,843  
   

 

 

 
      4,746,689  
Mining — 0.3%            

Newmont Corp., 2.80%, 10/01/29 (Call 07/01/29)

    476       490,290  
   

 

 

 
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 (Call 08/15/23)

    122       123,691  
   

 

 

 
Office Furnishings — 0.2%            

Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)

    249       283,382  
   

 

 

 
Oil & Gas — 4.4%            

Cenovus Energy Inc., 4.40%, 04/15/29 (Call 01/15/29)(a)

    392       439,134  

Chevron USA Inc., 3.25%, 10/15/29 (Call 07/15/29)

    355       388,863  

ConocoPhillips Co., 6.95%, 04/15/29

    822       1,090,605  

Coterra Energy Inc., 4.38%, 03/15/29 (Call 02/15/27)(b)

    335       380,252  

Diamondback Energy Inc., 3.50%, 12/01/29 (Call 09/01/29)

    687       732,850  

Exxon Mobil Corp., 2.44%, 08/16/29 (Call 05/16/29)

    707       730,218  

Hess Corp., 7.88%, 10/01/29

    180       244,424  

Shell International Finance BV, 2.38%, 11/07/29 (Call 08/07/29)

    772       793,662  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

TotalEnergies Capital International SA, 3.46%, 02/19/29 (Call 11/19/28)

  $ 658     $ 725,057  

Valero Energy Corp., 4.00%, 04/01/29 (Call 01/01/29)(a)

    605       663,994  
   

 

 

 
        6,189,059  
Oil & Gas Services — 0.5%            

Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 3.14%, 11/07/29 (Call 08/07/29)

    336       357,188  

NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)(a)

    339       357,160  
   

 

 

 
      714,348  
Packaging & Containers — 0.7%            

Packaging Corp. of America, 3.00%, 12/15/29 (Call 09/15/29)

    375       394,729  

WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)

    477       559,554  
   

 

 

 
      954,283  
Pharmaceuticals — 6.6%            

AbbVie Inc., 3.20%, 11/21/29 (Call 08/21/29)

      2,249       2,405,508  

AstraZeneca PLC, 4.00%, 01/17/29 (Call 10/17/28)

    667       758,819  

Bristol-Myers Squibb Co., 3.40%, 07/26/29 (Call 04/26/29)

    1,538       1,691,047  

CVS Health Corp., 3.25%, 08/15/29 (Call 05/15/29)

    926       989,116  

Eli Lilly & Co., 3.38%, 03/15/29 (Call 12/15/28)

    641       706,690  

GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a)

    623       682,353  

Johnson & Johnson, 6.95%, 09/01/29

    60       82,121  

Merck & Co. Inc., 3.40%, 03/07/29 (Call 12/07/28)

    901       989,280  

Pfizer Inc., 3.45%, 03/15/29 (Call 12/15/28)

    977       1,080,249  
   

 

 

 
      9,385,183  
Pipelines — 4.2%            

Boardwalk Pipelines LP, 4.80%, 05/03/29 (Call 02/03/29)

    215       244,724  

Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29)

    578       621,466  

Eastern Gas Transmission & Storage Inc., 3.00%, 11/15/29 (Call 08/15/29)(b)

    373       389,043  

Enable Midstream Partners LP, 4.15%, 09/15/29 (Call 06/15/29)(a)

    299       323,022  

Enbridge Inc., 3.13%, 11/15/29 (Call 08/15/29)(a)

    448       473,912  

Energy Transfer LP, 5.25%, 04/15/29 (Call 01/15/29)

    807       935,862  

Enterprise Products Operating LLC, 3.13%, 07/31/29 (Call 04/30/29)(a)

    696       741,525  

MPLX LP, 4.80%, 02/15/29 (Call 11/15/28)

    506       582,816  

ONEOK Inc.

   

3.40%, 09/01/29 (Call 06/01/29)

    458       481,532  

4.35%, 03/15/29 (Call 12/15/28)

    346       385,094  

Phillips 66 Partners LP, 3.15%, 12/15/29 (Call 09/15/29)

    205       213,872  

Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29)

    488       509,150  
   

 

 

 
      5,902,018  
Real Estate Investment Trusts — 10.9%            

Alexandria Real Estate Equities Inc.

   

2.75%, 12/15/29 (Call 09/15/29)

    315       326,154  

4.50%, 07/30/29 (Call 04/30/29)

    155       179,619  

American Campus Communities Operating Partnership LP, 2.25%, 01/15/29 (Call 11/15/28)

    200       198,478  

American Homes 4 Rent LP, 4.90%, 02/15/29 (Call 11/15/28)

    201       233,771  

American Tower Corp.

   

3.80%, 08/15/29 (Call 05/15/29)

    836       919,123  

3.95%, 03/15/29 (Call 12/15/28)

    423       467,309  

AvalonBay Communities Inc., 3.30%, 06/01/29 (Call 03/01/29)

    241       261,377  

Boston Properties LP, 3.40%, 06/21/29 (Call 03/21/29)

    491       526,426  

Brandywine Operating Partnership LP, 4.55%, 10/01/29 (Call 07/01/29)(a)

    115       127,811  

 

 

84  

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



Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)

  $   365     $ 407,592  

Camden Property Trust, 3.15%, 07/01/29 (Call 04/01/29)

    311       333,924  

Corporate Office Properties LP, 2.00%, 01/15/29 (Call 11/15/28)

    50       48,405  

Crown Castle International Corp.

   

3.10%, 11/15/29 (Call 08/15/29)

    313       327,204  

4.30%, 02/15/29 (Call 11/15/28)

    417       470,384  

CubeSmart LP, 4.38%, 02/15/29 (Call 11/15/28)

    139       157,711  

CyrusOne LP/CyrusOne Finance Corp., 3.45%, 11/15/29 (Call 08/15/29)(a)

    393       411,388  

Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)(a)

    525       570,717  

Duke Realty LP, 2.88%, 11/15/29 (Call 08/15/29)

    217       227,468  

EPR Properties, 3.75%, 08/15/29 (Call 05/15/29)(a)

    265       272,001  

Equinix Inc., 3.20%, 11/18/29 (Call 08/18/29)

    742       781,972  

ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29)

    358       380,157  

Essex Portfolio LP, 4.00%, 03/01/29 (Call 12/01/28)

    254       283,604  

Federal Realty Investment Trust, 3.20%, 06/15/29 (Call 03/15/29)

    166       176,234  

GLP Capital LP/GLP Financing II Inc., 5.30%, 01/15/29 (Call 10/15/28)

    404       463,012  

Healthpeak Properties Inc., 3.50%, 07/15/29 (Call 04/15/29)

    285       310,821  

Highwoods Realty LP, 4.20%, 04/15/29 (Call 01/15/29)

    145       161,624  

Host Hotels & Resorts LP, Series H, 3.38%, 12/15/29 (Call 09/16/29)

    340       348,367  

Hudson Pacific Properties LP, 4.65%, 04/01/29 (Call 01/01/29)(a)

    250       285,222  

Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29)(a)

    197       221,243  

Life Storage LP, 4.00%, 06/15/29 (Call 03/15/29)

    226       251,050  

Mid-America Apartments LP, 3.95%, 03/15/29 (Call 12/15/28)

    315       354,441  

Omega Healthcare Investors Inc., 3.63%, 10/01/29 (Call 07/01/29)

    313       326,960  

Prologis LP, 4.38%, 02/01/29 (Call 11/01/28)

    215       249,254  

Public Storage, 3.39%, 05/01/29 (Call 02/01/29)

    349       381,576  

Realty Income Corp., 3.25%, 06/15/29 (Call 03/15/29)

    267       290,357  

Regency Centers LP, 2.95%, 09/15/29 (Call 06/15/29)

    244       254,707  

Sabra Health Care LP, 3.90%, 10/15/29 (Call 07/15/29)

    240       250,968  

Simon Property Group LP, 2.45%, 09/13/29 (Call 06/13/29)

    631       640,793  

Spirit Realty LP, 4.00%, 07/15/29 (Call 04/15/29)

    225       247,576  

STORE Capital Corp., 4.63%, 03/15/29 (Call 12/15/28)

    240       270,749  

UDR Inc., 4.40%, 01/26/29 (Call 10/26/28)

    225       256,187  

Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)

    359       408,420  

VEREIT Operating Partnership LP, 3.10%, 12/15/29 (Call 09/15/29)

    305       324,117  

Welltower Inc.

   

2.05%, 01/15/29 (Call 11/15/28)

    90       88,648  

4.13%, 03/15/29 (Call 09/15/28)

    374       419,740  

Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)

    348       390,153  

WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29)

    204       224,837  
   

 

 

 
      15,509,651  
Retail — 3.2%            

AutoZone Inc., 3.75%, 04/18/29 (Call 01/18/29)

    246       271,459  

Home Depot Inc. (The), 2.95%, 06/15/29 (Call 03/15/29)

    850       911,361  

Lowe’s Companies Inc.

   

3.65%, 04/05/29 (Call 01/05/29)

    748       825,523  

6.50%, 03/15/29

    145       185,581  

McDonald’s Corp., 2.63%, 09/01/29 (Call 06/01/29)

    580       601,704  

O’Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)

    371       413,197  

Starbucks Corp., 3.55%, 08/15/29 (Call 05/15/29)

    507       558,111  

Target Corp., 3.38%, 04/15/29 (Call 01/15/29)

    614       677,064  
Security  

Par

(000)

    Value  
Retail (continued)            

Walmart Inc.

   

2.38%, 09/24/29 (Call 06/24/29)

  $ 40     $ 41,817  

3.25%, 07/08/29 (Call 04/08/29)

    15       16,601  
   

 

 

 
      4,502,418  
Semiconductors — 3.9%            

Broadcom Inc., 4.75%, 04/15/29 (Call 01/15/29)

      1,222       1,392,787  

Intel Corp., 2.45%, 11/15/29 (Call 08/15/29)

    930       959,797  

KLA Corp., 4.10%, 03/15/29 (Call 12/15/28)

    450       510,903  

Lam Research Corp., 4.00%, 03/15/29 (Call 12/15/28)

    721       820,440  

Micron Technology Inc., 5.33%, 02/06/29 (Call 11/06/28)

    468       552,568  

NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 06/18/29 (Call 03/18/29)(b)

    627       706,673  

Texas Instruments Inc., 2.25%, 09/04/29 (Call 06/04/29)

    557       572,618  
   

 

 

 
      5,515,786  
Software — 1.8%            

Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)

    477       495,150  

Fidelity National Information Services Inc., 3.75%, 05/21/29 (Call 02/21/29)

    210       231,666  

Fiserv Inc., 3.50%, 07/01/29 (Call 04/01/29)(a)

    1,270       1,370,457  

Roper Technologies Inc., 2.95%, 09/15/29 (Call 06/15/29)

    490       514,740  
   

 

 

 
      2,612,013  
Telecommunications — 4.1%            

America Movil SAB de CV, 3.63%, 04/22/29 (Call 01/22/29)

    400       433,920  

AT&T Inc., 4.35%, 03/01/29 (Call 12/01/28)

    1,404       1,593,989  

Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)

    342       372,383  

Motorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29)

    482       554,927  

Verizon Communications Inc.

   

3.88%, 02/08/29 (Call 11/08/28)

    689       767,705  

4.02%, 12/03/29 (Call 09/03/29)(a)(b)

    50       56,114  

4.02%, 12/03/29 (Call 09/03/29)

    1,783       2,001,007  
   

 

 

 
      5,780,045  
Toys, Games & Hobbies — 0.4%            

Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)

    560       614,774  
   

 

 

 
Transportation — 2.5%            

CSX Corp., 4.25%, 03/15/29 (Call 12/15/28)

    606       693,700  

FedEx Corp., 3.10%, 08/05/29 (Call 05/05/29)

    604       642,831  

Kansas City Southern, 2.88%, 11/15/29 (Call 08/15/29)

    351       367,027  

Norfolk Southern Corp., 2.55%, 11/01/29 (Call 08/01/29)

    271       280,141  

Union Pacific Corp.

   

3.70%, 03/01/29 (Call 12/01/28)(a)

    701       779,750  

6.63%, 02/01/29(a)

    80       103,667  

United Parcel Service Inc.

   

2.50%, 09/01/29 (Call 06/01/29)

    300       313,494  

3.40%, 03/15/29 (Call 12/15/28)

    274       302,049  
   

 

 

 
      3,482,659  
Trucking & Leasing — 0.2%            

GATX Corp., 4.70%, 04/01/29 (Call 01/01/29)

    252       290,480  
   

 

 

 
Water — 0.4%            

American Water Capital Corp., 3.45%, 06/01/29 (Call 03/01/29)(a)

    337       368,442  

Essential Utilities Inc., 3.57%, 05/01/29 (Call 02/01/29)

    188       205,059  
   

 

 

 
      573,501  
   

 

 

 

Total Corporate Bonds & Notes — 98.8%
(Cost: $138,533,189)

      139,922,343  
   

 

 

 

 

 

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

  85


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Shares

(000)

    Value  

Short-Term Investments

   
Money Market Funds — 8.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    11,164     $ 11,169,250  

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

    593       593,000  
   

 

 

 
      11,762,250  
   

 

 

 

Total Short-Term Investments — 8.3%
(Cost: $11,760,659)

      11,762,250  
   

 

 

 

Total Investments in Securities — 107.1%
(Cost: $150,293,848)

      151,684,593  

Other Assets, Less Liabilities — (7.1)%

      (10,003,141
   

 

 

 

Net Assets — 100.0%

    $   141,681,452  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  

Value at

10/31/20

   

Purchases

at Cost

    Proceeds
from Sales
   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/21

   

Shares

Held at

10/31/21

(000)

    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 5,769,201     $ 5,401,613 (a)    $     $ (823   $ (741   $ 11,169,250       11,164     $ 14,816 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    313,000       280,000 (a)                        593,000       593       86        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (823   $ (741   $ 11,762,250       $ 14,902     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 139,922,343        $        $ 139,922,343  

Money Market Funds

     11,762,250                            11,762,250  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   11,762,250        $ 139,922,343        $        $ 151,684,593  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

86  

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


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Corporate Bonds & Notes            
Advertising — 0.6%            

Interpublic Group of Companies Inc. (The), 4.75%, 03/30/30 (Call 12/30/29)

  $ 252     $ 295,803  

Omnicom Group Inc.

   

2.45%, 04/30/30 (Call 01/30/30)

    262       263,326  

4.20%, 06/01/30 (Call 03/01/30)

    267       302,879  
   

 

 

 
      862,008  
Aerospace & Defense — 2.3%            

Boeing Co. (The)

   

2.95%, 02/01/30 (Call 11/01/29)

    270       273,046  

5.15%, 05/01/30 (Call 02/01/30)

      1,390         1,622,185  

General Dynamics Corp., 3.63%, 04/01/30 (Call 01/01/30)(a)

    405       452,778  

Lockheed Martin Corp., 1.85%, 06/15/30 (Call 03/15/30)

    145       143,386  

Northrop Grumman Corp., 4.40%, 05/01/30 (Call 02/01/30)(a)

    337       392,952  

Raytheon Technologies Corp., 2.25%, 07/01/30 (Call 04/01/30)(a)

    345       346,539  
   

 

 

 
      3,230,886  
Agriculture — 1.1%            

Altria Group Inc., 3.40%, 05/06/30 (Call 02/06/30)

    305       318,847  

Archer-Daniels-Midland Co., 3.25%, 03/27/30 (Call 12/27/29)

    179       195,303  

BAT Capital Corp., 4.91%, 04/02/30 (Call 01/02/30)

    415       470,465  

Philip Morris International Inc.

   

1.75%, 11/01/30 (Call 08/01/30)

    244       233,564  

2.10%, 05/01/30 (Call 02/01/30)

    277       273,635  
   

 

 

 
      1,491,814  
Airlines — 0.2%            

Southwest Airlines Co., 2.63%, 02/10/30 (Call 11/10/29)

    202       204,216  

United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 09/01/31

    4       4,521  
   

 

 

 
      208,737  
Apparel — 0.8%            

NIKE Inc., 2.85%, 03/27/30 (Call 12/27/29)

    573       613,695  

Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)

    270       282,660  

VF Corp., 2.95%, 04/23/30 (Call 01/23/30)

    210       219,347  
   

 

 

 
      1,115,702  
Auto Manufacturers — 1.0%            

Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)

    275       261,767  

General Motors Financial Co. Inc., 3.60%, 06/21/30 (Call 03/21/30)

    410       435,875  

Toyota Motor Credit Corp.

   

2.15%, 02/13/30

    289       291,520  

3.38%, 04/01/30

    330       364,356  
   

 

 

 
      1,353,518  
Auto Parts & Equipment — 0.2%            

Lear Corp., 3.50%, 05/30/30 (Call 02/28/30)

    155       165,111  

Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)(a)

    161       163,479  
   

 

 

 
      328,590  
Banks — 7.1%            

Banco Santander SA

   

2.75%, 12/03/30

    505       497,051  

3.49%, 05/28/30

    340       361,811  

BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)

    175       201,037  

Citizens Financial Group Inc.

   

2.50%, 02/06/30 (Call 11/06/29)

    162       163,840  

3.25%, 04/30/30 (Call 01/30/30)

    340       362,260  

Discover Bank, 2.70%, 02/06/30 (Call 11/06/29)

    255       261,434  

First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)

    167       202,474  
Security  

Par

(000)

    Value  
Banks (continued)            

Goldman Sachs Group Inc. (The)

   

2.60%, 02/07/30 (Call 11/07/29)

  $   661     $ 671,708  

3.80%, 03/15/30 (Call 12/15/29)

    824       908,625  

HSBC Holdings PLC, 4.95%, 03/31/30

    910         1,070,761  

Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29)(a)

    400       410,192  

JPMorgan Chase & Co., 8.75%, 09/01/30

    40       59,773  

Mitsubishi UFJ Financial Group Inc.

   

2.05%, 07/17/30

    230       223,926  

2.56%, 02/25/30

    467       472,702  

Northern Trust Corp., 1.95%, 05/01/30 (Call 02/01/30)

    345       343,730  

PNC Financial Services Group Inc. (The), 2.55%, 01/22/30 (Call 10/24/29)

    675       696,674  

State Street Corp., 2.40%, 01/24/30

    274       281,710  

Sumitomo Mitsui Financial Group Inc.

   

2.13%, 07/08/30

    385       377,412  

2.14%, 09/23/30

    265       254,572  

2.75%, 01/15/30

    372       381,356  

SVB Financial Group, 3.13%, 06/05/30 (Call 03/05/30)

    195       206,948  

Truist Bank, 2.25%, 03/11/30 (Call 12/11/29)

    527       526,310  

Truist Financial Corp., 1.95%, 06/05/30
(Call 03/05/30)(a)

    221       219,225  

U.S. Bancorp., 1.38%, 07/22/30 (Call 04/22/30)

    500       472,585  

Westpac Banking Corp., 2.65%, 01/16/30

    216       227,599  
   

 

 

 
      9,855,715  
Beverages — 2.2%            

Anheuser-Busch InBev Worldwide Inc., 3.50%, 06/01/30 (Call 03/01/30)(a)

    640       700,845  

Coca-Cola Co. (The)

   

1.65%, 06/01/30

    497       482,234  

3.45%, 03/25/30

    202       224,533  

Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 (Call 10/22/29)

    157       162,603  

Constellation Brands Inc., 2.88%, 05/01/30 (Call 02/01/30)

    242       250,192  

Diageo Capital PLC, 2.00%, 04/29/30 (Call 01/29/30)

    162       160,803  

Keurig Dr Pepper Inc., 3.20%, 05/01/30 (Call 02/01/30)

    418       443,770  

PepsiCo Inc.

   

1.63%, 05/01/30 (Call 02/01/30)

    235       229,120  

2.75%, 03/19/30 (Call 12/19/29)

    452       478,926  
   

 

 

 
      3,133,026  
Biotechnology — 1.5%            

Amgen Inc., 2.45%, 02/21/30 (Call 11/21/29)(a)

    420       426,615  

Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)

    500       492,190  

Gilead Sciences Inc., 1.65%, 10/01/30
(Call 07/01/30)(a)

    380       363,326  

Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)

    490       462,785  

Royalty Pharma PLC, 2.20%, 09/02/30 (Call 06/02/30)

    308       298,415  
   

 

 

 
      2,043,331  
Building Materials — 1.2%            

Carrier Global Corp., 2.72%, 02/15/30 (Call 11/15/29)

    632       648,451  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30 (Call 06/15/30)

    30       28,770  

Martin Marietta Materials Inc., Series CB, 2.50%, 03/15/30 (Call 12/15/29)

    100       101,516  

Masco Corp., 2.00%, 10/01/30 (Call 07/01/30)

    231       221,919  

Owens Corning, 3.88%, 06/01/30 (Call 03/01/30)

    150       164,559  

Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)

    415       452,196  
   

 

 

 
      1,617,411  
Chemicals — 1.7%            

Air Products and Chemicals Inc., 2.05%, 05/15/30 (Call 02/15/30)

    298       300,408  

 

 

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

  87


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

Dow Chemical Co. (The), 2.10%, 11/15/30 (Call 08/15/30)(a)

  $   350     $ 344,162  

Ecolab Inc., 4.80%, 03/24/30 (Call 12/24/29)

    284       342,044  

EI du Pont de Nemours and Co., 2.30%, 07/15/30 (Call 04/15/30)

    110       111,205  

Linde Inc./CT, 1.10%, 08/10/30 (Call 05/10/30)

    202       186,987  

LYB International Finance III LLC

   

2.25%, 10/01/30 (Call 07/01/30)(a)

    230       228,797  

3.38%, 05/01/30 (Call 02/01/30)

    180       194,000  

Nutrien Ltd., 2.95%, 05/13/30 (Call 02/13/30)

    175       183,928  

PPG Industries Inc., 2.55%, 06/15/30
(Call 03/15/30)(a)

    110       112,598  

Sherwin-Williams Co. (The), 2.30%, 05/15/30 (Call 02/15/30) .

    237       238,330  

Westlake Chemical Corp., 3.38%, 06/15/30 (Call 03/15/30)

    132       141,116  
   

 

 

 
        2,383,575  
Commercial Services — 1.8%            

Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30)

    232       218,869  

Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)

    330       351,697  

Emory University, Series 2020, 2.14%, 09/01/30 (Call 06/01/30)

    13       13,080  

Equifax Inc., 3.10%, 05/15/30 (Call 02/15/30)

    215       226,277  

Global Payments Inc., 2.90%, 05/15/30 (Call 02/15/30)(a)

    440       448,919  

PayPal Holdings Inc., 2.30%, 06/01/30 (Call 03/01/30)

    270       274,201  

Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)

    260       268,481  

RELX Capital Inc., 3.00%, 05/22/30 (Call 02/22/30)

    334       352,383  

S&P Global Inc., 1.25%, 08/15/30 (Call 05/15/30)

    262       245,615  

Yale University, Series 2020, 1.48%, 04/15/30 (Call 01/15/30) .

    173       169,858  
   

 

 

 
      2,569,380  
Computers — 2.1%            

Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)

    230       229,402  

Apple Inc.

   

1.25%, 08/20/30 (Call 05/20/30)

    348       327,917  

1.65%, 05/11/30 (Call 02/11/30)

    412       401,267  

Dell International LLC/EMC Corp., 6.20%, 07/15/30 (Call 04/15/30)

    330       420,885  

HP Inc., 3.40%, 06/17/30 (Call 03/17/30)

    375       395,854  

International Business Machines Corp., 1.95%, 05/15/30 (Call 02/15/30)

    522       510,720  

Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30)

    260       291,863  

NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30)

    235       238,922  

Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)

    155       155,719  
   

 

 

 
      2,972,549  
Cosmetics & Personal Care — 0.8%            

Estee Lauder Companies Inc. (The), 2.60%, 04/15/30 (Call 01/15/30)

    180       187,899  

Procter & Gamble Co. (The)

   

1.20%, 10/29/30

    212       200,393  

3.00%, 03/25/30

    564       613,282  

Unilever Capital Corp., 1.38%, 09/14/30 (Call 06/14/30)(a)

    85       81,057  
   

 

 

 
      1,082,631  
Diversified Financial Services — 4.1%            

Affiliated Managers Group Inc., 3.30%, 06/15/30 (Call 03/15/30)

    260       276,897  

Air Lease Corp.

   

3.00%, 02/01/30 (Call 11/01/29)

    260       263,437  

3.13%, 12/01/30 (Call 09/01/30)

    295       301,257  

Brookfield Finance Inc., 4.35%, 04/15/30 (Call 01/15/30)

    430       490,647  

Cboe Global Markets Inc., 1.63%, 12/15/30 (Call 09/15/30)

    118       112,652  

Charles Schwab Corp. (The), 4.63%, 03/22/30 (Call 12/22/29)

    172       204,947  

Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30)

    184       173,873  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

GE Capital Funding LLC, 4.40%, 05/15/30 (Call 02/15/30)

  $   615     $ 719,366  

Intercontinental Exchange Inc., 2.10%, 06/15/30 (Call 03/15/30)

    500       493,295  

Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30

    377       419,816  

Mastercard Inc., 3.35%, 03/26/30 (Call 12/26/29)

    550       608,113  

Nomura Holdings Inc.

   

2.68%, 07/16/30(a)

    400       400,512  

3.10%, 01/16/30

    205       211,607  

Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30)

    276       324,355  

Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)

    150       165,660  

Visa Inc., 2.05%, 04/15/30 (Call 01/15/30)

    488       494,622  
   

 

 

 
        5,661,056  
Electric — 7.0%            

AEP Texas Inc., Series I, 2.10%, 07/01/30 (Call 04/01/30)

    257       250,035  

Alabama Power Co., Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)

    186       175,491  

Ameren Illinois Co., 1.55%, 11/15/30 (Call 08/15/30)

    111       105,436  

American Electric Power Co. Inc., 2.30%, 03/01/30 (Call 12/01/29)

    159       157,243  

Berkshire Hathaway Energy Co., 3.70%, 07/15/30 (Call 04/15/30)

    341       381,183  

Black Hills Corp., 2.50%, 06/15/30 (Call 03/15/30)

    128       128,928  

CenterPoint Energy Inc., 2.95%, 03/01/30 (Call 12/01/29)

    130       135,277  

Commonwealth Edison Co., 2.20%, 03/01/30 (Call 12/01/29)

    125       126,315  

Consolidated Edison Co. of New York Inc., Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    367       399,050  

Dominion Energy Inc., Series C, 3.38%, 04/01/30 (Call 01/01/30)

    594       638,740  

DTE Electric Co., 2.25%, 03/01/30 (Call 12/01/29)

    195       197,077  

DTE Energy Co., 2.95%, 03/01/30 (Call 12/01/29)

    20       20,860  

Duke Energy Carolinas LLC, 2.45%, 02/01/30 (Call 11/01/29) .

    217       221,971  

Duke Energy Corp., 2.45%, 06/01/30 (Call 03/01/30)

    397       398,239  

Duke Energy Florida LLC, 1.75%, 06/15/30 (Call 03/15/30)

    127       122,817  

Duke Energy Ohio Inc., 2.13%, 06/01/30 (Call 03/01/30)

    140       138,753  

Entergy Corp., 2.80%, 06/15/30 (Call 03/15/30)

    335       342,826  

Entergy Louisiana LLC, 1.60%, 12/15/30 (Call 09/15/30)

    78       74,088  

Evergy Metro Inc., Series 2020, 2.25%, 06/01/30 (Call 03/01/30)

    142       142,518  

Eversource Energy, Series R, 1.65%, 08/15/30 (Call 05/15/30)

    295       278,374  

Exelon Corp., 4.05%, 04/15/30 (Call 01/15/30)

    430       483,849  

Interstate Power & Light Co., 2.30%, 06/01/30 (Call 03/01/30).

    102       102,309  

IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)

    140       155,480  

National Rural Utilities Cooperative Finance Corp., 2.40%, 03/15/30 (Call 12/15/29)

    105       106,715  

Nevada Power Co., Series DD, 2.40%, 05/01/30 (Call 02/01/30)

    128       129,898  

NextEra Energy Capital Holdings Inc., 2.25%, 06/01/30 (Call 03/01/30)(a)

    615       614,711  

NSTAR Electric Co., 3.95%, 04/01/30 (Call 01/01/30)

    27       30,752  

Ohio Power Co., Series P, 2.60%, 04/01/30 (Call 01/01/30)

    112       115,755  

Oklahoma Gas & Electric Co.

   

3.25%, 04/01/30 (Call 10/01/29)

    170       182,198  

3.30%, 03/15/30 (Call 09/15/29)

    101       108,422  

Oncor Electric Delivery Co. LLC, 2.75%, 05/15/30 (Call 02/15/30)(a)

    110       115,927  

Pacific Gas and Electric Co., 4.55%, 07/01/30 (Call 01/01/30) .

    918       999,977  

PacifiCorp., 2.70%, 09/15/30 (Call 06/15/30)(a)

    117       121,583  

PPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30)

    24       27,342  

 

 

88  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Public Service Electric & Gas Co., 2.45%, 01/15/30 (Call 10/15/29)

  $ 90     $ 92,928  

Public Service Enterprise Group Inc., 1.60%, 08/15/30 (Call 05/15/30)

      232         217,263  

Puget Energy Inc., 4.10%, 06/15/30 (Call 03/15/30)

    210       230,660  

San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    377       360,619  

Southern California Edison Co., 2.25%, 06/01/30 (Call 03/01/30)

    190       187,226  

Southern Co. (The), Series A, 3.70%, 04/30/30 (Call 01/30/30)

    415       451,001  

Tucson Electric Power Co., 1.50%, 08/01/30 (Call 05/01/30)

    200       188,274  

Union Electric Co., 2.95%, 03/15/30 (Call 12/15/29)

    67       71,182  

WEC Energy Group Inc., 1.80%, 10/15/30 (Call 07/15/30)

    97       92,579  

Xcel Energy Inc., 3.40%, 06/01/30 (Call 12/01/29)

    189       205,080  
   

 

 

 
      9,826,951  
Electrical Components & Equipment — 0.3%            

Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)

    200       194,496  

Emerson Electric Co., 1.95%, 10/15/30 (Call 07/15/30)

    170       168,159  
   

 

 

 
      362,655  
Electronics — 0.9%            

Agilent Technologies Inc., 2.10%, 06/04/30 (Call 03/04/30)

    220       216,390  

Amphenol Corp., 2.80%, 02/15/30 (Call 11/15/29)

    250       259,178  

Flex Ltd., 4.88%, 05/12/30 (Call 02/12/30)

    200       228,992  

Honeywell International Inc., 1.95%, 06/01/30 (Call 03/01/30)(a)

    350       349,296  

Jabil Inc., 3.60%, 01/15/30 (Call 10/15/29)

    180       195,496  
   

 

 

 
      1,249,352  
Environmental Control — 0.2%            

Republic Services Inc., 2.30%, 03/01/30 (Call 12/01/29)

    212       214,232  

Waste Connections Inc., 2.60%, 02/01/30 (Call 11/01/29)(a)

    121       124,357  
   

 

 

 
      338,589  
Food — 2.5%            

Campbell Soup Co., 2.38%, 04/24/30 (Call 01/24/30)

    205       204,947  

Conagra Brands Inc., 8.25%, 09/15/30

    160       231,921  

General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30)(a)

    405       424,331  

Hershey Co. (The), 1.70%, 06/01/30 (Call 03/01/30)

    125       122,865  

Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)

    268       262,605  

Ingredion Inc., 2.90%, 06/01/30 (Call 03/01/30)(a)

    183       190,133  

JM Smucker Co. (The), 2.38%, 03/15/30 (Call 12/15/29)

    325       327,918  

Kellogg Co., 2.10%, 06/01/30 (Call 03/01/30)

    207       203,924  

Kroger Co. (The), 2.20%, 05/01/30 (Call 02/01/30)

    196       195,573  

McCormick & Co. Inc./MD, 2.50%, 04/15/30 (Call 01/15/30)

    180       183,046  

Mondelez International Inc., 2.75%, 04/13/30 (Call 01/13/30)

    424       441,431  

Sysco Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    245       247,778  

5.95%, 04/01/30 (Call 01/01/30)(a)

    395       500,410  
   

 

 

 
      3,536,882  
Forest Products & Paper — 0.1%            

Suzano Austria GmbH, 5.00%, 01/15/30 (Call 10/15/29)

    125       134,637  
   

 

 

 
Gas — 0.8%            

CenterPoint Energy Resources Corp., 1.75%, 10/01/30 (Call 07/01/30)

    172       164,444  

NiSource Inc., 3.60%, 05/01/30 (Call 02/01/30)

    437       476,601  

ONE Gas Inc., 2.00%, 05/15/30 (Call 02/15/30)

    62       60,667  

Southern California Gas Co., Series XX, 2.55%, 02/01/30 (Call 11/01/29)

    216       221,402  

Southwest Gas Corp., 2.20%, 06/15/30 (Call 03/15/30)

    152       149,214  
   

 

 

 
      1,072,328  
Security  

Par

(000)

    Value  
Hand & Machine Tools — 0.2%            

Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29) .

  $   290     $ 296,487  
   

 

 

 
Health Care - Products — 2.0%            

Abbott Laboratories, 1.40%, 06/30/30 (Call 03/30/30)(a)

    250       239,945  

Baxter International Inc., 3.95%, 04/01/30 (Call 01/01/30)

    117       132,125  

Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)

    446       456,436  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)

    350       370,678  

Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)

    350       340,015  

Stryker Corp., 1.95%, 06/15/30 (Call 03/15/30)

    312       306,786  

Thermo Fisher Scientific Inc., 4.50%, 03/25/30 (Call 12/25/29)

    549       646,228  

Zimmer Biomet Holdings Inc., 3.55%, 03/20/30 (Call 12/20/29)

    340       369,376  
   

 

 

 
        2,861,589  
Health Care - Services — 1.8%            

Advocate Health & Hospitals Corp., Series 2020, 2.21%, 06/15/30 (Call 03/15/30)

    85       85,726  

Anthem Inc., 2.25%, 05/15/30 (Call 02/15/30)

    504       501,823  

Banner Health, 2.34%, 01/01/30 (Call 10/01/29)

    110       111,875  

Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30 (Call 05/15/30)

    83       80,922  

Bon Secours Mercy Health Inc., 3.46%, 06/01/30 (Call 12/01/29)

    70       76,192  

CommonSpirit Health, 2.78%, 10/01/30 (Call 04/01/30)

    167       171,230  

Humana Inc., 4.88%, 04/01/30 (Call 01/01/30)(a)

    156       184,653  

Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)

    255       267,378  

Stanford Health Care, Series 2020, 3.31%, 08/15/30 (Call 05/15/30)

    122       132,207  

Sutter Health, Series 20A, 2.29%, 08/15/30 (Call 02/15/30)

    180       180,950  

UnitedHealth Group Inc., 2.00%, 05/15/30

    502       500,685  

Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)(b)

    280       278,107  
   

 

 

 
      2,571,748  
Home Builders — 0.2%            

MDC Holdings Inc., 3.85%, 01/15/30 (Call 07/15/29)

    95       101,126  

NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)

    165       171,798  
   

 

 

 
      272,924  
Household Products & Wares — 0.6%            

Avery Dennison Corp., 2.65%, 04/30/30 (Call 02/01/30)

    225       228,960  

Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30)(a)

    315       306,186  

Kimberly-Clark Corp., 3.10%, 03/26/30
(Call 12/26/29)(a)

    337       366,255  
   

 

 

 
      901,401  
Insurance — 5.2%            

Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)

    412       457,798  

Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30)

    75       81,943  

Allstate Corp. (The), 1.45%, 12/15/30 (Call 09/15/30)

    329       312,662  

American Financial Group Inc./OH, 5.25%, 04/02/30 (Call 01/02/30)

    65       78,341  

American International Group Inc., 3.40%, 06/30/30 (Call 03/30/30)

    590       638,946  

Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)

    490       507,958  

Assurant Inc., 3.70%, 02/22/30 (Call 11/22/29)

    160       171,520  

Athene Holding Ltd., 6.15%, 04/03/30 (Call 01/03/30)

    180       224,336  

AXA SA, 8.60%, 12/15/30

    220       324,564  

Berkshire Hathaway Finance Corp.

   

1.45%, 10/15/30 (Call 07/15/30)

    165       157,733  

1.85%, 03/12/30 (Call 12/12/29)

    267       264,106  

Brighthouse Financial Inc., 5.63%, 05/15/30 (Call 02/15/30)

    305       366,073  

Chubb INA Holdings Inc., 1.38%, 09/15/30 (Call 06/15/30)

    275       258,404  

CNA Financial Corp., 2.05%, 08/15/30 (Call 05/15/30)

    150       146,214  

 

 

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

  89


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Fairfax Financial Holdings Ltd., 4.63%, 04/29/30 (Call 01/29/30)

  $   195     $ 218,657  

Fidelity National Financial Inc., 3.40%, 06/15/30 (Call 03/15/30)

    350       373,167  

First American Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)

    155       170,207  

Globe Life Inc., 2.15%, 08/15/30 (Call 05/15/30)

    112       110,252  

Hanover Insurance Group Inc. (The), 2.50%, 09/01/30 (Call 06/01/30)

    107       106,883  

Kemper Corp., 2.40%, 09/30/30 (Call 06/30/30)

    190       187,253  

Lincoln National Corp., 3.05%, 01/15/30 (Call 10/15/29)

    129       136,059  

Loews Corp., 3.20%, 05/15/30 (Call 02/15/30)

    226       241,684  

Marsh & McLennan Companies Inc., 2.25%, 11/15/30 (Call 08/15/30)

    331       330,821  

MetLife Inc., 4.55%, 03/23/30 (Call 12/23/29)

    374       441,627  

Principal Financial Group Inc., 2.13%, 06/15/30 (Call 03/15/30)

    374       367,825  

Progressive Corp. (The), 3.20%, 03/26/30 (Call 12/26/29)

    95       103,150  

Prudential Financial Inc., 2.10%, 03/10/30 (Call 12/10/29)

    97       97,654  

Prudential PLC, 3.13%, 04/14/30

    225       240,809  

Reinsurance Group of America Inc., 3.15%, 06/15/30 (Call 03/15/30)

    175       184,639  
   

 

 

 
        7,301,285  
Internet — 2.1%            

Alphabet Inc., 1.10%, 08/15/30 (Call 05/15/30)(a)

    407       382,189  

Amazon.com Inc., 1.50%, 06/03/30 (Call 03/03/30)

    520       503,012  

Baidu Inc., 3.43%, 04/07/30 (Call 01/07/30)

    130       136,048  

Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)

    568       669,649  

eBay Inc., 2.70%, 03/11/30 (Call 12/11/29)

    357       366,610  

Expedia Group Inc., 3.25%, 02/15/30 (Call 11/15/29)

    402       413,831  

JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29)(a)

    120       124,801  

Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30)

    185       173,351  

Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)

    150       148,542  
   

 

 

 
      2,918,033  
Iron & Steel — 0.8%            

Nucor Corp., 2.70%, 06/01/30 (Call 03/01/30)

    132       136,187  

Reliance Steel & Aluminum Co., 2.15%, 08/15/30 (Call 05/15/30)

    180       175,282  

Steel Dynamics Inc., 3.45%, 04/15/30 (Call 01/15/30)

    279       299,733  

Vale Overseas Ltd., 3.75%, 07/08/30 (Call 04/08/30)

    525       536,240  
   

 

 

 
      1,147,442  
Lodging — 0.6%            

Hyatt Hotels Corp., 5.75%, 04/23/30 (Call 01/23/30)

    197       236,664  

Marriott International Inc./MD, Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    455       518,209  

Sands China Ltd., 4.38%, 06/18/30 (Call 03/18/30)

    30       30,737  
   

 

 

 
      785,610  
Machinery — 1.3%            

Caterpillar Inc., 2.60%, 04/09/30 (Call 01/09/30)(a)

    291       304,997  

Deere & Co., 3.10%, 04/15/30 (Call 01/15/30)

    213       230,585  

Flowserve Corp., 3.50%, 10/01/30 (Call 07/01/30)

    195       204,013  

IDEX Corp., 3.00%, 05/01/30 (Call 02/01/30)

    180       188,626  

John Deere Capital Corp., 2.45%, 01/09/30

    37       38,292  

Oshkosh Corp., 3.10%, 03/01/30 (Call 12/01/29)

    225       234,621  

Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)

    576       586,506  
   

 

 

 
      1,787,640  
Manufacturing — 0.9%            

3M Co., 3.05%, 04/15/30 (Call 01/15/30)(a)

    272       293,039  

Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)

    300       307,596  
Security  

Par

(000)

    Value  
Manufacturing (continued)            

General Electric Co., 3.63%, 05/01/30 (Call 02/01/30)

  $   515     $ 576,656  

Textron Inc., 3.00%, 06/01/30 (Call 03/01/30)

    100       104,284  
   

 

 

 
      1,281,575  
Media — 2.6%            

Comcast Corp.

   

2.65%, 02/01/30 (Call 11/01/29)

    506       523,847  

3.40%, 04/01/30 (Call 01/01/30)

    519       565,751  

4.25%, 10/15/30 (Call 07/15/30)

    464       535,651  

Discovery Communications LLC, 3.63%, 05/15/30 (Call 02/15/30)

    445       478,731  

Fox Corp., 3.50%, 04/08/30 (Call 01/08/30)(a)

    405       439,275  

ViacomCBS Inc., 7.88%, 07/30/30

    350       491,043  

Walt Disney Co. (The), 3.80%, 03/22/30

    508       571,668  
   

 

 

 
        3,605,966  
Mining — 0.6%            

AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30)

    250       252,653  

Newmont Corp., 2.25%, 10/01/30 (Call 07/01/30)

    537       528,746  

Teck Resources Ltd., 3.90%, 07/15/30 (Call 04/15/30)

    60       65,071  
   

 

 

 
      846,470  
Oil & Gas — 3.9%            

BP Capital Markets America Inc.

   

1.75%, 08/10/30 (Call 05/10/30)(a)

    315       304,794  

3.63%, 04/06/30 (Call 01/06/30)

    497       550,477  

Canadian Natural Resources Ltd., 2.95%, 07/15/30 (Call 04/15/30)

    260       267,592  

Chevron Corp., 2.24%, 05/11/30 (Call 02/11/30)

    546       557,924  

Devon Energy Corp., 4.50%, 01/15/30
(Call 01/15/25)(b)

    187       203,282  

EOG Resources Inc., 4.38%, 04/15/30
(Call 01/15/30)(a)

    425       495,359  

Exxon Mobil Corp.

   

2.61%, 10/15/30 (Call 07/15/30)(a)

    614       639,119  

3.48%, 03/19/30 (Call 12/19/29)

    415       458,940  

HollyFrontier Corp., 4.50%, 10/01/30 (Call 07/01/30)

    207       225,682  

Phillips 66, 2.15%, 12/15/30 (Call 09/15/30)(a)

    315       304,599  

Pioneer Natural Resources Co., 1.90%, 08/15/30 (Call 05/15/30)

    295       280,642  

Shell International Finance BV, 2.75%, 04/06/30 (Call 01/06/30)(a)

    550       579,931  

Tosco Corp., 8.13%, 02/15/30

    30       42,534  

TotalEnergies Capital International SA, 2.83%, 01/10/30 (Call 10/10/29)

    440       467,236  
   

 

 

 
      5,378,111  
Oil & Gas Services — 0.8%            

Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 4.49%, 05/01/30 (Call 02/01/30)

    240       277,627  

Halliburton Co., 2.92%, 03/01/30 (Call 12/01/29)(a)

    439       453,627  

Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)(a)

    366       375,465  
   

 

 

 
      1,106,719  
Packaging & Containers — 0.3%            

Amcor Flexibles North America Inc., 2.63%, 06/19/30 (Call 03/19/30)

    160       162,251  

Sonoco Products Co., 3.13%, 05/01/30 (Call 02/01/30)

    190       200,323  

WestRock MWV LLC, 8.20%, 01/15/30

    80       111,088  
   

 

 

 
      473,662  
Pharmaceuticals — 4.7%            

AmerisourceBergen Corp., 2.80%, 05/15/30 (Call 02/15/30)

    125       128,968  

AstraZeneca PLC, 1.38%, 08/06/30 (Call 05/06/30)(a)

    530       501,587  

Becton Dickinson and Co., 2.82%, 05/20/30 (Call 02/20/30)

    430       447,058  

Bristol Myers Squibb Co., 1.45%, 11/13/30 (Call 08/13/30)

    490       467,690  

 

 

90  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Cigna Corp., 2.40%, 03/15/30 (Call 12/15/29)

  $   582     $ 587,669  

CVS Health Corp.

   

1.75%, 08/21/30 (Call 05/21/30)

    445       423,524  

3.75%, 04/01/30 (Call 01/01/30)

    495       545,470  

Johnson & Johnson, 1.30%, 09/01/30
(Call 06/01/30)(a)

    419       401,469  

Merck & Co. Inc., 1.45%, 06/24/30 (Call 03/24/30)

    347       333,297  

Novartis Capital Corp., 2.20%, 08/14/30 (Call 05/14/30)

    455       464,450  

Pfizer Inc.

   

1.70%, 05/28/30 (Call 02/28/30)

    379       371,117  

2.63%, 04/01/30 (Call 01/01/30)

    368       386,135  

Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (Call 12/31/29)

    812       792,869  

Viatris Inc., 2.70%, 06/22/30 (Call 03/22/30)(b)

    373       372,903  

Zoetis Inc., 2.00%, 05/15/30 (Call 02/15/30)

    310       304,417  
   

 

 

 
        6,528,623  
Pipelines — 3.0%            

Energy Transfer LP, 3.75%, 05/15/30 (Call 02/15/30)

    500       533,290  

Enterprise Products Operating LLC, 2.80%, 01/31/30 (Call 10/31/29)

    402       417,887  

Magellan Midstream Partners LP, 3.25%, 06/01/30 (Call 03/01/30)

    212       224,527  

MPLX LP, 2.65%, 08/15/30 (Call 05/15/30)

    553       550,357  

ONEOK Inc., 3.10%, 03/15/30 (Call 12/15/29)

    321       331,166  

Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 09/15/30 (Call 06/15/30)

    290       306,530  

Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 (Call 11/15/29)

    595       677,604  

TransCanada PipeLines Ltd., 4.10%, 04/15/30 (Call 01/15/30)

    455       510,123  

Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30)

    265       280,717  

Williams Companies Inc. (The), 3.50%, 11/15/30 (Call 08/15/30)

    371       398,421  
   

 

 

 
      4,230,622  
Real Estate Investment Trusts — 7.1%            

Agree LP, 2.90%, 10/01/30 (Call 07/01/30)

    180       184,932  

Alexandria Real Estate Equities Inc.

   

4.70%, 07/01/30 (Call 04/01/30)

    105       123,802  

4.90%, 12/15/30 (Call 09/15/30)

    270       326,093  

American Campus Communities Operating Partnership LP, 2.85%, 02/01/30 (Call 11/01/29)

    135       138,734  

American Tower Corp.

   

1.88%, 10/15/30 (Call 07/15/30)

    399       379,585  

2.10%, 06/15/30 (Call 03/15/30)

    233       226,250  

2.90%, 01/15/30 (Call 10/15/29)

    315       325,480  

AvalonBay Communities Inc., 2.30%, 03/01/30 (Call 12/01/29)

    284       287,894  

Boston Properties LP, 2.90%, 03/15/30 (Call 12/15/29)

    283       290,505  

Brixmor Operating Partnership LP, 4.05%, 07/01/30 (Call 04/01/30)

    360       397,469  

Camden Property Trust, 2.80%, 05/15/30 (Call 02/15/30)

    214       224,156  

Crown Castle International Corp., 3.30%, 07/01/30 (Call 04/01/30)

    420       443,944  

CubeSmart LP, 3.00%, 02/15/30 (Call 11/15/29)

    147       153,678  

CyrusOne LP/CyrusOne Finance Corp., 2.15%, 11/01/30 (Call 08/01/30)

    160       152,381  

Duke Realty LP, 1.75%, 07/01/30 (Call 04/01/30)

    199       190,198  

Equinix Inc., 2.15%, 07/15/30 (Call 04/15/30)

    352       342,904  

ERP Operating LP, 2.50%, 02/15/30 (Call 11/15/29)

    238       243,938  

Essex Portfolio LP, 3.00%, 01/15/30 (Call 10/15/29)

    160       167,910  

Federal Realty Investment Trust, 3.50%, 06/01/30 (Call 03/01/30)(a)

    260       280,686  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/30 (Call 10/15/29)

  $   236     $ 250,752  

Healthcare Realty Trust Inc., 2.40%, 03/15/30 (Call 12/15/29)(a)

    77       77,144  

Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)

    256       265,216  

Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)

    386       406,068  

Highwoods Realty LP, 3.05%, 02/15/30 (Call 11/15/29)

    165       171,471  

Host Hotels & Resorts LP, Series I, 3.50%, 09/15/30 (Call 06/15/30)

    105       108,396  

Hudson Pacific Properties LP, 3.25%, 01/15/30 (Call 10/15/29)

    67       69,944  

Kilroy Realty LP, 3.05%, 02/15/30 (Call 11/15/29)

    110       114,695  

Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30)

    123       126,309  

Lexington Realty Trust, 2.70%, 09/15/30 (Call 06/15/30)

    255       255,597  

Life Storage LP, 2.20%, 10/15/30 (Call 07/15/30)

    195       191,654  

Mid-America Apartments LP, 2.75%, 03/15/30 (Call 12/15/29)(a)

    55       56,851  

National Retail Properties Inc., 2.50%, 04/15/30 (Call 01/15/30)

    85       85,914  

Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)

    70       71,645  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)(a)

    310       288,808  

2.25%, 04/15/30 (Call 01/15/30)

    345       348,291  

Regency Centers LP, 3.70%, 06/15/30 (Call 03/15/30)

    120       131,360  

Retail Properties of America Inc., 4.75%, 09/15/30 (Call 06/15/30)

    127       139,582  

Rexford Industrial Realty LP, 2.13%, 12/01/30 (Call 09/01/30) .

    130       124,870  

Simon Property Group LP, 2.65%, 07/15/30 (Call 04/15/30)

    376       384,272  

Spirit Realty LP, 3.40%, 01/15/30 (Call 10/15/29)

    180       189,605  

STORE Capital Corp., 2.75%, 11/18/30 (Call 08/18/30)

    125       125,000  

UDR Inc., 3.20%, 01/15/30 (Call 10/15/29)

    252       268,985  

Ventas Realty LP

   

3.00%, 01/15/30 (Call 10/15/29)

    175       181,657  

4.75%, 11/15/30 (Call 08/15/30)

    90       105,388  

Welltower Inc., 3.10%, 01/15/30 (Call 10/15/29)

    172       181,037  

Weyerhaeuser Co., 4.00%, 04/15/30 (Call 01/15/30)

    275       308,520  
   

 

 

 
        9,909,570  
Retail — 4.6%            

Advance Auto Parts Inc., 3.90%, 04/15/30 (Call 01/15/30)

    209       230,514  

AutoNation Inc., 4.75%, 06/01/30 (Call 03/01/30)

    258       299,801  

AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)

    288       324,138  

Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30)

    245       236,325  

Costco Wholesale Corp., 1.60%, 04/20/30 (Call 01/20/30)

    469       456,623  

Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)

    509       554,479  

Genuine Parts Co., 1.88%, 11/01/30 (Call 08/01/30)

    205       194,484  

Home Depot Inc. (The), 2.70%, 04/15/30
(Call 01/15/30)(a)

    681       718,026  

Lowe’s Companies Inc.

   

1.70%, 10/15/30 (Call 07/15/30)

    340       324,071  

4.50%, 04/15/30 (Call 01/15/30)(a)

    348       405,542  

McDonald’s Corp.

   

2.13%, 03/01/30 (Call 12/01/29)(a)

    254       254,452  

3.60%, 07/01/30 (Call 04/01/30)(a)

    311       344,887  

O’Reilly Automotive Inc., 4.20%, 04/01/30 (Call 01/01/30)

    210       239,047  

Starbucks Corp.

   

2.25%, 03/12/30 (Call 12/12/29)

    296       296,873  

2.55%, 11/15/30 (Call 08/15/30)(a)

    415       423,798  

Target Corp.

   

2.35%, 02/15/30 (Call 11/15/29)(a)

    386       397,580  

2.65%, 09/15/30 (Call 06/15/30)

    137       144,505  

 

 

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

  91


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security       
Par
(000)
    Value  

Retail (continued)

   

TJX Companies Inc. (The), 3.88%, 04/15/30 (Call 01/15/30)

  $ 203     $ 230,074  

Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)

    257       244,471  

Walgreens Boots Alliance Inc., 3.20%, 04/15/30 (Call 01/15/30)

    65       68,985  
   

 

 

 
      6,388,675  
Semiconductors — 3.8%            

Applied Materials Inc., 1.75%, 06/01/30 (Call 03/01/30)

    227       222,113  

Broadcom Inc.
4.15%, 11/15/30 (Call 08/15/30)(a)

    745       819,016  

5.00%, 04/15/30 (Call 01/15/30)

    495       574,195  

Intel Corp., 3.90%, 03/25/30 (Call 12/25/29)(a)

    608       690,147  

Lam Research Corp., 1.90%, 06/15/30 (Call 03/15/30)

    347       343,481  

Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29)

    417       477,106  

NVIDIA Corp., 2.85%, 04/01/30 (Call 01/01/30)

    479       508,746  

NXP BV/NXP Funding LLC/NXP USA Inc., 3.40%, 05/01/30 (Call 02/01/30)(b)

    449       481,557  

QUALCOMM Inc., 2.15%, 05/20/30 (Call 02/20/30)

    492       497,156  

Texas Instruments Inc., 1.75%, 05/04/30 (Call 02/04/30)

    413       406,760  

Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)

    280       282,985  
   

 

 

 
      5,303,262  
Shipbuilding — 0.1%            

Huntington Ingalls Industries Inc., 4.20%, 05/01/30 (Call 02/01/30)

    185       207,940  
   

 

 

 
Software — 3.0%            

Activision Blizzard Inc., 1.35%, 09/15/30 (Call 06/15/30)

    394       363,114  

Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)

    413       423,164  

Autodesk Inc., 2.85%, 01/15/30 (Call 10/15/29)

    202       209,623  

Citrix Systems Inc., 3.30%, 03/01/30
(Call 12/01/29)(a)

    307       311,424  

Fiserv Inc., 2.65%, 06/01/30 (Call 03/01/30)

    455       462,344  

Intuit Inc., 1.65%, 07/15/30 (Call 04/15/30)

    122       118,333  

Oracle Corp.
2.95%, 04/01/30 (Call 01/01/30)

    803       832,510  

3.25%, 05/15/30 (Call 02/15/30)

    295       313,721  

Roper Technologies Inc., 2.00%, 06/30/30 (Call 03/30/30)

    285       276,857  

ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)

    500       466,905  

VMware Inc., 4.70%, 05/15/30 (Call 02/15/30)

    348       406,116  
   

 

 

 
      4,184,111  
Telecommunications — 7.0%            

America Movil SAB de CV, 2.88%, 05/07/30 (Call 02/07/30)

    249       258,415  

AT&T Inc., 4.30%, 02/15/30 (Call 11/15/29)

    1,170       1,328,816  

British Telecommunications PLC, 9.63%, 12/15/30

    870       1,304,695  

Deutsche Telekom International Finance BV, 8.75%, 06/15/30

    1,183       1,733,805  

Juniper Networks Inc., 2.00%, 12/10/30 (Call 09/10/30)

    128       121,288  

Koninklijke KPN NV, 8.38%, 10/01/30

    134       189,138  

Motorola Solutions Inc., 2.30%, 11/15/30 (Call 08/15/30)

    350       341,579  

Telefonica Europe BV, 8.25%, 09/15/30

    315       447,826  

T-Mobile USA Inc., 3.88%, 04/15/30 (Call 01/15/30)

    1,987           2,173,699  

Verizon Communications Inc. 1.50%, 09/18/30 (Call 06/18/30)

    416       389,492  
Security   Par/
Shares
(000)
    Value  

Telecommunications (continued)

   

1.68%, 10/30/30 (Call 07/30/30)

  $ 394     $ 371,562  

3.15%, 03/22/30 (Call 12/22/29)

    611       646,933  

7.75%, 12/01/30

    90       128,281  

Vodafone Group PLC, 7.88%, 02/15/30

    200       281,362  
   

 

 

 
      9,716,891  
Textiles — 0.0%            

Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)

    35       37,795  
   

 

 

 
Transportation — 1.0%            

Canadian Pacific Railway Co., 2.05%, 03/05/30 (Call 12/05/29)

    149       146,472  

CSX Corp., 2.40%, 02/15/30 (Call 11/15/29)

    221       225,451  

FedEx Corp., 4.25%, 05/15/30 (Call 02/15/30)

    327       372,970  

Union Pacific Corp., 2.40%, 02/05/30 (Call 11/05/29)

    234       240,341  

United Parcel Service Inc., 4.45%, 04/01/30 (Call 01/01/30)

    353       418,160  
   

 

 

 
      1,403,394  
Trucking & Leasing — 0.2%            

GATX Corp., 4.00%, 06/30/30 (Call 03/30/30)

    195       217,084  
   

 

 

 
Water — 0.2%            

American Water Capital Corp., 2.80%, 05/01/30 (Call 02/01/30)

    182       190,234  

Essential Utilities Inc., 2.70%, 04/15/30 (Call 01/15/30)

    120       123,409  
   

 

 

 
      313,643  
   

 

 

 

Total Corporate Bonds & Notes — 99.1%
(Cost: $140,135,417)

 

    138,409,595  
   

 

 

 
Short-Term Investments            
Money Market Funds — 9.3%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.05%(c)(d)(e)

    12,827       12,833,695  

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

    180       180,000  
   

 

 

 
      13,013,695  
   

 

 

 

Total Short-Term Investments — 9.3%
(Cost: $13,013,695)

 

    13,013,695  
   

 

 

 

Total Investments in Securities — 108.4%
(Cost: $153,149,112)

 

    151,423,290  

Other Assets, Less Liabilities — (8.4)%

 

    (11,768,155
   

 

 

 

Net Assets — 100.0%

 

  $   139,655,135  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

 

92  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2030 Term Corporate ETF

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer    Value at
10/31/20
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/21
     Shares
Held at
10/31/21
(000)
     Income      Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $      $ 12,834,405 (a)     $      $ (710    $      $ 12,833,695        12,827      $ 12,348 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     160,000        20,000 (a)                            180,000        180        36         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (710    $      $ 13,013,695         $ 12,384      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(a)

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2                    Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 138,409,595        $        $ 138,409,595  

Money Market Funds

     13,013,695                            13,013,695  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     13,013,695        $ 138,409,595        $        $ 151,423,290  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  93


Schedule of Investments

October 31, 2021

  

iShares® iBonds® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Advertising — 0.5%            

Interpublic Group of Companies Inc. (The),
2.40%, 03/01/31 (Call 12/01/30)

  $ 20     $ 20,041  

Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)

    65       65,486  
   

 

 

 
      85,527  
Aerospace & Defense — 2.0%            

Boeing Co. (The), 3.63%, 02/01/31 (Call 11/01/30)

    100       106,492  

General Dynamics Corp., 2.25%, 06/01/31 (Call 03/01/31)

    20       20,309  

L3Harris Technologies Inc., 1.80%, 01/15/31 (Call 10/15/30)

    50       47,928  

Raytheon Technologies Corp., 1.90%, 09/01/31 (Call 06/01/31)

    50       48,326  

Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)

    100       102,023  
   

 

 

 
      325,078  
Agriculture — 0.9%            

BAT Capital Corp., 2.73%, 03/25/31 (Call 12/25/30)

    70       68,240  

Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)(a)

    70       70,543  
   

 

 

 
      138,783  
Airlines — 0.3%            

United Airlines Pass Through Trust, Series 2019, Class AA, 4.15%, 02/25/33

    41       44,923  
   

 

 

 
Auto Manufacturers — 2.3%            

Daimler Finance North America LLC, 8.50%, 01/18/31

    100       150,562  

General Motors Financial Co. Inc.
2.35%, 01/08/31 (Call 10/08/30)

    50       48,498  

2.70%, 06/10/31 (Call 03/10/31)

    75       74,266  

Toyota Motor Corp., 2.36%, 03/25/31 (Call 12/25/30)(a)

    102       105,044  
   

 

 

 
        378,370  
Banks — 4.2%            

Bank of New York Mellon Corp. (The)

   

1.65%, 01/28/31 (Call 10/28/30)

    15       14,579  

1.80%, 07/28/31 (Call 04/28/31)

    30       29,206  

Bank of Nova Scotia (The), 2.15%, 08/01/31

    100       98,674  

Royal Bank of Canada, 2.30%, 11/03/31

    40       39,879  

State Street Corp., 2.20%, 03/03/31(a)

        100       99,247  

Sumitomo Mitsui Financial Group Inc., 2.22%, 09/17/31

    200       195,446  

SVB Financial Group, 1.80%, 02/02/31 (Call 11/02/30)

    100       95,590  

Toronto-Dominion Bank (The), 2.00%, 09/10/31

    50       49,180  

Westpac Banking Corp., 2.15%, 06/03/31

    50       49,857  
   

 

 

 
      671,658  
Beverages — 2.5%            

Anheuser-Busch InBev Worldwide Inc., 4.90%, 01/23/31 (Call 10/23/30)

    52       63,035  

Coca-Cola Co. (The)
1.38%, 03/15/31

    102       96,135  

2.00%, 03/05/31

    2       1,991  

Constellation Brands Inc., 2.25%, 08/01/31 (Call 05/01/31)

    75       73,478  

Keurig Dr Pepper Inc., 2.25%, 03/15/31 (Call 12/15/30)

    75       74,230  

PepsiCo Inc., 1.95%, 10/21/31 (Call 07/21/31)

    100       99,263  
   

 

 

 
          408,132  
Biotechnology — 0.9%            

Amgen Inc., 2.30%, 02/25/31 (Call 11/25/30)

    50       49,761  

Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30)

    50       50,067  

Royalty Pharma PLC, 2.15%, 09/02/31 (Call 06/02/31)

    50       47,597  
   

 

 

 
      147,425  
Building Materials — 1.1%            

Carrier Global Corp., 2.70%, 02/15/31
(Call 11/15/30)(a)

    75       76,462  

Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)

    50       49,421  

Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)

    20       19,969  
Security   Par
(000)
    Value  

Building Materials (continued)

   

Masco Corp., 2.00%, 02/15/31 (Call 11/15/30)

  $ 40     $ 38,440  
   

 

 

 
      184,292  

Chemicals — 0.9%

   

Ecolab Inc., 1.30%, 01/30/31 (Call 10/30/30)(a)

    50       46,817  

Huntsman International LLC, 2.95%, 06/15/31 (Call 03/15/31)

    50       51,027  

NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)

    50       49,613  
   

 

 

 
      147,457  

Commercial Services — 0.6%

   

Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)

    75       73,558  

GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31)(b)

    15       14,878  
   

 

 

 
      88,436  

Computers — 3.3%

   

Apple Inc.
1.65%, 02/08/31 (Call 11/08/30)

    185       179,182  

1.70%, 08/05/31 (Call 05/05/31)

      100       96,942  

CGI Inc., 2.30%, 09/14/31 (Call 06/14/31)(b)

    30       28,952  

Fortinet Inc., 2.20%, 03/15/31 (Call 12/15/30)

    50       49,426  

HP Inc., 2.65%, 06/17/31 (Call 03/17/31)(b)

    65       63,998  

Kyndryl Holdings Inc., 3.15%, 10/15/31 (Call 07/15/31)(b)

    50       48,995  

Leidos Inc., 2.30%, 02/15/31 (Call 11/15/30)

    75       72,245  
   

 

 

 
      539,740  

Cosmetics & Personal Care — 1.3%

   

Estee Lauder Companies Inc. (The), 1.95%, 03/15/31 (Call 12/15/30)

    40       39,687  

Procter & Gamble Co. (The), 1.95%, 04/23/31

    77       77,533  

Unilever Capital Corp., 1.75%, 08/12/31 (Call 05/12/31)

    100       97,458  
   

 

 

 
      214,678  

Diversified Financial Services — 5.4%

   

Ally Financial Inc., 8.00%, 11/01/31

    155       220,380  

Brookfield Finance Inc., 2.72%, 04/15/31 (Call 01/15/31)

    45       45,634  

Charles Schwab Corp. (The)

   

1.65%, 03/11/31 (Call 12/11/30)

    92       88,119  

1.95%, 12/01/31 (Call 09/01/31)

    75       73,579  

2.30%, 05/13/31 (Call 02/13/31)

    50       50,483  

Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31)

    70       68,702  

Mastercard Inc., 1.90%, 03/15/31 (Call 12/15/30)

    62       62,010  

Nasdaq Inc., 1.65%, 01/15/31 (Call 10/15/30)

    75       70,166  

ORIX Corp., 2.25%, 03/09/31

    32       31,956  

Synchrony Financial, 2.88%, 10/28/31 (Call 07/28/31)

    50       49,773  

Visa Inc., 1.10%, 02/15/31 (Call 11/15/30)

    75       69,981  

Western Union Co. (The), 2.75%, 03/15/31 (Call 12/15/30)

    35       34,926  
   

 

 

 
          865,709  

Electric — 9.0%

   

AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)

    65       63,699  

Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)(a)

    5       5,425  

Appalachian Power Co., Series AA, 2.70%, 04/01/31 (Call 01/01/31)

    50       51,045  

Atlantic City Electric Co., 2.30%, 03/15/31 (Call 12/15/30)

    2       2,018  

Baltimore Gas and Electric Co., 2.25%, 06/15/31 (Call 03/15/31)

    75       75,218  

CenterPoint Energy Houston Electric LLC, Series AE, 2.35%, 04/01/31 (Call 01/01/31)

    50       50,833  

Connecticut Light & Power Co. (The), Series A, 2.05%, 07/01/31 (Call 04/01/31)

    20       19,855  

Consolidated Edison Co. of New York Inc., 2.40%, 06/15/31 (Call 03/15/31)

    50       50,370  

Dominion Energy Inc., Series C, 2.25%, 08/15/31 (Call 05/15/31)

    75       74,029  

DTE Electric Co., Series C, 2.63%, 03/01/31 (Call 12/01/30)

    50       51,862  

 

 

94  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Electric (continued)

   

Duke Energy Corp., 2.55%, 06/15/31 (Call 03/15/31)

  $   60     $ 60,269  

Emera U.S. Finance LP, 2.64%, 06/15/31 (Call 03/15/31)(b)

    15       14,961  

Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31)

    95       93,571  

Entergy Louisiana LLC, 3.05%, 06/01/31 (Call 03/01/31)

    20       21,205  

National Rural Utilities Cooperative Finance Corp. 1.35%, 03/15/31 (Call 12/15/30)

    2       1,845  

1.65%, 06/15/31 (Call 03/15/31)

      105       99,041  

Northern States Power Co./MN, 2.25%, 04/01/31 (Call 10/01/30)

    20       20,290  

NSTAR Electric Co., 1.95%, 08/15/31 (Call 05/15/31)

    100       98,188  

Pacific Gas and Electric Co.
2.50%, 02/01/31 (Call 11/01/30)

    55       52,461  

3.25%, 06/01/31 (Call 03/01/31)

    100       100,614  

PacifiCorp., 7.70%, 11/15/31

    70       101,872  

Progress Energy Inc.
7.00%, 10/30/31

    105       143,180  

7.75%, 03/01/31

    15       21,051  

Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30).

    100       97,760  

Southern California Edison Co., Series G,
2.50%, 06/01/31 (Call 03/01/31)

    20       20,016  

Tampa Electric Co., 2.40%, 03/15/31 (Call 12/15/30)

    70       71,108  
   

 

 

 
          1,461,786  
Electronics — 2.6%            

Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)

    100       99,341  

Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)

    50       49,189  

Avnet Inc., 3.00%, 05/15/31 (Call 02/15/31)

    10       9,957  

Honeywell International Inc., 1.75%, 09/01/31 (Call 06/01/31)

    100       97,144  

Hubbell Inc., 2.30%, 03/15/31 (Call 12/15/30)

    20       19,826  

Jabil Inc., 3.00%, 01/15/31 (Call 10/15/30)

    40       40,865  

TD SYNNEX Corp., 2.65%, 08/09/31
(Call 05/09/31)(b)

    35       33,962  

Vontier Corp., 2.95%, 04/01/31 (Call 01/01/31)(b)

    70       69,175  
   

 

 

 
      419,459  
Environmental Control — 0.9%            

Republic Services Inc., 1.45%, 02/15/31 (Call 11/15/30)

    45       42,085  

Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30)

    102       95,681  
   

 

 

 
      137,766  
Food — 1.3%            

Flowers Foods Inc., 2.40%, 03/15/31
(Call 12/15/30)(a)

    55       54,363  

Kellogg Co., Series B, 7.45%, 04/01/31

    55       78,354  

Kroger Co. (The), 7.50%, 04/01/31

    50       70,548  

Mondelez International Inc., 1.50%, 02/04/31 (Call 11/04/30)

    2       1,873  
   

 

 

 
      205,138  
Forest Products & Paper — 0.8%            

Georgia-Pacific LLC, 8.88%, 05/15/31

    55       85,420  

Suzano Austria GmbH, 3.75%, 01/15/31 (Call 10/15/30)

    50       50,012  
   

 

 

 
      135,432  
Gas — 0.9%            

Atmos Energy Corp., 1.50%, 01/15/31 (Call 10/15/30)

    5       4,690  

NiSource Inc., 1.70%, 02/15/31 (Call 11/15/30)

    55       51,771  

Piedmont Natural Gas Co. Inc., 2.50%, 03/15/31 (Call 12/15/30).

    5       5,015  

Southern Co. Gas Capital Corp., Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)

    95       89,699  
   

 

 

 
      151,175  
Hand & Machine Tools — 0.1%            

Kennametal Inc., 2.80%, 03/01/31 (Call 12/01/30)

    15       15,035  
   

 

 

 
Health Care - Products — 0.8%            

Baxter International Inc., 1.73%, 04/01/31 (Call 01/01/31)

    45       42,996  

PerkinElmer Inc., 2.25%, 09/15/31 (Call 06/15/31)

    35       34,214  
Security   Par
(000)
    Value  

Health Care - Products (continued)

   

Thermo Fisher Scientific Inc., 2.00%, 10/15/31 (Call 07/15/31)

  $ 50     $ 48,900  
   

 

 

 
      126,110  
Health Care - Services — 2.8%            

Anthem Inc., 2.55%, 03/15/31 (Call 12/15/30)

    132       134,727  

Bon Secours Mercy Health Inc., Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)

    77       76,256  

HCA Inc., 2.38%, 07/15/31 (Call 04/15/31)

    55       53,754  

Laboratory Corp. of America Holdings, 2.70%, 06/01/31 (Call 03/01/31)

    20       20,363  

Quest Diagnostics Inc., 2.80%, 06/30/31 (Call 03/30/31)

    65       67,331  

UnitedHealth Group Inc., 2.30%, 05/15/31 (Call 02/15/31)

      102       103,237  
   

 

 

 
      455,668  
Home Furnishings — 0.3%            

Whirlpool Corp., 2.40%, 05/15/31 (Call 02/15/31)

    55       54,939  
   

 

 

 
Insurance — 1.8%            

Aon Corp./Aon Global Holdings PLC, 2.05%, 08/23/31 (Call 05/23/31)

    25       24,235  

Assured Guaranty U.S. Holdings Inc., 3.15%, 06/15/31 (Call 03/15/31)

    50       52,627  

Brown & Brown Inc., 2.38%, 03/15/31 (Call 12/15/30)

    100       98,682  

Enstar Group Ltd., 3.10%, 09/01/31 (Call 03/01/31)

    30       29,354  

Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30)(b)

    25       25,819  

Fidelity National Financial Inc., 2.45%, 03/15/31 (Call 12/15/30) .

    15       14,875  

First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31) .

    50       48,547  

Lincoln National Corp., 3.40%, 01/15/31 (Call 10/15/30)

    2       2,158  
   

 

 

 
          296,297  
Internet — 3.4%            

Alibaba Group Holding Ltd., 2.13%, 02/09/31 (Call 11/09/30)

    200       191,676  

Amazon.com Inc., 2.10%, 05/12/31 (Call 02/12/31)

    170       170,962  

eBay Inc., 2.60%, 05/10/31 (Call 02/10/31)

    50       50,581  

Expedia Group Inc., 2.95%, 03/15/31 (Call 12/15/30)

    80       80,713  

VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)

    50       50,475  
   

 

 

 
      544,407  
Iron & Steel — 0.2%            

Steel Dynamics Inc., 3.25%, 01/15/31 (Call 10/15/30)

    32       33,987  
   

 

 

 
Leisure Time — 0.2%            

Brunswick Corp., 2.40%, 08/18/31 (Call 05/18/31)

    40       38,466  
   

 

 

 
Lodging — 0.9%            

Choice Hotels International Inc., 3.70%, 01/15/31 (Call 10/15/30)

    25       26,670  

Marriott International Inc./MD, Series HH, 2.85%, 04/15/31 (Call 01/15/31)

    110       110,693  
   

 

 

 
      137,363  
Machinery — 1.2%            

Caterpillar Inc., 1.90%, 03/12/31 (Call 12/12/30)

    2       1,982  

John Deere Capital Corp.
1.45%, 01/15/31

    150       142,800  

2.00%, 06/17/31

    20       19,913  

Rockwell Automation Inc., 1.75%, 08/15/31 (Call 05/15/31)

    30       29,184  
   

 

 

 
      193,879  
Manufacturing — 0.0%            

Textron Inc., 2.45%, 03/15/31 (Call 12/15/30)

    5       4,979  
   

 

 

 
Media — 3.6%            

Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, 04/01/31 (Call 01/01/31)

    120       119,412  

 

 

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

  95


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Media (continued)            

Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)

  $   202     $ 189,274  

1.95%, 01/15/31 (Call 10/15/30)

    2       1,950  

ViacomCBS Inc., 4.95%, 01/15/31 (Call 11/15/30)

    100       118,661  

Walt Disney Co. (The), 2.65%, 01/13/31(a)

    150       155,597  
   

 

 

 
      584,894  
Mining — 0.3%            

Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)(b)

    50       48,769  
   

 

 

 
Oil & Gas — 3.1%            

Burlington Resources LLC
7.20%, 08/15/31

    52       73,497  

7.40%, 12/01/31

    20       28,907  

Conoco Funding Co., 7.25%, 10/15/31

    5       7,114  

ConocoPhillips, 2.40%, 02/15/31 (Call 11/15/30)(b)

    50       50,474  

Devon Energy Corp., 7.88%, 09/30/31

    65       92,149  

Diamondback Energy Inc., 3.13%, 03/24/31 (Call 12/24/30)(a)

    77       79,431  

Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)(b)

    35       34,838  

Hess Corp., 7.30%, 08/15/31

    60       80,764  

Pioneer Natural Resources Co., 2.15%, 01/15/31 (Call 10/15/30)

    55       53,152  
   

 

 

 
      500,326  
Packaging & Containers — 0.4%            

Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)

    50       50,781  

WestRock MWV LLC, 7.95%, 02/15/31

    15       21,189  
   

 

 

 
      71,970  
Pharmaceuticals — 3.0%            

AmerisourceBergen Corp., 2.70%, 03/15/31 (Call 12/15/30)(a)

    65       66,103  

Astrazeneca Finance LLC, 2.25%, 05/28/31 (Call 02/28/31)

    52       52,662  

Becton Dickinson and Co., 1.96%, 02/11/31 (Call 11/11/30)

    52       50,387  

Cigna Corp., 2.38%, 03/15/31 (Call 12/15/30)

    102       102,212  

CVS Health Corp.
1.88%, 02/28/31 (Call 11/28/30)

    102       97,642  

2.13%, 09/15/31 (Call 06/15/31)

    50       48,764  

Pfizer Inc., 1.75%, 08/18/31 (Call 05/18/31)(a)

    75       72,949  
   

 

 

 
      490,719  
Pipelines — 2.5%            

Boardwalk Pipelines LP, 3.40%, 02/15/31 (Call 11/15/30)

    50       52,024  

Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)

    30       28,533  

7.80%, 08/01/31

    77       108,673  

ONEOK Inc., 6.35%, 01/15/31 (Call 10/15/30)

    40       50,853  

TransCanada PipeLines Ltd., 2.50%, 10/12/31 (Call 07/12/31)

    65       64,521  

Williams Companies Inc. (The), 2.60%, 03/15/31 (Call 12/15/30).

    97       97,028  
   

 

 

 
          401,632  
Real Estate — 0.5%            

CBRE Services Inc., 2.50%, 04/01/31 (Call 01/01/31)

    75       75,448  

Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)

    5       4,989  
   

 

 

 
      80,437  
Real Estate Investment Trusts — 12.0%            

Alexandria Real Estate Equities Inc., 3.38%, 08/15/31 (Call 05/15/31)

    105       113,607  

American Campus Communities Operating Partnership LP, 3.88%, 01/30/31 (Call 10/30/30)

    15       16,633  

American Tower Corp.
2.30%, 09/15/31 (Call 06/15/31)

    35       34,214  

2.70%, 04/15/31 (Call 01/15/31)

    55       56,002  

Boston Properties LP, 3.25%, 01/30/31 (Call 10/30/30)

    65       68,182  
Security   Par
(000)
    Value  

Real Estate Investment Trusts (continued)

   

Brixmor Operating Partnership LP, 2.50%, 08/16/31 (Call 05/16/31)

  $ 50     $ 48,886  

Corporate Office Properties LP, 2.75%, 04/15/31
(Call 01/15/31) .

    35       35,115  

Crown Castle International Corp., 2.50%, 07/15/31 (Call 04/15/31)

      155       153,521  

Duke Realty LP, 1.75%, 02/01/31 (Call 11/01/30)

    50       47,529  

EPR Properties, 3.60%, 11/15/31 (Call 08/15/31)

    25       25,062  

Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31)

    70       70,001  

Essex Portfolio LP, 2.55%, 06/15/31 (Call 03/15/31)

    100       100,712  

GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/31 (Call 10/15/30)

    45       47,900  

Healthcare Realty Trust Inc., 2.05%, 03/15/31 (Call 12/15/30)

    80       77,066  

Healthcare Trust of America Holdings LP,
2.00%, 03/15/31 (Call 12/15/30)

    80       75,522  

Highwoods Realty LP, 2.60%, 02/01/31 (Call 11/01/30)

    15       15,021  

Invitation Homes Operating Partnership LP, 2.00%, 08/15/31 (Call 05/15/31)

    50       47,423  

Lexington Realty Trust, 2.38%, 10/01/31 (Call 07/01/31)

    50       48,148  

Life Storage LP, 2.40%, 10/15/31 (Call 07/15/31)

    40       39,456  

Mid America Apartments LP, 1.70%, 02/15/31 (Call 11/15/30)

    50       47,320  

National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)

    25       23,992  

Office Properties Income Trust, 3.45%, 10/15/31 (Call 07/15/31) .

    50       48,825  

Omega Healthcare Investors Inc., 3.38%, 02/01/31 (Call 11/01/30)

    30       30,454  

Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)

    10       9,821  

Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)

    30       29,958  

Prologis LP, 1.63%, 03/15/31 (Call 12/15/30)

    27       25,851  

Public Storage, 2.30%, 05/01/31 (Call 02/01/31)

    50       50,491  

Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)

    5       4,967  

Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)

    5       5,387  

Sabra Health Care LP, 3.20%, 12/01/31 (Call 09/01/31)

    50       48,924  

Safehold Operating Partnership LP, 2.80%, 06/15/31 (Call 03/15/31)

    70       69,717  

Simon Property Group LP, 2.20%, 02/01/31 (Call 11/01/30)

    50       48,992  

Spirit Realty LP, 3.20%, 02/15/31 (Call 11/15/30)

    40       41,410  

Sun Communities Operating LP, 2.70%, 07/15/31 (Call 04/15/31)

    50       50,200  

Tanger Properties LP, 2.75%, 09/01/31 (Call 06/01/31)

    25       23,873  

UDR Inc., 3.00%, 08/15/31 (Call 05/15/31)

    40       41,577  

Ventas Realty LP, 2.50%, 09/01/31 (Call 06/01/31)

    50       49,288  

Welltower Inc.
2.75%, 01/15/31 (Call 10/15/30)

    5       5,133  

2.80%, 06/01/31 (Call 03/01/31)

    100       102,587  

WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30)

    65       64,172  
   

 

 

 
          1,942,939  
Retail — 2.6%            

AutoNation Inc., 2.40%, 08/01/31 (Call 05/01/31)

    50       48,487  

Home Depot Inc. (The), 1.38%, 03/15/31 (Call 12/15/30)

    152       142,865  

Kohl’s Corp., 3.38%, 05/01/31 (Call 02/01/31)

    35       35,536  

Lowe’s Companies Inc., 2.63%, 04/01/31 (Call 01/01/31)(a)

    102       104,141  

O’Reilly Automotive Inc., 1.75%, 03/15/31 (Call 12/15/30)

    2       1,906  

Ross Stores Inc., 1.88%, 04/15/31 (Call 01/15/31)

    2       1,925  

TJX Companies Inc. (The), 1.60%, 05/15/31 (Call 02/15/31)

    85       81,381  
   

 

 

 
      416,241  
Semiconductors — 3.7%            

Analog Devices Inc., 2.10%, 10/01/31 (Call 07/01/31)

    70       69,876  

Broadcom Inc., 2.45%, 02/15/31 (Call 11/15/30)(b)

    145       140,180  

Intel Corp., 2.00%, 08/12/31 (Call 05/12/31)

    100       98,308  

Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)

    80       81,610  

NVIDIA Corp., 2.00%, 06/15/31 (Call 03/15/31)

    77       76,176  

 

 

96  

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Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security       
Par
(000)
    Value  

Semiconductors (continued)

   

NXP BV/NXP Funding LLC/NXP USA Inc., 2.50%, 05/11/31 (Call 02/11/31)(b)

  $ 55     $ 54,654  

Skyworks Solutions Inc., 3.00%, 06/01/31 (Call 03/01/31)

    35       35,365  

Texas Instruments Inc., 1.90%, 09/15/31 (Call 06/15/31)

    35       34,562  
   

 

 

 
      590,731  
Software — 4.8%            

Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)

    65       63,911  

Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31)

    100       100,699  

Electronic Arts Inc., 1.85%, 02/15/31 (Call 11/15/30)

    47       45,167  

Fidelity National Information Services Inc.,
2.25%, 03/01/31 (Call 12/01/30)

    100       98,282  

Oracle Corp., 2.88%, 03/25/31 (Call 12/25/30)

    175       179,261  

Roper Technologies Inc., 1.75%, 02/15/31 (Call 11/15/30)

    100       94,476  

salesforce.com Inc., 1.95%, 07/15/31 (Call 04/15/31)

    110       109,120  

VMware Inc., 2.20%, 08/15/31 (Call 05/15/31)

    90       87,642  
   

 

 

 
      778,558  
Telecommunications — 6.8%            

AT&T Inc., 2.75%, 06/01/31 (Call 03/01/31)(a)

      230       233,951  

Motorola Solutions Inc., 2.75%, 05/24/31 (Call 02/24/31)

    55       55,519  

Orange SA, 9.00%, 03/01/31

    155       237,969  

T-Mobile USA Inc., 2.55%, 02/15/31 (Call 11/15/30)

    220       218,330  

Verizon Communications Inc., 2.55%, 03/21/31 (Call 12/21/30)

    355       357,982  
   

 

 

 
      1,103,751  
Transportation — 1.9%            

Canadian Pacific Railway Co., 7.13%, 10/15/31

    20       27,842  

FedEx Corp., 2.40%, 05/15/31 (Call 02/15/31)(a)

    75       75,182  

Norfolk Southern Corp., 2.30%, 05/15/31 (Call 02/15/31)

    30       30,229  

Union Pacific Corp., 2.38%, 05/20/31 (Call 02/20/31)

    75       76,578  

Walmart Inc., 1.80%, 09/22/31 (Call 06/22/31)

    95       93,639  
   

 

 

 
      303,470  
Security   Par/
Shares
(000)
    Value  

Trucking & Leasing — 0.2%

   

GATX Corp., 1.90%, 06/01/31 (Call 03/01/31)

  $ 25     $ 23,728  
   

 

 

 
Water — 0.2%            

Essential Utilities Inc., 2.40%, 05/01/31 (Call 02/01/31)

    25       25,074  
   

 

 

 

Total Corporate Bonds & Notes — 99.0%
(Cost: $16,170,514)

 

    16,015,333  
   

 

 

 
Short-Term Investments            
Money Market Funds — 7.1%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.05%(c)(d)(e)

      1,152       1,152,311  
   

 

 

 

Total Short-Term Investments — 7.1%
(Cost: $1,152,311)

 

    1,152,311  
   

 

 

 

Total Investments in Securities — 106.1%
(Cost: $17,322,825)

 

    17,167,644  

Other Assets, Less Liabilities — (6.1)%

 

    (986,953
   

 

 

 

Net Assets — 100.0%

 

  $   16,180,691  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

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

(c)

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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 period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer     
Value at
06/22/21
 
(a) 
    
Purchases
at Cost
 
 
    
Proceeds
from Sales
 
 
    
Net Realized
Gain (Loss)
 
 
    


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 
    
Value at
10/31/21
 
 
    


Shares
Held at
10/31/21
(000)
 
 
 
 
     Income       

Capital Gain
Distributions from
Underlying Funds
 
 
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $      $ 1,152,311 (b)     $      $      $      $ 1,152,311        1,152      $ 114 (c)     $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(a)

The Fund commenced operations on June 22, 2021.

(b) 

Represents net amount purchased (sold).

(c) 

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.

 

 

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

  97


Schedule of Investments  (continued)

October 31, 2021

  

iShares® iBonds® Dec 2031 Term Corporate ETF

    

 

Fair Value Hierarchy as of Period End (continued)

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

 

 

 
     Level 1        Level 2                    Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 16,015,333        $        $ 16,015,333  

Money Market Funds

     1,152,311                            1,152,311  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   1,152,311        $ 16,015,333        $        $ 17,167,644  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

98  

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Statements of Assets and Liabilities

October 31, 2021

 

    

iShares

iBonds Dec 2021
Term Corporate
ETF

    

iShares

iBonds Dec 2022
Term Corporate
ETF

    

iShares

iBonds Dec 2023
Term Corporate
ETF

    

iShares

iBonds Dec 2024
Term Corporate
ETF

 

ASSETS

          

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

          

Unaffiliated(b)

  $ 327,554,684      $ 1,528,187,358      $ 1,609,509,519      $ 1,484,849,359  

Affiliated(c)

    865,243,076        172,551,315        109,157,862        66,695,093  

Cash

    31,199,950        27,954        12,500        4,452,833  

Receivables:

          

Investments sold

    2,715,917        2,985,651        5,572,292        495,970  

Securities lending income — Affiliated

    1,085        15,248        7,230        8,830  

Capital shares sold

                         52,304  

Dividends

    3,633        154        214        61  

Interest

    4,270,694        12,000,804        12,298,249        11,748,343  
 

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

    1,230,989,039        1,715,768,484        1,736,557,866        1,568,302,793  
 

 

 

    

 

 

    

 

 

    

 

 

 

LIABILITIES

          

Collateral on securities loaned, at value

    3,847,294        131,103,310        63,838,361        62,307,146  

Payables:

          

Investments purchased

    5,053,961        5,944,900        6,105,676        1,554,383  

Investment advisory fees

    72,367        133,099        139,475        124,956  
 

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

    8,973,622        137,181,309        70,083,512        63,986,485  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 1,222,015,417      $ 1,578,587,175      $ 1,666,474,354      $ 1,504,316,308  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS CONSIST OF:

          

Paid-in capital

  $ 1,221,934,379      $ 1,564,581,893      $ 1,635,230,536      $ 1,477,479,248  

Accumulated earnings

    81,038        14,005,282        31,243,818        26,837,060  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 1,222,015,417      $ 1,578,587,175      $ 1,666,474,354      $ 1,504,316,308  
 

 

 

    

 

 

    

 

 

    

 

 

 

Shares outstanding

    49,400,000        62,500,000        64,400,000        57,650,000  
 

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value

  $ 24.74      $ 25.26      $ 25.88      $ 26.09  
 

 

 

    

 

 

    

 

 

    

 

 

 

Shares authorized

    Unlimited        Unlimited        Unlimited        Unlimited  
 

 

 

    

 

 

    

 

 

    

 

 

 

Par value

    None        None        None        None  
 

 

 

    

 

 

    

 

 

    

 

 

 

(a) Securities loaned, at value

  $ 3,237,019      $ 127,229,568      $ 61,130,698      $ 60,474,132  

(b) Investments, at cost — Unaffiliated

  $ 327,474,649      $ 1,517,895,246      $ 1,583,976,527      $ 1,456,819,250  

(c) Investments, at cost — Affiliated

  $ 865,237,482      $ 172,522,359      $ 109,130,625      $ 66,677,769  

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  99


 

Statements of Assets and Liabilities  (continued)

October 31, 2021

 

    

iShares

iBonds Dec 2025
Term Corporate
ETF

    

iShares

iBonds Dec
2026 Term
Corporate

ETF

    

iShares

iBonds Dec
2027 Term
Corporate

ETF

    

iShares

iBonds Dec
2028 Term
Corporate

ETF

 

ASSETS

          

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

          

Unaffiliated(b)

  $ 1,239,581,653      $ 853,962,569      $ 515,830,208      $ 301,236,780  

Affiliated(c)

    71,728,916        68,426,882        59,186,640        22,196,005  

Cash

    478        10,045        6,169        7,177  

Receivables:

          

Investments sold

    3,507,860        2,815,247        2,073,446        6,933,630  

Securities lending income — Affiliated

    6,866        8,258        7,896        2,424  

Capital shares sold

    70,255               180,490         

Dividends

    43        7        9        3  

Interest

    10,499,320        6,245,711        4,193,871        2,554,079  
 

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

    1,325,395,391        931,468,719        581,478,729        332,930,098  
 

 

 

    

 

 

    

 

 

    

 

 

 

LIABILITIES

          

Collateral on securities loaned, at value

    60,594,537        65,578,472        56,472,007        21,666,808  

Payables:

          

Investments purchased

    8,565,804        4,398,725        2,093,958        6,117,733  

Investment advisory fees

    104,575        73,171        43,971        25,439  
 

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

    69,264,916        70,050,368        58,609,936        27,809,980  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 1,256,130,475      $ 861,418,351      $ 522,868,793      $ 305,120,118  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS CONSIST OF:

          

Paid-in capital

  $ 1,231,911,664      $ 847,937,864      $ 515,136,282      $ 297,754,930  

Accumulated earnings

    24,218,811        13,480,487        7,732,511        7,365,188  
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

  $ 1,256,130,475      $ 861,418,351      $ 522,868,793      $ 305,120,118  
 

 

 

    

 

 

    

 

 

    

 

 

 

Shares outstanding

    47,150,000        32,850,000        19,600,000        10,700,000  
 

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value

  $ 26.64      $ 26.22      $ 26.68      $ 28.52  
 

 

 

    

 

 

    

 

 

    

 

 

 

Shares authorized

    Unlimited        Unlimited        Unlimited        Unlimited  
 

 

 

    

 

 

    

 

 

    

 

 

 

Par value

    None        None        None        None  
 

 

 

    

 

 

    

 

 

    

 

 

 

(a) Securities loaned, at value

  $ 58,587,912      $ 63,558,419      $ 54,667,626      $ 20,974,958  

(b) Investments, at cost — Unaffiliated

  $ 1,218,624,280      $ 839,136,835      $ 506,942,531      $ 293,517,614  

(c)  Investments, at cost — Affiliated

  $ 71,708,802      $ 68,416,724      $ 59,178,836      $ 22,191,689  

See notes to financial statements.

 

 

100  

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Statements of Assets and Liabilities  (continued)

October 31, 2021

 

    

iShares

iBonds Dec
2029 Term
Corporate

ETF

    

iShares

iBonds Dec
2030 Term
Corporate

ETF

    iShares
iBonds Dec
2031 Term
Corporate
ETF
 

ASSETS

      

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

      

Unaffiliated(b)

  $ 139,922,343      $ 138,409,595     $ 16,015,333  

Affiliated(c)

    11,762,250        13,013,695       1,152,311  

Cash

    4,776        9,693       2,437  

Receivables:

      

Investments sold

    427,616        669,703        

Securities lending income — Affiliated

    1,311        1,349       78  

Capital shares sold

           118,102       2,491,036  

Dividends

    4               

Interest

    1,146,347        1,060,697       107,168  
 

 

 

    

 

 

   

 

 

 

Total assets

    153,264,647        153,282,834       19,768,363  
 

 

 

    

 

 

   

 

 

 

LIABILITIES

      

Collateral on securities loaned, at value

    11,173,834        12,834,405       1,152,311  

Payables:

      

Investments purchased

    397,460        784,073       2,434,199  

Investment advisory fees

    11,901        9,221       1,162  
 

 

 

    

 

 

   

 

 

 

Total liabilities

    11,583,195        13,627,699       3,587,672  
 

 

 

    

 

 

   

 

 

 

NET ASSETS

  $ 141,681,452      $ 139,655,135     $ 16,180,691  
 

 

 

    

 

 

   

 

 

 

NET ASSETS CONSIST OF:

      

Paid-in capital

  $ 140,472,538      $ 141,287,875     $ 16,312,397  

Accumulated earnings (loss)

    1,208,914        (1,632,740     (131,706
 

 

 

    

 

 

   

 

 

 

NET ASSETS

  $ 141,681,452      $ 139,655,135     $ 16,180,691  
 

 

 

    

 

 

   

 

 

 

Shares outstanding

    5,350,000        5,550,000       650,000  
 

 

 

    

 

 

   

 

 

 

Net asset value

  $ 26.48      $ 25.16     $ 24.89  
 

 

 

    

 

 

   

 

 

 

Shares authorized

    Unlimited        Unlimited       Unlimited  
 

 

 

    

 

 

   

 

 

 

Par value

    None        None       None  
 

 

 

    

 

 

   

 

 

 

(a) Securities loaned, at value

  $ 10,829,648      $ 12,469,941     $ 1,118,647  

(b) Investments, at cost — Unaffiliated

  $ 138,533,189      $ 140,135,417     $ 16,170,514  

(c)  Investments, at cost — Affiliated

  $ 11,760,659      $ 13,013,695     $ 1,152,311  

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  101


 

Statements of Operations

Year Ended October 31, 2021

 

    

iShares

iBonds Dec

2021 Term
Corporate

ETF

   

iShares

iBonds Dec
2022 Term
Corporate

ETF

   

iShares

iBonds Dec
2023 Term
Corporate

ETF

   

iShares

iBonds Dec
2024 Term
Corporate

ETF

 

INVESTMENT INCOME

       

Dividends — Affiliated

  $ 41,470     $ 6,708     $ 3,942     $ 2,226  

Interest — Unaffiliated

    17,608,247       27,199,274       29,115,673       25,397,785  

Securities lending income — Affiliated — net

    119,919       148,696       106,367       108,292  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    17,769,636       27,354,678       29,225,982       25,508,303  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory fees

    1,441,545       1,525,829       1,518,360       1,291,895  

Miscellaneous

    173       173       173       173  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    1,441,718       1,526,002       1,518,533       1,292,068  

Less:

       

Investment advisory fees waived

    (233,511     (27,887     (21,876     (11,848
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    1,208,207       1,498,115       1,496,657       1,280,220  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    16,561,429       25,856,563       27,729,325       24,228,083  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — Unaffiliated

    625,763       3,995,422       5,744,029       4,178,614  

Investments — Affiliated

    29,581       (15,185     (6,263     (7,362

In-kind redemptions — Unaffiliated

    882,127       1,856,616       745,520       994,383  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain

    1,537,471       5,836,853       6,483,286       5,165,635  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — Unaffiliated

    (14,127,721     (24,340,657     (24,745,812     (20,726,260

Investments — Affiliated

    (44,181     (3,489     (3,631     (4,002
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

    (14,171,902     (24,344,146     (24,749,443     (20,730,262
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized loss

    (12,634,431     (18,507,293     (18,266,157     (15,564,627
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 3,926,998     $ 7,349,270     $ 9,463,168     $ 8,663,456  
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

102  

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Statements of Operations  (continued)

Year Ended October 31, 2021

 

    

iShares

iBonds Dec
2025 Term
Corporate

ETF

   

iShares

iBonds Dec
2026 Term
Corporate

ETF

    iShares
iBonds Dec
2027 Term
Corporate
ETF
    iShares
iBonds Dec
2028 Term
Corporate
ETF
 

INVESTMENT INCOME

       

Dividends — Affiliated

  $ 810     $ 378     $ 350     $ 177  

Interest — Unaffiliated

    21,400,174       15,358,121       10,241,665       6,359,979  

Securities lending income — Affiliated — net

    94,115       72,032       75,875       27,346  

Other income — Unaffiliated

                      525  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    21,495,099       15,430,531       10,317,890       6,388,027  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory fees

    1,066,393       689,418       451,727       250,417  

Miscellaneous

    173       173       173       173  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    1,066,566       689,591       451,900       250,590  

Less:

       

Investment advisory fees waived

    (4,639     (2,026     (1,606     (647
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    1,061,927       687,565       450,294       249,943  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    20,433,172       14,742,966       9,867,596       6,138,084  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — Unaffiliated

    1,992,477       702,254       415,383       437,392  

Investments — Affiliated

    (7,832     (4,327     (3,072     (1,562

In-kind redemptions — Unaffiliated

    562,324       4,092,678       1,638,896       949,359  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain

    2,546,969       4,790,605       2,051,207       1,385,189  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — Unaffiliated

    (20,629,574     (20,264,186     (9,527,037     (5,441,874

Investments — Affiliated

    (879     (1,832     (2,381     (1,171
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

    (20,630,453     (20,266,018     (9,529,418     (5,443,045
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized loss

    (18,083,484     (15,475,413     (7,478,211     (4,057,856
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 2,349,688     $ (732,447   $ 2,389,385     $ 2,080,228  
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  103


 

Statements of Operations  (continued)

Year Ended October 31, 2021

 

     



iShares

iBonds Dec

2029 Term
Corporate
ETF

 

 


 
 

   



iShares
iBonds Dec
2030 Term
Corporate
ETF
 
 
 
 
 
   



iShares
iBonds Dec
2031 Term
Corporate
ETF
 
 
 
 
(a) 

INVESTMENT INCOME

     

Dividends — Affiliated

  $ 86     $ 36     $  

Interest — Unaffiliated

    2,589,541       1,620,070       100,878  

Securities lending income — Affiliated — net

    14,816       12,348       114  
 

 

 

   

 

 

   

 

 

 

Total investment income

    2,604,443       1,632,454       100,992  
 

 

 

   

 

 

   

 

 

 

EXPENSES

     

Investment advisory fees

    109,259       77,550       4,370  
 

 

 

   

 

 

   

 

 

 

Total expenses

    109,259       77,550       4,370  

Less:

     

Investment advisory fees waived

    (397     (181     (6
 

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    108,862       77,369       4,364  
 

 

 

   

 

 

   

 

 

 

Net investment income

    2,495,581       1,555,085       96,628  
 

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

     

Net realized gain (loss) from:

     

Investments — Unaffiliated

    111,637       (68,244     (4,108

Investments — Affiliated

    (823     (710      
 

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

    110,814       (68,954     (4,108
 

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

     

Investments — Unaffiliated

    (1,675,379     (1,528,867     (155,181

Investments — Affiliated

    (741            
 

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

    (1,676,120     (1,528,867     (155,181
 

 

 

   

 

 

   

 

 

 

Net realized and unrealized loss

    (1,565,306     (1,597,821     (159,289
 

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 930,275     $ (42,736   $ (62,661
 

 

 

   

 

 

   

 

 

 

 

(a) 

For the period from June 22, 2021 (commencement of operations) to October 31, 2021.

See notes to financial statements.

 

 

104  

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


Statements of Changes in Net Assets

 

    iShares
    iBonds Dec 2021 Term Corporate ETF    
          iShares
    iBonds Dec 2022 Term Corporate ETF    
 
   

Year Ended

10/31/21

    Year Ended
10/31/20
          Year Ended
10/31/21
    Year Ended
10/31/20
 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

  $ 16,561,429     $ 33,533,502       $ 25,856,563     $ 29,899,578  

Net realized gain (loss)

    1,537,471       1,551,343         5,836,853       (2,391,001

Net change in unrealized appreciation (depreciation)

    (14,171,902     (1,497,892       (24,344,146     13,320,078  
 

 

 

   

 

 

     

 

 

   

 

 

 

Net increase in net assets resulting from operations

    3,926,998       33,586,953         7,349,270       40,828,655  
 

 

 

   

 

 

     

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

    (19,848,213     (34,261,734       (26,878,634     (30,855,586
 

 

 

   

 

 

     

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase (decrease) in net assets derived from capital share transactions

    (314,787,194     226,517,472         178,335,129       363,590,378  
 

 

 

   

 

 

     

 

 

   

 

 

 

NET ASSETS

         

Total increase (decrease) in net assets

    (330,708,409     225,842,691         158,805,765       373,563,447  

Beginning of year

    1,552,723,826       1,326,881,135         1,419,781,410       1,046,217,963  
 

 

 

   

 

 

     

 

 

   

 

 

 

End of year

  $ 1,222,015,417     $ 1,552,723,826       $ 1,578,587,175     $ 1,419,781,410  
 

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  105


 

Statements of Changes in Net Assets (continued)

 

    iShares
    iBonds Dec 2023 Term Corporate ETF    
          iShares
    iBonds Dec 2024 Term Corporate ETF    
 
    Year Ended
10/31/21
    Year Ended
10/31/20
          Year Ended
10/31/21
    Year Ended
10/31/20
 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

  $ 27,729,325     $ 28,080,137       $ 24,228,083     $ 22,602,570  

Net realized gain (loss)

    6,483,286       (1,541,592       5,165,635       (4,938,493

Net change in unrealized appreciation (depreciation)

    (24,749,443     23,506,278         (20,730,262     23,553,462  
 

 

 

   

 

 

     

 

 

   

 

 

 

Net increase in net assets resulting from operations

    9,463,168       50,044,823         8,663,456       41,217,539  
 

 

 

   

 

 

     

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

    (28,379,197     (28,042,643       (24,776,110     (22,460,360
 

 

 

   

 

 

     

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase in net assets derived from capital share transactions

    378,694,260       411,968,942         485,551,282       366,998,523  
 

 

 

   

 

 

     

 

 

   

 

 

 

NET ASSETS

         

Total increase in net assets

    359,778,231       433,971,122         469,438,628       385,755,702  

Beginning of year

    1,306,696,123       872,725,001         1,034,877,680       649,121,978  
 

 

 

   

 

 

     

 

 

   

 

 

 

End of year

  $ 1,666,474,354     $ 1,306,696,123       $ 1,504,316,308     $ 1,034,877,680  
 

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

106  

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Statements of Changes in Net Assets (continued)

 

    iShares
    iBonds Dec 2025 Term Corporate ETF    
          iShares
    iBonds Dec 2026 Term Corporate ETF    
 
    Year Ended
10/31/21
    Year Ended
10/31/20
          Year Ended
10/31/21
    Year Ended
10/31/20
 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

  $ 20,433,172     $ 17,391,469       $ 14,742,966     $ 12,743,849  

Net realized gain

    2,546,969       5,174,815         4,790,605       1,915,043  

Net change in unrealized appreciation (depreciation)

    (20,630,453     17,273,678         (20,266,018     15,987,523  
 

 

 

   

 

 

     

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

    2,349,688       39,839,962         (732,447     30,646,415  
 

 

 

   

 

 

     

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

    (21,101,206     (17,297,629       (14,647,816     (12,659,390
 

 

 

   

 

 

     

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase in net assets derived from capital share transactions

    429,517,243       314,290,032         324,940,441       165,406,607  
 

 

 

   

 

 

     

 

 

   

 

 

 

NET ASSETS

         

Total increase in net assets

    410,765,725       336,832,365         309,560,178       183,393,632  

Beginning of year

    845,364,750       508,532,385         551,858,173       368,464,541  
 

 

 

   

 

 

     

 

 

   

 

 

 

End of year

  $ 1,256,130,475     $ 845,364,750       $ 861,418,351     $ 551,858,173  
 

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  107


 

Statements of Changes in Net Assets (continued)

 

    iShares
    iBonds Dec 2027 Term Corporate ETF    
          iShares
    iBonds Dec 2028 Term Corporate ETF    
 
    Year Ended
10/31/21
    Year Ended
10/31/20
          Year Ended
10/31/21
    Year Ended
10/31/20
 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

  $ 9,867,596     $ 8,532,011       $ 6,138,084     $ 4,608,513  

Net realized gain (loss)

    2,051,207       1,918,566         1,385,189       (1,267,926

Net change in unrealized appreciation (depreciation)

    (9,529,418     6,379,390         (5,443,045     6,740,580  
 

 

 

   

 

 

     

 

 

   

 

 

 

Net increase in net assets resulting from operations

    2,389,385       16,829,967         2,080,228       10,081,167  
 

 

 

   

 

 

     

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

    (9,842,292     (8,498,317       (6,052,855     (4,439,800
 

 

 

   

 

 

     

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase in net assets derived from capital share transactions

    192,817,053       78,837,393         102,419,523       88,594,385  
 

 

 

   

 

 

     

 

 

   

 

 

 

NET ASSETS

         

Total increase in net assets

    185,364,146       87,169,043         98,446,896       94,235,752  

Beginning of year

    337,504,647       250,335,604         206,673,222       112,437,470  
 

 

 

   

 

 

     

 

 

   

 

 

 

End of year

  $ 522,868,793     $ 337,504,647       $ 305,120,118     $ 206,673,222  
 

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

108  

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Statements of Changes in Net Assets (continued)

 

    iShares
    iBonds Dec 2029 Term Corporate ETF    
          iShares
    iBonds Dec 2030 Term Corporate ETF    
 
   
Year Ended
10/31/21
 
 
   
Year Ended
10/31/20
 
 
     
Year Ended
10/31/21
 
 
   

Period From
06/23/20

to 10/31/20

 
(a)  

 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

  $ 2,495,581     $ 1,474,411       $ 1,555,085     $ 189,508  

Net realized gain (loss)

    110,814       (177,931       (68,954     9,428  

Net change in unrealized appreciation (depreciation)

    (1,676,120     2,863,599         (1,528,867     (196,955
 

 

 

   

 

 

     

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

    930,275       4,160,079         (42,736     1,981  
 

 

 

   

 

 

     

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

         

Decrease in net assets resulting from distributions to shareholders

    (2,422,442     (1,375,539       (1,432,581     (150,046
 

 

 

   

 

 

     

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase in net assets derived from capital share transactions

    58,517,144       63,999,981         105,347,022       35,931,495  
 

 

 

   

 

 

     

 

 

   

 

 

 

NET ASSETS

         

Total increase in net assets

    57,024,977       66,784,521         103,871,705       35,783,430  

Beginning of period

    84,656,475       17,871,954         35,783,430        
 

 

 

   

 

 

     

 

 

   

 

 

 

End of period

  $ 141,681,452     $ 84,656,475       $ 139,655,135     $ 35,783,430  
 

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Commencement of operations.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  109


 

Statements of Changes in Net Assets (continued)

 

    iShares
iBonds Dec
2031 Term
Corporate ETF
 
   

Period From
06/22/21

to 10/31/21

 
(a)  

 

 

 

INCREASE (DECREASE) IN NET ASSETS

 

OPERATIONS

 

Net investment income

  $ 96,628  

Net realized loss

    (4,108

Net change in unrealized appreciation (depreciation)

    (155,181
 

 

 

 

Net decrease in net assets resulting from operations

    (62,661
 

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

 

Decrease in net assets resulting from distributions to shareholders

    (69,045
 

 

 

 

CAPITAL SHARE TRANSACTIONS

 

Net increase in net assets derived from capital share transactions

    16,312,397  
 

 

 

 

NET ASSETS

 

Total increase in net assets

    16,180,691  

Beginning of period

     
 

 

 

 

End of period

  $ 16,180,691  
 

 

 

 

 

(a) 

Commencement of operations.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

110  

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Financial Highlights

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2021 Term Corporate ETF  
    Year Ended
10/31/21
     Year Ended
10/31/20
     Year Ended
10/31/19
     Year Ended
10/31/18
     Year Ended
10/31/17
 

 

 

Net asset value, beginning of year

  $ 25.00      $ 24.99      $ 24.24      $ 24.95      $ 25.13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.29        0.59        0.69        0.64        0.62  

Net realized and unrealized gain (loss)(b)

    (0.22      0.03        0.73        (0.74      (0.20
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.07        0.62        1.42        (0.10      0.42  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions(c)

             

From net investment income

    (0.32      (0.61      (0.67      (0.61      (0.60

From net realized gain

    (0.01                            
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

    (0.33      (0.61      (0.67      (0.61      (0.60
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of year

  $ 24.74      $ 25.00      $ 24.99      $ 24.24      $ 24.95  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return(d)

             

Based on net asset value

    0.29      2.50      5.94      (0.39 )%       1.71
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets

             

Total expenses

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived

    0.08      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

    1.15      2.35      2.80      2.61      2.49
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

             

Net assets, end of year (000)

  $ 1,222,015      $ 1,552,724      $ 1,326,881      $ 829,159      $ 481,607  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate(e)

    1      11      8      6      3
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  111


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2022 Term Corporate ETF  
    Year Ended
10/31/21
     Year Ended
10/31/20
     Year Ended
10/31/19
     Year Ended
10/31/18
     Year Ended
10/31/17
 

 

 

Net asset value, beginning of year

  $ 25.58      $ 25.33      $ 24.17      $ 25.13      $ 25.31  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.43        0.62        0.74        0.70        0.70  

Net realized and unrealized gain (loss)(b)

    (0.30      0.28        1.14        (0.99      (0.20
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.13        0.90        1.88        (0.29      0.50  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions(c)

             

From net investment income

    (0.45      (0.63      (0.72      (0.67      (0.68

From net realized gain

           (0.02             (0.00 )(d)        
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

    (0.45      (0.65      (0.72      (0.67      (0.68
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of year

  $ 25.26      $ 25.58      $ 25.33      $ 24.17      $ 25.13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return(e)

             

Based on net asset value

    0.52      3.63      7.90      (1.14 )%       2.01
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets

             

Total expenses

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

    1.69      2.44      2.98      2.85      2.78
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

             

Net assets, end of year (000)

  $ 1,578,587      $ 1,419,781      $ 1,046,218      $ 535,445      $ 351,807  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate(f)

    6      16      9      2      7
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Rounds to less than $0.01.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

112  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2023 Term Corporate ETF  
    Year Ended
10/31/21
     Year Ended
10/31/20
     Year Ended
10/31/19
     Year Ended
10/31/18
     Year Ended
10/31/17
 

 

 

Net asset value, beginning of year

  $ 26.19      $ 25.59      $ 24.09      $ 25.23      $ 25.33  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.48        0.68        0.79        0.76        0.75  

Net realized and unrealized gain (loss)(b)

    (0.29      0.61        1.48        (1.16      (0.12
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.19        1.29        2.27        (0.40      0.63  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions(c)

             

From net investment income

    (0.50      (0.69      (0.77      (0.73      (0.73

From net realized gain

                         (0.01       
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

    (0.50      (0.69      (0.77      (0.74      (0.73
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of year

  $ 25.88      $ 26.19      $ 25.59      $ 24.09      $ 25.23  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return(d)

             

Based on net asset value

    0.72      5.13      9.59      (1.61 )%       2.57
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets

             

Total expenses

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

    1.83      2.62      3.18      3.12      3.00
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

             

Net assets, end of year (000)

  $ 1,666,474      $ 1,306,696      $ 872,725      $ 478,261      $ 216,963  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate(e)

    12      12      5      8      8
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  113


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2024 Term Corporate ETF  
    Year Ended
10/31/21
     Year Ended
10/31/20
     Year Ended
10/31/19
     Year Ended
10/31/18
     Year Ended
10/31/17
 

 

 

Net asset value, beginning of year

  $ 26.37      $ 25.71      $ 23.84      $ 25.13      $ 25.22  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.49        0.70        0.84        0.81        0.81  

Net realized and unrealized gain (loss)(b)

    (0.25      0.67        1.85        (1.32      (0.11
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.24        1.37        2.69        (0.51      0.70  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions(c)

             

From net investment income

    (0.52      (0.71      (0.82      (0.78      (0.79
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

    (0.52      (0.71      (0.82      (0.78      (0.79
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of year

  $ 26.09      $ 26.37      $ 25.71      $ 23.84      $ 25.13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return(d)

             

Based on net asset value

    0.90      5.44      11.48      (2.06 )%       2.85
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets

             

Total expenses

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

    1.88      2.69      3.37      3.35      3.25
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

             

Net assets, end of year (000)

  $ 1,504,316      $ 1,034,878      $ 649,122      $ 299,203      $ 164,584  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate(e)

    9      8      14      6      8
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

114  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2025 Term Corporate ETF  
    Year Ended
10/31/21
    Year Ended
10/31/20
    Year Ended
10/31/19
    Year Ended
10/31/18
    Year Ended
10/31/17
 

 

 

Net asset value, beginning of year

  $ 27.05     $ 25.95     $ 23.62     $ 25.07     $ 25.21  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    0.52       0.71       0.85       0.84       0.84  

Net realized and unrealized gain (loss)(b)

    (0.38     1.11       2.32       (1.48     (0.16
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    0.14       1.82       3.17       (0.64     0.68  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(c)

         

From net investment income

    (0.53     (0.72     (0.84     (0.81     (0.82
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

From net realized gain

    (0.02                        
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (0.55     (0.72     (0.84     (0.81     (0.82
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 26.64     $ 27.05     $ 25.95     $ 23.62     $ 25.07  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

         

Based on net asset value

    0.51     7.16     13.68     (2.58 )%      2.82
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets

         

Total expenses

    0.10     0.10     0.10     0.10     0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    0.10     0.10     0.10     0.10     0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    1.92     2.70     3.42     3.48     3.40
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 1,256,130     $ 845,365     $ 508,532     $ 330,724     $ 235,679  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(e)

    8     14     6     5     5
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  115


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2026 Term Corporate ETF  
    Year Ended
10/31/21
     Year Ended
10/31/20
     Year Ended
10/31/19
     Year Ended
10/31/18
     Year Ended
10/31/17
 

 

 

Net asset value, beginning of year

  $ 26.72      $ 25.50      $ 22.94      $ 24.53      $ 24.83  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(a)

    0.57        0.74        0.86        0.83        0.80  

Net realized and unrealized gain (loss)(b)

    (0.49      1.22        2.54        (1.63      (0.28
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.08        1.96        3.40        (0.80      0.52  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions(c)

             

From net investment income

    (0.58      (0.74      (0.84      (0.79      (0.82
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

    (0.58      (0.74      (0.84      (0.79      (0.82
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of year

  $ 26.22      $ 26.72      $ 25.50      $ 22.94      $ 24.53  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return(d)

             

Based on net asset value

    0.29      7.84      15.11      (3.31 )%       2.20
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets

             

Total expenses

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived

    0.10      0.10      0.10      0.10      0.10
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

    2.14      2.84      3.53      3.54      3.30
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

             

Net assets, end of year (000)

  $ 861,418      $ 551,858      $ 368,465      $ 152,530      $ 76,055  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate(e)

    7      5      9      3      6
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

116  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2027 Term Corporate ETF  
   
Year Ended
10/31/21
 
 
    
Year Ended
10/31/20
 
 
    
Year Ended
10/31/19
 
 
    
Year Ended
10/31/18
 
 
    

Period From
09/12/17

to 10/31/17


(a)  

 

 

 

Net asset value, beginning of period

  $ 27.00      $ 25.94      $ 23.18      $ 24.96      $ 24.86  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(b)

    0.59        0.77        0.89        0.89        0.11  

Net realized and unrealized gain (loss)(c)

    (0.30      1.07        2.75        (1.79      (0.01
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.29        1.84        3.64        (0.90      0.10  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distributions(d)

             

From net investment income

    (0.61      (0.78      (0.88      (0.88       
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

    (0.61      (0.78      (0.88      (0.88       
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

  $ 26.68      $ 27.00      $ 25.94      $ 23.18      $ 24.96  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Return(e)

             

Based on net asset value

    1.01      7.21      16.00      (3.67 )%       0.40 %(f) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets

             

Total expenses

    0.10      0.10      0.10      0.10      0.10 %(g) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived

    0.10      0.10      0.10      0.10      0.10 %(g) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

    2.18      2.94      3.60      3.75      3.19 %(g) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

             

Net assets, end of period (000)

  $ 522,869      $ 337,505      $ 250,336      $ 136,744      $ 9,982  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate(h)

    4      10      4      5      2 %(f) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Annualized.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  117


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2028 Term Corporate ETF  
   
Year Ended
10/31/21
 
 
    
Year Ended
10/31/20
 
 
    
Year Ended
10/31/19
 
 
    

Period From
09/18/18

to 10/31/18

 
(a)  

 

 

 

Net asset value, beginning of period

  $ 28.91      $ 27.76      $ 24.77      $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income(b)

    0.71        0.86        1.01        0.12  

Net realized and unrealized gain (loss)(c)

    (0.38      1.13        3.06        (0.35
 

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from investment operations

    0.33        1.99        4.07        (0.23
 

 

 

    

 

 

    

 

 

    

 

 

 

Distributions(d)

          

From net investment income

    (0.72      (0.84      (1.08       

From net realized gain

           (0.00 )(e)               
 

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

    (0.72      (0.84      (1.08       
 

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

  $ 28.52      $ 28.91      $ 27.76      $ 24.77  
 

 

 

    

 

 

    

 

 

    

 

 

 

Total Return(f)

          

Based on net asset value

    1.09      7.33      16.87      (0.92 )%(g) 
 

 

 

    

 

 

    

 

 

    

 

 

 

Ratios to Average Net Assets

          

Total expenses

    0.10      0.10      0.10      0.10 %(h) 
 

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses after fees waived

    0.10      0.10      0.10      0.10 %(h) 
 

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

    2.45      3.04      3.79      4.22 %(h) 
 

 

 

    

 

 

    

 

 

    

 

 

 

Supplemental Data

          

Net assets, end of period (000)

  $ 305,120      $ 206,673      $ 112,437      $ 38,399  
 

 

 

    

 

 

    

 

 

    

 

 

 

Portfolio turnover rate(i)

    10      7      6      0 %(g) 
 

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Rounds to less than $0.01.

(f) 

Where applicable, assumes the reinvestment of distributions.

(g) 

Not annualized.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares iBonds Dec 2029 Term Corporate ETF  
   
Year Ended
10/31/21
 
 
   
Year Ended
10/31/20
 
 
   

Period From
09/17/19

to 10/31/19

 
(a)  

 

 

 

Net asset value, beginning of period

  $ 26.88     $ 25.53     $ 25.00  
 

 

 

   

 

 

   

 

 

 

Net investment income(b)

    0.61       0.70       0.09  

Net realized and unrealized gain (loss)(c)

    (0.40     1.35       0.44  
 

 

 

   

 

 

   

 

 

 

Net increase from investment operations

    0.21       2.05       0.53  
 

 

 

   

 

 

   

 

 

 

Distributions(d)

     

From net investment income

    (0.61     (0.70      
 

 

 

   

 

 

   

 

 

 

Total distributions

    (0.61     (0.70      
 

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 26.48     $ 26.88     $ 25.53  
 

 

 

   

 

 

   

 

 

 

Total Return(e)

     

Based on net asset value

    0.78     8.17     2.12 %(f) 
 

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets

     

Total expenses

    0.10     0.10     0.10 %(g) 
 

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    0.10     0.10     0.10 %(g) 
 

 

 

   

 

 

   

 

 

 

Net investment income

    2.28     2.69     2.84 %(g) 
 

 

 

   

 

 

   

 

 

 

Supplemental Data

     

Net assets, end of period (000)

  $ 141,681     $ 84,656     $ 17,872  
 

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(h)

    4     9     1 %(f) 
 

 

 

   

 

 

   

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Annualized.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  119


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

         

iShares iBonds Dec 2030 Term Corporate ETF

 
     
Year Ended
10/31/21
 
 
   

Period From
06/23/20

to 10/31/20

 
(a)  

 

 

 

Net asset value, beginning of period

    $ 25.56     $ 25.17  
   

 

 

   

 

 

 

Net investment income(b)

      0.51       0.18  

Net realized and unrealized gain (loss)(c)

      (0.42     0.33  
   

 

 

   

 

 

 

Net increase from investment operations

      0.09       0.51  
   

 

 

   

 

 

 

Distributions(d)

     

From net investment income

      (0.49     (0.12
   

 

 

   

 

 

 

Total distributions

      (0.49     (0.12
   

 

 

   

 

 

 

Net asset value, end of period

    $ 25.16     $ 25.56  
   

 

 

   

 

 

 

Total Return(e)

     

Based on net asset value

      0.36     2.03 %(f) 
   

 

 

   

 

 

 

Ratios to Average Net Assets

     

Total expenses

      0.10     0.10 %(g) 
   

 

 

   

 

 

 

Total expenses after fees waived

      0.10     0.10 %(g) 
   

 

 

   

 

 

 

Net investment income

      2.01     1.93 %(g) 
   

 

 

   

 

 

 

Supplemental Data

     

Net assets, end of period (000)

    $ 139,655     $ 35,783  
   

 

 

   

 

 

 

Portfolio turnover rate(h)

      4     4 %(f) 
   

 

 

   

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Annualized.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares
iBonds
Dec 2031
Term
Corporate
ETF
 
   


Period
From
06/22/21

to
10/31/21

 
 
(a)  


 

 

 

Net asset value, beginning of period

  $ 25.00  
 

 

 

 

Net investment income(b)

    0.20  

Net realized and unrealized loss(c)

    (0.17
 

 

 

 

Net increase from investment operations

    0.03  
 

 

 

 

Distributions(d)

 

From net investment income

    (0.14
 

 

 

 

Total distributions

    (0.14
 

 

 

 

Net asset value, end of period

  $ 24.89  
 

 

 

 

Total Return(e)

 

Based on net asset value

    0.16 %(f) 
 

 

 

 

Ratios to Average Net Assets

 

Total expenses

    0.10 %(g) 
 

 

 

 

Total expenses after fees waived

    0.10 %(g) 
 

 

 

 

Net investment income

    2.21 %(g) 
 

 

 

 

Supplemental Data

 

Net assets, end of period (000)

  $ 16,181  
 

 

 

 

Portfolio turnover rate(h)

    15 %(f) 
 

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Annualized.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  121


Notes to Financial Statements

 

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

 

   
iShares ETF   Diversification
Classification
 

iBonds Dec 2021 Term Corporate

    Diversified  

iBonds Dec 2022 Term Corporate

    Diversified  

iBonds Dec 2023 Term Corporate

    Diversified  

iBonds Dec 2024 Term Corporate

    Diversified  

iBonds Dec 2025 Term Corporate

    Diversified  

iBonds Dec 2026 Term Corporate

    Diversified  

iBonds Dec 2027 Term Corporate

    Diversified  

iBonds Dec 2028 Term Corporate(a)

    Diversified  

iBonds Dec 2029 Term Corporate

    Non-diversified  

iBonds Dec 2030 Term Corporate

    Non-diversified  

iBonds Dec 2031 Term Corporate(b)

    Non-diversified  

 

  (a) 

The Fund’s classification changed from non-diversified to diversified during the reporting period.

 
  (b) 

The Fund commenced operations on June 22, 2021.

 

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

 

 

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Notes to Financial Statements  (continued)

 

 

   

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However,

 

 

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  123


Notes to Financial Statements  (continued)

 

bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

         

iShares ETF and Counterparty

   
Market Value of
Securities on Loan
 
 
   
Cash Collateral
Received
 
(a) 
   
Non-Cash Collateral
Received
 
 
    Net Amount  

iBonds Dec 2021 Term Corporate

       

Barclays Bank PLC

  $ 108,236     $ 108,236     $     $  

Goldman Sachs & Co. LLC

    181,062       181,062              

J.P. Morgan Securities LLC

    1,940,538       1,940,538              

Morgan Stanley

    1,007,183       1,007,183              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 3,237,019     $ 3,237,019     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2022 Term Corporate

       

Barclays Bank PLC

  $ 5,665,486     $ 5,665,486     $     $  

BMO Capital Markets Corp.

    761,236       761,236              

BNP Paribas SA

    8,370,662       8,370,662              

BofA Securities, Inc.

    8,626,793       8,626,793              

Citigroup Global Markets, Inc.

    2,841,979       2,841,979              

Credit Suisse Securities (USA) LLC

    101,116       101,116              

Deutsche Bank Securities, Inc.

    109,752       109,752              

Goldman Sachs & Co. LLC

    13,172,892       13,172,892              

HSBC Securities (USA), Inc.

    101,122       101,122              

J.P. Morgan Securities LLC

    61,708,040       61,708,040              

Morgan Stanley

    20,737,021       20,737,021              

Toronto Dominion Bank

    4,436,015       4,436,015              

Wells Fargo Securities LLC

    597,454       597,454              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 127,229,568     $ 127,229,568     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2023 Term Corporate

       

Barclays Bank PLC

  $ 2,103,033     $ 2,103,033     $     $  

BMO Capital Markets Corp.

    1,990,080       1,990,080              

BofA Securities, Inc.

    14,286,260       14,286,260              

Citigroup Global Markets, Inc.

    976,595       976,595              

Deutsche Bank Securities, Inc.

    211,030       211,030              

Goldman Sachs & Co. LLC

    9,497,280       9,497,280              

J.P. Morgan Securities LLC

    25,623,589       25,623,589              

Morgan Stanley

    5,073,174       5,073,174              

Wells Fargo Securities LLC

    1,369,657       1,369,657              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 61,130,698     $ 61,130,698     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2024 Term Corporate

       

Barclays Bank PLC

  $ 2,737,266     $ 2,737,266     $     $  

Barclays Capital, Inc.

    1,206,116       1,206,116              

BMO Capital Markets Corp.

    455,740       455,740              

BNP Paribas SA

    2,195,196       2,195,196              

BofA Securities, Inc.

    6,973,051       6,973,051              

Citigroup Global Markets, Inc.

    2,410,689       2,410,689              

Deutsche Bank Securities, Inc.

    2,591,877       2,591,877              

Goldman Sachs & Co. LLC

    6,549,478       6,549,478              

HSBC Securities (USA), Inc.

    1,992,650       1,992,650              

J.P. Morgan Securities LLC

    27,808,991       27,808,991              

Morgan Stanley

    2,591,238       2,591,238              

Nomura Securities International, Inc.

    103,494       103,494              

Wells Fargo Securities LLC

    2,858,346       2,858,346              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 60,474,132     $ 60,474,132     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 

124  

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Notes to Financial Statements  (continued)

 

 

         

iShares ETF and Counterparty

   
Market Value of
Securities on Loan
 
 
   
Cash Collateral
Received
 
(a) 
   
Non-Cash Collateral
Received
 
 
    Net Amount  

iBonds Dec 2025 Term Corporate

       

Barclays Bank PLC

  $ 4,510,802     $ 4,510,802     $     $  

BNP Paribas SA

    2,669,252       2,669,252              

BofA Securities, Inc.

    7,429,281       7,429,281              

Citadel Clearing LLC

    618,225       618,225              

Citigroup Global Markets, Inc.

    248,440       248,440              

Credit Suisse Securities (USA) LLC

    604,540       604,540              

Deutsche Bank Securities, Inc.

    195,809       195,809              

Goldman Sachs & Co. LLC

    8,540,626       8,540,626              

HSBC Securities (USA), Inc.

    5,842,374       5,842,374              

J.P. Morgan Securities LLC

    20,818,210       20,818,210              

Morgan Stanley

    3,175,331       3,175,331              

Scotia Capital (USA), Inc.

    1,493,489       1,493,489              

Wells Fargo Securities LLC

    2,441,533       2,441,533              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 58,587,912     $ 58,587,912     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2026 Term Corporate

       

Barclays Bank PLC

  $ 6,166,806     $ 6,166,806     $     $  

BMO Capital Markets Corp.

    101,159       101,159              

Citigroup Global Markets, Inc.

    736,313       736,313              

Credit Suisse Securities (USA) LLC

    1,040,473       1,040,473              

Goldman Sachs & Co. LLC

    5,624,398       5,624,398              

HSBC Securities (USA), Inc.

    1,151,322       1,151,322              

J.P. Morgan Securities LLC

    23,125,060       23,125,060              

Morgan Stanley

    6,314,523       6,314,523              

Nomura Securities International, Inc.

    1,777,034       1,777,034              

RBC Capital Markets LLC

    13,937,981       13,937,981              

State Street Bank & Trust Co.

    243,853       243,853              

Wells Fargo Securities LLC

    3,339,497       3,339,497              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 63,558,419     $ 63,558,419     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2027 Term Corporate

       

Barclays Bank PLC

  $ 7,892,697     $ 7,892,697     $     $  

BMO Capital Markets Corp.

    286,293       286,293              

BNP Paribas SA

    394,271       394,271              

BofA Securities, Inc.

    6,352,533       6,352,533              

Citadel Clearing LLC

    20,624       20,624              

Citigroup Global Markets, Inc.

    384,765       384,765              

Credit Suisse Securities (USA) LLC

    227,117       227,117              

Goldman Sachs & Co. LLC

    11,267,405       11,267,405              

J.P. Morgan Securities LLC

    18,501,541       18,501,541              

Morgan Stanley

    3,571,565       3,571,565              

Nomura Securities International, Inc.

    520,320       520,320              

RBC Capital Markets LLC

    3,409,239       3,409,239              

Scotia Capital (USA), Inc.

    241,011       241,011              

Toronto Dominion Bank

    952,695       952,695              

Wells Fargo Securities LLC

    645,550       645,550              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 54,667,626     $ 54,667,626     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2028 Term Corporate

       

Barclays Capital, Inc.

  $ 589,200     $ 589,200     $     $  

BofA Securities, Inc.

    1,317,498       1,317,498              

Citigroup Global Markets, Inc.

    578,948       578,948              

Credit Suisse Securities (USA) LLC

    728,935       728,935              

Goldman Sachs & Co. LLC

    3,881,917       3,881,917              

HSBC Securities (USA), Inc.

    1,375,328       1,375,328              

J.P. Morgan Securities LLC

    11,614,785       11,614,785              

State Street Bank & Trust Co.

    888,347       888,347              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 20,974,958     $ 20,974,958     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 

O T E S  T O  I N A N C I A L  T A T E M E N T S

  125


Notes to Financial Statements  (continued)

 

 

         

iShares ETF and Counterparty

   
Market Value of
Securities on Loan
 
 
   
Cash Collateral
Received
 
(a) 
   
Non-Cash Collateral
Received
 
 
    Net Amount  

iBonds Dec 2029 Term Corporate

       

Barclays Bank PLC

  $ 1,119,543     $ 1,119,543     $     $  

Barclays Capital, Inc.

    4,258       4,258              

BNP Paribas SA

    718,289       718,289              

BofA Securities, Inc.

    55,894       55,894              

Credit Suisse Securities (USA) LLC

    279,089       279,089              

Goldman Sachs & Co. LLC

    3,187,815       3,187,815              

J.P. Morgan Securities LLC

    4,259,666       4,259,666              

RBC Capital Markets LLC

    1,037,481       1,037,481              

Wells Fargo Securities LLC

    167,613       167,613              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 10,829,648     $ 10,829,648     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2030 Term Corporate

       

Barclays Bank PLC

  $ 5,736,669     $ 5,736,669     $     $  

BNP Paribas SA

    699,600       699,600              

BofA Securities, Inc.

    167,642       167,642              

Citadel Clearing LLC

    10,598       10,598              

Citigroup Global Markets, Inc.

    893,209       893,209              

Credit Suisse Securities (USA) LLC

    258,314       258,314              

Nomura Securities International, Inc.

    139,278       139,278              

RBC Capital Markets LLC

    2,965,788       2,965,788              

Scotia Capital (USA), Inc.

    106,876       106,876              

Wells Fargo Securities LLC

    1,491,967       1,491,967              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 12,469,941     $ 12,469,941     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2031 Term Corporate

       

BNP Paribas SA

  $ 130,513     $ 130,513     $     $  

BofA Securities, Inc.

    99,894       99,894              

Citigroup Global Markets, Inc.

    123,141       123,141              

RBC Capital Markets LLC

    765,099       765,099              
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 1,118,647     $ 1,118,647     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

5.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.10%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.

 

 

126  

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Notes to Financial Statements  (continued)

 

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts waived  

iBonds Dec 2021 Term Corporate

  $ 233,511  

iBonds Dec 2022 Term Corporate

    27,887  

iBonds Dec 2023 Term Corporate

    21,876  

iBonds Dec 2024 Term Corporate

    11,848  

iBonds Dec 2025 Term Corporate

    4,639  

iBonds Dec 2026 Term Corporate

    2,026  

iBonds Dec 2027 Term Corporate

    1,606  

iBonds Dec 2028 Term Corporate

    647  

iBonds Dec 2029 Term Corporate

    397  

iBonds Dec 2030 Term Corporate

    181  

iBonds Dec 2031 Term Corporate

    6  

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Fees Paid
to BTC
 

iBonds Dec 2021 Term Corporate

  $ 49,448  

iBonds Dec 2022 Term Corporate

    61,274  

iBonds Dec 2023 Term Corporate

    44,138  

iBonds Dec 2024 Term Corporate

    45,519  

iBonds Dec 2025 Term Corporate

    39,336  

iBonds Dec 2026 Term Corporate

    30,439  

iBonds Dec 2027 Term Corporate

    30,453  

iBonds Dec 2028 Term Corporate

    11,387  

iBonds Dec 2029 Term Corporate

    6,129  

iBonds Dec 2030 Term Corporate

    5,248  

iBonds Dec 2031 Term Corporate

    49  

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

 

 

O T E S  T O  I N A N C I A L  T A T E M E N T S

  127


Notes to Financial Statements  (continued)

 

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

       
iShares ETF   Purchases      Sales      Net Realized
Gain (Loss)
 

iBonds Dec 2021 Term Corporate

  $ 6,144,042      $      $  

iBonds Dec 2022 Term Corporate

     77,892,039          1,069,594        9,934  

iBonds Dec 2023 Term Corporate

    6,635,259        3,661,065        99,093  

iBonds Dec 2024 Term Corporate

    3,416,632        3,711,866        136,357  

iBonds Dec 2025 Term Corporate

    3,919,799        917,309        (18,680

iBonds Dec 2026 Term Corporate

    2,669,245        1,468,013        16,111  

iBonds Dec 2027 Term Corporate

    1,806,758        1,426,036        50,999  

iBonds Dec 2028 Term Corporate

    873,570        29,072        768  

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

6.

PURCHASES AND SALES

For the year ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

 

     
iShares ETF   Purchases      Sales  

iBonds Dec 2021 Term Corporate

  $ 4,927,310      $ 946,657,531  

iBonds Dec 2022 Term Corporate

    86,949,220        225,323,957  

iBonds Dec 2023 Term Corporate

      178,957,306          199,478,712  

iBonds Dec 2024 Term Corporate

    127,888,770        110,767,493  

iBonds Dec 2025 Term Corporate

    94,736,827        84,205,841  

iBonds Dec 2026 Term Corporate

    54,188,847        47,520,340  

iBonds Dec 2027 Term Corporate

    19,146,054        17,336,011  

iBonds Dec 2028 Term Corporate

    28,147,262        25,659,184  

iBonds Dec 2029 Term Corporate

    5,695,532        4,638,608  

iBonds Dec 2030 Term Corporate

    3,831,999        2,774,161  

iBonds Dec 2031 Term Corporate

    14,314,941        1,818,104  

For the year ended October 31, 2021, in-kind transactions were as follows:

 

     
iShares ETF   In-kind
Purchases
    

In-kind

Sales

 

iBonds Dec 2021 Term Corporate

  $ 86,547,047      $   240,914,073  

iBonds Dec 2022 Term Corporate

    248,229,273        70,676,727  

iBonds Dec 2023 Term Corporate

    387,475,754        13,752,372  

iBonds Dec 2024 Term Corporate

    492,243,764        13,661,907  

iBonds Dec 2025 Term Corporate

    437,648,607        12,624,927  

iBonds Dec 2026 Term Corporate

    370,786,585        48,321,673  

iBonds Dec 2027 Term Corporate

    213,108,367        21,821,782  

iBonds Dec 2028 Term Corporate

    109,312,767        8,202,466  

iBonds Dec 2029 Term Corporate

    57,808,941         

iBonds Dec 2030 Term Corporate

      104,121,280         

iBonds Dec 2031 Term Corporate

    3,696,434         

 

7.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

 

 

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Notes to Financial Statements  (continued)

 

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

 

     
iShares ETF   Paid-in Capital      Accumulated
Earnings (Loss)
 

iBonds Dec 2021 Term Corporate

  $ 918,974      $ (918,974

iBonds Dec 2022 Term Corporate

    1,912,696        (1,912,696

iBonds Dec 2023 Term Corporate

    759,751        (759,751

iBonds Dec 2024 Term Corporate

    981,838        (981,838

iBonds Dec 2025 Term Corporate

    570,863        (570,863

iBonds Dec 2026 Term Corporate

        4,092,679            (4,092,679

iBonds Dec 2027 Term Corporate

    1,638,896        (1,638,896

iBonds Dec 2028 Term Corporate

    948,627        (948,627

iBonds Dec 2030 Term Corporate

    9,358        (9,358

The tax character of distributions paid was as follows:

 

     
iShares ETF   Year Ended
10/31/21
     Year Ended
10/31/20
 

iBonds Dec 2021 Term Corporate

    

Ordinary income

  $   19,272,863      $ 34,261,734  

Long-term capital gains

    575,350         
 

 

 

    

 

 

 
  $ 19,848,213      $   34,261,734  
 

 

 

    

 

 

 

iBonds Dec 2022 Term Corporate

    

Ordinary income

  $ 26,878,634      $ 30,668,925  

Long-term capital gains

           186,661  
 

 

 

    

 

 

 
  $ 26,878,634      $ 30,855,586  
 

 

 

    

 

 

 

iBonds Dec 2023 Term Corporate

    

Ordinary income

  $ 28,379,197      $ 28,042,643  
 

 

 

    

 

 

 

iBonds Dec 2024 Term Corporate

    

Ordinary income

  $ 24,776,110      $ 22,460,360  
 

 

 

    

 

 

 

iBonds Dec 2025 Term Corporate

    

Ordinary income

  $ 20,526,833      $ 17,297,629  

Long-term capital gains

    574,373         
 

 

 

    

 

 

 
  $ 21,101,206      $ 17,297,629  
 

 

 

    

 

 

 

iBonds Dec 2026 Term Corporate

    

Ordinary income

  $ 14,647,816      $ 12,659,390  
 

 

 

    

 

 

 

iBonds Dec 2027 Term Corporate

    

Ordinary income

  $ 9,842,292      $ 8,498,317  
 

 

 

    

 

 

 

iBonds Dec 2028 Term Corporate

    

Ordinary income

  $ 6,052,855      $ 4,437,127  

Long-term capital gains

           2,673  
 

 

 

    

 

 

 
  $ 6,052,855      $ 4,439,800  
 

 

 

    

 

 

 

iBonds Dec 2029 Term Corporate

    

Ordinary income

  $ 2,422,442      $ 1,375,539  
 

 

 

    

 

 

 
    
     
iShares ETF   Year Ended
10/31/21
     Period Ended
10/31/20
 

iBonds Dec 2030 Term Corporate

    

Ordinary income

  $ 1,432,581      $ 150,046  
 

 

 

    

 

 

 

 

 

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Notes to Financial Statements  (continued)

 

   
iShares ETF   Period Ended
10/31/21
 

iBonds Dec 2031 Term Corporate

 

Ordinary income

  $ 69,045  
 

 

 

 

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

 

iShares ETF    
Undistributed
Ordinary Income
 
 
    
Undistributed
Long-Term Capital Gains
 
 
    


Non-expiring

Capital Loss
Carryforwards

 


(a) 

   
Net Unrealized
Gains (Losses)
 
(b) 
    Total  

iBonds Dec 2021 Term Corporate

  $ 133,760      $      $     $ (52,722   $ 81,038  

iBonds Dec 2022 Term Corporate

    2,100,420        2,369,786              9,535,076       14,005,282  

iBonds Dec 2023 Term Corporate

    2,305,342        4,085,896              24,852,580       31,243,818  

iBonds Dec 2024 Term Corporate

    2,087,182               (2,400,162     27,150,040       26,837,060  

iBonds Dec 2025 Term Corporate

    1,853,242        1,902,832              20,462,737       24,218,811  

iBonds Dec 2026 Term Corporate

    1,414,358               (2,498,800     14,564,929       13,480,487  

iBonds Dec 2027 Term Corporate

    896,941               (1,891,865     8,727,435       7,732,511  

iBonds Dec 2028 Term Corporate

    589,842               (853,361     7,628,707       7,365,188  

iBonds Dec 2029 Term Corporate

    254,551               (389,882     1,344,245       1,208,914  

iBonds Dec 2030 Term Corporate

    181,134               (69,496     (1,744,378     (1,632,740

iBonds Dec 2031 Term Corporate

    27,744               (4,121     (155,329     (131,706

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

 

For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

 

   
iShares ETF   Utilized  

iBonds Dec 2022 Term Corporate

  $   1,360,903  

iBonds Dec 2023 Term Corporate

    1,514,006  

iBonds Dec 2024 Term Corporate

    4,123,389  

iBonds Dec 2026 Term Corporate

    669,981  

iBonds Dec 2027 Term Corporate

    376,281  

iBonds Dec 2028 Term Corporate

    425,658  

iBonds Dec 2029 Term Corporate

    113,778  

As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost      Gross Unrealized
Appreciation
     Gross Unrealized
Depreciation
     Net Unrealized
Appreciation
(Depreciation)
 

iBonds Dec 2021 Term Corporate

  $ 1,192,850,482      $ 45,153      $ (97,875    $ (52,722

iBonds Dec 2022 Term Corporate

    1,691,203,597        9,693,350        (158,274      9,535,076  

iBonds Dec 2023 Term Corporate

    1,693,814,801        25,458,733        (606,153      24,852,580  

iBonds Dec 2024 Term Corporate

    1,524,394,412        28,109,011        (958,971      27,150,040  

iBonds Dec 2025 Term Corporate

    1,290,847,832        23,561,324        (3,098,587      20,462,737  

iBonds Dec 2026 Term Corporate

    907,824,522        16,180,170        (1,615,241      14,564,929  

iBonds Dec 2027 Term Corporate

    566,289,413        10,488,303        (1,760,868      8,727,435  

iBonds Dec 2028 Term Corporate

    315,804,078        8,382,897        (754,190      7,628,707  

iBonds Dec 2029 Term Corporate

    150,340,348        1,630,545        (286,300      1,344,245  

iBonds Dec 2030 Term Corporate

    153,167,668        274,804        (2,019,182      (1,744,378

iBonds Dec 2031 Term Corporate

    17,322,973        5,949        (161,278      (155,329

8. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events

 

 

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Notes to Financial Statements  (continued)

 

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

9.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

     
    Year Ended
10/31/21
    Year Ended
10/31/20
 
iShares ETF   Shares     Amount     Shares     Amount  

iBonds Dec 2021 Term Corporate

       

Shares sold

    3,600,000     $ 89,387,006       14,500,000     $ 362,461,554  

Shares redeemed

    (16,300,000     (404,174,200     (5,500,000      (135,944,082
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease)

    (12,700,000   $  (314,787,194     9,000,000     $ 226,517,472  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 

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Notes to Financial Statements  (continued)

 

     
    Year Ended
10/31/21
    Year Ended
10/31/20
 
iShares ETF   Shares     Amount     Shares     Amount  

iBonds Dec 2022 Term Corporate

       

Shares sold

    9,900,000     $ 252,129,326       17,100,000     $ 434,643,409  

Shares redeemed

    (2,900,000     (73,794,197     (2,900,000     (71,053,031
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    7,000,000     $ 178,335,129       14,200,000     $ 363,590,378  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2023 Term Corporate

       

Shares sold

    15,050,000     $ 393,034,180       18,400,000     $ 475,625,151  

Shares redeemed

    (550,000     (14,339,920     (2,600,000     (63,656,209
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    14,500,000     $ 378,694,260       15,800,000     $ 411,968,942  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2024 Term Corporate

       

Shares sold

    18,950,000     $ 500,015,695       17,300,000     $ 448,529,249  

Shares redeemed

    (550,000     (14,464,413     (3,300,000     (81,530,726
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    18,400,000     $ 485,551,282       14,000,000     $ 366,998,523  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2025 Term Corporate

       

Shares sold

    16,400,000     $ 442,892,667       15,750,000     $ 417,852,104  

Shares redeemed

    (500,000     (13,375,424     (4,100,000     (103,562,072
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    15,900,000     $ 429,517,243       11,650,000     $ 314,290,032  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2026 Term Corporate

       

Shares sold

    14,100,000     $ 375,323,989       9,600,000     $ 250,299,542  

Shares redeemed

    (1,900,000     (50,383,548     (3,400,000     (84,892,935
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    12,200,000     $ 324,940,441       6,200,000     $ 165,406,607  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2027 Term Corporate

       

Shares sold

    7,950,000     $ 215,513,155       5,750,000     $ 153,225,694  

Shares redeemed

    (850,000     (22,696,102     (2,900,000     (74,388,301
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    7,100,000     $ 192,817,053       2,850,000     $ 78,837,393  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2028 Term Corporate

       

Shares sold

    3,850,000     $ 110,885,062       3,100,000     $ 88,594,385  

Shares redeemed

    (300,000     (8,465,539            
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    3,550,000     $ 102,419,523       3,100,000     $ 88,594,385  
 

 

 

   

 

 

   

 

 

   

 

 

 

iBonds Dec 2029 Term Corporate

       

Shares sold

    2,200,000     $ 58,517,144       2,850,000     $ 74,350,725  

Shares redeemed

                (400,000     (10,350,744
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase

    2,200,000     $ 58,517,144       2,450,000     $ 63,999,981  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

     
    Year Ended
10/31/21
     Period Ended
10/31/20
 
iShares ETF   Shares      Amount      Shares      Amount  

iBonds Dec 2030 Term Corporate

          

Shares sold

    4,150,000      $ 105,347,022        1,400,000      $ 35,931,495  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

   
     Period Ended
10/31/21
 
iShares ETF    Shares      Amount  

iBonds Dec 2031 Term Corporate

     

Shares sold

     650,000      $ 16,312,397  
  

 

 

    

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

 

 

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Notes to Financial Statements  (continued)

 

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

10.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2021 Term Corporate ETF ceased trading after the close of business on December 15, 2021, when all of the bonds included in the Fund’s underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 20, 2021.

 

 

O T E S  T O  I N A N C I A L  T A T E M E N T S

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Report of Independent Registered Public Accounting Firm   

 

To the Board of Trustees of iShares Trust and

Shareholders of iShares iBonds Dec 2021 Term Corporate ETF,

iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2023 Term Corporate ETF,

iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF,

iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF,

iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF,

iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares iBonds Dec 2021 Term Corporate ETF, iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF (eleven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

 

 

iShares iBonds Dec 2021 Term Corporate ETF, iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF and iShares iBonds Dec 2029 Term Corporate ETF: statements of operations for the year ended October 31, 2021 and statements of changes in net assets for each of the two years in the period ended October 31, 2021.

 

 

iShares iBonds Dec 2030 Term Corporate ETF: statement of operations for the year ended October 31, 2021, and statement of changes in net assets for the year ended October 31, 2021 and the period June 23, 2020 (commencement of operations) to October 31, 2020.

 

 

iShares iBonds Dec 2031 Term Corporate ETF: statements of operations and changes in net assets for the period June 22, 2021 (commencement of operations) to October 31, 2021.

 

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

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Important Tax Information (unaudited)

 

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:

 

   
iShares ETF   Interest Dividends  

iBonds Dec 2021 Term Corporate

    $16,802,086  

iBonds Dec 2022 Term Corporate

    26,448,349  

iBonds Dec 2023 Term Corporate

    28,232,188  

iBonds Dec 2024 Term Corporate

    24,820,081  

iBonds Dec 2025 Term Corporate

    20,746,326  

iBonds Dec 2026 Term Corporate

    14,897,252  

iBonds Dec 2027 Term Corporate

    9,946,630  

iBonds Dec 2028 Term Corporate

    6,187,358  

iBonds Dec 2029 Term Corporate

    2,509,294  

iBonds Dec 2030 Term Corporate

    1,560,392  

iBonds Dec 2031 Term Corporate

    96,680  

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:

 

   
iShares ETF   Interest-Related
Dividends
 

iBonds Dec 2021 Term Corporate

    $12,835,849  

iBonds Dec 2022 Term Corporate

    21,177,779  

iBonds Dec 2023 Term Corporate

    21,832,596  

iBonds Dec 2024 Term Corporate

    19,687,169  

iBonds Dec 2025 Term Corporate

    17,295,727  

iBonds Dec 2026 Term Corporate

    11,826,491  

iBonds Dec 2027 Term Corporate

    8,958,251  

iBonds Dec 2028 Term Corporate

    5,206,255  

iBonds Dec 2029 Term Corporate

    2,235,942  

iBonds Dec 2030 Term Corporate

    1,338,741  

iBonds Dec 2031 Term Corporate

    91,560  

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2021:

 

   
iShares ETF  

Federal Obligation

Interest

 

iBonds Dec 2021 Term Corporate

  $ 24,744  

iBonds Dec 2022 Term Corporate

    4,059  

iBonds Dec 2023 Term Corporate

    2,394  

iBonds Dec 2024 Term Corporate

    1,353  

iBonds Dec 2025 Term Corporate

    493  

iBonds Dec 2026 Term Corporate

    231  

iBonds Dec 2027 Term Corporate

    214  

iBonds Dec 2028 Term Corporate

    109  

iBonds Dec 2029 Term Corporate

    53  

iBonds Dec 2030 Term Corporate

    22  

The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate of not greater than 20%, for the fiscal year ended October 31, 2021:

 

   
iShares ETF   20% Rate Long-Term
Capital Gain Dividends
 

iBonds Dec 2021 Term Corporate

    $612,197  

iBonds Dec 2022 Term Corporate

    57,341  

iBonds Dec 2023 Term Corporate

    14,231  

iBonds Dec 2025 Term Corporate

    582,805  

 

 

M P O R T A N T   T A X   I N F  O R M A T I O N

  135


Board Review and Approval of Investment Advisory Contract  

 

iShares iBonds Dec 2021 Term Corporate ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates.

The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2026 Term Corporate ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

 

 

O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T

  137


Board Review and Approval of Investment Advisory Contract  (continued)

 

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”),

including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service

 

 

O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T

  139


Board Review and Approval of Investment Advisory Contract  (continued)

 

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares iBonds Dec 2031 Term Corporate ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on March 30-31, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

 

 

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Supplemental Information  (unaudited)

 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2021

 

     Total Cumulative Distributions
for the Fiscal Year
    % Breakdown of the Total Cumulative
Distributions for the Fiscal Year
 
iShares ETF   Net
Investment
Income
    Net Realized
Capital Gains
    Return of
Capital
    Total Per
Share
    Net
Investment
Income
    Net Realized
Capital
Gains
    Return of
Capital
    Total Per
Share
 

iBonds Dec 2021 Term Corporate(a)

  $   0.321973     $ 0.009250     $ 0.001040     $ 0.332263       97     3     0 %(b)      100

iBonds Dec 2022 Term Corporate

    0.451739                   0.451739       100                   100  

iBonds Dec 2023 Term Corporate

    0.497294                   0.497294       100                   100  

iBonds Dec 2024 Term Corporate(a)

    0.518628             0.000317       0.518945       100             0 (b)      100  

iBonds Dec 2025 Term Corporate(a)

    0.532729       0.017810       0.000230       0.550769       97       3       0 (b)      100  

iBonds Dec 2026 Term Corporate(a)

    0.581674             0.000101       0.581775       100             0 (b)      100  

iBonds Dec 2027 Term Corporate(a)

    0.604648             0.000832       0.605480       100             0 (b)      100  

iBonds Dec 2028 Term Corporate

    0.716707                   0.716707       100                   100  

iBonds Dec 2029 Term Corporate(a)

    0.606762             0.002036       0.608798       100             0 (b)      100  

iBonds Dec 2030 Term Corporate(a)

    0.490817             0.001552       0.492369       100             0 (b)      100  

 

  (a) 

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

 
  (b)

Rounds to less than 1%.

 

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

 

 

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Trustee and Officer Information

 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

 

    Interested Trustees    
       
  Name (Age)   Position(s)  

Principal Occupation(s)

During the Past 5 Years

  Other Directorships Held by Trustee

Robert S.

Kapito(a) (64)

  Trustee (since 2009).   President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).   Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji(b)

(51)

  Trustee (since 2019).   Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).   Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

 

(a) 

Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

(b) 

Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

 

    Independent Trustees    
       
  Name (Age)   Position(s)  

Principal Occupation(s)

During the Past 5 Years

  Other Directorships Held by Trustee

Cecilia H.

Herbert (72)

  Trustee (since 2005); Independent Board Chair (since 2016).   Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).   Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D.

Carlin (65)

  Trustee (since 2015); Risk Committee Chair (since 2016).   Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).   Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L.

Fagnani (66)

  Trustee (since 2017); Audit Committee Chair (since 2019).   Partner, KPMG LLP (2002-2016).   Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

 

 

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Trustee and Officer Information  (continued)

 

         Independent Trustees (continued)    
       
  Name (Age)   Position(s)   

Principal Occupation(s)

During the Past 5 Years

  Other Directorships Held by Trustee

John E.

Kerrigan (66)

  Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).    Chief Investment Officer, Santa Clara University (since 2002).   Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E.

Lawton (62)

  Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).   Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E.

Martinez (60)

  Trustee (since 2003); Securities Lending Committee Chair (since 2019).    Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).   Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V.

Rajan (57)

  Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).    Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).   Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

 

Officers

     
  Name (Age)   Position(s)   

Principal Occupation(s)    

During the Past 5 Years    

Armando

Senra (50)

  President (since 2019).    Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent

Walker (47)

  Treasurer and Chief Financial Officer (since 2020).    Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles

Park (54)

  Chief Compliance Officer (since 2006).    Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre

Smith (46)

  Secretary (since 2019).    Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott

Radell (52)

  Executive Vice President (since 2012).    Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan

Mason (60)

  Executive Vice President (since 2016).    Managing Director, BlackRock, Inc. (since 2009).

Marybeth

Leithead (58)

  Executive Vice President (since 2019).    Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).

 

 

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General Information

 

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

E N E R A L  N F O R M A T I O N

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Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1012-1021

 

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