LOGO

  OCTOBER 31, 2023

 

 

  

  

2023 Annual Report

 

 

iShares Trust

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

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

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

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

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

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

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

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

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

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

· iShares iBonds Dec 2033 Term Corporate ETF | IBDY | NYSE Arca


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2023
     
    

 

  6-Month  

 

 

 

12-Month  

 

 

U.S. large cap equities

(S&P 500® Index)

    1.39%   10.14%
 

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

  (5.29)   (8.56)
 

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

  (7.88)   14.40  
 

Emerging market equities

(MSCI Emerging Markets Index)

  (4.78)   10.80  
 

3-month Treasury bills

(ICE BofA 3-Month

U.S. Treasury Bill Index)

    2.63       4.77  
 

U.S. Treasury securities

(ICE BofA 10-Year

U.S. Treasury Index)

  (9.70)   (3.25)
 

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

  (6.13)     0.36  
 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (4.65)     2.64  
 

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

    0.02       6.23  
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     26  

Disclosure of Expenses

     26  

Schedules of Investments

     27  

Financial Statements

  

Statements of Assets and Liabilities

     113  

Statements of Operations

     116  

Statements of Changes in Net Assets

     119  

Financial Highlights

     125  

Notes to Financial Statements

     136  

Report of Independent Registered Public Accounting Firm

     148  

Important Tax Information

     149  

Board Review and Approval of Investment Advisory Contract

     150  

Supplemental Information

     158  

Trustee and Officer Information

     159  

General Information

     161  

Glossary of Terms Used in this Report

     162  

 

 

 


Market Overview

 

iShares Trust

U.S. investment-grade corporate bonds produced a gain for the 12 months ended October 31, 2023 (the “reporting period”). The Markit iBoxx USD Liquid Investment Grade Index, a broad measure of U.S. investment-grade corporate bond performance, returned 2.18%.

Bond prices generally moved lower over the past 12 months. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October. In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note moved from 4.48% to 5.07% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%.

Despite the headwind from rising Treasury yields, corporate issues finished with positive total returns thanks to the contribution from income and the positive effect from a decline in yield spreads relative to government debt. According to the Federal Reserve Bank of St. Louis, the ICE BofA US Corporate Index Option-Adjusted Spread fell from 163 basis points (1.63 percentage points) on October 31, 2022, to 130 on the final day of the reporting period. The spread fell as low as 117 in late September, but it climbed in October as the conflict in the Middle East and worries about the long-term impact of the United States’ rapidly rising government debt weighed on investors’ appetite for risk.

Longer-term corporate issues, which are most sensitive to interest-rate movements, lagged the broader market. Higher-rated corporate bonds, whose performance is dictated more by interest-rate movements than credit developments, generally underperformed lower-rated issues. At the sector level, financials performed well thanks to relative strength in the banking and finance industries. Energy issues also outperformed, as did other commodity-related industries such as paper and metals. On the other end of the spectrum, the utilities sector failed to keep pace with the index.

 

 

4  

2 0 2 3   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, 2023      iShares® iBonds® Dec 2023 Term Corporate ETF

 

Investment Objective

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

Performance

 

     Average Annual Total Returns          Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

         1 Year     5 Years     

Since

Inception

 

Fund NAV

    5.29      3.71      3.07        5.29     19.96      29.85

Fund Market

    5.24        3.69        3.06          5.24       19.87        29.73  

Index

    4.53        3.63        3.04            4.53       19.53        29.54  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

 

  The

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

 

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

Expense Example

 

    Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      
     

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      


Beginning

Account Value
(05/01/23)

 


 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,027.70          $         0.41          $       1,000.00          $       1,024.80          $         0.41          0.08

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    5  


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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    1.2%  

Aa

    1.9     

A

    12.6     

Baa

    11.4     

Short-Term and Other Assets

    72.9     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Goldman Sachs Group Inc. (The), 1.22%, 12/06/23

    1.3%  

Schlumberger Investment SA, 3.65%, 12/01/23

    1.0     

Bristol-Myers Squibb Co., 0.54%, 11/13/23

    1.0     

Deutsche Bank AG/New York NY, Series E, 0.96%, 11/08/23

    1.0     

AbbVie Inc., 3.75%, 11/14/23

    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.

 

 

 

6  

2 0 2 3   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, 2023    iShares® iBonds® Dec 2024 Term Corporate ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
    1 Year      5 Years     

Since

Inception

   

 

     1 Year     5 Years     

Since   

Inception   

 

 

 

Fund NAV

    4.97      3.36      2.83        4.97     17.99      27.32%  

Fund Market

    4.78        3.33        2.83          4.78       17.78        27.23     

Index

    5.04        3.47        2.98          5.04       18.60        28.86     

 

 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

      Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      
         

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $        1,000.00          $        1,021.20          $         0.51          $        1,000.00          $        1,024.70          $         0.51          0.10

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    7  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2024 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 

Moody’s Credit Ratings*

   

Percent of   

Net Assets  

 

 

 

 

Aaa

    1.6%  

Aa

    5.1     

A

    49.1     

Baa

    41.3     

Ba

    0.6     

Not Rated

    1.4     

Short-Term and Other Assets

    0.9     

 

 

FIVE LARGEST HOLDINGS

 

 

 

Security

   
Percent of   
Net Assets(a)
 
 

 

 

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

    0.8%  

Morgan Stanley, 3.70%, 10/23/24

    0.7     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24

    0.6     

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

    0.6     

Bank of America Corp., 4.20%, 08/26/24

    0.6     

 

 

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 3   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, 2023      iShares® iBonds® Dec 2025 Term Corporate ETF

 

Investment Objective

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

Performance

 

       Average Annual Total Returns       Cumulative Total Returns  
 

 

 

   

 

 

 
    1 Year      5 Years     

Since   

Inception   

    1 Year     5 Years      Since   
Inception   
 

 

 

Fund NAV

    4.61      3.38      2.79%       4.61     18.09      26.89%  

Fund Market

    4.70        3.36        2.79          4.70       17.96        26.89     

Index

    4.70        3.39        2.85          4.70       18.14        27.51     

 

 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

    Actual       

Hypothetical 5% Return

          
 

 

 

      

 

 

      

 

   

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized   
Expense   
Ratio    
 
 
 

 

 
    $        1,000.00          $       1,009.30          $       0.51          $       1,000.00          $       1,024.70          $        0.51          0.10%  

 

 

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    9  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2025 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    2.2%  

Aa

    7.6     

A

    40.9     

Baa

    45.9     

Ba

    1.1     

Not Rated

    1.1     

Short-Term and Other Assets

    1.2     

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

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

    0.7%  

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

    0.7     

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

    0.6     

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

    0.6     

Goldman Sachs Group Inc. (The), 3.50%, 04/01/25

    0.6     

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

10  

2 0 2 3   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, 2023      iShares® iBonds® Dec 2026 Term Corporate ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns     Cumulative Total Returns  
 

 

 

   

 

 

 
    1 Year      5 Years     

Since   

Inception   

    1 Year     5 Years     

Since   

Inception   

 

 

 

Fund NAV

    4.82      3.11      2.05%       4.82     16.56      15.55%  

Fund Market

    5.00        3.11        2.05          5.00       16.54        15.60     

Index

    4.96        3.21        2.15          4.96       17.09        16.40     

 

 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

 

LOGO

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

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

Expense Example

 

    Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      

 

   

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized   

Expense   

Ratio   

 

 

 

 

 
    $       1,000.00          $        995.60          $       0.50          $      1,000.00          $      1,024.70          $       0.51          0.10%  

 

 

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    11  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2026 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    2.8%  

Aa

    7.2     

A

    41.9     

Baa

    44.2     

Ba

    1.0     

Not Rated

    1.2     

Short-Term and Other Assets

    1.7     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Boeing Co. (The), 2.20%, 02/04/26

    0.8%  

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

    0.7     

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

    0.7     

Wells Fargo & Co., 3.00%, 04/22/26

    0.6     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26

    0.6     

 

 
  *

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

 

 

  (a) 

Excludes money market funds.

 

 

 

12  

2 0 2 3   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, 2023      iShares® iBonds® Dec 2027 Term Corporate ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns     Cumulative Total Returns  
 

 

 

   

 

 

 
    1 Year      5 Years     

Since   

Inception   

    1 Year     5 Years     

Since   

Inception   

 

 

 

Fund NAV

    4.45      2.85      1.76%       4.45     15.06      11.28%  

Fund Market

    4.33        2.82        1.76          4.33       14.91        11.32     

Index

    4.53        2.91        1.81          4.53       15.41        11.66     

 

 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

    Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      

 

   

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $          981.40          $       0.50          $      1,000.00          $      1,024.70          $       0.51          0.10

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    13  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2027 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    2.7%  

Aa

    4.8     

A

    35.6     

Baa

    52.6     

Ba

    0.8     

Not Rated

    2.0     

Short-Term and Other Assets

    1.5     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

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

    0.9%  

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

    0.8     

Warnermedia Holdings Inc., 3.76%, 03/15/27

    0.8     

Verizon Communications Inc., 4.13%, 03/16/27

    0.7     

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

    0.7     

 

 
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

14  

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Fund Summary as of October 31, 2023      iShares® iBonds® Dec 2028 Term Corporate ETF

 

Investment Objective

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

Performance

 

    Average Annual Total Returns     Cumulative Total Returns  
 

 

 

   

 

 

 
    1 Year      5 Years     

Since   

Inception   

    1 Year     5 Years     

Since   

Inception   

 

 

 

Fund NAV

    4.79      2.52      2.28%       4.79     13.26      12.21%  

Fund Market

    4.52        2.40        2.26          4.52       12.59        12.14     

Index

    4.90        2.58        2.32          4.90       13.57        12.44     

 

 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

    Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      
   

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized   

Expense   

Ratio   

 

 

 

 

 

 

    $        1,000.00          $          972.60          $       0.50          $      1,000.00          $      1,024.70          $        0.51          0.10%  

 

 

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    15  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2028 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    1.4%  

Aa

    4.6     

A

    33.2     

Baa

    56.6     

Ba

    1.7     

Not Rated

    1.1     

Short-Term and Other Assets

    1.4     

FIVE LARGEST HOLDINGS

 

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

CVS Health Corp., 4.30%, 03/25/28

    1.1%  

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

    0.9     

Cigna Group (The), 4.38%, 10/15/28

    0.8     

Amgen Inc., 5.15%, 03/02/28

    0.8     

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

    0.8     
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

16  

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Fund Summary as of October 31, 2023    iShares® iBonds® Dec 2029 Term Corporate ETF

 

Investment Objective

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

Performance

 

        Average Annual Total Returns              Cumulative Total Returns  
     1 Year    

Since

Inception

         1 Year    

Since

Inception

 

Fund NAV

    4.23     (0.68 )%        4.23     (2.75 )% 

Fund Market

    4.19       (0.65       4.19       (2.67

Index

    4.30       (0.63         4.30       (2.59

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

    Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      

 

   

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       963.20          $        0.49          $       1,000.00          $        1,024.70          $       0.51          0.10

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    17  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2029 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    0.8%  

Aa

    2.9     

A

    37.4     

Baa

    52.1     

Ba

    3.4     

Not Rated

    1.8     

Short-Term and Other Assets

    1.6     

 

 

FIVE LARGEST HOLDINGS

 

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

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

    1.2     

Centene Corp., 4.63%, 12/15/29

    1.2     

AT&T Inc., 4.35%, 03/01/29

    1.0     

 

 
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

18  

2 0 2 3   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, 2023    iShares® iBonds® Dec 2030 Term Corporate ETF

 

Investment Objective

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

Performance

 

        Average Annual Total Returns              Cumulative Total Returns  
     1 Year    

Since

Inception

         1 Year    

Since

Inception

 

Fund NAV

    3.17     (4.18 )%        3.17     (13.36 )% 

Fund Market

    3.12       (4.14       3.12       (13.23

Index

    3.31       (4.13         3.31       (13.19

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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

Expense Example

 

    Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      
     

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       946.50          $        0.49          $      1,000.00          $      1,024.70          $      0.51          0.10

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    19  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2030 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    1.1%  

Aa

    5.2     

A

    34.7     

Baa

    55.0     

Ba

    1.3     

Not Rated

    1.2     

Short-Term and Other Assets

    1.5     

 

 

FIVE LARGEST HOLDINGS

 

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

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

    1.6%  

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

    1.1     

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

    1.0     

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

    0.8     

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

    0.8     

 

 
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

20  

2 0 2 3   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, 2023      iShares® iBonds® Dec 2031 Term Corporate ETF

 

Investment Objective

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

Performance

 

        Average Annual Total Returns            Cumulative Total Returns  
     1 Year    

Since

Inception

         1 Year    

Since

Inception

 

Fund NAV

    2.58     (8.09 )%        2.58     (18.06 )% 

Fund Market

    2.69       (7.99       2.69       (17.85

Index

    2.70       (8.07         2.70       (17.99

 

LOGO

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

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

Expense Example

 

    Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      
     

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00        $          937.30          $        0.49          $         1,000.00          $        1,024.70          $         0.51          0.10

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    21  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2031 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    1.1%  

Aa

    3.9     

A

    26.5     

Baa

    61.4     

Ba

    4.2     

Not Rated

    1.6     

Short-Term and Other Assets

    1.3     

 

 
FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Orange SA, 9.00%, 03/01/31

    1.3%  

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

    1.3     

Oracle Corp., 2.88%, 03/25/31

    1.2     

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

    1.1     

Amazon.com Inc., 2.10%, 05/12/31

    1.0     

 

 

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

22  

2 0 2 3   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, 2023    iShares® iBonds® Dec 2032 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2032 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2032, as represented by the Bloomberg December 2032 Maturity Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

      Average Annual Total Returns            Cumulative Total Returns  
     1 Year    

Since

Inception

         1 Year    

Since

Inception

 

Fund NAV

    2.49     (2.22 )%        2.49     (2.98 )% 

Fund Market

    2.75       (2.08       2.75       (2.79

Index

    2.61       (2.17         2.61       (2.89

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 28, 2022. The first day of secondary market trading was June 30, 2022.

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

Expense Example

 

    Actual        Hypothetical 5% Return           
 

 

 

      

 

 

      
     

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $        932.60          $        0.49          $      1,000.00          $       1,024.70          $          0.51          0.10

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

    23  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® Dec 2032 Term Corporate ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    0.5%  

Aa

    3.8     

A

    34.7     

Baa

    54.7     

Ba

    2.0     

Not Rated

    2.4     

Short-Term and Other Assets

    1.9     

 

 
FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Warnermedia Holdings Inc., 4.28%, 03/15/32

    1.9%  

Verizon Communications Inc., 2.36%, 03/15/32

    1.6     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32

    1.4     

Meta Platforms Inc., 3.85%, 08/15/32

    1.2     

Sprint Capital Corp., 8.75%, 03/15/32

    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.

 

 

 

24  

2 0 2 3   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, 2023    iShares® iBonds® Dec 2033 Term Corporate ETF

 

Investment Objective

The iShares iBonds Dec 2033 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 2033, as represented by the Bloomberg December 2033 Maturity Corporate Index (the “Underlying Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Cumulative Total Returns    
    

Since    

Inception    

Fund NAV

  (5.52)%

Fund Market

  (5.17)   

Index

  (5.57)   

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was June 21, 2023. The first day of secondary market trading was June 23, 2023.

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

Expense Example

 

      Actual      Hypothetical 5% Return         
 

 

 

    

 

 

    
         

Beginning

Account Value

(06/21/23)

 

 

(a)  

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(b) 

    

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(b) 

    

Annualized

Expense

Ratio

 

 

 

          $          1,000.00          $       944.80          $        0.35        $      1,000.00          $      1,024.70          $        0.51        0.10

 

  (a) 

Commencement of operations.

 
  (b) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 132/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets   

 

 

 

Aaa

    0.8%  

Aa

    4.1     

A

    37.4     

Baa

    52.5     

Ba

    1.9     

Not Rated

    1.8     

Short-Term and Other Assets

    1.5     

 

 
FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Pfizer Investment Enterprises Pte Ltd.,
4.75%, 05/19/33

    2.0%  

Amgen Inc., 5.25%, 03/02/33

    1.7     

AT&T Inc., 2.55%, 12/01/33

    1.2     

T-Mobile USA Inc., 5.05%, 07/15/33

    1.0     

Philip Morris International Inc., 5.38%, 02/15/33

    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.

 

 

 

F U N D   S U M M A R Y

    25  


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

26  

2 0 2 3   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, 2023

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Aerospace & Defense — 0.2%            

RTX Corp., 3.70%, 12/15/23 (Call 11/16/23)(a)

  $ 4,365     $ 4,350,098  
   

 

 

 
Agriculture — 0.3%            

Philip Morris International Inc., 3.60%, 11/15/23(a)

    5,418       5,413,637  
   

 

 

 
Banks — 5.8%            

Bank of Montreal, 0.45%, 12/08/23(a)

        14,345           14,265,749  

Canadian Imperial Bank of Commerce, 0.50%, 12/14/23(a)

    12,620       12,541,276  

Cooperatieve Rabobank UA, 4.63%, 12/01/23

    6,355       6,344,983  

Deutsche Bank AG/New York NY, Series E, 0.96%, 11/08/23

    18,325       18,305,243  

Goldman Sachs Group Inc. (The), 1.22%, 12/06/23 (Call 11/06/23)

    23,171       23,065,276  

State Street Corp., 3.70%, 11/20/23(a)

    9,019       9,005,133  

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

    10,603       10,592,966  

Truist Financial Corp., 3.75%, 12/06/23
(Call 11/13/23)(a)

    12,110       12,070,096  
   

 

 

 
      106,190,722  
Beverages — 0.3%            

Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 12/01/23)

    6,350       6,324,625  
   

 

 

 
Building Materials — 0.2%            

Lennox International Inc., 3.00%, 11/15/23

    3,850       3,845,713  
   

 

 

 
Chemicals — 0.8%            

Ecolab Inc., 0.90%, 12/15/23 (Call 11/13/23)(a)

    5,955       5,920,297  

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

    8,185       8,176,352  
   

 

 

 
      14,096,649  
Diversified Financial Services — 0.6%            

American Express Co., 0.75%, 11/03/23(a)

    11,085       11,085,000  
   

 

 

 
Electric — 5.2%            

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

    4,246       4,238,026  

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

    5,815       5,815,000  

Berkshire Hathaway Energy Co.,
3.75%, 11/15/23(a)

    6,150       6,144,576  

Black Hills Corp., 4.25%, 11/30/23

    7,115       7,101,478  

Consolidated Edison Inc., Series A,
0.65%, 12/01/23

    15,796       15,729,321  

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

    4,502       4,495,471  

Entergy Louisiana LLC,
0.62%, 11/17/23
(Call 11/13/23)(a)

    8,385       8,368,173  

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

    7,293       7,278,911  

National Rural Utilities Cooperative Finance Corp., 3.40%, 11/15/23

    5,150       5,145,070  

Pacific Gas and Electric Co.
1.70%, 11/15/23 (Call 11/13/23)(a)

    12,495       12,468,651  

3.85%, 11/15/23 (Call 11/13/23)(a)

    6,005       5,995,369  

Public Service Co. of New Hampshire, 3.50%, 11/01/23

    2,276       2,276,000  

Public Service Enterprise Group Inc., 0.84%, 11/08/23(a)

    9,808       9,798,392  
   

 

 

 
      94,854,438  
Security  

Par

(000)

    Value  
Electronics — 0.2%            

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

  $ 3,525     $ 3,517,868  
   

 

 

 
Food — 0.4%            

Kellogg Co., 2.65%, 12/01/23

    6,495       6,477,531  
   

 

 

 
Gas — 0.2%            

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

    4,635       4,635,000  
   

 

 

 
Health Care - Products — 1.7%            

Abbott Laboratories, 3.40%, 11/30/23

    13,096       13,072,591  

Baxter International Inc., 0.87%, 12/01/23(a)

        10,396           10,347,992  

Stryker Corp., 0.60%, 12/01/23 (Call 11/13/23)

    7,770       7,734,985  
   

 

 

 
      31,155,568  
Health Care - Services — 0.1%            

Laboratory Corp. of America Holdings, 4.00%, 11/01/23

    2,248       2,248,000  
   

 

 

 
Home Builders — 0.3%            

Lennar Corp., 4.88%, 12/15/23 (Call 11/29/23)(a)

    5,470       5,464,606  
   

 

 

 
Insurance — 0.9%            

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

    4,340       4,332,719  

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

    4,241       4,237,605  

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

    7,740       7,717,511  
   

 

 

 
      16,287,835  
Lodging — 0.2%            

Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/16/23)(a)

    3,805       3,798,599  
   

 

 

 
Machinery — 0.6%            

Caterpillar Financial Services Corp. 3.65%, 12/07/23(a)

    5,468       5,455,274  

3.75%, 11/24/23(a)

    6,393       6,385,101  
   

 

 

 
      11,840,375  
Media — 0.6%            

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

    10,480       10,458,012  
   

 

 

 
Oil & Gas — 0.6%            

Shell International Finance BV,
3.50%, 11/13/23(a)

    11,792       11,782,402  
   

 

 

 
Oil & Gas Services — 1.5%            

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

    8,415       8,368,252  

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

    19,165       19,116,734  
   

 

 

 
      27,484,986  
Pharmaceuticals — 3.7%            

AbbVie Inc., 3.75%, 11/14/23(a)

    17,215       17,198,755  

Bristol-Myers Squibb Co.

   

0.54%, 11/13/23

    18,430       18,399,679  

3.25%, 11/01/23

    4,860       4,860,000  

CVS Health Corp., 4.00%, 12/05/23
(Call 12/01/23)(a)

    4,643       4,634,430  

Johnson & Johnson, 3.38%, 12/05/23

    10,375       10,353,796  

Mylan Inc., 4.20%, 11/29/23 (Call 11/16/23)

    5,931       5,921,230  

Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23

    6,406       6,398,467  
   

 

 

 
      67,766,357  

 

 

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, 2023

  

iShares® iBonds® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
Pipelines — 0.8%  

Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23

  $ 7,135     $ 7,135,000  

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

    7,040       7,035,427  
   

 

 

 
          14,170,427  
Real Estate Investment Trusts — 0.3%  

AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 12/01/23)(a)

    4,715       4,703,325  
   

 

 

 
Retail — 0.3%  

Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 11/13/23)

    5,335       5,323,486  
   

 

 

 
Software — 0.6%            

Microsoft Corp., 3.63%, 12/15/23 (Call 12/01/23)

          10,923       10,897,533  
   

 

 

 
Telecommunications — 0.5%  

British Telecommunications PLC,
4.50%, 12/04/23 (Call 11/16/23)

    9,143       9,128,287  
   

 

 

 
Transportation — 0.2%  

Ryder System Inc., 3.88%, 12/01/23
(Call 11/01/23)(a)

    3,690       3,682,787  
   

 

 

 

Total Long-Term Investments — 27.1%
(Cost: $497,642,605)

 

    496,983,866  
   

 

 

 
Security  

    

Shares

    Value  

 

 

Short-Term Securities

 

Money Market Funds — 74.0%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(b)(c)(d)

    38,031,764     $ 38,046,976  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(b)(c)

    1,321,110,000       1,321,110,000  
   

 

 

 

Total Short-Term Securities — 74.0%
(Cost: $1,359,125,352)

 

    1,359,156,976  
   

 

 

 

Total Investments — 101.1%
(Cost: $1,856,767,957)

 

    1,856,140,842  
Liabilities in Excess of Other Assets — (1.1)%     (19,542,629)  
   

 

 

 

Net Assets — 100.0%

 

  $ 1,836,598,213  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

(d) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer  

Value at

10/31/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/23

   

Shares

Held at

10/31/23

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

   

 

 

 

   

    

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 293,003,583     $     $ (255,133,137 )(a)    $ 123,772     $ 52,758     $ 38,046,976       38,031,764     $ 926,432 (b)     $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    66,380,000       1,254,730,000 (a)                        1,321,110,000       1,321,110,000       14,323,474       56         
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 123,772     $ 52,758     $ 1,359,156,976       $ 15,249,906     $ 56    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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.

 

 

 

28  

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Schedule of Investments  (continued)

October 31, 2023

  

iShares® iBonds® Dec 2023 Term Corporate ETF

 

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  

 

 

Assets

           

Investments

           

Long-Term Investments

           

Corporate Bonds & Notes

   $      $ 496,983,866      $      $ 496,983,866  

Short-Term Securities

           

Money Market Funds

     1,359,156,976                      1,359,156,976  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 1,359,156,976      $   496,983,866      $                     —      $ 1,856,140,842  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

    29  


Schedule of Investments  

October 31, 2023

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.4%            

Omnicom Group Inc., 3.65%, 11/01/24
(Call 08/01/24)

  $ 5,719     $ 5,577,497  

WPP Finance 2010, 3.75%, 09/19/24

    4,622       4,506,281  
   

 

 

 
      10,083,778  
Aerospace & Defense — 1.3%            

Boeing Co. (The)

   

1.43%, 02/04/24 (Call 11/13/23)

            14,010             13,836,912  

1.95%, 02/01/24

    4,876       4,823,481  

2.80%, 03/01/24 (Call 02/01/24)(a)

    1,646       1,628,189  

2.85%, 10/30/24 (Call 07/30/24)(a)

    1,907       1,848,621  

General Dynamics Corp., 2.38%, 11/15/24
(Call 09/15/24)(a)

    4,331       4,183,878  

L3Harris Technologies Inc.,
3.95%, 05/28/24 (Call 02/28/24)

    1,768       1,744,835  

RTX Corp., 3.20%, 03/15/24
(Call 01/15/24)

    5,815       5,753,728  
   

 

 

 
      33,819,644  
Agriculture — 1.4%            

Altria Group Inc.

   

3.80%, 02/14/24 (Call 01/14/24)(a)

    2,309       2,290,973  

4.00%, 01/31/24

    3,905       3,884,742  

BAT Capital Corp.

   

2.79%, 09/06/24 (Call 08/06/24)(a)

    5,514       5,364,718  

3.22%, 08/15/24 (Call 06/15/24)

    9,673       9,453,620  

Philip Morris International Inc.

   

2.88%, 05/01/24 (Call 04/01/24)

    4,994       4,920,123  

3.25%, 11/10/24(a)

    4,786       4,663,550  

5.13%, 11/15/24

    5,753       5,711,262  
   

 

 

 
      36,288,988  
Airlines — 0.1%            

Continental Airlines Pass Through Trust, Series 2012-2, Class A,
4.00%, 04/29/26

    1,379       1,332,271  

Delta Air Lines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25(a)

    205       201,222  

United Airlines Pass Through Trust, Series 2012-1 A, Class A, 4.15%, 10/11/25

    2,051       2,023,971  
   

 

 

 
      3,557,464  
Auto Manufacturers — 4.1%            

American Honda Finance Corp.

   

0.55%, 07/12/24

    9,602       9,260,754  

0.75%, 08/09/24

    5,247       5,047,489  

2.15%, 09/10/24

    3,957       3,834,595  

2.40%, 06/27/24

    3,318       3,244,547  

2.90%, 02/16/24

    2,841       2,815,947  

3.55%, 01/12/24(a)

    3,249       3,233,752  

General Motors Financial Co. Inc.

   

1.05%, 03/08/24

    4,700       4,616,325  

1.20%, 10/15/24

    5,395       5,143,222  

3.50%, 11/07/24 (Call 09/07/24)(a)

    4,837       4,704,605  

3.95%, 04/13/24 (Call 02/13/24)

    7,069       6,992,209  

5.10%, 01/17/24 (Call 12/17/23)(a)

    6,998       6,979,483  

PACCAR Financial Corp.

   

0.35%, 02/02/24(a)

    2,467       2,433,400  

0.50%, 08/09/24(a)

    2,423       2,327,649  

0.90%, 11/08/24

    2,998       2,853,630  

2.15%, 08/15/24(a)

    2,219       2,160,118  

3.15%, 06/13/24

    3,345       3,292,233  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

Toyota Motor Corp.

   

0.68%, 03/25/24 (Call 02/25/24)(a)

  $ 6,315     $ 6,187,548  

2.36%, 07/02/24(a)

    2,065       2,019,401  

Toyota Motor Credit Corp.

   

0.45%, 01/11/24(a)

    4,449       4,403,190  

0.50%, 06/18/24(a)

    4,945       4,782,600  

0.63%, 09/13/24(a)

    5,495       5,258,295  

2.00%, 10/07/24(a)

    2,986       2,885,087  

2.50%, 03/22/24(a)

    1,290       1,273,587  

2.90%, 04/17/24(a)

    3,840       3,788,764  

3.35%, 01/08/24(a)

    1,759       1,750,736  

4.40%, 09/20/24

    6,620       6,545,637  
   

 

 

 
          107,834,803  
Auto Parts & Equipment — 0.2%            

Magna International Inc., 3.63%, 06/15/24
(Call 03/15/24)

    5,889       5,799,740  
   

 

 

 
Banks — 27.5%            

Banco Santander SA

   

2.71%, 06/27/24(a)

    8,590       8,397,949  

3.89%, 05/24/24(a)

    8,050       7,937,366  

Bank of America Corp.

   

4.00%, 04/01/24(a)

    12,109       12,008,783  

4.13%, 01/22/24

    11,973       11,922,739  

4.20%, 08/26/24

            16,572       16,307,778  

Bank of Montreal

   

0.63%, 07/09/24(a)

    8,984       8,660,240  

2.15%, 03/08/24

    5,069       5,000,808  

2.50%, 06/28/24(a)

    5,863       5,729,692  

5.20%, 12/12/24

    6,133       6,079,923  

Series E, 3.30%, 02/05/24(a)

    9,838       9,766,479  

Series H, 4.25%, 09/14/24(a)

    8,190       8,063,625  

Bank of New York Mellon Corp. (The)

   

0.50%, 04/26/24 (Call 03/26/24)(a)

    3,030       2,951,326  

2.10%, 10/24/24(a)

    6,081       5,862,925  

3.25%, 09/11/24 (Call 08/11/24)(a)

    2,977       2,910,097  

3.40%, 05/15/24 (Call 04/15/24)

    2,482       2,447,831  

Series 12, 3.65%, 02/04/24
(Call 01/05/24)(a)

    3,815       3,790,078  

Series J, 0.85%, 10/25/24
(Call 09/25/24)(a)

    4,159       3,961,804  

Bank of Nova Scotia (The)
0.65%, 07/31/24(a)

    5,163       4,960,707  

0.70%, 04/15/24

    7,110       6,943,465  

2.44%, 03/11/24

    4,323       4,267,349  

3.40%, 02/11/24(a)

    5,855       5,810,889  

5.25%, 12/06/24

    5,890       5,840,366  

Barclays Bank PLC, 3.75%, 05/15/24

    3,930       3,881,593  

Barclays PLC, 4.38%, 09/11/24

    7,244       7,093,894  

BNP Paribas SA, 4.25%, 10/15/24

    6,325       6,177,050  

BPCE SA, 4.00%, 04/15/24(a)

    8,242       8,160,832  

Canadian Imperial Bank of Commerce

   

1.00%, 10/18/24(a)

    4,850       4,626,940  

3.10%, 04/02/24(a)

    6,253       6,175,374  

Citibank NA, 3.65%, 01/23/24
(Call 12/23/23)

    12,093       12,031,191  

Citigroup Inc.

   

3.75%, 06/16/24(a)

    4,106       4,045,927  

4.00%, 08/05/24(a)

    4,316       4,245,734  

Comerica Bank, 2.50%, 07/23/24(a)

    3,025       2,893,128  

Cooperatieve Rabobank UA/NY

   

0.38%, 01/12/24(a)

    4,495       4,446,275  

3.88%, 08/22/24

    7,070       6,952,009  

 

 

30  

2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (continued)

October 31, 2023

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24
(Call 12/28/23)(a)

  $ 745     $ 719,457  

Credit Suisse AG/New York NY

   

0.50%, 02/02/24

    5,484       5,401,015  

3.63%, 09/09/24(a)

            15,697           15,312,633  

4.75%, 08/09/24

    5,590       5,515,758  

Deutsche Bank AG/London,
3.70%, 05/30/24(a)

    3,873       3,805,341  

Deutsche Bank AG/New York NY

   

0.90%, 05/28/24(a)

    5,645       5,472,216  

3.70%, 05/30/24

    4,488       4,411,066  

Discover Bank, 2.45%, 09/12/24
(Call 08/12/24)(a)

    4,469       4,303,168  

Fifth Third Bancorp.

   

3.65%, 01/25/24 (Call 12/25/23)

    8,858       8,791,194  

4.30%, 01/16/24 (Call 12/16/23)(a)

    3,755       3,732,966  

Goldman Sachs Group Inc. (The)

   

3.00%, 03/15/24(a)

    12,383       12,236,125  

3.63%, 02/20/24 (Call 01/20/24)(a)

    6,940       6,884,828  

3.85%, 07/08/24 (Call 04/08/24)(a)

    12,241       12,054,927  

4.00%, 03/03/24

    16,176       16,057,758  

5.70%, 11/01/24(a)

    12,564       12,520,994  

HSBC Holdings PLC, 4.25%, 03/14/24

    10,178       10,085,075  

HSBC USA Inc.

   

3.50%, 06/23/24(a)

    4,405       4,319,887  

3.75%, 05/24/24(a)

    6,100       6,013,517  

Huntington Bancshares Inc./OH,
2.63%, 08/06/24 (Call 07/06/24)

    4,605       4,469,438  

ING Groep NV, 3.55%, 04/09/24(a)

    6,842       6,767,916  

Intesa Sanpaolo SpA, 5.25%, 01/12/24(a)

    2,185       2,179,241  

JPMorgan Chase & Co.

   

3.63%, 05/13/24(a)

    10,493       10,364,492  

3.88%, 02/01/24

    7,289       7,252,271  

3.88%, 09/10/24(a)

    16,447       16,130,803  

Lloyds Banking Group PLC

   

3.90%, 03/12/24(a)

    6,812       6,754,592  

4.50%, 11/04/24(a)

    5,534       5,413,140  

M&T Bank Corp., 4.00%, 07/15/24
(Call 04/16/24)

    2,819       2,751,840  

Mitsubishi UFJ Financial Group Inc.

   

2.80%, 07/18/24(a)

    6,279       6,135,747  

3.41%, 03/07/24

    8,136       8,061,854  

Morgan Stanley

   

3.70%, 10/23/24(a)

    17,462       17,063,460  

Series F, 3.88%, 04/29/24(a)

    16,513       16,345,987  

National Australia Bank Ltd./New York, 5.13%, 11/22/24

    8,420       8,370,488  

National Bank of Canada,
0.75%, 08/06/24(a)

    3,980       3,823,664  

PNC Bank NA

   

3.30%, 10/30/24 (Call 09/30/24)(a)

    3,214       3,130,390  

2.50%, 08/27/24 (Call 07/27/24)(a)

    3,537       3,435,273  

PNC Financial Services Group Inc. (The)

   

2.20%, 11/01/24 (Call 10/02/24)

    3,979       3,827,111  

3.50%, 01/23/24 (Call 12/23/23)

    5,811       5,776,231  

3.90%, 04/29/24 (Call 03/29/24)(a)

    4,158       4,106,804  

Royal Bank of Canada

   

0.43%, 01/19/24(a)

    4,416       4,362,752  

0.65%, 07/29/24(a)

    5,060       4,868,726  

0.75%, 10/07/24(a)

    5,661       5,395,584  

2.25%, 11/01/24(a)

    8,798       8,484,797  

2.55%, 07/16/24(a)

    7,991       7,802,134  

3.97%, 07/26/24

    8,400       8,277,839  

5.66%, 10/25/24

    4,504       4,489,428  
Security  

Par

(000)

    Value  
Banks (continued)            

Santander Holdings USA Inc.,
3.50%, 06/07/24 (Call 05/07/24)

  $ 6,328     $ 6,200,171  

Santander UK PLC

   

2.88%, 06/18/24(a)

    2,215       2,169,354  

4.00%, 03/13/24

    6,565       6,514,081  

Sumitomo Mitsui Banking Corp.

   

3.40%, 07/11/24(a)

    3,022       2,968,645  

3.95%, 01/10/24

    2,855       2,843,288  

Sumitomo Mitsui Financial Group Inc.

   

0.51%, 01/12/24(a)

    2,470       2,443,494  

2.45%, 09/27/24(a)

    5,983       5,793,451  

2.70%, 07/16/24(a)

            10,767           10,517,586  

Toronto-Dominion Bank (The)

   

0.55%, 03/04/24(a)

    4,475       4,394,191  

0.70%, 09/10/24

    5,765       5,513,249  

1.25%, 12/13/24

    3,945       3,745,916  

2.35%, 03/08/24(a)

    4,489       4,432,272  

2.65%, 06/12/24(a)

    8,169       8,004,363  

3.25%, 03/11/24(a)

    5,597       5,543,006  

4.29%, 09/13/24(a)

    5,200       5,125,151  

Truist Bank

   

2.15%, 12/06/24 (Call 11/05/24)

    7,074       6,754,603  

3.20%, 04/01/24 (Call 03/01/24)(a)

    6,961       6,873,936  

Truist Financial Corp.

   

2.50%, 08/01/24 (Call 07/01/24)(a)

    6,110       5,936,215  

2.85%, 10/26/24 (Call 09/26/24)(a)

    5,606       5,412,356  

U.S. Bancorp.

   

2.40%, 07/30/24 (Call 06/28/24)

    6,944       6,751,763  

3.38%, 02/05/24 (Call 01/05/24)

    7,137       7,081,293  

3.60%, 09/11/24 (Call 08/11/24)(a)

    6,290       6,141,842  

3.70%, 01/30/24 (Call 12/29/23)(a)

    3,658       3,634,407  

Wells Fargo & Co.

   

3.30%, 09/09/24(a)

    14,121       13,772,483  

3.75%, 01/24/24 (Call 12/22/23)(a)

    15,411       15,326,812  

4.48%, 01/16/24(a)

    3,960       3,944,714  

Westpac Banking Corp.

   

1.02%, 11/18/24

    7,603       7,243,010  

3.30%, 02/26/24

    5,910       5,860,634  

5.35%, 10/18/24(a)

    7,637       7,606,913  
   

 

 

 
      722,381,292  
Beverages — 1.0%            

Coca-Cola Co. (The), 1.75%, 09/06/24(a)

    5,140       4,979,043  

Constellation Brands Inc.

   

3.60%, 05/09/24

    3,645       3,600,277  

4.75%, 11/15/24

    3,134       3,095,176  

Diageo Capital PLC, 2.13%, 10/24/24
(Call 09/24/24)(a)

    3,456       3,338,927  

Keurig Dr Pepper Inc., 0.75%, 03/15/24
(Call 11/13/23)

    6,332       6,208,775  

PepsiCo Inc., 3.60%, 03/01/24
(Call 12/01/23)(a)

    5,344       5,308,682  
   

 

 

 
      26,530,880  
Biotechnology — 0.7%            

Amgen Inc., 3.63%, 05/22/24
(Call 02/22/24)(a)

    7,392       7,298,689  

Gilead Sciences Inc., 3.70%, 04/01/24
(Call 01/01/24)

    10,138       10,042,198  
   

 

 

 
      17,340,887  
Building Materials — 0.5%            

Johnson Controls International PLC,
3.63%, 07/02/24 (Call 04/02/24)(a)(b)

    2,575       2,532,349  

 

 

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, 2023

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Building Materials (continued)            

Martin Marietta Materials Inc., 4.25%,
07/02/24 (Call 04/02/24)

  $ 2,073     $ 2,049,147  

Owens Corning, 4.20%, 12/01/24
(Call 09/01/24)

    3,345       3,289,644  

Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24
(Call 08/01/24)(a)

    4,278       4,178,239  
   

 

 

 
      12,049,379  
Chemicals — 1.1%            

Air Products and Chemicals Inc.,
3.35%, 07/31/24 (Call 04/30/24)(a)

    1,874       1,841,169  

Celanese U.S. Holdings LLC

   

3.50%, 05/08/24 (Call 04/08/24)(a)

    2,420       2,386,141  

5.90%, 07/05/24(a)

    2,780       2,771,908  

FMC Corp., 4.10%, 02/01/24
(Call 12/01/23)(a)

    2,210       2,195,784  

Linde Inc., 4.80%, 12/05/24

    730       725,428  

LyondellBasell Industries NV,
5.75%, 04/15/24 (Call 01/15/24)

    4,240       4,231,344  

Nutrien Ltd., 5.90%, 11/07/24(a)

    2,425       2,420,038  

PPG Industries Inc., 2.40%, 08/15/24
(Call 07/15/24)(a)

    1,637       1,590,748  

Sherwin-Williams Co. (The)

   

3.13%, 06/01/24 (Call 04/01/24)(a)

    4,078       4,009,318  

4.05%, 08/08/24(a)

    3,509       3,455,976  

Westlake Corp., 0.88%, 08/15/24
(Call 11/13/23)(a)

    2,230       2,141,325  
   

 

 

 
      27,769,179  
Commercial Services — 0.8%            

Equifax Inc., 2.60%, 12/01/24
(Call 11/01/24)

    4,631       4,461,479  

Global Payments Inc., 1.50%, 11/15/24 (Call 10/15/24)

    3,201       3,042,191  

J Paul Getty Trust (The), Series 2021, 0.39%, 01/01/24 (Call 12/01/23)(a)

    2,395       2,373,101  

PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24)(a)

    8,314       8,062,180  

Quanta Services Inc., 0.95%, 10/01/24 (Call 12/01/23)

    2,872       2,736,551  
   

 

 

 
      20,675,502  
Computers — 3.1%            

Apple Inc.

   

1.80%, 09/11/24 (Call 08/11/24)(a)

    2,987       2,894,029  

2.85%, 05/11/24 (Call 03/11/24)(a)

    7,732       7,621,600  

3.00%, 02/09/24 (Call 12/09/23)(a)

    6,832       6,782,045  

3.45%, 05/06/24

            12,676             12,539,320  

Dell International LLC/EMC Corp.,
4.00%, 07/15/24 (Call 06/15/24)(a)

    6,117       6,031,882  

Genpact Luxembourg Sarl,
3.38%, 12/01/24 (Call 11/01/24)

    2,871       2,768,893  

Hewlett Packard Enterprise Co.

   

1.45%, 04/01/24 (Call 03/01/24)(a)

    6,132       6,016,271  

5.90%, 10/01/24(a)

    8,470       8,457,627  

International Business Machines Corp.

   

3.00%, 05/15/24(a)

    15,978       15,735,246  

3.63%, 02/12/24(a)

    10,140       10,076,154  

NetApp Inc., 3.30%, 09/29/24
(Call 07/29/24)(a)

    2,513       2,452,255  
   

 

 

 
      81,375,322  
Cosmetics & Personal Care — 0.7%            

Colgate-Palmolive Co., 3.25%, 03/15/24(a)

    1,562       1,548,094  

Estee Lauder Companies Inc. (The),
2.00%, 12/01/24 (Call 11/01/24)

    3,355       3,230,183  

GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 (Call 11/16/23)(a)

    3,818       3,768,460  
Security  

Par

(000)

    Value  
Cosmetics & Personal Care (continued)            

Unilever Capital Corp.

   

0.63%, 08/12/24 (Call 11/16/23)(a)

  $ 2,912     $ 2,799,298  

2.60%, 05/05/24 (Call 03/05/24)(a)

    5,464       5,372,069  

3.25%, 03/07/24 (Call 02/07/24)

    2,744       2,720,093  
   

 

 

 
      19,438,197  
Diversified Financial Services — 6.8%            

AerCap Ireland Capital DAC/AerCap Global

   

Aviation Trust

   

1.65%, 10/29/24 (Call 09/29/24)

            17,785             16,958,451  

2.88%, 08/14/24 (Call 07/14/24)(a)

    5,079       4,935,036  

3.15%, 02/15/24 (Call 01/15/24)(a)

    4,835       4,783,853  

4.88%, 01/16/24 (Call 12/16/23)

    4,470       4,455,339  

Series 3NC1, 1.75%, 10/29/24
(Call 12/01/23)

    5,844       5,578,782  

Affiliated Managers Group Inc.,
4.25%, 02/15/24(a)

    2,009       1,997,710  

Air Lease Corp.

   

0.70%, 02/15/24 (Call 01/15/24)(a)

    4,232       4,159,771  

0.80%, 08/18/24 (Call 07/18/24)(a)

    3,945       3,771,799  

4.25%, 02/01/24 (Call 01/01/24)(a)

    3,756       3,735,403  

4.25%, 09/15/24 (Call 06/15/24)(a)

    3,397       3,337,995  

Aircastle Ltd., 4.13%, 05/01/24
(Call 02/01/24)(a)

    3,107       3,064,423  

Ally Financial Inc.

   

3.88%, 05/21/24 (Call 04/21/24)(a)

    4,221       4,148,795  

5.13%, 09/30/24

    4,263       4,200,690  

American Express Co.

   

2.50%, 07/30/24 (Call 06/30/24)

    8,712       8,493,882  

3.00%, 10/30/24 (Call 09/29/24)(a)

    9,704       9,426,468  

3.38%, 05/03/24

    9,135       9,017,185  

3.40%, 02/22/24 (Call 01/22/24)

    6,757       6,702,788  

3.63%, 12/05/24 (Call 11/04/24)

    3,858       3,760,397  

Ameriprise Financial Inc.,
3.70%, 10/15/24(a)

    4,151       4,065,806  

BGC Group Inc., 3.75%, 10/01/24
(Call 09/01/24)(a)

    1,797       1,728,654  

Capital One Financial Corp.

   

3.30%, 10/30/24 (Call 09/30/24)(a)

    8,740       8,478,059  

3.75%, 04/24/24 (Call 03/24/24)(a)

    4,247       4,192,050  

3.90%, 01/29/24 (Call 12/29/23)(a)

    6,974       6,931,232  

Charles Schwab Corp. (The)

   

0.75%, 03/18/24 (Call 02/18/24)(a)

    7,862       7,700,735  

3.55%, 02/01/24 (Call 01/01/24)(a)

    3,021       3,000,448  

3.75%, 04/01/24 (Call 03/02/24)(a)

    2,320       2,295,397  

Citigroup Global Markets Holdings Inc./U.S, 0.75%, 06/07/24 (Call 12/07/23)(a)

    2,973       2,879,029  

Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24)(a)

    3,157       3,070,290  

Invesco Finance PLC, 4.00%, 01/30/24(a)

    3,716       3,696,369  

Mastercard Inc., 3.38%, 04/01/24(a)

    6,221       6,157,538  

ORIX Corp.

   

3.25%, 12/04/24(a)

    3,755       3,641,715  

4.05%, 01/16/24(a)

    2,122       2,112,960  

Radian Group Inc., 4.50%, 10/01/24
(Call 07/01/24)

    2,630       2,563,034  

Stifel Financial Corp., 4.25%, 07/18/24(a)

    3,111       3,057,219  

Synchrony Financial

   

4.25%, 08/15/24 (Call 05/15/24)

    6,965       6,820,420  

4.38%, 03/19/24 (Call 02/19/24)

    3,465       3,431,546  
   

 

 

 
      178,351,268  
Electric — 6.5%            

Ameren Corp., 2.50%, 09/15/24
(Call 08/15/24)

    2,729       2,647,814  

American Electric Power Co. Inc.,
2.03%, 03/15/24

    4,957       4,866,804  

Avangrid Inc., 3.15%, 12/01/24
(Call 10/01/24)

    3,693       3,568,457  

 

 

32  

2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


 

Schedule of Investments  (continued)

October 31, 2023

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Black Hills Corp., 1.04%, 08/23/24
(Call 11/16/23)(a)

  $ 3,755     $ 3,601,411  

CenterPoint Energy Inc., 2.50%, 09/01/24
(Call 08/01/24)

              3,192       3,097,833  

Cleveland Electric Illuminating Co. (The),
5.50%, 08/15/24

    2,170       2,160,411  

Dominion Energy Inc., 3.07%, 08/15/24(b)

    5,612       5,470,606  

DTE Electric Co., 3.65%, 03/15/24
(Call 12/15/23)(a)

    3,117       3,093,197  

DTE Energy Co.

   

4.22%, 11/01/24(b)

    6,640       6,509,141  

Series C, 2.53%, 10/01/24(b)

    4,051       3,922,048  

Duke Energy Corp., 3.75%, 04/15/24
(Call 01/15/24)

    6,044       5,985,167  

Edison International, 3.55%, 11/15/24
(Call 10/15/24)

    3,311       3,216,221  

Emera U.S. Finance LP, 0.83%, 06/15/24(a)

    2,103       2,022,637  

Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24)(a)

    1,454       1,431,510  

Entergy Arkansas LLC, 3.70%, 06/01/24
(Call 03/01/24)

    2,450       2,413,914  

Entergy Louisiana LLC

   

0.95%, 10/01/24 (Call 11/13/23)

    6,278       6,005,192  

5.40%, 11/01/24

    2,110       2,098,977  

5.59%, 10/01/24(a)

    1,178       1,178,000  

Evergy Inc., 2.45%, 09/15/24
(Call 08/15/24)

    5,217       5,050,877  

Eversource Energy

   

4.20%, 06/27/24(a)

    5,115       5,051,038  

Series L, 2.90%, 10/01/24
(Call 08/01/24)(a)

    3,259       3,167,421  

Florida Power & Light Co., 3.25%, 06/01/24
(Call 12/01/23)(a)

    2,601       2,560,537  

Georgia Power Co., Series A,
2.20%, 09/15/24 (Call 08/15/24)(a)

    2,850       2,756,450  

Interstate Power & Light Co.,
3.25%, 12/01/24 (Call 09/01/24)

    3,586       3,482,671  

IPALCO Enterprises Inc., 3.70%, 09/01/24
(Call 07/01/24)(a)

    2,636       2,572,208  

ITC Holdings Corp., 3.65%, 06/15/24
(Call 03/15/24)(a)

    3,278       3,227,151  

MidAmerican Energy Co., 3.50%, 10/15/24
(Call 07/15/24)(a)

    4,040       3,960,496  

National Rural Utilities Cooperative Finance Corp.

   

0.35%, 02/08/24

    1,933       1,904,448  

2.95%, 02/07/24 (Call 12/07/23)(a)

    2,894       2,869,743  

Series D, 1.00%, 10/18/24

    2,831       2,705,329  

NextEra Energy Capital Holdings Inc.

   

2.94%, 03/21/24 (Call 12/01/23)(a)

    5,042       4,982,176  

4.20%, 06/20/24

    4,247       4,196,960  

4.26%, 09/01/24

    8,329       8,194,412  

Oncor Electric Delivery Co. LLC,
2.75%, 06/01/24 (Call 05/01/24)

    3,191       3,131,166  

Pacific Gas and Electric Co.

   

3.25%, 02/16/24 (Call 11/15/23)

    4,148       4,110,455  

3.40%, 08/15/24 (Call 05/15/24)(a)

    4,019       3,927,761  

3.75%, 02/15/24 (Call 11/15/23)(a)

    1,635       1,622,623  

PacifiCorp, 3.60%, 04/01/24
(Call 01/01/24)(a)

    2,524       2,499,878  

Potomac Electric Power Co.,
3.60%, 03/15/24 (Call 12/15/23)

    2,035       2,017,244  

Public Service Enterprise Group Inc.,
2.88%, 06/15/24 (Call 05/15/24)(a)

    4,770             4,676,135  
Security  

Par

(000)

    Value  
Electric (continued)            

Southern California Edison Co.

   

1.10%, 04/01/24 (Call 12/01/23)

  $ 4,584     $ 4,496,239  

Series K, 0.98%, 08/01/24

    3,005       2,894,136  

Southern Co. (The)

   

4.48%, 08/01/24(a)(b)

    5,489       5,416,909  

Series 21-A, 0.60%, 02/26/24
(Call 01/26/24)(a)

    3,925       3,858,555  

Southwestern Public Service Co.,
3.30%, 06/15/24 (Call 12/15/23)(a)

    2,050       2,017,934  

Tampa Electric Co., 3.88%, 07/12/24(a)

    1,970       1,941,512  

Union Electric Co., 3.50%, 04/15/24
(Call 01/15/24)

    2,247       2,223,759  

Virginia Electric & Power Co.,
3.45%, 02/15/24 (Call 11/21/23)

    1,327       1,317,144  

WEC Energy Group Inc., 0.80%, 03/15/24
(Call 02/15/24)(a)

    3,045       2,986,578  

Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24)(a)

              2,334       2,240,057  
   

 

 

 
            171,349,342  
Electronics — 1.1%            

Allegion U.S. Holding Co. Inc.,
3.20%, 10/01/24 (Call 08/01/24)

    3,022       2,938,484  

Amphenol Corp., 3.20%, 04/01/24
(Call 02/01/24)(a)

    2,930       2,897,092  

Arrow Electronics Inc., 3.25%, 09/08/24
(Call 07/08/24)(a)

    3,664       3,570,063  

Honeywell International Inc.

   

2.30%, 08/15/24 (Call 07/15/24)(a)

    5,730       5,580,738  

4.85%, 11/01/24

    2,680       2,658,670  

Keysight Technologies Inc.,
4.55%, 10/30/24 (Call 07/30/24)

    3,162       3,113,112  

TD SYNNEX Corp., 1.25%, 08/09/24
(Call 11/13/23)

    3,900       3,740,842  

Trimble Inc., 4.75%, 12/01/24
(Call 09/01/24)(a)

    3,036       2,989,684  

Tyco Electronics Group SA,
3.45%, 08/01/24 (Call 05/01/24)(a)

    2,311       2,270,880  
   

 

 

 
      29,759,565  
Environmental Control — 0.2%            

Republic Services Inc., 2.50%, 08/15/24
(Call 07/15/24)

    6,249       6,079,379  
   

 

 

 
Food — 1.3%            

Conagra Brands Inc., 4.30%, 05/01/24
(Call 04/01/24)

    6,548       6,486,713  

General Mills Inc., 3.65%, 02/15/24
(Call 11/16/23)

    2,779       2,759,431  

Hershey Co. (The), 2.05%, 11/15/24
(Call 10/15/24)

    1,683       1,620,344  

Hormel Foods Corp., 0.65%, 06/03/24
(Call 11/16/23)(a)

    5,350       5,190,447  

Kroger Co. (The), 4.00%, 02/01/24
(Call 12/01/23)(a)

    2,980       2,963,878  

McCormick & Co. Inc./MD, 3.15%, 08/15/24
(Call 06/15/24)(a)

    4,494       4,397,742  

Mondelez International Inc.,
2.13%, 03/17/24

    3,055       3,011,641  

Tyson Foods Inc., 3.95%, 08/15/24
(Call 05/15/24)(a)

    7,015       6,905,472  
   

 

 

 
      33,335,668  
Forest Products & Paper — 0.0%            

Celulosa Arauco y Constitucion SA,
4.50%, 08/01/24 (Call 05/01/24)(a)

    1,388       1,365,198  
   

 

 

 

 

 

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, 2023

  

iShares® iBonds® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Gas — 0.5%  

Eastern Energy Gas Holdings LLC

   

3.60%, 12/15/24 (Call 09/15/24)(a)

  $ 1,024     $ 995,124  

Series A, 2.50%, 11/15/24
(Call 10/15/24)

    4,931       4,752,778  

ONE Gas Inc.

   

1.10%, 03/11/24 (Call 11/16/23)(a)

    2,798       2,748,847  

3.61%, 02/01/24 (Call 12/01/23)(a)

    1,275       1,266,019  

Southern California Gas Co.,
3.15%, 09/15/24 (Call 06/15/24)(a)

    2,909       2,838,420  
   

 

 

 
      12,601,188  
Health Care - Products — 1.9%            

Baxter International Inc.,
1.32%, 11/29/24(a)

    7,828       7,441,007  

Boston Scientific Corp., 3.45%, 03/01/24
(Call 02/01/24)(a)

    2,849       2,824,907  

DH Europe Finance II Sarl,
2.20%, 11/15/24 (Call 10/15/24)

    5,491       5,293,012  

GE HealthCare Technologies Inc.,
5.55%, 11/15/24(a)

    6,145       6,118,673  

Revvity Inc., 0.85%, 09/15/24
(Call 11/13/23)(a)

    3,405       3,248,076  

Stryker Corp., 3.38%, 05/15/24
(Call 02/15/24)

    4,101       4,048,906  

Thermo Fisher Scientific Inc.,
1.22%, 10/18/24 (Call 11/13/23)

    15,704       15,002,942  

Zimmer Biomet Holdings Inc.,
1.45%, 11/22/24 (Call 11/13/23)

    6,262       5,965,403  
   

 

 

 
      49,942,926  
Health Care - Services — 2.1%            

Aetna Inc., 3.50%, 11/15/24
(Call 08/15/24)

    5,431       5,294,510  

CommonSpirit Health, 2.76%, 10/01/24
(Call 07/01/24)

    1,918       1,862,024  

Elevance Health Inc.

   

3.35%, 12/01/24 (Call 10/01/24)(a)

    5,460       5,315,136  

3.50%, 08/15/24 (Call 05/15/24)(a)

    4,912       4,817,717  

HCA Inc., 5.00%, 03/15/24

            10,059             10,015,769  

Humana Inc., 3.85%, 10/01/24
(Call 07/01/24)

    4,626       4,536,392  

Laboratory Corp. of America Holdings

   

2.30%, 12/01/24 (Call 11/01/24)

    3,323       3,192,026  

3.25%, 09/01/24 (Call 07/01/24)(a)

    3,401       3,322,592  

Quest Diagnostics Inc., 4.25%, 04/01/24
(Call 01/01/24)(a)

    1,733       1,718,672  

UnitedHealth Group Inc.

   

0.55%, 05/15/24 (Call 11/13/23)(a)

    1,965       1,912,403  

2.38%, 08/15/24(a)

    5,085       4,953,994  

3.50%, 02/15/24(a)

    4,189       4,162,182  

5.00%, 10/15/24(a)

    4,867       4,839,585  
   

 

 

 
      55,943,002  
Holding Companies - Diversified — 1.0%  

Ares Capital Corp., 4.20%, 06/10/24
(Call 05/10/24)(a)

    5,331       5,238,667  

Blackstone Private Credit Fund

   

1.75%, 09/15/24(a)

    2,836       2,711,066  

2.35%, 11/22/24(a)

    2,724       2,590,134  

Blue Owl Capital Corp., 5.25%, 04/15/24
(Call 03/15/24)(a)

    2,720       2,693,112  

FS KKR Capital Corp.

   

1.65%, 10/12/24(a)

    3,042       2,900,948  

4.63%, 07/15/24 (Call 06/15/24)(a)

    2,342       2,301,919  

Golub Capital BDC Inc., 3.38%, 04/15/24
(Call 03/15/24)

    2,843       2,790,669  

Main Street Capital Corp.,
5.20%, 05/01/24(a)

    2,715       2,688,448  
Security  

Par

(000)

    Value  
Holding Companies - Diversified (continued)  

Sixth Street Specialty Lending Inc.,
3.88%, 11/01/24 (Call 10/01/24)

  $ 2,552     $ 2,476,981  
   

 

 

 
      26,391,944  
Home Builders — 0.3%            

DR Horton Inc., 2.50%, 10/15/24
(Call 09/15/24)

    4,176       4,039,045  

Lennar Corp., 4.50%, 04/30/24
(Call 01/31/24)

    4,242       4,205,852  
   

 

 

 
      8,244,897  
Home Furnishings — 0.1%            

Leggett & Platt Inc., 3.80%, 11/15/24
(Call 08/15/24)(a)

    770       749,473  

Whirlpool Corp., 4.00%, 03/01/24(a)

    1,510       1,499,663  
   

 

 

 
      2,249,136  
Household Products & Wares — 0.1%            

Avery Dennison Corp., 0.85%, 08/15/24
(Call 11/13/23)

    1,757       1,685,468  
   

 

 

 
Insurance — 1.4%            

American International Group Inc.,
4.13%, 02/15/24(a)

    2,779       2,760,076  

Aon Global Ltd., 3.50%, 06/14/24
(Call 03/14/24)(a)

    3,560       3,503,889  

Brown & Brown Inc., 4.20%, 09/15/24
(Call 06/15/24)(a)

    2,972       2,919,194  

Chubb INA Holdings Inc., 3.35%, 05/15/24(a)

    3,735       3,682,193  

CNA Financial Corp., 3.95%, 05/15/24
(Call 02/15/24)(a)

    3,084       3,045,243  

First American Financial Corp.,
4.60%, 11/15/24

    1,155       1,135,949  

Marsh & McLennan Companies Inc