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  

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

    

 

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