
		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)