
		APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

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

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

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

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

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

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

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

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

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

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(9.65	)%		0.21	%

U.S. small cap equities (Russell 2000^® Index)		(18.38	)		(16.87	)

International equities (MSCI Europe, Australasia, Far East Index)		(11.80	)		(8.15	)

Emerging market equities (MSCI Emerging Markets Index)		(14.15	)		(18.33	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29	)		(8.86	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47	)		(8.51	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90	)		(7.88	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40	)		(5.22	)


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
Fund Summary		4
About Fund Performance		14
Shareholder Expenses		14
Schedules of Investments		15
Financial Statements
Statements of Assets and Liabilities		84
Statements of Operations		87
Statements of Changes in Net Assets		90
Financial Highlights		95
Notes to Financial Statements		105
Statement Regarding Liquidity Risk Management Program		115
Supplemental Information		116
General Information		117
Glossary of Terms Used in this Report		118


Fund Summary as of April 30, 2022		iShares^® iBonds^® Dec 2022 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(0.11	)%		0.00	%		2.48	%		2.72	%		0.00	%		13.03	%		21.13	%
Fund Market		(0.10	)		(0.08	)		2.42			2.71			(0.08	)		12.70			21.06
Index		(0.02	)		0.13			2.57			2.83			0.13			13.53			22.04

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 998.90	$ 0.45			$ 1,000.00	$ 1,024.30	$ 0.45		0.09	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 “Shareholder Expenses” for more information.

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		1.7	%
Aa		6.2
A		39.1
Baa		37.0
Ba		2.2
Not Rated		1.9
Short-Term and Other Assets		11.9


FIVE LARGEST HOLDINGS

Security^(a)	Percent of Net Assets

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, 07/23/22		1.6	%
Oracle Corp., 2.50%, 10/15/22		1.4
Citigroup Inc., 2.70%, 10/27/22		1.3
JPMorgan Chase & Co., 3.25%, 09/23/22		1.2
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		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.


4		2 0 2 2 I S H A R E S S E M I - 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 April 30, 2022		iShares^® iBonds^® Dec 2023 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(1.83	)%		(1.84	)%		2.78	%		2.98	%		(1.84	)%		14.68	%		23.30	%
Fund Market		(1.80	)		(1.88	)		2.71			2.97			(1.88	)		14.32			23.26
Index		(1.80	)		(1.78	)		2.85			3.03			(1.78	)		15.09			23.77

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

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 981.70	$ 0.49			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		3.4	%
Aa		7.1
A		46.0
Baa		38.7
Ba		0.5
Not Rated		1.8
Short-Term and Other Assets		2.5


FIVE LARGEST HOLDINGS

Security^(a)	Percent of Net Assets

Apple Inc., 2.40%, 05/03/23		1.3	%
Bank of America Corp., 3.30%, 01/11/23		1.0
Boeing Co. (The), 4.51%, 05/01/23		0.7
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%, 10/29/23		0.7
Exxon Mobil Corp., 1.57%, 04/15/23		0.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y		5


Fund Summary as of April 30, 2022		iShares^® iBonds^® Dec 2024 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns

	6 Months			1 Year			5 Years		Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(4.01	)%		(4.24	)%		2.77%		2.92	%		(4.24	)%		14.66	%		22.85	%
Fund Market		(4.15	)		(4.42	)		2.69		2.91			(4.42	)		14.17			22.71
Index		(3.99	)		(4.18	)		2.89		3.09			(4.18	)		15.29			24.23

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 959.90	$ 0.49			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		1.9%
Aa		4.4
A		45.9
Baa		44.3
Ba		1.1
Not Rated		1.5
Short-Term and Other Assets		0.9

FIVE LARGEST HOLDINGS



Security^(a)		Percent of Net Assets

AbbVie Inc., 2.60%, 11/21/24		0.7%
Wells Fargo & Co., 3.75%, 01/24/24		0.7
Credit Suisse AG/New York NY, 3.63%, 09/09/24		0.7
Morgan Stanley, 3.70%, 10/23/24		0.7
Morgan Stanley, Series F, 3.88%, 04/29/24		0.7

^(a)

Excludes money market funds.


6		2 0 2 2 I S H A R E S S E M I - 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 April 30, 2022		iShares^® iBonds^® Dec 2025 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(5.60	)%		(5.78	)%		3.00	%		3.08	%		(5.78	)%		15.95	%		24.19	%
Fund Market		(5.75	)		(6.00	)		2.92			3.06			(6.00	)		15.45			23.99
Index		(5.61	)		(5.75	)		3.01			3.14			(5.75	)		15.99			24.66

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 944.00	$ 0.48			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		2.9%
Aa		5.6
A		37.6
Baa		50.0
Ba		1.5
Not Rated		1.3
Short-Term and Other Assets		1.1

FIVE LARGEST HOLDINGS



Security^(a)		Percent of Net Assets

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25		0.9%
AbbVie Inc., 3.60%, 05/14/25		0.8
Visa Inc., 3.15%, 12/14/25		0.7
Oracle Corp., 2.95%, 05/15/25		0.7
Boeing Co. (The), 4.88%, 05/01/25		0.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


Fund Summary as of April 30, 2022		iShares^® iBonds^® Dec 2026 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception		1 Year			5 Years			Since Inception

Fund NAV		(7.35	)%		(7.40	)%		2.78	%		2.41%		(7.40	)%		14.70	%		14.35	%
Fund Market		(7.69	)		(7.77	)		2.68			2.36		(7.77	)		14.14			14.06
Index		(7.35	)		(7.37	)		2.86			2.52		(7.37	)		15.16			15.02

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 926.50	$ 0.48			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		2.6%
Aa		4.7
A		37.4
Baa		51.7
Ba		1.2
Not Rated		1.4
Short-Term and Other Assets		1.0

FIVE LARGEST HOLDINGS



Security^(a)		Percent of Net Assets

Dell International LLC/EMC Corp., 6.02%, 06/15/26		0.9%
AbbVie Inc., 2.95%, 11/21/26		0.7
Boeing Co. (The), 2.20%, 02/04/26		0.7
Apple Inc., 3.25%, 02/23/26		0.7
Wells Fargo & Co., 3.00%, 04/22/26		0.7

^(a)

Excludes money market funds.


8		2 0 2 2 I S H A R E S S E M I - 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 April 30, 2022		iShares^® iBonds^® Dec 2027 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns					Cumulative Total Returns

	6 Months			1 Year			Since Inception		1 Year			Since Inception

Fund NAV		(8.35	)%		(8.12	)%		2.35%		(8.12	)%		11.35	%
Fund Market		(8.65	)		(8.53	)		2.30		(8.53	)		11.11
Index		(8.37	)		(8.09	)		2.40		(8.09	)		11.62

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 916.50	$ 0.48			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		3.4%
Aa		3.7
A		32.0
Baa		57.1
Ba		0.5
Not Rated		2.1
Short-Term and Other Assets		1.2

FIVE LARGEST HOLDINGS



Security^(a)		Percent of Net Assets

Citigroup Inc., 4.45%, 09/29/27		1.0%
T-Mobile USA Inc., 3.75%, 04/15/27		1.0
Amazon.com Inc., 3.15%, 08/22/27		0.9
Verizon Communications Inc., 4.13%, 03/16/27		0.9
Microsoft Corp., 3.30%, 02/06/27		0.9

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9


Fund Summary as of April 30, 2022		iShares^® iBonds^® Dec 2028 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns					Cumulative Total Returns

	6 Months			1 Year			Since Inception		1 Year			Since Inception

Fund NAV		(9.90	)%		(8.70	)%		3.49%		(8.70	)%		13.20	%
Fund Market		(10.05	)		(9.17	)		3.44		(9.17	)		13.01
Index		(9.88	)		(8.71	)		3.52		(8.71	)		13.31

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 901.00	$ 0.47			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		1.8%
Aa		2.8
A		29.6
Baa		61.3
Ba		2.3
Not Rated		1.1
Short-Term and Other Assets		1.1

FIVE LARGEST HOLDINGS



Security^(a)		Percent of Net Assets

CVS Health Corp., 4.30%, 03/25/28		1.6%
Verizon Communications Inc., 4.33%, 09/21/28		1.4
Comcast Corp., 4.15%, 10/15/28		1.3
Cigna Corp., 4.38%, 10/15/28		1.3
Vodafone Group PLC, 4.38%, 05/30/28		1.0

^(a)

Excludes money market funds.


10		2 0 2 2 I S H A R E S S E M I - 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 April 30, 2022		iShares^® iBonds^® Dec 2029 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(10.81	)%		(9.27	)%		(0.28	)%		(9.27	)%		(0.72	)%
Fund Market		(11.11	)		(9.53	)		(0.35	)		(9.53	)		(0.91	)
Index		(10.81	)		(9.24	)		(0.26	)		(9.24	)		(0.67	)

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

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 891.90	$ 0.47			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		0.7	%
Aa		3.0
A		33.4
Baa		57.0
Ba		2.1
Not Rated		2.2
Short-Term and Other Assets		1.6


FIVE LARGEST HOLDINGS

Security^(a)	Percent of Net Assets

AbbVie Inc., 3.20%, 11/21/29		1.7	%
Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29		1.4
Verizon Communications Inc., 4.02%, 12/03/29		1.3
AT&T Inc., 4.35%, 03/01/29		1.2
International Business Machines Corp., 3.50%, 05/15/29		1.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		11


Fund Summary as of April 30, 2022		iShares^® iBonds^® Dec 2030 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(12.02	)%		(10.31	)%		(5.47	)%		(10.31	)%		(9.91	)%
Fund Market		(12.41	)		(10.64	)		(5.60	)		(10.64	)		(10.14	)
Index		(11.96	)		(10.21	)		(5.46	)		(10.21	)		(9.88	)

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

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 879.80	$ 0.47			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		1.2	%
Aa		5.7
A		31.9
Baa		58.4
Ba		0.5
Not Rated		1.2
Short-Term and Other Assets		1.1


FIVE LARGEST HOLDINGS

Security^(a)	Percent of Net Assets

T-Mobile USA Inc., 3.88%, 04/15/30		2.0	%
Boeing Co. (The), 5.15%, 05/01/30		1.4
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		1.3
British Telecommunications PLC, 9.63%, 12/15/30		1.0
AT&T Inc., 4.30%, 02/15/30		0.9

^(a)

Excludes money market funds.


12		2 0 2 2 I S H A R E S S E M I - 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 April 30, 2022		iShares^® iBonds^® Dec 2031 Term Corporate ETF

Investment Objective

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

Performance


				Cumulative Total Returns

	6 Months				Since Inception

Fund NAV		(13.26	)%		(13.12)%
Fund Market		(13.57	)		(13.33)
Index		(13.20	)		(13.18)

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

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 867.40	$ 0.46			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		1.5	%
Aa		3.6
A		26.7
Baa		61.6
Ba		2.8
Not Rated		2.7
Short-Term and Other Assets		1.1


FIVE LARGEST HOLDINGS

Security^(a)	Percent of Net Assets

Verizon Communications Inc., 2.55%, 03/21/31		1.3	%
Orange SA, 9.00%, 03/01/31		1.3
Oracle Corp., 2.88%, 03/25/31		1.1
AT&T Inc., 2.75%, 06/01/31		1.0
Walt Disney Co. (The), 2.65%, 01/13/31		1.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y		13

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.

Shareholder 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 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 a 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.


14		2 0 2 2 I S H A R E S S E M I - 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 (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.5%
Boeing Co. (The), 2.70%, 05/01/22^(a)	$	2,624	$	2,624,000
General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22)^(a)		4,772		4,774,243


				7,398,243

Agriculture — 1.6%
Altria Group Inc., 2.85%, 08/09/22		4,630		4,642,594
BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22)		3,629		3,633,935
Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22)^(a)		3,810		3,823,297
Philip Morris International Inc.
2.38%, 08/17/22 (Call 07/17/22)^(a)		3,237		3,243,506
2.50%, 08/22/22^(a)		3,272		3,278,053
2.50%, 11/02/22 (Call 10/02/22)^(a)		4,154		4,164,427


				22,785,812

Airlines — 0.1%
Southwest Airlines Co., 2.75%, 11/16/22 (Call 10/16/22)^(a)		1,293		1,294,862


Apparel — 0.2%
Ralph Lauren Corp., 1.70%, 06/15/22		2,215		2,216,107
Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22)		1,251		1,251,951


				3,468,058

Auto Manufacturers — 3.5%
American Honda Finance Corp.
0.40%, 10/21/22^(a)		2,185		2,169,989
1.95%, 05/20/22		1,293		1,293,155
2.20%, 06/27/22^(a)		2,011		2,013,795
2.60%, 11/16/22		2,523		2,529,207
General Motors Financial Co. Inc. 3.15%, 06/30/22 (Call 05/31/22)		6,505		6,514,497
3.55%, 07/08/22^(a)		6,907		6,932,970
PACCAR Financial Corp.
2.00%, 09/26/22		1,295		1,295,764
2.30%, 08/10/22		983		984,720
2.65%, 05/10/22^(a)		1,845		1,845,683
Toyota Motor Corp., 2.16%, 07/02/22^(a)		871		872,141
Toyota Motor Credit Corp.
0.35%, 10/14/22^(a)		13,515		13,419,719
0.45%, 07/22/22		2,496		2,489,710
1.15%, 05/26/22^(a)		3,922		3,921,412
2.15%, 09/08/22^(a)		3,995		4,001,033
2.80%, 07/13/22		1,140		1,140,855


				51,424,650

Banks — 20.9%
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22^(a)		4,851		4,849,739
2.63%, 05/19/22^(a)		1,855		1,856,132
2.63%, 11/09/22^(a)		10,253		10,279,658
Bank of Montreal
2.05%, 11/01/22		2,571		2,572,208
2.35%, 09/11/22^(a)		6,303		6,317,119
2.55%, 11/06/22 (Call 10/06/22)^(a)		5,019		5,034,810
Bank of New York Mellon Corp. (The), 1.95%, 08/23/22^(a)		4,434		4,436,705
Bank of Nova Scotia (The)
2.00%, 11/15/22^(a)		10,073		10,072,899
2.45%, 09/19/22^(a)		5,383		5,396,942
Barclays Bank PLC, 1.70%, 05/12/22		10,138		10,140,028
Canadian Imperial Bank of Commerce, 2.55%, 06/16/22^(a)		3,582		3,587,373


Security	Par (000)		Value

Banks (continued)
Capital One N.A.
2.15%, 09/06/22 (Call 08/06/22)^(a)	$	1,995	$	1,996,835
2.65%, 08/08/22 (Call 07/08/22)		5,163		5,166,149
Citigroup Inc.
2.70%, 10/27/22 (Call 09/27/22)^(a)		18,565		18,628,492
4.05%, 07/30/22^(a)		4,638		4,663,973
Cooperatieve Rabobank U.A., 3.95%, 11/09/22^(a)		4,111		4,148,328
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		15,939		16,031,924
Deutsche Bank AG/New York NY, 3.30%, 11/16/22^(a)		6,268		6,287,055
Fifth Third Bancorp., 2.60%, 06/15/22 (Call 05/16/22)^(a)		3,357		3,358,276
First Republic Bank/CA, 2.50%, 06/06/22 (Call 05/06/22)^(a)		1,064		1,064,096
Huntington National Bank (The), 2.50%, 08/07/22 (Call 07/07/22)		2,486		2,487,268
JPMorgan Chase & Co., 3.25%, 09/23/22^(a)		17,474		17,572,728
KeyBank N.A./Cleveland OH
2.30%, 09/14/22^(a)		4,512		4,523,596
2.40%, 06/09/22^(a)		1,451		1,452,553
3.18%, 10/15/27^(a)		517		517,227
Lloyds Bank PLC, 2.25%, 08/14/22^(a)		2,636		2,637,028
Mitsubishi UFJ Financial Group Inc.
2.62%, 07/18/22		11,980		12,002,642
2.67%, 07/25/22^(a)		12,408		12,437,407
Mizuho Financial Group Inc., 2.60%, 09/11/22^(a)		5,587		5,600,967
Morgan Stanley
2.75%, 05/19/22		12,511		12,518,632
4.88%, 11/01/22^(a)		11,913		12,071,205
MUFG Union Bank N.A., 2.10%, 12/09/22 (Call 11/09/22)		4,890		4,888,875
National Australia Bank Ltd./New York
1.88%, 12/13/22^(a)		3,494		3,488,934
2.50%, 05/22/22^(a)		2,942		2,944,354
Natwest Group PLC, 6.13%, 12/15/22^(a)		10,315		10,490,768
Northern Trust Corp., 2.38%, 08/02/22^(a)		2,404		2,403,135
PNC Bank N.A.
2.45%, 07/28/22 (Call 06/28/22)		2,736		2,740,815
2.70%, 11/01/22 (Call 10/01/22)		4,404		4,415,098
2.88%, 06/29/22 (Call 05/31/22)^(a)		2,853		2,856,309
PNC Financial Services Group Inc. (The), 2.85%, 11/09/22^(a)(b)		4,366		4,383,158
Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22^(a)		2,212		2,219,366
Sumitomo Mitsui Financial Group Inc.
2.78%, 07/12/22^(a)		13,890		13,923,197
2.78%, 10/18/22^(a)		9,605		9,637,945
Synchrony Bank, 3.00%, 06/15/22 (Call 05/16/22)		2,417		2,417,725
Synovus Financial Corp., 3.13%, 11/01/22 (Call 10/01/22)		1,589		1,594,514
Toronto-Dominion Bank (The), 1.90%, 12/01/22^(a)		6,748		6,739,430
Truist Bank, 2.45%, 08/01/22 (Call 07/01/22)^(a)		3,517		3,521,889
Truist Financial Corp., 3.05%, 06/20/22 (Call 05/20/22)		6,392		6,397,114
U.S. Bancorp., 2.95%, 07/15/22 (Call 06/15/22)^(a)		4,744		4,751,495
Wells Fargo & Co., 2.63%, 07/22/22^(a)		2,071		2,076,343
Westpac Banking Corp., 2.50%, 06/28/22^(a)		3,079		3,082,879


				304,683,337

Beverages — 0.6%
Beam Suntory Inc., 3.25%, 05/15/22^(a)		709		709,305
Diageo Investment Corp.
2.88%, 05/11/22		3,893		3,894,674
8.00%, 09/15/22^(a)		268		273,864
Molson Coors Beverage Co., 3.50%, 05/01/22^(a)		1,382		1,382,000


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Beverages (continued)
PepsiCo Inc., 3.10%, 07/17/22 (Call 05/17/22)	$	2,957	$	2,959,661


				9,219,504

Biotechnology — 1.1%
Biogen Inc., 3.63%, 09/15/22^(a)		7,957		8,000,048
Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22)		8,148		8,170,977


				16,171,025

Chemicals — 1.9%
Cabot Corp., 3.70%, 07/15/22		614		616,167
Celanese U.S. Holdings LLC, 4.63%, 11/15/22		2,193		2,214,163
Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/31/22)^(a)		2,919		2,923,495
Linde Inc./CT, 2.20%, 08/15/22 (Call 05/16/22)^(a)		2,185		2,185,961
Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22)^(a)		12,262		12,326,621
Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22)^(a)		5,793		5,808,352
RPM International Inc., 3.45%, 11/15/22 (Call 08/15/22)		1,407		1,412,262


				27,487,021

Commercial Services — 1.0%
Block Financial LLC, 5.50%, 11/01/22 (Call 05/02/22)^(a)		1,949		1,949,000
Cintas Corp. No. 2, 3.25%, 06/01/22 (Call 05/02/22)^(a)		450		450,000
Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)^(a)		6,275		6,297,904
PayPal Holdings Inc., 2.20%, 09/26/22^(a)		4,209		4,216,913
Verisk Analytics Inc., 4.13%, 09/12/22^(a)		2,252		2,266,458


				15,180,275

Computers — 3.9%
Apple Inc.
1.70%, 09/11/22		5,031		5,037,440
2.10%, 09/12/22 (Call 08/12/22)^(a)		7,079		7,088,840
2.30%, 05/11/22		2,585		2,585,749
2.70%, 05/13/22		4,881		4,883,343
Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22)		8,495		8,548,094
HP Inc., 4.05%, 09/15/22^(a)		3,945		3,973,404
International Business Machines Corp.
1.88%, 08/01/22^(a)		4,310		4,311,810
2.85%, 05/13/22		12,522		12,529,263
2.88%, 11/09/22		7,785		7,816,062


				56,774,005

Cosmetics & Personal Care — 0.6%
Colgate-Palmolive Co., 2.25%, 11/15/22^(a)		1,393		1,394,519
Procter & Gamble Co. (The), 2.15%, 08/11/22^(a)		5,044		5,051,263
Unilever Capital Corp., 2.20%, 05/05/22^(a)		1,576		1,576,110


				8,021,892

Diversified Financial Services — 7.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.63%, 07/01/22^(a)		1,822		1,828,413
Air Lease Corp., 2.63%, 07/01/22 (Call 06/01/22)		12,127		12,136,944
Ally Financial Inc., 4.63%, 05/19/22		1,250		1,251,037
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		15,929		15,958,947
2.65%, 12/02/22^(a)		12,331		12,379,954
Discover Financial Services, 3.85%, 11/21/22		7,582		7,659,033
Franklin Resources Inc., 2.80%, 09/15/22		1,075		1,079,150
Intercontinental Exchange Inc., 2.35%, 09/15/22 (Call 08/15/22)^(a)		8,812		8,823,456
International Lease Finance Corp., 5.88%, 08/15/22^(a)		4,090		4,117,117
Invesco Finance PLC, 3.13%, 11/30/22^(a)		13,320		13,425,361
Morgan Stanley Domestic Holdings Inc., 2.95%, 08/24/22 (Call 07/24/22)^(a)		3,262		3,267,611
ORIX Corp., 2.90%, 07/18/22^(a)		2,684		2,687,462


Security	Par (000)		Value

Diversified Financial Services (continued)
Synchrony Financial, 2.85%, 07/25/22 (Call 06/25/22)	$	7,260	$	7,258,185
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)^(a)		4,181		4,189,111
2.80%, 12/14/22 (Call 10/14/22)^(a)		10,675		10,723,678


				106,785,459

Electric — 5.6%
AEP Texas Inc., 2.40%, 10/01/22 (Call 09/01/22)^(a)		1,535		1,535,230
Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22)^(a)		1,531		1,532,699
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22)^(a)		13,339		13,353,406
CenterPoint Energy Houston Electric LLC, 2.25%, 08/01/22 (Call 05/31/22)^(a)		1,045		1,043,443
Dominion Energy Inc., Series B, 2.75%, 09/15/22 (Call 06/15/22)^(a)		1,968		1,968,571
DTE Energy Co.
2.25%, 11/01/22		6,054		6,050,004
Series H, 0.55%, 11/01/22^(a)		4,156		4,120,466
Duke Energy Carolinas LLC, 3.35%, 05/15/22^(a)		708		708,418
Duke Energy Corp.
2.40%, 08/15/22 (Call 07/15/22)		2,858		2,860,486
3.05%, 08/15/22 (Call 05/31/22)		2,294		2,294,596
Duke Energy Progress LLC, 2.80%, 05/15/22		960		960,566
Edison International
2.40%, 09/15/22 (Call 08/15/22)		2,750		2,739,138
3.13%, 11/15/22 (Call 10/15/22)^(a)		1,880		1,882,388
Entergy Corp., 4.00%, 07/15/22 (Call 05/31/22)^(a)		2,374		2,377,609
Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22)^(a)		4,498		4,498,000
ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22)		4,188		4,183,268
National Rural Utilities Cooperative Finance Corp., 2.30%, 09/15/22 (Call 08/15/22)^(a)		3,430		3,434,939
Northern States Power Co./MN, 2.15%, 08/15/22 (Call 05/20/22)		1,180		1,180,283
NSTAR Electric Co., 2.38%, 10/15/22 (Call 07/15/22)		1,710		1,710,958
Oncor Electric Delivery Co. LLC, 7.00%, 09/01/22^(a)		1,852		1,880,502
Pacific Gas and Electric Co., 1.75%, 06/16/22 (Call 05/10/22)		14,267		14,256,728
PECO Energy Co., 2.38%, 09/15/22 (Call 06/15/22)		1,410		1,411,128
Public Service Co. of Colorado, 2.25%, 09/15/22 (Call 05/31/22)^(a)		1,209		1,209,242
Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 10/15/22)^(a)		3,279		3,282,869
Virginia Electric & Power Co., 3.45%, 09/01/22 (Call 06/01/22)^(a)		1,213		1,214,419


				81,689,356

Electronics — 1.0%
Avnet Inc., 4.88%, 12/01/22^(a)		4,477		4,527,098
Honeywell International Inc.
0.48%, 08/19/22 (Call 05/10/22)^(a)		3,886		3,878,228
2.15%, 08/08/22 (Call 07/08/22)^(a)		3,390		3,392,678
Jabil Inc., 4.70%, 09/15/22^(a)		2,796		2,816,802


				14,614,806

Environmental Control — 0.3%
Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22)^(a)		4,405		4,411,740


Food — 0.9%
General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22)^(a)		1,898		1,902,973
Kroger Co. (The), 2.80%, 08/01/22 (Call 07/01/22)		1,785		1,788,374
McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22)		8,671		8,689,382


16		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food (continued)
Sysco Corp., 2.60%, 06/12/22^(a)	$	1,088	$	1,089,327


				13,470,056

Health Care - Products — 0.3%
DH Europe Finance II Sarl, 2.05%, 11/15/22^(a)		3,926		3,924,116


Health Care - Services — 2.2%
Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22)^(a)		5,383		5,391,021
Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)		4,294		4,308,127
3.13%, 05/15/22^(a)		2,181		2,182,221
CommonSpirit Health, 2.95%, 11/01/22^(a)		6,177		6,199,917
Dignity Health, 3.13%, 11/01/22^(a)		230		230,902
Humana Inc.
2.90%, 12/15/22 (Call 11/15/22)		2,459		2,467,360
3.15%, 12/01/22 (Call 09/01/22)^(a)		3,318		3,332,964
UnitedHealth Group Inc.
2.38%, 10/15/22^(a)		3,850		3,859,548
3.35%, 07/15/22^(a)		4,155		4,163,767


				32,135,827

Home Builders — 0.4%
DR Horton Inc., 4.38%, 09/15/22 (Call 06/15/22)^(a)		1,487		1,492,234
Lennar Corp., 4.75%, 11/15/22 (Call 08/15/22)^(a)		1,263		1,272,081
NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)		3,012		3,021,247


				5,785,562

Home Furnishings — 0.2%
Leggett & Platt Inc., 3.40%, 08/15/22^(a)		1,211		1,209,765
Whirlpool Corp., 4.70%, 06/01/22		969		971,442


				2,181,207

Household Products & Wares — 0.6%
Church & Dwight Co. Inc.
2.45%, 08/01/22 (Call 07/01/22)^(a)		1,625		1,628,949
2.88%, 10/01/22^(a)		2,592		2,601,927
Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)		3,753		3,761,107


				7,991,983

Insurance — 1.6%
Alleghany Corp., 4.95%, 06/27/22^(a)		2,559		2,572,025
Aon Corp., 2.20%, 11/15/22^(a)		6,829		6,819,781
Berkshire Hathaway Finance Corp., 3.00%, 05/15/22		3,509		3,510,158
Chubb INA Holdings Inc., 2.88%, 11/03/22 (Call 09/03/22)^(a)		3,314		3,325,235
Fidelity National Financial Inc., 5.50%, 09/01/22^(a)		2,109		2,131,440
Globe Life Inc., 3.80%, 09/15/22^(a)		380		383,158
Markel Corp., 4.90%, 07/01/22		1,729		1,737,610
Principal Financial Group Inc., 3.30%, 09/15/22^(a)		1,417		1,423,986
Sompo International Holdings Ltd., 4.70%, 10/15/22		1,076		1,084,414


				22,987,807

Internet — 1.2%
Amazon.com Inc., 2.50%, 11/29/22 (Call 08/29/22)		6,165		6,180,104
Baidu Inc.
2.88%, 07/06/22^(a)		5,150		5,150,515
3.50%, 11/28/22^(a)		6,662		6,677,456


				18,008,075

Iron & Steel — 0.2%
Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22)^(a)		3,480		3,489,535


Machinery — 2.1%
ABB Finance USA Inc., 2.88%, 05/08/22^(a)		5,551		5,551,999
Caterpillar Financial Services Corp. 0.95%, 05/13/22		2,377		2,376,881


Security	Par (000)		Value

Machinery (continued)
1.90%, 09/06/22^(a)	$	5,779	$	5,788,767
1.95%, 11/18/22^(a)		2,452		2,451,657
2.40%, 06/06/22^(a)		1,028		1,029,018
2.55%, 11/29/22^(a)		4,418		4,426,306
2.85%, 06/01/22		1,618		1,619,812
Deere & Co., 2.60%, 06/08/22 (Call 05/31/22)^(a)		2,806		2,804,485
John Deere Capital Corp.
0.55%, 07/05/22^(a)		1,110		1,108,346
1.95%, 06/13/22		1,046		1,046,983
2.15%, 09/08/22^(a)		2,348		2,350,559


				30,554,813

Manufacturing — 1.2%
3M Co., 2.00%, 06/26/22^(a)		2,614		2,616,692
Carlisle Companies Inc., 3.75%, 11/15/22 (Call 08/15/22)		926		930,639
Eaton Corp., 2.75%, 11/02/22^(a)		11,861		11,890,890
General Electric Co.
2.70%, 10/09/22		125		125,318
3.15%, 09/07/22^(a)		300		300,690
Parker-Hannifin Corp., 3.50%, 09/15/22		2,051		2,063,614


				17,927,843

Media — 2.7%
Charter Communications Operating LLC/Charter
Communications Operating Capital, 4.46%, 07/23/22 (Call 05/31/22)		22,902		22,952,155
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22^(a)		5,174		5,366,887
TWDC Enterprises 18 Corp., 2.35%, 12/01/22^(a)		3,885		3,887,137
Walt Disney Co. (The)
1.65%, 09/01/22^(a)		1,890		1,887,978
3.00%, 09/15/22^(a)		5,291		5,314,174


				39,408,331

Mining — 0.1%
Southern Copper Corp., 3.50%, 11/08/22^(a)		1,134		1,136,744


Oil & Gas — 1.5%
BP Capital Markets PLC, 2.50%, 11/06/22^(a)		4,340		4,344,904
Chevron Corp., 2.36%, 12/05/22 (Call 09/05/22)^(a)		10,347		10,372,040
Chevron USA Inc., 0.33%, 08/12/22		1,682		1,675,238
ConocoPhillips Co., 2.40%, 12/15/22 (Call 09/15/22)^(a)		1,150		1,148,516
Exxon Mobil Corp., 1.90%, 08/16/22		3,869		3,871,670


				21,412,368

Pharmaceuticals — 9.7%
AbbVie Inc.
2.30%, 11/21/22^(a)		14,817		14,818,334
2.90%, 11/06/22		15,737		15,788,145
3.20%, 11/06/22 (Call 09/06/22)^(a)		10,926		10,975,932
3.25%, 10/01/22 (Call 07/01/22)^(a)		13,811		13,844,561
AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/30/22)		3,745		3,748,520
Bristol-Myers Squibb Co.
2.00%, 08/01/22^(a)		1,868		1,868,803
2.60%, 05/16/22		4,744		4,746,325
3.25%, 08/15/22		4,360		4,378,268
3.55%, 08/15/22		3,522		3,541,688
Cigna Corp., 3.05%, 11/30/22 (Call 10/31/22)		11,428		11,482,854
CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)^(a)		6,464		6,482,422
3.50%, 07/20/22 (Call 05/20/22)^(a)		12,217		12,229,706
4.75%, 12/01/22 (Call 09/01/22)^(a)		2,547		2,569,668
Eli Lilly & Co., 2.35%, 05/15/22^(a)		2,274		2,274,614


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
GlaxoSmithKline Capital PLC
2.85%, 05/08/22^(a)	$	9,307	$	9,309,513
2.88%, 06/01/22 (Call 05/01/22)^(a)		4,256		4,256,000
McKesson Corp., 2.70%, 12/15/22 (Call 09/15/22)^(a)		2,096		2,100,066
Merck & Co. Inc., 2.40%, 09/15/22 (Call 06/15/22)^(a)		6,821		6,828,708
Novartis Capital Corp., 2.40%, 09/21/22		6,038		6,039,751
Viatris Inc., 1.13%, 06/22/22		3,414		3,405,943


				140,689,821

Pipelines — 3.0%
Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22)		2,540		2,541,575
Energy Transfer LP/Regency Energy Finance Corp., 5.00%, 10/01/22 (Call 07/01/22)^(a)		13,304		13,375,575
Kinder Morgan Energy Partners LP, 3.95%, 09/01/22 (Call 06/01/22)^(a)		3,765		3,770,497
MPLX LP, 3.50%, 12/01/22 (Call 11/01/22)^(a)		11,788		11,841,871
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		5,501		5,513,047
TransCanada PipeLines Ltd., 2.50%, 08/01/22		4,024		4,028,950
Williams Companies Inc. (The), 3.35%, 08/15/22 (Call 05/15/22)^(a)		2,968		2,968,683


			44,040,198

Real Estate Investment Trusts — 0.7%
Camden Property Trust, 2.95%, 12/15/22 (Call 09/15/22)^(a)		2,357		2,364,660
Office Properties Income Trust, 4.00%, 07/15/22 (Call 06/15/22)		1,820		1,821,420
Public Storage, 2.37%, 09/15/22 (Call 08/15/22)^(a)		2,534		2,538,308
SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22)^(a)		3,019		3,020,751
SL Green Realty Corp., 4.50%, 12/01/22 (Call 09/01/22)^(a)		555		558,996


				10,304,135

Retail — 1.3%
Home Depot Inc. (The), 2.63%, 06/01/22 (Call 05/01/22)		5,174		5,174,000
O’Reilly Automotive Inc., 3.80%, 09/01/22 (Call 06/01/22)		1,240		1,241,190
Starbucks Corp.
1.30%, 05/07/22		1,875		1,874,869
2.70%, 06/15/22 (Call 05/31/22)		1,387		1,388,429
Walgreen Co., 3.10%, 09/15/22^(a)		2,491		2,501,811
Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22)^(a)		6,145		6,164,848


				18,345,147

Savings & Loans — 0.5%
People’s United Financial Inc., 3.65%, 12/06/22 (Call 09/06/22)^(a)		7,679		7,706,875


Semiconductors — 1.2%
Advanced Micro Devices Inc., 7.50%, 08/15/22		540		546,669
Intel Corp.
2.70%, 12/15/22^(a)		8,730		8,785,697
3.10%, 07/29/22^(a)		3,363		3,374,165
QUALCOMM Inc., 3.00%, 05/20/22		5,305		5,310,199


				18,016,730

Software — 3.2%
Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)^(a)		4,085		4,105,098
Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22)^(a)		5,145		5,159,869
Microsoft Corp.
2.13%, 11/15/22^(a)		2,020		2,022,505
2.65%, 11/03/22 (Call 09/03/22)^(a)		4,867		4,883,450


Security	Par/ Shares (000)		Value

Software (continued)
Oracle Corp.
2.50%, 05/15/22	$	7,161	$	7,163,292
2.50%, 10/15/22^(a)		20,494		20,511,625
Roper Technologies Inc.
0.45%, 08/15/22^(a)		1,443		1,435,958
3.13%, 11/15/22 (Call 08/15/22)		1,876		1,881,909


			47,163,706

Telecommunications — 1.4%
AT&T Inc., 2.63%, 12/01/22 (Call 05/11/22)^(a)		4,910		4,931,555
Cisco Systems Inc., 3.00%, 06/15/22^(a)		2,107		2,111,993
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22		5,475		5,475,055
Vodafone Group PLC, 2.50%, 09/26/22^(a)		7,895		7,901,474


				20,420,077

Transportation — 1.8%
Burlington Northern Santa Fe LLC, 3.05%, 09/01/22 (Call 06/01/22)^(a)		2,239		2,242,112
JB Hunt Transport Services Inc., 3.30%, 08/15/22 (Call 06/15/22)^(a)		14,458		14,486,627
Ryder System Inc.
2.50%, 09/01/22 (Call 08/01/22)^(a)		1,231		1,231,012
2.88%, 06/01/22 (Call 05/31/22)		1,303		1,303,951
United Parcel Service Inc.
2.35%, 05/16/22		1,413		1,413,791
2.45%, 10/01/22^(a)		5,686		5,696,349


			26,373,842


Total Corporate Bonds & Notes — 88.1% (Cost: $1,287,436,626)				1,284,884,843


Short-Term Investments

Money Market Funds — 21.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		156,279		156,279,452
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		153,926		153,926,000


			310,205,452


Total Short-Term Investments — 21.3% (Cost: $310,183,887)				310,205,452


Total Investments in Securities — 109.4% (Cost: $1,597,620,513)				1,595,090,295

Other Assets, Less Liabilities — (9.4)%				(136,395,970	)


Net Assets — 100.0%			$	1,458,694,325

^(a)	All or a portion of this security is on loan.

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

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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


18		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2022 Term Corporate ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	131,115,315	$	25,210,298	^(a)	$	—	$	(38,770	)	$	(7,391	)	$	156,279,452		156,279	$	106,364	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,436,000		112,490,000	^(a)		—		—			—			153,926,000		153,926		69,300			—


								$	(38,770	)	$	(7,391	)	$	310,205,452			$	175,664		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	1,284,884,843	$	—	$	1,284,884,843
Money Market Funds		310,205,452		—		—		310,205,452


	$	310,205,452	$	1,284,884,843	$	—	$	1,595,090,295

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		19

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.4%
Boeing Co. (The)
1.17%, 02/04/23 (Call 05/31/22)^(a)	$	5,020	$	4,953,385
1.88%, 06/15/23 (Call 04/15/23)^(a)		1,390		1,369,595
2.80%, 03/01/23 (Call 02/01/23)^(a)		1,152		1,147,231
4.51%, 05/01/23 (Call 04/01/23)		11,897		12,037,860
General Dynamics Corp.
1.88%, 08/15/23 (Call 06/15/23)^(a)		2,184		2,158,884
3.38%, 05/15/23 (Call 04/15/23)		3,788		3,817,357
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)		3,738		3,770,558
Lockheed Martin Corp., 3.10%, 01/15/23 (Call 05/11/22)^(a).		3,408		3,433,798
Northrop Grumman Corp., 3.25%, 08/01/23		4,332		4,349,025
Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23)		1,617		1,631,747
Teledyne Technologies Inc., 0.65%, 04/01/23		602		588,401


				39,257,841

Agriculture — 0.7%
Philip Morris International Inc.
1.13%, 05/01/23		2,742		2,698,594
2.13%, 05/10/23 (Call 03/10/23)		2,184		2,174,128
2.63%, 03/06/23^(a)		2,602		2,606,580
3.60%, 11/15/23^(a)		1,498		1,514,688
Reynolds American Inc., 4.85%, 09/15/23^(a)		1,888		1,925,533


				10,919,523

Airlines — 0.3%
Southwest Airlines Co., 4.75%, 05/04/23		4,160		4,226,560


Apparel — 0.1%
NIKE Inc., 2.25%, 05/01/23 (Call 02/01/23)		2,243		2,240,578


Auto Manufacturers — 5.5%
American Honda Finance Corp.
0.35%, 04/20/23^(a)		190		185,934
0.65%, 09/08/23^(a)		2,615		2,539,793
0.88%, 07/07/23^(a)		4,584		4,487,828
1.95%, 05/10/23		1,561		1,548,512
2.05%, 01/10/23^(a)		2,307		2,300,056
3.45%, 07/14/23		1,960		1,974,210
3.63%, 10/10/23^(a)		5,561		5,608,991
Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)^(a)		2,339		2,358,811
General Motors Co.
4.88%, 10/02/23^(a)		5,573		5,689,086
5.40%, 10/02/23		4,032		4,144,493
General Motors Financial Co. Inc.
1.70%, 08/18/23		5,035		4,935,962
3.25%, 01/05/23 (Call 12/05/22)^(a)		3,200		3,213,568
3.70%, 05/09/23 (Call 03/09/23)^(a)		4,495		4,521,116
4.15%, 06/19/23 (Call 05/19/23)		3,065		3,097,397
4.25%, 05/15/23		2,911		2,944,564
PACCAR Financial Corp.
0.35%, 08/11/23		479		465,133
0.80%, 06/08/23^(a)		960		942,701
1.90%, 02/07/23^(a)		1,180		1,179,611
2.65%, 04/06/23^(a)		851		853,723
3.40%, 08/09/23		1,203		1,212,419
Stellantis NV, 5.25%, 04/15/23		6,327		6,434,749
Toyota Motor Corp., 3.42%, 07/20/23^(a)		2,018		2,033,276
Toyota Motor Credit Corp.
0.40%, 04/06/23		1,385		1,359,197


Security	Par (000)		Value

Auto Manufacturers (continued)
0.50%, 08/14/23^(a)	$	5,630	$	5,475,231
1.35%, 08/25/23^(a)		3,660		3,596,865
2.25%, 10/18/23		2,772		2,747,579
2.63%, 01/10/23^(a)		2,722		2,724,722
2.70%, 01/11/23		2,007		2,013,723
2.90%, 03/30/23^(a)		6,259		6,280,906
3.45%, 09/20/23^(a)		3,432		3,460,005


				90,330,161

Banks — 27.6%
Banco Bilbao Vizcaya Argentaria SA, 0.88%, 09/18/23^(a)		4,920		4,756,410
Banco Santander SA
3.13%, 02/23/23		3,723		3,740,610
3.85%, 04/12/23		4,887		4,924,874
Bank of America Corp.
3.30%, 01/11/23^(a)		15,485		15,603,305
4.10%, 07/24/23^(a)		8,100		8,231,463
Bank of Montreal
0.40%, 09/15/23^(a)		6,135		5,926,410
0.45%, 12/08/23		3,370		3,231,392
Bank of New York Mellon Corp. (The)
0.35%, 12/07/23 (Call 11/07/23)		2,973		2,857,142
1.85%, 01/27/23 (Call 01/02/23)^(a)		1,797		1,793,711
2.20%, 08/16/23 (Call 06/16/23)^(a)		4,470		4,434,106
2.95%, 01/29/23 (Call 12/29/22)		3,826		3,851,022
3.45%, 08/11/23		1,688		1,701,436
3.50%, 04/28/23		2,432		2,457,439
Bank of Nova Scotia (The)
0.40%, 09/15/23		4,415		4,271,689
0.55%, 09/15/23		1,977		1,913,420
0.80%, 06/15/23		408		399,114
1.63%, 05/01/23		4,809		4,755,716
1.95%, 02/01/23		3,689		3,677,490
2.38%, 01/18/23^(a)		2,045		2,045,573
BNP Paribas SA, 3.25%, 03/03/23^(a)		4,978		5,015,733
Canadian Imperial Bank of Commerce
0.45%, 06/22/23		5,695		5,548,012
0.50%, 12/14/23		2,709		2,600,911
0.95%, 06/23/23^(a)		3,003		2,940,778
3.50%, 09/13/23		4,185		4,213,039
Citigroup Inc.
3.38%, 03/01/23^(a)		1,458		1,469,445
3.50%, 05/15/23		4,621		4,650,528
3.88%, 10/25/23^(a)		3,752		3,804,153
Citizens Bank N.A./Providence RI, 3.70%, 03/29/23 (Call 02/28/23)		2,045		2,058,272
Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23)		3,614		3,637,636
Cooperatieve Rabobank U.A., 4.63%, 12/01/23^(a)		848		863,010
Cooperatieve Rabobank U.A./New York, 2.75%, 01/10/23^(a)		4,357		4,377,042
Credit Suisse AG/New York NY
0.52%, 08/09/23		5,860		5,680,625
1.00%, 05/05/23^(a)		7,153		7,023,602
Credit Suisse Group AG, 3.80%, 06/09/23		7,511		7,538,265
Deutsche Bank AG/New York NY
0.96%, 11/08/23		6,270		6,042,274
3.95%, 02/27/23^(a)		4,061		4,081,752
Discover Bank
3.35%, 02/06/23 (Call 01/06/23)^(a)		3,077		3,093,000
4.20%, 08/08/23^(a)		3,891		3,928,859
Fifth Third Bancorp., 1.63%, 05/05/23 (Call 04/05/23)		1,712		1,688,974


20		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)^(a)	$	2,400	$	2,390,400
First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23)		1,995		1,999,469
FNB Corp./PA, 2.20%, 02/24/23 (Call 01/24/23)		750		741,398
Goldman Sachs Group Inc. (The)
0.52%, 03/08/23 (Call 09/08/22)		2,695		2,644,927
1.22%, 12/06/23 (Call 12/06/22)		7,405		7,196,549
3.20%, 02/23/23 (Call 01/23/23)^(a)		6,583		6,624,275
3.63%, 01/22/23^(a)		8,319		8,394,537
HSBC Holdings PLC, 3.60%, 05/25/23^(a)		7,509		7,576,431
Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)^(a)		3,852		3,872,724
ING Groep NV, 4.10%, 10/02/23^(a)		6,057		6,116,783
JPMorgan Chase & Co.
2.70%, 05/18/23 (Call 03/18/23)^(a)		6,998		6,990,442
3.20%, 01/25/23^(a)		10,411		10,491,685
3.38%, 05/01/23^(a)		7,478		7,518,456
KeyBank N.A./Cleveland OH
1.25%, 03/10/23^(a)		2,818		2,785,959
3.38%, 03/07/23^(a)		1,876		1,889,657
Lloyds Banking Group PLC, 4.05%, 08/16/23		7,095		7,164,886
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		2,312		2,324,993
Mitsubishi UFJ Financial Group Inc.
2.53%, 09/13/23^(a)		2,209		2,191,858
3.46%, 03/02/23^(a)		5,791		5,828,699
3.76%, 07/26/23		8,122		8,199,159
Mizuho Financial Group Inc., 3.55%, 03/05/23^(a)		3,691		3,714,549
Morgan Stanley
3.13%, 01/23/23^(a)		9,535		9,581,817
3.75%, 02/25/23^(a)		8,895		8,946,947
4.10%, 05/22/23		7,668		7,747,671
National Australia Bank Ltd./New York
2.88%, 04/12/23^(a)		1,998		2,008,290
3.00%, 01/20/23^(a)		2,906		2,918,728
3.63%, 06/20/23		3,306		3,339,358
National Bank of Canada, 2.10%, 02/01/23^(a)		4,211		4,194,619
Natwest Group PLC
3.88%, 09/12/23		10,837		10,868,211
6.10%, 06/10/23^(a)		934		956,220
PNC Bank N.A.
2.95%, 01/30/23 (Call 12/30/22)^(a)		2,407		2,417,133
3.50%, 06/08/23 (Call 05/09/23)		3,090		3,111,074
3.80%, 07/25/23 (Call 06/25/23)		2,738		2,760,808
Royal Bank of Canada
0.50%, 10/26/23^(a)		4,319		4,169,174
1.60%, 04/17/23		4,664		4,622,304
1.95%, 01/17/23^(a)		3,577		3,572,529
3.70%, 10/05/23^(a)		6,208		6,276,040
Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)		3,920		3,936,072
Santander UK PLC, 2.10%, 01/13/23, (SOFR + 0.43%)^(a)		2,037		2,028,689
State Street Corp.
3.10%, 05/15/23		4,000		4,019,080
3.70%, 11/20/23^(a)		3,991		4,035,220
Sumitomo Mitsui Banking Corp.
3.00%, 01/18/23^(a)		1,940		1,943,958
3.95%, 07/19/23		1,445		1,457,846
Sumitomo Mitsui Financial Group Inc.
3.10%, 01/17/23^(a)		5,527		5,549,716
3.75%, 07/19/23^(a)		3,149		3,174,192
3.94%, 10/16/23		3,984		4,024,398


Security	Par (000)		Value

Banks (continued)
Svenska Handelsbanken AB, 3.90%, 11/20/23	$	5,217	$	5,283,673
Toronto-Dominion Bank (The)
0.25%, 01/06/23^(a)		4,665		4,609,626
0.30%, 06/02/23^(a)		3,350		3,266,887
0.45%, 09/11/23^(a)		4,664		4,515,778
0.75%, 06/12/23		6,820		6,674,257
3.50%, 07/19/23		6,384		6,438,519
Truist Bank
1.25%, 03/09/23 (Call 02/09/23)		3,496		3,460,900
2.75%, 05/01/23 (Call 04/01/23)		1,794		1,790,412
3.00%, 02/02/23 (Call 01/02/23)		2,272		2,284,814
Truist Financial Corp.
2.20%, 03/16/23 (Call 02/13/23)^(a)		3,232		3,225,730
3.75%, 12/06/23 (Call 11/06/23)		3,869		3,908,193
U.S. Bank N.A./Cincinnati OH
1.95%, 01/09/23 (Call 12/09/22)^(a)		2,545		2,545,051
2.85%, 01/23/23 (Call 12/23/22)^(a)		2,363		2,373,917
3.40%, 07/24/23 (Call 06/23/23)		5,058		5,101,600
Wells Fargo & Co.
4.13%, 08/15/23^(a)		5,789		5,856,847
Series M, 3.45%, 02/13/23^(a)		4,000		4,020,240
Westpac Banking Corp.
2.00%, 01/13/23		2,456		2,451,849
2.75%, 01/11/23^(a)		4,783		4,798,114
3.65%, 05/15/23^(a)		3,682		3,720,624


				451,473,193

Beverages — 1.5%
Constellation Brands Inc.
3.20%, 02/15/23 (Call 01/15/23)^(a)		2,447		2,458,623
4.25%, 05/01/23		4,227		4,283,896
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)^(a)		5,149		5,149,618
3.50%, 09/18/23 (Call 08/18/23)		1,567		1,577,828
Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23^(a)		875		868,341
Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)^(a)		2,495		2,499,616
PepsiCo Inc.
0.40%, 10/07/23		1,806		1,753,048
0.75%, 05/01/23^(a)		1,314		1,293,252
2.75%, 03/01/23^(a)		4,998		5,015,443


				24,899,665

Biotechnology — 1.1%
Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23)^(a)		3,056		3,036,075
Gilead Sciences Inc.
0.75%, 09/29/23 (Call 05/10/22)		4,720		4,565,750
2.50%, 09/01/23 (Call 07/01/23)		3,798		3,779,238
Illumina Inc., 0.55%, 03/23/23		1,970		1,932,688
Royalty Pharma PLC, 0.75%, 09/02/23		4,074		3,941,758


				17,255,509

Building Materials — 0.4%
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)^(a)		2,450		2,477,563
Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)		1,037		1,032,199
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 07/15/22)^(a)		1,970		1,920,080
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)^(a)		710		714,764


				6,144,606

Chemicals — 1.4%
Air Products and Chemicals Inc., 2.75%, 02/03/23^(a)		809		811,136
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)		9,737		9,870,884


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)	$	555	$	537,884
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)		590		591,038
Linde Inc./CT, 2.70%, 02/21/23 (Call 11/21/22)^(a)		1,811		1,817,846
LYB International Finance BV, 4.00%, 07/15/23		1,701		1,718,401
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)		3,440		3,480,558
Nutrien Ltd., 1.90%, 05/13/23		2,778		2,747,414
PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23)^(a)		1,348		1,352,758


				22,927,919

Commercial Services — 1.0%
Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)		1,433		1,445,395
Global Payments Inc.
3.75%, 06/01/23 (Call 03/01/23)		2,431		2,442,499
4.00%, 06/01/23 (Call 05/01/23)^(a)		1,953		1,971,885
Moody’s Corp., 2.63%, 01/15/23 (Call 12/15/22)^(a)		2,744		2,746,936
PayPal Holdings Inc., 1.35%, 06/01/23		3,968		3,915,702
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)^(a)		3,512		3,528,261


				16,050,678

Computers — 3.6%
Apple Inc.
0.75%, 05/11/23		6,635		6,533,883
2.40%, 01/13/23 (Call 12/13/22)^(a)		2,878		2,886,058
2.40%, 05/03/23^(a)		20,925		20,957,015
2.85%, 02/23/23 (Call 12/23/22)^(a)		8,265		8,306,738
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		4,032		4,119,978
Hewlett Packard Enterprise Co.
2.25%, 04/01/23 (Call 03/01/23)^(a)		4,093		4,072,494
4.45%, 10/02/23 (Call 09/02/23)		4,697		4,767,784
International Business Machines Corp., 3.38%, 08/01/23^(a)		5,215		5,258,337
Leidos Inc., 2.95%, 05/15/23 (Call 04/15/23)		2,544		2,535,223


				59,437,510

Cosmetics & Personal Care — 0.5%
Colgate-Palmolive Co.
1.95%, 02/01/23^(a)		1,632		1,629,862
2.10%, 05/01/23^(a)		460		458,988
Procter & Gamble Co. (The), 3.10%, 08/15/23^(a)		3,495		3,525,371
Unilever Capital Corp.
0.38%, 09/14/23		808		782,524
3.13%, 03/22/23 (Call 02/22/23)^(a)		1,989		1,999,741


				8,396,486

Diversified Financial Services — 5.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.15%, 10/29/23		11,950		11,412,489
3.30%, 01/23/23 (Call 12/23/22)^(a)		1,871		1,870,626
4.13%, 07/03/23 (Call 06/03/23)		2,615		2,611,182
4.50%, 09/15/23 (Call 08/15/23)		3,864		3,871,187
Air Lease Corp.
2.25%, 01/15/23^(a)		2,309		2,300,341
2.75%, 01/15/23 (Call 12/15/22)		1,297		1,296,494
3.00%, 09/15/23 (Call 07/15/23)		2,917		2,884,884
3.88%, 07/03/23 (Call 06/03/23)		2,631		2,639,524
Aircastle Ltd.
4.40%, 09/25/23 (Call 08/25/23)^(a)		2,351		2,359,252
5.00%, 04/01/23^(a)		2,097		2,115,538
Ally Financial Inc.
1.45%, 10/02/23 (Call 09/02/23)		5,030		4,889,059
3.05%, 06/05/23 (Call 05/05/23)		2,826		2,820,489


Security	Par (000)		Value

Diversified Financial Services (continued)
American Express Co.
0.75%, 11/03/23	$	2,770	$	2,684,795
3.40%, 02/27/23 (Call 01/27/23)^(a)		6,188		6,238,308
3.70%, 08/03/23 (Call 07/03/23)		7,381		7,463,815
Ameriprise Financial Inc., 4.00%, 10/15/23		2,786		2,820,240
BGC Partners Inc., 5.38%, 07/24/23		1,652		1,676,598
Capital One Bank USA N.A., 3.38%, 02/15/23^(a)		5,525		5,561,576
Capital One Financial Corp.
2.60%, 05/11/23 (Call 04/11/23)^(a)		3,635		3,624,931
3.20%, 01/30/23 (Call 12/30/22)		4,434		4,463,131
3.50%, 06/15/23		3,735		3,753,526
Charles Schwab Corp. (The), 2.65%, 01/25/23 (Call 12/25/22)^(a)		3,753		3,759,718
Eaton Vance Corp., 3.63%, 06/15/23^(a)		1,240		1,250,788
Intercontinental Exchange Inc.
0.70%, 06/15/23^(a)		2,687		2,627,376
3.45%, 09/21/23 (Call 08/21/23)		1,631		1,640,346
4.00%, 10/15/23		3,094		3,132,149
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)		120		122,098
Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)		1,063		1,071,525


				92,961,985

Electric — 5.6%
Alabama Power Co., Series 13-A, 3.55%, 12/01/23^(a)		895		901,757
American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 05/31/22)		1,550		1,494,014
Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)^(a)		1,350		1,351,336
Berkshire Hathaway Energy Co.
2.80%, 01/15/23 (Call 12/15/22)^(a)		1,518		1,524,345
3.75%, 11/15/23 (Call 08/15/23)^(a)		1,884		1,903,839
Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)		1,979		2,000,274
Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 10/15/22)^(a)		1,432		1,437,241
Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 05/31/22)^(a)		2,045		1,966,492
Consumers Energy Co.
0.35%, 06/01/23 (Call 05/01/23)^(a)		815		792,840
3.38%, 08/15/23 (Call 05/15/23)^(a)		570		572,474
Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)		2,037		2,048,366
Duke Energy Carolinas LLC
2.50%, 03/15/23 (Call 01/15/23)^(a)		1,431		1,432,889
3.05%, 03/15/23 (Call 02/15/23)^(a)		1,226		1,237,966
Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)		2,397		2,415,673
Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23)		850		856,656
Duke Energy Progress LLC, 3.38%, 09/01/23 (Call 08/01/23)^(a)		845		850,450
Edison International, 2.95%, 03/15/23 (Call 01/15/23)^(a)		1,664		1,656,279
Entergy Louisiana LLC
0.62%, 11/17/23 (Call 05/31/22)^(a)		4,251		4,105,021
4.05%, 09/01/23 (Call 06/01/23)		1,168		1,179,633
Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)		874		874,454
Eversource Energy
2.80%, 05/01/23 (Call 02/01/23)		2,101		2,100,622
Series N, 3.80%, 12/01/23 (Call 11/01/23)^(a)		1,672		1,688,018
Florida Power & Light Co., 2.75%, 06/01/23 (Call 12/01/22)^(a)		1,902		1,905,043
Georgia Power Co., Series A, 2.10%, 07/30/23^(a)		2,405		2,383,644
National Rural Utilities Cooperative Finance Corp.
2.70%, 02/15/23 (Call 12/15/22)^(a)		1,883		1,886,427


22		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
3.40%, 11/15/23 (Call 08/15/23)^(a)	$	774	$	777,096
NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23^(a)		7,972		7,847,158
Northern States Power Co./MN, 2.60%, 05/15/23 (Call 11/15/22)		1,292		1,293,202
OGE Energy Corp., 0.70%, 05/26/23 (Call 05/31/22)^(a)		1,370		1,333,380
Oklahoma Gas & Electric Co., 0.55%, 05/26/23
(Call 05/31/22)		730		714,086
Pacific Gas and Electric Co.
1.37%, 03/10/23 (Call 05/10/22)^(a)		5,870		5,784,768
3.25%, 06/15/23 (Call 03/15/23)^(a)		1,377		1,368,366
3.85%, 11/15/23 (Call 08/15/23)		2,140		2,134,265
4.25%, 08/01/23 (Call 07/01/23)^(a)		2,303		2,309,517
PacifiCorp., 2.95%, 06/01/23 (Call 03/01/23)		882		883,297
Public Service Co. of New Hampshire, 3.50%, 11/01/23 (Call 08/01/23)		575		578,163
Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)		1,319		1,314,001
3.25%, 09/01/23 (Call 08/01/23)		1,217		1,222,915
Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 05/31/22)^(a)		3,380		3,253,216
San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23 (Call 06/01/23)		1,470		1,482,671
Southern California Edison Co.
0.07%, 04/03/23		1,320		1,291,765
Series C, 3.50%, 10/01/23 (Call 07/01/23)^(a)		2,863		2,871,446
Series D, 3.40%, 06/01/23 (Call 05/01/23)		856		858,294
Series J, 0.70%, 08/01/23		1,790		1,739,737
Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)^(a)		5,283		5,283,106
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)^(a)		2,878		2,883,641
WEC Energy Group Inc., 0.55%, 09/15/23		2,668		2,579,609
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		2,089		2,011,811


				92,381,263

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.63%, 02/15/23 (Call 11/15/22)^(a)		1,443		1,448,007


Electronics — 0.4%
Agilent Technologies Inc., 3.88%, 07/15/23 (Call 05/04/22)^(a)		2,394		2,429,096
Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22)^(a)		895		902,769
Flex Ltd., 5.00%, 02/15/23		1,433		1,451,930
Honeywell International Inc., 3.35%, 12/01/23^(a)		369		371,719
Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23)		1,454		1,464,396


				6,619,910

Environmental Control — 0.3%
Republic Services Inc., 4.75%, 05/15/23 (Call 02/15/23)^(a)		1,691		1,716,788
Waste Management Inc., 2.40%, 05/15/23 (Call 03/15/23)^(a)		3,206		3,207,378


				4,924,166

Food — 1.1%
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)		2,894		2,912,145
Conagra Brands Inc.
0.50%, 08/11/23 (Call 08/11/22)^(a)		1,850		1,788,562
3.20%, 01/25/23 (Call 10/25/22)^(a)		1,733		1,740,920
General Mills Inc., 3.70%, 10/17/23 (Call 09/17/23)^(a)		3,418		3,450,027
Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)^(a)		2,355		2,369,766
Kellogg Co., 2.65%, 12/01/23^(a)		2,484		2,468,326
Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)^(a)		2,779		2,803,288
Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)^(a)		1,255		1,265,843


				18,798,877


Security	Par (000)		Value

Gas — 0.5%
Atmos Energy Corp., 0.63%, 03/09/23 (Call 05/16/22)^(a)	$	270	$	265,632
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 05/31/22)^(a)		239		234,693
Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)		1,041		1,044,956
National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)		1,889		1,896,329
ONE Gas Inc., 0.85%, 03/11/23 (Call 05/31/22)		3,620		3,568,596
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)		1,597		1,581,589


				8,591,795

Health Care - Products — 1.0%
Abbott Laboratories, 3.40%, 11/30/23 (Call 09/30/23)		4,179		4,216,862
Baxter International Inc., 0.87%, 12/01/23^(a)(b)		2,845		2,736,947
PerkinElmer Inc., 0.55%, 09/15/23 (Call 09/15/22)		1,810		1,749,292
Stryker Corp., 0.60%, 12/01/23 (Call 05/10/22)		2,130		2,053,043
Thermo Fisher Scientific Inc., 0.80%, 10/18/23 (Call 10/18/22)		5,125		4,969,354


				15,725,498

Health Care - Services — 1.7%
Aetna Inc., 2.80%, 06/15/23 (Call 04/15/23)		5,190		5,179,361
Anthem Inc.
0.45%, 03/15/23		1,925		1,890,947
3.30%, 01/15/23^(a)		3,833		3,853,392
Humana Inc., 0.65%, 08/03/23 (Call 05/09/22)		5,650		5,487,223
Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)		957		965,374
SSM Health Care Corp., Series 2018, 3.69%, 06/01/23 (Call 03/01/23)		2,171		2,183,917
UnitedHealth Group Inc.
2.75%, 02/15/23 (Call 11/15/22)^(a)		1,803		1,808,337
2.88%, 03/15/23^(a)		3,385		3,404,565
3.50%, 06/15/23		2,604		2,632,097


				27,405,213

Holding Companies - Diversified — 0.3%
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)^(a)		3,084		3,086,313
Blackstone Secured Lending Fund, 3.65%, 07/14/23^(a)		1,470		1,475,027


				4,561,340

Home Builders — 0.4%
DR Horton Inc.
4.75%, 02/15/23 (Call 11/15/22)		1,517		1,534,886
5.75%, 08/15/23 (Call 05/15/23)		1,763		1,814,215
Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23)^(a)		1,583		1,611,019
Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23)^(a)		1,600		1,612,096


				6,572,216

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 2.40%, 06/01/23^(a)		1,084		1,079,155


Insurance — 2.0%
Allstate Corp. (The), 3.15%, 06/15/23		2,154		2,163,068
Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)		1,132		1,142,607
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23		956		963,189
Assurant Inc., 4.20%, 09/27/23 (Call 08/27/23)		899		910,004
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)^(a)		7,752		7,779,520
3.00%, 02/11/23^(a)		1,923		1,936,692
Chubb INA Holdings Inc., 2.70%, 03/13/23^(a)		665		665,878
Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)^(a)		2,158		2,174,401
Jackson Financial Inc., 1.13%, 11/22/23^(a)(b)		2,265		2,186,291


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Lincoln National Corp., 4.00%, 09/01/23	$	1,655	$	1,670,590
Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)		2,485		2,483,683
Marsh & McLennan Companies Inc., 3.30%, 03/14/23 (Call 01/14/23)		1,907		1,917,851
MetLife Inc., Series D, 4.37%, 09/15/23		3,802		3,880,701
Principal Financial Group Inc., 3.13%, 05/15/23		1,147		1,150,269
Reinsurance Group of America Inc., 4.70%, 09/15/23		958		974,353


				31,999,097

Internet — 1.3%
Alibaba Group Holding Ltd., 2.80%, 06/06/23 (Call 05/06/23)^(a)		2,214		2,200,539
Amazon.com Inc.
0.25%, 05/12/23		1,050		1,027,740
0.40%, 06/03/23		2,734		2,676,859
2.40%, 02/22/23 (Call 01/22/23)^(a)		4,150		4,155,395
Baidu Inc., 3.88%, 09/29/23 (Call 08/29/23)		3,315		3,334,028
Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)^(a)		3,189		3,196,207
eBay Inc., 2.75%, 01/30/23 (Call 12/30/22)^(a)		3,516		3,522,364
Expedia Group Inc., 3.60%, 12/15/23 (Call 11/15/23)^(a)		1,689		1,689,220


				21,802,352

Iron & Steel — 0.1%
Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)		1,878		1,898,132


Lodging — 0.3%
Hyatt Hotels Corp.
1.30%, 10/01/23 (Call 10/01/22)^(a)		1,890		1,837,912
3.38%, 07/15/23 (Call 04/15/23)		1,852		1,840,592
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)		1,390		1,405,915


				5,084,419

Machinery — 2.4%
Caterpillar Financial Services Corp.
0.25%, 03/01/23^(a)		3,475		3,415,647
0.45%, 09/14/23^(a)		3,413		3,305,866
0.65%, 07/07/23		2,441		2,384,491
2.63%, 03/01/23^(a)		1,130		1,131,379
3.45%, 05/15/23		2,043		2,057,219
3.65%, 12/07/23^(a)		1,918		1,939,750
3.75%, 11/24/23^(a)		3,354		3,397,669
CNH Industrial Capital LLC, 1.95%, 07/02/23		1,795		1,769,349
CNH Industrial NV, 4.50%, 08/15/23		2,834		2,874,073
John Deere Capital Corp.
0.25%, 01/17/23^(a)		2,275		2,242,581
0.40%, 10/10/23^(a)		833		806,236
0.70%, 07/05/23		619		604,181
1.20%, 04/06/23^(a)		1,916		1,895,460
2.70%, 01/06/23^(a)		862		861,164
2.80%, 01/27/23^(a)		1,772		1,777,369
2.80%, 03/06/23^(a)		3,679		3,698,204
3.45%, 06/07/23^(a)		1,018		1,025,442
3.65%, 10/12/23		3,056		3,095,545
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 08/15/22), (SOFR + 0.25000%)		495		480,581


				38,762,206

Manufacturing — 0.6%
3M Co.
1.75%, 02/14/23 (Call 01/14/23)^(a)		2,679		2,665,605
2.25%, 03/15/23 (Call 02/15/23)^(a)		3,354		3,350,713
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 09/01/22)		975		942,162


Security	Par (000)		Value

Manufacturing (continued)
General Electric Co., 3.10%, 01/09/23^(a)	$	75	$	75,214
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23		2,986		3,021,265


				10,054,959

Media — 0.6%
Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)^(a)		3,500		3,498,880
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)		2,376		2,410,618
Time Warner Entertainment Co. LP, 8.38%, 03/15/23		4,289		4,486,380


				10,395,878

Metal Fabricate & Hardware — 0.3%
Crane Co., 4.45%, 12/15/23 (Call 09/15/23)^(a)		710		720,124
Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22)^(a)		4,231		4,238,870


				4,958,994

Mining — 0.4%
BHP Billiton Finance USA Ltd., 3.85%, 09/30/23		2,402		2,431,737
Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)^(a)		3,875		3,892,476


				6,324,213

Oil & Gas — 4.5%
BP Capital Markets America Inc., 2.75%, 05/10/23^(a)		4,459		4,464,128
BP Capital Markets PLC
2.75%, 05/10/23^(a)		992		991,276
3.99%, 09/26/23		2,560		2,593,229
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)^(a)		3,844		3,851,073
Chevron Corp.
1.14%, 05/11/23		3,021		2,981,153
2.57%, 05/16/23 (Call 05/11/22)		4,037		4,053,632
3.19%, 06/24/23 (Call 05/11/22)		7,558		7,629,347
Chevron USA Inc., 0.43%, 08/11/23		2,396		2,333,369
Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)^(a)		3,000		3,034,230
EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)^(a)		5,855		5,859,450
Exxon Mobil Corp.
1.57%, 04/15/23^(a)		11,015		10,930,405
2.73%, 03/01/23 (Call 01/01/23)^(a)		4,451		4,463,418
Phillips 66, 3.70%, 04/06/23^(a)		2,678		2,697,201
Shell International Finance BV
0.38%, 09/15/23^(a)		3,507		3,400,948
3.50%, 11/13/23 (Call 10/13/23)^(a)		4,084		4,122,349
Suncor Energy Inc., 2.80%, 05/15/23		1,175		1,170,981
TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23		4,133		4,121,841
TotalEnergies Capital International SA, 2.70%, 01/25/23^(a)		4,263		4,270,290


				72,968,320

Oil & Gas Services — 0.7%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 1.23%, 12/15/23		2,350		2,279,946
Halliburton Co., 3.50%, 08/01/23 (Call 05/01/23)		2,286		2,295,807
HF SINCLAIR Corp., 2.63%, 10/01/23^(a)(b)		1,628		1,597,280
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)		5,636		5,677,368


				11,850,401

Pharmaceuticals — 6.2%
AbbVie Inc.
2.85%, 05/14/23 (Call 03/14/23)		4,098		4,104,926
3.75%, 11/14/23 (Call 10/14/23)		4,883		4,937,104
AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 05/31/22)		5,915		5,826,866


24		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
AstraZeneca PLC
0.30%, 05/26/23^(a)	$	2,660	$	2,597,783
3.50%, 08/17/23 (Call 07/17/23)^(a)		4,068		4,102,293
Bristol-Myers Squibb Co.
0.54%, 11/13/23 (Call 05/31/22)^(a)		5,320		5,157,314
2.75%, 02/15/23 (Call 01/15/23)^(a)		2,836		2,845,217
3.25%, 02/20/23 (Call 01/20/23)^(a)		3,384		3,408,466
3.25%, 11/01/23^(a)		1,150		1,157,659
Cardinal Health Inc., 3.20%, 03/15/23^(a)		2,216		2,223,756
Cigna Corp.
3.00%, 07/15/23 (Call 05/16/23)		3,760		3,760,865
3.75%, 07/15/23 (Call 06/15/23)^(a)		4,388		4,426,000
CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23)^(a)		810		820,911
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23^(a)		4,949		4,965,678
3.38%, 05/15/23^(a)		3,834		3,863,905
GlaxoSmithKline Capital PLC, 0.53%, 10/01/23
(Call 10/01/22)^(a)		4,828		4,677,222
Johnson & Johnson
2.05%, 03/01/23 (Call 01/01/23)		2,251		2,252,463
3.38%, 12/05/23^(a)		2,437		2,465,342
McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)^(a)		1,762		1,762,581
Merck & Co. Inc., 2.80%, 05/18/23		6,628		6,656,898
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)^(a)		1,920		1,935,840
Pfizer Inc.
3.00%, 06/15/23^(a)		3,710		3,726,213
3.20%, 09/15/23 (Call 08/15/23)		3,923		3,955,169
Sanofi, 3.38%, 06/19/23 (Call 05/19/23)^(a)		4,287		4,320,010
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		3,716		3,706,450
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		5,729		5,815,966
Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22)		5,732		5,754,813


				101,227,710

Pipelines — 3.6%
Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22)		738		741,314
Enbridge Inc.
0.55%, 10/04/23		1,360		1,310,496
4.00%, 10/01/23 (Call 07/01/23)		3,600		3,634,956
Energy Transfer LP
3.45%, 01/15/23 (Call 10/15/22)		984		985,948
3.60%, 02/01/23 (Call 11/01/22)		2,666		2,671,892
4.25%, 03/15/23 (Call 12/15/22)		3,983		4,015,581
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)^(a)		2,410		2,430,919
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)		2,318		2,336,011
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)^(a)		5,513		5,539,848
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)^(a)		2,460		2,471,095
3.50%, 09/01/23 (Call 06/01/23)^(a)		2,002		2,008,066
Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)^(a)		3,487		3,495,578
MPLX LP
3.38%, 03/15/23 (Call 02/15/23)^(a)		1,987		1,994,034
4.50%, 07/15/23 (Call 04/15/23)		4,407		4,455,918
ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)^(a)		1,445		1,508,421
ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)^(a)		2,189		2,225,600
Plains All American Pipeline LP/PAA Finance Corp.
2.85%, 01/31/23 (Call 10/31/22)		1,616		1,606,918
3.85%, 10/15/23 (Call 07/15/23)^(a)		2,566		2,572,312


Security	Par (000)		Value

Pipelines (continued)
Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23)^(a)	$	4,416	$	4,487,186
TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)		2,325		2,341,554
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)^(a)		2,683		2,694,832
4.50%, 11/15/23 (Call 08/15/23)^(a)		3,139		3,180,654


				58,709,133

Real Estate Investment Trusts — 1.6%
American Campus Communities Operating Partnership LP, 3.75%, 04/15/23 (Call 01/15/23)		1,665		1,675,090
American Tower Corp.
3.00%, 06/15/23^(a)		2,634		2,631,103
3.50%, 01/31/23^(a)		4,085		4,110,776
AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 09/16/23)		894		905,282
Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)		1,692		1,692,931
Brandywine Operating Partnership LP, 3.95%, 02/15/23 (Call 11/15/22)^(a)		1,390		1,394,365
Crown Castle International Corp., 3.15%, 07/15/23 (Call 06/15/23)^(a)		2,396		2,393,987
ERP Operating LP, 3.00%, 04/15/23 (Call 01/15/23)^(a)		2,600		2,609,828
Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)^(a)		1,268		1,269,496
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)^(a)		1,960		1,987,617
Kimco Realty Corp., 3.13%, 06/01/23 (Call 03/01/23)		1,588		1,588,365
Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)		410		414,973
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)^(a)		1,186		1,198,453
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)		815		814,038
Simon Property Group LP, 2.75%, 06/01/23 (Call 03/01/23)		1,993		1,990,967


				26,677,271

Retail — 2.8%
AutoZone Inc.
2.88%, 01/15/23 (Call 10/15/22)^(a)		1,257		1,259,338
3.13%, 07/15/23 (Call 04/15/23)		2,713		2,718,968
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)^(a)		4,364		4,385,209
Home Depot Inc. (The), 2.70%, 04/01/23 (Call 01/01/23)^(a)		4,476		4,490,950
Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)		2,017		2,038,562
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)^(a)		4,445		4,474,915
O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23)		1,706		1,719,153
Starbucks Corp.
3.10%, 03/01/23 (Call 02/01/23)^(a)		4,368		4,392,723
3.85%, 10/01/23 (Call 07/01/23)^(a)		2,601		2,628,961
TJX Companies Inc. (The), 2.50%, 05/15/23 (Call 02/15/23)		2,546		2,545,160
Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 05/31/22)^(a)		2,500		2,422,525
Walmart Inc.
2.55%, 04/11/23 (Call 01/11/23)^(a)		6,817		6,837,587
3.40%, 06/26/23 (Call 05/26/23)^(a)		6,125		6,201,501


				46,115,552

Semiconductors — 1.0%
Altera Corp., 4.10%, 11/15/23		1,067		1,082,813
Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)		415		419,594
Microchip Technology Inc.
2.67%, 09/01/23		2,920		2,888,581
4.33%, 06/01/23 (Call 05/01/23)		4,323		4,371,677


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors (continued)
NVIDIA Corp., 0.31%, 06/15/23 (Call 06/15/22)	$	535	$	522,337
QUALCOMM Inc., 2.60%, 01/30/23 (Call 12/30/22)		4,832		4,847,172
Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 06/01/22)		1,940		1,892,470
Texas Instruments Inc., 2.25%, 05/01/23 (Call 02/01/23)		419		418,124


				16,442,768

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 08/16/22)^(b)		1,235		1,194,331


Software — 3.4%
Adobe Inc., 1.70%, 02/01/23		2,712		2,696,704
Fidelity National Information Services Inc., 0.38%, 03/01/23^(a)		3,320		3,254,198
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)		4,253		4,290,469
Intuit Inc., 0.65%, 07/15/23		2,522		2,460,942
Microsoft Corp.
2.00%, 08/08/23 (Call 06/08/23)^(a)		4,463		4,448,183
2.38%, 05/01/23 (Call 02/01/23)^(a)		3,913		3,915,739
3.63%, 12/15/23 (Call 09/15/23)^(a)		5,258		5,329,930
Oracle Corp.
2.40%, 09/15/23 (Call 07/15/23)^(a)		9,950		9,856,470
2.63%, 02/15/23 (Call 01/15/23)^(a)		4,675		4,670,138
3.63%, 07/15/23^(a)		3,333		3,357,064
Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)		2,903		2,920,679
salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23)^(a)		4,976		5,013,121
VMware Inc., 0.60%, 08/15/23		3,310		3,202,955


				55,416,592

Telecommunications — 0.8%
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)		2,308		2,340,427
Cisco Systems Inc.
2.20%, 09/20/23 (Call 07/20/23)^(a)		3,624		3,601,278
2.60%, 02/28/23^(a)		1,612		1,611,581
Rogers Communications Inc.
3.00%, 03/15/23 (Call 12/15/22)^(a)		1,956		1,960,166
4.10%, 10/01/23 (Call 07/01/23)		2,775		2,802,833
Vodafone Group PLC, 2.95%, 02/19/23^(a)		320		320,269


				12,636,554

Transportation — 1.5%
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)^(a)		3,127		3,143,667
3.85%, 09/01/23 (Call 06/01/23)		2,973		3,005,644


Security	Par/ Shares (000)		Value

Transportation (continued)
Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)^(a)	$	722	$	729,473
Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23)		909		909,209
Norfolk Southern Corp., 2.90%, 02/15/23 (Call 11/15/22)^(a)		2,921		2,926,521
Ryder System Inc.
3.40%, 03/01/23 (Call 02/01/23)^(a)		1,727		1,737,915
3.75%, 06/09/23 (Call 05/09/23)^(a)		1,968		1,979,532
3.88%, 12/01/23 (Call 11/01/23)		933		940,371
Union Pacific Corp.
2.75%, 04/15/23 (Call 01/15/23)^(a)		1,625		1,626,527
2.95%, 01/15/23 (Call 10/15/22)		1,193		1,197,641
3.50%, 06/08/23 (Call 05/08/23)^(a)		2,041		2,056,756
United Parcel Service Inc., 2.50%, 04/01/23 (Call 03/01/23)^(a)		4,514		4,523,389


				24,776,645


Total Corporate Bonds & Notes — 97.5% (Cost: $1,614,832,687)				1,593,925,181


Short-Term Investments

Money Market Funds — 16.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		236,157		236,156,779
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		39,185		39,185,000


				275,341,779


Total Short-Term Investments — 16.8% (Cost: $275,319,273)				275,341,779


Total Investments in Securities — 114.3% (Cost: $1,890,151,960)				1,869,266,960

Other Assets, Less Liabilities — (14.3)%				(233,737,856	)


Net Assets — 100.0%			$	1,635,529,104

^(a)	All or a portion of this security is on loan.

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

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	63,852,862	$	172,324,615	^(a)	$	—		$	(15,967	)	$	(4,731	)	$	236,156,779		236,157	$	84,975	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		45,305,000		—			(6,120,000	)^(a)		—			—			39,185,000		39,185		16,546			—


									$	(15,967	)	$	(4,731	)	$	275,341,779			$	101,521		$	—

^(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.


26		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2023 Term Corporate ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	1,593,925,181	$	—	$	1,593,925,181
Money Market Funds		275,341,779		—		—		275,341,779


	$	275,341,779	$	1,593,925,181	$	—	$	1,869,266,960

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.4%
Omnicom Group Inc./Omnicom Capital Inc., 3.65%, 11/01/24 (Call 08/01/24)^(a)	$	3,774	$	3,774,981
WPP Finance 2010, 3.75%, 09/19/24^(a)		3,572		3,568,285


				7,343,266

Aerospace & Defense — 1.5%
Boeing Co. (The)
1.43%, 02/04/24 (Call 05/10/22)		9,005		8,652,634
1.95%, 02/01/24^(a)		3,043		2,962,482
2.80%, 03/01/24 (Call 02/01/24)^(a)		1,351		1,329,289
2.85%, 10/30/24 (Call 07/30/24)		1,201		1,174,230
General Dynamics Corp., 2.38%, 11/15/24 (Call 09/15/24)^(a)		3,240		3,173,418
L3Harris Technologies Inc., 3.95%, 05/28/24 (Call 02/28/24)^(a)		1,183		1,191,423
Raytheon Technologies Corp., 3.20%, 03/15/24 (Call 01/15/24)^(a)		4,690		4,697,270
Teledyne Technologies Inc., 0.95%, 04/01/24 (Call 05/15/24)		2,455		2,340,941


				25,521,687

Agriculture — 1.5%
Altria Group Inc.
3.80%, 02/14/24 (Call 01/14/24)^(a)		1,229		1,235,858
4.00%, 01/31/24		2,875		2,908,091
BAT Capital Corp.
2.79%, 09/06/24 (Call 08/06/24)^(a)		3,884		3,794,279
3.22%, 08/15/24 (Call 06/15/24)		9,127		9,007,893
Philip Morris International Inc.
2.88%, 05/01/24 (Call 04/01/24)		4,221		4,205,762
3.25%, 11/10/24^(a)		3,106		3,100,161


				24,252,044

Airlines — 0.1%
Continental Airlines 2012-2 Class A Pass Through Trust, Series 2012-2 A, Class A, 4.00%, 10/29/24		513		507,632
United Airlines Pass Through Trust, Series 2012-1 A, Class A, 4.15%, 10/11/25		507		502,869


				1,010,501

Auto Manufacturers — 3.5%
American Honda Finance Corp.
0.55%, 07/12/24		2,712		2,560,101
0.75%, 08/09/24		2,610		2,466,763
2.15%, 09/10/24		2,652		2,583,870
2.40%, 06/27/24		2,188		2,157,259
2.90%, 02/16/24		1,973		1,964,635
3.55%, 01/12/24^(a)		2,754		2,773,691
General Motors Financial Co. Inc.
1.05%, 03/08/24^(a)		3,440		3,291,667
1.20%, 10/15/24		2,575		2,418,517
3.50%, 11/07/24 (Call 09/07/24)^(a)		3,467		3,439,992
3.95%, 04/13/24 (Call 02/13/24)^(a)		4,114		4,130,826
5.10%, 01/17/24 (Call 12/17/23)		4,655		4,756,060
PACCAR Financial Corp.
0.35%, 02/02/24		1,393		1,328,629
0.50%, 08/09/24		1,230		1,159,693
0.90%, 11/08/24^(a)		1,170		1,106,411
2.15%, 08/15/24^(a)		1,659		1,624,460
Toyota Motor Corp.
0.68%, 03/25/24 (Call 02/25/24)^(a)		3,865		3,694,244
2.36%, 07/02/24^(a)		1,745		1,717,132


Security	Par (000)		Value

Auto Manufacturers (continued)
Toyota Motor Credit Corp.
0.45%, 01/11/24^(a)	$	3,004	$	2,882,789
0.50%, 06/18/24^(a)		3,055		2,890,152
0.63%, 09/13/24^(a)		3,740		3,527,680
2.00%, 10/07/24		1,672		1,626,037
2.50%, 03/22/24		310		306,832
2.90%, 04/17/24^(a)		3,025		3,014,171
3.35%, 01/08/24		1,319		1,326,782


				58,748,393

Auto Parts & Equipment — 0.2%
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		3,905		3,917,027


Banks — 24.6%
Banco Santander SA, 2.71%, 06/27/24		6,150		6,029,091
Bank of America Corp.
4.00%, 04/01/24		7,940		8,051,795
4.13%, 01/22/24		8,319		8,439,875
4.20%, 08/26/24		10,310		10,428,565
Bank of Montreal
0.63%, 07/09/24		4,990		4,700,630
2.15%, 03/08/24		35		34,295
2.50%, 06/28/24^(a)		4,169		4,096,793
Series E, 3.30%, 02/05/24^(a)		6,387		6,395,367
Bank of New York Mellon Corp. (The)
0.50%, 04/26/24 (Call 03/26/24)		1,640		1,560,608
2.10%, 10/24/24^(a)		3,397		3,319,379
3.25%, 09/11/24 (Call 08/11/24)^(a)		2,279		2,280,778
3.40%, 05/15/24 (Call 04/15/24)		1,690		1,700,901
Series 12, 3.65%, 02/04/24 (Call 01/05/24)		2,643		2,669,879
Series J, 0.85%, 10/25/24 (Call 09/25/24)^(a)		985		931,623
Bank of Nova Scotia (The)
0.65%, 07/31/24		3,415		3,205,217
0.70%, 04/15/24		3,185		3,028,776
3.40%, 02/11/24		5,060		5,068,906
Bank of Nova Scotia/The., 2.44%, 03/11/24		120		118,126
Barclays PLC
3.75%, 05/15/24^(a)		2,365		2,369,706
4.38%, 09/11/24^(a)		4,044		4,060,459
BNP Paribas SA, 4.25%, 10/15/24		3,775		3,802,709
BPCE SA, 4.00%, 04/15/24^(a)		6,522		6,580,307
Canadian Imperial Bank of Commerce
1.00%, 10/18/24^(a)		2,890		2,716,745
3.10%, 04/02/24^(a)		4,569		4,547,069
Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23)		7,666		7,727,711
Citigroup Inc.
3.75%, 06/16/24^(a)		2,801		2,821,531
4.00%, 08/05/24^(a)		2,896		2,914,708
Comerica Bank, 2.50%, 07/23/24^(a)		3,185		3,120,058
Cooperatieve Rabobank U.A./New York, 0.38%, 01/12/24^(a)		2,250		2,147,670
Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 06/28/22)^(a)		400		378,524
Credit Suisse AG/New York NY
0.50%, 02/02/24^(a)		4,864		4,629,166
3.63%, 09/09/24		11,243		11,222,538
Deutsche Bank AG/London, 3.70%, 05/30/24^(a)		3,343		3,349,017
Deutsche Bank AG/New York NY
0.90%, 05/28/24		4,180		3,945,795
3.70%, 05/30/24^(a)		2,778		2,759,387
Discover Bank, 2.45%, 09/12/24 (Call 08/12/24)		3,504		3,405,327


28		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Fifth Third Bancorp.
3.65%, 01/25/24 (Call 12/25/23)	$	6,156	$	6,173,791
4.30%, 01/16/24 (Call 12/16/23)		3,295		3,337,176
Goldman Sachs Group Inc. (The)
3.00%, 03/15/24		795		788,910
3.63%, 02/20/24 (Call 01/20/24)		5,843		5,852,407
3.85%, 07/08/24 (Call 04/08/24)		7,676		7,723,361
4.00%, 03/03/24		9,984		10,076,851
HSBC Holdings PLC, 4.25%, 03/14/24^(a)		7,678		7,725,987
HSBC USA Inc., 3.50%, 06/23/24		3,755		3,756,502
Huntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24)		4,281		4,201,673
ING Groep NV, 3.55%, 04/09/24		5,027		5,016,393
Intesa Sanpaolo SpA, 5.25%, 01/12/24^(a)		725		736,984
JPMorgan Chase & Co.
3.63%, 05/13/24^(a)		6,477		6,530,889
3.88%, 02/01/24^(a)		5,779		5,858,403
3.88%, 09/10/24^(a)		10,397		10,449,193
Lloyds Banking Group PLC
3.90%, 03/12/24		4,477		4,487,118
4.50%, 11/04/24		3,847		3,877,891
Mitsubishi UFJ Financial Group Inc.
2.80%, 07/18/24		4,284		4,215,134
3.41%, 03/07/24		6,106		6,101,543
Morgan Stanley
3.70%, 10/23/24^(a)		10,987		11,014,138
Series F, 3.88%, 04/29/24		10,897		10,975,349
National Bank of Canada, 0.75%, 08/06/24		2,640		2,480,676
Natwest Group PLC, 5.13%, 05/28/24		5,136		5,218,484
People’s United Bank N.A., 4.00%, 07/15/24 (Call 04/16/24)^(a)		594		596,845
PNC Bank N.A.
3.30%, 10/30/24 (Call 09/30/24)^(a)		1,114		1,110,680
2.50%, 08/27/24 (Call 07/27/24)		2,837		2,778,955
PNC Financial Services Group Inc. (The)
2.20%, 11/01/24 (Call 10/02/24)^(a)		2,813		2,745,291
3.50%, 01/23/24 (Call 12/24/23)^(a)		4,276		4,301,613
3.90%, 04/29/24 (Call 03/29/24)^(a)		3,043		3,077,568
Royal Bank of Canada
0.43%, 01/19/24^(a)		2,171		2,081,077
0.65%, 07/29/24		3,385		3,183,593
0.75%, 10/07/24		3,775		3,542,951
2.25%, 11/01/24		5,823		5,657,801
2.55%, 07/16/24		4,769		4,685,686
Santander Holdings USA Inc., 3.50%, 06/07/24 (Call 05/07/24)		4,433		4,409,505
Santander UK PLC
2.88%, 06/18/24^(a)		1,655		1,632,509
4.00%, 03/13/24		4,465		4,513,356
Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24^(a)		932		929,129
3.95%, 01/10/24^(a)		690		697,749
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24		1,074		1,024,328
2.45%, 09/27/24		4,013		3,898,068
2.70%, 07/16/24^(a)		7,127		6,984,745
Toronto-Dominion Bank (The)
0.55%, 03/04/24^(a)		2,745		2,616,891
0.70%, 09/10/24		3,410		3,212,356
1.25%, 12/13/24^(a)		3,165		3,003,490
2.35%, 03/08/24^(a)		210		206,791


Security	Par (000)		Value

Banks (continued)
2.65%, 06/12/24^(a)	$	5,592	$	5,527,468
3.25%, 03/11/24		4,600		4,603,266
Truist Bank
2.15%, 12/06/24 (Call 11/06/24)^(a)		4,868		4,726,293
3.20%, 04/01/24 (Call 03/01/24)^(a)		4,566		4,565,087
Truist Financial Corp.
2.50%, 08/01/24 (Call 07/01/24)		3,630		3,563,281
2.85%, 10/26/24 (Call 09/26/24)^(a)		3,883		3,836,559
U.S. Bancorp.
2.40%, 07/30/24 (Call 06/30/24)^(a)		4,894		4,804,978
3.38%, 02/05/24 (Call 01/05/24)		4,910		4,929,002
3.60%, 09/11/24 (Call 08/11/24)		3,657		3,676,528
3.70%, 01/30/24 (Call 12/29/23)^(a)		2,246		2,269,403
Wells Fargo & Co.
3.30%, 09/09/24		8,831		8,797,177
3.75%, 01/24/24 (Call 12/24/23)^(a)		11,197		11,285,456
4.48%, 01/16/24^(a)		2,670		2,720,196
Westpac Banking Corp.
1.02%, 11/18/24		1,970		1,867,836
3.30%, 02/26/24^(a)		6,245		6,275,288


				411,496,679

Beverages — 1.0%
Coca-Cola Co. (The), 1.75%, 09/06/24^(a)		4,468		4,378,551
Constellation Brands Inc., 4.75%, 11/15/24		2,256		2,315,536
Diageo Capital PLC, 2.13%, 10/24/24 (Call 09/24/24)		2,642		2,566,465
Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 05/31/22)		3,100		2,960,221
PepsiCo Inc., 3.60%, 03/01/24 (Call 12/01/23)^(a)		4,497		4,546,197


				16,766,970

Biotechnology — 0.7%
Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24)^(a)		5,506		5,548,231
Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24)^(a)		6,911		6,957,096


				12,505,327

Building Materials — 0.3%
Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)^(b)		1,660		1,664,532
Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)		1,431		1,448,544
Owens Corning, 4.20%, 12/01/24 (Call 09/01/24)		1,511		1,529,102


				4,642,178

Chemicals — 0.9%
Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)^(a)		1,295		1,298,885
Albemarle Corp., 4.15%, 12/01/24 (Call 09/01/24)		1,710		1,731,255
Celanese U.S. Holdings LLC, 3.50%, 05/08/24 (Call 04/08/24)^(a)		2,385		2,373,958
FMC Corp., 4.10%, 02/01/24 (Call 11/01/23)		747		752,565
LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)^(a)		2,980		3,078,161
PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24)		1,405		1,372,994
Sherwin-Williams Co. (The), 3.13%, 06/01/24 (Call 04/01/24)^(a)		3,448		3,429,002
Westlake Chemical Corp., 0.88%, 08/15/24 (Call 08/15/22)		220		209,163


				14,245,983

Commercial Services — 0.8%
Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)^(a)		3,042		2,959,653
Global Payments Inc., 1.50%, 11/15/24 (Call 10/15/24)^(a)		370		349,798
J Paul Getty Trust (The), Series 2021, 0.39%, 01/01/24 (Call 10/01/23)^(a)		390		374,567
Moody’s Corp., 4.88%, 02/15/24 (Call 11/15/23)^(a)		2,207		2,264,029


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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services (continued)
PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24)^(a)	$	5,858	$	5,747,284
Quanta Services Inc., 0.95%, 10/01/24 (Call 10/01/22)^(a)		1,715		1,604,554


			13,299,885

Computers — 3.1%
Apple Inc.
1.80%, 09/11/24 (Call 08/11/24)		3,107		3,031,314
2.85%, 05/11/24 (Call 03/11/24)^(a)		6,120		6,116,940
3.00%, 02/09/24 (Call 12/09/23)^(a)		5,130		5,149,699
3.45%, 05/06/24		8,286		8,379,300
Dell International LLC/EMC Corp., 4.00%, 07/15/24 (Call 06/15/24)^(a)		4,617		4,647,518
Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)		1,207		1,198,430
Hewlett Packard Enterprise Co., 1.45%, 04/01/24 (Call 03/01/24)^(a)		4,184		4,029,527
International Business Machines Corp.
3.00%, 05/15/24		10,446		10,403,172
3.63%, 02/12/24^(a)		7,402		7,461,364
NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24)		2,055		2,038,663


				52,455,927

Cosmetics & Personal Care — 0.6%
Colgate-Palmolive Co., 3.25%, 03/15/24^(a)		1,392		1,403,205
Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24)^(a)		2,221		2,164,875
GSK Consumer Healthcare Capital US LLC., 3.02%,
03/24/24 (Call 03/24/23)^(c)		270		267,430
Unilever Capital Corp.
0.63%, 08/12/24 (Call 08/12/22)^(a)		1,210		1,144,430
2.60%, 05/05/24 (Call 03/05/24)		3,629		3,594,198
3.25%, 03/07/24 (Call 02/07/24)		1,829		1,834,670


				10,408,808

Diversified Financial Services — 6.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.65%, 10/29/24 (Call 09/29/24)^(a)		10,855		10,105,137
2.88%, 08/14/24 (Call 07/14/24)^(a)		2,701		2,595,445
3.15%, 02/15/24 (Call 01/15/24)^(a)		3,806		3,710,393
4.88%, 01/16/24 (Call 12/16/23)		2,933		2,950,422
Series 3NC1, 1.75%, 10/29/24 (Call 10/29/22)		2,815		2,620,118
Affiliated Managers Group Inc., 4.25%, 02/15/24		1,390		1,412,379
Air Lease Corp.
0.70%, 02/15/24 (Call 01/15/24)		1,797		1,702,693
0.80%, 08/18/24 (Call 07/18/24)^(a)		830		772,672
4.25%, 02/01/24 (Call 01/01/24)^(a)		2,711		2,720,543
4.25%, 09/15/24 (Call 06/15/24)^(a)		2,424		2,424,655
Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24)^(a)		1,832		1,821,429
Ally Financial Inc.
3.88%, 05/21/24 (Call 04/21/24)		3,186		3,199,318
5.13%, 09/30/24^(a)		3,038		3,130,841
American Express Co.
2.50%, 07/30/24 (Call 06/29/24)		6,312		6,187,212
3.00%, 10/30/24 (Call 09/29/24)^(a)		6,080		6,031,482
3.40%, 02/22/24 (Call 01/22/24)^(a)		4,840		4,849,728
3.63%, 12/05/24 (Call 11/04/24)^(a)		2,211		2,219,910
Ameriprise Financial Inc., 3.70%, 10/15/24^(a)		2,477		2,493,001
BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)^(a)		1,520		1,507,232
Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24)		3,832		3,866,450
Capital One Financial Corp.
3.30%, 10/30/24 (Call 09/30/24)		5,625		5,560,988
3.75%, 04/24/24 (Call 03/24/24)^(a)		2,927		2,931,742
3.90%, 01/29/24 (Call 12/29/23)^(a)		5,069		5,095,612


Security	Par (000)		Value

Diversified Financial Services (continued)
Charles Schwab Corp. (The)
0.75%, 03/18/24 (Call 02/18/24)	$	2,945	$	2,819,278
3.55%, 02/01/24 (Call 01/01/24)		2,106		2,120,805
3.75%, 04/01/24 (Call 03/02/24)		2,045		2,062,771
Citigroup Global Markets Holdings Inc./U.S, 0.75%, 06/07/24 (Call 06/07/22)^(a)		715		677,126
Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24)		2,053		2,059,795
Invesco Finance PLC, 4.00%, 01/30/24		1,884		1,900,994
Mastercard Inc., 3.38%, 04/01/24		3,966		4,003,518
ORIX Corp.
3.25%, 12/04/24		2,130		2,113,024
4.05%, 01/16/24		1,667		1,685,370
Stifel Financial Corp., 4.25%, 07/18/24		1,848		1,865,741
Synchrony Financial
4.25%, 08/15/24 (Call 05/15/24)		4,578		4,574,246
4.38%, 03/19/24 (Call 02/19/24)^(a)		2,942		2,960,446


				108,752,516

Electric — 4.6%
Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)		2,670		2,604,318
American Electric Power Co. Inc., 2.03%, 03/15/24		880		856,812
Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)^(a)		2,942		2,904,166
Black Hills Corp., 1.04%, 08/23/24 (Call 11/05/24)		485		458,815
CenterPoint Energy Inc., 2.50%, 09/01/24 (Call 08/01/24)^(a)		1,892		1,844,322
Dominion Energy Inc., 3.07%, 08/15/24^(a)(b)		3,519		3,456,995
DTE Electric Co., 3.65%, 03/15/24 (Call 12/15/23)		1,307		1,320,305
DTE Energy Co., Series C, 2.53%, 10/01/24^(a)		2,596		2,527,024
Duke Energy Corp., 3.75%, 04/15/24 (Call 01/15/24)^(a)		4,591		4,622,632
Edison International, 3.55%, 11/15/24 (Call 10/15/24)^(a)		2,484		2,456,502
Emera U.S. Finance LP, 0.83%, 06/15/24		1,270		1,191,984
Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24)		1,249		1,249,087
Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24)^(a)		1,510		1,522,760
Entergy Gulf States Louisiana LLC, 5.59%, 10/01/24		475		495,026
Entergy Louisiana LLC
0.95%, 10/01/24 (Call 10/01/22)^(a)		3,365		3,171,344
5.40%, 11/01/24^(a)		1,110		1,157,919
Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)^(a)		3,637		3,522,471
Eversource Energy, Series L, 2.90%, 10/01/24 (Call 08/01/24)^(a)		2,115		2,080,843
Florida Power & Light Co., 3.25%, 06/01/24 (Call 12/01/23)		2,159		2,167,118
Georgia Power Co., Series A, 2.20%, 09/15/24 (Call 08/15/24)		2,570		2,491,255
Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)^(a)		2,235		2,219,713
IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 07/01/24)		1,344		1,333,329
ITC Holdings Corp., 3.65%, 06/15/24 (Call 03/15/24)^(a)		1,693		1,684,620
MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)		2,605		2,622,193
National Rural Utilities Cooperative Finance Corp.
0.35%, 02/08/24^(a)		1,770		1,685,412
2.95%, 02/07/24 (Call 12/07/23)		1,819		1,813,361
Series D, 1.00%, 10/18/24		850		803,055
NextEra Energy Capital Holdings Inc., 2.94%, 03/21/24 (Call 09/21/22)^(a)		95		94,228
Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)		2,336		2,309,440
Pacific Gas and Electric Co.
3.25%, 02/16/24 (Call 02/16/23)		20		19,682
3.40%, 08/15/24 (Call 05/15/24)^(a)		556		544,663


30		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
3.75%, 02/15/24 (Call 11/15/23)	$	1,435	$	1,426,691
PacifiCorp., 3.60%, 04/01/24 (Call 01/01/24)		494		497,201
Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)^(a)		1,490		1,499,774
Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)		3,840		3,779,366
Southern California Edison Co.
1.10%, 04/01/24 (Call 04/01/23)^(a)		1,930		1,856,120
Series K, 0.98%, 08/01/24^(a)		1,720		1,634,344
Southern Co. (The), Series 21-A, 0.60%, 02/26/24 (Call 01/26/24)		2,390		2,275,662
Southwestern Public Service Co., 3.30%, 06/15/24 (Call 12/15/23)^(a)		1,445		1,441,474
Union Electric Co., 3.50%, 04/15/24 (Call 01/15/24)^(a)		757		761,269
Virginia Electric & Power Co., 3.45%, 02/15/24 (Call 11/15/23)^(a)		857		859,228
WEC Energy Group Inc., 0.80%, 03/15/24 (Call 02/15/24)		2,155		2,046,841
Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24)^(a)		1,406		1,365,563


				76,674,927

Electronics — 0.9%
Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)		2,030		1,986,923
Amphenol Corp., 3.20%, 04/01/24 (Call 02/01/24)^(a)		1,715		1,711,896
Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24)^(a)		2,402		2,376,179
Honeywell International Inc., 2.30%, 08/15/24 (Call 07/15/24)^(a)		3,618		3,566,226
Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)		1,482		1,504,200
TD SYNNEX Corp., 1.25%, 08/09/24 (Call 08/09/22)^(c)		1,045		983,690
Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)		1,763		1,792,090
Tyco Electronics Group SA, 3.45%, 08/01/24 (Call 05/01/24)^(a)		418		418,723


				14,339,927

Entertainment — 0.0%
Magallanes Inc.
3.43%, 03/15/24^(c)		465		462,205
3.53%, 03/15/24 (Call 03/15/23)^(c)		185		183,217


				645,422

Environmental Control — 0.2%
Republic Services Inc., 2.50%, 08/15/24 (Call 07/15/24)		3,954		3,869,068


Food — 1.3%
Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24)		4,024		4,072,006
General Mills Inc., 3.65%, 02/15/24 (Call 11/15/23)		2,146		2,159,906
Hershey Co. (The), 2.05%, 11/15/24 (Call 10/15/24)^(a)		1,483		1,448,832
Hormel Foods Corp., 0.65%, 06/03/24 (Call 06/03/22)^(a)		1,430		1,362,089
Kroger Co. (The), 4.00%, 02/01/24 (Call 11/01/23)^(a)		1,927		1,947,446
McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24)^(a)		3,854		3,835,154
Mondelez International Inc., 2.13%, 03/17/24		1,740		1,705,200
Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)		4,503		4,540,645


				21,071,278

Forest Products & Paper — 0.2%
Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)^(a)		1,158		1,169,418
Georgia-Pacific LLC, 8.00%, 01/15/24		2,230		2,407,129


				3,576,547


Security	Par (000)		Value

Gas — 0.5%
Eastern Energy Gas Holdings LLC
3.60%, 12/15/24 (Call 09/15/24)	$	884	$	880,464
Series A, 2.50%, 11/15/24 (Call 10/15/24)^(a)		3,153		3,073,324
ONE Gas Inc.
1.10%, 03/11/24 (Call 09/01/24)^(a)		3,095		2,958,727
3.61%, 02/01/24 (Call 11/01/23)		255		254,702
Southern California Gas Co., 3.15%, 09/15/24 (Call 06/15/24)		970		966,110


				8,133,327

Health Care - Products — 1.3%
Baxter International Inc., 1.32%, 11/29/24^(a)(c)		4,565		4,303,836
Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24)^(a)		1,692		1,693,624
DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)^(a)		3,481		3,369,225
PerkinElmer Inc., 0.85%, 09/15/24 (Call 09/15/22)		20		18,725
Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)		3,541		3,543,018
Thermo Fisher Scientific Inc., 1.22%, 10/18/24 (Call 10/18/22)		8,900		8,443,875
Zimmer Biomet Holdings Inc., 1.45%, 11/22/24 (Call 11/22/22)		295		279,451


				21,651,754

Health Care - Services — 2.1%
Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)		3,583		3,580,994
Anthem Inc.
3.35%, 12/01/24 (Call 10/01/24)		3,579		3,566,831
3.50%, 08/15/24 (Call 05/15/24)		3,442		3,445,029
CommonSpirit Health, 2.76%, 10/01/24 (Call 07/01/24)^(a)		2,018		1,970,355
HCA Inc., 5.00%, 03/15/24^(a)		7,312		7,488,073
Humana Inc., 3.85%, 10/01/24 (Call 07/01/24)		2,891		2,905,571
Laboratory Corp. of America Holdings
2.30%, 12/01/24 (Call 11/01/24)^(a)		1,983		1,918,671
3.25%, 09/01/24 (Call 07/01/24)		2,801		2,781,757
Quest Diagnostics Inc., 4.25%, 04/01/24 (Call 01/01/24)		1,064		1,081,545
UnitedHealth Group Inc.
0.55%, 05/15/24 (Call 05/15/22)^(a)		30		28,546
2.38%, 08/15/24		3,289		3,240,652
3.50%, 02/15/24^(a)		3,164		3,190,388


				35,198,412

Holding Companies - Diversified — 1.0%
Ares Capital Corp., 4.20%, 06/10/24 (Call 05/10/24)^(a)		3,811		3,812,905
Blackstone Private Credit Fund
1.75%, 09/15/24^(c)		2,045		1,909,069
2.35%, 11/22/24^(c)		225		212,270
FS KKR Capital Corp.
1.65%, 10/12/24		1,685		1,574,767
4.63%, 07/15/24 (Call 06/15/24)^(a)		1,748		1,747,983
Golub Capital BDC Inc., 3.38%, 04/15/24 (Call 03/15/24)^(a)		2,160		2,125,116
Main Street Capital Corp., 5.20%, 05/01/24^(a)		2,081		2,107,616
Owl Rock Capital Corp., 5.25%, 04/15/24 (Call 03/15/24)		1,985		2,012,552
Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24)^(a)		1,325		1,318,401


				16,820,679

Home Builders — 0.5%
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)		3,040		2,962,115
Lennar Corp.
4.50%, 04/30/24 (Call 01/30/24)		2,347		2,382,346
5.88%, 11/15/24 (Call 05/15/24)		2,495		2,591,132


				7,935,593


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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Home Furnishings — 0.1%
Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24)	$	275	$	274,513
Whirlpool Corp., 4.00%, 03/01/24		645		651,096


				925,609

Household Products & Wares — 0.1%
Avery Dennison Corp., 0.85%, 08/15/24 (Call 08/15/22)^(a)		650		613,223
Clorox Co. (The), 3.50%, 12/15/24 (Call 09/15/24)		1,732		1,739,344


				2,352,567

Insurance — 1.9%
Aflac Inc., 3.63%, 11/15/24^(a)		3,470		3,495,539
American International Group Inc., 4.13%, 02/15/24^(a)		2,429		2,462,107
Aon Global Ltd., 3.50%, 06/14/24 (Call 03/01/24)		2,616		2,618,668
Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24^(a)		1,234		1,258,001
Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24)^(a)		2,445		2,465,685
Chubb INA Holdings Inc., 3.35%, 05/15/24^(a)		775		777,743
CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24)		2,563		2,576,738
Marsh & McLennan Companies Inc.
3.50%, 06/03/24 (Call 03/03/24)^(a)		3,023		3,033,732
3.88%, 03/15/24 (Call 02/15/24)		4,569		4,620,904
MetLife Inc., 3.60%, 04/10/24^(a)		4,484		4,515,388
Old Republic International Corp., 4.88%, 10/01/24 (Call 09/01/24)^(a)		867		887,539
Unum Group, 4.00%, 03/15/24		686		690,555
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)		2,998		2,984,929


				32,387,528

Internet — 2.5%
Alibaba Group Holding Ltd., 3.60%, 11/28/24 (Call 08/28/24)		8,075		8,041,650
Alphabet Inc., 3.38%, 02/25/24^(a)		3,660		3,704,872
Amazon.com Inc.
0.45%, 05/12/24		8,365		7,979,039
2.80%, 08/22/24 (Call 06/22/24)		7,245		7,215,368
3.80%, 12/05/24 (Call 09/05/24)^(a)		4,743		4,829,323
Baidu Inc., 4.38%, 05/14/24 (Call 04/14/24)^(a)		2,535		2,561,389
eBay Inc., 3.45%, 08/01/24 (Call 05/01/24)^(a)		4,055		4,063,272
Expedia Group Inc., 4.50%, 08/15/24 (Call 05/15/24)^(a)		1,891		1,912,746
Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24)^(a)		2,388		2,325,721


				42,633,380

Iron & Steel — 0.1%
Steel Dynamics Inc., 2.80%, 12/15/24 (Call 11/15/24)		2,114		2,070,156


Leisure Time — 0.0%
Brunswick Corp., 0.85%, 08/18/24 (Call 08/18/22)		715		669,805


Lodging — 0.6%
Hyatt Hotels Corp., 1.80%, 10/01/24 (Call 10/01/22)		2,655		2,527,852
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)		5,596		5,374,119
Marriott International Inc./MD, 3.60%, 04/15/24 (Call 03/15/24)		2,516		2,520,856


				10,422,827

Machinery — 2.2%
Caterpillar Financial Services Corp.
0.45%, 05/17/24^(a)		2,205		2,092,699
0.60%, 09/13/24		2,585		2,439,465
0.95%, 01/10/24^(a)		1,382		1,337,776
2.15%, 11/08/24^(a)		3,461		3,383,924
2.85%, 05/17/24^(a)		1,544		1,539,646
3.25%, 12/01/24^(a)		2,476		2,484,691
3.30%, 06/09/24		1,184		1,189,103
Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)^(a)		3,494		3,520,799
CNH Industrial Capital LLC, 4.20%, 01/15/24^(a)		1,851		1,874,656


Security	Par (000)		Value

Machinery (continued)
John Deere Capital Corp.
0.45%, 01/17/24	$	2,630	$	2,524,458
0.45%, 06/07/24		2,045		1,935,265
0.63%, 09/10/24^(a)		1,825		1,727,819
2.60%, 03/07/24		2,095		2,083,121
2.65%, 06/24/24^(a)		2,510		2,490,246
3.35%, 06/12/24^(a)		1,870		1,880,883
3.45%, 01/10/24^(a)		927		934,805
Westinghouse Air Brake Technologies Corp., 4.40%, 03/15/24 (Call 02/15/24)		3,278		3,310,780


				36,750,136

Manufacturing — 1.1%
3M Co., 3.25%, 02/14/24 (Call 01/14/24)		4,562		4,586,270
Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)		1,725		1,718,307
Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)^(a)		3,343		3,375,226
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 05/14/24)		2,977		2,927,433
3.30%, 11/21/24 (Call 08/21/24)^(a)		2,121		2,107,638
Textron Inc., 4.30%, 03/01/24 (Call 12/01/23)		1,216		1,230,799
Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)		2,364		2,362,912


				18,308,585

Media — 2.0%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 02/01/24 (Call 01/01/24)		5,121		5,186,190
Comcast Corp., 3.70%, 04/15/24 (Call 03/15/24)		9,446		9,543,010
Discovery Communications LLC
3.80%, 03/13/24 (Call 01/13/24)^(a)		1,699		1,700,393
3.90%, 11/15/24 (Call 08/15/24)		2,011		2,012,931
Fox Corp., 4.03%, 01/25/24 (Call 12/25/23)		6,184		6,241,388
Walt Disney Co. (The)
1.75%, 08/30/24 (Call 07/30/24)		6,707		6,490,431
3.70%, 09/15/24 (Call 06/15/24)		2,921		2,951,641


				34,125,984

Metal Fabricate & Hardware — 0.0%
Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)		583		584,096


Mining — 0.3%
Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24)		2,910		2,949,081
Kinross Gold Corp., 5.95%, 03/15/24 (Call 12/15/23)^(a)		2,031		2,103,324


				5,052,405

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 (Call 06/01/24)^(a)		2,440		2,497,730


Oil & Gas — 3.9%
BP Capital Markets America Inc., 3.79%, 02/06/24 (Call 01/06/24)^(a)		3,164		3,191,274
BP Capital Markets PLC
3.54%, 11/04/24		3,328		3,337,418
3.81%, 02/10/24		4,199		4,241,032
Canadian Natural Resources Ltd., 3.80%, 04/15/24 (Call 01/15/24)^(a)		2,476		2,484,245
Chevron Corp., 2.90%, 03/03/24 (Call 01/03/24)^(a)		4,618		4,615,045
Chevron USA Inc., 3.90%, 11/15/24 (Call 08/15/24)		2,892		2,933,442
ConocoPhillips Co.
2.13%, 03/08/24 (Call 09/08/22)		160		157,514
3.35%, 11/15/24 (Call 08/15/24)^(a)		600		600,984
Continental Resources Inc./OK, 3.80%, 06/01/24 (Call 03/01/24)^(a)		4,010		4,014,692


32		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Coterra Energy Inc., 4.38%, 06/01/24 (Call 03/01/24)^(c)	$	3,367	$	3,391,478
Devon Energy Corp., 5.25%, 09/15/24 (Call 06/15/24)		1,927		1,987,411
Exxon Mobil Corp.
2.02%, 08/16/24 (Call 07/16/24)^(a)		5,143		5,038,391
3.18%, 03/15/24 (Call 12/15/23)		3,593		3,612,366
Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)		871		865,957
Marathon Petroleum Corp., 3.63%, 09/15/24 (Call 06/15/24)		3,206		3,190,387
Ovintiv Exploration Inc., 5.63%, 07/01/24		3,910		4,063,937
Phillips 66, 0.90%, 02/15/24 (Call 09/15/22)^(a)		1,590		1,527,926
Shell International Finance BV, 2.00%, 11/07/24 (Call 10/07/24)^(a)		6,180		6,028,714
TotalEnergies Capital International SA
3.70%, 01/15/24		4,287		4,326,826
3.75%, 04/10/24^(a)		4,824		4,871,999


				64,481,038

Packaging & Containers — 0.4%
Berry Global Inc., 0.95%, 02/15/24 (Call 01/15/24)^(a)		2,814		2,686,863
Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24)^(a)		1,806		1,808,872
WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)		2,679		2,644,843


				7,140,578

Pharmaceuticals — 5.1%
AbbVie Inc.
2.60%, 11/21/24 (Call 10/21/24)^(a)		12,313		12,026,846
3.85%, 06/15/24 (Call 03/15/24)		3,939		3,970,985
AmerisourceBergen Corp., 3.40%, 05/15/24 (Call 02/15/24)		1,983		1,980,422
Astrazeneca Finance LLC, 0.70%, 05/28/24 (Call 05/28/22)		5,784		5,507,525
Becton Dickinson and Co.
3.36%, 06/06/24 (Call 04/06/24)		3,627		3,613,508
3.73%, 12/15/24 (Call 09/15/24)		3,004		3,010,038
Bristol-Myers Squibb Co.
2.90%, 07/26/24 (Call 06/26/24)^(a)		8,944		8,894,719
3.63%, 05/15/24 (Call 02/15/24)		1,290		1,302,461
Cardinal Health Inc.
3.08%, 06/15/24 (Call 04/15/24)		3,689		3,656,426
3.50%, 11/15/24 (Call 08/15/24)		1,907		1,902,843
Cigna Corp.
0.61%, 03/15/24 (Call 08/18/22)		1,200		1,144,068
3.50%, 06/15/24 (Call 03/17/24)		3,309		3,315,750
CVS Health Corp.
2.63%, 08/15/24 (Call 07/15/24)^(a)		4,141		4,073,916
3.38%, 08/12/24 (Call 05/12/24)^(a)		3,285		3,278,988
GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24)^(a)		5,267		5,251,146
McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)^(a)		4,048		4,073,786
Merck & Co. Inc., 2.90%, 03/07/24 (Call 02/07/24)^(a)		3,196		3,192,516
Novartis Capital Corp., 3.40%, 05/06/24^(a)		7,387		7,443,806
Pfizer Inc.
2.95%, 03/15/24 (Call 02/15/24)^(a)		3,118		3,116,784
3.40%, 05/15/24^(a)		3,212		3,241,358
Wyeth LLC, 6.45%, 02/01/24^(a)		1,981		2,094,491


				86,092,382

Pipelines — 4.1%
Boardwalk Pipelines LP, 4.95%, 12/15/24 (Call 09/15/24)		1,519		1,549,988
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24 (Call 01/01/24)		5,205		5,460,878
Eastern Gas Transmission & Storage Inc., 3.60%, 12/15/24 (Call 09/15/24)^(c)		418		415,287


Security	Par (000)		Value

Pipelines (continued)
Enbridge Inc.
2.15%, 02/16/24	$	1,675	$	1,637,815
3.50%, 06/10/24 (Call 03/10/24)^(a)		2,951		2,950,203
Energy Transfer LP
3.90%, 05/15/24 (Call 02/15/24)		1,609		1,603,497
4.25%, 04/01/24 (Call 01/01/24)^(a)		2,200		2,215,268
4.50%, 04/15/24 (Call 03/15/24)		2,888		2,919,393
4.90%, 02/01/24 (Call 11/01/23)		1,779		1,804,742
5.88%, 01/15/24 (Call 10/15/23)		3,152		3,247,537
Enterprise Products Operating LLC, 3.90%, 02/15/24 (Call 11/15/23)^(a)		4,507		4,546,346
Kinder Morgan Energy Partners LP
4.15%, 02/01/24 (Call 11/01/23)^(a)		2,474		2,497,429
4.25%, 09/01/24 (Call 06/01/24)^(a)		2,467		2,493,224
4.30%, 05/01/24 (Call 02/01/24)		2,606		2,635,396
MPLX LP, 4.88%, 12/01/24 (Call 09/01/24)^(a)		4,901		4,998,873
ONEOK Inc., 2.75%, 09/01/24 (Call 08/01/24)		2,443		2,380,557
Phillips 66 Partners LP, 2.45%, 12/15/24 (Call 11/15/24)		1,062		1,026,402
Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24 (Call 08/01/24)		3,265		3,226,897
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24)		7,250		7,498,748
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		3,063		3,126,649
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)^(a)		1,035		971,089
Williams Companies Inc. (The)
4.30%, 03/04/24 (Call 12/04/23)		5,019		5,073,807
4.55%, 06/24/24 (Call 03/24/24)^(a)		4,300		4,360,243


				68,640,268

Real Estate Investment Trusts — 3.9%
American Campus Communities Operating Partnership LP, 4.13%, 07/01/24 (Call 04/01/24)		1,474		1,489,683
American Tower Corp.
0.60%, 01/15/24		1,141		1,089,016
3.38%, 05/15/24 (Call 04/15/24)^(a)		3,035		3,019,916
5.00%, 02/15/24		4,382		4,492,032
AvalonBay Communities Inc., 3.50%, 11/15/24 (Call 08/15/24)^(a)		1,977		1,974,588
Boston Properties LP, 3.80%, 02/01/24 (Call 11/01/23)^(a)		3,361		3,388,695
Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)^(a)		359		359,542
Brixmor Operating Partnership LP, 3.65%, 06/15/24 (Call 04/15/24)^(a)		1,850		1,842,397
Crown Castle International Corp., 3.20%, 09/01/24 (Call 07/01/24)		3,839		3,803,604
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)^(a)		4,360		4,242,149
Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24)		1,515		1,522,181
Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 10/15/23)^(a)		1,575		1,584,781
GLP Capital LP/GLP Financing II Inc., 3.35%, 09/01/24 (Call 06/03/24)^(a)		1,670		1,630,454
Host Hotels & Resorts LP, 3.88%, 04/01/24 (Call 02/01/24)		1,604		1,600,006
Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24)		1,382		1,361,215
Kimco Realty Corp., 2.70%, 03/01/24 (Call 01/01/24)		1,829		1,801,053
Mid-America Apartments LP, 3.75%, 06/15/24 (Call 03/13/24)^(a)		745		747,421
National Retail Properties Inc., 3.90%, 06/15/24 (Call 03/15/24)^(a)		1,213		1,220,327
Office Properties Income Trust, 4.25%, 05/15/24 (Call 02/15/24)		1,647		1,645,040


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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Omega Healthcare Investors Inc., 4.95%, 04/01/24 (Call 01/01/24)	$	1,365	$	1,377,462
Piedmont Operating Partnership LP, 4.45%, 03/15/24 (Call 12/15/23)		336		340,183
Realty Income Corp.
3.88%, 07/15/24 (Call 04/15/24)		1,770		1,783,293
4.60%, 02/06/24 (Call 11/06/23)		2,437		2,482,377
Simon Property Group LP
2.00%, 09/13/24 (Call 06/13/24)		3,755		3,647,494
3.38%, 10/01/24 (Call 07/01/24)^(a)		3,368		3,362,477
3.75%, 02/01/24 (Call 11/01/23)		2,518		2,539,554
Ventas Realty LP
3.50%, 04/15/24 (Call 03/15/24)		2,095		2,089,930
3.75%, 05/01/24 (Call 02/01/24)		1,625		1,633,190
Welltower Inc.
3.63%, 03/15/24 (Call 02/15/24)		4,621		4,621,277
4.50%, 01/15/24 (Call 10/15/23)^(a)		1,316		1,334,793
WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24)^(a)		1,622		1,647,384


				65,673,514

Retail — 2.9%
Amazon.com Inc., 2.73%, 04/13/24		9,985		9,972,818
AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24)		2,054		2,034,610
AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24)		2,344		2,331,132
Costco Wholesale Corp., 2.75%, 05/18/24 (Call 03/18/24)^(a)		5,154		5,143,692
Home Depot Inc. (The), 3.75%, 02/15/24 (Call 11/15/23)		5,591		5,669,665
Lowe’s Companies Inc., 3.13%, 09/15/24 (Call 06/15/24)^(a)		2,415		2,407,296
McDonald’s Corp., 3.25%, 06/10/24^(a)		3,140		3,145,275
Target Corp., 3.50%, 07/01/24		5,286		5,342,613
Walmart Inc.
2.65%, 12/15/24 (Call 10/15/24)^(a)		2,280		2,262,969
2.85%, 07/08/24 (Call 06/08/24)		3,870		3,865,821
3.30%, 04/22/24 (Call 01/22/24)^(a)		5,627		5,676,011


				47,851,902

Semiconductors — 2.5%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23)		5,047		5,074,102
Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)^(a)		2,547		2,547,713
Intel Corp., 2.88%, 05/11/24 (Call 03/11/24)		6,259		6,256,183
KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)		5,312		5,441,029
Microchip Technology Inc., 0.97%, 02/15/24		5,560		5,299,625
NVIDIA Corp., 0.58%, 06/14/24 (Call 06/14/22)^(a)		460		437,382
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)^(c)		4,678		4,765,946
Qorvo Inc., 1.75%, 12/15/24 (Call 12/15/22)^(a)(c)		480		452,659
QUALCOMM Inc., 2.90%, 05/20/24 (Call 03/20/24)^(a)		4,943		4,929,506
Texas Instruments Inc., 2.63%, 05/15/24 (Call 03/15/24)		1,685		1,676,558
Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)^(a)		4,357		4,327,765


				41,208,468

Software — 2.7%
Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)		635		646,246
Fidelity National Information Services Inc., 0.60%, 03/01/24		3,285		3,116,118
Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24)^(a)		7,832		7,700,579
Microsoft Corp., 2.88%, 02/06/24 (Call 12/06/23)		8,527		8,547,806
Oracle Corp.
2.95%, 11/15/24 (Call 09/15/24)^(a)		7,473		7,327,874
3.40%, 07/08/24 (Call 04/08/24)		7,356		7,337,022
Roper Technologies Inc., 2.35%, 09/15/24 (Call 08/15/24)		2,328		2,267,100


Security	Par/ Shares (000)		Value

Software (continued)
salesforce.com Inc., 0.63%, 07/15/24 (Call 07/15/22)^(a)	$	4,010	$	3,801,279
Take-Two Interactive Software Inc., 3.30%, 03/28/24		4,030		4,008,278
VMware Inc., 1.00%, 08/15/24 (Call 08/15/22)^(a)		675		635,891


				45,388,193

Telecommunications — 2.1%
AT&T Inc.
0.90%, 03/25/24 (Call 05/10/22)		4,502		4,329,033
3.80%, 03/01/24 (Call 01/01/24)		709		720,705
3.90%, 03/11/24 (Call 12/11/23)^(a)		2,434		2,480,489
4.45%, 04/01/24 (Call 01/01/24)		4,279		4,390,511
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24^(a)		3,120		2,979,569
Cisco Systems Inc., 3.63%, 03/04/24^(a)		4,804		4,869,863
Motorola Solutions Inc., 4.00%, 09/01/24		2,878		2,898,750
Verizon Communications Inc.
0.75%, 03/22/24^(a)		5,000		4,801,750
3.50%, 11/01/24 (Call 08/01/24)^(a)		5,441		5,482,352
Vodafone Group PLC, 3.75%, 01/16/24^(a)		1,565		1,582,278


				34,535,300

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)		2,252		2,225,562


Transportation — 1.8%
Burlington Northern Santa Fe LLC
3.40%, 09/01/24 (Call 06/01/24)^(a)		2,654		2,664,589
3.75%, 04/01/24 (Call 01/01/24)^(a)		2,246		2,274,681
Canadian National Railway Co., 2.95%, 11/21/24 (Call 08/21/24)^(a)		1,265		1,252,388
Canadian Pacific Railway Co., 1.35%, 12/02/24 (Call 12/02/22)		2,430		2,304,782
CSX Corp., 3.40%, 08/01/24 (Call 05/01/24)		3,259		3,262,259
Norfolk Southern Corp., 3.85%, 01/15/24 (Call 10/15/23)		2,040		2,058,095
Ryder System Inc.
2.50%, 09/01/24 (Call 08/01/24)		2,841		2,766,509
3.65%, 03/18/24 (Call 02/18/24)		2,490		2,490,274
Union Pacific Corp.
3.15%, 03/01/24 (Call 02/01/24)^(a)		2,617		2,615,587
3.65%, 02/15/24 (Call 11/15/23)^(a)		2,221		2,239,523
3.75%, 03/15/24 (Call 12/15/23)^(a)		1,370		1,383,837
United Parcel Service Inc.
2.20%, 09/01/24 (Call 08/01/24)^(a)		2,820		2,762,698
2.80%, 11/15/24 (Call 09/15/24)^(a)		1,788		1,775,699


				29,850,921

Trucking & Leasing — 0.1%
GATX Corp., 4.35%, 02/15/24 (Call 01/15/24)		1,909		1,933,989


Water — 0.1%
American Water Capital Corp., 3.85%, 03/01/24 (Call 12/01/23)^(a)		1,420		1,433,462


Total Corporate Bonds & Notes — 99.1% (Cost: $1,712,412,503)				1,660,520,510


Short-Term Investments

Money Market Funds — 6.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(d)(e)(f)		111,750		111,750,445


34		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(d)(e)		3,925	$	3,925,000


				115,675,445


Total Short-Term Investments — 6.9% (Cost: $115,654,715)				115,675,445


Total Investments in Securities — 106.0% (Cost: $1,828,067,218)				1,776,195,955

Other Assets, Less Liabilities — (6.0)%				(100,144,883	)


Net Assets — 100.0%			$	1,676,051,072

^(a)	All or a portion of this security is on loan.

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

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

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	62,300,093	$	49,475,895	^(a)	$	—		$	(28,949	)	$	3,406	$	111,750,445		111,750	$	78,424	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,395,000		—			(470,000	)^(a)		—			—		3,925,000		3,925		3,313			—


									$	(28,949	)	$	3,406	$	115,675,445			$	81,737		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	1,660,520,510	$	—	$	1,660,520,510
Money Market Funds		115,675,445		—		—		115,675,445


	$	115,675,445	$	1,660,520,510	$	—	$	1,776,195,955

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.1%
Boeing Co. (The)
2.60%, 10/30/25 (Call 07/30/25)	$	915	$	867,731
4.88%, 05/01/25 (Call 04/01/25)		9,027		9,136,859
General Dynamics Corp.
3.25%, 04/01/25 (Call 03/01/25)		2,288		2,281,777
3.50%, 05/15/25 (Call 03/15/25)		2,362		2,369,653
L3Harris Technologies Inc., 3.83%, 04/27/25 (Call 01/27/25)		1,757		1,758,880
Lockheed Martin Corp., 2.90%, 03/01/25 (Call 12/01/24)		2,203		2,203,374
Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24)		4,352		4,280,366
Raytheon Technologies Corp., 3.95%, 08/16/25 (Call 06/16/25)^(a)		4,555		4,609,113


				27,507,753

Agriculture — 1.2%
Altria Group Inc., 2.35%, 05/06/25 (Call 04/06/25)		2,552		2,443,540
Bunge Ltd. Finance Corp., 1.63%, 08/17/25 (Call 07/17/25)		1,825		1,698,162
Philip Morris International Inc.
1.50%, 05/01/25 (Call 04/01/25)^(a)		2,262		2,135,057
3.38%, 08/11/25 (Call 05/11/25)		2,248		2,232,107
Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)^(a)		6,810		6,862,028


				15,370,894

Airlines — 0.4%
Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)		4,254		4,390,256
United Airlines Pass Through Trust, Series 2013-1, Class A, 4.30%, 08/15/25^(a)		584		582,681


				4,972,937

Apparel — 0.6%
NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)^(a)		3,484		3,404,112
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		1,736		1,750,183
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)		1,460		1,466,541
Tapestry Inc., 4.25%, 04/01/25 (Call 01/01/25)^(a)		65		64,999
VF Corp., 2.40%, 04/23/25 (Call 03/23/25)		1,542		1,491,515


				8,177,350

Auto Manufacturers — 3.4%
American Honda Finance Corp.
1.00%, 09/10/25^(a)		2,028		1,866,510
1.20%, 07/08/25		2,395		2,227,997
1.50%, 01/13/25		2,005		1,909,442
Cummins Inc., 0.75%, 09/01/25 (Call 08/01/25)		1,579		1,448,938
General Motors Co.
4.00%, 04/01/25^(a)		1,345		1,342,108
6.13%, 10/01/25 (Call 09/01/25)^(a)		5,160		5,438,330
General Motors Financial Co. Inc.
2.75%, 06/20/25 (Call 05/20/25)		3,425		3,285,191
2.90%, 02/26/25 (Call 01/26/25)^(a)		3,246		3,144,303
3.80%, 04/07/25		2,020		1,996,083
4.00%, 01/15/25 (Call 10/15/24)		2,330		2,327,507
4.30%, 07/13/25 (Call 04/13/25)		2,108		2,111,879
4.35%, 04/09/25 (Call 02/09/25)^(a)		2,948		2,960,912
Honda Motor Co. Ltd., 2.27%, 03/10/25 (Call 02/10/25)^(a)		95		92,173
PACCAR Financial Corp.
1.80%, 02/06/25		583		561,027
2.85%, 04/07/25		20		19,767
Toyota Motor Credit Corp.
0.80%, 10/16/25^(a)		2,627		2,403,574
1.45%, 01/13/25		3,020		2,876,218
1.80%, 02/13/25		3,064		2,933,014
3.00%, 04/01/25		3,283		3,243,046


Security	Par (000)		Value

Auto Manufacturers (continued)
3.40%, 04/14/25	$	1,650	$	1,650,676


				43,838,695

Auto Parts & Equipment — 0.4%
Aptiv PLC / Aptiv Corp., 2.40%, 02/18/25 (Call 02/18/23)		2,185		2,102,407
BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)		1,551		1,537,972
Magna International Inc., 4.15%, 10/01/25 (Call 07/01/25)		1,457		1,476,815


				5,117,194

Banks — 22.4%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25^(a)		2,457		2,480,366
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25^(a)		2,175		1,974,139
Banco Santander SA
2.75%, 05/28/25		3,985		3,806,631
3.50%, 03/24/25^(a)		150		148,089
5.18%, 11/19/25		4,054		4,133,296
Bank of America Corp.
3.88%, 08/01/25^(a)		5,067		5,093,146
4.00%, 01/22/25		6,619		6,628,862
Series L, 3.95%, 04/21/25^(a)		6,488		6,467,887
Bank of Montreal
1.50%, 01/10/25		3,680		3,482,090
1.85%, 05/01/25		4,538		4,308,241
Bank of New York Mellon Corp. (The)
1.60%, 04/24/25 (Call 03/24/25)		3,523		3,343,785
3.35%, 04/25/25 (Call 03/25/25)		3,000		2,994,030
3.95%, 11/18/25 (Call 10/18/25)		1,226		1,245,199
Series G, 3.00%, 02/24/25 (Call 01/24/25)		1,936		1,921,693
Bank of Nova Scotia (The)
1.30%, 06/11/25		3,237		3,004,389
1.45%, 01/10/25		1,235		1,167,026
2.20%, 02/03/25		3,844		3,700,196
BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25)		1,535		1,584,627
Barclays PLC, 3.65%, 03/16/25		5,576		5,496,821
Canadian Imperial Bank of Commerce
0.95%, 10/23/25^(a)		1,724		1,565,702
2.25%, 01/28/25		3,082		2,968,428
3.30%, 04/07/25		65		64,062
Citigroup Inc.
3.30%, 04/27/25		3,517		3,477,363
3.88%, 03/26/25^(a)		2,712		2,708,122
4.40%, 06/10/25^(a)		6,576		6,626,306
5.50%, 09/13/25		3,816		3,981,118
Citizens Bank N.A./Providence RI, 2.25%, 04/28/25 (Call 03/28/25)		2,346		2,247,187
Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)		1,093		1,098,126
Comerica Bank, 4.00%, 07/27/25^(a)		620		620,806
Cooperatieve Rabobank U.A., 4.38%, 08/04/25		4,069		4,077,626
Cooperatieve Rabobank U.A./New York
1.38%, 01/10/25^(a)		605		574,351
3.38%, 05/21/25		2,100		2,087,715
Corebridge Finacial Inc, 3.50%, 04/04/25 (Call 03/04/25)		50		49,491
Credit Suisse AG/New York NY, 2.95%, 04/09/25^(a)		3,898		3,788,505
Credit Suisse Group AG, 3.75%, 03/26/25		6,566		6,448,469
Credit Suisse USA Inc., 3.70%, 02/21/25		5,000		4,953,000
Fifth Third Bancorp., 2.38%, 01/28/25 (Call 12/29/24)		2,784		2,687,200
Fifth Third Bank NA, 3.95%, 07/28/25 (Call 06/28/25)		1,215		1,229,787
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)^(a)		1,285		1,281,376
Goldman Sachs Group Inc. (The)
3.50%, 01/23/25 (Call 10/23/24)		6,367		6,313,326


36		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.50%, 04/01/25 (Call 03/01/25)	$	9,233	$	9,122,204
3.75%, 05/22/25 (Call 02/22/25)		5,995		5,970,600
4.25%, 10/21/25		5,109		5,125,196
HSBC Holdings PLC, 4.25%, 08/18/25		4,178		4,164,547
Huntington Bancshares Inc./OH, 4.00%, 05/15/25 (Call 04/15/25)		1,956		1,968,518
JPMorgan Chase & Co.
3.13%, 01/23/25 (Call 10/23/24)^(a)		6,516		6,453,121
3.90%, 07/15/25 (Call 04/15/25)		7,134		7,171,454
7.75%, 07/15/25		175		194,558
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25^(a)		2,508		2,488,538
KeyCorp., 4.15%, 10/29/25		1,603		1,620,857
Lloyds Bank PLC, 3.50%, 05/14/25^(a)		325		320,970
Lloyds Banking Group PLC
4.45%, 05/08/25		4,388		4,431,353
4.58%, 12/10/25		3,827		3,830,980
Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)		2,162		2,127,300
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25		5,140		4,748,435
2.19%, 02/25/25^(a)		6,936		6,648,364
3.78%, 03/02/25^(a)		1,942		1,951,982
Morgan Stanley
4.00%, 07/23/25		7,216		7,226,896
5.00%, 11/24/25^(a)		6,081		6,242,633
Northern Trust Corp., 3.95%, 10/30/25		2,827		2,865,108
PNC Bank N.A.
2.95%, 02/23/25 (Call 01/23/25)		1,917		1,897,734
3.25%, 06/01/25 (Call 05/02/25)		2,761		2,746,726
3.88%, 04/10/25 (Call 03/10/25)		2,067		2,072,726
4.20%, 11/01/25 (Call 10/01/25)		1,395		1,417,418
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)^(a)		2,872		2,757,637
Royal Bank of Canada
1.15%, 06/10/25		4,522		4,182,081
1.60%, 01/21/25^(a)		420		398,496
3.38%, 04/14/25		65		64,312
Santander Holdings USA Inc.
3.45%, 06/02/25 (Call 05/02/25)		2,731		2,680,203
4.50%, 07/17/25 (Call 04/17/25)		3,119		3,146,478
State Street Corp., 3.55%, 08/18/25^(a)		4,404		4,412,324
Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25		780		774,641
Sumitomo Mitsui Financial Group Inc.
1.47%, 07/08/25		6,799		6,305,257
2.35%, 01/15/25		3,489		3,353,173
SVB Financial Group, 3.50%, 01/29/25		1,419		1,408,656
Toronto-Dominion Bank (The)
0.75%, 09/11/25^(a)		2,723		2,480,000
1.15%, 06/12/25		2,754		2,557,447
1.45%, 01/10/25^(a)		3,000		2,844,360
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)^(a)		1,998		1,896,442
3.63%, 09/16/25 (Call 08/16/25)		2,732		2,718,968
4.05%, 11/03/25 (Call 09/03/25)^(a)		1,110		1,129,148
Truist Financial Corp.
1.20%, 08/05/25 (Call 07/03/25)		1,584		1,470,586
3.70%, 06/05/25 (Call 05/05/25)		2,170		2,175,468
4.00%, 05/01/25 (Call 03/01/25)		2,775		2,805,747
U.S. Bancorp.
1.45%, 05/12/25 (Call 04/12/25)^(a)		3,727		3,515,530
3.95%, 11/17/25 (Call 10/17/25)		2,567		2,607,122


Security	Par (000)		Value

Banks (continued)
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/21/24)^(a)	$	2,661	$	2,573,772
2.80%, 01/27/25 (Call 12/27/24)^(a)		1,588		1,568,658
Wells Fargo & Co.
3.00%, 02/19/25^(a)		6,684		6,569,770
3.55%, 09/29/25^(a)		6,812		6,767,518
Westpac Banking Corp., 2.35%, 02/19/25^(a)		4,436		4,314,542


				292,115,133

Beverages — 1.2%
Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25)		489		491,743
Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)		693		695,100
Constellation Brands Inc.
4.40%, 11/15/25 (Call 09/15/25)^(a)		1,830		1,862,611
4.75%, 12/01/25^(a)		1,080		1,115,867
Diageo Capital PLC, 1.38%, 09/29/25 (Call 08/29/25)		2,070		1,936,444
Keurig Dr Pepper Inc.
3.40%, 11/15/25 (Call 08/15/25)^(a)		1,628		1,612,501
4.42%, 05/25/25 (Call 03/25/25)		702		716,440
PepsiCo Inc.
2.25%, 03/19/25 (Call 02/19/25)		3,216		3,140,327
2.75%, 04/30/25 (Call 01/30/25)		2,552		2,523,239
3.50%, 07/17/25 (Call 04/17/25)^(a)		1,626		1,637,528


				15,731,800

Biotechnology — 1.5%
Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)		1,902		1,824,531
3.13%, 05/01/25 (Call 02/01/25)^(a)		2,682		2,654,188
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		2,979		2,997,768
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)		4,633		4,620,259
Gilead Sciences Inc., 3.50%, 02/01/25 (Call 11/01/24)^(a)		4,633		4,638,050
Royalty Pharma PLC, 1.20%, 09/02/25 (Call 08/02/25)^(a)		3,053		2,779,970


				19,514,766

Building Materials — 0.3%
Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)		821		786,543
Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25)		1,489		1,491,159
Lennox International Inc., 1.35%, 08/01/25 (Call 07/01/25)		1,109		1,026,069
Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)		927		948,135


				4,251,906

Chemicals — 1.1%
Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25)		1,522		1,427,195
DuPont de Nemours Inc., 4.49%, 11/15/25 (Call 09/25/25)		4,800		4,893,888
Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)		2,079		2,070,247
EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25)		1,673		1,579,061
Linde Inc./CT, 2.65%, 02/05/25 (Call 11/05/24)		822		807,615
LYB International Finance III LLC, 1.25%, 10/01/25 (Call 09/01/25)		1,296		1,185,659
Nutrien Ltd., 3.00%, 04/01/25 (Call 01/01/25)		1,068		1,050,068
Sherwin-Williams Co. (The), 3.45%, 08/01/25 (Call 05/01/25)^(a)		1,517		1,506,502


				14,520,235

Commercial Services — 1.2%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)^(a)		3,139		3,154,412
Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)^(a)		1,075		1,113,893
Equifax Inc., 2.60%, 12/15/25 (Call 11/15/25)		1,212		1,157,751
Global Payments Inc., 2.65%, 02/15/25 (Call 01/15/24)		2,691		2,600,932


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services (continued)
Moody’s Corp., 3.75%, 03/24/25 (Call 02/24/25)^(a)	$	1,417	$	1,425,970
PayPal Holdings Inc., 1.65%, 06/01/25 (Call 05/01/25)^(a)		2,705		2,560,472
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)		2,696		2,709,777
Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25)		1,265		1,186,127


				15,909,334

Computers — 3.0%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		1,430		1,315,185
1.13%, 05/11/25 (Call 04/11/25)		6,462		6,094,894
2.50%, 02/09/25^(a)		3,339		3,292,287
2.75%, 01/13/25 (Call 11/13/24)		3,287		3,259,882
3.20%, 05/13/25		4,721		4,733,133
Dell International LLC/EMC Corp., 5.85%, 07/15/25 (Call 06/15/25)^(a)		2,771		2,910,769
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 (Call 07/15/25)^(a)		6,575		6,795,065
HP Inc., 2.20%, 06/17/25 (Call 05/17/25)		3,653		3,470,533
International Business Machines Corp., 7.00%, 10/30/25		1,994		2,216,192
Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)^(a)		1,863		1,852,232
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)		2,701		2,547,367


				38,487,539

Cosmetics & Personal Care — 0.5%
GSK Consumer Healthcare Capital UK PLC, 3.13%, 03/24/25^(b)		2,045		2,007,842
Procter & Gamble Co. (The), 0.55%, 10/29/25^(a)		2,848		2,617,454
Unilever Capital Corp.
3.10%, 07/30/25		825		821,156
3.38%, 03/22/25 (Call 01/22/25)^(a)		1,223		1,228,553


				6,675,005

Distribution & Wholesale — 0.1%
WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)^(a)		1,370		1,315,118


Diversified Financial Services — 5.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.50%, 01/15/25 (Call 11/15/24)		1,910		1,844,487
4.45%, 10/01/25 (Call 08/01/25)^(a)		1,728		1,698,572
6.50%, 07/15/25 (Call 06/15/25)^(a)		3,455		3,584,804
Affiliated Managers Group Inc., 3.50%, 08/01/25		1,085		1,081,213
Air Lease Corp.
2.30%, 02/01/25 (Call 01/01/25)^(a)		1,114		1,055,883
3.25%, 03/01/25 (Call 01/01/25)^(a)		2,389		2,313,412
3.38%, 07/01/25 (Call 06/01/25)		2,290		2,212,163
Ally Financial Inc.
4.63%, 03/30/25		1,584		1,612,116
5.80%, 05/01/25 (Call 04/01/25)^(a)		2,223		2,323,368
American Express Co.
2.25%, 03/04/25 (Call 02/01/25)^(a)		2,065		1,993,530
4.20%, 11/06/25 (Call 10/06/25)		2,743		2,801,783
Ameriprise Financial Inc., 3.00%, 04/02/25 (Call 03/02/25)		1,261		1,243,850
Capital One Financial Corp.
3.20%, 02/05/25 (Call 01/05/25)		2,908		2,858,739
4.20%, 10/29/25 (Call 09/29/25)		3,935		3,929,452
4.25%, 04/30/25 (Call 03/31/25)^(a)		2,388		2,398,030
Charles Schwab Corp. (The)
3.00%, 03/10/25 (Call 12/10/24)		1,017		1,006,423
3.63%, 04/01/25 (Call 01/01/25)		1,170		1,171,802
3.85%, 05/21/25 (Call 03/21/25)		2,100		2,123,184
4.20%, 03/24/25 (Call 02/22/25)^(a)		876		893,941
CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)^(a)		2,434		2,413,968


Security	Par (000)		Value

Diversified Financial Services (continued)
Discover Financial Services, 3.75%, 03/04/25 (Call 12/04/24)	$	1,249	$	1,248,376
Franklin Resources Inc., 2.85%, 03/30/25^(a)		1,361		1,336,556
Intercontinental Exchange Inc., 3.75%, 12/01/25 (Call 09/01/25)^(a)		3,598		3,611,744
Janus Henderson US Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)		697		718,370
Lazard Group LLC, 3.75%, 02/13/25^(a)		1,224		1,222,164
Mastercard Inc., 2.00%, 03/03/25 (Call 02/03/25)^(a)		2,531		2,460,562
Nomura Holdings Inc.
1.85%, 07/16/25		4,004		3,731,688
2.65%, 01/16/25		4,041		3,909,223
Synchrony Financial, 4.50%, 07/23/25 (Call 04/24/25)		3,100		3,113,113
Visa Inc., 3.15%, 12/14/25 (Call 09/14/25)^(a)		9,355		9,296,251
Western Union Co. (The), 2.85%, 01/10/25 (Call 12/10/24)		1,944		1,886,749


				73,095,516

Electric — 4.5%
Ameren Illinois Co., 3.25%, 03/01/25 (Call 12/01/24)^(a)		491		488,462
American Electric Power Co. Inc., Series N, 1.00%, 11/01/25 (Call 10/01/25)^(a)		1,166		1,060,419
Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25)		734		730,176
Arizona Public Service Co., 3.15%, 05/15/25 (Call 02/15/25)^(a)		884		868,521
Avangrid Inc., 3.20%, 04/15/25 (Call 03/15/25)		2,255		2,218,537
Berkshire Hathaway Energy Co.
3.50%, 02/01/25 (Call 11/01/24)		1,490		1,492,905
4.05%, 04/15/25 (Call 03/15/25)^(a)		3,161		3,207,403
Connecticut Light & Power Co. (The), Series A, 0.75%, 12/01/25 (Call 11/01/25)		644		581,480
Constellation Energy Generation LLC, 3.25%, 06/01/25 (Call 05/01/25)		1,792		1,756,035
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)^(a)		2,711		2,726,100
Series A, 3.30%, 03/15/25 (Call 02/15/25)^(a)		702		695,612
DTE Electric Co., 3.38%, 03/01/25 (Call 12/01/24)		820		816,991
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)		2,334		2,149,894
Duke Energy Corp., 0.90%, 09/15/25 (Call 08/15/25)^(a)		1,260		1,149,561
Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25)^(a)		1,687		1,676,422
Edison International, 4.95%, 04/15/25 (Call 03/15/25)^(a)		1,294		1,317,331
Entergy Corp., 0.90%, 09/15/25 (Call 08/15/25)		2,299		2,081,147
Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25)^(a)		766		766,758
Eversource Energy
Series H, 3.15%, 01/15/25 (Call 10/15/24)		1,493		1,470,217
Series Q, 0.80%, 08/15/25 (Call 07/15/25)		671		610,919
Exelon Corp., 3.95%, 06/15/25 (Call 03/15/25)		3,216		3,231,469
Florida Power & Light Co.
2.85%, 04/01/25 (Call 03/01/25)		2,835		2,792,957
3.13%, 12/01/25 (Call 06/01/25)^(a)		1,979		1,965,187
Iberdrola International BV, 5.81%, 03/15/25^(a)		115		122,353
Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 07/01/25)^(a)		1,264		1,249,641
National Rural Utilities Cooperative Finance Corp.
1.88%, 02/07/25		55		52,637
2.85%, 01/27/25 (Call 10/27/24)		1,242		1,223,680
3.25%, 11/01/25 (Call 08/01/25)		1,534		1,516,190
Oncor Electric Delivery Co. LLC
0.55%, 10/01/25 (Call 09/01/25)		1,296		1,175,848
2.95%, 04/01/25 (Call 01/01/25)		752		740,013
Pacific Gas and Electric Co.
3.45%, 07/01/25		455		436,855


38		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
3.50%, 06/15/25 (Call 03/15/25)^(a)	$	3,280	$	3,171,432
PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)^(a)		370		365,086
Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)		1,505		1,390,048
Public Service Electric & Gas Co., 3.00%, 05/15/25 (Call 02/15/25)		680		669,106
Public Service Enterprise Group Inc., 0.80%, 08/15/25 (Call 07/15/25)^(a)		1,802		1,637,207
Puget Energy Inc., 3.65%, 05/15/25 (Call 02/15/25)		1,226		1,213,691
Sempra Energy, 3.30%, 04/01/25 (Call 03/01/25)		35		34,546
Southern California Edison Co., Series E, 3.70%, 08/01/25 (Call 06/01/25)		2,462		2,459,833
Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)		1,543		1,560,775
Tucson Electric Power Co., 3.05%, 03/15/25 (Call 12/15/24)^(a)		275		271,758
Virginia Electric & Power Co., Series A, 3.10%, 05/15/25 (Call 02/15/25)		746		735,228
WEC Energy Group Inc., 3.55%, 06/15/25 (Call 03/15/25)		326		322,600
Xcel Energy Inc., 3.30%, 06/01/25 (Call 12/01/24)^(a)		1,825		1,805,436


				58,008,466

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)		574		570,705


Electronics — 0.5%
Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25)		867		832,693
Arrow Electronics Inc., 4.00%, 04/01/25 (Call 01/01/25)		554		554,532
Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)^(a)		1,233		1,254,183
Honeywell International Inc., 1.35%, 06/01/25 (Call 05/01/25)		3,372		3,191,800
Legrand France SA, 8.50%, 02/15/25^(a)		417		468,821


				6,302,029

Entertainment — 0.1%
Magallanes Inc.
3.64%, 03/15/25^(b)		840		827,820
3.79%, 03/15/25 (Call 03/15/23)^(b)		1,055		1,040,241


				1,868,061

Environmental Control — 0.4%
Republic Services Inc.
0.88%, 11/15/25 (Call 10/15/25)		1,137		1,029,212
3.20%, 03/15/25 (Call 12/15/24)^(a)		1,602		1,583,385
Waste Management Inc.
0.75%, 11/15/25 (Call 10/15/25)^(a)		1,538		1,403,887
3.13%, 03/01/25 (Call 12/01/24)		1,205		1,199,011


				5,215,495

Food — 1.3%
Campbell Soup Co.
3.30%, 03/19/25 (Call 12/19/24)		770		761,145
3.95%, 03/15/25 (Call 01/15/25)		2,434		2,447,630
Conagra Brands Inc., 4.60%, 11/01/25 (Call 09/01/25)		3,060		3,096,873
General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25)		2,579		2,613,146
Hershey Co. (The)
0.90%, 06/01/25 (Call 05/01/25)		865		807,106
3.20%, 08/21/25 (Call 05/21/25)		225		224,262
JM Smucker Co. (The), 3.50%, 03/15/25^(a)		2,675		2,667,724
Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25)^(a)		1,953		1,843,964
Sysco Corp., 3.75%, 10/01/25 (Call 07/01/25)^(a)		2,315		2,322,964


				16,784,814

Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd., 4.00%, 01/14/25 (Call 11/14/24)		815		817,201


Security	Par (000)		Value

Gas — 0.4%
National Fuel Gas Co., 5.20%, 07/15/25 (Call 04/15/25)^(a)	$	1,030	$	1,052,526
NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25)		3,595		3,260,090
Southern California Gas Co., 3.20%, 06/15/25 (Call 03/15/25)^(a)		695		687,702


				5,000,318

Health Care - Products — 1.5%
Abbott Laboratories
2.95%, 03/15/25 (Call 12/15/24)^(a)		3,172		3,156,616
3.88%, 09/15/25 (Call 06/15/25)		1,538		1,565,115
Boston Scientific Corp., 1.90%, 06/01/25 (Call 05/01/25)		1,607		1,521,009
Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)^(a)		1,313		1,298,452
Medtronic Inc., 3.50%, 03/15/25		4,980		4,997,530
Stryker Corp.
1.15%, 06/15/25 (Call 05/15/25)^(a)		1,646		1,535,323
3.38%, 11/01/25 (Call 08/01/25)		2,789		2,770,871
Zimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)^(a)		2,070		2,059,526


				18,904,442

Health Care - Services — 1.8%
Anthem Inc., 2.38%, 01/15/25 (Call 12/15/24)		3,836		3,714,437
CommonSpirit Health, 1.55%, 10/01/25 (Call 07/01/25)		1,433		1,321,656
HCA Inc., 5.25%, 04/15/25		3,838		3,959,741
Humana Inc., 4.50%, 04/01/25 (Call 03/01/25)		1,692		1,725,958
Laboratory Corp. of America Holdings, 3.60%, 02/01/25 (Call 11/01/24)		2,821		2,809,942
PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25)		798		738,669
Quest Diagnostics Inc., 3.50%, 03/30/25 (Call 12/30/24)^(a)		1,727		1,721,197
Sutter Health, Series 20A, 1.32%, 08/15/25 (Call 05/15/25)		270		249,734
UnitedHealth Group Inc.
3.70%, 12/15/25		1,699		1,713,017
3.75%, 07/15/25		4,967		5,016,124
UPMC, Series D-1, 3.60%, 04/03/25		900		897,327


				23,867,802

Holding Companies - Diversified — 1.2%
Ares Capital Corp.
3.25%, 07/15/25 (Call 06/15/25)		2,923		2,783,953
4.25%, 03/01/25 (Call 01/01/25)		2,085		2,052,974
Blackstone Private Credit Fund
2.70%, 01/15/25 (Call 11/15/24)^(b)		1,400		1,319,668
4.70%, 03/24/25^(a)(b)		2,425		2,394,154
FS KKR Capital Corp., 4.13%, 02/01/25 (Call 01/01/25)		1,457		1,432,843
Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25)^(a)		1,255		1,243,630
Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25)^(a)		880		855,686
Owl Rock Capital Corp.
3.75%, 07/22/25 (Call 06/22/25)		1,567		1,503,333
4.00%, 03/30/25 (Call 02/28/25)		1,137		1,109,234
OWL Rock Core Income Corp., 5.50%, 03/21/25^(b)		820		810,791


				15,506,266

Home Builders — 0.3%
DR Horton Inc., 2.60%, 10/15/25 (Call 09/15/25)		1,820		1,745,471
Lennar Corp., 4.75%, 05/30/25 (Call 02/28/25)		1,831		1,865,716
Toll Brothers Finance Corp., 4.88%, 11/15/25 (Call 08/15/25)^(a)		590		591,162


				4,202,349

Home Furnishings — 0.1%
Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)		415		421,495


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Home Furnishings (continued)
Whirlpool Corp., 3.70%, 05/01/25	$	782	$	780,342


				1,201,837

Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.05%, 08/15/25		660		654,680


Insurance — 1.8%
Aflac Inc., 3.25%, 03/17/25^(a)		1,375		1,367,065
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)		878		874,708
Allstate Corp. (The), 0.75%, 12/15/25 (Call 11/15/25)		1,126		1,025,257
American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)		3,131		3,014,934
3.75%, 07/10/25 (Call 04/10/25)		1,683		1,689,193
Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25)^(a)		2,594		2,609,045
Chubb INA Holdings Inc., 3.15%, 03/15/25		946		941,251
CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)^(a)		1,192		1,228,892
Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)^(a)		849		852,430
Lincoln National Corp., 3.35%, 03/09/25		610		602,692
Marsh & McLennan Companies Inc., 3.50%, 03/10/25 (Call 12/10/24)		2,009		2,011,993
MetLife Inc.
3.00%, 03/01/25		1,773		1,754,224
3.60%, 11/13/25 (Call 08/13/25)		1,528		1,532,447
Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)		1,687		1,667,768
RenaissanceRe Finance Inc., 3.70%, 04/01/25 (Call 01/01/25)^(a)		600		600,996
XLIT Ltd., 4.45%, 03/31/25		1,443		1,466,305


				23,239,200

Internet — 1.4%
Alphabet Inc., 0.45%, 08/15/25 (Call 07/15/25)^(a)		2,017		1,857,697
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)^(a)		3,005		2,797,655
3.00%, 04/13/25		3,020		3,010,306
5.20%, 12/03/25 (Call 09/03/25)		2,585		2,736,998
Baidu Inc.
3.08%, 04/07/25 (Call 03/07/25)^(a)		1,155		1,127,188
4.13%, 06/30/25		1,245		1,249,283
Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)^(a)		1,843		1,848,510
eBay Inc., 1.90%, 03/11/25 (Call 02/11/25)		2,878		2,742,849
Tencent Music Entertainment Group, 1.38%, 09/03/25 (Call 08/03/25)^(a)		810		739,174
VeriSign Inc., 5.25%, 04/01/25 (Call 01/01/25)		335		344,886


				18,454,546

Iron & Steel — 0.3%
Nucor Corp., 2.00%, 06/01/25 (Call 05/01/25)^(a)		1,578		1,509,499
Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25)		1,394		1,290,914
Steel Dynamics Inc., 2.40%, 06/15/25 (Call 05/15/25)		1,546		1,478,857


				4,279,270

Leisure Time — 0.1%
Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)		1,567		1,535,409


Lodging — 0.8%
Hyatt Hotels Corp., 5.63%, 04/23/25 (Call 03/23/25)^(a)		1,449		1,494,209
Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25)		1,385		1,282,732
Marriott International Inc./MD
3.75%, 03/15/25 (Call 12/15/24)		776		777,630
3.75%, 10/01/25 (Call 07/01/25)		1,184		1,175,179
Series EE, 5.75%, 05/01/25 (Call 04/01/25)		1,836		1,925,046


Security	Par (000)		Value

Lodging (continued)
Sands China Ltd., 5.13%, 08/08/25 (Call 06/08/25)	$	3,901	$	3,778,040


				10,432,836

Machinery — 1.4%
Caterpillar Financial Services Corp.
0.80%, 11/13/25^(a)		2,708		2,476,466
1.45%, 05/15/25		1,641		1,553,108
Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)^(a)		1,902		1,869,495
Dover Corp., 3.15%, 11/15/25 (Call 08/15/25)^(a)		1,099		1,083,548
John Deere Capital Corp.
1.25%, 01/10/25^(a)		2,165		2,057,638
2.05%, 01/09/25		1,462		1,420,581
3.40%, 09/11/25^(a)		1,236		1,236,742
3.45%, 03/13/25		2,108		2,123,683
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)		3,543		3,379,420
Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)^(a)		372		367,808
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25 (Call 05/15/25)		1,081		1,048,397


				18,616,886

Manufacturing — 0.5%
3M Co.
2.00%, 02/14/25 (Call 01/14/25)		1,854		1,792,651
2.65%, 04/15/25 (Call 03/15/25)		1,604		1,576,347
3.00%, 08/07/25^(a)		1,440		1,424,074
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25^(a)		445		440,692
Textron Inc., 3.88%, 03/01/25 (Call 12/01/24)^(a)		934		937,185


				6,170,949

Media — 3.2%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)		11,396		11,607,624
Comcast Corp.
3.38%, 02/15/25 (Call 11/15/24)		2,245		2,246,773
3.38%, 08/15/25 (Call 05/15/25)^(a)		3,742		3,728,603
3.95%, 10/15/25 (Call 08/15/25)^(a)		7,643		7,739,990
Discovery Communications LLC
3.45%, 03/15/25 (Call 12/15/24)		813		795,423
3.95%, 06/15/25 (Call 05/15/25)		1,565		1,552,183
Fox Corp., 3.05%, 04/07/25 (Call 03/07/25)		2,273		2,233,495
Grupo Televisa SAB, 6.63%, 03/18/25		554		590,448
Paramount Global, 4.75%, 05/15/25 (Call 04/15/25)		1,618		1,657,867
TWDC Enterprises 18 Corp., 3.15%, 09/17/25		2,606		2,579,888
Walt Disney Co. (The)
3.35%, 03/24/25^(a)		4,253		4,243,516
3.70%, 10/15/25 (Call 07/15/25)^(a)		2,048		2,066,596


				41,042,406

Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)^(a)		3,033		3,041,037


Mining — 0.1%
Southern Copper Corp., 3.88%, 04/23/25		944		937,968


Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 4.13%, 05/01/25 (Call 05/01/22)^(a)		1,373		1,352,240


Oil & Gas — 4.5%
BP Capital Markets America Inc.
3.19%, 04/06/25 (Call 03/06/25)		1,798		1,781,153


40		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
3.80%, 09/21/25 (Call 07/21/25)^(a)	$	3,018	$	3,042,476
BP Capital Markets PLC, 3.51%, 03/17/25^(a)		2,190		2,190,153
Canadian Natural Resources Ltd.
2.05%, 07/15/25 (Call 06/15/25)^(a)		1,587		1,496,017
3.90%, 02/01/25 (Call 11/01/24)		1,858		1,859,635
Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25)		2,046		2,124,403
Chevron Corp.
1.55%, 05/11/25 (Call 04/11/25)		6,166		5,850,794
3.33%, 11/17/25 (Call 08/17/25)		2,139		2,130,294
Chevron USA Inc., 0.69%, 08/12/25 (Call 07/12/25)^(a)		2,229		2,049,766
ConocoPhillips Co., 2.40%, 03/07/25 (Call 03/07/23)		210		204,494
Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)^(a)		1,375		1,457,665
EOG Resources Inc., 3.15%, 04/01/25 (Call 01/01/25)		2,248		2,227,656
EQT Corp., 6.63%, 02/01/25 (Call 01/01/25)		2,690		2,801,581
Exxon Mobil Corp.
2.71%, 03/06/25 (Call 12/06/24)^(a)		8,043		7,922,596
2.99%, 03/19/25 (Call 02/19/25)		3,857		3,823,097
Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25)		3,531		3,583,471
Phillips 66, 3.85%, 04/09/25 (Call 03/09/25)^(a)		1,782		1,792,300
Shell International Finance BV, 3.25%, 05/11/25		7,280		7,253,064
Suncor Energy Inc., 3.10%, 05/15/25 (Call 04/15/25)		1,597		1,566,449
TotalEnergies Capital International SA, 2.43%, 01/10/25 (Call 10/10/24)		3,190		3,109,516
Valero Energy Corp., 2.85%, 04/15/25 (Call 03/15/25)		707		687,650


				58,954,230

Oil & Gas Services — 0.2%
Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25)		1,222		1,228,122
Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)		1,335		1,250,895


				2,479,017

Packaging & Containers — 0.2%
Sonoco Products Co., 1.80%, 02/01/25 (Call 02/01/23)		1,230		1,165,683
WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25)		2,094		2,097,853


				3,263,536

Pharmaceuticals — 6.0%
AbbVie Inc.
3.60%, 05/14/25 (Call 02/14/25)		9,964		9,922,151
3.80%, 03/15/25 (Call 12/15/24)		7,753		7,764,242
AmerisourceBergen Corp., 3.25%, 03/01/25 (Call 12/01/24)^(a)		1,420		1,402,832
AstraZeneca PLC, 3.38%, 11/16/25^(a)		4,925		4,908,452
Bristol-Myers Squibb Co., 0.75%, 11/13/25 (Call 10/13/25)^(a)		1,673		1,526,061
Cardinal Health Inc., 3.75%, 09/15/25 (Call 06/15/25)		1,394		1,395,310
Cigna Corp.
3.25%, 04/15/25 (Call 01/15/25)^(a)		2,874		2,846,812
4.13%, 11/15/25 (Call 09/15/25)		5,689		5,746,516
CVS Health Corp.
3.88%, 07/20/25 (Call 04/20/25)^(a)		7,611		7,645,173
4.10%, 03/25/25 (Call 01/25/25)^(a)		3,207		3,251,513
Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25)^(a)		2,005		1,974,825
GlaxoSmithKline Capital Inc., 3.63%, 05/15/25		2,891		2,914,880
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)^(a)		2,620		2,411,658
2.63%, 01/15/25 (Call 11/15/24)^(a)		2,049		2,032,096
McKesson Corp., 0.90%, 12/03/25 (Call 11/03/25)		1,403		1,271,188
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)^(a)		2,117		2,149,623
Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)^(a)		6,178		6,115,602


Security	Par (000)		Value

Pharmaceuticals (continued)
Novartis Capital Corp.
1.75%, 02/14/25 (Call 01/14/25)^(a)	$	2,246	$	2,165,436
3.00%, 11/20/25 (Call 08/20/25)^(a)		4,477		4,440,378
Pfizer Inc., 0.80%, 05/28/25 (Call 04/28/25)		2,214		2,062,695
Viatris Inc., 1.65%, 06/22/25 (Call 05/22/25)		2,100		1,927,170
Zoetis Inc., 4.50%, 11/13/25 (Call 08/13/25)^(a)		1,914		1,968,855


			77,843,468

Pipelines — 3.9%
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25 (Call 10/02/24)		3,968		4,129,537
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)^(a)		2,867		2,923,738
Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)		1,225		1,294,886
Enbridge Inc.
2.50%, 01/15/25 (Call 12/15/24)		1,425		1,379,671
2.50%, 02/14/25		1,515		1,462,869
Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)		2,094		2,020,940
4.05%, 03/15/25 (Call 12/15/24)^(a)		2,979		2,961,752
5.95%, 12/01/25 (Call 09/01/25)		1,369		1,439,846
Enterprise Products Operating LLC, 3.75%, 02/15/25 (Call 11/15/24)^(a)		3,322		3,329,574
Kinder Morgan Inc., 4.30%, 06/01/25 (Call 03/01/25)		4,564		4,604,528
MPLX LP
4.00%, 02/15/25 (Call 11/15/24)^(a)		1,296		1,292,630
4.88%, 06/01/25 (Call 03/01/25)		3,675		3,750,521
ONEOK Inc., 2.20%, 09/15/25 (Call 08/15/25)		1,226		1,148,713
ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24)^(a)		1,584		1,616,773
Phillips 66 Partners LP, 3.61%, 02/15/25 (Call 11/15/24)		1,007		999,297
Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 (Call 07/15/25)		2,965		2,994,265
Sabine Pass Liquefaction LLC, 5.63%, 03/01/25 (Call 12/01/24)		5,156		5,347,391
Spectra Energy Partners LP, 3.50%, 03/15/25 (Call 12/15/24)		1,434		1,425,496
TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24)		1,412		1,427,207
Williams Companies Inc. (The)
3.90%, 01/15/25 (Call 10/15/24)		2,442		2,440,169
4.00%, 09/15/25 (Call 06/15/25)		2,203		2,191,456


				50,181,259

Real Estate — 0.1%
Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)		1,270		1,280,312


Real Estate Investment Trusts — 4.2%
Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)^(a)		2,041		2,031,305
American Tower Corp.
1.30%, 09/15/25 (Call 08/15/25)		785		717,396
2.40%, 03/15/25 (Call 02/15/25)		1,967		1,888,772
2.95%, 01/15/25 (Call 12/15/24)		2,366		2,310,541
4.00%, 06/01/25 (Call 03/01/25)^(a)		2,351		2,349,613
AvalonBay Communities Inc.
3.45%, 06/01/25 (Call 03/03/25)^(a)		1,119		1,109,063
3.50%, 11/15/25 (Call 08/15/25)^(a)		871		864,468
Boston Properties LP, 3.20%, 01/15/25 (Call 10/15/24)		2,433		2,399,425
Brixmor Operating Partnership LP, 3.85%, 02/01/25 (Call 11/01/24)^(a)		1,990		1,987,672
Crown Castle International Corp., 1.35%, 07/15/25 (Call 06/15/25)^(a)		1,929		1,778,480
CubeSmart LP, 4.00%, 11/15/25 (Call 08/15/25)		784		785,482


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
EPR Properties, 4.50%, 04/01/25 (Call 01/01/25)^(a)	$	700	$	697,935
Equinix Inc.
1.00%, 09/15/25 (Call 08/15/25)		2,050		1,860,990
1.25%, 07/15/25 (Call 06/15/25)		1,677		1,541,565
ERP Operating LP, 3.38%, 06/01/25 (Call 03/01/25)^(a)		1,159		1,147,630
Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25)		1,281		1,271,982
GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25 (Call 03/01/25)		2,481		2,523,673
Healthpeak Properties Inc.
3.40%, 02/01/25 (Call 11/01/24)^(a)		191		189,533
4.00%, 06/01/25 (Call 03/01/25)^(a)		987		994,432
Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25 (Call 03/15/25)^(a)		1,232		1,221,590
Kilroy Realty LP, 4.38%, 10/01/25 (Call 07/01/25)^(a)		1,045		1,056,620
Kimco Realty Corp., 3.30%, 02/01/25 (Call 12/01/24)		1,287		1,269,922
Kite Realty Group Trust, 4.00%, 03/15/25 (Call 12/15/24)		375		370,890
Mid-America Apartments LP, 4.00%, 11/15/25 (Call 08/15/25)		1,003		1,009,570
National Retail Properties Inc., 4.00%, 11/15/25 (Call 08/15/25)^(a)		1,213		1,221,236
Office Properties Income Trust, 4.50%, 02/01/25 (Call 11/01/24)		2,107		2,088,859
Omega Healthcare Investors Inc., 4.50%, 01/15/25 (Call 10/15/24)^(a)		1,436		1,437,335
Realty Income Corp.
3.88%, 04/15/25 (Call 02/15/25)		1,501		1,507,739
4.63%, 11/01/25 (Call 09/01/25)		1,628		1,670,475
Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25)		3,268		3,243,980
SITE Centers Corp., 3.63%, 02/01/25 (Call 11/01/24)		1,373		1,355,288
Ventas Realty LP
2.65%, 01/15/25 (Call 12/15/24)		1,650		1,601,028
3.50%, 02/01/25 (Call 11/01/24)^(a)		1,255		1,241,973
VICI Properties LP, 4.38%, 05/15/25		250		249,695
Vornado Realty LP, 3.50%, 01/15/25 (Call 11/15/24)		1,183		1,169,869
Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)^(a)		3,541		3,551,552
WP Carey Inc., 4.00%, 02/01/25 (Call 12/01/24)		1,188		1,194,356


				54,911,934

Retail — 2.6%
AutoNation Inc., 4.50%, 10/01/25 (Call 07/01/25)^(a)		1,049		1,064,284
AutoZone Inc.
3.25%, 04/15/25 (Call 01/15/25)		1,453		1,435,593
3.63%, 04/15/25 (Call 03/15/25)^(a)		1,749		1,747,846
Dollar General Corp., 4.15%, 11/01/25 (Call 08/01/25)^(a)		1,842		1,870,569
Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)^(a)		3,218		3,236,214
Genuine Parts Co., 1.75%, 02/01/25 (Call 02/01/23)		795		755,616
Home Depot Inc. (The)
2.70%, 04/15/25 (Call 03/15/25)		170		167,885
3.35%, 09/15/25 (Call 06/15/25)		2,776		2,780,414
Lowe’s Companies Inc.
3.38%, 09/15/25 (Call 06/15/25)		2,530		2,510,317
4.00%, 04/15/25 (Call 03/15/25)^(a)		2,262		2,293,510
McDonald’s Corp.
1.45%, 09/01/25 (Call 08/01/25)^(a)		623		584,156
3.30%, 07/01/25 (Call 06/15/25)^(a)		2,475		2,465,273
3.38%, 05/26/25 (Call 02/26/25)^(a)		2,387		2,383,157
Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)		2,537		2,597,431
Starbucks Corp., 3.80%, 08/15/25 (Call 06/15/25)^(a)		3,954		3,985,988
Target Corp., 2.25%, 04/15/25 (Call 03/15/25)		4,155		4,038,244
Walmart Inc., 3.55%, 06/26/25 (Call 04/26/25)^(a)		460		465,552


				34,382,049


Security	Par (000)		Value

Semiconductors — 2.5%
Analog Devices Inc., 2.95%, 04/01/25 (Call 03/01/25)^(a)	$	1,613	$	1,592,821
Applied Materials Inc., 3.90%, 10/01/25 (Call 07/01/25)^(a)		2,513		2,551,398
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/25 (Call 11/15/24)		1,678		1,652,847
Broadcom Inc., 3.15%, 11/15/25 (Call 10/15/25)^(a)		2,501		2,437,875
Intel Corp.
3.40%, 03/25/25 (Call 02/25/25)^(a)		4,186		4,193,535
3.70%, 07/29/25 (Call 04/29/25)^(a)		5,898		5,951,790
Lam Research Corp., 3.80%, 03/15/25 (Call 12/15/24)^(a)		1,385		1,397,479
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)		3,760		3,736,274
NXP BV/NXP Funding LLC/NXP USA Inc., 2.70%, 05/01/25 (Call 04/01/25)^(b)		1,950		1,869,543
QUALCOMM Inc., 3.45%, 05/20/25 (Call 02/20/25)		4,312		4,319,115
Texas Instruments Inc., 1.38%, 03/12/25 (Call 02/12/25)		2,433		2,311,812


				32,014,489

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 3.84%, 05/01/25 (Call 04/01/25)^(a)		1,429		1,429,086


Software — 3.3%
Adobe Inc.
1.90%, 02/01/25 (Call 01/01/25)		1,832		1,771,068
3.25%, 02/01/25 (Call 11/01/24)^(a)		3,346		3,355,402
Autodesk Inc., 4.38%, 06/15/25 (Call 03/15/25)		1,253		1,271,795
Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25)		3,157		3,163,156
Intuit Inc., 0.95%, 07/15/25 (Call 06/15/25)^(a)		1,708		1,583,419
Microsoft Corp.
2.70%, 02/12/25 (Call 11/12/24)^(a)		3,834		3,801,258
3.13%, 11/03/25 (Call 08/03/25)		8,155		8,177,182
Oracle Corp.
2.50%, 04/01/25 (Call 03/01/25)		4,182		3,994,270
2.95%, 05/15/25 (Call 02/15/25)		9,450		9,142,875
Roper Technologies Inc.
1.00%, 09/15/25 (Call 08/15/25)^(a)		1,639		1,498,980
3.85%, 12/15/25 (Call 09/15/25)^(a)		1,041		1,044,591
Take-Two Interactive Software Inc., 3.55%, 04/14/25		1,800		1,782,720
VMware Inc., 4.50%, 05/15/25 (Call 04/15/25)		2,457		2,491,152


				43,077,868

Telecommunications — 2.6%
AT&T Inc.
3.40%, 05/15/25 (Call 02/15/25)		5,086		5,134,978
3.95%, 01/15/25 (Call 10/15/24)		2,806		2,866,497
Cisco Systems Inc., 3.50%, 06/15/25		1,895		1,910,520
Juniper Networks Inc., 1.20%, 12/10/25 (Call 11/10/25)^(a)		1,654		1,508,961
Rogers Communications Inc.
2.95%, 03/15/25 (Call 03/15/23)^(b)		190		185,465
3.63%, 12/15/25 (Call 09/15/25)^(a)		2,317		2,304,882
T-Mobile USA Inc., 3.50%, 04/15/25 (Call 03/15/25)		7,634		7,540,865
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)		4,777		4,353,758
3.38%, 02/15/25^(a)		3,333		3,330,000
Vodafone Group PLC, 4.13%, 05/30/25^(a)		4,624		4,682,956


				33,818,882

Transportation — 1.4%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)^(a)		996		986,379
3.65%, 09/01/25 (Call 06/01/25)		1,541		1,554,283
7.00%, 12/15/25		242		269,883
Canadian Pacific Railway Co., 2.90%, 02/01/25 (Call 11/01/24)		2,003		1,964,482


42		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Transportation (continued)
CSX Corp., 3.35%, 11/01/25 (Call 08/01/25)^(a)	$	1,899	$	1,880,789
Norfolk Southern Corp., 3.65%, 08/01/25 (Call 06/01/25)		1,167		1,167,128
Ryder System Inc.
3.35%, 09/01/25 (Call 08/01/25)		1,435		1,408,223
4.63%, 06/01/25 (Call 05/01/25)		1,301		1,322,610
Union Pacific Corp.
3.25%, 01/15/25 (Call 10/15/24)^(a)		1,169		1,166,335
3.25%, 08/15/25 (Call 05/15/25)^(a)		1,472		1,463,934
3.75%, 07/15/25 (Call 05/15/25)^(a)		1,444		1,458,454
United Parcel Service Inc., 3.90%, 04/01/25 (Call 03/01/25)^(a)		3,242		3,282,784


			17,925,284

Trucking & Leasing — 0.1%
GATX Corp., 3.25%, 03/30/25 (Call 12/30/24)		715		701,301


Water — 0.1%
American Water Capital Corp., 3.40%, 03/01/25 (Call 12/01/24)^(a)		1,472		1,468,276


Total Corporate Bonds & Notes — 98.9% (Cost: $1,354,156,453)				1,288,339,378


Short-Term Investments

Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		75,190		75,190,287


Security	Shares (000)		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		9,800	$	9,800,000


				84,990,287


Total Short-Term Investments — 6.5% (Cost: $ 84,963,516)				84,990,287


Total Investments in Securities — 105.4% (Cost: $ 1,439,119,969)				1,373,329,665

Other Assets, Less Liabilities — (5.4)%				(70,687,287	)


Net Assets — 100.0%			$	1,302,642,378

^(a)	All or a portion of this security is on loan.

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

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	60,598,916	$	14,610,119	^(a)	$	—		$	(25,405	)	$	6,657	$	75,190,287		75,190	$	53,399	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,130,000		—			(1,330,000	)^(a)		—			—		9,800,000		9,800		4,165			—


									$	(25,405	)	$	6,657	$	84,990,287			$	57,564		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Corporate Bonds & Notes	$	—	$	1,288,339,378	$	—	$	1,288,339,378
Money Market Funds		84,990,287		—		—		84,990,287


	$	84,990,287	$	1,288,339,378	$	—	$	1,373,329,665

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.4%
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)	$	4,341	$	4,296,027


Aerospace & Defense — 2.2%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)		8,345		7,624,075
2.25%, 06/15/26 (Call 03/15/26)		1,420		1,299,712
2.75%, 02/01/26 (Call 01/01/26)^(a)		4,185		3,956,917
3.10%, 05/01/26 (Call 03/01/26)^(a)		1,481		1,404,210
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		990		901,108
2.13%, 08/15/26 (Call 05/15/26)		975		918,538
L3Harris Technologies Inc., 3.85%, 12/15/26 (Call 09/15/26)^(a)		1,960		1,949,867
Lockheed Martin Corp., 3.55%, 01/15/26 (Call 10/15/25)^(a)		4,608		4,644,081
Raytheon Technologies Corp., 2.65%, 11/01/26 (Call 08/01/26)^(a)		1,069		1,024,882
Teledyne Technologies Inc., 1.60%, 04/01/26 (Call 03/01/26)		1,255		1,137,457


				24,860,847

Agriculture — 1.7%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)^(a)		1,706		1,600,245
4.40%, 02/14/26 (Call 12/14/25)		2,540		2,569,743
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)		2,901		2,788,006
BAT Capital Corp., 3.22%, 09/06/26 (Call 07/06/26)^(a)		2,766		2,610,385
BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)^(a)		3,323		2,985,084
Bunge Ltd. Finance Corp., 3.25%, 08/15/26 (Call 05/15/26)		2,225		2,151,419
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		2,675		2,402,846
2.75%, 02/25/26 (Call 11/25/25)^(a)		2,320		2,247,987


				19,355,715

Airlines — 0.3%
Southwest Airlines Co., 3.00%, 11/15/26 (Call 08/15/26)		1,306		1,250,312
United Airlines Pass Through Trust
Series 2014-1, Class A, 4.00%, 10/11/27		169		166,538
Series 2014-2, Class A, 3.75%, 03/03/28		524		512,925
Series 2020-1, Class B, 4.88%, 07/15/27		1,175		1,136,175


				3,065,950

Apparel — 0.3%
NIKE Inc., 2.38%, 11/01/26 (Call 08/01/26)		2,907		2,782,173


Auto Manufacturers — 1.7%
American Honda Finance Corp.
1.30%, 09/09/26^(a)		1,800		1,635,012
2.30%, 09/09/26^(a)		1,244		1,178,939
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)^(a)		3,185		2,848,919
1.50%, 06/10/26 (Call 05/10/26)		2,880		2,560,867
4.00%, 10/06/26 (Call 07/06/26)		2,392		2,339,065
5.25%, 03/01/26 (Call 12/01/25)		2,545		2,613,130
PACCAR Financial Corp., 1.10%, 05/11/26		1,375		1,252,171
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)		2,299		2,116,666
Toyota Motor Credit Corp.
0.80%, 01/09/26		1,694		1,538,203
1.13%, 06/18/26		1,580		1,434,940


				19,517,912


Security	Par (000)		Value

Banks — 24.3%
Banco Santander SA, 1.85%, 03/25/26	$	2,417	$	2,198,407
Bank of America Corp.
3.50%, 04/19/26^(a)		5,002		4,912,814
4.25%, 10/22/26		4,656		4,654,277
4.45%, 03/03/26^(a)		4,514		4,526,865
6.22%, 09/15/26		1,540		1,644,320
Bank of Montreal, 1.25%, 09/15/26		3,745		3,345,221
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)^(a)		859		779,646
1.05%, 10/15/26 (Call 09/15/26)		2,022		1,818,809
2.45%, 08/17/26 (Call 05/17/26)		2,835		2,723,584
2.80%, 05/04/26 (Call 02/04/26)		2,435		2,377,924
Bank of Nova Scotia (The)
1.05%, 03/02/26		2,465		2,213,003
1.30%, 09/15/26^(a)		2,255		2,017,571
1.35%, 06/24/26^(a)		1,745		1,575,194
2.70%, 08/03/26^(a)		3,122		2,977,264
Barclays PLC
4.38%, 01/12/26		6,088		6,071,380
5.20%, 05/12/26		4,777		4,837,620
BPCE SA, 3.38%, 12/02/26		2,214		2,150,857
Canadian Imperial Bank of Commerce, 1.25%, 06/22/26		2,520		2,250,259
Citigroup Inc.
3.20%, 10/21/26 (Call 07/21/26)		6,330		6,099,398
3.40%, 05/01/26		4,389		4,278,353
3.70%, 01/12/26		5,456		5,395,929
4.30%, 11/20/26^(a)		2,322		2,318,540
4.60%, 03/09/26		2,683		2,703,257
Citizens Bank N.A./Providence RI, 3.75%, 02/18/26 (Call 11/18/25)		1,877		1,885,259
Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/27/26)		2,217		2,133,951
Cooperatieve Rabobank U.A., 3.75%, 07/21/26		3,840		3,732,902
Credit Suisse AG/New York NY, 1.25%, 08/07/26		4,570		4,041,754
Credit Suisse Group AG, 4.55%, 04/17/26		4,811		4,797,625
Deutsche Bank AG, 4.10%, 01/13/26^(a)		1,307		1,295,080
Deutsche Bank AG/New York NY
1.69%, 03/19/26		2,340		2,136,724
4.10%, 01/13/26^(a)		960		950,237
Discover Bank
3.45%, 07/27/26 (Call 04/27/26)		1,989		1,932,632
4.25%, 03/13/26		1,700		1,701,989
Fifth Third Bank NA, 3.85%, 03/15/26 (Call 02/15/26)		2,703		2,693,675
Goldman Sachs Group Inc. (The)
3.50%, 11/16/26 (Call 11/16/25)		6,601		6,446,801
3.75%, 02/25/26 (Call 11/25/25)		4,506		4,474,593
HSBC Holdings PLC
3.90%, 05/25/26^(a)		5,075		4,999,839
4.30%, 03/08/26^(a)		6,293		6,307,033
4.38%, 11/23/26		3,176		3,152,498
JPMorgan Chase & Co.
2.95%, 10/01/26 (Call 07/01/26)^(a)		5,827		5,585,762
3.20%, 06/15/26 (Call 03/15/26)^(a)		3,259		3,181,436
3.30%, 04/01/26 (Call 01/01/26)^(a)		4,410		4,312,318
4.13%, 12/15/26		4,120		4,097,876
7.63%, 10/15/26		1,572		1,793,165
KeyBank N.A./Cleveland OH, 3.40%, 05/20/26		2,565		2,501,850
Lloyds Banking Group PLC, 4.65%, 03/24/26^(a)		4,029		4,028,597


44		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Mitsubishi UFJ Financial Group Inc.
2.76%, 09/13/26	$	3,238	$	3,063,180
3.85%, 03/01/26^(a)		5,630		5,583,271
Mizuho Financial Group Inc.
2.65%, 05/22/26 (Call 05/22/25)^(a)(b)		780		750,298
2.84%, 09/13/26		2,702		2,557,173
Morgan Stanley
3.13%, 07/27/26		5,752		5,513,695
3.88%, 01/27/26^(a)		6,900		6,850,734
4.35%, 09/08/26		5,160		5,166,966
6.25%, 08/09/26		1,573		1,703,150
National Australia Bank Ltd./New York
2.50%, 07/12/26^(a)		2,458		2,346,726
3.38%, 01/14/26^(a)		2,564		2,542,462
Natwest Group PLC, 4.80%, 04/05/26^(a)		4,126		4,166,311
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)		2,741		2,484,059
2.60%, 07/23/26 (Call 05/23/26)^(a)		3,111		2,987,711
Royal Bank of Canada
0.88%, 01/20/26		1,335		1,198,456
1.15%, 07/14/26		1,540		1,380,702
1.20%, 04/27/26		3,440		3,106,148
1.40%, 11/02/26		2,065		1,858,830
4.65%, 01/27/26^(a)		2,654		2,707,345
Santander Holdings USA Inc., 3.24%, 10/05/26 (Call 08/05/26)^(a)		3,015		2,875,888
State Street Corp., 2.65%, 05/19/26		2,931		2,849,049
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26^(a)		1,949		1,746,090
1.40%, 09/17/26		4,327		3,858,646
2.63%, 07/14/26		4,265		4,031,449
3.01%, 10/19/26		3,202		3,059,799
3.78%, 03/09/26		3,308		3,268,139
SVB Financial Group, 1.80%, 10/28/26 (Call 09/28/26)		970		877,064
Toronto-Dominion Bank (The)
0.75%, 01/06/26^(a)		1,957		1,759,500
1.20%, 06/03/26		2,435		2,196,540
1.25%, 09/10/26		3,485		3,124,686
Truist Bank
3.30%, 05/15/26 (Call 04/15/26)^(a)		2,654		2,604,874
3.80%, 10/30/26 (Call 09/30/26)		2,053		2,037,972
U.S. Bancorp.
3.10%, 04/27/26 (Call 03/27/26)^(a)		2,854		2,791,554
Series V, 2.38%, 07/22/26 (Call 06/22/26)		4,115		3,920,566
Wachovia Corp., 7.57%, 08/01/26^(c)		670		745,857
Wells Fargo & Co.
3.00%, 04/22/26		7,738		7,438,385
3.00%, 10/23/26		7,777		7,429,213
4.10%, 06/03/26		4,491		4,471,689
Westpac Banking Corp.
1.15%, 06/03/26		1,295		1,172,998
2.70%, 08/19/26		2,497		2,399,018
2.85%, 05/13/26		3,565		3,460,118


				276,140,399

Beverages — 1.6%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)^(a)		6,147		6,107,352
Constellation Brands Inc., 3.70%, 12/06/26 (Call 09/06/26)		1,984		1,962,196
Keurig Dr Pepper Inc., 2.55%, 09/15/26 (Call 06/15/26)		1,557		1,476,036


Security	Par (000)		Value

Beverages (continued)
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)	$	4,571	$	4,361,602
PepsiCo Inc.
2.38%, 10/06/26 (Call 07/06/26)		2,635		2,529,916
2.85%, 02/24/26 (Call 11/24/25)		2,196		2,157,153


				18,594,255

Biotechnology — 0.8%
Amgen Inc., 2.60%, 08/19/26 (Call 05/19/26)^(a)		3,570		3,412,170
Gilead Sciences Inc., 3.65%, 03/01/26 (Call 12/01/25)^(a)		5,991		5,952,358


				9,364,528

Building Materials — 0.3%
Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25)^(a)		1,554		1,555,414
Owens Corning, 3.40%, 08/15/26 (Call 05/15/26)		1,867		1,831,154


				3,386,568

Chemicals — 1.1%
Celanese U.S. Holdings LLC, 1.40%, 08/05/26 (Call 07/05/26)		962		853,794
Dow Chemical Co. (The), 3.63%, 05/15/26 (Call 03/15/26)		2,660		2,636,379
Ecolab Inc., 2.70%, 11/01/26 (Call 08/01/26)^(a)		1,717		1,660,991
FMC Corp., 3.20%, 10/01/26 (Call 08/01/26)^(a)		2,012		1,948,421
Linde Inc./CT, 3.20%, 01/30/26 (Call 10/30/25)^(a)		1,371		1,359,936
Nutrien Ltd., 4.00%, 12/15/26 (Call 09/15/26)		1,421		1,435,807
PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26)^(a)		520		472,935
Sherwin-Williams Co. (The), 3.95%, 01/15/26 (Call 10/15/25)		1,075		1,081,988
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)		1,538		1,518,575


				12,968,826

Commercial Services — 0.9%
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		3,090		2,774,480
4.80%, 04/01/26 (Call 01/01/26)		2,119		2,170,216
GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26)^(d)		1,193		1,058,358
PayPal Holdings Inc., 2.65%, 10/01/26 (Call 08/01/26)^(a)		3,889		3,726,246


				9,729,300

Computers — 4.9%
Apple Inc.
0.70%, 02/08/26 (Call 01/08/26)		2,743		2,505,045
2.05%, 09/11/26 (Call 07/11/26)		3,582		3,394,554
2.45%, 08/04/26 (Call 05/04/26)		4,017		3,875,240
3.25%, 02/23/26 (Call 11/23/25)		7,614		7,600,904
CGI Inc., 1.45%, 09/14/26 (Call 08/14/26)^(d)		1,210		1,084,511
Dell International LLC/EMC Corp.
4.90%, 10/01/26 (Call 08/01/26)^(a)		3,973		4,052,539
6.02%, 06/15/26 (Call 03/15/26)^(a)		9,749		10,313,760
DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)^(a)		1,490		1,334,384
Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26)		1,415		1,260,100
Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26)		535		488,257
Hewlett Packard Enterprise Co., 1.75%, 04/01/26 (Call 03/01/26)^(a)		2,944		2,715,104
HP Inc., 1.45%, 06/17/26 (Call 05/17/26)^(a)		1,030		926,073
International Business Machines Corp.
3.30%, 05/15/26		6,680		6,596,032
3.45%, 02/19/26^(a)		3,635		3,613,481
Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26)^(d)		1,400		1,223,558
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)		4,960		4,928,058


				55,911,600


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Cosmetics & Personal Care — 0.6%
Procter & Gamble Co. (The)
1.00%, 04/23/26	$	1,319	$	1,208,442
2.45%, 11/03/26		2,313		2,229,709
2.70%, 02/02/26^(a)		1,135		1,115,194
Unilever Capital Corp., 2.00%, 07/28/26		1,921		1,812,790


				6,366,135

Diversified Financial Services — 4.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)		2,583		2,297,346
2.45%, 10/29/26 (Call 09/29/26)		7,135		6,360,353
4.45%, 04/03/26 (Call 02/03/26)		1,415		1,382,964
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)^(a)		2,100		1,874,607
2.88%, 01/15/26 (Call 12/15/25)^(a)		2,887		2,709,219
3.75%, 06/01/26 (Call 04/01/26)		2,517		2,420,700
Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)		1,786		1,724,615
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)^(a)		2,940		2,692,834
3.13%, 05/20/26 (Call 04/20/26)		2,497		2,450,156
Ameriprise Financial Inc., 2.88%, 09/15/26 (Call 06/15/26)^(a)		1,285		1,245,294
Brookfield Finance Inc., 4.25%, 06/02/26 (Call 03/02/26)		1,360		1,375,123
Capital One Financial Corp., 3.75%, 07/28/26 (Call 06/28/26)		4,337		4,234,777
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		2,359		2,135,178
1.15%, 05/13/26 (Call 04/13/26)		2,185		1,982,429
3.45%, 02/13/26 (Call 11/13/25)		760		755,714
Discover Financial Services, 4.50%, 01/30/26 (Call 11/30/25)		1,461		1,475,157
Invesco Finance PLC, 3.75%, 01/15/26		1,072		1,070,424
Legg Mason Inc., 4.75%, 03/15/26		1,355		1,400,433
Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26)		2,774		2,732,251
Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)		1,962		1,966,591
Nomura Holdings Inc., 1.65%, 07/14/26		2,385		2,142,088
Synchrony Financial, 3.70%, 08/04/26 (Call 05/04/26)		1,636		1,576,155
Western Union Co. (The), 1.35%, 03/15/26 (Call 02/15/26)		1,450		1,313,410


				49,317,818

Electric — 5.0%
AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26)		790		771,569
AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25)		1,305		1,173,939
Ameren Corp., 3.65%, 02/15/26 (Call 11/15/25)^(a)		971		959,901
Baltimore Gas & Electric Co., 2.40%, 08/15/26 (Call 05/15/26)		546		515,883
Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25)		170		169,159
CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26 (Call 06/01/26)		221		210,458
CenterPoint Energy Inc., 1.45%, 06/01/26 (Call 05/01/26)		1,265		1,150,505
Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)		1,572		1,555,211
CMS Energy Corp., 3.00%, 05/15/26 (Call 02/15/26)		1,166		1,128,571
Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26)		1,425		1,370,209
Dominion Energy Inc.
Series A, 1.45%, 04/15/26 (Call 03/15/26)		1,015		925,467
Series D, 2.85%, 08/15/26 (Call 05/15/26)		1,358		1,304,278
DTE Energy Co., 2.85%, 10/01/26 (Call 07/01/26)		1,751		1,671,224
Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26)^(a)		1,744		1,694,348
Duke Energy Corp., 2.65%, 09/01/26 (Call 06/01/26)^(a)		3,186		3,021,061


Security	Par (000)		Value

Electric (continued)
Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26)	$	2,236	$	2,181,978
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		900		885,825
Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)^(a)		998		991,423
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)		1,908		1,838,873
Entergy Louisiana LLC, 2.40%, 10/01/26 (Call 07/01/26)		1,275		1,200,757
Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26)		330		314,982
Eversource Energy, Series U, 1.40%, 08/15/26 (Call 07/15/26)		1,320		1,195,788
Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26)^(a)		2,087		2,040,418
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)^(a)		2,704		2,594,164
Georgia Power Co., 3.25%, 04/01/26 (Call 01/01/26)^(a)		712		698,152
ITC Holdings Corp., 3.25%, 06/30/26 (Call 03/30/26)		1,185		1,156,027
National Rural Utilities Cooperative Finance Corp., 1.00%, 06/15/26 (Call 05/15/26)		715		641,841
Pacific Gas and Electric Co.
2.95%, 03/01/26 (Call 12/01/25)		931		853,643
3.15%, 01/01/26		4,281		4,028,935
PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)^(a)		2,223		2,146,996
Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)^(a)		1,194		1,090,301
2.25%, 09/15/26 (Call 06/15/26)		1,293		1,219,545
San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)		1,445		1,380,596
Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)		986		948,364
Southern California Edison Co., Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)		1,206		1,084,592
Southern Co. (The), 3.25%, 07/01/26 (Call 04/01/26)		4,087		3,966,801
Southern Power Co., 0.90%, 01/15/26 (Call 12/15/25)		563		506,576
Southwestern Electric Power Co.
Series K, 2.75%, 10/01/26 (Call 07/01/26)^(a)		1,042		987,608
Series N, 1.65%, 03/15/26 (Call 02/15/26)^(a)		1,475		1,357,796
Virginia Electric & Power Co.
Series A, 3.15%, 01/15/26 (Call 10/15/25)		810		794,675
Series B, 2.95%, 11/15/26 (Call 08/15/26)		1,435		1,384,000
Xcel Energy Inc., 3.35%, 12/01/26 (Call 06/01/26)^(a)		1,535		1,501,706


				56,614,145

Electrical Components & Equipment — 0.2%
Emerson Electric Co., 0.88%, 10/15/26 (Call 09/15/26)		2,123		1,891,657


Electronics — 1.4%
Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)		877		850,050
Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26)^(a)		1,993		2,000,793
Flex Ltd., 3.75%, 02/01/26 (Call 01/01/26)		1,865		1,821,844
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)^(a)		2,402		2,351,918
Honeywell International Inc., 2.50%, 11/01/26 (Call 08/01/26)		3,198		3,075,069
Hubbell Inc., 3.35%, 03/01/26 (Call 12/01/25)		1,475		1,457,624
Jabil Inc., 1.70%, 04/15/26 (Call 03/15/26)		1,530		1,381,911
TD SYNNEX Corp., 1.75%, 08/09/26 (Call 07/09/26)^(a)(d)		1,565		1,400,096
Tyco Electronics Group SA, 3.70%, 02/15/26 (Call 11/15/25)		670		672,459
Vontier Corp, 1.80%, 04/01/26 (Call 03/01/26)		1,310		1,163,765


				16,175,529

Environmental Control — 0.2%
Republic Services Inc., 2.90%, 07/01/26 (Call 04/01/26)^(a)		2,344		2,260,460


Food — 1.7%
Bestfoods, Series E, 7.25%, 12/15/26^(a)		45		52,186
Flowers Foods Inc., 3.50%, 10/01/26 (Call 07/01/26)^(a)		675		655,357
Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26)		1,291		1,234,803


46		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food (continued)
Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)	$	1,808	$	1,749,439
Kellogg Co., 3.25%, 04/01/26^(a)		2,497		2,449,882
Kraft Heinz Foods Co., 3.00%, 06/01/26 (Call 03/01/26)		4,045		3,865,159
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)^(a)		2,180		2,067,490
3.50%, 02/01/26 (Call 11/01/25)^(a)		2,146		2,118,596
McCormick & Co. Inc./MD, 0.90%, 02/15/26 (Call 01/15/26)^(a)		1,048		940,266
Sysco Corp., 3.30%, 07/15/26 (Call 04/15/26)^(a)		2,751		2,683,435
Tyson Foods Inc., 4.00%, 03/01/26 (Call 01/01/26)		1,973		1,979,195


				19,795,808

Gas — 0.3%
National Fuel Gas Co., 5.50%, 01/15/26 (Call 12/15/25)^(a)		1,772		1,828,757
Southern California Gas Co., Series TT, 2.60%, 06/15/26 (Call 03/15/26)		1,180		1,129,178
Southern Co. Gas Capital Corp., 3.25%, 06/15/26 (Call 03/15/26)		775		755,470


				3,713,405

Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc., 3.40%, 03/01/26 (Call 01/01/26)		1,695		1,685,762


Health Care - Products — 1.0%
Abbott Laboratories, 3.75%, 11/30/26 (Call 08/30/26)		3,910		3,969,158
Baxter International Inc., 2.60%, 08/15/26 (Call 05/15/26)^(a)		1,810		1,712,694
Stryker Corp., 3.50%, 03/15/26 (Call 12/15/25)^(a)		3,090		3,066,393
Zimmer Biomet Holdings Inc., 3.05%, 01/15/26 (Call 12/15/25)		2,176		2,110,198


				10,858,443

Health Care - Services — 1.3%
Anthem Inc., 1.50%, 03/15/26 (Call 02/15/26)^(a)		1,980		1,821,937
HCA Inc., 5.25%, 06/15/26 (Call 12/15/25)		3,812		3,921,061
Laboratory Corp. of America Holdings, 1.55%, 06/01/26 (Call 05/01/26)		1,555		1,419,124
Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/26 (Call 07/01/26)^(a)		770		741,394
Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26)^(a)		1,518		1,493,272
UnitedHealth Group Inc.
1.15%, 05/15/26 (Call 04/15/26)		720		657,180
1.25%, 01/15/26		837		772,702
3.10%, 03/15/26		2,275		2,244,629
Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)^(d)		1,780		1,585,090


				14,656,389

Holding Companies - Diversified — 2.3%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)		2,599		2,305,339
3.88%, 01/15/26 (Call 12/15/25)		2,620		2,517,479
Bain Capital Specialty Finance Inc.
2.55%, 10/13/26 (Call 09/13/26)		905		796,246
2.95%, 03/10/26 (Call 02/10/26)		840		769,415
Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)^(d)		370		332,308
Blackstone Private Credit Fund, 2.63%, 12/15/26 (Call 11/15/26)^(d)		3,025		2,658,915
Blackstone Secured Lending Fund
2.75%, 09/16/26 (Call 08/19/26)		1,980		1,811,938
3.63%, 01/15/26 (Call 12/15/25)^(a)		1,547		1,479,736
FS KKR Capital Corp., 3.40%, 01/15/26 (Call 12/15/25)		2,638		2,487,581
Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25)		1,183		1,118,503
Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)		1,260		1,123,895
Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)		1,690		1,538,728


Security	Par (000)		Value

Holding Companies - Diversified (continued)
Owl Rock Capital Corp.
3.40%, 07/15/26 (Call 06/15/26)	$	2,445	$	2,258,226
4.25%, 01/15/26 (Call 12/15/25)		1,647		1,599,319
OWL Rock Core Income Corp., 3.13%, 09/23/26 (Call 08/23/26)^(d)		925		818,533
Prospect Capital Corp.
3.36%, 11/15/26 (Call 10/15/26)		1,045		937,229
3.71%, 01/22/26 (Call 12/22/25)		1,268		1,177,947
Sixth Street Specialty Lending Inc., 2.50%, 08/01/26 (Call 07/01/26)^(a)		451		408,529


				26,139,866

Home Builders — 0.4%
DR Horton Inc., 1.30%, 10/15/26 (Call 09/15/26)		1,330		1,177,968
Lennar Corp., 5.25%, 06/01/26 (Call 12/01/25)		1,563		1,611,469
PulteGroup Inc., 5.50%, 03/01/26 (Call 12/01/25)^(a)		1,370		1,427,978


				4,217,415

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 2.75%, 02/15/26		1,308		1,280,728


Insurance — 3.2%
Aflac Inc.
1.13%, 03/15/26 (Call 02/15/26)		1,497		1,363,228
2.88%, 10/15/26 (Call 07/15/26)		1,302		1,259,581
Allstate Corp. (The), 3.28%, 12/15/26 (Call 09/15/26)^(a)		1,153		1,138,899
American Financial Group Inc./OH, 3.50%, 08/15/26 (Call 05/15/26)		1,271		1,256,968
American International Group Inc., 3.90%, 04/01/26 (Call 01/01/26)		3,763		3,744,561
Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)^(a)		1,290		1,304,654
Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)		6,151		6,105,483
Chubb INA Holdings Inc., 3.35%, 05/03/26 (Call 02/03/26)^(a)		555		549,394
CNA Financial Corp., 4.50%, 03/01/26 (Call 12/01/25)		1,427		1,456,125
Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)		1,376		1,407,909
Lincoln National Corp., 3.63%, 12/12/26 (Call 09/15/26)		1,395		1,387,216
Loews Corp., 3.75%, 04/01/26 (Call 01/01/26)		1,698		1,708,001
Manulife Financial Corp., 4.15%, 03/04/26		3,000		3,037,980
Marsh & McLennan Companies Inc., 3.75%, 03/14/26 (Call 12/14/25)^(a)		2,090		2,099,071
Munich Re America Corp., Series B, 7.45%, 12/15/26^(a)		30		34,082
Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26)^(a)		1,387		1,373,990
Principal Financial Group Inc., 3.10%, 11/15/26 (Call 08/15/26)		1,228		1,182,110
Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)		2,122		1,972,632
Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26)		1,170		1,170,187
Swiss Re America Holding Corp., 7.00%, 02/15/26		186		207,427
Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)		1,161		1,167,014
Voya Financial Inc., 3.65%, 06/15/26		1,355		1,334,174


				36,260,686

Internet — 1.6%
Alphabet Inc., 2.00%, 08/15/26 (Call 05/15/26)		5,247		4,987,273
Amazon.com Inc., 1.00%, 05/12/26 (Call 04/12/26)		5,050		4,608,276
Baidu Inc., 1.72%, 04/09/26 (Call 03/09/26)		580		528,218
Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)		2,528		2,513,692
eBay Inc., 1.40%, 05/10/26 (Call 04/10/26)^(a)		2,875		2,616,250
Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25)		2,077		2,125,893


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Internet (continued)
JD.com Inc., 3.88%, 04/29/26^(a)	$	823	$	805,305


				18,184,907

Iron & Steel — 0.5%
ArcelorMittal SA, 4.55%, 03/11/26^(a)		895		905,087
Steel Dynamics Inc., 5.00%, 12/15/26 (Call 05/31/22)		1,120		1,146,533
Vale Overseas Ltd., 6.25%, 08/10/26^(a)		3,412		3,592,904


				5,644,524

Lodging — 0.5%
Hyatt Hotels Corp., 4.85%, 03/15/26 (Call 12/15/25)		1,114		1,124,093
Las Vegas Sands Corp., 3.50%, 08/18/26 (Call 06/18/26)^(a)		1,767		1,611,893
Marriott International Inc./MD, Series R, 3.13%, 06/15/26 (Call 03/15/26)		2,233		2,155,693
Sands China Ltd., 3.80%, 01/08/26 (Call 12/08/25)		815		752,465


				5,644,144

Machinery — 1.1%
Caterpillar Financial Services Corp.
0.90%, 03/02/26		888		809,581
1.15%, 09/14/26		760		688,758
2.40%, 08/09/26^(a)		805		771,898
CNH Industrial Capital LLC
1.45%, 07/15/26 (Call 06/15/26)		1,035		932,080
1.88%, 01/15/26 (Call 12/15/25)^(a)		1,080		1,004,065
John Deere Capital Corp.
0.70%, 01/15/26		796		723,667
1.05%, 06/17/26^(a)		1,367		1,243,328
1.30%, 10/13/26		135		123,193
2.25%, 09/14/26		1,576		1,498,177
2.65%, 06/10/26		852		826,227
Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/26 (Call 08/15/26)		2,099		2,019,385
Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)		1,410		1,379,332


				12,019,691

Manufacturing — 0.6%
3M Co., 2.25%, 09/19/26 (Call 06/19/26)		1,571		1,493,204
Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)		2,584		2,498,728
Textron Inc., 4.00%, 03/15/26 (Call 12/15/25)		1,262		1,265,117
Trane Technologies Luxembourg Finance SA, 3.50%, 03/21/26 (Call 01/21/26)		1,304		1,285,210


				6,542,259

Media — 1.9%
Comcast Corp., 3.15%, 03/01/26 (Call 12/01/25)		4,881		4,796,266
Discovery Communications LLC, 4.90%, 03/11/26 (Call 12/11/25)		2,392		2,437,496
Grupo Televisa SAB, 4.63%, 01/30/26 (Call 10/30/25)^(a)		680		687,976
Paramount Global, 4.00%, 01/15/26 (Call 10/15/25)		2,933		2,931,475
TCI Communications Inc., 7.88%, 02/15/26		1,119		1,271,990
Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)^(a)		1,589		1,558,666
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		1,901		1,769,337
3.00%, 02/13/26		1,536		1,505,280
Walt Disney Co. (The)
1.75%, 01/13/26		2,462		2,309,700
3.38%, 11/15/26 (Call 08/15/26)		1,926		1,909,494


				21,177,680

Mining — 0.0%
BHP Billiton Finance USA Ltd., 6.42%, 03/01/26		420		462,504


Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 (Call 11/01/26)		1,670		1,535,665


Security	Par (000)		Value

Oil & Gas — 3.3%
BP Capital Markets America Inc.
3.12%, 05/04/26 (Call 02/04/26)	$	2,725	$	2,660,336
3.41%, 02/11/26 (Call 12/11/25)^(a)		2,928		2,894,152
Chevron Corp., 2.95%, 05/16/26 (Call 02/16/26)		4,658		4,558,039
ConocoPhillips Co., 4.95%, 03/15/26 (Call 05/11/22)^(a)		3,019		3,182,147
Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26)		1,649		1,604,362
EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)		2,671		2,726,103
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)^(a)		3,337		3,182,931
3.04%, 03/01/26 (Call 12/01/25)		5,567		5,480,377
Marathon Petroleum Corp., 5.13%, 12/15/26 (Call 09/15/26)^(a)		2,137		2,226,113
Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)		1,740		1,803,197
Phillips 66, 1.30%, 02/15/26 (Call 01/15/26)		1,701		1,551,414
Pioneer Natural Resources Co., 1.13%, 01/15/26 (Call 12/15/25)		244		220,878
Shell International Finance BV
2.50%, 09/12/26^(a)		2,125		2,029,545
2.88%, 05/10/26		3,786		3,691,009
Valero Energy Corp., 3.40%, 09/15/26 (Call 06/15/26)		25		24,330


				37,834,933

Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.06%, 12/15/26 (Call 11/15/26)		750		695,228
HF SINCLAIR Corp., 5.88%, 04/01/26^(d)		2,325		2,400,702


				3,095,930

Packaging & Containers — 0.6%
Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)		2,547		2,515,163
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)		2,686		2,444,367
WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)		2,176		2,225,199


				7,184,729

Pharmaceuticals — 4.6%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)^(a)		8,766		8,399,669
3.20%, 05/14/26 (Call 02/14/26)^(a)		3,543		3,450,315
Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26)		855		777,084
AstraZeneca PLC, 0.70%, 04/08/26 (Call 03/08/26)^(a)		2,572		2,299,908
Bristol-Myers Squibb Co., 3.20%, 06/15/26 (Call 04/15/26)		3,193		3,160,208
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)^(a)		1,850		1,683,019
4.50%, 02/25/26 (Call 11/27/25)		2,991		3,054,290
CVS Health Corp.
2.88%, 06/01/26 (Call 03/01/26)^(a)		3,673		3,541,470
3.00%, 08/15/26 (Call 06/15/26)		1,946		1,881,646
Johnson & Johnson, 2.45%, 03/01/26 (Call 12/01/25)^(a)		4,481		4,360,909
McKesson Corp., 1.30%, 08/15/26 (Call 07/15/26)		1,600		1,436,800
Merck & Co. Inc., 0.75%, 02/24/26 (Call 01/24/26)		1,784		1,623,725
Pfizer Inc.
2.75%, 06/03/26^(a)		2,921		2,847,478
3.00%, 12/15/26		3,291		3,233,408
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)^(a)		6,087		5,875,233
Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)		4,762		4,626,854


				52,252,016

Pipelines — 2.7%
Boardwalk Pipelines LP, 5.95%, 06/01/26 (Call 03/01/26)		705		741,449
Enbridge Inc.
1.60%, 10/04/26 (Call 09/04/26)^(a)		1,300		1,175,733
4.25%, 12/01/26 (Call 09/01/26)^(a)		2,132		2,148,182


48		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
Energy Transfer LP
3.90%, 07/15/26 (Call 04/15/26)	$	1,255	$	1,222,044
4.75%, 01/15/26 (Call 10/15/25)		2,918		2,953,862
Enterprise Products Operating LLC, 3.70%, 02/15/26 (Call 11/15/25)		2,720		2,699,382
Kinder Morgan Inc., 1.75%, 11/15/26 (Call 10/15/26)		750		678,570
Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25)^(a)		1,131		1,170,461
MPLX LP, 1.75%, 03/01/26 (Call 02/01/26)^(a)		3,846		3,510,013
ONEOK Inc., 5.85%, 01/15/26 (Call 12/15/25)^(a)		2,108		2,221,431
Phillips 66 Partners LP, 3.55%, 10/01/26 (Call 07/01/26)		780		758,636
Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 (Call 09/15/26)^(a)		1,825		1,825,931
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (Call 12/31/25)		3,174		3,335,747
Spectra Energy Partners LP, 3.38%, 10/15/26 (Call 07/15/26)		1,403		1,363,506
TransCanada PipeLines Ltd., 4.88%, 01/15/26 (Call 10/15/25)		2,516		2,587,278
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)^(a)		2,354		2,640,811


				31,033,036

Real Estate — 0.2%
CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)^(a)		2,171		2,223,495


Real Estate Investment Trusts — 5.9%
Alexandria Real Estate Equities Inc.
3.80%, 04/15/26 (Call 02/15/26)		1,265		1,257,676
4.30%, 01/15/26 (Call 10/15/25)^(a)		695		704,153
American Campus Communities Operating Partnership LP,
3.30%, 07/15/26 (Call 05/15/26)		1,317		1,299,220
American Tower Corp.
1.45%, 09/15/26 (Call 08/15/26)		925		825,313
1.60%, 04/15/26 (Call 03/15/26)		1,100		999,570
3.38%, 10/15/26 (Call 07/15/26)		1,972		1,896,847
4.40%, 02/15/26 (Call 11/15/25)^(a)		1,547		1,558,231
AvalonBay Communities Inc.
2.90%, 10/15/26 (Call 07/15/26)^(a)		861		830,047
2.95%, 05/11/26 (Call 02/11/26)^(a)		1,192		1,152,604
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)^(a)		1,839		1,740,448
3.65%, 02/01/26 (Call 11/03/25)		2,958		2,922,297
Brixmor Operating Partnership LP, 4.13%, 06/15/26 (Call 03/15/26)		1,130		1,121,152
Corporate Office Properties LP, 2.25%, 03/15/26 (Call 02/15/26)^(a)		1,312		1,216,316
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)		1,340		1,184,238
3.70%, 06/15/26 (Call 03/15/26)^(a)		1,642		1,614,661
4.45%, 02/15/26 (Call 11/15/25)		2,483		2,504,130
CubeSmart LP, 3.13%, 09/01/26 (Call 06/01/26)		795		766,984
Duke Realty LP, 3.25%, 06/30/26 (Call 03/30/26)		858		836,267
EPR Properties, 4.75%, 12/15/26 (Call 09/15/26)		700		684,817
Equinix Inc.
1.45%, 05/15/26 (Call 04/15/26)		1,769		1,594,488
2.90%, 11/18/26 (Call 09/18/26)^(a)		1,827		1,725,967
ERP Operating LP, 2.85%, 11/01/26 (Call 08/01/26)		1,388		1,334,895
Essex Portfolio LP, 3.38%, 04/15/26 (Call 01/15/26)		1,007		986,659
Federal Realty Investment Trust, 1.25%, 02/15/26 (Call 01/15/26)^(a)		516		470,509
GLP Capital LP/GLP Financing II Inc., 5.38%, 04/15/26 (Call 01/15/26)		2,562		2,612,318


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Healthcare Trust of America Holdings LP, 3.50%, 08/01/26 (Call 05/01/26)	$	1,877	$	1,838,765
Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26)^(a)		1,742		1,699,669
Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26 (Call 11/01/25)		730		729,606
Kimco Realty Corp., 2.80%, 10/01/26 (Call 07/01/26)^(a)		925		879,000
Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)		875		859,259
LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26)		1,347		1,325,677
Mid-America Apartments LP, 1.10%, 09/15/26 (Call 08/15/26)^(a)		385		343,701
National Retail Properties Inc., 3.60%, 12/15/26 (Call 09/15/26)^(a)		830		812,479
Office Properties Income Trust, 2.65%, 06/15/26 (Call 05/15/26)		1,185		1,067,484
Omega Healthcare Investors Inc., 5.25%, 01/15/26 (Call 10/15/25)^(a)		1,406		1,431,139
Prologis LP, 3.25%, 10/01/26 (Call 07/01/26)		1,230		1,207,897
Public Storage
0.88%, 02/15/26 (Call 01/15/26)		1,758		1,593,539
1.50%, 11/09/26 (Call 10/09/26)^(a)		470		429,942
Realty Income Corp.
0.75%, 03/15/26 (Call 02/15/26)		720		640,001
4.13%, 10/15/26 (Call 07/15/26)^(a)		1,068		1,078,199
4.88%, 06/01/26 (Call 03/01/26)		1,804		1,866,184
Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)^(a)		1,420		1,422,471
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)^(a)		1,635		1,587,209
3.30%, 01/15/26 (Call 10/15/25)		2,367		2,330,122
SITE Centers Corp., 4.25%, 02/01/26 (Call 11/01/25)		516		513,921
Spirit Realty LP, 4.45%, 09/15/26 (Call 06/15/26)		255		257,094
Tanger Properties LP, 3.13%, 09/01/26 (Call 06/01/26)		804		761,790
UDR Inc., 2.95%, 09/01/26 (Call 06/01/26)^(a)		1,365		1,308,421
Ventas Realty LP
3.25%, 10/15/26 (Call 07/15/26)		1,396		1,353,799
4.13%, 01/15/26 (Call 10/15/25)		1,193		1,194,479
Vornado Realty LP, 2.15%, 06/01/26 (Call 05/01/26)		1,080		982,984
Welltower Inc., 4.25%, 04/01/26 (Call 01/01/26)^(a)		2,113		2,133,982
WP Carey Inc., 4.25%, 10/01/26 (Call 07/01/26)		898		905,498


				66,394,118

Retail — 2.4%
AutoZone Inc., 3.13%, 04/21/26 (Call 01/21/26)^(a)		1,637		1,593,194
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)		3,285		3,118,385
3.00%, 04/01/26 (Call 01/01/26)^(a)		3,241		3,192,839
Lowe’s Companies Inc., 2.50%, 04/15/26 (Call 01/15/26)		4,073		3,885,031
McDonald’s Corp., 3.70%, 01/30/26 (Call 10/30/25)^(a)		4,429		4,442,154
O’Reilly Automotive Inc., 3.55%, 03/15/26 (Call 12/15/25)^(a)		2,194		2,165,654
Ross Stores Inc., 0.88%, 04/15/26 (Call 03/15/26)		1,244		1,113,492
Starbucks Corp., 2.45%, 06/15/26 (Call 03/15/26)^(a)		2,141		2,046,068
Target Corp., 2.50%, 04/15/26^(a)		2,084		2,021,459
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)		2,916		2,762,239
Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)		668		655,829
Walmart Inc., 3.05%, 07/08/26 (Call 05/08/26)		550		546,793


				27,543,137

Semiconductors — 2.4%
Analog Devices Inc., 3.50%, 12/05/26 (Call 09/05/26)		3,103		3,096,949
Broadcom Inc., 3.46%, 09/15/26 (Call 07/15/26)		2,281		2,221,420
Intel Corp., 2.60%, 05/19/26 (Call 02/19/26)		3,501		3,396,705
Lam Research Corp., 3.75%, 03/15/26 (Call 01/15/26)		2,886		2,897,025


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors (continued)
Marvell Technology Inc., 1.65%, 04/15/26 (Call 03/15/26)	$	2,195	$	2,002,762
Micron Technology Inc., 4.98%, 02/06/26 (Call 12/06/25)		1,875		1,918,781
NVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26)		2,980		2,966,739
NXP BV/NXP Funding LLC, 5.35%, 03/01/26 (Call 01/01/26)^(d)		1,530		1,582,540
NXP BV/NXP Funding LLC/NXP USA Inc., 3.88%, 06/18/26 (Call 04/18/26)^(d)		1,849		1,817,863
Skyworks Solutions Inc., 1.80%, 06/01/26 (Call 05/01/26)		1,838		1,674,602
Texas Instruments Inc., 1.13%, 09/15/26 (Call 08/15/26)		1,345		1,228,106
TSMC Arizona Corp., 1.75%, 10/25/26 (Call 09/25/26)^(a)		2,680		2,459,999


				27,263,491

Software — 3.4%
Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26)		2,494		2,477,664
Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26)^(a)		2,047		2,006,715
Citrix Systems Inc., 1.25%, 03/01/26 (Call 02/01/26)		1,656		1,622,118
Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25)^(a)		2,035		2,103,783
Fidelity National Information Services Inc., 1.15%, 03/01/26 (Call 02/01/26)^(a)		1,876		1,691,514
Fiserv Inc., 3.20%, 07/01/26 (Call 05/01/26)		4,680		4,537,166
Microsoft Corp., 2.40%, 08/08/26 (Call 05/08/26)^(a)		7,587		7,339,891
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)		5,593		5,059,540
2.65%, 07/15/26 (Call 04/15/26)		6,316		5,902,492
Roper Technologies Inc., 3.80%, 12/15/26 (Call 09/15/26)		2,386		2,370,968
VMware Inc., 1.40%, 08/15/26 (Call 07/15/26)^(a)		3,750		3,360,638


				38,472,489

Telecommunications — 2.6%
AT&T Inc.
1.70%, 03/25/26 (Call 03/25/23)		5,450		5,030,459
2.95%, 07/15/26 (Call 04/15/26)		1,231		1,194,981
3.88%, 01/15/26 (Call 10/15/25)		1,131		1,143,758
4.13%, 02/17/26 (Call 05/11/22)		3,585		3,697,354
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)		3,635		3,514,027
2.95%, 02/28/26^(a)		2,286		2,259,277
Rogers Communications Inc., 2.90%, 11/15/26 (Call 08/15/26)^(a)		1,653		1,584,186
T-Mobile USA Inc., 1.50%, 02/15/26 (Call 01/15/26)		2,990		2,729,601
Verizon Communications Inc.
1.45%, 03/20/26 (Call 02/20/26)		4,640		4,257,478
2.63%, 08/15/26^(a)		4,225		4,013,623


				29,424,744

Toys, Games & Hobbies — 0.2%
Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)		1,976		1,935,907


Transportation — 1.3%
Canadian National Railway Co., 2.75%, 03/01/26 (Call 12/01/25)^(a)		1,514		1,468,217
Canadian Pacific Railway Co., 1.75%, 12/02/26 (Call 11/02/26)		525		482,286


Security	Par/ Shares (000)		Value


Transportation (continued)
CSX Corp., 2.60%, 11/01/26 (Call 08/01/26)	$	1,576	$	1,499,627
FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26)		2,907		2,860,750
JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)		2,321		2,319,932
Norfolk Southern Corp., 2.90%, 06/15/26 (Call 03/15/26)		1,715		1,659,743
Ryder System Inc.
1.75%, 09/01/26 (Call 08/01/26)		720		652,939
2.90%, 12/01/26 (Call 10/01/26)		1,248		1,184,202
Union Pacific Corp., 2.75%, 03/01/26 (Call 12/01/25)		975		944,249
United Parcel Service Inc., 2.40%, 11/15/26 (Call 08/15/26)^(a)		1,027		979,563
Walmart Inc., 1.05%, 09/17/26 (Call 08/17/26)		1,145		1,042,064


				15,093,572

Trucking & Leasing — 0.1%
GATX Corp., 3.25%, 09/15/26 (Call 06/15/26)^(a)		1,170		1,136,292


Venture Capital — 0.0%
Hercules Capital Inc., 2.63%, 09/16/26 (Call 08/16/26)^(a)		60		54,008


Total Corporate Bonds & Notes — 99.0% (Cost: $1,195,579,131)				1,123,361,617


Short-Term Investments

Money Market Funds — 7.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(e)(f)(g)		75,772		75,771,810
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(e)(f)		3,707		3,707,000


				79,478,810


Total Short-Term Investments — 7.0% (Cost: $79,475,025)				79,478,810


Total Investments in Securities — 106.0% (Cost: $1,275,054,156)				1,202,840,427

Other Assets, Less Liabilities — (6.0)%				(67,552,518	)


Net Assets — 100.0%			$	1,135,287,909

^(a)	All or a portion of this security is on loan.

^(b)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

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

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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


50		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2026 Term Corporate ETF

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	65,569,882	$	10,237,712	^(a)	$	—	$	(29,411	)	$	(6,373	)	$	75,771,810		75,772	$	60,297	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,857,000		850,000	^(a)		—		—			—			3,707,000		3,707		1,649			—


								$	(29,411	)	$	(6,373	)	$	79,478,810			$	61,946		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	1,123,361,617	$	—	$	1,123,361,617
Money Market Funds		79,478,810		—		—		79,478,810


	$	79,478,810	$	1,123,361,617	$	—	$	1,202,840,427

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.1%
Boeing Co. (The)
2.70%, 02/01/27 (Call 12/01/26)	$	1,856	$	1,708,819
2.80%, 03/01/27 (Call 12/01/26)		1,011		932,708
5.04%, 05/01/27 (Call 03/01/27)^(a)		3,315		3,360,747
General Dynamics Corp.
2.63%, 11/15/27 (Call 08/15/27)		621		589,168
3.50%, 04/01/27 (Call 02/01/27)		2,042		2,024,235
Northrop Grumman Corp., 3.20%, 02/01/27 (Call 11/01/26)		1,839		1,794,790
Raytheon Technologies Corp.
3.13%, 05/04/27 (Call 02/04/27)		2,416		2,346,298
3.50%, 03/15/27 (Call 12/15/26)		1,690		1,668,774
7.20%, 08/15/27		328		378,489


				14,804,028

Agriculture — 1.3%
BAT Capital Corp.
3.56%, 08/15/27 (Call 05/15/27)		5,314		4,958,387
4.70%, 04/02/27 (Call 02/02/27)		1,449		1,435,235
Bunge Ltd. Finance Corp., 3.75%, 09/25/27 (Call 06/25/27)		1,444		1,412,535
Philip Morris International Inc., 3.13%, 08/17/27 (Call 05/17/27)		1,508		1,452,762


				9,258,919

Airlines — 1.2%
American Airlines Pass Through Trust, Series 2015-2, Class AA, 3.60%, 03/22/29		233		222,964
Southwest Airlines Co.
3.45%, 11/16/27 (Call 08/16/27)		490		466,936
5.13%, 06/15/27 (Call 04/15/27)^(a)		3,845		3,975,576
United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27^(a)		3,524		3,568,671


				8,234,147

Apparel — 0.7%
NIKE Inc., 2.75%, 03/27/27 (Call 01/27/27)^(a)		1,808		1,745,299
Tapestry Inc., 4.13%, 07/15/27 (Call 04/15/27)^(a)		1,244		1,221,309
VF Corp., 2.80%, 04/23/27 (Call 02/23/27)^(a)		1,593		1,531,064


				4,497,672

Auto Manufacturers — 1.8%
American Honda Finance Corp., 2.35%, 01/08/27		972		916,382
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)		1,605		1,553,576
6.80%, 10/01/27 (Call 08/01/27)		1,819		1,958,226
General Motors Financial Co. Inc.
2.35%, 02/26/27 (Call 01/26/27)		825		743,350
2.70%, 08/20/27 (Call 06/20/27)^(a)		1,481		1,338,098
4.35%, 01/17/27 (Call 10/17/26)		1,997		1,970,021
Honda Motor Co. Ltd., 2.53%, 03/10/27 (Call 02/10/27)		150		142,290
PACCAR Financial Corp., 2.00%, 02/04/27		145		135,814
Toyota Motor Credit Corp.
1.15%, 08/13/27		1,017		893,495
1.90%, 01/13/27^(a)		465		431,683
3.05%, 03/22/27		655		636,955
3.20%, 01/11/27^(a)		1,378		1,354,409


				12,074,299

Auto Parts & Equipment — 0.6%
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)^(a)		2,662		2,475,181
Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)		1,498		1,445,974


				3,921,155

Banks — 13.2%
Banco Santander SA, 4.25%, 04/11/27		2,125		2,091,659


Security	Par (000)		Value

Banks (continued)
Bank of America Corp.
3.25%, 10/21/27 (Call 10/21/26)	$	4,020	$	3,828,970
Series L, 4.18%, 11/25/27 (Call 11/25/26)		3,939		3,885,036
Bank of Montreal, 2.65%, 03/08/27		645		604,913
Bank of New York Mellon Corp. (The)
2.05%, 01/26/27 (Call 12/26/26)		865		809,251
3.25%, 05/16/27 (Call 02/16/27)^(a)		1,851		1,820,496
Bank of Nova Scotia (The)
1.95%, 02/02/27		825		752,194
2.95%, 03/11/27		400		380,880
Canadian Imperial Bank of Commerce, 3.45%, 04/07/27		255		246,774
Citigroup Inc., 4.45%, 09/29/27		7,064		7,022,958
Fifth Third Bancorp., 2.55%, 05/05/27 (Call 04/05/27)		1,964		1,835,338
Fifth Third Bank NA, 2.25%, 02/01/27 (Call 01/01/27)		1,329		1,245,472
Goldman Sachs Group Inc. (The)
3.85%, 01/26/27 (Call 01/26/26)		4,759		4,656,777
5.95%, 01/15/27		1,911		2,029,023
ING Groep NV, 3.95%, 03/29/27		3,168		3,096,372
JPMorgan Chase & Co.
3.63%, 12/01/27 (Call 12/01/26)^(a)		1,361		1,314,780
4.25%, 10/01/27		3,058		3,040,172
8.00%, 04/29/27		1,740		2,021,880
KeyCorp., 2.25%, 04/06/27		2,168		2,000,869
Lloyds Banking Group PLC, 3.75%, 01/11/27		2,868		2,793,346
Manufacturers & Traders Trust Co., 3.40%, 08/17/27^(a)		940		911,433
Mitsubishi UFJ Financial Group Inc.
3.29%, 07/25/27^(a)		2,466		2,364,154
3.68%, 02/22/27^(a)		1,831		1,796,357
Mizuho Financial Group Inc.
3.17%, 09/11/27		2,396		2,267,766
3.66%, 02/28/27^(a)		1,005		981,835
Morgan Stanley
3.63%, 01/20/27^(a)		4,656		4,542,347
3.95%, 04/23/27		2,985		2,926,375
PNC Bank N.A., 3.10%, 10/25/27 (Call 09/25/27)		2,500		2,423,550
PNC Financial Services Group Inc. (The), 3.15%, 05/19/27 (Call 04/19/27)^(a)		1,614		1,571,584
Royal Bank of Canada
2.05%, 01/21/27^(a)		160		147,413
3.63%, 05/04/27		1,160		1,138,911
Santander Holdings USA Inc., 4.40%, 07/13/27 (Call 04/14/27)^(a)		2,352		2,321,259
Sumitomo Mitsui Financial Group Inc.
2.17%, 01/14/27		865		793,352
3.35%, 10/18/27		1,569		1,508,044
3.36%, 07/12/27		3,443		3,320,395
3.45%, 01/11/27		2,187		2,118,984
Toronto-Dominion Bank (The)
1.95%, 01/12/27^(a)		1,070		982,656
2.80%, 03/10/27^(a)		1,740		1,653,992
Truist Financial Corp., 1.13%, 08/03/27 (Call 06/03/27)		2,145		1,866,257
U.S. Bancorp., Series X, 3.15%, 04/27/27 (Call 03/27/27)		2,815		2,745,554
Wells Fargo & Co., 4.30%, 07/22/27^(a)		4,355		4,346,116
Westpac Banking Corp., 3.35%, 03/08/27^(a)		2,512		2,462,413


				90,667,907

Beverages — 1.8%
Coca-Cola Co. (The)
1.45%, 06/01/27^(a)		2,412		2,193,545
2.90%, 05/25/27		986		961,527
3.38%, 03/25/27^(a)		2,458		2,453,232


52		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Beverages (continued)
Constellation Brands Inc., 3.50%, 05/09/27 (Call 02/09/27)^(a)	$	1,340	$	1,310,855
Keurig Dr Pepper Inc., 3.43%, 06/15/27 (Call 03/15/27)^(a)		1,445		1,411,577
PepsiCo Inc.
2.63%, 03/19/27 (Call 01/19/27)		1,217		1,172,202
3.00%, 10/15/27 (Call 07/15/27)^(a)		2,844		2,785,499


				12,288,437

Biotechnology — 1.5%
Amgen Inc.
2.20%, 02/21/27 (Call 12/21/26)		2,441		2,263,637
3.20%, 11/02/27 (Call 08/02/27)^(a)		2,421		2,330,794
Bio-Rad Laboratories Inc., 3.30%, 03/15/27 (Call 02/15/27)		480		459,350
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		1,417		1,230,069
2.95%, 03/01/27 (Call 12/01/26)		2,713		2,599,786
Royalty Pharma PLC, 1.75%, 09/02/27 (Call 07/02/27)^(a)		1,968		1,730,325


				10,613,961

Building Materials — 0.5%
Carrier Global Corp., 2.49%, 02/15/27 (Call 12/15/26)		460		428,628
Lennox International Inc., 1.70%, 08/01/27 (Call 06/01/27)		540		480,670
Martin Marietta Materials Inc.
3.45%, 06/01/27 (Call 03/01/27)		485		470,921
3.50%, 12/15/27 (Call 09/15/27)		950		922,355
Masco Corp., 3.50%, 11/15/27 (Call 08/15/27)^(a)		788		756,181
Vulcan Materials Co., 3.90%, 04/01/27 (Call 01/01/27)^(a)		561		560,680


				3,619,435

Chemicals — 1.2%
Air Products and Chemicals Inc., 1.85%, 05/15/27 (Call 03/15/27)^(a)		1,526		1,404,363
Ecolab Inc.
1.65%, 02/01/27 (Call 01/01/27)^(a)		765		703,678
3.25%, 12/01/27 (Call 09/01/27)		1,306		1,281,943
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)		490		478,681
Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)^(a)		671		665,947
RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26)^(a)		901		887,287
Sherwin-Williams Co. (The), 3.45%, 06/01/27 (Call 03/01/27)^(a)		3,156		3,063,876


				8,485,775

Commercial Services — 0.8%
Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)		1,748		1,737,704
Global Payments Inc., 2.15%, 01/15/27 (Call 12/15/26)		1,381		1,253,506
Leland Stanford Junior University (The), 1.29%, 06/01/27 (Call 04/01/27)		151		134,508
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)^(b)		470		442,961
2.95%, 01/22/27 (Call 10/22/26)		1,438		1,387,886
United Rentals North America Inc., 3.88%, 11/15/27 (Call 11/15/22)^(a)		880		842,785


				5,799,350

Computers — 3.3%
Apple Inc.
2.90%, 09/12/27 (Call 06/12/27)		3,119		3,017,788
3.00%, 06/20/27 (Call 03/20/27)		1,299		1,277,852
3.00%, 11/13/27 (Call 08/13/27)^(a)		2,417		2,373,615
3.20%, 05/11/27 (Call 02/11/27)		3,323		3,278,837
3.35%, 02/09/27 (Call 11/09/26)^(a)		3,677		3,662,366
Dell International LLC/EMC Corp., 6.10%, 07/15/27 (Call 05/15/27)		1,175		1,256,991
HP Inc., 3.00%, 06/17/27 (Call 04/17/27)^(a)		2,378		2,233,679


Security	Par (000)		Value

Computers (continued)
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)	$	2,189	$	1,987,415
2.20%, 02/09/27 (Call 01/09/27)		720		674,820
3.30%, 01/27/27^(a)		1,102		1,086,462
6.22%, 08/01/27		710		791,487
NetApp Inc., 2.38%, 06/22/27 (Call 04/22/27)^(a)		1,573		1,457,023


				23,098,335

Cosmetics & Personal Care — 1.1%
Estee Lauder Companies Inc. (The), 3.15%, 03/15/27 (Call 12/15/26)		1,206		1,179,637
GSK Consumer Healthcare Capital US LLC., 3.38%, 03/24/27 (Call 02/24/27)^(b)		895		866,602
Procter & Gamble Co. (The)
1.90%, 02/01/27^(a)		690		649,856
2.80%, 03/25/27		1,064		1,034,506
2.85%, 08/11/27^(a)		1,758		1,708,600
Unilever Capital Corp., 2.90%, 05/05/27 (Call 02/05/27)^(a)		2,035		1,965,667


				7,404,868

Diversified Financial Services — 6.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.65%, 07/21/27 (Call 04/21/27)^(a)		1,992		1,865,428
4.63%, 10/15/27 (Call 08/15/27)		1,045		1,015,186
Air Lease Corp.
2.20%, 01/15/27 (Call 12/15/26)		1,400		1,251,866
3.63%, 04/01/27 (Call 01/01/27)		823		780,089
3.63%, 12/01/27 (Call 09/01/27)		745		694,087
American Express Co.
2.55%, 03/04/27 (Call 02/01/27)^(a)		1,340		1,262,950
3.30%, 05/03/27		2,983		2,907,441
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		175		170,727
Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)		86		75,637
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)		1,897		1,836,637
3.75%, 03/09/27 (Call 02/09/27)^(a)		2,749		2,680,358
Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)		1,283		1,278,638
Charles Schwab Corp. (The)
2.45%, 03/03/27 (Call 02/03/27)		3,365		3,166,902
3.20%, 03/02/27 (Call 12/02/26)^(a)		1,208		1,182,608
3.30%, 04/01/27 (Call 01/01/27)^(a)		1,166		1,142,202
Corebridge Financial Inc., 3.65%, 04/05/27		1,220		1,183,766
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)		2,359		2,334,018
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		539		524,188
Intercontinental Exchange Inc., 3.10%, 09/15/27 (Call 06/15/27)		1,591		1,535,235
Jefferies Group LLC, 6.45%, 06/08/27		576		632,465
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.85%, 01/15/27^(a)		1,452		1,492,598
Lazard Group LLC, 3.63%, 03/01/27 (Call 12/01/26)		526		509,131
Mastercard Inc., 3.30%, 03/26/27 (Call 01/26/27)		2,499		2,481,432
Morgan Stanley Domestic Holdings Inc., 3.80%, 08/24/27 (Call 05/24/27)		893		874,542
Nomura Holdings Inc., 2.33%, 01/22/27		2,071		1,885,790
ORIX Corp., 3.70%, 07/18/27^(a)		697		687,333
Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)^(a)		2,241		2,145,377
Visa Inc.
0.75%, 08/15/27 (Call 06/15/27)		1,112		978,771
1.90%, 04/15/27 (Call 02/15/27)		2,828		2,631,907


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
2.75%, 09/15/27 (Call 06/15/27)^(a)	$	1,359	$	1,317,686


				42,524,995

Electric — 5.1%
Ameren Corp., 1.95%, 03/15/27 (Call 02/15/27)		825		753,242
American Electric Power Co. Inc., 3.20%, 11/13/27 (Call 08/13/27)^(a)		1,411		1,347,336
Appalachian Power Co., Series X, 3.30%, 06/01/27 (Call 03/01/27)^(a)		922		896,875
Arizona Public Service Co., 2.95%, 09/15/27 (Call 06/15/27)		234		223,283
Black Hills Corp., 3.15%, 01/15/27 (Call 07/15/26)		742		714,895
CenterPoint Energy Houston Electric LLC, Series AA, 3.00%, 02/01/27 (Call 11/01/26)		589		571,772
CMS Energy Corp., 3.45%, 08/15/27 (Call 05/15/27)^(a)		1,188		1,162,054
Commonwealth Edison Co., Series 122, 2.95%, 08/15/27 (Call 05/15/27)		516		494,302
Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/27 (Call 12/15/26)^(a)		687		673,727
Consolidated Edison Co. of New York Inc., Series B, 3.13%, 11/15/27 (Call 08/15/27)		562		538,379
Dominion Energy Inc., Series B, 3.60%, 03/15/27 (Call 01/15/27)^(a)		572		561,126
Duke Energy Corp., 3.15%, 08/15/27 (Call 05/15/27)^(a)		1,464		1,401,897
Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26)^(a)		985		964,975
Edison International, 5.75%, 06/15/27 (Call 04/15/27)		1,120		1,163,019
Entergy Louisiana LLC, 3.12%, 09/01/27 (Call 06/01/27)		1,117		1,071,873
Evergy Kansas Central Inc., 3.10%, 04/01/27 (Call 01/01/27)^(a)		565		549,779
Eversource Energy, 2.90%, 03/01/27 (Call 02/01/27)		1,010		961,065
Exelon Corp., 2.75%, 03/15/27 (Call 02/15/27)^(b)		415		392,893
Georgia Power Co., 3.25%, 03/30/27 (Call 12/30/26)		836		807,877
Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)		797		779,227
ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)^(a)		1,145		1,110,043
MidAmerican Energy Co., 3.10%, 05/01/27 (Call 02/01/27)		699		680,372
National Rural Utilities Cooperative Finance Corp., 3.05%, 04/25/27 (Call 01/25/27)^(a)		880		856,205
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)^(a)		960		877,843
3.55%, 05/01/27 (Call 02/01/27)		2,823		2,765,834
NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)^(a)		1,185		1,160,613
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)^(a)		1,518		1,309,852
3.30%, 03/15/27 (Call 12/15/26)		1,095		1,017,222
3.30%, 12/01/27 (Call 09/01/27)^(a)		2,217		2,016,095
Public Service Electric & Gas Co., 3.00%, 05/15/27 (Call 02/15/27)		1,043		1,011,491
Sempra Energy, 3.25%, 06/15/27 (Call 03/15/27)		1,848		1,769,848
Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27)		784		754,412
Virginia Electric & Power Co., Series A, 3.50%, 03/15/27 (Call 12/15/26)		1,329		1,314,394
WEC Energy Group Inc., 1.38%, 10/15/27 (Call 08/15/27)		1,121		979,059
Wisconsin Power and Light Co., 3.05%, 10/15/27 (Call 07/15/27)^(a)		672		645,275
Xcel Energy Inc., 1.75%, 03/15/27 (Call 02/15/27)		896		810,970


				35,109,124

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 1.80%, 10/15/27 (Call 08/15/27)		673		608,708


Electronics — 0.8%
Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 (Call 07/01/27)		720		683,042
Honeywell International Inc., 1.10%, 03/01/27 (Call 02/01/27)^(a)		1,453		1,301,670


Security	Par (000)		Value

Electronics (continued)
Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27)^(a)	$	235	$	226,406
Jabil Inc., 4.25%, 05/15/27 (Call 04/15/27)		480		475,522
Keysight Technologies Inc., 4.60%, 04/06/27 (Call 01/06/27)^(a)		1,728		1,770,768
Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27)		1,372		1,325,887


				5,783,295

Entertainment — 0.7%
Magallanes Inc., 3.76%, 03/15/27 (Call 02/15/27)^(b)		4,660		4,499,183


Environmental Control — 0.4%
Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27)		1,485		1,439,633
Waste Management Inc., 3.15%, 11/15/27 (Call 08/15/27)^(a)		1,261		1,223,271


				2,662,904

Food — 2.2%
Conagra Brands Inc., 1.38%, 11/01/27 (Call 09/01/27)		2,289		1,943,659
General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)^(a)		1,538		1,501,365
JM Smucker Co. (The), 3.38%, 12/15/27 (Call 09/15/27)^(a)		685		663,875
Kellogg Co., 3.40%, 11/15/27 (Call 08/15/27)^(a)		1,509		1,461,572
Kraft Heinz Foods Co., 3.88%, 05/15/27 (Call 02/15/27)^(a)		2,415		2,364,695
Kroger Co. (The), 3.70%, 08/01/27 (Call 05/01/27)^(a)		1,037		1,027,480
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)^(a)		1,580		1,535,965
Mondelez International Inc., 2.63%, 03/17/27 (Call 02/17/27)		1,020		963,339
Sysco Corp., 3.25%, 07/15/27 (Call 04/15/27)		1,549		1,491,517
Tyson Foods Inc., 3.55%, 06/02/27 (Call 03/02/27)^(a)		2,255		2,210,351


				15,163,818

Forest Products & Paper — 0.3%
Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 (Call 08/02/27)		821		796,033
Fibria Overseas Finance Ltd., 5.50%, 01/17/27^(a)		1,233		1,264,072


				2,060,105

Gas — 0.5%
Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27)		599		577,484
National Fuel Gas Co., 3.95%, 09/15/27 (Call 06/15/27)		365		349,294
NiSource Inc., 3.49%, 05/15/27 (Call 02/15/27)		2,258		2,193,715
Southern California Gas Co., 2.95%, 04/15/27 (Call 03/15/27)		115		110,000


				3,230,493

Hand & Machine Tools — 0.0%
Snap-on Inc., 3.25%, 03/01/27 (Call 12/01/26)		91		89,704


Health Care - Products — 0.5%
Baxter International Inc., 1.92%, 02/01/27 (Call 01/01/27)^(b)		2,936		2,671,320
Medtronic Global Holdings SCA, 3.35%, 04/01/27 (Call 01/01/27)^(a)		825		814,547


				3,485,867

Health Care - Services — 2.2%
Anthem Inc., 3.65%, 12/01/27 (Call 09/01/27)		2,839		2,783,753
HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)^(a)(b)		1,355		1,277,237
4.50%, 02/15/27 (Call 08/15/26)		1,763		1,771,304
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		1,154		1,019,247
3.95%, 03/15/27 (Call 12/15/26)		1,194		1,185,487
Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)		1,156		1,123,632
Laboratory Corp. of America Holdings, 3.60%, 09/01/27 (Call 06/01/27)^(a)		1,532		1,505,833
SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27)^(a)		645		646,483
UnitedHealth Group Inc.
2.95%, 10/15/27		1,455		1,403,260
3.38%, 04/15/27		1,008		996,630


54		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services (continued)
3.45%, 01/15/27	$	1,667	$	1,660,799


				15,373,665

Holding Companies - Diversified — 1.4%
Ares Capital Corp., 2.88%, 06/15/27 (Call 05/15/27)		1,175		1,050,309
Blackstone Private Credit Fund, 3.25%, 03/15/27 (Call 02/15/27)^(b)		2,215		1,985,526
Blackstone Secured Lending Fund, 2.13%, 02/15/27 (Call 01/15/27)^(b)		1,205		1,047,073
FS KKR Capital Corp.
2.63%, 01/15/27 (Call 12/15/26)^(a)		1,310		1,178,476
3.25%, 07/15/27 (Call 06/15/27)		685		620,781
Golub Capital BDC Inc., 2.05%, 02/15/27 (Call 01/15/27)		650		559,085
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)^(b)		45		41,963
Oaktree Specialty Lending Corp., 2.70%, 01/15/27 (Call 12/15/26)		640		567,878
Owl Rock Capital Corp., 2.63%, 01/15/27 (Call 12/15/26)		990		873,715
Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)^(b)		785		680,124
OWL Rock Core Income Corp., 4.70%, 02/08/27 (Call 01/08/27)^(b)		390		368,027
Owl Rock Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26)		630		554,154


				9,527,111

Home Builders — 0.9%
DR Horton Inc., 1.40%, 10/15/27 (Call 08/15/27)		1,059		909,903
Lennar Corp.
4.75%, 11/29/27 (Call 05/29/27)^(a)		1,456		1,459,509
5.00%, 06/15/27 (Call 12/15/26)		1,031		1,046,372
PulteGroup Inc., 5.00%, 01/15/27 (Call 10/15/26)		1,431		1,470,825
Toll Brothers Finance Corp., 4.88%, 03/15/27 (Call 12/15/26)^(a)		1,241		1,233,951


				6,120,560

Home Furnishings — 0.2%
Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)		1,538		1,474,634


Household Products & Wares — 0.4%
Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27)		900		874,395
Clorox Co. (The), 3.10%, 10/01/27 (Call 07/01/27)		1,099		1,065,140
Kimberly-Clark Corp., 1.05%, 09/15/27 (Call 07/15/27)		725		637,906


				2,577,441

Insurance — 1.6%
American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)		1,208		1,237,330
Aon Corp., 8.21%, 01/01/27		595		674,040
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 (Call 04/28/27)^(a)		970		920,433
AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)		778		761,413
Berkshire Hathaway Finance Corp., 2.30%, 03/15/27 (Call 02/15/27)		415		396,470
Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)		1,445		1,403,774
CNA Financial Corp., 3.45%, 08/15/27 (Call 05/15/27)		1,490		1,445,762
Manulife Financial Corp., 2.48%, 05/19/27 (Call 03/19/27)^(a)		1,138		1,080,326
Markel Corp., 3.50%, 11/01/27 (Call 08/01/27)		619		602,207
Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)		761		760,064
Progressive Corp. (The)
2.45%, 01/15/27		804		762,514
2.50%, 03/15/27 (Call 02/15/27)		360		341,208
RenaissanceRe Finance Inc., 3.45%, 07/01/27 (Call 04/01/27)^(a)		556		542,556


				10,928,097


Security	Par (000)		Value

Internet — 3.0%
Alibaba Group Holding Ltd., 3.40%, 12/06/27 (Call 09/06/27)^(a)	$	3,871	$	3,710,005
Alphabet Inc., 0.80%, 08/15/27 (Call 06/15/27)^(a)		2,592		2,276,243
Amazon.com Inc.
1.20%, 06/03/27 (Call 04/03/27)		1,909		1,704,699
3.15%, 08/22/27 (Call 05/22/27)		6,415		6,285,545
3.30%, 04/13/27		1,225		1,215,090
Baidu Inc.
1.63%, 02/23/27 (Call 01/23/27)^(a)		95		84,314
3.63%, 07/06/27^(a)		1,255		1,218,906
eBay Inc., 3.60%, 06/05/27 (Call 03/05/27)^(a)		2,109		2,072,725
Expedia Group Inc., 4.63%, 08/01/27 (Call 05/01/27)		1,872		1,881,079
VeriSign Inc., 4.75%, 07/15/27 (Call 07/15/22)^(a)		170		169,983


				20,618,589

Iron & Steel — 0.1%
Steel Dynamics Inc., 1.65%, 10/15/27 (Call 08/15/27)^(a)		901		795,610


Lodging — 0.1%
Sands China Ltd., 2.55%, 03/08/27 (Call 02/08/27)^(a)(b)		500		421,045


Machinery — 0.8%
Caterpillar Financial Services Corp.
1.10%, 09/14/27^(a)		882		780,782
1.70%, 01/08/27^(a)		185		170,836
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)^(a)		1,099		1,068,327
John Deere Capital Corp, 2.35%, 03/08/27		865		817,797
John Deere Capital Corp.
1.70%, 01/11/27		416		383,032
1.75%, 03/09/27^(a)		702		645,384
2.80%, 09/08/27		919		882,920
Otis Worldwide Corp., 2.29%, 04/05/27 (Call 02/05/27)^(a)		1,191		1,099,591


				5,848,669

Manufacturing — 1.0%
3M Co., 2.88%, 10/15/27 (Call 07/15/27)^(a)		1,504		1,451,510
Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)		1,450		1,412,996
Eaton Corp., 3.10%, 09/15/27 (Call 06/15/27)^(a)		1,506		1,466,995
Parker-Hannifin Corp., 3.25%, 03/01/27 (Call 12/01/26)		1,441		1,406,560
Textron Inc., 3.65%, 03/15/27 (Call 12/15/26)		896		880,983


				6,619,044

Media — 1.7%
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)		2,521		2,366,639
3.30%, 02/01/27 (Call 11/01/26)^(a)		2,733		2,680,663
3.30%, 04/01/27 (Call 02/01/27)		1,244		1,219,394
FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)		1,150		1,087,612
Paramount Global, 2.90%, 01/15/27 (Call 10/15/26)		1,925		1,820,819
TWDC Enterprises 18 Corp., 2.95%, 06/15/27		1,711		1,649,952
Walt Disney Co. (The), 3.70%, 03/23/27		1,061		1,061,626


				11,886,705

Mining — 0.3%
Freeport-McMoRan Inc., 5.00%, 09/01/27 (Call 09/01/22)^(a)		1,255		1,270,110
Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)		1,006		1,009,219


				2,279,329

Oil & Gas — 3.5%
BP Capital Markets America Inc.
3.02%, 01/16/27 (Call 10/16/26)		1,673		1,611,751
3.54%, 04/06/27 (Call 02/06/27)		891		876,584
3.59%, 04/14/27 (Call 01/14/27)		1,385		1,365,111
BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27)^(a)		2,517		2,437,136


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27)	$	2,528	$	2,472,258
Cenovus Energy Inc., 4.25%, 04/15/27 (Call 01/15/27)		1,673		1,673,418
Chevron Corp., 2.00%, 05/11/27 (Call 03/11/27)		2,498		2,314,672
Chevron USA Inc., 1.02%, 08/12/27 (Call 06/12/27)		1,385		1,212,664
Coterra Energy Inc., 3.90%, 05/15/27 (Call 02/15/27)^(a)(b)		1,344		1,315,494
Devon Energy Corp., 5.25%, 10/15/27 (Call 10/15/22)		593		611,875
Eni USA Inc., 7.30%, 11/15/27		262		300,564
EQT Corp., 3.90%, 10/01/27 (Call 07/01/27)		201		192,811
Exxon Mobil Corp., 3.29%, 03/19/27 (Call 01/19/27)^(a)		2,060		2,037,443
Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)		2,062		2,053,525
Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)		1,984		1,977,493
Valero Energy Corp., 2.15%, 09/15/27 (Call 07/15/27)^(a)		1,775		1,605,328


				24,058,127

Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 3.34%, 12/15/27 (Call 09/15/27)		2,251		2,154,590


Packaging & Containers — 0.6%
Berry Global Inc., 1.65%, 01/15/27 (Call 12/15/26)		1,296		1,151,379
Packaging Corp. of America, 3.40%, 12/15/27 (Call 09/15/27)^(a)		1,586		1,539,863
Sonoco Products Co., 2.25%, 02/01/27 (Call 01/01/27)		776		719,833
WRKCo Inc., 3.38%, 09/15/27 (Call 06/15/27)		929		894,999


				4,306,074

Pharmaceuticals — 5.1%
AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)		1,914		1,863,356
AstraZeneca PLC, 3.13%, 06/12/27 (Call 03/12/27)^(a)		1,829		1,786,622
Becton Dickinson and Co., 3.70%, 06/06/27 (Call 03/06/27)		3,129		3,079,499
Bristol-Myers Squibb Co.
1.13%, 11/13/27 (Call 09/13/27)^(a)		1,644		1,440,851
3.25%, 02/27/27		15		14,807
3.45%, 11/15/27 (Call 08/15/27)		135		133,275
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)^(a)		2,862		2,787,273
Cigna Corp.
3.05%, 10/15/27 (Call 07/15/27)		1,465		1,400,774
3.40%, 03/01/27 (Call 12/01/26)		2,580		2,509,566
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)		4,042		3,539,256
3.63%, 04/01/27 (Call 02/01/27)^(a)		2,023		1,990,349
6.25%, 06/01/27		557		614,243
Eli Lilly & Co.
3.10%, 05/15/27 (Call 02/15/27)^(a)		798		779,582
5.50%, 03/15/27		50		54,053
Johnson & Johnson
0.95%, 09/01/27 (Call 07/01/27)^(a)		2,911		2,573,761
2.95%, 03/03/27 (Call 12/03/26)		1,420		1,407,731
Merck & Co. Inc., 1.70%, 06/10/27 (Call 05/10/27)		3,086		2,824,585
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)		1,515		1,423,236
3.10%, 05/17/27 (Call 02/17/27)		1,749		1,711,729
Viatris Inc., 2.30%, 06/22/27 (Call 04/22/27)		1,541		1,364,278
Zoetis Inc., 3.00%, 09/12/27 (Call 06/12/27)		1,646		1,582,497


				34,881,323

Pipelines — 4.0%
Boardwalk Pipelines LP, 4.45%, 07/15/27 (Call 04/15/27)^(a)		1,384		1,371,364
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27 (Call 01/01/27)		2,842		2,924,361
Enbridge Inc., 3.70%, 07/15/27 (Call 04/15/27)		1,669		1,632,249


Security	Par (000)		Value

Pipelines (continued)
Energy Transfer LP
4.00%, 10/01/27 (Call 07/01/27)	$	1,823	$	1,764,190
4.20%, 04/15/27 (Call 01/15/27)^(a)		1,031		1,012,823
4.40%, 03/15/27 (Call 12/15/26)		1,407		1,390,805
5.50%, 06/01/27 (Call 03/01/27)^(a)		1,481		1,533,798
Enterprise Products Operating LLC, 3.95%, 02/15/27 (Call 11/15/26)^(a)		873		870,372
MPLX LP
4.13%, 03/01/27 (Call 12/01/26)		2,712		2,687,348
4.25%, 12/01/27 (Call 09/01/27)		1,390		1,374,752
Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)^(a)		945		938,886
ONEOK Inc., 4.00%, 07/13/27 (Call 04/13/27)		1,398		1,368,754
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 (Call 09/15/26)		3,315		3,392,372
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 07/15/27 (Call 07/15/22)^(a)		530		547,140
TC PipeLines LP, 3.90%, 05/25/27 (Call 02/25/27)^(a)		1,044		1,037,590
Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27^(a)		943		1,055,151
Williams Companies Inc. (The), 3.75%, 06/15/27 (Call 03/15/27)		2,534		2,478,886


				27,380,841

Real Estate Investment Trusts — 6.0%
Alexandria Real Estate Equities Inc., 3.95%, 01/15/27 (Call 10/15/26)		1,049		1,049,713
American Campus Communities Operating Partnership LP, 3.63%, 11/15/27 (Call 08/15/27)		698		692,269
American Tower Corp.
2.75%, 01/15/27 (Call 11/15/26)^(a)		1,003		932,971
3.13%, 01/15/27 (Call 10/15/26)		863		815,854
3.55%, 07/15/27 (Call 04/15/27)^(a)		1,820		1,739,447
3.65%, 03/15/27 (Call 02/15/27)		995		959,986
AvalonBay Communities Inc., 3.35%, 05/15/27 (Call 02/15/27)		651		634,764
Brandywine Operating Partnership LP, 3.95%, 11/15/27 (Call 08/15/27)		733		710,020
Brixmor Operating Partnership LP, 3.90%, 03/15/27 (Call 12/15/26)		671		654,178
Crown Castle International Corp.
2.90%, 03/15/27 (Call 02/15/27)		1,010		947,168
3.65%, 09/01/27 (Call 06/01/27)		2,060		1,976,714
4.00%, 03/01/27 (Call 12/01/26)		832		820,161
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)^(a)		1,894		1,837,786
Duke Realty LP, 3.38%, 12/15/27 (Call 09/15/27)		686		660,090
EPR Properties, 4.50%, 06/01/27 (Call 03/01/27)		600		573,600
Equinix Inc., 1.80%, 07/15/27 (Call 05/15/27)		1,198		1,057,810
ERP Operating LP, 3.25%, 08/01/27 (Call 05/01/27)		657		632,126
Essex Portfolio LP, 3.63%, 05/01/27 (Call 02/01/27)^(a)		405		401,007
Federal Realty Investment Trust, 3.25%, 07/15/27 (Call 04/15/27)		616		587,836
Healthcare Trust of America Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)		791		772,965
Healthpeak Properties Inc., 1.35%, 02/01/27 (Call 01/01/27)^(a)		761		682,952
Highwoods Realty LP, 3.88%, 03/01/27 (Call 12/01/26)		425		418,952
Hudson Pacific Properties LP, 3.95%, 11/01/27 (Call 08/01/27)^(a)		566		551,420
Kimco Realty Corp., 3.80%, 04/01/27 (Call 01/01/27)^(a)		505		497,748
Life Storage LP, 3.88%, 12/15/27 (Call 09/15/27)		781		766,278
Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27)^(a)		1,234		1,208,654
National Retail Properties Inc., 3.50%, 10/15/27 (Call 07/15/27)		570		547,685


56		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Office Properties Income Trust, 2.40%, 02/01/27 (Call 01/01/27)	$	728	$	630,062
Omega Healthcare Investors Inc., 4.50%, 04/01/27 (Call 01/01/27)		1,111		1,083,881
Physicians Realty LP, 4.30%, 03/15/27 (Call 12/15/26)		598		600,542
Prologis LP, 2.13%, 04/15/27 (Call 02/15/27)^(a)		898		832,383
Public Storage, 3.09%, 09/15/27 (Call 06/15/27)		1,161		1,124,405
Realty Income Corp.
3.00%, 01/15/27 (Call 10/15/26)		1,332		1,278,907
3.95%, 08/15/27 (Call 05/15/27)		1,621		1,611,825
Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26)		1,416		1,389,960
Simon Property Group LP
1.38%, 01/15/27 (Call 10/15/26)^(a)		1,546		1,381,506
3.38%, 06/15/27 (Call 03/15/27)^(a)		1,323		1,286,657
3.38%, 12/01/27 (Call 09/01/27)^(a)		1,742		1,676,118
SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)^(a)		743		743,602
Spirit Realty LP, 3.20%, 01/15/27 (Call 11/15/26)		775		735,374
Tanger Properties LP, 3.88%, 07/15/27 (Call 04/15/27)^(a)		400		387,656
UDR Inc., 3.50%, 07/01/27 (Call 04/01/27)		812		791,586
Ventas Realty LP, 3.85%, 04/01/27 (Call 01/01/27)		1,281		1,269,112
Welltower Inc., 2.70%, 02/15/27 (Call 12/15/26)^(a)		1,191		1,136,869
Weyerhaeuser Co., 6.95%, 10/01/27		496		557,836


				41,648,435

Retail — 3.9%
Advance Auto Parts Inc., 1.75%, 10/01/27 (Call 08/01/27)^(a)		1,163		1,024,870
AutoNation Inc., 3.80%, 11/15/27 (Call 08/15/27)^(a)		1,101		1,067,001
AutoZone Inc., 3.75%, 06/01/27 (Call 03/01/27)^(a)		1,419		1,405,264
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		2,548		2,299,392
3.00%, 05/18/27 (Call 02/18/27)		2,110		2,074,046
Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)		1,554		1,528,763
Dollar General Corp., 3.88%, 04/15/27 (Call 01/15/27)^(a)		1,516		1,517,986
Home Depot Inc. (The)
2.50%, 04/15/27 (Call 02/15/27)		1,325		1,262,062
2.80%, 09/14/27 (Call 06/14/27)		2,147		2,063,825
2.88%, 04/15/27 (Call 03/15/27)		1,195		1,157,776
Lowe’s Companies Inc.
3.10%, 05/03/27 (Call 02/03/27)		3,026		2,933,556
3.35%, 04/01/27 (Call 03/01/27)		780		761,506
McDonald’s Corp.
3.50%, 03/01/27 (Call 12/01/26)		2,038		2,015,969
3.50%, 07/01/27 (Call 05/01/27)		2,304		2,270,961
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)^(a)		1,597		1,568,717
Starbucks Corp., 2.00%, 03/12/27 (Call 01/12/27)		1,423		1,311,636
Target Corp., 1.95%, 01/15/27 (Call 12/15/26)		445		417,388
Walmart Inc., 5.88%, 04/05/27^(a)		200		222,258


				26,902,976

Semiconductors — 3.1%
Applied Materials Inc., 3.30%, 04/01/27 (Call 01/01/27)		2,768		2,730,577
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		4,643		4,532,729
Intel Corp.
3.15%, 05/11/27 (Call 02/11/27)^(a)		2,483		2,440,466
3.75%, 03/25/27 (Call 01/25/27)^(a)		1,732		1,741,872
Maxim Integrated Products Inc., 3.45%, 06/15/27 (Call 03/15/27)^(a)		1,336		1,297,710
Micron Technology Inc., 4.19%, 02/15/27 (Call 12/15/26)^(a)		2,147		2,134,225
NXP BV/NXP Funding LLC/NXP USA Inc., 3.15%, 05/01/27 (Call 03/01/27)^(a)(b)		1,036		979,642
QUALCOMM Inc., 3.25%, 05/20/27 (Call 02/20/27)		3,927		3,846,261


Security	Par (000)		Value

Semiconductors (continued)
Texas Instruments Inc., 2.90%, 11/03/27 (Call 08/03/27)^(a)	$	1,449	$	1,409,645
TSMC Arizona Corp., 3.88%, 04/22/27 (Call 03/22/27)		220		219,142


				21,332,269

Shipbuilding — 0.2%
Huntington Ingalls Industries Inc., 3.48%, 12/01/27 (Call 09/01/27)		1,161		1,115,175


Software — 4.3%
Activision Blizzard Inc., 3.40%, 06/15/27 (Call 03/15/27)^(a)		990		975,685
Adobe Inc., 2.15%, 02/01/27 (Call 12/01/26)		2,264		2,133,888
Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27)		1,587		1,543,357
Citrix Systems Inc., 4.50%, 12/01/27 (Call 09/01/27)		1,813		1,836,678
Fiserv Inc., 2.25%, 06/01/27 (Call 04/01/27)		2,511		2,302,336
Intuit Inc., 1.35%, 07/15/27 (Call 05/15/27)^(a)		1,658		1,475,222
Microsoft Corp., 3.30%, 02/06/27 (Call 11/06/26)		5,913		5,943,807
Oracle Corp.
2.80%, 04/01/27 (Call 02/01/27)		3,408		3,151,957
3.25%, 11/15/27 (Call 08/15/27)		4,293		4,003,695
Roper Technologies Inc., 1.40%, 09/15/27 (Call 07/15/27)^(a)		1,510		1,322,669
Take-Two Interactive Software Inc., 3.70%, 04/14/27		1,040		1,019,054
VMware Inc.
3.90%, 08/21/27 (Call 05/21/27)		2,171		2,124,237
4.65%, 05/15/27 (Call 03/15/27)		1,420		1,439,411
Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)		495		482,892


				29,754,888

Telecommunications — 4.2%
AT&T Inc.
2.30%, 06/01/27 (Call 04/01/27)		3,179		2,928,972
3.80%, 02/15/27 (Call 11/15/26)^(a)		2,012		2,010,390
4.25%, 03/01/27 (Call 12/01/26)		3,076		3,139,796
Rogers Communications Inc., 3.20%, 03/15/27 (Call 02/15/27)^(b)		1,370		1,306,350
Telefonica Emisiones SA, 4.10%, 03/08/27^(a)		2,471		2,446,191
TELUS Corp.
2.80%, 02/16/27 (Call 11/16/26)^(a)		1,640		1,577,598
3.70%, 09/15/27 (Call 06/15/27)^(a)		1,218		1,217,172
T-Mobile USA Inc., 3.75%, 04/15/27 (Call 02/15/27)		7,085		6,898,310
Verizon Communications Inc.
3.00%, 03/22/27 (Call 01/22/27)		1,415		1,354,664
4.13%, 03/16/27		5,972		6,009,027


				28,888,470

Toys, Games & Hobbies — 0.2%
Hasbro Inc., 3.50%, 09/15/27 (Call 06/15/27)		1,549		1,489,100


Transportation — 1.5%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/27 (Call 03/15/27)^(a)		1,580		1,556,585
CSX Corp., 3.25%, 06/01/27 (Call 03/01/27)^(a)		2,196		2,122,302
Norfolk Southern Corp.
3.15%, 06/01/27 (Call 03/01/27)^(a)		1,241		1,199,687
7.80%, 05/15/27^(a)		138		162,325
Ryder System Inc., 2.85%, 03/01/27 (Call 02/01/27)		365		344,458
Union Pacific Corp.
2.15%, 02/05/27 (Call 12/05/26)		1,477		1,381,999
3.00%, 04/15/27 (Call 01/15/27)		1,337		1,293,441
United Parcel Service Inc., 3.05%, 11/15/27 (Call 08/15/27)^(a)		2,141		2,081,887


				10,142,684

Trucking & Leasing — 0.1%
GATX Corp., 3.85%, 03/30/27 (Call 12/30/26)		841		831,976


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value


Venture Capital — 0.1%
Hercules Capital Inc., 3.38%, 01/20/27 (Call 12/20/26)	$	565	$	519,958


Water — 0.1%
American Water Capital Corp., 2.95%, 09/01/27 (Call 06/01/27)^(a)		888		847,534


Total Corporate Bonds & Notes — 98.8% (Cost: $727,102,893)				680,711,403


Short-Term Investments

Money Market Funds — 11.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		76,377		76,377,348
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		3,587		3,587,000


				79,964,348


Total Short-Term Investments — 11.6% (Cost: $79,960,965)				79,964,348


Total Investments in Securities — 110.4% (Cost: $807,063,858)				760,675,751

Other Assets, Less Liabilities — (10.4)%				(71,373,507	)


Net Assets — 100.0%			$	689,302,244

^(a)	All or a portion of this security is on loan.

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

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	56,469,640	$	19,936,320	^(a)	$	—	$	(24,191	)	$	(4,421	)	$	76,377,348		76,377	$	54,638	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,717,000		870,000	^(a)		—		—			—			3,587,000		3,587		1,735			—


								$	(24,191	)	$	(4,421	)	$	79,964,348			$	56,373		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	680,711,403	$	—	$	680,711,403
Money Market Funds		79,964,348		—		—		79,964,348


	$	79,964,348	$	680,711,403	$	—	$	760,675,751

See notes to financial statements.


58		2 0 2 2 I S H A R E S S E M I - 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 (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.3%
Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28)	$	803	$	812,805


Aerospace & Defense — 3.2%
Boeing Co. (The)
3.25%, 02/01/28 (Call 12/01/27)		855		791,345
3.25%, 03/01/28 (Call 12/01/27)		570		520,382
3.45%, 11/01/28 (Call 08/01/28)		385		354,470
General Dynamics Corp., 3.75%, 05/15/28 (Call 02/15/28)		1,102		1,098,385
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)		1,786		1,789,551
Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27)		1,961		1,884,482
Raytheon Technologies Corp., 4.13%, 11/16/28 (Call 08/16/28)		2,920		2,921,285
Teledyne Technologies Inc., 2.25%, 04/01/28 (Call 02/01/28)		441		392,763


				9,752,663

Agriculture — 1.0%
BAT Capital Corp., 2.26%, 03/25/28 (Call 01/25/28)		1,961		1,679,185
BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)		815		784,649
Philip Morris International Inc., 3.13%, 03/02/28 (Call 12/02/27)^(a)		709		673,862


				3,137,696

Airlines — 0.4%
American Airlines Pass Through Trust
Series 2016-1, Class AA, 3.58%, 07/15/29		184		175,039
Series 2016-2, Class AA, 3.20%, 12/15/29		275		255,333
Series 2016-3, Class AA, 3.00%, 04/15/30^(a)		131		119,782
Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29		191		172,679
Spirit Airlines Pass Through Trust, Series 2015-1, Class A, 4.10%, 10/01/29^(a)		165		161,053
United Airlines Pass Through Trust
Series 2016-1, Class AA, 3.10%, 01/07/30		252		234,641
Series 2016-2, Class AA, 2.88%, 04/07/30		183		169,167


				1,287,694

Auto Manufacturers — 1.6%
American Honda Finance Corp.
2.00%, 03/24/28		311		280,948
3.50%, 02/15/28		625		614,362
General Motors Co., 5.00%, 10/01/28 (Call 07/01/28)		869		862,387
General Motors Financial Co. Inc.
2.40%, 04/10/28 (Call 02/10/28)		730		636,859
2.40%, 10/15/28 (Call 08/15/28)		815		698,814
3.85%, 01/05/28 (Call 10/05/27)		615		582,608
Toyota Motor Corp., 3.67%, 07/20/28^(a)		507		504,414
Toyota Motor Credit Corp.
1.90%, 04/06/28^(a)		425		383,512
3.05%, 01/11/28		206		199,363


				4,763,267

Banks — 10.5%
Banco Santander SA
3.80%, 02/23/28		1,010		961,116
4.38%, 04/12/28		1,040		1,016,153
Bank of New York Mellon Corp. (The)
1.65%, 07/14/28 (Call 05/14/28)^(a)		200		177,550
3.00%, 10/30/28 (Call 07/30/28)^(a)		760		708,723
3.40%, 01/29/28 (Call 10/29/27)		964		944,865
3.85%, 04/28/28		614		615,332


Security	Par (000)		Value

Banks (continued)
Barclays PLC
4.34%, 01/10/28 (Call 01/10/27)	$	1,345	$	1,319,405
4.84%, 05/09/28 (Call 05/07/27)		1,890		1,863,332
Citigroup Inc.
4.13%, 07/25/28		2,214		2,153,646
6.63%, 01/15/28		360		399,841
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)^(a)		1,090		1,090,065
Fifth Third Bancorp., 3.95%, 03/14/28 (Call 02/14/28)^(a)		918		905,616
First-Citizens Bank & Trust Co., 6.13%, 03/09/28^(a)		350		370,167
ING Groep NV, 4.55%, 10/02/28		1,490		1,481,820
KeyBank N.A./Cleveland OH, 6.95%, 02/01/28		220		247,487
KeyCorp., 4.10%, 04/30/28		1,028		1,018,512
Lloyds Banking Group PLC
4.38%, 03/22/28		1,730		1,708,167
4.55%, 08/16/28		1,290		1,288,581
Mitsubishi UFJ Financial Group Inc.
3.96%, 03/02/28^(a)		1,451		1,419,833
4.05%, 09/11/28		1,020		994,102
Mizuho Financial Group Inc., 4.02%, 03/05/28		1,305		1,279,709
Northern Trust Corp., 3.65%, 08/03/28 (Call 05/03/28)		722		719,054
PNC Bank N.A.
3.25%, 01/22/28 (Call 12/23/27)		885		857,485
4.05%, 07/26/28		1,495		1,484,281
Regions Financial Corp., 1.80%, 08/12/28 (Call 06/12/28)		375		325,249
Sumitomo Mitsui Financial Group Inc.
1.90%, 09/17/28		1,805		1,552,372
3.54%, 01/17/28		646		622,176
3.94%, 07/19/28		604		588,979
4.31%, 10/16/28^(a)		861		854,775
SVB Financial Group, 2.10%, 05/15/28 (Call 03/15/28)		445		391,573
U.S. Bancorp., 3.90%, 04/26/28 (Call 03/24/28)		1,144		1,146,002
Westpac Banking Corp.
1.95%, 11/20/28		415		366,569
3.40%, 01/25/28		1,269		1,232,123


				32,104,660

Beverages — 1.9%
Anheuser-Busch InBev Worldwide Inc., 4.00%, 04/13/28 (Call 01/13/28)		2,755		2,738,387
Coca-Cola Co. (The)
1.00%, 03/15/28^(a)		786		680,684
1.50%, 03/05/28		457		409,198
Constellation Brands Inc.
3.60%, 02/15/28 (Call 11/15/27)		759		730,962
4.65%, 11/15/28 (Call 08/15/28)^(a)		710		718,179
Diageo Capital PLC, 3.88%, 05/18/28 (Call 02/18/28)		625		628,119


				5,905,529

Biotechnology — 0.2%
Amgen Inc., 1.65%, 08/15/28 (Call 06/15/28)		555		484,204


Building Materials — 0.1%
Masco Corp., 1.50%, 02/15/28 (Call 12/15/27)		515		438,687


Chemicals — 1.7%
Dow Chemical Co. (The), 4.80%, 11/30/28 (Call 08/30/28)		730		752,827
DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28)^(a)		2,284		2,359,783
Eastman Chemical Co., 4.50%, 12/01/28 (Call 09/01/28)^(a)		672		674,466
International Flavors & Fragrances Inc., 4.45%, 09/26/28 (Call 06/26/28)		440		440,493
PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27)^(a)		822		820,093


				5,047,662


S C H E D U L E O F I N V E S T M E N T S		59

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services — 1.0%
Automatic Data Processing Inc., 1.70%, 05/15/28 (Call 03/15/28)	$	510	$	459,571
Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28)		420		371,809
Global Payments Inc., 4.45%, 06/01/28 (Call 03/01/28)		538		535,455
Moody’s Corp., 3.25%, 01/15/28 (Call 10/15/27)		817		790,333
S&P Global Inc., 4.75%, 08/01/28 (Call 05/01/28)^(b)		745		771,828


				2,928,996

Computers — 1.7%
Apple Inc.
1.20%, 02/08/28 (Call 12/08/27)		2,224		1,947,624
1.40%, 08/05/28 (Call 06/05/28)		2,175		1,910,041
Dell Inc., 7.10%, 04/15/28		375		413,509
DXC Technology Co., 2.38%, 09/15/28 (Call 07/15/28)		620		539,487
International Business Machines Corp., 6.50%, 01/15/28		300		336,870
Kyndryl Holdings Inc., 2.70%, 10/15/28 (Call 08/15/28)^(b)		135		111,546


				5,259,077

Cosmetics & Personal Care — 0.4%
Unilever Capital Corp., 3.50%, 03/22/28 (Call 12/22/27)		1,306		1,288,682


Diversified Financial Services — 4.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.00%, 10/29/28 (Call 08/29/28)		3,185		2,769,166
3.88%, 01/23/28 (Call 10/23/27)		579		533,751
Air Lease Corp.
2.10%, 09/01/28 (Call 07/01/28)		475		402,790
4.63%, 10/01/28 (Call 07/01/28)		674		653,800
Ally Financial Inc., 2.20%, 11/02/28 (Call 09/02/28)^(a)		190		164,903
Brookfield Finance Inc., 3.90%, 01/25/28 (Call 10/25/27)		640		623,539
Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27)		1,431		1,377,667
Charles Schwab Corp. (The)
2.00%, 03/20/28 (Call 01/20/28)		1,306		1,177,908
3.20%, 01/25/28 (Call 10/25/27)		840		809,735
CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28)		797		792,991
Intercontinental Exchange Inc., 3.75%, 09/21/28 (Call 06/21/28)		847		834,566
Lazard Group LLC, 4.50%, 09/19/28 (Call 06/19/28)		510		505,701
Mastercard Inc., 3.50%, 02/26/28 (Call 11/26/27)		759		754,742
Morgan Stanley Domestic Holdings Inc., 4.50%, 06/20/28 (Call 03/20/28)		656		660,730
Nomura Holdings Inc., 2.17%, 07/14/28		575		500,434


				12,562,423

Electric — 7.7%
AEP Texas Inc., 3.95%, 06/01/28 (Call 03/01/28)		318		314,311
Ameren Corp., 1.75%, 03/15/28 (Call 01/15/28)		392		346,379
Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28)		340		339,487
American Electric Power Co. Inc., Series J, 4.30%, 12/01/28 (Call 09/01/28)		740		735,175
Atlantic City Electric Co., 4.00%, 10/15/28 (Call 07/15/28)		407		404,973
Berkshire Hathaway Energy Co., 3.25%, 04/15/28 (Call 01/15/28)		678		650,982
CenterPoint Energy Inc., 4.25%, 11/01/28 (Call 08/01/28)		147		146,452
Commonwealth Edison Co., 3.70%, 08/15/28 (Call 05/15/28)		575		565,938
Consolidated Edison Co. of New York Inc.
3.80%, 05/15/28 (Call 02/15/28)		393		389,832
Series D, 4.00%, 12/01/28 (Call 09/01/28)^(a)		395		395,545
Consumers Energy Co., 3.80%, 11/15/28 (Call 08/15/28)		306		304,011
Dominion Energy Inc., 4.25%, 06/01/28 (Call 03/01/28)		648		647,443
DTE Electric Co., Series A, 1.90%, 04/01/28 (Call 02/01/28)^(a)		271		243,729
Duke Energy Carolinas LLC
3.95%, 11/15/28 (Call 08/15/28)^(a)		661		661,172


Security	Par (000)		Value

Electric (continued)
Series A, 6.00%, 12/01/28	$	300	$	329,709
Duke Energy Florida LLC, 3.80%, 07/15/28 (Call 04/15/28)		597		587,985
Duke Energy Progress LLC, 3.70%, 09/01/28 (Call 06/01/28)^(a)		430		423,296
Edison International, 4.13%, 03/15/28 (Call 12/15/27)		546		526,076
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		894		879,052
Entergy Arkansas LLC, 4.00%, 06/01/28 (Call 03/01/28)		285		283,347
Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)^(a)		541		470,513
Entergy Louisiana LLC, 3.25%, 04/01/28 (Call 01/01/28)		375		359,640
Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)		605		564,532
Eversource Energy, Series M, 3.30%, 01/15/28 (Call 10/15/27)		537		512,062
Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28)		415		411,871
Interstate Power & Light Co., 4.10%, 09/26/28 (Call 06/26/28)		575		577,772
Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)		410		402,751
National Rural Utilities Cooperative Finance Corp.
3.40%, 02/07/28 (Call 11/07/27)^(a)		659		643,382
3.90%, 11/01/28 (Call 08/01/28)		484		478,879
NextEra Energy Capital Holdings Inc., 1.90%, 06/15/28 (Call 04/15/28)		1,550		1,368,185
Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28)		435		429,571
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 (Call 08/15/28)		671		663,914
Pacific Gas and Electric Co.
3.00%, 06/15/28 (Call 04/15/28)		505		451,197
3.75%, 07/01/28		1,059		973,719
4.65%, 08/01/28 (Call 05/01/28)		330		317,140
Public Service Co. of Colorado, 3.70%, 06/15/28 (Call 12/15/27)		450		447,656
Public Service Electric & Gas Co.
3.65%, 09/01/28 (Call 06/01/28)		555		548,174
3.70%, 05/01/28 (Call 02/01/28)		190		188,165
Puget Energy Inc., 2.38%, 06/15/28 (Call 04/15/28)		605		538,341
Sempra Energy, 3.40%, 02/01/28 (Call 11/01/27)^(a)		1,047		1,003,036
Southern California Edison Co., Series B, 3.65%, 03/01/28 (Call 12/01/27)		459		441,016
Southern Co. (The), Series 21-B, 1.75%, 03/15/28 (Call 01/15/28)		400		346,296
Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 (Call 06/15/28)		693		682,113
Virginia Electric & Power Co., Series A, 3.80%, 04/01/28 (Call 01/01/28)^(a)		597		591,149
WEC Energy Group Inc., 2.20%, 12/15/28 (Call 10/15/28)^(a)		300		265,383
Wisconsin Electric Power Co., 1.70%, 06/15/28 (Call 04/15/28)		75		66,419
Xcel Energy Inc., 4.00%, 06/15/28 (Call 12/15/27)		635		627,717


				23,545,487

Electronics — 1.1%
Arrow Electronics Inc., 3.88%, 01/12/28 (Call 10/12/27)^(a)		536		523,361
Hubbell Inc., 3.50%, 02/15/28 (Call 11/15/27)		439		426,989
Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27)^(a)		549		534,655
TD SYNNEX Corp., 2.38%, 08/09/28 (Call 06/09/28)^(b)		650		565,565
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)		810		819,809
Vontier Corp, 2.40%, 04/01/28 (Call 02/01/28)		495		423,804


				3,294,183

Environmental Control — 0.6%
Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)^(a)		852		849,112
Waste Connections Inc., 4.25%, 12/01/28 (Call 09/01/28)^(a)		620		621,922
Waste Management Inc., 1.15%, 03/15/28 (Call 01/15/28)^(a)		522		448,972


				1,920,006


60		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food — 2.0%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)	$	1,313	$	1,307,078
Conagra Brands Inc.
4.85%, 11/01/28 (Call 08/01/28)^(a)		1,479		1,488,865
7.00%, 10/01/28		450		504,536
General Mills Inc., 4.20%, 04/17/28 (Call 01/17/28)		1,689		1,702,934
Hormel Foods Corp., 1.70%, 06/03/28 (Call 04/03/28)		270		239,658
Kellogg Co., 4.30%, 05/15/28 (Call 02/15/28)		873		882,559


				6,125,630

Forest Products & Paper — 0.1%
Suzano Austria GmbH, 2.50%, 09/15/28 (Call 07/15/28)		435		370,576


Gas — 0.4%
CenterPoint Energy Resources Corp., 4.00%, 04/01/28 (Call 01/01/28)		409		404,963
National Fuel Gas Co., 4.75%, 09/01/28 (Call 06/01/28)		315		307,563
Southwest Gas Corp., 3.70%, 04/01/28 (Call 01/01/28)		450		435,056


				1,147,582

Hand & Machine Tools — 0.3%
Kennametal Inc., 4.63%, 06/15/28 (Call 03/15/28)^(a)		380		379,289
Stanley Black & Decker Inc., 4.25%, 11/15/28 (Call 08/15/28)		471		474,702


				853,991

Health Care - Products — 1.5%
Abbott Laboratories, 1.15%, 01/30/28 (Call 11/30/27)^(a)		623		547,486
Baxter International Inc., 2.27%, 12/01/28 (Call 10/01/28)^(b)		1,230		1,092,449
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)		902		908,702
PerkinElmer Inc., 1.90%, 09/15/28 (Call 07/15/28)		605		524,983
Stryker Corp., 3.65%, 03/07/28 (Call 12/07/27)		915		897,469
Thermo Fisher Scientific Inc., 1.75%, 10/15/28 (Call 08/15/28)^(a)		850		747,413


				4,718,502

Health Care - Services — 1.7%
Advocate Health & Hospitals Corp., 3.83%, 08/15/28 (Call 05/15/28)		500		494,885
Anthem Inc., 4.10%, 03/01/28 (Call 12/01/27)		1,285		1,283,792
CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)		265		266,103
Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)		295		301,440
Sutter Health, Series 2018, 3.70%, 08/15/28 (Call 05/15/28)^(a)		430		417,517
Toledo Hospital (The), Series B, 5.33%, 11/15/28		395		404,397
UnitedHealth Group Inc.
3.85%, 06/15/28^(a)		1,086		1,089,171
3.88%, 12/15/28^(a)		907		909,095


				5,166,400

Holding Companies - Diversified — 1.1%
Ares Capital Corp., 2.88%, 06/15/28 (Call 04/15/28)		1,435		1,239,137
Blackstone Secured Lending Fund, 2.85%, 09/30/28 (Call 07/30/28)^(b)		650		545,578
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)		675		587,432
Owl Rock Capital Corp., 2.88%, 06/11/28 (Call 04/11/28)		910		775,265
Prospect Capital Corp., 3.44%, 10/15/28 (Call 08/15/28)		405		337,750


				3,485,162

Home Builders — 0.1%
Toll Brothers Finance Corp., 4.35%, 02/15/28 (Call 11/15/27)^(a)		225		216,416


Household Products & Wares — 0.6%
Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)		450		461,691
Clorox Co. (The), 3.90%, 05/15/28 (Call 02/15/28)^(a)		759		757,353


Security	Par (000)		Value

Household Products & Wares (continued)
Kimberly-Clark Corp., 3.95%, 11/01/28 (Call 08/01/28)	$	630	$	640,023


				1,859,067

Insurance — 2.7%
Aon Corp., 4.50%, 12/15/28 (Call 09/15/28)		496		505,246
Assurant Inc., 4.90%, 03/27/28 (Call 12/27/27)		305		310,890
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)		1,072		1,031,929
Cincinnati Financial Corp., 6.92%, 05/15/28		330		379,691
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		1,729		1,720,009
7.00%, 04/01/28		200		225,582
Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Call 01/17/28)		771		774,423
Fidelity National Financial Inc., 4.50%, 08/15/28 (Call 05/15/28)^(a)		634		628,953
Globe Life Inc., 4.55%, 09/15/28 (Call 06/15/28)^(a)		635		647,135
Lincoln National Corp., 3.80%, 03/01/28 (Call 12/01/27)		589		579,535
Prudential Financial Inc., 3.88%, 03/27/28 (Call 12/27/27)		561		561,864
Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28)		826		824,100


				8,189,357

Internet — 1.5%
Amazon.com Inc., 1.65%, 05/12/28 (Call 03/12/28)		2,227		1,986,261
Baidu Inc.
4.38%, 03/29/28 (Call 12/29/27)^(a)		195		193,304
4.88%, 11/14/28 (Call 08/14/28)^(a)		555		564,618
Booking Holdings Inc., 3.55%, 03/15/28 (Call 12/15/27)^(a)		804		784,037
Expedia Group Inc., 3.80%, 02/15/28 (Call 11/15/27)		1,087		1,032,313


				4,560,533

Iron & Steel — 0.2%
Nucor Corp., 3.95%, 05/01/28 (Call 02/01/28)		605		603,270


Lodging — 1.0%
Hyatt Hotels Corp., 4.38%, 09/15/28 (Call 06/15/28)		520		503,126
Marriott International Inc./MD
Series AA, 4.65%, 12/01/28 (Call 09/01/28)^(a)		315		312,307
Series X, 4.00%, 04/15/28 (Call 01/15/28)^(a)		672		649,851
Sands China Ltd., 5.40%, 08/08/28 (Call 05/08/28)		1,715		1,616,319


				3,081,603

Machinery — 1.2%
ABB Finance USA Inc., 3.80%, 04/03/28 (Call 01/03/28)^(a)		230		229,393
John Deere Capital Corp.
1.50%, 03/06/28^(a)		326		289,905
3.05%, 01/06/28		376		365,724
nVent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28)		465		466,144
Oshkosh Corp., 4.60%, 05/15/28 (Call 02/15/28)		535		535,567
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)		1,428		1,434,726
Xylem Inc./NY, 1.95%, 01/30/28 (Call 11/30/27)		507		457,491


				3,778,950

Manufacturing — 0.6%
3M Co., 3.63%, 09/14/28 (Call 06/14/28)^(a)		709		702,924
Textron Inc., 3.38%, 03/01/28 (Call 12/01/27)		620		595,386
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28)		600		582,186


				1,880,496

Media — 4.3%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)		1,091		1,035,446
4.20%, 03/15/28 (Call 12/15/27)		1,375		1,328,058


S C H E D U L E O F I N V E S T M E N T S		61

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
Comcast Corp.
3.15%, 02/15/28 (Call 11/15/27)^(a)	$	1,696	$	1,632,536
3.55%, 05/01/28 (Call 02/01/28)		1,009		985,561
4.15%, 10/15/28 (Call 07/15/28)		3,940		3,968,644
Discovery Communications LLC, 3.95%, 03/20/28 (Call 12/20/27)		1,850		1,777,942
Paramount Global
3.38%, 02/15/28 (Call 11/15/27)		565		533,682
3.70%, 06/01/28 (Call 03/01/28)		671		636,148
TCI Communications Inc., 7.13%, 02/15/28		297		344,422
Walt Disney Co. (The), 2.20%, 01/13/28^(a)		1,086		997,882


				13,240,321

Metal Fabricate & Hardware — 0.2%
Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28)		461		458,082


Mining — 0.6%
AngloGold Ashanti Holdings PLC, 3.38%, 11/01/28 (Call 09/01/28)		560		501,250
Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 03/01/23)^(a)		250		241,635
4.38%, 08/01/28 (Call 08/01/23)^(a)		222		215,012
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		788		924,513


				1,882,410

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp.
3.28%, 12/01/28 (Call 10/01/28)		100		90,250
4.25%, 04/01/28 (Call 10/01/22)		565		529,083


				619,333

Oil & Gas — 3.3%
BP Capital Markets America Inc.
3.94%, 09/21/28 (Call 06/21/28)		1,133		1,122,860
4.23%, 11/06/28 (Call 08/06/28)		1,965		1,973,725
BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28)		772		754,066
Chevron USA Inc., 3.85%, 01/15/28 (Call 10/15/27)		731		737,718
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)		390		382,021
Devon Energy Corp., 5.88%, 06/15/28 (Call 06/15/23)		420		438,887
Marathon Petroleum Corp., 3.80%, 04/01/28 (Call 01/01/28)		560		538,754
Phillips 66, 3.90%, 03/15/28 (Call 12/15/27)		744		732,661
Shell International Finance BV, 3.88%, 11/13/28 (Call 08/13/28)		1,582		1,581,320
TotalEnergies Capital SA, 3.88%, 10/11/28		1,086		1,082,883
Valero Energy Corp., 4.35%, 06/01/28 (Call 03/01/28)		777		772,913


				10,117,808

Packaging & Containers — 0.6%
Amcor Finance USA Inc., 4.50%, 05/15/28 (Call 02/15/28)		563		573,376
WRKCo Inc.
3.90%, 06/01/28 (Call 03/01/28)^(a)		608		594,745
4.00%, 03/15/28 (Call 12/15/27)		765		753,663


				1,921,784

Pharmaceuticals — 8.0%
AbbVie Inc., 4.25%, 11/14/28 (Call 08/14/28)		1,970		1,972,147
Astrazeneca Finance LLC, 1.75%, 05/28/28 (Call 03/28/28)		350		312,449
Bristol-Myers Squibb Co., 3.90%, 02/20/28 (Call 11/20/27)		1,574		1,585,648
Cigna Corp., 4.38%, 10/15/28 (Call 07/15/28)		3,845		3,863,917
CVS Health Corp., 4.30%, 03/25/28 (Call 12/25/27)		5,030		5,051,881
GlaxoSmithKline Capital Inc., 3.88%, 05/15/28		1,817		1,829,010
Johnson & Johnson, 2.90%, 01/15/28 (Call 10/15/27)		1,487		1,444,516
McKesson Corp., 3.95%, 02/16/28 (Call 11/16/27)^(a)		721		709,644
Merck & Co. Inc., 1.90%, 12/10/28 (Call 10/10/28)		552		498,053


Security	Par (000)		Value

Pharmaceuticals (continued)
Merck Sharp & Dohme Corp., 5.95%, 12/01/28	$	182	$	203,913
Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28)		931		904,411
Pfizer Inc., 3.60%, 09/15/28 (Call 06/15/28)^(a)		1,098		1,098,835
Pharmacia LLC, 6.60%, 12/01/28		605		697,964
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)		1,238		1,251,643
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 (Call 08/26/28)		2,010		2,096,309
Zoetis Inc., 3.90%, 08/20/28 (Call 05/20/28)		807		801,480


				24,321,820

Pipelines — 3.9%
Energy Transfer LP
4.95%, 05/15/28 (Call 02/15/28)		770		771,386
4.95%, 06/15/28 (Call 03/15/28)^(a)		1,000		1,007,840
Enterprise Products Operating LLC, 4.15%, 10/16/28 (Call 07/16/28)		910		906,670
Kinder Morgan Inc., 4.30%, 03/01/28 (Call 12/01/27)		1,395		1,389,169
MPLX LP, 4.00%, 03/15/28 (Call 12/15/27)		1,287		1,248,699
ONEOK Inc., 4.55%, 07/15/28 (Call 04/15/28)		842		838,312
Phillips 66 Partners LP, 3.75%, 03/01/28 (Call 12/01/27)		499		482,927
Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 (Call 09/15/27)		1,432		1,406,711
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 01/15/28 (Call 01/15/23)^(a)		780		767,551
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28^(a)		426		482,952
TransCanada PipeLines Ltd., 4.25%, 05/15/28 (Call 02/15/28)		1,626		1,625,252
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (Call 12/15/27)		520		515,455
Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)		546		545,181


				11,988,105

Real Estate Investment Trusts — 7.4%
Agree LP, 2.00%, 06/15/28 (Call 04/15/28)^(a)		440		386,544
Alexandria Real Estate Equities Inc., 3.95%, 01/15/28 (Call 10/15/27)		485		480,451
American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27)		710		694,643
American Tower Corp.
1.50%, 01/31/28 (Call 11/30/27)		735		621,112
3.60%, 01/15/28 (Call 10/15/27)		761		725,233
AvalonBay Communities Inc.
1.90%, 12/01/28 (Call 10/01/28)^(a)		70		61,843
3.20%, 01/15/28 (Call 10/15/27)		423		407,091
Boston Properties LP, 4.50%, 12/01/28 (Call 09/01/28)		1,019		1,026,082
Brixmor Operating Partnership LP, 2.25%, 04/01/28 (Call 02/01/28)		385		337,830
Camden Property Trust, 4.10%, 10/15/28 (Call 07/15/28)		650		653,120
Crown Castle International Corp., 3.80%, 02/15/28 (Call 11/15/27)		1,215		1,169,583
CubeSmart LP, 2.25%, 12/15/28 (Call 10/15/28)		70		61,573
Digital Realty Trust LP, 4.45%, 07/15/28 (Call 04/15/28)^(a)		914		914,978
Duke Realty LP, 4.00%, 09/15/28 (Call 06/15/28)		614		608,523
EPR Properties, 4.95%, 04/15/28 (Call 01/15/28)		300		289,233
Equinix Inc.
1.55%, 03/15/28 (Call 01/15/28)		512		437,361
2.00%, 05/15/28 (Call 03/15/28)		190		165,659
ERP Operating LP
3.50%, 03/01/28 (Call 12/01/27)		530		513,899
4.15%, 12/01/28 (Call 09/01/28)^(a)		486		485,747
Essex Portfolio LP, 1.70%, 03/01/28 (Call 01/01/28)		380		333,108
GLP Capital LP/GLP Financing II Inc., 5.75%, 06/01/28 (Call 03/03/28)		570		598,204
Healthcare Realty Trust Inc., 3.63%, 01/15/28 (Call 10/15/27)		380		365,856


62		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Healthpeak Properties Inc., 2.13%, 12/01/28 (Call 10/01/28)	$	10	$	8,860
Highwoods Realty LP, 4.13%, 03/15/28 (Call 12/15/27)		280		274,652
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 (Call 09/15/28)		580		505,250
Kilroy Realty LP, 4.75%, 12/15/28 (Call 09/15/28)		280		284,942
Kimco Realty Corp., 1.90%, 03/01/28 (Call 01/01/28)		371		327,430
Mid-America Apartments LP, 4.20%, 06/15/28 (Call 03/15/28)		533		531,587
National Retail Properties Inc., 4.30%, 10/15/28 (Call 07/15/28)		410		406,945
Omega Healthcare Investors Inc., 4.75%, 01/15/28 (Call 10/15/27)		605		584,025
Physicians Realty LP, 3.95%, 01/15/28 (Call 10/15/27)		340		331,588
Prologis LP, 3.88%, 09/15/28 (Call 06/15/28)		575		572,407
Public Storage
1.85%, 05/01/28 (Call 03/01/28)		305		272,026
1.95%, 11/09/28 (Call 09/09/28)		555		492,113
Realty Income Corp.
2.20%, 06/15/28 (Call 04/15/28)		595		532,061
3.40%, 01/15/28 (Call 11/15/27)		671		648,092
3.65%, 01/15/28 (Call 10/15/27)		548		536,421
Regency Centers LP, 4.13%, 03/15/28 (Call 12/15/27)		350		346,391
Simon Property Group LP, 1.75%, 02/01/28 (Call 11/01/27)^(a)		792		694,988
Spirit Realty LP, 2.10%, 03/15/28 (Call 01/15/28)		540		468,785
STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27)		330		327,598
Sun Communities Operating LP, 2.30%, 11/01/28 (Call 09/01/28)		30		26,283
UDR Inc., 3.50%, 01/15/28 (Call 10/15/27)		345		332,628
Ventas Realty LP, 4.00%, 03/01/28 (Call 12/01/27)		708		693,125
VICI Properties LP, 4.75%, 02/15/28 (Call 01/15/28)		1,245		1,239,671
Welltower Inc., 4.25%, 04/15/28 (Call 01/15/28)		710		711,200


				22,486,741

Retail — 3.9%
AutoNation Inc., 1.95%, 08/01/28 (Call 06/01/28)^(a)		475		405,588
Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)		793		802,976
Dollar General Corp., 4.13%, 05/01/28 (Call 02/01/28)		803		807,577
Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)		1,334		1,325,849
Home Depot Inc. (The)
0.90%, 03/15/28 (Call 01/15/28)		347		296,584
1.50%, 09/15/28 (Call 07/15/28)^(a)		580		509,524
3.90%, 12/06/28 (Call 09/06/28)		1,022		1,024,606
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)		1,170		1,002,187
1.70%, 09/15/28 (Call 07/15/28)		565		492,686
McDonald’s Corp., 3.80%, 04/01/28 (Call 01/01/28)		1,359		1,349,677
O’Reilly Automotive Inc., 4.35%, 06/01/28 (Call 03/01/28)		775		779,286
Starbucks Corp.
3.50%, 03/01/28 (Call 12/01/27)		849		826,663
4.00%, 11/15/28 (Call 08/15/28)^(a)		849		842,862
TJX Companies Inc. (The), 1.15%, 05/15/28 (Call 03/15/28)		346		296,498
Walmart Inc., 3.70%, 06/26/28 (Call 03/26/28)		1,077		1,080,619


				11,843,182

Semiconductors — 3.0%
Analog Devices Inc., 1.70%, 10/01/28 (Call 08/01/28)		885		776,136
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/28 (Call 10/15/27)		837		790,730
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)^(b)		857		741,819
4.11%, 09/15/28 (Call 06/15/28)^(a)		1,927		1,879,943
Intel Corp., 1.60%, 08/12/28 (Call 06/12/28)		1,125		990,090


Security	Par (000)		Value

Semiconductors (continued)
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)	$	565	$	503,669
4.88%, 06/22/28 (Call 03/22/28)		780		793,065
NVIDIA Corp., 1.55%, 06/15/28 (Call 04/15/28)		1,395		1,227,572
NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)^(b)		692		727,666
QUALCOMM Inc., 1.30%, 05/20/28 (Call 02/20/28)		983		852,910


				9,283,600

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 2.04%, 08/16/28 (Call 06/16/28)^(b)		250		216,030


Software — 2.4%
Fidelity National Information Services Inc., 1.65%, 03/01/28 (Call 01/01/28)^(a)		627		542,807
Fiserv Inc., 4.20%, 10/01/28 (Call 07/01/28)		1,162		1,143,059
Oracle Corp., 2.30%, 03/25/28 (Call 01/25/28)		1,846		1,608,715
Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)		842		844,846
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)^(a)		1,015		896,529
3.70%, 04/11/28 (Call 01/11/28)^(a)		1,478		1,474,172
VMware Inc., 1.80%, 08/15/28 (Call 06/15/28)		790		671,603


				7,181,731

Telecommunications — 5.3%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)		1,908		1,666,810
4.10%, 02/15/28 (Call 11/15/27)		1,990		2,000,228
British Telecommunications PLC, 5.13%, 12/04/28 (Call 09/04/28)^(a)		860		877,217
Motorola Solutions Inc., 4.60%, 02/23/28 (Call 11/23/27)		809		806,047
T-Mobile USA Inc., 2.05%, 02/15/28 (Call 12/15/27)		1,902		1,678,192
Verizon Communications Inc.
2.10%, 03/22/28 (Call 01/22/28)		1,881		1,687,483
4.33%, 09/21/28		4,254		4,280,545
Vodafone Group PLC, 4.38%, 05/30/28		3,056		3,103,062


				16,099,584

Transportation — 2.8%
Canadian National Railway Co., 6.90%, 07/15/28		635		739,172
Canadian Pacific Railway Co., 4.00%, 06/01/28 (Call 03/01/28)		808		813,624
CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)		858		849,291
CSX Corp., 3.80%, 03/01/28 (Call 12/01/27)		1,112		1,104,483
FedEx Corp.
3.40%, 02/15/28 (Call 11/15/27)		721		695,981
4.20%, 10/17/28 (Call 07/17/28)		537		541,881
Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)		765		731,340
Norfolk Southern Corp., 3.80%, 08/01/28 (Call 05/01/28)		910		901,928
Union Pacific Corp., 3.95%, 09/10/28 (Call 06/10/28)^(a)		1,220		1,222,221
Walmart Inc., 1.50%, 09/22/28 (Call 07/22/28)		1,202		1,063,181


				8,663,102

Trucking & Leasing — 0.2%
GATX Corp.
3.50%, 03/15/28 (Call 12/15/27)		195		187,145
4.55%, 11/07/28 (Call 08/07/28)		518		526,936


				714,081

Water — 0.2%
American Water Capital Corp., 3.75%, 09/01/28 (Call 06/01/28)		628		617,977


S C H E D U L E O F I N V E S T M E N T S		63

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value


Water (continued)
United Utilities PLC, 6.88%, 08/15/28	$	95	$	108,027


				726,004


Total Corporate Bonds & Notes — 98.9% (Cost: $329,622,697)				302,334,974


Short-Term Investments

Money Market Funds — 8.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		22,262		22,261,688
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		3,380		3,380,000


				25,641,688


Total Short-Term Investments — 8.4% (Cost: $25,637,206)				25,641,688


Total Investments in Securities — 107.3% (Cost: $355,259,903)				327,976,662

Other Assets, Less Liabilities — (7.3)%				(22,196,245	)


Net Assets — 100.0%			$	305,780,417

^(a)	All or a portion of this security is on loan.

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

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	21,666,005	$	605,325	^(a)	$	—	$	(9,808	)	$	166	$	22,261,688		22,262	$	16,771	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		530,000		2,850,000	^(a)		—		—			—		3,380,000		3,380		543			—


								$	(9,808	)	$	166	$	25,641,688			$	17,314		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	302,334,974	$	—	$	302,334,974
Money Market Funds		25,641,688		—		—		25,641,688


	$	25,641,688	$	302,334,974	$	—	$	327,976,662

See notes to financial statements.


64		2 0 2 2 I S H A R E S S E M I - 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 (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.7%
Boeing Co. (The), 3.20%, 03/01/29 (Call 12/01/28)	$	807	$	723,589
L3Harris Technologies Inc., 2.90%, 12/15/29 (Call 09/15/29)^(a)		476		433,031
Raytheon Technologies Corp., 7.50%, 09/15/29^(a)		20		24,118


				1,180,738

Agriculture — 1.4%
Altria Group Inc., 4.80%, 02/14/29 (Call 11/14/28)^(a)		1,399		1,392,704
BAT Capital Corp., 3.46%, 09/06/29 (Call 06/06/29)		497		439,984
Philip Morris International Inc., 3.38%, 08/15/29 (Call 05/15/29)		772		729,301


				2,561,989

Airlines — 0.1%
American Airlines Pass Through Trust
Series 2017-1, Class AA, 3.65%, 02/15/29		76		71,945
Series 2017-2, Class AA, 3.35%, 03/01/29		153		143,074


				215,019

Auto Manufacturers — 1.0%
American Honda Finance Corp., 2.25%, 01/12/29		220		197,580
General Motors Financial Co. Inc.
4.30%, 04/06/29 (Call 02/06/29)		460		438,628
5.65%, 01/17/29 (Call 10/17/28)		482		496,286
Toyota Motor Corp., 2.76%, 07/02/29		222		206,882
Toyota Motor Credit Corp., 3.65%, 01/08/29		507		499,238


				1,838,614

Auto Parts & Equipment — 0.4%
Aptiv PLC, 4.35%, 03/15/29 (Call 12/15/28)		275		269,242
Lear Corp., 4.25%, 05/15/29 (Call 02/15/29)		444		429,317


				698,559

Banks — 7.9%
Banco Santander SA, 3.31%, 06/27/29		772		712,749
Bank of New York Mellon Corp. (The)
3.30%, 08/23/29 (Call 05/23/29)		578		547,799
3.85%, 04/26/29 (Call 02/26/29)		200		198,058
Series J, 1.90%, 01/25/29 (Call 11/25/28)		207		182,632
Comerica Inc., 4.00%, 02/01/29 (Call 10/31/28)		693		690,062
ING Groep NV, 4.05%, 04/09/29		704		677,234
KeyBank N.A./Cleveland OH, 3.90%, 04/13/29 (Call 03/13/29)		311		301,247
KeyCorp., 2.55%, 10/01/29^(a)		540		482,069
Mitsubishi UFJ Financial Group Inc.
3.20%, 07/18/29		1,295		1,190,532
3.74%, 03/07/29		1,016		975,868
Northern Trust Corp., 3.15%, 05/03/29 (Call 02/03/29)		526		504,729
PNC Bank N.A., 2.70%, 10/22/29		641		577,169
PNC Financial Services Group Inc. (The), 3.45%, 04/23/29 (Call 01/23/29)^(a)		1,121		1,078,469
Sumitomo Mitsui Financial Group Inc.
2.47%, 01/14/29		40		35,473
2.72%, 09/27/29^(a)		332		296,874
3.04%, 07/16/29		1,710		1,565,659
3.20%, 09/17/29		350		318,591
Truist Financial Corp., 3.88%, 03/19/29 (Call 02/19/29)		683		663,753
U.S. Bancorp., 3.00%, 07/30/29 (Call 04/30/29)		771		716,768
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)^(a)		175		172,323
Wells Fargo & Co., 4.15%, 01/24/29 (Call 10/24/28)^(a)		1,936		1,907,250
Wintrust Financial Corp., 4.85%, 06/06/29		90		87,485
Zions Bancorp. N.A., 3.25%, 10/29/29 (Call 07/29/29)		505		461,065


				14,343,858


Security	Par (000)		Value

Beverages — 3.1%
Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 (Call 10/23/28)	$	2,521	$	2,596,529
Coca-Cola Co. (The), 2.13%, 09/06/29		685		613,205
Constellation Brands Inc., 3.15%, 08/01/29 (Call 05/01/29)		752		690,952
Diageo Capital PLC, 2.38%, 10/24/29 (Call 07/24/29)		786		708,791
Keurig Dr Pepper Inc., 3.95%, 04/15/29 (Call 02/15/29)		80		78,097
PepsiCo Inc.
2.63%, 07/29/29 (Call 04/29/29)		780		728,785
7.00%, 03/01/29		204		243,807


				5,660,166

Biotechnology — 0.4%
Amgen Inc., 3.00%, 02/22/29 (Call 12/22/28)		725		680,094


Building Materials — 0.4%
Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29)		495		447,733
Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)		320		309,760


				757,493

Chemicals — 2.4%
Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)		240		230,873
Dow Chemical Co. (The), 7.38%, 11/01/29		679		811,588
FMC Corp., 3.45%, 10/01/29 (Call 07/01/29)		518		483,858
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)		659		646,775
Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29)		560		561,361
PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)		259		239,254
Rohm & Haas Co., 7.85%, 07/15/29		200		243,030
RPM International Inc., 4.55%, 03/01/29 (Call 12/01/28)		433		433,849
Sherwin-Williams Co. (The), 2.95%, 08/15/29 (Call 05/15/29)		709		652,415


				4,303,003

Commercial Services — 3.0%
Global Payments Inc., 3.20%, 08/15/29 (Call 05/15/29)		1,066		967,800
Moody’s Corp., 4.25%, 02/01/29 (Call 11/01/28)^(a)		495		497,953
PayPal Holdings Inc., 2.85%, 10/01/29 (Call 07/01/29)		1,250		1,147,563
RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28)		639		631,536
S&P Global Inc.
2.50%, 12/01/29 (Call 09/01/29)		678		610,207
2.70%, 03/01/29 (Call 01/01/29)^(b)		540		498,668
4.25%, 05/01/29 (Call 02/02/29)^(b)		380		382,288
Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)		642		633,121


				5,369,136

Computers — 2.7%
Apple Inc., 2.20%, 09/11/29 (Call 06/11/29)		1,206		1,094,795
Dell International LLC/EMC Corp., 5.30%, 10/01/29 (Call 07/01/29)		1,110		1,137,506
HP Inc., 4.00%, 04/15/29 (Call 02/15/29)		460		437,115
International Business Machines Corp., 3.50%, 05/15/29		2,145		2,075,008
Western Digital Corp., 2.85%, 02/01/29 (Call 12/01/28)^(a)		240		211,543


				4,955,967

Cosmetics & Personal Care — 0.7%
Estee Lauder Companies Inc. (The), 2.38%, 12/01/29 (Call 09/01/29)^(a)		659		598,247
GSK Consumer Healthcare Capital US LLC., 3.38%, 03/24/29 (Call 01/24/29)^(b)		50		47,240
Unilever Capital Corp., 2.13%, 09/06/29 (Call 06/06/29)		661		590,207


				1,235,694

Diversified Financial Services — 2.7%
Air Lease Corp., 3.25%, 10/01/29 (Call 07/01/29)		354		310,550
Brookfield Finance Inc., 4.85%, 03/29/29 (Call 12/29/28)		765		785,755
Charles Schwab Corp. (The)
2.75%, 10/01/29 (Call 07/01/29)		453		415,120


S C H E D U L E O F I N V E S T M E N T S		65

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
3.25%, 05/22/29 (Call 02/22/29)	$	654	$	622,065
4.00%, 02/01/29 (Call 11/01/28)		253		252,848
Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28)^(a)		521		509,866
Mastercard Inc., 2.95%, 06/01/29 (Call 03/01/29)		980		934,195
Nomura Holdings Inc., 2.71%, 01/22/29		465		414,571
Synchrony Financial, 5.15%, 03/19/29 (Call 12/19/28)		562		560,061


				4,805,031

Electric — 6.4%
Arizona Public Service Co., 2.60%, 08/15/29 (Call 05/15/29)		469		419,441
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)		523		507,483
Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29)^(a)		505		459,742
DTE Energy Co., Series C, 3.40%, 06/15/29 (Call 03/15/29)		341		319,022
Duke Energy Carolinas LLC, 2.45%, 08/15/29 (Call 05/15/29)		390		353,894
Duke Energy Corp., 3.40%, 06/15/29 (Call 03/15/29)		466		440,179
Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29)^(a)		556		501,918
Duke Energy Ohio Inc., 3.65%, 02/01/29 (Call 11/01/28)		330		319,843
Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)		362		349,051
Entergy Texas Inc., 4.00%, 03/30/29 (Call 12/30/28)		409		401,188
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)^(a)		715		651,780
Eversource Energy, Series O, 4.25%, 04/01/29 (Call 01/01/29)^(a)		338		337,199
Georgia Power Co., Series B, 2.65%, 09/15/29 (Call 06/15/29)		466		418,431
Interstate Power & Light Co., 3.60%, 04/01/29 (Call 01/01/29)		59		56,803
MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29)^(a)		670		659,829
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29 (Call 12/15/28)		427		417,499
Nevada Power Co., Series CC, 3.70%, 05/01/29 (Call 02/01/29)^(a)		308		304,061
NextEra Energy Capital Holdings Inc.
2.75%, 11/01/29 (Call 08/01/29)		591		528,194
3.50%, 04/01/29 (Call 01/01/29)		435		410,875
NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)		208		198,850
Oncor Electric Delivery Co. LLC, 5.75%, 03/15/29 (Call 12/15/28)		125		137,535
Pacific Gas and Electric Co., 4.20%, 03/01/29 (Call 01/01/29)		190		176,502
PacifiCorp., 3.50%, 06/15/29 (Call 03/15/29)		213		205,822
Public Service Electric & Gas Co., 3.20%, 05/15/29 (Call 02/15/29)		285		272,876
Sempra Energy, 3.70%, 04/01/29 (Call 02/01/29)		215		206,153
Southern California Edison Co.
2.85%, 08/01/29 (Call 05/01/29)		464		419,113
6.65%, 04/01/29		207		225,783
Series A, 4.20%, 03/01/29 (Call 12/01/28)^(a)		395		389,150
Union Electric Co., 3.50%, 03/15/29 (Call 12/15/28)^(a)		326		316,755
Virginia Electric & Power Co., Series A, 2.88%, 07/15/29 (Call 04/15/29)		426		395,400
Wisconsin Power and Light Co., 3.00%, 07/01/29 (Call 04/01/29)		285		265,717
Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29)		501		445,178


				11,511,266

Electronics — 1.4%
Agilent Technologies Inc., 2.75%, 09/15/29 (Call 06/15/29)		569		510,746
Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)		275		253,921
Amphenol Corp., 4.35%, 06/01/29 (Call 03/01/29)		280		281,621
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)^(a)		485		483,884
Honeywell International Inc., 2.70%, 08/15/29 (Call 05/15/29)		465		434,273
Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)		549		496,104


				2,460,549

Entertainment — 0.4%
Magallanes Inc., 4.05%, 03/15/29 (Call 01/15/29)^(b)		765		730,644


Security	Par (000)		Value

Environmental Control — 0.4%
Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29)	$	557	$	531,590
Waste Management Inc., 2.00%, 06/01/29 (Call 04/01/29)^(a)		225		200,101


				731,691

Food — 1.2%
Ahold Finance USA LLC, 6.88%, 05/01/29		325		370,139
Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29)		313		286,182
Kraft Heinz Foods Co., 4.63%, 01/30/29 (Call 10/30/28)		115		115,278
Kroger Co. (The), 4.50%, 01/15/29 (Call 10/15/28)		532		540,576
Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)^(a)		919		927,694


				2,239,869

Forest Products & Paper — 0.7%
Georgia-Pacific LLC, 7.75%, 11/15/29		200		246,366
Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28)		995		1,006,552


				1,252,918

Gas — 0.7%
Atmos Energy Corp., 2.63%, 09/15/29 (Call 06/15/29)		250		227,288
NiSource Inc., 2.95%, 09/01/29 (Call 06/01/29)^(a)		605		545,722
Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 (Call 03/01/29)		454		431,050


				1,204,060

Health Care - Products — 1.2%
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		828		747,452
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)		793		728,386
Thermo Fisher Scientific Inc., 2.60%, 10/01/29 (Call 07/01/29)		797		725,047


				2,200,885

Health Care - Services — 3.8%
Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28)		330		307,870
Anthem Inc., 2.88%, 09/15/29 (Call 06/15/29)		544		497,570
Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)^(a)		560		513,273
CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29)		705		656,686
HCA Inc.
3.38%, 03/15/29 (Call 01/15/29)^(b)		275		252,246
4.13%, 06/15/29 (Call 03/15/29)		1,377		1,320,626
Humana Inc.
3.13%, 08/15/29 (Call 05/15/29)		586		540,614
3.70%, 03/23/29 (Call 02/23/29)		290		278,667
Laboratory Corp. of America Holdings, 2.95%, 12/01/29 (Call 09/01/29)		642		582,320
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 (Call 07/01/29)		467		423,952
Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29)		589		583,481
Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)		257		254,921
UnitedHealth Group Inc., 2.88%, 08/15/29		616		576,681


				6,788,907

Holding Companies - Diversified — 0.2%
Blackstone Private Credit Fund, 4.00%, 01/15/29 (Call 11/15/28)^(b)		470		419,818


Home Builders — 0.2%
Toll Brothers Finance Corp., 3.80%, 11/01/29 (Call 08/01/29)^(a)		385		349,214


Home Furnishings — 0.6%
Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28)		499		498,626
Whirlpool Corp., 4.75%, 02/26/29 (Call 11/26/28)^(a)		669		678,352


				1,176,978


66		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Household Products & Wares — 0.3%
Kimberly-Clark Corp., 3.20%, 04/25/29 (Call 01/25/29)^(a)	$	655	$	633,437


Insurance — 3.9%
Aon Corp., 3.75%, 05/02/29 (Call 02/02/29)		506		491,933
AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)		163		157,157
Brown & Brown Inc., 4.50%, 03/15/29 (Call 12/15/28)		335		334,531
CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29)		417		401,746
CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)		416		423,284
Corebridge Financial Inc., 3.85%, 04/05/29 (Call 02/05/29)^(b)		255		243,816
Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)^(a)		384		387,763
Hartford Financial Services Group Inc. (The), 2.80%, 08/19/29 (Call 05/19/29)		579		522,964
Markel Corp., 3.35%, 09/17/29 (Call 06/17/29)		420		394,956
Marsh & McLennan Companies Inc., 4.38%, 03/15/29 (Call 12/15/28)		898		908,471
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)		248		239,394
Principal Financial Group Inc., 3.70%, 05/15/29 (Call 02/15/29)		472		456,098
Progressive Corp. (The)
4.00%, 03/01/29 (Call 12/01/28)		529		531,322
6.63%, 03/01/29^(a)		149		172,345
Reinsurance Group of America Inc., 3.90%, 05/15/29 (Call 02/15/29)		438		423,384
RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)^(a)		482		462,494
Unum Group, 4.00%, 06/15/29 (Call 03/15/29)		95		92,684
Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29)		553		493,724


				7,138,066

Internet — 0.3%
Amazon.com Inc., 3.45%, 04/13/29 (Call 02/13/29)		500		492,595


Iron & Steel — 0.2%
ArcelorMittal SA, 4.25%, 07/16/29^(a)		400		387,612


Lodging — 0.5%
Choice Hotels International Inc., 3.70%, 12/01/29 (Call 09/01/29)		380		354,441
Las Vegas Sands Corp., 3.90%, 08/08/29 (Call 05/08/29)		405		349,122
Sands China Ltd., 3.10%, 03/08/29 (Call 01/08/29)^(a)(b)		325		261,739


				965,302

Machinery — 1.3%
Caterpillar Inc., 2.60%, 09/19/29 (Call 06/19/29)		478		441,232
Deere & Co., 5.38%, 10/16/29^(a)		335		366,071
Dover Corp., 2.95%, 11/04/29 (Call 08/04/29)		250		232,505
John Deere Capital Corp.
2.80%, 07/18/29		696		654,108
3.35%, 04/18/29		20		19,475
3.45%, 03/07/29		315		310,114
Rockwell Automation Inc., 3.50%, 03/01/29 (Call 12/01/28)		400		394,140


				2,417,645

Manufacturing — 1.7%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)^(a)		731		662,366
3.38%, 03/01/29 (Call 12/01/28)		501		486,721
Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)		610		569,655
Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)		445		441,707
Textron Inc., 3.90%, 09/17/29 (Call 06/17/29)		319		309,382
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)		605		581,484


				3,051,315


Security	Par (000)		Value

Media — 3.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)	$	890	$	758,556
5.05%, 03/30/29 (Call 12/30/28)		931		928,887
Discovery Communications LLC, 4.13%, 05/15/29 (Call 02/15/29)		722		690,275
Fox Corp., 4.71%, 01/25/29 (Call 10/25/28)		1,554		1,562,096
Paramount Global, 4.20%, 06/01/29 (Call 03/01/29)^(a)		537		515,783
Walt Disney Co. (The), 2.00%, 09/01/29 (Call 06/01/29)^(a)		1,587		1,388,562


				5,844,159

Mining — 0.6%
Freeport-McMoRan Inc., 5.25%, 09/01/29 (Call 09/01/24)		480		480,312
Newmont Corp., 2.80%, 10/01/29 (Call 07/01/29)		686		622,984


				1,103,296

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 (Call 08/15/23)		442		382,693


Office Furnishings — 0.0%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		0		—


Oil & Gas — 4.0%
Cenovus Energy Inc., 4.40%, 04/15/29 (Call 01/15/29)^(a)		576		570,367
Chevron USA Inc., 3.25%, 10/15/29 (Call 07/15/29)		441		425,689
ConocoPhillips Co., 6.95%, 04/15/29		939		1,105,832
Coterra Energy Inc., 4.38%, 03/15/29 (Call 02/15/27)^(b)		355		354,212
Diamondback Energy Inc., 3.50%, 12/01/29 (Call 09/01/29)		857		799,418
EQT Corp., 5.00%, 01/15/29 (Call 07/15/28)		20		19,873
Exxon Mobil Corp., 2.44%, 08/16/29 (Call 05/16/29)^(a)		922		843,805
Hess Corp., 7.88%, 10/01/29		285		340,321
Shell International Finance BV, 2.38%, 11/07/29 (Call 08/07/29)		1,072		963,535
TotalEnergies Capital International SA, 3.45%, 02/19/29 (Call 11/19/28)		1,073		1,039,490
Valero Energy Corp., 4.00%, 04/01/29 (Call 01/01/29)		764		742,967


				7,205,509

Oil & Gas Services — 0.5%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 3.14%, 11/07/29 (Call 08/07/29)		476		440,186
NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)^(a)		509		472,662


				912,848

Packaging & Containers — 0.6%
Packaging Corp. of America, 3.00%, 12/15/29 (Call 09/15/29)		545		501,744
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)		612		629,142


				1,130,886

Pharmaceuticals — 5.9%
AbbVie Inc., 3.20%, 11/21/29 (Call 08/21/29)		3,224		3,005,477
AstraZeneca PLC, 4.00%, 01/17/29 (Call 10/17/28)		963		968,412
Bristol-Myers Squibb Co., 3.40%, 07/26/29 (Call 04/26/29)		995		965,538
CVS Health Corp., 3.25%, 08/15/29 (Call 05/15/29)		1,442		1,342,949
Eli Lilly & Co., 3.38%, 03/15/29 (Call 12/15/28)		637		625,005
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)		1,049		1,024,369
Johnson & Johnson, 6.95%, 09/01/29		70		85,830
Merck & Co. Inc., 3.40%, 03/07/29 (Call 12/07/28)^(a)		1,307		1,280,965
Pfizer Inc., 3.45%, 03/15/29 (Call 12/15/28)		1,378		1,350,454


				10,648,999

Pipelines — 4.1%
Boardwalk Pipelines LP, 4.80%, 05/03/29 (Call 02/03/29)		410		404,010
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29)		943		887,542


S C H E D U L E O F I N V E S T M E N T S		67

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
Eastern Gas Transmission & Storage Inc., 3.00%, 11/15/29 (Call 08/15/29)^(b)	$	473	$	432,511
Enbridge Inc., 3.13%, 11/15/29 (Call 08/15/29)^(a)		733		676,251
Energy Transfer LP
4.15%, 09/15/29 (Call 06/15/29)		534		505,383
5.25%, 04/15/29 (Call 01/15/29)		1,117		1,136,235
Enterprise Products Operating LLC, 3.13%, 07/31/29 (Call 04/30/29)^(a)		816		758,643
MPLX LP, 4.80%, 02/15/29 (Call 11/15/28)		685		694,549
ONEOK Inc.
3.40%, 09/01/29 (Call 06/01/29)		547		498,946
4.35%, 03/15/29 (Call 12/15/28)		590		573,805
Phillips 66 Partners LP, 3.15%, 12/15/29 (Call 09/15/29)		205		189,414
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29)^(a)		733		670,922
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, 01/15/29 (Call 01/15/24)		5		5,266


				7,433,477

Real Estate Investment Trusts — 10.5%
Alexandria Real Estate Equities Inc.
2.75%, 12/15/29 (Call 09/15/29)		355		319,866
4.50%, 07/30/29 (Call 04/30/29)		255		256,433
American Campus Communities Operating Partnership LP, 2.25%, 01/15/29 (Call 11/15/28)		380		353,328
American Homes 4 Rent LP, 4.90%, 02/15/29 (Call 11/15/28)		271		274,504
American Tower Corp.
3.80%, 08/15/29 (Call 05/15/29)		1,126		1,054,037
3.95%, 03/15/29 (Call 12/15/28)		583		555,191
AvalonBay Communities Inc., 3.30%, 06/01/29 (Call 03/01/29)		396		377,028
Boston Properties LP, 3.40%, 06/21/29 (Call 03/21/29)		546		510,843
Brandywine Operating Partnership LP, 4.55%, 10/01/29 (Call 07/01/29)		185		182,225
Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)		415		402,218
Camden Property Trust, 3.15%, 07/01/29 (Call 04/01/29)^(a)		481		453,554
Corporate Office Properties LP, 2.00%, 01/15/29 (Call 11/15/28)		245		205,281
Crown Castle International Corp.
3.10%, 11/15/29 (Call 08/15/29)		504		451,876
4.30%, 02/15/29 (Call 11/15/28)		517		505,946
CubeSmart LP, 4.38%, 02/15/29 (Call 11/15/28)		364		365,154
Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)^(a)		705		663,574
Duke Realty LP, 2.88%, 11/15/29 (Call 08/15/29)		247		226,803
EPR Properties, 3.75%, 08/15/29 (Call 05/15/29)		265		235,288
Equinix Inc., 3.20%, 11/18/29 (Call 08/18/29)^(a)		1,013		920,939
ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29)		443		414,617
Essex Portfolio LP, 4.00%, 03/01/29 (Call 12/01/28)		404		396,017
Extra Space Storage LP Co., 3.90%, 04/01/29 (Call 02/01/29)		90		86,484
Federal Realty Investment Trust, 3.20%, 06/15/29 (Call 03/15/29)		351		328,199
GLP Capital LP/GLP Financing II Inc., 5.30%, 01/15/29 (Call 10/15/28)		664		667,227
Healthpeak Properties Inc., 3.50%, 07/15/29 (Call 04/15/29)		365		348,192
Highwoods Realty LP, 4.20%, 04/15/29 (Call 01/15/29)		330		325,073
Host Hotels & Resorts LP, Series H, 3.38%, 12/15/29 (Call 09/16/29)		545		486,805
Hudson Pacific Properties LP, 4.65%, 04/01/29 (Call 01/01/29)^(a)		315		314,716
Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29)		197		192,455
Life Storage LP, 4.00%, 06/15/29 (Call 03/15/29)		431		416,070


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Mid-America Apartments LP, 3.95%, 03/15/29 (Call 12/15/28)	$	455	$	448,111
Omega Healthcare Investors Inc., 3.63%, 10/01/29 (Call 07/01/29)		388		344,649
Prologis LP, 4.38%, 02/01/29 (Call 11/01/28)		225		229,930
Public Storage, 3.39%, 05/01/29 (Call 02/01/29)		404		388,357
Realty Income Corp.
3.10%, 12/15/29 (Call 09/15/29)		475		441,204
3.25%, 06/15/29 (Call 03/15/29)^(a)		357		340,307
Regency Centers LP, 2.95%, 09/15/29 (Call 06/15/29)		469		428,103
Sabra Health Care LP, 3.90%, 10/15/29 (Call 07/15/29)		395		363,495
Simon Property Group LP, 2.45%, 09/13/29 (Call 06/13/29)		1,101		971,423
Spirit Realty LP, 4.00%, 07/15/29 (Call 04/15/29)		260		244,067
STORE Capital Corp., 4.63%, 03/15/29 (Call 12/15/28)		320		319,469
UDR Inc., 4.40%, 01/26/29 (Call 10/26/28)		455		458,617
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		474		471,720
Welltower Inc.
2.05%, 01/15/29 (Call 11/15/28)		235		204,300
4.13%, 03/15/29 (Call 09/15/28)		404		399,839
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)		408		395,164
WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29)		204		195,120


				18,933,818

Retail — 3.2%
AutoZone Inc., 3.75%, 04/18/29 (Call 01/18/29)^(a)		451		433,862
Home Depot Inc. (The), 2.95%, 06/15/29 (Call 03/15/29)^(a)		1,265		1,186,342
Lowe’s Companies Inc.
3.65%, 04/05/29 (Call 01/05/29)		973		939,179
6.50%, 03/15/29		180		202,799
McDonald’s Corp., 2.63%, 09/01/29 (Call 06/01/29)		895		809,921
O’Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)		566		547,882
Starbucks Corp., 3.55%, 08/15/29 (Call 05/15/29)		602		573,273
Target Corp., 3.38%, 04/15/29 (Call 01/15/29)^(a)		854		836,194
Walmart Inc.
2.38%, 09/24/29 (Call 06/24/29)^(a)		70		64,074
3.25%, 07/08/29 (Call 04/08/29)^(a)		265		259,446


				5,852,972

Semiconductors — 4.0%
Broadcom Inc.
4.00%, 04/15/29 (Call 02/15/29)^(b)		70		66,812
4.75%, 04/15/29 (Call 01/15/29)		1,231		1,234,804
Intel Corp., 2.45%, 11/15/29 (Call 08/15/29)		1,320		1,193,372
KLA Corp., 4.10%, 03/15/29 (Call 12/15/28)		775		777,658
Lam Research Corp., 4.00%, 03/15/29 (Call 12/15/28)		925		921,420
Micron Technology Inc., 5.33%, 02/06/29 (Call 11/06/28)		667		689,478
NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 06/18/29 (Call 03/18/29)^(b)		782		765,336
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		455		421,216
Texas Instruments Inc., 2.25%, 09/04/29 (Call 06/04/29)		813		736,277
TSMC Arizona Corp., 4.13%, 04/22/29 (Call 02/22/29)		345		343,486


				7,149,859

Software — 1.8%
Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)		718		642,359
Fidelity National Information Services Inc., 3.75%, 05/21/29 (Call 02/21/29)		510		487,963
Fiserv Inc., 3.50%, 07/01/29 (Call 04/01/29)		1,745		1,631,383
Roper Technologies Inc., 2.95%, 09/15/29 (Call 06/15/29)		555		508,974


				3,270,679

Telecommunications — 4.2%
America Movil SAB de CV, 3.63%, 04/22/29 (Call 01/22/29)		540		516,402
AT&T Inc., 4.35%, 03/01/29 (Call 12/01/28)		2,090		2,112,530


68		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)	$	507	$	484,317
Motorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29)		617		605,203
T-Mobile USA Inc., 2.40%, 03/15/29 (Call 01/15/29)^(b)		495		433,694
Verizon Communications Inc.
3.88%, 02/08/29 (Call 11/08/28)^(a)		1,039		1,027,332
4.02%, 12/03/29 (Call 09/03/29)^(a)(b)		50		48,913
4.02%, 12/03/29 (Call 09/03/29)		2,413		2,360,566


				7,588,957

Toys, Games & Hobbies — 0.4%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		752		716,739


Transportation — 2.3%
CSX Corp., 4.25%, 03/15/29 (Call 12/15/28)		821		825,548
FedEx Corp., 3.10%, 08/05/29 (Call 05/05/29)		704		652,552
Kansas City Southern, 2.88%, 11/15/29 (Call 08/15/29)		491		447,193
Norfolk Southern Corp., 2.55%, 11/01/29 (Call 08/01/29)^(a)		426		384,022
Union Pacific Corp.
3.70%, 03/01/29 (Call 12/01/28)		886		872,241
6.63%, 02/01/29		205		235,752
United Parcel Service Inc.
2.50%, 09/01/29 (Call 06/01/29)		410		376,138
3.40%, 03/15/29 (Call 12/15/28)^(a)		382		372,675


				4,166,121

Trucking & Leasing — 0.2%
GATX Corp., 4.70%, 04/01/29 (Call 01/01/29)		292		297,116


Water — 0.4%
American Water Capital Corp., 3.45%, 06/01/29 (Call 03/01/29)		457		437,340
Essential Utilities Inc., 3.57%, 05/01/29 (Call 02/01/29)		248		237,145


				674,485


Total Corporate Bonds & Notes — 98.4% (Cost: $196,311,209)				178,070,745


Security	Shares (000)		Value


Short-Term Investments

Money Market Funds — 10.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		17,738	$	17,737,770
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		1,893		1,893,000


				19,630,770


Total Short-Term Investments — 10.9% (Cost: $19,629,379)				19,630,770


Total Investments in Securities — 109.3% (Cost: $215,940,588)				197,701,515

Other Assets, Less Liabilities — (9.3)%				(16,785,865	)


Net Assets — 100.0%			$	180,915,650

^(a)	All or a portion of this security is on loan.

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

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,169,250	$	6,575,998	^(a)	$	—	$	(7,278	)	$	(200	)	$	17,737,770		17,738	$	13,159	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		593,000		1,300,000	^(a)		—		—			—			1,893,000		1,893		669			—


								$	(7,278	)	$	(200	)	$	19,630,770			$	13,828		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End


S C H E D U L E O F I N V E S T M E N T S		69

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2029 Term Corporate ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	178,070,745	$	—	$	178,070,745
Money Market Funds		19,630,770		—		—		19,630,770


	$	19,630,770	$	178,070,745	$	—	$	197,701,515

See notes to financial statements.


70		2 0 2 2 I S H A R E S S E M I - 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 (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Interpublic Group of Companies Inc. (The), 4.75%, 03/30/30 (Call 12/30/29)	$	282	$	286,362
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)^(a)		222		193,369
4.20%, 06/01/30 (Call 03/01/30)		192		188,769


				668,500

Aerospace & Defense — 2.4%
Boeing Co. (The)
2.95%, 02/01/30 (Call 11/01/29)^(a)		170		148,033
5.15%, 05/01/30 (Call 02/01/30)		1,720		1,713,000
General Dynamics Corp., 3.63%, 04/01/30 (Call 01/01/30)^(a)		370		364,039
Lockheed Martin Corp., 1.85%, 06/15/30 (Call 03/15/30)		150		129,481
Northrop Grumman Corp., 4.40%, 05/01/30 (Call 02/01/30)^(a)		292		294,266
Raytheon Technologies Corp., 2.25%, 07/01/30 (Call 04/01/30)		335		292,080


				2,940,899

Agriculture — 1.1%
Altria Group Inc., 3.40%, 05/06/30 (Call 02/06/30)		300		269,835
Archer-Daniels-Midland Co., 3.25%, 03/27/30 (Call 12/27/29)		191		182,197
BAT Capital Corp., 4.91%, 04/02/30 (Call 01/02/30)^(a)		390		377,076
Philip Morris International Inc.
1.75%, 11/01/30 (Call 08/01/30)		289		236,393
2.10%, 05/01/30 (Call 02/01/30)		302		258,219


				1,323,720

Airlines — 0.2%
Southwest Airlines Co., 2.63%, 02/10/30 (Call 11/10/29)		212		183,669
United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 09/01/31		4		3,879


				187,548

Apparel — 0.8%
NIKE Inc., 2.85%, 03/27/30 (Call 12/27/29)		623		581,128
Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)^(a)		265		241,656
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)		225		203,520


				1,026,304

Auto Manufacturers — 1.0%
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)		315		258,218
General Motors Financial Co. Inc., 3.60%, 06/21/30 (Call 03/21/30)		440		395,736
Toyota Motor Credit Corp.
2.15%, 02/13/30		274		242,444
3.38%, 04/01/30^(a)		380		364,948


				1,261,346

Auto Parts & Equipment — 0.3%
Lear Corp., 3.50%, 05/30/30 (Call 02/28/30)		180		165,010
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)		181		158,641


				323,651

Banks — 7.0%
Banco Santander SA
2.75%, 12/03/30		590		487,027
3.49%, 05/28/30		305		277,709
BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)		155		152,886
Citizens Financial Group Inc.
2.50%, 12/06/29 (Call 11/06/29)		172		150,810
3.25%, 04/30/30 (Call 01/30/30)		235		215,248
Discover Bank, 2.70%, 02/06/30 (Call 11/06/29)^(a)		235		204,788
First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)		207		222,593


Security	Par (000)		Value

Banks (continued)
Goldman Sachs Group Inc. (The)
2.60%, 02/07/30 (Call 11/07/29)	$	671	$	582,670
3.80%, 03/15/30 (Call 12/15/29)		874		826,236
HSBC Holdings PLC, 4.95%, 03/31/30		935		944,266
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29)		325		288,814
JPMorgan Chase & Co., 8.75%, 09/01/30		50		63,523
Mitsubishi UFJ Financial Group Inc.
2.05%, 07/17/30		265		220,554
2.56%, 02/25/30		497		434,085
Northern Trust Corp., 1.95%, 05/01/30 (Call 02/01/30)^(a)		300		260,883
PNC Financial Services Group Inc. (The), 2.55%, 01/22/30 (Call 10/24/29)		700		626,514
State Street Corp., 2.40%, 01/24/30		219		196,598
Sumitomo Mitsui Financial Group Inc.
2.13%, 07/08/30		620		521,048
2.14%, 09/23/30		320		262,586
2.75%, 01/15/30		329		292,570
SVB Financial Group, 3.13%, 06/05/30 (Call 03/05/30)		145		130,243
Truist Bank, 2.25%, 03/11/30 (Call 12/11/29)		497		430,467
Truist Financial Corp., 1.95%, 06/05/30 (Call 03/05/30)		166		142,167
U.S. Bancorp., 1.38%, 07/22/30 (Call 04/22/30)		440		360,021
Westpac Banking Corp., 2.65%, 01/16/30		226		205,929


				8,500,235

Beverages — 2.6%
Anheuser-Busch InBev Worldwide Inc., 3.50%, 06/01/30 (Call 03/01/30)		580		550,977
Coca-Cola Co. (The)
1.65%, 06/01/30		507		431,132
3.45%, 03/25/30^(a)		487		474,786
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 (Call 10/22/29)		157		141,248
Constellation Brands Inc., 2.88%, 05/01/30 (Call 02/01/30)		182		161,847
Diageo Capital PLC, 2.00%, 04/29/30 (Call 01/29/30)		357		310,665
Keurig Dr Pepper Inc., 3.20%, 05/01/30 (Call 02/01/30)		333		304,565
PepsiCo Inc.
1.63%, 05/01/30 (Call 02/01/30)		325		277,420
2.75%, 03/19/30 (Call 12/19/29)		487		452,852


				3,105,492

Biotechnology — 1.4%
Amgen Inc., 2.45%, 02/21/30 (Call 11/21/29)		400		352,780
Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)		500		417,685
Gilead Sciences Inc., 1.65%, 10/01/30 (Call 07/01/30)		435		360,267
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		475		386,052
Royalty Pharma PLC, 2.20%, 09/02/30 (Call 06/02/30)^(a)		268		224,123


				1,740,907

Building Materials — 1.1%
Carrier Global Corp., 2.72%, 02/15/30 (Call 11/15/29)		607		536,388
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30 (Call 06/15/30)^(a)		160		133,933
Martin Marietta Materials Inc., Series CB, 2.50%, 03/15/30 (Call 12/15/29)		110		95,659
Masco Corp., 2.00%, 10/01/30 (Call 07/01/30)		166		136,049
Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)		35		32,569
Owens Corning, 3.88%, 06/01/30 (Call 03/01/30)		185		176,434
Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)		270		254,683


				1,365,715


S C H E D U L E O F I N V E S T M E N T S		71

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals — 1.6%
Air Products and Chemicals Inc., 2.05%, 05/15/30 (Call 02/15/30)	$	283	$	248,264
Dow Chemical Co. (The), 2.10%, 11/15/30 (Call 08/15/30)^(a)		330		280,068
Ecolab Inc., 4.80%, 03/24/30 (Call 12/24/29)		214		226,087
EI du Pont de Nemours and Co., 2.30%, 07/15/30 (Call 04/15/30)		145		128,490
Linde Inc./CT, 1.10%, 08/10/30 (Call 05/10/30)		202		165,214
LYB International Finance III LLC
2.25%, 10/01/30 (Call 07/01/30)		140		119,136
3.38%, 05/01/30 (Call 02/01/30)		165		149,820
Nutrien Ltd., 2.95%, 05/13/30 (Call 02/13/30)		190		172,398
PPG Industries Inc., 2.55%, 06/15/30 (Call 03/15/30)		110		98,413
Sherwin-Williams Co. (The), 2.30%, 05/15/30 (Call 02/15/30)		242		209,766
Westlake Corp., 3.38%, 06/15/30 (Call 03/15/30)		179		166,584


				1,964,240

Commercial Services — 1.7%
Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30)		272		223,687
Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)		245		227,588
Emory University, Series 2020, 2.14%, 09/01/30 (Call 06/01/30)		33		29,218
Equifax Inc., 3.10%, 05/15/30 (Call 02/15/30)		185		167,316
Global Payments Inc., 2.90%, 05/15/30 (Call 02/15/30)		375		329,460
PayPal Holdings Inc., 2.30%, 06/01/30 (Call 03/01/30)^(a)		290		253,643
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		375		325,324
RELX Capital Inc., 3.00%, 05/22/30 (Call 02/22/30)		249		224,922
S&P Global Inc., 1.25%, 08/15/30 (Call 05/15/30)		182		148,293
Yale University, Series 2020, 1.48%, 04/15/30 (Call 01/15/30)		163		139,533


				2,068,984

Computers — 2.2%
Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)		195		167,844
Apple Inc.
1.25%, 08/20/30 (Call 05/20/30)		438		361,556
1.65%, 05/11/30 (Call 02/11/30)		582		499,985
Dell International LLC/EMC Corp., 6.20%, 07/15/30 (Call 04/15/30)		290		312,925
HP Inc., 3.40%, 06/17/30 (Call 03/17/30)		335		301,065
International Business Machines Corp., 1.95%, 05/15/30 (Call 02/15/30)		592		506,420
Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30)		240		232,010
NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30)		200		174,136
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		170		144,991


				2,700,932

Cosmetics & Personal Care — 1.0%
Estee Lauder Companies Inc. (The), 2.60%, 04/15/30 (Call 01/15/30)		215		196,263
Procter & Gamble Co. (The)
1.20%, 10/29/30		396		325,987
3.00%, 03/25/30		554		527,890
Unilever Capital Corp., 1.38%, 09/14/30 (Call 06/14/30)		170		139,706


				1,189,846

Diversified Financial Services — 3.6%
Affiliated Managers Group Inc., 3.30%, 06/15/30 (Call 03/15/30)		160		147,653
Air Lease Corp.
3.00%, 02/01/30 (Call 11/01/29)		255		219,996
3.13%, 12/01/30 (Call 09/01/30)		275		237,201
Brookfield Finance Inc., 4.35%, 04/15/30 (Call 01/15/30)		230		226,856
Cboe Global Markets Inc., 1.63%, 12/15/30 (Call 09/15/30)		198		163,635
Charles Schwab Corp. (The), 4.63%, 03/22/30 (Call 12/22/29)		182		188,383


Security	Par (000)		Value

Diversified Financial Services (continued)
Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30)	$	264	$	213,708
Intercontinental Exchange Inc., 2.10%, 06/15/30 (Call 03/15/30)		550		475,442
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30		337		320,430
Mastercard Inc., 3.35%, 03/26/30 (Call 12/26/29)		515		499,071
Nomura Holdings Inc.
2.68%, 07/16/30		430		370,028
3.10%, 01/16/30		565		507,076
Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30)		216		218,577
Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		160		151,209
Visa Inc., 2.05%, 04/15/30 (Call 01/15/30)		498		440,775


				4,380,040

Electric — 7.2%
AEP Texas Inc., Series I, 2.10%, 07/01/30 (Call 04/01/30)		182		153,839
Alabama Power Co., Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)		191		157,205
Ameren Illinois Co., 1.55%, 11/15/30 (Call 08/15/30)		90		74,238
American Electric Power Co. Inc., 2.30%, 03/01/30 (Call 12/01/29)		174		150,338
Berkshire Hathaway Energy Co., 3.70%, 07/15/30 (Call 04/15/30)		441		428,048
Black Hills Corp., 2.50%, 06/15/30 (Call 03/15/30)		163		140,576
CenterPoint Energy Inc., 2.95%, 03/01/30 (Call 12/01/29)		160		144,939
Commonwealth Edison Co., 2.20%, 03/01/30 (Call 12/01/29)		195		170,689
Consolidated Edison Co. of New York Inc., Series 20A, 3.35%, 04/01/30 (Call 01/01/30)		267		252,328
Dominion Energy Inc., Series C, 3.38%, 04/01/30 (Call 01/01/30)		559		517,757
DTE Electric Co., 2.25%, 03/01/30 (Call 12/01/29)		220		195,430
DTE Energy Co., 2.95%, 03/01/30 (Call 12/01/29)		35		31,662
Duke Energy Carolinas LLC, 2.45%, 02/01/30 (Call 11/01/29)		222		198,772
Duke Energy Corp., 2.45%, 06/01/30 (Call 03/01/30)^(a)		297		258,675
Duke Energy Florida LLC, 1.75%, 06/15/30 (Call 03/15/30)		177		148,606
Duke Energy Ohio Inc., 2.13%, 06/01/30 (Call 03/01/30)		120		103,189
Entergy Corp., 2.80%, 06/15/30 (Call 03/15/30)		225		197,825
Entergy Louisiana LLC, 1.60%, 12/15/30 (Call 09/15/30)		98		80,181
Evergy Metro Inc., Series 2020, 2.25%, 06/01/30 (Call 03/01/30)		122		106,955
Eversource Energy, Series R, 1.65%, 08/15/30 (Call 05/15/30)		330		265,280
Exelon Corp., 4.05%, 04/15/30 (Call 01/15/30)		385		376,619
Interstate Power & Light Co., 2.30%, 06/01/30 (Call 03/01/30)		127		110,136
IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)		185		175,582
National Rural Utilities Cooperative Finance Corp., 2.40%, 03/15/30 (Call 12/15/29)		135		120,164
Nevada Power Co., Series DD, 2.40%, 05/01/30 (Call 02/01/30)		118		105,249
NextEra Energy Capital Holdings Inc., 2.25%, 06/01/30 (Call 03/01/30)		685		587,107
NSTAR Electric Co., 3.95%, 04/01/30 (Call 01/01/30)		37		36,821
Ohio Power Co., Series P, 2.60%, 04/01/30 (Call 01/01/30)		152		136,856
Oklahoma Gas & Electric Co.
3.25%, 04/01/30 (Call 10/01/29)		150		140,796
3.30%, 03/15/30 (Call 09/15/29)		81		76,096
Oncor Electric Delivery Co. LLC
2.75%, 05/15/30 (Call 02/15/30)^(a)		160		146,384
2.75%, 05/15/30 (Call 02/15/30)^(b)		5		4,571
Pacific Gas and Electric Co., 4.55%, 07/01/30 (Call 01/01/30)		1,088		1,007,107
PacifiCorp., 2.70%, 09/15/30 (Call 06/15/30)^(a)		132		119,386
PPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30)		34		33,547


72		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Public Service Electric & Gas Co., 2.45%, 01/15/30 (Call 10/15/29)	$	145	$	131,032
Public Service Enterprise Group Inc., 1.60%, 08/15/30 (Call 05/15/30)		162		131,217
Puget Energy Inc., 4.10%, 06/15/30 (Call 03/15/30)		200		191,344
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30 (Call 07/01/30)		347		287,209
Southern California Edison Co., 2.25%, 06/01/30 (Call 03/01/30)		205		175,125
Southern Co. (The), Series A, 3.70%, 04/30/30 (Call 01/30/30)		365		344,472
Tucson Electric Power Co., 1.50%, 08/01/30 (Call 05/01/30)		140		113,575
Union Electric Co., 2.95%, 03/15/30 (Call 12/15/29)		87		80,734
WEC Energy Group Inc., 1.80%, 10/15/30 (Call 07/15/30)		137		112,532
Xcel Energy Inc., 3.40%, 06/01/30 (Call 12/01/29)		219		204,940


				8,725,133

Electrical Components & Equipment — 0.3%
Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)		240		192,375
Emerson Electric Co., 1.95%, 10/15/30 (Call 07/15/30)		165		141,959


				334,334

Electronics — 0.8%
Agilent Technologies Inc., 2.10%, 06/04/30 (Call 03/04/30)		210		176,020
Amphenol Corp., 2.80%, 02/15/30 (Call 11/15/29)		270		241,863
Flex Ltd., 4.88%, 05/12/30 (Call 02/12/30)		220		217,576
Honeywell International Inc., 1.95%, 06/01/30 (Call 03/01/30)		275		240,353
Jabil Inc., 3.60%, 01/15/30 (Call 10/15/29)		160		146,566


				1,022,378

Environmental Control — 0.2%
Republic Services Inc., 2.30%, 03/01/30 (Call 12/01/29)		192		167,132
Waste Connections Inc., 2.60%, 02/01/30 (Call 11/01/29)^(a)		141		125,755


				292,887

Food — 2.3%
Campbell Soup Co., 2.38%, 04/24/30 (Call 01/24/30)^(a)		165		142,258
Conagra Brands Inc., 8.25%, 09/15/30		160		191,450
General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30)		315		286,338
Hershey Co. (The), 1.70%, 06/01/30 (Call 03/01/30)		115		97,591
Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)		323		273,810
Ingredion Inc., 2.90%, 06/01/30 (Call 03/01/30)^(a)		203		180,824
JM Smucker Co. (The), 2.38%, 03/15/30 (Call 12/15/29)		245		212,395
Kellogg Co., 2.10%, 06/01/30 (Call 03/01/30)		162		137,151
Kraft Heinz Foods Co., 3.75%, 04/01/30 (Call 01/01/30)		220		208,776
Kroger Co. (The), 2.20%, 05/01/30 (Call 02/01/30)		156		134,627
McCormick & Co. Inc./MD, 2.50%, 04/15/30 (Call 01/15/30)		200		175,762
Mondelez International Inc., 2.75%, 04/13/30 (Call 01/13/30)		217		194,538
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)^(a)		180		157,700
5.95%, 04/01/30 (Call 01/01/30)^(a)		330		359,327


				2,752,547

Forest Products & Paper — 0.2%
Suzano Austria GmbH, 5.00%, 01/15/30 (Call 10/15/29)^(a)		325		309,010


Gas — 0.7%
CenterPoint Energy Resources Corp., 1.75%, 10/01/30 (Call 07/01/30)		212		175,262
NiSource Inc., 3.60%, 05/01/30 (Call 02/01/30)		392		365,658
ONE Gas Inc., 2.00%, 05/15/30 (Call 02/15/30)		62		53,115
Southern California Gas Co., Series XX, 2.55%, 02/01/30 (Call 11/01/29)		176		156,534
Southwest Gas Corp., 2.20%, 06/15/30 (Call 03/15/30)		162		134,927


				885,496


Security	Par (000)		Value

Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29)	$	225	$	196,951


Health Care - Products — 1.3%
Abbott Laboratories, 1.40%, 06/30/30 (Call 03/30/30)		225		189,142
Baxter International Inc., 3.95%, 04/01/30 (Call 01/01/30)		142		138,487
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)		396		352,745
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)		275		244,896
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		420		339,192
Stryker Corp., 1.95%, 06/15/30 (Call 03/15/30)		317		268,958


				1,533,420

Health Care - Services — 1.9%
Advocate Health & Hospitals Corp., Series 2020, 2.21%, 06/15/30 (Call 03/15/30)		95		83,619
Anthem Inc., 2.25%, 05/15/30 (Call 02/15/30)		434		375,740
Banner Health, 2.34%, 01/01/30 (Call 10/01/29)		145		128,783
Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30 (Call 05/15/30)		118		99,070
Bon Secours Mercy Health Inc., 3.46%, 06/01/30 (Call 12/01/29)		90		85,843
CommonSpirit Health, 2.78%, 10/01/30 (Call 04/01/30)		167		148,274
Humana Inc., 4.88%, 04/01/30 (Call 01/01/30)^(a)		186		191,188
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)		260		232,362
Stanford Health Care, Series 2020, 3.31%, 08/15/30 (Call 05/15/30)		112		106,902
Sutter Health, Series 20A, 2.29%, 08/15/30 (Call 02/15/30)		180		154,760
UnitedHealth Group Inc., 2.00%, 05/15/30		482		417,966
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)^(b)		310		261,194


				2,285,701

Home Builders — 0.3%
MDC Holdings Inc., 3.85%, 01/15/30 (Call 07/15/29)		135		123,142
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		310		276,461


				399,603

Household Products & Wares — 0.6%
Avery Dennison Corp., 2.65%, 01/30/30 (Call 02/01/30)		200		174,794
Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30)		280		233,657
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)		337		319,456


				727,907

Insurance — 4.9%
Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)^(a)		362		351,763
Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30)		195		187,317
Allstate Corp. (The), 1.45%, 12/15/30 (Call 09/15/30)		354		287,905
American Financial Group Inc./OH, 5.25%, 04/02/30 (Call 01/02/30)		115		120,091
Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)		450		400,999
Assurant Inc., 3.70%, 02/22/30 (Call 11/22/29)		145		133,783
Athene Holding Ltd., 6.15%, 04/03/30 (Call 01/03/30)		185		194,822
AXA SA, 8.60%, 12/15/30		380		478,530
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)		185		152,984
1.85%, 03/12/30 (Call 12/12/29)		222		192,307
Brighthouse Financial Inc., 5.63%, 05/15/30 (Call 02/15/30)^(a)		230		240,106
Chubb INA Holdings Inc., 1.38%, 09/15/30 (Call 06/15/30)		275		224,922
CNA Financial Corp., 2.05%, 08/15/30 (Call 05/15/30)		190		158,325
Fairfax Financial Holdings Ltd., 4.63%, 04/29/30 (Call 01/29/30)^(a)		215		210,294
Fidelity National Financial Inc., 3.40%, 06/15/30 (Call 03/15/30)		200		181,526
First American Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		155		147,856
Globe Life Inc., 2.15%, 08/15/30 (Call 05/15/30)		147		124,018


S C H E D U L E O F I N V E S T M E N T S		73

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Hanover Insurance Group Inc. (The), 2.50%, 09/01/30 (Call 06/01/30)	$	112	$	96,880
Kemper Corp., 2.40%, 09/30/30 (Call 06/30/30)		190		156,995
Lincoln National Corp., 3.05%, 01/15/30 (Call 10/15/29)		194		177,198
Loews Corp., 3.20%, 05/15/30 (Call 02/15/30)		171		158,661
Marsh & McLennan Companies Inc., 2.25%, 11/15/30 (Call 08/15/30)		281		242,863
MetLife Inc., 4.55%, 03/23/30 (Call 12/23/29)		334		346,044
Principal Financial Group Inc., 2.13%, 06/15/30 (Call 03/15/30)		309		263,617
Progressive Corp. (The), 3.20%, 03/26/30 (Call 12/26/29)		145		136,462
Prudential Financial Inc., 2.10%, 03/10/30 (Call 12/10/29)^(a)		117		103,265
Prudential PLC, 3.13%, 04/14/30		330		305,280
Reinsurance Group of America Inc., 3.15%, 06/15/30 (Call 03/15/30)		185		168,110


				5,942,923

Internet — 2.2%
Alphabet Inc., 1.10%, 08/15/30 (Call 05/15/30)		467		384,453
Amazon.com Inc., 1.50%, 06/03/30 (Call 03/03/30)		540		455,630
Baidu Inc., 3.43%, 04/07/30 (Call 01/07/30)		130		119,955
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)		573		587,325
eBay Inc., 2.70%, 03/11/30 (Call 12/11/29)		392		346,524
Expedia Group Inc., 3.25%, 02/15/30 (Call 11/15/29)		412		368,295
JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29)^(a)		120		109,192
Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30)		200		156,606
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		180		148,298


				2,676,278

Iron & Steel — 0.8%
Nucor Corp., 2.70%, 06/01/30 (Call 03/01/30)		152		135,663
Reliance Steel & Aluminum Co., 2.15%, 08/15/30 (Call 05/15/30)		165		139,430
Steel Dynamics Inc., 3.45%, 04/15/30 (Call 01/15/30)		224		209,377
Vale Overseas Ltd., 3.75%, 07/08/30 (Call 04/08/30)		525		473,797


				958,267

Lodging — 0.5%
Hyatt Hotels Corp., 6.00%, 04/23/30 (Call 01/23/30)^(a)		207		217,412
Marriott International Inc./MD, Series FF, 4.63%, 06/15/30 (Call 03/15/30)		405		398,881
Sands China Ltd., 4.38%, 06/18/30 (Call 03/18/30)		30		25,665


				641,958

Machinery — 1.3%
Caterpillar Inc., 2.60%, 04/09/30 (Call 01/09/30)^(a)		286		262,903
Deere & Co., 3.10%, 04/15/30 (Call 01/15/30)^(a)		233		221,935
Flowserve Corp., 3.50%, 10/01/30 (Call 07/01/30)^(a)		190		170,209
IDEX Corp., 3.00%, 05/01/30 (Call 02/01/30)		180		160,844
John Deere Capital Corp., 2.45%, 01/09/30		102		92,976
Oshkosh Corp., 3.10%, 03/01/30 (Call 12/01/29)		215		189,454
Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)		561		491,133


				1,589,454

Manufacturing — 0.5%
3M Co., 3.05%, 04/15/30 (Call 01/15/30)		207		195,015
Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)		225		197,788
Textron Inc., 3.00%, 06/01/30 (Call 03/01/30)		210		189,046


				581,849

Media — 2.4%
Comcast Corp.
2.65%, 02/01/30 (Call 11/01/29)		576		521,199
3.40%, 04/01/30 (Call 01/01/30)		619		589,975
4.25%, 10/15/30 (Call 07/15/30)		564		565,105


Security	Par (000)		Value

Media (continued)
Discovery Communications LLC, 3.63%, 05/15/30 (Call 02/15/30)	$	375	$	344,336
Fox Corp., 3.50%, 04/08/30 (Call 01/08/30)		205		189,972
Paramount Global, 7.88%, 07/30/30		265		313,161
Walt Disney Co. (The), 3.80%, 03/22/30		443		434,610


				2,958,358

Mining — 0.8%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30)^(a)		250		222,708
Freeport-McMoRan Inc.
4.25%, 03/01/30 (Call 03/01/25)		70		65,920
4.63%, 08/01/30 (Call 08/01/25)^(a)		315		304,183
Newmont Corp., 2.25%, 10/01/30 (Call 07/01/30)^(a)		437		373,189
Teck Resources Ltd., 3.90%, 07/15/30 (Call 04/15/30)		60		56,464


				1,022,464

Oil & Gas — 4.2%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)		295		245,464
3.63%, 04/06/30 (Call 01/06/30)		492		473,939
Canadian Natural Resources Ltd., 2.95%, 07/15/30 (Call 04/15/30)		210		187,225
Chevron Corp., 2.24%, 05/11/30 (Call 02/11/30)		531		473,594
Devon Energy Corp., 4.50%, 01/15/30 (Call 01/15/25)		177		174,745
EOG Resources Inc., 4.38%, 04/15/30 (Call 01/15/30)		395		405,159
EQT Corp., 7.50%, 02/01/30 (Call 11/01/29)		80		88,619
Exxon Mobil Corp.
2.61%, 10/15/30 (Call 07/15/30)		694		632,928
3.48%, 03/19/30 (Call 12/19/29)		785		762,675
Ovintiv Inc., 8.13%, 09/15/30		30		35,438
Phillips 66, 2.15%, 12/15/30 (Call 09/15/30)^(a)		405		340,232
Pioneer Natural Resources Co., 1.90%, 08/15/30 (Call 05/15/30)		295		244,761
Shell International Finance BV, 2.75%, 04/06/30 (Call 01/06/30)		625		574,331
Tosco Corp., 8.13%, 02/15/30		45		56,475
TotalEnergies Capital International SA, 2.83%, 01/10/30 (Call 10/10/29)		435		401,923


				5,097,508

Oil & Gas Services — 1.0%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.49%, 05/01/30 (Call 02/01/30)^(a)		205		207,056
Halliburton Co., 2.92%, 03/01/30 (Call 12/01/29)^(a)		429		390,060
HF SINCLAIR Corp., 4.50%, 07/01/30^(b)		222		208,897
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)^(a)		421		376,252


				1,182,265

Packaging & Containers — 0.3%
Amcor Flexibles North America Inc., 2.63%, 06/19/30 (Call 03/19/30)		155		134,305
Sonoco Products Co., 3.13%, 05/01/30 (Call 02/01/30)		185		168,555
WestRock MWV LLC, 8.20%, 01/15/30		100		121,513


				424,373

Pharmaceuticals — 4.9%
AmerisourceBergen Corp., 2.80%, 05/15/30 (Call 02/15/30)^(a)		165		147,520
AstraZeneca PLC, 1.38%, 08/06/30 (Call 05/06/30)		475		390,488
Becton Dickinson and Co., 2.82%, 05/20/30 (Call 02/20/30)		340		304,171
Bristol-Myers Squibb Co., 1.45%, 11/13/30 (Call 08/13/30)		540		442,487
Cigna Corp., 2.40%, 03/15/30 (Call 12/15/29)		562		492,762
CVS Health Corp. 1.75%, 08/21/30 (Call 05/21/30)		445		363,917


74		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
3.75%, 04/01/30 (Call 01/01/30)	$	510	$	487,223
Johnson & Johnson, 1.30%, 09/01/30 (Call 06/01/30)		574		482,057
Merck & Co. Inc., 1.45%, 06/24/30 (Call 03/24/30)		412		344,193
Novartis Capital Corp., 2.20%, 08/14/30 (Call 05/14/30)		470		418,032
Pfizer Inc.
1.70%, 05/28/30 (Call 02/28/30)		389		332,929
2.63%, 04/01/30 (Call 01/01/30)		383		351,870
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (Call 12/31/29)		847		715,503
Viatris Inc., 2.70%, 06/22/30 (Call 03/22/30)		488		405,186
Zoetis Inc., 2.00%, 05/15/30 (Call 02/15/30)^(a)		300		258,288


				5,936,626

Pipelines — 3.3%
Energy Transfer LP, 3.75%, 05/15/30 (Call 02/15/30)		540		498,463
Enterprise Products Operating LLC, 2.80%, 01/31/30 (Call 10/31/29)		422		383,016
Magellan Midstream Partners LP, 3.25%, 06/01/30 (Call 03/01/30)		207		190,144
MPLX LP, 2.65%, 08/15/30 (Call 05/15/30)		518		445,553
ONEOK Inc., 3.10%, 03/15/30 (Call 12/15/29)		286		253,316
Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 09/15/30 (Call 06/15/30)^(a)		270		249,318
Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 (Call 11/15/29)^(a)		715		708,372
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 03/01/30 (Call 03/01/25)		280		277,547
TransCanada PipeLines Ltd., 4.10%, 04/15/30 (Call 01/15/30)		424		415,367
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30)		325		299,123
Williams Companies Inc. (The), 3.50%, 11/15/30 (Call 08/15/30)		316		293,384


				4,013,603

Real Estate Investment Trusts — 6.8%
Agree LP, 2.90%, 10/01/30 (Call 07/01/30)		195		172,021
Alexandria Real Estate Equities Inc.
4.70%, 07/01/30 (Call 04/01/30)		140		142,222
4.90%, 12/15/30 (Call 09/15/30)		284		294,820
American Campus Communities Operating Partnership LP, 2.85%, 02/01/30 (Call 11/01/29)		180		170,753
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		324		258,435
2.10%, 06/15/30 (Call 03/15/30)		203		166,480
2.90%, 01/15/30 (Call 10/15/29)		265		232,810
AvalonBay Communities Inc., 2.30%, 03/01/30 (Call 12/01/29)		244		214,576
Boston Properties LP, 2.90%, 03/15/30 (Call 12/15/29)		228		203,335
Brixmor Operating Partnership LP, 4.05%, 07/01/30 (Call 04/01/30)		300		283,659
Camden Property Trust, 2.80%, 05/15/30 (Call 02/15/30)		244		221,396
Crown Castle International Corp., 3.30%, 07/01/30 (Call 04/01/30)		300		270,753
CubeSmart LP, 3.00%, 02/15/30 (Call 11/15/29)		167		150,577
Duke Realty LP, 1.75%, 07/01/30 (Call 04/01/30)		134		111,463
Equinix Inc., 2.15%, 07/15/30 (Call 04/15/30)		352		293,223
ERP Operating LP, 2.50%, 02/15/30 (Call 11/15/29)		233		208,666
Essex Portfolio LP, 3.00%, 01/15/30 (Call 10/15/29)		175		160,522
Federal Realty Investment Trust, 3.50%, 06/01/30 (Call 03/01/30)^(a)		160		148,802
GLP Capital LP/GLP Financing II Inc., 4.00%, 10/17/29 (Call 10/15/29)		216		200,113
Healthcare Realty Trust Inc., 2.40%, 09/15/29 (Call 12/15/29)		107		91,689


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)	$	176	$	158,205
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)		251		229,213
Highwoods Realty LP, 3.05%, 02/15/30 (Call 11/15/29)		180		161,764
Host Hotels & Resorts LP, Series I, 3.50%, 09/15/30 (Call 06/15/30)		190		170,044
Hudson Pacific Properties LP, 3.25%, 01/15/30 (Call 10/15/29)		122		110,305
Kilroy Realty LP, 3.05%, 02/15/30 (Call 11/15/29)		160		142,832
Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30)		143		127,354
Kite Realty Group Trust, 4.75%, 09/15/30 (Call 06/15/30)		182		179,749
Life Storage LP, 2.20%, 10/15/30 (Call 07/15/30)		150		125,196
LXP Industrial Trust, 2.70%, 09/15/30 (Call 06/15/30)		175		151,697
Mid-America Apartments LP, 2.75%, 03/15/30 (Call 12/15/29)		105		94,660
National Retail Properties Inc., 2.50%, 04/15/30 (Call 01/15/30)		140		122,704
Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)		120		105,311
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)		250		202,603
2.25%, 04/15/30 (Call 01/15/30)		320		281,789
Regency Centers LP, 3.70%, 06/15/30 (Call 03/15/30)		225		210,967
Rexford Industrial Realty LP, 2.13%, 12/01/30 (Call 09/01/30)		150		124,035
Simon Property Group LP, 2.65%, 07/15/30 (Call 04/15/30)		261		229,654
Spirit Realty LP, 3.40%, 01/15/30 (Call 10/15/29)		175		159,728
STORE Capital Corp., 2.75%, 11/18/30 (Call 08/18/30)		155		132,892
UDR Inc., 3.20%, 01/15/30 (Call 10/15/29)		192		177,045
Ventas Realty LP
3.00%, 01/15/30 (Call 10/15/29)		215		192,584
4.75%, 11/15/30 (Call 08/15/30)		90		91,201
VICI Properties LP, 4.95%, 02/15/30 (Call 12/15/29)		105		104,312
Welltower Inc., 3.10%, 01/15/30 (Call 10/15/29)		232		213,359
Weyerhaeuser Co., 4.00%, 04/15/30 (Call 01/15/30)		230		221,635


				8,217,153

Retail — 4.8%
Advance Auto Parts Inc., 3.90%, 04/15/30 (Call 01/15/30)		209		197,990
AutoNation Inc., 4.75%, 06/01/30 (Call 03/01/30)		213		209,426
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)		228		220,930
Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30)		275		228,134
Costco Wholesale Corp., 1.60%, 04/20/30 (Call 01/20/30)		519		441,321
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		439		411,330
Genuine Parts Co., 1.88%, 11/01/30 (Call 08/01/30)		155		125,903
Home Depot Inc. (The), 2.70%, 04/15/30 (Call 01/15/30)		731		668,339
Lowe’s Companies Inc.
1.70%, 10/15/30 (Call 07/15/30)		450		367,879
4.50%, 04/15/30 (Call 01/15/30)		533		538,255
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		279		241,335
3.60%, 07/01/30 (Call 04/01/30)		391		375,888
O’Reilly Automotive Inc., 4.20%, 04/01/30 (Call 01/01/30)		180		176,368
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)		261		224,254
2.55%, 11/15/30 (Call 08/15/30)^(a)		485		421,053
Target Corp.
2.35%, 02/15/30 (Call 11/15/29)		361		325,741
2.65%, 09/15/30 (Call 06/15/30)		142		129,923
TJX Companies Inc. (The), 3.88%, 04/15/30 (Call 01/15/30)		268		265,875
Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)		232		188,537
Walgreens Boots Alliance Inc., 3.20%, 04/15/30 (Call 01/15/30)^(a)		65		60,055


S C H E D U L E O F I N V E S T M E N T S		75

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2030 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
Walmart Inc., 7.55%, 02/15/30	$	50	$	62,967


				5,881,503

Semiconductors — 3.6%
Applied Materials Inc., 1.75%, 06/01/30 (Call 03/01/30)^(a)		172		147,303
Broadcom Inc.
4.15%, 11/15/30 (Call 08/15/30)		795		751,680
5.00%, 04/15/30 (Call 01/15/30)		560		566,434
Intel Corp., 3.90%, 03/25/30 (Call 12/25/29)		528		525,534
Lam Research Corp., 1.90%, 06/15/30 (Call 03/15/30)		317		270,984
Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29)		312		308,334
NVIDIA Corp., 2.85%, 04/01/30 (Call 01/01/30)		509		473,136
NXP BV/NXP Funding LLC/NXP USA Inc., 3.40%, 05/01/30 (Call 02/01/30)^(b)		434		395,322
QUALCOMM Inc., 2.15%, 05/20/30 (Call 02/20/30)		447		392,386
Texas Instruments Inc., 1.75%, 05/04/30 (Call 02/04/30)		343		294,980
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		235		207,294


				4,333,387

Shipbuilding — 0.2%
Huntington Ingalls Industries Inc., 4.20%, 05/01/30 (Call 02/01/30)		205		201,476


Software — 2.8%
Activision Blizzard Inc., 1.35%, 09/15/30 (Call 06/15/30)		169		137,453
Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)		428		383,368
Autodesk Inc., 2.85%, 01/15/30 (Call 10/15/29)		157		140,490
Citrix Systems Inc., 3.30%, 03/01/30 (Call 12/01/29)^(a)		262		258,670
Fiserv Inc., 2.65%, 06/01/30 (Call 03/01/30)^(a)		375		326,066
Intuit Inc., 1.65%, 07/15/30 (Call 04/15/30)		157		131,100
Oracle Corp.
2.95%, 04/01/30 (Call 01/01/30)		1,028		890,700
3.25%, 05/15/30 (Call 02/15/30)		310		274,161
Roper Technologies Inc., 2.00%, 06/30/30 (Call 03/30/30)		205		171,784
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		535		429,573
VMware Inc., 4.70%, 05/15/30 (Call 02/15/30)		253		251,535


				3,394,900

Telecommunications — 7.8%
America Movil SAB de CV, 2.88%, 05/07/30 (Call 02/07/30)		259		232,678
AT&T Inc., 4.30%, 02/15/30 (Call 11/15/29)		1,120		1,124,368
British Telecommunications PLC, 9.63%, 12/15/30		970		1,239,912
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		1,238		1,569,536
Juniper Networks Inc., 2.00%, 12/10/30 (Call 09/10/30)		167		136,823
Koninklijke KPN NV, 8.38%, 10/01/30		187		232,413
Motorola Solutions Inc., 2.30%, 11/15/30 (Call 08/15/30)		370		303,145
Telefonica Europe BV, 8.25%, 09/15/30		410		509,987
T-Mobile USA Inc., 3.88%, 04/15/30 (Call 01/15/30)		2,612		2,472,258
Verizon Communications Inc.
1.50%, 09/18/30 (Call 06/18/30)		371		301,423
1.68%, 10/30/30 (Call 07/30/30)		444		360,901


Security	Par/ Shares (000)		Value


Telecommunications (continued)
3.15%, 03/22/30 (Call 12/22/29)	$	546	$	501,004
7.75%, 12/01/30		140		175,116
Vodafone Group PLC, 7.88%, 02/15/30		225		272,639


				9,432,203

Transportation — 0.9%
Canadian Pacific Railway Co., 2.05%, 03/05/30 (Call 12/05/29)		149		129,050
CSX Corp., 2.40%, 02/15/30 (Call 11/15/29)		241		213,924
FedEx Corp., 4.25%, 05/15/30 (Call 02/15/30)		262		259,317
Union Pacific Corp., 2.40%, 02/05/30 (Call 11/05/29)		256		229,161
United Parcel Service Inc., 4.45%, 04/01/30 (Call 01/01/30)^(a)		298		309,610


				1,141,062

Trucking & Leasing — 0.1%
GATX Corp., 4.00%, 06/30/30 (Call 03/30/30)		155		148,640


Water — 0.3%
American Water Capital Corp., 2.80%, 05/01/30 (Call 02/01/30)		172		156,892
Essential Utilities Inc., 2.70%, 04/15/30 (Call 01/15/30)		180		160,898


				317,790


Total Corporate Bonds & Notes — 98.9% (Cost: $139,801,410)				120,307,766


Short-Term Investments

Money Market Funds — 9.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		10,801		10,800,677
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		140		140,000


				10,940,677


Total Short-Term Investments — 9.0% (Cost: $10,941,189)				10,940,677


Total Investments in Securities — 107.9% (Cost: $150,742,599)				131,248,443

Other Assets, Less Liabilities — (7.9)%				(9,665,458	)


Net Assets — 100.0%			$	121,582,985

^(a)	All or a portion of this security is on loan.

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

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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


76		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2030 Term Corporate ETF

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,833,695	$	—	$	(2,024,775	)^(a)	$	(7,731	)	$	(512	)	$	10,800,677		10,801	$	10,666	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		—		(40,000	)^(a)		—			—			140,000		140		231			—


								$	(7,731	)	$	(512	)	$	10,940,677			$	10,897		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	120,307,766	$	—	$	120,307,766
Money Market Funds		10,940,677		—		—		10,940,677


	$	10,940,677	$	120,307,766	$	—	$	131,248,443

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		77

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.6%
Interpublic Group of Companies Inc. (The), 2.40%, 03/01/31 (Call 12/01/30)	$	229	$	194,066
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)		309		267,155


				461,221

Aerospace & Defense — 1.9%
Boeing Co. (The), 3.63%, 02/01/31 (Call 11/01/30)		440		396,937
General Dynamics Corp., 2.25%, 06/01/31 (Call 03/01/31)		227		200,373
L3Harris Technologies Inc., 1.80%, 01/15/31 (Call 10/15/30)		281		230,190
Raytheon Technologies Corp., 1.90%, 09/01/31 (Call 06/01/31)		363		301,610
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		282		244,911


				1,374,021

Agriculture — 0.7%
BAT Capital Corp., 2.73%, 03/25/31 (Call 12/25/30)		405		332,505
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)		186		160,797


				493,302

Airlines — 0.1%
United Airlines Pass Through Trust, Series 2019, Class AA, 4.15%, 02/25/33		104		101,615


Auto Manufacturers — 2.3%
American Honda Finance Corp., 1.80%, 01/13/31^(a)		225		189,171
Daimler Finance North America LLC, 8.50%, 01/18/31		454		584,893
General Motors Financial Co. Inc.
2.35%, 01/08/31 (Call 10/08/30)		340		274,934
2.70%, 06/10/31 (Call 03/10/31)		333		274,395
Toyota Motor Corp., 2.36%, 03/25/31 (Call 12/25/30)^(a)		102		91,184
Toyota Motor Credit Corp.
1.65%, 01/10/31		90		74,513
1.90%, 09/12/31		223		187,594


				1,676,684

Banks — 3.8%
Banco Santander SA, 2.96%, 03/25/31		210		181,490
Bank of New York Mellon Corp. (The)
1.65%, 01/28/31 (Call 10/28/30)		195		163,324
1.80%, 07/28/31 (Call 04/28/31)^(a)		190		158,074
Bank of Nova Scotia (The), 2.15%, 08/01/31^(a)		225		188,795
Mizuho Financial Group Inc., 2.56%, 09/13/31		330		272,402
Royal Bank of Canada, 2.30%, 11/03/31		490		416,863
State Street Corp., 2.20%, 03/03/31		205		174,107
Sumitomo Mitsui Financial Group Inc.
1.71%, 01/12/31		80		63,970
2.22%, 09/17/31		370		306,641
SVB Financial Group, 1.80%, 02/02/31 (Call 11/02/30)		200		160,294
Toronto-Dominion Bank (The), 2.00%, 09/10/31		330		274,946
Westpac Banking Corp., 2.15%, 06/03/31		376		320,901


				2,681,807

Beverages — 2.2%
Anheuser-Busch InBev Worldwide Inc., 4.90%, 01/23/31 (Call 10/23/30)		239		248,677
Coca-Cola Co. (The)
1.38%, 03/15/31		424		346,459
2.00%, 03/05/31		177		152,781
Constellation Brands Inc., 2.25%, 08/01/31 (Call 05/01/31)		262		217,471
Keurig Dr Pepper Inc., 2.25%, 03/15/31 (Call 12/15/30)^(a)		135		113,778
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		125		103,145
1.95%, 10/21/31 (Call 07/21/31)		460		394,629


				1,576,940


Security	Par (000)		Value

Biotechnology — 1.0%
Amgen Inc., 2.30%, 02/25/31 (Call 11/25/30)	$	425	$	365,045
Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30)		198		167,589
Royalty Pharma PLC, 2.15%, 09/02/31 (Call 06/02/31)		195		157,445


				690,079

Building Materials — 1.3%
Carrier Global Corp., 2.70%, 02/15/31 (Call 11/15/30)^(a)		288		250,736
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		288		241,462
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31 (Call 06/16/31)^(a)		105		86,360
Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)		220		185,739
Masco Corp., 2.00%, 02/15/31 (Call 11/15/30)^(a)		235		190,999


				955,296

Chemicals — 0.6%
Ecolab Inc., 1.30%, 01/30/31 (Call 10/30/30)		224		181,669
Huntsman International LLC, 2.95%, 06/15/31 (Call 03/15/31)		155		134,295
NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)		127		108,746


				424,710

Commercial Services — 1.0%
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		267		223,183
Global Payments Inc., 2.90%, 11/15/31 (Call 08/15/31)		278		238,335
GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31)^(b)		170		140,243
Moody’s Corp., 2.00%, 08/19/31 (Call 05/19/31)^(a)		135		112,340


				714,101

Computers — 2.8%
Apple Inc.
1.65%, 02/08/31 (Call 11/08/30)		774		655,044
1.70%, 08/05/31 (Call 05/05/31)		458		386,667
CGI Inc., 2.30%, 09/14/31 (Call 06/14/31)^(b)		170		138,270
Fortinet Inc., 2.20%, 03/15/31 (Call 12/15/30)		197		162,696
HP Inc., 2.65%, 06/17/31 (Call 03/17/31)		360		297,720
Kyndryl Holdings Inc., 3.15%, 10/15/31 (Call 07/15/31)^(b)		209		162,911
Leidos Inc., 2.30%, 02/15/31 (Call 11/15/30)		260		214,354


				2,017,662

Cosmetics & Personal Care — 1.0%
Estee Lauder Companies Inc. (The), 1.95%, 03/15/31 (Call 12/15/30)		265		226,602
Procter & Gamble Co. (The), 1.95%, 04/23/31^(a)		247		216,019
Unilever Capital Corp., 1.75%, 08/12/31 (Call 05/12/31)		320		267,427


				710,048

Diversified Financial Services — 5.1%
Ally Financial Inc., 8.00%, 11/01/31		679		805,574
Brookfield Finance Inc., 2.72%, 04/15/31 (Call 01/15/31)^(a)		145		127,007
Charles Schwab Corp. (The)
1.65%, 03/11/31 (Call 12/11/30)		252		204,823
1.95%, 12/01/31 (Call 09/01/31)		325		267,465
2.30%, 05/13/31 (Call 02/13/31)		230		197,984
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31)		365		300,249
Mastercard Inc.
1.90%, 03/15/31 (Call 12/15/30)		167		145,325
2.00%, 11/18/31 (Call 08/18/31)		339		290,537
Nasdaq Inc., 1.65%, 01/15/31 (Call 10/15/30)		325		260,462
Nomura Holdings Inc., 2.61%, 07/14/31		380		319,576
ORIX Corp., 2.25%, 03/09/31^(a)		87		74,500
Synchrony Financial, 2.88%, 10/28/31 (Call 07/28/31)		242		197,279
Visa Inc., 1.10%, 02/15/31 (Call 11/15/30)		412		331,701
Western Union Co. (The), 2.75%, 03/15/31 (Call 12/15/30)		129		109,896


				3,632,378


78		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric — 9.5%
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)	$	330	$	273,536
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)		200		187,282
Appalachian Power Co., Series AA, 2.70%, 04/01/31 (Call 01/01/31)		208		181,809
Arizona Public Service Co., 2.20%, 12/15/31 (Call 09/15/31)^(a)		210		174,229
Atlantic City Electric Co., 2.30%, 03/15/31 (Call 12/15/30)		110		95,360
Baltimore Gas & Electric Co., 2.25%, 06/15/31 (Call 03/15/31)		195		167,710
Berkshire Hathaway Energy Co., 1.65%, 05/15/31 (Call 02/15/31)		120		98,455
CenterPoint Energy Houston Electric LLC, Series AE, 2.35%, 04/01/31 (Call 01/01/31)		100		88,492
CenterPoint Energy Inc., 2.65%, 06/01/31 (Call 03/01/31)		210		182,801
Connecticut Light & Power Co. (The), Series A, 2.05%, 07/01/31 (Call 04/01/31)		99		84,659
Consolidated Edison Co. of New York Inc., 2.40%, 06/15/31 (Call 03/15/31)		318		275,671
Dominion Energy Inc., Series C, 2.25%, 08/15/31 (Call 05/15/31)		305		256,840
Dominion Energy South Carolina Inc., Series A, 2.30%, 12/01/31 (Call 09/01/31)^(a)		71		61,267
DTE Electric Co., Series C, 2.63%, 03/01/31 (Call 12/01/30)		89		79,751
Duke Energy Carolinas LLC, 2.55%, 04/15/31 (Call 01/15/31)		245		217,651
Duke Energy Corp., 2.55%, 06/15/31 (Call 03/15/31)		299		254,972
Duke Energy Florida LLC, 2.40%, 12/15/31 (Call 09/15/31)		235		204,264
Duke Energy Progress LLC, 2.00%, 08/15/31 (Call 05/15/31)		235		199,066
Emera U.S. Finance LP, 2.64%, 06/15/31 (Call 03/15/31)		150		127,124
Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31)		290		242,527
Entergy Louisiana LLC, 3.05%, 06/01/31 (Call 03/01/31)^(a)		105		96,443
Entergy Texas Inc., 1.75%, 03/15/31 (Call 12/15/30)		35		28,912
Eversource Energy, 2.55%, 03/15/31 (Call 12/15/30)		91		78,219
National Rural Utilities Cooperative Finance Corp.
1.35%, 03/15/31 (Call 12/15/30)		59		46,678
1.65%, 06/15/31 (Call 03/15/31)		155		125,282
Northern States Power Co./MN, 2.25%, 04/01/31 (Call 10/01/30)		45		39,495
NSTAR Electric Co., 1.95%, 08/15/31 (Call 05/15/31)		220		184,738
Ohio Power Co., Series Q, 1.63%, 01/15/31 (Call 10/15/30)		115		94,076
Pacific Gas and Electric Co.
2.50%, 02/01/31 (Call 11/01/30)		490		388,158
3.25%, 06/01/31 (Call 03/01/31)		360		300,784
PacifiCorp., 7.70%, 11/15/31		130		164,021
Progress Energy Inc.
7.00%, 10/30/31		150		175,165
7.75%, 03/01/31		65		79,087
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		275		231,511
Series 35, 1.90%, 01/15/31 (Call 07/15/30)		90		76,555
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31 (Call 03/15/31)		125		107,491
Public Service Co. of Oklahoma, Series J, 2.20%, 08/15/31 (Call 05/15/31)		84		70,780
Public Service Electric & Gas Co., 1.90%, 08/15/31 (Call 05/15/31)		85		71,641
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)		333		282,014
Southern California Edison Co., Series G, 2.50%, 06/01/31 (Call 03/01/31)^(a)		178		152,623
Tampa Electric Co., 2.40%, 03/15/31 (Call 12/15/30)		130		113,374
Virginia Electric & Power Co., 2.30%, 11/15/31 (Call 08/15/31)		280		239,747
Wisconsin Power and Light Co., 1.95%, 09/16/31 (Call 06/16/31)		50		41,823


Security	Par (000)		Value

Electric (continued)
Xcel Energy Inc., 2.35%, 11/15/31 (Call 05/15/31)	$	148	$	125,085


				6,767,168

Electronics — 1.9%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		225		188,926
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		300		249,330
Avnet Inc., 3.00%, 05/15/31 (Call 02/15/31)		125		106,940
Honeywell International Inc., 1.75%, 09/01/31 (Call 06/01/31)		370		311,865
Hubbell Inc., 2.30%, 03/15/31 (Call 12/15/30)		85		73,567
Jabil Inc., 3.00%, 01/15/31 (Call 10/15/30)		190		164,073
TD SYNNEX Corp., 2.65%, 08/09/31 (Call 05/09/31)^(b)		143		116,731
Vontier Corp, 2.95%, 04/01/31 (Call 01/01/31)		215		179,847


				1,391,279

Environmental Control — 0.4%
Republic Services Inc., 1.45%, 02/15/31 (Call 11/15/30)		123		97,742
Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30)		267		216,630


				314,372

Food — 2.0%
Flowers Foods Inc., 2.40%, 03/15/31 (Call 12/15/30)		155		129,887
General Mills Inc., 2.25%, 10/14/31 (Call 07/14/31)		222		187,321
Kellogg Co., Series B, 7.45%, 04/01/31		201		241,940
Kraft Heinz Foods Co., 4.25%, 03/01/31 (Call 12/01/30)		165		159,953
Kroger Co. (The)
1.70%, 01/15/31 (Call 10/15/30)		295		241,755
7.50%, 04/01/31		50		60,707
McCormick & Co. Inc./MD, 1.85%, 02/15/31 (Call 11/15/30)		140		114,841
Mondelez International Inc., 1.50%, 02/04/31 (Call 11/04/30)^(a)		152		121,954
Sysco Corp., 2.45%, 12/14/31 (Call 09/14/31)		194		166,663


				1,425,021

Forest Products & Paper — 0.7%
Georgia-Pacific LLC, 8.88%, 05/15/31		125		167,679
Suzano Austria GmbH, 3.75%, 01/15/31 (Call 10/15/30)		375		326,329


				494,008

Gas — 1.0%
Atmos Energy Corp., 1.50%, 01/15/31 (Call 10/15/30)		181		147,082
National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30)		185		158,029
NiSource Inc., 1.70%, 02/15/31 (Call 11/15/30)		230		181,564
Piedmont Natural Gas Co. Inc., 2.50%, 03/15/31 (Call 12/15/30)		115		99,283
Southern Co. Gas Capital Corp., Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)		170		136,993


				722,951

Hand & Machine Tools — 0.1%
Kennametal Inc., 2.80%, 03/01/31 (Call 12/01/30)		122		104,608


Health Care - Products — 1.7%
Baxter International Inc., 1.73%, 04/01/31 (Call 01/01/31)		155		124,973
PerkinElmer Inc.
2.25%, 09/15/31 (Call 06/15/31)		230		189,318
2.55%, 03/15/31 (Call 12/15/30)		50		43,255
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30)		270		231,058
Thermo Fisher Scientific Inc., 2.00%, 10/15/31 (Call 07/15/31)^(a)		468		393,878
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)		269		230,651


				1,213,133

Health Care - Services — 1.9%
Anthem Inc., 2.55%, 03/15/31 (Call 12/15/30)		317		278,272
Banner Health, 1.90%, 01/01/31 (Call 07/01/30)		35		29,616
Bon Secours Mercy Health Inc., Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)		102		87,203
Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)		54		47,503


S C H E D U L E O F I N V E S T M E N T S		79

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services (continued)
HCA Inc., 2.38%, 07/15/31 (Call 04/15/31)	$	255	$	209,957
Laboratory Corp. of America Holdings, 2.70%, 06/01/31 (Call 03/01/31)		113		98,462
Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30)^(a)		55		45,451
OhioHealth Corp., 2.30%, 11/15/31 (Call 05/15/31)		170		148,631
Quest Diagnostics Inc., 2.80%, 06/30/31 (Call 03/30/31)		194		169,589
UnitedHealth Group Inc., 2.30%, 05/15/31 (Call 02/15/31)		244		213,632


				1,328,316

Holding Companies - Diversified — 0.2%
Ares Capital Corp., 3.20%, 11/15/31 (Call 08/15/31)		200		159,796


Home Builders — 0.2%
MDC Holdings Inc., 2.50%, 01/15/31 (Call 07/15/30)		175		140,712


Home Furnishings — 0.1%
Whirlpool Corp., 2.40%, 05/15/31 (Call 02/15/31)		105		89,100


Household Products & Wares — 0.5%
Church & Dwight Co. Inc., 2.30%, 12/15/31 (Call 09/15/31)		126		108,571
Kimberly-Clark Corp., 2.00%, 11/02/31 (Call 08/02/31)		260		221,876


				330,447

Insurance — 3.2%
Aon Corp./Aon Global Holdings PLC
2.05%, 08/23/31 (Call 05/23/31)		94		77,835
2.60%, 12/02/31 (Call 09/02/31)^(a)		240		206,875
Arthur J Gallagher & Co., 2.40%, 11/09/31 (Call 08/09/31)		138		116,413
Assured Guaranty U.S. Holdings Inc., 3.15%, 06/15/31 (Call 03/15/31)		175		154,207
Athene Holding Ltd., 3.50%, 01/15/31 (Call 10/15/30)		196		173,556
Brown & Brown Inc., 2.38%, 03/15/31 (Call 12/15/30)		195		161,938
Enstar Group Ltd., 3.10%, 09/01/31 (Call 03/01/31)		165		138,087
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30)		218		194,412
Fidelity National Financial Inc., 2.45%, 03/15/31 (Call 12/15/30)		153		126,936
First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)		200		164,726
Jackson Financial Inc., 3.13%, 11/23/31 (Call 08/23/31)^(a)(b)		159		135,714
Lincoln National Corp., 3.40%, 01/15/31 (Call 10/15/30)		212		197,453
Marsh & McLennan Companies Inc., 2.38%, 12/15/31 (Call 09/15/31)		165		142,113
Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)		197		172,109
Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)		148		126,090


				2,288,464

Internet — 2.7%
Alibaba Group Holding Ltd., 2.13%, 02/09/31 (Call 11/09/30)		400		331,720
Amazon.com Inc., 2.10%, 05/12/31 (Call 02/12/31)		780		679,544
Baidu Inc., 2.38%, 08/23/31 (Call 05/23/31)		245		203,005
eBay Inc., 2.60%, 05/10/31 (Call 02/10/31)		280		242,298
Expedia Group Inc., 2.95%, 03/15/31 (Call 12/15/30)		289		248,219
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)		254		218,023


				1,922,809

Iron & Steel — 0.2%
Steel Dynamics Inc., 3.25%, 01/15/31 (Call 10/15/30)		177		162,068


Leisure Time — 0.2%
Brunswick Corp., 2.40%, 08/18/31 (Call 05/18/31)		194		152,523


Lodging — 0.6%
Choice Hotels International Inc., 3.70%, 01/15/31 (Call 10/15/30)		155		141,918


Security	Par (000)		Value

Lodging (continued)
Marriott International Inc./MD, Series HH, 2.85%, 04/15/31 (Call 01/15/31)	$	335	$	287,360


				429,278

Machinery — 1.3%
Caterpillar Inc., 1.90%, 03/12/31 (Call 12/12/30)		52		44,860
Deere & Co., 7.13%, 03/03/31		10		12,309
IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31)		110		94,638
John Deere Capital Corp.
1.45%, 01/15/31		365		303,454
2.00%, 06/17/31		215		186,216
nVent Finance Sarl, 2.75%, 11/15/31 (Call 08/15/31)		104		88,627
Rockwell Automation Inc., 1.75%, 08/15/31 (Call 05/15/31)		80		66,690
Xylem Inc./NY, 2.25%, 01/30/31 (Call 10/30/30)^(a)		122		105,539


				902,333

Manufacturing — 0.3%
Textron Inc., 2.45%, 03/15/31 (Call 12/15/30)		217		184,856


Media — 3.4%
Charter Communications Operating LLC/Charter
Communications Operating Capital, 2.80%, 04/01/31 (Call 01/01/31)		538		447,600
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)		547		444,684
1.95%, 01/15/31 (Call 10/15/30)		490		414,412
Paramount Global, 4.95%, 01/15/31 (Call 10/15/30)		436		432,037
Walt Disney Co. (The), 2.65%, 01/13/31		770		686,932


				2,425,665

Mining — 0.4%
Rio Tinto Alcan Inc., 7.25%, 03/15/31		165		203,524
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)		125		105,193


				308,717

Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31)		325		282,718


Oil & Gas — 2.9%
Burlington Resources LLC
7.20%, 08/15/31		147		182,001
7.40%, 12/01/31		100		126,384
Conoco Funding Co., 7.25%, 10/15/31		125		155,573
Devon Energy Corp., 7.88%, 09/30/31		195		237,801
Diamondback Energy Inc., 3.13%, 03/24/31 (Call 12/24/30)		239		213,293
Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)^(b)		170		147,747
Hess Corp., 7.30%, 08/15/31		210		244,030
Ovintiv Inc.
7.20%, 11/01/31		92		104,933
7.38%, 11/01/31		153		176,932
Pioneer Natural Resources Co., 2.15%, 01/15/31 (Call 10/15/30)		386		325,398
Valero Energy Corp., 2.80%, 12/01/31 (Call 09/01/31)		195		168,351


				2,082,443

Packaging & Containers — 0.3%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		195		168,020
WestRock MWV LLC, 7.95%, 02/15/31		31		37,935


				205,955

Pharmaceuticals — 3.3%
AmerisourceBergen Corp., 2.70%, 03/15/31 (Call 12/15/30)		300		261,885
Astrazeneca Finance LLC, 2.25%, 05/28/31 (Call 02/28/31)		222		194,177
Becton Dickinson and Co., 1.96%, 02/11/31 (Call 11/11/30)		253		208,530


80		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
Cigna Corp., 2.38%, 03/15/31 (Call 12/15/30)	$	392	$	335,560
CVS Health Corp.
1.88%, 02/28/31 (Call 11/28/30)		462		379,228
2.13%, 09/15/31 (Call 06/15/31)^(a)		203		168,425
Merck & Co. Inc., 2.15%, 12/10/31 (Call 09/10/31)		623		542,215
Pfizer Inc., 1.75%, 08/18/31 (Call 05/18/31)		336		282,939


				2,372,959

Pipelines — 2.7%
Boardwalk Pipelines LP, 3.40%, 02/15/31 (Call 11/15/30)		190		168,133
Kinder Morgan Energy Partners LP, 7.40%, 03/15/31		35		40,350
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)^(a)		215		177,278
7.80%, 08/01/31		187		225,531
ONEOK Inc., 6.35%, 01/15/31 (Call 10/15/30)		211		230,384
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 02/01/31 (Call 02/01/26)		340		326,876
TransCanada PipeLines Ltd., 2.50%, 10/12/31 (Call 07/12/31)		371		317,324
Williams Companies Inc. (The), 2.60%, 03/15/31 (Call 12/15/30).		492		424,552


				1,910,428

Real Estate — 0.4%
CBRE Services Inc., 2.50%, 04/01/31 (Call 01/01/31)		205		173,592
Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)		129		106,539


				280,131

Real Estate Investment Trusts — 12.1%
Alexandria Real Estate Equities Inc., 3.38%, 08/15/31 (Call 05/15/31)		240		222,418
American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)		70		62,176
American Campus Communities Operating Partnership LP, 3.88%, 01/30/31 (Call 10/30/30)		227		229,710
American Homes 4 Rent LP, 2.38%, 07/15/31 (Call 04/15/31)^(a)		125		103,480
American Tower Corp.
2.30%, 09/15/31 (Call 06/15/31)		280		227,732
2.70%, 04/15/31 (Call 01/15/31)		197		165,825
AvalonBay Communities Inc., 2.45%, 01/15/31 (Call 10/17/30)		90		79,850
Boston Properties LP, 3.25%, 01/30/31 (Call 10/30/30)		285		258,156
Brixmor Operating Partnership LP, 2.50%, 08/16/31 (Call 05/16/31)		185		152,634
Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)		162		135,136
Corporate Office Properties LP, 2.75%, 04/15/31 (Call 01/15/31)		187		157,448
Crown Castle International Corp.
2.10%, 04/01/31 (Call 01/01/31)		351		284,443
2.25%, 01/15/31 (Call 10/15/30)		280		230,541
2.50%, 07/15/31 (Call 04/15/31)^(a)		250		209,207
CubeSmart LP, 2.00%, 02/15/31 (Call 11/15/30)		200		166,412
Duke Realty LP, 1.75%, 02/01/31 (Call 11/01/30)		90		74,012
EPR Properties, 3.60%, 11/15/31 (Call 08/15/31)		151		127,932
Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31)		345		290,028
ERP Operating LP, 1.85%, 08/01/31 (Call 05/01/31)		120		101,120
Essex Portfolio LP 1.65%, 01/15/31 (Call 10/15/30)		75		60,827
2.55%, 06/15/31 (Call 03/15/31)		60		52,066
Extra Space Storage LP, 2.55%, 06/01/31 (Call 03/01/31)		95		81,057
GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/31 (Call 10/15/30)		251		228,799
Healthcare Realty Trust Inc., 2.05%, 03/15/31 (Call 12/15/30)		60		49,575
Healthcare Trust of America Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)		285		231,822
Healthpeak Properties Inc., 2.88%, 01/15/31 (Call 10/15/30)		145		129,742
Highwoods Realty LP, 2.60%, 02/01/31 (Call 11/01/30)		90		76,320


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31 (Call 09/15/31)	$	180	$	152,010
Invitation Homes Operating Partnership LP, 2.00%, 08/15/31 (Call 05/15/31)		158		126,590
Kimco Realty Corp., 2.25%, 12/01/31 (Call 09/01/31)		195		163,390
Life Storage LP, 2.40%, 10/15/31 (Call 07/15/31)		163		134,731
LXP Industrial Trust, 2.38%, 10/01/31 (Call 07/01/31)		170		138,072
Mid-America Apartments LP, 1.70%, 02/15/31 (Call 11/15/30)^(a)		135		109,810
National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)		155		125,254
Office Properties Income Trust, 3.45%, 10/15/31 (Call 07/15/31)		125		96,885
Omega Healthcare Investors Inc., 3.38%, 02/01/31 (Call 11/01/30)		190		158,876
Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)		162		133,755
Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)		172		145,168
Prologis LP, 1.63%, 03/15/31 (Call 12/15/30)		177		146,636
Public Storage
2.25%, 11/09/31 (Call 08/09/31)		297		256,258
2.30%, 05/01/31 (Call 02/01/31)		135		117,638
Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)		161		139,590
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)		235		219,354
Rexford Industrial Realty LP, 2.15%, 09/01/31 (Call 06/01/31)		90		73,739
Sabra Health Care LP, 3.20%, 12/01/31 (Call 09/01/31)^(a)		280		236,040
Safehold Operating Partnership LP, 2.80%, 06/15/31 (Call 03/15/31)		140		117,573
Simon Property Group LP, 2.20%, 02/01/31 (Call 11/01/30)		276		233,695
Spirit Realty LP, 3.20%, 02/15/31 (Call 11/15/30)		191		169,073
STORE Capital Corp., 2.70%, 12/01/31 (Call 09/01/31)		132		109,502
Sun Communities Operating LP, 2.70%, 07/15/31 (Call 04/15/31)		258		219,780
Tanger Properties LP, 2.75%, 09/01/31 (Call 06/01/31)		90		73,379
UDR Inc., 3.00%, 08/15/31 (Call 05/15/31)		145		129,169
Ventas Realty LP, 2.50%, 09/01/31 (Call 06/01/31)		120		102,030
Vornado Realty LP, 3.40%, 06/01/31 (Call 03/01/31)		130		113,721
Welltower Inc.
2.75%, 01/15/31 (Call 10/15/30)		175		154,135
2.80%, 06/01/31 (Call 03/01/31)		210		185,716
WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30)		175		148,083


				8,618,120

Retail — 3.0%
AutoNation Inc., 2.40%, 08/01/31 (Call 05/01/31)		211		170,566
AutoZone Inc., 1.65%, 01/15/31 (Call 10/15/30)		206		165,002
Dollar Tree Inc., 2.65%, 12/01/31 (Call 09/01/31)^(a)		270		229,910
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)		287		232,421
1.88%, 09/15/31 (Call 06/15/31)		437		366,267
Kohl’s Corp., 3.38%, 05/01/31 (Call 02/01/31)^(a)		174		165,091
Lowe’s Companies Inc., 2.63%, 04/01/31 (Call 01/01/31)		472		412,108
O’Reilly Automotive Inc., 1.75%, 03/15/31 (Call 12/15/30)		107		86,258
Ross Stores Inc., 1.88%, 04/15/31 (Call 01/15/31)		205		168,652
TJX Companies Inc. (The), 1.60%, 05/15/31 (Call 02/15/31)		205		168,553


				2,164,828

Semiconductors — 3.5%
Analog Devices Inc., 2.10%, 10/01/31 (Call 07/01/31)		305		262,446
Broadcom Inc., 2.45%, 02/15/31 (Call 11/15/30)^(b)		810		668,469
Intel Corp., 2.00%, 08/12/31 (Call 05/12/31)		383		325,608
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)^(a)		265		230,335
NVIDIA Corp., 2.00%, 06/15/31 (Call 03/15/31)^(a)		309		264,989
NXP BV/NXP Funding LLC/NXP USA Inc., 2.50%, 05/11/31 (Call 02/11/31)^(b)		262		218,718
Skyworks Solutions Inc., 3.00%, 06/01/31 (Call 03/01/31)		165		137,412


S C H E D U L E O F I N V E S T M E N T S		81

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2031 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors (continued)
Texas Instruments Inc., 1.90%, 09/15/31 (Call 06/15/31)	$	248	$	211,916
TSMC Arizona Corp., 2.50%, 10/25/31 (Call 07/25/31)		200		173,700


				2,493,593

Software — 4.1%
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)		340		284,549
Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31)		350		299,492
Electronic Arts Inc., 1.85%, 02/15/31 (Call 11/15/30)		300		248,901
Fidelity National Information Services Inc., 2.25%, 03/01/31 (Call 12/01/30)^(a)		310		259,349
Oracle Corp., 2.88%, 03/25/31 (Call 12/25/30)		916		776,942
Roper Technologies Inc., 1.75%, 02/15/31 (Call 11/15/30)		365		294,993
salesforce.com Inc., 1.95%, 07/15/31 (Call 04/15/31)		400		343,596
VMware Inc., 2.20%, 08/15/31 (Call 05/15/31)		476		386,921


				2,894,743

Telecommunications — 6.2%
AT&T Inc., 2.75%, 06/01/31 (Call 03/01/31)^(a)		806		710,940
Motorola Solutions Inc., 2.75%, 05/24/31 (Call 02/24/31)		294		246,851
Orange SA, 9.00%, 03/01/31^(a)		726		955,924
T-Mobile USA Inc.
2.25%, 11/15/31 (Call 08/15/31)		435		356,761
2.55%, 02/15/31 (Call 11/15/30)		700		596,029
Verizon Communications Inc.
1.75%, 01/20/31 (Call 10/20/30)		775		631,455
2.55%, 03/21/31 (Call 12/21/30)		1,108		961,711


				4,459,671

Transportation — 2.5%
Canadian Pacific Railway Co.
2.45%, 12/02/31 (Call 09/02/31)		375		326,310
7.13%, 10/15/31		175		212,574
FedEx Corp., 2.40%, 05/15/31 (Call 02/15/31)		245		210,198
Norfolk Southern Corp., 2.30%, 05/15/31 (Call 02/15/31)		200		174,218
Union Pacific Corp., 2.38%, 05/20/31 (Call 02/20/31)^(a)		335		293,946
Walmart Inc., 1.80%, 09/22/31 (Call 06/22/31)		674		575,279


				1,792,525


Security	Par/ Shares (000)		Value


Trucking & Leasing — 0.2%
GATX Corp., 1.90%, 06/01/31 (Call 03/01/31)	$	175	$	140,259


Water — 0.4%
American Water Capital Corp., 2.30%, 06/01/31 (Call 03/01/31)^(a)		170		147,883
Essential Utilities Inc., 2.40%, 05/01/31 (Call 02/01/31)		133		114,127


				262,010


Total Corporate Bonds & Notes — 98.9% (Cost: $76,251,325)				70,727,871


Short-Term Investments

Money Market Funds — 5.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		4,026		4,026,440
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		160		160,000


				4,186,440


Total Short-Term Investments — 5.8% (Cost: $4,185,925)				4,186,440


Total Investments in Securities — 104.7% (Cost: $80,437,250)				74,914,311

Other Assets, Less Liabilities — (4.7)%				(3,382,635	)


Net Assets — 100.0%			$	71,531,676

^(a)	All or a portion of this security is on loan.

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

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates



Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,152,311	$	2,874,900	^(a)	$	—	$	(1,286	)	$	515	$	4,026,440		4,026	$	2,035	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		160,000	^(a)		—		—			—		160,000		160		78			—


								$	(1,286	)	$	515	$	4,186,440			$	2,113		$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End


82		2 0 2 2 I S H A R E S S E M I - 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 (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® Dec 2031 Term Corporate ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	70,727,871	$	—	$	70,727,871
Money Market Funds		4,186,440		—		—		4,186,440


	$	4,186,440	$	70,727,871	$	—	$	74,914,311

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		83

Statements of Assets and Liabilities (unaudited)

April 30, 2022


	iShares iBonds Dec 2022 Term Corporate ETF			iShares iBonds Dec 2023 Term Corporate ETF			iShares iBonds Dec 2024 Term Corporate ETF			iShares iBonds Dec 2025 Term Corporate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,284,884,843		$	1,593,925,181		$	1,660,520,510		$	1,288,339,378
Affiliated^(c)		310,205,452			275,341,779			115,675,445			84,990,287
Cash		3,710,852			9,161			7,343			6,392
Receivables:
Investments sold		9,312,104			1,015,388			—			—
Securities lending income — Affiliated		26,040			34,114			19,760			12,832
Capital shares sold		806,337			—			81,130			172,802
Dividends		30,534			10,566			680			1,513
Interest		11,393,553			11,785,971			13,601,026			11,387,301


Total assets		1,620,369,715			1,882,122,160			1,789,905,894			1,384,910,505


LIABILITIES
Collateral on securities loaned, at value		156,313,608			236,162,976			111,783,042			75,204,655
Payables:
Investments purchased		5,247,878			9,274,318			1,934,468			6,957,190
Capital shares redeemed		—			1,015,388			—			—
Investment advisory fees		113,904			140,374			137,312			106,282


Total liabilities		161,675,390			246,593,056			113,854,822			82,268,127


NET ASSETS	$	1,458,694,325		$	1,635,529,104		$	1,676,051,072		$	1,302,642,378


NET ASSETS CONSIST OF:
Paid-in capital	$	1,459,362,390		$	1,652,665,294		$	1,728,557,481		$	1,366,472,422
Accumulated loss		(668,065	)		(17,136,190	)		(52,506,409	)		(63,830,044	)


NET ASSETS	$	1,458,694,325		$	1,635,529,104		$	1,676,051,072		$	1,302,642,378


Shares outstanding		58,300,000			65,050,000			67,500,000			52,350,000


Net asset value	$	25.02		$	25.14		$	24.83		$	24.88


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Securities loaned, at value	$	150,805,052		$	229,265,548		$	108,222,736		$	72,829,354
^(b)Investments, at cost — Unaffiliated	$	1,287,436,626		$	1,614,832,687		$	1,712,412,503		$	1,354,156,453
^(c)Investments, at cost — Affiliated	$	310,183,887		$	275,319,273		$	115,654,715		$	84,963,516

See notes to financial statements.


84		2 0 2 2 I S H A R E S S E M I - 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

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2022


	iShares iBonds Dec 2026 Term Corporate ETF			iShares iBonds Dec 2027 Term Corporate ETF			iShares iBonds Dec 2028 Term Corporate ETF			iShares iBonds Dec 2029 Term Corporate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,123,361,617		$	680,711,403		$	302,334,974		$	178,070,745
Affiliated^(c)		79,478,810			79,964,348			25,641,688			19,630,770
Cash		17,516			9,127			7,118			7,357
Receivables:
Investments sold		2,585,862			—			464,267			889,244
Securities lending income — Affiliated		11,865			12,477			3,357			3,025
Capital shares sold		139,089			2,993,120			—			43,551
Dividends		628			933			355			420
Interest		8,722,991			5,887,752			2,790,592			1,656,830


Total assets		1,214,318,378			769,579,160			331,242,351			200,301,942


LIABILITIES
Collateral on securities loaned, at value		75,816,184			76,408,327			22,272,133			17,749,832
Payables:
Investments purchased		3,128,065			3,817,577			3,165,039			1,623,332
Investment advisory fees		86,220			51,012			24,762			13,128


Total liabilities		79,030,469			80,276,916			25,461,934			19,386,292


NET ASSETS	$	1,135,287,909		$	689,302,244		$	305,780,417		$	180,915,650


NET ASSETS CONSIST OF:
Paid-in capital	$	1,208,746,383		$	737,020,249		$	333,881,522		$	199,482,620
Accumulated loss		(73,458,474	)		(47,718,005	)		(28,101,105	)		(18,566,970	)


NET ASSETS	$	1,135,287,909		$	689,302,244		$	305,780,417		$	180,915,650


Shares outstanding		47,200,000			28,500,000			12,050,000			7,750,000


Net asset value	$	24.05		$	24.19		$	25.38		$	23.34


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a) Securities loaned, at value	$	70,819,555		$	73,090,160		$	21,548,812		$	17,108,826
^(b) Investments, at cost — Unaffiliated	$	1,195,579,131		$	727,102,893		$	329,622,697		$	196,311,209
^(c) Investments, at cost — Affiliated	$	79,475,025		$	79,960,965		$	25,637,206		$	19,629,379

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		85

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2022


	iShares iBonds Dec 2030 Term Corporate ETF			iShares iBonds Dec 2031 Term Corporate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	120,307,766		$	70,727,871
Affiliated^(c)		10,940,677			4,186,440
Cash		6,926			7,797
Receivables:
Investments sold		386,461			59,514
Securities lending income — Affiliated		1,897			461
Capital shares sold		—			243,787
Dividends		94			36
Interest		1,056,737			581,603


Total assets		132,700,558			75,807,509


LIABILITIES
Collateral on securities loaned, at value		10,809,629			4,027,211
Payables:
Investments purchased		49,741			245,050
Capital shares redeemed		246,629			—
Investment advisory fees		11,574			3,572


Total liabilities		11,117,573			4,275,833


NET ASSETS	$	121,582,985		$	71,531,676


NET ASSETS CONSIST OF:
Paid-in capital	$	143,212,405		$	76,975,839
Accumulated loss		(21,629,420	)		(5,444,163	)


NET ASSETS	$	121,582,985		$	71,531,676


Shares outstanding		5,550,000			3,350,000


Net asset value	$	21.91		$	21.35


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a) Securities loaned, at value	$	10,421,944		$	3,885,444
^(b) Investments, at cost — Unaffiliated	$	139,801,410		$	76,251,325
^(c) Investments, at cost — Affiliated	$	10,941,189		$	4,185,925

See notes to financial statements.


86		2 0 2 2 I S H A R E S S E M I - 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

Statements of Operations (unaudited)

Six Months Ended April 30, 2022


	iShares iBonds Dec 2022 Term Corporate ETF			iShares iBonds Dec 2023 Term Corporate ETF			iShares iBonds Dec 2024 Term Corporate ETF			iShares iBonds Dec 2025 Term Corporate ETF


INVESTMENT INCOME
Dividends — Affiliated	$	76,216		$	19,699		$	8,089		$	7,834
Interest — Unaffiliated		10,592,822			13,885,858			14,362,230			12,186,121
Securities lending income — Affiliated — net		99,448			81,822			73,648			49,730
Other income — Unaffiliated		—			3,610			—			—


Total investment income		10,768,486			13,990,989			14,443,967			12,243,685


EXPENSES
Investment advisory fees		768,353			835,975			785,223			636,653
Professional fees		217			217			217			217


Total expenses		768,570			836,192			785,440			636,870

Less:
Investment advisory fees waived		(39,088	)		(11,045	)		(3,193	)		(2,954	)


Total expenses after fees waived		729,482			825,147			782,247			633,916


Net investment income		10,039,004			13,165,842			13,661,720			11,609,769


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		588,212			1,687,342			384,821			(271,494	)
Investments — Affiliated		(38,770	)		(15,967	)		(28,949	)		(25,405	)
In-kind redemptions — Unaffiliated		820,607			823,970			86,079			966,590


Net realized gain		1,370,049			2,495,345			441,951			669,691


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(12,843,895	)		(46,440,498	)		(79,922,102	)		(86,774,448	)
Investments — Affiliated		(7,391	)		(4,731	)		3,406			6,657


Net change in unrealized appreciation (depreciation)		(12,851,286	)		(46,445,229	)		(79,918,696	)		(86,767,791	)


Net realized and unrealized loss		(11,481,237	)		(43,949,884	)		(79,476,745	)		(86,098,100	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,442,233	)	$	(30,784,042	)	$	(65,815,025	)	$	(74,488,331	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		87

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2022


	iShares iBonds Dec 2026 Term Corporate ETF			iShares iBonds Dec 2027 Term Corporate ETF			iShares iBonds Dec 2028 Term Corporate ETF			iShares iBonds Dec 2029 Term Corporate ETF


INVESTMENT INCOME
Dividends — Affiliated	$	5,724		$	5,224		$	1,704		$	1,522
Interest — Unaffiliated		10,350,708			6,312,642			3,910,778			1,905,746
Securities lending income — Affiliated — net		56,222			51,149			15,610			12,306


Total investment income		10,412,654			6,369,015			3,928,092			1,919,574


EXPENSES
Investment advisory fees		485,418			271,628			151,028			76,147
Professional fees		217			217			217			—


Total expenses		485,635			271,845			151,245			76,147

Less:
Investment advisory fees waived		(846	)		(793	)		(188	)		(249	)


Total expenses after fees waived		484,789			271,052			151,057			75,898


Net investment income		9,927,865			6,097,963			3,777,035			1,843,676


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		1,323			(421,909	)		(481,682	)		(328,837	)
Investments — Affiliated		(29,411	)		(24,191	)		(9,808	)		(7,278	)
In-kind redemptions — Unaffiliated		(142,027	)		27,643			—			109,148


Net realized loss		(170,115	)		(418,457	)		(491,490	)		(226,967	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(87,043,248	)		(55,279,167	)		(35,006,889	)		(19,629,618	)
Investments — Affiliated		(6,373	)		(4,421	)		166			(200	)


Net change in unrealized appreciation (depreciation)		(87,049,621	)		(55,283,588	)		(35,006,723	)		(19,629,818	)


Net realized and unrealized loss		(87,219,736	)		(55,702,045	)		(35,498,213	)		(19,856,785	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(77,291,871	)	$	(49,604,082	)	$	(31,721,178	)	$	(18,013,109	)

See notes to financial statements.


88		2 0 2 2 I S H A R E S S E M I - 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

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2022


	iShares iBonds Dec 2030 Term Corporate ETF			iShares iBonds Dec 2031 Term Corporate ETF


INVESTMENT INCOME
Dividends — Affiliated	$	762		$	222
Interest — Unaffiliated		1,683,975			383,049
Securities lending income — Affiliated — net		10,135			1,891


Total investment income		1,694,872			385,162


EXPENSES
Investment advisory fees		70,959			13,986


Total expenses		70,959			13,986

Less:
Investment advisory fees waived		(166	)		(32	)


Total expenses after fees waived		70,793			13,954


Net investment income		1,624,079			371,208


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(226,408	)		(18,003	)
Investments — Affiliated		(7,731	)		(1,286	)
In-kind redemptions — Unaffiliated		(2,088,047	)		—


Net realized loss		(2,322,186	)		(19,289	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(17,767,822	)		(5,368,273	)
Investments — Affiliated		(512	)		515


Net change in unrealized appreciation (depreciation)		(17,768,334	)		(5,367,758	)


Net realized and unrealized loss		(20,090,520	)		(5,387,047	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(18,466,441	)	$	(5,015,839	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		89

Statements of Changes in Net Assets


	iShares iBonds Dec 2022 Term Corporate ETF						iShares iBonds Dec 2023 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	10,039,004		$	25,856,563		$	13,165,842		$	27,729,325
Net realized gain		1,370,049			5,836,853			2,495,345			6,483,286
Net change in unrealized appreciation (depreciation)		(12,851,286	)		(24,344,146	)		(46,445,229	)		(24,749,443	)


Net increase (decrease) in net assets resulting from operations		(1,442,233	)		7,349,270			(30,784,042	)		9,463,168


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(13,231,114	)		(26,878,634	)		(17,595,966	)		(28,379,197	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(105,219,503	)		178,335,129			17,434,758			378,694,260


NET ASSETS
Total increase (decrease) in net assets		(119,892,850	)		158,805,765			(30,945,250	)		359,778,231
Beginning of period		1,578,587,175			1,419,781,410			1,666,474,354			1,306,696,123


End of period	$	1,458,694,325		$	1,578,587,175		$	1,635,529,104		$	1,666,474,354

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


90		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2024 Term Corporate ETF						iShares iBonds Dec 2025 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	13,661,720		$	24,228,083		$	11,609,769		$	20,433,172
Net realized gain		441,951			5,165,635			669,691			2,546,969
Net change in unrealized appreciation (depreciation)		(79,918,696	)		(20,730,262	)		(86,767,791	)		(20,630,453	)


Net increase (decrease) in net assets resulting from operations		(65,815,025	)		8,663,456			(74,488,331	)		2,349,688


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(13,528,444	)		(24,776,110	)		(13,560,524	)		(21,101,206	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		251,078,233			485,551,282			134,560,758			429,517,243


NET ASSETS
Total increase in net assets		171,734,764			469,438,628			46,511,903			410,765,725
Beginning of period		1,504,316,308			1,034,877,680			1,256,130,475			845,364,750


End of period	$	1,676,051,072		$	1,504,316,308		$	1,302,642,378		$	1,256,130,475

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		91

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2026 Term Corporate ETF						iShares iBonds Dec 2027 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	9,927,865		$	14,742,966			$	6,097,963		$	9,867,596
Net realized gain (loss)		(170,115	)		4,790,605				(418,457	)		2,051,207
Net change in unrealized appreciation (depreciation)		(87,049,621	)		(20,266,018	)			(55,283,588	)		(9,529,418	)


Net increase (decrease) in net assets resulting from operations		(77,291,871	)		(732,447	)			(49,604,082	)		2,389,385


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(9,647,090	)		(14,647,816	)			(5,846,434	)		(9,842,292	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		360,808,519			324,940,441				221,883,967			192,817,053


NET ASSETS
Total increase in net assets		273,869,558			309,560,178				166,433,451			185,364,146
Beginning of period		861,418,351			551,858,173				522,868,793			337,504,647


End of period	$	1,135,287,909		$	861,418,351			$	689,302,244		$	522,868,793

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


92		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2028 Term Corporate ETF						iShares iBonds Dec 2029 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,777,035		$	6,138,084		$	1,843,676		$	2,495,581
Net realized gain (loss)		(491,490	)		1,385,189			(226,967	)		110,814
Net change in unrealized appreciation (depreciation)		(35,006,723	)		(5,443,045	)		(19,629,818	)		(1,676,120	)


Net increase (decrease) in net assets resulting from operations		(31,721,178	)		2,080,228			(18,013,109	)		930,275


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,745,115	)		(6,052,855	)		(1,762,775	)		(2,422,442	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		36,126,592			102,419,523			59,010,082			58,517,144


NET ASSETS
Total increase in net assets		660,299			98,446,896			39,234,198			57,024,977
Beginning of period		305,120,118			206,673,222			141,681,452			84,656,475


End of period	$	305,780,417		$	305,120,118		$	180,915,650		$	141,681,452

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		93

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2030 Term Corporate ETF						iShares iBonds Dec 2031 Term Corporate ETF


		Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Period From 06/22/21 to 10/31/21	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,624,079		$	1,555,085		$	371,208		$	96,628
Net realized loss		(2,322,186	)		(68,954	)		(19,289	)		(4,108	)
Net change in unrealized appreciation (depreciation)		(17,768,334	)		(1,528,867	)		(5,367,758	)		(155,181	)


Net decrease in net assets resulting from operations		(18,466,441	)		(42,736	)		(5,015,839	)		(62,661	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(1,530,239	)		(1,432,581	)		(296,618	)		(69,045	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,924,530			105,347,022			60,663,442			16,312,397


NET ASSETS
Total increase (decrease) in net assets		(18,072,150	)		103,871,705			55,350,985			16,180,691
Beginning of period		139,655,135			35,783,430			16,180,691			—


End of period	$	121,582,985		$	139,655,135		$	71,531,676		$	16,180,691

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


94		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds Dec 2022 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period		$	25.26		$	25.58		$	25.33		$	24.17			$	25.13			$	25.31


Net investment income^(a)			0.16			0.43			0.62			0.74				0.70				0.70
Net realized and unrealized gain (loss)^(b)			(0.19	)		(0.30	)		0.28			1.14				(0.99	)			(0.20	)


Net increase (decrease) from investment operations			(0.03	)		0.13			0.90			1.88				(0.29	)			0.50


Distributions^(c)
From net investment income			(0.17	)		(0.45	)		(0.63	)		(0.72	)			(0.67	)			(0.68	)
From net realized gain			(0.04	)		—			(0.02	)		—				(0.00	)^(d)			—


Total distributions			(0.21	)		(0.45	)		(0.65	)		(0.72	)			(0.67	)			(0.68	)


Net asset value, end of period		$	25.02		$	25.26		$	25.58		$	25.33			$	24.17			$	25.13


Total Return^(e)
Based on net asset value			(0.11	)%^(f)		0.52	%		3.63	%		7.90	%			(1.14	)%			2.01	%


Ratios to Average Net Assets^(g)
Total expenses			0.10	%^(h)		0.10	%		0.10	%		0.10	%			0.10	%			0.10	%


Total expenses after fees waived			0.09	%^(h)		0.10	%		0.10	%		0.10	%			0.10	%			0.10	%


Net investment income			1.31	%^(h)		1.69	%		2.44	%		2.98	%			2.85	%			2.78	%


Supplemental Data
Net assets, end of period (000)		$	1,458,694		$	1,578,587		$	1,419,781		$	1,046,218			$	535,445			$	351,807


Portfolio turnover rate⁽ⁱ⁾			0	%^(f)(j)		6	%		16	%		9	%			2	%			7	%

^(a)	Based on average shares outstanding.

^(b)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Rounds to less than $0.01.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

^(j)	Rounds to less than 1%.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		95

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2023 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period		$	25.88		$	26.19		$	25.59		$	24.09			$	25.23			$	25.33


Net investment income^(a)			0.20			0.48			0.68			0.79				0.76				0.75
Net realized and unrealized gain (loss)^(b)			(0.67	)		(0.29	)		0.61			1.48				(1.16	)			(0.12	)


Net increase (decrease) from investment operations			(0.47	)		0.19			1.29			2.27				(0.40	)			0.63


Distributions^(c)
From net investment income			(0.21	)		(0.50	)		(0.69	)		(0.77	)			(0.73	)			(0.73	)
From net realized gain			(0.06	)		—			—			—				(0.01	)			—


Total distributions			(0.27	)		(0.50	)		(0.69	)		(0.77	)			(0.74	)			(0.73	)


Net asset value, end of period		$	25.14		$	25.88		$	26.19		$	25.59			$	24.09			$	25.23


Total Return^(d)
Based on net asset value			(1.83	)%^(e)		0.72	%		5.13	%		9.59	%			(1.61	)%			2.57	%


Ratios to Average Net Assets^(f)
Total expenses			0.10	%^(g)		0.10	%		0.10	%		0.10	%			0.10	%			0.10	%


Total expenses after fees waived			0.10	%^(g)		0.10	%		0.10	%		0.10	%			0.10	%			0.10	%


Net investment income			1.57	%^(g)		1.83	%		2.62	%		3.18	%			3.12	%			3.00	%


Supplemental Data
Net assets, end of period (000)		$	1,635,529		$	1,666,474		$	1,306,696		$	872,725			$	478,261			$	216,963


Portfolio turnover rate^(h)			8	%^(e)		12	%		12	%		5	%			8	%			8	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


96		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2024 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period		$	26.09		$	26.37		$	25.71			$	23.84			$	25.13			$	25.22


Net investment income^(a)			0.22			0.49			0.70				0.84				0.81				0.81
Net realized and unrealized gain (loss)^(b)			(1.26	)		(0.25	)		0.67				1.85				(1.32	)			(0.11	)


Net increase (decrease) from investment operations			(1.04	)		0.24			1.37				2.69				(0.51	)			0.70


Distributions^(c)
From net investment income			(0.22	)		(0.52	)		(0.71	)			(0.82	)			(0.78	)			(0.79	)


Total distributions			(0.22	)		(0.52	)		(0.71	)			(0.82	)			(0.78	)			(0.79	)


Net asset value, end of period		$	24.83		$	26.09		$	26.37			$	25.71			$	23.84			$	25.13


Total Return^(d)
Based on net asset value			(4.01	)%^(e)		0.90	%		5.44	%			11.48	%			(2.06	)%			2.85	%


Ratios to Average Net Assets^(f)
Total expenses			0.10	%^(g)		0.10	%		0.10	%			0.10	%			0.10	%			0.10	%


Total expenses after fees waived			0.10	%^(g)		0.10	%		0.10	%			0.10	%			0.10	%			0.10	%


Net investment income			1.74	%^(g)		1.88	%		2.69	%			3.37	%			3.35	%			3.25	%


Supplemental Data
Net assets, end of period (000)		$	1,676,051		$	1,504,316		$	1,034,878			$	649,122			$	299,203			$	164,584


Portfolio turnover rate^(h)			5	%^(e)		9	%		8	%			14	%			6	%			8	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		97

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2025 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21			Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period		$	26.64		$	27.05			$	25.95			$	23.62			$	25.07			$	25.21


Net investment income^(a)			0.23			0.52				0.71				0.85				0.84				0.84
Net realized and unrealized gain (loss)^(b)			(1.71	)		(0.38	)			1.11				2.32				(1.48	)			(0.16	)


Net increase (decrease) from investment operations			(1.48	)		0.14				1.82				3.17				(0.64	)			0.68


Distributions^(c)
From net investment income			(0.24	)		(0.53	)			(0.72	)			(0.84	)			(0.81	)			(0.82	)
From net realized gain			(0.04	)		(0.02	)			—				—				—				—


Total distributions			(0.28	)		(0.55	)			(0.72	)			(0.84	)			(0.81	)			(0.82	)


Net asset value, end of period		$	24.88		$	26.64			$	27.05			$	25.95			$	23.62			$	25.07


Total Return^(d)
Based on net asset value			(5.60	)%^(e)		0.51	%			7.16	%			13.68	%			(2.58	)%			2.82	%


Ratios to Average Net Assets^(f)
Total expenses			0.10	%^(g)		0.10	%			0.10	%			0.10	%			0.10	%			0.10	%


Total expenses after fees waived			0.10	%^(g)		0.10	%			0.10	%			0.10	%			0.10	%			0.10	%


Net investment income			1.82	%^(g)		1.92	%			2.70	%			3.42	%			3.48	%			3.40	%


Supplemental Data
Net assets, end of period (000)		$	1,302,642		$	1,256,130			$	845,365			$	508,532			$	330,724			$	235,679


Portfolio turnover rate^(h)			7	%^(e)		8	%			14	%			6	%			5	%			5	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


98		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2026 Term Corporate ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period		$	26.22			$	26.72			$	25.50			$	22.94			$	24.53			$	24.83


Net investment income^(a)			0.26				0.57				0.74				0.86				0.83				0.80
Net realized and unrealized gain (loss)^(b)			(2.17	)			(0.49	)			1.22				2.54				(1.63	)			(0.28	)


Net increase (decrease) from investment operations			(1.91	)			0.08				1.96				3.40				(0.80	)			0.52


Distributions^(c)
From net investment income			(0.26	)			(0.58	)			(0.74	)			(0.84	)			(0.79	)			(0.82	)


Total distributions			(0.26	)			(0.58	)			(0.74	)			(0.84	)			(0.79	)			(0.82	)


Net asset value, end of period		$	24.05			$	26.22			$	26.72			$	25.50			$	22.94			$	24.53


Total Return^(d)
Based on net asset value			(7.35	)%^(e)			0.29	%			7.84	%			15.11	%			(3.31	)%			2.20	%


Ratios to Average Net Assets^(f)
Total expenses			0.10	%^(g)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%


Total expenses after fees waived			0.10	%^(g)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%


Net investment income			2.05	%^(g)			2.14	%			2.84	%			3.53	%			3.54	%			3.30	%


Supplemental Data
Net assets, end of period (000)		$	1,135,288			$	861,418			$	551,858			$	368,465			$	152,530			$	76,055


Portfolio turnover rate^(h)			3	%^(e)			7	%			5	%			9	%			3	%			6	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Where applicable, assumes the reinvestment of distributions.

^(e)

Not annualized.

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		99

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2027 Term Corporate ETF


		Six Months Ended																									Period From
		04/30/22					Year Ended					Year Ended					Year Ended					Year Ended							09/12/17	^(a)
	(unaudited)					10/31/21					10/31/20					10/31/19					10/31/18					to 10/31/17


Net asset value, beginning of period			$	26.68				$	27.00				$	25.94				$	23.18				$	24.96				$	24.86


Net investment income^(b)				0.29					0.59					0.77					0.89					0.89					0.11
Net realized and unrealized gain (loss)^(c)				(2.50	)				(0.30	)				1.07					2.75					(1.79	)				(0.01	)


Net increase (decrease) from investment operations				(2.21	)				0.29					1.84					3.64					(0.90	)				0.10


Distributions^(d)
From net investment income				(0.28	)				(0.61	)				(0.78	)				(0.88	)				(0.88	)				—


Total distributions				(0.28	)				(0.61	)				(0.78	)				(0.88	)				(0.88	)				—


Net asset value, end of period			$	24.19				$	26.68				$	27.00				$	25.94				$	23.18				$	24.96


Total Return^(e)
Based on net asset value				(8.35	)%^(f)				1.01	%				7.21	%				16.00	%				(3.67	)%				0.40	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.10	%^(h)				0.10	%				0.10	%				0.10	%				0.10	%				0.10	%^(h)


Total expenses after fees waived				0.10	%^(h)				0.10	%				0.10	%				0.10	%				0.10	%				0.10	%^(h)


Net investment income				2.25	%^(h)				2.18	%				2.94	%				3.60	%				3.75	%				3.19	%^(h)


Supplemental Data
Net assets, end of period (000)			$	689,302				$	522,869				$	337,505				$	250,336				$	136,744				$	9,982


Portfolio turnover rate⁽ⁱ⁾				5	%^(f)				4	%				10	%				4	%				5	%				2	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


100		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2028 Term Corporate ETF


		Six Months Ended																				Period From
		04/30/22					Year Ended					Year Ended					Year Ended							09/18/18	^(a)
	(unaudited)					10/31/21					10/31/20					10/31/19					to 10/31/18


Net asset value, beginning of period.			$	28.52				$	28.91				$	27.76				$	24.77				$	25.00


Net investment income^(b)				0.34					0.71					0.86					1.01					0.12
Net realized and unrealized gain (loss)^(c)				(3.14	)				(0.38	)				1.13					3.06					(0.35	)


Net increase (decrease) from investment operations				(2.80	)				0.33					1.99					4.07					(0.23	)


Distributions^(d)
From net investment income				(0.34	)				(0.72	)				(0.84	)				(1.08	)				—
From net realized gain				—					—					(0.00	)^(e)				—					—


Total distributions				(0.34	)				(0.72	)				(0.84	)				(1.08	)				—


Net asset value, end of period			$	25.38				$	28.52				$	28.91				$	27.76				$	24.77


Total Return^(f)
Based on net asset value				(9.90	)%^(g)				1.09	%				7.33	%				16.87	%				(0.92	)%^(g)


Ratios to Average Net Assets^(h)
Total expenses				0.10	%⁽ⁱ⁾				0.10	%				0.10	%				0.10	%				0.10	%⁽ⁱ⁾


Total expenses after fees waived				0.10	%⁽ⁱ⁾				0.10	%				0.10	%				0.10	%				0.10	%⁽ⁱ⁾


Net investment income				2.50	%⁽ⁱ⁾				2.45	%				3.04	%				3.79	%				4.22	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	305,780				$	305,120				$	206,673				$	112,437				$	38,399


Portfolio turnover rate^(j)				5	%^(g)				10	%				7	%				6	%				0	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Rounds to less than $0.01.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		101

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2029 Term Corporate ETF


		Six Months Ended															Period From
		04/30/22					Year Ended					Year Ended							09/17/19	^(a)
	(unaudited)					10/31/21					10/31/20					to 10/31/19


Net asset value, beginning of period.			$	26.48				$	26.88				$	25.53				$	25.00


Net investment income^(b)				0.30					0.61					0.70					0.09
Net realized and unrealized gain (loss)^(c)				(3.14	)				(0.40	)				1.35					0.44


Net increase (decrease) from investment operations				(2.84	)				0.21					2.05					0.53


Distributions^(d)
From net investment income				(0.30	)				(0.61	)				(0.70	)				—


Total distributions				(0.30	)				(0.61	)				(0.70	)				—


Net asset value, end of period			$	23.34				$	26.48				$	26.88				$	25.53


Total Return^(e)
Based on net asset value				(10.81	)%^(f)				0.78	%				8.17	%				2.12	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.10	%^(h)				0.10	%				0.10	%				0.10	%^(h)


Total expenses after fees waived				0.10	%^(h)				0.10	%				0.10	%				0.10	%^(h)


Net investment income				2.42	%^(h)				2.28	%				2.69	%				2.84	%^(h)


Supplemental Data
Net assets, end of period (000)			$	180,916				$	141,681				$	84,656				$	17,872


Portfolio turnover rate⁽ⁱ⁾				4	%^(f)				4	%				9	%				1	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


102		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2030 Term Corporate ETF


		Six Months Ended										Period From
		04/30/22					Year Ended							06/23/20	^(a)
	(unaudited)					10/31/21					to 10/31/20


Net asset value, beginning of period			$	25.16				$	25.56				$	25.17


Net investment income^(b)				0.27					0.51					0.18
Net realized and unrealized gain (loss)^(c)				(3.26	)				(0.42	)				0.33


Net increase (decrease) from investment operations				(2.99	)				0.09					0.51


Distributions^(d)
From net investment income				(0.26	)				(0.49	)				(0.12	)


Total distributions				(0.26	)				(0.49	)				(0.12	)


Net asset value, end of period			$	21.91				$	25.16				$	25.56


Total Return^(e)
Based on net asset value				(12.02	)%^(f)				0.36	%				2.03	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.10	%^(h)				0.10	%				0.10	%^(h)


Total expenses after fees waived				0.10	%^(h)				0.10	%				0.10	%^(h)


Net investment income				2.29	%^(h)				2.01	%				1.93	%^(h)


Supplemental Data
Net assets, end of period (000)			$	121,583				$	139,655				$	35,783


Portfolio turnover rate⁽ⁱ⁾				4	%^(f)				4	%				4	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		103

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2031 Term Corporate ETF


		Six Months Ended					Period From
		04/30/22							06/22/21	^(a)
	(unaudited)					to 10/31/21


Net asset value, beginning of period			$	24.89				$	25.00


Net investment income^(b)				0.31					0.20
Net realized and unrealized loss^(c)				(3.57	)				(0.17	)


Net increase (decrease) from investment operations				(3.26	)				0.03


Distributions^(d)
From net investment income				(0.28	)				(0.14	)


Total distributions				(0.28	)				(0.14	)


Net asset value, end of period			$	21.35				$	24.89


Total Return^(e)
Based on net asset value				(13.26	)%^(f)				0.16	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.10	%^(h)				0.10	%^(h)


Total expenses after fees waived				0.10	%^(h)				0.10	%^(h)


Net investment income				2.65	%^(h)				2.21	%^(h)


Supplemental Data
Net assets, end of period (000)			$	71,532				$	16,181


Portfolio turnover rate⁽ⁱ⁾				2	%^(f)				15	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


104		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

iBonds Dec 2022 Term Corporate		Diversified
iBonds Dec 2023 Term Corporate		Diversified
iBonds Dec 2024 Term Corporate		Diversified
iBonds Dec 2025 Term Corporate		Diversified
iBonds Dec 2026 Term Corporate		Diversified
iBonds Dec 2027 Term Corporate		Diversified
iBonds Dec 2028 Term Corporate		Diversified
iBonds Dec 2029 Term Corporate		Non-diversified
iBonds Dec 2030 Term Corporate		Non-diversified
iBonds Dec 2031 Term Corporate		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent


N O T E S T O F I N A N C I A L S T A T E M E N T S		105

Notes to Financial Statements (unaudited) (continued)

representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and


106		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


iBonds Dec 2022 Term Corporate
Barclays Bank PLC	$	12,486,743	$	12,486,743		$	—	$	—
BMO Capital Markets Corp.		777,310		777,310			—		—
BNP Paribas SA		7,815,639		7,815,639			—		—
BofA Securities, Inc.		5,839,100		5,839,100			—		—
Citigroup Global Markets, Inc.		4,432,814		4,432,814			—		—
Deutsche Bank Securities, Inc.		100,096		100,096			—		—
Goldman Sachs & Co. LLC		26,342,940		26,342,940			—		—
HSBC Securities (USA), Inc.		4,979,720		4,979,720			—		—
J.P. Morgan Securities LLC		68,296,721		68,296,721			—		—
Jefferies LLC		1,000,180		1,000,180			—		—
Morgan Stanley		6,857,937		6,857,937			—		—
Nomura Securities International, Inc.		175,976		175,976			—		—
Pershing LLC		551,276		551,276			—		—
Toronto-Dominion Bank		3,415,185		3,415,185			—		—
Wells Fargo Securities LLC		7,733,415		7,733,415			—		—


	$	150,805,052	$	150,805,052		$	—	$	—

iBonds Dec 2023 Term Corporate
Barclays Bank PLC	$	13,241,747	$	13,241,747		$	—	$	—
BMO Capital Markets Corp.		6,506,846		6,506,846			—		—
BNP Paribas SA		918,519		918,519			—		—
BofA Securities, Inc.		8,545,996		8,545,996			—		—
Citigroup Global Markets, Inc.		1,372,274		1,372,274			—		—
Credit Suisse Securities (USA) LLC		2,892,404		2,892,404			—		—
Deutsche Bank Securities, Inc.		23,871,670		23,871,670			—		—
Goldman Sachs & Co. LLC		60,220,881		60,220,881			—		—
HSBC Securities (USA), Inc.		100,758		100,758			—		—
J.P. Morgan Securities LLC		80,799,518		80,799,518			—		—
Jefferies LLC		185,452		185,452			—		—
Morgan Stanley		26,471,578		26,471,578			—		—
Pershing LLC		2,230,197		2,230,197			—		—
Toronto-Dominion Bank		487,595		487,595			—		—
Wells Fargo Securities LLC		1,420,113		1,420,113			—		—


	$	229,265,548	$	229,265,548		$	—	$	—

iBonds Dec 2024 Term Corporate
Barclays Bank PLC	$	10,448,121	$	10,448,121		$	—	$	—
Barclays Capital, Inc.		4,005,740		4,005,740			—		—
BMO Capital Markets Corp.		9,976		9,976			—		—
BNP Paribas SA		2,882,994		2,882,994			—		—
BofA Securities, Inc.		4,829,699		4,829,699			—		—
Citigroup Global Markets, Inc.		2,434,093		2,434,093			—		—
Credit Suisse Securities (USA) LLC		640,823		640,823			—		—
Deutsche Bank Securities, Inc.		5,058,037		5,058,037			—		—
Goldman Sachs & Co. LLC		12,350,057		12,350,057			—		—
HSBC Securities (USA), Inc.		130,477		130,477			—		—
J.P. Morgan Securities LLC		38,010,021		38,010,021			—		—
Jefferies LLC		889,604		889,604			—		—
Morgan Stanley		18,182,455		18,182,455			—		—
Nomura Securities International, Inc.		196,866		196,866			—		—
Toronto-Dominion Bank		6,865,666		6,865,666			—		—
Wells Fargo Securities LLC		1,288,107		1,288,107			—		—


	$	108,222,736	$	108,222,736		$	—	$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		107

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


iBonds Dec 2025 Term Corporate
Barclays Bank PLC	$	5,041,729	$	5,041,729		$	—	$	—
BMO Capital Markets Corp.		540,102		540,102			—		—
BNP Paribas SA		7,890,105		7,890,105			—		—
BofA Securities, Inc.		6,298,343		6,298,343			—		—
Citadel Clearing LLC		366,655		366,655			—		—
Citigroup Global Markets, Inc.		2,770,117		2,770,117			—		—
Credit Suisse Securities (USA) LLC		301,752		301,752			—		—
Deutsche Bank Securities, Inc.		1,477,488		1,477,488			—		—
Goldman Sachs & Co. LLC		14,736,262		14,736,262			—		—
HSBC Securities (USA), Inc.		196,855		196,855			—		—
J.P. Morgan Securities LLC		17,372,878		17,372,878			—		—
Morgan Stanley		6,055,424		6,055,424			—		—
Nomura Securities International Inc.		1,823,172		1,823,172			—		—
Pershing LLC		976,515		976,515			—		—
Toronto-Dominion Bank		3,048,400		3,048,400			—		—
Wells Fargo Securities LLC		3,933,557		3,933,557			—		—


	$	72,829,354	$	72,829,354		$	—	$	—

iBonds Dec 2026 Term Corporate
Barclays Bank PLC	$	7,175,683	$	7,175,683		$	—	$	—
BMO Capital Markets Corp.		567,892		567,892			—		—
BNP Paribas SA		347,223		347,223			—		—
Citigroup Global Markets, Inc.		1,655,046		1,655,046			—		—
Credit Suisse Securities (USA) LLC		3,080,192		3,080,192			—		—
Goldman Sachs & Co. LLC		11,471,218		11,471,218			—		—
HSBC Securities (USA), Inc.		576,252		576,252			—		—
J.P. Morgan Securities LLC		22,426,739		22,426,739			—		—
Morgan Stanley		6,521,794		6,521,794			—		—
Nomura Securities International, Inc.		3,994,515		3,994,515			—		—
Pershing LLC		712,371		712,371			—		—
RBC Capital Markets LLC		9,984,300		9,984,300			—		—
State Street Bank & Trust Co.		1,055,651		1,055,651			—		—
Toronto-Dominion Bank		8,993		8,993			—		—
Wells Fargo Securities LLC		1,241,686		1,241,686			—		—


	$	70,819,555	$	70,819,555		$	—	$	—

iBonds Dec 2027 Term Corporate
Barclays Bank PLC	$	8,991,575	$	8,991,575		$	—	$	—
BMO Capital Markets Corp.		2,637,511		2,637,511			—		—
BofA Securities, Inc.		8,586,640		8,586,640			—		—
Citigroup Global Markets, Inc.		1,432,782		1,432,782			—		—
Credit Suisse Securities (USA) LLC		670,998		670,998			—		—
Goldman Sachs & Co. LLC		15,356,054		15,356,054			—		—
J.P. Morgan Securities LLC		23,761,690		23,761,690			—		—
Morgan Stanley		6,496,617		6,496,617			—		—
Nomura Securities International, Inc.		610,595		610,595			—		—
Pershing LLC		1,759,393		1,759,393			—		—
RBC Capital Markets LLC		2,558,023		2,558,023			—		—
Toronto-Dominion Bank		10,060		10,060			—		—
Wells Fargo Securities LLC		218,222		218,222			—		—


	$	73,090,160	$	73,090,160		$	—	$	—


108		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


iBonds Dec 2028 Term Corporate
Barclays Capital, Inc.	$	1,175,481	$	1,175,481		$	—	$	—
BMO Capital Markets Corp.		19,841		19,841			—		—
BNP Paribas SA		491,076		491,076			—		—
BofA Securities, Inc.		2,677,681		2,677,681			—		—
Citigroup Global Markets, Inc.		1,504,744		1,504,744			—		—
Credit Suisse Securities (USA) LLC		2,270,069		2,270,069			—		—
Goldman Sachs & Co. LLC		3,031,665		3,031,665			—		—
HSBC Securities (USA), Inc.		320,278		320,278			—		—
J.P. Morgan Securities LLC		9,484,495		9,484,495			—		—
Pershing LLC		573,482		573,482			—		—


	$	21,548,812	$	21,548,812		$	—	$	—

iBonds Dec 2029 Term Corporate
Barclays Bank PLC	$	2,786,365	$	2,786,365		$	—	$	—
BMO Capital Markets Corp.		391,173		391,173			—		—
BNP Paribas SA		743,416		743,416			—		—
BofA Securities, Inc.		172,870		172,870			—		—
Citigroup Global Markets, Inc.		630,254		630,254			—		—
Credit Suisse Securities (USA) LLC		474,646		474,646			—		—
Goldman Sachs & Co. LLC		4,654,206		4,654,206			—		—
J.P. Morgan Securities LLC		3,183,553		3,183,553			—		—
RBC Capital Markets LLC		2,422,666		2,422,666			—		—
Scotia Capital (USA), Inc.		1,649,677		1,649,677			—		—


	$	17,108,826	$	17,108,826		$	—	$	—

iBonds Dec 2030 Term Corporate
Barclays Bank PLC	$	2,874,250	$	2,874,250		$	—	$	—
BNP Paribas SA		3,060,574		3,060,574			—		—
BofA Securities, Inc.		767,889		767,889			—		—
Citadel Clearing LLC		9,086		9,086			—		—
Citigroup Global Markets, Inc.		532,959		532,959			—		—
Credit Suisse Securities (USA) LLC		431,412		431,412			—		—
Nomura Securities International, Inc.		132,593		132,593			—		—
RBC Capital Markets LLC		1,613,011		1,613,011			—		—
Scotia Capital (USA), Inc.		92,071		92,071			—		—
State Street Bank & Trust Co.		110,201		110,201			—		—
Wells Fargo Securities LLC		797,898		797,898			—		—


	$	10,421,944	$	10,421,944		$	—	$	—

iBonds Dec 2031 Term Corporate
Barclays Capital, Inc.	$	223,787	$	223,787		$	—	$	—
BNP Paribas SA		576,784		576,784			—		—
BofA Securities, Inc.		230,719		230,719			—		—
Citigroup Global Markets, Inc.		926,582		926,582			—		—
Credit Suisse Securities (USA) LLC		176,251		176,251			—		—
Jefferies LLC		68,394		68,394			—		—
RBC Capital Markets LLC		1,512,645		1,512,645			—		—
Scotia Capital (USA), Inc.		154,008		154,008			—		—
Toronto-Dominion Bank		16,274		16,274			—		—


	$	3,885,444	$	3,885,444		$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.


N O T E S T O F I N A N C I A L S T A T E M E N T S		109

Notes to Financial Statements (unaudited) (continued)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.10%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

iBonds Dec 2022 Term Corporate	$	39,088
iBonds Dec 2023 Term Corporate		11,045
iBonds Dec 2024 Term Corporate		3,193
iBonds Dec 2025 Term Corporate		2,954
iBonds Dec 2026 Term Corporate		846
iBonds Dec 2027 Term Corporate		793
iBonds Dec 2028 Term Corporate		188
iBonds Dec 2029 Term Corporate		249
iBonds Dec 2030 Term Corporate		166
iBonds Dec 2031 Term Corporate		32

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


110		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

iBonds Dec 2022 Term Corporate	$	41,211
iBonds Dec 2023 Term Corporate		33,913
iBonds Dec 2024 Term Corporate		30,643
iBonds Dec 2025 Term Corporate		21,092
iBonds Dec 2026 Term Corporate		23,986
iBonds Dec 2027 Term Corporate		21,348
iBonds Dec 2028 Term Corporate		6,667
iBonds Dec 2029 Term Corporate		5,146
iBonds Dec 2030 Term Corporate		4,325
iBonds Dec 2031 Term Corporate		796

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended April 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

iBonds Dec 2023 Term Corporate	$	8,500,471	$	—	$	—
iBonds Dec 2024 Term Corporate		9,458,105		—		—
iBonds Dec 2025 Term Corporate		7,539,189		—		—
iBonds Dec 2026 Term Corporate		8,244,340		—		—
iBonds Dec 2027 Term Corporate		4,676,948		—		—
iBonds Dec 2028 Term Corporate		2,280,403		—		—
iBonds Dec 2029 Term Corporate		587,647		258,464		(36,166	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6.	PURCHASES AND SALES

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

iBonds Dec 2022 Term Corporate	$	1,015,140	$	483,871,242
iBonds Dec 2023 Term Corporate		136,948,100		143,675,741
iBonds Dec 2024 Term Corporate		90,215,603		71,027,269
iBonds Dec 2025 Term Corporate		104,727,820		90,593,351
iBonds Dec 2026 Term Corporate		31,411,083		26,881,171
iBonds Dec 2027 Term Corporate		31,931,476		28,491,519
iBonds Dec 2028 Term Corporate		16,318,271		14,076,435
iBonds Dec 2029 Term Corporate		6,099,317		5,673,438
iBonds Dec 2030 Term Corporate		7,328,274		5,124,947
iBonds Dec 2031 Term Corporate		528,841		533,297


N O T E S T O F I N A N C I A L S T A T E M E N T S		111

Notes to Financial Statements (unaudited) (continued)

For the six months ended April 30, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

iBonds Dec 2022 Term Corporate	$	87,370,090	$	152,878,326
iBonds Dec 2023 Term Corporate		157,556,972		133,443,272
iBonds Dec 2024 Term Corporate		275,649,787		29,836,411
iBonds Dec 2025 Term Corporate		150,849,276		21,981,913
iBonds Dec 2026 Term Corporate		370,735,590		14,111,344
iBonds Dec 2027 Term Corporate		228,296,750		8,639,090
iBonds Dec 2028 Term Corporate		35,753,311		—
iBonds Dec 2029 Term Corporate		63,240,187		4,923,735
iBonds Dec 2030 Term Corporate		20,295,802		20,011,477
iBonds Dec 2031 Term Corporate		60,117,628		—

7.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring

iBonds Dec 2024 Term Corporate	$	2,400,162
iBonds Dec 2026 Term Corporate		2,498,800
iBonds Dec 2027 Term Corporate		1,891,865
iBonds Dec 2028 Term Corporate		853,361
iBonds Dec 2029 Term Corporate		389,882
iBonds Dec 2030 Term Corporate		69,496
iBonds Dec 2031 Term Corporate		4,121

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

iBonds Dec 2022 Term Corporate	$	1,598,482,085	$	823,074	$	(4,214,864	)	$	(3,391,790	)
iBonds Dec 2023 Term Corporate		1,891,066,783		839,743		(22,639,566	)		(21,799,823	)
iBonds Dec 2024 Term Corporate		1,829,261,579		879,814		(53,945,438	)		(53,065,624	)
iBonds Dec 2025 Term Corporate		1,439,878,553		542,158		(67,091,046	)		(66,548,888	)
iBonds Dec 2026 Term Corporate		1,275,496,006		279,600		(72,935,179	)		(72,655,579	)
iBonds Dec 2027 Term Corporate		807,321,291		167,972		(46,813,512	)		(46,645,540	)
iBonds Dec 2028 Term Corporate		355,397,372		98,431		(27,519,141	)		(27,420,710	)
iBonds Dec 2029 Term Corporate		216,006,810		36,236		(18,341,531	)		(18,305,295	)
iBonds Dec 2030 Term Corporate		150,771,889		18,763		(19,542,209	)		(19,523,446	)
iBonds Dec 2031 Term Corporate		80,437,778		662		(5,524,129	)		(5,523,467	)

8.	PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.


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Notes to Financial Statements (unaudited) (continued)

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9.	CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:



	Six Months Ended 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount


iBonds Dec 2022 Term Corporate
Shares sold		3,500,000		$	87,810,851			9,900,000		$	252,129,326
Shares redeemed		(7,700,000	)		(193,030,354	)		(2,900,000	)		(73,794,197	)


Net increase (decrease)		(4,200,000	)	$	(105,219,503	)		7,000,000		$	178,335,129


N O T E S T O F I N A N C I A L S T A T E M E N T S		113

Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 04/30/22						Year Ended 10/31/21


iShares ETF	Shares			Amount			Shares			Amount


iBonds Dec 2023 Term Corporate

Shares sold		6,350,000		$	161,439,585			15,050,000		$	393,034,180

Shares redeemed		(5,700,000	)		(144,004,827	)		(550,000	)		(14,339,920	)


Net increase		650,000		$	17,434,758			14,500,000		$	378,694,260


iBonds Dec 2024 Term Corporate

Shares sold		11,100,000		$	282,196,843			18,950,000		$	500,015,695

Shares redeemed		(1,250,000	)		(31,118,610	)		(550,000	)		(14,464,413	)


Net increase		9,850,000		$	251,078,233			18,400,000		$	485,551,282


iBonds Dec 2025 Term Corporate
Shares sold		6,050,000		$	157,044,868			16,400,000		$	442,892,667
Shares redeemed		(850,000	)		(22,484,110	)		(500,000	)		(13,375,424	)


Net increase		5,200,000		$	134,560,758			15,900,000		$	429,517,243


iBonds Dec 2026 Term Corporate

Shares sold		14,950,000		$	375,313,973			14,100,000		$	375,323,989

Shares redeemed		(600,000	)		(14,505,454	)		(1,900,000	)		(50,383,548	)


Net increase		14,350,000		$	360,808,519			12,200,000		$	324,940,441


iBonds Dec 2027 Term Corporate

Shares sold		9,250,000		$	230,648,123			7,950,000		$	215,513,155

Shares redeemed		(350,000	)		(8,764,156	)		(850,000	)		(22,696,102	)


Net increase		8,900,000		$	221,883,967			7,100,000		$	192,817,053


iBonds Dec 2028 Term Corporate

Shares sold		1,350,000		$	36,126,592			3,850,000		$	110,885,062

Shares redeemed		—			—			(300,000	)		(8,465,539	)


Net increase		1,350,000		$	36,126,592			3,550,000		$	102,419,523


iBonds Dec 2029 Term Corporate

Shares sold		2,600,000		$	64,159,053			2,200,000		$	58,517,144

Shares redeemed		(200,000	)		(5,148,971	)		—			—


Net increase		2,400,000		$	59,010,082			2,200,000		$	58,517,144


iBonds Dec 2030 Term Corporate

Shares sold		950,000		$	22,857,034			4,150,000		$	105,347,022

Shares redeemed		(950,000	)		(20,932,504	)		—			—


Net increase		—		$	1,924,530			4,150,000		$	105,347,022




	Six Months Ended 04/30/22				Period Ended 10/31/21

iShares ETF	Shares		Amount		Shares		Amount


iBonds Dec 2031 Term Corporate Shares sold		2,700,000	$	60,663,442		650,000	$	16,312,397

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		115

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

iBonds Dec 2022 Term Corporate	$	0.176395	$	0.037917	$	—	$	0.214312		82	%		18	%		—	%		100	%
iBonds Dec 2023 Term Corporate^(a)		0.205513		0.062957		0.000402		0.268872		76			23			1			100
iBonds Dec 2024 Term Corporate^(a)		0.221465		—		0.000605		0.222070		100			—			0	^(b)		100
iBonds Dec 2025 Term Corporate^(a)		0.236609		0.040828		0.000687		0.278124		85			15			0	^(b)		100
iBonds Dec 2026 Term Corporate^(a)		0.254149		—		0.001611		0.255760		99			—			1			100
iBonds Dec 2027 Term Corporate^(a)		0.274877		—		0.002959		0.277836		99			—			1			100
iBonds Dec 2028 Term Corporate^(a)		0.338836		—		0.001002		0.339838		100			—			0	^(b)		100
iBonds Dec 2029 Term Corporate		0.300918		—		—		0.300918		100			—			—			100
iBonds Dec 2030 Term Corporate^(a)		0.255412		—		0.001740		0.257152		99			—			1			100
iBonds Dec 2031 Term Corporate^(a)		0.270921		—		0.006050		0.276971		98			—			2			100

(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

(b)

Rounds to less than 1%.


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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

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If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		117

Glossary of Terms Used in this Report


Portfolio Abbreviations - Fixed Income

SOFR		Secured Overnight Financing Rate


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iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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