
		APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares iBonds 2022 Term High Yield and Income ETF | IBHB | Cboe BZX

· 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,

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		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		52
Statements of Operations		54
Statements of Changes in Net Assets		56
Financial Highlights		60
Notes to Financial Statements		68
Board Review and Approval of Investment Advisory Contract		76
Statement Regarding Liquidity Risk Management Program		78
Supplemental Information		79
General Information		80
Glossary of Terms Used in this Report		81


Fund Summary as of April 30, 2022		iShares^® iBonds^® 2022 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2022 Term High Yield 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 2022, as represented by the Bloomberg 2022 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 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		0.10	%		1.03	%		2.67	%		1.03	%		8.19	%
Fund Market		(0.12	)		0.77			2.67			0.77			8.20
Index		0.54			1.76			3.35			1.76			10.33

The inception date of the Fund was 5/7/19. The first day of secondary market trading was 5/9/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 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	$ 1,001.00	$ 1.74			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(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^(a)

A		4.3%
Baa		62.9
Ba		14.1
B		7.5
Caa		1.6
Ca		0.3
Not Rated		3.9
Short-Term and Other Assets		5.4


FIVE LARGEST HOLDINGS

Security^(a)		Percent of Net Assets

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, 07/23/22		2.3%
Morgan Stanley, 4.88%, 11/01/22		1.8
Sprint Communications Inc., 6.00%, 11/15/22		1.8
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		1.7
DISH DBS Corp., 5.88%, 07/15/22		1.6

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

^(a)

Excludes money market funds.


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^® 2023 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2023 Term High Yield 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 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(2.19	)%		(0.29	)%		3.01	%		(0.29	)%		9.26	%
Fund Market		(2.47	)		(0.86	)		2.93			(0.86	)		9.01
Index		(2.17	)		0.02			3.99			0.02			12.38

The inception date of the Fund was 5/7/19. The first day of secondary market trading was 5/9/19.

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	$ 978.10	$ 1.72			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*		Percent of Net Assets

A		1.1%
Baa		33.7
Ba		34.0
B		16.8
Caa		7.0
Not Rated		4.0
Short-Term and Other Assets		3.4


FIVE LARGEST HOLDINGS

Security^(a)		Percent of Net Assets

Sprint Corp., 7.88%, 09/15/23		2.2%
Tenet Healthcare Corp., 6.75%, 06/15/23		2.0
Commerzbank AG, 8.13%, 09/19/23		2.0
HCA Inc., 5.88%, 05/01/23		1.8
DISH DBS Corp., 5.00%, 03/15/23		1.8

^(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^® 2024 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2024 Term High Yield 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 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(3.74	)%		(1.64	)%		2.51	%		(1.64	)%		7.69	%
Fund Market		(4.03	)		(1.95	)		2.47			(1.95	)		7.55
Index		(4.47	)		(2.08	)		2.95			(2.08	)		9.05

The inception date of the Fund was 5/7/19. The first day of secondary market trading was 5/9/19.

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	$ 962.60	$ 1.70			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*		Percent of Net Assets

Baa		2.2%
Ba		46.3
B		36.1
Caa		11.4
Not Rated		2.4
Short-Term and Other Assets		1.6


FIVE LARGEST HOLDINGS

Security^(a)		Percent of Net Assets

Sprint Corp., 7.13%, 06/15/24		3.1%
DISH DBS Corp., 5.88%, 11/15/24		2.9
Intesa Sanpaolo SpA, 5.02%, 06/26/24		2.9
Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24		2.7
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24		2.5

^(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^® 2025 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2025 Term High Yield 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 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(2.83	)%		(1.32	)%		3.43	%		(1.32	)%		10.59	%
Fund Market		(3.26	)		(1.76	)		3.33			(1.76	)		10.29
Index		(2.49	)		(0.61	)		3.94			(0.61	)		12.22

The inception date of the Fund was 5/7/19. The first day of secondary market trading was 5/9/19.

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	$ 971.70	$ 1.71			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*		Percent of Net Assets

Baa		3.0%
Ba		34.5
B		42.6
Caa		13.6
Not Rated		3.2
Short-Term and Other Assets		3.1


FIVE LARGEST HOLDINGS

Security^(a)		Percent of Net Assets^(a)

Caesars Entertainment Inc., 6.25%, 07/01/25		2.1%
American Airlines Inc., 11.75%, 07/15/25		1.7
HCA Inc., 5.38%, 02/01/25		1.6
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25		1.4
Bausch Health Companies Inc., 6.13%, 04/15/25		1.3

^(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^® 2026 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2026 Term High Yield 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 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(4.42	)%		(2.78	)%		0.76	%		(2.78	)%		1.11	%
Fund Market		(4.87	)		(3.39	)		0.56			(3.39	)		0.82
Index		(4.33	)		(2.55	)		1.16			(2.55	)		1.71

The inception date of the Fund was 11/10/20. The first day of secondary market trading was 11/12/20.

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	$ 955.80	$ 1.70			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*		Percent of Net Assets

Baa		1.9%
Ba		37.4
B		42.2
Caa		12.2
Not Rated		4.1
Short-Term and Other Assets		2.2


FIVE LARGEST HOLDINGS

Security^(a)		Percent of Net Assets

TransDigm Inc., 6.25%, 03/15/26		2.2%
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26		1.8
DISH DBS Corp., 5.25%, 12/01/26		1.3
CHS/Community Health Systems Inc., 8.00%, 03/15/26		1.1
Tenet Healthcare Corp., 4.88%, 01/01/26		1.1

^(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^® 2027 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2027 Term High Yield 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


				Cumulative Total Returns

	6 Months			Since Inception

Fund NAV		(5.67	)%		(5.53	)%
Fund Market		(6.25	)		(6.11	)
Index		(5.46	)		(5.19	)

The inception date of the Fund was 7/7/21. The first day of secondary market trading was 7/9/21.

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	$ 943.30	$ 1.69			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*		Percent of Net Assets

Baa		0.2%
Ba		35.3
B		47.5
Caa		13.3
Not Rated		1.6
Short-Term and Other Assets		2.1


FIVE LARGEST HOLDINGS

Security^(a)		Percent of Net Assets

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27		1.8%
Carnival Corp., 5.75%, 03/01/27		1.6
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27		1.6
TransDigm Inc., 5.50%, 11/15/27		1.2
Centene Corp., 4.25%, 12/15/27		1.2

^(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^® 2028 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2028 Term High Yield 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


	Cumulative Total Returns

	Since Inception

Fund NAV		(3.19	)%
Fund Market		(3.44	)
Index		(3.35	)

The inception date of the Fund was 3/8/22. The first day of secondary market trading was 3/10/22.

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (03/08/22)	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	$ 968.10	$ 0.50			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 53/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*		Percent of Net Assets

Baa		1.7%
Ba		38.8
B		46.0
Caa		10.3
Not Rated		1.2
Short-Term and Other Assets		2.0


FIVE LARGEST HOLDINGS

Security^(a)		Percent of Net Assets^(a)

Sprint Capital Corp., 6.88%, 11/15/28		1.3%
Tenet Healthcare Corp., 6.13%, 10/01/28		1.1
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28		1.1
DISH DBS Corp., 5.75%, 12/01/28		1.1
Carnival Corp., 4.00%, 08/01/28		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^® 2029 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2029 Term High Yield 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


	Cumulative Total Returns

	Since Inception

Fund NAV		(4.24	)%
Fund Market		(4.64	)
Index		(4.41	)

The inception date of the Fund was 3/8/22. The first day of secondary market trading was 3/10/22.

Expense Example


Actual				Hypothetical 5% Return


Beginning Account Value (03/08/22)	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	$ 957.60	$ 0.50			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information


ALLOCATION BY CREDIT QUALITY

Moody’s Credit Ratings^*		Percent of Net Assets

Baa		1.3%
Ba		37.5
B		43.4
Caa		14.1
Not Rated		1.3
Short-Term and Other Assets		2.4


FIVE LARGEST HOLDINGS

Security^(a)		Percent of Net Assets^(a)

Mozart Debt Merger Sub Inc., 3.88%, 04/01/29		1.5%
Centene Corp., 4.63%, 12/15/29		1.4
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29		1.3
Mozart Debt Merger Sub Inc., 5.25%, 10/01/29		0.9
Altice France SA/France, 5.13%, 07/15/29		0.9

^(a)

Excludes money market funds.


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

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.


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

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® 2022 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.1%
Boeing Co. (The), 2.70%, 05/01/22^(a)	$	85	$	85,000


Agriculture — 1.7%
Altria Group Inc., 2.85%, 08/09/22		855		857,325
BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22)		310		310,422
Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22)		310		311,082


				1,478,829

Airlines — 1.5%
American Airlines Group Inc., 5.00%, 06/01/22^(b)		1,028		1,028,812
Southwest Airlines Co., 2.75%, 11/16/22 (Call 10/16/22)		250		250,360


				1,279,172

Apparel — 0.3%
Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22)		255		255,194


Auto Manufacturers — 4.0%
Ford Motor Credit Co. LLC
2.98%, 08/03/22 (Call 07/03/22)		505		504,626
3.35%, 11/01/22		485		485,073
3.55%, 10/07/22		391		391,063
4.25%, 09/20/22		475		476,805
General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)		425		425,620
3.55%, 07/08/22		1,130		1,134,249


				3,417,436

Banks — 9.0%
Citigroup Inc., 4.05%, 07/30/22		825		829,620
Cooperatieve Rabobank U.A., 3.95%, 11/09/22^(a)		675		681,129
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		1,480		1,488,628
Deutsche Bank AG/New York NY, 3.30%, 11/16/22^(a)		1,025		1,028,116
Fifth Third Bancorp., 2.60%, 06/15/22 (Call 05/15/22)		125		125,048
Morgan Stanley, 4.88%, 11/01/22^(a)		1,550		1,570,584
Natwest Group PLC, 6.13%, 12/15/22		1,170		1,189,937
Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)		365		365,110
Synovus Financial Corp., 3.13%, 11/01/22 (Call 10/01/22)		475		476,648


				7,754,820

Beverages — 0.0%
Molson Coors Beverage Co., 3.50%, 05/01/22^(a)		45		45,000


Biotechnology — 1.8%
Biogen Inc., 3.63%, 09/15/22		760		764,112
Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22)		775		777,185


				1,541,297

Chemicals — 3.1%
Cabot Corp., 3.70%, 07/15/22		225		225,794
Celanese U.S. Holdings LLC, 4.63%, 11/15/22		635		641,128
Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)		500		500,770
Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22)^(a)		750		753,953
Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22)		385		386,020
RPM International Inc., 3.45%, 11/15/22 (Call 08/15/22)		200		200,748


				2,708,413

Commercial Services — 2.4%
Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22)		205		205,000
Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)		425		426,551
North Queensland Export Terminal Pty Ltd., 4.45%, 12/15/22^(b)		1,100		1,067,275
PayPal Holdings Inc., 2.20%, 09/26/22		60		60,113
Verisk Analytics Inc., 4.13%, 09/12/22		300		301,926


				2,060,865


Security	Par (000)		Value

Computers — 1.7%
Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22)	$	1,135	$	1,142,094
HP Inc., 4.05%, 09/15/22		335		337,412


				1,479,506

Diversified Financial Services — 4.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.63%, 07/01/22^(a)		415		416,461
Air Lease Corp., 2.63%, 07/01/22 (Call 06/01/22)		750		750,615
Ally Financial Inc., 4.63%, 05/19/22		325		325,270
Discover Financial Services, 3.85%, 11/21/22		650		656,604
Intercontinental Exchange Inc., 2.35%, 09/15/22 (Call 08/15/22)^(a)		135		135,175
International Lease Finance Corp., 5.88%, 08/15/22		700		704,641
Morgan Stanley Domestic Holdings Inc., 2.95%, 08/24/22 (Call 07/24/22)		555		555,954
Synchrony Financial, 2.85%, 07/25/22 (Call 06/25/22)		665		664,834


				4,209,554

Electric — 10.0%
AEP Texas Inc., 2.40%, 10/01/22 (Call 09/01/22)		310		310,047
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22)		250		250,270
Dominion Energy Inc., Series B, 2.75%, 09/15/22 (Call 06/15/22)		260		260,075
DTE Energy Co.
2.25%, 11/01/22		350		349,769
Series H, 0.55%, 11/01/22		560		555,212
Duke Energy Corp.
2.40%, 08/15/22 (Call 07/15/22)		425		425,370
3.05%, 08/15/22 (Call 05/15/22)		385		385,100
Edison International
2.40%, 09/15/22 (Call 08/15/22)		305		303,795
3.13%, 11/15/22 (Call 10/15/22)		325		325,413
Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)		560		560,851
Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22)^(a)		301		301,000
FirstEnergy Corp., Series A, 3.35%, 07/15/22 (Call 05/15/22)		1,281		1,277,644
ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22)		560		559,367
Pacific Gas and Electric Co., 1.75%, 06/16/22 (Call 05/10/22)^(a)		1,060		1,059,237
Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 10/15/22)		600		600,708
TransAlta Corp., 4.50%, 11/15/22 (Call 08/15/22)		1,150		1,151,207


				8,675,065

Electronics — 0.6%
Avnet Inc., 4.88%, 12/01/22		300		303,357
Jabil Inc., 4.70%, 09/15/22^(a)		220		221,637


				524,994

Environmental Control — 0.3%
Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22)		260		260,398


Food — 3.4%
General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22)		410		411,074
Kraft Heinz Foods Co., 3.50%, 06/06/22^(a)		1,000		1,001,000
Kroger Co. (The), 2.80%, 08/01/22 (Call 07/01/22)		565		566,068
McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22)		625		626,325
Sysco Corp., 2.60%, 06/12/22		335		335,409


				2,939,876

Health Care - Products — 0.7%
DH Europe Finance II Sarl, 2.05%, 11/15/22^(a)		565		564,729


Health Care - Services — 3.8%
Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22)		760		761,132


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, 2022

iShares^® iBonds^® 2022 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services (continued)
Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)	$	960	$	963,159
3.13%, 05/15/22		60		60,034
CommonSpirit Health, 2.95%, 11/01/22		375		376,391
Dignity Health, 3.13%, 11/01/22		250		250,980
Humana Inc.
2.90%, 12/15/22 (Call 11/15/22)		185		185,629
3.15%, 12/01/22 (Call 09/01/22)		685		688,089


			3,285,414

Home Builders — 3.0%
DR Horton Inc., 4.38%, 09/15/22 (Call 06/15/22)^(a)		300		301,056
KB Home, 7.50%, 09/15/22		1,195		1,213,343
Lennar Corp., 4.75%, 11/15/22 (Call 08/15/22)		495		498,559
NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)		580		581,781


				2,594,739

Home Furnishings — 0.5%
Leggett & Platt Inc., 3.40%, 08/15/22 (Call 05/15/22)		250		249,745
Whirlpool Corp., 4.70%, 06/01/22		150		150,378


				400,123

Household Products & Wares — 1.2%
Church & Dwight Co. Inc.
2.45%, 08/01/22 (Call 07/01/22)		210		210,510
2.88%, 10/01/22		375		376,436
Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)		480		481,037


				1,067,983

Insurance — 1.7%
Alleghany Corp., 4.95%, 06/27/22		355		356,807
Aon Corp., 2.20%, 11/15/22		590		589,203
Fidelity National Financial Inc., 5.50%, 09/01/22^(a)		340		343,618
Globe Life Inc., 3.80%, 09/15/22^(a)		80		80,665
Markel Corp., 4.90%, 07/01/22		100		100,498


				1,470,791

Internet — 1.2%
NortonLifeLock Inc., 3.95%, 06/15/22 (Call 05/31/22)		1,020		1,018,144


Iron & Steel — 0.5%
Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22)		464		465,271


Leisure Time — 1.4%
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22		1,245		1,248,424


Manufacturing — 2.8%
Carlisle Companies Inc., 3.75%, 11/15/22 (Call 08/15/22)		225		226,127
Eaton Corp., 2.75%, 11/02/22		1,135		1,137,860
General Electric Co.
2.70%, 10/09/22		290		290,737
3.15%, 09/07/22^(a)		550		551,265
Parker-Hannifin Corp., 3.50%, 09/15/22		255		256,568


				2,462,557

Media — 5.5%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, 07/23/22 (Call 05/23/22)		2,010		2,014,402
CSC Holdings LLC, 5.88%, 09/15/22		1,305		1,309,463
DISH DBS Corp., 5.88%, 07/15/22		1,416		1,420,064


				4,743,929

Mining — 0.8%
Mountain Province Diamonds Inc., 8.00%, 12/15/22 (Call 05/10/22)^(a)(b)		360		352,893


Security	Par (000)		Value

Mining (continued)
Southern Copper Corp., 3.50%, 11/08/22	$	340	$	340,823


			693,716

Oil & Gas — 0.1%
Range Resources Corp., 5.00%, 08/15/22 (Call 05/15/22)		102		102,094


Packaging & Containers — 1.9%
Graphic Packaging International LLC, 4.88%, 11/15/22 (Call 08/15/22)		1,010		1,013,414
Sealed Air Corp., 4.88%, 12/01/22 (Call 09/01/22)^(b)		584		587,486


				1,600,900

Pharmaceuticals — 6.2%
AbbVie Inc.
2.30%, 11/21/22		740		740,067
2.90%, 11/06/22		725		727,356
3.20%, 11/06/22 (Call 09/06/22)^(a)		450		452,057
3.25%, 10/01/22 (Call 07/01/22)		315		315,765
AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22)		85		85,080
Cigna Corp., 3.05%, 11/30/22 (Call 10/31/22)		455		457,184
CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)		985		987,807
3.50%, 07/20/22 (Call 05/20/22)		740		740,770
4.75%, 12/01/22 (Call 09/01/22)		230		232,047
McKesson Corp., 2.70%, 12/15/22 (Call 09/15/22)^(a)		160		160,310
Viatris Inc., 1.13%, 06/22/22		475		473,879


				5,372,322

Pipelines — 5.8%
Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22)		555		555,344
Energy Transfer LP/Regency Energy Finance Corp., 5.00%, 10/01/22 (Call 07/01/22)		705		708,793
Kinder Morgan Energy Partners LP, 3.95%, 09/01/22 (Call 06/01/22)		690		691,007
MPLX LP, 3.50%, 12/01/22 (Call 11/01/22)		565		567,582
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		840		841,840
Ruby Pipeline LLC, 8.00%, 04/01/22^(a)(b)(c)		259		230,174
TransCanada PipeLines Ltd., 2.50%, 08/01/22		880		881,083
Williams Companies Inc. (The), 3.35%, 08/15/22 (Call 05/15/22)		545		545,125


				5,020,948

Real Estate Investment Trusts — 2.8%
Office Properties Income Trust, 4.00%, 07/15/22 (Call 06/15/22)		185		185,144
Service Properties Trust, 5.00%, 08/15/22 (Call 05/31/22)		1,406		1,402,822
SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22)		525		525,305
SL Green Realty Corp., 4.50%, 12/01/22 (Call 09/01/22)		304		306,189


				2,419,460

Retail — 1.3%
O’Reilly Automotive Inc., 3.80%, 09/01/22 (Call 06/01/22)		250		250,240
Starbucks Corp., 2.70%, 06/15/22 (Call 05/31/22)		395		395,407
Walgreen Co., 3.10%, 09/15/22		475		477,061


				1,122,708

Savings & Loans — 0.5%
People’s United Financial Inc., 3.65%, 12/06/22 (Call 09/06/22)^(a)		410		411,488


Semiconductors — 0.4%
Advanced Micro Devices Inc., 7.50%, 08/15/22		318		321,927


Software — 3.1%
Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)		480		482,362
Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22)^(a)		335		335,968


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) (continued)

April 30, 2022

iShares^® iBonds^® 2022 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value


Software (continued)
Oracle Corp.
2.50%, 05/15/22	$	100	$	100,032
2.50%, 10/15/22^(a)		1,325		1,326,139
Roper Technologies Inc.
0.45%, 08/15/22		90		89,561
3.13%, 11/15/22 (Call 08/15/22)		340		341,071


				2,675,133

Telecommunications — 3.8%
AT&T Inc., 2.63%, 12/01/22 (Call 09/01/22)^(a)		800		803,512
Sprint Communications Inc., 6.00%, 11/15/22^(a)		1,502		1,523,058
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22^(a)		606		606,006
Vodafone Group PLC, 2.50%, 09/26/22		315		315,258


				3,247,834

Transportation — 0.8%
JB Hunt Transport Services Inc., 3.30%, 08/15/22 (Call 06/15/22)		335		335,664
Ryder System Inc., 2.50%, 09/01/22 (Call 08/01/22)^(a)		330		330,003


				665,667


Total Corporate Bonds & Notes — 94.6% (Cost: $82,004,726)				81,691,720


Short-Term Investments

Money Market Funds — 12.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(d)(e)(f)		6,759		6,758,956


Security	Shares (000)		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(d)(e)		3,960	$	3,960,000


			10,718,956


Total Short-Term Investments — 12.4% (Cost: $10,717,674)				10,718,956


Total Investments in Securities — 107.0% (Cost: $92,722,400)				92,410,676

Other Assets, Less Liabilities — (7.0)%				(6,032,615	)


Net Assets — 100.0%			$	86,378,061

^(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)	Issuer filed for bankruptcy and/or is in default.

^(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

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	$	6,234,299		$527,207	^(a)	$	—	$	(3,488	)	$	938	$	6,758,956		6,759	$	11,864	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,280,000		680,000	^(a)		—		—			—		3,960,000		3,960		1,461			—


								$	(3,488	)	$	938	$	10,718,956			$	13,325		$	—

^(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		15

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2022 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


Investments
Assets
Corporate Bonds & Notes	$	—	$	81,691,720	$	—	$	81,691,720

Money Market Funds		10,718,956		—		—		10,718,956


	$	10,718,956	$	81,691,720	$	—	$	92,410,676

See notes to financial statements.


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)

April 30, 2022

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 — 2.0%
Boeing Co. (The)
1.17%, 02/04/23 (Call 05/31/22)	$	300	$	296,019
1.88%, 06/15/23 (Call 04/15/23)		175		172,431
4.51%, 05/01/23 (Call 04/01/23)		675		682,992
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)		100		100,871
Northrop Grumman Corp., 3.25%, 08/01/23		260		261,022
Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23)		90		90,821
Spirit AeroSystems Inc., 3.95%, 06/15/23 (Call 05/15/23)^(a)		696		682,010


				2,286,166

Agriculture — 0.1%
Reynolds American Inc., 4.85%, 09/15/23^(a)		170		173,380


Airlines — 1.1%
American Airlines Pass Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24		220		218,862
Delta Air Lines Inc., 3.80%, 04/19/23 (Call 03/19/23)^(a)		939		937,150
Southwest Airlines Co., 4.75%, 05/04/23^(a)		175		177,800


				1,333,812

Auto Manufacturers — 4.9%
Ford Motor Credit Co. LLC
3.09%, 01/09/23		600		596,628
3.10%, 05/04/23		565		558,751
3.37%, 11/17/23		875		860,860
4.14%, 02/15/23 (Call 01/15/23)		325		325,010
4.38%, 08/06/23		683		683,649
General Motors Co.
4.88%, 10/02/23		500		510,415
5.40%, 10/02/23		195		200,440
General Motors Financial Co. Inc.
1.70%, 08/18/23		400		392,132
3.70%, 05/09/23 (Call 03/09/23)		170		170,988
4.15%, 06/19/23 (Call 05/19/23)		150		151,585
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23 (Call 05/31/22)^(a)(b)		930		923,881
Stellantis NV, 5.25%, 04/15/23		275		279,683


				5,654,022

Banks — 4.5%
Citigroup Inc., 3.50%, 05/15/23		250		251,598
Commerzbank AG, 8.13%, 09/19/23^(a)(b)		2,200		2,301,288
Cooperatieve Rabobank U.A., 4.63%, 12/01/23^(a)		100		101,770
Credit Suisse Group AG, 3.80%, 06/09/23		405		406,470
Deutsche Bank AG/New York NY, 3.95%, 02/27/23^(a)		200		201,022
Discover Bank, 4.20%, 08/08/23		505		509,914
First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23)		25		25,056
Morgan Stanley, 4.10%, 05/22/23		395		399,104
Natwest Group PLC
3.88%, 09/12/23		756		758,177
6.10%, 06/10/23^(a)		100		102,379
Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)		200		200,820


				5,257,598

Beverages — 0.6%
Constellation Brands Inc.
3.20%, 02/15/23 (Call 01/15/23)		150		150,713
4.25%, 05/01/23		205		207,759
Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)		300		300,555


				659,027


Security	Par (000)		Value

Biotechnology — 0.9%
Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23)	$	165	$	163,924
Gilead Sciences Inc.
0.75%, 09/29/23 (Call 05/10/22)		382		369,516
2.50%, 09/01/23 (Call 07/01/23)		180		179,111
Royalty Pharma PLC, 0.75%, 09/02/23		300		290,262


			1,002,813

Building Materials — 0.3%
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)^(a)		163		164,834
Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)		100		99,537
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)		100		100,671


			365,042

Chemicals — 0.8%
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)		670		679,212
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)		235		237,771


			916,983

Commercial Services — 2.1%
ADT Security Corp. (The), 4.13%, 06/15/23		1,345		1,336,284
Ahern Rentals Inc., 7.38%, 05/15/23 (Call 05/31/22)^(a)(b)		890		836,600
Global Payments Inc.
3.75%, 06/01/23 (Call 03/01/23)		25		25,118
4.00%, 06/01/23 (Call 05/01/23)		140		141,354
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)		125		125,579


			2,464,935

Computers — 1.6%
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		127		129,771
Hewlett Packard Enterprise Co.
2.25%, 04/01/23 (Call 03/01/23)^(a)		250		248,748
4.45%, 10/02/23 (Call 09/02/23)		350		355,275
Seagate HDD Cayman, 4.75%, 06/01/23		1,075		1,081,256


			1,815,050

Cosmetics & Personal Care — 0.6%
Avon Products Inc., 6.50%, 03/15/23		730		754,265


Distribution & Wholesale — 0.9%
Avient Corp., 5.25%, 03/15/23		1,035		1,042,245


Diversified Financial Services — 7.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.15%, 10/29/23^(a)		500		477,510
4.13%, 07/03/23 (Call 06/03/23)		150		149,781
4.50%, 09/15/23 (Call 08/15/23)		390		390,725
Air Lease Corp.
3.00%, 09/15/23 (Call 07/15/23)		350		346,147
3.88%, 07/03/23 (Call 06/03/23)		130		130,421
Aircastle Ltd.
4.40%, 09/25/23 (Call 08/25/23)		150		150,527
5.00%, 04/01/23		60		60,530
Ally Financial Inc.
1.45%, 10/02/23 (Call 09/02/23)		325		315,894
3.05%, 06/05/23 (Call 05/05/23)		200		199,610
BGC Partners Inc., 5.38%, 07/24/23		100		101,489
Capital One Bank USA N.A., 3.38%, 02/15/23		250		251,655
Capital One Financial Corp.
2.60%, 05/11/23 (Call 04/11/23)		200		199,446
3.20%, 01/30/23 (Call 12/30/22)		100		100,657
3.50%, 06/15/23		250		251,240
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)		110		111,923


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^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Navient Corp.
5.50%, 01/25/23^(a)	$	1,564	$	1,571,820
7.25%, 09/25/23^(a)		934		959,918
OneMain Finance Corp.
5.63%, 03/15/23^(a)		1,405		1,418,699
8.25%, 10/01/23		900		937,377
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 05/31/22)^(b)		565		557,632


				8,683,001

Electric — 3.4%
American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 05/31/22)		175		168,679
Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)		140		141,505
Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 05/31/22)		200		192,322
Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)		100		100,779
Eversource Energy, Series N, 3.80%, 12/01/23 (Call 11/01/23)^(a)		100		100,958
Georgia Power Co., Series A, 2.10%, 07/30/23		200		198,224
InterGen NV, 7.00%, 06/30/23 (Call 05/30/22)^(b)		940		920,035
NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23		380		374,049
Pacific Gas and Electric Co.
1.37%, 03/10/23 (Call 05/10/22)		350		344,918
1.70%, 11/15/23 (Call 11/15/22)^(a)		375		364,549
3.85%, 11/15/23 (Call 08/15/23)		120		119,678
4.25%, 08/01/23 (Call 07/01/23)		135		135,382
Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 05/31/22)		215		206,935
Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)		300		300,006
WEC Energy Group Inc., 0.55%, 09/15/23		180		174,037
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)^(a)		140		134,827


				3,976,883

Electrical Components & Equipment — 0.5%
EnerSys, 5.00%, 04/30/23 (Call 01/30/23)^(b)		555		555,821


Electronics — 1.3%
Agilent Technologies Inc., 3.88%, 07/15/23 (Call 05/04/22)		125		126,833
Sensata Technologies BV, 4.88%, 10/15/23^(b)		1,365		1,369,313


				1,496,146

Energy - Alternate Sources — 0.8%
TerraForm Power Operating LLC, 4.25%, 01/31/23 (Call 10/31/22)^(a)(b)		870		871,714


Food — 2.9%
Albertsons Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC, 3.50%, 02/15/23 (Call 12/15/22)^(a)(b)		1,325		1,323,132
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)		100		100,627
Conagra Brands Inc., 0.50%, 08/11/23 (Call 08/11/22)		150		145,018
Fresh Market Inc. (The), 9.75%, 05/01/23 (Call 05/31/22)^(b)		1,110		1,082,616
General Mills Inc., 3.70%, 10/17/23 (Call 09/17/23)		232		234,174
Kellogg Co., 2.65%, 12/01/23		175		173,896
Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)		145		146,267
Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)		120		121,037


				3,326,767

Gas — 0.9%
Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)		100		100,380
ONE Gas Inc., 0.85%, 03/11/23 (Call 05/31/22)		75		73,935
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (Call 05/30/22)^(b)		735		727,826


Security	Par (000)		Value

Gas (continued)
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)	$	110	$	108,939


				1,011,080

Health Care - Products — 0.7%
Baxter International Inc., 0.87%, 12/01/23^(a)(b)		200		192,404
PerkinElmer Inc., 0.55%, 09/15/23 (Call 09/15/22)		135		130,472
Stryker Corp., 0.60%, 12/01/23 (Call 05/10/22)		160		154,219
Thermo Fisher Scientific Inc., 0.80%, 10/18/23 (Call 10/18/22)		385		373,308


				850,403

Health Care - Services — 4.6%
Aetna Inc., 2.80%, 06/15/23 (Call 04/15/23)		260		259,467
Anthem Inc., 3.30%, 01/15/23^(a)		125		125,665
HCA Inc., 5.88%, 05/01/23		2,029		2,094,314
Humana Inc., 0.65%, 08/03/23 (Call 05/09/22)		350		339,916
Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)		90		90,787
Tenet Healthcare Corp., 6.75%, 06/15/23		2,309		2,376,354


				5,286,503

Holding Companies - Diversified — 1.1%
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)^(a)		125		125,093
Blackstone Secured Lending Fund, 3.65%, 07/14/23		100		100,342
FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)^(b)		1,070		1,087,377


				1,312,812

Home Builders — 1.9%
DR Horton Inc.
4.75%, 02/15/23 (Call 11/15/22)		15		15,177
5.75%, 08/15/23 (Call 05/15/23)		100		102,905
KB Home, 7.63%, 05/15/23 (Call 11/15/22)		700		717,206
Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23)		125		127,213
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.88%, 04/15/23 (Call 01/15/23)^(b)		645		651,908
Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23)^(a)		640		644,838


				2,259,247

Housewares — 1.7%
Newell Brands Inc., 4.10%, 04/01/23 (Call 02/01/23)^(a)		2,000		1,999,540


Insurance — 0.6%
Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)		90		90,843
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23		70		70,526
Assurant Inc., 4.20%, 09/27/23 (Call 08/27/23)		65		65,796
Jackson Financial Inc., 1.13%, 11/22/23^(b)		200		193,050
Lincoln National Corp., 4.00%, 09/01/23		100		100,942
Reinsurance Group of America Inc., 4.70%, 09/15/23		150		152,561


				673,718

Internet — 0.1%
Expedia Group Inc., 3.60%, 12/15/23 (Call 11/15/23)		175		175,023


Iron & Steel — 0.5%
Commercial Metals Co., 4.88%, 05/15/23 (Call 02/15/23)^(a)		579		583,012


Leisure Time — 2.2%
Royal Caribbean Cruises Ltd.
9.13%, 06/15/23 (Call 03/15/23)^(b)		1,300		1,343,030
10.88%, 06/01/23 (Call 03/01/23)^(b)		1,100		1,151,304


				2,494,334

Lodging — 3.5%
Hyatt Hotels Corp.
1.30%, 10/01/23 (Call 10/01/22)		300		291,732


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^® 2023 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lodging (continued)
3.38%, 07/15/23 (Call 04/15/23)	$	100	$	99,384
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)		85		85,973
MGM Resorts International, 6.00%, 03/15/23		1,940		1,964,463
Travel + Leisure Co., 3.90%, 03/01/23 (Call 12/01/22)		650		649,448
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/23 (Call 02/28/23)^(b)		1,010		990,457


				4,081,457

Machinery — 0.9%
Cleaver-Brooks Inc., 7.88%, 03/01/23 (Call 05/31/22)^(a)(b)		700		666,659
CNH Industrial Capital LLC, 1.95%, 07/02/23		140		137,999
CNH Industrial NV, 4.50%, 08/15/23		250		253,535


				1,058,193

Manufacturing — 0.2%
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 09/01/22)		90		86,969
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23		100		101,181


				188,150

Media — 3.0%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/23 (Call 05/16/22)^(a)(b)		850		849,065
Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)		125		124,960
DISH DBS Corp., 5.00%, 03/15/23		2,098		2,090,762
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)		180		182,623
Time Warner Entertainment Co. LP, 8.38%, 03/15/23		225		235,354


				3,482,764

Metal Fabricate & Hardware — 0.1%
Crane Co., 4.45%, 12/15/23 (Call 09/15/23)		165		167,353


Mining — 1.2%
Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)		1,429		1,435,445


Office & Business Equipment — 1.6%
Xerox Corp., 4.63%, 03/15/23 (Call 02/15/23)^(a)		1,815		1,815,000


Oil & Gas — 3.5%
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)		50		50,092
Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)		410		414,678
Devon Energy Corp., 8.25%, 08/01/23 (Call 06/01/23)		35		36,726
Occidental Petroleum Corp., 2.70%, 02/15/23 (Call 11/15/22)		225		223,589
Pioneer Natural Resources Co., 0.55%, 05/15/23		150		146,343
Range Resources Corp., 5.00%, 03/15/23 (Call 12/15/22)		1,045		1,047,382
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/30/22)^(b)		537		522,889
Vantage Drilling International, 9.25%, 11/15/23 (Call 05/31/22)^(a)(b)		620		588,337
W&T Offshore Inc., 9.75%, 11/01/23 (Call 05/31/22)^(b)		1,035		1,028,811


				4,058,847

Oil & Gas Services — 0.3%
Halliburton Co., 3.50%, 08/01/23 (Call 05/01/23)		205		205,879
HF SINCLAIR Corp., 2.63%, 10/01/23^(b)		100		98,113


				303,992

Packaging & Containers — 2.7%
Ball Corp., 4.00%, 11/15/23^(a)		1,915		1,918,409
Owens-Brockway Glass Container Inc., 5.88%, 08/15/23^(a)(b)		1,159		1,175,782


				3,094,191

Pharmaceuticals — 2.2%
AbbVie Inc.
2.85%, 05/14/23 (Call 03/14/23)^(a)		100		100,169
3.75%, 11/14/23 (Call 10/14/23)		320		323,546


Security	Par (000)		Value

Pharmaceuticals (continued)
AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 05/31/22)	$	50	$	49,255
Cardinal Health Inc., 3.20%, 03/15/23^(a)		100		100,350
Cigna Corp.
3.00%, 07/15/23 (Call 05/16/23)		200		200,046
3.75%, 07/15/23 (Call 06/15/23)		330		332,858
CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23)		360		364,849
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)		130		131,073
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		287		286,262
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		500		507,590
Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22)		190		190,756


				2,586,754

Pipelines — 7.4%
Buckeye Partners LP, 4.15%, 07/01/23 (Call 04/01/23)		1,185		1,178,400
DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)		770		768,113
Enbridge Inc.
0.55%, 10/04/23		145		139,722
4.00%, 10/01/23 (Call 07/01/23)		220		222,136
Energy Transfer LP
4.25%, 03/15/23 (Call 12/15/22)		250		252,045
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)		400		403,472
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)		300		302,331
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)		175		175,852
EQM Midstream Partners LP, 4.75%, 07/15/23 (Call 06/15/23)		1,255		1,250,394
Kinder Morgan Energy Partners LP, 3.50%, 09/01/23 (Call 06/01/23)^(a)		300		300,909
Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)		250		250,615
MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)		300		303,330
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 05/31/22)		934		872,496
ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)		130		135,706
ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)		130		132,174
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 05/31/22)		1,055		1,049,841
Plains All American Pipeline LP/PAA Finance Corp., 3.85%, 10/15/23 (Call 07/15/23)		192		192,472
Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23)		300		304,836
TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)		180		181,282
Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23)		200		202,654


				8,618,780

Real Estate — 2.1%
Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)		1,425		1,455,695
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/23 (Call 03/01/23)^(a)(b)		970		966,857


				2,422,552

Real Estate Investment Trusts — 2.9%
American Campus Communities Operating Partnership LP, 3.75%, 04/15/23 (Call 01/15/23)		50		50,303
American Tower Corp.
3.00%, 06/15/23		200		199,780
3.50%, 01/31/23		100		100,631
Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)		130		130,071
Crown Castle International Corp., 3.15%, 07/15/23 (Call 06/15/23)^(a)		250		249,790


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, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Real Estate Investment Trusts (continued)
Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)	$	15	$	15,018
GEO Group Inc. (The), 5.13%, 04/01/23 (Call 05/31/22)		495		475,215
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)		130		131,832
Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)		80		80,970
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)		80		79,906
Service Properties Trust, 4.50%, 06/15/23 (Call 12/15/22)^(a)		1,050		1,029,136
Starwood Property Trust Inc., 5.50%, 11/01/23 (Call 08/01/23)^(a)(b)		860		867,869


				3,410,521

Retail — 3.2%
AutoZone Inc., 3.13%, 07/15/23 (Call 04/15/23)		115		115,253
Brinker International Inc., 3.88%, 05/15/23^(a)		725		722,484
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)		25		25,121
Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)		140		141,497
QVC Inc., 4.38%, 03/15/23		1,155		1,155,843
Starbucks Corp., 3.85%, 10/01/23 (Call 07/01/23)		205		207,204
Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 05/31/22)		230		222,872
Yum! Brands Inc., 3.88%, 11/01/23 (Call 08/01/23)		1,080		1,087,668


				3,677,942

Semiconductors — 0.6%
Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)		100		101,107
Microchip Technology Inc.
2.67%, 09/01/23		265		262,149
4.33%, 06/01/23 (Call 05/01/23)		225		227,533
Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 06/01/22)		50		48,775


				639,564

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 08/16/22)^(b)		100		96,707


Software — 1.7%
Fidelity National Information Services Inc., 0.38%, 03/01/23^(a)		100		98,018
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)		300		302,643
Oracle Corp.
2.40%, 09/15/23 (Call 07/15/23)		700		693,420
2.63%, 02/15/23 (Call 01/15/23)^(a)		100		99,896
3.63%, 07/15/23		345		347,491
Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)		170		171,035
VMware Inc., 0.60%, 08/15/23		300		290,298


				2,002,801

Telecommunications — 7.5%
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)		200		202,810


Security	Par/ Shares (000)		Value


Telecommunications (continued)
DKT Finance ApS, 9.38%, 06/17/23 (Call 05/10/22)^(a)(b)	$	870	$	867,059
Ligado Networks LLC, 15.50%, 11/01/23, (15.50% PIK)^(b)(c)		2,717		1,857,818
Lumen Technologies Inc., Series W, 6.75%, 12/01/23^(a)		1,550		1,576,133
Quebecor Media Inc., 5.75%, 01/15/23		1,380		1,396,836
Rogers Communications Inc., 4.10%, 10/01/23 (Call 07/01/23)		245		247,457
Sprint Corp., 7.88%, 09/15/23		2,449		2,571,181


				8,719,294

Toys, Games & Hobbies — 0.3%
Mattel Inc., 3.15%, 03/15/23 (Call 12/15/22)		387		386,408


Transportation — 0.5%
Altera Infrastructure LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 05/16/22)^(b)		625		343,750
Ryder System Inc., 3.88%, 12/01/23 (Call 11/01/23)		200		201,580


				545,330


Total Corporate Bonds & Notes — 96.6% (Cost: $114,938,746)				112,073,387


Short-Term Investments

Money Market Funds — 15.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(d)(e)(f)		15,418		15,417,844
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(d)(e)		2,060		2,060,000


				17,477,844


Total Short-Term Investments — 15.1% (Cost: $17,475,529)				17,477,844


Total Investments in Securities — 111.7% (Cost: $132,414,275)				129,551,231

Other Assets, Less Liabilities — (11.7)%				(13,618,386	)


Net Assets — 100.0%			$	115,932,845

^(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 10/31/21		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	$	5,910,354	$	9,510,054	^(a)	$	—		$	(4,006	)	$	1,442	$	15,417,844		15,418	$	6,645	^(b)	$ —
BlackRock Cash Funds: Treasury, SL Agency Shares		5,780,000		—			(3,720,000	)^(a)		—			—		2,060,000		2,060		740		—


									$	(4,006	)	$	1,442	$	17,477,844			$	7,385		$ —


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^® 2023 Term High Yield and Income ETF

Affiliates (continued)

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

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments Assets
Corporate Bonds & Notes	$	—	$	112,073,387	$	—	$	112,073,387
Money Market Funds		17,477,844		—		—		17,477,844


	$	17,477,844	$	112,073,387	$	—	$	129,551,231

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		21

Schedule of Investments (unaudited)

April 30, 2022

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 — 5.1%
Bombardier Inc., 7.50%, 12/01/24 (Call 05/30/22)^(a)	$	911	$	909,469
Howmet Aerospace Inc., 5.13%, 10/01/24 (Call 07/01/24)		1,320		1,342,955
Triumph Group Inc.
6.25%, 09/15/24 (Call 05/31/22)^(a)(b)		618		595,264
8.88%, 06/01/24 (Call 02/01/23)^(a)		654		676,426


				3,524,114

Airlines — 1.9%
Delta Air Lines Inc., 2.90%, 10/28/24 (Call 09/28/24)		1,020		974,069
United Airlines Holdings Inc., 5.00%, 02/01/24^(b)		355		353,726


				1,327,795

Apparel — 1.5%
Hanesbrands Inc., 4.63%, 05/15/24 (Call 02/15/24)^(a)		1,025		1,015,908


Auto Manufacturers — 3.0%
Ford Motor Credit Co. LLC
3.66%, 09/08/24		314		304,759
3.81%, 01/09/24 (Call 11/09/23)		320		315,245
4.06%, 11/01/24 (Call 10/01/24)		705		689,984
5.58%, 03/18/24 (Call 02/18/24)		770		778,077


				2,088,065

Auto Parts & Equipment — 0.4%
Cooper-Standard Automotive Inc., 13.00%, 06/01/24 (Call 06/01/22)^(a)(b)		295		298,392


Banks — 3.6%
Freedom Mortgage Corp., 8.13%, 11/15/24 (Call 05/31/22)^(a)		505		489,436
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)		2,075		2,039,580


				2,529,016

Chemicals — 2.7%
Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 05/31/22)^(a)(b)		525		474,658
Methanex Corp., 4.25%, 12/01/24 (Call 09/01/24)		340		334,771
Rayonier AM Products Inc., 5.50%, 06/01/24 (Call 05/31/22)^(a)(b)		450		443,133
TPC Group Inc., 10.50%, 08/01/24 (Call 05/31/22)^(a)(c)(d)		715		239,546
WR Grace Holdings LLC, 5.63%, 10/01/24^(a)(b)		355		357,503


				1,849,611

Commercial Services — 2.0%
Grand Canyon University, 4.13%, 10/01/24		570		555,950
Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24^(a)		865		863,564


				1,419,514

Computers — 1.3%
Diebold Nixdorf Inc., 8.50%, 04/15/24 (Call 05/31/22)^(b)		460		302,919
Seagate HDD Cayman, 4.88%, 03/01/24 (Call 01/01/24)		592		594,877


				897,796

Distribution & Wholesale — 0.4%
Wolverine Escrow LLC, 8.50%, 11/15/24 (Call 05/31/22)^(a)		455		253,153


Diversified Financial Services — 9.3%
ASG Finance Designated Activity Co., 7.88%, 12/03/24 (Call 05/30/22)^(a)		250		239,540
CNG Holdings Inc., 12.50%, 06/15/24 (Call 05/31/22)^(a)(b)		330		308,900
Enova International Inc., 8.50%, 09/01/24 (Call 05/31/22)^(a)		305		304,390
Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24 (Call 05/30/22), (7.25% PIK)^(a)(e)		2,193		1,904,331
goeasy Ltd., 5.38%, 12/01/24 (Call 05/30/22)^(a)		685		671,149
Navient Corp.
5.88%, 10/25/24		580		577,506


Security	Par (000)		Value

Diversified Financial Services (continued)
6.13%, 03/25/24	$	991	$	995,638
OneMain Finance Corp., 6.13%, 03/15/24 (Call 09/15/23)		1,495		1,500,606


				6,502,060

Electric — 1.1%
NextEra Energy Operating Partners LP
4.25%, 07/15/24 (Call 04/15/24)^(a)		785		779,191
4.25%, 09/15/24 (Call 07/15/24)^(a)		5		4,958


				784,149

Electronics — 0.7%
Sensata Technologies BV, 5.63%, 11/01/24^(a)(b)		465		471,138


Engineering & Construction — 0.7%
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)^(b)		460		451,978


Entertainment — 3.3%
Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 05/31/22)^(a)		635		628,752
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 05/16/22)^(a)(b)		525		537,469
Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 05/31/22)^(a)		1,135		1,130,834


				2,297,055

Environmental Control — 1.0%
Stericycle Inc., 5.38%, 07/15/24 (Call 05/16/22)^(a)		680		677,872


Gas — 1.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, 05/20/24 (Call 03/20/24)^(b)		780		784,189


Health Care - Services — 2.2%
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 05/31/22)^(b)		885		882,885
4.63%, 09/01/24 (Call 05/16/22)^(a)		680		676,851


				1,559,736

Holding Companies - Diversified — 3.0%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 09/15/24 (Call 06/15/24)		1,290		1,257,337
Stena AB, 7.00%, 02/01/24^(a)(b)		415		414,137
Stena International SA, 5.75%, 03/01/24^(a)		410		402,259


			2,073,733

Home Builders — 1.4%
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)^(a)		410		412,255
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24^(b)		540		547,511


				959,766

Insurance — 1.3%
Genworth Holdings Inc., 4.80%, 02/15/24^(b)		360		360,378
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)^(b)		540		527,413


				887,791

Internet — 0.6%
Netflix Inc., 5.75%, 03/01/24		410		425,637


Iron & Steel — 0.7%
ArcelorMittal SA, 3.60%, 07/16/24		115		115,240
Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 05/30/22)^(a)(b)		370		377,696


				492,936

Leisure Time — 0.9%
NCL Corp. Ltd., 3.63%, 12/15/24 (Call 05/10/22)^(a)(b)		663		617,710


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^® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lodging — 4.3%
Arrow Bidco LLC, 9.50%, 03/15/24 (Call 05/31/22)^(a)	$	420	$	426,346
MGM China Holdings Ltd., 5.38%, 05/15/24 (Call 05/10/22)^(a)(b)		885		826,900
Travel + Leisure Co., 5.65%, 04/01/24 (Call 02/01/24)		374		377,837
Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)^(a)		870		884,381
Wynn Macau Ltd., 4.88%, 10/01/24 (Call 05/10/22)^(a)(b)		550		491,596


				3,007,060

Machinery — 1.2%
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 05/31/22)^(a)		376		371,906
Welbilt Inc., 9.50%, 02/15/24 (Call 05/31/22)^(b)		490		492,190


			864,096

Manufacturing — 1.5%
FXI Holdings Inc., 7.88%, 11/01/24 (Call 05/31/22)^(a)(b)		570		563,120
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		465		465,674


				1,028,794

Media — 6.8%
AMC Networks Inc., 5.00%, 04/01/24 (Call 05/31/22)		463		458,875
Cengage Learning Inc., 9.50%, 06/15/24 (Call 05/31/22)^(a)(b)		720		705,960
CSC Holdings LLC, 5.25%, 06/01/24^(b)		860		839,179
DISH DBS Corp., 5.88%, 11/15/24^(b)		2,095		2,041,012
Videotron Ltd., 5.38%, 06/15/24 (Call 03/15/24)^(a)		680		688,649


				4,733,675

Mining — 1.9%
Compass Minerals International Inc., 4.88%, 07/15/24 (Call 05/15/24)^(a)		300		297,054
FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)^(a)		835		845,947
Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24)^(b)		200		202,686


				1,345,687

Office & Business Equipment — 1.0%
Pitney Bowes Inc., 4.63%, 03/15/24 (Call 12/15/23)		300		295,833
Xerox Corp., 3.80%, 05/15/24^(b)		375		370,526


				666,359

Oil & Gas — 5.2%
Callon Petroleum Co., 6.13%, 10/01/24 (Call 05/31/22)		531		524,389
Ensign Drilling Inc., 9.25%, 04/15/24 (Call 05/30/22)^(a)		470		461,601
Occidental Petroleum Corp.
2.90%, 08/15/24 (Call 07/15/24)		600		586,458
6.95%, 07/01/24		680		713,007
Ovintiv Exploration Inc., 5.63%, 07/01/24		200		207,874
Puma International Financing SA, 5.13%, 10/06/24 (Call 05/10/22)^(a)		700		668,507
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 05/30/22)^(a)		515		492,552


				3,654,388

Oil & Gas Services — 2.1%
Oceaneering International Inc., 4.65%, 11/15/24 (Call 08/15/24)		460		445,197
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 05/30/22)^(a)		353		355,213
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 05/30/22)^(a)		332		328,304
Weatherford International Ltd., 11.00%, 12/01/24 (Call 05/31/22)^(a)		352		366,330


				1,495,044

Packaging & Containers — 4.3%
Graphic Packaging International LLC, 4.13%, 08/15/24 (Call 05/15/24)^(b)		365		363,891
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (Call 05/31/22)^(a)		1,755		1,713,687


Security	Par/ Shares (000)		Value

Packaging & Containers (continued)
Sealed Air Corp., 5.13%, 12/01/24 (Call 09/01/24)^(a)	$	510	$	519,501
Trident TPI Holdings Inc., 9.25%, 08/01/24 (Call 05/10/22)^(a)		400		394,000


				2,991,079

Pharmaceuticals — 1.7%
Endo Dac/Endo Finance LLC/Endo Finco Inc., 5.88%, 10/15/24 (Call 05/30/22)^(a)		340		315,693
Perrigo Finance Unlimited Co., 3.90%, 12/15/24 (Call 09/15/24)^(b)		905		887,624


				1,203,317

Pipelines — 3.5%
Buckeye Partners LP, 4.35%, 10/15/24 (Call 07/15/24)		355		347,907
EnLink Midstream Partners LP, 4.40%, 04/01/24 (Call 01/01/24)		615		606,894
EQM Midstream Partners LP, 4.00%, 08/01/24 (Call 05/01/24)^(b)		575		556,531
Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, 06/15/24 (Call 05/31/22)^(b)		405		397,366
Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)^(a)(b)		525		517,277


				2,425,975

Real Estate Investment Trusts — 4.6%
Diversified Healthcare Trust, 4.75%, 05/01/24 (Call 11/01/23)		310		294,618
iStar Inc., 4.75%, 10/01/24 (Call 07/01/24)		885		860,415
Service Properties Trust
4.35%, 10/01/24 (Call 09/01/24)^(b)		965		892,972
4.65%, 03/15/24 (Call 09/15/23)		415		394,109
Starwood Property Trust Inc., 3.75%, 12/31/24 (Call 09/30/24)^(a)(b)		115		110,704
VICI Properties LP/VICI Note Co. Inc., 5.63%, 05/01/24^(a)		630		634,964


				3,187,782

Retail — 3.0%