
		APRIL 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

iShares iBonds 2023 Term High Yield and Income ETF | IBHC | Cboe BZX

iShares iBonds 2024 Term High Yield and Income ETF | IBHD | Cboe BZX

iShares iBonds 2025 Term High Yield and Income ETF | IBHE | Cboe BZX

iShares iBonds 2026 Term High Yield and Income ETF | IBHF | Cboe BZX

iShares iBonds 2027 Term High Yield and Income ETF | IBHG | Cboe BZX

iShares iBonds 2028 Term High Yield and Income ETF | IBHH | Cboe BZX

iShares iBonds 2029 Term High Yield and Income ETF | IBHI | Cboe BZX

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2023

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		8.63%		2.66%

U.S. small cap equities (Russell 2000^® Index)		(3.45)		(3.65)

International equities (MSCI Europe, Australasia, Far East Index)		24.19		8.42

Emerging market equities (MSCI Emerging Markets Index)		16.36		(6.51)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09		2.83

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14		(1.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91		(0.43)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65		2.87

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21		1.21

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

Semi-Annual Report:

Fund Summary		4

About Fund Performance		11

Disclosure of Expenses		11

Schedules of Investments		12

Financial Statements

Statements of Assets and Liabilities		46

Statements of Operations		48

Statements of Changes in Net Assets		50

Financial Highlights		54

Notes to Financial Statements		61

Statement Regarding Liquidity Risk Management Program		70

Supplemental Information		71

General Information		72

Glossary of Terms Used in this Report		73

Fund Summary as of April 30, 2023

iShares^® iBonds^® 2023 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2023 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2023, as represented by the Bloomberg 2023 Term High Yield and Income 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-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		2.75	%		3.09	%		3.03	%		3.09	%		12.63	%
Fund Market		2.77			3.48			3.07			3.48			12.81
Index		2.88			3.61			3.90			3.61			16.43

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,027.50	$ 1.71		$ 1,000.00	$ 1,023.10	$ 1.71		0.34	%

^(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 “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION




Moody’s Credit Ratings^*	Percent of Net Assets^(a)


A		2.5%

Baa		70.7

Ba		12.6

B		7.3

Not Rated		3.3

Short-Term and Other Assets		3.6

FIVE LARGEST HOLDINGS




Security	Percent of Net Assets^(a)


Ball Corp., 4.00%, 11/15/23		2.6%

Sprint LLC, 7.88%, 09/15/23		2.3

Newmark Group Inc., 6.13%, 11/15/23		2.2

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%, 10/29/23		2.1

Commerzbank AG, 8.13%, 09/19/23		2.1

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 3 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, 2023

iShares^® iBonds^® 2024 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2024 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2024, as represented by the Bloomberg 2024 Term High Yield and Income 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-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		5.12	%		4.61	%		3.03	%		4.61	%		12.65	%
Fund Market		5.14			4.86			3.06			4.86			12.78
Index		5.35			4.68			3.38			4.68			14.14

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,051.20	$ 1.78		$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information

CREDIT QUALITY ALLOCATION




Moody’s Credit Ratings^*	Percent of Net Assets^(a)


Baa		10.0%

Ba		40.9

B		32.6

Caa		13.1

Ca		—^(b)

Not Rated		3.4

Short-Term and Other Assets		0.0

FIVE LARGEST HOLDINGS




Security	Percent of Net Assets^(a)


Intesa Sanpaolo SpA, 5.02%, 06/26/24		3.0%

Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24		3.0

OneMain Finance Corp., 6.13%, 03/15/24		3.0

Las Vegas Sands Corp., 3.20%, 08/08/24		2.9

Telecom Italia SpA/Milano, 5.30%, 05/30/24		2.9

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.


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

Fund Summary as of April 30, 2023

iShares^® iBonds^® 2025 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2025 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2025, as represented by the Bloomberg 2025 Term High Yield and Income 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-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		5.10	%		3.00	%		3.32	%		3.00	%		13.90	%
Fund Market		5.26			3.48			3.37			3.48			14.13
Index		5.45			3.43			3.81			3.43			16.06

The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,051.00	$ 1.78		$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information

CREDIT QUALITY ALLOCATION




Moody’s Credit Ratings^*	Percent of Net Assets^(a)


Baa		4.9%

Ba		40.5

B		37.3

Caa		12.9

Ca		0.3

Not Rated		0.8

Short-Term and Other Assets		3.3

FIVE LARGEST HOLDINGS




Security	Percent of Net Assets^(a)


Caesars Entertainment Inc., 6.25%, 07/01/25		2.8%

American Airlines Inc., 11.75%, 07/15/25		2.3

Sands China Ltd., 5.63%, 08/08/25		1.5

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25		1.4

WESCO Distribution Inc., 7.13%, 06/15/25		1.2

^(a)

Excludes money market funds.


6		2 0 2 3 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, 2023

iShares^® iBonds^® 2026 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2026 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2026, as represented by the Bloomberg 2026 Term High Yield and Income 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-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		5.44	%		2.03	%		1.27	%		2.03	%		3.17	%
Fund Market		5.92			2.75			1.44			2.75			3.59
Index		5.72			2.27			1.61			2.27			4.02

The inception date of the Fund was November 10, 2020. The first day of secondary market trading was November 12, 2020.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,054.40	$ 1.78		$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information

CREDIT QUALITY ALLOCATION




Moody’s Credit Ratings^*	Percent of Net Assets^(a)


Baa		4.3%

Ba		34.2

B		47.9

Caa		10.5

Ca		—^(b)

Not Rated		1.5

Short-Term and Other Assets		1.6

FIVE LARGEST HOLDINGS




Security	Percent of Net Assets^(a)


TransDigm Inc., 6.25%, 03/15/26		2.2%

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26		2.1

Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26		1.7

DISH DBS Corp., 5.25%, 12/01/26		1.3

CHS/Community Health Systems Inc., 8.00%, 03/15/26		1.2

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.


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

Fund Summary as of April 30, 2023

iShares^® iBonds^® 2027 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2027 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2027, as represented by the Bloomberg 2027 Term High Yield and Income 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-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		5.91	%		1.38	%		(2.35	)%		1.38	%		(4.23	)%
Fund Market		6.19			2.27			(2.21	)		2.27			(3.98	)
Index		6.05			1.67			(2.00	)		1.67			(3.61	)

The inception date of the Fund was July 7, 2021. The first day of secondary market trading was July 9, 2021.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,059.10	$ 1.79		$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information

CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings^*	Percent of Net Assets^(a)

Baa		2.3%

Ba		36.2

B		46.7

Caa		12.2

Not Rated		0.2
Short-Term and Other Assets		2.4

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets^(a)

DISH Network Corp., 11.75%, 11/15/27		1.8%

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27		1.7

CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27		1.7

Carnival Corp., 5.75%, 03/01/27		1.5
TransDigm Inc., 5.50%, 11/15/27		1.4

^(a)

Excludes money market funds.


8		2 0 2 3 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, 2023		iShares^® iBonds^® 2028 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2028 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2028, as represented by the Bloomberg 2028 Term High Yield and Income 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-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		5.62	%		0.27	%		(2.56	)%		0.27	%		(2.93	)%
Fund Market		6.02			0.86			(2.28	)		0.86			(2.61	)
Index		5.71			0.44			(2.56	)		0.44			(2.93	)

The inception date of the Fund was March 8, 2022. The first day of secondary market trading was March 10, 2022.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,056.20	$ 1.78		$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information

CREDIT QUALITY ALLOCATION




Moody’s Credit Rating^*	Percent of Net Assets^(a)


Baa		3.3%

Ba		35.4

B		50.7

Caa		8.5

Not Rated		1.2

Short-Term and Other Assets		0.9

FIVE LARGEST HOLDINGS




Security	Percent of Net Assets^(a)


Melco Resorts Finance Ltd., 5.75%, 07/21/28		1.3%

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 10.50%, 02/15/28		1.3

Tenet Healthcare Corp., 6.13%, 10/01/28		1.2

CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28		1.2

TransDigm Inc., 6.75%, 08/15/28		1.1

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® 2029 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2029 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2029, as represented by the Bloomberg 2029 Term High Yield and Income 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-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		6.58	%		0.10	%		(3.62	)%		0.10	%		(4.14	)%
Fund Market		6.96			0.91			(3.29	)		0.91			(3.77	)
Index		6.70			0.32			(3.59	)		0.32			(4.11	)

The inception date of the Fund was March 8, 2022. The first day of secondary market trading was March 10, 2022.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,065.80	$ 1.79		$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

(a)

Portfolio Information

CREDIT QUALITY ALLOCATION




Moody’s Credit Rating^*	Percent of Net Assets^(a)


Baa		1.4%

Ba		33.9

B		46.9

Caa		14.3

Not Rated		1.2

Short-Term and Other Assets		2.3

FIVE LARGEST HOLDINGS




Security	Percent of Net Assets^(a)


Mozart Debt Merger Sub Inc., 3.88%, 04/01/29		1.8%

Picard Midco Inc., 6.50%, 03/31/29		1.5

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29		1.4

Neptune Bidco U.S. Inc., 9.29%, 04/15/29		1.1

Mozart Debt Merger Sub Inc., 5.25%, 10/01/29		1.0

^(a)

Excludes money market funds.


10		2 0 2 3 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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		11

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.2%
Boeing Co. (The)
1.88%, 06/15/23 (Call 05/30/23)	$	350	$	348,449
4.51%, 05/01/23		2,365		2,365,000
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)		765		762,682
Northrop Grumman Corp., 3.25%, 08/01/23^(a)		650		645,697
Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23)		420		415,834


				4,537,662

Agriculture — 0.4%
Reynolds American Inc., 4.85%, 09/15/23		770		766,420


Auto Manufacturers — 6.5%
Ford Motor Credit Co. LLC
3.10%, 05/04/23^(a)		365		365,102
3.37%, 11/17/23		3,100		3,049,842
4.38%, 08/06/23^(a)		1,283		1,276,662
General Motors Financial Co. Inc.
1.70%, 08/18/23		1,865		1,843,795
3.70%, 05/09/23		1,335		1,334,399
4.15%, 06/19/23 (Call 05/19/23)		625		623,475
4.25%, 05/15/23^(a)		460		459,738
Nissan Motor Acceptance Corp., 3.88%, 09/21/23^(b)		1,000		993,170
Nissan Motor Co. Ltd., 3.04%, 09/15/23^(b)		3,500		3,459,365


				13,405,548

Banks — 7.7%
Citigroup Inc., 3.50%, 05/15/23		1,060		1,059,364
Comerica Inc., 3.70%, 07/31/23 (Call 07/01/23)		2,000		1,980,080
Commerzbank AG, 8.13%, 09/19/23^(b)		4,400		4,358,948
Cooperatieve Rabobank UA, 4.63%, 12/01/23		835		829,681
Credit Suisse Group AG, 3.80%, 06/09/23		1,955		1,924,580
Discover Bank, 4.20%, 08/08/23		1,455		1,447,012
Fifth Third Bancorp., 1.63%, 05/05/23		535		534,818
First Horizon Corp., 3.55%, 05/26/23^(a)		580		577,083
Morgan Stanley, 4.10%, 05/22/23		3,085		3,082,470


				15,794,036

Beverages — 0.5%
Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23		320		319,837
Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)		770		760,175


				1,080,012

Biotechnology — 3.8%
Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23)^(a)		815		807,388
Gilead Sciences Inc. 0.75%, 09/29/23 (Call 05/09/23)		4,050		3,975,399
2.50%, 09/01/23 (Call 07/01/23)^(a)		1,110		1,099,677
Royalty Pharma PLC, 0.75%, 09/02/23		1,895		1,860,795


				7,743,259

Building Materials — 1.0%
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)		723		718,235
Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)		680		669,304
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 05/30/23)		680		672,928


				2,060,467

Chemicals — 1.3%
International Flavors & Fragrances Inc., 3.20%, 05/01/23		335		335,000
LYB International Finance BV, 4.00%, 07/15/23		555		552,397
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)		1,250		1,238,900


Security	Par (000)		Value

Chemicals (continued)
Nutrien Ltd., 1.90%, 05/13/23	$	565	$	563,915


				2,690,212

Commercial Services — 1.9%
ADT Security Corp. (The), 4.13%, 06/15/23^(a)		2,072		2,066,530
Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)		550		548,306
Global Payments Inc.
3.75%, 06/01/23 (Call 05/30/23)		600		598,896
4.00%, 06/01/23 (Call 05/01/23)		640		638,330


				3,852,062

Computers — 2.6%
Hewlett Packard Enterprise Co., 4.45%, 10/02/23 (Call 09/02/23)		2,605		2,592,288
Leidos Inc., 2.95%, 05/15/23 (Call 05/09/23)^(a)		475		474,553
Seagate HDD Cayman, 4.75%, 06/01/23		2,190		2,187,153


				5,253,994

Diversified Financial Services — 10.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 1.15%, 10/29/23		4,485		4,380,141
4.50%, 09/15/23 (Call 08/15/23)		2,865		2,846,807
Air Lease Corp.
3.00%, 09/15/23 (Call 07/15/23)		1,005		995,342
3.88%, 07/03/23 (Call 06/03/23)		680		677,661
Aircastle Ltd., 4.40%, 09/25/23 (Call 08/25/23)^(a)		1,835		1,819,916
Ally Financial Inc.
1.45%, 10/02/23 (Call 09/02/23)		1,600		1,559,664
3.05%, 06/05/23 (Call 05/05/23)^(a)		965		960,638
BGC Partners Inc., 5.38%, 07/24/23		480		477,528
Capital One Financial Corp., 3.50%, 06/15/23		925		921,207
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 05/30/23)		550		548,988
Navient Corp., 7.25%, 09/25/23^(a)		3,454		3,461,944
OneMain Finance Corp., 8.25%, 10/01/23^(a)		2,100		2,110,500
Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)		350		349,304


				21,109,640

Electric — 7.2%
American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 05/30/23)^(a)		680		664,884
Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)		620		613,447
Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 05/30/23)^(a)		1,215		1,182,049
Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)		530		525,665
Eversource Energy
2.80%, 05/01/23^(a)		480		480,000
Series N, 3.80%, 12/01/23 (Call 11/01/23)^(a)		525		520,091
Georgia Power Co., Series A, 2.10%, 07/30/23		950		941,193
OGE Energy Corp., 0.70%, 05/26/23^(a)		565		562,474
Pacific Gas and Electric Co.
1.70%, 11/15/23 (Call 05/30/23)		1,545		1,508,646
3.25%, 06/15/23 (Call 05/30/23)^(a)		405		403,676
3.85%, 11/15/23 (Call 08/15/23)		450		445,032
4.25%, 08/01/23 (Call 07/01/23)^(a)		1,485		1,478,629
Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 05/09/23)		1,310		1,278,678
Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)^(a)		2,210		2,200,475
WEC Energy Group Inc., 0.55%, 09/15/23		1,010		991,345
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		965		942,641


				14,738,925

Electronics — 0.2%
Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23)		325		323,466


12		2 0 2 3 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, 2023

iShares^® iBonds^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Environmental Control — 0.4%
Republic Services Inc., 4.75%, 05/15/23^(a)	$	325	$	324,792
Waste Management Inc., 2.40%, 05/15/23		535		534,010


				858,802

Food — 1.1%
Conagra Brands Inc., 0.50%, 08/11/23 (Call 05/30/23)^(a)		480		473,227
Kellogg Co., 2.65%, 12/01/23^(a)		595		585,784
Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)		575		572,234
Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)^(a)		655		651,640


				2,282,885

Gas — 0.4%
Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)^(a)		430		425,704
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)		480		473,616


				899,320

Health Care - Products — 1.3%
Baxter International Inc., 0.87%, 12/01/23^(a)		1,270		1,235,088
PerkinElmer Inc., 0.55%, 09/15/23 (Call 05/30/23)^(a)		720		707,184
Stryker Corp., 0.60%, 12/01/23 (Call 05/09/23)^(a)		765		744,888


				2,687,160

Health Care - Services — 1.9%
Aetna Inc., 2.80%, 06/15/23 (Call 05/15/23)		1,750		1,744,155
Humana Inc., 0.65%, 08/03/23 (Call 05/08/23)		1,450		1,433,108
Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)		820		812,620


				3,989,883

Holding Companies - Diversified — 1.9%
Blackstone Secured Lending Fund, 3.65%, 07/14/23		575		570,929
FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)^(b)		3,435		3,428,439


				3,999,368

Home Builders — 0.7%
DR Horton Inc., 5.75%, 08/15/23 (Call 05/15/23)		560		559,709
Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23)		980		975,384


				1,535,093

Insurance — 1.6%
Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)^(a)		480		475,541
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23		340		336,375
Jackson Financial Inc., 1.13%, 11/22/23		1,500		1,458,270
Lincoln National Corp., 4.00%, 09/01/23		500		496,275
Reinsurance Group of America Inc., 4.70%, 09/15/23		630		627,411


				3,393,872

Lodging — 0.6%
Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 05/30/23)		820		807,765
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)		375		371,884


				1,179,649

Machinery — 1.0%
CNH Industrial Capital LLC, 1.95%, 07/02/23		1,200		1,192,248
CNH Industrial NV, 4.50%, 08/15/23		780		776,474


				1,968,722

Manufacturing — 0.2%
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 05/30/23)		460		451,403


Media — 0.5%
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)		945		937,572


Oil & Gas — 0.4%
Pioneer Natural Resources Co., 0.55%, 05/15/23		750		748,200


Security	Par (000)		Value

Packaging & Containers — 3.7%
Ball Corp., 4.00%, 11/15/23^(a)	$	5,490	$	5,432,904
Owens-Brockway Glass Container Inc., 5.88%, 08/15/23^(a)(b)		2,175		2,172,325


				7,605,229

Pharmaceuticals — 8.2%
AbbVie Inc. 2.85%, 05/14/23		955		954,131
3.75%, 11/14/23 (Call 10/14/23)^(a)		3,650		3,617,114
Cigna Group (The) 3.00%, 07/15/23 (Call 05/16/23)		1,305		1,297,614
3.75%, 07/15/23 (Call 06/15/23)^(a)		1,655		1,648,347
CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23)^(a)		560		555,341
Elanco Animal Health Inc., 6.02%, 08/28/23 (Call 07/28/23)^(a)		3,975		3,966,016
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)		690		683,169
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		3,357		3,321,315
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		765		760,494


				16,803,541

Pipelines — 5.9%
Buckeye Partners LP, 4.15%, 07/01/23 (Call 05/30/23)		3,740		3,722,871
Enbridge Inc. 0.55%, 10/04/23^(a)		855		835,318
4.00%, 10/01/23 (Call 07/01/23)^(a)		1,665		1,652,795
Energy Transfer LP, Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)		880		875,001
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)^(a)		1,090		1,083,514
Kinder Morgan Energy Partners LP, 3.50%, 09/01/23 (Call 06/01/23)		575		571,257
ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)		675		676,330
Plains All American Pipeline LP/PAA Finance Corp., 3.85%, 10/15/23 (Call 07/15/23)		822		814,775
TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)		645		639,511
Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23)^(a)		1,255		1,248,813


				12,120,185

Real Estate — 2.2%
Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)		4,500		4,475,925


Real Estate Investment Trusts — 3.4%
American Tower Corp., 3.00%, 06/15/23		800		797,296
Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)		1,070		1,053,982
Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23)		725		721,353
Essex Portfolio LP, 3.25%, 05/01/23		325		325,000
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)^(a)		690		685,667
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 05/30/23)^(a)		480		476,333
Starwood Property Trust Inc., 5.50%, 11/01/23 (Call 08/01/23)^(a)(b)		3,000		2,991,210


				7,050,841

Retail — 3.8%
AutoZone Inc., 3.13%, 07/15/23 (Call 05/30/23)		480		477,298
Brinker International Inc., 3.88%, 05/15/23^(a)		1,860		1,858,084
Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)		640		636,518
O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 05/30/23)		325		324,288
Starbucks Corp., 3.85%, 10/01/23 (Call 07/01/23)^(a)		1,115		1,109,414
Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 05/30/23)		1,360		1,327,455


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

April 30, 2023

iShares^® iBonds^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
Yum! Brands Inc., 3.88%, 11/01/23 (Call 08/01/23)^(a)	$	2,170	$	2,152,293


				7,885,350

Semiconductors — 2.2%
Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)		470		468,463
Microchip Technology Inc.
2.67%, 09/01/23		1,625		1,608,490
4.33%, 06/01/23 (Call 05/01/23)		1,955		1,951,403
Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 05/15/23)		535		532,913


				4,561,269

Shipbuilding — 0.3%
Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 05/09/23)		535		526,670


Software — 4.6%
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)^(a)		2,060		2,044,962
Oracle Corp.
2.40%, 09/15/23 (Call 07/15/23)^(a)		4,055		4,009,909
3.63%, 07/15/23^(a)		945		941,834
Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)^(a)		1,015		1,007,560
VMware Inc., 0.60%, 08/15/23		1,375		1,355,434


				9,359,699

Telecommunications — 3.7%
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)		1,025		1,018,532
Rogers Communications Inc., 4.10%, 10/01/23 (Call 07/01/23)^(a)		2,000		1,983,240
Sprint LLC, 7.88%, 09/15/23^(a)		4,674		4,709,523


				7,711,295

Transportation — 0.8%
Kansas City Southern, 3.00%, 05/15/23		470		469,366


Security	Par/ Shares (000)		Value

Transportation (continued)
Ryder System Inc.
3.75%, 06/09/23 (Call 05/09/23)^(a)	$	550	$	548,449
3.88%, 12/01/23 (Call 11/01/23)^(a)		645		637,963


				1,655,778


Total Long-Term Investments — 96.4% (Cost: $198,897,232)				198,043,414


Short-Term Securities

Money Market Funds — 13.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%^(c)(d)(e)		16,178		16,182,862
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(c)(d)		12,120		12,120,000


Total Short-Term Securities — 13.8% (Cost: $28,295,340)				28,302,862


Total Investments — 110.2% (Cost: $227,192,572)				226,346,276

Liabilities in Excess of Other Assets — (10.2)%				(21,032,832	)


Net Assets — 100.0%			$	205,313,444

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

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,056,271	$	—		$	(6,885,306	)^(a)	$	3,727	$	8,170	$	16,182,862		16,178	$	76,584	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,600,000		1,520,000	^(a)		—			—		—		12,120,000		12,120		267,781			7


									$	3,727	$	8,170	$	28,302,862			$	344,365		$	7

^(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.


14		2 0 2 3 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, 2023

iShares^® iBonds^® 2023 Term High Yield and Income ETF

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	198,043,414	$	—	$	198,043,414
Short-Term Securities
Money Market Funds		28,302,862		—		—		28,302,862

	$	28,302,862	$	198,043,414	$	—	$	226,346,276

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		15

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.1%
Howmet Aerospace Inc., 5.13%, 10/01/24 (Call 07/01/24)	$	5,544	$	5,514,284


Airlines — 3.0%
Delta Air Lines Inc., 2.90%, 10/28/24 (Call 09/28/24)		5,742		5,548,437
United Airlines Holdings Inc., 5.00%, 02/01/24^(a)		2,427		2,409,113

				7,957,550

Auto Manufacturers — 4.1%
Ford Motor Credit Co. LLC
3.66%, 09/08/24		1,334		1,289,564
3.81%, 01/09/24 (Call 11/09/23)		1,350		1,326,065
4.06%, 11/01/24 (Call 10/01/24)^(a)		2,635		2,563,407
5.58%, 03/18/24 (Call 02/18/24)		2,640		2,622,101
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24^(b)		3,100		2,892,114

				10,693,251

Banks — 4.0%
Freedom Mortgage Corp., 8.13%, 11/15/24 (Call 05/30/23)^(b)		2,696		2,602,826
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(b)		8,010		7,811,833

				10,414,659

Chemicals — 2.2%
Cornerstone Chemical Co., 10.25%, 09/01/27		2,146		1,915,241
Methanex Corp., 4.25%, 12/01/24 (Call 09/01/24)		1,954		1,907,299
Rayonier AM Products Inc., 5.50%, 06/01/24 (Call 05/30/23)^(a)(b)		1,912		1,914,505

				5,737,045

Commercial Services — 3.0%
Grand Canyon University, 4.13%, 10/01/24		3,196		3,033,867
Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24^(a)(b)		4,942		4,909,333

				7,943,200

Computers — 1.2%
Seagate HDD Cayman, 4.88%, 03/01/24 (Call 01/01/24)		3,147		3,107,505


Distribution & Wholesale — 0.0%
Wesco Aircraft Holdings Inc., 8.50%, 11/15/24 (Call 11/15/23)^(b)		448		16,388


Diversified Financial Services — 11.4%
CNG Holdings Inc., 12.50%, 06/15/24 (Call 06/15/23)^(a)(b)		1,835		1,536,794
Enova International Inc., 8.50%, 09/01/24 (Call 05/30/23)^(b)		1,613		1,602,338
Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24 (Call 09/15/23), (7.25% PIK)^(b)(c)		8,727		7,790,535
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/23)^(a)(b)		3,590		3,408,526
Navient Corp.
5.88%, 10/25/24^(a)		2,907		2,860,575
6.13%, 03/25/24		5,046		5,001,848
OneMain Finance Corp., 6.13%, 03/15/24 (Call 09/15/23)		7,910		7,782,728

				29,983,344

Electric — 1.7%
NextEra Energy Operating Partners LP, 4.25%, 07/15/24 (Call 04/15/24)^(b)		4,440		4,377,485


Electronics — 1.0%
Sensata Technologies BV, 5.63%, 11/01/24^(b)		2,678		2,681,133


Engineering & Construction — 0.9%
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)		2,518		2,437,197


Entertainment — 5.6%
Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 05/30/23)^(a)(b)		3,432		3,392,463


Security	Par (000)		Value

Entertainment (continued)
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 05/15/23)^(a)(b)	$	1,500	$	1,484,670
Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 05/30/23)^(a)(b)		5,290		5,290,423
Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)^(a)(b)		4,845		4,615,977

				14,783,533

Environmental Control — 1.3%
Stericycle Inc., 5.38%, 07/15/24 (Call 06/07/23)^(b)		3,377		3,362,479


Gas — 1.7%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, 05/20/24 (Call 03/20/24)		4,424		4,397,589


Health Care - Services — 2.9%
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 05/30/23)^(a)		4,304		4,265,436
4.63%, 09/01/24 (Call 09/01/23)		3,358		3,336,643

				7,602,079

Holding Companies - Diversified — 3.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
4.75%, 09/15/24 (Call 06/15/24)^(a)		7,052		6,963,497
Stena AB, 7.00%, 02/01/24^(b)		2,580		2,571,744

				9,535,241

Home Builders — 1.9%
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)^(a)(b)		1,972		1,966,636
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24^(a)		2,972		2,970,009

				4,936,645

Internet — 2.1%
Rakuten Group Inc., 10.25%, 11/30/24 (Call 11/28/23)^(b)		5,760		5,640,826


Iron & Steel — 0.8%
Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 10/01/23)^(a)(b)		2,117		2,020,888


Leisure Time — 1.3%
NCL Corp. Ltd., 3.63%, 12/15/24 (Call 12/15/23)^(b)		3,688		3,468,158


Lodging — 6.8%
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)		7,961		7,702,427
MGM China Holdings Ltd., 5.38%, 05/15/24 (Call 05/15/23)^(b)		4,625		4,544,895
Travel + Leisure Co., 5.65%, 04/01/24 (Call 02/01/24)		1,772		1,761,900
Wynn Macau Ltd., 4.88%, 10/01/24 (Call 05/09/23)^(a)(b)		3,855		3,726,474

				17,735,696

Machinery — 0.7%
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 05/30/23)^(a)(b)		1,908		1,897,010


Manufacturing — 2.0%
FXI Holdings Inc., 7.88%, 11/01/24 (Call 05/30/23)^(b)		2,876		2,618,397
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		2,596		2,533,021

				5,151,418

Media — 8.3%
AMC Networks Inc., 5.00%, 04/01/24 (Call 05/30/23)^(a)		2,493		2,457,575
Cengage Learning Inc., 9.50%, 06/15/24 (Call 05/30/23)^(b)		3,440		3,444,610
CSC Holdings LLC, 5.25%, 06/01/24^(a)		4,858		4,737,764
DISH DBS Corp., 5.88%, 11/15/24^(a)		9,088		7,530,953
Videotron Ltd., 5.38%, 06/15/24 (Call 03/15/24)^(a)(b)		3,627		3,619,021

				21,789,923


16		2 0 2 3 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, 2023

iShares^® iBonds^® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mining — 2.3%
Compass Minerals International Inc., 4.88%, 07/15/24 (Call 05/15/24)^(a)(b)	$	1,504	$	1,504,000
FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)^(a)(b)		4,473		4,445,759

				5,949,759

Office & Business Equipment — 0.7%
Xerox Corp., 3.80%, 05/15/24		1,992		1,946,961

Oil & Gas — 4.0%
Ensign Drilling Inc., 9.25%, 04/15/24 (Call 05/29/23)^(b)		2,711		2,643,062
Occidental Petroleum Corp., 2.90%, 08/15/24 (Call 06/15/24) .		4,175		4,056,054
Puma International Financing SA, 5.13%, 10/06/24 (Call 05/09/23)^(b)		3,820		3,661,012

				10,360,128

Oil & Gas Services — 1.0%
Oceaneering International Inc., 4.65%, 11/15/24 (Call 09/30/24)^(a)		2,596		2,554,490

Packaging & Containers — 2.4%
Graphic Packaging International LLC, 4.13%, 08/15/24 (Call 05/15/24)^(a)		1,687		1,669,219
Sealed Air Corp., 5.13%, 12/01/24 (Call 09/01/24)^(b)		2,743		2,739,050
Trident TPI Holdings Inc., 9.25%, 08/01/24 (Call 08/01/23)^(b)		1,939		1,984,198

				6,392,467

Pharmaceuticals — 1.6%
Perrigo Finance Unlimited Co., 3.90%, 12/15/24 (Call 09/15/24)		4,385		4,234,858

Pipelines — 2.3%
Buckeye Partners LP, 4.35%, 10/15/24 (Call 07/15/24)		1,995		1,944,387
EQM Midstream Partners LP, 4.00%, 08/01/24 (Call 05/01/24)		1,961		1,897,189
Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)^(b)		2,335		2,196,815

				6,038,391

Real Estate Investment Trusts — 3.6%
Office Properties Income Trust, 4.25%, 05/15/24 (Call 02/15/24)		2,305		2,178,294
Service Properties Trust
4.35%, 10/01/24 (Call 09/01/24)		5,365		5,118,318
4.65%, 03/15/24 (Call 09/15/23)		2,091		2,049,598

				9,346,210


Security	Par/ Shares (000)		Value

Retail — 3.4%
Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)^(a)(b)	$	2,259	$	2,212,239
Nordstrom Inc., 2.30%, 04/08/24 (Call 05/15/23)		1,576		1,505,931
QVC Inc., 4.85%, 04/01/24^(a)		3,766		3,227,612
TPro Acquisition Corp., 11.00%, 10/15/24 (Call 10/15/23)^(b)		1,919		1,916,045

				8,861,827


Telecommunications — 5.1%
Sprint LLC, 7.13%, 06/15/24		5,579		5,670,942
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)(b)		7,781		7,603,515

				13,274,457

Total Long-Term Investments — 100.0% (Cost: $264,254,965)				262,144,074


Short-Term Securities

Money Market Funds — 9.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%^(d)(e)(f)		24,867		24,874,956
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(d)(e)		640		640,000


Total Short-Term Securities — 9.8% (Cost: $25,505,841)				25,514,956


Total Investments — 109.8% (Cost: $289,760,806)				287,659,030

Liabilities in Excess of Other Assets — (9.8)%				(25,604,432	)


Net Assets — 100.0%			$	262,054,598

^(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)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(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 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,365,980	$	4,492,629	^(a)	$	—		$	6,646	$	9,701	$	24,874,956		24,867	$	229,409	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,860,000		—			(2,220,000	)^(a)		—		—		640,000		640		96,660			1

									$	6,646	$	9,701	$	25,514,956			$	326,069		$	1

^(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.


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, 2023

iShares^® iBonds^® 2024 Term High Yield and Income ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	262,144,074	$	—	$	262,144,074
Short-Term Securities
Money Market Funds		25,514,956		—		—		25,514,956

	$	25,514,956	$	262,144,074	$	—	$	287,659,030

See notes to financial statements.


18		2 0 2 3 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, 2023

iShares^® iBonds^® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.6%
Clear Channel International BV, 6.63%, 08/01/25 (Call 02/01/24)^(a)(b)	$	485	$	478,666
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25 (Call 06/15/23)^(a)		586		587,992

				1,066,658

Aerospace & Defense — 3.0%
Bombardier Inc., 7.50%, 03/15/25 (Call 05/29/23)^(a)(b)		509		508,903
Howmet Aerospace Inc., 6.88%, 05/01/25 (Call 04/01/25)		880		906,743
Rolls-Royce PLC, 3.63%, 10/14/25 (Call 07/14/25)^(a)		1,550		1,464,502
Spirit AeroSystems Inc., 7.50%, 04/15/25 (Call 04/15/24)^(a)		1,727		1,717,812
Triumph Group Inc., 7.75%, 08/15/25 (Call 08/15/23)^(b)		698		648,973

				5,246,933

Airlines — 4.0%
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)		674		635,380
American Airlines Inc., 11.75%, 07/15/25^(a)		3,600		3,964,931
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)^(a)		1,591		1,606,662
U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27		373		349,617
United Airlines Holdings Inc., 4.88%, 01/15/25^(b)		471		465,112

				7,021,702

Auto Manufacturers — 4.9%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)		1,750		1,718,465
Ford Motor Credit Co. LLC 2.30%, 02/10/25 (Call 01/10/25)		970		904,137
3.38%, 11/13/25 (Call 10/13/25)		1,710		1,588,248
4.13%, 08/04/25		1,090		1,034,159
4.69%, 06/09/25 (Call 04/09/25)		465		448,888
5.13%, 06/16/25 (Call 05/16/25)		1,360		1,324,055
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25 (Call 10/15/23)^(a)		945		939,047
Nissan Motor Co. Ltd., 3.52%, 09/17/25 (Call 08/17/25)^(a)		621		580,542

				8,537,541

Auto Parts & Equipment — 2.3%
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/23)^(a)		645		645,774
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/29/23)^(a)(b)		566		559,089
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/25 (Call 05/31/23)		1,170		1,199,613
ZF North America Capital Inc., 4.75%, 04/29/25^(a)		1,605		1,568,053

				3,972,529

Banks — 0.4%
Freedom Mortgage Corp., 8.25%, 04/15/25 (Call 05/30/23)^(a).		785		730,238

Building Materials — 0.5%
Jeld-Wen Inc. 4.63%, 12/15/25 (Call 05/30/23)^(a)		537		517,974
6.25%, 05/15/25 (Call 05/15/23)^(a)(b)		328		331,362

				849,336

Chemicals — 1.3%
Avient Corp., 5.75%, 05/15/25 (Call 05/15/23)^(a)(b)		957		955,813
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 05/30/23)^(a)		792		768,993
Trinseo Materials Operating SCA/Trinseo Materials
Finance Inc., 5.38%, 09/01/25 (Call 09/01/23)^(a)(b)		730		611,134

				2,335,940


Security	Par (000)		Value

Coal — 0.3%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 05/01/23)^(a)	$	585	$	582,865


Commercial Services — 2.5%
Aptim Corp., 7.75%, 06/15/25 (Call 06/15/23)^(a)(b)		740		588,981
Brink’s Co. (The), 5.50%, 07/15/25 (Call 06/18/23)^(a)		536		531,953
Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/23)^(a)		421		403,343
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/23)^(a)		727		724,426
Sabre GLBL Inc. 7.38%, 09/01/25 (Call 05/30/23)^(a)(b)		1,229		1,091,967
9.25%, 04/15/25 (Call 03/16/25)^(a)		1,098		1,012,762

				4,353,432

Computers — 0.6%
Seagate HDD Cayman, 4.75%, 01/01/25		663		645,172
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (Call 06/01/23)^(a)		417		419,093

				1,064,265

Distribution & Wholesale — 0.6%
G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 08/15/23)^(a)(b)		569		537,523
KAR Auction Services Inc., 5.13%, 06/01/25 (Call 06/01/23)^(a)(b)		472		469,673

				1,007,196

Diversified Financial Services — 5.8%
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/20/25)^(b)		1,509		1,463,896
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)^(a)		1,062		1,051,475
Enova International Inc., 8.50%, 09/15/25 (Call 09/15/23)^(a)(b)		508		490,037
Finance of America Funding LLC, 7.88%, 11/15/25 (Call 11/15/23)^(a)		500		392,970
LD Holdings Group LLC, 6.50%, 11/01/25 (Call 11/01/23)^(a)		720		509,328
Navient Corp., 6.75%, 06/25/25		713		702,847
OneMain Finance Corp., 6.88%, 03/15/25		1,790		1,749,707
PennyMac Financial Services Inc., 5.38%, 10/15/25 (Call 10/15/23)^(a)		959		904,970
PRA Group Inc., 7.38%, 09/01/25 (Call 05/30/23)^(a)		417		415,178
Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25 (Call 05/24/23)^(a)(b)		470		414,272
SLM Corp., 4.20%, 10/29/25 (Call 09/29/25)		720		665,309
StoneX Group Inc., 8.63%, 06/15/25 (Call 06/15/23)^(a)		469		476,082
United Wholesale Mortgage LLC, 5.50%, 11/15/25 (Call 11/15/23)^(a)		1,113		1,061,646

				10,297,717

Electric — 0.9%
DPL Inc., 4.13%, 07/01/25 (Call 04/01/25)		578		555,406
Drax Finco PLC, 6.63%, 11/01/25 (Call 05/01/23)^(a)		685		674,451
FirstEnergy Corp., 2.05%, 03/01/25 (Call 02/01/25)		415		392,125
NSG Holdings LLC/NSG Holdings Inc., 7.75%, 12/15/25^(a)		6		5,750

				1,627,732

Electrical Components & Equipment — 1.3%
WESCO Distribution Inc., 7.13%, 06/15/25 (Call 06/15/23)^(a)		2,163		2,199,187


Electronics — 0.9%
Likewize Corp., 9.75%, 10/15/25 (Call 10/15/23)^(a)		608		547,638
Sensata Technologies BV, 5.00%, 10/01/25^(a)		1,017		1,005,040

				1,552,678

Engineering & Construction — 1.3%
Artera Services LLC, 9.03%, 12/04/25 (Call 02/04/24)^(a)		1,425		1,225,500
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/23)^(a)(b)		642		600,353


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) (continued)

April 30, 2023

iShares^® iBonds^® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Engineering & Construction (continued)
Tutor Perini Corp., 6.88%, 05/01/25 (Call 05/01/23)^(a)(b)	$	720	$	521,496

				2,347,349

Entertainment — 6.6%
Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 03/01/24)^(a)		535		524,140
Caesars Entertainment Inc., 6.25%, 07/01/25 (Call 07/01/23)^(a)(b)		4,899		4,905,761
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/23)^(a)		1,435		1,445,576
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/01/23)^(a)		1,449		1,445,276
Cinemark USA Inc., 8.75%, 05/01/25 (Call 05/01/23)^(a)(b)		346		352,923
International Game Technology PLC, 6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		850		860,387
Scientific Games International Inc., 8.63%, 07/01/25 (Call 07/01/23)^(a)		760		777,358
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/23)^(a)		500		505,740
Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/30/23)^(a)(b)		828		833,879

				11,651,040

Environmental Control — 1.0%
GFL Environmental Inc.
3.75%, 08/01/25 (Call 08/01/23)^(a)(b)		1,079		1,044,062
4.25%, 06/01/25 (Call 06/01/23)^(a)		710		690,731

				1,734,793

Food — 2.2%
B&G Foods Inc., 5.25%, 04/01/25 (Call 05/30/23)		1,265		1,195,653
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 05/30/23)^(a)(b)		756		742,815
Performance Food Group Inc., 6.88%, 05/01/25 (Call 05/01/23)^(a)(b)		408		410,831
U.S. Foods Inc., 6.25%, 04/15/25 (Call 04/15/24)^(a)		1,440		1,446,034

				3,795,333

Food Service — 1.7%
Aramark Services Inc.
5.00%, 04/01/25 (Call 05/30/23)^(a)(b)		863		855,992
6.38%, 05/01/25 (Call 05/01/23)^(a)		2,162		2,167,924

				3,023,916

Gas — 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, 05/20/25 (Call 02/20/25)		947		920,957


Hand & Machine Tools — 0.2%
Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25 (Call 07/15/23)^(a)(b)		380		303,533


Health Care - Services — 2.8%
Akumin Inc., 7.00%, 11/01/25 (Call 05/29/23)^(a)		675		538,070
Encompass Health Corp., 5.75%, 09/15/25 (Call 09/15/23)^(b)		517		516,478
Global Medical Response Inc., 6.50%, 10/01/25 (Call 10/01/23)^(a)		865		534,094
Legacy LifePoint Health LLC, 6.75%, 04/15/25 (Call 04/15/24)^(a)(b)		842		810,029
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/23)^(a)(b)		684		653,719
Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 11/01/23)^(a)(b)		1,260		1,137,994
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/23)^(a)		1,133		794,358

				4,984,742

Holding Companies - Diversified — 0.9%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25 (Call 05/30/23)^(b)		1,091		1,080,472


Security	Par (000)		Value

Holding Companies - Diversified (continued)
Stena International SA, 6.13%, 02/01/25 (Call 02/01/24)^(a)(b)	$	460	$	447,060

				1,527,532

Home Builders — 0.9%
Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/23)^(a)(b)		682		624,146
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)		572		577,920
New Home Co. Inc. (The), 7.25%, 10/15/25 (Call 10/15/23)^(a)(b)		415		386,519

				1,588,585

Household Products & Wares — 0.4%
Spectrum Brands Inc., 5.75%, 07/15/25 (Call 07/15/23)^(b)		645		640,717


Housewares — 0.9%
American Greetings Corp., 8.75%, 04/15/25 (Call 05/30/23)^(a)		29		28,565
CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 07/15/23)^(a)(b)		1,006		885,371
Newell Brands Inc., 4.88%, 06/01/25 (Call 05/01/25)		690		672,060

				1,585,996

Insurance — 1.9%
Acrisure LLC/Acrisure Finance Inc., 7.00%, 11/15/25 (Call 05/30/23)^(a)		1,295		1,236,531
AssuredPartners Inc., 7.00%, 08/15/25 (Call 05/30/23)^(a)		679		672,223
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)^(a)		551		560,461
USI Inc./NY, 6.88%, 05/01/25 (Call 05/30/23)^(a)(b)		883		873,040

				3,342,255

Internet — 2.1%
Gen Digital Inc., 5.00%, 04/15/25 (Call 05/09/23)^(a)		1,583		1,565,730
TripAdvisor Inc., 7.00%, 07/15/25 (Call 07/15/23)^(a)(b)		708		712,630
Uber Technologies Inc., 7.50%, 05/15/25 (Call 05/15/23)^(a)		1,439		1,460,657

				3,739,017

Leisure Time — 2.3%
Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 05/30/23)^(a)(b)		617		487,436
Royal Caribbean Cruises Ltd., 11.50%, 06/01/25 (Call 06/01/23)^(a)		2,004		2,126,044
Viking Cruises Ltd.
6.25%, 05/15/25 (Call 05/15/23)^(a)		334		317,587
13.00%, 05/15/25 (Call 05/15/23)^(a)		990		1,042,401

				3,973,468

Lodging — 6.7%
Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 (Call 05/01/23)^(a)(b)		665		664,481
Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25)		685		647,373
Melco Resorts Finance Ltd., 4.88%, 06/06/25 (Call 06/06/23)^(c)		1,350		1,275,818
MGM China Holdings Ltd., 5.25%, 06/18/25 (Call 05/09/23)^(a).		675		644,720
MGM Resorts International
5.75%, 06/15/25 (Call 03/15/25)		975		971,578
6.75%, 05/01/25 (Call 05/01/23)^(b)		1,078		1,087,583
Sands China Ltd., 5.63%, 08/08/25 (Call 06/08/25)		2,615		2,560,320
Studio City Finance Ltd., 6.00%, 07/15/25 (Call 07/15/23)^(a)(b).		675		625,192
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 05/30/23)^(a).		410		398,409
Travel + Leisure Co., 6.60%, 10/01/25 (Call 07/01/25)		503		504,318
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (Call 12/01/24)^(a)		2,506		2,472,620

				11,852,412

Machinery — 0.3%
Husky III Holding Ltd. , 13.00%, 02/15/25 (Call 02/15/24), (13.75% PIK)^(a)(b)(d)		661		601,563


20		2 0 2 3 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, 2023

iShares^® iBonds^® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Manufacturing — 0.3%
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/23)	$	541	$	540,216


Media — 1.8%
AMC Networks Inc., 4.75%, 08/01/25 (Call 08/01/23)^(b)		1,168		1,082,759
Univision Communications Inc., 5.13%, 02/15/25 (Call 05/09/23)^(a)		2,128		2,095,612


				3,178,371

Mining — 0.9%
Arconic Corp., 6.00%, 05/15/25 (Call 05/15/23)^(a)		1,020		1,019,358
Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 10/07/23)^(a)		605		587,485


				1,606,843

Office & Business Equipment — 0.6%
Xerox Holdings Corp., 5.00%, 08/15/25 (Call 07/15/25)^(a)(b)		1,055		1,005,457


Oil & Gas — 6.6%
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 04/15/24)^(a)(b)		762		783,214
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/23)^(a)		1,703		1,681,917
CVR Energy Inc., 5.25%, 02/15/25 (Call 02/15/24)^(a)		862		834,114
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/24)		652		655,756
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24)		727		707,502
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 05/15/23)^(a)		1,150		1,136,418
Occidental Petroleum Corp.
5.50%, 12/01/25 (Call 09/01/25)^(b)		915		917,663
5.88%, 09/01/25 (Call 06/01/25)		1,090		1,104,900
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25 (Call 06/15/23)		958		954,542
Range Resources Corp., 4.88%, 05/15/25 (Call 02/15/25)^(b)		1,087		1,073,249
SM Energy Co., 5.63%, 06/01/25 (Call 06/01/23)		466		455,715
Southwestern Energy Co., 5.70%, 01/23/25 (Call 10/23/24)^(b)		553		553,111
Transocean Inc., 7.25%, 11/01/25 (Call 11/01/23)^(a)		480		457,070
Vermilion Energy Inc., 5.63%, 03/15/25 (Call 05/29/23)^(a)(b)		391		383,751


				11,698,922

Oil & Gas Services — 0.7%
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 04/01/24)^(a)(b)		475		458,907
KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 12/01/23)^(a)		710		707,771


				1,166,678

Packaging & Containers — 2.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 04/30/25 (Call 04/30/23)^(a)		955		940,541
Ball Corp., 5.25%, 07/01/25^(b)		1,460		1,460,117
Clearwater Paper Corp., 5.38%, 02/01/25^(a)(b)		366		358,592
Owens-Brockway Glass Container Inc.
5.38%, 01/15/25^(a)(b)		406		402,094
6.38%, 08/15/25^(a)		395		405,661
Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)^(a)(b)		536		537,115
Trident TPI Holdings Inc., 6.63%, 11/01/25 (Call 05/04/23)^(a)		319		318,892


				4,423,012

Pharmaceuticals — 2.0%
Bausch Health Cos. Inc., 5.50%, 11/01/25 (Call 05/29/23)^(a)		2,425		2,109,629
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 05/29/23)^(a)		842		807,082
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 11/15/23)^(a)(b)		662		529,911


				3,446,622


Security	Par (000)		Value

Pipelines — 5.0%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25 (Call 12/15/23)^(a)(b)	$	861	$	869,808
Buckeye Partners LP, 4.13%, 03/01/25 (Call 02/01/25)^(a)		675		647,845
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 04/01/25 (Call 05/30/23)		682		672,534
EnLink Midstream Partners LP, 4.15%, 06/01/25 (Call 03/01/25)		608		588,076
EQM Midstream Partners LP, 6.00%, 07/01/25 (Call 04/01/25)^(a)(b)		555		544,943
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25 (Call 10/01/23)		775		760,383
New Fortress Energy Inc., 6.75%, 09/15/25 (Call 09/15/23)^(a)		1,790		1,708,251
NGL Energy Partners LP/NGL Energy Finance Corp., 6.13%, 03/01/25 (Call 05/30/23)		543		501,596
NuStar Logistics LP, 5.75%, 10/01/25 (Call 07/01/25)		861		848,602
Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)^(a)		556		528,939
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/25 (Call 05/30/23)^(b)		374		311,355
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25 (Call 10/01/23)^(a)		826		834,070


				8,816,402

Real Estate — 0.9%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 11/15/23)^(a)(b)		903		821,531
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 05/30/23)^(a)		848		833,321


				1,654,852

Real Estate Investment Trusts — 4.0%
Diversified Healthcare Trust, 9.75%, 06/15/25 (Call 06/15/23)		694		663,894
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/25 (Call 04/15/24)^(a)(b)		541		526,604
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 05/15/23)^(a)(b)		461		433,216
New Residential Investment Corp., 6.25%, 10/15/25 (Call 10/15/23)^(a)		794		727,177
Office Properties Income Trust, 4.50%, 02/01/25 (Call 11/01/24)		935		797,022
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25 (Call 06/01/23)^(a)		954		958,703
Service Properties Trust
4.50%, 03/15/25 (Call 09/15/24)		472		439,215
7.50%, 09/15/25 (Call 06/15/25)		1,115		1,092,979
Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24)		720		679,500
XHR LP, 6.38%, 08/15/25 (Call 08/15/23)^(a)		724		714,168


				7,032,478

Retail — 4.4%
1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25 (Call 04/15/24)^(a)(b)		659		661,142
Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 07/15/23)^(a)(b)		398		404,348
Bath & Body Works Inc., 9.38%, 07/01/25^(a)(b)		423		453,342
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 11/01/23)^(a)(b)		596		606,198
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/15/23)^(a)		1,075		1,018,530
8.50%, 10/30/25 (Call 10/30/23)^(a)		985		938,055
IRB Holding Corp., 7.00%, 06/15/25 (Call 06/15/23)^(a)		1,048		1,058,815
Kohl’s Corp., 4.25%, 07/17/25 (Call 04/17/25)		485		453,538
Penske Automotive Group Inc., 3.50%, 09/01/25 (Call 09/01/23)^(b)		784		748,077


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, 2023

iShares^® iBonds^® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Retail (continued)
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/23)	$	972	$	959,510
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25 (Call 11/28/23)^(a)		491		454,553

				7,756,108

Semiconductors — 0.3%
ams-OSRAM AG, 7.00%, 07/31/25 (Call 07/31/23)^(a)(b)		595		558,169


Software — 1.9%
Boxer Parent Co. Inc., 7.13%, 10/02/25 (Call 06/01/23)^(a)(b)		825		822,880
PTC Inc., 3.63%, 02/15/25 (Call 02/15/24)^(a)		699		673,899
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 09/01/23)^(a)(b)		2,517		1,904,966

				3,401,745

Telecommunications — 1.7%
CommScope Technologies LLC, 6.00%, 06/15/25 (Call 06/15/23)^(a)(b)		1,867		1,754,215
Qwest Corp., 7.25%, 09/15/25		348		308,909
ViaSat Inc., 5.63%, 09/15/25 (Call 05/09/23)^(a)		976		931,026

				2,994,150

Transportation — 0.0%
Western Global Airlines LLC, 10.38%, 08/15/25 (Call 08/15/23)^(a)		437		58,698


Trucking & Leasing — 0.5%
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/25 (Call 10/01/23)^(a)		948		936,321


Total Long-Term Investments — 96.7% (Cost: $171,559,240)				170,334,201


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 16.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%^(e)(f)(g)		24,800	$	24,806,998
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(e)(f)		4,330		4,330,000


Total Short-Term Securities — 16.6% (Cost: $29,130,390)				29,136,998


Total Investments — 113.3% (Cost: $200,689,630)				199,471,199

Liabilities in Excess of Other Assets — (13.3)%				(23,377,557	)


Net Assets — 100.0%			$	176,093,642

^(a)	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.

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

^(c)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(d)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(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.

Affiliates



Affiliated Issuer		Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23	Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,992,444	$	12,808,994	^(a)	$	—	$	(1,222	)	$	6,782	$	24,806,998	24,800	$	80,803	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,080,000		2,250,000	^(a)		—		—			—		4,330,000	4,330		49,760			—

								$	(1,222	)	$	6,782	$	29,136,998		$	130,563		$	—

^(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.


22		2 0 2 3 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, 2023

iShares^® iBonds^® 2025 Term High Yield and Income ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	170,334,201	$	—	$	170,334,201
Short-Term Securities
Money Market Funds		29,136,998		—		—		29,136,998

	$	29,136,998	$	170,334,201	$	—	$	199,471,199

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		23

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® 2026 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.2%
Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)^(a)	$	210	$	177,610


Aerospace & Defense — 4.1%
Bombardier Inc., 7.13%, 06/15/26 (Call 06/15/23)^(a)		588		584,078
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 08/15/23)^(a)(b)		235		195,184
Spirit AeroSystems Inc., 3.85%, 06/15/26 (Call 03/15/26)		149		139,705
TransDigm Inc. 6.25%, 03/15/26 (Call 03/15/24)^(a)		1,866		1,874,938
6.38%, 06/15/26 (Call 06/15/23)		411		410,737
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/23)		230		231,341

				3,435,983

Agriculture — 0.5%
Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/24)^(a)		117		107,579
Vector Group Ltd., 10.50%, 11/01/26 (Call 11/01/23)^(a)		284		285,775