
		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%
Bed Bath & Beyond Inc., 3.75%, 08/01/24 (Call 05/01/24)^(b)		370		341,081
Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)^(a)		415		414,792
Nordstrom Inc., 2.30%, 04/08/24 (Call 05/16/22)		300		287,649
QVC Inc., 4.85%, 04/01/24		698		693,812
TPro Acquisition Corp., 11.00%, 10/15/24 (Call 05/31/22)^(a)		355		370,936


				2,108,270

Software — 0.9%
CDK Global Inc., 5.00%, 10/15/24 (Call 07/15/24)^(b)		590		608,951


Telecommunications — 7.2%
Lumen Technologies Inc., Series Y, 7.50%, 04/01/24 (Call 01/01/24)		1,155		1,186,358
Sprint Corp., 7.13%, 06/15/24^(b)		2,070		2,177,620
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)(b)		1,697		1,663,467


				5,027,445


Total Corporate Bonds & Notes — 98.4% (Cost: $71,539,761)				68,537,036


Short-Term Investments

Money Market Funds — 17.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(f)(g)(h)		11,687		11,686,906


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(f)(g)		770	$	770,000


				12,456,906


Total Short-Term Investments — 17.9% (Cost: $12,454,371)				12,456,906


Total Investments in Securities — 116.3% (Cost: $83,994,132)				80,993,942

Other Assets, Less Liabilities — (16.3)%				(11,322,721	)


Net Assets — 100.0%			$	69,671,221

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

^(d)	Non-income producing security.

^(e)	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.

^(f)	Affiliate of the Fund.

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

^(h)	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	$	4,145,592	$	7,543,822	^(a)	$	—	$	(4,479	)	$	1,971	$	11,686,906		11,687	$	25,956	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		610,000		160,000	^(a)		—		—			—		770,000		770		529			—


								$	(4,479	)	$	1,971	$	12,456,906			$	26,485		$	—

^(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	$	—	$	68,537,036	$	—	$	68,537,036
Money Market Funds		12,456,906		—		—		12,456,906


	$	12,456,906	$	68,537,036	$	—	$	80,993,942

See notes to financial statements.


24		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Clear Channel International BV, 6.63%, 08/01/25 (Call 05/10/22)^(a)	$	100	$	101,012
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25 (Call 06/15/22)^(a)(b)		105		106,579


				207,591

Aerospace & Defense — 3.8%
Bombardier Inc., 7.50%, 03/15/25 (Call 05/30/22)^(a)(b)		320		311,376
Hexcel Corp., 4.95%, 08/15/25 (Call 05/15/25)		75		76,152
Howmet Aerospace Inc., 6.88%, 05/01/25 (Call 04/01/25)		160		169,096
Rolls-Royce PLC, 3.63%, 10/14/25 (Call 07/14/25)^(a)		250		234,077
Spirit AeroSystems Inc.
5.50%, 01/15/25 (Call 10/15/22)^(a)		125		124,595
7.50%, 04/15/25 (Call 05/31/22)^(a)		300		304,683
TransDigm Inc., 8.00%, 12/15/25 (Call 05/31/22)^(a)		275		286,316
Triumph Group Inc., 7.75%, 08/15/25 (Call 05/31/22)^(b)		125		121,608


				1,627,903

Airlines — 2.6%
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)		125		112,276
American Airlines Inc., 11.75%, 07/15/25^(a)		620		714,445
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)^(a)		126		132,994
U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27		79		75,652
United Airlines Holdings Inc., 4.88%, 01/15/25^(b)		80		77,507


				1,112,874

Auto Manufacturers — 4.3%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)		285		287,118
Ford Motor Co., 9.00%, 04/22/25 (Call 03/22/25)^(b)		175		195,170
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)		190		176,438
3.38%, 11/13/25 (Call 10/13/25)^(b)		465		438,430
4.13%, 08/04/25^(b)		205		198,497
4.69%, 06/09/25 (Call 04/09/25)		90		88,226
5.13%, 06/16/25 (Call 05/16/25)		275		274,002
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25 (Call 10/15/22)^(a)		175		178,731


				1,836,612

Auto Parts & Equipment — 1.8%
Clarios Global LP, 6.75%, 05/15/25 (Call 05/30/22)^(a)(b)		115		117,883
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/30/22)^(a)		95		94,512
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/25 (Call 05/31/22)		210		220,162
Meritor Inc., 6.25%, 06/01/25 (Call 06/01/22)^(a)(b)		70		72,475
ZF North America Capital Inc., 4.75%, 04/29/25^(a)		260		254,324


				759,356

Banks — 1.1%
Deutsche Bank AG, 4.50%, 04/01/25		330		323,350
Freedom Mortgage Corp., 8.25%, 04/15/25 (Call 05/31/22)^(a)(b)		133		127,607


				450,957

Building Materials — 0.7%
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 05/31/22)^(a)		100		94,578
6.25%, 05/15/25 (Call 05/31/22)^(a)		60		61,340
Koppers Inc., 6.00%, 02/15/25 (Call 05/31/22)^(a)		125		121,389


				277,307


Security	Par (000)		Value

Chemicals — 0.8%
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 05/31/22)^(a)	$	145	$	140,012
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25 (Call 05/30/22)^(a)(b)		135		130,946
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25 (Call 05/31/22)^(a)(b)		95		77,892


				348,850

Coal — 0.2%
Natural Resource Partners LP/NRP Finance Corp., 9.13%, 06/30/25 (Call 05/31/22)^(a)		75		76,118


Commercial Services — 2.4%
Aptim Corp., 7.75%, 06/15/25 (Call 05/16/22)^(a)(b)		130		101,977
Brink’s Co. (The), 5.50%, 07/15/25 (Call 07/15/22)^(a)		95		95,357
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 05/30/22)^(a)(b)		105		105,231
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 05/31/22)^(a)		120		120,393
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)^(a)(b)		225		227,761
9.25%, 04/15/25 (Call 03/16/25)^(a)		190		202,983
Team Health Holdings Inc., 6.38%, 02/01/25 (Call 05/16/22)^(a)(b)		175		149,345


				1,003,047

Computers — 0.8%
Diebold Nixdorf Inc., 9.38%, 07/15/25 (Call 07/15/22)^(a)(b)		175		154,920
Seagate HDD Cayman, 4.75%, 01/01/25^(b)		120		119,615
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (Call 06/01/22)^(a)(b)		75		75,491


				350,026

Distribution & Wholesale — 1.2%
Avient Corp., 5.75%, 05/15/25 (Call 05/31/22)^(a)		160		161,534
G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 08/15/22)^(a)		90		93,612
KAR Auction Services Inc., 5.13%, 06/01/25 (Call 05/31/22)^(a)		235		238,198


				493,344

Diversified Financial Services — 4.9%
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)^(b)		265		272,333
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)^(a)		200		199,284
Enova International Inc., 8.50%, 09/15/25 (Call 05/31/22)^(a)		85		84,512
Finance of America Funding LLC, 7.88%, 11/15/25 (Call 11/15/22)^(a)(b)		90		80,382
LD Holdings Group LLC, 6.50%, 11/01/25 (Call 11/01/22)^(a)(b)		125		103,590
Navient Corp., 6.75%, 06/25/25		125		125,625
OneMain Finance Corp.
6.88%, 03/15/25^(b)		330		333,211
8.88%, 06/01/25 (Call 06/01/22)		185		194,128
PennyMac Financial Services Inc., 5.38%, 10/15/25 (Call 10/15/22)^(a)		165		156,816
PRA Group Inc., 7.38%, 09/01/25 (Call 09/01/22)^(a)(b)		70		72,413
Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25 (Call 05/31/22)^(a)		75		73,600
SLM Corp., 4.20%, 10/29/25 (Call 09/29/25)		125		122,162
StoneX Group Inc., 8.63%, 06/15/25 (Call 06/15/22)^(a)		85		88,829
United Wholesale Mortgage LLC, 5.50%, 11/15/25 (Call 11/15/22)^(a)(b)		210		193,261


				2,100,146

Electric — 1.0%
DPL Inc., 4.13%, 07/01/25 (Call 04/01/25)		100		97,352
Drax Finco PLC, 6.63%, 11/01/25 (Call 05/10/22)^(a)		110		110,971
FirstEnergy Corp., 2.05%, 03/01/25 (Call 02/01/25)		75		70,728
FirstEnergy Transmission LLC, 4.35%, 01/15/25 (Call 10/15/24)^(a)		155		154,599


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
NSG Holdings LLC/NSG Holdings Inc., 7.75%, 12/15/25^(a)	$	11	$	10,766


				444,416

Electrical Components & Equipment — 0.9%
WESCO Distribution Inc., 7.13%, 06/15/25 (Call 06/15/22)^(a)		375		389,340


Electronics — 0.7%
Likewize Corp., 9.75%, 10/15/25 (Call 10/15/22)^(a)		105		102,117
Sensata Technologies BV, 5.00%, 10/01/25^(a)		175		173,638


				275,755

Engineering & Construction — 1.4%
Artera Services LLC, 9.03%, 12/04/25 (Call 02/04/23)^(a)		245		231,863
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 05/31/22)^(a)(b)		250		225,473
Tutor Perini Corp., 6.88%, 05/01/25 (Call 05/16/22)^(a)(b)		135		126,445


				583,781

Entertainment — 5.9%
Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 05/30/22)^(a)		100		98,450
Caesars Entertainment Inc., 6.25%, 07/01/25 (Call 07/01/22)^(a)		890		900,048
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)^(a)		250		255,180
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/31/22)^(a)		250		251,310
Cinemark USA Inc., 8.75%, 05/01/25 (Call 05/31/22)^(a)(b)		60		62,299
International Game Technology PLC, 6.50%, 02/15/25 (Call 08/15/24)^(a)		275		279,708
Powdr Corp., 6.00%, 08/01/25 (Call 08/01/22)^(a)		60		60,988
Scientific Games International Inc., 8.63%, 07/01/25 (Call 07/01/22)^(a)		140		147,000
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(a)		165		171,348
Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/31/22)^(a)		135		138,808
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 (Call 05/31/22)^(a)		155		159,805


				2,524,944

Environmental Control — 0.9%
GFL Environmental Inc.
3.75%, 08/01/25 (Call 08/01/22)^(a)		185		176,895
4.25%, 06/01/25 (Call 06/01/22)^(a)		125		121,351
Tervita Corp., 11.00%, 12/01/25 (Call 12/01/23)^(a)(b)		76		84,729


				382,975

Food — 1.8%
B&G Foods Inc., 5.25%, 04/01/25 (Call 05/31/22)^(b)		225		214,211
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 05/31/22)^(a)(b)		130		122,352
Del Monte Foods Inc., 11.88%, 05/15/25 (Call 05/16/22)^(a)		90		98,310
Performance Food Group Inc., 6.88%, 05/01/25 (Call 05/31/22)^(a)		61		62,717
U.S. Foods Inc., 6.25%, 04/15/25 (Call 05/31/22)^(a)		250		257,048


				754,638

Food Service — 1.3%
Aramark Services Inc.
5.00%, 04/01/25 (Call 05/31/22)^(a)(b)		150		149,185
6.38%, 05/01/25 (Call 05/31/22)^(a)		375		381,705


				530,890

Forest Products & Paper — 0.2%
Clearwater Paper Corp., 5.38%, 02/01/25^(a)(b)		70		69,980


Gas — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, 05/20/25 (Call 02/20/25)		175		172,275


Security	Par (000)		Value

Hand & Machine Tools — 0.2%
Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25 (Call 05/10/22)^(a)	$	65	$	66,850


Health Care - Services — 4.7%
Air Methods Corp., 8.00%, 05/15/25 (Call 05/31/22)^(a)(b)		125		102,685
Akumin Inc., 7.00%, 11/01/25 (Call 11/01/22)^(a)(b)		125		106,019
Encompass Health Corp., 5.75%, 09/15/25 (Call 05/31/22)^(b)		90		91,582
Global Medical Response Inc., 6.50%, 10/01/25 (Call 05/04/22)^(a)(b)		160		154,464
HCA Inc.
5.38%, 02/01/25		650		668,642
7.69%, 06/15/25		70		75,685
Legacy LifePoint Health LLC, 6.75%, 04/15/25 (Call 05/31/22)^(a)		150		153,054
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)^(a)		125		122,582
Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 11/01/22)^(a)		225		225,562
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)^(a)		205		192,643
Surgery Center Holdings Inc., 6.75%, 07/01/25 (Call 05/31/22)^(a)		95		93,859


				1,986,777

Holding Companies - Diversified — 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25 (Call 05/31/22)		185		184,541
Stena International SA, 6.13%, 02/01/25 (Call 05/10/22)^(a)		85		84,469


				269,010

Home Builders — 0.9%
Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)^(a)		115		108,983
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)		95		96,812
New Home Co. Inc. (The), 7.25%, 10/15/25 (Call 10/15/22)^(a)		70		66,494
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)^(a)(b)		128		130,440


				402,729

Household Products & Wares — 0.3%
Spectrum Brands Inc., 5.75%, 07/15/25 (Call 05/31/22)		105		106,302


Housewares — 0.8%
American Greetings Corp., 8.75%, 04/15/25 (Call 05/31/22)^(a)		50		49,381
CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 07/15/22)^(a)(b)		175		178,153
Newell Brands Inc., 4.88%, 06/01/25 (Call 05/01/25)		120		121,384


				348,918

Insurance — 1.7%
Acrisure LLC/Acrisure Finance Inc., 7.00%, 11/15/25 (Call 05/31/22)^(a)		230		223,507
AssuredPartners Inc., 7.00%, 08/15/25 (Call 05/31/22)^(a)(b)		125		123,251
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)^(a)		100		104,579
Radian Group Inc., 6.63%, 03/15/25 (Call 09/15/24)		125		127,265
USI Inc./NY, 6.88%, 05/01/25 (Call 05/31/22)^(a)		150		147,722


				726,324

Internet — 2.1%
Netflix Inc.
3.63%, 06/15/25 (Call 03/15/25)^(a)(b)		120		117,396
5.88%, 02/15/25^(b)		205		212,845
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 05/10/22)^(a)		175		174,911
TripAdvisor Inc., 7.00%, 07/15/25 (Call 07/15/22)^(a)(b)		120		123,197
Uber Technologies Inc., 7.50%, 05/15/25 (Call 05/31/22)^(a)		250		258,075


				886,424

Leisure Time — 1.7%
Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 05/31/22)^(a)		105		97,860
Royal Caribbean Cruises Ltd., 11.50%, 06/01/25 (Call 06/01/22)^(a)		341		370,810


26		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Leisure Time (continued)
Viking Cruises Ltd.
6.25%, 05/15/25 (Call 05/30/22)^(a)	$	60	$	55,012
13.00%, 05/15/25 (Call 05/16/22)^(a)		165		180,748


				704,430

Lodging — 3.8%
Boyd Gaming Corp., 8.63%, 06/01/25 (Call 06/01/22)^(a)		65		67,843
Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 (Call 05/10/22)^(a)(b)		125		126,926
Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 05/31/22)^(a)		58		59,401
Melco Resorts Finance Ltd., 4.88%, 06/06/25 (Call 05/30/22)^(b)(c)		200		178,684
MGM China Holdings Ltd., 5.25%, 06/18/25 (Call 06/18/22)^(a)		100		90,139
MGM Resorts International
5.75%, 06/15/25 (Call 03/15/25)		165		163,817
6.75%, 05/01/25 (Call 05/31/22)		190		194,670
Studio City Finance Ltd., 6.00%, 07/15/25 (Call 07/15/22)^(a)(b)		200		169,536
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 05/31/22)^(a)		70		68,605
Travel + Leisure Co., 6.60%, 10/01/25 (Call 07/01/25)^(b)		80		83,193
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (Call 12/01/24)^(a)		445		430,538


				1,633,352

Machinery — 0.3%
Husky III Holding Ltd. , 13.00%, 02/15/25 (Call 05/10/22), (13.75% PIK)^(a)(d)		120		123,523


Manufacturing — 0.2%
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/22)		90		91,333


Media — 1.6%
AMC Networks Inc., 4.75%, 08/01/25 (Call 05/31/22)^(b)		215		207,585
Univision Communications Inc.
5.13%, 02/15/25 (Call 05/10/22)^(a)		395		389,972
9.50%, 05/01/25 (Call 05/10/22)^(a)		90		94,434


				691,991

Mining — 0.7%
Arconic Corp., 6.00%, 05/15/25 (Call 05/31/22)^(a)		170		170,847
Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 10/07/22)^(a)(b)		110		109,751


				280,598

Office & Business Equipment — 0.4%
Xerox Holdings Corp., 5.00%, 08/15/25 (Call 07/15/25)^(a)		185		177,602


Oil & Gas — 7.6%
Callon Petroleum Co., 9.00%, 04/01/25 (Call 10/01/22)^(a)		80		84,800
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 05/31/22)^(a)(b)		135		136,003
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 05/31/22)^(a)		295		294,985
CVR Energy Inc., 5.25%, 02/15/25 (Call 05/16/22)^(a)		160		154,698
Endeavor Energy Resources LP/EER Finance Inc., 6.63%, 07/15/25 (Call 07/15/22)^(a)		145		149,017
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 05/31/22)^(b)		145		149,315
Murphy Oil Corp., 5.75%, 08/15/25 (Call 05/31/22)		130		130,389
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24)^(b)		165		157,829
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 05/30/22)^(a)		200		198,612
Occidental Petroleum Corp.
5.50%, 12/01/25 (Call 09/01/25)		185		188,284
5.88%, 09/01/25 (Call 06/01/25)		225		231,136
8.00%, 07/15/25 (Call 04/15/25)		125		135,313


Security	Par (000)		Value

Oil & Gas (continued)
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25 (Call 05/31/22)^(a)	$	75	$	74,053
PBF Holding Co. LLC/PBF Finance Corp.
7.25%, 06/15/25 (Call 05/31/22)		165		159,213
9.25%, 05/15/25 (Call 05/31/22)^(a)		335		347,150
Range Resources Corp., 4.88%, 05/15/25 (Call 02/15/25)		185		183,805
SM Energy Co.
5.63%, 06/01/25 (Call 05/31/22)		85		83,666
10.00%, 01/15/25 (Call 06/17/22)^(a)		100		108,280
Southwestern Energy Co., 5.95%, 01/23/25 (Call 10/23/24)		105		106,581
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 05/30/22)^(a)		89		87,796
Vermilion Energy Inc., 5.63%, 03/15/25 (Call 05/30/22)^(a)(b)		70		69,796


				3,230,721

Oil & Gas Services — 0.7%
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 05/31/22)^(a)		90		86,628
Exterran Energy Solutions LP/EES Finance Corp., 8.13%, 05/01/25 (Call 05/31/22)		85		85,293
KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 12/01/22)^(a)		125		128,465


				300,386

Packaging & Containers — 2.8%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 04/30/25 (Call 05/30/22)^(a)		175		173,934
Ball Corp., 5.25%, 07/01/25		255		261,566
Matthews International Corp., 5.25%, 12/01/25 (Call 05/31/22)^(a)		65		64,953
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (Call 05/31/22)^(a)(b)		335		317,473
Owens-Brockway Glass Container Inc.
5.38%, 01/15/25^(a)		75		73,832
6.38%, 08/15/25^(a)		75		75,507
Pactiv LLC, 7.95%, 12/15/25		70		68,908
Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)^(a)		100		102,822
Trident TPI Holdings Inc., 6.63%, 11/01/25 (Call 05/10/22)^(a)		60		57,948


				1,196,943

Pharmaceuticals — 3.8%
Bausch Health Companies Inc.
5.50%, 11/01/25 (Call 05/30/22)^(a)		395		382,083
6.13%, 04/15/25 (Call 05/16/22)^(a)		543		544,434
9.00%, 12/15/25 (Call 05/30/22)^(a)		420		421,722
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)^(a)		165		162,306
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 11/15/22)^(a)		115		102,085


				1,612,630

Pipelines — 5.6%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25 (Call 12/15/22)^(a)		145		149,350
Buckeye Partners LP, 4.13%, 03/01/25 (Call 02/01/25)^(a)		120		115,453
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 04/01/25 (Call 05/31/22)		120		118,501
DCP Midstream Operating LP, 5.38%, 07/15/25 (Call 04/15/25)		205		207,028
EnLink Midstream Partners LP, 4.15%, 06/01/25 (Call 03/01/25)		175		169,832
EQM Midstream Partners LP, 6.00%, 07/01/25 (Call 04/01/25)^(a)		185		183,777
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25 (Call 05/31/22)^(b)		135		129,202
Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/28/25 (Call 08/12/22)^(a)		50		50,843
New Fortress Energy Inc., 6.75%, 09/15/25 (Call 09/15/22)^(a)		330		324,552


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
NGL Energy Partners LP/NGL Energy Finance Corp., 6.13%, 03/01/25 (Call 05/31/22)	$	90	$	75,325
NuStar Logistics LP, 5.75%, 10/01/25 (Call 07/01/25)		150		148,815
Rattler Midstream LP, 5.63%, 07/15/25 (Call 07/15/22)^(a)		125		125,454
Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)^(a)		95		90,192
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/25 (Call 05/31/22)^(b)		65		52,232
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25 (Call 10/01/22)^(a)		160		163,171
Western Midstream Operating LP
3.60%, 02/01/25 (Call 01/01/25)		180		172,193
3.95%, 06/01/25 (Call 03/01/25)		105		101,993


				2,377,913

Real Estate — 1.3%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 05/31/22)^(a)		167		166,040
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 05/31/22)^(a)(b)		145		145,815
WeWork Companies Inc., 7.88%, 05/01/25^(a)		165		139,458
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)^(a)		135		109,420


				560,733

Real Estate Investment Trusts — 4.7%
Diversified Healthcare Trust, 9.75%, 06/15/25 (Call 06/15/22)^(b)		250		261,987
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/25 (Call 05/31/22)^(a)(b)		90		91,474
iStar Inc., 4.25%, 08/01/25 (Call 05/01/25)^(b)		140		133,559
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 05/16/22)^(a)		80		78,625
New Residential Investment Corp., 6.25%, 10/15/25 (Call 10/15/22)^(a)		140		133,316
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25 (Call 06/01/22)^(a)(b)		45		46,672
Service Properties Trust
4.50%, 03/15/25 (Call 09/15/24)		85		76,918
7.50%, 09/15/25 (Call 06/15/25)		205		204,795
Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24)		125		123,426
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC,
7.88%, 02/15/25 (Call 05/31/22)^(a)		585		597,420
VICI Properties LP/VICI Note Co. Inc., 4.63%, 06/15/25^(a)		145		142,371
XHR LP, 6.38%, 08/15/25 (Call 08/15/22)^(a)		125		126,658


				2,017,221

Retail — 4.1%
1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25 (Call 05/30/22)^(a)		120		122,656
Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 07/15/22)^(a)		80		83,866
Bath & Body Works Inc., 9.38%, 07/01/25^(a)		71		79,897
Carvana Co., 5.63%, 10/01/25 (Call 10/01/22)^(a)(b)		125		108,454
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 11/01/22)^(a)(b)		116		120,261
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/10/22)^(a)(b)		205		199,295
8.50%, 10/30/25 (Call 05/30/22)^(a)(b)		150		150,235
IRB Holding Corp., 7.00%, 06/15/25 (Call 06/15/22)^(a)		190		194,435
Penske Automotive Group Inc., 3.50%, 09/01/25 (Call 09/01/22)^(b)		135		130,919
QVC Inc., 4.45%, 02/15/25 (Call 11/15/24)^(b)		150		145,414
Rite Aid Corp., 7.50%, 07/01/25 (Call 07/01/22)^(a)		150		128,656
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 05/31/22)^(b)		165		165,437
8.75%, 04/30/25 (Call 05/31/22)^(a)		25		26,214


Security	Par/ Shares (000)		Value


Retail (continued)
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25 (Call 11/28/22)^(a)	$	85	$	77,504


				1,733,243

Semiconductors — 0.2%
ams-OSRAM AG, 7.00%, 07/31/25 (Call 07/31/22)^(a)(b)		100		101,154


Software — 2.3%
Boxer Parent Co. Inc., 7.13%, 10/02/25 (Call 06/01/22)^(a)		145		147,897
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/10/22)^(a)(b)		315		314,383
PTC Inc., 3.63%, 02/15/25 (Call 05/31/22)^(a)		120		116,761
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 05/31/22)^(a)		435		385,027


				964,068

Telecommunications — 3.2%
CommScope Technologies LLC, 6.00%, 06/15/25 (Call 05/10/22)^(a)(b)		323		283,436
Intrado Corp., 8.50%, 10/15/25 (Call 05/31/22)^(a)(b)		165		146,551
Level 3 Financing Inc., 5.38%, 05/01/25 (Call 05/31/22)		190		188,526
Lumen Technologies Inc., 5.63%, 04/01/25 (Call 01/01/25)		125		121,831
Qwest Corp., 7.25%, 09/15/25		60		65,026
Sprint Corp., 7.63%, 02/15/25 (Call 11/15/24)		375		399,292
ViaSat Inc., 5.63%, 09/15/25 (Call 05/10/22)^(a)(b)		175		162,589


				1,367,251

Transportation — 0.5%
Western Global Airlines LLC, 10.38%, 08/15/25 (Call 05/15/25)^(a)(b)		100		103,568
XPO Logistics Inc., 6.25%, 05/01/25 (Call 05/31/22)^(a)(b)		119		121,770


				225,338

Trucking & Leasing — 0.5%
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/25 (Call 05/31/22)^(a)		210		200,266


Total Corporate Bonds & Notes — 96.9% (Cost: $42,665,347)				41,157,155


Short-Term Investments

Money Market Funds — 25.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(e)(f)(g)		9,379		9,378,918
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(e)(f)		1,380		1,380,000


				10,758,918


Total Short-Term Investments — 25.3% (Cost: $10,757,414)				10,758,918


Total Investments in Securities — 122.2% (Cost: $53,422,761)				51,916,073

Other Assets, Less Liabilities — (22.2)%			(9,420,197)


Net Assets — 100.0%			$ 42,495,876

^(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.


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

^(g)	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	$	3,718,076	$	5,663,241	^(a)	$	—	$	(3,124	)	$	725	$	9,378,918		9,379	$	9,994	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,120,000		260,000	^(a)		—		—			—		1,380,000		1,380		496			—


								$	(3,124	)	$	725	$	10,758,918			$	10,490		$	—

^(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	$	—	$	41,157,155	$	—	$41,157,155
Money Market Funds		10,758,918		—		—	10,758,918


	$	10,758,918	$	41,157,155	$	—	$51,916,073

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited)

April 30, 2022

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)	$	50	$	48,043


Aerospace & Defense — 3.9%
Bombardier Inc., 7.13%, 06/15/26 (Call 06/15/23)^(a)		135		125,077
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 08/15/22)^(a)		55		48,651
Spirit AeroSystems Inc., 3.85%, 06/15/26 (Call 03/15/26)^(b)		35		32,800
TransDigm Inc.
6.25%, 03/15/26 (Call 05/31/22)^(a)		475		475,608
6.38%, 06/15/26 (Call 05/31/22)		105		103,758
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/31/22)		50		49,806


				835,700

Agriculture — 0.4%
Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)^(a)		30		28,535
Vector Group Ltd., 10.50%, 11/01/26 (Call 05/31/22)^(a)		60		61,388


				89,923

Airlines — 5.0%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)		135		124,821
Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 07/15/26^(a)		30		33,892
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26^(a)		390		386,533
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 04/01/28		45		42,578
Delta Air Lines Inc., 7.38%, 01/15/26 (Call 12/15/25)		120		127,828
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty
Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)		135		131,761
United Airlines Inc., 4.38%, 04/15/26 (Call 10/15/25)^(a)		225		216,810


				1,064,223

Apparel — 0.7%
Hanesbrands Inc., 4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		100		97,750
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)		65		60,027


				157,777

Auto Manufacturers — 2.8%
Ford Motor Co., 4.35%, 12/08/26 (Call 09/08/26)^(b)		170		163,186
Ford Motor Credit Co. LLC
2.70%, 08/10/26 (Call 07/10/26)		170		151,657
4.39%, 01/08/26^(b)		130		125,378
4.54%, 08/01/26 (Call 06/01/26)		90		86,430
JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 05/31/22)^(a)		60		60,178


				586,829

Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 05/30/22)^(a)		95		84,797
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26 (Call 05/31/22)^(a)		102		103,447
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/26 (Call 05/31/22)^(b)		100		96,061
IHO Verwaltungs GmbH, 4.75%, 09/15/26 (Call 05/10/22), (5.50% PIK)^(a)(c)		55		51,755
Tenneco Inc., 5.00%, 07/15/26 (Call 05/31/22)^(b)		55		52,732


				388,792

Banks — 1.0%
Freedom Mortgage Corp., 7.63%, 05/01/26 (Call 05/01/23)^(a)(b)		65		59,140
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(a)		160		159,251


				218,391

Chemicals — 1.7%
Consolidated Energy Finance SA, 6.50%, 05/15/26
(Call 05/10/22)^(a)		50		51,004


Security	Par (000)		Value

Chemicals (continued)
GCP Applied Technologies Inc., 5.50%, 04/15/26 (Call 05/16/22)^(a)	$	40	$	40,336
GPD Companies Inc., 10.13%, 04/01/26 (Call 05/31/22)^(a)		55		57,293
INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)^(a)		55		50,056
Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 05/15/23)^(a)		35		28,252
Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)^(a)		55		52,201
SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 11/01/23)^(a)		85		77,572


				356,714

Coal — 0.2%
Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Call 05/15/23)^(a)		37		39,762


Commercial Services — 5.5%
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)^(a)		65		61,337
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26 (Call 07/15/22)^(a)		215		207,800
Alta Equipment Group Inc., 5.63%, 04/15/26 (Call 04/15/23)^(a)		35		32,526
Block Inc., 2.75%, 06/01/26 (Call 05/01/26)^(a)		110		100,457
Cimpress PLC, 7.00%, 06/15/26 (Call 05/30/22)^(a)		70		65,744
CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24)		75		76,805
CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)^(a)		32		30,794
Graham Holdings Co., 5.75%, 06/01/26 (Call 05/10/22)^(a)		45		45,433
Hertz Corp. (The), 4.63%, 12/01/26 (Call 12/01/23)^(a)		55		50,234
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)^(a)		45		42,294
MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)^(a)		45		45,888
Prime Security Services Borrower LLC/Prime Finance Inc., 5.75%, 04/15/26^(a)		150		144,178
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 11/01/22)^(a)		50		47,891
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 05/31/22)^(a)(b)		125		128,750
WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)^(a)		95		92,515


				1,172,646

Computers — 0.6%
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)^(a)		140		131,715


Cosmetics & Personal Care — 0.9%
Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)^(a)(b)		100		94,994
6.50%, 04/15/26 (Call 05/31/22)^(a)(b)		60		58,352
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)^(a)		45		32,423


				185,769

Distribution & Wholesale — 0.2%
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26 (Call 11/15/22)^(a)		75		46,622


Diversified Financial Services — 3.4%
Avation Capital SA, 8.25%, 10/31/26 (Call 06/01/26), (9.00% PIK)^(a)(c)		50		42,084
Brightsphere Investment Group Inc., 4.80%, 07/27/26		30		27,905
Credit Acceptance Corp., 6.63%, 03/15/26 (Call 05/10/22)^(b)		45		45,478
goeasy Ltd., 4.38%, 05/01/26 (Call 05/01/23)^(a)		35		32,722
Home Point Capital Inc., 5.00%, 02/01/26 (Call 02/01/23)^(a)		60		47,539
Jefferson Capital Holdings LLC, 6.00%, 08/15/26 (Call 08/15/23)^(a)		35		32,763
LFS Topco LLC, 5.88%, 10/15/26 (Call 10/15/23)^(a)(b)		35		32,514
Navient Corp., 6.75%, 06/15/26		55		54,130
OneMain Finance Corp., 7.13%, 03/15/26		180		183,215


30		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
PHH Mortgage Corp., 7.88%, 03/15/26 (Call 03/15/23)^(a)(b)	$	45	$	40,471
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26 (Call 10/15/23)^(a)		130		114,873
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26)		55		50,304
World Acceptance Corp., 7.00%, 11/01/26 (Call 11/01/23)^(a)		30		26,064


				730,062

Electric — 1.3%
Calpine Corp., 5.25%, 06/01/26 (Call 05/31/22)^(a)		47		46,571
FirstEnergy Corp., Series A, 1.60%, 01/15/26 (Call 12/15/25)		35		31,684
NextEra Energy Operating Partners LP, 3.88%, 10/15/26 (Call 07/15/26)^(a)		55		51,915
Terraform Global Operating LLC, 6.13%, 03/01/26 (Call 05/31/22)^(a)(b)		45		44,263
Vistra Operations Co. LLC, 5.50%, 09/01/26 (Call 05/10/22)^(a)		110		109,649


				284,082

Electronics — 0.2%
Schweitzer-Mauduit International Inc., 6.88%, 10/01/26 (Call 05/30/22)^(a)		40		35,998


Energy - Alternate Sources — 0.3%
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 05/31/22)^(a)		25		25,474
Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)^(a)(b)		45		41,371


				66,845

Engineering & Construction — 0.3%
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)^(a)		40		37,406
INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)^(a)		35		33,785


				71,191

Entertainment — 2.8%
AMC Entertainment Holdings Inc., 10.00%, 06/15/26 (Call 06/15/23), (12.00% PIK)^(a)		170		142,292
CCM Merger Inc., 6.38%, 05/01/26 (Call 11/01/22)^(a)		30		29,927
Cinemark USA Inc., 5.88%, 03/15/26 (Call 03/15/23)^(a)(b)		45		42,294
Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)^(a)		35		33,862
Golden Entertainment Inc., 7.63%, 04/15/26 (Call 05/31/22)^(a)(b)		40		41,051
International Game Technology PLC, 4.13%, 04/15/26 (Call 04/15/23)^(a)		85		79,880
Live Nation Entertainment Inc., 5.63%, 03/15/26 (Call 05/31/22)^(a)		35		34,748
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)^(a)		45		44,159
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)^(a)		130		114,848
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/01/22)^(a)		40		37,606


				600,667

Environmental Control — 0.5%
GFL Environmental Inc., 5.13%, 12/15/26 (Call 12/15/22)^(a)		55		54,074
Waste Pro USA Inc., 5.50%, 02/15/26 (Call 05/31/22)^(a)		55		48,891


				102,965

Food — 1.2%
Albertsons Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)^(a)		85		77,710
7.50%, 03/15/26 (Call 05/31/22)^(a)(b)		65		68,399
FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 08/15/26 (Call 05/30/22)^(a)		30		28,226
H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 05/10/22)^(a)		40		37,630
Sigma Holdco BV, 7.88%, 05/15/26 (Call 05/10/22)^(a)		55		41,262


				253,227


Security	Par (000)		Value

Forest Products & Paper — 0.3%
Mercer International Inc., 5.50%, 01/15/26 (Call 05/31/22)	$	35	$	34,704
Resolute Forest Products Inc., 4.88%, 03/01/26 (Call 03/01/23)^(a)		35		33,325


				68,029

Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, 08/20/26 (Call 05/20/26)		75		74,104


Health Care - Services — 6.1%
CHS/Community Health Systems Inc., 8.00%, 03/15/26 (Call 05/31/22)^(a)		235		243,121
Hadrian Merger Sub Inc., 8.50%, 05/01/26 (Call 05/31/22)^(a)		35		34,809
HCA Inc.
5.38%, 09/01/26 (Call 03/01/26)		110		112,658
5.88%, 02/15/26 (Call 08/15/25)		170		176,117
IQVIA Inc., 5.00%, 10/15/26 (Call 05/31/22)^(a)		130		129,476
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 05/31/22)^(a)(b)		160		164,342
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(a)		135		133,987
Tenet Healthcare Corp., 4.88%, 01/01/26 (Call 05/31/22)^(a)		235		229,097
U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)^(a)		80		77,894


				1,301,501

Holding Companies - Diversified — 0.7%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 05/15/26 (Call 05/31/22)		140		138,648


Home Builders — 0.5%
Forestar Group Inc., 3.85%, 05/15/26 (Call 05/15/23)^(a)		45		40,473
K Hovnanian Enterprises Inc.
7.75%, 02/15/26 (Call 05/10/22)^(a)		31		30,952
10.50%, 02/15/26 (Call 05/31/22)^(a)		30		30,653


				102,078

Housewares — 1.2%
Newell Brands Inc., 4.45%, 04/01/26 (Call 01/01/26)		225		222,514
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26 (Call 05/16/22)		30		29,757


				252,271

Insurance — 1.1%
Acrisure LLC/Acrisure Finance Inc., 10.13%, 08/01/26 (Call 08/01/22)^(a)		45		47,309
HUB International Ltd., 7.00%, 05/01/26 (Call 05/10/22)^(a)		185		183,346


				230,655

Internet — 2.4%
Cogent Communications Group Inc., 3.50%, 05/01/26 (Call 02/01/26)^(a)		55		52,349
Millennium Escrow Corp., 6.63%, 08/01/26 (Call 08/01/23)^(a)		90		83,423
Netflix Inc., 4.38%, 11/15/26		110		109,140
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)^(a)(b)		90		83,647
Uber Technologies Inc., 8.00%, 11/01/26 (Call 05/31/22)^(a)		170		178,027


				506,586

Iron & Steel — 0.8%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26 (Call 05/30/22)^(a)		65		65,963
Cleveland-Cliffs Inc., 6.75%, 03/15/26 (Call 05/31/22)^(a)		95		99,580


				165,543

Leisure Time — 3.7%
Carnival Corp.
7.63%, 03/01/26 (Call 03/01/24)^(a)		160		156,589
10.50%, 02/01/26 (Call 08/01/23)^(a)		85		93,409
CWT Travel Group Inc., 8.50%, 11/19/26 (Call 11/19/22)^(a)		70		69,217


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Leisure Time (continued)
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)^(a)	$	104	$	101,051
8.00%, 04/15/26 (Call 02/01/23)^(a)(b)		55		53,727
NCL Corp. Ltd., 5.88%, 03/15/26 (Call 12/15/25)^(a)		160		147,079
Royal Caribbean Cruises Ltd.
4.25%, 07/01/26 (Call 01/01/26)^(a)(b)		75		67,893
5.50%, 08/31/26 (Call 02/28/26)^(a)(b)		110		102,520


				791,485

Lodging — 1.9%
Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)^(a)		55		50,405
Melco Resorts Finance Ltd., 5.25%, 04/26/26 (Call 05/30/22)^(d)		50		43,685
MGM China Holdings Ltd., 5.88%, 05/15/26 (Call 05/15/22)^(a)		100		88,970
MGM Resorts International, 4.63%, 09/01/26 (Call 06/01/26)		45		42,387
Travel + Leisure Co., 6.63%, 07/31/26 (Call 04/30/26)^(a)		75		76,706
Wynn Macau Ltd., 5.50%, 01/15/26 (Call 06/15/22)^(a)		115		99,726


				401,879

Machinery — 1.1%
Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 05/16/22)^(a)		35		36,225
Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)^(a)		45		45,636
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 05/30/22)^(a)		75		73,178
Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)^(a)		90		81,621


				236,660

Manufacturing — 1.1%
EnPro Industries Inc., 5.75%, 10/15/26 (Call 05/31/22)		40		40,248
FXI Holdings Inc., 12.25%, 11/15/26 (Call 11/15/22)^(a)		85		90,871
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 05/31/22)^(a)(b)		65		63,745
Hillenbrand Inc., 5.00%, 09/15/26 (Call 07/15/26)		40		39,110


				233,974

Media — 5.8%
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 02/01/23)^(a)(b)		35		32,605
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/26 (Call 05/31/22)^(a)(b)		85		85,212
Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 07/01/22)^(a)(b)		50		49,942
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)^(a)		310		285,132
7.75%, 07/01/26		225		214,821
Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)^(a)		45		40,977
Gray Television Inc., 5.88%, 07/15/26 (Call 05/31/22)^(a)		80		80,701
iHeartCommunications Inc., 6.38%, 05/01/26 (Call 05/16/22)		90		90,201
Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)^(a)		100		92,273
Sirius XM Radio Inc., 3.13%, 09/01/26 (Call 09/01/23)^(a)(b)		110		101,337
Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 09/01/23)^(a)		35		34,411
TEGNA Inc., 4.75%, 03/15/26 (Call 03/15/23)^(a)(b)		60		59,587
Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)^(a)		60		59,897


				1,227,096

Mining — 1.1%
Constellium SE, 5.88%, 02/15/26 (Call 05/30/22)^(a)		30		29,713
Hudbay Minerals Inc., 4.50%, 04/01/26 (Call 04/01/23)^(d)		60		55,356
JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 (Call 05/16/22)^(a)		30		30,959
Novelis Corp., 3.25%, 11/15/26 (Call 11/15/23)^(a)		85		77,625
Taseko Mines Ltd., 7.00%, 02/15/26 (Call 02/15/23)^(a)		45		44,635


				238,288


Security	Par (000)		Value

Oil & Gas — 8.9%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 02/15/23)^(a)	$	85	$	87,785
Antero Resources Corp., 8.38%, 07/15/26 (Call 01/15/24)^(a)		38		40,972
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26 (Call 05/31/22)^(a)		65		65,480
Athabasca Oil Corp., 9.75%, 11/01/26 (Call 11/01/24)^(a)		35		37,119
Berry Petroleum Co. LLC, 7.00%, 02/15/26 (Call 05/31/22)^(a)		45		44,064
California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)^(a)(b)		65		66,344
Callon Petroleum Co., 6.38%, 07/01/26 (Call 05/31/22)		35		34,011
Centennial Resource Production LLC, 5.38%, 01/15/26 (Call 05/31/22)^(a)		30		29,241
Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)^(a)		55		54,564
Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)^(a)		43		40,982
Colgate Energy Partners III LLC, 7.75%, 02/15/26 (Call 02/15/24)^(a)		35		36,663
Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/26 (Call 04/15/23)^(a)		27		28,063
Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24)		60		61,820
Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)^(a)		55		53,223
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)^(a)		80		78,799
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)^(a)		75		76,537
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 05/10/22)^(a)		45		45,037
Matador Resources Co., 5.88%, 09/15/26 (Call 05/16/22)		120		117,748
Moss Creek Resources Holdings Inc., 7.50%, 01/15/26 (Call 05/31/22)^(a)		80		73,487
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)^(a)		65		63,608
Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)^(a)(b)		45		45,223
Occidental Petroleum Corp.
3.20%, 08/15/26 (Call 06/15/26)		70		65,806
3.40%, 04/15/26 (Call 01/15/26)		75		71,408
5.55%, 03/15/26 (Call 12/15/25)		120		122,971
PDC Energy Inc., 5.75%, 05/15/26 (Call 05/31/22)^(b)		85		82,742
Penn Virginia Holdings LLC., 9.25%, 08/15/26 (Call 08/15/23)^(a)		45		46,550
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)^(a)		65		60,787
Precision Drilling Corp., 7.13%, 01/15/26 (Call 05/16/22)^(a)		40		40,068
SM Energy Co., 6.75%, 09/15/26 (Call 05/31/22)		45		44,955
Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 08/01/23)^(a)		55		53,244
Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23)		70		75,349
Tap Rock Resources LLC, 7.00%, 10/01/26 (Call 10/01/23)^(a)(b)		55		55,555


				1,900,205

Oil & Gas Services — 0.9%
TechnipFMC PLC, 6.50%, 02/01/26 (Call 02/01/23)^(a)		71		73,840
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26 (Call 05/31/22)		80		78,533
Welltec International ApS, 8.25%, 10/15/26 (Call 10/15/23)^(a)		35		35,331


				187,704

Packaging & Containers — 2.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.13%, 08/15/26 (Call 08/15/22)^(a)		135		125,226
Ball Corp., 4.88%, 03/15/26 (Call 12/15/25)		85		85,620
Berry Global Inc., 4.50%, 02/15/26 (Call 05/31/22)^(a)(b)		36		35,440
Crown Americas LLC / Crown Americas Capital Corp VI, 4.25%, 09/30/26 (Call 03/31/26)^(b)		45		43,581
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26		40		42,609
Duke Energy Carolinas LLC, 4.75%, 02/01/26 (Call 05/31/22)		100		99,722
LABL Inc., 6.75%, 07/15/26 (Call 07/15/22)^(a)		80		76,987


32		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Packaging & Containers (continued)
Trivium Packaging Finance BV, 5.50%, 08/15/26 (Call 08/15/22)^(a)	$	115	$	111,149


				620,334

Pharmaceuticals — 1.4%
Bausch Health Americas Inc., 9.25%, 04/01/26 (Call 05/31/22)^(a)(b)		170		168,623
Perrigo Finance Unlimited Co., 4.38%, 03/15/26 (Call 12/15/25)		80		77,433
PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)^(a)(b)		60		55,559


				301,615

Pipelines — 5.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, 05/15/26 (Call 05/15/23)^(a)		60		62,744
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26 (Call 05/31/22)^(a)		35		35,044
Buckeye Partners LP, 3.95%, 12/01/26 (Call 09/01/26)		65		61,324
EnLink Midstream Partners LP, 4.85%, 07/15/26 (Call 04/15/26)		55		53,628
EQM Midstream Partners LP, 4.13%, 12/01/26 (Call 09/01/26)		55		51,055
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 05/15/26 (Call 05/31/22)		40		37,508
Hess Midstream Operations LP, 5.63%, 02/15/26 (Call 05/31/22)^(a)		90		90,058
New Fortress Energy Inc., 6.50%, 09/30/26 (Call 03/31/23)^(a)		170		164,417
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)^(a)		230		216,773
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 04/15/26 (Call 05/31/22)^(b)		35		29,311
Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 10/15/22)^(a)		60		58,631
NuStar Logistics LP, 6.00%, 06/01/26 (Call 03/01/26)		55		54,756
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)^(a)		80		74,830
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 (Call 05/16/22)		35		34,116
Western Midstream Operating LP, 4.65%, 07/01/26 (Call 04/01/26)		55		54,222


				1,078,417

Real Estate Investment Trusts — 2.7%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)^(a)		105		101,912
GEO Group Inc. (The), 6.00%, 04/15/26 (Call 05/31/22)		40		32,252
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)^(a)		110		101,467
iStar Inc., 5.50%, 02/15/26 (Call 08/15/22)^(b)		45		43,784
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., 4.50%, 09/01/26 (Call 06/01/26)		0		—
MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26 (Call 05/31/22)		55		55,070
RLJ Lodging Trust LP, 3.75%, 07/01/26 (Call 07/01/23)^(a)		55		51,182
Service Properties Trust
4.75%, 10/01/26 (Call 08/01/26)		50		43,442
5.25%, 02/15/26 (Call 08/15/25)		40		35,803
Starwood Property Trust Inc., 3.63%, 07/15/26 (Call 01/15/26)^(a)		45		41,403
VICI Properties LP/VICI Note Co. Inc., 4.50%, 09/01/26^(a)		70		67,250


				573,565

Retail — 4.5%
99 Escrow Issuer Inc., 7.50%, 01/15/26 (Call 01/15/23)^(a)		40		26,682
Beacon Roofing Supply Inc., 4.50%, 11/15/26 (Call 11/15/22)^(a)		35		34,131
CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)^(a)(b)		75		71,339
Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 04/01/23)^(a)(b)		75		68,142
Guitar Center Inc., 8.50%, 01/15/26 (Call 01/15/23)^(a)		60		60,082


Security	Par/ Shares (000)		Value

Retail (continued)
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 02/15/23)^(a)	$	90	$	81,127
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)^(a)(b)		125		124,776
Party City Holdings Inc., 8.75%, 02/15/26 (Call 08/15/23)^(a)		85		78,081
Rite Aid Corp., 8.00%, 11/15/26 (Call 01/15/23)^(a)(b)		95		79,789
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 09/30/22)^(a)		80		78,594
Staples Inc., 7.50%, 04/15/26 (Call 05/31/22)^(a)(b)		225		214,823
White Cap Parent LLC, 8.25%, 03/15/26 (Call 05/31/22), (9.00% PIK)^(a)(c)		35		34,039


				951,605

Software — 1.2%
ACI Worldwide Inc., 5.75%, 08/15/26 (Call 05/31/22)^(a)		45		45,615
Boxer Parent Co. Inc., 9.13%, 03/01/26 (Call 05/10/22)^(a)		40		40,491
Camelot Finance SA, 4.50%, 11/01/26 (Call 11/01/22)^(a)		80		75,585
Consensus Cloud Solutions Inc., 6.00%, 10/15/26 (Call 10/15/23)^(a)		35		33,414
Fair Isaac Corp., 5.25%, 05/15/26 (Call 02/15/26)^(a)		45		45,238
Skillz Inc., 10.25%, 12/15/26 (Call 12/15/23)^(a)(b)		35		24,553


				264,896

Telecommunications — 6.7%
CommScope Inc., 6.00%, 03/01/26 (Call 05/31/22)^(a)		170		160,745
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)^(a)		230		225,062
Hughes Satellite Systems Corp.
5.25%, 08/01/26		85		83,173
6.63%, 08/01/26^(b)		85		85,088
Iliad Holding SAS, 6.50%, 10/15/26 (Call 10/15/23)^(a)		140		134,816
Level 3 Financing Inc., 5.25%, 03/15/26 (Call 05/31/22)		85		82,823
Lumen Technologies Inc., 5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		140		126,857
Sprint Corp., 7.63%, 03/01/26 (Call 11/01/25)		170		185,069
Telesat Canada/Telesat LLC, 5.63%, 12/06/26 (Call 12/06/23)^(a)		55		39,278
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)^(b)		110		101,119
2.25%, 02/15/26 (Call 02/15/23)^(a)		90		82,981
2.63%, 04/15/26 (Call 04/15/23)		135		125,914


				1,432,925

Toys, Games & Hobbies — 0.3%
Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)^(a)		65		63,218


Water — 0.2%
Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)^(a)		45		46,223


Total Corporate Bonds & Notes — 97.8% (Cost: $22,101,246)				20,857,447


Short-Term Investments

Money Market Funds — 17.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(e)(f)(g)		3,263		3,262,811


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(e)(f)		560	$	560,000


				3,822,811


Total Short-Term Investments — 17.9% (Cost: $3,822,282)				3,822,811


Total Investments in Securities — 115.7% (Cost: $25,923,528)				24,680,258

Other Assets, Less Liabilities — (15.7)%				(3,344,516	)


Net Assets — 100.0%			$	21,335,742

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

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


BlackRock Cash Funds: Institutional, SL Agency
Shares	$	1,830,858	$	1,432,771	^(a)	$	—	$	(1,347	)	$	529	$	3,262,811		3,263	$	3,762	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency
Shares		520,000		40,000	^(a)		—		—			—		560,000		560		106			—


								$	(1,347	)	$	529	$	3,822,811			$	3,868		$	—

^(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	$	—	$	20,857,447	$	—	$	20,857,447
Money Market Funds		3,822,811		—		—		3,822,811


	$	3,822,811	$	20,857,447	$	—	$	24,680,258

See notes to financial statements.


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 1.5%
Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27 (Call 08/15/22)^(a)	$	75	$	70,532
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27 (Call 08/15/22)^(a)		40		37,893
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)		60		58,674


				167,099

Aerospace & Defense — 3.7%
Bombardier Inc., 7.88%, 04/15/27 (Call 05/30/22)^(a)		115		107,158
Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26)		25		24,531
Howmet Aerospace Inc., 5.90%, 02/01/27		35		35,950
Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)^(a)		30		28,173
Rolls-Royce PLC, 5.75%, 10/15/27 (Call 07/15/27)^(a)		60		57,954
TransDigm Inc.
5.50%, 11/15/27 (Call 11/15/22)		155		142,154
7.50%, 03/15/27 (Call 05/31/22)		30		30,224


				426,144

Agriculture — 0.3%
Darling Ingredients Inc., 5.25%, 04/15/27 (Call 05/10/22)^(a)		30		30,090


Airlines — 0.3%
American Airlines Pass Through Trust, Series 2015-1, Class A, 3.38%, 11/01/28		37		34,649


Apparel — 0.3%
William Carter Co. (The), 5.63%, 03/15/27 (Call 05/31/22)^(a)		30		29,890


Auto Manufacturers — 2.5%
Allison Transmission Inc., 4.75%, 10/01/27 (Call 10/01/22)^(a)(b)		25		24,100
Ford Motor Credit Co. LLC
3.82%, 11/02/27 (Call 08/02/27)		45		40,951
4.13%, 08/17/27 (Call 06/17/27)		70		64,911
4.27%, 01/09/27 (Call 11/09/26)		55		52,033
4.95%, 05/28/27 (Call 04/28/27)		85		82,637
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 (Call 07/01/27)^(a)		30		24,994


				289,626

Auto Parts & Equipment — 2.0%
American Axle & Manufacturing Inc., 6.50%, 04/01/27 (Call 05/31/22)		30		28,065
Clarios Global LP/Clarios US Finance Co., 8.50%, 05/15/27 (Call 05/31/22)^(a)		115		115,180
Dana Inc., 5.38%, 11/15/27 (Call 11/15/22)		25		23,655
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/27 (Call 12/15/26)^(b)		40		37,215
IHO Verwaltungs GmbH, 6.00%, 05/15/27 (Call 05/15/22), (6.75% PIK)^(a)(c)		25		23,295


				227,410

Banks — 0.3%
Freedom Mortgage Corp., 6.63%, 01/15/27 (Call 01/15/24)^(a)		35		30,255


Building Materials — 1.3%
Builders FirstSource Inc., 6.75%, 06/01/27 (Call 06/01/22)^(a)		31		31,961
Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)^(a)		30		29,029
Jeld-Wen Inc., 4.88%, 12/15/27 (Call 12/15/22)^(a)		25		22,696
Standard Industries Inc./NJ, 5.00%, 02/15/27 (Call 05/31/22)^(a)		50		47,432
Summit Materials LLC/Summit Materials Finance Corp., 6.50%, 03/15/27 (Call 05/10/22)^(a)		15		14,967


				146,085


Security	Par (000)		Value

Chemicals — 2.0%
Cerdia Finanz GmbH, 10.50%, 02/15/27 (Call 02/15/24)^(a)	$	35	$	31,062
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)^(a)		30		28,514
Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27)^(b)		30		29,226
HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26)		15		14,159
Methanex Corp., 5.13%, 10/15/27 (Call 04/15/27)		40		38,495
Olin Corp., 5.13%, 09/15/27 (Call 05/31/22)		30		29,606
SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)^(a)		20		17,672
WR Grace Holdings LLC, 4.88%, 06/15/27 (Call 06/15/23)^(a)(b)		45		42,301


				231,035

Commercial Services — 5.2%
Albion Financing 2SARL, 8.75%, 04/15/27 (Call 10/15/23)^(a)(b)		25		23,732
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27 (Call 07/15/22)^(a)		60		58,279
AMN Healthcare Inc., 4.63%, 10/01/27 (Call 10/01/22)^(a)		30		28,822
APX Group Inc., 6.75%, 02/15/27 (Call 02/15/23)^(a)(b)		35		34,683
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27 (Call 07/15/22)^(a)		45		44,502
Brink’s Co. (The), 4.63%, 10/15/27 (Call 10/15/22)^(a)		35		33,168
CoreCivic Inc., 4.75%, 10/15/27 (Call 07/15/27)		15		13,220
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)^(a)		35		31,851
9.50%, 11/01/27 (Call 11/01/22)^(a)		35		34,573
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)^(a)		70		68,579
Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)^(a)		25		23,865
Prime Security Services Borrower LLC/Prime Finance Inc., 3.38%, 08/31/27 (Call 08/31/26)^(a)		60		51,406
Service Corp. International/U.S., 4.63%, 12/15/27
(Call 12/15/22)		30		29,230
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)^(a)		45		44,350
United Rentals North America Inc., 5.50%, 05/15/27 (Call 05/31/22)^(b)		70		71,566


				591,826

Computers — 1.2%
NCR Corp., 5.75%, 09/01/27 (Call 09/01/22)^(a)		30		28,980
Presidio Holdings Inc., 4.88%, 02/01/27 (Call 02/01/23)^(a)		30		28,727
Seagate HDD Cayman, 4.88%, 06/01/27 (Call 03/01/27)		30		29,145
Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)^(a)		25		25,071
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 13.00%, 10/15/27 (Call 10/15/22)^(a)		20		23,800


				135,723

Distribution & Wholesale — 0.8%
BCPE Empire Holdings Inc., 7.63%, 05/01/27 (Call 05/01/23)^(a)		40		37,483
IAA Inc., 5.50%, 06/15/27 (Call 06/15/22)^(a)		30		29,350
Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)^(a)		30		28,920


				95,753

Diversified Financial Services — 2.2%
Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 08/01/22)^(a)		20		21,100
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (Call 04/15/24)^(a)		25		22,508
LPL Holdings Inc., 4.63%, 11/15/27 (Call 11/15/22)^(a)		25		23,767
Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27 (Call 01/15/23)^(a)		35		33,983
Navient Corp., 5.00%, 03/15/27 (Call 09/15/26)		40		36,450
OneMain Finance Corp., 3.50%, 01/15/27 (Call 01/15/24)^(b)		45		39,605
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)^(a)		25		25,347
United Wholesale Mortgage LLC, 5.75%, 06/15/27 (Call 06/15/24)^(a)		30		26,028


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
VistaJet Malta Finance PLC/XO Management Holding Inc., 7.88%, 05/01/27^(a)	$	25	$	23,543


				252,331

Electric — 2.9%
FirstEnergy Corp., Series B, 4.15%, 07/15/27 (Call 04/15/27)		90		87,330
NextEra Energy Operating Partners LP, 4.50%, 09/15/27 (Call 06/15/27)^(a)		30		28,402
NRG Energy Inc., 6.63%, 01/15/27 (Call 05/16/22)		20		20,221
Talen Energy Supply LLC, 7.25%, 05/15/27 (Call 05/31/22)^(a)(b)		50		47,903
Vistra Operations Co. LLC
5.00%, 07/31/27 (Call 07/31/22)^(a)(b)		75		71,971
5.63%, 02/15/27 (Call 05/10/22)^(a)(b)		75		73,978


				329,805

Electrical Components & Equipment — 0.2%
EnerSys, 4.38%, 12/15/27 (Call 09/15/27)^(a)		20		18,642


Engineering & Construction — 0.7%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)		60		59,336
Promontoria Holding 264 BV, 7.88%, 03/01/27 (Call 03/01/24)^(a)		25		23,869


				83,205

Entertainment — 4.6%
Affinity Gaming, 6.88%, 12/15/27 (Call 12/01/23)^(a)		30		28,197
Caesars Entertainment Inc., 8.13%, 07/01/27 (Call 07/01/23)^(a)(b)		105		109,718
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 04/15/27 (Call 05/31/22)		30		29,179
Churchill Downs Inc., 5.50%, 04/01/27 (Call 05/31/22)^(a)		35		34,433
International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)^(a)		45		45,750
Live Nation Entertainment Inc.
4.75%, 10/15/27 (Call 10/15/22)^(a)		55		51,701
6.50%, 05/15/27 (Call 05/15/23)^(a)		70		72,126
Motion Bondco DAC, 6.63%, 11/15/27 (Call 11/15/22)^(a)(b)		25		23,017
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27 (Call 11/15/23)^(a)		50		54,760
Penn National Gaming Inc., 5.63%, 01/15/27 (Call 05/31/22)^(a)		25		23,950
Six Flags Entertainment Corp., 5.50%, 04/15/27 (Call 05/31/22)^(a)		30		29,436
Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27 (Call 11/01/22)^(a)		20		19,074


				521,341

Environmental Control — 0.5%
Clean Harbors Inc., 4.88%, 07/15/27 (Call 07/15/22)^(a)		30		29,617
Harsco Corp., 5.75%, 07/31/27 (Call 07/31/22)^(a)		30		27,314


			56,931

Food — 2.1%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27 (Call 01/15/23)^(a)		80		74,933
B&G Foods Inc., 5.25%, 09/15/27 (Call 05/31/22)		30		27,474
Performance Food Group Inc., 5.50%, 10/15/27 (Call 10/15/22)^(a)		60		58,190
Pilgrim’s Pride Corp., 5.88%, 09/30/27 (Call 09/30/22)^(a)		50		50,349
Post Holdings Inc., 5.75%, 03/01/27 (Call 05/16/22)^(a)		25		24,730


				235,676

Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 05/20/27 (Call 02/20/27)		30		29,460


Security	Par (000)		Value

Health Care - Products — 0.2%
Teleflex Inc., 4.63%, 11/15/27 (Call 11/15/22)	$	30	$	29,339


Health Care - Services — 5.6%
Catalent Pharma Solutions Inc., 5.00%, 07/15/27 (Call 07/15/22)^(a)		30		29,197
Centene Corp., 4.25%, 12/15/27 (Call 12/15/22)		145		140,644
CHS/Community Health Systems Inc.
5.63%, 03/15/27 (Call 12/15/23)^(a)		110		104,937
8.00%, 12/15/27 (Call 12/15/22)^(a)		40		41,483
IQVIA Inc., 5.00%, 05/15/27 (Call 05/31/22)^(a)		65		64,490
Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 05/31/22)^(a)		35		32,388
Surgery Center Holdings Inc., 10.00%, 04/15/27
(Call 05/31/22)^(a)		30		31,371
Tenet Healthcare Corp.
5.13%, 11/01/27 (Call 11/01/22)^(a)		90		87,791
6.25%, 02/01/27 (Call 05/31/22)^(a)		85		84,383
US Renal Care Inc., 10.63%, 07/15/27 (Call 07/15/22)^(a)		30		26,087


				642,771

Holding Companies - Diversified — 0.7%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 05/15/27 (Call 11/15/26)		85		79,433


Home Builders — 1.7%
Beazer Homes USA Inc., 5.88%, 10/15/27 (Call 10/15/22)^(b)		20		18,368
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27 (Call 09/15/22)^(a)		35		32,823
Century Communities Inc., 6.75%, 06/01/27 (Call 06/01/22)		25		25,266
KB Home, 6.88%, 06/15/27 (Call 12/15/26)		15		15,563
Mattamy Group Corp., 5.25%, 12/15/27 (Call 12/15/22)^(a)		30		28,055
Meritage Homes Corp., 5.13%, 06/06/27 (Call 12/06/26)		20		19,710
Taylor Morrison Communities Inc.
5.88%, 06/15/27 (Call 03/15/27)^(a)		30		29,784
6.63%, 07/15/27 (Call 07/15/22)^(a)		10		10,054
Tri Pointe Homes Inc., 5.25%, 06/01/27 (Call 12/01/26)		20		19,403


				199,026

Insurance — 1.5%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)		45		41,518
6.75%, 10/15/27 (Call 10/15/22)^(a)		80		75,721
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/31/22)^(a)		30		29,901
Radian Group Inc., 4.88%, 03/15/27 (Call 09/15/26)		25		23,922


				171,062

Internet — 2.1%
Cablevision Lightpath LLC, 3.88%, 09/15/27 (Call 09/15/23)^(a)		25		22,020
Getty Images Inc., 9.75%, 03/01/27 (Call 05/16/22)^(a)		15		15,572
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 5.25%, 12/01/27 (Call 06/01/22)^(a)		35		34,613
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 07/01/22)^(a)		30		25,756
Match Group Holdings II LLC, 5.00%, 12/15/27 (Call 12/15/22)^(a)		25		24,345
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 4.75%, 04/30/27 (Call 10/15/23)^(a)		20		18,247
Twitter Inc., 3.88%, 12/15/27 (Call 09/15/27)^(a)		35		34,334
Uber Technologies Inc., 7.50%, 09/15/27 (Call 09/15/22)^(a)		70		72,035


				246,922

Iron & Steel — 0.8%
Allegheny Technologies Inc., 5.88%, 12/01/27 (Call 12/01/22)		20		19,323
Cleveland-Cliffs Inc., 5.88%, 06/01/27 (Call 06/01/22)		30		30,042
Mineral Resources Ltd., 8.13%, 05/01/27 (Call 05/31/22)^(a)		40		40,843


				90,208


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Leisure Time — 3.8%
Carnival Corp.
5.75%, 03/01/27 (Call 12/01/26)^(a)(b)	$	205	$	186,611
9.88%, 08/01/27 (Call 02/01/24)^(a)		50		53,953
Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)^(a)		20		19,655
NCL Corp. Ltd., 5.88%, 02/15/27 (Call 02/15/24)^(a)		60		57,301
Royal Caribbean Cruises Ltd, 5.38%, 07/15/27 (Call 10/15/26)^(a)		60		55,135
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27		15		15,245
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)^(a)		50		42,454


				430,354

Lodging — 2.6%
Boyd Gaming Corp., 4.75%, 12/01/27 (Call 12/01/22)		60		56,788
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 05/16/22)		35		34,865
Melco Resorts Finance Ltd., 5.63%, 07/17/27 (Call 07/17/22)^(d)		35		29,866
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)^(a)		40		33,639
MGM Resorts International, 5.50%, 04/15/27 (Call 01/15/27)		40		38,835
Travel + Leisure Co., 6.00%, 04/01/27 (Call 01/01/27)		25		24,996
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (Call 02/15/27)^(a)(b)		50		46,048
Wynn Macau Ltd., 5.50%, 10/01/27 (Call 10/01/22)^(a)		45		36,718


				301,755

Machinery — 0.9%
Granite US Holdings Corp., 11.00%, 10/01/27 (Call 10/01/22)^(a)		15		15,469
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)^(a)		90		84,416


				99,885

Manufacturing — 0.2%
Amsted Industries Inc., 5.63%, 07/01/27 (Call 07/01/22)^(a)		25		24,875


Media — 9.9%
Audacy Capital Corp., 6.50%, 05/01/27 (Call 05/16/22)^(a)		25		21,504
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27 (Call 05/31/22)^(a)(b)		190		185,125
CSC Holdings LLC, 5.50%, 04/15/27 (Call 05/31/22)^(a)		75		72,451
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)^(a)		215		202,737
Gray Television Inc., 7.00%, 05/15/27 (Call 05/15/22)^(a)(b)		45		46,605
iHeartCommunications Inc.
5.25%, 08/15/27 (Call 08/15/22)^(a)		45		42,218
8.38%, 05/01/27 (Call 05/16/22)		85		84,139
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 10/15/22)^(a)		67		66,660
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 08/15/22)^(a)		20		19,535
Nexstar Media Inc., 5.63%, 07/15/27 (Call 07/15/22)^(a)		105		102,235
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)^(a)(b)		30		28,690
Sinclair Television Group Inc., 5.13%, 02/15/27 (Call 05/16/22)^(a)		20		17,525
Sirius XM Radio Inc., 5.00%, 08/01/27 (Call 08/01/22)^(a)		90		86,838
Univision Communications Inc., 6.63%, 06/01/27 (Call 06/01/23)^(a)		90		90,545
Videotron Ltd., 5.13%, 04/15/27 (Call 05/30/22)^(a)		35		34,305
Ziggo Bond Co. BV, 6.00%, 01/15/27 (Call 05/30/22)^(a)(b)		35		34,379


				1,135,491

Metal Fabricate & Hardware — 0.3%
Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 09/30/22)^(a)		20		19,544
Park-Ohio Industries Inc., 6.63%, 04/15/27 (Call 05/31/22)		20		15,178


				34,722

Mining — 1.2%
Alcoa Nederland Holding BV, 5.50%, 12/15/27 (Call 06/15/23)^(a)		45		44,787


Security	Par (000)		Value

Mining (continued)
Compass Minerals International Inc., 6.75%, 12/01/27 (Call 12/01/22)^(a)	$	30	$	30,357
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)^(a)		35		33,501
New Gold Inc., 7.50%, 07/15/27 (Call 07/15/23)^(a)		25		24,996


				133,641

Office & Business Equipment — 0.2%
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)^(a)		20		18,482


Oil & Gas — 5.3%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/27 (Call 11/01/26)^(a)		20		27,829
Baytex Energy Corp., 8.75%, 04/01/27 (Call 04/01/23)^(a)		30		31,735
Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.13%, 01/15/27 (Call 01/15/24)^(a)		20		18,083
Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 05/31/22)^(a)		20		19,934
CNX Resources Corp., 7.25%, 03/14/27 (Call 05/31/22)^(a)		40		40,868
Earthstone Energy Holdings LLC, 8.00%, 04/15/27		20		19,940
MEG Energy Corp., 7.13%, 02/01/27 (Call 02/01/23)^(a)		70		71,084
Moss Creek Resources Holdings Inc., 10.50%, 05/15/27 (Call 05/31/22)^(a)		30		29,397
Murphy Oil Corp., 5.88%, 12/01/27 (Call 12/01/22)^(b)		30		29,730
Nabors Industries Inc., 7.38%, 05/15/27 (Call 05/15/24)^(a)		40		40,858
Occidental Petroleum Corp.
3.00%, 02/15/27 (Call 11/15/26)		30		27,957
8.50%, 07/15/27 (Call 01/15/27)		30		33,845
Parkland Corp., 5.88%, 07/15/27 (Call 07/15/22)^(a)		30		29,029
SM Energy Co., 6.63%, 01/15/27 (Call 05/31/22)		25		24,866
Southwestern Energy Co., 7.75%, 10/01/27 (Call 10/01/22)		25		26,146
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27
(Call 05/31/22)		35		35,283
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)^(a)		40		39,829
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 05/30/22)^(a)		28		27,036
Viper Energy Partners LP, 5.38%, 11/01/27 (Call 11/01/22)^(a)		30		29,984


				603,433

Oil & Gas Services — 0.9%
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27 (Call 05/31/22)^(a)		30		29,893
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)^(a)		30		29,846
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27 (Call 09/01/22)		45		44,052


				103,791

Packaging & Containers — 3.2%
ARD Finance SA, 6.50%, 06/30/27 (Call 11/15/22), (7.25% PIK)^(a)(c)		50		42,362
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 08/15/27 (Call 08/15/22)^(a)		105		90,115
Berry Global Inc., 5.63%, 07/15/27 (Call 07/15/22)^(a)		30		29,896
Graphic Packaging International LLC, 4.75%, 07/15/27 (Call 04/15/27)^(a)		20		19,375
LABL Inc., 10.50%, 07/15/27 (Call 07/15/22)^(a)		40		38,609
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)^(a)		37		36,761
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)^(a)		60		52,271
Sealed Air Corp., 4.00%, 12/01/27 (Call 09/01/27)^(a)		25		23,532
Trivium Packaging Finance BV, 8.50%, 08/15/27 (Call 08/15/22)^(a)(b)		40		39,487


				372,408


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals — 3.4%
Bausch Health Americas Inc., 8.50%, 01/31/27 (Call 07/31/22)^(a)(b)	$	100	$	94,676
Bausch Health Companies Inc.
5.75%, 08/15/27 (Call 08/15/22)^(a)		30		28,144
6.13%, 02/01/27 (Call 02/01/24)^(a)		60		57,688
Endo Dac/Endo Finance LLC/Endo Finco Inc., 9.50%, 07/31/27 (Call 07/31/23)^(a)		55		43,481
Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 08/01/22)^(a)		35		34,982
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 05/31/22)^(a)		120		109,565
Vizient Inc., 6.25%, 05/15/27 (Call 05/16/22)^(a)		20		20,650


				389,186

Pipelines — 3.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27 (Call 05/16/22)^(a)		40		39,217
Buckeye Partners LP, 4.13%, 12/01/27 (Call 09/01/27)		25		22,896
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27 (Call 05/16/22)^(a)		35		34,050
DCP Midstream Operating LP, 5.63%, 07/15/27 (Call 04/15/27)		30		30,483
EQM Midstream Partners LP, 6.50%, 07/01/27 (Call 01/01/27)^(a)		50		50,443
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27 (Call 01/15/24)		60		58,948
Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 (Call 08/01/22)		25		24,536
Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 04/15/27		10		10,223
Howard Midstream Energy Partners LLC, 6.75%, 01/15/27 (Call 01/15/24)^(a)		25		24,214
NuStar Logistics LP, 5.63%, 04/28/27 (Call 01/28/27)		30		28,804
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
6.00%, 03/01/27 (Call 03/01/23)^(a)		25		24,247


				348,061

Real Estate Investment Trusts — 4.5%
Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)^(a)		25		22,861
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 10/01/23)^(a)		45		40,786
Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)^(a)		30		27,005
Iron Mountain Inc., 4.88%, 09/15/27 (Call 09/15/22)^(a)		60		57,136
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27 (Call 02/01/23)^(a)		40		36,893
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 (Call 10/15/22)		80		76,757
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 (Call 10/15/22)		40		37,308
SBA Communications Corp., 3.88%, 02/15/27 (Call 02/15/23)		85		80,645
Service Properties Trust
4.95%, 02/15/27 (Call 08/15/26)^(b)		25		21,684
5.50%, 12/15/27 (Call 09/15/27)		25		22,750
Starwood Property Trust Inc., 4.38%, 01/15/27 (Call 07/15/26)^(a)		30		27,994
VICI Properties LP/VICI Note Co. Inc., 5.75%, 02/01/27^(a)		60		60,002


				511,821

Retail — 2.7%
Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)^(a)		25		24,953
Bath & Body Works Inc., 6.69%, 01/15/27		15		15,565
BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 04/01/23), (8.50% PIK)^(a)(c)		20		17,106
Carvana Co., 5.50%, 04/15/27 (Call 04/15/24)^(a)		35		28,661
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)^(a)		40		39,906


Security	Par/ Shares (000)		Value

Retail (continued)
Lithia Motors Inc., 4.63%, 12/15/27 (Call 12/15/22)^(a)	$	25	$	24,126
Murphy Oil USA Inc., 5.63%, 05/01/27 (Call 05/31/22)		15		14,964
Nordstrom Inc., 4.00%, 03/15/27 (Call 12/15/26)^(b)		20		18,571
Patrick Industries Inc., 7.50%, 10/15/27 (Call 10/15/22)^(a)		20		20,228
QVC Inc., 4.75%, 02/15/27 (Call 11/15/26)		35		31,400
Staples Inc., 10.75%, 04/15/27 (Call 05/31/22)^(a)		55		48,668
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27 (Call 05/31/22)		20		19,963


				304,111

Semiconductors — 0.3%
Amkor Technology Inc., 6.63%, 09/15/27 (Call 05/31/22)^(a)		30		30,629


Software — 1.4%
CDK Global Inc., 4.88%, 06/01/27 (Call 06/01/22)		45		45,338
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 05/31/22)^(a)		115		112,826


				158,164

Telecommunications — 5.9%
Altice France Holding SA, 10.50%, 05/15/27 (Call 05/15/22)^(a)		90		91,099
Altice France SA/France, 8.13%, 02/01/27 (Call 05/10/22)^(a)		105		105,756
CommScope Inc., 8.25%, 03/01/27 (Call 05/31/22)^(a)		55		46,752
CommScope Technologies LLC, 5.00%, 03/15/27 (Call 05/10/22)^(a)		45		35,298
Frontier Communications Holdings LLC, 5.88%, 10/15/27 (Call 10/15/23)^(a)		65		62,238
Level 3 Financing Inc., 4.63%, 09/15/27 (Call 09/15/22)^(a)		60		54,056
LogMeIn Inc., 5.50%, 09/01/27 (Call 09/01/23)^(a)		55		48,499
Lumen Technologies Inc., 4.00%, 02/15/27 (Call 02/15/23)^(a)		70		62,259
Nokia OYJ, 4.38%, 06/12/27^(b)		30		29,191
Telesat Canada/Telesat LLC, 4.88%, 06/01/27 (Call 12/01/22)^(a)		25		16,999
T-Mobile USA Inc., 5.38%, 04/15/27 (Call 05/10/22)		20		20,429
ViaSat Inc., 5.63%, 04/15/27 (Call 05/10/22)^(a)(b)		35		32,497
Zayo Group Holdings Inc., 4.00%, 03/01/27 (Call 05/31/22)^(a)		85		74,209


				679,282

Toys, Games & Hobbies — 0.3%
Mattel Inc., 5.88%, 12/15/27 (Call 12/15/22)^(a)		30		30,677


Transportation — 0.3%
Watco Companies LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 06/15/23)^(a)		35		33,769


Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/27 (Call 08/01/23)^(a)		25		25,538


Total Corporate Bonds & Notes — 97.9% (Cost: $12,147,296)				11,191,812


Short-Term Investments

Money Market Funds — 12.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(e)(f)(g)		1,347		1,347,177


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

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

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(e)(f)		40	$	40,000


				1,387,177


Total Short-Term Investments — 12.2% (Cost: $1,386,931)				1,387,177


Total Investments in Securities — 110.1% (Cost: $13,534,227)				12,578,989

Other Assets, Less Liabilities — (10.1)%				(1,149,077	)


Net Assets — 100.0%			$	11,429,912

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

^(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 10/31/21		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	$	508,415	$	839,095	^(a)	$	—		$	(579	)	$	246	$	1,347,177		1,347	$	1,308	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		250,000		—			(210,000	)^(a)		—			—		40,000		40		32			—


									$	(579	)	$	246	$	1,387,177			$	1,340		$	—

^(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	$	—	$	11,191,812	$	—	$	11,191,812
Money Market Funds		1,387,177		—		—		1,387,177


	$	1,387,177	$	11,191,812	$	—	$	12,578,989

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		39

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 1.2%
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)^(a)(b)	$	35	$	32,010
Clear Channel Outdoor Holdings Inc., 7.75%, 04/15/28 (Call 04/15/24)^(a)		45		42,556
Lamar Media Corp., 3.75%, 02/15/28 (Call 02/15/23)		25		23,049
National CineMedia LLC, 5.88%, 04/15/28 (Call 04/15/23)^(a)		20		17,210


				114,825

Aerospace & Defense — 0.7%
Bombardier Inc., 6.00%, 02/15/28 (Call 02/15/24)^(a)		35		30,432
Howmet Aerospace Inc., 6.75%, 01/15/28		15		15,873
Spirit AeroSystems Inc., 4.60%, 06/15/28 (Call 03/15/28)		30		25,928


				72,233

Airlines — 0.2%
Delta Air Lines Inc., 4.38%, 04/19/28 (Call 01/19/28)		25		23,403


Auto Manufacturers — 1.3%
Ford Motor Co., 6.63%, 10/01/28		20		20,763
Ford Motor Credit Co. LLC, 2.90%, 02/16/28 (Call 12/16/27)		35		30,019
Jaguar Land Rover Automotive PLC, 5.88%, 01/15/28 (Call 01/15/24)^(a)		30		25,832
PM General Purchaser LLC, 9.50%, 10/01/28 (Call 10/01/23)^(a)		30		28,651
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)^(a)		20		16,730


				121,995

Auto Parts & Equipment — 0.9%
American Axle & Manufacturing Inc., 6.88%, 07/01/28 (Call 07/01/23)		20		18,829
Dana Inc., 5.63%, 06/15/28 (Call 06/15/23)		20		19,085
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 08/01/23)^(a)		25		24,601
Meritor Inc., 4.50%, 12/15/28 (Call 12/15/23)^(a)		10		9,987
Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24)		15		14,708


				87,210

Biotechnology — 0.5%
Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)^(a)		20		16,973
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)^(a)		30		27,444


				44,417

Building Materials — 2.4%
CP Atlas Buyer Inc., 7.00%, 12/01/28 (Call 12/01/23)^(a)		25		20,875
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)		45		40,176
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)^(a)		20		19,278
Masonite International Corp., 5.38%, 02/01/28 (Call 02/01/23)^(a)		25		23,980
New Enterprise Stone & Lime Co. Inc.
5.25%, 07/15/28 (Call 07/15/24)^(a)		30		27,603
9.75%, 07/15/28 (Call 07/15/23)^(a)		10		9,876
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(a)		50		48,020
Standard Industries Inc./NJ, 4.75%, 01/15/28 (Call 01/15/23)^(a)		50		46,037


				235,845

Chemicals — 3.3%
ASP Unifrax Holdings Inc, 5.25%, 09/30/28 (Call 09/30/24)^(a)		40		35,276
Chemours Co. (The), 5.75%, 11/15/28 (Call 11/15/23)^(a)		35		32,949
Consolidated Energy Finance SA, 5.63%, 10/15/28 (Call 10/15/24)^(a)		25		23,307
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)^(a)		25		24,427
Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)^(a)		35		31,305
HB Fuller Co., 4.25%, 10/15/28 (Call 10/15/23)		15		13,485
Herens Holdco Sarl, 4.75%, 05/15/28 (Call 05/15/24)^(a)		15		13,357
Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)^(a)		20		19,256


Security	Par (000)		Value

Chemicals (continued)
Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)^(a)	$	25	$	22,566
Innophos Holdings Inc., 9.38%, 02/15/28 (Call 02/15/23)^(a)		10		10,550
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)^(a)		20		18,632
Olympus Water U.S. Holding Corp., 4.25%, 10/01/28 (Call 10/01/24)^(a)		35		31,075
SCIH Salt Holdings Inc., 4.88%, 05/01/28 (Call 05/01/24)^(a)		50		43,848


				320,033

Coal — 0.2%
Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)^(a)		15		15,503


Commercial Services — 5.2%
Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)^(a)		21		19,268
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)^(a)		90		79,708
ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)^(a)		25		23,227
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 4.75%, 04/01/28 (Call 04/01/24)^(a)		25		23,322
CoreLogic Inc., 4.50%, 05/01/28 (Call 05/01/24)^(a)		35		31,077
Gartner Inc., 4.50%, 07/01/28 (Call 07/01/23)^(a)		35		33,578
Grand Canyon University, 5.13%, 10/01/28 (Call 08/01/28)		20		19,333
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(a)		50		46,268
5.75%, 11/01/28 (Call 11/01/23)^(a)		60		52,218
Nielsen Finance LLC/Nielsen Finance Co., 5.63%, 10/01/28 (Call 10/01/23)^(a)		45		43,587
Prime Security Services Borrower LLC/Prime Finance Inc., 6.25%, 01/15/28 (Call 01/15/23)^(a)		60		53,851
United Rentals North America Inc., 4.88%, 01/15/28 (Call 01/15/23)		75		72,997


				498,434

Computers — 1.5%
Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)^(a)		20		17,737
Austin BidCo Inc., 7.13%, 12/15/28 (Call 12/15/23)^(a)		15		13,546
Booz Allen Hamilton Inc., 3.88%, 09/01/28 (Call 09/01/23)^(a)		30		27,706
KBR Inc., 4.75%, 09/30/28 (Call 09/30/23)^(a)		10		9,450
NCR Corp., 5.00%, 10/01/28 (Call 10/01/23)^(a)		30		28,611
Presidio Holdings Inc., 8.25%, 02/01/28 (Call 02/01/23)^(a)		25		24,364
Science Applications International Corp., 4.88%, 04/01/28 (Call 04/01/23)^(a)		20		19,122


				140,536

Cosmetics & Personal Care — 0.4%
Edgewell Personal Care Co., 5.50%, 06/01/28 (Call 06/01/23)^(a)		35		33,868


Distribution & Wholesale — 0.8%
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)^(a)		30		27,883
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)		60		52,247


				80,130

Diversified Financial Services — 4.8%
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)^(a)		25		24,529
Burford Capital Global Finance LLC, 6.25%, 04/15/28 (Call 04/15/24)^(a)		20		19,707
Coinbase Global Inc., 3.38%, 10/01/28 (Call 10/01/24)^(a)		45		35,908
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)^(a)		45		37,916
GPS Hospitality Holding Co LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)^(a)		20		15,012
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(a)		45		41,005
LD Holdings Group LLC, 6.13%, 04/01/28 (Call 04/01/24)^(a)		30		22,657
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (Call 05/01/24)^(a)		45		38,792
Nationstar Mortgage Holdings Inc., 5.50%, 08/15/28 (Call 08/15/23)^(a)		40		36,536


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Navient Corp., 4.88%, 03/15/28 (Call 06/15/27)	$	25	$	21,953
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)^(a)		25		22,826
6.88%, 08/15/28 (Call 08/15/23)^(a)		95		84,061
OneMain Finance Corp.
3.88%, 09/15/28 (Call 09/15/24)		30		25,489
6.63%, 01/15/28 (Call 07/15/27)		40		39,544


				465,935

Electric — 3.5%
Calpine Corp.
4.50%, 02/15/28 (Call 02/15/23)^(a)		55		51,014
5.13%, 03/15/28 (Call 03/15/23)^(a)		65		59,046
Clearway Energy Operating LLC, 4.75%, 03/15/28 (Call 03/15/23)^(a)		35		33,296
FirstEnergy Transmission LLC, 2.87%, 09/15/28 (Call 07/15/28)^(a)		20		17,829
NRG Energy Inc., 5.75%, 01/15/28 (Call 01/15/23)		35		34,175
Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28 (Call 08/15/23)^(a)		30		28,350
PG&E Corp., 5.00%, 07/01/28 (Call 07/01/23)		45		41,430
Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)^(a)		35		31,946
Talen Energy Supply LLC
6.63%, 01/15/28 (Call 01/15/23)^(a)		20		18,923
7.63%, 06/01/28 (Call 06/01/23)^(a)		20		19,167


				335,176

Electrical Components & Equipment — 0.9%
Energizer Holdings Inc., 4.75%, 06/15/28 (Call 06/15/23)^(a)		25		21,933
WESCO Distribution Inc., 7.25%, 06/15/28 (Call 06/15/23)^(a)		60		62,353


				84,286

Energy - Alternate Sources — 0.8%
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28 (Call 06/15/25)^(a)		20		18,642
Renewable Energy Group Inc., 5.88%, 06/01/28 (Call 06/01/24)^(a)		25		26,493
TerraForm Power Operating LLC, 5.00%, 01/31/28 (Call 07/31/27)^(a)		30		28,018


				73,153

Engineering & Construction — 0.6%
Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28)		30		28,516
Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)^(a)		15		14,961
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)^(a)		20		17,667


				61,144

Entertainment — 1.6%
Allen Media LLC/Allen Media Co-Issuer Inc., 10.50%, 02/15/28 (Call 02/15/23)^(a)		30		27,116
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/01/28 (Call 10/01/23)		15		15,105
Churchill Downs Inc., 4.75%, 01/15/28 (Call 01/15/23)^(a)		30		28,093
Cinemark USA Inc., 5.25%, 07/15/28 (Call 07/15/24)^(a)		35		30,972
Live Nation Entertainment Inc., 3.75%, 01/15/28 (Call 01/15/24)^(a)		25		22,707
Scientific Games International Inc., 7.00%, 05/15/28 (Call 05/15/23)^(a)		30		30,725


				154,718

Environmental Control — 0.9%
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)		35		31,437
4.00%, 08/01/28 (Call 08/01/23)^(a)		35		30,846
Madison IAQ LLC, 4.13%, 06/30/28 (Call 06/30/24)^(a)		30		26,332


				88,615


Security	Par (000)		Value

Food — 2.0%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28 (Call 08/15/22)^(a)	$	35	$	34,018
C&S Group Enterprises LLC, 5.00%, 12/15/28 (Call 12/15/23)^(a)		20		17,100
Chobani LLC/Chobani Finance Corp. Inc., 4.63%, 11/15/28 (Call 11/15/23)^(a)		20		17,998
Lamb Weston Holdings Inc., 4.88%, 05/15/28 (Call 11/15/27)^(a)		25		24,358
Post Holdings Inc., 5.63%, 01/15/28 (Call 12/01/22)^(a)		45		42,588
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28 (Call 10/15/23)^(a)		15		14,640
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23)		25		20,496
United Natural Foods Inc., 6.75%, 10/15/28 (Call 10/15/23)^(a)		25		25,085


				196,283

Food Service — 0.7%
Aramark Services Inc., 5.00%, 02/01/28 (Call 02/01/23)^(a)		55		51,313
TKC Holdings Inc., 6.88%, 05/15/28 (Call 05/15/24)^(a)		20		19,115


				70,428

Forest Products & Paper — 0.5%
Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 02/04/28 (Call 02/04/24)^(a)		15		13,354
Clearwater Paper Corp., 4.75%, 08/15/28 (Call 08/15/23)^(a)		10		8,823
Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)^(a)		30		29,727


				51,904

Health Care - Products — 1.4%
Avantor Funding Inc., 4.63%, 07/15/28 (Call 07/15/23)^(a)		70		66,823
Hologic Inc., 4.63%, 02/01/28 (Call 02/01/23)^(a)		25		24,512
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28 (Call 02/01/23)^(a)		20		20,323
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)^(a)		25		23,554


				135,212

Health Care - Services — 5.2%
Acadia Healthcare Co. Inc., 5.50%, 07/01/28 (Call 07/01/23)^(a)		25		24,343
Akumin Escrow Inc., 7.50%, 08/01/28 (Call 08/01/24)^(a)		20		16,037
Cano Health LLC, 6.25%, 10/01/28 (Call 10/01/24)^(a)		15		13,909
Centene Corp., 2.45%, 07/15/28 (Call 05/15/28)		105		91,650
Charles River Laboratories International Inc., 4.25%, 05/01/28 (Call 05/01/23)^(a)		25		23,861
CHS/Community Health Systems Inc., 6.88%, 04/01/28 (Call 04/01/23)^(a)		35		27,496
Encompass Health Corp., 4.50%, 02/01/28 (Call 02/01/23)		35		32,225
HCA Inc., 5.63%, 09/01/28 (Call 03/01/28)		70		72,348
Molina Healthcare Inc., 4.38%, 06/15/28 (Call 06/15/23)^(a)		35		32,696
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)^(a)		35		33,312
Tenet Healthcare Corp.
4.63%, 06/15/28 (Call 06/15/23)^(a)		25		23,614
6.13%, 10/01/28 (Call 10/01/23)^(a)		115		110,331


				501,822

Home Builders — 1.5%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/28 (Call 01/15/23)^(a)		10		9,722
Forestar Group Inc., 5.00%, 03/01/28 (Call 03/01/23)^(a)		15		13,543
Installed Building Products Inc., 5.75%, 02/01/28 (Call 02/01/23)^(a)		15		14,223
M/I Homes Inc., 4.95%, 02/01/28 (Call 02/01/23)		20		18,429
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28 (Call 02/15/23)^(a)		20		17,827
Taylor Morrison Communities Inc., 5.75%, 01/15/28 (Call 10/15/27)^(a)		20		19,633
Tri Pointe Homes Inc., 5.70%, 06/15/28 (Call 12/15/27)		15		14,405
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(a)		25		23,699


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Home Builders (continued)
Winnebago Industries Inc., 6.25%, 07/15/28 (Call 07/15/23)^(a)	$	15	$	14,910


				146,391

Household Products & Wares — 0.2%
Central Garden & Pet Co., 5.13%, 02/01/28 (Call 01/01/23)		15		14,394


Insurance — 0.5%
MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23)		30		28,270
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)^(a)		25		24,419


				52,689

Internet — 3.9%
Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)^(a)		15		13,787
ANGI Group LLC, 3.88%, 08/15/28 (Call 08/15/23)^(a)		25		19,854
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)^(a)		45		40,260
6.13%, 12/01/28 (Call 12/01/23)^(a)		25		21,751
Cablevision Lightpath LLC, 5.63%, 09/15/28 (Call 09/15/23)^(a)		20		17,172
Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)^(a)		20		18,771
ION Trading Technologies Sarl, 5.75%, 05/15/28 (Call 05/15/24)^(a)		20		18,793
Match Group Holdings II LLC, 4.63%, 06/01/28 (Call 06/01/23)^(a)		25		23,338
Netflix Inc.
4.88%, 04/15/28		75		73,631
5.88%, 11/15/28		90		92,651
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 6.00%, 02/15/28 (Call 02/15/24)^(a)		15		12,529
Uber Technologies Inc., 6.25%, 01/15/28 (Call 09/15/23)^(a)		25		24,748


				377,285

Iron & Steel — 0.2%
Carpenter Technology Corp., 6.38%, 07/15/28 (Call 07/15/23)		20		19,959


Leisure Time — 2.4%
Carnival Corp., 4.00%, 08/01/28 (Call 05/01/28)^(a)		110		99,037
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)		25		22,500
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 (Call 12/15/27)		25		21,006
5.50%, 04/01/28 (Call 10/01/27)^(a)		70		63,848
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)		30		27,087


				233,478

Lodging — 2.5%
Full House Resorts Inc., 8.25%, 02/15/28 (Call 02/15/24)^(a)		20		19,795
Hilton Domestic Operating Co. Inc., 5.75%, 05/01/28 (Call 05/01/23)^(a)		25		25,326
Marriott Ownership Resorts Inc., 4.75%, 01/15/28 (Call 09/15/22)		15		13,769
Melco Resorts Finance Ltd., 5.75%, 07/21/28 (Call 07/21/23)^(a)		40		33,267
MGM Resorts International, 4.75%, 10/15/28 (Call 07/15/28)		35		32,158
Station Casinos LLC, 4.50%, 02/15/28 (Call 02/15/23)^(a)		30		27,255
Studio City Finance Ltd., 6.50%, 01/15/28 (Call 07/15/23)^(a)		25		19,462
Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 08/15/23)^(a)		25		23,308
Wynn Macau Ltd., 5.63%, 08/26/28 (Call 08/26/23)^(a)		60		48,172


				242,512

Machinery — 1.1%
ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)^(a)		15		13,587
BWX Technologies Inc., 4.13%, 06/30/28 (Call 06/30/23)^(a)		20		18,637
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)^(a)		25		22,958
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)^(a)		20		19,246
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)^(a)		40		34,861


				109,289


Security	Par (000)		Value

Manufacturing — 0.3%
LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)^(a)	$	30	$	29,384


Media — 8.1%
Altice Financing SA, 5.00%, 01/15/28 (Call 01/15/23)^(a)		55		46,355
Block Communications Inc., 4.88%, 03/01/28 (Call 03/01/23)^(a)		15		14,074
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28 (Call 08/01/22)^(a)		115		109,559
CSC Holdings LLC
5.38%, 02/01/28 (Call 02/01/23)^(a)		50		46,250
7.50%, 04/01/28 (Call 04/01/23)^(a)		50		46,122
DISH DBS Corp.
5.75%, 12/01/28 (Call 12/01/27)^(a)		115		103,150
7.38%, 07/01/28 (Call 07/01/23)		45		39,653
GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)^(a)		30		27,697
iHeartCommunications Inc., 4.75%, 01/15/28 (Call 01/15/23)^(a)		25		22,704
McGraw-Hill Education Inc., 5.75%, 08/01/28 (Call 08/01/24)^(a)		40		35,762
Nexstar Media Inc., 4.75%, 11/01/28 (Call 11/01/23)^(a)		45		40,972
Radiate Holdco LLC/Radiate Finance Inc., 6.50%, 09/15/28 (Call 09/15/23)^(a)		45		39,348
Sirius XM Radio Inc., 4.00%, 07/15/28 (Call 07/15/24)^(a)		90		81,381
TEGNA Inc., 4.63%, 03/15/28 (Call 03/15/23)		45		43,330
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)^(a)		25		23,675
Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)^(a)		40		38,775
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)^(a)		25		22,967


				781,774

Mining — 1.5%
Alcoa Nederland Holding BV, 6.13%, 05/15/28 (Call 05/15/23)^(a)		25		25,384
Arconic Corp., 6.13%, 02/15/28 (Call 02/15/23)^(a)		40		38,709
Century Aluminum Co., 7.50%, 04/01/28 (Call 04/01/24)^(a)		10		10,106
Constellium SE, 5.63%, 06/15/28 (Call 06/15/23)^(a)		15		14,373
Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/23)		20		20,206
Joseph T Ryerson & Son Inc., 8.50%, 08/01/28 (Call 08/01/23)^(a)		15		16,120
Kaiser Aluminum Corp., 4.63%, 03/01/28 (Call 03/01/23)^(a)		25		22,768


				147,666

Office & Business Equipment — 0.3%
Xerox Holdings Corp., 5.50%, 08/15/28 (Call 07/15/28)^(a)		35		31,522


Office Furnishings — 0.1%
Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)^(a)		15		13,585


Oil & Gas — 4.3%
Apache Corp., 4.38%, 10/15/28 (Call 07/15/28)		15		14,100
Callon Petroleum Co., 8.00%, 08/01/28 (Call 08/01/24)^(a)		30		30,984
CVR Energy Inc., 5.75%, 02/15/28 (Call 02/15/23)^(a)		20		18,758
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)^(a)		30		30,067
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/23)^(a)		50		50,128
Global Marine Inc., 7.00%, 06/01/28		15		10,552
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28 (Call 11/01/23)^(a)		25		24,915
Laredo Petroleum Inc., 10.13%, 01/15/28 (Call 01/15/23)		15		15,815
Murphy Oil Corp., 6.38%, 07/15/28 (Call 07/15/24)		25		25,444
Nabors Industries Ltd., 7.50%, 01/15/28 (Call 01/15/23)^(a)		20		19,244
Northern Oil and Gas Inc., 8.13%, 03/01/28 (Call 03/01/24)^(a)		35		35,022
Occidental Petroleum Corp., 6.38%, 09/01/28 (Call 03/01/28)		30		31,644
Patterson-UTI Energy Inc., 3.95%, 02/01/28 (Call 11/01/27)		25		23,002
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/28 (Call 02/15/23)		40		35,140
SM Energy Co., 6.50%, 07/15/28 (Call 07/15/24)		20		19,809
Southwestern Energy Co., 8.38%, 09/15/28 (Call 09/15/23)		15		16,237


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 (Call 03/15/23)	$	20	$	19,812


				420,673

Oil & Gas Services — 1.0%
Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28 (Call 04/01/23)^(a)		35		33,957
Bristow Group Inc., 6.88%, 03/01/28 (Call 03/01/24)^(a)		20		19,579
Oceaneering International Inc., 6.00%, 02/01/28 (Call 11/01/27)		15		13,801
Weatherford International Ltd., 6.50%, 09/15/28 (Call 09/15/24)^(a)		25		25,245


				92,582

Packaging & Containers — 1.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28 (Call 05/15/24)^(a)		25		21,943
Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)^(a)		20		19,427
Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 08/15/23)^(a)		25		22,546
Graphic Packaging International LLC, 3.50%, 03/15/28^(a)		20		18,100
Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd.
Co-Issuer LLC, 6.00%, 09/15/28 (Call 09/15/22)^(a)		30		28,400
LABL Inc., 5.88%, 11/01/28 (Call 11/01/24)^(a)		25		22,887
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)^(a)		25		22,051
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 10/01/22)		25		23,393


				178,747

Pharmaceuticals — 3.6%
AdaptHealth LLC, 6.13%, 08/01/28 (Call 08/01/23)^(a)		15		14,236
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)^(a)		75		66,556
5.00%, 01/30/28 (Call 01/30/23)^(a)		60		44,332
7.00%, 01/15/28 (Call 01/15/23)^(a)		35		28,737
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Call 01/15/24)^(a)		25		23,932
Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)		35		36,248
Endo Dac/Endo Finance LLC/Endo Finco Inc., 6.00%, 06/30/28 (Call 06/30/23)^(a)		60		26,462
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28 (Call 04/30/24)^(a)		95		88,246
Prestige Brands Inc., 5.13%, 01/15/28 (Call 01/15/23)^(a)		20		19,159


				347,908

Pipelines — 4.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 01/15/28 (Call 01/15/23)^(a)		30		29,128
Buckeye Partners LP, 4.50%, 03/01/28 (Call 12/01/27)^(a)		25		22,806
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)		90		87,466
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)^(a)		20		19,140
EnLink Midstream LLC, 5.63%, 01/15/28 (Call 07/15/27)^(a)		25		24,775
EQM Midstream Partners LP, 5.50%, 07/15/28 (Call 04/15/28)		40		38,210
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28 (Call 02/01/23)		35		33,668
Harvest Midstream I LP, 7.50%, 09/01/28 (Call 09/01/23)^(a)		35		35,571
Hess Midstream Operations LP, 5.13%, 06/15/28 (Call 06/15/23)^(a)		25		24,262
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 02/01/23)^(a)		25		23,771
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28 (Call 01/15/23)^(a)		35		32,672
Western Midstream Operating LP
4.50%, 03/01/28 (Call 12/01/27)		25		23,952
4.75%, 08/15/28 (Call 05/15/28)		15		14,604


				410,025


Security	Par (000)		Value

Real Estate — 0.6%
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28 (Call 05/15/23)^(a)	$	25	$	25,500
Howard Hughes Corp. (The), 5.38%, 08/01/28 (Call 08/01/23)^(a)		35		33,956


				59,456

Real Estate Investment Trusts — 2.0%
American Finance Trust Inc./American Finance Operating Partner LP, 4.50%, 09/30/28 (Call 06/30/28)^(a)		25		21,292
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)^(a)		20		18,102
Diversified Healthcare Trust, 4.75%, 02/15/28 (Call 08/15/27)		25		21,325
Iron Mountain Inc.
5.00%, 07/15/28 (Call 07/15/23)^(a)		25		23,670
5.25%, 03/15/28 (Call 12/27/22)^(a)		35		33,445
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28 (Call 10/01/23)^(a)		35		33,952
Service Properties Trust, 3.95%, 01/15/28 (Call 07/15/27)		20		15,841
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 4.75%, 04/15/28 (Call 04/15/24)^(a)		25		22,342


				189,969

Retail — 4.4%
1011778 BC ULC/New Red Finance Inc.
3.88%, 01/15/28 (Call 09/15/22)^(a)		70		64,400
4.38%, 01/15/28 (Call 11/15/22)^(a)		35		32,096
Asbury Automotive Group Inc., 4.50%, 03/01/28 (Call 03/01/23)		20		18,639
At Home Group Inc., 4.88%, 07/15/28 (Call 07/15/23)^(a)		15		12,396
Bath & Body Works Inc., 5.25%, 02/01/28		25		24,196
Carvana Co., 5.88%, 10/01/28 (Call 10/01/23)^(a)		30		23,867
FirstCash Inc., 4.63%, 09/01/28 (Call 09/01/23)^(a)		25		22,753
Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)^(a)		35		31,484
Ken Garff Automotive LLC, 4.88%, 09/15/28 (Call 09/15/23)^(a)		20		18,188
Michaels Companies Inc (The), 5.25%, 05/01/28 (Call 11/01/23)^(a)		40		34,394
Nordstrom Inc., 6.95%, 03/15/28		15		15,348
PetSmart Inc./PetSmart Finance Corp., 4.75%, 02/15/28 (Call 02/15/24)^(a)		55		51,158
QVC Inc., 4.38%, 09/01/28 (Call 06/01/28)		25		21,250
SRS Distribution Inc., 4.63%, 07/01/28 (Call 07/01/24)^(a)		30		27,472
White Cap Buyer LLC, 6.88%, 10/15/28 (Call 10/15/23)^(a)		30		27,647


				425,288

Semiconductors — 0.5%
Entegris Inc., 4.38%, 04/15/28 (Call 04/15/23)^(a)		20		18,614
ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)^(a)		30		27,870


				46,484

Software — 3.0%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(a)		50		46,419
Castle U.S. Holding Crop., 9.50%, 02/15/28 (Call 02/15/23)^(a)		15		13,766
Clarivate Science Holdings Corp., 3.88%, 07/01/28 (Call 06/30/24)^(a)		40		35,618
Consensus Cloud Solutions Inc., 6.50%, 10/15/28 (Call 10/15/26)^(a)		25		23,470
Fair Isaac Corp., 4.00%, 06/15/28 (Call 12/15/22)^(a)		40		36,565
Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28 (Call 05/01/24)^(a)		15		13,271
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)^(a)		25		23,007
Open Text Corp., 3.88%, 02/15/28 (Call 02/15/23)^(a)		40		36,464
PTC Inc., 4.00%, 02/15/28 (Call 02/15/23)^(a)		25		23,263
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(a)		25		21,635
5.38%, 12/01/28 (Call 12/01/23)^(a)		25		20,399


				293,877


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Telecommunications — 7.6%
Altice France Holding SA, 6.00%, 02/15/28 (Call 02/15/23)^(a)	$	55	$	45,431
Altice France SA/France, 5.50%, 01/15/28 (Call 09/15/22)^(a)		50		44,258
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)^(a)		45		41,598
CommScope Inc., 7.13%, 07/01/28 (Call 07/01/23)^(a)		35		27,944
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(a)		20		16,360
6.50%, 10/01/28 (Call 10/01/23)^(a)		35		30,407
Frontier Communications Holdings LLC, 5.00%, 05/01/28 (Call 05/01/24)^(a)		70		63,909
Frontier Florida LLC, Series E, 6.86%, 02/01/28		15		14,793
Iliad Holding SAS, 7.00%, 10/15/28 (Call 10/15/24)^(a)		40		38,150
Level 3 Financing Inc., 4.25%, 07/01/28 (Call 07/01/23)^(a)		55		46,533
Lumen Technologies Inc., Series G, 6.88%, 01/15/28		20		18,858
Sprint Capital Corp., 6.88%, 11/15/28		115		126,161
Switch Ltd., 3.75%, 09/15/28 (Call 09/15/23)^(a)		25		23,446
T-Mobile USA Inc., 4.75%, 02/01/28 (Call 02/01/23)		75		74,035
ViaSat Inc., 6.50%, 07/15/28 (Call 07/15/23)^(a)		20		17,299
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)^(a)		65		62,278
Zayo Group Holdings Inc., 6.13%, 03/01/28 (Call 03/01/23)^(a)		50		41,929


				733,389

Transportation — 0.5%
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 02/01/23)^(a)		30		28,228
Danaos Corp., 8.50%, 03/01/28 (Call 03/01/24)^(a)		15		15,562


				43,790

Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28 (Call 05/01/24)^(a)		45		38,998


Total Corporate Bonds & Notes — 98.0% (Cost: $9,887,537)				9,488,222


Security	Shares (000)		Value


Short-Term Investments

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		34	$	33,957
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		210		210,000


				243,957


Total Short-Term Investments — 2.5% (Cost: $243,957)				243,957


Total Investments in Securities — 100.5% (Cost: $10,131,494)				9,732,179

Other Assets, Less Liabilities — (0.5)%				(49,934	)


Net Assets — 100.0%			$	9,682,245

^(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)	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 period 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 03/08/22	^(a)	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	$	—		$ 33,957	^(b)	$	—	$	—	$	—		$	33,957	34		$	1	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		210,000	^(b)		—		—		—			210,000	210			101			—


								$	—	$	—		$	243,957			$	102		$	—

^(a)	Commencement of operations.

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

^(c)	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


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2028 Term High Yield and Income ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments

Assets

Corporate Bonds & Notes	$	—	$	9,488,222	$	—	$	9,488,222

Money Market Funds		243,957		—		—		243,957


	$	243,957	$	9,488,222	$	—	$	9,732,179

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		45

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 1.2%
Clear Channel Outdoor Holdings Inc., 7.50%, 06/01/29 (Call 06/01/24)^(a)	$	55	$	51,877
Lamar Media Corp., 4.88%, 01/15/29 (Call 01/15/24)		20		19,078
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/29 (Call 01/15/24)^(a)		25		22,240
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)		55		48,524


				141,719

Aerospace & Defense — 0.9%
Howmet Aerospace Inc., 3.00%, 01/15/29 (Call 11/15/28)		30		26,211
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)		60		51,844
4.88%, 05/01/29 (Call 05/01/24)		35		30,652


				108,707

Agriculture — 0.3%
Vector Group Ltd., 5.75%, 02/01/29 (Call 02/01/24)^(a)		45		39,607


Airlines — 2.2%
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29^(a)		155		149,542
Delta Air Lines Inc., 3.75%, 10/28/29 (Call 07/28/29)		30		26,486
United Airlines Inc., 4.63%, 04/15/29 (Call 10/15/25)^(a)		100		91,878


				267,906

Apparel — 0.5%
Crocs Inc., 4.25%, 03/15/29 (Call 03/15/24)^(a)		20		17,002
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)^(a)		20		17,480
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)^(a)		30		25,513


				59,995

Auto Manufacturers — 1.2%
Allison Transmission Inc., 5.88%, 06/01/29 (Call 06/01/24)^(a)(b)		25		24,652
Ford Motor Credit Co. LLC
2.90%, 02/10/29 (Call 12/10/28)		40		33,548
5.11%, 05/03/29 (Call 02/03/29)		65		61,598
Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29 (Call 07/15/24)^(a)		25		20,874


				140,672

Auto Parts & Equipment — 1.7%
American Axle & Manufacturing Inc., 5.00%, 10/01/29 (Call 10/01/24)		30		25,850
Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 (Call 10/15/24)^(a)		30		24,475
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/29 (Call 04/15/29)^(a)		10		8,861
5.00%, 07/15/29 (Call 04/15/29)		30		26,581
IHO Verwaltungs GmbH, 6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)^(a)(c)		20		19,049
Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 (Call 02/01/24)^(a)		30		24,357
Tenneco Inc.
5.13%, 04/15/29 (Call 04/15/24)^(a)		25		24,352
7.88%, 01/15/29 (Call 01/15/24)^(a)		30		30,298
Wheel Pros Inc., 6.50%, 05/15/29 (Call 05/15/24)^(a)		20		15,200


				199,023

Beverages — 0.5%
Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)^(a)		30		26,123
Triton Water Holdings Inc., 6.25%, 04/01/29 (Call 04/01/24)^(a)		38		31,496


				57,619

Building Materials — 0.9%
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)^(a)		25		20,822


Security	Par (000)		Value

Building Materials (continued)
Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)^(a)	$	20	$	17,245
PGT Innovations Inc., 4.38%, 10/01/29 (Call 08/01/24)^(a)		25		21,962
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(a)		40		37,615
Victors Merger Corp., 6.38%, 05/15/29 (Call 05/15/24)^(a)		25		15,002


				112,646

Chemicals — 3.1%
ASP Unifrax Holdings Inc, 7.50%, 09/30/29 (Call 09/30/24)^(a)		20		16,382
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)		30		26,022
Chemours Co. (The), 4.63%, 11/15/29 (Call 11/15/24)^(a)		35		30,310
Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)^(a)		25		21,528
EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)^(a)		25		21,901
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (Call 10/15/24)^(a)		15		13,350
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29)		35		33,460
Olin Corp., 5.63%, 08/01/29 (Call 08/01/24)		40		39,360
Olympus Water U.S. Holding Corp., 6.25%, 10/01/29 (Call 10/01/24)^(a)(b)		20		16,725
SCIH Salt Holdings Inc., 6.63%, 05/01/29 (Call 05/01/24)^(a)		35		27,977
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.13%, 04/01/29 (Call 04/01/24)^(a)		25		22,037
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(a)		50		44,625
WR Grace Holdings LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)		60		51,532


				365,209

Coal — 0.2%
SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)^(a)		25		22,412


Commercial Services — 5.7%
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)^(a)		50		42,530
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (Call 06/01/24)^(a)		50		41,376
AMN Healthcare Inc., 4.00%, 04/15/29 (Call 04/15/24)^(a)		20		18,106
APi Escrow Corp., 4.75%, 10/15/29 (Call 10/15/24)^(a)		10		9,135
APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)^(a)		20		17,860
APX Group Inc., 5.75%, 07/15/29 (Call 07/15/24)^(a)		40		32,813
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.38%, 03/01/29 (Call 03/01/24)^(a)		30		28,517
Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)^(a)		20		17,551
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)^(a)(b)		25		23,949
Garda World Security Corp., 6.00%, 06/01/29 (Call 06/01/24)^(a)		25		20,852
Gartner Inc., 3.63%, 06/15/29 (Call 06/15/24)^(a)		30		27,086
HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)^(a)		30		27,410
Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)^(a)		50		43,769
Metis Merger Sub LLC, 6.50%, 05/15/29 (Call 05/15/24)^(a)		35		30,450
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)^(a)		45		42,392
Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 07/15/29 (Call 07/15/24)^(a)		40		37,778
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)^(a)		20		16,319
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)^(a)		25		23,349
PROG Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)^(a)		30		26,559
Rent-A-Center Inc./TX, 6.38%, 02/15/29 (Call 02/15/24)^(a)		25		21,772
Service Corp. International/U.S., 5.13%, 06/01/29 (Call 06/01/24)		40		39,453
Signal Parent Inc., 6.13%, 04/01/29 (Call 04/01/24)^(a)		15		11,772
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)^(a)		15		14,156
StoneMor Inc., 8.50%, 05/15/29 (Call 05/15/24)^(a)		20		19,523
TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)^(a)		30		27,295
WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)^(a)		25		19,819


				681,591

Computers — 1.8%
Booz Allen Hamilton Inc., 4.00%, 07/01/29 (Call 07/01/24)^(a)		30		27,715


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Computers (continued)
Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)^(a)	$	25	$	23,082
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)		40		35,535
NCR Corp.
5.13%, 04/15/29 (Call 04/15/24)^(a)		60		56,771
6.13%, 09/01/29 (Call 09/01/24)^(a)		25		23,944
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)		25		21,146
4.09%, 06/01/29 (Call 03/01/29)		25		22,282


				210,475

Cosmetics & Personal Care — 0.4%
Coty Inc/HFC Prestige Products Inc/HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(a)		25		22,277
Edgewell Personal Care Co., 4.13%, 04/01/29 (Call 04/01/24)^(a)		30		26,722


				48,999

Distribution & Wholesale — 0.2%
American Builders & Contractors Supply Co. Inc., 3.88%, 11/15/29 (Call 11/15/24)^(a)		20		17,685
Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)^(a)		10		8,941


				26,626

Diversified Financial Services — 2.2%
Aretec Escrow Issuer Inc., 7.50%, 04/01/29 (Call 04/01/24)^(a)		20		18,672
Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)^(a)		15		14,261
Cobra AcquisitionCo LLC, 6.38%, 11/01/29 (Call 11/01/24)^(a)		20		15,419
Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)^(a)		25		22,977
LPL Holdings Inc., 4.00%, 03/15/29 (Call 03/15/24)^(a)		40		36,436
Navient Corp., 5.50%, 03/15/29 (Call 06/15/28)		35		30,874
OneMain Finance Corp., 5.38%, 11/15/29 (Call 05/15/29)		35		31,440
PennyMac Financial Services Inc., 4.25%, 02/15/29 (Call 02/15/24)^(a)		30		24,172
PRA Group Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)		15		13,873
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 3.63%, 03/01/29 (Call 03/09/23)^(a)		35		29,946
United Wholesale Mortgage LLC, 5.50%, 04/15/29 (Call 03/30/24)^(a)		35		29,127


				267,197

Electric — 1.5%
Calpine Corp., 4.63%, 02/01/29 (Call 02/01/24)^(a)		30		26,223
DPL Inc., 4.35%, 04/15/29 (Call 01/15/29)		20		18,517
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)^(a)		20		18,109
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(a)		25		21,393
5.25%, 06/15/29 (Call 06/15/24)^(a)		35		33,116
Vistra Operations Co. LLC, 4.38%, 05/01/29 (Call 05/01/24)^(a)		65		59,161


				176,519

Electrical Components & Equipment — 0.3%
Energizer Holdings Inc., 4.38%, 03/31/29 (Call 09/30/23)^(a)		40		33,293


Electronics — 1.8%
II-VI Inc., 5.00%, 12/15/29 (Call 12/15/24)^(a)		55		51,587
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)		100		93,348
Sensata Technologies BV, 4.00%, 04/15/29 (Call 03/18/24)^(a)		50		44,578
TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)^(a)		30		26,279


				215,792

Engineering & Construction — 1.0%
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)^(a)		20		18,276
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)^(a)		25		22,793


Security	Par (000)		Value

Engineering & Construction (continued)
Global Infrastructure Solutions Inc., 5.63%, 06/01/29 (Call 06/01/24)^(a)	$	20	$	18,230
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)^(a)		20		18,879
IEA Energy Services LLC, 6.63%, 08/15/29 (Call 08/15/24)^(a)		10		9,221
TopBuild Corp., 3.63%, 03/15/29 (Call 03/15/24)^(a)		20		17,428
VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)^(a)		15		13,429


				118,256

Entertainment — 4.4%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)^(a)		50		46,170
Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)^(a)		30		27,940
Caesars Entertainment Inc., 4.63%, 10/15/29 (Call 10/15/24)^(a)		60		51,802
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)		30		28,405
Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)^(a)		20		18,137
International Game Technology PLC, 5.25%, 01/15/29 (Call 01/15/24)^(a)		40		37,992
Jacobs Entertainment Inc., 6.75%, 02/15/29 (Call 02/15/25)^(a)		25		24,699
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 03/23/24)^(a)		50		44,284
Midwest Gaming Borrower LLC, 4.88%, 05/01/29 (Call 05/01/24)^(a)		30		26,497
Penn National Gaming Inc., 4.13%, 07/01/29 (Call 07/01/24)^(a)		20		16,955
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29 (Call 09/01/24)^(a)		35		27,935
Resorts World Las Vegas LLC, 4.63%, 04/16/29 (Call 01/16/29)^(d)		50		43,813
Scientific Games International Inc., 7.25%, 11/15/29 (Call 11/15/24)^(a)		30		31,487
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)^(a)		35		31,865
WMG Acquisition Corp., 3.75%, 12/01/29 (Call 12/01/24)^(a)		30		26,897
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29 (Call 07/01/29)^(a)		40		35,050


				519,928

Environmental Control — 1.4%
Clean Harbors Inc., 5.13%, 07/15/29 (Call 07/15/24)^(a)		15		14,727
Covanta Holding Corp, 4.88%, 12/01/29 (Call 12/01/24)^(a)		40		36,335
GFL Environmental Inc.
4.38%, 08/15/29 (Call 08/15/24)^(a)		30		26,582
4.75%, 06/15/29 (Call 06/15/24)^(a)		35		31,766
Madison IAQ LLC, 5.88%, 06/30/29 (Call 06/30/24)^(a)		50		40,761
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)^(a)		25		22,065


				172,236

Food — 1.9%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 03/15/29 (Call 09/15/23)^(a)		65		54,716
Performance Food Group Inc., 4.25%, 08/01/29 (Call 08/01/24)^(a)		50		44,482
Post Holdings Inc., 5.50%, 12/15/29 (Call 12/15/24)^(a)		65		59,079
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)^(a)		40		36,081
U.S. Foods Inc., 4.75%, 02/15/29 (Call 02/15/24)^(a)		40		36,927


				231,285

Food Service — 0.2%
TKC Holdings Inc., 10.50%, 05/15/29 (Call 05/15/24)^(a)		30		28,978


Forest Products & Paper — 0.7%
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)^(a)(b)		25		20,045
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)		47		43,725
Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)^(a)		22		21,650


				85,420


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Products — 3.0%
Avantor Funding Inc., 3.88%, 11/01/29 (Call 11/01/24)^(a)	$	40	$	35,951
Hologic Inc., 3.25%, 02/15/29 (Call 09/28/23)^(a)		40		35,669
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)^(a)		210		183,605
5.25%, 10/01/29 (Call 10/01/24)^(a)		125		108,736


				363,961

Health Care - Services — 4.5%
Acadia Healthcare Co. Inc., 5.00%, 04/15/29 (Call 10/15/23)^(a)		25		23,704
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)^(a)		10		9,065
Catalent Pharma Solutions Inc., 3.13%, 02/15/29 (Call 02/15/24)^(a)		30		26,012
Centene Corp., 4.63%, 12/15/29 (Call 12/15/24)		170		164,735
Charles River Laboratories International Inc., 3.75%, 03/15/29 (Call 03/15/24)^(a)(b)		25		22,698
CHS/Community Health Systems Inc.
6.00%, 01/15/29 (Call 01/15/24)^(a)		45		42,540
6.88%, 04/15/29 (Call 04/15/24)^(a)		70		61,417
HCA Inc., 5.88%, 02/01/29 (Call 08/01/28)		55		57,304
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)		25		21,375
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)		25		21,884
Syneos Health Inc., 3.63%, 01/15/29 (Call 01/15/24)^(a)		30		26,551
Tenet Healthcare Corp., 4.25%, 06/01/29 (Call 06/01/24)^(a)		65		58,852


				536,137

Holding Companies - Diversified — 0.8%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)		50		44,727
Hightower Holding LLC, 6.75%, 04/15/29 (Call 04/13/24)^(a)		15		13,941
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29 (Call 08/01/28)		40		34,605


				93,273

Home Builders — 1.2%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/29 (Call 08/01/24)^(a)		20		16,831
Beazer Homes USA Inc., 7.25%, 10/15/29 (Call 10/15/24)		15		14,299
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (Call 06/15/24)^(a)		20		17,672
Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)^(a)		25		21,083
KB Home, 4.80%, 11/15/29 (Call 05/15/29)		15		13,579
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)^(a)		15		12,416
Meritage Homes Corp., 3.88%, 04/15/29 (Call 10/15/28)^(a)		20		17,940
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 04/01/29 (Call 04/01/24)^(a)		15		13,073
Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)^(a)		25		21,118


				148,011

Home Furnishings — 0.3%
Tempur Sealy International Inc., 4.00%, 04/15/29 (Call 04/15/24)^(a)		40		34,698


Household Products & Wares — 0.3%
ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)^(a)		30		26,227
Spectrum Brands Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)		15		13,958


				40,185

Housewares — 0.3%
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29 (Call 10/15/24)		20		17,722
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (Call 10/01/24)^(a)		30		23,219


				40,941

Insurance — 1.6%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)		40		34,935
6.00%, 08/01/29 (Call 08/01/24)^(a)		25		21,839


Security	Par (000)		Value

Insurance (continued)
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/29 (Call 11/01/24)^(a)	$	20	$	18,602
AmWINS Group Inc., 4.88%, 06/30/29 (Call 06/30/24)^(a)		40		36,594
AssuredPartners Inc., 5.63%, 01/15/29 (Call 12/15/23)^(a)		25		22,004
BroadStreet Partners Inc., 5.88%, 04/15/29 (Call 04/15/24)^(a)		35		30,404
HUB International Ltd., 5.63%, 12/01/29 (Call 12/01/24)^(a)		25		22,901


				187,279

Internet — 1.9%
Endurance International Group Holdings Inc., 6.00%, 02/15/29 (Call 02/15/24)^(a)		35		28,320
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 3.50%, 03/01/29 (Call 03/01/24)^(a)		35		31,098
Match Group Holdings II LLC, 5.63%, 02/15/29 (Call 02/15/24)^(a)		15		14,577
Netflix Inc.
5.38%, 11/15/29^(a)		45		45,053
6.38%, 05/15/29		40		42,485
Uber Technologies Inc., 4.50%, 08/15/29 (Call 08/15/24)^(a)		75		64,603


				226,136

Iron & Steel — 1.1%
Allegheny Technologies Inc., 4.88%, 10/01/29 (Call 10/01/24)		15		13,667
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)^(a)		35		35,796
Cleveland-Cliffs Inc., 4.63%, 03/01/29 (Call 03/01/24)^(a)		25		23,448
TMS International Corp./DE, 6.25%, 04/15/29 (Call 04/06/24)^(a)		15		12,961
United States Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)		40		40,683


				126,555

Leisure Time — 1.7%
Carnival Corp., 6.00%, 05/01/29 (Call 11/01/24)^(a)		100		89,763
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (Call 06/01/24)^(a)		25		19,692
NCL Corp. Ltd., 7.75%, 02/15/29 (Call 11/15/28)^(a)		30		29,107
Viking Cruises Ltd., 7.00%, 02/15/29 (Call 02/15/24)^(a)		25		22,249
Viking Ocrean Cruises shi, 5.63%, 02/15/29 (Call 02/15/24)^(a)		17		15,067
Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)^(a)		30		26,950


				202,828

Lodging — 2.2%
Hilton Domestic Operating Co. Inc., 3.75%, 05/01/29 (Call 05/01/24)^(a)		40		36,357
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29 (Call 06/01/24)^(a)		45		40,569
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)^(a)		30		26,738
Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Call 12/04/24)^(a)		57		45,879
Studio City Finance Ltd., 5.00%, 01/15/29 (Call 01/15/24)^(a)		55		37,697
Travel + Leisure Co., 4.50%, 12/01/29 (Call 09/01/29)^(a)		35		31,032
Wynn Macau Ltd., 5.13%, 12/15/29 (Call 12/15/24)^(a)		50		39,497


				257,769

Machinery — 0.7%
BWX Technologies Inc., 4.13%, 04/15/29 (Call 04/15/24)^(a)		20		18,473
Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)^(a)		20		18,172
OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)^(a)		15		12,965
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)^(a)		30		27,580


				77,190

Media — 6.2%
Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)^(a)		100		84,478
AMC Networks Inc., 4.25%, 02/15/29 (Call 02/15/24)		50		43,628
Audacy Capital Corp., 6.75%, 03/31/29 (Call 03/31/24)^(a)		25		21,601
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/29 (Call 06/01/24)^(a)		70		66,435
CSC Holdings LLC, 6.50%, 02/01/29 (Call 02/01/24)^(a)		80		76,425
DISH DBS Corp., 5.13%, 06/01/29		75		58,567


48		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29 (Call 07/15/24)^(a)	$	35	$	31,879
Liberty Interactive LLC, 8.50%, 07/15/29		15		13,589
McGraw-Hill Education Inc., 8.00%, 08/01/29 (Call 08/01/24)^(a)		35		31,335
News Corp., 3.88%, 05/15/29 (Call 05/15/24)^(a)		50		45,016
Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)^(a)		30		26,656
Sirius XM Radio Inc., 5.50%, 07/01/29 (Call 07/01/24)^(a)		60		57,830
TEGNA Inc., 5.00%, 09/15/29 (Call 09/15/24)		55		53,395
Univision Communications Inc., 4.50%, 05/01/29 (Call 05/01/24)^(a)		55		49,375
Videotron Ltd., 3.63%, 06/15/29 (Call 06/15/24)^(a)		25		21,798
Virgin Media Secured Finance PLC, 5.50%, 05/15/29 (Call 05/15/24)^(a)		70		65,196


				747,203

Metal Fabricate & Hardware — 0.2%
Roller Bearing Co of America Inc., 4.38%, 10/15/29 (Call 10/15/24)^(a)		30		27,112


Mining — 0.8%
Alcoa Nederland Holding BV, 4.13%, 03/31/29 (Call 03/31/24)^(a)		25		23,550
Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)^(a)		18		14,248
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)^(a)		25		21,575
Hudbay Minerals Inc.
6.13%, 04/01/29 (Call 04/01/24)^(a)		15		14,218
6.13%, 04/01/29 (Call 04/01/24)^(d)		25		23,696


				97,287

Office & Business Equipment — 0.1%
Pitney Bowes Inc., 7.25%, 03/15/29 (Call 03/15/24)^(a)		15		13,705


Office Furnishings — 0.2%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		18		17,551


Oil & Gas — 5.4%
Antero Resources Corp., 7.63%, 02/01/29 (Call 02/01/24)^(a)		30		31,769
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/29 (Call 09/01/24)^(a)		20		19,365
Chesapeake Energy Corp.
5.88%, 02/01/29 (Call 02/05/24)^(a)		25		24,776
6.75%, 04/15/29 (Call 04/15/24)^(a)		40		40,260
CNX Resources Corp., 6.00%, 01/15/29 (Call 01/15/24)^(a)		25		24,695
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)^(a)		35		34,809
Comstock Resources Inc., 6.75%, 03/01/29 (Call 03/01/24)^(a)		65		65,692
CrownRock LP/CrownRock Finance Inc., 5.00%, 05/01/29 (Call 05/01/24)^(a)		20		19,580
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 02/01/29 (Call 02/01/24)^(a)		30		29,419
Laredo Petroleum Inc., 7.75%, 07/31/29 (Call 07/31/24)^(a)		20		19,618
MEG Energy Corp., 5.88%, 02/01/29 (Call 02/01/24)^(a)		30		29,443
Murphy Oil Corp., 7.05%, 05/01/29		10		10,312
Occidental Petroleum Corp., 3.50%, 08/15/29 (Call 05/15/29)		50		46,964
Parkland Corp., 4.50%, 10/01/29 (Call 10/01/24)^(a)		45		39,448
Patterson-UTI Energy Inc., 5.15%, 11/15/29 (Call 08/15/29)		20		19,035
Precision Drilling Corp., 6.88%, 01/15/29 (Call 01/15/25)^(a)		20		19,402
Range Resources Corp., 8.25%, 01/15/29 (Call 01/15/24)		40		42,844
Rockcliff Energy II LLC, 5.50%, 10/15/29 (Call 10/15/24)^(a)		40		38,953
Southwestern Energy Co., 5.38%, 02/01/29 (Call 02/01/24)		30		29,644
Sunoco LP/Sunoco Finance Corp., 4.50%, 05/15/29 (Call 05/15/24)		45		40,547
Teine Energy Ltd., 6.88%, 04/15/29 (Call 04/15/24)^(a)		20		19,926


				646,501


Security	Par (000)		Value

Packaging & Containers — 1.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (Call 05/15/24)^(a)	$	50	$	42,837
Clydesdale Acquisition Holdings Inc., 6.63%, 04/15/29 (Call 04/15/25)^(a)		18		17,980
Graphic Packaging International LLC, 3.50%, 03/01/29 (Call 09/01/28)^(a)		20		17,800
Intertape Polymer Group Inc., 4.38%, 06/15/29 (Call 06/15/24)^(a)		15		15,427
LABL Inc., 8.25%, 11/01/29 (Call 11/01/24)^(a)		20		16,623
Sealed Air Corp., 5.00%, 04/15/29 (Call 04/15/25)^(a)		9		8,931
TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)^(a)		15		13,457


				133,055

Pharmaceuticals — 2.9%
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)^(a)		30		26,893
AdaptHealth LLC, 4.63%, 08/01/29 (Call 02/01/24)^(a)		25		21,299
Bausch Health Companies Inc.
5.00%, 02/15/29 (Call 02/15/24)^(a)		50		35,177
6.25%, 02/15/29 (Call 02/15/24)^(a)		70		51,028
7.25%, 05/30/29 (Call 05/30/24)^(a)		35		26,451
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)^(a)		55		47,858
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(a)		30		24,209
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(a)		65		60,104
Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)^(a)		25		22,449
Owens & Minor Inc., 4.50%, 03/31/29 (Call 03/31/24)^(a)		30		27,008


				342,476

Pipelines — 3.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29 (Call 06/15/24)^(a)		40		37,595
Cheniere Energy Partners LP, 4.50%, 10/01/29 (Call 10/01/24)		65		62,256
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.00%, 02/01/29 (Call 02/01/24)^(a)		35		34,078
DCP Midstream Operating LP, 5.13%, 05/15/29 (Call 02/15/29)		25		24,603
DT Midstream Inc., 4.13%, 06/15/29 (Call 06/15/24)^(a)		55		49,940
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29)		25		24,345
EQM Midstream Partners LP, 4.50%, 01/15/29 (Call 07/15/28)^(a)		40		35,997
Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29 (Call 01/15/24)		17		16,464
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)^(a)		60		53,102
Oasis Midstream Partners LP/OMP Finance Corp., 8.00%, 04/01/29 (Call 04/01/24)^(a)		25		25,976
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (Call 04/15/29)^(a)		25		23,445
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29 (Call 02/15/29)^(a)		60		54,788


				442,589

Real Estate — 1.0%
Howard Hughes Corp. (The), 4.13%, 02/01/29 (Call 02/01/24)^(a)		30		27,174
Hunt Cos. Inc., 5.25%, 04/15/29 (Call 04/15/24)^(a)		30		27,743
Kennedy-Wilson Inc., 4.75%, 03/01/29 (Call 03/01/24)		30		27,661
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (Call 01/15/24)^(a)		45		37,868


				120,446

Real Estate Investment Trusts — 3.1%
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)^(a)		25		21,729
Iron Mountain Inc., 4.88%, 09/15/29 (Call 09/15/24)^(a)		50		45,853
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29 (Call 06/15/24)^(a)		35		31,473
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29 (Call 08/01/24)		40		36,749


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29 (Call 05/15/24)^(a)	$	40	$	36,672
RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 02/15/29 (Call 02/15/24)^(a)		30		27,172
RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)^(a)		25		22,312
SBA Communications Corp., 3.13%, 02/01/29 (Call 02/01/24)		70		60,016
Service Properties Trust, 4.95%, 10/01/29 (Call 07/01/29)		20		15,999
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 6.50%, 02/15/29 (Call 02/15/24)^(a)		55		47,419
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)^(a)		25		23,069


				368,463

Retail — 7.3%
1011778 BC ULC/New Red Finance Inc., 3.50%, 02/15/29 (Call 02/15/24)^(a)		40		35,339
Ambience Merger Sub Inc., 7.13%, 07/15/29 (Call 07/15/24)^(a)		25		18,654
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)^(a)		25		22,162
Asbury Automotive Group Inc., 4.63%, 11/15/29 (Call 11/15/24)^(a)		45		40,542
Bath & Body Works Inc., 7.50%, 06/15/29 (Call 06/15/24)		40		41,320
Beacon Roofing Supply Inc., 4.13%, 05/15/29 (Call 05/15/25)^(a)		20		17,591
Bloomin’ Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)^(a)		15		13,955
BlueLinx Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)^(a)		15		13,628
Carrols Restaurant Group Inc., 5.88%, 07/01/29 (Call 07/01/24)^(a)		15		11,480
Carvana Co., 4.88%, 09/01/29 (Call 09/01/24)^(a)		37		27,121
Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, 04/01/29 (Call 04/01/24)^(a)		40		34,880
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., 4.63%, 01/15/29 (Call 01/15/25)^(a)		45		40,805
Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)^(a)		20		16,656
Foundation Building Materials Inc., 6.00%, 03/01/29 (Call 03/01/24)^(a)		20		16,400
Gap Inc. (The), 3.63%, 10/01/29 (Call 10/01/24)^(a)		35		28,490
GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)^(a)		20		17,743
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)^(a)		40		32,860
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)^(a)		50		43,849
Lithia Motors Inc., 3.88%, 06/01/29 (Call 06/01/24)^(a)		40		36,336
Macy’s Retail Holdings LLC, 5.88%, 04/01/29 (Call 04/01/24)^(a)		25		23,810
Michaels Companies Inc (The), 7.88%, 05/01/29 (Call 04/01/24)^(a)		65		51,599
Murphy Oil USA Inc., 4.75%, 09/15/29 (Call 09/15/24)		25		23,797
Papa John’s International Inc., 3.88%, 09/15/29 (Call 09/15/24)^(a)		25		22,070
Park River Holdings Inc.
5.63%, 02/01/29 (Call 02/01/24)^(a)		20		15,390
6.75%, 08/01/29 (Call 08/01/24)^(a)		15		12,071
Patrick Industries Inc., 4.75%, 05/01/29 (Call 05/01/24)^(a)		15		12,816
Penske Automotive Group Inc., 3.75%, 06/15/29 (Call 06/15/24)		25		21,363
PetSmart Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (Call 02/15/24)^(a)		50		49,750
Sonic Automotive Inc., 4.63%, 11/15/29 (Call 11/15/24)^(a)		35		29,892
SRS Distribution Inc.
6.00%, 12/01/29 (Call 12/01/24)^(a)		35		30,625
6.13%, 07/01/29 (Call 07/01/24)^(a)		25		22,051
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)^(a)		25		22,835
Victoria’s Secret & Co., 4.63%, 07/15/29 (Call 07/15/24)^(a)		30		24,713


				872,593

Semiconductors — 0.3%
Entegris Inc., 3.63%, 05/01/29 (Call 05/01/24)^(a)		25		21,996
Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)^(a)		20		17,622


				39,618


Security	Par/ Shares (000)		Value

Software — 2.7%
CDK Global Inc., 5.25%, 05/15/29 (Call 05/15/24)^(a)	$	40	$	40,302
Clarivate Science Holdings Corp., 4.88%, 07/01/29 (Call 06/30/24)^(a)		45		39,753
Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 (Call 12/15/24)^(a)		20		18,589
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)^(a)		30		26,895
MSCI Inc., 4.00%, 11/15/29 (Call 11/15/24)^(a)		50		46,019
Open Text Corp., 3.88%, 12/01/29 (Call 12/01/24)^(a)		45		40,010
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)^(a)		30		27,020
Rocket Software Inc., 6.50%, 02/15/29 (Call 02/15/24)^(a)		30		25,710
Twilio Inc., 3.63%, 03/15/29 (Call 03/15/24)		30		26,442
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)^(a)		35		30,972


				321,712

Telecommunications — 6.0%
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)^(a)		100		86,085
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)^(a)		30		25,863
5.13%, 07/15/29 (Call 04/15/24)^(a)		125		105,739
CommScope Inc., 4.75%, 09/01/29 (Call 09/01/24)^(a)		65		54,477
Frontier Communications Holdings LLC
5.88%, 11/01/29 (Call 11/01/24)		35		30,501
6.75%, 05/01/29 (Call 05/01/24)^(a)		50		45,433
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)^(a)		40		32,552
3.75%, 07/15/29 (Call 01/15/24)^(a)		45		36,549
Lumen Technologies Inc.
4.50%, 01/15/29 (Call 01/15/24)^(a)		50		39,581
5.38%, 06/15/29 (Call 06/15/24)^(a)		50		40,811
Plantronics Inc., 4.75%, 03/01/29 (Call 03/01/24)^(a)		25		25,400
Switch Ltd., 4.13%, 06/15/29 (Call 06/15/24)^(a)		30		28,717
T-Mobile USA Inc.
2.63%, 02/15/29 (Call 02/15/24)		50		43,258
3.38%, 04/15/29 (Call 04/15/24)		55		50,025
3.38%, 04/15/29 (Call 04/15/24)^(a)		55		49,787
Viavi Solutions Inc., 3.75%, 10/01/29 (Call 10/01/24)^(a)		25		22,481


				717,259

Toys, Games & Hobbies — 0.2%
Mattel Inc., 3.75%, 04/01/29 (Call 04/01/24)^(a)		30		28,576


Transportation — 0.6%
Carriage Purchaser Inc., 7.88%, 10/15/29 (Call 10/15/24)^(a)		15		13,204
First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)^(a)		40		35,806
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)^(a)		30		26,424


				75,434


Total Corporate Bonds & Notes — 97.6% (Cost: $12,280,156)				11,678,653


Short-Term Investments

Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(e)(f)(g)		101		100,553


50		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® iBonds^® 2029 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(e)(f)		180	$	180,000


				280,553


Total Short-Term Investments — 2.3% (Cost: $280,553)				280,553


Total Investments in Securities — 99.9% (Cost: $12,560,709)				11,959,206

Other Assets, Less Liabilities — 0.1%				10,957


Net Assets — 100.0%			$	11,970,163

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

^(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 03/08/22	^(a)		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	$	—		$	100,553	^(b)	$	—	$	—	$	—	$	100,553	101	$	2	^(c)	$ —
BlackRock Cash Funds: Treasury, SL Agency Shares		—			180,000	^(b)		—		—		—		180,000	180		92		—


									$	—	$	—	$	280,553		$	94		$ —

^(a)	Commencement of operations.

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

^(c)	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	$	—	$	11,678,653	$	—	$11,678,653
Money Market Funds		280,553		—		—	280,553


	$	280,553	$	11,678,653	$	—	$11,959,206

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

April 30, 2022


	iShares iBonds 2022 Term High Yield and Income ETF			iShares iBonds 2023 Term High Yield and Income ETF			iShares iBonds 2024 Term High Yield and Income ETF			iShares iBonds 2025 Term High Yield and Income ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	81,691,720		$	112,073,387		$	68,537,036		$	41,157,155
Affiliated^(c)		10,718,956			17,477,844			12,456,906			10,758,918
Cash		936			3,128			5,801			2,746
Receivables:
Investments sold		360,650			2,144,393			1,020,238			307,295
Securities lending income — Affiliated		2,841			2,000			5,048			2,397
Capital shares sold		10,185			23,582			—			—
Dividends		777			268			190			350
Interest		939,444			1,753,030			1,086,732			753,853


Total assets		93,725,509			133,477,632			83,111,951			52,982,714


LIABILITIES
Collateral on securities loaned, at value		6,761,804			15,420,752			11,689,348			9,381,939
Payables:
Investments purchased		561,682			2,092,167			1,731,452			1,092,493
Investment advisory fees		23,962			31,868			19,930			12,406


Total liabilities		7,347,448			17,544,787			13,440,730			10,486,838


NET ASSETS	$	86,378,061		$	115,932,845		$	69,671,221		$	42,495,876


NET ASSETS CONSIST OF:
Paid-in capital	$	86,937,683		$	119,493,252		$	73,369,142		$	45,001,358
Accumulated loss		(559,622	)		(3,560,407	)		(3,697,921	)		(2,505,482	)


NET ASSETS	$	86,378,061		$	115,932,845		$	69,671,221		$	42,495,876


Shares outstanding		3,600,000			4,900,000			3,000,000			1,800,000


Net asset value	$	23.99		$	23.66		$	23.22		$	23.61


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a) Securities loaned, at value	$	6,522,775		$	14,929,960		$	10,974,649		$	8,997,726
^(b) Investments, at cost — Unaffiliated	$	82,004,726		$	114,938,746		$	71,539,761		$	42,665,347
^(c) Investments, at cost — Affiliated	$	10,717,674		$	17,475,529		$	12,454,371		$	10,757,414

See notes to financial statements.


52		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2022


	iShares iBonds 2026 Term High Yield and Income ETF			iShares iBonds 2027 Term High Yield and Income ETF			iShares iBonds 2028 Term High Yield and Income ETF			iShares iBonds 2029 Term High Yield and Income ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	20,857,447		$	11,191,812		$	9,488,222		$	11,678,653
Affiliated^(c)		3,822,811			1,387,177			243,957			280,553
Cash		9,821			4,060			4,053			8,068
Receivables:
Investments sold		—			18,313			14,875			442,177
Securities lending income — Affiliated		884			345			1			2
Dividends		86			10			61			51
Interest		325,971			184,698			149,046			173,114


Total assets		25,017,020			12,786,415			9,900,215			12,582,618


LIABILITIES
Collateral on securities loaned, at value		3,263,798			1,347,510			33,957			100,553
Payables:
Investments purchased		411,140			5,048			181,181			508,384
Investment advisory fees		6,340			3,945			2,832			3,518


Total liabilities		3,681,278			1,356,503			217,970			612,455


NET ASSETS	$	21,335,742		$	11,429,912		$	9,682,245		$	11,970,163


NET ASSETS CONSIST OF:
Paid-in capital	$	22,737,283		$	12,671,362		$	10,001,515		$	12,510,534
Accumulated loss		(1,401,541	)		(1,241,450	)		(319,270	)		(540,371	)


NET ASSETS	$	21,335,742		$	11,429,912		$	9,682,245		$	11,970,163


Shares outstanding		900,000			500,000			400,000			500,000


Net asset value	$	23.71		$	22.86		$	24.21		$	23.94


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a) Securities loaned, at value	$	3,128,138		$	1,284,813		$	31,690		$	96,252
^(b) Investments, at cost — Unaffiliated	$	22,101,246		$	12,147,296		$	9,887,537		$	12,280,156
^(c) Investments, at cost — Affiliated	$	3,822,282		$	1,386,931		$	243,957		$	280,553

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		53

Statements of Operations (unaudited)

Six Months Ended April 30, 2022


	iShares iBonds 2022 Term High Yield and Income ETF			iShares iBonds 2023 Term High Yield and Income ETF			iShares iBonds 2024 Term High Yield and Income ETF			iShares iBonds 2025 Term High Yield and Income ETF


INVESTMENT INCOME
Dividends — Affiliated	$	2,187		$	1,048		$	1,032		$	872
Interest — Unaffiliated		627,429			1,392,826			1,227,275			969,061
Payment-in-kind interest — Unaffiliated		—			177,243			—			—
Securities lending income — Affiliated — net		11,138			6,337			25,453			9,618
Other income — Unaffiliated		(9,398	)		1,136			6,040			1,612


Total investment income		631,356			1,578,590			1,259,800			981,163


EXPENSES
Investment advisory fees		130,863			168,453			101,786			73,803


Total expenses		130,863			168,453			101,786			73,803

Less:
Investment advisory fees waived		(806	)		(503	)		(271	)		(168	)


Total expenses after fees waived		130,057			167,950			101,515			73,635


Net investment income		501,299			1,410,640			1,158,285			907,528


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		92,842			(678,780	)		86,640			(81,948	)
Investments — Affiliated		(3,488	)		(4,006	)		(4,479	)		(3,124	)
In-kind redemptions — Unaffiliated		—			242,948			—			1,197


Net realized gain (loss)		89,354			(439,838	)		82,161			(83,875	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(512,534	)		(3,255,667	)		(3,639,186	)		(2,080,167	)
Investments — Affiliated		938			1,442			1,971			725


Net change in unrealized appreciation (depreciation)		(511,596	)		(3,254,225	)		(3,637,215	)		(2,079,442	)


Net realized and unrealized loss		(422,242	)		(3,694,063	)		(3,555,054	)		(2,163,317	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	79,057		$	(2,283,423	)	$	(2,396,769	)	$	(1,255,789	)

See notes to financial statements.


54		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2022


	iShares iBonds 2026 Term High Yield and Income ETF					iShares iBonds 2027 Term High Yield and Income ETF			iShares iBonds 2028 Term High Yield and Income ETF	^(a)		iShares iBonds 2029 Term High Yield and Income ETF	^(a)


INVESTMENT INCOME
Dividends — Affiliated.		$	265		$	79		$	101		$	92
Interest — Unaffiliated			527,433			267,299			84,689			95,612
Securities lending income — Affiliated — net			3,603			1,261			1			2
Other income — Unaffiliated			1,160			250			—			—


Total investment income			532,461			268,889			84,791			95,706


EXPENSES
Investment advisory fees			37,694			23,331			5,044			5,725


Total expenses			37,694			23,331			5,044			5,725

Less:
Investment advisory fees waived			(49	)		(23	)		(21	)		(20	)


Total expenses after fees waived			37,645			23,308			5,023			5,705


Net investment income			494,816			245,581			79,768			90,001


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			(40,090	)		(75,260	)		277			(28,869	)
Investments — Affiliated			(1,347	)		(579	)		—			—
In-kind redemptions — Unaffiliated			(47,213	)		(155,198	)		—			—


Net realized gain (loss)			(88,650	)		(231,037	)		277			(28,869	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			(1,411,845	)		(830,997	)		(399,315	)		(601,503	)
Investments — Affiliated			529			246			—			—


Net change in unrealized appreciation (depreciation)			(1,411,316	)		(830,751	)		(399,315	)		(601,503	)


Net realized and unrealized loss			(1,499,966	)		(1,061,788	)		(399,038	)		(630,372	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(1,005,150	)	$	(816,207	)	$	(319,270	)	$	(540,371	)

^(a)	For the period from March 8, 2022 (commencement of operations) to April 30, 2022.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		55

Statements of Changes in Net Assets


		iShares iBonds 2022 Term High Yield and Income ETF							iShares iBonds 2023 Term High Yield and Income ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	501,299			$	1,279,552		$	1,410,640		$	2,061,878
Net realized gain (loss)			89,354				505,905			(439,838	)		554,555
Net change in unrealized appreciation (depreciation)			(511,596	)			(132,806	)		(3,254,225	)		161,331


Net increase (decrease) in net assets resulting from operations			79,057				1,652,651			(2,283,423	)		2,777,764


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(615,603	)			(1,338,242	)		(1,477,577	)		(1,956,106	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			16,829,315				50,744,075			36,147,381			66,191,647


NET ASSETS
Total increase in net assets			16,292,769				51,058,484			32,386,381			67,013,305
Beginning of period			70,085,292				19,026,808			83,546,464			16,533,159


End of period		$	86,378,061			$	70,085,292		$	115,932,845		$	83,546,464

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


56		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


		iShares iBonds 2024 Term High Yield and Income ETF							iShares iBonds 2025 Term High Yield and Income ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	1,158,285			$	1,292,686			$	907,528			$	1,248,401
Net realized gain (loss)			82,161				165,396				(83,875	)			120,442
Net change in unrealized appreciation (depreciation)			(3,637,215	)			535,648				(2,079,442	)			372,759


Net increase (decrease) in net assets resulting from operations			(2,396,769	)			1,993,730				(1,255,789	)			1,741,602


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(1,184,841	)			(1,275,100	)			(1,010,205	)			(1,311,182	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			21,525,402				41,654,956				4,943,194				22,540,953


NET ASSETS
Total increase in net assets			17,943,792				42,373,586				2,677,200				22,971,373
Beginning of period			51,727,429				9,353,843				39,818,676				16,847,303


End of period		$	69,671,221			$	51,727,429			$	42,495,876			$	39,818,676

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		57

Statements of Changes in Net Assets (continued)


	iShares iBonds 2026 Term High Yield and Income ETF						iShares iBonds 2027 Term High Yield and Income ETF


		Six Months Ended 04/30/22 (unaudited	)		Period From 11/10/20 to 10/31/21	^(a)		Six Months Ended 04/30/22 (unaudited	)		Period From 07/07/21 to 10/31/21	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	494,816		$	672,208		$	245,581		$	124,912
Net realized gain (loss)		(88,650	)		(59,096	)		(231,037	)		119
Net change in unrealized appreciation (depreciation)		(1,411,316	)		168,046			(830,751	)		(124,487	)


Net increase (decrease) in net assets resulting from operations		(1,005,150	)		781,158			(816,207	)		544


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(514,446	)		(663,103	)		(332,535	)		(93,252	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,534,729			20,202,554			153,508			12,517,854


NET ASSETS
Total increase (decrease) in net assets		1,015,133			20,320,609			(995,234	)		12,425,146
Beginning of period		20,320,609			—			12,425,146			—


End of period	$	21,335,742		$	20,320,609		$	11,429,912		$	12,425,146

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


58		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares iBonds 2028 Term High Yield and Income ETF			iShares iBonds 2029 Term High Yield and Income ETF


		Period From 03/08/22 to 04/30/22 (unaudited)	^(a)		Period From 03/08/22 to 04/30/22 (unaudited)	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	79,768		$	90,001
Net realized gain (loss)		277			(28,869	)
Net change in unrealized appreciation (depreciation)		(399,315	)		(601,503	)


Net decrease in net assets resulting from operations		(319,270	)		(540,371	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		10,001,515			12,510,534


NET ASSETS
Total increase in net assets		9,682,245			11,970,163
Beginning of period		—			—


End of period	$	9,682,245		$	11,970,163

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		59

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds 2022 Term High Yield and Income ETF


		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20					Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period			$	24.17			$	23.78			$	24.59		$	25.00


Net investment income^(b)				0.16				0.66				1.32			0.64
Net realized and unrealized gain (loss)^(c)				(0.14	)			0.57				(0.83	)		(0.51	)


Net increase from investment operations				0.02				1.23				0.49			0.13


Distributions^(d)
From net investment income				(0.20	)			(0.84	)			(1.30	)		(0.54	)


Total distributions				(0.20	)			(0.84	)			(1.30	)		(0.54	)


Net asset value, end of period			$	23.99			$	24.17			$	23.78		$	24.59


Total Return^(e)
Based on net asset value				0.10	%^(f)			5.22	%			2.15	%		0.56	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.35	%^(h)			0.35	%			0.35	%		0.35	%^(h)


Total expenses after fees waived				0.35	%^(h)			0.35	%			0.35	%		0.35	%^(h)


Net investment income				1.34	%^(h)			2.72	%			5.61	%		5.34	%^(h)


Supplemental Data
Net assets, end of period (000)			$	86,378			$	70,085			$	19,027		$	9,838


Portfolio turnover rate⁽ⁱ⁾				1	%^(f)			33	%			68	%		14	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


60		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2023 Term High Yield and Income ETF


		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20					Period From 05/07/19 to 10/31/19	^(a⁾


Net asset value, beginning of period.			$	24.57			$	23.62			$	24.73		$	25.00


Net investment income^(b)				0.35				1.08				1.33			0.69
Net realized and unrealized gain (loss)^(c)				(0.88	)			1.04				(1.08	)		(0.40	)


Net increase (decrease) from investment operations				(0.53	)			2.12				0.25			0.29


Distributions^(d)
From net investment income				(0.38	)			(1.17	)			(1.36	)		(0.56	)


Total distributions				(0.38	)			(1.17	)			(1.36	)		(0.56	)


Net asset value, end of period			$	23.66			$	24.57			$	23.62		$	24.73


Total Return^(e)
Based on net asset value				(2.19	)%^(f)			9.12	%			1.16	%		1.19	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.35	%^(h)			0.35	%			0.35	%		0.35	%^(h)


Total expenses after fees waived				0.35	%^(h)			0.35	%			0.35	%		0.35	%^(h)


Net investment income				2.93	%^(h)			4.40	%			5.67	%		5.73	%^(h)


Supplemental Data
Net assets, end of period (000)			$	115,933			$	83,546			$	16,533		$	12,364


Portfolio turnover rate⁽ⁱ⁾				14	%^(f)			46	%			51	%		9	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		61

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2024 Term High Yield and Income ETF


		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20					Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period			$	24.63			$	23.38			$	25.21		$	25.00


Net investment income^(b)				0.47				1.08				1.33			0.68
Net realized and unrealized gain (loss)^(c)				(1.38	)			1.33				(1.79	)		0.09


Net increase (decrease) from investment operations				(0.91	)			2.41				(0.46	)		0.77


Distributions^(d)
From net investment income				(0.50	)			(1.16	)			(1.37	)		(0.56	)


Total distributions				(0.50	)			(1.16	)			(1.37	)		(0.56	)


Net asset value, end of period			$	23.22			$	24.63			$	23.38		$	25.21


Total Return^(e)
Based on net asset value				(3.74	)%^(f)			10.42	%			(1.72	)%		3.08	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.35	%^(h)			0.35	%			0.35	%		0.35	%^(h)


Total expenses after fees waived				0.35	%^(h)			0.35	%			0.35	%		0.35	%^(h)


Net investment income				3.98	%^(h)			4.39	%			5.61	%		5.55	%^(h)


Supplemental Data
Net assets, end of period (000)			$	69,671			$	51,727			$	9,354		$	12,604


Portfolio turnover rate⁽ⁱ⁾				22	%^(f)			44	%			42	%		10	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


62		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2025 Term High Yield and Income ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20					Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period		$	24.89			$	24.07			$	25.13		$	25.00


Net investment income^(b)			0.52				1.14				1.37			0.71
Net realized and unrealized gain (loss)^(c)			(1.22	)			0.95				(0.99	)		0.00	^(d)


Net increase (decrease) from investment operations			(0.70	)			2.09				0.38			0.71


Distributions^(e)
From net investment income			(0.58	)			(1.27	)			(1.44	)		(0.58	)


Total distributions			(0.58	)			(1.27	)			(1.44	)		(0.58	)


Net asset value, end of period		$	23.61			$	24.89			$	24.07		$	25.13


Total Return^(f)
Based on net asset value			(2.83	)%^(g)			8.77	%			1.71	%		2.87	%^(g)


Ratios to Average Net Assets^(h)
Total expenses			0.35	%⁽ⁱ⁾			0.35	%			0.35	%		0.35	%⁽ⁱ⁾


Total expenses after fees waived			0.35	%⁽ⁱ⁾			0.35	%			0.35	%		0.35	%⁽ⁱ⁾


Net investment income			4.30	%⁽ⁱ⁾			4.58	%			5.73	%		5.84	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)		$	42,496			$	39,819			$	16,847		$	12,565


Portfolio turnover rate^(j)			13	%^(g)			29	%			42	%		5	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Rounds to less than $0.01.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2026 Term High Yield and Income ETF

		Six Months Ended 04/30/22 (unaudited)					Period From 11/10/20 to 10/31/21	^(a)


Net asset value, beginning of period			$	25.40		$	25.00


Net investment income^(b)				0.56			1.06
Net realized and unrealized gain (loss)^(c)				(1.66	)		0.37


Net increase (decrease) from investment operations				(1.10	)		1.43


Distributions^(d)
From net investment income				(0.59	)		(1.03	)


Total distributions				(0.59	)		(1.03	)


Net asset value, end of period			$	23.71		$	25.40


Total Return^(e)
Based on net asset value				(4.42	)%^(f)		5.79	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.35	%^(h)		0.35	%^(h)


Total expenses after fees waived				0.35	%^(h)		0.35	%^(h)


Net investment income				4.59	%^(h)		4.26	%^(h)


Supplemental Data
Net assets, end of period (000)			$	21,336		$	20,321


Portfolio turnover rate⁽ⁱ⁾				11	%^(f)		35	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


64		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2027 Term High Yield and Income ETF

		Six Months Ended 04/30/22 (unaudited)					Period From 07/07/21 to 10/31/21	^(a)


Net asset value, beginning of period			$	24.85		$	25.00


Net investment income^(b)				0.44			0.25
Net realized and unrealized loss^(c)				(1.82	)		(0.21	)


Net increase (decrease) from investment operations				(1.38	)		0.04


Distributions^(d)
From net investment income				(0.61	)		(0.19	)


Total distributions				(0.61	)		(0.19	)


Net asset value, end of period			$	22.86		$	24.85


Total Return^(e)
Based on net asset value				(5.67	)%^(f)		0.15	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.35	%^(h)		0.35	%^(h)


Total expenses after fees waived				0.35	%^(h)		0.35	%^(h)


Net investment income				3.68	%^(h)		3.19	%^(h)


Supplemental Data
Net assets, end of period (000)			$	11,430		$	12,425


Portfolio turnover rate⁽ⁱ⁾				8	%^(f)		3	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		65

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds 2028 Term High Yield and Income ETF

		Period From 03/08/22 to 04/30/22 (unaudited)	^(a)


Net asset value, beginning of period	$	25.00


Net investment income^(b)		0.20
Net realized and unrealized loss^(c)		(0.99	)


Net decrease from investment operations		(0.79	)


Net asset value, end of period	$	24.21


Total Return^(d)
Based on net asset value		(3.19	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.35	%^(g)


Total expenses after fees waived		0.35	%^(g)


Net investment income		5.54	%^(g)


Supplemental Data
Net assets, end of period (000)	$	9,682


Portfolio turnover rate^(h)		1	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


66		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds 2029 Term High Yield and Income ETF

		Period From 03/08/22 to 04/30/22 (unaudited)	^(a)


Net asset value, beginning of period	$	25.00


Net investment income^(b)		0.20
Net realized and unrealized loss^(c)		(1.26	)


Net decrease from investment operations		(1.06	)


Net asset value, end of period	$	23.94


Total Return^(d)
Based on net asset value		(4.24	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.35	%^(g)


Total expenses after fees waived		0.35	%^(g)


Net investment income		5.50	%^(g)


Supplemental Data
Net assets, end of period (000)	$	11,970


Portfolio turnover rate^(h)		4	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF	Diversification Classification

iBonds 2022 Term High Yield and Income		Non-diversified
iBonds 2023 Term High Yield and Income		Non-diversified
iBonds 2024 Term High Yield and Income		Non-diversified
iBonds 2025 Term High Yield and Income		Non-diversified
iBonds 2026 Term High Yield and Income		Non-diversified
iBonds 2027 Term High Yield and Income		Non-diversified
iBonds 2028 Term High Yield and Income^(a)		Non-diversified
iBonds 2029 Term High Yield and Income^(a)		Non-diversified

^(a)

The Fund commenced operations on March 8, 2022.

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.


68		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and


N O T E S T O F I N A N C I A L S T A T E M E N T S		69

Notes to Financial Statements (unaudited) (continued)

the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


iBonds 2022 Term High Yield and Income
Barclays Capital, Inc.	$	975,010	$	975,010		$	—	$	—
BMO Capital Markets Corp.		110,580		110,580			—		—
Citigroup Global Markets, Inc.		207,321		207,321			—		—
J.P. Morgan Securities LLC		3,750,672		3,750,672			—		—
Morgan Stanley		1,479,192		1,479,192			—		—


	$	6,522,775	$	6,522,775		$	—	$	—

iBonds 2023 Term High Yield and Income
Barclays Capital, Inc.	$	291,093	$	291,093		$	—	$	—
BofA Securities, Inc.		1,981,082		1,981,082			—		—
Citadel Clearing LLC		408,194		408,194			—		—
Citigroup Global Markets, Inc.		281,296		281,296			—		—
Credit Suisse Securities (USA) LLC		354,170		354,170			—		—
Goldman Sachs & Co. LLC		3,622,603		3,622,603			—		—
J.P. Morgan Securities LLC		5,680,866		5,680,866			—		—
Morgan Stanley		183,330		183,330			—		—
Pershing LLC		99,167		99,167			—		—
Scotia Capital (USA), Inc.		2,028,159		2,028,159			—		—


	$	14,929,960	$	14,929,960		$	—	$	—

iBonds 2024 Term High Yield and Income
Barclays Capital, Inc.	$	1,080,776	$	1,080,776		$	—	$	—
BMO Capital Markets Corp.		189,870		189,870			—		—
BNP Paribas SA		1,447,919		1,447,919			—		—
BofA Securities, Inc.		904,649		904,649			—		—
Citigroup Global Markets, Inc.		389,287		389,287			—		—
Credit Suisse Securities (USA) LLC		717,064		717,064			—		—
Goldman Sachs & Co. LLC		3,720,234		3,720,234			—		—
J.P. Morgan Securities LLC		2,293,082		2,293,082			—		—
Morgan Stanley		231,768		231,768			—		—


	$	10,974,649	$	10,974,649		$	—	$	—

iBonds 2025 Term High Yield and Income
Barclays Capital, Inc.	$	636,929	$	636,929		$	—	$	—
BMO Capital Markets Corp.		87,559		87,559			—		—
BNP Paribas SA		798,370		798,370			—		—
BofA Securities, Inc.		201,534		201,534			—		—
Citigroup Global Markets, Inc.		134,457		134,457			—		—
Credit Suisse Securities (USA) LLC		80,389		80,389			—		—
Goldman Sachs & Co. LLC		4,346,671		4,346,671			—		—
J.P. Morgan Securities LLC		2,019,787		2,019,787			—		—
Jefferies LLC		102,976		102,976			—		—
Morgan Stanley		342,491		342,491			—		—
Scotia Capital (USA), Inc.		246,563		246,563			—		—


	$	8,997,726	$	8,997,726		$	—	$	—

iBonds 2026 Term High Yield and Income
Barclays Bank PLC	$	533,947	$	533,947		$	—	$	—
BMO Capital Markets Corp.		9,685		9,685			—		—
Citigroup Global Markets, Inc.		100,186		100,186			—		—
Credit Suisse Securities (USA) LLC		103,029		103,029			—		—
Goldman Sachs & Co. LLC		1,486,539		1,486,539			—		—
Morgan Stanley		210,149		210,149			—		—
Nomura Securities International, Inc.		96,881		96,881			—		—
RBC Capital Markets LLC		587,722		587,722			—		—


	$	3,128,138	$	3,128,138		$	—	$	—


70		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


iBonds 2027 Term High Yield and Income
Barclays Bank PLC	$	492,293	$	492,293		$	—	$	—
BofA Securities, Inc.		344,140		344,140			—		—
Citadel Clearing LLC		70,765		70,765			—		—
Jefferies LLC		90,490		90,490			—		—
Nomura Securities International, Inc.		123,715		123,715			—		—
RBC Capital Markets LLC		144,197		144,197			—		—
Scotia Capital (USA), Inc.		874		874			—		—
Toronto-Dominion Bank		18,339		18,339			—		—


	$	1,284,813	$	1,284,813		$	—	$	—


iBonds 2028 Term High Yield and Income Jefferies LLC	$	31,690	$	31,690		$	—	$	—


iBonds 2029 Term High Yield and Income Jefferies LLC	$	96,252	$	96,252		$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

iBonds 2022 Term High Yield and Income	$	806
iBonds 2023 Term High Yield and Income		503
iBonds 2024 Term High Yield and Income		271
iBonds 2025 Term High Yield and Income		168
iBonds 2026 Term High Yield and Income		49
iBonds 2027 Term High Yield and Income		23
iBonds 2028 Term High Yield and Income		21
iBonds 2029 Term High Yield and Income		20

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for


N O T E S T O F I N A N C I A L S T A T E M E N T S		71

Notes to Financial Statements (unaudited) (continued)

securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

iBonds 2022 Term High Yield and Income	$	3,721
iBonds 2023 Term High Yield and Income		2,619
iBonds 2024 Term High Yield and Income		7,204
iBonds 2025 Term High Yield and Income		3,185
iBonds 2026 Term High Yield and Income		1,243
iBonds 2027 Term High Yield and Income		429

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6.	PURCHASES AND SALES

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

iBonds 2022 Term High Yield and Income	$	511,071	$	17,631,862
iBonds 2023 Term High Yield and Income		13,049,727		17,581,744
iBonds 2024 Term High Yield and Income		12,658,139		12,520,342
iBonds 2025 Term High Yield and Income		5,457,403		5,927,546
iBonds 2026 Term High Yield and Income		2,287,405		2,237,280
iBonds 2027 Term High Yield and Income		1,080,073		1,013,586
iBonds 2028 Term High Yield and Income		7,483,623		48,963
iBonds 2029 Term High Yield and Income		7,862,274		451,414


72		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For the six months ended April 30, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

iBonds 2022 Term High Yield and Income	$	16,621,517	$	—
iBonds 2023 Term High Yield and Income		42,699,254		6,749,837
iBonds 2024 Term High Yield and Income		21,119,269		—
iBonds 2025 Term High Yield and Income		7,195,254		1,956,189
iBonds 2026 Term High Yield and Income		4,741,591		2,319,668
iBonds 2027 Term High Yield and Income		2,410,290		2,264,173
iBonds 2028 Term High Yield and Income		2,445,947		—
iBonds 2029 Term High Yield and Income		4,887,901		—

7.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring

iBonds 2022 Term High Yield and Income	$	264,550
iBonds 2023 Term High Yield and Income		391,001
iBonds 2024 Term High Yield and Income		811,548
iBonds 2025 Term High Yield and Income		835,333
iBonds 2026 Term High Yield and Income		59,954
iBonds 2027 Term High Yield and Income		229

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

iBonds 2022 Term High Yield and Income	$	92,816,933	$	82,511	$	(488,768	)	$	(406,257)
iBonds 2023 Term High Yield and Income		132,526,454		132,594		(3,107,817	)		(2,975,223)
iBonds 2024 Term High Yield and Income		84,133,105		131,401		(3,270,564	)		(3,139,163)
iBonds 2025 Term High Yield and Income		53,641,552		188,875		(1,914,354	)		(1,725,479)
iBonds 2026 Term High Yield and Income		26,012,466		104,465		(1,436,673	)		(1,332,208)
iBonds 2027 Term High Yield and Income		13,630,623		50,546		(1,102,180	)		(1,051,634)
iBonds 2028 Term High Yield and Income		10,131,911		9,511		(409,243	)		(399,732)
iBonds 2029 Term High Yield and Income		12,561,057		4,741		(606,592	)		(601,851)

8.	PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.


N O T E S T O F I N A N C I A L S T A T E M E N T S		73

Notes to Financial Statements (unaudited) (continued)

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9.	CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:




	Six Months Ended 04/30/22						Year Ended 10/31/21


iShares ETF	Shares			Amount			Shares		Amount


iBonds 2022 Term High Yield and Income
Shares sold		700,000		$	16,829,315			2,100,000	$	50,744,075


iBonds 2023 Term High Yield and Income
Shares sold		1,800,000		$	43,443,155			2,700,000	$	66,191,647
Shares redeemed		(300,000	)		(7,295,774	)		—		—


Net increase		1,500,000		$	36,147,381			2,700,000	$	66,191,647


iBonds 2024 Term High Yield and Income
Shares sold		900,000		$	21,525,402			1,700,000	$	41,654,956


74		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 04/30/22						Year Ended 10/31/21


iShares ETF	Shares			Amount			Shares		Amount


iBonds 2025 Term High Yield and Income
Shares sold		300,000		$	7,315,050			900,000	$	22,540,953
Shares redeemed		(100,000	)		(2,371,856	)		—		—


Net increase		200,000		$	4,943,194			900,000	$	22,540,953


iBonds 2026 Term High Yield and Income
Shares sold		200,000		$	4,920,901			800,000	$	20,202,554
Shares redeemed		(100,000	)		(2,386,172	)		—		—


Net increase		100,000		$	2,534,729			800,000	$	20,202,554


iBonds 2027 Term High Yield and Income
Shares sold		100,000		$	2,459,012			500,000	$	12,517,854
Shares redeemed		(100,000	)		(2,305,504	)		—		—


Net increase		—		$	153,508			500,000	$	12,517,854




	Period Ended 04/30/22


iShares ETF	Shares		Amount


iBonds 2028 Term High Yield and Income
Shares sold		400,000	$	10,001,515


iBonds 2029 Term High Yield and Income
Shares sold		500,000	$	12,510,534

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


N O T E S T O F I N A N C I A L S T A T E M E N T S		75

Board Review and Approval of Investment Advisory Contract

iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 9 – December 10, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares


76		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		77

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares iBonds 2022 Term High Yield and Income ETF, iShares iBonds 2023 Term High Yield and Income ETF, iShares iBonds 2024 Term High Yield and Income ETF, iShares iBonds 2025 Term High Yield and Income ETF, iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF and iShares iBonds 2029 Term High Yield and Income ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

iBonds 2022 Term High Yield and Income^(a)	$	0.195653	$	—	$	0.005511	$	0.201164		97	%		—	%		3	%		100	%
iBonds 2023 Term High Yield and Income^(a)		0.376834		—		0.003503		0.380337		99			—			1			100
iBonds 2024 Term High Yield and Income^(a)		0.494347		—		0.005829		0.500176		99			—			1			100
iBonds 2025 Term High Yield and Income		0.582687		—		—		0.582687		100			—			—			100
iBonds 2026 Term High Yield and Income		0.592744		—		—		0.592744		100			—			—			100
iBonds 2027 Term High Yield and Income		0.611119		—		—		0.611119		100			—			—			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


S U P P L E M E N T A L I N F O R M A T I O N		79

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Fixed Income

PIK		Payment-in-kind

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		81

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-1023-0422